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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM N-CSR
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CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03738
VALIC Company I
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(Exact name of registrant as specified in charter)
2929 Allen Parkway, Houston, TX 77019
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(Address of principal executive offices) (Zip code)
Evelyn M. Curran
Senior Vice President
The Variable Annuity Life Insurance Company
2929 Allen Parkway
Houston, TX 77019
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(Name and address of agent for service)
Registrant's telephone number, including area code: (713) 831-6425
Date of fiscal year end: May 31
Date of reporting period: November 30, 2007
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Item 1. Reports to Stockholders
VALIC Company I
Semi-Annual Report
November 30, 2007
VALIC Company I
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
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TABLE OF CONTENTS
President's Letter.........................................................
1
Expense Example............................................................
2
Schedule of Investments:
Asset Allocation Fund................................................... 4
Blue Chip Growth Fund................................................... 21
Broad Cap Value Income Fund............................................. 25
Capital Conservation Fund............................................... 28
Core Equity Fund........................................................ 41
Core Value Fund......................................................... 45
Foreign Value Fund...................................................... 50
Global Equity Fund...................................................... 53
Global Social Awareness Fund............................................ 57
Global Strategy Fund.................................................... 65
Government Securities Fund.............................................. 71
Growth & Income Fund.................................................... 74
Health Sciences Fund.................................................... 77
Inflation Protected Fund................................................ 85
International Equities Fund............................................. 87
International Government Bond Fund...................................... 101
International Growth I Fund............................................. 107
Large Cap Core Fund..................................................... 113
Large Capital Growth Fund............................................... 116
Mid Cap Index Fund...................................................... 120
Mid Cap Strategic Growth Fund........................................... 129
Money Market I Fund..................................................... 133
Nasdaq-100(R) Index Fund................................................ 136
Science & Technology Fund............................................... 140
Small Cap Aggressive Growth Fund........................................ 144
Small Cap Fund.......................................................... 147
Small Cap Index Fund.................................................... 160
Small Cap Special Values Fund........................................... 184
Small Cap Strategic Growth Fund......................................... 190
Stock Index Fund........................................................ 195
VALIC Ultra Fund........................................................ 205
Value Fund.............................................................. 208
Statements of Assets and Liabilities.......................................
210
Statements of Operations...................................................
214
Statements of Changes in Net Assets........................................
218
Notes to Financial Statements..............................................
226
Financial Highlights.......................................................
243
Approval of Advisory Agreements............................................
261
Special Meeting of Shareholders............................................
268
Supplement to Prospectus...................................................
269
VALIC Company I
PRESIDENT'S LETTER
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Dear Valued Investor:
We are pleased to provide you with the Semi-Annual Report for VALIC Company I.
The report contains the investment portfolio information and the financial
statements of VALIC Company I for the six month period ending November 30, 2007.
The market was extremely volatile during the six month period. Over the summer,
rising subprime mortgage defaults in the United States quickly spread from a
domestic economic event to a global financial market event. Several European
banks announced problems associated with exposure to these loans and the credit
market seized up. As the credit market seized up, heightened concerns regarding
future economic growth entered the market.
The Federal Reserve responded to these concerns by lowering the federal funds
target rate by a total of 75 basis points combined in the September and October
time period. Despite the Federal Reserve response, by the end of November there
was a renewed drying up of liquidity as the credit agencies lowered the ratings
on hundreds of billions of dollars worth of debt and financial firms began to
take significant write-downs in their balance sheets. At the same time, the
price of oil spiked and approached the $100-per-barrel mark. All of these
factors combined to increase volatility in both global fixed income and equity
markets, and the S&P 500/(R)/ Index total return for the six month period was
negative 2.33%.
We believe that diversification is an important strategy in all markets, but is
especially well suited during times of volatility. Spreading your investments
between different asset classes (e.g., large and small capitalization stocks,
bonds, money markets and international investments) and different investment
styles (e.g., growth and value) is the best long-term strategy to manage risk.
With this in mind, we are committed to continually monitor the investment
expertise represented in VALIC Company I and to supply you with the appropriate
choices to meet your asset allocation objectives.
Additionally, once you have a plan in place based on your individual retirement
goals - stick with it. A common mistake of investors is to buy high when
enthusiasm is soaring and to sell low when fear sets in. Select a portfolio
that is appropriate for your needs and adjust it only as your needs change or
rebalance as necessary due to market conditions. We recommend that you contact
your financial advisor to make certain that your current portfolio allocation
is appropriate for you.
Thank you for your continued confidence in our ability to help you meet your
investment goals.
Sincerely,
/s/ Evelyn M. Curran
/s/ Evelyn M. Curran
Evelyn M. Curran, President
VALIC Company I
1
VALIC Company I
EXPENSE EXAMPLE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Disclosure of Fund Expenses in Shareholder Reports
As a shareholder of a Fund in VALIC Company I ("VC I"), you incur ongoing
costs, including management fees and other Fund expenses. This Example is
intended to help you understand your ongoing costs (in dollars) of investing in
the Funds and to compare these costs with the ongoing costs of investing in
other mutual funds. The Example is based on an investment of $1,000 invested at
June 1, 2007 and held until November 30, 2007. Shares of VC I are currently
issued and redeemed only in connection with investments in and payments under
variable annuity contracts and variable life insurance policies ("Variable
Contracts") and qualified retirement plans (the "Plans") offered by The
Variable Annuity Life Insurance Company ("VALIC"), the investment adviser to VC
I, and other life insurance companies affiliated with VALIC. The fees and
expenses associated with the Variable Contracts and Plans are not included in
these Examples, and had such fees and expenses been included your costs would
have been higher. Please see your Variable Contract prospectus or plan document
for more details on the fees associated with the Variable Contract or Plans.
Actual Expenses
The "Actual" section of the table provides information about your actual
account values and actual expenses. You may use the information in these
columns, together with the amount you invested, to estimate the expenses that
you paid over the period. Simply divide your account value by $1,000 (for
example, an $8,600 account value divided by $1,000 = 8.6), then multiply the
result by the number in the column under the heading entitled "Expenses Paid
During the Six Months Ended November 30, 2007" to estimate the expenses you
paid on your account during this period. The "Expenses Paid During the Six
Months Ended November 30, 2007" column and the "Expense Ratio as of
November 30, 2007" column do not include fees and expenses that may be charged
by the Variable Contracts or Plans, in which the Funds are offered. Had these
fees and expenses been included, the "Expenses Paid During the Six Months Ended
November 30, 2007" column would have been higher and the "Ending Account Value"
column would have been lower.
Hypothetical Example for Comparison Purposes
The "Hypothetical" section of the table provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expenses you paid for the period. You may use this information to
compare the ongoing costs of investing in the Funds of other funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of other funds. The "Expenses Paid During the
Six Months Ended November 30, 2007" column and the "Expense Ratio as of
November 30, 2007" column do not include fees and expenses that may be charged
by the Variable Contracts or Plans, in which the Funds are offered. Had these
fees and expenses been included, the "Expenses Paid During the Six Months Ended
November 30, 2007" column would have been higher and the "Ending Account Value"
column would have been lower.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any fees and expenses that may be charged
by the Variable Contracts or Plans. Please refer to your Variable Contract
prospectus or Plan document for more information. Therefore, the "hypothetical"
example is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these fees and expenses were included, your costs would have been higher.
2
VALIC Company I
EXPENSE EXAMPLE -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Actual Hypothetical
------------------------------------------ --------------------------------------------
Ending
Account Value
Ending Using a
Account Value Expenses Paid Hypothetical Expenses Paid
Beginning Using Actual During the Six Beginning 5% Assumed During the
Account Value Return at Months Ended Account Value Return at Six Months Ended
at June 1, November 30, November 30, at June 1, November 30, November 30,
Fund 2007 2007 2007* 2007 2007 2007*
- ---- ------------- ------------- -------------- ------------- ------------- ----------------
Asset Allocation@............ $1,000.00 $ 995.07 $3.54 $1,000.00 $1,021.45 $3.59
Blue Chip Growth#@........... $1,000.00 $1,029.63 $4.62 $1,000.00 $1,020.45 $4.60
Broad Cap Value Income#@..... $1,000.00 $ 940.71 $4.12 $1,000.00 $1,020.75 $4.29
Capital Conservation......... $1,000.00 $1,019.17 $3.53 $1,000.00 $1,021.50 $3.54
Core Equity#................. $1,000.00 $ 951.85 $4.15 $1,000.00 $1,020.75 $4.29
Core Value#.................. $1,000.00 $ 922.19 $3.99 $1,000.00 $1,020.85 $4.19
Foreign Value................ $1,000.00 $1,032.55 $4.22 $1,000.00 $1,020.85 $4.19
Global Equity@............... $1,000.00 $ 973.23 $4.69 $1,000.00 $1,020.25 $4.80
Global Social Awareness@..... $1,000.00 $ 977.32 $3.06 $1,000.00 $1,021.90 $3.13
Global Strategy.............. $1,000.00 $1,025.23 $3.54 $1,000.00 $1,021.50 $3.54
Government Securities........ $1,000.00 $1,066.21 $3.62 $1,000.00 $1,021.50 $3.54
Growth & Income#@............ $1,000.00 $ 992.67 $4.23 $1,000.00 $1,020.75 $4.29
Health Sciences@............. $1,000.00 $1,055.51 $6.01 $1,000.00 $1,019.15 $5.91
Inflation Protected#......... $1,000.00 $1,072.99 $3.37 $1,000.00 $1,021.75 $3.29
International Equities....... $1,000.00 $1,019.49 $2.37 $1,000.00 $1,022.65 $2.38
International Government Bond $1,000.00 $1,055.60 $3.60 $1,000.00 $1,021.50 $3.54
International Growth I#@..... $1,000.00 $1,059.64 $5.20 $1,000.00 $1,019.95 $5.10
Large Cap Core#@............. $1,000.00 $1,008.40 $4.27 $1,000.00 $1,020.75 $4.29
Large Capital Growth@........ $1,000.00 $1,050.08 $3.95 $1,000.00 $1,021.15 $3.89
Mid Cap Index................ $1,000.00 $ 943.65 $1.80 $1,000.00 $1,023.15 $1.87
Mid Cap Strategic Growth@.... $1,000.00 $1,101.84 $4.36 $1,000.00 $1,020.85 $4.19
Money Market I............... $1,000.00 $1,022.85 $2.58 $1,000.00 $1,022.45 $2.58
NASDAQ-100(R) Index#......... $1,000.00 $1,082.40 $2.97 $1,000.00 $1,022.15 $2.88
Science & Technology@........ $1,000.00 $1,070.23 $5.43 $1,000.00 $1,019.75 $5.30
Small Cap Aggressive Growth#@ $1,000.00 $ 997.44 $4.99 $1,000.00 $1,020.00 $5.05
Small Cap#@.................. $1,000.00 $ 864.60 $4.43 $1,000.00 $1,020.25 $4.80
Small Cap Index.............. $1,000.00 $ 910.35 $2.05 $1,000.00 $1,022.85 $2.17
Small Cap Special Values#@... $1,000.00 $ 830.43 $4.12 $1,000.00 $1,020.50 $4.55
Small Cap Strategic Growth#@. $1,000.00 $ 900.43 $4.75 $1,000.00 $1,020.00 $5.05
Stock Index.................. $1,000.00 $ 975.12 $1.73 $1,000.00 $1,023.25 $1.77
VALIC Ultra#................. $1,000.00 $1,107.21 $5.00 $1,000.00 $1,020.25 $4.80
Value#....................... $1,000.00 $ 936.61 $4.45 $1,000.00 $1,020.40 $4.65
Expense
Ratio
as of
November 30,
Fund 2007*
- ---- ------------
Asset Allocation@............ 0.71%
Blue Chip Growth#@........... 0.91%
Broad Cap Value Income#@..... 0.85%
Capital Conservation......... 0.70%
Core Equity#................. 0.85%
Core Value#.................. 0.83%
Foreign Value................ 0.83%
Global Equity@............... 0.95%
Global Social Awareness@..... 0.62%
Global Strategy.............. 0.70%
Government Securities........ 0.70%
Growth & Income#@............ 0.85%
Health Sciences@............. 1.17%
Inflation Protected#......... 0.65%
International Equities....... 0.47%
International Government Bond 0.70%
International Growth I#@..... 1.01%
Large Cap Core#@............. 0.85%
Large Capital Growth@........ 0.77%
Mid Cap Index................ 0.37%
Mid Cap Strategic Growth@.... 0.83%
Money Market I............... 0.51%
NASDAQ-100(R) Index#......... 0.57%
Science & Technology@........ 1.05%
Small Cap Aggressive Growth#@ 1.00%
Small Cap#@.................. 0.95%
Small Cap Index.............. 0.43%
Small Cap Special Values#@... 0.90%
Small Cap Strategic Growth#@. 1.00%
Stock Index.................. 0.35%
VALIC Ultra#................. 0.95%
Value#....................... 0.92%
* Expenses are equal to the Fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by 183 days then divided by
366 days. These ratios do not reflect fees and expenses associated with the
Variable Contracts or Plans. If such fees and expenses had been included, the
expenses would have been higher. Please refer to your Variable Contract
prospectus for details that apply to the Variable Contracts or your Plan
document for details on the administrative fees charged by your Plan sponsor.
# During the stated period, the investment adviser waived a portion of or all
fees and assumed a portion of or all expenses for the Fund. As a result, if
these fees and expenses had not been waived or assumed, the
"Actual/Hypothetical Ending Account Value" would have been lower and the
"Actual/Hypothetical Expenses Paid During the Period November 30, 2007" and
the "Expense Ratios" would have been higher.
@ Through expense offset arrangements resulting from broker commission
recapture, a portion of the Fund's expenses have been reduced. Had the
expense reductions been taken into account, the Expense Example would have
been as follows:
Actual Hypothetical
------------------------------------------ --------------------------------------------
Ending
Account Value
Ending Using a
Account Value Expenses Paid Hypothetical Expenses Paid
Beginning Using Actual During the Six Beginning 5% Assumed During the Expense
Account Value Return at Months Ended Account Value Return at Six Months Ended Ratio as of
at June 1, November 30, November 30, at June 1, November 30, November 30, November 30,
Fund 2007 2007 2007* 2007 2007 2007* 2007*
- ---- ------------- ------------- -------------- ------------- ------------- ---------------- ------------
Asset Allocation............ $1,000.00 $ 995.07 $3.54 $1,000.00 $1,021.45 $3.59 0.71%
Blue Chip Growth#........... $1,000.00 $1,029.63 $4.62 $1,000.00 $1,020.45 $4.60 0.91%
Broad Cap Value Income#..... $1,000.00 $ 940.71 $4.12 $1,000.00 $1,020.75 $4.29 0.85%
Global Equity............... $1,000.00 $ 973.23 $4.64 $1,000.00 $1,020.30 $4.75 0.94%
Global Social Awareness..... $1,000.00 $ 977.32 $2.97 $1,000.00 $1,022.00 $3.03 0.60%
Growth & Income#............ $1,000.00 $ 992.67 $4.13 $1,000.00 $1,020.85 $4.19 0.83%
Health Sciences............. $1,000.00 $1,055.51 $6.01 $1,000.00 $1,019.15 $5.91 1.17%
International Growth I#..... $1,000.00 $1,059.64 $5.20 $1,000.00 $1,019.95 $5.10 1.01%
Large Cap Core#............. $1,000.00 $1,008.40 $4.17 $1,000.00 $1,020.85 $4.19 0.83%
Large Capital Growth........ $1,000.00 $1,050.08 $3.90 $1,000.00 $1,021.20 $3.84 0.76%
Mid Cap Strategic Growth.... $1,000.00 $1,101.84 $4.31 $1,000.00 $1,020.90 $4.14 0.82%
Science & Technology........ $1,000.00 $1,070.23 $5.38 $1,000.00 $1,019.80 $5.25 1.04%
Small Cap Aggressive Growth# $1,000.00 $ 997.44 $4.84 $1,000.00 $1,020.15 $4.90 0.97%
Small Cap#.................. $1,000.00 $ 864.60 $4.43 $1,000.00 $1,020.25 $4.80 0.95%
Small Cap Special Values#... $1,000.00 $ 830.43 $3.98 $1,000.00 $1,020.65 $4.39 0.87%
Small Cap Strategic Growth#. $1,000.00 $ 900.43 $4.70 $1,000.00 $1,020.05 $5.00 0.99%
3
VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Repurchase Agreements.................... 5.6%
Index Fund............................... 5.5
Federal National Mtg. Assoc.............. 4.8
Commercial Paper......................... 4.7
Federal Home Loan Mtg. Corp.............. 4.2
Oil Companies -- Integrated.............. 4.2
Diversified Financial Services........... 4.1
Finance -- Investment Banker/Broker...... 3.2
Diversified Manufacturing Operations..... 3.0
Electric -- Integrated................... 2.9
Computers................................ 2.7
Telephone -- Integrated.................. 2.3
Banks -- Super Regional.................. 2.2
Medical -- Drugs......................... 2.0
Medical -- HMO........................... 1.5
Multimedia............................... 1.5
Aerospace/Defense........................ 1.4
Banks -- Commercial...................... 1.3
Cosmetics & Toiletries................... 1.3
Insurance -- Multi-line.................. 1.3
United States Treasury Notes............. 1.3
Applications Software.................... 1.2
Electronic Components -- Semiconductors.. 1.2
Retail -- Discount....................... 1.2
Insurance -- Life/Health................. 1.1
Medical Products......................... 1.1
Food -- Misc............................. 1.0
Pipelines................................ 1.0
Retail -- Restaurants.................... 1.0
Banks -- Fiduciary....................... 0.8
Beverages -- Non-alcoholic............... 0.8
Insurance -- Property/Casualty........... 0.8
Investment Management/Advisor Services... 0.8
Oil Companies -- Exploration & Production 0.8
Medical -- Biomedical/Gene............... 0.7
Oil Field Machinery & Equipment.......... 0.7
Retail -- Drug Store..................... 0.7
Special Purpose Entities................. 0.7
Tobacco.................................. 0.7
United States Treasury Bonds............. 0.7
Aerospace/Defense -- Equipment........... 0.6
Agricultural Chemicals................... 0.6
Enterprise Software/Service.............. 0.6
Networking Products...................... 0.6
Real Estate Investment Trusts............ 0.6
Telecom Equipment -- Fiber Optics........ 0.6
Transport -- Services.................... 0.6
Web Portals/ISP.......................... 0.6
Diversified Operations................... 0.5
Savings & Loans/Thrifts.................. 0.5
Therapeutics............................. 0.5
Transport -- Rail........................ 0.5
U.S. Government Treasuries............... 0.5
Brewery.................................. 0.4
Chemicals -- Diversified................. 0.4
Chemicals -- Specialty................... 0.4
Electric Products -- Misc................ 0.4
Steel -- Producers....................... 0.4
Athletic Footwear........................ 0.3
Auto -- Cars/Light Trucks................ 0.3
Banks -- Money Center.................... 0.3
Cable TV................................. 0.3
E-Commerce/Services...................... 0.3
Electronic Forms......................... 0.3
Finance -- Mortgage Loan/Banker.......... 0.3
Food -- Retail........................... 0.3
Non -- Hazardous Waste Disposal.......... 0.3
Office Automation & Equipment............ 0.3
Oil & Gas Drilling....................... 0.3
Oil -- Field Services............................ 0.3
Wireless Equipment............................... 0.3
Advertising Agencies............................. 0.2
Cellular Telecom................................. 0.2
Commercial Services -- Finance................... 0.2
Computer Services................................ 0.2
Computers -- Memory Devices...................... 0.2
Containers -- Paper/Plastic...................... 0.2
Electric -- Generation........................... 0.2
Engineering/R&D Services......................... 0.2
Finance -- Credit Card........................... 0.2
Government National Mtg. Assoc................... 0.2
Industrial Automated/Robotic..................... 0.2
Insurance Brokers................................ 0.2
Machinery -- Construction & Mining............... 0.2
Medical Instruments.............................. 0.2
Medical -- Hospitals............................. 0.2
Metal -- Aluminum................................ 0.2
Office Supplies & Forms.......................... 0.2
Retail -- Auto Parts............................. 0.2
Retail -- Building Products...................... 0.2
Semiconductor Equipment.......................... 0.2
Telecom Services................................. 0.2
Transport -- Air Freight......................... 0.2
Agricultural Operations.......................... 0.1
Airlines......................................... 0.1
Apparel Manufacturers............................ 0.1
Auto -- Heavy Duty Trucks........................ 0.1
Building & Construction Products -- Misc......... 0.1
Building Products -- Cement...................... 0.1
Computer Aided Design............................ 0.1
Data Processing/Management....................... 0.1
E-Commerce/Products.............................. 0.1
Electronic Components -- Misc.................... 0.1
Electronic Measurement Instruments............... 0.1
Finance -- Auto Loans............................ 0.1
Finance -- Commercial............................ 0.1
Financial Guarantee Insurance.................... 0.1
Food -- Dairy Products........................... 0.1
Food -- Wholesale/Distribution................... 0.1
Health Care Cost Containment..................... 0.1
Independent Power Producers...................... 0.1
Investment Companies............................. 0.1
Medical -- Wholesale Drug Distribution........... 0.1
Metal Processors & Fabrication................... 0.1
Metal -- Diversified............................. 0.1
Oil Refining & Marketing......................... 0.1
Pharmacy Services................................ 0.1
Photo Equipment & Supplies....................... 0.1
Publishing -- Newspapers......................... 0.1
Radio............................................ 0.1
Real Estate Operations & Development............. 0.1
Rental Auto/Equipment............................ 0.1
Retail -- Apparel/Shoe........................... 0.1
Retail -- Consumer Electronics................... 0.1
Retail -- Major Department Stores................ 0.1
Retail -- Regional Department Stores............. 0.1
Schools.......................................... 0.1
Semiconductors Components -- Intergrated Circuits 0.1
Sovereign........................................ 0.1
Television....................................... 0.1
Time Deposits.................................... 0.1
Tools -- Hand Held............................... 0.1
Transport -- Marine.............................. 0.1
----
99.6%
====
* Calculated as a percentage of net assets
4
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------
COMMON STOCK -- 53.9%
Advertising Agency -- 0.2%
Omnicom Group, Inc........................... 5,457 $ 266,029
----------
Aerospace/Defense -- 1.4%
Boeing Co.................................... 16,670 1,542,642
General Dynamics Corp........................ 1,970 174,896
Northrop Grumman Corp........................ 3,163 249,213
Raytheon Co.................................. 5,993 370,667
----------
2,337,418
----------
Aerospace/Defense - Equipment -- 0.4%
United Technologies Corp..................... 9,839 735,662
----------
Agricultural Chemicals -- 0.6%
Monsanto Co.................................. 10,179 1,011,487
----------
Apparel Manufacturers -- 0.1%
Coach, Inc.+................................. 2,167 80,482
Polo Ralph Lauren Corp....................... 1,410 97,262
----------
177,744
----------
Applications Software -- 1.2%
Citrix Systems, Inc.+........................ 1,500 55,470
Microsoft Corp............................... 61,246 2,057,866
----------
2,113,336
----------
Athletic Footwear -- 0.3%
NIKE, Inc., Class B.......................... 8,571 562,686
----------
Auto - Cars/Light Trucks -- 0.2%
Ford Motor Co.+.............................. 9,328 70,053
General Motors Corp.......................... 6,289 187,601
----------
257,654
----------
Auto - Heavy Duty Trucks -- 0.1%
PACCAR, Inc.................................. 2,013 101,878
----------
Auto/Truck Parts & Equipment - Original -- 0.0%
Johnson Controls, Inc........................ 1,020 39,392
----------
Banks - Commercial -- 0.4%
Marshall & Ilsley Corp....................... 7,500 236,025
Regions Financial Corp....................... 6,129 161,990
Synovus Financial Corp....................... 5,024 125,047
Zions Bancorp................................ 1,740 94,952
----------
618,014
----------
Banks - Fiduciary -- 0.8%
State Street Corp............................ 3,787 302,543
The Bank of New York Mellon Corp............. 23,386 1,121,593
----------
1,424,136
----------
Banks - Super Regional -- 1.7%
Bank of America Corp......................... 19,014 877,116
Comerica, Inc................................ 4,850 222,033
Huntington Bancshares, Inc................... 16,616 260,705
KeyCorp...................................... 14,632 385,407
National City Corp........................... 8,239 162,803
PNC Financial Services Group, Inc............ 2,278 166,772
SunTrust Banks, Inc.......................... 4,010 281,141
Wells Fargo & Co............................. 15,167 491,866
----------
2,847,843
----------
Beverages - Non - alcoholic -- 0.7%
Coca-Cola Enterprises, Inc................... 4,715 122,448
PepsiCo, Inc................................. 12,315 950,472
The Coca-Cola Co............................. 3,100 192,510
----------
1,265,430
----------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
Brewery -- 0.3%
Anheuser-Busch Cos., Inc...................... 11,124 $ 586,457
----------
Building & Construction Products - Misc. -- 0.1%
Masco Corp.................................... 5,538 124,051
----------
Building - Residential/Commercial -- 0.0%
Lennar Corp., Class A......................... 1,750 27,720
----------
Cable TV -- 0.2%
Comcast Corp., Class A+....................... 13,054 268,129
----------
Chemicals - Diversified -- 0.3%
PPG Industries, Inc........................... 3,630 249,163
The Dow Chemical Co........................... 6,155 258,141
----------
507,304
----------
Chemicals - Specialty -- 0.2%
Ashland, Inc.................................. 5,821 286,626
Eastman Chemical Co........................... 1,430 91,820
----------
378,446
----------
Coal -- 0.0%
CONSOL Energy, Inc............................ 1,030 61,058
----------
Coatings/Paint -- 0.0%
The Sherwin-Williams Co....................... 310 19,477
----------
Commercial Services -- 0.0%
Convergys Corp.+.............................. 3,564 58,129
----------
Commercial Services - Finance -- 0.1%
Moody's Corp.................................. 4,462 168,039
The Western Union Co.......................... 1,750 39,550
----------
207,589
----------
Computer Aided Design -- 0.1%
Autodesk, Inc.+............................... 2,571 121,068
----------
Computer Services -- 0.1%
Electronic Data Systems Corp.................. 6,011 121,783
----------
Computers -- 2.7%
Apple, Inc.+.................................. 9,138 1,665,126
Dell, Inc.+................................... 6,910 169,571
Hewlett-Packard Co............................ 30,463 1,558,487
International Business Machines Corp.......... 11,159 1,173,704
----------
4,566,888
----------
Computers - Memory Devices -- 0.2%
EMC Corp.+.................................... 17,582 338,805
SanDisk Corp.+................................ 708 26,508
----------
365,313
----------
Containers - Paper/Plastic -- 0.1%
Pactiv Corp.+................................. 8,364 212,446
----------
Cosmetics & Toiletries -- 1.3%
Colgate-Palmolive Co.......................... 10,925 874,874
Procter & Gamble Co........................... 14,185 1,049,690
The Estee Lauder Cos., Inc., Class A.......... 7,677 344,544
----------
2,269,108
----------
Data Processing/Management -- 0.0%
Automatic Data Processing, Inc................ 840 37,850
Fidelity National Information Services, Inc... 950 41,059
----------
78,909
----------
Diversified Manufacturing Operations -- 2.8%
3M Co......................................... 8,060 671,076
Cooper Industries, Ltd. Class A............... 497 24,959
5
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
COMMON STOCK (continued)
Diversified Manufacturing Operations (continued)
Eaton Corp.................................... 470 $ 41,976
General Electric Co........................... 75,510 2,891,278
Honeywell International, Inc.................. 8,330 471,645
Illinois Tool Works, Inc...................... 2,193 121,711
Ingersoll - Rand Co., Ltd., Class A........... 1,560 80,558
Leggett & Platt, Inc.......................... 10,557 217,263
Tyco International, Ltd....................... 5,014 201,212
----------
4,721,678
----------
E - Commerce/Products -- 0.1%
Amazon.com, Inc.+............................. 1,367 123,796
----------
E - Commerce/Services -- 0.3%
eBay, Inc.+................................... 10,023 336,071
Expedia, Inc.+................................ 1,340 43,684
IAC/InterActive Corp.+........................ 3,998 111,264
Monster Worldwide, Inc.+...................... 650 21,951
----------
512,970
----------
Electric Products - Misc. -- 0.4%
Emerson Electric Co........................... 11,024 628,589
Molex, Inc.................................... 2,520 69,451
----------
698,040
----------
Electric - Integrated -- 1.6%
Constellation Energy Group, Inc............... 7,473 748,869
DTE Energy Co................................. 910 44,635
Edison International.......................... 11,320 633,694
Exelon Corp................................... 1,765 143,089
FirstEnergy Corp.............................. 3,795 260,185
NiSource, Inc................................. 20,078 371,644
PG&E Corp..................................... 6,794 314,358
Pinnacle West Capital Corp.................... 4,336 185,841
Xcel Energy, Inc.............................. 1,450 33,510
----------
2,735,825
----------
Electronic Components - Misc. -- 0.1%
Tyco Electronics, Ltd......................... 4,154 155,318
----------
Electronic Components - Semiconductors -- 1.1%
Broadcom Corp., Class A+...................... 4,909 131,267
Intel Corp.................................... 40,328 1,051,754
MEMC Electronic Materials, Inc.+.............. 373 28,937
National Semiconductor Corp................... 2,710 61,951
NVIDIA Corp.+................................. 2,975 93,832
Texas Instruments, Inc........................ 13,627 430,204
----------
1,797,945
----------
Electronic Forms -- 0.3%
Adobe Systems, Inc.+.......................... 11,927 502,604
----------
Engineering/R&D Services -- 0.2%
Shaw Group, Inc.+............................. 4,855 307,904
----------
Engines - Internal Combustion -- 0.0%
Cummins, Inc.................................. 470 54,943
----------
Enterprise Software/Service -- 0.6%
Novell, Inc.+................................. 3,841 26,964
Oracle Corp.+................................. 52,454 1,058,522
----------
1,085,486
----------
Filtration/Separation Products -- 0.0%
Pall Corp..................................... 1,110 42,458
----------
Finance - Commercial -- 0.1%
CIT Group, Inc................................ 3,393 90,254
----------
Value
Security Description Shares (Note 2)
------------------------------------------------------------
Finance - Credit Card -- 0.2%
American Express Co..................... 3,432 $ 202,419
Discover Financial Services............. 3,673 63,800
----------
266,219
----------
Finance - Investment Banker/Broker -- 2.5%
Citigroup, Inc.......................... 22,476 748,451
JPMorgan Chase & Co..................... 31,808 1,451,081
Lehman Brothers Holdings, Inc........... 1,421 88,997
Morgan Stanley.......................... 22,196 1,170,173
The Bear Stearns Cos., Inc.............. 180 17,946
The Charles Schwab Corp................. 20,880 507,593
The Goldman Sachs Group, Inc............ 1,447 327,948
----------
4,312,189
----------
Finance - Mortgage Loan/Banker -- 0.2%
Fannie Mae.............................. 5,079 195,135
Freddie Mac............................. 3,910 137,124
----------
332,259
----------
Finance - Other Services -- 0.0%
NYSE Euronext........................... 690 59,754
----------
Financial Guarantee Insurance -- 0.1%
Ambac Financial Group, Inc.............. 1,920 52,282
MBIA, Inc............................... 1,660 60,606
MGIC Investment Corp.................... 1,680 39,514
----------
152,402
----------
Food - Confectionery -- 0.0%
The Hershey Co.......................... 1,050 41,906
----------
Food - Dairy Products -- 0.1%
Dean Foods Co........................... 7,264 181,164
----------
Food - Meat Products -- 0.0%
Tyson Foods, Inc., Class A.............. 2,410 35,933
----------
Food - Misc. -- 0.9%
Campbell Soup Co........................ 10,195 374,360
ConAgra Foods, Inc...................... 17,562 439,401
General Mills, Inc...................... 5,354 322,043
Kraft Foods, Inc., Class A.............. 11,050 381,778
----------
1,517,582
----------
Food - Retail -- 0.2%
Safeway, Inc............................ 4,981 173,339
The Kroger Co........................... 6,513 187,249
----------
360,588
----------
Food - Wholesale/Distribution -- 0.1%
SUPERVALU, Inc.......................... 3,810 159,525
----------
Health Care Cost Containment -- 0.1%
McKesson Corp........................... 2,440 162,821
----------
Home Decoration Products -- 0.0%
Newell Rubbermaid, Inc.................. 1,560 41,777
----------
Independent Power Producers -- 0.0%
Dynegy, Inc., Class A+.................. 5,570 42,388
Mirant Corp.+........................... 155 5,981
----------
48,369
----------
Industrial Automated/Robotic -- 0.1%
Rockwell Automation, Inc................ 2,160 146,642
----------
Insurance Broker -- 0.1%
AON Corp................................ 3,800 189,886
----------
6
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------
COMMON STOCK (continued)
Insurance - Life/Health -- 1.0%
AFLAC, Inc.................................. 9,355 $ 585,997
CIGNA Corp.................................. 4,263 228,540
Genworth Financial, Inc., Class A........... 6,130 160,851
Lincoln National Corp....................... 5,951 366,403
Principal Financial Group................... 1,509 98,824
Torchmark Corp.............................. 3,304 203,791
----------
1,644,406
----------
Insurance - Multi - line -- 1.1%
ACE, Ltd.................................... 4,205 251,585
Allstate Corp............................... 5,052 258,258
Cincinnati Financial Corp................... 790 31,584
Hartford Financial Services Group, Inc...... 8,770 835,957
Loews Corp.................................. 515 24,612
MetLife, Inc................................ 5,280 346,315
XL Capital, Ltd., Class A................... 610 35,703
----------
1,784,014
----------
Insurance - Property/Casualty -- 0.8%
Chubb Corp.................................. 5,819 317,427
SAFECO Corp................................. 920 53,093
The Travelers Cos., Inc..................... 17,028 904,357
----------
1,274,877
----------
Internet Security -- 0.0%
Symantec Corp.+............................. 2,063 36,722
VeriSign, Inc.+............................. 837 34,233
----------
70,955
----------
Investment Management/Advisor Services -- 0.7%
Ameriprise Financial, Inc................... 6,739 395,512
Federated Investors, Inc., Class B.......... 5,030 205,174
Franklin Resources, Inc..................... 3,190 392,944
Legg Mason, Inc............................. 2,509 191,462
----------
1,185,092
----------
Machinery - Construction & Mining -- 0.2%
Caterpillar, Inc............................ 5,014 360,507
----------
Medical Instruments -- 0.2%
Medtronic, Inc.............................. 7,070 359,509
----------
Medical Products -- 1.1%
Baxter International, Inc................... 7,236 433,219
Johnson & Johnson........................... 14,310 969,360
Stryker Corp................................ 4,338 315,069
Zimmer Holdings, Inc.+...................... 1,206 78,064
----------
1,795,712
----------
Medical - Biomedical/Gene -- 0.7%
Amgen, Inc.+................................ 5,235 289,234
Biogen Idec, Inc.+.......................... 1,062 78,715
Celgene Corp.+.............................. 2,401 147,782
Genentech, Inc.+............................ 3,238 246,898
Genzyme Corp.+.............................. 5,565 416,985
Millipore Corp.+............................ 500 40,940
----------
1,220,554
----------
Medical - Drugs -- 1.7%
Abbott Laboratories......................... 899 51,702
Eli Lilly & Co.............................. 8,337 441,444
Forest Laboratories, Inc.+.................. 2,180 84,039
Merck & Co., Inc............................ 15,112 897,048
Pfizer, Inc................................. 39,016 927,020
Schering-Plough Corp........................ 5,797 181,446
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
Medical - Drugs (continued)
Wyeth......................................... 6,767 $ 332,260
----------
2,914,959
----------
Medical - HMO -- 1.4%
Aetna, Inc.................................... 5,114 285,770
Coventry Health Care, Inc.+................... 1,798 104,068
Humana, Inc.+................................. 2,600 200,278
UnitedHealth Group, Inc....................... 7,226 397,430
WellPoint, Inc.+.............................. 15,526 1,307,445
----------
2,294,991
----------
Medical - Wholesale Drug Distribution -- 0.1%
AmerisourceBergen Corp........................ 3,210 145,638
Cardinal Health, Inc.......................... 880 53,284
----------
198,922
----------
Metal Processors & Fabrication -- 0.0%
Precision Castparts Corp...................... 130 19,154
----------
Metal - Aluminum -- 0.1%
Alcoa, Inc.................................... 5,804 211,091
----------
Metal - Diversified -- 0.1%
Freeport - McMoRan Copper & Gold, Inc......... 2,186 216,261
----------
Multimedia -- 1.1%
News Corp., Class A........................... 23,781 501,066
The E.W. Scripps Co., Class A................. 730 31,718
The McGraw - Hill Cos., Inc................... 5,150 252,762
The Walt Disney Co............................ 15,425 511,339
Time Warner, Inc.............................. 18,011 310,870
Viacom, Inc., Class B+........................ 5,954 250,187
----------
1,857,942
----------
Networking Products -- 0.6%
Cisco Systems, Inc.+.......................... 33,684 943,826
Juniper Networks, Inc.+....................... 4,853 144,231
----------
1,088,057
----------
Non - Hazardous Waste Disposal -- 0.2%
Allied Waste Industries, Inc.+................ 5,021 57,289
Waste Management, Inc......................... 6,962 238,936
----------
296,225
----------
Office Automation & Equipment -- 0.1%
Pitney Bowes, Inc............................. 5,821 224,109
----------
Office Supplies & Forms -- 0.2%
Avery Dennison Corp........................... 5,473 285,198
----------
Oil & Gas Drilling -- 0.3%
ENSCO International, Inc...................... 6,413 345,340
Transocean, Inc............................... 833 114,363
----------
459,703
----------
Oil Companies - Exploration & Production -- 0.6%
Apache Corp................................... 860 83,239
Devon Energy Corp............................. 2,870 237,665
Noble Energy, Inc............................. 780 56,191
Occidental Petroleum Corp..................... 9,774 681,932
----------
1,059,027
----------
Oil Companies - Integrated -- 4.1%
Chevron Corp.................................. 27,530 2,416,308
ConocoPhillips................................ 10,353 828,654
ExxonMobil Corp............................... 39,336 3,507,198
7
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
---------------------------------------------------------
COMMON STOCK (continued)
Oil Companies - Integrated (continued)
Marathon Oil Corp.................... 2,448 $ 136,843
----------
6,889,003
----------
Oil Field Machinery & Equipment -- 0.7%
Grant Prideco, Inc.+................. 12,840 617,604
National-Oilwell Varco, Inc.+........ 8,993 612,873
----------
1,230,477
----------
Oil Refining & Marketing -- 0.0%
Valero Energy Corp................... 1,230 80,036
----------
Oil - Field Services -- 0.3%
Halliburton Co....................... 7,804 285,704
Schlumberger, Ltd.................... 1,980 185,031
----------
470,735
----------
Pharmacy Services -- 0.1%
Express Scripts, Inc.+............... 1,310 88,753
Medco Health Solutions, Inc.+........ 985 98,490
----------
187,243
----------
Photo Equipment & Supplies -- 0.1%
Eastman Kodak Co..................... 7,980 187,370
----------
Pipelines -- 0.4%
El Paso Corp......................... 14,421 231,889
Williams Cos., Inc................... 10,411 361,366
----------
593,255
----------
Publishing - Newspapers -- 0.1%
Gannett Co., Inc..................... 2,540 93,345
The New York Times Co., Class A...... 7,610 125,565
----------
218,910
----------
Real Estate Investment Trusts -- 0.4%
Equity Residential................... 6,480 241,121
Host Hotels & Resorts, Inc........... 23,540 451,732
----------
692,853
----------
Retail - Apparel/Shoe -- 0.1%
Limited Brands, Inc.................. 950 19,076
The Gap, Inc......................... 9,098 185,599
----------
204,675
----------
Retail - Auto Parts -- 0.2%
AutoZone, Inc.+...................... 2,270 253,400
----------
Retail - Building Products -- 0.2%
Home Depot, Inc...................... 8,616 246,073
Lowe's Cos., Inc..................... 3,893 95,028
----------
341,101
----------
Retail - Consumer Electronics -- 0.1%
Best Buy Co., Inc.................... 910 46,456
RadioShack Corp...................... 4,849 89,706
----------
136,162
----------
Retail - Discount -- 1.2%
Big Lots, Inc.+...................... 4,754 88,757
Dollar Tree Stores, Inc.+............ 14,825 424,885
Family Dollar Stores, Inc............ 5,457 128,512
Target Corp.......................... 8,940 536,936
TJX Cos., Inc........................ 2,464 72,294
Wal-Mart Stores, Inc................. 15,836 758,545
----------
2,009,929
----------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------------------
Retail - Drug Store -- 0.6%
CVS Caremark Corp..................................... 24,619 $ 986,976
Walgreen Co........................................... 695 25,430
----------
1,012,406
----------
Retail - Jewelry -- 0.0%
Tiffany & Co.......................................... 380 17,643
----------
Retail - Regional Department Stores -- 0.1%
Macy's, Inc........................................... 4,011 118,926
----------
Retail - Restaurants -- 0.9%
McDonald's Corp....................................... 24,977 1,460,405
----------
Rubber - Tires -- 0.0%
The Goodyear Tire & Rubber Co.+....................... 1,416 40,710
----------
School -- 0.1%
Apollo Group, Inc., Class A+.......................... 1,370 104,832
----------
Semiconductor Equipment -- 0.2%
Applied Materials, Inc................................ 11,563 217,731
Novellus Systems, Inc.+............................... 3,287 85,495
Teradyne, Inc.+....................................... 1,570 17,097
----------
320,323
----------
Semiconductors Components - Intergrated Circuits -- 0.1%
Analog Devices, Inc................................... 5,960 183,449
----------
Steel - Producers -- 0.2%
Nucor Corp............................................ 2,279 134,940
United States Steel Corp.............................. 1,940 189,538
----------
324,478
----------
Steel - Specialty -- 0.0%
Allegheny Technologies, Inc........................... 190 18,573
----------
Telecom Equipment - Fiber Optics -- 0.6%
Corning, Inc.......................................... 43,063 1,046,000
----------
Telecom Services -- 0.1%
Embarq Corp........................................... 2,440 124,318
----------
Telephone - Integrated -- 1.8%
AT&T, Inc............................................. 43,891 1,677,075
CenturyTel, Inc....................................... 4,244 180,922
Qwest Communications International, Inc.+............. 3,710 24,597
Sprint Nextel Corp.................................... 23,752 368,631
Verizon Communications, Inc........................... 18,004 777,953
----------
3,029,178
----------
Therapeutics -- 0.5%
Gilead Sciences, Inc.+................................ 18,443 858,337
----------
Tobacco -- 0.7%
Altria Group, Inc..................................... 9,045 701,530
Reynolds American, Inc................................ 4,030 282,181
UST, Inc.............................................. 3,998 231,484
----------
1,215,195
----------
Tools - Hand Held -- 0.1%
Black & Decker Corp................................... 1,610 133,067
----------
Transport - Rail -- 0.2%
Burlington Northern Santa Fe Corp..................... 698 58,297
CSX Corp.............................................. 2,700 113,400
Norfolk Southern Corp................................. 2,400 122,904
----------
294,601
----------
Transport - Services -- 0.5%
FedEx Corp............................................ 400 39,388
United Parcel Service, Inc., Class B.................. 11,511 848,130
----------
887,518
----------
8
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Shares/
Principal Value
Security Description Amount (Note 2)
----------------------------------------------------------------------
COMMON STOCK (continued)
Web Portals/ISP -- 0.6%
Google, Inc., Class A+........................ 1,190 $ 824,670
Yahoo!, Inc.+................................. 5,772 154,747
-----------
979,417
-----------
Wireless Equipment -- 0.3%
Motorola, Inc................................. 6,750 107,797
Nokia Oyj ADR................................. 4,220 165,973
QUALCOMM, Inc................................. 5,188 211,567
-----------
485,337
-----------
Total Common Stock
(cost $86,380,003)........................... 91,541,948
-----------
EXCHANGE TRADED FUNDS -- 5.5%
Index Fund -- 5.5%
iShares MSCI EAFE Index Fund
(cost $8,266,525)............................ 112,500 9,343,125
-----------
PREFERRED STOCK -- 0.4%
Banks - Money Center -- 0.1%
Santander Finance Preferred SA 5.88%(1)....... 7,600 159,600
-----------
Banks - Super Regional -- 0.0%
Wachovia Capital Trust IX 6.38%............... 3,100 66,898
-----------
Diversified Financial Services -- 0.2%
General Electric Capital Corp. 8.00%(3)....... 11,000 245,630
-----------
Special Purpose Entity -- 0.1%
Structured Repackaged Asset-Backed Trust
Securities 5.97%(1).......................... 7,600 143,640
-----------
Total Preferred Stock
(cost $721,344).............................. 615,768
-----------
ASSET BACKED SECURITIES -- 3.8%
Diversified Financial Services -- 3.8%
Banc of America Funding Corp.
Series 2007-C, Class 5A1
5.37% due 05/20/36(4)........................ $330,764 329,491
Banc of America Funding Corp.
Series 2006-J, Class 2A1
5.89% due 01/20/47(4)........................ 336,670 331,436
Bear Stearns Commercial Mtg. Securities, Inc.
Series 2007-PW15, Class A2
5.21% due 02/11/44(5)........................ 155,000 153,963
Bear Stearns Commercial Mtg. Securities, Inc.
Series 2006-PW12, Class F
5.75% due 09/11/38*(5)(12)................... 300,000 232,399
Bear Stearns Commercial Mtg. Securities, Inc.
Series 2006-PW12, Class G
5.75% due 09/11/38........................... 51,000 37,126
Bear Stearns Commercial Mtg. Securities, Inc.
Series 2007-PW15, Class H
5.75% due 02/11/44*(5)(12)................... 330,000 187,343
Chase Funding Mtg. Loan Asset-Backed Certs.
Series 2003-6, Class 1A6
4.59% due 05/25/15........................... 93,007 90,587
Chase Mtg. Finance Corp.
Series 2007-A2, Class 1A1
4.55% due 07/25/37(4)........................ 510,056 505,577
Commercial Mtg. Pass Through Certs.
Series 2004-LB2A, Class A3
4.22% due 03/10/39(5)........................ 645,000 633,828
Principal Value
Security Description Amount (Note 2)
--------------------------------------------------------------------------
Diversified Financial Services (continued)
Countrywide Asset-Backed Certs.
Series 2006-S6, Class A3
5.66% due 03/25/34................................ $380,000 $ 367,952
Countrywide Asset-Backed Certs.
Series 2006-S4, Class A3
5.80% due 10/25/36................................ 570,000 530,380
J.P. Morgan Chase Commercial Mtg. Securities Corp.
Series 2006-CB16, Class E
5.84% due 05/12/45*(5)............................ 205,000 174,414
LB-UBS Commercial Mtg. Trust
Series 2007-C6, Class AM
6.11% due 07/15/40(5)............................. 400,000 400,781
LB-UBS Commercial Mtg. Trust
Series 2007-C6, Class B
6.24% due 07/15/40(5)(12)......................... 300,000 290,016
Merrill Lynch/ Countrywide Commercial Mtg. Trust
Series 2007-5, Class H
5.92% due 08/12/48(12)............................ 165,000 98,533
Morgan Stanley Capital I
Series 2006-IQ12, Class D
5.53% due 12/15/43(5)............................. 200,000 179,985
Ocwen Advance Receivables Backed Notes
Series 2006-1A
5.36% due 11/24/15*(7)............................ 300,000 285,000
Swift Master Auto Receivables Trust
Series 2007-2, Class A
5.30% due 10/15/12(1)............................. 525,217 524,831
Wachovia Bank Commercial Mtg. Trust
Series 2006-WL7A, Class F
4.99% due 09/15/21*(1)(5)......................... 410,000 397,396
Wells Fargo Mtg. Backed Securities Trust
Series 2006-AR17, Class A2
5.84% due 10/25/36(4)............................. 495,913 499,297
Wells Fargo Mtg. Backed Securities Trust
Series 2006-AR12, Class 2A1
6.10% due 09/25/36(4)............................. 189,119 189,126
----------
Total Asset Backed Securities
(cost $6,850,781)................................. 6,439,461
----------
CONVERTIBLE BONDS & NOTES -- 0.0%
Telecom Services -- 0.0%
ICO North America, Inc.
Notes
7.50% due 08/15/09(7)(8)(9)
(cost $20,000).................................... 20,000 20,000
----------
CORPORATE BONDS & NOTES -- 10.9%
Aerospace/Defense - Equipment -- 0.2%
United Technologies Corp.
Senior Notes
6.10% due 05/15/12................................ 384,000 405,955
----------
Agricultural Chemicals -- 0.0%
Terra Capital, Inc.
Company Guar. Notes
7.00% due 02/01/17................................ 20,000 19,750
The Mosaic Co.
Senior Notes
7.38% due 12/01/14*............................... 40,000 42,200
----------
61,950
----------
9
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Agricultural Operations -- 0.1%
Cargill, Inc.
Notes
5.00% due 11/15/13*............. $127,000 $125,428
--------
Airlines -- 0.1%
American Airlines, Inc.
Pass Through Certs.
Series 2001-1, Class A-2
6.82% due 05/23/11.............. 55,000 53,328
Northwest Airlines, Inc.
Pass Through Certs.
Series 2002-1 Class G2
6.26% due 11/20/21.............. 46,573 46,573
--------
99,901
--------
Auto - Cars/Light Trucks -- 0.1%
DaimlerChrysler NA Holding Corp.
Company Guar. Notes
6.05% due 03/13/09(1)........... 55,000 54,750
Ford Motor Co.
Debentures
6.38% due 02/01/29.............. 55,000 37,400
General Motors Corp.
Debentures
8.25% due 07/15/23.............. 30,000 24,600
General Motors Corp.
Senior Bonds
8.38% due 07/15/33.............. 38,000 31,540
--------
148,290
--------
Banks - Commercial -- 0.6%
BOI Capital Funding
Bank Guar. Bonds
6.11% due 02/04/16*(1)(2)....... 60,000 52,735
Colonial Bank NA
Sub. Notes
6.38% due 12/01/15.............. 60,000 59,280
Compass Bank
Notes
5.50% due 04/01/20.............. 100,000 94,513
Compass Bank
Sub. Notes
6.40% due 10/01/17.............. 40,000 40,949
First Maryland Capital II
Notes
5.76% due 02/01/27(1)........... 124,000 115,233
Popular North America, Inc.
Company Guar. Notes
5.65% due 04/15/09.............. 83,000 84,061
Silicon Valley Bank
Senior Notes
5.70% due 06/01/12.............. 100,000 103,026
SouthTrust Bank
Sub. Notes
4.75% due 03/01/13.............. 110,000 107,265
SouthTrust Corp.
Sub. Notes
5.80% due 06/15/14.............. 45,000 46,385
Union Bank of California NA
Sub. Notes
5.95% due 05/11/16.............. 110,000 112,332
US Bank NA
Notes
3.90% due 08/15/08.............. 26,000 25,696
Wachovia Bank NA
6.60% due 01/15/38.............. 100,000 99,792
--------
941,267
--------
Principal Value
Security Description Amount (Note 2)
------------------------------------------------------------
Banks - Fiduciary -- 0.0%
The Bank of New York Mellon Corp.
Sub. Notes
6.38% due 04/01/12.................... $ 60,000 $ 63,564
--------
Banks - Super Regional -- 0.5%
Bank of America NA
Sub. Notes
6.00% due 10/15/36.................... 500,000 476,931
Capital One Financial Corp.
Senior Notes
5.70% due 09/15/11.................... 201,000 192,815
JPMorgan Chase Bank NA
Sub. Notes
6.13% due 11/01/08.................... 117,000 118,015
--------
787,761
--------
Beverages - Non - alcoholic -- 0.1%
Pepsico Inc.
Notes
4.65% due 02/15/13.................... 105,000 104,952
--------
Brewery -- 0.1%
Anheuser - Busch Cos., Inc.
Senior Notes
5.50% due 01/15/18.................... 32,000 32,150
Anheuser - Busch Cos., Inc.
Senior Notes
5.60% due 03/01/17.................... 124,000 127,866
--------
160,016
--------
Broadcast Services/Program -- 0.0%
Nexstar Finance, Inc.
Senior Sub. Notes
7.00% due 01/15/14.................... 40,000 37,100
--------
Building Products - Air & Heating -- 0.0%
American Standard, Inc.
Company Guar. Notes
7.38% due 02/01/08.................... 47,000 47,078
--------
Building - Residential/Commercial -- 0.0%
D.R. Horton, Inc.
Company Guar. Notes
5.00% due 01/15/09.................... 49,000 46,304
--------
Cable TV -- 0.1%
CCH I LLC
Company Guar. Notes
11.00% due 10/01/15................... 29,000 25,157
CCH II LLC/CCH II Capital Corp.
Company Guar. Notes
10.25% due 10/01/13................... 70,000 69,300
Comcast Cable Communications, Inc.
Senior Notes
7.13% due 06/15/13.................... 62,000 66,447
Comcast Corp.
Company Guar. Notes
5.88% due 02/15/18.................... 28,000 27,927
--------
188,831
--------
Casino Hotels -- 0.0%
MGM Mirage, Inc.
Senior Notes
5.88% due 02/27/14.................... 20,000 18,125
Turning Stone Resort Casino Enterprise
Senior Notes
9.13% due 09/15/14*................... 20,000 20,200
--------
38,325
--------
10
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
-----------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Cellular Telecom -- 0.2%
Centennial Communications Corp.
Senior Notes
10.98% due 01/01/13(1)............... $ 75,000 $ 76,687
Cricket Communications, Inc.
Company Guar. Notes
9.38% due 11/01/14................... 20,000 18,600
Cricket Communications, Inc.
Company Guar. Notes
9.38% due 11/01/14*.................. 10,000 9,300
MetroPCS Wireless, Inc.
Senior Notes
9.25% due 11/01/14................... 35,000 33,163
Nextel Communications, Inc.
Company Guar. Notes
5.95% due 03/15/14................... 100,000 93,151
Rural Cellular Corp.
Senior Sub. Notes
8.62% due 06/01/13*.................. 15,000 15,225
Rural Cellular Corp.
Senior Notes
10.66% due 11/01/12(1)............... 5,000 5,100
--------
251,226
--------
Chemicals - Diversified -- 0.1%
E.I. Du Pont de Nemours & Co.
Senior Notes
4.88% due 04/30/14................... 34,000 33,540
E.I. Du Pont de Nemours & Co.
Notes
5.00% due 01/15/13................... 80,000 80,610
Lyondell Chemical Co.
Company Guar. Notes
8.00% due 09/15/14................... 40,000 45,300
--------
159,450
--------
Chemicals - Specialty -- 0.2%
Huntsman International LLC
Company Guar. Notes
7.88% due 11/15/14................... 50,000 53,625
Lubrizol Corp.
Senior Notes
4.63% due 10/01/09................... 200,000 200,873
Momentive Performance Materials, Inc.
Senior Sub. Notes
11.50% due 12/01/16*................. 80,000 71,000
--------
325,498
--------
Commercial Services - Finance -- 0.1%
The Western Union Co.
Senior Notes
5.40% due 11/17/11................... 147,000 149,810
--------
Computer Services -- 0.1%
Compucom Systems, Inc.
Senior Sub. Notes
12.50% due 10/01/15*................. 25,000 24,937
Computer Sciences Corp.
Notes
3.50% due 04/15/08................... 55,000 54,520
--------
79,457
--------
Consumer Products - Misc. -- 0.0%
American Achievement Corp.
Senior Sub. Notes
8.25% due 04/01/12................... 10,000 9,750
--------
Principal Value
Security Description Amount (Note 2)
------------------------------------------------------------------------
Containers - Paper/Plastic -- 0.1%
Jefferson Smurfit Corp.
Company Guar. Notes
8.25% due 10/01/12................................ $ 10,000 $ 9,900
Pliant Corp.
Company Guar. Notes
11.13% due 09/01/09............................... 69,000 56,752
Smurfit-Stone Container Enterprises, Inc.
Senior Notes
8.00% due 03/15/17................................ 150,000 144,000
--------
210,652
--------
Data Processing/Management -- 0.1%
Fiserv, Inc.
Senior Notes
6.13% due 11/20/12................................ 100,000 101,552
--------
Direct Marketing -- 0.0%
Affinity Group, Inc.
Senior Sub. Notes
9.00% due 02/15/12................................ 40,000 37,800
--------
Diversified Financial Services -- 0.1%
American Express Travel Related Services Co., Inc.
Senior Notes
5.25% due 11/21/11*............................... 60,000 60,148
AXA Financial, Inc.
Senior Notes
6.50% due 04/01/08................................ 50,000 50,161
General Electric Capital Corp.
Senior Notes
5.25% due 10/19/12................................ 120,000 122,980
--------
233,289
--------
Diversified Manufacturing Operations -- 0.1%
General Electric Co .
Notes
5.25% due 12/06/17................................ 97,000 96,107
--------
Diversified Operations -- 0.0%
Capmark Financial Group, Inc.
Company Guar. Notes
5.88% due 05/10/12*............................... 55,000 42,634
--------
Electric - Distribution -- 0.0%
Old Dominion Electric Cooperative
1st Mtg. Bonds
5.68% due 12/01/28................................ 45,833 48,707
--------
Electric - Generation -- 0.2%
Bruce Mansfield Unit
Pass Through Certs.
6.85% due 06/01/34................................ 121,000 123,990
The AES Corp.
Senior Notes
8.00% due 10/15/17*............................... 75,000 74,625
The AES Corp.
Senior Notes
8.88% due 02/15/11................................ 70,000 72,625
--------
271,240
--------
Electric - Integrated -- 1.2%
Centerpoint Energy, Inc.
Senior Notes
5.88% due 06/01/08................................ 130,000 130,162
Commonwealth Edison Co.
1st Mtg. Bonds
5.95% due 08/15/16................................ 135,000 138,037
Commonwealth Edison Co.
1st Mtg. Notes
6.15% due 09/15/17................................ 52,000 53,856
11
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
-------------------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Electric - Integrated (continued)
Consumers Energy Co.
1st Mtg. Bonds
Series C
4.25% due 04/15/08 $130,000 $ 129,452
Dominion Resources, Inc.
Senior Notes
5.69% due 05/15/08......................... 121,000 121,145
Dominion Resources, Inc.
Jr. Sub. Notes
6.30% due 09/30/66(1)...................... 95,000 93,680
Duke Energy Corp.
Senior Notes
4.20% due 10/01/08......................... 110,000 109,460
Duke Energy Indiana, Inc.
Debentures
5.00% due 09/15/13......................... 50,000 49,214
Entergy Louisiana LLC
1st Mtg. Bonds
5.83% due 11/01/10......................... 165,000 166,546
Florida Power & Light Co.
1st Mortgage Notes
5.55% due 11/01/17......................... 120,000 123,513
Illinois Power Co.
Senior Sec. Notes
6.13% due 11/15/17*........................ 55,000 55,844
Mackinaw Power LLC
Secured Notes
6.30% due 10/31/23*........................ 105,270 112,453
Mirant Americas Generation LLC
Senior Notes
8.30% due 05/01/11......................... 25,000 24,937
Mirant Mid-Atlantic LLC
Pass Through Certs.
Series B
9.13% due 06/30/17......................... 31,308 34,478
Nisource Finance Corp.
Company Guar. Notes
5.25% due 09/15/17......................... 40,000 38,120
Pepco Holdings, Inc.
Senior Notes
6.45% due 08/15/12......................... 45,000 47,188
PSEG Power LLC
Company Guar. Notes
7.75% due 04/15/11......................... 55,000 59,155
Puget Sound Energy, Inc.
Senior Notes
5.20% due 10/01/15......................... 183,000 178,162
Sierra Pacific Power Co.
Bonds
6.75% due 07/01/37......................... 108,000 111,404
Southern Energy, Inc.
Notes
7.90% due 07/15/09+(7)(8)(9)............... 125,000 0
Texas Competitive Electric Holdings Co. LLC
Company Guar. Notes
10.25% due 11/01/15*....................... 65,000 63,370
Virginia Electric & Power Co.
Notes
4.10% due 12/15/08......................... 144,000 142,474
Virginia Electric & Power Co.
Senior Notes
6.35% due 11/30/37......................... 47,000 47,390
----------
2,030,040
----------
Principal Value
Security Description Amount (Note 2)
-----------------------------------------------------------------
Electronic Components - Semiconductors -- 0.1%
Amkor Technology, Inc.
Senior Notes
9.25% due 06/01/16......................... $ 15,000 $ 15,038
Freescale Semiconductor, Inc.
Senior Sub. Notes
10.13% due 12/15/16........................ 25,000 21,437
National Semiconductor Corp.
Senior Notes
6.60% due 06/15/17......................... 100,000 103,424
Spansion, Inc.
Sec. Notes
8.75% due 06/01/13*(1)..................... 10,000 9,100
--------
148,999
--------
Electronic Measurement Instruments -- 0.1%
Agilent Technologies, Inc.
6.50% due 11/01/17......................... 104,000 105,354
--------
Electronics - Military -- 0.0%
L-3 Communications Corp.
Company Guar. Notes
6.38% due 10/15/15......................... 35,000 34,650
--------
Finance - Auto Loans -- 0.1%
Ford Motor Credit Co. LLC
Senior Notes
5.80% due 01/12/09......................... 6,000 5,709
Ford Motor Credit Co. LLC
Notes
7.38% due 10/28/09......................... 110,000 104,148
Ford Motor Credit Co. LLC
Notes
7.88% due 06/15/10......................... 1,000 928
General Motors Acceptance Corp.
Notes
6.88% due 09/15/11......................... 60,000 52,422
General Motors Acceptance Corp.
Notes
6.88% due 08/28/12......................... 4,000 3,401
--------
166,608
--------
Finance - Commercial -- 0.0%
Transamerica Finance Corp.
Senior Notes
6.40% due 09/15/08......................... 67,000 67,696
--------
Finance - Credit Card -- 0.0%
Capital One Bank
Senior Sub. Notes
6.50% due 06/13/13......................... 69,000 68,450
--------
Finance - Investment Banker/Broker -- 0.7%
Bear Stearns Co., Inc.
Notes
4.50% due 10/28/10......................... 57,000 54,831
JP Morgan Chase & Co.
Senior Notes
5.38% due 01/15/14......................... 110,000 111,302
JP Morgan Chase & Co.
Sub. Notes
5.75% due 01/02/13......................... 500,000 511,878
Lehman Brothers Holdings, Inc.
Notes
4.38% due 11/30/10......................... 55,000 53,729
Lehman Brothers Holdings, Inc.
Sub. Notes
6.88% due 07/17/37......................... 20,000 19,429
12
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
-------------------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Finance - Investment Banker/Broker (continued)
Morgan Stanley
Senior Notes
5.25% due 11/02/12......................... $ 50,000 $ 49,702
Schwab Capital Trust I
Company Guar. Bonds
7.50% due 11/15/37(1)...................... 85,000 86,904
The Bear Stearns Cos., Inc.
Senior Notes
6.40% due 10/02/17......................... 210,000 205,240
The Goldman Sachs Group, Inc.
Sub. Notes
6.75% due 10/01/37......................... 127,000 124,746
----------
1,217,761
----------
Finance - Mortgage Loan/Banker -- 0.1%
Countrywide Financial Corp.
Company Guar. Notes
5.80% due 06/07/12......................... 3,000 2,249
Countrywide Financial Corp.
Sub. Notes
6.25% due 05/15/16......................... 88,000 55,450
Residential Capital LLC
Company Guar. Notes
6.50% due 04/17/13......................... 55,000 35,613
----------
93,312
----------
Food - Misc. -- 0.1%
Kraft Foods, Inc.
Senior Notes
7.00% due 08/11/37......................... 121,000 128,732
----------
Funeral Services & Related Items -- 0.0%
Service Corp. International
Senior Notes
6.75% due 04/01/16......................... 50,000 47,250
----------
Home Furnishings -- 0.0%
Simmons Co.
Company Guar. Notes
7.88% due 01/15/14......................... 25,000 23,375
Simmons Co.
Senior Notes
10.00% due 12/15/14(3)..................... 16,000 12,640
----------
36,015
----------
Hotel/Motel -- 0.0%
Starwood Hotels & Resorts Worldwide, Inc.
Senior Notes
6.25% due 02/15/13......................... 55,000 54,471
----------
Independent Power Producers -- 0.1%
Calpine Corp.
Sec. Notes
8.75% due 07/15/13*(10).................... 145,000 155,875
NRG Energy, Inc.
Company Guar. Notes
7.38% due 02/01/16......................... 75,000 73,500
----------
229,375
----------
Industrial Automated/Robotic -- 0.1%
Rockwell Automation, Inc.
Debentures
6.25% due 12/01/37......................... 102,000 101,181
----------
Insurance Brokers -- 0.1%
Marsh & McLennan Cos., Inc.
Senior Notes
5.15% due 09/15/10......................... 55,000 55,914
Principal Value
Security Description Amount (Note 2)
-----------------------------------------------------------------
Insurance Brokers (continued)
Marsh & McLennan Cos., Inc.
Senior Notes
7.13% due 06/15/09......................... $ 25,000 $ 26,019
--------
81,933
--------
Insurance - Life/Health -- 0.1%
Americo Life, Inc.
Notes
7.88% due 05/01/13*........................ 102,000 105,511
Monumental Global Funding II
Notes
5.65% due 07/14/11*........................ 54,000 56,793
Prudential Financial Inc.
Notes
6.63% due 12/01/37......................... 63,000 62,471
--------
224,775
--------
Insurance - Property/Casualty -- 0.0%
The Travelers Cos., Inc.
Senior Notes
6.25% due 06/15/37......................... 27,000 26,783
--------
Investment Management/Advisor Services -- 0.1%
LVB Acquisition Merger Sub, Inc.
Senior Notes
10.38% due 10/15/17*....................... 50,000 49,750
LVB Acquisition Merger Sub, Inc.
Senior Sub. Notes
11.63% due 10/15/17*....................... 40,000 39,450
--------
89,200
--------
Medical - Drugs -- 0.2%
Abbott Laboratories
Notes
6.15% due 11/30/37......................... 60,000 62,177
American Home Products Corp.
Notes
6.70% due 03/15/11......................... 93,000 99,748
Wyeth
Bonds
5.50% due 02/01/14......................... 112,000 114,682
--------
276,607
--------
Medical - HMO -- 0.1%
Aetna Inc.
Senior Notes.
6.75% due 12/15/37......................... 60,000 59,236
WellPoint, Inc.
Notes
3.75% due 12/14/07......................... 77,958 77,919
--------
137,155
--------
Medical - Hospitals -- 0.2%
Community Health Systems, Inc.
Senior Notes
8.88% due 07/15/15......................... 60,000 60,600
HCA, Inc.
Senior Notes
6.25% due 02/15/13......................... 70,000 60,900
HCA, Inc.
Sec. Notes
9.25% due 11/15/16......................... 100,000 103,500
IASIS Healthcare LLC / IASIS Capital Corp.
Bank Guaranteed Notes
8.75% due 06/15/14......................... 40,000 38,800
--------
263,800
--------
13
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
------------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Metal Processors & Fabrication -- 0.1%
Commercial Metals Co.
Senior Notes
6.50% due 07/15/17.................... $ 96,000 $101,835
Timken Co.
Notes
5.75% due 02/15/10.................... 88,000 88,963
--------
190,798
--------
Metal - Aluminum -- 0.1%
Alcoa, Inc.
Notes
6.00% due 01/15/12.................... 66,000 68,645
Alcoa, Inc.
Bonds
6.50% due 06/15/18.................... 142,000 150,091
--------
218,736
--------
Metal - Diversified -- 0.0%
Freeport - McMoRan Copper & Gold, Inc.
Senior Notes
8.38% due 04/01/17.................... 45,000 48,600
--------
Mining -- 0.0%
Newmont Mining Corp.
Company Guar. Notes
5.88% due 04/01/35.................... 60,000 54,427
--------
Multimedia -- 0.3%
Belo Corp.
Senior Notes
6.75% due 05/30/13.................... 55,000 55,299
Cox Enterprises, Inc.
Notes
7.88% due 09/15/10*................... 143,000 154,203
News America, Inc.
Company Guar. Bonds
7.30% due 04/30/28.................... 65,000 68,937
Time Warner Entertainment Co. LP
Senior Notes
8.38% due 07/15/33.................... 138,000 163,838
Viacom, Inc.
6.13% due 10/05/17.................... 26,000 25,821
Viacom, Inc.
Senior Notes
6.88% due 04/30/36.................... 45,000 44,591
--------
512,689
--------
Non - Hazardous Waste Disposal -- 0.1%
Republic Services, Inc.
Notes
6.09% due 03/15/35.................... 95,000 92,356
Waste Management, Inc.
Company Guar. Notes
6.88% due 05/15/09.................... 52,000 53,583
Waste Management, Inc.
Company Guar. Notes
7.75% due 05/15/32.................... 60,000 68,473
--------
214,412
--------
Office Automation & Equipment -- 0.2%
IKON Office Solutions, Inc.
Senior Notes
7.75% due 09/15/15.................... 30,000 30,383
Pitney Bowes, Inc.
Notes
5.25% due 01/15/37.................... 174,000 171,987
Principal Value
Security Description Amount (Note 2)
---------------------------------------------------------------------
Office Automation & Equipment (continued)
Pitney Bowes, Inc.
Notes
5.75% due 09/15/17............................. $102,000 $105,221
--------
307,591
--------
Oil Companies - Exploration & Production -- 0.1%
Chesapeake Energy Corp.
Company Guar. Notes
7.50% due 09/15/13............................. 145,000 148,262
Sabine Pass LNG LP
Secured Notes
7.50% due 11/30/16............................. 90,000 85,050
--------
233,312
--------
Oil Companies - Integrated -- 0.1%
Hess Corp.
Bonds
7.88% due 10/01/29............................. 70,000 83,912
--------
Oil Refining & Marketing -- 0.1%
The Premcor Refining Group, Inc.
Company Guar. Notes
6.75% due 05/01/14............................. 144,000 149,316
--------
Oil - Field Services -- 0.0%
Allis - Chalmers Energy, Inc.
Company Guar. Notes
9.00% due 01/15/14............................. 10,000 10,000
--------
Paper & Related Products -- 0.0%
Bowater, Inc.
Notes
6.50% due 06/15/13............................. 25,000 17,875
Georgia - Pacific Corp.
Company Guar. Notes
7.00% due 01/15/15*............................ 30,000 28,800
Georgia - Pacific Corp.
Company Guar. Notes
7.13% due 01/15/17*............................ 10,000 9,575
--------
56,250
--------
Physicians Practice Management -- 0.0%
US Oncology, Inc.
Senior Sub. Notes
10.75% due 08/15/14............................ 10,000 9,800
--------
Pipelines -- 0.4%
Centerpoint Energy Resources Corp.
Senior Notes
6.13% due 11/01/17............................. 20,000 20,381
CenterPoint Energy Resources Corp.
Notes
7.75% due 02/15/11............................. 110,000 118,598
Copano Energy LLC
Company Guar. Notes
8.13% due 03/01/16............................. 100,000 100,000
Duke Energy Field Services LLC
Notes
6.88% due 02/01/11............................. 55,000 57,620
Dynegy - Roseton Danskammer Pass Through Certs.
Series B
7.67% due 11/08/16............................. 65,000 63,944
Panhandle Eastern Pipe Line
Senior Notes
6.20% due 11/01/17............................. 136,000 136,809
14
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
-----------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Williams Cos., Inc.
Senior Notes
7.88% due 09/01/21................... $ 75,000 $ 84,750
--------
582,102
--------
Publishing - Newspapers -- 0.0%
Knight Ridder, Inc.
Debentures
6.88% due 03/15/29................... 65,000 46,315
--------
Publishing - Periodicals -- 0.0%
The Reader's Digest Association, Inc.
Senior Sub. Notes
9.00% due 02/15/17*.................. 30,000 24,600
--------
Radio -- 0.1%
Chancellor Media Corp.
Company Guar. Notes
8.00% due 11/01/08................... 150,000 153,913
--------
Real Estate Investment Trusts -- 0.2%
Health Care Property Investors, Inc.
Senior Notes
5.65% due 12/15/13................... 80,000 78,286
Liberty Property LP
Senior Notes
5.63% due 10/01/17................... 55,000 55,724
New Plan Excel Realty Trust
Senior Notes
4.50% due 02/01/11................... 100,000 101,389
PPF Funding, Inc.
Bonds
5.35% due 04/15/12*.................. 55,000 55,131
Reckson Operating Partnership LP
Senior Notes
6.00% due 03/31/16................... 31,000 29,658
Simon Property Group LP
Notes
5.38% due 08/28/08................... 32,000 31,865
Vornado Realty LP
Notes
4.50% due 08/15/09................... 55,000 54,784
--------
406,837
--------
Recycling -- 0.0%
Aleris International, Inc.
Company Guar. Notes
9.00% due 12/15/14................... 40,000 34,400
Aleris International, Inc.
Company Guar. Notes
10.00% due 12/15/16.................. 20,000 16,800
--------
51,200
--------
Rental Auto/Equipment -- 0.1%
Erac USA Finance Co.
Company Guar. Notes
7.00% due 10/15/37*.................. 55,000 54,874
Erac USA Finance Co.
Notes
7.35% due 06/15/08*.................. 130,000 131,161
United Rentals North America, Inc.
Senior Sub. Notes
7.75% due 11/15/13................... 35,000 32,025
--------
218,060
--------
Principal Value
Security Description Amount (Note 2)
--------------------------------------------------------------
Research & Development -- 0.0%
Alion Science and Technology Corp.
Company Guar. Notes
10.25% due 02/01/15..................... $ 40,000 $ 36,050
--------
Retail - Apparel/Shoe -- 0.0%
Nordstrom Inc.
Notes
6.25% due 01/15/18...................... 55,000 55,620
--------
Retail - Drug Store -- 0.1%
CVS Caremark Corp.
Senior Notes
6.25% due 06/01/27...................... 59,000 58,540
CVS Lease Pass Through Trust
Pass Through Certs.
6.04% due 12/10/28*..................... 97,978 100,029
--------
158,569
--------
Retail - Regional Department Stores -- 0.0%
JC Penney Corp., Inc.
Senior Notes
5.75% due 02/15/18...................... 13,000 12,124
--------
Retail - Restaurants -- 0.1%
Darden Restaurants, Inc.
Senior Notes
6.80% due 10/15/37...................... 72,000 73,386
NPC International, Inc.
Company Guar. Notes
9.50% due 05/01/14...................... 40,000 35,600
Yum! Brands, Inc.
Senior Notes
6.88% due 11/15/37...................... 34,000 33,214
--------
142,200
--------
Savings & Loans/Thrifts -- 0.5%
Independence Community Bank Corp.
Sub. Notes
3.50% due 06/20/13(1)................... 59,000 58,525
Sovereign Bancorp, Inc.
Senior Notes
4.80% due 09/01/10...................... 166,000 165,504
Washington Mutual Bank
Sub. Notes
5.13% due 01/15/15...................... 190,000 155,921
Washington Mutual Preferred Funding III
Bonds
6.90% due 06/15/12*(1)(2)............... 100,000 94,700
Washington Mutual, Inc.
Senior Notes
5.50% due 08/24/11...................... 160,000 145,887
Washington Mutual, Inc.
Senior Sub. Notes
7.25% due 11/01/17...................... 55,000 47,797
Western Financial Bank
Senior Debentures
9.63% due 05/15/12...................... 124,000 133,937
--------
802,271
--------
Special Purpose Entities -- 0.4%
BAE Systems Holdings, Inc.
Notes
5.20% due 08/15/15*..................... 160,000 157,405
Capital One Capital IV
Company Guar. Bonds
6.75% due 02/17/37(1)................... 60,000 44,623
15
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
- -------------------------------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Special Purpose Entities (continued)
Consolidated Communications Illinois/Texas Holdings, Inc.
Senior Notes
9.75% due 04/01/12....................................... $121,000 $124,025
Cyrus Reinsurance Holdings SPC
Senior Notes
6.51% due 09/01/08*(1)(7)................................ 65,000 64,513
Hawker Beechcraft Acquisition Co. LLC / Hawker
Beechcraft Notes Co.
Senior Sub. Notes
9.75% due 04/01/17*...................................... 25,000 25,250
KAR Holdings, Inc.
Senior Notes
9.36% due 05/01/14*(1)................................... 25,000 22,750
Norbord Delaware GP I
Company Guar. Notes
6.45% due 02/15/17*...................................... 45,000 36,183
Pricoa Global Funding I
Notes
5.30% due 09/27/13*...................................... 90,000 93,822
Principal Life Global Funding I
Sec. Notes
5.25% due 01/15/13*...................................... 177,000 182,510
--------
751,081
--------
Steel - Producers -- 0.2%
International Steel Group, Inc.
Senior Notes
6.50% due 04/15/14....................................... 110,000 115,304
Nucor Corp.
Notes
5.75% due 12/01/17....................................... 72,000 72,653
Reliance Steel & Aluminum Co.
Company Guar. Notes
6.85% due 11/15/36....................................... 55,000 54,928
Ryerson, Inc.
Senior Sec. Notes
12.57% due 11/01/14*(1).................................. 50,000 48,125
United States Steel Corp.
Senior Notes
6.65% due 06/01/37....................................... 48,000 44,899
--------
335,909
--------
Telecom Services -- 0.1%
Bellsouth Telecommunications, Inc.
Debentures
7.00% due 12/01/95....................................... 180,000 186,425
Qwest Corp.
Senior Notes
7.50% due 10/01/14....................................... 55,000 55,687
--------
242,112
--------
Telephone - Integrated -- 0.4%
AT&T Corp.
Senior Notes
7.30% due 11/15/11....................................... 56,000 60,838
BellSouth Corp.
Senior Notes
6.00% due 10/15/11....................................... 200,000 208,890
Citizens Communications Co.
Senior Notes
7.13% due 03/15/19....................................... 25,000 23,875
GTE Northwest, Inc.
Debentures
5.55% due 10/15/08....................................... 60,000 60,191
Principal Value
Security Description Amount (Note 2)
--------------------------------------------------------------
Telephone - Integrated (continued)
New England Telephone & Telegraph Co.
Debentures
7.88% due 11/15/29................... $ 65,000 $ 73,646
Sprint Capital Corp.
Company Guar. Notes
6.88% due 11/15/28................... 110,000 103,249
Verizon New York, Inc.
Debentures
6.88% due 04/01/12................... 114,000 121,682
-----------
652,371
-----------
Television -- 0.1%
Paxson Communication Corp.
Sec. Senior Notes
11.49% due 01/15/13*(1).............. 70,000 69,475
Young Broadcasting, Inc.
Company Guar. Notes
10.00% due 03/01/11.................. 20,000 16,000
-----------
85,475
-----------
Transport - Air Freight -- 0.2%
Atlas Air, Inc.
Pass Through Certs.
Series 1991-1, Class A-1
7.20% due 01/02/19................... 270,263 266,209
-----------
Transport - Rail -- 0.2%
BNSF Funding Trust I
Company Guar. Bonds
6.61% due 12/15/55(1)................ 120,000 112,665
CSX Corp.
Senior Notes
6.25% due 03/15/18................... 193,000 197,230
Union Pacific Corp.
Notes
3.88% due 02/15/09................... 17,000 16,854
-----------
326,749
-----------
Transport - Services -- 0.1%
FedEx Corp.
Company Guar. Notes
5.50% due 08/15/09................... 45,000 45,835
PHI, Inc.
Company Guar. Notes
7.13% due 04/15/13................... 80,000 77,600
Ryder System, Inc.
Notes
5.85% due 03/01/14................... 29,000 29,390
-----------
152,825
-----------
Travel Service -- 0.0%
Travelport LLC
Company Guar. Notes
10.25% due 09/01/14(1)............... 40,000 39,200
-----------
Wireless Equipment -- 0.0%
Motorola, Inc.
Senior Notes
6.63% due 11/15/37................... 55,000 53,309
-----------
Total Corporate Bonds & Notes
(cost $18,753,367)................... 18,588,985
-----------
FOREIGN CORPORATE BONDS & NOTES -- 2.9%
Banks - Commercial -- 0.3%
Barclays Bank PLC
Jr. Sub. Notes
7.44% due 12/15/17*(1)(2)............ 84,000 84,976
16
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
-----------------------------------------------------------------------------
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks - Commercial (continued)
Caisse Nationale des Caisses d'Epargne et de Prevoyance
Notes
4.93% due 12/30/09(1)(2)............................... $102,000 $ 69,870
Credit Agricole SA
Jr. Sub. Notes
6.64% due 05/31/17*(1)(2).............................. 111,000 101,438
HSBC Holdings PLC
Sub. Notes
6.50% due 09/15/37..................................... 156,500 147,296
Royal Bank of Scotland Group PLC
Bonds
6.99% due 10/05/17*(1)(2).............................. 120,000 118,098
Societe Generale
Sub. Notes
5.92% due 04/05/17*(1)(2).............................. 60,000 54,976
--------
576,654
--------
Banks - Money Center -- 0.2%
HBOS Capital Funding LP
Bank Guar. Bonds
6.85% due 03/23/09(2).................................. 163,000 133,252
Mizuho Financial Group Cayman, Ltd.
Bank Guar. Bonds
8.38% due 04/27/09(2).................................. 120,000 122,447
--------
255,699
--------
Building Products - Cement -- 0.1%
C8 Capital SPV, Ltd.
Notes
6.64% due 12/31/14*(1)(2).............................. 195,000 187,561
--------
Cruise Lines -- 0.0%
Royal Caribbean Cruises, Ltd.
Senior Notes
7.00% due 06/15/13..................................... 65,000 64,661
--------
Diversified Financial Services -- 0.0%
CIT Group Funding Co. of Canada
Company Guar. Notes
5.20% due 06/01/15..................................... 95,000 84,041
--------
Diversified Manufacturing Operations -- 0.1%
Bombardier, Inc.
Senior Notes
8.00% due 11/15/14*.................................... 25,000 25,875
Tyco International Group SA
Company Guar. Notes
6.00% due 11/15/13..................................... 110,000 113,967
--------
139,842
--------
Diversified Operations -- 0.5%
Hutchison Whampoa Finance, Ltd.
Company Guar. Notes
7.50% due 08/01/27*.................................... 700,000 782,988
--------
Electric - Integrated -- 0.1%
Empresa Nacional de Electricidad SA
Bonds
7.33% due 02/01/37..................................... 72,000 78,332
Enel Finance International SA
Company Guar. Notes
6.25% due 09/15/17*.................................... 36,000 36,874
Enel Finance International SA
Company Guar. Notes
6.80% due 09/15/37*.................................... 65,000 67,915
--------
183,121
--------
Principal Value
Security Description Amount (Note 2)
-------------------------------------------------------------------
Electronic Components - Misc. -- 0.0%
NXP BV / NXP Funding LLC
Company Guar. Notes
9.50% due 10/15/15........................... $ 5,000 $ 4,550
--------
Food - Retail -- 0.1%
Delhaize Group SA
Senior Notes
6.50% due 06/15/17........................... 98,000 100,316
Tesco PLC
Notes
5.50% due 11/15/17*.......................... 50,000 49,741
--------
150,057
--------
Insurance - Multi - line -- 0.2%
Aegon NV
Sub. Bonds
5.40% due 07/15/14(1)(2)..................... 145,000 103,240
AXA SA
Sub. Notes
6.38% due 12/14/36*(1)(2).................... 77,000 65,197
ING Groep NV
Bonds
5.78% due 12/08/15(1)(2)..................... 175,000 160,835
--------
329,272
--------
Investment Companies -- 0.1%
Canadian Oil Sands, Ltd.
Notes
5.80% due 08/15/13*.......................... 113,000 114,694
Xstrata Finance Canada Ltd.
Notes
6.90% due 11/15/37*.......................... 55,000 54,941
--------
169,635
--------
Medical - Drugs -- 0.1%
Angiotech Pharmaceuticals, Inc.
Company Guar. Notes
7.75% due 04/01/14........................... 40,000 32,600
Angiotech Pharmaceuticals, Inc.
Company Guar. Notes
9.37% due 12/01/13(1)........................ 40,000 38,000
Elan Finance PLC
Company Guar. Bonds
7.75% due 11/15/11........................... 55,000 53,900
--------
124,500
--------
Metal - Aluminum -- 0.0%
Alcan, Inc.
Notes
6.13% due 12/15/33........................... 83,000 81,048
--------
Metal - Diversified -- 0.0%
Inco, Ltd.
Bonds
7.20% due 09/15/32........................... 66,000 71,642
--------
Multimedia -- 0.1%
The Thomson Corp.
Notes
5.70% due 10/01/14........................... 110,000 111,928
--------
Oil Companies - Exploration & Production -- 0.1%
EnCana Corp.
Bonds
6.50% due 08/15/34........................... 25,000 25,418
17
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
-----------------------------------------------------------------------
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies - Exploration & Production (continued)
Nexen, Inc.
Bonds
6.40% due 05/15/37............................... $100,000 $ 98,458
--------
123,876
--------
Paper & Related Products -- 0.0%
Abitibi-Consolidated, Inc.
Notes
8.55% due 08/01/10............................... 50,000 43,500
--------
Pipelines -- 0.2%
Enbridge, Inc.
Bonds
5.80% due 06/15/14............................... 189,000 194,805
Kinder Morgan Finance Co. ULC
Company Guar. Notes
5.70% due 01/05/16............................... 99,000 88,513
--------
283,318
--------
Real Estate Operations & Development -- 0.1%
Brascan Corp.
Notes
8.13% due 12/15/08............................... 141,000 146,682
--------
Retail - Major Department Stores -- 0.1%
Marks & Spencer PLC
Senior Notes
7.13% due 12/01/37*.............................. 113,000 111,392
--------
Satellite Telecom -- 0.0%
Intelsat Bermuda, Ltd.
Company Guar. Notes
8.89% due 01/15/15(1)............................ 55,000 55,069
Intelsat Intermediate Holding Co., Ltd.
Senior Notes
9.25% due 02/01/15(3)............................ 15,000 12,300
--------
67,369
--------
Special Purpose Entities -- 0.2%
Hybrid Capital Funding I LP
Sub. Notes
8.00% due 06/30/11............................... 208,000 115,440
Rio Tinto Finance USA, Ltd.
Notes
2.63% due 09/30/08............................... 45,000 44,059
SMFG Preferred Capital, Ltd.
Bonds
6.08% due 01/25/17*(1)(2)........................ 101,000 92,672
SovRisc BV
Notes
4.63% due 10/31/08*.............................. 113,000 113,801
--------
365,972
--------
Telecom Services -- 0.0%
TELUS Corp.
Notes
8.00% due 06/01/11............................... 50,000 54,489
--------
Telephone - Integrated -- 0.1%
British Telecommunications PLC
Bonds
8.63% due 12/15/30............................... 125,000 167,461
Telecom Italia Capital SA
Company Guar. Bonds
6.20% due 07/18/11............................... 80,000 82,297
--------
249,758
--------
Principal Value
Security Description Amount (Note 2)
-----------------------------------------------------------
Transport - Marine -- 0.1%
DP World, Ltd.
Bonds
6.85% due 07/02/37*............... $ 132,000 $ 133,845
----------
Transport - Rail -- 0.1%
Canadian National Railway Co.
Notes
6.38% due 10/15/11................ 110,000 117,168
----------
Total Foreign Corporate Bonds & Notes
(cost $5,298,450)................. 5,014,568
----------
FOREIGN GOVERNMENT AGENCIES -- 0.1%
Sovereign -- 0.1%
Government of United Kingdom
Notes
2.25% due 07/08/08*
(cost $109,992)................... 110,000 109,021
----------
U.S. GOVERNMENT AGENCIES -- 9.2%
Federal Home Loan Mtg. Corp. -- 4.2%
5.00% due 10/01/33................. 27,935 27,484
5.00% due 03/01/34................. 540,416 531,291
5.00% due 01/01/37................. 277,016 271,940
5.00% due 11/01/37................. 611,000 599,610
5.50% due 11/15/25................. 900,000 910,356
5.50% due 10/01/33................. 13,989 14,026
5.50% due 01/01/35................. 547,521 547,981
5.50% due 08/01/37................. 840,000 840,090
5.81% due 01/01/37(1).............. 675,660 681,548
5.98% due 10/01/36(1).............. 661,835 670,485
6.00% due 08/01/36................. 560,538 569,113
6.00% due 10/01/37................. 638,630 648,347
6.50% due 12/01/28................. 222,585 230,724
6.50% due 11/01/33................. 10,152 10,484
6.50% due 05/01/36................. 7,733 7,952
7.00% due 06/01/32................. 73,147 76,564
7.50% due 04/01/31................. 136,801 145,973
8.00% due 04/01/30................. 16,407 17,572
8.00% due 07/01/30................. 222 238
8.00% due 12/01/30................. 34,759 37,225
Federal Home Loan Mtg. Corp.
REMIC
Series 3349, Class HB
5.50% due 06/15/31................ 282,000 284,850
----------
7,123,853
----------
Federal National Mtg. Assoc. -- 4.8%
5.00% due 11/01/33................. 26,879 26,404
5.00% due 03/01/34................. 1,212,114 1,190,106
5.00% due 07/01/37................. 298,743 292,800
5.50% due 03/01/18................. 35,212 35,759
5.50% due 11/01/22................. 260,000 263,050
5.50% due 12/01/33................. 805,254 808,637
5.50% due 05/01/34................. 563,802 566,170
5.50% due 02/01/36(1).............. 299,642 303,143
5.50% due 11/01/36................. 799,292 800,786
5.50% due 07/01/37................. 522,588 523,461
6.00% due 12/01/16................. 143,108 146,623
6.00% due 05/01/17................. 103,772 106,296
6.00% due 12/01/33................. 265,651 270,703
6.00% due 10/01/36................. 958,670 974,514
6.50% due 02/01/17................. 86,556 89,533
6.50% due 08/01/31................. 105,996 109,626
6.50% due 07/01/32................. 152,675 157,849
6.50% due 07/01/36................. 229,812 236,396
18
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
- -----------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
7.00% due 09/01/31....................................... $ 80,877 $ 85,009
7.00% due 08/01/37....................................... 148,671 154,324
7.00% due 09/01/37....................................... 431,641 448,056
7.00% due 10/01/37....................................... 543,393 564,057
7.50% due 06/01/15....................................... 27,344 28,459
------------
8,181,761
------------
Government National Mtg. Assoc. -- 0.2%
6.00% due 02/15/29....................................... 7,888 8,117
6.00% due 04/15/29....................................... 24,337 25,044
6.00% due 06/15/29....................................... 39,062 40,206
6.50% due 02/15/29....................................... 116,602 121,384
6.50% due 04/15/31....................................... 60,466 62,911
------------
257,662
------------
Total U.S. Government Agencies
(cost $15,449,090)...................................... 15,563,276
------------
U.S. GOVERNMENT TREASURIES -- 2.0%
United States Treasury Bonds -- 0.7%
7.88% due 02/15/21....................................... 850,000 1,152,215
------------
United States Treasury Notes -- 1.3%
4.00% due 02/15/14....................................... 500,000 511,367
4.00% due 02/15/15....................................... 500,000 507,071
4.25% due 11/15/17....................................... 68,000 69,562
4.63% due 11/15/16....................................... 100,000 105,031
4.88% due 06/30/12....................................... 1,000,000 1,061,094
------------
2,254,125
------------
Total U.S. Government Treasuries
(cost $3,196,925)....................................... 3,406,340
------------
Total Long-Term Investment Securities
(cost $145,046,477)..................................... 150,642,492
------------
SHORT-TERM INVESTMENT SECURITIES -- 5.3%
Commercial Paper -- 4.7%
Erste Finance LLC
4.62% due 12/03/07...................................... 8,000,000 7,997,947
------------
Time Deposit -- 0.1%
Euro Time Deposit with State Street Bank & Trust Co.
1.30% due 12/03/07...................................... 230,000 230,000
------------
U.S. Government Treasuries -- 0.5%
United States Treasury Bills
2.68% due 01/24/08(11).................................. 5,000 4,980
2.87% due 02/07/08(11).................................. 700,000 696,232
3.27% due 01/24/08(11).................................. 40,000 39,800
------------
741,012
------------
Total Short-Term Investment Securities
(cost $8,968,959)....................................... 8,968,959
------------
REPURCHASE AGREEMENTS -- 5.6%
Agreement with State Street Bank & Trust Co., bearing
interest at 4.06%, dated 11/30/07, to be repurchased
12/03/07 in the amount of $4,935,669 and collateralized
by Federal National Mtg. Assoc. Notes, bearing interest
at 3.25% due 02/15/09 and having an approximate value
of $5,039,954........................................... 4,934,000 4,934,000
Agreement with State Street Bank & Trust Co., bearing
interest at 4.06%, dated 11/30/07, to be repurchased
12/03/07 in the amount of $2,335,790 and collateralized
by Federal Home Loan Mtg. Corp. Notes, bearing interest
at 5.25%, due 04/18/16 and having an approximate
value of $2,407,819..................................... 2,335,000 2,335,000
Principal Value
Security Description Amount (Note 2)
- --------------------------------------------------------------------------------------
Agreement with State Street Bank & Trust Co., bearing
interest at 4.06%, dated 11/30/07, to be repurchased
12/03/07 in the amount of $2,177,737 and collateralized
by Federal Home Loan Bank Bonds, bearing interest at
3.75%, due 08/15/08 and having an approximate value
of $2,224,157........................................... $2,177,000 $ 2,177,000
------------
Total Repurchase Agreements
(cost $9,446,000)....................................... 9,446,000
------------
TOTAL INVESTMENTS
(cost $163,461,436)(13)................................. 99.6% 169,057,451
Other assets less liabilities.............................. 0.4 597,209
---------- ------------
NET ASSETS -- 100.0% $ 169,654,660
========== ============
- --------
+ Non-income producing security
* Securities exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be sold in transactions exempt from registration,
normally to qualified institutional buyers. The Fund has no right to demand
registration of these securities. At November 30, 2007, the aggregate value
of these securities was $6,122,241 representing 3.6% of net assets. Unless
otherwise indicated these securities are not considered to be illiquid.
(1)Floating rate security where the rate fluctuates. The rate moves up or down
at each reset date. The rate reflected is as of November 30, 2007.
(2)Perpetual maturity -- maturity date reflects the next call date.
(3)"Step-up" security where the rate increases ("steps-up") at a predetermined
rate. Rate shown reflects the increased rate.
(4)Collateralized Mortgage Obligation
(5)Commercial Mortgage Backed Security
(6)Variable Rate Security -- the rate reflected is as of November 30, 2007,
maturity date reflects next reset date.
(7)Fair valued security; see Note 2
(8)Illiquid security
(9)To the extent permitted by the Statement of Additional Information, the
Asset Allocation Fund may invest in restricted securities. The Fund has no
right to demand registration of these securities. The securities are valued
pursuant to Note 2. Restricted securities held by a Fund may not be sold
except in exempt transactions or in a public offering registered under the
Securities Act of 1933. The risk of investing in such securities is
generally greater than the risk of investing in the securities of widely
held, publicly traded companies. 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, these securities may exhibit greater price volatility than
securities for which secondary markets exist. As of November 30, 2007, the
Asset Allocation Fund held the following restricted securities:
Market Value as a
Acquisition Principal Acquisition Market Value % of
Name Date Amount Cost Value Per Share Net Assets
- ---------------------- ----------- --------- ----------- ------- --------- ----------
ICO North America Inc.
7.50% due 08/15/09... 08/11/05 $ 20,000 $20,000 $20,000 $100.00 0.00%
Southern Energy, Inc.
7.90% due 07/15/09... 01/10/06 125,000 0 0 0.00 0.00
------- ----
$20,000 00.0%
======= ====
(10)Company has filed Chapter 11 bankruptcy protection.
(11)The security or a portion thereof was pledged as collateral to cover margin
requirements for open futures contracts.
(12)Variable Rate Security -- the rate reflected is as of November 30, 2007,
maturity date reflects the stated maturity date.
(13)See Note 5 for cost of investments on a tax basis.
ADR--American Depository Receipt
REMIC--Real Estate Mortgage Investment Conduit
19
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Open Futures Contracts
- ---------------------------------------------------------------------------------------------
Unrealized
Number of Expiration Value at Value as of Appreciation
Contracts Description Date Trade Date November 30, 2007 (Depreciation)
- ---------------------------------------------------------------------------------------------
22 Long S&P 500 Index............ December 2007 $8,227,312 $8,160,350 $ (66,962)
82 Short US Treasury 10 Year Notes December 2007 9,062,797 9,341,594 (278,797)
1 Long OMXS 30 Index............ December 2007 17,176 17,416 240
42 Long MSCI Pan Euro Index...... December 2007 1,543,108 1,539,039 (4,069)
1 Long SPI 200 Index............ December 2007 141,422 145,202 3,780
3 Long Tokyo Price Index........ December 2007 418,290 415,043 (3,247)
1 Long Nikkei 225 Index......... December 2007 79,075 78,950 (125)
---------
$(349,180)
=========
See Notes to Financial Statements
20
VALIC Company I Blue Chip Growth Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Collective Investment Pool...................... 7.4%
Diversified Manufacturing Operations............ 6.2
Oil -- Field Services........................... 5.1
Finance -- Investment Banker/Broker............. 4.4
Medical -- Drugs................................ 3.9
Banks -- Fiduciary.............................. 3.8
Computers....................................... 3.6
Web Portals/ISP................................. 3.4
Applications Software........................... 3.3
Medical -- HMO.................................. 3.3
Wireless Equipment.............................. 3.2
Networking Products............................. 3.1
Electronic Components -- Semiconductors......... 2.3
Investment Management/Advisor Services.......... 2.2
Medical -- Biomedical/Gene...................... 2.1
E-Commerce/Products............................. 2.0
Retail -- Drug Store............................ 2.0
Aerospace/Defense............................... 1.9
Retail -- Discount.............................. 1.9
Medical Instruments............................. 1.8
Oil Companies -- Integrated..................... 1.8
Semiconductors Components -- Integrated Circuits 1.7
Therapeutics.................................... 1.7
Cellular Telecom................................ 1.6
Casino Hotels................................... 1.5
Engineering/R&D Services........................ 1.5
Data Processing/Management...................... 1.4
Finance -- Credit Card.......................... 1.4
Pharmacy Services............................... 1.4
Agricultural Chemicals.......................... 1.3
Cosmetics & Toiletries.......................... 1.3
E-Commerce/Services............................. 1.2
Medical Products................................ 1.2
Retail -- Regional Department Stores............ 1.2
Cable TV........................................ 1.1
Metal -- Diversified............................ 1.1
Computers -- Memory Devices..................... 1.0
Insurance -- Life/Health........................ 1.0
Entertainment Software................... 0.9
Oil Companies -- Exploration & Production 0.9
Registered Investment Companies.......... 0.8
Finance -- Other Services................ 0.7
Telecom Equipment -- Fiber Optics........ 0.7
Advertising Agencies..................... 0.6
Aerospace/Defense -- Equipment........... 0.6
Apparel Manufacturers.................... 0.6
Computer Aided Design.................... 0.6
Enterprise Software/Service.............. 0.6
Hotels/Motels............................ 0.6
Internet Security........................ 0.6
Medical Labs & Testing Services.......... 0.6
Multimedia............................... 0.6
Optical Supplies......................... 0.6
Telephone -- Integrated.................. 0.6
Beverages -- Non-alcoholic............... 0.5
Consulting Services...................... 0.5
Electronic Forms......................... 0.5
Health Care Cost Containment............. 0.5
Medical -- Wholesale Drug Distribution... 0.4
Toys..................................... 0.4
Casino Services.......................... 0.3
Food -- Wholesale/Distribution........... 0.3
Insurance -- Multi-line.................. 0.3
Retail -- Bedding........................ 0.3
Retail -- Restaurants.................... 0.3
Semiconductor Equipment.................. 0.3
Transport -- Services.................... 0.3
Broadcast Services/Program............... 0.2
Instruments -- Scientific................ 0.2
Schools.................................. 0.2
Retail -- Building Products.............. 0.1
-----
107.5%
=====
* Calculated as a percentage of net assets
21
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------
COMMON STOCK -- 99.3%
Advertising Agency -- 0.6%
Omnicom Group, Inc.#.................. 17,400 $ 848,250
----------
Aerospace/Defense -- 1.9%
General Dynamics Corp................. 23,100 2,050,818
Lockheed Martin Corp.................. 800 88,536
Rockwell Collins, Inc................. 8,200 591,384
----------
2,730,738
----------
Aerospace/Defense - Equipment -- 0.6%
United Technologies Corp.............. 10,700 800,039
----------
Agricultural Chemicals -- 1.3%
Monsanto Co........................... 18,600 1,848,282
----------
Apparel Manufacturer -- 0.6%
Coach, Inc.+.......................... 24,000 891,360
----------
Applications Software -- 3.3%
Intuit, Inc.+......................... 18,000 527,760
Microsoft Corp........................ 116,130 3,901,968
TomTom NV+(1)......................... 2,479 235,302
----------
4,665,030
----------
Banks - Fiduciary -- 3.8%
Northern Trust Corp................... 17,200 1,393,028
State Street Corp..................... 38,200 3,051,798
The Bank of New York Mellon Corp...... 21,600 1,035,936
----------
5,480,762
----------
Beverages - Non - alcoholic -- 0.5%
PepsiCo, Inc.......................... 9,740 751,733
----------
Broadcast Services/Program -- 0.2%
Discovery Holding Co., Class A+#...... 9,700 237,262
----------
Cable TV -- 1.1%
Rogers Communications, Inc., Class B.. 30,000 1,255,800
Shaw Communications, Inc., Class B.... 12,300 304,794
----------
1,560,594
----------
Casino Hotels -- 1.5%
Las Vegas Sands Corp.+#............... 5,600 635,040
MGM Mirage, Inc.+#.................... 9,200 795,800
Wynn Resorts, Ltd.#................... 6,200 787,028
----------
2,217,868
----------
Casino Services -- 0.3%
International Game Technology......... 11,600 506,456
----------
Cellular Telecom -- 1.6%
America Movil SAB de CV, Series L ADR. 33,600 2,071,776
MetroPCS Communications, Inc.+........ 8,600 147,060
----------
2,218,836
----------
Computer Aided Design -- 0.6%
Autodesk, Inc.+....................... 18,300 861,747
----------
Computers -- 3.6%
Apple, Inc.+.......................... 17,400 3,170,628
Dell, Inc.+........................... 42,790 1,050,067
Hewlett - Packard Co.................. 17,800 910,648
----------
5,131,343
----------
Computers - Memory Devices -- 1.0%
EMC Corp.+............................ 63,300 1,219,791
Network Appliance, Inc.+.............. 8,000 197,680
----------
1,417,471
----------
Consulting Services -- 0.5%
Accenture Ltd., Class A............... 19,900 687,744
----------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------
Cosmetics & Toiletries -- 1.3%
Procter & Gamble Co......................... 25,076 $1,855,624
----------
Data Processing/Management -- 1.4%
Automatic Data Processing, Inc.............. 35,300 1,590,618
Fiserv, Inc.+............................... 2,600 133,458
Mastercard, Inc., Class A#.................. 1,200 240,780
----------
1,964,856
----------
Diversified Manufacturing Operations -- 6.2%
Danaher Corp................................ 39,940 3,467,591
General Electric Co......................... 123,550 4,730,729
Illinois Tool Works, Inc.#.................. 11,100 616,050
----------
8,814,370
----------
E - Commerce/Products -- 2.0%
Amazon.com, Inc.+#.......................... 31,600 2,861,696
----------
E - Commerce/Services -- 1.2%
Alibaba.com, Ltd.+*......................... 10,500 53,539
eBay, Inc.+................................. 33,740 1,131,302
Monster Worldwide, Inc.+#................... 16,500 557,205
----------
1,742,046
----------
Electronic Components - Semiconductors -- 2.3%
Broadcom Corp., Class A+.................... 11,000 294,140
Intel Corp.................................. 51,270 1,337,121
Texas Instruments, Inc...................... 21,910 691,699
Xilinx, Inc.#............................... 43,230 946,737
----------
3,269,697
----------
Electronic Forms -- 0.5%
Adobe Systems, Inc.+........................ 16,420 691,939
----------
Engineering/R&D Services -- 1.5%
Foster Wheeler, Ltd.+....................... 9,400 1,400,600
McDermott International, Inc.+.............. 14,600 763,580
----------
2,164,180
----------
Enterprise Software/Service -- 0.6%
Oracle Corp.+............................... 45,650 921,217
----------
Entertainment Software -- 0.9%
Electronic Arts, Inc.+...................... 23,100 1,297,989
----------
Finance - Credit Card -- 1.4%
American Express Co......................... 33,400 1,969,932
----------
Finance - Investment Banker/Broker -- 4.4%
Merrill Lynch & Co., Inc.................... 8,900 533,466
Morgan Stanley.............................. 19,200 1,012,224
The Charles Schwab Corp..................... 59,200 1,439,152
The Goldman Sachs Group, Inc................ 9,100 2,062,424
UBS AG(1)................................... 23,615 1,186,309
----------
6,233,575
----------
Finance - Other Services -- 0.7%
CME Group, Inc.............................. 1,600 1,053,760
IntercontinentalExchange, Inc.+............. 100 16,696
----------
1,070,456
----------
Food - Wholesale/Distribution -- 0.3%
Sysco Corp.................................. 14,050 456,766
----------
Health Care Cost Containment -- 0.5%
McKesson Corp............................... 11,600 774,068
----------
Hotel/Motel -- 0.6%
Marriott International, Inc., Class A....... 21,800 817,500
----------
Independent Power Producer -- 0.0%
Dynegy, Inc., Class A+...................... 203 1,545
----------
22
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------
COMMON STOCK (continued)
Instruments - Scientific -- 0.2%
Thermo Fisher Scientific, Inc.+............. 5,200 $ 299,728
----------
Insurance - Life/Health -- 1.0%
Prudential Financial, Inc................... 14,900 1,402,686
----------
Insurance - Multi-line -- 0.3%
Hartford Financial Services Group, Inc...... 4,100 390,812
----------
Internet Security -- 0.6%
McAfee, Inc.+............................... 4,200 163,590
VeriSign, Inc.+#............................ 18,400 752,560
----------
916,150
----------
Investment Management/Advisor Services -- 2.2%
Ameriprise Financial, Inc................... 15,540 912,043
BlackRock, Inc.#............................ 800 158,696
Franklin Resources, Inc..................... 16,800 2,069,424
----------
3,140,163
----------
Medical Instruments -- 1.8%
Medtronic, Inc.............................. 29,000 1,474,650
St. Jude Medical, Inc.+..................... 27,720 1,101,870
----------
2,576,520
----------
Medical Labs & Testing Services -- 0.6%
Laboratory Corp. of America Holdings+#...... 12,600 915,642
----------
Medical Products -- 1.2%
Baxter International, Inc................... 7,500 449,025
Stryker Corp................................ 16,800 1,220,184
----------
1,669,209
----------
Medical - Biomedical/Gene -- 2.1%
Celgene Corp.+#............................. 19,400 1,194,070
Genentech, Inc.+............................ 24,090 1,836,862
----------
3,030,932
----------
Medical - Drugs -- 3.9%
Allergan, Inc............................... 20,300 1,360,912
Merck & Co., Inc............................ 23,600 1,400,896
Novartis AG(1).............................. 2,616 148,101
Roche Holding AG(1)......................... 5,839 1,108,292
Schering - Plough Corp...................... 35,300 1,104,890
Wyeth....................................... 9,220 452,702
----------
5,575,793
----------
Medical - HMO -- 3.3%
Aetna, Inc.................................. 31,600 1,765,808
Humana, Inc.+............................... 10,500 808,815
UnitedHealth Group, Inc..................... 11,080 609,400
WellPoint, Inc.+............................ 18,260 1,537,675
----------
4,721,698
----------
Medical - Wholesale Drug Distribution -- 0.4%
Cardinal Health, Inc........................ 9,600 581,280
----------
Metal - Diversified -- 1.1%
Freeport - McMoRan Copper & Gold, Inc....... 15,800 1,563,094
----------
Multimedia -- 0.6%
The McGraw - Hill Cos., Inc................. 13,600 667,488
Viacom, Inc., Class B+...................... 5,414 227,496
----------
894,984
----------
Networking Products -- 3.1%
Cisco Systems, Inc.+........................ 89,840 2,517,317
Juniper Networks, Inc.+#.................... 61,870 1,838,776
----------
4,356,093
----------
Value
Security Description Shares (Note 2)
-------------------------------------------------------------------------
Oil Companies - Exploration & Production -- 0.9%
EOG Resources, Inc................................... 2,100 $ 173,838
Murphy Oil Corp...................................... 15,200 1,087,104
----------
1,260,942
----------
Oil Companies - Integrated -- 1.8%
Exxon Mobil Corp..................................... 16,000 1,426,560
Total SA ADR......................................... 14,000 1,132,880
----------
2,559,440
----------
Oil - Field Services -- 5.1%
Baker Hughes, Inc.................................... 18,500 1,484,995
Schlumberger, Ltd.................................... 37,600 3,513,720
Smith International, Inc............................. 35,300 2,214,016
----------
7,212,731
----------
Optical Supplies -- 0.6%
Alcon, Inc........................................... 5,700 793,098
----------
Pharmacy Services -- 1.4%
Express Scripts, Inc.+............................... 13,800 934,950
Medco Health Solutions, Inc.+........................ 11,400 1,139,886
----------
2,074,836
----------
Retail - Bedding -- 0.3%
Bed Bath & Beyond, Inc.+#............................ 15,400 484,330
----------
Retail - Building Products -- 0.1%
Home Depot, Inc...................................... 5,350 152,796
----------
Retail - Discount -- 1.9%
Costco Wholesale Corp.#.............................. 3,200 215,680
Target Corp.......................................... 27,025 1,623,121
Wal - Mart Stores, Inc............................... 19,460 932,134
----------
2,770,935
----------
Retail - Drug Store -- 2.0%
CVS Caremark Corp.................................... 69,949 2,804,255
----------
Retail - Regional Department Stores -- 1.2%
Kohl's Corp.+........................................ 33,600 1,655,808
----------
Retail - Restaurants -- 0.3%
McDonald's Corp...................................... 6,300 368,361
----------
School -- 0.2%
Apollo Group, Inc., Class A+......................... 3,200 244,864
----------
Semiconductor Equipment -- 0.3%
ASML Holding NV+#.................................... 10,688 371,408
----------
Semiconductors Components - Integrated Circuits -- 1.7%
Analog Devices, Inc.................................. 25,020 770,116
Marvell Technology Group, Ltd.+#..................... 72,300 1,080,162
Maxim Integrated Products, Inc....................... 22,850 529,891
----------
2,380,169
----------
Telecom Equipment - Fiber Optics -- 0.7%
Corning, Inc......................................... 39,100 949,739
----------
Telephone - Integrated -- 0.6%
AT&T, Inc............................................ 21,600 825,336
----------
Therapeutics -- 1.7%
Gilead Sciences, Inc.+............................... 50,740 2,361,440
----------
Toys -- 0.4%
Nintendo Co., Ltd.(1)................................ 900 553,234
----------
Transport - Services -- 0.3%
Expeditors International of Washington, Inc.#........ 8,700 408,204
----------
23
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------
COMMON STOCK (continued)
Web Portals/ISP -- 3.4%
Google, Inc., Class A+................ 6,700 $ 4,643,100
Yahoo!, Inc.+......................... 5,600 150,136
------------
4,793,236
------------
Wireless Equipment -- 3.2%
American Tower Corp., Class A+........ 44,400 2,021,976
Nokia Oyj ADR......................... 43,100 1,695,123
QUALCOMM, Inc......................... 21,820 889,820
------------
4,606,919
------------
Total Long-Term Investment Securities
(cost $115,426,753).................. 141,429,836
------------
SHORT-TERM INVESTMENT SECURITIES -- 8.2%
Collective Investment Pool -- 7.4%
Securities Lending Quality Trust(2)... 10,572,515 10,572,515
------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------------
SHORT-TERM INVESTMENT SECURITIES (continued)
Registered Investment Company -- 0.8%
T. Rowe Price Reserve Investment Fund..... $1,159,850 $ 1,159,850
------------
Total Short-Term Investment Securities
(cost $11,732,365)....................... 11,732,365
------------
TOTAL INVESTMENTS
(cost $127,159,118)(3)................... 107.5% 153,162,201
Liabilities in excess of other assets....... (7.5) (10,658,657)
---------- ------------
NET ASSETS -- 100.0% $142,503,544
========== ============
- --------
* Securities exempt from registration under rule 144A of the Securities Act of
1933. These securities may be sold in transactions exempt from registration,
normally to qualified institutional buyers. The Fund has no right to demand
registration of these securities. At November 30, 2007, the aggregate value
of these securities was $53,539 representing 0.0% of net assets. Unless
otherwise indicated these securities are not considered to be illiquid.
# The security or a portion thereof is out on loan (See Note 2)
+ Non-income producing security
(1)Security was valued using fair value procedures at November 30, 2007. See
Note 2 regarding fair value pricing procedures for foreign equity securities.
(2)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(3)See Note 5 for cost of investments on a tax basis.
ADR--American Depository Receipt
See Notes to Financials Statements
24
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Tobacco.................................. 9.5%
Electric -- Integrated................... 8.6
Oil Companies -- Integrated.............. 6.0
Medical -- HMO........................... 5.3
Diversified Manufacturing Operations..... 5.1
Medical -- Drugs......................... 4.5
Telephone -- Integrated.................. 3.9
Banks -- Super Regional.................. 3.4
Finance -- Investment Banker/Broker...... 3.0
Real Estate Investment Trusts............ 3.0
Insurance -- Multi-line.................. 2.9
Cruise Lines............................. 2.7
Electronics -- Military.................. 2.5
Tools -- Hand Held....................... 2.3
Pipelines................................ 2.2
Oil Companies -- Exploration & Production 2.0
Savings & Loans/Thrifts.................. 1.8
Time Deposits............................ 1.8
Medical Products......................... 1.4
Aerospace/Defense -- Equipment........... 1.3
Chemicals -- Diversified................. 1.3
Finance -- Consumer Loans................ 1.3
Finance -- Credit Card................... 1.3
Wireless Equipment....................... 1.3
Computer Services........................ 1.2
Electric Products -- Misc................ 1.2
Office Supplies & Forms.................. 1.2
Transport -- Rail........................ 1.2
Retail -- Auto Parts..................... 1.1
Hospital Beds/Equipment.................. 1.0
Insurance Brokers........................ 1.0
Office Automation & Equipment............ 1.0
Pharmacy Services........................ 1.0
Food -- Misc............................. 0.9
Medical Labs & Testing Services.......... 0.9
Apparel Manufacturers.................... 0.8
Banks -- Commercial...................... 0.8
Coatings/Paint........................... 0.8
Insurance -- Reinsurance................. 0.8
Retail -- Office Supplies................ 0.7
Transport -- Services.................... 0.7
Appliances............................... 0.6
Publishing -- Periodicals................ 0.6
Retail -- Discount....................... 0.6
Computers................................ 0.5
Engines -- Internal Combustion........... 0.5
Finance -- Commercial.................... 0.5
Publishing -- Newspapers................. 0.5
Retail -- Building Products.............. 0.5
Semiconductor Equipment.................. 0.5
Data Processing/Management............... 0.2
----
99.7%
====
* Calculated as a percentage of net assets
25
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------
COMMON STOCK -- 97.9%
Aerospace/Defense - Equipment -- 1.3%
Goodrich Corp............................. 5,400 $ 384,966
----------
Apparel Manufacturer -- 0.8%
Hanesbrands, Inc.+........................ 8,700 245,601
----------
Appliances -- 0.6%
Whirlpool Corp............................ 2,200 178,112
----------
Banks - Commercial -- 0.8%
The South Financial Group, Inc............ 12,800 229,376
----------
Banks - Super Regional -- 3.4%
Bank of America Corp...................... 11,151 514,396
Capital One Financial Corp................ 3,500 186,585
Wells Fargo & Co.......................... 10,100 327,543
----------
1,028,524
----------
Chemicals - Diversified -- 1.3%
E.I. du Pont de Nemours & Co.............. 8,200 378,430
----------
Coatings/Paint -- 0.8%
The Sherwin-Williams Co................... 3,600 226,188
----------
Computer Services -- 1.2%
Computer Sciences Corp.+.................. 6,500 343,330
----------
Computers -- 0.5%
International Business Machines Corp...... 1,500 157,770
----------
Cruise Lines -- 2.7%
Carnival Corp............................. 10,000 451,200
Royal Caribbean Cruises, Ltd.............. 9,100 369,096
----------
820,296
----------
Data Processing/Management -- 0.2%
Mastercard, Inc., Class A................. 300 60,195
----------
Diversified Manufacturing Operations -- 5.1%
3M Co..................................... 2,600 216,476
Honeywell International, Inc.............. 8,600 486,932
Illinois Tool Works, Inc.................. 10,100 560,550
ITT, Inc.................................. 3,800 244,872
----------
1,508,830
----------
Electric Products - Misc. -- 1.2%
Emerson Electric Co....................... 6,500 370,630
----------
Electric - Integrated -- 8.6%
CenterPoint Energy, Inc................... 15,000 267,750
Dominion Resources, Inc................... 8,600 406,178
Duke Energy Corp.......................... 14,600 288,934
Entergy Corp.............................. 4,700 561,838
MDU Resources Group, Inc.................. 11,750 320,657
Pinnacle West Capital Corp................ 8,100 347,166
Xcel Energy, Inc.......................... 16,300 376,693
----------
2,569,216
----------
Electronics - Military -- 2.5%
L-3 Communications Holdings, Inc.......... 6,800 752,420
----------
Engines - Internal Combustion -- 0.5%
Briggs & Stratton Corp.................... 6,500 148,200
----------
Finance - Commercial -- 0.5%
CIT Group, Inc............................ 5,800 154,280
----------
Finance - Consumer Loans -- 1.3%
SLM Corp.................................. 10,200 388,416
----------
Finance - Credit Card -- 1.3%
American Express Co....................... 6,600 389,268
----------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
Finance - Investment Banker/Broker -- 3.0%
Citigroup, Inc................................ 11,600 $ 386,280
JPMorgan Chase & Co........................... 5,100 232,662
The Bear Stearns Cos., Inc.................... 2,900 289,130
----------
908,072
----------
Food - Misc. -- 0.9%
Kraft Foods, Inc., Class A.................... 7,897 272,841
----------
Hospital Beds/Equipment -- 1.0%
Hillenbrand Industries, Inc................... 5,600 301,504
----------
Insurance Broker -- 1.0%
Willis Group Holdings, Ltd.................... 7,300 291,562
----------
Insurance - Multi - line -- 2.9%
Allstate Corp................................. 6,000 306,720
Hartford Financial Services Group, Inc........ 3,300 314,556
XL Capital, Ltd., Class A..................... 4,200 245,826
----------
867,102
----------
Insurance - Reinsurance -- 0.8%
Axis Capital Holdings, Ltd.................... 6,300 240,282
----------
Medical Labs & Testing Services -- 0.9%
Quest Diagnostics, Inc........................ 4,700 258,782
----------
Medical Products -- 1.4%
Baxter International, Inc..................... 7,200 431,064
----------
Medical - Drugs -- 4.5%
Bristol-Myers Squibb Co....................... 15,500 459,265
Pfizer, Inc................................... 21,600 513,216
Wyeth......................................... 7,600 373,160
----------
1,345,641
----------
Medical - HMO -- 5.3%
Coventry Health Care, Inc.+................... 7,200 416,736
UnitedHealth Group, Inc....................... 8,800 484,000
WellPoint, Inc.+.............................. 8,200 690,522
----------
1,591,258
----------
Office Automation & Equipment -- 1.0%
Pitney Bowes, Inc............................. 7,600 292,600
----------
Office Supplies & Forms -- 1.2%
Avery Dennison Corp........................... 7,000 364,770
----------
Oil Companies - Exploration & Production -- 2.0%
Murphy Oil Corp............................... 8,400 600,768
----------
Oil Companies - Integrated -- 6.0%
Chevron Corp.................................. 2,300 201,871
ConocoPhillips................................ 8,200 656,328
Marathon Oil Corp............................. 2,300 128,570
Occidental Petroleum Corp..................... 11,600 809,332
----------
1,796,101
----------
Pharmacy Services -- 1.0%
Omnicare, Inc................................. 11,200 285,376
----------
Pipelines -- 2.2%
El Paso Corp.................................. 22,700 365,016
Spectra Energy Corp........................... 11,950 294,448
----------
659,464
----------
Publishing - Newspapers -- 0.5%
Gannett Co., Inc.............................. 3,800 139,650
----------
Publishing - Periodicals -- 0.6%
Idearc, Inc................................... 9,800 185,416
----------
26
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Shares/
Principal Value
Security Description Amount (Note 2)
-----------------------------------------------------------------------------
COMMON STOCK (continued)
Real Estate Investment Trusts -- 3.0%
American Financial Realty Trust...................... 14,700 $ 118,629
Annaly Mortgage Management, Inc...................... 26,400 454,344
First Industrial Realty Trust, Inc................... 9,000 328,680
-----------
901,653
-----------
Retail - Auto Parts -- 1.1%
Advance Auto Parts, Inc.............................. 9,300 334,428
-----------
Retail - Building Products -- 0.5%
Home Depot, Inc...................................... 5,000 142,800
-----------
Retail - Discount -- 0.6%
Family Dollar Stores, Inc............................ 6,900 162,495
-----------
Retail - Office Supplies -- 0.7%
Office Depot, Inc.+.................................. 12,800 219,392
-----------
Savings & Loans/Thrifts -- 1.8%
New York Community Bancorp, Inc...................... 10,200 189,822
People's United Financial, Inc....................... 20,710 351,449
-----------
541,271
-----------
Semiconductor Equipment -- 0.5%
Applied Materials, Inc............................... 8,200 154,406
-----------
Telephone - Integrated -- 3.9%
AT&T, Inc............................................ 13,250 506,283
Verizon Communications, Inc.......................... 15,500 669,755
-----------
1,176,038
-----------
Tobacco -- 9.5%
Altria Group, Inc.................................... 7,900 612,724
Imperial Tobacco Group PLC ADR....................... 7,700 798,567
Loews Corp. - Carolina Group......................... 5,000 444,750
Reynolds American, Inc............................... 6,200 434,124
UST, Inc............................................. 9,600 555,840
-----------
2,846,005
-----------
Tools - Hand Held -- 2.3%
Stanley Works........................................ 13,400 698,810
-----------
Transport - Rail -- 1.2%
Burlington Northern Santa Fe Corp.................... 4,100 342,432
-----------
Transport - Services -- 0.7%
Ryder System, Inc.................................... 5,100 221,136
-----------
Wireless Equipment -- 1.3%
Nokia Oyj ADR........................................ 10,100 397,233
-----------
Total Long - Term Investment Securities
(cost $26,691,477).................................. 29,304,400
-----------
SHORT - TERM INVESTMENT SECURITIES -- 1.8%
Time Deposit -- 1.8%
Euro Time Deposit with State Street Bank & Trust Co.
1.30% due 12/03/07
(cost $543,000)..................................... $543,000 543,000
-----------
TOTAL INVESTMENTS
(cost $27,234,477)(1)............................... 99.7% 29,847,400
Other assets less liabilities.......................... 0.3 82,101
-------- -----------
NET ASSETS -- 100.0% $29,929,501
======== ===========
- --------
+ Non-income producing security
(1)See Note 5 for cost of investments on a tax basis.
ADR--AmericanDepository Receipt
See Notes to Financial Statements
27
VALIC Company I Capital Conservation Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Federal Home Loan Mtg. Corp.............. 18.3%
Diversified Financial Services........... 13.0
Federal National Mtg. Assoc.............. 12.2
United States Treasury Notes............. 8.4
Collective Investment Pool............... 6.1
Repurchase Agreements.................... 5.2
Electric -- Integrated................... 3.9
Banks -- Commercial...................... 3.1
Special Purpose Entities................. 2.2
Telephone -- Integrated.................. 2.2
Multimedia............................... 1.6
Pipelines................................ 1.5
Savings & Loans/Thrifts.................. 1.4
Finance -- Investment Banker/Broker...... 1.3
Federal Home Loan Bank................... 0.9
Real Estate Investment Trusts............ 0.9
Cellular Telecom......................... 0.8
Medical -- Drugs......................... 0.8
Oil Companies -- Exploration & Production 0.8
Transport -- Rail........................ 0.8
Medical -- Hospitals..................... 0.7
Steel -- Producers....................... 0.7
Banks -- Super Regional.................. 0.6
Independent Power Producers.............. 0.6
Office Automation & Equipment............ 0.6
Transport -- Air Freight................. 0.6
United States Treasury Bonds............. 0.6
Building Products -- Cement.............. 0.5
Cable TV................................. 0.5
Diversified Manufacturing Operations..... 0.5
Electric -- Generation................... 0.5
Metal -- Aluminum........................ 0.5
Telecom Services......................... 0.5
Auto -- Cars/Light Trucks................ 0.4
Containers -- Paper/Plastic.............. 0.4
Diversified Operations................... 0.4
Insurance -- Multi-line.................. 0.4
Oil Refining & Marketing................. 0.4
Rental Auto/Equipment.................... 0.4
Chemicals -- Diversified................. 0.3
Chemicals -- Specialty................... 0.3
Commercial Services -- Finance........... 0.3
Electronic Components-Semiconductors..... 0.3
Finance -- Auto Loans.................... 0.3
Food -- Retail........................... 0.3
Insurance -- Life/Health................. 0.3
Medical -- HMO........................... 0.3
Metal Processors & Fabrication........... 0.3
Metal -- Diversified..................... 0.3
Paper & Related Products................. 0.3
Retail -- Drug Store..................... 0.3
Retail -- Major Department Stores........ 0.3
Retail -- Restaurants.................... 0.3
Transport -- Services.................... 0.3
Aerospace/Defense -- Equipment........... 0.2
Agricultural Chemicals................... 0.2
Agricultural Operations.................. 0.2
Airlines................................. 0.2
Banks -- Money Center.................... 0.2
Beverages -- Non-alcoholic............... 0.2
Brewery.................................. 0.2
Data Processing/Management............... 0.2
Electronic Measurement Instruments....... 0.2
Finance -- Credit Card................ 0.2
Finance -- Mortgage Loan/Banker....... 0.2
Food -- Misc.......................... 0.2
Government National Mtg. Assoc........ 0.2
Industrial Automated/Robotic.......... 0.2
Insurance Brokers..................... 0.2
Investment Companies.................. 0.2
Investment Management/Advisor Services 0.2
Non-Hazardous Waste Disposal.......... 0.2
Radio................................. 0.2
Satellite Telecom..................... 0.2
Television............................ 0.2
Transport -- Marine................... 0.2
Banks -- Fiduciary.................... 0.1
Broadcast Services/Program............ 0.1
Building Products -- Air & Heating.... 0.1
Building -- Residential/Commercial.... 0.1
Casino Hotels......................... 0.1
Computer Services..................... 0.1
Cruise Lines.......................... 0.1
Direct Marketing...................... 0.1
Food -- Meat Products................. 0.1
Funeral Services & Related Items...... 0.1
Home Furnishings...................... 0.1
Hotels/Motels......................... 0.1
Insurance -- Property/Casualty........ 0.1
Mining................................ 0.1
Networking Products................... 0.1
Oil Companies -- Integrated........... 0.1
Publishing -- Newspapers.............. 0.1
Publishing -- Periodicals............. 0.1
Real Estate Operations & Development.. 0.1
Recycling............................. 0.1
Research & Development................ 0.1
Retail -- Apparel/Shoe................ 0.1
Sovereign............................. 0.1
Travel Services....................... 0.1
Wireless Equipment.................... 0.1
-----
106.6%
=====
Credit Quality+#
Government -- Treasury 9.6%
Government -- Agency.. 32.9
AAA................... 9.2
AA.................... 3.3
A..................... 13.8
BBB................... 18.6
BB.................... 4.0
B..................... 4.3
CCC................... 2.1
Below C............... 0.4
Not Rated@............ 1.8
-----
100.0%
=====
* Calculated as a percentage of net assets.
@ Represents debt issues that either have no rating, or the rating is
unavailable from the data sources.
+ Source: Standard and Poors
# Calculated as a percentage of total debt issues, excluding short-term
securities.
28
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
-------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 12.4%
Diversified Financial Services -- 12.4%
Banc of America Funding Corp.
Series 2007-C, Class 5A1
5.37% due 05/20/36(1)........................... $1,269,320 $1,264,432
Banc of America Funding Corp.
Series 2006-J, Class 2A1
5.89% due 01/20/47(1)........................... 1,233,206 1,214,036
Bear Stearns Commercial Mtg. Securities, Inc.
Series 2007-PW15, Class A2
5.21% due 02/11/44(2)........................... 600,000 595,985
Bear Stearns Commercial Mtg. Securities, Inc.
Series 2006-PW12, Class F
5.75% due 09/11/38*(2)(4)....................... 565,000 437,685
Bear Stearns Commercial Mtg. Securities, Inc.
Series 2006-PW12, Class G
5.75% due 09/11/38.............................. 96,000 69,884
Bear Stearns Commercial Mtg. Securities, Inc.
Series 2007-PW15, Class H
5.75% due 02/11/44*(2)(4)....................... 1,400,000 794,789
Chase Funding Mtg. Loan Asset-Backed Certs.
Series 2003-6, Class 1A6
4.59% due 05/25/15.............................. 251,118 244,584
Chase Mtg. Finance Corp.
Series 2007-A2, Class 1A1
4.55% due 07/25/37(1)........................... 1,601,738 1,587,672
Commercial Mtg. Pass Through Certs.
Series 2004-LB2A, Class A3
4.22% due 03/10/39(2)........................... 1,235,000 1,213,608
Countrywide Asset-Backed Certs.
Series 2006-S6, Class A3
5.66% due 03/25/34.............................. 830,000 803,684
Countrywide Asset-Backed Certs.
Series 2006-S4, Class A3
5.80% due 07/25/34.............................. 1,195,000 1,111,937
JP Morgan Chase Commercial Mtg. Securities Corp.
Series 2006-CB16, Class E
5.84% due 05/12/45*(2).......................... 380,000 323,304
JP Morgan Chase Commercial Mtg. Securities Corp.
Series 2001-C1, Class A3
5.86% due 10/12/35(2)........................... 345,000 354,838
LB-UBS Commercial Mtg. Trust
Series 2004-C4, Class C
5.13% due 06/15/36(2)(4)........................ 160,000 156,061
LB-UBS Commercial Mtg. Trust
Series 2007-C6, Class AM
6.11% due 07/15/40(2)........................... 2,100,000 2,104,100
LB-UBS Commercial Mtg. Trust
Series 2007-C6, Class B
6.24% due 07/15/40(2)(4)........................ 1,215,000 1,174,565
Merrill Lynch/ Countrywide Commercial Mtg. Trust
Series 2007-5, Class H
5.92% due 08/12/48(4)........................... 780,000 465,793
Morgan Stanley Capital I
Series 2004-IQ8, Class C
5.30% due 04/15/15(2)........................... 400,000 379,409
Morgan Stanley Capital I
Series 2006-IQ12, Class D
5.53% due 12/15/43(2)........................... 955,000 859,430
Ocwen Advance Receivables Backed Notes
Series 2006-1A
5.36% due 11/24/15*(11)......................... 1,000,000 950,000
Swift Master Auto Receivables Trust
Series 2007-2, Class A
5.30% due 10/15/12(5)........................... 1,583,426 1,582,262
Principal Value
Security Description Amount (Note 2)
------------------------------------------------------------------
Diversified Financial Services (continued)
Wachovia Bank Commercial Mtg. Trust
Series 2006-WL7A, Class F
4.99% due 09/15/21*(2)(5)............... $2,050,000 $ 1,986,980
Wells Fargo Mtg. Backed Securities Trust
Series 2006-AR17, Class A2
5.84% due 10/25/36(1)................... 1,551,444 1,562,032
Wells Fargo Mtg. Backed Securities Trust
Series 2006-AR12, Class 2A1
6.10% due 09/25/36(1)................... 836,106 836,137
-----------
Total Asset Backed Securities
(cost $23,521,152)...................... 22,073,207
-----------
CONVERTIBLE BONDS & NOTES -- 0.0%
Telecom Services -- 0.0%
ICO North America, Inc.
Notes
7.50% due 08/15/09(3)(11)(12)
(cost $30,000).......................... 30,000 30,000
-----------
CORPORATE BONDS & NOTES -- 34.0%
Aerospace/Defense-Equipment -- 0.2%
United Technologies Corp.
Senior Notes
6.10% due 05/15/12#..................... 308,000 325,610
-----------
Agricultural Chemicals -- 0.2%
Mosaic Global Holdings, Inc.
Debentures
7.38% due 08/01/18...................... 30,000 30,450
Terra Capital, Inc.
Company Guar. Notes
7.00% due 02/01/17...................... 85,000 83,937
The Mosaic Co.
Senior Notes
7.38% due 12/01/14*..................... 175,000 184,625
-----------
299,012
-----------
Agricultural Operations -- 0.2%
Cargill, Inc.
Notes
5.00% due 11/15/13*..................... 381,000 376,284
-----------
Airlines -- 0.2%
American Airlines, Inc.
Pass Through Certs.
Series 2001-1, Class A-2
6.82% due 05/23/11...................... 253,000 245,309
Northwest Airlines, Inc.
Pass Through Certs.
Series 2002-1 Class G2
6.26% due 11/20/21...................... 148,188 148,188
-----------
393,497
-----------
Auto - Cars/Light Trucks -- 0.4%
DaimlerChrysler NA Holding Corp.
Company Guar. Notes
6.05% due 03/13/09(5)................... 230,000 228,956
Ford Motor Co.
Debentures
6.38% due 02/01/29...................... 240,000 163,200
General Motors Corp.
Debentures
8.25% due 07/15/23#..................... 145,000 118,900
29
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
---------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Auto - Cars/Light Trucks (continued)
General Motors Corp.
Senior Bonds
8.38% due 07/15/33#.............. $185,000 $ 153,550
----------
664,606
----------
Banks - Commercial -- 2.0%
BOI Capital Funding
Bank Guar. Bonds
6.11% due 02/04/16*(5)(6)........ 175,000 153,809
Colonial Bank NA
Sub. Notes
6.38% due 12/01/15............... 453,000 447,564
Compass Bank
Notes
5.50% due 04/01/20............... 430,000 406,405
Compass Bank
Sub. Notes
6.40% due 10/01/17............... 125,000 127,965
First Maryland Capital II
Notes
5.76% due 02/01/27(5)............ 177,000 164,486
Popular North America, Inc.
Company Guar. Notes
5.65% due 04/15/09............... 266,000 269,401
Silicon Valley Bank
Senior Notes
5.70% due 06/01/12............... 270,000 278,170
SouthTrust Bank...................
Sub. Notes
4.75% due 03/01/13............... 404,000 393,956
SouthTrust Corp.
Sub. Notes
5.80% due 06/15/14............... 470,000 484,460
Union Bank of California NA
Sub. Notes
5.95% due 05/11/16............... 404,000 412,566
US Bank NA
Notes
3.90% due 08/15/08............... 34,000 33,603
Wachovia Bank NA
Sub. Notes
6.60% due 01/15/38............... 300,000 299,376
----------
3,471,761
----------
Banks - Fiduciary -- 0.1%
The Bank of New York Mellon Corp.
Sub. Notes
6.38% due 04/01/12............... 180,000 190,691
----------
Banks - Super Regional -- 0.6%
Capital One Financial Corp.
Senior Notes
5.70% due 09/15/11............... 891,000 854,718
JPMorgan Chase Bank NA
Sub. Notes
6.13% due 11/01/08............... 151,000 152,310
----------
1,007,028
----------
Beverages - Non-alcoholic -- 0.2%
PepsiCo, Inc.
Notes
4.65% due 02/15/13............... 314,000 313,857
----------
Brewery -- 0.2%
Anheuser-Busch Cos., Inc.
Senior Notes
5.50% due 01/15/18............... 96,000 96,449
Principal Value
Security Description Amount (Note 2)
------------------------------------------------------------
Brewery (continued)
Anheuser - Busch Cos., Inc.
Senior Notes
5.60% due 03/01/17#................... $325,000 $335,134
--------
431,583
--------
Broadcast Services/Program -- 0.1%
Nexstar Finance, Inc.
Senior Sub. Notes
7.00% due 01/15/14.................... 97,000 89,967
--------
Building Products - Air & Heating -- 0.1%
American Standard, Inc.
Company Guar. Notes
7.38% due 02/01/08#................... 102,000 102,168
--------
Building - Residential/Commercial -- 0.1%
D.R. Horton, Inc.
Company Guar. Notes
5.00% due 01/15/09.................... 146,000 137,966
--------
Cable TV -- 0.5%
CCH I LLC Company Guar.
Notes
11.00% due 10/01/15#.................. 121,000 104,968
CCH II LLC/CCH II Capital Corp.
Company Guar. Notes
10.25% due 10/01/13................... 305,000 301,950
Comcast Cable Communications, Inc.
Senior Notes
7.13% due 06/15/13.................... 185,000 198,268
Comcast Corp.
Company Guar. Notes
5.88% due 02/15/18.................... 285,000 284,258
--------
889,444
--------
Casino Hotels -- 0.1%
MGM Mirage, Inc.
Senior Notes
5.88% due 02/27/14#................... 115,000 104,219
Turning Stone Resort Casino Enterprise
Senior Notes
9.13% due 09/15/14*................... 100,000 101,000
--------
205,219
--------
Cellular Telecom -- 0.8%
Centennial Communications Corp.
Senior Notes
10.48% due 01/01/13(5)................ 340,000 347,650
Cingular Wireless Services, Inc.
Senior Notes
7.88% due 03/01/11.................... 490,000 531,359
Cricket Communications, Inc.
Company Guar. Notes
9.38% due 11/01/14.................... 70,000 65,100
Cricket Communications, Inc.
Company Guar. Notes
9.38% due 11/01/14*................... 35,000 32,550
MetroPCS Wireless, Inc.
Senior Notes
9.25% due 11/01/14.................... 105,000 99,488
Nextel Communications, Inc.
Company Guar. Notes
5.95% due 03/15/14.................... 350,000 326,028
Rural Cellular Corp.
Senior Sub. Notes
8.62% due 06/01/13*................... 55,000 55,825
30
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
-------------------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Cellular Telecom (continued)
Rural Cellular Corp.
Senior Notes
10.66% due 11/01/12(5)..................... $ 10,000 $ 10,200
----------
1,468,200
----------
Chemicals - Diversified -- 0.3%
E.I. Du Pont de Nemours & Co.
Senior Notes
4.88% due 04/30/14#........................ 66,000 65,107
E.I. Du Pont de Nemours & Co.
Notes
5.00% due 01/15/13......................... 245,000 246,868
Lyondell Chemical Co.
Company Guar. Notes
8.00% due 09/15/14......................... 160,000 181,200
----------
493,175
----------
Chemicals - Specialty -- 0.3%
Huntsman International LLC
Company Guar. Notes
7.88% due 11/15/14......................... 220,000 235,950
Momentive Performance Materials, Inc.
Senior Sub. Notes
11.50% due 12/01/16*#...................... 350,000 310,625
----------
546,575
----------
Commercial Services - Finance -- 0.3%
The Western Union Co.
Senior Notes
5.40% due 11/17/11......................... 588,000 599,239
----------
Computer Services -- 0.1%
Compucom Systems, Inc.
Senior Sub. Notes
12.50% due 10/01/15*....................... 110,000 109,725
Computer Sciences Corp.
Notes
3.50% due 04/15/08#........................ 105,000 104,084
----------
213,809
----------
Consumer Products - Misc. -- 0.0%
American Achievement Corp.
Senior Sub. Notes
8.25% due 04/01/12#........................ 50,000 48,750
----------
Containers - Paper/Plastic -- 0.4%
Jefferson Smurfit Corp.
Company Guar. Notes
8.25% due 10/01/12......................... 75,000 74,250
Pliant Corp.
Company Guar. Notes
11.13% due 09/01/09#....................... 286,000 235,235
Smurfit - Stone Container Enterprises, Inc.
Senior Notes
8.00% due 03/15/17......................... 500,000 480,000
----------
789,485
----------
Data Processing/Management -- 0.2%
Fiserv, Inc.
Senior Notes
6.13% due 11/20/12......................... 295,000 299,578
----------
Direct Marketing -- 0.1%
Affinity Group, Inc.
Senior Sub. Notes
9.00% due 02/15/12......................... 170,000 160,650
----------
Principal Value
Security Description Amount (Note 2)
------------------------------------------------------------------------
Diversified Financial Services -- 0.4%
American Express Travel Related Services Co., Inc.
Senior Notes
5.25% due 11/21/11*............................... $185,000 $185,456
AXA Financial, Inc.
Senior Notes
6.50% due 04/01/08................................ 210,000 210,678
General Electric Capital Corp.
Senior Notes
5.25% due 10/19/12................................ 324,000 332,045
--------
728,179
--------
Diversified Manufacturing Operations -- 0.2%
General Electric Co .
Notes
5.25% due 12/06/17................................ 290,000 287,330
--------
Diversified Operations -- 0.1%
Capmark Financial Group, Inc.
Company Guar. Notes
5.88% due 05/10/12*............................... 180,000 139,529
--------
Electric - Distribution -- 0.0%
Old Dominion Electric Cooperative
1st Mtg. Bonds
5.68% due 12/01/28................................ 69,666 74,035
--------
Electric - Generation -- 0.5%
Bruce Mansfield Unit
Pass Through Certs.
6.85% due 06/01/34................................ 374,000 383,240
The AES Corp.
Senior Notes
8.00% due 10/15/17*............................... 235,000 233,825
The AES Corp.
Senior Notes
8.88% due 02/15/11................................ 317,000 328,888
--------
945,953
--------
Electric - Integrated -- 3.5%
Centerpoint Energy, Inc.
Senior Notes
5.88% due 06/01/08................................ 230,000 230,287
Commonwealth Edison Co.
1st Mtg. Bonds
5.95% due 08/15/16................................ 560,000 572,596
Commonwealth Edison Co.
1st Mtg. Notes
6.15% due 09/15/17................................ 156,000 161,569
Consumers Energy Co.
1st Mtg. Bonds
Series C
4.25% due 04/15/08................................ 404,000 402,296
Dominion Resources, Inc.
Senior Notes
5.75% due 05/15/08(7)............................. 373,000 373,446
Dominion Resources, Inc. Jr.
Sub. Notes
6.30% due 09/30/66(5)............................. 420,000 414,162
Duke Energy Corp.
Senior Notes
4.20% due 10/01/08................................ 339,000 337,336
Duke Energy Indiana, Inc.
Debentures
5.00% due 09/15/13................................ 230,000 226,384
Entergy Louisiana LLC
1st Mtg. Bonds
5.83% due 11/01/10................................ 485,000 489,544
31
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
-------------------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Electric - Integrated (continued)
Florida Power & Light Co.
1st Mortgage Notes
5.55% due 11/01/17......................... $360,000 $ 370,538
Illinois Power Co.
Senior Sec. Notes
6.13% due 11/15/17*........................ 170,000 172,609
Mackinaw Power LLC
Secured Notes
6.30% due 10/31/23*........................ 357,918 382,339
Mirant Americas Generation LLC
Senior Notes
8.30% due 05/01/11......................... 90,000 89,775
Mirant Mid-Atlantic LLC
Pass Through Certs.
Series B
9.13% due 06/30/17......................... 152,070 167,467
Nisource Finance Corp.
Company Guar. Notes
5.25% due 09/15/17#........................ 155,000 147,714
Pepco Holdings, Inc.
Senior Notes
6.45% due 08/15/12......................... 195,000 204,482
PSEG Power LLC
Company Guar. Notes
7.75% due 04/15/11......................... 55,000 59,155
Puget Sound Energy, Inc.
Senior Notes
5.20% due 10/01/15......................... 514,000 500,411
Sierra Pacific Power Co.
Bonds
6.75% due 07/01/37......................... 333,000 343,497
Southern Energy, Inc.
Notes
7.90% due 07/15/09+(3)(11)(12)............. 175,000 0
Texas Competitive Electric Holdings Co. LLC
Company Guar. Notes
10.25% due 11/01/15*....................... 225,000 219,955
Virginia Electric & Power Co.
Notes
4.10% due 12/15/08......................... 227,000 224,594
Virginia Electric & Power Co.
Senior Notes
6.35% due 11/30/37......................... 145,000 146,204
----------
6,236,360
----------
Electronic Components - Semiconductors -- 0.3%
Amkor Technology, Inc.
Senior Notes
7.75% due 05/15/13......................... 10,000 9,400
Amkor Technology, Inc.
Senior Notes
9.25% due 06/01/16......................... 60,000 60,150
Freescale Semiconductor, Inc.
Senior Sub. Notes
10.13% due 12/15/16#....................... 110,000 94,325
National Semiconductor Corp.
Senior Notes
6.60% due 06/15/17......................... 330,000 341,300
Spansion, Inc.
Sec. Notes
8.75% due 06/01/13*(5)..................... 80,000 72,800
----------
577,975
----------
Principal Value
Security Description Amount (Note 2)
---------------------------------------------------------------
Electronic Measurement Instruments -- 0.2%
Agilent Technologies, Inc.
Senior Notes
6.50% due 11/01/17..................... $304,000 $ 307,957
----------
Electronics - Military -- 0.0%
L-3 Communications Corp.
Company Guar. Notes
6.38% due 10/15/15..................... 80,000 79,200
----------
Finance - Auto Loans -- 0.3%
Ford Motor Credit Co. LLC
Senior Notes
5.80% due 01/12/09..................... 1,000 952
Ford Motor Credit Co. LLC
Notes
7.38% due 10/28/09..................... 260,000 246,168
General Motors Acceptance Corp.
Notes
6.88% due 09/15/11..................... 271,000 236,773
General Motors Acceptance Corp.
Notes
6.88% due 08/28/12..................... 10,000 8,501
----------
492,394
----------
Finance - Commercial -- 0.0%
Transamerica Finance Corp.
Senior Notes
6.40% due 09/15/08..................... 86,000 86,894
----------
Finance - Credit Card -- 0.2%
Capital One Bank
Senior Sub. Notes
6.50% due 06/13/13..................... 303,000 300,587
----------
Finance - Investment Banker/Broker -- 1.3%
Bear Stearns Co., Inc.
Notes
4.50% due 10/28/10..................... 171,000 164,492
JP Morgan Chase & Co.
Senior Notes
5.38% due 01/15/14..................... 450,000 455,327
Lehman Brothers Holdings, Inc.
Notes
4.38% due 11/30/10..................... 165,000 161,188
Lehman Brothers Holdings, Inc.
Sub. Notes
6.88% due 07/17/37..................... 54,000 52,459
Morgan Stanley
Senior Notes
5.25% due 11/02/12..................... 145,000 144,134
Schwab Capital Trust I
Company Guar. Bonds
7.50% due 11/15/37(5).................. 254,000 259,690
The Bear Stearns Cos., Inc.
Senior Notes
6.40% due 10/02/17..................... 635,000 620,606
The Goldman Sachs Group, Inc.
Sub. Notes
6.75% due 10/01/37..................... 381,000 374,238
----------
2,232,134
----------
Finance - Mortgage Loan/Banker -- 0.2%
Countrywide Financial Corp.
Company Guar. Notes
5.80% due 06/07/12..................... 13,000 9,748
32
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
-----------------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Finance - Mortgage Loan/Banker (continued)
Countrywide Financial Corp.
Sub. Notes
6.25% due 05/15/16#...................... $402,000 $ 253,304
Residential Capital LLC
Company Guar. Notes
6.50% due 04/17/13....................... 240,000 155,400
----------
418,452
----------
Food - Misc. -- 0.2%
Kraft Foods, Inc.
Senior Notes
7.00% due 08/11/37....................... 374,000 397,900
----------
Funeral Services & Related Items -- 0.1%
Service Corp. International
Senior Notes
6.75% due 04/01/16#...................... 110,000 103,950
----------
Home Furnishings -- 0.1%
Simmons Co.
Company Guar. Notes
7.88% due 01/15/14#...................... 50,000 46,750
Simmons Co.
Senior Notes
10.00% due 12/15/14(7)................... 72,000 56,880
----------
103,630
----------
Hotel/Motel -- 0.1%
Starwood Hotels & Resorts Worldwide, Inc.
Senior Notes
6.25% due 02/15/13....................... 170,000 168,366
----------
Independent Power Producers -- 0.6%
Calpine Corp.
Sec. Notes
8.75% due 07/15/13*(8)................... 630,000 677,250
NRG Energy, Inc.
Company Guar. Notes
7.38% due 02/01/16....................... 333,000 326,340
----------
1,003,590
----------
Industrial Automated/Robotic -- 0.2%
Rockwell Automation Inc.
Debentures
6.25% due 12/01/37....................... 298,000 295,606
----------
Insurance Brokers -- 0.2%
Marsh & McLennan Cos., Inc.
Senior Notes
5.15% due 09/15/10....................... 230,000 233,822
Marsh & McLennan Cos., Inc.
Senior Notes
7.13% due 06/15/09....................... 140,000 145,706
----------
379,528
----------
Insurance - Life/Health -- 0.3%
Americo Life, Inc.
Notes
7.88% due 05/01/13*...................... 121,000 125,164
Monumental Global Funding II
Notes
5.65% due 07/14/11*...................... 240,000 252,413
Prudential Financial Inc.
Notes
6.63% due 12/01/37....................... 189,000 187,414
----------
564,991
----------
Principal Value
Security Description Amount (Note 2)
-------------------------------------------------------------------
Insurance - Property/Casualty -- 0.1%
The Travelers Cos., Inc.
Senior Notes
6.25% due 06/15/37......................... $127,000 $ 125,981
W.R. Berkley Corp. Senior Sub.
Notes
6.25% due 02/15/37......................... 65,000 61,197
----------
187,178
----------
Investment Management/Advisor Services -- 0.2%
LVB Acquisition Merger Sub, Inc.
Senior Notes
10.38% due 10/15/17*....................... 140,000 139,300
LVB Acquisition Merger Sub, Inc.
Senior Sub. Notes
11.63% due 10/15/17*....................... 180,000 177,525
----------
316,825
----------
Medical - Drugs -- 0.5%
Abbott Laboratories
Notes
6.15% due 11/30/37......................... 174,000 180,314
American Home Products Corp.
Notes
6.95% due 03/15/11......................... 179,000 191,987
Wyeth
Bonds
5.50% due 02/01/14......................... 470,000 481,254
----------
853,555
----------
Medical - HMO -- 0.3%
Aetna Inc.
Senior Notes.
6.75% due 12/15/37......................... 175,000 172,770
WellPoint, Inc.
Notes
3.75% due 12/14/07......................... 329,156 328,992
----------
501,762
----------
Medical - Hospitals -- 0.7%
Community Health Systems, Inc.
Senior Notes
8.88% due 07/15/15......................... 305,000 308,050
HCA, Inc.
Senior Notes
6.25% due 02/15/13......................... 325,000 282,750
HCA, Inc. Sec.
Notes
9.25% due 11/15/16......................... 515,000 533,025
IASIS Healthcare LLC / IASIS Capital Corp.
Bank Guaranteed Notes
8.75% due 06/15/14......................... 50,000 48,500
----------
1,172,325
----------
Metal Processors & Fabrication -- 0.3%
Commercial Metals Co.
Senior Notes
6.50% due 07/15/17......................... 297,000 315,051
Timken Co.
Notes
5.75% due 02/15/10......................... 199,000 201,178
----------
516,229
----------
Metal - Aluminum -- 0.4%
Alcoa, Inc.
Notes
6.00% due 01/15/12......................... 210,000 218,415
33
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
---------------------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Metal - Aluminum (continued)
Alcoa, Inc.
Bonds
6.50% due 06/15/18........................... $510,000 $ 539,059
----------
757,474
----------
Metal - Diversified -- 0.1%
Freeport-McMoRan Copper & Gold, Inc.
Senior Notes
8.38% due 04/01/17........................... 235,000 253,800
----------
Mining -- 0.1%
Newmont Mining Corp.
Company Guar. Notes
5.88% due 04/01/35#.......................... 210,000 190,494
----------
Multimedia -- 1.4%
Belo Corp.
Senior Notes
6.75% due 05/30/13........................... 125,000 125,681
Cox Enterprises, Inc.
Notes
7.88% due 09/15/10*.......................... 600,000 647,006
News America, Inc.
Company Guar. Bonds
7.30% due 04/30/28........................... 470,000 498,464
Time Warner Entertainment Co. LP
Senior Notes
8.38% due 07/15/33........................... 582,000 690,968
Viacom, Inc.
Senior Notes
6.13% due 10/05/17........................... 79,000 78,457
Viacom, Inc.
Senior Notes
6.88% due 04/30/36........................... 470,000 465,729
----------
2,506,305
----------
Networking Products -- 0.1%
Cisco Systems, Inc.
Senior Notes
5.50% due 02/22/16........................... 110,000 111,806
----------
Non - Hazardous Waste Disposal -- 0.2%
Waste Management, Inc.
Company Guar. Notes
6.88% due 05/15/09........................... 202,000 208,147
Waste Management, Inc.
Company Guar. Notes
7.75% due 05/15/32........................... 210,000 239,656
----------
447,803
----------
Office Automation & Equipment -- 0.6%
IKON Office Solutions, Inc.
Senior Notes
7.75% due 09/15/15........................... 140,000 141,789
Pitney Bowes, Inc.
Notes
5.25% due 01/15/37........................... 684,000 676,086
Pitney Bowes, Inc.
Notes
5.75% due 09/15/17........................... 306,000 315,664
----------
1,133,539
----------
Oil Companies - Exploration & Production -- 0.6%
Chesapeake Energy Corp.
Company Guar. Notes
7.50% due 09/15/13#.......................... 790,000 807,775
Principal Value
Security Description Amount (Note 2)
-------------------------------------------------------------------------
Oil Companies - Exploration & Production (continued)
Sabine Pass LNG LP
Secured Notes
7.50% due 11/30/16............................... $315,000 $ 297,675
----------
1,105,450
----------
Oil Companies - Integrated -- 0.1%
Hess Corp.
Bonds
7.88% due 10/01/29............................... 218,000 261,327
----------
Oil Refining & Marketing -- 0.4%
The Premcor Refining Group, Inc
Company Guar. Notes
6.75% due 05/01/14............................... 666,000 690,589
----------
Oil - Field Services -- 0.0%
Allis - Chalmers Energy, Inc.
Company Guar. Notes
9.00% due 01/15/14............................... 55,000 55,000
----------
Paper & Related Products -- 0.2%
Bowater, Inc.
Notes
6.50% due 06/15/13............................... 170,000 121,550
Georgia - Pacific Corp.
Company Guar. Notes
7.00% due 01/15/15*.............................. 125,000 120,000
Georgia - Pacific Corp.
Company Guar. Notes
7.13% due 01/15/17*.............................. 40,000 38,300
----------
279,850
----------
Physicians Practice Management -- 0.0%
US Oncology, Inc.
Senior Sub. Notes
10.75% due 08/15/14.............................. 75,000 73,500
----------
Pipelines -- 1.0%
Centerpoint Energy Resources Corp.
Senior Notes
6.13% due 11/01/17............................... 60,000 61,142
CenterPoint Energy Resources Corp.
Notes
7.75% due 02/15/11............................... 200,000 215,633
Copano Energy LLC
Company Guar. Notes
8.13% due 03/01/16............................... 340,000 340,000
Duke Energy Field Services LLC
Notes
6.88% due 02/01/11#.............................. 194,000 203,241
Dynegy - Roseton Danskammer
Pass Through Certs.
Series B
7.67% due 11/08/16............................... 170,000 167,238
Panhandle Eastern Pipe Line
Senior Notes
6.20% due 11/01/17............................... 407,000 409,423
Williams Cos., Inc.
Senior Notes
7.88% due 09/01/21............................... 340,000 384,200
----------
1,780,877
----------
Publishing - Newspapers -- 0.1%
Gannett Co, Inc.
Notes
5.75% due 06/01/11#.............................. 77,000 79,446
34
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
-------------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Publishing - Newspapers (continued)
Knight Ridder, Inc.
Debentures
6.88% due 03/15/29................... $125,000 $ 89,067
----------
168,513
----------
Publishing - Periodicals -- 0.1%
The Reader's Digest Association, Inc.
Senior Sub. Notes
9.00% due 02/15/17*.................. 140,000 114,800
----------
Radio -- 0.2%
Chancellor Media Corp.
Company Guar. Notes
8.00% due 11/01/08................... 334,000 342,713
----------
Real Estate Investment Trusts -- 0.9%
Health Care Property Investors, Inc.
Senior Notes
5.65% due 12/15/13................... 370,000 362,074
Liberty Property LP
Senior Notes
5.63% due 10/01/17................... 170,000 172,236
New Plan Excel Realty Trust
Senior Notes
4.50% due 02/01/11................... 411,000 416,710
PPF Funding, Inc.
Bonds
5.35% due 04/15/12*.................. 240,000 240,572
Reckson Operating Partnership LP
Senior Notes
6.00% due 03/31/16................... 60,000 57,403
Simon Property Group LP
Notes
5.38% due 08/28/08#.................. 148,000 147,374
Vornado Realty LP
Notes
4.50% due 08/15/09................... 230,000 229,097
----------
1,625,466
----------
Recycling -- 0.1%
Aleris International, Inc.
Company Guar. Notes
9.00% due 12/15/14................... 170,000 146,200
Aleris International, Inc.
Company Guar. Notes
10.00% due 12/15/16.................. 80,000 67,200
----------
213,400
----------
Rental Auto/Equipment -- 0.4%
Erac USA Finance Co.
Company Guar. Notes
7.00% due 10/15/37*.................. 165,000 164,622
Erac USA Finance Co.
Notes
7.35% due 06/15/08*.................. 530,000 534,731
----------
699,353
----------
Research & Development -- 0.1%
Alion Science and Technology Corp.
Company Guar. Notes
10.25% due 02/01/15.................. 175,000 157,719
----------
Retail - Apparel/Shoe -- 0.1%
Nordstrom Inc.
Notes
6.25% due 01/15/18................... 170,000 171,917
----------
Principal Value
Security Description Amount (Note 2)
- ---------------------------------------------------------------------------------
Retail - Drug Store -- 0.3%
CVS Caremark Corp.
Senior Notes
6.25% due 06/01/27....................................... $188,000 $ 186,535
CVS Lease Pass Through Trust
Pass Through Certs.
6.04% due 12/10/28*...................................... 421,303 430,125
----------
616,660
----------
Retail - Regional Department Stores -- 0.0%
JC Penney Corp., Inc.
Senior Notes
5.75% due 02/15/18....................................... 48,000 44,766
----------
Retail - Restaurants -- 0.3%
Darden Restaurants, Inc.
Senior Notes
6.80% due 10/15/37....................................... 217,000 221,178
NPC International, Inc.
Company Guar. Notes
9.50% due 05/01/14....................................... 180,000 160,200
Yum! Brands, Inc.
Senior Notes
6.88% due 11/15/37....................................... 97,000 94,756
----------
476,134
----------
Savings & Loans/Thrifts -- 1.4%
Independence Community Bank Corp.
Sub. Notes
3.50% due 06/20/13(5).................................... 113,000 112,090
Sovereign Bancorp, Inc.
Senior Notes
4.80% due 09/01/10....................................... 430,000 428,716
Washington Mutual Bank
Sub. Notes
5.13% due 01/15/15....................................... 760,000 623,684
Washington Mutual Preferred Funding III
Bonds
6.90% due 06/15/12*(5)(6)................................ 400,000 378,799
Washington Mutual, Inc.
Senior Notes
5.50% due 08/24/11#...................................... 520,000 474,133
Washington Mutual, Inc.
Senior Sub. Notes
7.25% due 11/01/17#...................................... 165,000 143,389
Western Financial Bank
Senior Debentures
9.63% due 05/15/12....................................... 228,000 246,272
----------
2,407,083
----------
Special Purpose Entities -- 1.7%
BAE Systems Holdings, Inc.
Notes
5.20% due 08/15/15*...................................... 546,000 537,143
Capital One Capital IV
Company Guar. Bonds
6.75% due 02/17/37(5).................................... 255,000 189,649
Consolidated Communications Illinois/Texas Holdings, Inc.
Senior Notes
9.75% due 04/01/12....................................... 622,000 637,550
Cyrus Reinsurance Holdings SPC
Senior Notes
6.12% due 09/01/08*(5)(11)............................... 161,000 159,792
Hawker Beechcraft Acquisition Co.
LLC / Hawker Beechcraft Notes Co.
Senior Sub. Notes
9.75% due 04/01/17*...................................... 75,000 75,750
35
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
----------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Special Purpose Entities (continued)
ING USA Global Funding Trust
Notes
4.25% due 10/01/10#............... $160,000 $ 162,577
KAR Holdings, Inc.
Senior Notes
9.36% due 05/01/14*(5)............ 100,000 91,000
Norbord Delaware GP I
Company Guar. Notes
6.45% due 02/15/17*............... 192,000 154,382
Pricoa Global Funding I
Notes
5.30% due 09/27/13*............... 390,000 406,564
Principal Life Global Funding I
Sec. Notes
5.25% due 01/15/13*............... 610,000 628,989
----------
3,043,396
----------
Steel - Producers -- 0.7%
International Steel Group, Inc.
Senior Notes
6.50% due 04/15/14#............... 480,000 503,143
Nucor Corp.
Notes
5.75% due 12/01/17................ 216,000 217,960
Reliance Steel & Aluminum Co.
Company Guar. Notes
6.85% due 11/15/36................ 220,000 219,712
Ryerson, Inc.
Senior Sec. Notes
12.62% due 11/01/14*#(5).......... 125,000 120,312
United States Steel Corp.
Senior Notes
6.65% due 06/01/37................ 160,000 149,663
----------
1,210,790
----------
Telecom Services -- 0.5%
Bellsouth Telecommunications, Inc.
Debentures
7.00% due 12/01/95#............... 660,000 683,558
PAETEC Holding Corp.
Senior Notes
9.50% due 07/15/15*............... 20,000 19,850
Qwest Corp.
Senior Notes
7.50% due 10/01/14................ 250,000 253,125
----------
956,533
----------
Telephone - Integrated -- 1.1%
AT&T Corp.
Senior Notes
7.30% due 11/15/11................ 238,000 258,564
BellSouth Corp.
Senior Notes
6.00% due 10/15/11................ 600,000 626,671
Citizens Communications Co.
Senior Notes
7.13% due 03/15/19................ 75,000 71,625
Citizens Communications Co.
Senior Notes
9.00% due 08/15/31................ 30,000 30,225
GTE Northwest, Inc.
Debentures
5.55% due 10/15/08................ 80,000 80,255
Level 3 Financing, Inc.
Company Guar. Notes
9.25% due 11/01/14................ 10,000 8,975
Principal Value
Security Description Amount (Note 2)
-------------------------------------------------------------
Telephone - Integrated (continued)
New England Telephone & Telegraph Co.
Debentures
7.88% due 11/15/29................... $ 90,000 $ 101,971
Sprint Capital Corp.
Company Guar. Notes
6.88% due 11/15/28................... 470,000 441,156
Verizon New York, Inc.
Debentures
6.88% due 04/01/12................... 320,000 341,562
----------
1,961,004
----------
Television -- 0.2%
Paxson Communication Corp.
Sec. Senior Notes
11.49% due 01/15/13*(5).............. 255,000 253,087
Young Broadcasting, Inc.
Company Guar. Notes
10.00% due 03/01/11.................. 100,000 80,000
----------
333,087
----------
Transport - Air Freight -- 0.6%
Atlas Air, Inc.
Pass Through Certs.
Series 1991-1, Class A-1
7.20% due 01/02/19................... 423,881 417,523
Atlas Air, Inc.
Pass Through Certs.
Series 1991-1, Class B
7.63% due 01/02/15................... 110,515 129,303
Atlas Air, Inc.
Pass Through Certs.
Series 2000-1, Class A
8.71% due 01/02/19................... 598,216 610,180
----------
1,157,006
----------
Transport - Rail -- 0.7%
BNSF Funding Trust I
Company Guar. Bonds
6.61% due 12/15/55(5)................ 470,000 441,273
CSX Corp.
Senior Notes
6.25% due 03/15/18................... 587,000 599,864
Norfolk Southern Corp.
Senior Notes
5.59% due 05/17/25................... 108,000 103,359
Union Pacific Corp.
Notes
3.88% due 02/15/09................... 65,000 64,442
----------
1,208,938
----------
Transport - Services -- 0.3%
FedEx Corp.
Company Guar. Notes
5.50% due 08/15/09................... 195,000 198,620
PHI, Inc.
Company Guar. Notes
7.13% due 04/15/13................... 290,000 281,300
Ryder System, Inc.
Notes
5.85% due 03/01/14................... 126,000 127,692
----------
607,612
----------
Travel Service -- 0.1%
Travelport LLC
Company Guar. Notes
8.74% due 09/01/14(5)................ 100,000 98,000
----------
36
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
------------------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Wireless Equipment -- 0.1%
Motorola, Inc.
Senior Notes
6.63% due 11/15/37....................... $165,000 $ 159,926
-----------
Total Corporate Bonds & Notes
(cost $61,159,860)....................... 60,413,198
-----------
FOREIGN CORPORATE BONDS & NOTES -- 8.2%
Banks - Commercial -- 1.1%
Barclays Bank PLC
Jr. Sub. Notes
7.43% due 12/15/17*(5)(6)................ 245,000 247,848
Caisse Nationale des Caisses
d'Epargne et de Prevoyance
Notes
4.93% due 12/30/09(5)(6)................. 196,000 134,260
Credit Agricole SA
Jr. Sub. Notes
6.64% due 05/31/17*(5)(6)................ 375,000 342,697
HSBC Holdings PLC
Sub. Notes
6.50% due 09/15/37....................... 462,500 435,299
Landsbanki Islands HF
Jr. Sub. Notes
7.43% due 10/19/17*(5)(6)................ 195,000 187,934
Royal Bank of Scotland Group PLC
Bonds
6.99% due 10/05/17*(5)(6)................ 360,000 354,292
Societe Generale
Sub. Notes
5.92% due 04/05/17*(5)(6)................ 230,000 210,741
-----------
1,913,071
-----------
Banks - Money Center -- 0.2%
HBOS Capital Funding LP
Bank Guar. Bonds
6.85% due 03/23/09(6).................... 225,000 183,937
Mizuho Financial Group Cayman, Ltd.
Bank Guar. Bonds
8.38% due 04/27/09(6).................... 245,000 249,996
-----------
433,933
-----------
Building Products - Cement -- 0.5%
C8 Capital SPV, Ltd.
Notes
6.64% due 12/31/14*#(5)(6)............... 823,000 791,603
-----------
Cruise Lines -- 0.1%
Royal Caribbean Cruises, Ltd.
Senior Notes
7.00% due 06/15/13....................... 245,000 243,723
-----------
Diversified Financial Services -- 0.2%
CIT Group Funding Co. of Canada
Company Guar. Notes
5.20% due 06/01/15....................... 387,000 342,355
-----------
Diversified Manufacturing Operations -- 0.3%
Bombardier, Inc.
Senior Notes
8.00% due 11/15/14*...................... 125,000 129,375
Tyco International Group SA
Company Guar.Notes
6.00% due 11/15/13....................... 388,000 401,991
-----------
531,366
-----------
Principal Value
Security Description Amount (Note 2)
---------------------------------------------------------
Diversified Operations -- 0.3%
Hutchison Whampoa Finance, Ltd.
Company Guar. Notes
7.50% due 08/01/27*................ $400,000 $447,422
--------
Electric - Integrated -- 0.4%
Empresa Nacional de Electricidad SA
Bonds
7.33% due 02/01/37#................ 324,000 352,495
Enel Finance International SA
Company Guar. Notes
6.25% due 09/15/17*................ 111,000 113,694
Enel Finance International SA
Company Guar. Notes
6.80% due 09/15/37*................ 200,000 208,969
--------
675,158
--------
Electronic Components - Misc. -- 0.0%
NXP BV/NXP Funding LLC
Company Guar. Notes
9.50% due 10/15/15#................ 25,000 22,750
--------
Food - Meat Products -- 0.1%
JBS SA
Company Guar. Notes
9.38% due 02/07/11................. 125,000 125,625
--------
Food - Retail -- 0.3%
Delhaize Group SA
Senior Notes
6.50% due 06/15/17................. 312,000 319,371
Tesco PLC
Notes
5.50% due 11/15/17*................ 200,000 198,965
--------
518,336
--------
Insurance - Multi-line -- 0.4%
Aegon NV
Sub. Bonds
5.40% due 07/15/14(5)(6)........... 280,000 199,360
AXA SA
Sub. Notes
6.38% due 12/14/36*(5)(6).......... 323,000 273,488
ING Groep NV
Bonds
5.78% due 12/08/15(5)(6)........... 325,000 298,693
--------
771,541
--------
Investment Companies -- 0.2%
Canadian Oil Sands, Ltd.
Notes
5.80% due 08/15/13*................ 225,000 228,373
Xstrata Finance Canada Ltd.
Notes
6.90% due 11/15/37*................ 165,000 164,824
--------
393,197
--------
Medical - Drugs -- 0.3%
Angiotech Pharmaceuticals, Inc.
Company Guar. Notes
7.75% due 04/01/14#................ 170,000 138,550
Angiotech Pharmaceuticals, Inc.
Company Guar. Notes
9.11% due 12/01/13(5).............. 70,000 66,500
Elan Finance PLC
Company Guar. Bonds
7.75% due 11/15/11................. 245,000 240,100
--------
445,150
--------
37
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
-------------------------------------------------------------------
FOREIGN CORPORATE BONDS & NOTES (continued)
Metal - Aluminum -- 0.1%
Alcan, Inc.
Notes
6.13% due 12/15/33........................... $260,000 $253,884
--------
Metal - Diversified -- 0.2%
Inco, Ltd.
Bonds
7.20% due 09/15/32........................... 270,000 293,079
--------
Multimedia -- 0.2%
The Thomson Corp.
Notes
5.70% due 10/01/14........................... 330,000 335,785
--------
Oil Companies - Exploration & Production -- 0.2%
EnCana Corp.
Bonds
6.50% due 08/15/34........................... 50,000 50,836
Nexen, Inc.
Bonds
6.40% due 05/15/37........................... 349,000 343,620
--------
394,456
--------
Paper & Related Products -- 0.1%
Abitibi-Consolidated, Inc.
Notes
8.55% due 08/01/10........................... 180,000 156,600
--------
Pipelines -- 0.5%
Enbridge, Inc.
Bonds
5.80% due 06/15/14........................... 619,000 638,013
Kinder Morgan Finance Co. ULC
Company Guar. Notes
5.70% due 01/05/16........................... 278,000 248,551
--------
886,564
--------
Real Estate Operations & Development -- 0.1%
Brascan Corp.
Notes
8.13% due 12/15/08........................... 181,000 188,295
--------
Retail - Major Department Stores -- 0.3%
Marks & Spencer PLC
Senior Notes
6.25% due 12/01/17*.......................... 229,000 227,495
Marks & Spencer PLC
Senior Notes
7.13% due 12/01/37*.......................... 340,000 335,162
--------
562,657
--------
Satellite Telecom -- 0.2%
Intelsat Bermuda, Ltd.
Company Guar. Notes
8.89% due 01/15/15(5)........................ 260,000 260,325
Intelsat Intermediate Holding Co., Ltd.
Senior Notes
9.25% due 02/01/15(7)........................ 75,000 61,500
--------
321,825
--------
Special Purpose Entities -- 0.5%
Rio Tinto Finance USA, Ltd.
Notes
2.63% due 09/30/08........................... 190,000 186,026
SMFG Preferred Capital, Ltd.
Bonds
6.08% due 01/25/17*(5)(6).................... 453,000 415,650
Principal Value
Security Description Amount (Note 2)
------------------------------------------------------------
Special Purpose Entities (continued)
SovRisc BV
Notes
4.63% due 10/31/08*............... $ 215,000 $ 216,524
-----------
818,200
-----------
Telecom Services -- 0.0%
TELUS Corp.
Notes
8.00% due 06/01/11................ 65,000 70,836
-----------
Telephone - Integrated -- 1.1%
British Telecommunications PLC
Bonds
8.63% due 12/15/30................ 730,000 977,971
Telecom Italia Capital SA
Company Guar. Bonds
6.20% due 07/18/11................ 375,000 385,770
Telefonica Emisones SAU
Company Guar. Notes
6.42% due 06/20/16................ 470,000 495,312
-----------
1,859,053
-----------
Transport - Marine -- 0.2%
DP World, Ltd.
Bonds
6.85% due 07/02/37*#.............. 429,000 434,997
-----------
Transport - Rail -- 0.1%
Canadian National Railway Co.
Notes
6.38% due 10/15/11#............... 210,000 223,684
-----------
Total Foreign Corporate Bonds & Notes
(cost $14,914,519)................ 14,455,145
-----------
FOREIGN GOVERNMENT AGENCIES -- 0.1%
Sovereign -- 0.1%
Government of United Kingdom
Notes
2.25% due 07/08/08*
(cost $196,985)................... 197,000 195,247
-----------
U.S. GOVERNMENT AGENCIES -- 31.6%
Federal Home Loan Bank -- 0.9%
3.90% due 02/25/08................. 410,000 409,532
4.50% due 09/08/08................. 1,100,000 1,101,602
-----------
1,511,134
-----------
Federal Home Loan Mtg. Corp. -- 18.3%
4.45% due 03/06/08................. 64,000 64,007
5.00% due 10/01/33................. 24,884 24,482
5.00% due 06/01/34................. 529,741 520,797
5.00% due 05/01/36................. 3,630,300 3,563,783
5.00% due 11/01/36................. 214,045 210,123
5.00% due 11/01/37................. 1,620,000 1,589,800
5.05% due 02/14/08................. 3,430,000 3,434,932
5.50% due 07/01/37................. 1,086,631 1,086,748
5.50% due 08/01/37................. 898,367 898,464
5.50% due 11/01/18................. 538,736 546,232
5.50% due 11/15/25................. 2,850,000 2,882,793
5.50% due 06/15/31................. 887,000 895,963
5.50% due 10/01/33................. 34,447 34,537
5.50% due 02/01/35................. 1,020,973 1,021,832
5.50% due 07/01/36................. 2,172,454 2,173,045
5.50% due 05/01/37................. 1,661,434 1,661,613
5.80% due 01/01/37(5).............. 944,369 954,009
5.81% due 01/01/37(5).............. 1,300,422 1,310,854
6.00% due 10/01/33................. 772,874 786,536
38
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
---------------------------------------------------------------
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
6.00% due 07/01/36.................... $1,852,197 $ 1,880,534
6.00% due 10/01/37.................... 2,858,499 2,901,992
6.00% due 11/01/37.................... 776,417 788,230
6.03% due 10/01/36(5)................. 2,072,079 2,099,160
6.50% due 02/01/33.................... 92,750 95,870
6.50% due 02/01/35.................... 64,218 66,178
6.50% due 01/01/36.................... 254,721 261,959
6.50% due 03/01/36.................... 415,549 427,357
7.00% due 11/01/16.................... 62,254 64,943
7.00% due 07/01/32.................... 33,225 34,777
7.50% due 04/01/31.................... 150,212 160,283
8.00% due 01/01/29.................... 12,360 13,230
8.00% due 12/01/29.................... 9,145 9,791
8.00% due 12/01/30.................... 35,794 38,334
8.00% due 01/01/31.................... 272 292
-----------
32,503,480
-----------
Federal National Mtg. Assoc. -- 12.2%
3.88% due 02/01/08.................... 962,000 961,165
4.50% due December TBA................ 2,640,000 2,597,924
5.00% due 10/01/33.................... 58,875 57,836
5.00% due 03/01/34.................... 657,658 645,717
5.00% due 01/01/37.................... 3,414,731 3,346,804
5.50% due 11/01/22.................... 1,025,000 1,037,023
5.50% due 04/01/33.................... 1,056,531 1,061,628
5.50% due 12/01/33.................... 910,287 914,111
5.50% due 05/01/34.................... 520,072 522,257
5.50% due 10/01/34.................... 567,432 569,330
5.50% due 12/01/35.................... 972,804 975,041
5.50% due 02/01/36(5)................. 465,660 471,101
5.50% due 11/01/36.................... 1,544,638 1,547,525
5.50% due 12/01/36.................... 125,813 126,048
6.00% due 03/01/16.................... 2,733 2,801
6.00% due 12/01/16.................... 74,021 75,839
6.00% due 11/01/17.................... 197,544 202,347
6.00% due 12/01/20.................... 572,245 586,302
6.00% due 12/01/33.................... 602,914 614,381
6.00% due 10/01/36.................... 301,412 306,393
6.50% due 03/01/17.................... 112,775 116,542
6.50% due 08/01/31.................... 61,609 63,719
6.50% due 07/01/32.................... 406,954 420,744
6.50% due 07/01/36.................... 371,759 382,410
7.00% due 09/01/31.................... 243,357 255,791
7.00% due 12/01/35.................... 193,580 201,547
7.00% due 08/01/37.................... 459,761 477,245
7.00% due 09/01/37.................... 1,334,838 1,385,599
7.00% due 10/01/37.................... 1,685,932 1,750,044
7.50% due 08/01/15.................... 1,215 1,265
-----------
21,676,479
-----------
Government National Mtg. Assoc. -- 0.2%
6.00% due 03/15/29.................... 41,726 42,939
6.00% due 04/15/29.................... 16,679 17,164
6.50% due 07/15/32.................... 89,076 92,663
6.50% due 09/15/32.................... 164,330 170,947
-----------
323,713
-----------
Total U.S. Government Agencies
(cost $55,427,219)................... 56,014,806
-----------
Principal Value
Security Description Amount (Note 2)
- -------------------------------------------------------------------------------------
U.S. GOVERNMENT TREASURIES -- 9.0%
United States Treasury Bonds -- 0.6%
United States Treasury Bonds
4.50% due 02/15/36#................................... $ 1,000,000 $ 1,013,906
------------
United States Treasury Notes -- 8.4%
United States Treasury Notes
4.25% due 11/15/17.................................... 203,000 207,663
4.50% due 11/15/10#................................... 169,000 175,747
4.50% due 02/28/11#................................... 2,500,000 2,605,272
4.63% due 10/31/11#................................... 1,400,000 1,468,250
4.63% due 12/31/11#................................... 3,200,000 3,359,251
4.88% due 05/31/08#................................... 800,000 806,000
4.88% due 06/30/09.................................... 5,000,000 5,136,330
United States Treasury Notes TIPS
0.88% due 04/15/10#................................... 705,247 703,099
2.00% due 01/15/14#................................... 523,411 541,648
------------
15,003,260
------------
Total U.S. Government Treasuries
(cost $15,457,555).................................... 16,017,166
------------
COMMON STOCK -- 0.0%
Independent Power Producer -- 0.0%
Mirant Corp.
(cost $0)............................................. 217 8,374
------------
Total Long-Term Investment Securities
(cost $170,707,290)................................... 169,207,143
------------
SHORT-TERM INVESTMENT SECURITIES -- 6.1%
Collective Investment Pool -- 6.1%
Securities Lending Quality Trust(10)
(cost $10,811,250).................................... 10,811,250 10,811,250
------------
REPURCHASE AGREEMENT -- 5.2%
Agreement with State Street Bank & Trust Co. bearing
interest at 4.06%, dated 11/30/07, to be repurchased
12/03/07 in the amount of $9,237,124 and
collateralized by Federal National Mtg. Assoc. Notes,
bearing interest at 3.25% due 02/15/09 and having an
approximate value of $9,513,791
(cost $9,234,000)..................................... 9,234,000 9,234,000
------------
TOTAL INVESTMENTS
(cost $190,752,540)(9)................................ 106.6% 189,252,393
Liabilities in excess of other assets.................... (6.6)% (11,780,219)
----------- ------------
NET ASSETS -- 100.0% $177,472,174
=========== ============
- --------
+ Non-income producing security.
* Securities exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be sold in transactions exempt from registration,
normally to qualified institutional buyers. The Fund has no right to demand
registration of these securities. At November 30, 2007, the aggregate value
of these securities was $19,436,490 representing 11.0% of net assets. Unless
otherwise indicated these securities are not considered to be illiquid.
# The security or a portion thereof is out on loan (See Note 2)
(1)Collateralized Mortgage Obligation
(2)Commercial Mortgage Backed Security
(3)To the extent permitted by the Statement of Additional Information, the
Capital Conservation Fund may invest in restricted securities. The Fund has
no right to demand registration of these securities. The securities are
valued pursuant to Note 2. Restricted securities held by a Fund may not be
sold except in exempt transactions or in a public offering registered under
the Securities Act of 1933. The risk of investing in such securities is
generally greater than the risk of investing in the securities of widely
held, publicly traded companies. 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, these securities may exhibit greater price volatility than
39
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
securities for which secondary markets exist. As of November 30, 2007, the
Capital Conservation Fund held the following restricted securities:
Market Value as a
Acquisition Principal Acquisition Market Value % of
Name Date Amount Cost Value Per Share Net Assets
- ----------------------- ----------- --------- ----------- ------- --------- ----------
ICO North America, Inc.
7.50% due 08/15/09.... 08/11/05 $ 30,000 $30,000 $30,000 $100 0.00%
Southern Energy, Inc.
7.90% due 07/15/09.... 01/03/06 175,000 0 0 0 0.00
------- ----
$30,000 0.00%
======= ====
(4)Variable Rate Security -- the rate reflected is as of November 30, 2007,
maturity date reflects the stated maturity date.
(5)Floating rate security where the rate fluctuates. The rate moves up or down
at each reset date. The rate reflected is as of November 30, 2007.
(6)Perpetual maturity -- maturity date reflects the next call date.
(7)"Step-up" security where the rate increases ("steps-up") at a predetermined
rate. Rate shown reflects the increased rate.
(8)Company has filed Chapter 11 bankruptcy protection.
(9)See Note 5 for cost of investments on a tax basis.
(10)The security is purchased with the cash collateral received from securities
loaned. (see Note 2)
(11)Fair valued security: see Note 2
(12)Illiquid security
TBA--To be announced
TIPS--Treasury Inflation Protected Securities
See Notes to Financial Statements
40
VALIC Company I Core Equity Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Collective Investment Pool....................... 10.1%
Oil Companies -- Integrated...................... 9.1
Medical -- Drugs................................. 6.6
Computers........................................ 4.6
Diversified Manufacturing Operations............. 4.3
Finance -- Investment Banker/Broker.............. 3.3
Insurance -- Multi-line.......................... 3.2
Aerospace/Defense................................ 2.9
Medical -- HMO................................... 2.9
Electronic Components -- Semiconductors.......... 2.6
Enterprise Software/Service...................... 2.5
Oil Refining & Marketing......................... 2.5
Multimedia....................................... 2.3
Telephone -- Integrated.......................... 2.3
Food -- Misc..................................... 2.2
Networking Products.............................. 2.2
Semiconductor Equipment.......................... 2.1
Applications Software............................ 2.0
Insurance -- Property/Casualty................... 2.0
Pharmacy Services................................ 1.6
Office Automation & Equipment.................... 1.5
Medical Products................................. 1.4
Machinery -- Farming............................. 1.3
Oil -- Field Services............................ 1.2
Banks -- Super Regional.......................... 1.1
Retail-Discount.................................. 1.1
Agricultural Chemicals........................... 1.0
Retail -- Restaurants............................ 1.0
Computer Services................................ 0.9
E-Commerce/Products.............................. 0.9
Repurchase Agreements............................ 0.9
Advertising Agencies............................. 0.8
Athletic Footwear................................ 0.8
Banks -- Fiduciary............................... 0.8
Computers -- Memory Devices...................... 0.8
Engineering/R&D Services......................... 0.8
Food -- Retail................................... 0.8
Health Care Cost Containment..................... 0.8
Insurance -- Life/Health......................... 0.8
Medical -- Biomedical/Gene....................... 0.8
Metal -- Copper.................................. 0.8
Oil Companies -- Exploration & Production........ 0.8
Oil Field Machinery & Equipment.................. 0.8
Batteries/Battery Systems........................ 0.7
Coatings/Paint................................... 0.7
Consumer Products-Misc........................... 0.7
Containers -- Paper/Plastic...................... 0.7
Electric -- Integrated........................... 0.7
Electronic Design Automation..................... 0.7
Hospital Beds/Equipment.......................... 0.7
Instruments -- Scientific........................ 0.7
Internet Security................................ 0.7
Paper & Related Products......................... 0.7
Printing -- Commercial........................... 0.7
Retail -- Auto Parts............................. 0.7
Toys............................................. 0.7
Transport-Rail................................... 0.7
Airlines......................................... 0.6
Electronic Parts Distribution.................... 0.6
Instruments -- Controls.......................... 0.6
Office Furnishings -- Original................... 0.6
Semiconductors Components -- Intergrated Circuits 0.6
Chemicals -- Diversified......................... 0.5
Metal -- Aluminum................................ 0.5
Auto -- Cars/Light Trucks........................ 0.4
Coal............................................. 0.4
Cosmetics & Toiletries........................... 0.4
Electronic Components -- Misc.................... 0.3
Oil & Gas Drilling............................... 0.3
Retail -- Jewelry..................... 0.3
Telecommunication Equipment........... 0.3
Investment Management/Advisor Services 0.2
Agricultural Operations............... 0.1
Containers -- Metal/Glass............. 0.1
Finance -- Mortgage Loan/Banker....... 0.1
-----
109.9%
=====
* Calculated as a percentage of net assets
41
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------
COMMON STOCK -- 98.9%
Advertising Agency -- 0.8%
Omnicom Group, Inc.#.................. 62,000 $ 3,022,500
-----------
Aerospace/Defense -- 2.9%
Lockheed Martin Corp.................. 31,000 3,430,770
Northrop Grumman Corp................. 21,500 1,693,985
Raytheon Co........................... 100,500 6,215,925
-----------
11,340,680
-----------
Agricultural Chemicals -- 1.0%
Monsanto Co........................... 40,000 3,974,800
-----------
Agricultural Operations -- 0.1%
Archer - Daniels - Midland Co......... 14,600 530,710
-----------
Airlines -- 0.6%
Continental Airlines, Inc., Class B+#. 78,000 2,195,700
-----------
Applications Software -- 2.0%
Microsoft Corp........................ 233,000 7,828,800
-----------
Athletic Footwear -- 0.8%
NIKE, Inc., Class B................... 49,000 3,216,850
-----------
Auto-Cars/Light Trucks -- 0.4%
Honda Motor Co., Ltd ADR.............. 43,300 1,489,953
-----------
Banks - Fiduciary -- 0.8%
The Bank of New York Mellon Corp...... 63,551 3,047,906
-----------
Banks - Super Regional -- 1.1%
Bank of America Corp.................. 67,300 3,104,549
Wells Fargo & Co...................... 38,400 1,245,312
-----------
4,349,861
-----------
Batteries/Battery Systems -- 0.7%
Energizer Holdings, Inc.+#............ 25,000 2,840,750
-----------
Chemicals - Diversified -- 0.5%
E.I. du Pont de Nemours & Co.......... 44,600 2,058,290
-----------
Coal -- 0.4%
Peabody Energy Corp.#................. 25,100 1,396,564
-----------
Coatings/Paint -- 0.7%
The Sherwin-Williams Co.#............. 44,000 2,764,520
-----------
Computer Services -- 0.9%
Electronic Data Systems Corp.......... 118,000 2,390,680
Unisys Corp.+#........................ 242,800 1,204,288
-----------
3,594,968
-----------
Computers -- 4.6%
Dell, Inc.+........................... 58,000 1,423,320
Hewlett-Packard Co.................... 138,900 7,106,124
International Business Machines Corp.. 83,800 8,814,084
Sun Microsystems, Inc.+............... 51,750 1,075,365
-----------
18,418,893
-----------
Computers - Memory Devices -- 0.8%
EMC Corp.+............................ 159,000 3,063,930
-----------
Consumer Products - Misc. -- 0.7%
Kimberly - Clark Corp.#............... 37,100 2,589,951
-----------
Containers - Metal/Glass -- 0.1%
Crown Holdings, Inc.+................. 15,000 384,900
-----------
Containers - Paper/Plastic -- 0.7%
Packaging Corp. of America#........... 97,000 2,744,130
-----------
Cosmetics & Toiletries -- 0.4%
Procter & Gamble Co................... 22,000 1,628,000
-----------
Value
Security Description Shares (Note 2)
Diversified Manufacturing Operations -- 4.3%
General Electric Co.......................... 203,600 $ 7,795,844
Honeywell International, Inc................. 89,300 5,056,166
SPX Corp..................................... 28,000 2,849,280
Tyco International, Ltd...................... 33,950 1,362,413
-----------
17,063,703
-----------
E - Commerce/Products -- 0.9%
Amazon.com, Inc.+............................ 39,000 3,531,840
-----------
Electric - Integrated -- 0.7%
Consolidated Edison, Inc.#................... 2,900 140,505
Dominion Resources, Inc.#.................... 26,600 1,256,318
Southern Co.................................. 36,700 1,380,654
-----------
2,777,477
-----------
Electronic Components - Misc. -- 0.3%
Koninklijke Philips Electronics NV........... 33,300 1,385,613
-----------
Electronic Components - Semiconductors -- 2.6%
Fairchild Semiconductor International, Inc.+. 53,600 850,096
Intel Corp................................... 69,600 1,815,168
LSI Logic Corp.+#............................ 418,400 2,322,120
Micron Technology, Inc.+#.................... 214,700 1,786,304
NVIDIA Corp.+................................ 100,000 3,154,000
Texas Instruments, Inc....................... 12,000 378,840
-----------
10,306,528
-----------
Electronic Design Automation -- 0.7%
Synopsys, Inc.+.............................. 109,000 2,682,490
-----------
Electronic Parts Distribution -- 0.6%
Avnet, Inc.+................................. 70,000 2,415,000
-----------
Engineering/R&D Services -- 0.8%
Fluor Corp................................... 22,000 3,237,740
-----------
Enterprise Software/Service -- 2.5%
BMC Software, Inc.+.......................... 94,000 3,109,520
CA, Inc...................................... 119,000 2,914,310
Oracle Corp.+................................ 201,000 4,056,180
-----------
10,080,010
-----------
Finance - Investment Banker/Broker -- 3.3%
Citigroup, Inc............................... 103,900 3,459,870
JPMorgan Chase & Co.......................... 88,200 4,023,684
Morgan Stanley............................... 45,100 2,377,672
The Charles Schwab Corp...................... 13,000 316,030
The Goldman Sachs Group, Inc................. 13,000 2,946,320
-----------
13,123,576
-----------
Finance - Mortgage Loan/Banker -- 0.1%
Fannie Mae................................... 9,400 361,148
-----------
Food - Misc. -- 2.2%
General Mills, Inc........................... 44,600 2,682,690
Kraft Foods, Inc., Class A................... 77,100 2,663,805
Unilever NV.................................. 101,400 3,591,588
-----------
8,938,083
-----------
Food - Retail -- 0.8%
The Kroger Co................................ 109,000 3,133,750
-----------
Health Care Cost Containment -- 0.8%
McKesson Corp................................ 49,000 3,269,770
-----------
Hospital Beds/Equipment -- 0.7%
Kinetic Concepts, Inc.+#..................... 48,000 2,814,720
-----------
42
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
COMMON STOCK (continued)
Instruments - Controls -- 0.6%
Mettler Toledo International, Inc.+......... 22,000 $ 2,559,920
-----------
Instruments - Scientific -- 0.7%
Waters Corp.+............................... 37,000 2,887,480
-----------
Insurance - Life/Health -- 0.8%
CIGNA Corp.................................. 58,000 3,109,380
-----------
Insurance - Multi - line -- 3.2%
ACE, Ltd.................................... 23,000 1,376,090
CNA Financial Corp.#........................ 67,000 2,374,480
Hartford Financial Services Group, Inc...... 18,600 1,772,952
Loews Corp.................................. 67,000 3,201,930
MetLife, Inc................................ 53,000 3,476,270
XL Capital, Ltd., Class A................... 7,800 456,534
-----------
12,658,256
-----------
Insurance - Property/Casualty -- 2.0%
SAFECO Corp................................. 27,000 1,558,170
The Travelers Cos., Inc..................... 119,000 6,320,090
-----------
7,878,260
-----------
Internet Security -- 0.7%
McAfee, Inc.+............................... 75,000 2,921,250
-----------
Investment Management/Advisor Services -- 0.2%
Federated Investors, Inc., Class B.......... 22,000 897,380
-----------
Machinery - Farming -- 1.3%
Deere & Co.................................. 31,100 5,342,980
-----------
Medical Products -- 1.4%
Baxter International, Inc................... 26,800 1,604,516
Covidien, Ltd............................... 32,350 1,297,559
Johnson & Johnson........................... 36,700 2,486,058
-----------
5,388,133
-----------
Medical - Biomedical/Gene -- 0.8%
Biogen Idec, Inc.+.......................... 41,000 3,038,920
-----------
Medical - Drugs -- 6.6%
Bristol - Myers Squibb Co................... 125,700 3,724,491
GlaxoSmithKline PLC ADR#.................... 27,800 1,464,504
Merck & Co., Inc............................ 90,000 5,342,400
Pfizer, Inc................................. 351,800 8,358,768
Schering-Plough Corp........................ 199,000 6,228,700
Wyeth....................................... 23,600 1,158,760
-----------
26,277,623
-----------
Medical - HMO -- 2.9%
Aetna, Inc.................................. 65,000 3,632,200
UnitedHealth Group, Inc..................... 78,000 4,290,000
WellPoint, Inc.+............................ 44,000 3,705,240
-----------
11,627,440
-----------
Metal - Aluminum -- 0.5%
Alcoa, Inc.................................. 53,700 1,953,069
-----------
Metal - Copper -- 0.8%
Southern Copper Corp.#...................... 27,000 2,987,550
-----------
Multimedia -- 2.3%
Meredith Corp............................... 15,000 825,750
The Walt Disney Co.......................... 161,900 5,366,985
Time Warner, Inc............................ 180,900 3,122,334
-----------
9,315,069
-----------
Value
Security Description Shares (Note 2)
Networking Products -- 2.2%
Cisco Systems, Inc.+.......................... 202,000 $ 5,660,040
Juniper Networks, Inc.+....................... 101,000 3,001,720
-----------
8,661,760
-----------
Office Automation & Equipment -- 1.5%
Xerox Corp.+.................................. 346,400 5,847,232
-----------
Office Furnishings - Original -- 0.6%
Steelcase, Inc. Class A#...................... 157,000 2,375,410
-----------
Oil & Gas Drilling -- 0.3%
Nabors Industries, Ltd.+#..................... 4,800 129,120
Transocean, Inc............................... 8,610 1,182,067
-----------
1,311,187
-----------
Oil Companies - Exploration & Production -- 0.8%
Anadarko Petroleum Corp....................... 33,600 1,901,760
Occidental Petroleum Corp..................... 16,000 1,116,320
-----------
3,018,080
-----------
Oil Companies - Integrated -- 9.1%
Chevron Corp.................................. 100,700 8,838,439
ConocoPhillips................................ 67,000 5,362,680
ExxonMobil Corp............................... 208,800 18,616,608
Marathon Oil Corp............................. 60,000 3,354,000
-----------
36,171,727
-----------
Oil Field Machinery & Equipment -- 0.8%
National - Oilwell Varco, Inc.+............... 46,000 3,134,900
-----------
Oil Refining & Marketing -- 2.5%
Holly Corp.................................... 43,000 2,083,350
Sunoco, Inc................................... 33,000 2,214,300
Tesoro Corp................................... 48,000 2,360,640
Valero Energy Corp............................ 50,000 3,253,500
-----------
9,911,790
-----------
Oil - Field Services -- 1.2%
BJ Services Co.#.............................. 68,700 1,688,646
Global Industries, Ltd.+...................... 40,000 886,800
Halliburton Co................................ 56,100 2,053,821
-----------
4,629,267
-----------
Paper & Related Products -- 0.7%
International Paper Co........................ 85,000 2,868,750
-----------
Pharmacy Services -- 1.6%
Express Scripts, Inc.+........................ 46,000 3,116,500
Medco Health Solutions, Inc.+................. 34,000 3,399,660
-----------
6,516,160
-----------
Printing - Commercial -- 0.7%
R.R. Donnelley & Sons Co...................... 71,000 2,602,860
-----------
Retail - Apparel/Shoe -- 0.0%
The Gap, Inc.................................. 7,300 148,920
-----------
Retail - Auto Parts -- 0.7%
AutoZone, Inc.+............................... 24,000 2,679,120
-----------
Retail - Discount -- 1.1%
Dollar Tree Stores, Inc.+..................... 73,000 2,092,180
Family Dollar Stores, Inc.#................... 97,000 2,284,350
-----------
4,376,530
-----------
Retail - Jewelry -- 0.3%
Tiffany & Co.................................. 25,000 1,160,750
-----------
43
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------------------
COMMON STOCK (continued)
Retail - Regional Department Stores -- 0.0%
Macy's, Inc........................................... 4,300 $ 127,495
----------
Retail - Restaurants -- 1.0%
McDonald's Corp....................................... 70,000 4,092,900
----------
Semiconductor Equipment -- 2.1%
Applied Materials, Inc................................ 166,000 3,125,780
KLA - Tencor Corp.#................................... 55,000 2,644,400
Novellus Systems, Inc.+#.............................. 97,000 2,522,970
----------
8,293,150
----------
Semiconductors Components - Intergrated Circuits -- 0.6%
Integrated Device Technology, Inc.+................... 185,000 2,244,050
----------
Telecommunication Equipment -- 0.3%
Alcatel-Lucent ADR.................................... 147,400 1,193,940
----------
Telephone - Integrated -- 2.3%
AT&T, Inc............................................. 112,900 4,313,909
Qwest Communications International, Inc.+#............ 285,800 1,894,854
Verizon Communications, Inc........................... 68,300 2,951,243
----------
9,160,006
----------
Television -- 0.0%
CBS Corp., Class B#................................... 6,600 181,038
----------
Toys -- 0.7%
Hasbro, Inc.#......................................... 98,000 2,721,460
Mattel, Inc........................................... 6,600 131,868
----------
2,853,328
----------
Shares/
Principal Value
Security Description Amount (Note 2)
Transport - Rail -- 0.7%
CSX Corp.#............................................ 71,000 2,982,000
------------
Total Long-Term Investment Securities
(cost $366,126,456).................................. 392,989,164
------------
SHORT-TERM INVESTMENT SECURITIES -- 10.1%
Collective Investment Pool -- 10.1%
Securities Lending Quality Trust(1)
(cost $40,392,225)................................... 40,392,225 40,392,225
------------
REPURCHASE AGREEMENT -- 0.9%
Agreement with State Street Bank & Trust Co., bearing
interest at 4.06%, dated 11/30/07, to be
repurchased 12/03/07 in the amount of $3,534,195
and collateralized by Federal Home Loan Bank,
bearing interest at 4.37%, due 09/17/10 and
having an approximate value of $3,640,534
(cost $3,533,000).................................... $ 3,533,000 3,533,000
------------
TOTAL INVESTMENTS
(cost $410,051,681)(2)............................... 109.9% 436,914,389
Liabilities in excess of other assets................... (9.9) (39,489,513)
----------- ------------
NET ASSETS -- 100.0% $397,424,876
=========== ============
- --------
# The security or a portion thereof is out on loan (See Note 2)
+ Non-income producing security
(1)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(2)See Note 5 for cost of investments on a tax basis.
Open call option contracts written at November 30, 2007 for the Core Equity Fund were as follows:
- ----------------------------------------------------------------------------------------------------------------
Unrealized
Contract Number of Premiums Market Value at Appreciation
Issue Month Strike Price Contracts Received November 30, 2007 (Depreciation)
- ----------------------------------------------------------------------------------------------------------------
Chevron Corp......... Jan-08 $ 90.00 100 $29,786 $27,500 $ 2,286
Exxon Mobil Corp..... Jan-08 100.00 158 32,126 6,320 25,806
------- -------
$61,912 $28,092
======= =======
See Notes to Financial Statements
44
VALIC Company I Core Value Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Oil Companies -- Integrated.............. 12.0%
Finance -- Investment Banker/Broker...... 9.0
Banks -- Super Regional.................. 6.1
Medical -- Drugs......................... 5.1
Telephone -- Integrated.................. 4.5
Computers................................ 3.8
Diversified Manufacturing Operations..... 3.6
Insurance -- Multi-line.................. 3.3
Medical Products......................... 3.2
Aerospace/Defense........................ 2.8
Electric -- Integrated................... 2.4
Applications Software.................... 2.2
Multimedia............................... 1.8
Beverages -- Non-alcoholic............... 1.7
Chemicals -- Diversified................. 1.7
Medical -- HMO........................... 1.7
Medical -- Biomedical/Gene............... 1.4
Consumer Products -- Misc................ 1.3
Oil Companies -- Exploration & Production 1.2
Food -- Misc............................. 1.1
Retail -- Restaurants.................... 1.0
Time Deposits............................ 1.0
Insurance -- Reinsurance................. 0.9
Office Automation & Equipment............ 0.9
Oil Refining & Marketing................. 0.9
Tobacco.................................. 0.9
Computer Services........................ 0.8
Finance -- Mortgage Loan/Banker.......... 0.8
Computers -- Memory Devices.............. 0.7
Electronic Components -- Semiconductors.. 0.7
Retail -- Consumer Electronics........... 0.7
Retail -- Discount....................... 0.7
Steel -- Producers....................... 0.7
Consulting Services...................... 0.6
Forestry................................. 0.6
Home Decoration Products................. 0.6
Machinery -- Construction & Mining....... 0.6
Metal -- Diversified..................... 0.6
Television............................... 0.6
Transport -- Rail........................ 0.6
Transport -- Services.................... 0.6
Electronic Components -- Misc............ 0.5
Enterprise Software/Service.............. 0.5
Food -- Retail........................... 0.5
Savings & Loans/Thrifts.................. 0.5
Semiconductor Equipment.................. 0.5
Auto/Truck Parts & Equipment -- Original. 0.4
Banks -- Fiduciary....................... 0.4
Commercial Services -- Finance........... 0.4
Electronic Parts Distribution............ 0.4
Insurance -- Life/Health................. 0.4
Insurance -- Property/Casualty........... 0.4
Medical Instruments...................... 0.4
Publishing -- Newspapers................. 0.4
Repurchase Agreements.................... 0.4
Retail -- Apparel/Shoe................... 0.4
Apparel Manufacturers.................... 0.3
Brewery.................................. 0.3
Chemicals -- Specialty................... 0.3
Data Processing/Management............... 0.3
Independent Power Producers.............. 0.3
Insurance Brokers........................ 0.3
Machinery -- Farming..................... 0.3
Non -- Hazardous Waste Disposal.......... 0.3
Oil Field Machinery & Equipment.......... 0.3
Printing -- Commercial................... 0.3
Real Estate Investment Trusts............ 0.3
Retail -- Office Supplies................ 0.3
Toys..................................... 0.3
Web Portals/ISP..................... 0.3
Banks -- Commercial................. 0.2
Building -- Residential/Commercial.. 0.2
Cosmetics & Toiletries.............. 0.2
E-Commerce/Services................. 0.2
Financial Guarantee Insurance....... 0.2
Medical Labs & Testing Services..... 0.2
Metal -- Copper..................... 0.2
Retail -- Building Products......... 0.2
Retail -- Drug Store................ 0.2
Agricultural Chemicals.............. 0.1
Airlines............................ 0.1
Auto -- Cars/Light Trucks........... 0.1
Building -- Heavy Construction...... 0.1
Coal................................ 0.1
Containers -- Paper/Plastic......... 0.1
Engines -- Internal Combustion...... 0.1
Finance -- Credit Card.............. 0.1
Health Care Cost Containment........ 0.1
Investment Companies................ 0.1
Medical -- Generic Drugs............ 0.1
Medical -- Outpatient/Home Medical.. 0.1
Networking Products................. 0.1
Office Supplies & Forms............. 0.1
Photo Equipment & Supplies.......... 0.1
Retail -- Bookstore................. 0.1
Retail -- Regional Department Stores 0.1
Theaters............................ 0.1
Transport -- Marine................. 0.1
Wireless Equipment.................. 0.1
----
99.9%
====
* Calculated as a percentage of net assets
45
VALIC Company I Core Value Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------------
COMMON STOCK -- 98.5%
Aerospace/Defense -- 2.8%
Boeing Co..................................... 17,724 $ 1,640,179
Lockheed Martin Corp.......................... 11,852 1,311,661
Northrop Grumman Corp......................... 34,912 2,750,716
Raytheon Co................................... 2,496 154,378
-----------
5,856,934
-----------
Agricultural Chemicals -- 0.1%
CF Industries Holdings, Inc................... 1,284 116,818
-----------
Airlines -- 0.1%
Southwest Airlines Co......................... 10,266 145,264
-----------
Apparel Manufacturer -- 0.3%
VF Corp....................................... 8,000 598,320
-----------
Applications Software -- 2.2%
Microsoft Corp................................ 136,344 4,581,158
-----------
Auto - Cars/Light Trucks -- 0.1%
Ford Motor Co.+............................... 35,726 268,302
-----------
Auto/Truck Parts & Equipment - Original -- 0.4%
Magna International, Inc., Class A............ 10,958 923,431
-----------
Banks - Commercial -- 0.2%
Marshall & Ilsley Corp........................ 10,402 327,351
Royal Bank of Canada.......................... 1,829 97,559
-----------
424,910
-----------
Banks - Fiduciary -- 0.4%
The Bank of New York Mellon Corp.............. 17,672 847,549
-----------
Banks - Super Regional -- 6.1%
Bank of America Corp.......................... 133,214 6,145,162
Capital One Financial Corp.................... 3,246 173,044
National City Corp............................ 21,270 420,295
PNC Financial Services Group, Inc............. 10,000 732,100
US Bancorp.................................... 44,200 1,462,578
Wachovia Corp................................. 35,989 1,547,527
Wells Fargo & Co.............................. 71,912 2,332,106
-----------
12,812,812
-----------
Beverages - Non - alcoholic -- 1.7%
Coca - Cola Enterprises, Inc.................. 14,700 381,759
Pepsi Bottling Group, Inc..................... 37,700 1,608,659
PepsiAmericas, Inc............................ 4,848 164,105
The Coca - Cola Co............................ 23,700 1,471,770
-----------
3,626,293
-----------
Brewery -- 0.3%
Molson Coors Brewing Co., Class B............. 9,833 529,409
-----------
Building & Construction Products - Misc. -- 0.0%
Masco Corp.................................... 4,259 95,402
-----------
Building - Heavy Construction -- 0.1%
Perini Corp.+................................. 2,294 122,018
-----------
Building - Residential/Commercial -- 0.2%
NVR, Inc.+.................................... 790 388,680
-----------
Chemicals - Diversified -- 1.7%
E.I. du Pont de Nemours & Co.................. 46,717 2,155,990
PPG Industries, Inc........................... 19,700 1,352,208
-----------
3,508,198
-----------
Chemicals - Specialty -- 0.3%
Methanex Corp................................. 19,948 593,652
Terra Industries, Inc.+....................... 856 32,340
-----------
625,992
-----------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------
Coal -- 0.1%
Alpha Natural Resources, Inc.+............ 4,847 $ 136,201
Walter Industries, Inc.................... 2,020 70,074
----------
206,275
----------
Commercial Services - Finance -- 0.4%
Deluxe Corp............................... 8,129 256,795
H&R Block, Inc............................ 27,503 541,259
----------
798,054
----------
Computer Services -- 0.8%
Computer Sciences Corp.+.................. 24,201 1,278,297
Electronic Data Systems Corp.............. 23,107 468,148
----------
1,746,445
----------
Computers -- 3.8%
Hewlett - Packard Co...................... 81,255 4,157,006
International Business Machines Corp...... 36,667 3,856,635
Sun Microsystems, Inc.+................... 528 10,972
----------
8,024,613
----------
Computers - Memory Devices -- 0.7%
Seagate Technology........................ 30,391 783,784
Western Digital Corp.+.................... 25,159 695,143
----------
1,478,927
----------
Consulting Services -- 0.6%
Accenture Ltd., Class A................... 34,801 1,202,722
Watson Wyatt Worldwide, Inc., Class A..... 1,037 47,754
----------
1,250,476
----------
Consumer Products - Misc. -- 1.3%
Blyth, Inc................................ 6,937 136,451
Kimberly - Clark Corp..................... 24,543 1,713,347
Tupperware Brands Corp.................... 24,114 841,096
----------
2,690,894
----------
Containers - Paper/Plastic -- 0.1%
Sonoco Products Co........................ 9,160 278,281
----------
Cosmetics & Toiletries -- 0.2%
Procter & Gamble Co....................... 6,453 477,522
----------
Data Processing/Management -- 0.3%
Fiserv, Inc.+............................. 9,400 482,502
Mastercard, Inc., Class A................. 1,106 221,919
----------
704,421
----------
Diversified Manufacturing Operations -- 3.6%
Dover Corp................................ 15,600 721,968
General Electric Co....................... 122,934 4,707,143
Ingersoll - Rand Co., Ltd., Class A....... 19,100 986,324
Parker Hannifin Corp...................... 9,700 770,471
Tyco International, Ltd................... 12,094 485,332
----------
7,671,238
----------
E - Commerce/Services -- 0.2%
eBay, Inc.+............................... 12,217 409,636
----------
Electric - Integrated -- 2.4%
Edison International...................... 16,261 910,291
Exelon Corp............................... 22,600 1,832,182
FPL Group, Inc............................ 10,320 719,923
PPL Corp.................................. 29,300 1,493,128
Progress Energy, Inc...................... 2,826 137,965
----------
5,093,489
----------
46
VALIC Company I Core Value Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
COMMON STOCK (continued)
Electronic Components - Misc. -- 0.5%
NAM TAI Electronics, Inc.................... 11,751 $ 141,012
Tyco Electronics, Ltd....................... 16,688 623,964
Vishay Intertechnology, Inc.+............... 18,791 234,700
-----------
999,676
-----------
Electronic Components - Semiconductors -- 0.7%
Intel Corp.................................. 44,863 1,170,027
NVIDIA Corp.+............................... 7,778 245,318
OmniVision Technologies, Inc.+.............. 7,495 139,557
-----------
1,554,902
-----------
Electronic Parts Distribution -- 0.4%
Avnet, Inc.+................................ 22,195 765,727
-----------
Engineering/R&D Services -- 0.0%
Jacobs Engineering Group, Inc.+............. 194 16,251
-----------
Engines - Internal Combustion -- 0.1%
Cummins, Inc................................ 975 113,978
-----------
Enterprise Software/Service -- 0.5%
Open Text Corp.+............................ 7,519 247,225
Oracle Corp.+............................... 40,400 815,272
-----------
1,062,497
-----------
Finance - Credit Card -- 0.1%
Discover Financial Services................. 13,525 234,929
-----------
Finance - Investment Banker/Broker -- 9.0%
Citigroup, Inc.............................. 172,886 5,757,104
JPMorgan Chase & Co......................... 111,822 5,101,320
Lehman Brothers Holdings, Inc............... 15,469 968,823
Merrill Lynch & Co., Inc.................... 38,771 2,323,934
Morgan Stanley.............................. 47,153 2,485,906
The Bear Stearns Cos., Inc.................. 2,300 229,310
The Goldman Sachs Group, Inc................ 9,046 2,050,185
-----------
18,916,582
-----------
Finance - Mortgage Loan/Banker -- 0.8%
Countrywide Financial Corp.................. 10,100 109,282
Freddie Mac................................. 43,900 1,539,573
-----------
1,648,855
-----------
Financial Guarantee Insurance -- 0.2%
MGIC Investment Corp........................ 17,200 404,544
-----------
Food - Misc. -- 1.1%
General Mills, Inc.......................... 16,067 966,430
Kraft Foods, Inc., Class A.................. 1,443 49,856
Seaboard Corp............................... 100 150,900
Unilever NV................................. 35,200 1,246,784
-----------
2,413,970
-----------
Food - Retail -- 0.5%
The Kroger Co............................... 35,086 1,008,722
-----------
Forestry -- 0.6%
Weyerhaeuser Co............................. 17,515 1,281,748
-----------
Health Care Cost Containment -- 0.1%
Healthspring, Inc.+......................... 6,781 128,161
McKesson Corp............................... 969 64,661
-----------
192,822
-----------
Home Decoration Products -- 0.6%
Newell Rubbermaid, Inc...................... 45,028 1,205,850
-----------
Independent Power Producers -- 0.3%
NRG Energy, Inc.+........................... 6,700 284,013
Reliant Energy, Inc.+....................... 12,108 315,292
-----------
599,305
-----------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------
Insurance Broker -- 0.3%
Marsh & McLennan Cos., Inc.............. 23,200 $ 582,784
-----------
Insurance - Life/Health -- 0.4%
Torchmark Corp.......................... 14,900 919,032
-----------
Insurance - Multi - line -- 3.3%
ACE, Ltd................................ 26,370 1,577,717
Allstate Corp........................... 40,600 2,075,472
Hartford Financial Services Group, Inc.. 25,100 2,392,532
Loews Corp.............................. 17,700 845,883
XL Capital, Ltd., Class A............... 2,794 163,533
-----------
7,055,137
-----------
Insurance - Property/Casualty -- 0.4%
Arch Capital Group, Ltd.+............... 9,179 640,511
The Travelers Cos., Inc................. 2,322 123,321
-----------
763,832
-----------
Insurance - Reinsurance -- 0.9%
Aspen Insurance Holdings, Ltd........... 14,563 419,414
Axis Capital Holdings, Ltd.............. 6,532 249,130
Endurance Specialty Holdings, Ltd....... 21,823 881,431
Odyssey Re Holdings Corp................ 1,266 48,792
PartnerRe, Ltd.......................... 3,043 251,261
-----------
1,850,028
-----------
Internet Security -- 0.0%
Symantec Corp.+......................... 1,767 31,453
-----------
Investment Companies -- 0.1%
KKR Financial Holdings, LLC............. 20,777 316,434
-----------
Machinery - Construction & Mining -- 0.6%
Caterpillar, Inc........................ 18,668 1,342,229
-----------
Machinery - Farming -- 0.3%
Deere & Co.............................. 3,100 532,580
-----------
Medical Instruments -- 0.4%
Boston Scientific Corp.+................ 27,379 345,797
Medtronic, Inc.......................... 10,400 528,840
-----------
874,637
-----------
Medical Labs & Testing Services -- 0.2%
Quest Diagnostics, Inc.................. 6,600 363,396
-----------
Medical Products -- 3.2%
Becton, Dickinson & Co.................. 15,229 1,259,895
Covidien, Ltd........................... 4,894 196,298
Johnson & Johnson....................... 77,037 5,218,487
-----------
6,674,680
-----------
Medical - Biomedical/Gene -- 1.4%
Amgen, Inc.+............................ 41,333 2,283,648
Biogen Idec, Inc.+...................... 871 64,559
Genzyme Corp.+.......................... 3,710 277,990
Invitrogen Corp.+....................... 2,466 239,227
-----------
2,865,424
-----------
Medical - Drugs -- 5.1%
Abbott Laboratories..................... 28,600 1,644,786
Biovail Corp............................ 37,623 575,256
Eli Lilly & Co.......................... 14,783 782,760
Merck & Co., Inc........................ 24,020 1,425,827
Pfizer, Inc............................. 205,559 4,884,082
ViroPharma, Inc.+....................... 15,512 138,677
Wyeth................................... 27,300 1,340,430
-----------
10,791,818
-----------
Medical - Generic Drugs -- 0.1%
Watson Pharmaceuticals, Inc.+........... 5,861 171,786
-----------
47
VALIC Company I Core Value Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------------
COMMON STOCK (continued)
Medical - HMO -- 1.7%
Aetna, Inc.................................... 17,009 $ 950,463
AMERIGROUP Corp.+............................. 16,684 573,429
Coventry Health Care, Inc.+................... 1,327 76,807
Humana, Inc.+................................. 20,464 1,576,342
WellCare Health Plans, Inc.+.................. 5,121 199,258
WellPoint, Inc.+.............................. 3,811 320,924
-----------
3,697,223
-----------
Medical - Outpatient/Home Medical -- 0.1%
Apria Healthcare Group, Inc.+................. 10,641 230,590
-----------
Metal - Copper -- 0.2%
Southern Copper Corp.......................... 3,062 338,810
-----------
Metal - Diversified -- 0.6%
Freeport - McMoRan Copper & Gold, Inc......... 13,204 1,306,272
-----------
Multimedia -- 1.8%
The Walt Disney Co............................ 41,199 1,365,747
Time Warner, Inc.............................. 89,192 1,539,454
Viacom, Inc., Class B+........................ 23,839 1,001,715
-----------
3,906,916
-----------
Networking Products -- 0.1%
Cisco Systems, Inc.+.......................... 7,722 216,370
-----------
Non - Hazardous Waste Disposal -- 0.3%
Waste Management, Inc......................... 17,700 607,464
-----------
Office Automation & Equipment -- 0.9%
Xerox Corp.+.................................. 109,748 1,852,546
-----------
Office Supplies & Forms -- 0.1%
Avery Dennison Corp........................... 4,600 239,706
-----------
Oil Companies - Exploration & Production -- 1.2%
Devon Energy Corp............................. 2,900 240,149
EnCana Corp................................... 14,568 950,562
Occidental Petroleum Corp..................... 18,311 1,277,558
-----------
2,468,269
-----------
Oil Companies - Integrated -- 12.0%
Chevron Corp.................................. 73,773 6,475,056
ConocoPhillips................................ 61,280 4,904,851
Delek US Holdings, Inc........................ 174 3,209
ExxonMobil Corp............................... 121,638 10,845,244
Royal Dutch Shell PLC ADR..................... 37,300 3,037,339
-----------
25,265,699
-----------
Oil Field Machinery & Equipment -- 0.3%
National - Oilwell Varco, Inc.+............... 8,400 572,460
-----------
Oil Refining & Marketing -- 0.9%
Alon USA Energy, Inc.......................... 1,557 43,316
Tesoro Corp................................... 8,067 396,735
Valero Energy Corp............................ 21,423 1,393,994
-----------
1,834,045
-----------
Oil - Field Services -- 0.0%
Schlumberger, Ltd............................. 554 51,771
-----------
Paper & Related Products -- 0.0%
Potlatch Corp................................. 2,176 99,900
-----------
Photo Equipment & Supplies -- 0.1%
Eastman Kodak Co.............................. 5,168 121,345
-----------
Printing - Commercial -- 0.3%
R.R. Donnelley & Sons Co...................... 18,920 693,607
-----------
Publishing - Newspapers -- 0.4%
Gannett Co., Inc.............................. 25,500 937,125
-----------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------
Publishing - Periodicals -- 0.0%
Idearc, Inc.............................. 4,156 $ 78,632
----------
Real Estate Investment Trusts -- 0.3%
Host Hotels & Resorts, Inc............... 12,332 236,651
iStar Financial, Inc..................... 8,914 260,913
ProLogis................................. 1,091 71,373
----------
568,937
----------
Retail - Apparel/Shoe -- 0.4%
Brown Shoe Co., Inc...................... 4,839 82,118
The Gap, Inc............................. 36,568 745,987
----------
828,105
----------
Retail - Auto Parts -- 0.0%
AutoZone, Inc.+.......................... 728 81,267
----------
Retail - Bookstore -- 0.1%
Barnes & Noble, Inc...................... 3,884 149,340
----------
Retail - Building Products -- 0.2%
Home Depot, Inc.......................... 14,400 411,264
----------
Retail - Computer Equipment -- 0.0%
GameStop Corp., Class A+................. 1,666 95,712
----------
Retail - Consumer Electronics -- 0.7%
Best Buy Co., Inc........................ 15,300 781,065
RadioShack Corp.......................... 42,299 782,531
----------
1,563,596
----------
Retail - Discount -- 0.7%
Big Lots, Inc.+.......................... 10,969 204,791
Wal - Mart Stores, Inc................... 26,600 1,274,140
----------
1,478,931
----------
Retail - Drug Store -- 0.2%
Walgreen Co.............................. 13,100 479,329
----------
Retail - Office Supplies -- 0.3%
Staples, Inc............................. 29,500 699,150
----------
Retail - Regional Department Stores -- 0.1%
Kohl's Corp.+............................ 5,100 251,328
----------
Retail - Restaurants -- 1.0%
McDonald's Corp.......................... 36,965 2,161,343
Triarc Cos., Inc., Class B............... 1,995 16,778
----------
2,178,121
----------
Savings & Loans/Thrifts -- 0.5%
Washington Mutual, Inc................... 57,302 1,117,389
----------
Semiconductor Equipment -- 0.5%
Applied Materials, Inc................... 52,499 988,556
ASM International NV..................... 1,077 25,148
Lam Research Corp.+...................... 2,406 110,315
----------
1,124,019
----------
Steel - Producers -- 0.7%
Nucor Corp............................... 10,724 634,968
United States Steel Corp................. 7,857 767,629
----------
1,402,597
----------
Telecom Services -- 0.0%
Embarq Corp.............................. 1,204 61,344
----------
Telephone - Integrated -- 4.5%
AT&T, Inc................................ 119,257 4,556,810
Sprint Nextel Corp....................... 53,950 837,304
Verizon Communications, Inc.............. 94,577 4,086,672
----------
9,480,786
----------
48
VALIC Company I Core Value Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------
COMMON STOCK (continued)
Television -- 0.6%
CBS Corp., Class B...................... 42,093 $1,154,611
Sinclair Broadcast Group, Inc., Class A. 8,648 89,507
----------
1,244,118
----------
Theater -- 0.1%
Regal Entertainment Group, Class A...... 13,179 260,812
----------
Therapeutics -- 0.0%
Gilead Sciences, Inc.+.................. 1,650 76,791
----------
Tobacco -- 0.9%
Altria Group, Inc....................... 21,986 1,705,234
Reynolds American, Inc.................. 3,138 219,723
----------
1,924,957
----------
Toys -- 0.3%
Hasbro, Inc............................. 23,895 663,564
Mattel, Inc............................. 1,554 31,049
----------
694,613
----------
Transport - Marine -- 0.1%
Overseas Shipholding Group, Inc......... 1,561 111,768
----------
Transport - Rail -- 0.6%
Burlington Northern Santa Fe Corp....... 4,452 371,831
CSX Corp................................ 4,882 205,044
Norfolk Southern Corp................... 4,661 238,690
Union Pacific Corp...................... 3,003 378,798
----------
1,194,363
----------
Shares/
Principal Value
Security Description Amount (Note 2)
- ----------------------------------------------------------------------------------
Transport - Services -- 0.6%
FedEx Corp............................................. 3,147 $ 309,885
United Parcel Service, Inc., Class B................... 12,990 957,103
------------
1,266,988
------------
Web Portals/ISP -- 0.3%
United Online, Inc..................................... 40,163 604,052
------------
Wireless Equipment -- 0.1%
Motorola, Inc.......................................... 15,700 250,729
------------
Total Long - Term Investment Securities
(cost $188,572,276)................................... 207,976,525
------------
SHORT - TERM INVESTMENT SECURITIES -- 1.0%
Time Deposit -- 1.0%
Euro Time Deposit with State Street Bank & Trust Co.
2.25% due 12/03/07
(cost $2,191,000)..................................... $2,191,000 2,191,000
------------
REPURCHASE AGREEMENT -- 0.4%
Agreement with State Street Bank & Trust Co., bearing
interest at 4.06%, dated 11/30/07, to be repurchased
12/03/07 in the amount of $797,270 and collateralized
by Federal Home Loan Bank Notes, bearing interest at
4.38%, due 09/17/10 and having an approximate value
of $812,984 (cost $797,000)........................... 797,000 797,000
------------
TOTAL INVESTMENTS
(cost $191,570,871)(1)................................ 99.9% 210,964,525
Other assets less liabilities............................ 0.1 284,299
---------- ------------
NET ASSETS -- 100.0% $211,248,824
========== ============
- --------
+ Non-income producing security
(1)See Note 5 for cost of investments on a tax basis.
ADR--American Depository Receipt
See Notes to Financials Statements
49
VALIC Company I Foreign Value Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Banks -- Commercial.............................. 12.9%
Collective Investment Pool....................... 7.3
Medical -- Drugs................................. 7.1
Oil Companies -- Integrated...................... 6.1
Telephone -- Integrated.......................... 4.7
Cellular Telecom................................. 4.3
Insurance -- Multi-line.......................... 3.8
Telecom Services................................. 3.8
Electronic Components -- Semiconductors.......... 3.7
Real Estate Operations & Development............. 3.3
U.S. Government Agencies......................... 2.9
Multimedia....................................... 2.3
Television....................................... 2.3
Diversified Financial Services................... 2.1
Publishing -- Books.............................. 2.1
Electric -- Generation........................... 1.9
Semiconductors Components -- Intergrated Circuits 1.8
Insurance -- Life/Health......................... 1.7
Diversified Manufacturing Operations............. 1.6
Electronic Components -- Misc.................... 1.4
Athletic Footwear................................ 1.3
Computers -- Periphery Equipment................. 1.3
Oil Companies -- Exploration & Production........ 1.3
Transport -- Services............................ 1.3
Diversified Operations........................... 1.2
Oil Refining & Marketing......................... 1.2
Paper & Related Products......................... 1.2
Human Resources.................................. 1.1
Diversified Minerals............................. 1.0
Power Converter/Supply Equipment................. 1.0
Retail -- Building Products...................... 1.0
Satellite Telecom................................ 1.0
Aerospace/Defense................................ 0.8
Auto/Truck Parts & Equipment -- Original......... 0.8
Chemicals -- Specialty........................... 0.8
Food -- Misc..................................... 0.8
Internet Security................................ 0.8
Medical -- Wholesale Drug Distribution........... 0.8
Photo Equipment & Supplies....................... 0.8
Apparel Manufacturers............................ 0.7
Auto -- Cars/Light Trucks........................ 0.7
Coal............................................. 0.7
Investment Management/Advisor Services........... 0.7
Retail -- Automobile............................. 0.7
Finance -- Investment Banker/Broker.............. 0.6
Retail -- Misc./Diversified...................... 0.6
Security Services................................ 0.6
Electronic Parts Distribution.................... 0.5
Building -- Heavy Construction................... 0.4
Electric -- Integrated........................... 0.4
Food -- Catering................................. 0.4
Machinery -- Pumps............................... 0.4
Retail -- Home Furnishings....................... 0.4
Retail -- Major Department Stores................ 0.4
Transport -- Rail................................ 0.4
Enterprise Software/Service...................... 0.3
Medical -- Hospitals............................. 0.3
Metal -- Aluminum................................ 0.3
Building -- Residential/Commercial............... 0.2
Consumer Products -- Misc........................ 0.2
Electric Products -- Misc........................ 0.2
Office Supplies & Forms.......................... 0.2
Engineering/R&D Services......................... 0.1
Rubber -- Tires.................................. 0.1
-----
107.1%
=====
Country Allocation*
United Kingdom 21.9%
United States. 10.2
Japan......... 9.1
France........ 7.8
Germany....... 6.8
Taiwan........ 5.6
Hong Kong..... 5.3
Italy......... 4.9
South Korea... 4.8
Netherlands... 3.9
Singapore..... 3.8
Switzerland... 3.5
India......... 1.9
Brazil........ 1.8
China......... 1.5
Spain......... 1.5
Russia........ 1.4
Bermuda....... 1.3
Thailand...... 1.3
Finland....... 1.2
Australia..... 1.1
Austria....... 1.0
South Africa.. 1.0
Turkey........ 0.9
Israel........ 0.8
Denmark....... 0.7
Philippines... 0.6
Mexico........ 0.5
Norway........ 0.5
Sweden........ 0.5
-----
107.1%
=====
* Calculated as a percentage of net assets
50
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(4)
--------------------------------------------------------------------
COMMON STOCK -- 95.9%
Australia -- 1.1%
Alumina, Ltd.#............................. 722,153 $ 4,124,270
Goodman Fielder, Ltd.#..................... 5,034,421 8,708,880
-----------
12,833,150
-----------
Austria -- 1.0%
Telekom Austria AG......................... 395,340 11,526,924
-----------
Bermuda -- 1.3%
Yue Yuen Industrial Holdings, Ltd.......... 4,541,672 14,502,079
-----------
Brazil -- 0.8%
Empressa Brasileira de Aeronautica SA ADR#. 213,962 9,324,464
-----------
China -- 1.5%
China Shenhua Energy Co., Ltd.............. 1,315,238 7,828,437
China Telecom Corp., Ltd................... 11,481,823 9,205,561
-----------
17,033,998
-----------
Denmark -- 0.7%
Vestas Wind Systems A/S+................... 79,450 7,509,129
-----------
Finland -- 1.2%
UPM - Kymmene Oyj.......................... 646,988 13,672,558
-----------
France -- 7.8%
AXA SA..................................... 139,400 5,653,206
Eutelsat Communications+................... 436,610 11,647,890
France Telecom SA#......................... 296,615 11,248,404
Sanofi - Aventis#.......................... 329,630 31,301,026
Societe BIC SA#............................ 28,995 2,153,303
Total SA#.................................. 104,480 8,451,513
Vinci SA................................... 55,454 4,390,519
Vivendi Universal SA....................... 299,580 13,771,380
-----------
88,617,241
-----------
Germany -- 6.8%
Bayerische Motoren Werke AG#............... 120,480 7,342,928
Celesio AG#................................ 160,070 9,248,886
Commerzbank AG............................. 141,820 5,576,339
Deutsche Post AG........................... 439,850 14,927,244
Infineon Technologies AG+.................. 1,567,000 18,639,380
SAP AG..................................... 63,980 3,259,679
Siemens AG................................. 120,035 18,211,468
-----------
77,205,924
-----------
Hong Kong -- 5.3%
Cheung Kong Holdings, Ltd.................. 1,552,488 29,160,736
Hang Lung Group, Ltd....................... 1,393,573 7,933,956
Hongkong Electric Holdings, Ltd............ 980,169 5,148,221
Hutchison Whampoa, Ltd..................... 1,123,341 13,386,626
MTR Corp., Ltd............................. 1,395,780 4,706,366
-----------
60,335,905
-----------
India -- 1.9%
Gail India, Ltd. GDR+*..................... 118,579 7,707,635
Reliance Industries, Ltd. GDR*............. 89,790 13,158,786
-----------
20,866,421
-----------
Israel -- 0.8%
Check Point Software Technologies+......... 370,390 8,452,300
-----------
Italy -- 4.9%
Eni SpA.................................... 490,431 17,516,408
Intesa Sanpaolo SpA........................ 1,338,110 10,685,290
Mediaset SpA#.............................. 854,344 8,337,080
UniCredito Italiano SpA.................... 2,194,307 18,586,312
-----------
55,125,090
-----------
Value
Security Description Shares (Note 2)(4)
--------------------------------------------------------------------
Japan -- 9.1%
Ebara Corp.#............................... 1,221,000 $ 4,420,742
Hitachi, Ltd.#............................. 379,898 2,656,043
Konica Minolta Holdings, Inc............... 460,832 8,836,595
Mitsubishi UFJ Financial Group, Inc........ 1,943,000 19,040,430
NGK Spark Plug Co., Ltd.#.................. 374,000 6,630,717
NOK Corp................................... 134,200 2,728,338
Nomura Holdings, Inc.#..................... 382,168 6,844,471
Shinsei Bank, Ltd.#........................ 2,809,637 10,062,090
Sumitomo Mitsui Financial Group, Inc.#..... 2,275 19,881,376
Sumitomo Rubber Industries, Ltd............ 118,500 1,156,837
Takeda Pharmaceutical Co., Ltd............. 169,654 10,963,226
Takuma Co., Ltd.#.......................... 323,000 1,440,875
USS Co, Ltd................................ 131,840 8,503,925
------------
103,165,665
------------
Mexico -- 0.5%
Telefonos de Mexico SAB de CV ADR#......... 156,458 5,831,190
------------
Netherlands -- 3.9%
ING Groep NV............................... 662,250 25,479,067
Koninklijke Philips Electronics NV......... 111,750 4,650,285
Reed Elsevier NV........................... 786,120 14,479,178
------------
44,608,530
------------
Norway -- 0.5%
Telenor ASA+............................... 239,298 5,543,254
------------
Philippines -- 0.6%
Philippine Long Distance Telephone Co...... 93,500 6,751,489
Philippine Long Distance Telephone Co. ADR. 442 32,102
------------
6,783,591
------------
Russia -- 1.4%
Mobile Telesystems OJSC ADR................ 101,952 9,247,046
OAO Gazprom ADR............................ 126,800 6,656,600
------------
15,903,646
------------
Singapore -- 3.8%
Flextronics International, Ltd.+#.......... 1,000,740 11,968,850
Parkway Holdings, Ltd.#.................... 1,164,000 3,055,219
Singapore Telecommunications, Ltd.......... 6,314,999 16,924,385
United Overseas Bank, Ltd.................. 798,387 10,961,123
------------
42,909,577
------------
South Africa -- 1.0%
Ellerine Holdings, Ltd..................... 375,655 4,425,760
Foschini, Ltd.............................. 474,115 3,367,381
Massmart Holdings, Ltd..................... 365,443 3,882,280
------------
11,675,421
------------
South Korea -- 4.8%
Hana Financial Group, Inc.................. 270,550 12,782,206
Kookmin Bank............................... 119,383 8,675,407
KT Corp. ADR#.............................. 176,477 4,627,227
Lotte Shopping Co., Ltd.................... 12,315 5,021,109
Samsung Electronics Co., Ltd............... 38,348 23,616,016
------------
54,721,965
------------
Spain -- 1.5%
Gamesa Corp. Tecnologica SA................ 65,529 2,971,494
Telefonica SA.............................. 424,804 14,218,681
Telefonica SA ADR.......................... 279 28,087
------------
17,218,262
------------
51
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(4)
-------------------------------------------------------------------------
COMMON STOCK (continued)
Sweden -- 0.5%
Husqvarna AB, Class A#....................... 55,729 $ 597,847
Husqvarna AB, Class B........................ 185,766 1,993,146
Securitas AB, Class B........................ 208,465 2,850,108
Securitas Systems AB, Class B................ 208,465 658,378
--------------
6,099,479
--------------
Switzerland -- 3.5%
Adecco SA.................................... 233,970 12,977,521
Ciba Specialty Chemicals AG.................. 190,320 8,577,696
Novartis AG.................................. 313,260 17,734,749
--------------
39,289,966
--------------
Taiwan -- 5.6%
Chunghwa Telecom Co., Ltd. ADR............... 578,606 11,531,617
Lite - On Technology Corp.................... 8,512,777 14,719,409
Mega Financial Holding Co., Ltd.............. 18,343,000 11,337,464
Taishin Financial Holding Co., Ltd.+......... 13,332,000 5,696,039
Taiwan Semiconductor Manufacturing Co., Ltd.. 10,698,328 20,149,806
--------------
63,434,335
--------------
Thailand -- 1.3%
Advanced Info Service Public Co., Ltd........ 2,964,400 8,101,248
Krung Thai Bank PCL(3)....................... 22,353,200 6,835,499
--------------
14,936,747
--------------
Turkey -- 0.9%
Turkcell Iletisim Hizmetleri AS ADR.......... 381,090 10,419,000
--------------
United Kingdom -- 21.9%
Aviva PLC.................................... 924,468 12,977,869
BP PLC....................................... 1,790,792 21,703,414
BP PLC ADR#.................................. 180 13,093
British Energy Group PLC..................... 1,999,543 21,461,531
British Sky Broadcasting Group PLC........... 1,437,470 18,482,633
Burberry Group PLC........................... 657,675 7,780,626
Compass Group PLC............................ 712,754 4,665,967
Electrocomponents PLC........................ 1,218,762 5,543,689
G4S PLC...................................... 711,803 3,194,574
GlaxoSmithKline PLC.......................... 718,821 18,973,444
HSBC Holdings PLC............................ 810,775 13,769,503
Invesco PLC.................................. 659,489 8,517,148
Kingfisher PLC............................... 3,659,325 11,466,863
Old Mutual PLC............................... 5,639,463 19,519,588
Pearson PLC.................................. 842,787 12,933,494
Persimmon PLC................................ 121,100 1,986,698
Royal Bank of Scotland Group PLC............. 1,545,142 14,560,314
Royal Dutch Shell PLC, Class A............... 167,235 6,780,222
Royal Dutch Shell PLC, Class B............... 354,545 14,242,092
Vodafone Group PLC........................... 5,624,627 21,047,730
Yell Group PLC............................... 1,025,690 8,773,467
--------------
248,393,959
--------------
Total Common Stock
(cost $988,481,016)......................... 1,087,939,770
--------------
Shares/
Principal Value
Security Description Amount (Note 2)(4)
------------------------------------------------------------------------
PREFERRED STOCK -- 1.0%
Brazil -- 1.0%
Cia Vale do Rio Doce ADR................. 373,884 $ 10,816,464
Contax Participacoes SA ADR.............. 254,706 328,571
--------------
(cost $4,051,144)....................... 11,145,035
--------------
RIGHTS -- 0.0%
Hong Kong -- 0.0%
Byd Co. Expires 06/18/07 (cost $0)....... 2,333 0
--------------
Total Long - Term Investment Securities
(cost $992,532,160)..................... 1,099,084,805
--------------
SHORT - TERM INVESTMENT SECURITIES -- 10.2%
United States -- 10.2%
Collective Investment Pool -- 7.3%
Securities Lending Quality Trust(1)...... 82,842,728 82,842,728
--------------
U.S. Government Agencies -- 2.9%
Federal Home Loan Bank Disc. Notes
3.80% due 12/03/07...................... $33,515,000 33,507,925
--------------
Total Short - Term Investment Securities
(cost $116,350,653)..................... 116,350,653
--------------
TOTAL INVESTMENTS
(cost $1,108,882,813)(2)................ 107.1% 1,215,435,458
Liabilities in excess of other assets...... (7.1) (80,535,961)
----------- --------------
NET ASSETS -- 100.0% $1,134,899,497
=========== ==============
- --------
# The security or a portion thereof is out on loan (See Note 2)
+ Non-income producing security
* Securities exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be sold in transactions exempt from registration,
normally to qualified institutional buyers. The Fund has no right to demand
registration of these securities. At November 30, 2007, the aggregate value
of these securities was $20,866,421 representing 1.90% of net assets. Unless
otherwise indicated these securities are not considered to be illiquid.
(1)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(2)See Note 5 for cost of investments on a tax basis.
(3)Fair valued security; see Note 2.
(4)A substantial number of the portfolio's holdings were valued using the fair
value procedures at November 30, 2007. At November 30, 2007, the aggregate
value of these securities was $1,000,655,911 representing 88.17% of net
assets. See Note 2 regarding fair value pricing procedures for foreign
equity securities.
ADR--American Depository Receipt
GDR--Global Depository Receipt
See Notes to Financial Statements
52
VALIC Company I Global Equity Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Oil Companies -- Integrated............ 7.1%
Collective Investment Pool............. 6.8
Banks -- Commercial.................... 6.1
Auto -- Cars/Light Trucks.............. 4.0
Medical Products....................... 4.0
Insurance -- Multi-line................ 3.8
Finance -- Investment Banker/Broker.... 3.7
Steel -- Producers..................... 3.7
Medical -- Drugs....................... 3.5
Medical -- HMO......................... 3.3
Multimedia............................. 3.2
Electronic Forms....................... 3.0
Wireless Equipment..................... 3.0
Aerospace/Defense...................... 2.9
Tobacco................................ 2.9
Telephone -- Integrated................ 2.7
Diversified Minerals................... 2.4
Banks -- Super Regional................ 2.3
Oil Field Machinery & Equipment........ 2.3
Soap & Cleaning Preparation............ 2.3
Insurance -- Reinsurance............... 2.1
Oil Refining & Marketing............... 2.1
Enterprise Software/Service............ 2.0
Electronic Components -- Semiconductors 1.8
Office Automation & Equipment.......... 1.8
Retail -- Apparel/Shoe................. 1.7
Shipbuilding........................... 1.7
Airlines............................... 1.6
Metal -- Diversified................... 1.5
Mining................................. 1.4
Oil -- Field Services.................. 1.4
Telecom Services....................... 1.4
Transport -- Marine.................... 1.4
Computers -- Memory Devices............ 1.3
Independent Power Producers............ 1.2
Audio/Video Products................... 1.1
Consulting Services.................... 1.1
Food -- Retail......................... 1.1
Diversified Financial Services......... 1.0
Import/Export.......................... 0.9
Beverages -- Non-alcoholic............. 0.7
Medical -- Generic Drugs............... 0.7
Non-Ferrous Metals..................... 0.6
Gas -- Distribution.................... 0.5
Rental Auto/Equipment.................. 0.5
Retail -- Major Department Stores...... 0.5
E-Commerce/Products.................... 0.2
Repurchase Agreements.................. 0.1
U.S. Government Treasuries............. 0.1
-----
106.5%
=====
Country Allocation*
United States. 54.2%
Japan......... 10.9
United Kingdom 7.5
Switzerland... 5.7
Germany....... 4.1
Finland....... 3.0
South Korea... 2.7
Sweden........ 2.6
Belgium....... 2.2
Canada........ 2.2
France........ 1.9
Bermuda....... 1.4
Norway........ 1.4
Cayman Islands 1.3
Singapore..... 1.3
Ireland....... 1.2
Austria....... 1.0
Australia..... 0.6
Russia........ 0.6
Brazil........ 0.4
Italy......... 0.3
-----
106.5%
=====
* Calculated as a percentage of net assets
53
VALIC Company I Global Equity Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(3)
--------------------------------------------------------------------
COMMON STOCK -- 99.5%
Australia -- 0.6%
Minara Resources, Ltd.#....................... 454,073 $ 2,515,736
-----------
Austria -- 1.0%
Voestalpine AG................................ 60,875 4,459,862
-----------
Belgium -- 2.2%
Delhaize Group................................ 56,436 4,917,505
Fortis........................................ 42,187 1,131,806
KBC Groep NV.................................. 28,229 3,905,130
-----------
9,954,441
-----------
Bermuda -- 1.4%
Accenture Ltd., Class A#...................... 142,000 4,907,520
Orient Overseas International, Ltd............ 179,000 1,386,408
-----------
6,293,928
-----------
Brazil -- 0.4%
Banco Do Brasil SA............................ 107,200 1,901,579
-----------
Canada -- 2.2%
Suncor Energy, Inc............................ 39,300 3,757,661
Teck Cominco, Ltd............................. 112,648 4,314,634
Teck Cominco, Ltd., Class B................... 44,352 1,694,690
-----------
9,766,985
-----------
Cayman Islands -- 1.3%
Seagate Technology............................ 235,800 6,081,282
-----------
Finland -- 3.0%
Nokia Oyj..................................... 344,400 13,560,585
-----------
France -- 1.9%
Air France - KLM.............................. 35,700 1,282,091
Credit Agricole SA#........................... 148,757 5,189,596
Societe Generale.............................. 7,017 1,074,611
Vivendi Universal SA.......................... 27,714 1,273,984
-----------
8,820,282
-----------
Germany -- 4.1%
Allianz SE#................................... 52,239 10,751,044
Salzgitter AG#................................ 48,450 7,743,562
-----------
18,494,606
-----------
Ireland -- 1.2%
Allied Irish Banks PLC........................ 168,991 3,832,883
Bank of Ireland............................... 100,864 1,598,242
-----------
5,431,125
-----------
Italy -- 0.3%
UniCredito Italiano SpA....................... 154,159 1,305,764
-----------
Japan -- 10.9%
Canon, Inc.#.................................. 153,700 8,093,527
JFE Holdings, Inc............................. 66,800 3,666,302
Matsushita Electric Industrial Co., Ltd....... 247,000 5,000,872
Mitsubishi Corp............................... 142,100 4,108,651
Mitsui O.S.K. Lines, Ltd.#.................... 324,000 4,855,169
Nissan Motor Co., Ltd.#....................... 423,500 4,858,634
Sumitomo Metal Industries, Ltd................ 236,000 1,046,821
Sumitomo Metal Mining Co., Ltd................ 224,000 4,650,643
Suzuki Motor Corp.#........................... 408,600 13,343,966
-----------
49,624,585
-----------
Norway -- 1.4%
Petroleum Geo - Services ASA.................. 230,350 6,584,865
-----------
Russia -- 0.6%
Mining & Metallurgical Co. Norilsk Nickel ADR. 8,750 2,546,250
-----------
Singapore -- 1.3%
Singapore Airlines, Ltd....................... 467,600 5,798,056
-----------
Value
Security Description Shares (Note 2)(3)
---------------------------------------------------------------------
South Korea -- 2.7%
Hyundai Heavy Industries Co., Ltd.......... 6,670 $ 3,428,175
Hyundai Mipo Dockyard Co., Ltd............. 11,929 4,162,334
Korea Investment Holdings Co., Ltd......... 45,280 3,581,194
Shinhan Financial Group Co., Ltd........... 20,420 1,117,945
------------
12,289,648
------------
Sweden -- 2.6%
Boliden AB................................. 275,100 3,891,938
Hennes & Mauritz AB, Class B............... 127,250 7,967,530
------------
11,859,468
------------
Switzerland -- 5.7%
Credit Suisse Group........................ 103,289 6,184,827
Roche Holding AG........................... 18,863 3,580,359
Swiss Reinsurance.......................... 128,136 9,448,119
Zurich Financial Services AG............... 22,305 6,454,662
------------
25,667,967
------------
United Kingdom -- 7.5%
Antofagasta PLC............................ 411,513 6,469,881
Ashtead Group PLC.......................... 1,449,500 2,267,836
Barclays PLC............................... 244,112 2,827,966
Centrica PLC............................... 320,120 2,394,216
Marks & Spencer Group PLC.................. 187,743 2,254,302
Reckitt Benckiser PLC...................... 171,097 10,160,102
Royal Bank of Scotland Group PLC........... 589,000 5,550,315
Royal Dutch Shell PLC, Class A............. 55,692 2,246,258
------------
34,170,876
------------
United States -- 47.2%
Adobe Systems, Inc.+....................... 322,900 13,607,006
Bank of America Corp....................... 231,000 10,656,030
Chevron Corp............................... 64,800 5,687,496
Eli Lilly & Co............................. 72,600 3,844,170
Embarq Corp................................ 127,262 6,483,999
ExxonMobil Corp............................ 119,854 10,686,183
Johnson & Johnson.......................... 266,800 18,073,032
JPMorgan Chase & Co........................ 69,800 3,184,276
Lockheed Martin Corp....................... 118,700 13,136,529
Loews Corp.--Carolina Group................ 149,500 13,298,025
Marathon Oil Corp.......................... 173,400 9,693,060
Mirant Corp.+#............................. 139,000 5,364,010
National-Oilwell Varco, Inc.+.............. 150,700 10,270,205
NutriSystem, Inc.+#........................ 27,550 692,882
NVIDIA Corp.+.............................. 256,800 8,099,472
Oracle Corp.+.............................. 449,000 9,060,820
PepsiCo, Inc............................... 40,000 3,087,200
Pfizer, Inc................................ 359,655 8,545,403
Qwest Communications International, Inc.+#. 153,500 1,017,705
Sprint Nextel Corp......................... 103,378 1,604,427
The Goldman Sachs Group, Inc.#............. 32,500 7,365,800
UnitedHealth Group, Inc.................... 51,500 2,832,500
Valero Energy Corp......................... 148,000 9,630,360
Verizon Communications, Inc................ 219,600 9,488,916
Viacom, Inc., Class B+..................... 309,400 13,000,988
Watson Pharmaceuticals, Inc.+#............. 112,181 3,288,025
WellPoint, Inc.+........................... 148,200 12,479,922
------------
214,178,441
------------
Total Long-Term Investment Securities
(cost $418,293,098)....................... 451,306,331
------------
SHORT-TERM INVESTMENT SECURITIES -- 6.9%
Collective Investment Pool -- 6.8%
Securities Lending Quality Trust(1)........ 30,842,046 30,842,046
------------
54
VALIC Company I Global Equity Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Shares/
Principal Value
Security Description Amount (Note 2)(3)
- ----------------------------------------------------------------------------------
U.S. Government Treasuries -- 0.1%
United States Treasury Bills
3.97% due 03/27/08@.................................... $400,000 $ 340,986
3.91% due 03/27/08@.................................... 60,000 113,207
------------
454,193
------------
Total Short-Term Investment Securities
(cost $31,296,239)..................................... 31,296,239
------------
REPURCHASE AGREEMENT -- 0.1%
Agreement with Bank of America NA, bearing interest at
4.48% dated 11/30/07 to be repurchased 12/03/07 in the
amount of $376,140 and collateralized by Federal Home
Loan Bank Notes, bearing interest at 5.25% due
01/16/2009 and having an approximate value of $386,250
(cost $376,000)........................................ 376,000 376,000
------------
TOTAL INVESTMENTS --
(cost $449,965,337) (2)................................ 106.5% 482,978,570
Liabilities in excess of other assets................... (6.5) (29,274,721)
-------- ------------
NET ASSETS -- 100.0% $453,703,849
======== ============
- --------
# The security or a portion thereof is out on loan (See Note 2)
+ Non-income producing security
@ The security or a portion thereof was pledged as collateral to cover margin
requirements for open futures contracts.
(1)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(2)See Note 5 for cost of investments on a tax basis.
(3)A substantial number of the Portfolio's holdings were valued using the fair
value procedures at November 30, 2007. At November 30, 2007, the aggregate
value of these securities was $205,340,100 representing 45.3% of net assets.
See Note 2 regarding fair value pricing procedures for foreign equity
securities.
ADR--American Depository Receipt
Open Futures Contracts
- ---------------------------------------------------------------------------------
Unrealized
Number of Expiration Value at Value as of Appreciation
Contracts Description Date Trade Date November 30, 2007 (Depreciation)
- ---------------------------------------------------------------------------------
6 Long S&P 500 Index December 2007 $2,203,523 $2,225,550 $22,027
=======
Open Forward Foreign Currency Contract
-------------------------------------------------------------------
Gross
Contract to In Exchange Delivery Unrealized
Deliver For Date Appreciation
-------------------------------------------------------------------
*AUD 19,803,600 USD 17,704,289 01/16/2008 $ 252,062
*CAD 18,217,100 USD 18,904,258 01/16/2008 678,995
*CHF 1,202,500 USD 1,076,515 12/19/2007 13,141
*EUR 12,324,900 USD 18,161,296 12/19/2007 122,683
*GBP 7,753,000 USD 16,072,804 12/19/2007 142,491
*JPY 389,437,900 USD 3,546,229 02/20/2008 7,354
*NOK 107,797,700 USD 19,788,743 12/19/2007 357,979
*USD 2,803,832 AUD 3,200,200 01/16/2008 16,394
*USD 5,757,484 CHF 6,748,800 12/19/2007 210,501
*USD 113,108,243 EUR 80,401,100 12/19/2007 4,566,090
*USD 44,989,356 GBP 22,262,400 12/19/2007 753,840
*USD 5,775,547 JPY 650,474,400 02/20/2008 135,402
*USD 14,113,374 NOK 80,986,500 12/19/2007 484,614
*USD 1,737,313 SEK 11,831,100 12/19/2007 114,955
----------
$7,856,501
==========
55
VALIC Company I Global Equity Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
--------------------------------------------------------------------------
Gross
Contract to In Exchange Delivery Unrealized
Deliver For Date Depreciation
--------------------------------------------------------------------------
*AUD 17,976,500 USD 15,712,278 01/16/2008 $ (129,790)
*CHF 26,097,700 USD 21,914,780 12/19/2007 (1,163,499)
*EUR 69,634,500 USD 97,805,927 12/19/2007 (4,110,506)
*GBP 13,716,400 USD 27,670,259 12/19/2007 (513,224)
*JPY 4,542,210,600 USD 40,186,208 02/20/2008 (1,089,474)
*NOK 16,135,700 USD 2,772,926 12/19/2007 (135,569)
*SEK 82,134,500 USD 12,549,171 12/19/2007 (309,740)
*USD 63,171,833 AUD 70,838,700 01/16/2008 (744,139)
*USD 15,319,345 CAD 15,022,200 01/16/2008 (290,414)
*USD 3,542,600 CHF 3,929,200 12/19/2007 (67,996)
*USD 19,356,020 EUR 13,153,700 12/19/2007 (104,382)
*USD 10,685,960 GBP 5,166,000 12/19/2007 (71,230)
*USD 20,967,933 JPY 2,271,188,700 02/20/2008 (329,334)
*USD 16,158,404 NOK 87,463,200 12/19/2007 (392,977)
*USD 3,414,595 SEK 21,465,700 12/19/2007 (53,942)
-----------
(9,506,216)
===========
Net Unrealized Appreciation (Depreciation) $(1,649,715)
===========
- --------
* Represents open forward foreign currency contracts and offsetting or
partially offsetting open forward foreign currency contracts that do not
have additional market risk but have continued counterparty settlement risk.
AUD--Australian Dollar
CAD--Canada Dollar
CHF--Swiss Franc
EUR--Euro Dollar
GBP--Bristish Pound
JPY--Japanese Yen
NOK--Norwegian Krone
SEK--Swedish Krona
USD--United States Dollar
56
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Banks -- Commercial...................... 8.6%
Medical -- Drugs......................... 5.6
Collective Investment Pool............... 4.4
Oil Companies -- Integrated.............. 3.7
Finance -- Investment Banker/Broker...... 3.3
Banks -- Super Regional.................. 3.0
Food -- Misc............................. 3.0
Telephone -- Integrated.................. 2.8
Insurance -- Multi-line.................. 2.7
Computers................................ 2.6
Oil Companies -- Exploration & Production 2.5
Multimedia............................... 2.0
Commercial Paper......................... 1.8
Transport -- Rail........................ 1.7
Medical -- HMO........................... 1.6
Applications Software.................... 1.4
Beverages -- Non-alcoholic............... 1.4
Chemicals -- Diversified................. 1.4
Oil -- Field Services.................... 1.4
Diversified Minerals..................... 1.3
Enterprise Software/Service.............. 1.3
Insurance -- Life/Health................. 1.3
Networking Products...................... 1.2
Steel -- Producers....................... 1.2
Cellular Telecom......................... 1.1
Real Estate Operations & Development..... 1.1
Electric -- Integrated................... 1.0
Medical Products......................... 1.0
Retail -- Drug Store..................... 1.0
Web Portals/ISP.......................... 1.0
Auto -- Cars/Light Trucks................ 0.9
Consumer Products -- Misc................ 0.9
Industrial Gases......................... 0.9
Medical -- Biomedical/Gene............... 0.9
Pipelines................................ 0.9
Retail -- Restaurants.................... 0.9
Semiconductor Equipment.................. 0.9
Cosmetics & Toiletries................... 0.8
Insurance -- Property/Casualty........... 0.8
Building -- Heavy Construction........... 0.7
Diversified Manufacturing Operations..... 0.7
Finance -- Credit Card................... 0.7
Machinery -- Farming..................... 0.7
Medical Instruments...................... 0.7
Retail -- Discount....................... 0.7
Transport -- Services.................... 0.7
Wireless Equipment....................... 0.7
Banks -- Fiduciary....................... 0.6
Gas -- Distribution...................... 0.6
Machinery -- Construction & Mining....... 0.6
Medical -- Wholesale Drug Distribution... 0.6
Office Automation & Equipment............ 0.6
Retail -- Major Department Stores........ 0.6
Athletic Footwear........................ 0.5
Electronic Components -- Misc............ 0.5
Finance -- Mortgage Loan/Banker.......... 0.5
Finance -- Other Services................ 0.5
Food -- Retail........................... 0.5
Repurchase Agreements.................... 0.5
Airlines................................. 0.4
Auto -- Heavy Duty Trucks................ 0.4
Building Products -- Cement.............. 0.4
Distribution/Wholesale................... 0.4
Machinery -- General Industrial.......... 0.4
Mining................................... 0.4
Real Estate Management/Services.......... 0.4
Retail -- Automobile..................... 0.4
Retail -- Building Products.............. 0.4
Wire & Cable Products.................... 0.4
Auto/Truck Parts & Equipment -- Original.. 0.3
Cable TV.................................. 0.3
Chemicals -- Specialty.................... 0.3
Computers -- Memory Devices............... 0.3
Computers -- Periphery Equipment.......... 0.3
Diversified Financial Services............ 0.3
Electric -- Transmission.................. 0.3
Engineering/R&D Services.................. 0.3
Filtration/Separation Products............ 0.3
Food -- Wholesale/Distribution............ 0.3
Metal -- Copper........................... 0.3
Office Supplies & Forms................... 0.3
Oil & Gas Drilling........................ 0.3
Real Estate Investment Trusts............. 0.3
Toys...................................... 0.3
Agricultural Chemicals.................... 0.2
Agricultural Operations................... 0.2
Appliances................................ 0.2
Audio/Video Products...................... 0.2
Broadcast Services/Program................ 0.2
Building -- Residential/Commercial........ 0.2
Diversified Operations/Commercial Services 0.2
E-Commerce/Services....................... 0.2
Electronic Components -- Semiconductors... 0.2
Investment Management/Advisor Services.... 0.2
Metal -- Diversified...................... 0.2
Optical Supplies.......................... 0.2
Photo Equipment & Supplies................ 0.2
Printing -- Commercial.................... 0.2
Publishing -- Newspapers.................. 0.2
Recreational Vehicles..................... 0.2
Retail -- Apparel/Shoe.................... 0.2
Retail -- Consumer Electronics............ 0.2
Savings & Loans/Thrifts................... 0.2
Therapeutics.............................. 0.2
Transport -- Marine....................... 0.2
Water..................................... 0.2
Advertising Agencies...................... 0.1
Apparel Manufacturers..................... 0.1
Building & Construction Products -- Misc.. 0.1
Building & Construction -- Misc........... 0.1
Building Products -- Doors & Windows...... 0.1
Circuit Boards............................ 0.1
Computers -- Integrated Systems........... 0.1
Data Processing/Management................ 0.1
Diversified Operations.................... 0.1
E-Commerce/Products....................... 0.1
Electric Products -- Misc................. 0.1
Electric -- Generation.................... 0.1
Electronic Measurement Instruments........ 0.1
Electronic Security Devices............... 0.1
Engines -- Internal Combustion............ 0.1
Finance -- Leasing Companies.............. 0.1
Food -- Confectionery..................... 0.1
Human Resources........................... 0.1
Independent Power Producers............... 0.1
Instruments -- Scientific................. 0.1
Internet Application Software............. 0.1
Machine Tools & Related Products.......... 0.1
Machinery -- Electrical................... 0.1
Medical -- Generic Drugs.................. 0.1
Oil Field Machinery & Equipment........... 0.1
Pharmacy Services......................... 0.1
Property Trust............................ 0.1
Public Thoroughfares...................... 0.1
Publishing -- Periodicals................. 0.1
Retail -- Auto Parts...................... 0.1
Retail -- Misc./Diversified............... 0.1
Retail -- Office Supplies................. 0.1
57
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Industry Allocation* (continued)
Telecom Services........... 0.1
Telecommunication Equipment 0.1
Television................. 0.1
Textile -- Products........ 0.1
Tools -- Hand Held......... 0.1
U.S. Government Treasuries. 0.1
-----
104.2%
=====
Country Allocation*
United States....... 51.6%
United Kingdom...... 9.7
Japan............... 9.5
Germany............. 4.2
France.............. 3.9
Canada.............. 3.8
Australia........... 3.1
Italy............... 2.7
Switzerland......... 2.7
Netherlands......... 2.2
Norway.............. 1.6
Sweden.............. 1.5
Austria............. 1.1
Belgium............. 1.1
Hong Kong........... 0.9
Netherlands Antilles 0.9
Spain............... 0.9
Greece.............. 0.7
Ireland............. 0.5
Bermuda............. 0.4
Cayman Islands...... 0.4
Singapore........... 0.4
Finland............. 0.2
New Zealand......... 0.1
Portugal............ 0.1
-----
104.2%
=====
* Calculated as a percentage of net assets
58
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(1)
----------------------------------------------------------------------------
COMMON STOCK -- 96.9%
Australia -- 3.1%
AGL Energy, Ltd........................................ 5,378 $ 60,896
Alumina, Ltd........................................... 30,898 176,461
Amcor, Ltd............................................. 28,542 172,858
AMP, Ltd............................................... 29,578 265,424
Asciano Group+......................................... 85 560
ASX, Ltd............................................... 340 17,022
Australia and New Zealand Banking Group, Ltd........... 39,014 972,349
Babcock & Brown, Ltd................................... 1,759 41,079
BHP Billiton, Ltd...................................... 60,082 2,282,097
BlueScope Steel, Ltd................................... 20,651 180,067
Boral, Ltd............................................. 6,346 36,110
Brambles, Ltd.......................................... 24,490 267,911
Centro Properties Group................................ 5,598 27,213
Coca - Cola Amatil, Ltd................................ 38,583 341,475
Cochlear, Ltd.......................................... 190 12,643
Commonwealth Bank of Australia......................... 26,876 1,418,773
Computershare, Ltd..................................... 5,331 47,911
CSL, Ltd............................................... 10,596 327,214
CSR, Ltd............................................... 4,000 10,754
DB RREEF Trust......................................... 1,092 1,942
Fairfax Media, Ltd..................................... 30,856 129,355
Fortescue Metals Group, Ltd.+.......................... 2,073 105,160
Goodman Fielder, Ltd................................... 9,366 16,202
GPT Group.............................................. 28,961 110,612
Harvey Norman Holdings, Ltd............................ 13,152 82,943
Insurance Australia Group, Ltd......................... 6,102 24,201
Leighton Holdings, Ltd................................. 2,519 135,638
Macquarie Airports Management, Ltd..................... 14,067 53,993
Macquarie Goodman Group................................ 17,275 94,386
Macquarie Group, Ltd................................... 4,078 293,850
Macquarie Infrastructure Group......................... 30,359 86,518
Mirvac Group........................................... 2,582 13,098
National Australia Bank, Ltd........................... 32,970 1,117,767
Newcrest Mining, Ltd................................... 7,441 223,874
Orica, Ltd............................................. 4,590 114,700
Origin Energy, Ltd..................................... 16,543 126,968
Qantas Airways, Ltd.................................... 26,865 138,998
QBE Insurance Group, Ltd............................... 20,107 581,732
Santos, Ltd............................................ 8,665 109,689
Stockland.............................................. 29,962 238,891
Suncorp - Metway, Ltd.................................. 12,841 212,171
Telstra Corp., Ltd..................................... 94,243 262,728
Toll Holdings, Ltd..................................... 10,207 123,436
Transurban Group....................................... 3,576 22,744
Wesfarmers, Ltd........................................ 9,799 375,506
Westfield Group........................................ 41,131 744,079
Westpac Banking Corp................................... 39,624 993,714
Woodside Petroleum, Ltd................................ 8,646 371,270
WorleyParsons, Ltd..................................... 4,215 186,980
Zinifex, Ltd........................................... 9,430 121,317
-----------
13,873,279
-----------
Austria -- 1.1%
Andritz AG............................................. 21,095 1,290,257
Erste Bank der oesterreichischen Sparkassen AG......... 22,034 1,588,353
Oesterreichische Elektrizitaetswirtschafts AG, Class A. 5,228 353,544
OMV AG................................................. 8,399 597,164
Raiffeisen International Bank Holding AG............... 4,603 749,658
Voestalpine AG......................................... 4,295 314,663
-----------
4,893,639
-----------
Belgium -- 1.1%
Bekaert NV............................................. 10,766 1,490,135
Belgacom SA............................................ 17,381 906,416
S.A D'Ieteren NV....................................... 1,997 769,765
Value
Security Description Shares (Note2)(1)
---------------------------------------------------------------
Belgium (continued)
Solvay SA................................. 11,356 $1,684,099
----------
4,850,415
----------
Bermuda -- 0.4%
Cheung Kong Infrastructure Holdings, Ltd.. 81,000 316,530
Covidien, Ltd............................. 6,340 254,298
Johnson Electric Holdings, Ltd............ 201,000 91,968
Kerry Properties, Ltd..................... 10,500 97,080
Li & Fung, Ltd............................ 62,000 247,149
Noble Group, Ltd.......................... 384,000 594,369
Orient Overseas International, Ltd........ 5,500 42,599
Tyco Electronics, Ltd..................... 4,140 154,795
----------
1,798,788
----------
Canada -- 3.8%
Agnico - Eagle Mines, Ltd................. 2,150 103,184
Agrium, Inc............................... 1,870 107,343
Alimentation Couche Tard, Inc............. 4,160 75,341
Bank of Montreal.......................... 6,820 432,682
Bank of Nova Scotia....................... 17,510 925,450
Barrick Gold Corp......................... 15,820 637,894
Biovail Corp.............................. 1,110 16,884
Brookfield Asset Management, Inc.......... 7,000 252,713
Canadian Imperial Bank of Commerce........ 5,410 480,703
Canadian National Railway Co.............. 9,640 466,599
Canadian Natural Resources, Ltd........... 9,550 620,017
Canadian Oil Sands Trust.................. 5,180 187,733
Canadian Pacific Railway, Ltd............. 2,650 176,605
Canadian Tire Corp., Ltd., Class A........ 1,640 116,282
Canetic Resources Trust................... 1,240 16,803
Cognos, Inc.+............................. 120 6,858
Eldorado Gold Corp.+...................... 780 4,555
Enbridge, Inc............................. 8,950 332,151
EnCana Corp............................... 13,440 872,300
Ensign Energy Services, Inc............... 660 9,656
Fairfax Financial Holdings, Ltd........... 230 66,701
Finning International, Inc................ 22,000 602,170
First Quantum Minerals, Ltd............... 1,600 152,008
Fording Canadian Coal Trust............... 3,110 105,839
Fortis, Inc............................... 6,010 162,579
George Weston, Ltd........................ 1,790 98,168
Gildan Activewear, Inc.+.................. 1,270 48,250
Goldcorp, Inc............................. 11,680 377,400
Harry Winston Diamond Corp................ 500 18,500
Harvest Energy Trust...................... 170 3,638
Husky Energy, Inc......................... 4,720 187,252
Imperial Oil, Ltd......................... 6,200 298,545
Jean Coutu Group, Inc., Class A........... 3,520 41,221
Kinross Gold Corp.+....................... 9,040 155,677
Loblaw Cos., Ltd.......................... 2,980 99,537
Magna International, Inc.................. 1,450 116,006
Manulife Financial Corp................... 28,440 1,188,283
Meridian Gold, Inc.+...................... 1,120 39,874
Nexen, Inc................................ 8,750 248,425
Niko Resources, Ltd....................... 220 20,278
Nortel Networks Corp.+.................... 6,630 112,053
OPTI Canada, Inc.+........................ 430 7,654
Pan American Silver Corp.+................ 1,370 43,376
Penn West Energy Trust.................... 2,350 62,372
Petro - Canada............................ 9,440 455,975
Potash Corp. of Saskatchewan.............. 5,910 702,143
Power Corp. Of Canada..................... 4,160 168,364
Research In Motion, Ltd.+................. 8,160 928,899
Rogers Communications, Inc................ 9,000 374,059
Royal Bank of Canada...................... 23,680 1,255,103
59
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note2)(1)
-----------------------------------------------------------------------
COMMON STOCK (continued)
Canada (continued)
Shaw Communications, Inc., Class B............... 7,110 $ 174,701
Sherritt International Corp...................... 7,870 110,107
Shoppers Drug Mart Corp.......................... 9,230 506,383
Sun Life Financial, Inc.......................... 9,600 505,753
Suncor Energy, Inc............................... 8,590 821,331
Talisman Energy, Inc............................. 19,860 350,547
Teck Cominco, Ltd................................ 10,550 404,085
TELUS Corp....................................... 2,900 134,306
TELUS Corp. (Non Voting Shares).................. 1,270 59,464
Thomson Corp..................................... 3,800 147,067
TransAlta Corp................................... 1,160 36,646
Trican Well Service, Ltd......................... 920 15,687
UTS Energy Corp.+................................ 5,530 29,476
WesternZagros Resources, Ltd..................... 2,170 4,839
Yamana Gold, Inc................................. 4,550 58,925
Yellow Pages Income Fund......................... 3,990 55,743
-----------
17,397,162
-----------
Cayman Islands -- 0.4%
Hutchison Telecommunications International, Ltd.. 21,000 29,803
Kingboard Chemical Holdings, Ltd................. 9,000 49,541
Tencent Holdings, Ltd............................ 16,000 120,934
Tingyi Cayman Islands Holding Corp............... 42,000 59,769
Transocean, Inc.................................. 10,471 1,437,564
-----------
1,697,611
-----------
Finland -- 0.2%
Outokumpu Oyj.................................... 30,473 983,662
-----------
France -- 3.9%
AXA SA........................................... 57,700 2,339,957
BNP Paribas SA................................... 26,285 2,943,625
Business Objects SA+............................. 14,503 881,159
Essilor International SA......................... 12,228 766,496
France Telecom SA................................ 56,916 2,158,401
Gaz de France SA................................. 29,683 1,653,551
Peugeot SA....................................... 12,627 982,090
PPR.............................................. 9,491 1,598,695
Societe BIC SA................................... 18,505 1,374,267
Unibail - Rodamco................................ 7,037 1,592,350
Vivendi Universal SA............................. 27,637 1,270,444
-----------
17,561,035
-----------
Germany -- 3.7%
Allianz SE....................................... 13,435 2,764,989
BASF AG.......................................... 18,961 2,626,278
Bilfinger Berger AG.............................. 6,155 500,802
Celesio AG....................................... 28,104 1,623,856
Commerzbank AG................................... 45,638 1,794,479
Deutsche Postbank AG............................. 18,158 1,594,284
Deutsche Telekom AG.............................. 117,602 2,596,784
Heidelberger Druckmaschinen AG................... 5,731 181,087
Linde AG......................................... 4,004 523,456
Muenchener Rueckversicherungs - Gesellschaft AG.. 1,219 221,315
Salzgitter AG.................................... 8,217 1,313,289
SAP AG........................................... 24,667 1,256,744
-----------
16,997,363
-----------
Greece -- 0.7%
Coca - Cola Hellenic Bottling Co. SA............. 39,135 1,657,293
Piraeus Bank SA.................................. 41,599 1,603,543
Public Power Corp................................ 3,053 149,548
-----------
3,410,384
-----------
Value
Security Description Shares (Note2)(1)
---------------------------------------------------------------
Hong Kong -- 0.9%
BOC Hong Kong Holdings, Ltd.............. 87,500 $ 227,492
Hang Lung Properties, Ltd................ 43,000 196,719
Hang Seng Bank, Ltd...................... 12,100 232,852
Henderson Land Development Co., Ltd...... 26,000 229,448
Hong Kong & China Gas Co., Ltd........... 48,000 141,541
Hong Kong Exchanges & Clearing, Ltd...... 19,500 593,337
HongKong Electric Holdings, Ltd.......... 104,000 546,248
Link REIT................................ 1,000 2,177
MTR Corp., Ltd........................... 15,500 52,264
New World Development Co., Ltd........... 49,000 189,259
PCCW, Ltd................................ 2,000 1,202
Sino Land Co., Ltd....................... 32,000 113,994
Sun Hung Kai Properties, Ltd............. 55,000 1,146,211
Swire Pacific, Ltd., Class A............. 12,500 169,611
Wharf Holdings, Ltd...................... 15,000 89,304
-----------
3,931,659
-----------
Ireland -- 0.5%
CRH PLC.................................. 29,435 1,113,056
Iaws Group PLC........................... 37,143 804,407
Kerry Group PLC.......................... 6,157 178,615
-----------
2,096,078
-----------
Italy -- 2.7%
Autogrill SpA............................ 49,175 862,970
Banca Intesa SpA......................... 220,013 1,659,892
Eni SpA.................................. 81,994 2,928,527
Intesa Sanpaolo SpA...................... 312,482 2,495,281
Italcementi SpA.......................... 29,243 606,551
Telecom Italia SpA....................... 645,508 2,049,139
Terna Rete Elettrica Nazionale SpA....... 404,044 1,582,597
-----------
12,184,957
-----------
Japan -- 9.5%
ACOM Co., Ltd............................ 220 5,429
Advantest Corp........................... 3,900 110,432
Aeon Co., Ltd............................ 22,700 348,227
Aeon Mall Co., Ltd....................... 800 21,650
Aisin Seiki Co., Ltd..................... 5,600 226,566
Ajinomoto Co., Inc....................... 24,000 262,384
Alfresa Holdings Corp.................... 100 5,753
Alps Electric Co., Ltd................... 1,400 17,629
Amada Co., Ltd........................... 14,000 128,820
Asahi Glass Co., Ltd..................... 31,000 431,182
Asics Corp............................... 4,000 57,335
Astellas Pharma, Inc..................... 10,700 475,135
Autobacs Seven Co., Ltd.................. 17,100 367,554
Benesse Corp............................. 1,300 53,822
Canon Marketing Japan, Inc............... 1,800 36,737
Canon, Inc............................... 22,500 1,184,804
Casio Computer Co., Ltd.................. 1,800 22,961
Central Japan Railway Co................. 44 463,054
Chugai Pharmaceutical Co., Ltd........... 3,600 62,952
Chuo Mitsui Trust Holdings, Inc.......... 13,000 111,790
Citizen Watch Co., Ltd................... 4,500 48,205
Coca - Cola West Japan Co., Ltd.......... 5,500 125,302
CSK Holdings Corp........................ 900 29,440
Dai Nippon Printing Co., Ltd............. 20,000 291,624
Daido Steel Co., Ltd..................... 14,000 103,472
Daifuku Co., Ltd......................... 500 7,023
Daiichi Sankyo Co., Ltd.................. 12,500 390,881
Dainippon Ink and Chemicals, Inc......... 10,000 50,342
Dainippon Screen Manufacturing Co., Ltd.. 1,000 5,645
Daito Trust Construction Co., Ltd........ 1,300 62,456
Daiwa House Industry Co., Ltd............ 13,000 171,985
60
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note2)(1)
-------------------------------------------------------------
COMMON STOCK (continued)
Japan (continued)
Daiwa Securities Group, Inc.............. 35,000 $ 352,713
Denki Kagaku Kogyo Kabushiki Kaisha...... 6,000 31,218
Denso Corp............................... 16,600 675,550
Dentsu, Inc.............................. 56 143,432
Dowa Mining Co., Ltd..................... 15,000 105,596
East Japan Railway Co.................... 84 694,924
Ebara Corp............................... 10,000 36,206
Eisai Co., Ltd........................... 5,200 230,093
Elpida Memory, Inc.+..................... 1,800 60,820
Fanuc, Ltd............................... 5,000 523,188
Fuji Electric Holdings Co., Ltd.......... 17,000 62,946
Fuji Television Network, Inc............. 36 58,572
Fujikura, Ltd............................ 4,000 19,690
Fujitsu, Ltd............................. 45,000 314,975
Furukawa Electric Co., Ltd............... 20,000 86,401
Glory, Ltd............................... 900 24,428
H20 Retailing Corp....................... 7,000 58,196
Hankyu Hanshin Holdings, Inc............. 41,000 190,683
Haseko Corp.+............................ 15,000 29,948
Hino Motors, Ltd......................... 7,000 42,768
Hirose Electric Co., Ltd................. 600 67,641
Hitachi Cable, Ltd....................... 7,000 45,184
Hitachi Chemical Co., Ltd................ 1,800 42,664
Hitachi Construction Machinery Co., Ltd.. 3,700 133,223
Hitachi High - Technologies Corp......... 28,500 638,760
Hokuhoku Financial Group, Inc............ 7,000 22,570
Honda Motor Co., Ltd..................... 45,300 1,557,259
Hoya Corp................................ 9,600 332,997
Ibiden Co., Ltd.......................... 3,000 237,312
Idemitsu Kosan Co., Ltd.................. 500 56,347
Inpex Holdings, Inc...................... 23 238,389
Isetan Co., Ltd.......................... 7,300 106,905
Ito En, Ltd.............................. 5,800 136,903
J Front Retailing Co., Ltd.+............. 13,000 118,275
Japan Airlines Corp.+.................... 9,000 21,651
Japan Petroleum Exploration Co........... 400 31,513
Japan Real Estate Investment Corp........ 2 25,405
JGC Corp................................. 4,000 74,414
JSR Corp................................. 3,100 75,033
JTEKT Corp............................... 5,600 96,794
Jupiter Telecommunications Co.+.......... 124 100,133
Kajima Corp.............................. 18,000 58,867
Kao Corp................................. 18,000 543,943
Kawasaki Kisen Kaisha, Ltd............... 13,000 156,825
KDDI Corp................................ 58 411,598
Keyence Corp............................. 1,000 232,700
Kintetsu Corp............................ 10,000 33,184
Konami Corp.............................. 1,600 47,207
Konica Minolta Holdings, Inc............. 11,000 210,928
Kubota Corp.............................. 32,000 236,368
Kuraray Co., Ltd......................... 7,000 86,115
Kurita Water Industries, Ltd............. 3,700 108,284
Kyocera Corp............................. 4,600 412,848
Kyowa Hakko Kogyo Co., Ltd............... 2,000 22,675
Leopalace21 Corp......................... 1,900 56,162
Makita Corp.............................. 5,000 222,506
Marui Co., Ltd........................... 10,600 108,453
Matsui Securities Co., Ltd............... 900 7,429
Matsumotokiyoshi Holdings Co., Ltd.+..... 2,500 49,611
Matsushita Electric Industrial Co., Ltd.. 52,000 1,052,815
Matsushita Electric Works, Ltd........... 22,000 229,665
MEDICEO Holdings Co., Ltd................ 200 2,772
Millea Holdings, Inc..................... 16,200 570,175
Mitsubishi Chemical Holdings Corp........ 37,500 300,244
Mitsubishi Estate Co., Ltd............... 23,000 619,937
Value
Security Description Shares (Note2)(1)
----------------------------------------------------------
Japan (continued)
Mitsubishi Gas Chemical Co., Inc..... 8,000 $ 82,793
Mitsubishi Rayon Co., Ltd............ 8,000 43,313
Mitsui Chemicals, Inc................ 15,000 109,801
Mitsui Fudosan Co., Ltd.............. 19,000 489,591
Mitsui Mining & Smelting Co., Ltd.... 25,000 107,757
Mitsui O.S.K. Lines, Ltd............. 24,000 359,642
Mitsui Sumitomo Insurance Co., Ltd... 24,000 262,270
Mitsukoshi, Ltd...................... 13,000 63,797
Mitsumi Electric Co., Ltd............ 2,800 110,185
Mizuho Financial Group, Inc.......... 160 860,341
Murata Manufacturing Co., Ltd........ 5,500 322,293
NEC Electronics Corp.+............... 200 5,570
NGK Insulators, Ltd.................. 9,000 278,412
NGK Spark Plug Co., Ltd.............. 1,000 17,729
Nidec Corp........................... 2,300 172,997
Nikon Corp........................... 2,000 62,639
Nintendo Co., Ltd.................... 1,800 1,106,467
Nippon Building Fund, Inc............ 8 115,290
Nippon Electric Glass Co., Ltd....... 6,000 100,716
Nippon Express Co., Ltd.............. 19,000 96,329
Nippon Light Metal Co., Ltd.......... 15,000 26,619
Nippon Mining Holdings, Inc.......... 18,500 135,538
Nippon Sheet Glass Co., Ltd.......... 18,000 98,772
Nippon Steel Corp.................... 136,000 821,049
Nippon Telegraph and Telephone Corp.. 134 606,084
Nippon Yusen Kabushiki Kaisha........ 27,000 234,449
Nisshin Steel Co., Ltd............... 35,000 130,423
Nisshinbo Industries, Inc............ 6,000 80,142
Nissin Food Products Co., Ltd........ 1,300 46,317
Nitto Denko Corp..................... 2,700 139,902
NOK Corp............................. 900 18,297
Nomura Holdings, Inc................. 46,700 836,378
Nomura Real Estate Office Fund, Inc.. 1 10,297
Nomura Research Institute, Ltd....... 4,100 145,723
NSK, Ltd............................. 17,000 163,614
NTN Corp............................. 9,000 78,970
NTT Data Corp........................ 44 199,775
NTT DoCoMo, Inc...................... 365 579,429
NTT Urban Development Corp........... 14 28,208
Obayashi Corp........................ 7,000 35,516
OKUMA Corp........................... 6,000 69,386
Olympus Corp......................... 7,000 288,707
Omron Corp........................... 5,600 146,513
Onward Kashiyama Co., Ltd............ 2,000 21,712
ORACLE Corp.......................... 1,600 72,141
Oriental Land Co., Ltd............... 1,900 115,852
ORIX Corp............................ 1,870 384,484
Osaka Gas Co., Ltd................... 53,000 210,644
Osaka Titanium Technologies Co....... 500 38,807
Otsuka Corp.......................... 200 17,834
Pioneer Corp......................... 1,200 11,462
Rakuten, Inc......................... 170 87,360
Resona Holdings, Inc................. 118 233,601
Rinnai Corp.......................... 700 24,060
Rohm Co., Ltd........................ 2,700 247,112
Ryohin Keikaku Co., Ltd.............. 700 43,367
Sanyo Electric Co., Ltd.+............ 11,000 21,062
SBI E*Trade Securities Co., Ltd...... 14 14,181
SBI Holdings, Inc.................... 142 42,578
Secom Co., Ltd....................... 5,500 304,585
Seiko Epson Corp..................... 1,900 42,384
Sekisui Chemical Co., Ltd............ 8,000 54,780
Sekisui House, Ltd................... 14,000 178,827
Sharp Corp........................... 27,000 445,036
Shimizu Corp......................... 15,000 64,851
61
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note2)(1)
-------------------------------------------------------------
COMMON STOCK (continued)
Japan (continued)
Shin - Etsu Chemical Co., Ltd........... 11,000 $ 655,068
Shinko Electric Industries Co., Ltd..... 700 15,331
Shinko Securities Co., Ltd.............. 14,000 62,522
Shionogi & Co., Ltd..................... 3,000 58,285
Shiseido Co., Ltd....................... 9,000 216,806
Showa Denko K.K......................... 14,000 48,064
Showa Shell Sekiyu K.K.................. 4,800 55,336
SMC Corp................................ 2,000 232,291
Softbank Corp........................... 12,900 297,716
Sompo Japan Insurance, Inc.............. 16,000 154,951
Stanley Electric Co., Ltd............... 1,400 34,473
Sumco Corp.............................. 4,300 134,097
Sumitomo Chemical Co., Ltd.............. 34,000 290,180
Sumitomo Electric Industries, Ltd....... 29,100 447,115
Sumitomo Metal Industries, Ltd.......... 96,000 425,825
Sumitomo Mitsui Financial Group, Inc.... 112 978,775
Sumitomo Realty & Development Co., Ltd.. 8,000 243,095
Sumitomo Rubber Industries, Ltd......... 2,400 23,430
T&D Holdings, Inc....................... 3,200 186,087
Taiheiyo Cement Corp.................... 34,000 82,164
Taisei Corp............................. 15,000 44,489
Taiyo Yuden Co., Ltd.................... 4,000 67,686
Takashimaya Co., Ltd.................... 12,000 148,566
Takeda Pharmaceutical Co., Ltd.......... 18,000 1,163,180
TDK Corp................................ 2,900 206,752
Teijin, Ltd............................. 15,000 65,117
Terumo Corp............................. 3,600 181,870
The Bank of Yokohama, Ltd............... 18,000 139,224
The Chiba Bank, Ltd..................... 9,000 77,505
The Sumitomo Trust & Banking Co., Ltd... 28,000 233,333
THK Co., Ltd............................ 3,400 62,274
Toho Co., Ltd........................... 2,900 65,037
Toho Titanium Co., Ltd.................. 500 16,647
Tokai Rika Co., Ltd..................... 900 27,252
Tokuyama Corp........................... 3,000 31,402
Tokyo Broadcasting System, Inc.......... 2,500 58,308
Tokyo Electron, Ltd..................... 4,100 253,211
Tokyo Gas Co., Ltd...................... 65,000 323,833
Tokyo Steel Manufacturing Co., Ltd...... 2,700 34,654
Tokyo Tatemono Co., Ltd................. 4,000 47,244
Tokyu Corp.............................. 26,000 181,553
Tokyu Land Corp......................... 7,000 66,124
TonenGeneral Sekiyu K.K................. 5,000 52,008
Toppan Printing Co., Ltd................ 15,000 147,451
Toray Industries, Inc................... 30,000 243,307
Tosoh Corp.............................. 13,000 63,784
Toto, Ltd............................... 5,000 39,879
Toyo Seikan Kaisha, Ltd................. 3,000 52,392
Toyobo Co., Ltd......................... 2,000 4,282
Toyoda Gosei Co., Ltd................... 1,200 43,146
Toyota Boshoku Corp..................... 2,000 67,059
Toyota Industries Corp.................. 7,400 310,757
Trend Micro, Inc........................ 2,500 100,940
Ube Industreis, Ltd..................... 15,000 54,694
Uni - Charm Corp........................ 600 38,841
UNY Co., Ltd............................ 10,000 88,631
USS Co, Ltd............................. 9,960 642,439
West Japan Railway Co................... 47 229,934
Yahoo! Japan Corp....................... 340 162,916
Yakult Honsha Co., Ltd.................. 1,700 41,807
Yamaha Motor Co., Ltd................... 31,300 849,107
Yamato Transport Co., Ltd............... 9,000 125,274
Yaskawa Electric Corp................... 5,000 65,914
-----------
43,289,815
-----------
Value
Security Description Shares (Note2)(1)
-------------------------------------------------------------------------
Netherlands -- 2.2%
Aegon NV........................................... 102,401 $ 1,831,216
ASML Holding NV+................................... 51,925 1,801,280
James Hardie Industries NV......................... 2,372 13,232
Koninklijke Ahold NV+.............................. 119,763 1,702,558
Oce NV............................................. 20,997 380,887
TNT NV............................................. 43,759 1,791,053
Unilever NV........................................ 70,951 2,493,815
-----------
10,014,041
-----------
Netherlands Antilles -- 0.9%
Schlumberger, Ltd.................................. 42,032 3,927,890
-----------
New Zealand -- 0.1%
Contact Energy, Ltd................................ 39,664 263,139
Fletcher Building, Ltd............................. 6,164 55,707
Telecom Corp. of New Zealand, Ltd.................. 20,144 66,371
-----------
385,217
-----------
Norway -- 1.6%
Aker Kvaerner ASA.................................. 37,600 1,070,213
DNB NOR ASA........................................ 103,000 1,611,528
Norsk Hydro ASA.................................... 112,100 1,542,988
Petroleum Geo - Services ASA+...................... 6,650 190,099
Statoil ASA........................................ 63,950 2,075,892
Tandberg ASA....................................... 25,700 575,275
-----------
7,065,995
-----------
Portugal -- 0.1%
Banco Espirito Santo SA............................ 27,748 642,769
-----------
Singapore -- 0.4%
CapitaLand, Ltd.................................... 29,000 140,821
City Developments, Ltd............................. 7,000 69,932
DBS Group Holdings, Ltd............................ 29,000 402,644
Jardine Cycle & Carriage, Ltd...................... 5,000 72,565
Neptune Orient Lines, Ltd.......................... 13,000 37,702
Olam International, Ltd............................ 32,000 68,432
Overseas - Chinese Banking Corp., Ltd.............. 35,000 206,387
Singapore Airlines, Ltd............................ 27,000 334,790
Singapore Exchange, Ltd............................ 12,000 117,730
United Overseas Bank, Ltd.......................... 26,000 356,956
-----------
1,807,959
-----------
Spain -- 0.9%
Abertis Infraestructuras SA........................ 10,807 361,353
Acciona SA......................................... 190 64,396
Acerinox SA........................................ 34,233 919,106
Actividades de Construccion y Servicios SA......... 27,412 1,765,221
Banco Santander Central Hispano SA................. 41,176 882,739
Sociedad General de Aguas de Barcelona SA, Class A. 3,508 141,415
-----------
4,134,230
-----------
Sweden -- 1.5%
Alfa Laval AB...................................... 20,275 1,305,868
Axfood AB.......................................... 14,600 555,663
Electrolux AB, Class B............................. 58,900 992,423
Eniro AB........................................... 52,300 570,337
Husqvarna AB, Class B.............................. 117,400 1,259,624
Nordea Bank AB..................................... 25,000 419,910
Svenska Handelsbanken AB, Class A.................. 56,300 1,791,012
-----------
6,894,837
-----------
Switzerland -- 2.7%
Ciba Specialty Chemicals AG........................ 20,036 903,020
Clariant AG+....................................... 33,370 294,070
Logitech International SA+......................... 36,676 1,248,988
Nestle SA.......................................... 4,895 2,339,245
62
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note2)(1)
---------------------------------------------------------
COMMON STOCK (continued)
Switzerland (continued)
Novartis AG...................... 7,763 $ 439,491
Roche Holding AG................. 19,254 3,654,574
Sonova Holding AG................ 5,888 629,603
Straumann AG..................... 1,726 487,904
UBS AG........................... 4,129 207,422
Zurich Financial Services AG..... 7,210 2,086,443
-----------
12,290,760
-----------
United Kingdom -- 9.7%
Anglo American PLC............... 17,741 1,200,750
ARM Holdings PLC................. 165,573 451,583
AstraZeneca PLC.................. 52,627 2,497,117
Barclays PLC..................... 109,258 1,265,722
Barratt Developments PLC......... 60,735 580,201
Berkeley Group Holdings PLC+..... 8,229 238,732
BG Group PLC..................... 108,968 2,282,527
BHP Billiton PLC................. 52,977 1,753,475
Biffa PLC........................ 10,167 67,468
Burberry Group PLC............... 41,493 490,883
Cadbury Schweppes PLC............ 154,953 1,986,019
Daily Mail & General Trust....... 95,382 1,089,151
Davis Service Group PLC.......... 44,883 487,312
GlaxoSmithKline PLC.............. 96,665 2,551,495
Hammerson PLC.................... 26,967 574,765
Hays PLC......................... 206,243 538,969
Home Retail Group PLC............ 143,942 1,025,538
HSBC Holdings PLC................ 96,874 1,654,159
International Power PLC.......... 136,883 1,312,949
Investec PLC..................... 109,580 1,170,485
Kesa Electricals PLC............. 55,677 271,289
Legal & General Group PLC........ 358,250 956,146
Liberty International PLC........ 39,884 931,256
Man Group PLC.................... 120,346 1,377,869
Man Group PLC, Class B........... 137,539 192,555
Michael Page International PLC... 17,755 119,191
Next PLC......................... 24,600 878,763
Old Mutual PLC................... 333,510 1,154,361
Resolution PLC................... 8,117 118,048
Royal Bank of Scotland Group PLC. 280,471 2,642,958
Royal Dutch Shell PLC, Class A... 92,150 3,736,045
Severn Trent PLC................. 13,804 445,124
Smith & Nephew PLC............... 134,303 1,604,613
Stagecoach Group PLC............. 181,486 920,914
Taylor Woodrow PLC............... 29,217 123,580
United Utilities PLC............. 44,042 678,661
Vodafone Group PLC............... 1,211,727 4,534,363
-----------
43,905,036
-----------
United States -- 44.8%
Aetna, Inc....................... 16,673 931,687
AFLAC, Inc....................... 15,120 947,117
Air Products & Chemicals, Inc.... 17,700 1,753,008
Allergan, Inc.................... 36,483 2,445,820
Allstate Corp.................... 36,062 1,843,489
Amazon.com, Inc.+................ 2,780 251,757
American Express Co.............. 56,578 3,336,970
Amgen, Inc.+..................... 37,940 2,096,185
Apache Corp...................... 26,305 2,546,061
Apple, Inc.+..................... 21,256 3,873,268
Applied Materials, Inc........... 85,358 1,607,291
Archer - Daniels - Midland Co.... 21,040 764,804
Bank of America Corp............. 118,979 5,488,501
Barr Pharmaceuticals, Inc.+...... 8,903 478,091
Best Buy Co., Inc.#.............. 7,795 397,935
Boston Scientific Corp.+......... 17,180 216,983
Value
Security Description Shares (Note2)(1)
-------------------------------------------------------------------
United States (continued)
Bristol - Myers Squibb Co..................... 108,273 $3,208,129
Broadcom Corp., Class A+...................... 5,980 159,905
C.H. Robinson Worldwide, Inc.#................ 4,240 218,572
Campbell Soup Co.............................. 9,540 350,309
Cardinal Health, Inc.......................... 13,582 822,390
Caterpillar, Inc.............................. 40,346 2,900,877
Chesapeake Energy Corp.#...................... 37,126 1,405,219
Chubb Corp.................................... 4,810 262,386
Cisco Systems, Inc.+.......................... 173,232 4,853,961
Citigroup, Inc................................ 144,998 4,828,433
Clear Channel Communications, Inc............. 27,199 976,444
CME Group, Inc................................ 700 461,020
Colgate - Palmolive Co........................ 36,380 2,913,310
Costco Wholesale Corp.#....................... 16,516 1,113,178
CSX Corp.#.................................... 45,869 1,926,498
Cummins, Inc.................................. 4,080 476,952
CVS Caremark Corp.#........................... 61,886 2,481,010
Danaher Corp.................................. 31,125 2,702,272
Deere & Co.................................... 15,442 2,652,936
Dell, Inc.+................................... 86,139 2,113,851
eBay, Inc.+................................... 28,034 939,980
Eli Lilly & Co................................ 57,710 3,055,744
Embarq Corp................................... 13,228 673,967
EMC Corp.+.................................... 53,593 1,032,737
EOG Resources, Inc............................ 28,615 2,368,750
Expeditors International of Washington, Inc.#. 6,640 311,549
Fannie Mae.................................... 30,300 1,164,126
Fluor Corp.................................... 3,040 447,397
Forest Laboratories, Inc.+#................... 29,131 1,123,000
Franklin Resources, Inc....................... 6,580 810,524
Freddie Mac#.................................. 29,687 1,041,123
Genentech, Inc.+.............................. 25,870 1,972,587
General Mills, Inc............................ 34,335 2,065,250
Gilead Sciences, Inc.+........................ 20,054 933,313
Google, Inc., Class A+........................ 5,677 3,934,161
H.J. Heinz Co................................. 19,981 945,101
Halliburton Co................................ 50,840 1,861,252
Hartford Financial Services Group, Inc........ 15,910 1,516,541
Hess Corp..................................... 24,250 1,727,085
Hewlett - Packard Co.......................... 85,085 4,352,949
Jacobs Engineering Group, Inc.+#.............. 1,160 97,173
JPMorgan Chase & Co........................... 105,290 4,803,330
Kellogg Co.................................... 31,601 1,707,718
Kimberly - Clark Corp......................... 38,490 2,686,987
Lehman Brothers Holdings, Inc.#............... 10,160 636,321
Lowe's Cos., Inc.............................. 70,040 1,709,676
Marathon Oil Corp............................. 182 10,174
McDonald's Corp............................... 56,124 3,281,570
Medco Health Solutions, Inc.+................. 2,370 236,976
Medtronic, Inc................................ 65,325 3,321,776
Merrill Lynch & Co., Inc...................... 35,838 2,148,130
Microsoft Corp................................ 193,351 6,496,594
Mirant Corp.+#................................ 11,210 432,594
Murphy Oil Corp............................... 8,201 586,536
National City Corp.#.......................... 7,386 145,947
National - Oilwell Varco, Inc.+............... 5,026 342,522
News Corp., Class A........................... 138,572 2,919,712
NIKE, Inc., Class B........................... 34,636 2,273,853
NiSource, Inc.#............................... 12,290 227,488
Noble Energy, Inc............................. 12,027 866,425
Norfolk Southern Corp......................... 50,010 2,561,012
Nucor Corp.................................... 11,670 690,981
NVIDIA Corp.+................................. 5,740 181,040
Omnicom Group, Inc............................ 10,550 514,313
Oracle Corp.+................................. 174,614 3,523,711
63
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note2)(1)
-----------------------------------------------------------
COMMON STOCK (continued)
United States (continued)
PACCAR, Inc.#....................... 39,167 $ 1,982,242
Paychex, Inc........................ 13,296 518,544
Pepco Holdings, Inc................. 27,837 782,220
Pitney Bowes, Inc................... 18,260 703,010
PNC Financial Services Group, Inc.#. 4,770 349,212
Praxair, Inc........................ 26,544 2,266,327
QUALCOMM, Inc....................... 83,495 3,404,926
R.R. Donnelley & Sons Co............ 7,310 267,985
Regions Financial Corp.............. 13,170 348,083
Republic Services, Inc.............. 4,710 156,231
Safeway, Inc........................ 9,690 337,212
Schering - Plough Corp.............. 99,360 3,109,968
Seagate Technology+(2)(3)(4)........ 22,401 0
Simon Property Group, Inc........... 10,510 1,034,709
Southern Copper Corp.#.............. 11,741 1,299,142
Southwest Airlines Co.#............. 41,650 589,348
Spectra Energy Corp................. 69,180 1,704,595
Sprint Nextel Corp.................. 147,060 2,282,371
Staples, Inc........................ 10,440 247,428
State Street Corp................... 3,310 264,436
Stryker Corp........................ 15,267 1,108,842
SunTrust Banks, Inc................. 16,032 1,124,004
Sysco Corp.......................... 37,090 1,205,796
Target Corp.#....................... 39,455 2,369,667
The AES Corp.+...................... 26,233 573,191
The Bank of New York Mellon Corp.... 49,546 2,376,226
The Charles Schwab Corp............. 15,590 378,993
The Coca - Cola Co.................. 67,386 4,184,671
The DIRECTV Group, Inc.+............ 22,101 549,652
The Gap, Inc........................ 10,124 206,530
The Travelers Cos., Inc............. 35,423 1,881,316
The Walt Disney Co.................. 96,370 3,194,665
Thermo Fisher Scientific, Inc.+..... 7,540 434,606
Time Warner Cable, Inc.+#........... 6,860 178,566
UnitedHealth Group, Inc............. 63,014 3,465,770
US Bancorp.......................... 98,954 3,274,388
Viacom, Inc., Class B+.............. 47,940 2,014,439
Vornado Realty Trust................ 5,490 494,100
Wachovia Corp.#..................... 83,611 3,595,273
Walgreen Co......................... 44,512 1,628,694
Washington Mutual, Inc.#............ 39,557 771,362
WellPoint, Inc.+.................... 32,081 2,701,541
Williams Cos., Inc.................. 46,658 1,619,499
Windstream Corp.#................... 31,480 407,666
WM Wrigley Jr. Co................... 4,770 305,280
WW Grainger, Inc.#.................. 5,540 489,182
Yahoo!, Inc.+....................... 20,868 559,471
------------
203,227,693
------------
Total Common Stock
(cost $438,637,672)................ 439,262,274
------------
PREFERRED STOCK -- 0.5%
Germany -- 0.5%
ProSiebenSat.1Media AG.............. 13,173 351,404
RWE AG.............................. 4,887 577,339
Volkswagen AG....................... 10,216 1,551,370
------------
Total Preferred Stock
(cost $2,442,752).................. 2,480,113
------------
Shares/
Principal Value
Security Description Amount (Note2)(1)
- ---------------------------------------------------------------------------------
WARRANTS -- 0.0%
WesternZagros Resources, Ltd.
Expires 01/18/08 (Strike Price CAD 2.50)
(cost $209)........................................ 217 $ 61
------------
Total Long-Term Investment Securities
(cost $441,080,633)................................ 441,742,448
------------
SHORT-TERM INVESTMENT SECURITIES -- 6.3%
Collective Investment Pool -- 4.4%
Securities Lending Quality Trust(5)................. 19,829,056 19,829,056
------------
Commercial Paper -- 1.8%
Erste Finance LLC
4.62% due 12/03/07................................. $ 8,000,000 7,997,947
------------
U.S. Government Treasuries -- 0.1%
United States Treasury Bills
2.87% due 02/07/08@................................ 500,000 497,308
------------
Total Short-Term Investment Securities
(cost $28,324,311)................................. 28,324,311
------------
REPURCHASE AGREEMENT -- 0.5%
Agreement with State Street Bank & Trust Co.,
bearing interest at 4.06%, dated 11/30/07, to be
repurchased 12/03/07 in the amount of $2,081,704
and collateralized by Federal National Mtg. Assoc.
Notes, bearing interest at 3.25%, due 02/15/09 and
having an approximate value of $2,144,235
(cost $2,081,000).................................. 2,081,000 2,081,000
------------
TOTAL INVESTMENTS
(cost $471,485,944)(6)............................. 104.2% 472,147,759
Liabilities in excess of other assets................. (4.2) (18,821,350)
----------- ------------
NET ASSETS -- 100.0% $453,326,409
=========== ============
- --------
+ Non-income producing security
# The security or a portion thereof is out on loan (See Note 2)
@ The security or a portion thereof was pledged as collateral to cover margin
requirements for open futures contracts.
(1)A substantial number of the Fund's holdings were valued using the fair value
procedures at November 30, 2007. At November 30, 2007, the aggregate value
of these securities was $215,100,819 representing 47.4% of net assets. See
Note 2 regarding fair value pricing procedures for foreign equity securities.
(2)Fair valued security; see Note 2
(3)Illiquid security
(4)To the extent permitted by the Statement of Additional Information, the
Global Social Awareness Fund may invest in restricted securities. The Fund
has no right to demand registration of these securities. The securities are
valued pursuant to Note 2. Restricted securities held by a Fund may not be
sold except in exempt transactions or in a public offering registered under
the Securities Act of 1933. The risk of investing in such securities is
generally greater than the risk of investing in the securities of widely
held, publicly traded companies. 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, these securities may exhibit greater price volatility than
securities for which secondary markets exist. As of November 30, 2007, the
Global Social Awareness Fund held the following restricted securities:
Market
Acquisition Acquisition Market Value % of
Name Date Shares Cost Value Per Share Net Assets
------------------ ----------- ------ ----------- ------ --------- ----------
Seagate Technology
Common Stock..... 11/22/00 22,401 $0 $0 $0.00 0.00%
(5)The security was purchased with the cash collateral received from securities
loaned (see Note 2).
(6)See Note 5 for cost of investments on a tax basis.
Open Futures Contracts
- ----------------------------------------------------------------------------------
Unrealized
Number of Expiration Value at Value as of Appreciation
Contracts Description Date Trade Date November 30, 2007 (Depreciation)
- ----------------------------------------------------------------------------------
28 Long S&P 500 Index December 2007 $10,554,575 $10,385,900 $(168,675)
=========
See Notes to Financial Statements
64
VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Sovereign................................. 33.0%
Collective Investment Pool................ 7.5
Medical -- Drugs.......................... 5.0
Oil Companies -- Integrated............... 4.7
Banks -- Commercial....................... 3.6
Multimedia................................ 3.3
Telephone -- Integrated................... 3.3
Telecom Services.......................... 2.4
Diversified Manufacturing Operations...... 2.1
Insurance -- Multi-line................... 2.1
Paper & Related Products.................. 1.6
Cable TV.................................. 1.5
Cellular Telecom.......................... 1.5
Electronic Components -- Misc............. 1.5
Transport -- Services..................... 1.5
SupraNational............................. 1.4
Aerospace/Defense......................... 1.3
Electronic Components -- Semiconductors... 1.3
Finance -- Investment Banker/Broker....... 1.1
Insurance -- Life/Health.................. 1.1
Television................................ 1.1
Publishing -- Books....................... 1.0
Food -- Catering.......................... 0.9
Power Converter/Supply Equipment.......... 0.9
Real Estate Operations & Development...... 0.9
Retail -- Apparel/Shoe.................... 0.9
Toys...................................... 0.9
Applications Software..................... 0.8
Computers -- Memory Devices............... 0.8
Computers -- Periphery Equipment.......... 0.8
Electric -- Integrated.................... 0.8
Insurance Brokers......................... 0.8
Medical -- Biomedical/Gene................ 0.8
Security Services......................... 0.8
Diversified Minerals...................... 0.7
Food -- Misc.............................. 0.7
Medical Labs & Testing Services........... 0.7
Photo Equipment & Supplies................ 0.7
Retail -- Discount........................ 0.7
Auto -- Cars/Light Trucks................. 0.6
Diversified Operations.................... 0.6
Electric Products -- Misc................. 0.6
Investment Management/Advisor Services.... 0.6
Medical -- Generic Drugs.................. 0.6
Pipelines................................. 0.6
Chemicals -- Diversified.................. 0.5
Enterprise Software/Service............... 0.5
Finance -- Consumer Loans................. 0.5
Internet Security......................... 0.5
Audio/Video Products...................... 0.4
Electric -- Distribution.................. 0.4
Gas -- Distribution....................... 0.3
Medical Instruments....................... 0.2
Medical -- Hospitals...................... 0.2
Medical Products.......................... 0.2
Diversified Operations/Commerical Services 0.1
-----
103.9%
=====
Country Allocation*
United States. 26.2%
United Kingdom 13.6
Germany....... 7.0
South Korea... 5.2
France........ 4.5
Japan......... 4.4
Sweden........ 4.4
Malaysia...... 4.1
Norway........ 3.3
Brazil........ 3.0
Poland........ 2.6
Netherlands... 2.5
Singapore..... 2.3
Indonesia..... 2.0
Italy......... 2.0
Finland....... 1.6
Cayman Islands 1.5
Hong Kong..... 1.5
Spain......... 1.5
Luxembourg.... 1.4
Egypt......... 1.1
Mexico........ 1.0
Taiwan........ 0.9
Austria....... 0.8
Argentina..... 0.7
Australia..... 0.7
New Zealand... 0.7
Bermuda....... 0.6
Canada........ 0.6
South Africa.. 0.6
Denmark....... 0.5
Israel........ 0.5
Switzerland... 0.5
Iraq.......... 0.1
-----
103.9%
=====
* Calculated as a percentage of net assets
65
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------
COMMON STOCK -- 62.7%
Austria -- 0.7%
Telekom Austria AG(1)..................... 120,080 $ 3,501,171
-----------
Bermuda -- 0.6%
Covidien, Ltd.+........................... 25,291 1,014,422
Tyco Electronics, Ltd.+................... 25,291 945,630
Tyco International, Ltd................... 25,291 1,014,928
-----------
2,974,980
-----------
Cayman Islands -- 1.5%
ACE, Ltd.................................. 57,657 3,449,618
Seagate Technology........................ 161,636 4,168,593
-----------
7,618,211
-----------
Denmark -- 0.5%
Vestas Wind Systems A/S+(1)............... 28,598 2,702,909
-----------
Finland -- 1.6%
Stora Enso Oyj, Class R#(1)............... 293,983 4,849,331
UPM - Kymmene Oyj(1)...................... 168,687 3,564,800
-----------
8,414,131
-----------
France -- 4.5%
AXA SA#(1)................................ 119,489 4,845,739
France Telecom SA ADR..................... 153,242 5,815,534
Sanofi - Aventis#(1)...................... 47,002 4,463,219
Total SA#(1).............................. 66,840 5,406,768
Vivendi Universal SA(1)................... 55,790 2,564,608
-----------
23,095,868
-----------
Germany -- 4.0%
Bayerische Motoren Werke AG(1)............ 55,255 3,367,642
Deutsche Post AG(1)....................... 144,737 4,911,958
E.ON AG#(1)............................... 21,189 4,315,907
Infineon Technologies AG ADR+#............ 165,670 1,961,533
Siemens AG ADR............................ 39,400 5,979,738
-----------
20,536,778
-----------
Hong Kong -- 1.5%
Cheung Kong Holdings, Ltd.(1)............. 243,324 4,570,410
Swire Pacific, Ltd., Class A(1)........... 220,766 2,995,540
-----------
7,565,950
-----------
Israel -- 0.5%
Check Point Software Technologies+........ 121,399 2,770,325
-----------
Italy -- 2.0%
Eni SpA(1)................................ 127,040 4,537,406
Intesa Sanpaolo SpA(1).................... 401,765 3,208,238
Mediaset SpA#(1).......................... 239,818 2,340,254
-----------
10,085,898
-----------
Japan -- 4.4%
AIFUL Corp.#(1)........................... 64,499 1,260,846
FUJIFILM Holdings Corp.(1)................ 80,707 3,553,943
Hitachi, Ltd.#(1)......................... 401,911 2,809,946
Mitsubishi UFJ Financial Group, Inc.(1)... 116,000 1,136,742
Nintendo Co., Ltd.(1)..................... 7,124 4,379,152
Nomura Holdings, Inc.#(1)................. 70,806 1,268,106
Promise Co., Ltd.#(1)..................... 53,600 1,508,678
Sony Corp. ADR............................ 38,857 2,097,112
Sumitomo Mitsui Financial Group, Inc.#(1). 155 1,354,555
Takeda Pharmaceutical Co., Ltd.(1)........ 47,679 3,081,069
-----------
22,450,149
-----------
Mexico -- 0.4%
Telefonos de Mexico SAB de CV ADR#........ 52,897 1,971,471
-----------
Value
Security Description Shares (Note 2)
Netherlands -- 2.5%
ING Groep NV#(1)...................... 119,487 $ 4,597,081
Koninklijke Philips Electronics NV(1). 120,676 5,021,725
Reed Elsevier NV(1)................... 180,154 3,318,173
-----------
12,936,979
-----------
Norway -- 1.1%
Telenor ASA+(1)....................... 241,162 5,586,433
-----------
Singapore -- 1.8%
DBS Group Holdings, Ltd.(1)........... 219,397 3,046,167
Singapore Telecommunications, Ltd.(1). 1,667,000 4,467,609
Venture Corp., Ltd.(1)................ 193,962 1,699,334
-----------
9,213,110
-----------
South Africa -- 0.6%
Sasol, Ltd. ADR#...................... 63,630 3,215,860
-----------
South Korea -- 1.7%
Kookmin Bank ADR#..................... 33,378 2,419,905
Samsung Electronics Co., Ltd.(1)...... 7,582 4,669,256
SK Telecom Co., Ltd. ADR.............. 58,720 1,859,663
-----------
8,948,824
-----------
Spain -- 1.5%
Gamesa Corp. Tecnologica SA(1)........ 42,012 1,905,086
Telefonica SA ADR..................... 56,803 5,718,358
-----------
7,623,444
-----------
Switzerland -- 0.5%
Novartis AG(1)........................ 43,790 2,479,106
-----------
Taiwan -- 0.9%
Chunghwa Telecom Co., Ltd. ADR........ 89,830 1,790,312
Lite - On Technology Corp.(1)......... 1,509,714 2,610,441
-----------
4,400,753
-----------
United Kingdom -- 13.6%
Aviva PLC(1).......................... 220,880 3,100,758
BAE Systems PLC(1).................... 378,499 3,577,137
BP PLC(1)............................. 426,865 5,173,369
British Sky Broadcasting Group PLC(1). 255,698 3,287,701
Centrica PLC(1)....................... 272,288 2,036,475
Compass Group PLC(1).................. 695,200 4,551,052
G4S PLC(1)............................ 855,503 3,839,500
GlaxoSmithKline PLC(1)................ 164,866 4,351,676
HSBC Holdings PLC(1).................. 277,053 4,705,229
Invesco PLC(1)........................ 247,529 3,196,780
National Grid PLC(1).................. 114,673 1,935,879
Old Mutual PLC(1)..................... 1,008,590 3,490,981
Pearson PLC(1)........................ 206,609 3,170,642
Rentokil Initial PLC(1)............... 181,861 563,459
Rolls-Royce Group PLC+(1)............. 263,239 2,857,843
Royal Bank of Scotland Group PLC(1)... 264,400 2,491,517
Royal Dutch Shell PLC, Class B(1)..... 142,106 5,708,406
Unilever PLC(1)....................... 101,385 3,716,430
Vodafone Group PLC ADR#............... 163,547 6,092,126
Yell Group PLC(1)..................... 253,970 2,172,389
-----------
70,019,349
-----------
United States -- 16.3%
Abbott Laboratories................... 59,279 3,409,135
Amgen, Inc.+.......................... 78,240 4,322,760
AON Corp.#............................ 78,710 3,933,139
Boston Scientific Corp.+.............. 182,961 2,310,797
Bristol - Myers Squibb Co............. 88,390 2,618,996
Chico's FAS, Inc.+#................... 159,610 1,805,189
Comcast Corp., Special Class A#+...... 171,115 3,458,234
Discover Financial Services#+......... 8,756 152,092
66
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Shares/
Principal Value
Security Description Amount (Note 2)
--------------------------------------------------------------------
COMMON STOCK (continued)
United States (continued)
El Paso Corp.......................... 195,496 $ 3,143,576
General Electric Co................... 87,630 3,355,353
JPMorgan Chase & Co................... 73,284 3,343,216
Lexmark International, Inc., Class A#. 42,300 1,475,424
Microsoft Corp........................ 126,124 4,237,766
Morgan Stanley........................ 17,513 923,285
News Corp., Class A................... 206,437 4,349,627
Oracle Corp.+......................... 132,880 2,681,518
Pfizer, Inc........................... 184,499 4,383,696
Quest Diagnostics, Inc.#.............. 65,980 3,632,859
Target Corp........................... 60,653 3,642,819
Tenet Healthcare Corp.+#.............. 332,427 1,831,673
The DIRECTV Group, Inc.+.............. 159,586 3,968,904
The Dow Chemical Co................... 66,218 2,777,183
The Gap, Inc.......................... 116,950 2,385,780
Time Warner, Inc...................... 194,916 3,364,250
Torchmark Corp........................ 37,420 2,308,066
United Parcel Service, Inc., Class B.. 35,370 2,606,062
Viacom, Inc., Class B+................ 90,980 3,822,980
Watson Pharmaceuticals, Inc.#+........ 107,040 3,137,342
------------
83,381,721
------------
Total Common Stock
(cost $276,453,469).................. 321,493,420
------------
PREFERRED STOCK -- 0.7%
Brazil -- 0.7%
Cia Vale do Rio Doce ADR
(cost $1,284,880).................... 125,110 3,619,432
------------
GOVERNMENT AGENCIES -- 24.6%
Argentina -- 0.7%
Republic of Argentina
Bonds
5.39% due 08/03/12(2)................ USD 6,328,000 3,553,172
------------
Australia -- 0.7%
New South Wales Treasury Corp
Notes
8.00% due 03/01/08................... AUD 1,859,000 1,644,669
Queensland Treasury Corp. Local
Bonds
6.00% due 07/14/09................... AUD 2,140,000 1,861,319
------------
3,505,988
------------
Austria -- 0.1%
Republic of Austria
Bonds
5.00% due 07/15/12*.................. EUR 426,000 648,258
------------
Belgium -- 0.0%
Kingdom of Belgium
Debentures
7.50% due 07/29/08................... EUR 146,000 217,747
------------
Brazil -- 2.3%
Brazil Nota do Tesouro Nacional
Notes
6.00% due 05/15/15................... BRL 1,700,000 1,466,939
Brazil Nota do Tesouro Nacional
Notes
6.00% due 05/15/45................... BRL 4,750,000 3,998,087
Brazil Nota do Tesouro Nacional
Notes
10.00% due 01/01/12.................. BRL 3,915,000 2,112,032
Brazil Nota do Tesouro Nacional
Notes
10.00% due 01/01/14.................. BRL 2,950,000 1,536,435
Principal Value
Security Description Amount (Note 2)
Brazil (continued)
Federal Republic of Brazil
Notes
10.00% due 01/01/17............ BRL 5,200,000 $ 2,600,734
-----------
11,714,227
-----------
Canada -- 0.6%
Government of Canada
Bonds
4.25% due 12/01/08............. CAD 3,260,000 3,271,085
-----------
Germany -- 3.0%
Kreditanstalt fuer Wiederaufbau
Notes
0.66% due 08/08/11(2).......... JPY 1,680,000,000 15,122,207
-----------
Indonesia -- 2.0%
Republic of Indonesia
Bonds
10.75% due 05/15/16............ IDR39,900,000,000 4,382,779
Republic of Indonesia
Bonds
11.00% due 11/15/20............ IDR31,680,000,000 3,423,979
Republic of Indonesia
Bonds
12.00% due 09/15/26............ IDR 6,000,000,000 696,954
Republic of Indonesia
Bonds
12.80% due 06/15/21............ IDR11,100,000,000 1,344,615
Republic of Indonesia
Bonds
14.28% due 12/15/13............ IDR 4,200,000,000 533,879
-----------
10,382,206
-----------
Iraq -- 0.1%
Republic of Iraq
Bonds
5.80% due 01/15/28*............ USD 1,000,000 635,000
-----------
Luxembourg -- 1.4%
European Investment Bank
Senior Notes
0.78% due 09/21/11(2).......... JPY 780,000,000 7,018,491
-----------
Malaysia -- 1.2%
Government of Malaysia
Bonds
3.14% due 12/17/07............. MYR 300,000 89,149
Government of Malaysia
Bonds
3.92% due 09/30/08............. MYR 200,000 59,531
Government of Malaysia
Bonds
4.31% due 02/27/09............. MYR 5,375,000 1,610,997
Government of Malaysia
Bonds
6.45% due 07/01/08............. MYR 12,875,000 3,888,135
Government of Malaysia
Bonds
7.00% due 03/15/09............. MYR 970,000 300,479
-----------
5,948,291
-----------
Mexico -- 0.6%
United Mexican States
Bonds
8.00% due 12/17/15............. MXN 16,000,000 1,471,135
United Mexican States
Bonds
10.00% due 12/05/24............ MXN 13,700,000 1,484,737
-----------
2,955,872
-----------
67
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
--------------------------------------------------------------
GOVERNMENT AGENCIES (continued)
New Zealand -- 0.7%
Government of New Zealand
Bonds
7.00% due 07/15/09.......... NZD 4,490,000 $ 3,399,434
-----------
Norway -- 0.7%
Kingdom of Norway
Bonds
5.50% due 05/15/09.......... NOK 19,960,000 3,628,755
-----------
Poland -- 2.6%
Government of Poland
Bonds
5.75% due 06/24/08.......... PLN 500,000 202,770
Government of Poland
Bonds
5.75% due 09/23/22.......... PLN 1,090,000 442,162
Government of Poland
Bonds
6.00% due 05/24/09.......... PLN 27,600,000 11,185,723
Government of Poland
Bonds
6.25% due 10/24/15.......... PLN 4,150,000 1,722,029
-----------
13,552,684
-----------
Singapore -- 0.5%
Government of Singapore
Bonds
1.50% due 04/01/08.......... SGD 300,000 206,802
Government of Singapore
Bonds
4.38% due 01/15/09.......... SGD 765,000 541,659
Government of Singapore
Bonds
5.63% due 07/01/08.......... SGD 2,805,000 1,976,591
-----------
2,725,052
-----------
South Korea -- 3.5%
Republic of South Korea
Bonds
4.25% due 09/10/08.......... KRW 2,625,000,000 2,824,632
Republic of South Korea
Bonds
4.75% due 06/10/09.......... KRW 1,140,000,000 1,220,814
Republic of South Korea
Bonds
5.25% due 09/10/12.......... KRW 5,300,000 5,615,520
Republic of South Korea
Bonds
5.25% due 03/10/27.......... KRW 2,645,000,000 2,721,933
Republic of South Korea
Bonds
5.50% due 09/10/17.......... KRW 5,250,000,000 5,615,805
-----------
17,998,704
-----------
Sweden -- 3.8%
Kingdom of Sweden
Bonds
5.00% due 01/28/09.......... SEK 81,750,000 12,929,139
Kingdom of Sweden
Bonds
5.50% due 10/08/12#......... SEK 27,480,000 4,566,274
Kingdom of Sweden
Bonds
6.50% due 05/05/08.......... SEK 12,400,000 1,958,594
-----------
19,454,007
-----------
Principal Value
Security Description Amount (Note 2)
United States -- 0.1%
Federal National Mtg. Assoc.
Notes
1.75% due 03/26/08.................... JPY 70,000,000 $ 631,574
------------
Total Government Agencies
(cost $119,017,337)................... 126,362,754
------------
Total Long-Term Investment Securities
(cost $396,755,686)................... 451,475,606
------------
SHORT-TERM INVESTMENT SECURITIES -- 15.9%
Collective Investment Pool -- 7.5%
United States -- 7.5%
Securities Lending Quality Trust(3)
(cost $38,526,416).................... $ 38,526,416 38,526,416
------------
GOVERNMENT AGENCIES -- 8.4%
Egypt -- 1.1%
Egypt Treasury Bills
6.76% due 09/30/08.................... EGP 1,700,000 291,073
Egypt Treasury Bills
6.80% due 09/30/08.................... EGP 1,600,000 273,951
Egypt Treasury Bills
6.89% due 06/24/08.................... EGP 2,500,000 433,559
Egypt Treasury Bills
6.94% due 06/24/08.................... EGP 2,500,000 433,559
Egypt Treasury Bills
7.32% due 08/05/08.................... EGP 1,500,000 257,940
Egypt Treasury Bills
7.34% due 09/16/08.................... EGP 3,400,000 579,628
Egypt Treasury Bills
7.37% due 08/05/08.................... EGP 5,275,000 907,091
Egypt Treasury Bills
7.40% due 08/12/08.................... EGP 5,225,000 894,433
Egypt Treasury Bills
7.75% due 08/26/08.................... EGP 5,500,000 944,390
Egypt Treasury Bills
8.17% due 04/01/08.................... EGP 25,000 4,412
Egypt Treasury Bills
8.22% due 04/01/08.................... EGP 25,000 4,411
Egypt Treasury Bills
9.30% due 01/08/08.................... EGP 4,700,000 840,921
------------
5,865,368
------------
Malaysia -- 2.9%
Bank Negara Malaysia Monetary Notes
3.17% due 05/15/08.................... MYR 3,500,000 1,038,265
Malaysia Treasury Bills
3.23% due 01/04/08.................... MYR 400,000 118,491
Malaysia Treasury Bills
3.23% due 02/28/08.................... MYR 700,000 206,255
Malaysia Treasury Bills
3.23% due 03/28/08.................... MYR 400,000 117,547
Malaysia Treasury Bills
3.23% due 05/09/08.................... MYR 1,800,000 526,864
Bank Negara Malaysia Monetary Notes
3.29% due 12/13/07.................... MYR 2,765,000 820,793
Bank Negara Malaysia Monetary Notes
3.29% due 12/21/07.................... MYR 710,000 210,603
Bank Negara Malaysia Monetary Notes
3.30% due 12/06/07.................... MYR 1,500,000 445,575
Bank Negara Malaysia Monetary Notes
3.30% due 12/13/07.................... MYR 310,000 92,024
Bank Negara Malaysia Monetary Notes
3.30% due 12/21/07.................... MYR 6,120,000 1,815,336
68
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
------------------------------------------------------------------
GOVERNMENT AGENCIES (continued)
Malaysia (continued)
Bank Negara Malaysia Monetary Notes
3.30% due 02/28/08(4).............. MYR 7,675,000 $ 2,260,641
Bank Negara Malaysia Monetary Notes
3.34% due 02/28/08(4).............. MYR 2,900,000 854,183
Bank Negara Malaysia Monetary Notes
3.39% due 02/28/08(4).............. MYR 530,000 156,109
Bank Negara Malaysia Monetary Notes
3.55% due 01/11/08................. MYR 8,590,000 2,552,847
Bank Negara Malaysia Monetary Notes
3.55% due 03/13/08(4).............. MYR 1,930,000 567,728
Malaysia Treasury Bills
3.55% due 06/06/08................. MYR 1,407,000 410,746
Bank Negara Malaysia Monetary Notes
3.57% due 02/14/08................. MYR 8,320,000 2,472,540
-----------
14,666,547
-----------
Norway -- 1.5%
Norwegian Treasury Bills
3.96% due 12/19/07................. NOK 18,090,000 3,254,407
Norwegian Treasury Bills
3.99% due 12/19/07................. NOK 20,100,000 3,616,007
Kingdom of Norway
4.55% due 03/19/08................. NOK 2,400,000 426,327
Kingdom of Norway
4.75% due 09/17/08................. NOK 1,380,000 248,263
Kingdom of Norway
4.77% due 06/18/08................. NOK 330,000 57,863
-----------
7,602,867
-----------
Sweden -- 0.6%
Sweden Treasury Bill
3.06% due 12/19/07................. SEK 3,800,000 593,690
Sweden Treasury Bill
3.81% due 06/18/08................. SEK 9,000,000 1,365,102
Principal Value
Security Description Amount (Note 2)
Sweden (continued)
Sweden Treasury Bill
3.87% due 09/17/08................. SEK 9,000,000 $ 1,377,884
------------
3,336,676
------------
United States -- 2.3%
Federal Home Loan Bank
3.80% due 12/03/07................. $11,650,000 11,647,541
------------
Total Government Agencies
(cost $41,461,646)................. 43,118,999
------------
Total Short-Term Investment Securities
(cost $79,988,062)................. 81,645,415
------------
TOTAL INVESTMENTS
(cost $476,743,748)(5)............. 103.9% 533,121,021
Liabilities in excess of other assets. (3.9) (19,919,534)
------------- ------------
NET ASSETS -- 100.0% $513,201,487
============= ============
- --------
+ Non-income producing security
# The security or a portion thereof is out on loan (See Note 2)
* Securities exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be sold in transactions exempt from registration,
normally to qualified institutional buyers. The Fund has no right to demand
registration of these securities. At November 30, 2007, the aggregate value
of these securities was $1,283,258 representing 0.25% of net assets. Unless
otherwise indicated these securities are not considered to be illiquid.
(1)Security was valued using fair value procedures at November 30, 2007. See
Note 2 regarding fair value pricing procedures for foreign equity securities.
(2)Floating rate security where the rate fluctuates. The rate moves up or down
at each reset date. The rate reflected is as of November 30, 2007.
(3)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(4)Fair valued security; see Note 2
(5)See Note 5 for cost of investments on a tax basis.
ADR--American Depository Receipt
Open Forward Currency Contracts
--------------------------------------------------------
Gross
Contract to In Exchange Delivery Unrealized
Deliver For Date Appreciation
--------------------------------------------------------
MXN 6,426,756 CLP 298,252,908 5/16/2008 $ 6,873
MXN 4,398,010 CLP 201,742,006 5/20/2008 205
MXN 1,322,091 CLP 60,115,467 9/15/2008 300
MXN 3,676,778 CLP 168,672,188 6/12/2008 956
MXN 16,171,585 INR 64,807,626 1/25/2008 155,692
USD 7,129,986 CAD 7,172,765 6/30/2008 40,179
*USD 1,600,366 BRL 3,500,000 12/3/2007 347,592
*BRL 3,500,000 USD 1,954,761 12/3/2007 6,803
USD 477,227 ISK 30,700,000 12/27/2007 20,048
USD 1,700,000 JPY 200,864,350 6/30/2008 146,806
USD 20,174 JPY 2,350,000 7/18/2008 1,461
USD 400,000 JPY 44,565,600 8/20/2008 11,295
USD 400,000 JPY 44,716,000 8/20/2008 12,683
USD 400,000 JPY 44,279,200 8/25/2008 8,803
USD 815,000 JPY 89,918,950 9/25/2008 17,075
USD 815,000 JPY 89,857,825 9/25/2008 16,510
USD 1,610,000 JPY 178,331,650 9/26/2008 40,334
USD 805,000 JPY 89,540,150 9/26/2008 23,631
USD 1,000,000 KZT 121,700,000 1/16/2008 138
USD 1,000,000 KZT 121,800,000 1/18/2008 435
USD 370,273 RON 944,938 12/27/2007 24,265
USD 2,589,287 CHF 300,000 10/20/2008 98,900
USD 437,500 CHF 505,304 10/24/2008 15,339
USD 437,500 CHF 504,098 10/27/2008 14,300
----------
$1,010,623
==========
69
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
-------------------------------------------------------
Gross
Contract to In Exchange Delivery Unrealized
Deliver For Date Depreciation
-------------------------------------------------------
EUR 287,500 JPY 43,274,500 12/6/2007 $ (30,908)
NZD 4,189,112 INR 125,200,000 2/29/2008 (11,128)
RON 4,200,000 NOK 9,314,704 11/17/2008 (45,451)
USD 1,909,959 BRL 3,500,000 9/4/2008 (21,897)
USD 100,960 JPY 10,703,750 11/14/2008 (1,543)
USD 1,000,000 KZT 121,450,000 1/18/2008 (2,440)
USD 800,000 KZT 98,184,000 3/25/2008 (6,373)
RON 944,938 USD 393,069 12/27/2007 (1,469)
USD 1,357,251 CHF 1,500,000 11/6/2008 (12,461)
---------
(133,670)
=========
Net Unrealized Appreciation (Depreciation) $ 876,953
=========
- --------
* Represents open forwards foreign currency contracts and offsetting open
forward foreign currency contracts that do not have additional market risk
but have continued counterparty settlement risk.
Currency Legend
AUD--Australian Dollar
BRL--Brazilian Real
CAD--Canadian Dollar
CHF--Swiss Franc
CLP--Chilean Peso
EGP--Egyptian Pound
EUR--Euro Dollar
HKD--Hong Kong Dollar
IDR--Indonesian Rupiah
INR--Indian Rupee
ISK--Icelandic Krona
JPY--Japanese Yen
KRW--South Korean Won
KZT--Kazakhstan Tenge
MXN--Mexican Peso
MYR--Malaysian Ringgit
NOK--Norwegian Krone
NZD--New Zealand Dollar
PLN--Polish Zloty
RON--New Romanian Leu
SEK--Swedish Krona
SGD--Singapore Dollar
SKK--Slovak Koruna
THB--Thailand Baht
TWD--New Taiwan Dollar
USD--United States Dollar
See Notes to Financial Statements
70
VALIC Company I Government Securities Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
United States Treasury Bonds....... 21.0%
Federal Home Loan Mtg. Corp........ 16.6
Collective Investment Pool......... 16.1
Repurchase Agreements.............. 15.1
Federal National Mtg. Assoc........ 12.6
Federal Home Loan Bank............. 8.5
United States Treasury Notes....... 8.5
Federal Farm Credit Bank........... 3.8
Tennessee Valley Authority......... 3.3
Banks -- Special Purpose........... 1.9
Oil Companies -- Integrated........ 1.9
Government National Mtg. Assoc..... 1.4
Finance -- Commercial.............. 1.0
Sovereign.......................... 1.0
Finance -- Investment Banker/Broker 0.9
Banks -- Commercial................ 0.8
Regional Authority................. 0.6
Diversified Financial Services..... 0.5
-----
115.5%
=====
Credit Quality+#
Government -- Treasury 35.0%
Government -- Agency.. 52.4
AAA................... 1.7
AA.................... 9.7
A..................... 1.2
-----
100.0%
=====
* Calculated as a percentage of net assets.
+ Source: Standard and Poors
# Calculated as a percentage of total debt issues, excluding short-term
securities.
71
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
----------------------------------------------------------------
CORPORATE BONDS & NOTES -- 2.2%
Banks - Commercial -- 0.8%
HSBC Bank USA
Sub. Notes
5.63% due 08/15/35#.................... $1,000,000 $ 847,661
----------
Diversified Financial Services -- 0.5%
General Electric Capital Corp.
Notes
6.00% due 06/15/12..................... 500,000 526,848
----------
Finance - Investment Banker/Broker -- 0.9%
Goldman Sachs Group, Inc.
Senior Notes
5.75% due 10/01/16#.................... 1,000,000 1,005,160
----------
Total Corporate Bonds & Notes
(cost $2,515,089)...................... 2,379,669
----------
FOREIGN CORPORATE BONDS & NOTES -- 4.8%
Banks - Special Purpose -- 1.9%
Landwirtschaftliche Rentenbank
Foreign Gov't Guar.
5.13% due 02/01/17#.................... 1,000,000 1,052,707
Swedish Export Credit Corp.
Notes
4.88% due 09/29/11..................... 1,000,000 1,035,012
----------
2,087,719
----------
Finance - Commercial -- 1.0%
Eksportfinans A/S
Senior Notes
5.00% due 02/14/12..................... 1,000,000 1,032,918
----------
Oil Companies - Integrated -- 1.9%
Shell International Finance BV
Guar. Notes
5.63% due 06/27/11#.................... 2,000,000 2,086,912
----------
Total Foreign Corporate Bonds & Notes
(cost $4,992,803)...................... 5,207,549
----------
FOREIGN GOVERNMENT AGENCIES -- 1.6%
Regional Authority -- 0.6%
Province of New Brunswick Canada
Bonds
5.20% due 02/21/17..................... 658,000 692,476
----------
Sovereign -- 1.0%
Italy Government International Bond
Senior Notes
5.25% due 09/20/16..................... 1,000,000 1,057,018
----------
Total Foreign Government Agencies
(cost $1,655,721)...................... 1,749,494
----------
U.S. GOVERNMENT AGENCIES -- 46.2%
Federal Farm Credit Bank -- 3.8%
4.88% due 12/16/15...................... 2,000,000 2,055,090
4.88% due 01/17/17#..................... 1,000,000 1,025,095
5.00% due 10/23/09#..................... 1,000,000 1,023,388
----------
4,103,573
----------
Federal Home Loan Bank -- 8.5%
4.25% due 09/12/08#..................... 1,000,000 999,675
4.75% due 09/11/15...................... 1,000,000 1,016,510
4.88% due 11/27/13#..................... 2,000,000 2,074,058
5.00% due 02/20/09#..................... 940,000 951,698
5.15% due 01/16/09...................... 1,000,000 1,001,359
5.38% due 08/19/11#..................... 2,000,000 2,106,156
5.38% due 06/14/13#..................... 1,000,000 1,061,763
----------
9,211,219
----------
Principal Value
Security Description Amount (Note 2)
--------------------------------------------------------------
Federal Home Loan Mtg. Corp. -- 16.6%
4.35% due 06/02/08................... $2,000,000 $ 1,998,102
4.45% due 03/06/08................... 1,000,000 1,000,110
4.50% due 09/01/19................... 876,564 862,923
4.75% due 11/17/15#.................. 3,000,000 3,058,815
5.00% due 01/16/09#.................. 1,000,000 1,011,494
5.00% due 12/14/18#.................. 1,000,000 999,884
5.00% due 10/01/34................... 596,611 586,537
5.25% due 10/06/11................... 2,000,000 2,022,126
5.33% due 12/01/35(1)................ 215,861 216,564
5.45% due 09/02/11#.................. 1,000,000 1,011,224
5.50% due 12/01/36................... 637,569 637,743
Federal Home Loan Mtg. Corp. Notes
5.75% due 01/15/12#.................. 2,000,000 2,137,202
6.00% due 05/12/16................... 1,000,000 1,026,198
6.00% due 11/01/33................... 863,682 878,949
6.50% due 02/01/32................... 343,175 354,836
7.50% due 09/01/16................... 100,866 105,516
8.00% due 02/01/30................... 4,796 5,137
8.00% due 08/01/30................... 1,763 1,889
8.00% due 06/01/31................... 5,909 6,328
-----------
17,921,577
-----------
Federal National Mtg. Assoc. -- 12.6%
4.25% due 08/15/10#.................. 2,000,000 2,027,198
4.77% due 02/01/35(1)................ 39,564 39,550
4.79% due 11/01/34(1)................ 188,315 192,055
5.00% due 02/16/12#.................. 752,000 781,671
5.00% due 02/01/19................... 781,671 783,714
5.00% due 12/01/36................... 869,175 852,187
5.13% due 12/18/09#.................. 2,000,000 2,000,932
5.25% due 08/01/12#.................. 1,000,000 1,045,958
5.34% due 01/01/36(1)................ 78,879 80,001
5.38% due 03/02/12................... 2,790,000 2,810,215
5.50% due 12/01/33................... 400,245 401,926
5.50% due 10/01/34................... 737,662 740,129
6.00% due 05/15/11................... 1,000,000 1,071,942
6.00% due 06/01/35................... 352,330 358,275
6.50% due 02/01/17................... 125,292 129,477
6.50% due 07/01/32................... 74,411 76,933
7.00% due 09/01/31................... 129,010 135,601
7.50% due 03/01/32................... 104,610 111,341
11.50% due 09/01/19.................. 440 497
12.00% due 01/15/16.................. 174 203
12.50% due 09/20/15.................. 327 374
13.00% due 11/01/15.................. 839 951
14.50% due 11/15/14.................. 265 308
-----------
13,641,438
-----------
Government National Mtg. Assoc. -- 1.4%
5.00% due 09/15/35................... 26,563 26,398
5.00% due 02/15/36................... 807,408 802,196
5.00% due 05/15/36................... 103,426 102,759
6.00% due 01/15/32................... 190,446 195,706
6.50% due 08/15/31................... 351,041 365,231
7.50% due 02/15/29................... 8,765 9,350
7.50% due 07/15/30................... 531 566
7.50% due 01/15/31................... 10,181 10,853
7.50% due 02/15/31................... 12,159 12,962
-----------
1,526,021
-----------
Tennessee Valley Authority -- 3.3%
4.75% due 08/01/13................... 3,400,000 3,490,508
-----------
Total U.S. Government Agencies
(cost $48,808,135).................. 49,894,336
-----------
72
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
- -------------------------------------------------------------------------------
U.S. GOVERNMENT TREASURIES -- 29.5%
United States Treasury Bonds -- 21.0%
United States Treasury Bonds......................
4.75% due 02/15/37#.............................. $ 3,500,000 $ 3,695,506
5.00% due 05/15/37#.............................. 5,000,000 5,490,625
6.25% due 08/15/23#.............................. 2,000,000 2,415,624
6.63% due 02/15/27#.............................. 1,000,000 1,278,750
7.50% due 11/15/16#.............................. 1,000,000 1,260,547
7.88% due 02/15/21#.............................. 3,000,000 4,066,641
8.75% due 08/15/20#.............................. 1,000,000 1,435,391
United States Treasury Bonds STRIPS
zero coupon due 08/15/24......................... 2,040,000 951,407
United States Treasury Bond TIPS
2.00% due 01/15/26#TIPS.......................... 2,079,317 2,099,135
------------
22,693,626
------------
United States Treasury Notes -- 8.5%
United States Treasury Notes
3.88% due 10/31/12............................... 5,000,000 5,103,125
4.00% due 02/15/15#.............................. 1,000,000 1,014,141
4.25% due 08/15/13#.............................. 1,000,000 1,038,047
4.25% due 08/15/15#.............................. 1,000,000 1,027,188
4.75% due 02/15/10#.............................. 1,000,000 1,035,938
------------
9,218,439
------------
Total U.S. Government Treasuries
(cost $30,316,358)............................... 31,912,065
------------
Total Long-Term Investment Securities
(cost $88,288,106)............................... 91,143,113
------------
SHORT-TERM INVESTMENT SECURITIES -- 16.1%
Collective Investment Pool -- 16.1%
Securities Lending Quality Trust(2)
(cost $17,392,464)............................... 17,392,464 17,392,464
------------
REPURCHASE AGREEMENT -- 15.1%
UBS Securities, LLC Joint Repurchase Agreement(3)
(cost $16,352,000)............................... 16,352,000 16,352,000
------------
TOTAL INVESTMENTS
(cost $122,032,570)(4)........................... 115.5% 124,887,577
Liabilities in excess of other assets............... (15.5) (16,745,500)
----------- ------------
NET ASSETS -- 100.0% $108,142,077
=========== ============
- --------
# The security or a portion thereof is out on loan (See Note 2)
(1)Floating rate security where the rate fluctuates. The rate moves up or down
at each reset date. The rate reflected is as of November 30, 2007.
(2)The security is purchased with the cash collateral received from securities
loaned (See Note 2).
(3)See Note 2 for details of Joint Repurchase Agreements.
(4)See Note 5 for cost of investments on a tax basis.
TIPS--Treasury Inflation Protected Security
STRIPS--Separate Trading of Registered Interest and Principal of Securities
See Notes to Financials Statements
73
VALIC Company I Growth & Income Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Collective Investment Pool............. 10.4%
Oil Companies -- Integrated............ 8.5
Finance -- Investment Banker/Broker.... 5.9
Electric -- Integrated................. 5.7
Medical -- Drugs....................... 5.2
Diversified Manufacturing Operations... 4.8
Telephone -- Integrated................ 3.7
Repurchase Agreements.................. 3.6
Electronic Components -- Semiconductors 3.5
Medical Products....................... 2.8
Applications Software.................. 2.6
Aerospace/Defense -- Equipment......... 2.5
Tobacco................................ 2.4
Insurance -- Property/Casualty......... 2.1
Medical -- Generic Drugs............... 2.1
Brewery................................ 2.0
Enterprise Software/Service............ 2.0
Food -- Misc........................... 2.0
Banks -- Fiduciary..................... 1.9
Banks -- Super Regional................ 1.9
Finance -- Credit Card................. 1.9
Retail -- Apparel/Shoe................. 1.9
Investment Management/Advisor Services. 1.8
Transport -- Services.................. 1.8
Cosmetics & Toiletries................. 1.7
Electronic Components -- Misc.......... 1.7
Apparel Manufacturers.................. 1.6
Insurance -- Multi-line................ 1.6
Medical -- HMO......................... 1.5
Networking Products.................... 1.5
Oil Field Machinery & Equipment........ 1.5
Telecom Equipment -- Fiber Optics...... 1.5
Advertising Agencies................... 1.4
Beverages -- Non-alcoholic............. 1.4
Chemicals -- Diversified............... 1.4
Multimedia............................. 1.4
Oil -- Field Services.................. 1.4
Retail -- Building Products............ 1.3
Retail -- Regional Department Stores... 1.3
Medical -- Biomedical/Gene............. 1.1
Paper & Related Products............... 1.1
Non -- Hazardous Waste Disposal........ 1.0
Aerospace/Defense...................... 0.9
Metal -- Aluminum...................... 0.9
Semiconductor Equipment................ 0.9
-----
111.1%
=====
* Calculated as a percentage of net assets
74
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------
COMMON STOCK -- 97.1%
Advertising Agency -- 1.4%
Interpublic Group of Cos., Inc.+#........... 203,200 $1,928,368
----------
Aerospace/Defense -- 0.9%
Boeing Co................................... 13,800 1,277,052
----------
Aerospace/Defense - Equipment -- 2.5%
United Technologies Corp.................... 46,800 3,499,236
----------
Apparel Manufacturer -- 1.6%
Phillips-Van Heusen......................... 53,500 2,269,470
----------
Applications Software -- 2.6%
Microsoft Corp.............................. 110,700 3,719,520
----------
Banks-Fiduciary -- 1.9%
The Bank of New York Mellon Corp............ 55,500 2,661,780
----------
Banks - Super Regional -- 1.9%
Bank of America Corp........................ 58,500 2,698,605
----------
Beverages - Non-alcoholic -- 1.4%
PepsiCo, Inc................................ 26,000 2,006,680
----------
Brewery -- 2.0%
Anheuser-Busch Cos., Inc.................... 53,900 2,841,608
----------
Chemicals - Diversified -- 1.4%
The Dow Chemical Co......................... 45,400 1,904,076
----------
Computers - Memory Devices -- 0.0%
Seagate Technology+(1)(2)(3)................ 10,000 0
----------
Cosmetics & Toiletries -- 1.7%
Procter & Gamble Co......................... 33,000 2,442,000
----------
Diversified Manufacturing Operations -- 4.8%
3M Co....................................... 30,600 2,547,756
General Electric Co......................... 111,400 4,265,506
----------
6,813,262
----------
Electric - Integrated -- 5.7%
Duke Energy Corp.#.......................... 101,900 2,016,601
FPL Group, Inc.#............................ 27,200 1,897,472
Public Service Enterprise Group, Inc........ 20,200 1,933,948
Southern Co.#............................... 58,000 2,181,960
----------
8,029,981
----------
Electronic Components - Misc. -- 1.7%
Tyco Electronics, Ltd....................... 63,400 2,370,526
----------
Electronic Components - Semiconductors -- 3.5%
Broadcom Corp., Class A+.................... 40,900 1,093,666
Intel Corp.................................. 101,600 2,649,728
Microchip Technology, Inc.#................. 40,200 1,157,358
----------
4,900,752
----------
Enterprise Software/Service -- 2.0%
Oracle Corp.+............................... 137,600 2,776,768
----------
Finance - Credit Card -- 1.9%
American Express Co......................... 45,200 2,665,896
----------
Finance - Investment Banker/Broker -- 5.9%
Citigroup, Inc.............................. 86,300 2,873,790
JPMorgan Chase & Co......................... 59,700 2,723,514
Morgan Stanley.............................. 52,500 2,767,800
----------
8,365,104
----------
Food - Misc. -- 2.0%
Kraft Foods, Inc., Class A#................. 83,300 2,878,015
----------
Insurance - Multi-line -- 1.6%
Hartford Financial Services Group, Inc...... 23,600 2,249,552
----------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
Insurance - Property/Casualty -- 2.1%
Chubb Corp.................................. 54,900 $ 2,994,795
-----------
Investment Management/Advisor Services -- 1.8%
Invesco PLC ADR#............................ 96,400 2,530,500
-----------
Medical Products -- 2.8%
Johnson & Johnson........................... 40,000 2,709,600
Zimmer Holdings, Inc.+...................... 19,400 1,255,762
-----------
3,965,362
-----------
Medical - Biomedical/Gene -- 1.1%
Genzyme Corp.+.............................. 20,000 1,498,600
-----------
Medical - Drugs -- 5.2%
Merck & Co., Inc............................ 32,300 1,917,328
Pfizer, Inc................................. 79,300 1,884,168
Schering-Plough Corp........................ 70,100 2,194,130
Wyeth....................................... 27,400 1,345,340
-----------
7,340,966
-----------
Medical - Generic Drugs -- 2.1%
Barr Pharmaceuticals, Inc.+................. 26,400 1,417,680
Mylan, Inc.#................................ 105,000 1,509,900
-----------
2,927,580
-----------
Medical - HMO -- 1.5%
UnitedHealth Group, Inc..................... 38,700 2,128,500
-----------
Metal - Aluminum -- 0.9%
Alcoa, Inc.................................. 33,300 1,211,121
-----------
Multimedia -- 1.4%
News Corp., Class A......................... 93,000 1,959,510
-----------
Networking Products -- 1.5%
Cisco Systems, Inc.+........................ 75,800 2,123,916
-----------
Non - Hazardous Waste Disposal -- 1.0%
Waste Management, Inc....................... 40,200 1,379,664
-----------
Oil Companies - Integrated -- 8.5%
Chevron Corp................................ 30,300 2,659,431
ConocoPhillips.............................. 33,800 2,705,352
ExxonMobil Corp............................. 45,300 4,038,948
Marathon Oil Corp........................... 47,100 2,632,890
-----------
12,036,621
-----------
Oil Field Machinery & Equipment -- 1.5%
Grant Prideco, Inc.+........................ 43,100 2,073,110
-----------
Oil - Field Services -- 1.4%
Schlumberger, Ltd........................... 21,600 2,018,520
-----------
Paper & Related Products -- 1.1%
International Paper Co.#.................... 43,800 1,478,250
-----------
Retail - Apparel/Shoe -- 1.9%
American Eagle Outfitters, Inc.#............ 114,000 2,609,460
-----------
Retail - Building Products -- 1.3%
Home Depot, Inc............................. 62,400 1,782,144
-----------
Retail - Regional Department Stores -- 1.3%
Kohl's Corp.+............................... 37,500 1,848,000
-----------
Semiconductor Equipment -- 0.9%
Applied Materials, Inc...................... 69,500 1,308,685
-----------
Telecom Equipment - Fiber Optics -- 1.5%
Corning, Inc................................ 87,000 2,113,230
-----------
Telephone - Integrated -- 3.7%
AT&T, Inc................................... 70,200 2,682,342
75
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Shares/
Principal Value
Security Description Amount (Note 2)
--------------------------------------------------------------------
COMMON STOCK (continued)
Telephone - Integrated (continued)
Verizon Communications, Inc............ 57,100 $ 2,467,291
------------
5,149,633
------------
Tobacco -- 2.4%
Altria Group, Inc...................... 42,900 3,327,324
------------
Transport - Services -- 1.8%
United Parcel Service, Inc., Class B... 35,200 2,593,536
------------
Total Long - Term Investment Securities
(cost $131,379,334) 136,697,278
------------
SHORT-TERM INVESTMENT SECURITIES -- 10.4%
Collective Investment Pool -- 10.4%
Securities Lending Quality Trust(4)
(cost $14,633,909).................... 14,633,909 14,633,909
------------
REPURCHASE AGREEMENT -- 3.6%
State Street Bank & Trust Co.
Joint Repurchase Agreement(5)
(cost $5,156,000)..................... $ 5,156,000 5,156,000
------------
TOTAL INVESTMENTS
(cost $151,169,243)(6) 111.1% 156,487,187
Liabilities in excess of other assets.... (11.1) (15,677,791)
----------- ------------
NET ASSETS -- 100.0% $140,809,396
=========== ============
- --------
+ Non-income producing security
# The security or a portion thereof is out on loan (See Note 2)
(1) Fair valued security; see Note 2
(2) Illiquid security
(3) To the extent permitted by the Statement of Additional Information, the
Growth & Income Fund may invest in restricted securities. The Fund has no
right to demand registration of these securities. The securities are valued
pursuant to Note 2. Restricted securities held by a Fund may not be sold
except in exempt transactions or in a public offering registered under the
Securities Act of 1933. The risk of investing in such securities is
generally greater than the risk of investing in the securities of widely
held, publicly traded companies. 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, these securities may exhibit greater price volatility than
securities for which secondary markets exist. As of November 30, 2007, the
Growth & Income Fund held the following restricted security:
Market
Acquisition Acquisition Market Value % of
Name Date Shares Cost Value Per Share Net Assets
------------------ ----------- ------ ----------- ------ --------- ----------
Seagate Technology 10/14/04 10,000 $0 $0 $0.00 0.00%
== == ===== ====
(4) The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(5) See Note 2 for details of Joint Repurchase Agreements.
(6) See Note 5 for cost of investments on a tax basis.
ADR American Depository Receipt
See Notes to Financials Statements
76
VALIC Company I Health Sciences Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Medical -- Drugs....................... 22.6%
Medical -- Biomedical/Gene............. 15.4
Therapeutics........................... 13.2
Medical -- HMO......................... 6.9
Medical Products....................... 6.6
Medical Instruments.................... 5.3
Retail -- Drug Store................... 3.5
Medical -- Generic Drugs............... 2.9
Medical Labs & Testing Services........ 2.5
Medical -- Wholesale Drug Distribution. 2.3
Pharmacy Services...................... 2.0
Registered Investment Companies........ 1.6
Optical Supplies....................... 1.4
Agricultural Chemicals................. 1.3
Physicians Practice Management......... 1.3
Health Care Cost Containment........... 1.2
Diagnostic Equipment................... 1.1
Medical -- Hospitals................... 1.1
Dialysis Centers....................... 0.9
Insurance -- Life/Health............... 0.9
Respiratory Products................... 0.9
Drug Delivery Systems.................. 0.8
Insurance -- Multi-line................ 0.7
Disposable Medical Products............ 0.6
Medical Information Systems............ 0.6
Instruments -- Scientific.............. 0.5
MRI/Medical Diagnostic Imaging......... 0.5
Chemicals -- Diversified............... 0.4
Hazardous Waste Disposal............... 0.4
Insurance Brokers...................... 0.4
Medical Imaging Systems................ 0.4
Retirement/Aged Care................... 0.4
Dental Supplies & Equipment............ 0.3
Diagnostic Kits........................ 0.3
Medical -- Nursing Homes............... 0.3
Patient Monitoring Equipment........... 0.3
X-Ray Equipment........................ 0.3
Physical Therapy/Rehabilitation Centers 0.2
Chemicals -- Specialty................. 0.1
Veterinary Diagnostics................. 0.1
-----
102.5%
=====
* Calculated as a percentage of net assets
77
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------
COMMON STOCK -- 100.9%
Agricultural Chemicals -- 1.3%
Monsanto Co.............................. 25,700 $2,553,809
----------
Chemicals - Diversified -- 0.4%
Bayer AG(1).............................. 10,300 850,644
----------
Chemicals - Specialty -- 0.1%
Symyx Technologies, Inc.+................ 36,400 278,824
----------
Dental Supplies & Equipment -- 0.3%
Dentsply International, Inc.............. 14,800 633,144
----------
Diagnostic Equipment -- 1.1%
Gen - Probe, Inc.+....................... 19,800 1,324,422
Home Diagnostics, Inc.+.................. 23,200 180,264
Immucor, Inc.+........................... 19,133 634,642
----------
2,139,328
----------
Diagnostic Kits -- 0.3%
Idexx Laboratories, Inc.+................ 10,600 641,300
----------
Dialysis Centers -- 0.9%
DaVita, Inc.+............................ 10,500 650,580
Fresenius SE(1).......................... 14,320 1,169,749
----------
1,820,329
----------
Disposable Medical Products -- 0.6%
C.R. Bard, Inc........................... 14,300 1,208,779
----------
Distribution/Wholesale -- 0.0%
Chindex International, Inc.+............. 2,300 77,234
----------
Drug Delivery Systems -- 0.8%
Alkermes, Inc.+.......................... 116,400 1,659,864
Insite Vision, Inc.+..................... 36,400 34,216
----------
1,694,080
----------
Hazardous Waste Disposal -- 0.4%
Stericycle, Inc.+........................ 13,800 812,130
----------
Health Care Cost Containment -- 1.2%
McKesson Corp............................ 35,900 2,395,607
----------
Instruments - Scientific -- 0.5%
Applera Corp. - Applied Biosystems Group. 18,800 642,208
Waters Corp.+............................ 3,800 296,552
----------
938,760
----------
Insurance Broker -- 0.4%
eHealth, Inc.+........................... 28,600 886,314
----------
Insurance - Life/Health -- 0.9%
CIGNA Corp............................... 33,000 1,769,130
----------
Insurance - Multi-line -- 0.7%
Assurant, Inc............................ 22,000 1,439,460
----------
Internet Content - Information/News -- 0.0%
WebMD Health Corp., Class A+............. 1,800 76,788
----------
Medical Imaging Systems -- 0.4%
Vital Images, Inc.+...................... 40,700 734,228
----------
Medical Information Systems -- 0.6%
Allscripts Healthcare Solutions, Inc.+... 11,900 210,511
Cerner Corp.+............................ 18,100 1,081,475
----------
1,291,986
----------
Medical Instruments -- 5.3%
ArthroCare Corp.+........................ 2,300 124,499
Boston Scientific Corp.+................. 55,600 702,228
Bruker BioSciences Corp.+................ 14,600 135,634
Conceptus, Inc.+......................... 93,800 1,884,442
Edwards Lifesciences Corp.+.............. 16,400 810,980
Value
Security Description Shares (Note 2)
----------------------------------------------------------------------
Medical Instruments (continued)
Intuitive Surgical, Inc.+....................... 6,300 $ 2,064,384
Medtronic, Inc.................................. 32,600 1,657,710
Micrus Endovascular Corp.+...................... 18,200 333,242
St. Jude Medical, Inc.+......................... 54,800 2,178,300
Stereotaxis, Inc.+.............................. 74,500 1,005,005
-----------
10,896,424
-----------
Medical Labs & Testing Services -- 2.5%
Covance, Inc.+.................................. 30,300 2,646,099
Laboratory Corp. of America Holdings+........... 33,300 2,419,911
-----------
5,066,010
-----------
Medical Products -- 6.6%
Baxter International, Inc....................... 33,900 2,029,593
Becton, Dickinson & Co.......................... 9,600 794,208
Covidien, Ltd................................... 28,600 1,147,146
Henry Schein, Inc.+............................. 46,700 2,762,305
Johnson & Johnson............................... 12,100 819,654
Nobel Biocare Holding AG(1)..................... 3,597 1,017,449
Sonova Holding AG(1)............................ 4,366 466,856
Stryker Corp.................................... 25,200 1,830,276
TomoTherapy, Inc.+.............................. 51,000 948,600
Wright Medical Group, Inc.+..................... 14,900 402,002
Zimmer Holdings, Inc.+.......................... 18,900 1,223,397
-----------
13,441,486
-----------
Medical - Biomedical/Gene -- 15.4%
Affymetrix, Inc.+............................... 31,200 650,520
Alexion Pharmaceuticals, Inc.+.................. 92,396 6,719,037
Amgen, Inc.+.................................... 39,800 2,198,950
Basilea Pharmaceutica AG+(1).................... 3,371 582,585
BioCryst Pharmaceuticals, Inc.+................. 56,700 360,045
BioMimetic Therapeutics, Inc.+.................. 16,800 204,792
BioSphere Medical, Inc.+........................ 26,000 151,580
Celgene Corp.+.................................. 29,400 1,809,570
Cell Genesys, Inc.+............................. 35,300 82,249
Charles River Laboratories International, Inc.+. 24,200 1,537,426
Cougar Biotechnology, Inc.+..................... 27,600 855,600
Cougar Biotechnology, Inc. (PIPE)+(2)........... 24,300 753,300
deCODE genetics, Inc.+.......................... 80,700 348,624
Dyadic International, Inc.+(2).................. 35,800 170,766
Exelixis, Inc.+................................. 72,600 633,798
Genentech, Inc.+................................ 59,100 4,506,375
Human Genome Sciences, Inc.+.................... 35,900 373,719
Illumina, Inc.+................................. 16,700 965,093
Incyte Corp.+................................... 210,600 1,806,948
Invitrogen Corp.+............................... 7,200 698,472
Martek Biosciences Corp.+....................... 26,500 685,290
Maxygen, Inc.+.................................. 22,900 173,353
Millennium Pharmaceuticals, Inc.+............... 18,800 277,112
Myriad Genetics, Inc.+.......................... 8,100 390,420
Nanosphere, Inc.+............................... 2,300 33,166
Panacos Pharmaceuticals, Inc.+.................. 24,700 50,882
PDL BioPharma, Inc.+............................ 18,900 334,719
Qiagen NV+...................................... 41,300 870,191
Regeneron Pharmaceuticals, Inc.+................ 26,800 583,704
Seattle Genetics, Inc.+......................... 69,100 759,409
Tercica, Inc.+.................................. 86,100 571,704
Vertex Pharmaceuticals, Inc.+................... 52,794 1,340,440
-----------
31,479,839
-----------
Medical - Drugs -- 22.6%
Abbott Laboratories............................. 21,400 1,230,714
Acadia Pharmaceuticals, Inc.+................... 64,700 733,698
Advanced Life Sciences Holdings, Inc.+.......... 27,700 57,616
78
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
COMMON STOCK (continued)
Medical - Drugs (continued)
Allergan, Inc............................... 22,100 $ 1,481,584
Array Biopharma, Inc.+...................... 14,900 164,943
Biodel, Inc.+............................... 42,500 746,725
Bristol - Myers Squibb Co................... 26,800 794,084
Cadence Pharmaceuticals, Inc.+.............. 13,700 184,402
Cephalon, Inc.+............................. 46,400 3,476,288
Chugai Pharmaceutical Co., Ltd.(1).......... 75,300 1,316,754
CombinatoRx, Inc.+.......................... 42,115 224,473
Cubist Pharmaceuticals, Inc.+............... 72,500 1,539,900
Elan Corp. PLC ADR+......................... 172,000 3,961,160
Eli Lilly & Co.............................. 21,100 1,117,245
EPIX Pharmaceuticals, Inc.+................. 32,500 103,350
EPIX Pharmaceuticals, Inc. (PIPE)+(2)(3)(4). 14,100 42,864
GlaxoSmithKline Pharmaceuticals, Ltd.(1).... 20,400 492,672
Infinity Pharmaceuticals, Inc.+............. 35,950 344,760
Ipsen SA(1)................................. 24,100 1,366,452
MAP Pharmaceuticals, Inc.+.................. 8,600 117,046
Merck & Co., Inc............................ 55,900 3,318,224
Merck KGaA(1)............................... 7,184 928,669
Novo - Nordisk A/S(1)....................... 3,900 492,863
OSI Pharmaceuticals, Inc.+.................. 67,996 3,170,653
Pharmasset, Inc.+........................... 42,700 572,180
Pharmion Corp.+............................. 18,800 1,200,192
Poniard Pharmaceuticals, Inc.+.............. 58,026 261,117
Rigel Pharmaceuticals, Inc.+................ 22,500 161,100
Roche Holding AG(1)......................... 16,714 3,172,461
Schering - Plough Corp...................... 96,500 3,020,450
Sepracor, Inc.+............................. 45,600 1,209,768
Shire PLC(1)................................ 32,600 773,465
Shire PLC ADR............................... 16,900 1,199,055
Stada Arzneimittel AG(1).................... 4,710 290,979
Takeda Pharmaceutical Co., Ltd.(1).......... 6,700 432,961
UCB SA+(1).................................. 16,999 801,640
Valeant Pharmaceuticals International+...... 55,600 642,180
ViroPharma, Inc.+........................... 14,400 128,736
Wyeth....................................... 53,897 2,646,343
XenoPort, Inc.+............................. 43,000 2,261,370
-----------
46,181,136
-----------
Medical - Generic Drugs -- 2.9%
Barr Pharmaceuticals, Inc.+................. 28,800 1,546,560
Mylan, Inc.................................. 5,000 71,900
Sawai Pharmaceutical Co., Ltd.(1)........... 16,600 656,129
Simcere Pharmaceutical Group ADR+........... 2,300 30,130
Teva Pharmaceutical Industries, Ltd. ADR.... 62,382 2,784,109
Towa Pharmaceutical Co., Ltd.(1)............ 18,300 831,611
-----------
5,920,439
-----------
Medical - HMO -- 6.9%
Aetna, Inc.................................. 56,400 3,151,632
AMERIGROUP Corp.+........................... 51,600 1,773,492
Centene Corp.+.............................. 51,700 1,292,500
Coventry Health Care, Inc.+................. 15,550 900,034
Health Net, Inc.+........................... 10,500 510,090
Humana, Inc.+............................... 26,400 2,033,592
Medial Saude SA+............................ 34,200 427,333
WellPoint, Inc.+............................ 47,700 4,016,817
-----------
14,105,490
-----------
Medical - Hospitals -- 1.1%
Bangkok Dusit Medical Service PCL........... 620,000 622,793
Community Health Systems, Inc.+............. 28,000 935,760
LifePoint Hospitals, Inc.+.................. 24,100 762,524
-----------
2,321,077
-----------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------------------
Medical - Nursing Homes -- 0.3%
Manor Care, Inc....................................... 10,700 $ 691,434
----------
Medical - Wholesale Drug Distribution -- 2.3%
A&D Pharma Holding NV GDR............................. 57,800 1,327,569
Cardinal Health, Inc.................................. 54,700 3,312,085
----------
4,639,654
----------
MRI/Medical Diagnostic Imaging -- 0.5%
Nighthawk Radiology Holdings, Inc.+................... 35,500 750,470
Virtual Radiologic Corp.+............................. 9,900 237,600
----------
988,070
----------
Optical Supplies -- 1.4%
Alcon, Inc............................................ 13,400 1,864,476
Essilor International SA(1)........................... 16,742 1,049,450
----------
2,913,926
----------
Patient Monitoring Equipment -- 0.3%
Insulet Corp.+........................................ 7,000 192,220
Masimo Corp.+......................................... 6,700 247,632
Mindray Medical International, Ltd. ADR............... 2,300 93,150
----------
533,002
----------
Pharmacy Services -- 2.0%
Express Scripts, Inc.+................................ 16,800 1,138,200
HealthExtras, Inc.+................................... 39,900 1,060,143
Medco Health Solutions, Inc.+......................... 2,600 259,974
National Medical Health Card Systems, Inc.+........... 22,710 213,247
Omnicare, Inc......................................... 4,700 119,756
Profarma Distribuidora de Productos Farmaceuticos SA+. 66,700 1,359,896
----------
4,151,216
----------
Physical Therapy/Rehabilitation Centers -- 0.2%
Psychiatric Solutions, Inc.+.......................... 13,000 474,890
----------
Physicians Practice Management -- 1.3%
Healthways, Inc.+..................................... 20,500 1,196,585
Matria Healthcare, Inc.+.............................. 61,600 1,399,552
----------
2,596,137
----------
Respiratory Products -- 0.9%
ResMed, Inc.+......................................... 33,600 1,538,880
Respironics, Inc.+.................................... 7,700 379,302
----------
1,918,182
----------
Retail - Drug Store -- 3.5%
China Nepstar Chain Drugstore, Ltd. ADR+.............. 7,000 130,410
CVS Caremark Corp..................................... 128,649 5,157,539
Shoppers Drug Mart Corp............................... 9,900 543,141
Walgreen Co........................................... 33,300 1,218,447
----------
7,049,537
----------
Retirement/Aged Care -- 0.4%
Sunrise Senior Living, Inc.+.......................... 28,600 897,754
----------
Therapeutics -- 13.2%
Alexza Pharmaceuticals, Inc.+......................... 29,100 254,916
Allos Therapeutics, Inc.+............................. 87,700 606,007
Altus Pharmaceuticals, Inc.+.......................... 38,900 411,951
Amylin Pharmaceuticals, Inc.+......................... 32,900 1,256,451
BioMarin Pharmaceuticals, Inc.+....................... 94,500 2,598,750
CV Therapeutics, Inc.+................................ 20,800 181,376
Favrille, Inc.+....................................... 56,500 109,045
Gilead Sciences, Inc.+................................ 191,300 8,903,102
ImClone Systems, Inc.+................................ 21,500 969,435
Medarex, Inc.+........................................ 7,700 97,790
MGI Pharma, Inc.+..................................... 70,900 2,453,849
79
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------------
COMMON STOCK (continued)
Therapeutics (continued)
Neurocrine Biosciences, Inc.+.................. 81,400 $ 1,059,828
Onyx Pharmaceuticals, Inc.+.................... 59,500 3,245,130
Progenics Pharmaceuticals, Inc.+............... 4,800 93,120
The Medicines Co.+............................. 112,400 1,987,232
Theravance, Inc.+.............................. 46,500 1,120,185
Transition Therapeutics, Inc.+................. 4,522 44,044
United Therapeutics Corp.+..................... 9,800 980,784
Warner Chilcott, Ltd., Class A+................ 28,000 511,000
------------
26,883,995
------------
Veterinary Diagnostics -- 0.1%
Animal Health International, Inc.+............. 20,300 243,600
------------
X-Ray Equipment -- 0.3%
Hologic, Inc.+................................. 8,592 570,423
------------
Total Common Stock
(cost $173,650,269)........................... 206,205,595
------------
WARRANTS -- 0.0%
Medical - Biomedical/Gene -- 0.0%
Dyadic International, Inc. Expires 05/30/10
(Strike price $6.33) +(2)(3)(4)............... 4,560 0
------------
Medical-Drugs -- 0.0%
Poniard Pharmaceuticals, Inc. Expires 01/31/11
(Strike price $0.77) +(3)(4).................. 67,560 225
Poniard Pharmaceuticals, Inc. Expires 12/03/08
(Strike price $6.00) +(3)(4).................. 2,000 0
------------
225
------------
Therapeutics -- 0.0%
Favrille, Inc. Expires 03/07/11
(Strike price $5.25) +(3)(4).................. 15,435 0
MannKind Corp. Expires 08/05/10
(Strike price $12.23) +(3)(4)................. 15,000 0
------------
0
------------
Total Warrants
(cost $2,304).................................. 225
------------
CALL OPTIONS - PURCHASED -- 0.0%
Medical - Hospitals -- 0.0%
Community Health Systems, Inc.
Jan 08 (Strike price $40)..................... 97 2,910
------------
Therapeutics -- 0.0%
Neurocrine Biosciences, Inc.
Dec 07 (Strike price $12.50).................. 73 15,330
------------
Total Call Options - Purchased
(cost $11,080)................................ 18,240
------------
PULL OPTIONS - PURCHASED -- 0.0%
Medical - Biomedical/Gene -- 0.0%
Genetech, Inc.
Dec 07 (Strike price $75)..................... 145 16,363
------------
Therapeutics -- 0.0%
Imclone Systems, Inc.
Jan 08 (Strike price $30)..................... 32 320
Neurocrine Biosciences, Inc....................
Jan 08 (Strike price $10)..................... 136 18,360
------------
18,680
------------
Total Put Options - Purchased
(cost $39,069)................................ 35,043
------------
Total Long-Term Investment Securities
(cost $173,702,722)........................... 206,259,103
------------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------
SHORT-TERM INVESTMENT SECURITIES -- 1.6%
Registered Investment Company -- 1.6%
T. Rowe Price Reserve Investment Fund
(cost $3,297,618).................... 3,297,618 $ 3,297,618
------------
TOTAL INVESTMENTS
(cost $177,000,340)(5)............... 102.5% 209,556,721
Liabilities in excess of other assets... (2.5) (5,096,675)
--------- ------------
NET ASSETS -- 100.0% $204,460,046
========= ============
- --------
+ Non-income producing security
(1)Security was valued using fair value procedures at November 30, 2007. See
Note 2 regarding fair value pricing procedures for foreign equity securities.
(2)Fair valued security; see Note 2
(3)To the extent permitted by the Statement of Additional Information, the
Health Sciences Fund may invest in restricted securities. The Fund has no
right to demand registration of these securities. The securities are valued
pursuant to Note 2. Restricted securities held by a Fund may not be sold
except in exempt transactions or in a public offering registered under the
Securities Act of 1933. The risk of investing in such securities is
generally greater than the risk of investing in the securities of widely
held, publicly traded companies. 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, these securities may exhibit greater price volatility than
securities for which secondary markets exist. As of November 30, 2007, the
Health Sciences Fund held the following restricted securities:
Market
Acquisition Acquisition Market Value % of
Name Date Shares Cost Value Per Share Net Assets
- ----------------------------- ----------- ------ ----------- ------- --------- ----------
Dyadic International, Inc.
(Warrant)
Expires 05/30/10;
Strike price $6.33.......... 12/1/2006 4,560 $ 0 $ 0 $ 0 0.00%
EPIX Pharmaceuticals, Inc.
(PIPE)...................... 11/15/2007 14,100 43,710 42,864 3.04 0.02%
Favrille, Inc. (Warrant)
Expires 03/07/11;
Strike price $5.25.......... 3/9/2006 15,435 1,929 0 0 0.00%
MannKind Corp. (Warrant)
Expires 08/05/10;
Strike price $12.23......... 8/5/2005 15,000 375 0 0 0.00%
Poniard Pharmaceuticals, Inc.
(Warrant) Expires 12/03/08;
Strike price $6.00.......... 12/5/2003 2,000 0 0 0 0.00%
Poniard Pharmaceuticals, Inc.
(Warrant) Expires 01/31/11;
Strike price $0.77.......... 2/1/2006 5,994 0
4/26/2006 61,566 0
------ -------
67,560 0 225 0 0.00%
------ ------- ------- ----
$43,009 0.02%
======= ====
(4)Illiquid security
(5)See Note 5 for cost of investments on a tax basis.
ADR--American Depository Receipt
GDR--Global Depository Receipt
PIPE--Private Investment in Public Equity
80
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Open call option contracts written at November 30, 2007 for the Health Sciences Fund were as follows:
- ---------------------------------------------------------------------------------------------------------------
Unrealized
Contract Number of Premiums Market Value at Appreciation
Issue Month Strike Price Contracts Received November 30, 2007 (Depreciation)
- ---------------------------------------------------------------------------------------------------------------
Alexion Pharmaceuticals, Inc......... Dec-07 $ 75.00 114 $ 12,423 $ 18,240 $ (5,817)
Alexion Pharmaceuticals, Inc......... Jan-08 55.00 53 10,390 99,110 (88,720)
Alexion Pharmaceuticals, Inc......... Jan-08 80.00 56 7,477 9,520 (2,043)
Alexion Pharmaceuticals, Inc......... Jan-08 85.00 30 8,852 2,550 6,302
Alexion Pharmaceuticals, Inc......... Feb-08 85.00 46 10,354 8,740 1,614
Allergan, Inc........................ Jan-08 65.00 48 7,896 19,200 (11,304)
Amgen, Inc........................... Jan-08 55.00 99 20,624 25,938 (5,314)
Amgen, Inc........................... Jan-08 57.50 24 8,208 3,432 4,776
Amgen, Inc........................... Jan-08 60.00 48 13,536 3,360 10,176
Amylin Pharmaceuticals, Inc.......... Apr-08 60.00 50 19,920 1,500 18,420
Amylin Pharmaceuticals, Inc.......... Jul-08 50.00 48 10,176 8,640 1,536
Assurant, Inc........................ Jan-09 80.00 24 9,334 9,840 (506)
Barr Pharmaceuticals, Inc............ May-08 60.00 60 15,665 11,700 3,965
BioMarin Pharmaceuticals, Inc........ Jan-08 25.00 47 20,409 23,500 (3,091)
BioMarin Pharmaceuticals, Inc........ Jan-08 30.00 97 16,782 20,855 (4,073)
Celgene Corp......................... Jul-08 75.00 73 28,980 27,740 1,240
Cephalon, Inc........................ Dec-07 70.00 62 35,908 37,200 (1,292)
Cephalon, Inc........................ Jan-08 85.00 43 7,108 3,655 3,453
Cephalon, Inc........................ Feb-08 85.00 24 3,168 3,480 (312)
Cephalon, Inc........................ May-08 90.00 102 21,250 18,360 2,890
Community Health System, Inc......... Jan-08 40.00 97 15,515 2,910 12,605
CVS Caremark, Inc.................... Feb-08 42.50 97 10,194 10,670 (476)
Elan Corp. PLC ADR................... Jan-08 22.50 96 14,507 22,080 (7,573)
Eli Lilly & Co., Inc................. Apr-08 55.00 48 9,936 12,000 (2,064)
Eli Lilly & Co., Inc................. Apr-08 60.00 48 11,856 4,560 7,296
Express Scripts, Inc................. Feb-08 60.00 97 19,847 95,060 (75,213)
Genentech, Inc....................... Dec-07 80.00 96 24,372 6,240 18,132
Genentech, Inc....................... Mar-08 80.00 73 19,916 21,170 (1,254)
Genentech, Inc....................... Mar-08 85.00 24 4,008 3,480 528
Gilead Sciences, Inc................. Jan-08 40.00 72 9,984 52,560 (42,576)
Gilead Sciences, Inc................. Jan-08 42.50 24 3,528 12,480 (8,952)
Gilead Sciences, Inc................. May-08 52.50 24 4,608 5,280 (672)
Healthways, Inc...................... Feb-08 65.00 48 8,201 12,720 (4,519)
Henry Schein, Inc.................... Jul-08 65.00 48 11,232 13,920 (2,688)
Hologic, Inc......................... Mar-08 75.00 24 4,728 6,360 (1,632)
Humana, Inc.......................... Jan-08 75.00 24 5,690 12,720 (7,030)
Humana, Inc.......................... Jan-08 80.00 97 15,685 25,705 (10,020)
ImClone Systems, Inc................. Jan-08 50.00 43 7,616 5,375 2,241
Immucor Corp......................... Jan-08 35.00 19 2,888 2,945 (57)
Immucor Corp......................... Mar-08 45.00 48 9,216 2,160 7,056
Intuitive Surgical, Inc.............. Apr-08 350.00 5 14,178 22,350 (8,172)
Invitrogen Corp...................... Jan-08 85.00 41 14,022 54,940 (40,918)
Manor Care, Inc...................... Jan-08 60.00 77 15,585 48,510 (32,925)
McKesson Corp........................ Jan-08 65.00 24 5,268 8,880 (3,612)
McKesson Corp........................ Feb-08 70.00 24 4,016 5,040 (1,024)
McKesson Corp........................ May-08 75.00 48 10,656 10,560 96
Medco Health Solutions, inc.,........ Jan-08 70.00 16 3,912 49,120 (45,208)
MGI Pharma, Inc...................... Jan-08 30.00 49 5,858 28,420 (22,562)
Monsanto Co.......................... Jan-08 75.00 73 13,651 184,690 (171,039)
Monsanto Co.......................... Jan-08 80.00 73 12,118 151,840 (139,722)
Onyx Pharmaceuticals, Inc............ Jan-08 50.00 13 3,972 8,840 (4,868)
OSI Pharmaceuticals, Inc............. Apr-08 40.00 24 5,616 22,080 (16,464)
Pharmion Corp........................ Jan-08 45.00 29 6,328 57,420 (51,092)
St. Jude Medical, Inc................ Jan-08 45.00 134 15,528 5,360 10,168
Schering Plough Corp................. Jan-08 30.00 24 2,765 4,800 (2,035)
Schering Plough Corp................. Feb-08 30.00 97 15,714 23,765 (8,051)
Stereotaxis, Inc..................... Jun-08 17.50 49 8,558 4,165 4,393
Teva Pharmaceuticals Industries, Ltd. Jan-08 45.00 73 7,446 10,220 (2,774)
United Therapeutics Corp............. Feb-08 115.00 34 10,148 14,620 (4,472)
United Therapeutics Corp............. May-08 130.00 29 16,963 13,340 3,623
Valeant Pharmaceuticals International Jan-08 15.00 73 12,562 1,460 11,102
Wellpoint, Inc....................... Jan-08 85.00 24 5,748 5,280 468
Wyeth................................ Jan-08 50.00 97 17,169 16,005 1,164
Wyeth................................ Jan-08 55.00 97 9,425 3,395 6,030
Wyeth................................ Apr-08 52.50 48 7,776 11,280 (3,504)
XenoPort, Inc........................ Dec-07 45.00 145 21,581 130,500 (108,919)
----- -------- ---------- ---------
3,715 $768,550 $1,583,835 $(815,285)
===== ======== ========== =========
81
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Open put option contracts written at November 30, 2007 for the Health Sciences Fund were as follows:
- -------------------------------------------------------------------------------------------------------------------------
Unrealized
Contract Number of Premiums Market Value at Appreciation
Issue Month Strike Price Contracts Received November 30, 2007 (Depreciation)
- -------------------------------------------------------------------------------------------------------------------------
Abbott Laboratories............................ Jan-08 $ 55.00 66 $23,891 $ 5,940 $ 17,951
Abbott Laboratories............................ Jan-08 60.00 38 24,653 12,920 11,733
Abbott Laboratories............................ May-08 60.00 10 7,970 4,900 3,070
Abbott Laboratories............................ Jan-09 60.00 19 15,143 13,300 1,843
Affymetrix, Inc................................ Jan-09 30.00 48 23,899 46,560 (22,661)
Alcon, Inc..................................... Jan-09 140.00 29 48,762 47,850 912
Alexion Pharmaceuticals, Inc................... Jan-08 55.00 29 28,331 2,030 26,301
Alexion Pharmaceuticals, Inc................... Feb-08 65.00 5 4,585 1,475 3,110
Alexion Pharmaceuticals, Inc................... May-08 65.00 10 8,170 5,800 2,370
Alexion Pharmaceuticals, Inc................... Jan-09 65.00 10 11,970 9,100 2,870
Alkermes, Inc.................................. Jan-08 17.50 32 9,084 11,200 (2,116)
Alkermes, Inc.................................. Jan-09 20.00 74 38,156 51,800 (13,644)
Allergan, Inc.................................. Jan-08 62.50 22 14,988 1,870 13,118
Allergan, Inc.................................. Jan-08 65.00 39 27,956 5,460 22,496
Amerigroup, Inc................................ Mar-08 35.00 19 7,068 7,220 (152)
Amgen, Inc..................................... Jan-08 55.00 48 12,336 9,312 3,024
Amgen, Inc..................................... Jan-08 60.00 24 10,488 12,360 (1,872)
Amylin Pharmaceuticals, Inc.................... Jul-08 35.00 10 3,470 3,700 (230)
ArthroCare Corp................................ Jun-08 55.00 24 16,019 18,480 (2,461)
ArthroCare Corp................................ Jun-08 60.00 24 23,113 25,200 (2,087)
Assurant, Inc.................................. Jan-09 70.00 73 73,186 75,190 (2,004)
Baxter International, Inc...................... Jan-08 60.00 5 2,485 1,100 1,385
Baxter International, Inc...................... Jan-09 65.00 22 21,794 20,020 1,774
Becton, Dickinson & Co......................... Jun-08 85.00 19 13,433 12,540 893
Beckman Coulter, Inc........................... Feb-08 75.00 15 11,805 9,600 2,205
Biogen Idec, Inc............................... Apr-08 75.00 49 42,585 36,750 5,835
BioMarin Pharmaceuticals, Inc.................. Jan-08 20.00 39 15,873 2,925 12,948
BioMarin Pharmaceuticals, Inc.................. Jan-09 25.00 48 24,527 24,480 47
Bristol-Myers Squibb Co........................ Jan-08 32.50 51 19,482 16,320 3,162
Cardinal Health, Inc........................... Jan-08 70.00 16 6,694 15,360 (8,666)
Cardinal Health, Inc........................... Jan-09 55.00 26 10,873 9,360 1,513
Celgene Corp................................... Jan-09 70.00 13 18,621 19,760 (1,139)
Cephalon, Inc.................................. Dec-07 75.00 31 7,542 7,905 (363)
Cephalon, Inc.................................. Dec-07 80.00 10 4,670 5,900 (1,230)
Cerner Corp.................................... Mar-08 60.00 24 17,688 11,280 6,408
Cerner Corp.................................... Jan-09 60.00 12 10,764 9,840 924
Charles Rivers Laboratories International, Inc. Feb-08 60.00 24 14,158 3,960 10,198
Charles Rivers Laboratories International, Inc. May-08 65.00 29 12,963 14,210 (1,247)
Charles Rivers Laboratories International, Inc. Jan-09 65.00 10 5,570 7,000 (1,430)
CIGNA Corp..................................... Jan-08 50.00 5 3,035 475 2,560
CIGNA Corp..................................... Jan-08 60.00 86 50,532 57,620 (7,088)
CIGNA Corp..................................... Apr-08 55.00 14 7,363 6,440 923
CIGNA Corp..................................... Jan-09 50.00 10 7,170 4,700 2,470
CIGNA Corp..................................... Jan-09 55.00 15 12,405 10,350 2,055
Community Health System, Inc................... Jan-09 35.00 10 5,202 5,600 (398)
Covance, Inc................................... Jan-09 80.00 25 18,425 13,250 5,175
Covidien, Ltd.................................. Jul-08 40.00 29 9,628 8,265 1,363
C.R. Bard, Inc................................. Jan-09 80.00 15 10,005 8,700 1,305
Cubist Pharmaceuticals, Inc.................... Jan-08 20.00 57 22,672 5,130 17,542
CVS Caremark Corp.............................. Jan-09 40.00 24 10,063 10,320 (257)
CVS Caremark Corp.............................. Jan-09 45.00 62 38,063 43,400 (5,337)
DaVita, Inc.................................... Jan-08 55.00 31 9,207 2,015 7,192
DaVita, Inc.................................... Jan-08 65.00 48 24,336 21,600 2,736
DaVita, Inc.................................... Apr-08 70.00 73 65,120 67,890 (2,770)
Dentsply International, Inc.................... Apr-08 45.00 48 23,376 19,680 3,696
Dentsply International, Inc.................... Jul-08 45.00 10 5,134 4,800 334
Elan Corp. PLC ADR............................. Jan-08 17.50 26 10,451 910 9,541
Elan Corp. PLC ADR............................. Jan-08 22.50 120 22,095 20,400 1,695
Elan Corp. PLC ADR............................. Jan-09 22.50 48 24,816 26,400 (1,584)
Express Scripts, Inc........................... Jan-09 65.00 29 26,746 21,460 5,286
Forest Labs, Inc............................... Jan-08 45.00 48 21,456 32,160 (10,704)
Genentech, Inc................................. Jan-08 80.00 24 13,693 12,240 1,453
Genzyme Corp................................... Jan-08 70.00 24 20,656 3,840 16,816
Gen-Probe, Inc................................. Jan-08 55.00 15 8,655 600 8,055
Gilead Sciences, Inc........................... Jan-08 37.50 48 19,287 1,200 18,087
Gilead Sciences, Inc........................... Jan-08 42.50 24 13,768 2,040 11,728
Gilead Sciences, Inc........................... Jan-09 42.50 10 7,170 4,400 2,770
Health Net, Inc................................ Jan-09 50.00 48 25,775 25,440 335
82
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
Unrealized
Contract Number of Premiums Market Value at Appreciation
Issue Month Strike Price Contracts Received November 30, 2007 (Depreciation)
- --------------------------------------------------------------------------------------------------------------
Healthways, Inc..................... Feb-08 $ 60.00 40 $ 24,220 $ 22,400 $ 1,820
Healthways, Inc..................... Jan-09 60.00 5 5,285 5,200 85
Henry Schein, Inc................... Jan-08 55.00 10 3,770 850 2,920
Henry Schein, Inc................... Jan-09 60.00 21 12,227 12,390 (163)
Humana, Inc......................... Jan-08 65.00 26 17,082 1,690 15,392
Humana, Inc......................... Jan-08 70.00 19 20,561 2,565 17,996
Humana, Inc......................... Jan-09 70.00 48 42,689 36,480 6,209
Humana, Inc......................... Jan-09 80.00 37 48,708 44,770 3,938
Idexx Laboratories, Inc............. Jan-09 60.00 26 15,901 18,460 (2,559)
Illumina, Inc....................... Dec-07 45.00 24 15,503 360 15,143
ImClone Systems, Inc................ Jan-08 30.00 32 12,917 320 12,597
ImClone Systems, Inc................ Jan-08 45.00 13 9,026 3,445 5,581
ImClone Systems, Inc................ May-08 45.00 15 8,655 7,050 1,605
ImClone Systems, Inc................ Jan-09 40.00 19 15,173 9,310 5,863
ImClone Systems, Inc................ Jan-10 40.00 50 22,840 4,500 18,340
Immucor Corp........................ Jan-08 30.00 19 7,828 1,900 5,928
Immucor Corp........................ Mar-08 35.00 18 9,126 7,380 1,746
Immucor Corp........................ Jan-09 30.00 9 3,359 3,330 29
Immucor Corp........................ Jan-09 35.00 10 6,048 6,300 (252)
InterMune, Inc...................... Jan-09 25.00 130 175,356 182,000 (6,644)
Intuitive Surgical, Inc............. Apr-08 300.00 8 30,757 29,520 1,237
Invitrogen Corp..................... Jan-08 70.00 26 18,261 390 17,871
Invitrogen Corp..................... Jan-08 75.00 29 18,972 580 18,392
Invitrogen Corp..................... Jan-08 85.00 24 12,392 1,680 10,712
Invitrogen Corp..................... May-08 85.00 24 16,488 7,440 9,048
Johnson & Johnson................... Jan-08 60.00 5 1,135 50 1,085
Laboratory Corp. of America Holdings Feb-08 85.00 1 577 1,260 (683)
Manor Care, Inc..................... Jan-08 60.00 32 6,397 3,840 2,557
Manor Care, Inc..................... Jan-08 65.00 18 5,086 3,330 1,756
Matria Healthcare, Inc.............. Mar-08 30.00 29 15,098 22,040 (6,942)
McKesson Corp....................... Jan-08 55.00 15 4,855 375 4,480
McKesson Corp....................... Jan-08 60.00 19 11,443 1,235 10,208
McKesson Corp....................... Feb-08 57.50 10 4,570 750 3,820
McKesson Corp....................... Jan-09 60.00 10 7,770 4,500 3,270
MedImmune, Inc...................... Jan-08 35.00 36 13,081 360 12,721
MedImmune, Inc...................... Jan-08 45.00 10 3,170 100 3,070
Medtronic, Inc...................... Jan-09 50.00 10 5,570 4,600 970
Merck & Co., Inc.................... Jan-08 60.00 47 45,609 11,985 33,624
MGI Pharma, Inc..................... Jan-08 25.00 24 8,568 960 7,608
MGI Pharma, Inc..................... Jul-08 35.00 24 9,688 9,688 -
Millennium Pharmaceuticals, Inc..... Jan-09 15.00 95 23,227 20,900 2,327
Monsanto Co......................... Jan-08 70.00 48 17,136 1,440 15,696
Monsanto Co......................... Jan-08 75.00 35 37,144 2,100 35,044
Monsanto Co......................... Jan-08 80.00 10 14,265 1,050 13,215
Monsanto Co......................... Apr-08 75.00 48 30,562 11,520 19,042
Monsanto Co......................... Apr-08 80.00 34 21,478 11,560 9,918
Monsanto Co......................... Jan-09 80.00 34 42,217 27,540 14,677
Neurocrine Biosciences, Inc......... Jan-08 15.00 48 23,477 18,240 5,237
Onyx Pharmaceuticals, Inc........... Jan-08 40.00 24 17,486 600 16,886
Onyx Pharmaceuticals, Inc........... Jan-08 50.00 15 12,605 2,775 9,830
Onyx Pharmaceuticals, Inc........... May-08 50.00 33 32,380 19,140 13,240
Onyx Pharmaceuticals, Inc........... Jan-09 30.00 29 28,332 10,150 18,182
Onyx Pharmaceuticals, Inc........... Jan-09 35.00 29 31,552 13,920 17,632
Onyx Pharmaceuticals, Inc........... Jan-09 45.00 48 63,092 48,480 14,612
Onyx Pharmaceuticals, Inc........... Jan-09 50.00 29 44,894 36,250 8,644
OSI Pharmaceuticals, Inc............ Jan-09 30.00 29 14,837 6,380 8,457
Pfizer, Inc......................... Jan-09 25.00 48 11,434 15,840 (4,406)
Pharmion Corp....................... Jan-08 45.00 48 37,883 1,440 36,443
Pharmion Corp....................... Jan-08 50.00 29 27,209 1,160 26,049
St. Jude Medical, Inc............... Jan-08 45.00 49 20,068 27,440 (7,372)
Schering-Plough Corp................ Jan-08 35.00 48 25,921 19,680 6,241
Schering-Plough Corp................ Jan-09 30.00 24 9,528 7,080 2,448
Schering-Plough Corp................ Jan-09 35.00 20 13,840 11,200 2,640
Stryker Corp........................ Jan-08 65.00 55 26,509 3,300 23,209
Stryker Corp........................ Jan-08 70.00 15 7,905 2,325 5,580
Stryker Corp........................ Mar-08 75.00 29 15,428 15,370 58
Stryker Corp........................ Jan-09 70.00 12 8,964 7,440 1,524
Stryker Corp........................ Jan-09 75.00 53 45,950 45,050 900
83
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Unrealized
Contract Number of Premiums Market Value at Appreciation
Issue Month Strike Price Contracts Received November 30, 2007 (Depreciation)
- -----------------------------------------------------------------------------------------------------------------
Teva Pharmaceuticals Industries, Ltd. Jan-08 $40.00 10 $ 4,620 $ 250 $ 4,370
Teva Pharmaceuticals Industries, Ltd. Jan-08 45.00 34 12,138 5,100 7,038
Teva Pharmaceuticals Industries, Ltd. Jan-09 45.00 24 13,228 10,560 2,668
Teva Pharmaceuticals Industries, Ltd. Jan-09 50.00 34 21,658 24,140 (2,482)
The Medicines Co..................... Jan-08 20.00 62 19,859 18,290 1,569
Varian, Inc.......................... Jan-08 45.00 31 9,594 1,550 8,044
Vertex Pharmaceuticals, Inc.......... Jan-09 30.00 45 31,182 36,450 (5,268)
Vertex Pharmaceuticals, Inc.......... Jan-09 35.00 37 35,598 42,920 (7,322)
Walgreen Co.......................... Jan-09 40.00 116 43,401 64,960 (21,559)
Walgreen Co.......................... Jan-09 45.00 58 39,225 52,780 (13,555)
Waters Corp.......................... Jan-08 65.00 28 13,095 560 12,535
WellCare Health Plans, Inc........... Jan-09 35.00 74 98,154 80,660 17,494
WellPoint, Inc....................... Jan-09 80.00 9 5,980 5,580 400
Wyeth................................ Jan-09 50.00 63 46,801 42,210 4,591
Zimmer Holdings, Inc................. Jan-08 90.00 8 6,176 11,080 (4,904)
Zimmer Holdings, Inc................. Jan-09 90.00 19 20,858 48,450 (27,592)
----- ---------- ---------- --------
4,764 $3,073,720 $2,351,595 $722,125
===== ========== ========== ========
See Notes to Financials Statements
84
VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
United States Treasury Bonds.......... 29.4%
United States Treasury Notes.......... 20.4
Time Deposit.......................... 17.9
Federal National Mortgage Association. 11.0
Finance -- Investment Banker/Broker... 4.4
Insurance -- Life/Health.............. 4.1
Federal Home Loan Mortgage Corporation 4.0
Federal Home Loan Bank................ 2.8
Finance -- Commercial................. 1.5
Finance -- Consumer Loans............. 1.2
Banks -- Super Regional............... 1.1
Special Purpose Entities.............. 0.8
Tennessee Valley Authority............ 0.5
Banks -- Money Center................. 0.2
----
99.3%
====
Credit Quality+#
Government -- Agency.. 21.6%
Government -- Treasury 62.7
AA.................... 8.6
A..................... 7.1
-----
100.0%
=====
* Calculated as a percentage of net assets.
+ Source: Standard and Poors.
# Calculated as a percentage of total debt issues, excluding short-term
securities.
85
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
- ---------------------------------------------------------------
CORPORATE BONDS & NOTES -- 13.3%
Banks - Money Center -- 0.2%
RBS Capital Trust II
Bonds
6.43% due 01/03/34(1).................. $ 50,000 $ 43,080
----------
Banks - Super Regional -- 1.1%
Bank of America NA
Sub. Notes
6.00% due 10/15/36..................... 200,000 190,772
----------
Finance - Commercial -- 1.5%
CIT Group, Inc.
Notes
4.96% due 12/14/16(2).................. 300,000 266,559
----------
Finance - Consumer Loans -- 1.2%
SLM Corp.
Notes
3.67% due 05/01/14(2).................. 130,000 97,572
SLM Corp.
Notes
4.10% due 11/21/13(2).................. 150,000 121,614
----------
219,186
----------
Finance - Investment Banker/Broker -- 4.4%
Lehman Brothers Holdings, Inc.
Notes
3.47% due 04/14/11(2).................. 400,000 363,092
Lehman Brothers Holdings, Inc.
Notes
4.38% due 06/10/14(2).................. 150,000 135,729
Morgan Stanley
Senior Notes
3.97% due 06/01/11(2).................. 150,000 148,717
Morgan Stanley
Senior Notes
4.32% due 11/01/13(2).................. 150,000 145,647
----------
793,185
----------
Insurance - Life/Health -- 4.1%
Jackson National Life Global Funding
Notes
4.29% due 05/01/14*(2)................. 300,000 304,050
Pacific Life Global Funding
Bonds
4.15% due 02/06/16*(2)................. 300,000 291,558
Principal Life Income Funding Trust
Notes
3.02% due 04/01/08(2).................. 150,000 149,760
----------
745,368
----------
Special Purpose Entity -- 0.8%
Allstate Life Global Funding Trust
Sec. Notes
3.02% due 03/01/10(2).................. 150,000 143,543
----------
Total Corporate Bonds & Notes
(cost $2,590,354)...................... 2,401,693
----------
Principal Value
Security Description Amount (Note 2)
- -------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES -- 18.3%
Federal Home Loan Bank -- 2.8%
3.63% due 01/15/08................................... $ 500,000 $ 499,538
-----------
Federal Home Loan Mtg. Corp. -- 4.0%
4.50% due 01/15/15................................... 135,000 136,467
6.25% due 07/15/32................................... 500,000 588,694
-----------
725,161
-----------
Federal National Mtg. Assoc. -- 11.0%
3.11% due 02/17/09(2)................................ 2,000,000 1,987,700
-----------
Tennessee Valley Authority -- 0.5%
4.65% due 06/15/35................................... 100,000 95,256
-----------
Total U.S. Government Agencies
(cost $3,319,110)................................... 3,307,655
-----------
U.S. GOVERNMENT TREASURIES -- 49.8%
United States Treasury Bonds -- 29.4%
2.00% due 01/15/26 TIPS(3)........................... 5,262,254 5,312,408
-----------
United States Treasury Notes -- 20.4%
1.63% due 01/15/15 TIPS(3)........................... 2,412,834 2,429,610
1.88% due 07/15/15 TIPS(3)........................... 267,945 274,560
2.00% due 07/15/14 TIPS(3)........................... 934,545 968,057
-----------
3,672,227
-----------
Total U.S. Government Treasuries
(cost $8,437,690)................................... 8,984,635
-----------
Total Long-Term Investment Securities
(cost $14,347,154).................................. 14,693,983
-----------
SHORT-TERM INVESTMENT SECURITIES -- 17.9%
Time Deposit -- 17.9%
Euro Time Deposit with State Street Bank & Trust Co.
2.25% due 12/03/07
(cost $3,221,000)................................... 3,221,000 3,221,000
-----------
TOTAL INVESTMENTS
(cost $17,568,154)(4)............................... 99.3% 17,914,983
Other assets less liabilities.......................... 0.7 122,691
---------- -----------
NET ASSETS -- 100.0% $18,037,674
========== ===========
- --------
* Securities exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. The Fund has
no right to demand registration of these securities. At November 30,
2007, the aggregate value of these securities was $595,608 representing
3.3% of net assets. Unless otherwise indicated these securities are not
considered to be illiquid.
(1) Perpetual maturity - maturity date reflects the next call date.
(2) Floating rate security where the rate fluctuates based on the Consumer
Price Index.
(3) Principal amount of security is adjusted for inflation.
(4) See Note 5 for cost of investments on a tax basis.
TIPS -- Treasury Inflation Protected Securities.
See Notes to Financials Statements
86
VALIC Company I International Equities Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Banks -- Commercial............................... 14.6%
Collective Investment Pool........................ 8.8
Oil Companies -- Integrated....................... 6.5
Medical -- Drugs.................................. 4.8
Repurchase Agreements............................. 4.2
Telephone -- Integrated........................... 4.0
Electric -- Integrated............................ 3.6
Auto -- Cars/Light Trucks......................... 3.1
Insurance -- Multi-line........................... 3.0
Index Fund........................................ 2.2
Diversified Minerals.............................. 2.1
Food -- Misc...................................... 2.1
Chemicals -- Diversified.......................... 1.9
Finance -- Investment Banker/Broker............... 1.7
Food -- Retail.................................... 1.5
Real Estate Operations & Development.............. 1.5
Import/Export..................................... 1.4
Steel -- Producers................................ 1.3
Cellular Telecom.................................. 1.2
Wireless Equipment................................ 1.2
Brewery........................................... 1.1
Finance -- Other Services......................... 1.1
Tobacco........................................... 1.1
Auto/Truck Parts & Equipment -- Original.......... 1.0
Insurance -- Life/Health.......................... 1.0
Transport -- Marine............................... 1.0
Diversified Manufacturing Operations.............. 0.9
Enterprise Software/Service....................... 0.9
Medical Products.................................. 0.9
Photo Equipment & Supplies........................ 0.9
Transport -- Services............................. 0.9
Aerospace/Defense................................. 0.8
Engineering/R&D Services.......................... 0.7
Metal -- Diversified.............................. 0.7
Paper & Related Products.......................... 0.7
Building Products -- Cement....................... 0.6
Building -- Heavy Construction.................... 0.6
Electric Products -- Misc......................... 0.6
Electronic Components -- Misc..................... 0.6
Machinery -- General Industrial................... 0.6
Telecom Services.................................. 0.6
Toys.............................................. 0.6
Airlines.......................................... 0.5
Audio/Video Products.............................. 0.5
Building & Construction -- Misc................... 0.5
Chemicals -- Specialty............................ 0.5
Diversified Operations............................ 0.5
Insurance -- Property/Casualty.................... 0.5
Miscellaneous Manufacturing....................... 0.5
Multimedia........................................ 0.5
Real Estate Management/Services................... 0.5
Telecommunication Equipment....................... 0.5
Transport -- Rail................................. 0.5
Beverages -- Non-alcoholic........................ 0.4
Gas -- Distribution............................... 0.4
Insurance -- Reinsurance.......................... 0.4
Machinery -- Electrical........................... 0.4
Optical Supplies.................................. 0.4
Retail -- Major Department Stores................. 0.4
Television........................................ 0.4
Unknown........................................... 0.4
Water............................................. 0.4
Beverages -- Wine/Spirits......................... 0.3
Machinery -- Construction & Mining................ 0.3
Machinery -- Material Handling.................... 0.3
Office Automation & Equipment..................... 0.3
Oil Companies -- Exploration & Production......... 0.3
Property Trust.................................... 0.3
Retail -- Apparel/Shoe............................ 0.3
Rubber -- Tires................................... 0.3
Semiconductor Equipment........................... 0.3
Wire & Cable Products............................. 0.3
Aerospace/Defense -- Equipment.................... 0.2
Appliances........................................ 0.2
Building & Construction Products -- Misc.......... 0.2
Building Products -- Air & Heating................ 0.2
Building -- Residential/Commercial................ 0.2
Computers -- Periphery Equipment.................. 0.2
Cosmetics & Toiletries............................ 0.2
Distribution/Wholesale............................ 0.2
Diversified Financial Services.................... 0.2
Food -- Dairy Products............................ 0.2
Human Resources................................... 0.2
Oil -- Field Services............................. 0.2
Publishing -- Books............................... 0.2
Retail -- Consumer Electronics.................... 0.2
Retail -- Jewelry................................. 0.2
U.S. Government Treasuries........................ 0.2
Advertising Services.............................. 0.1
Agricultural Chemicals............................ 0.1
Apparel Manufacturers............................. 0.1
Athletic Footwear................................. 0.1
Building Products -- Doors & Windows.............. 0.1
Building Products -- Wood......................... 0.1
Computers -- Integrated Systems................... 0.1
Consumer Products -- Misc......................... 0.1
Diversified Operations/Commercial Services........ 0.1
Electric -- Distribution.......................... 0.1
Electric -- Generation............................ 0.1
Electronic Components -- Semiconductors........... 0.1
Electronic Security Devices....................... 0.1
Entertainment Software............................ 0.1
Filtration/Separation Products.................... 0.1
Finance -- Leasing Companies...................... 0.1
Gambling (Non-Hotel).............................. 0.1
Hotels/Motels..................................... 0.1
Industrial Gases.................................. 0.1
Internet Application Software..................... 0.1
Investment Companies.............................. 0.1
Machine Tools & Related Products.................. 0.1
Medical -- Wholesale Drug Distribution............ 0.1
Metal -- Aluminum................................. 0.1
Mining............................................ 0.1
Non -- Ferrous Metals............................. 0.1
Office Supplies & Forms........................... 0.1
Power Converter/Supply Equipment.................. 0.1
Public Thoroughfares.............................. 0.1
Retail -- Misc./Diversified....................... 0.1
Retail -- Perfume & Cosmetics..................... 0.1
Retail -- Pubs.................................... 0.1
Retail -- Restaurants............................. 0.1
Shipbuilding...................................... 0.1
Soap & Cleaning Preparation....................... 0.1
Steel Pipe & Tube................................. 0.1
Textile -- Products............................... 0.1
-----
107.6%
=====
* Calculated as a percentage of net assets.
87
VALIC Company I International Equities Fund
PORTFOLIO PROFILE-- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Country Allocation*
United Kingdom 19.7%
Japan......... 17.9
United States. 15.6
France........ 8.4
Germany....... 7.5
Switzerland... 6.3
Australia..... 6.1
Italy......... 4.3
Spain......... 4.1
Sweden........ 2.9
Belgium....... 2.2
Netherlands... 2.0
Hong Kong..... 1.7
Finland....... 1.6
Norway........ 1.6
Singapore..... 1.0
Greece........ 0.9
Austria....... 0.8
Denmark....... 0.8
Ireland....... 0.7
Bermuda....... 0.5
Portugal...... 0.5
Cayman Islands 0.2
Luxembourg.... 0.2
New Zealand... 0.1
-----
107.6%
=====
* Calculated as a percentage of net assets
88
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(4)
- --------------------------------------------------------------------------------
COMMON STOCK -- 91.8%
Australia -- 6.1%
ABC Learning Centers, Ltd.#................................ 28,306 $ 131,740
AGL Energy, Ltd.#.......................................... 32,800 371,399
Alumina, Ltd.#............................................. 85,411 487,789
Amcor, Ltd................................................. 66,814 404,643
AMP, Ltd................................................... 141,840 1,272,827
Ansell, Ltd.#.............................................. 5,382 55,126
APN News & Media, Ltd.#.................................... 1 4
Aristocrat Leisure, Ltd.#.................................. 26,344 256,564
Asciano Group#............................................. 42,223 278,291
ASX, Ltd................................................... 12,926 647,120
Australia and New Zealand Banking Group, Ltd............... 140,992 3,513,955
Axa Asia Pacific Holdings, Ltd.#........................... 64,885 458,988
Babcock & Brown, Ltd.#..................................... 17,528 409,339
Bendigo Bank Ltd........................................... 19,375 296,192
BHP Billiton, Ltd.#........................................ 253,901 9,643,933
Billabong International, Ltd.#............................. 12,553 166,532
BlueScope Steel, Ltd.#..................................... 55,537 484,256
Boart Longyear Group+...................................... 101,128 216,551
Boral, Ltd.#............................................... 45,342 258,003
Brambles, Ltd.............................................. 107,170 1,172,398
Caltex Australia, Ltd...................................... 10,213 202,366
Centro Properties Group#................................... 63,936 310,803
Centro Retail Group........................................ 86,416 107,801
CFS Retail Property Trust#................................. 110,283 230,569
Challenger Financial Services Group, Ltd.#................. 27,226 133,695
Coca-Cola Amatil, Ltd...................................... 39,918 353,290
Cochlear, Ltd.............................................. 4,205 279,817
Commonwealth Bank of Australia............................. 98,394 5,194,180
Commonwealth Property Office Fund#......................... 55,054 77,259
Computershare, Ltd......................................... 38,008 341,588
Consolidated Media Holdings, Ltd.#......................... 33,856 623,090
CSL, Ltd................................................... 41,580 1,284,026
CSR, Ltd.#................................................. 70,002 188,208
DB RREEF Trust............................................. 218,989 389,424
Downer EDI, Ltd.#.......................................... 11,540 50,528
Fairfax Media, Ltd.#....................................... 89,553 375,425
Fortescue Metals Group, Ltd.+#............................. 9,526 483,238
Foster's Group, Ltd.#...................................... 149,103 830,573
Futuris Corp., Ltd.#....................................... 22,159 41,621
Goodman Fielder, Ltd....................................... 80,193 138,723
GPT Group.................................................. 155,366 593,398
Harvey Norman Holdings, Ltd................................ 40,044 252,537
Iluka Resources, Ltd.#..................................... 8,995 34,562
ING Industrial Fund#....................................... 37,700 89,135
Insurance Australia Group, Ltd.#........................... 135,771 538,478
Leighton Holdings, Ltd.#................................... 10,519 566,404
Lend Lease Corp., Ltd...................................... 27,311 463,833
Lion Nathan, Ltd.#......................................... 22,230 181,436
Macquarie Airports Management, Ltd......................... 52,009 199,625
Macquarie Communications Infrastructure Group#............. 16,497 77,959
Macquarie Goodman Group#................................... 109,575 598,690
Macquarie Group, Ltd.#..................................... 19,920 1,435,383
Macquarie Infrastructure Group#............................ 200,852 572,395
Macquarie Office Trust..................................... 152,195 205,376
Mirvac Group#.............................................. 77,302 392,138
National Australia Bank, Ltd............................... 122,634 4,157,606
Newcrest Mining, Ltd....................................... 34,242 1,030,225
OneSteel, Ltd.............................................. 56,083 329,634
Orica, Ltd................................................. 23,549 588,467
Origin Energy, Ltd......................................... 65,993 506,500
Oxiana, Ltd................................................ 104,750 363,601
Pacific Brands, Ltd........................................ 19,000 52,290
Paladin Resources, Ltd.+#.................................. 41,019 248,855
PaperlinX, Ltd............................................. 16,974 36,497
Perpetual, Ltd.#........................................... 2,814 169,249
Value
Security Description Shares (Note 2)(4)
- --------------------------------------------------------------------------------
Australia (continued)
Qantas Airways, Ltd........................................ 73,603 $ 380,818
QBE Insurance Group, Ltd................................... 65,274 1,888,496
Rio Tinto, Ltd.#........................................... 21,618 2,781,304
Santos, Ltd.#.............................................. 43,644 552,483
Sonic Healthcare, Ltd.#.................................... 23,598 349,239
St George Bank, Ltd........................................ 20,146 642,823
Stockland#................................................. 109,733 874,916
Suncorp-Metway, Ltd........................................ 69,972 1,156,141
Symbion Health, Ltd.#...................................... 24,477 87,665
TABCORP Holdings, Ltd.#.................................... 39,712 535,196
Tattersall's, Ltd.#........................................ 81,370 289,451
Telstra Corp., Ltd.#....................................... 216,996 896,337
Telstra Corp., Ltd. (Installment Receipt)#................. 112,484 313,579
Toll Holdings, Ltd.#....................................... 41,325 499,756
Transurban Group#.......................................... 81,949 521,202
Wesfarmers Ltd+............................................ 12,514 476,551
Wesfarmers Ltd PPS+........................................ 23,567 903,501
Wesfarmers, Ltd. (ASX)#.................................... 28,483 1,091,494
Westfield Group............................................ 132,239 2,392,264
Westpac Banking Corp....................................... 141,101 3,538,615
Woodside Petroleum, Ltd.................................... 36,069 1,548,848
Woolworths, Ltd............................................ 91,430 2,751,777
WorleyParsons, Ltd......................................... 11,239 498,569
Zinifex, Ltd.#............................................. 36,836 473,897
-----------
71,291,069
-----------
Austria -- 0.8%
Andritz AG................................................. 8,618 527,112
Bwin Interactive Entertainment AG+#........................ 467 16,324
Erste Bank der oesterreichischen Sparkassen AG#............ 59,882 4,316,681
Flughafen Wien AG.......................................... 188 21,198
Immoeast AG+............................................... 14,894 161,455
Immofinanz AG.............................................. 16,392 171,895
Mayr-Melnhof Karton AG..................................... 150 16,822
Meinl European Land, Ltd.+................................. 10,717 156,994
Oesterreichische Elektrizitaetswirtschafts AG, Class A..... 2,753 186,172
OMV AG..................................................... 5,894 419,060
Raiffeisen International Bank Holding AG#.................. 6,139 999,815
RHI AG+.................................................... 15,466 632,696
Telekom Austria AG......................................... 12,325 359,360
Voestalpine AG............................................. 7,242 530,568
Wiener Staedtische Versicherung AG#........................ 1,126 84,018
Wienerberger AG............................................ 2,850 160,924
-----------
8,761,094
-----------
Belgium -- 2.2%
AGFA Gevaert NV............................................ 2,302 25,445
Barco NV#.................................................. 204 15,685
Bekaert NV................................................. 12,546 1,736,507
Belgacom SA#............................................... 62,218 3,244,657
Cofinimmo#................................................. 152 29,054
Colruyt SA................................................. 595 131,151
Compagnie Maritime Belge SA#............................... 251 22,429
Compagnie Nationale a Portefeuille......................... 708 52,617
Delhaize Group............................................. 13,220 1,151,914
Dexia SA................................................... 97,620 2,645,749
Dexia Strip VVPR+.......................................... 1,290 19
Euronav NV#................................................ 27,466 904,203
Fortis..................................................... 89,282 2,395,285
Group Bruxelles Lambert SA................................. 2,883 366,481
InBev NV................................................... 56,906 4,991,515
KBC Ancora................................................. 560 62,378
KBC Groep NV............................................... 32,373 4,478,401
Mobistar SA................................................ 1,131 99,480
89
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(4)
-----------------------------------------------------------------------
COMMON STOCK (continued)
Belgium (continued)
Omega Pharma SA.................................. 328 $ 23,028
S.A D'Ieteren NV................................. 973 375,053
Solvay SA........................................ 19,147 2,839,508
UCB SA#.......................................... 3,930 186,878
Umicore.......................................... 887 207,826
-----------
25,985,263
-----------
Bermuda -- 0.5%
C C Land Holdings Ltd............................ 73,000 122,636
Cheung Kong Infrastructure Holdings, Ltd......... 34,636 135,350
Chinese Estates Holdings......................... 44,000 85,887
Esprit Holdings, Ltd............................. 79,200 1,190,435
Frontline, Ltd.#................................. 44,446 2,037,166
Giordano International, Ltd...................... 58,000 27,813
Johnson Electric Holdings, Ltd................... 500 229
Kerry Properties, Ltd............................ 48,000 443,796
Li & Fung, Ltd................................... 166,600 664,114
Noble Group, Ltd.#............................... 77,000 119,183
NWS Holdings, Ltd................................ 30,000 104,157
Orient Overseas International, Ltd............... 16,483 127,666
Pacific Basin Shipping, Ltd...................... 96,000 197,278
SeaDrill, Ltd.+.................................. 9,100 197,143
Shangri-La Asia, Ltd............................. 86,000 247,607
Yue Yuen Industrial Holdings, Ltd................ 44,500 142,094
-----------
5,842,554
-----------
Cayman Islands -- 0.2%
ASM Pacific Technology, Ltd...................... 15,000 106,314
Belle International Holdings, Ltd................ 155,000 204,569
Foxconn International Holdings, Ltd.+............ 159,000 395,642
Hutchison Telecommunications International, Ltd.. 109,000 154,690
Kingboard Chemical Holdings, Ltd................. 44,000 242,203
Lee & Man Paper Manufactoring Ltd................ 30,400 133,692
Lifestyle International Holdings Ltd............. 52,000 135,070
Parkson Retail Group Ltd......................... 7,500 79,470
Shui On Land, Ltd................................ 142,000 176,453
Tencent Holdings, Ltd............................ 67,000 506,412
Tingyi Cayman Islands Holding Corp............... 126,000 179,308
-----------
2,313,823
-----------
Cyprus -- 0.0%
ProSafe ASA#..................................... 6,635 113,552
-----------
Denmark -- 0.8%
AP Moller - Maersk A/S, Class A.................. 10 117,309
AP Moller - Maersk A/S, Class B.................. 280 3,315,184
Bang & Olufsen A/S, Class B#..................... 187 18,407
Carlsberg A/S.................................... 1,224 155,618
Coloplast A/S#................................... 997 92,798
D/S Torm A/S..................................... 526 20,185
Danisco A/S...................................... 9,005 663,540
Danske Bank A/S.................................. 16,209 646,293
DSV A/S.......................................... 7,100 165,168
East Asiatic Co., Ltd. A/S....................... 8,008 547,561
FLSmidth & Co. A/S............................... 4,104 414,632
GN Store Nord A/S+#.............................. 3,522 27,255
H. Lundbeck A/S.................................. 1,068 30,535
Jyske Bank A/S+.................................. 2,100 165,600
NKT Holding A/S.................................. 428 40,880
Novo-Nordisk A/S................................. 12,822 1,620,383
Novozymes A/S#................................... 1,631 177,922
Rockwool International A/S....................... 275 70,076
Sydbank A/S...................................... 9,300 387,893
Topdanmark A/S+#................................. 606 90,571
TrygVesta A/S#................................... 2,050 159,618
Value
Security Description Shares (Note 2)(4)
------------------------------------------------------------------------------
Denmark (continued)
Vestas Wind Systems A/S+................................ 6,612 $ 624,926
William Demant Holding A/S+#............................ 891 79,900
-----------
9,632,254
-----------
Finland -- 1.6%
Amer Sports Oyj#........................................ 1,290 35,184
Cargotec Corp., Class B................................. 1,366 71,747
Elisa Oyj............................................... 5,340 166,133
Fortum Oyj.............................................. 15,923 684,986
KCI Konecranes Oyj...................................... 1,085 41,460
Kesko Oyj, Class B...................................... 2,357 138,080
Kone Oyj, Class B....................................... 4,532 341,332
Metso Corp.............................................. 4,557 247,046
Neste Oil Oyj........................................... 4,579 160,741
Nokia Oyj............................................... 244,920 9,643,608
Nokian Renkaat Oyj...................................... 3,744 142,701
OKO Bank Class A........................................ 35,199 695,859
Orion Oyj............................................... 96,566 2,282,777
Outokumpu Oyj........................................... 13,919 449,303
Rautaruukki Oyj......................................... 6,083 284,707
Sampo Oyj, Class A...................................... 15,468 453,558
Sanoma-WSOY Oyj......................................... 2,955 84,233
Stora Enso Oyj, Class R................................. 78,625 1,296,941
TietoEnator Oyj......................................... 1,322 28,402
UPM-Kymmene Oyj......................................... 49,186 1,039,430
Uponor Oyj#............................................. 981 23,363
Wartsila Corp., Class B................................. 2,322 177,350
YIT Oyj................................................. 4,534 105,489
-----------
18,594,430
-----------
France -- 8.4%
Accor SA#............................................... 8,294 702,772
Aeroports de Paris#..................................... 1,237 141,079
Air France-KLM.......................................... 4,510 161,967
Air Liquide#............................................ 8,645 1,246,771
Alcatel SA.............................................. 82,511 672,983
Alstom.................................................. 5,859 1,315,182
Atos Origin SA+......................................... 2,464 139,009
AXA SA.................................................. 209,114 8,480,377
BNP Paribas SA.......................................... 97,491 10,917,898
Bouygues SA#............................................ 55,240 4,953,976
Business Objects SA+.................................... 13,294 807,704
Cap Gemini SA........................................... 4,900 285,643
Carrefour SA#........................................... 21,404 1,648,560
Casino Guichard-Perrachon SA............................ 3,850 422,131
Christian Dior SA....................................... 974 127,345
Cie Generale de Geophysique-Veritas+.................... 929 278,822
CNP Assurances#......................................... 16,083 2,000,629
Compagnie de St. Gobain#................................ 23,918 2,359,453
Compagnie Generale des Etablissements Michelin, Class B. 5,140 609,887
Credit Agricole SA#..................................... 23,536 821,086
Dassault Systemes SA.................................... 2,057 119,890
Eiffage SA.............................................. 666 74,292
Electricite de France................................... 3,581 435,346
Essilor International SA#............................... 67,549 4,234,220
Eurazeo................................................. 439 62,393
France Telecom SA#...................................... 93,300 3,538,176
Gaz de France SA#....................................... 21,495 1,197,422
Gecina SA............................................... 446 75,723
Groupe Danone........................................... 15,573 1,373,551
Hermes International#................................... 2,481 320,380
Icade................................................... 1,167 85,265
Imerys SA............................................... 1,134 95,960
JC Decaux SA............................................ 2,375 91,970
Klepierre............................................... 2,474 126,812
90
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(4)
- --------------------------------------------------------------------------------
COMMON STOCK (continued)
France (continued)
L'Oreal SA................................................. 8,946 $ 1,240,911
Lafarge SA#................................................ 9,855 1,558,121
Lagardere SCA.............................................. 4,553 365,655
Legrand SA................................................. 1,687 59,058
LVMH Moet Henessy Louis Vuitton SA#........................ 8,751 1,062,786
M6-Metropole Television.................................... 2,356 63,839
Natixis.................................................... 6,542 132,266
Neopost SA#................................................ 1,153 123,059
Neuf Cegetel............................................... 1,116 58,204
PagesJaunes Groupe SA...................................... 4,512 98,815
Pernod Ricard SA#.......................................... 3,132 691,717
Peugeot SA................................................. 5,448 423,729
PPR#....................................................... 23,222 3,911,589
Publicis Groupe#........................................... 5,027 182,936
Renault SA................................................. 17,206 2,507,234
Safran SA#................................................. 5,960 115,206
Sanofi-Aventis............................................. 36,487 3,464,735
Schneider Electric SA#..................................... 7,882 1,092,586
SCOR....................................................... 6,201 161,322
Societe BIC SA............................................. 13,949 1,035,917
Societe Des Autoroutes Paris-Rhin-Rhone.................... 808 89,722
Societe Generale#.......................................... 13,325 2,040,642
Societe Television Francaise 1............................. 4,211 116,214
Sodexho Alliance SA#....................................... 3,409 215,333
Suez SA (Brussels)+........................................ 13,468 197
Suez SA(Paris)#............................................ 102,639 6,795,938
Technip SA#................................................ 3,625 295,893
Thales SA#................................................. 8,295 496,682
Thomson#................................................... 8,725 135,829
Total SA#.................................................. 146,768 11,872,240
Unibail-Rodamco............................................ 8,860 2,004,863
Valeo SA................................................... 2,513 126,947
Vallourec SA............................................... 1,705 481,725
Veolia Environnement....................................... 12,525 1,153,752
Vinci SA................................................... 14,653 1,160,138
Vivendi Universal SA#...................................... 78,487 3,607,966
Wendel..................................................... 585 91,685
Zodiac SA#................................................. 1,385 90,307
-----------
99,050,432
-----------
Germany -- 7.3%
Adidas AG.................................................. 7,274 482,223
Allianz SE#................................................ 25,635 5,275,809
Altana AG.................................................. 16,582 410,385
Arcandor AG+#.............................................. 2,329 70,298
BASF AG#................................................... 68,361 9,468,644
Bayer AG#.................................................. 25,940 2,142,302
Bayerische Motoren Werke AG................................ 5,914 360,442
Beiersdorf AG#............................................. 3,150 253,841
Bilfinger Berger AG........................................ 5,600 455,644
Celesio AG................................................. 17,732 1,024,559
Commerzbank AG............................................. 64,338 2,529,760
Continental AG............................................. 5,505 716,644
DaimlerChrysler AG#........................................ 105,645 10,761,435
Deutsche Bank AG#.......................................... 35,317 4,611,612
Deutsche Boerse AG......................................... 14,034 2,628,579
Deutsche Lufthansa AG...................................... 8,180 221,196
Deutsche Post AG........................................... 23,801 807,738
Deutsche Post AG (London)+................................. 4,152 141,104
Deutsche Postbank AG....................................... 33,719 2,960,550
Deutsche Telekom AG#....................................... 249,418 5,507,430
Douglas Holding AG......................................... 8,638 528,110
E.ON AG.................................................... 27,203 5,540,876
Fraport AG................................................. 573 44,177
Value
Security Description Shares (Note 2)(4)
- --------------------------------------------------------------------------------
Germany (continued)
Fresenius AG............................................... 1,382 $ 114,029
Fresenius Medical Care AG#................................. 6,767 377,516
GEA Group AG+.............................................. 5,712 206,863
Heidelbergcement AG........................................ 429 69,790
Heidelberger Druckmaschinen AG#............................ 8,829 278,976
Henkel KGaA................................................ 3,713 187,879
Hochtief AG................................................ 1,501 198,427
Hypo Real Estate Holding AG#............................... 7,184 377,694
Infineon Technologies AG+.................................. 26,771 318,440
IVG Immobilien AG#......................................... 3,315 130,560
K+S AG..................................................... 1,326 270,668
Linde AG#.................................................. 8,739 1,142,479
MAN AG..................................................... 4,028 647,502
Merck KGaA................................................. 3,458 447,012
Metro AG#.................................................. 5,789 523,049
MLP AG#.................................................... 972 13,956
Muenchener Rueckversicherungs-Gesellschaft AG#............. 17,965 3,261,631
Premiere AG#+.............................................. 1,708 26,814
Puma AG Rudolf Dassler Sport#.............................. 229 92,193
Q-Cells AG+................................................ 1,697 236,879
Rheinmetall AG............................................. 2,541 208,375
RWE AG#.................................................... 15,893 2,170,221
Salzgitter AG.............................................. 4,444 710,266
SAP AG#.................................................... 80,396 4,096,048
Siemens AG................................................. 49,485 7,507,764
Solarworld AG#............................................. 2,993 178,620
Suedzucker AG#............................................. 1,184 25,847
ThyssenKrupp AG............................................ 39,787 2,343,591
TUI AG+#................................................... 7,622 214,415
Volkswagen AG.............................................. 10,285 2,467,096
Wacker Chemie AG........................................... 280 78,174
Wincor Nixdorf AG.......................................... 562 48,439
-----------
85,914,571
-----------
Gibraltar -- 0.0%
PartyGaming PLC+........................................... 21,340 12,707
-----------
Greece -- 0.9%
Alpha Bank A.E............................................. 13,848 469,317
Athens Stock Exchange SA................................... 1,067 31,486
Coca-Cola Hellenic Bottling Co. SA......................... 97,398 4,124,621
Cosmote Mobile Telecommunications SA....................... 4,606 176,161
EFG Eurobank Ergasias...................................... 11,171 392,430
Folli-Follie SA............................................ 295 11,794
Hellenic Petroleum SA...................................... 3,822 59,107
Hellenic Technodomiki Tev SA............................... 2,129 27,982
Hellenic Telecommunications Organization SA................ 68,044 2,454,463
Motor Oil Hellas Corinth Refineries SA..................... 792 16,988
National Bank of Greece SA................................. 14,399 962,488
OPAP SA.................................................... 7,977 310,679
Piraeus Bank SA............................................ 17,720 683,064
Public Power Corp.......................................... 3,730 182,711
Titan Cement Co. SA........................................ 2,198 97,889
Viohalco Hellenic Copper and Aluminum Industry SA.......... 32,793 440,622
-----------
10,441,802
-----------
Hong Kong -- 1.7%
Bank of East Asia, Ltd..................................... 106,800 650,026
BOC Hong Kong Holdings, Ltd................................ 279,500 726,675
Cathay Pacific Airways, Ltd................................ 105,000 276,172
Cheung Kong Holdings, Ltd.................................. 114,562 2,151,844
CITIC International Financia Holdings Ltd.................. 55,000 35,461
CLP Holdings, Ltd.......................................... 100,000 679,833
Fosun International+....................................... 122,000 149,485
Hang Lung Group, Ltd....................................... 33,000 188,409
Hang Lung Properties, Ltd.................................. 156,000 713,679
91
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(4)
- --------------------------------------------------------------------------------
COMMON STOCK (continued)
Hong Kong (continued)
Hang Seng Bank, Ltd........................................ 57,888 $ 1,113,993
Henderson Investment Ltd................................... 41,000 86,677
Henderson Land Development Co., Ltd........................ 67,000 591,271
Hong Kong & China Gas Co., Ltd............................. 275,040 811,032
Hong Kong Aircraft Engineering Co., Ltd.................... 5,200 161,357
Hong Kong Exchanges & Clearing, Ltd........................ 80,500 2,449,417
HongKong Electric Holdings, Ltd............................ 104,500 548,874
Hopewell Holdings, Ltd..................................... 46,955 213,833
Hutchison Whampoa, Ltd..................................... 161,000 1,918,604
Hysan Development Co., Ltd................................. 49,000 140,982
Link REIT.................................................. 161,500 351,613
Melco International Development............................ 55,000 88,453
MTR Corp., Ltd............................................. 106,000 357,417
New World Development Co., Ltd............................. 182,000 702,961
PCCW, Ltd.................................................. 307,657 184,901
Shun Tak Holdings, Ltd..................................... 86,000 130,791
Sino Land Co., Ltd......................................... 106,000 377,606
Sun Hung Kai Properties, Ltd............................... 103,282 2,152,417
Swire Pacific, Ltd., Class A............................... 62,816 852,341
Techtronic Industries Co., Ltd............................. 500 423
Television Broadcasts, Ltd................................. 21,926 134,528
Wharf Holdings, Ltd........................................ 93,000 553,685
Wheelock & Co., Ltd........................................ 35,000 112,382
Wing Hang Bank, Ltd........................................ 13,245 166,430
-----------
19,773,572
-----------
Ireland -- 0.7%
Allied Irish Banks PLC..................................... 62,728 1,401,857
Anglo Irish Bank Corp. PLC (Dublin)........................ 13,000 226,702
Bank of Ireland (Dublin)................................... 35,392 560,804
C&C Group PLC.............................................. 1 5
CRH PLC (Dublin)........................................... 87,467 3,307,479
DCC PLC.................................................... 1,438 35,748
Elan Corp PLC+............................................. 16,762 387,619
Grafton Group PLC+......................................... 1 9
Greencore Group PLC........................................ 33,546 212,508
Iaws Group PLC............................................. 16,243 351,775
Independent News & Media PLC............................... 1 3
Irish Life & Permanent PLC................................. 9,835 195,259
Kerry Group PLC............................................ 40,163 1,165,132
Kingspan Group PLC (Ireland)............................... 4,594 97,049
Paddy Power PLC (Dublin)................................... 2,791 87,349
Ryanair Holdings+.......................................... 7,244 51,720
Ryanair Holdings PLC ADR+#................................. 1,252 50,794
Smurfit Kappa Group PLC+................................... 4,279 74,494
-----------
8,206,306
-----------
Isle of Man -- 0.0%
Genting International PLC+................................. 183,000 91,047
-----------
Italy -- 4.2%
AEM SpA.................................................... 16,078 67,506
Alleanza Assicurazioni SpA#................................ 15,122 199,614
Arnoldo Mondadori Editore SpA#............................. 2,085 17,409
Assicurazione Generali SpA#................................ 47,835 2,187,749
Atlantia SpA............................................... 9,202 349,430
Autogrill SpA.............................................. 42,158 739,828
Banca Carige SpA........................................... 8,676 43,282
Banca Intesa SpA (Milan)................................... 630,960 4,760,290
Banca Monte dei Paschi di Siena SpA#....................... 39,453 220,535
Banca Popolare di Milano Scarl#............................ 27,254 393,199
Banco Popolare Scarl+#..................................... 23,890 537,925
Bulgari SpA................................................ 5,358 79,317
Enel SpA#.................................................. 674,993 8,069,309
Eni SpA.................................................... 315,098 11,254,152
Fiat SpA................................................... 58,606 1,612,867
Value
Security Description Shares (Note 2)(4)
- ----------------------------------------------------------------------------------
Italy (continued)
Finmeccanica SpA........................................... 30,047 $ 896,589
Fondiaria-Sai SpA.......................................... 2,461 107,718
IFI - Istituto Finanziario Industriale SpA+................ 2,058 73,101
IFIL Investments SpA....................................... 6,494 67,073
Intesa Sanpaolo SpA........................................ 330,143 2,636,311
Italcementi SpA RNC........................................ 1,884 28,251
Italcementi SpA#........................................... 72,965 1,513,422
Lottomatica SpA#........................................... 2,437 83,174
Luxottica Group SpA#....................................... 4,952 165,015
Mediaset SpA............................................... 27,429 267,665
Mediobanca SpA............................................. 17,531 394,436
Mediolanum SpA#............................................ 9,114 66,056
Parmalat SpA............................................... 580,530 2,240,030
Pirelli & C. SpA+.......................................... 102,825 122,506
Prysmian SpA+.............................................. 4,822 120,982
Saipem SpA................................................. 4,730 190,568
Seat Pagine Gialle SpA..................................... 146,613 69,428
Snam Rete Gas SpA#......................................... 31,450 199,333
Telecom Italia SpA (Chi-X)................................. 1,767,769 5,611,712
Telecom Italia SpA (Milan)#................................ 215,281 536,143
Terna Rete Elettrica Nazionale SpA#........................ 42,881 167,960
UniCredito Italiano SpA.................................... 333,619 2,825,834
Unione di Banche Italiane Scpa............................. 21,691 617,752
Unipol Gruppo Finanziario SpA.............................. 10,435 40,454
-----------
49,573,925
-----------
Japan -- 17.9%
Access Co., Ltd.+#......................................... 5 20,031
ACOM Co., Ltd.#............................................ 2,439 60,192
Aderans Co., Ltd........................................... 700 11,149
Advantest Corp.#........................................... 6,120 173,294
Aeon Co., Ltd.............................................. 24,430 374,766
Aeon Credit Service Co., Ltd.#............................. 3,300 54,845
Aeon Mall Co., Ltd......................................... 2,500 67,657
AIFUL Corp.#............................................... 3,000 58,645
Aioi Insurance Co., Ltd.................................... 12,000 66,418
Aisin Seiki Co., Ltd....................................... 89,200 3,608,873
Ajinomoto Co., Inc......................................... 24,807 271,207
Alfresa Holdings Corp...................................... 1,100 63,281
All Nippon Airways Co., Ltd................................ 24,000 93,265
Alps Electric Co., Ltd.#................................... 6,549 82,467
Amada Co., Ltd............................................. 13,863 127,559
Aoyama Trading Co., Ltd.................................... 2,200 55,867
Aozora Bank Ltd............................................ 14,000 45,237
Asahi Breweries, Ltd.#..................................... 15,595 270,780
Asahi Glass Co., Ltd.#..................................... 35,249 490,282
Asahi Kasei Corp........................................... 44,549 319,624
Asatsu-DK, Inc.#........................................... 700 20,512
Asics Corp................................................. 6,000 86,002
Astellas Pharma, Inc....................................... 18,800 834,816
Autobacs Seven Co., Ltd.#.................................. 655 14,079
Bank of Kyoto, Ltd.#....................................... 10,000 127,037
Benesse Corp............................................... 2,614 108,224
Bridgestone Corp.#......................................... 23,300 442,733
Brother Industries, Ltd.................................... 5,000 70,153
Canon Marketing Japan, Inc.#............................... 2,900 59,187
Canon, Inc................................................. 40,700 2,143,179
Capcom Co., Ltd.#.......................................... 50,000 1,347,254
Casio Computer Co., Ltd.................................... 9,092 115,979
Central Glass Co., Ltd..................................... 4,000 14,699
Central Japan Railway Co................................... 60 631,437
Chiyoda Corp.#............................................. 5,000 64,547
Chubu Electric Power Co., Inc.............................. 25,400 706,873
Chugai Pharmaceutical Co., Ltd.#........................... 10,736 187,738
Chugoku Electric Power Co.................................. 5,300 114,953
92
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(4)
- --------------------------------------------------------------------------------
COMMON STOCK (continued)
Japan (continued)
Chuo Mitsui Trust Holdings, Inc............................ 30,000 $ 257,976
Circle K Sunkus Co., Ltd................................... 1,000 14,605
Citizen Watch Co., Ltd..................................... 13,047 139,763
Coca-Cola West Japan Co., Ltd.#............................ 2,200 50,121
COMSYS Holdings Corp....................................... 2,737 22,570
Cosmo Oil Co., Ltd......................................... 21,000 85,803
Credit Saison Co., Ltd..................................... 6,254 179,310
CSK Holdings Corp.......................................... 2,400 78,507
Dai Nippon Printing Co., Ltd............................... 23,000 335,368
Daicel Chemical Industries, Ltd.#.......................... 10,427 61,473
Daido Steel Co., Ltd.#..................................... 13,000 96,081
Daifuku Co., Ltd.#......................................... 2,000 28,093
Daihatsu Motor Co., Ltd.................................... 3,000 29,996
Daiichi Sankyo Co., Ltd.................................... 151,600 4,740,608
Daikin Industries, Ltd..................................... 32,010 1,649,028
Dainippon Ink and Chemicals, Inc........................... 24,180 121,728
Dainippon Screen Manufacturing Co., Ltd.#.................. 401 2,264
Dainippon Sumitomo Pharma Co., Ltd......................... 3,000 24,353
Daito Trust Construction Co., Ltd.......................... 3,153 151,480
Daiwa House Industry Co., Ltd.............................. 19,070 252,289
Daiwa Securities Group, Inc................................ 51,045 514,407
Denki Kagaku Kogyo Kabushiki Kaisha........................ 17,226 89,627
Denso Corp................................................. 43,600 1,774,337
Dentsu, Inc................................................ 74 189,535
Dowa Mining Co., Ltd....................................... 10,000 70,397
eAccess, Ltd.#............................................. 26 14,075
East Japan Railway Co...................................... 530 4,384,640
Ebara Corp.#............................................... 14,000 50,688
Edion Corp.#............................................... 1,600 19,991
Eisai Co., Ltd............................................. 9,606 425,053
Electric Power Development Co., Ltd........................ 5,800 209,190
Elpida Memory, Inc.+#...................................... 3,800 128,398
FamilyMart Co., Ltd........................................ 2,156 63,815
Fanuc, Ltd................................................. 7,300 763,854
Fast Retailing Co., Ltd.#.................................. 2,100 138,266
Fuji Electric Holdings Co., Ltd.#.......................... 22,000 81,460
Fuji Heavy Industries Ltd.................................. 111,000 551,999
Fuji Soft ABC, Inc.#....................................... 600 10,055
Fuji Television Network, Inc............................... 18 29,286
FUJIFILM Holdings Corp..................................... 18,673 822,268
Fujikura, Ltd.............................................. 14,000 68,915
Fujitsu, Ltd............................................... 71,448 500,096
Fukuoka Financial Group, Inc............................... 29,000 190,656
Furukawa Electric Co., Ltd................................. 25,000 108,002
Futaba Industrial Co., Ltd................................. 40,000 1,088,502
Glory, Ltd................................................. 26,300 713,854
Goodwill Group, Inc.+#..................................... 27 6,797
Gunma Bank, Ltd............................................ 14,000 102,727
Gunze, Ltd................................................. 4,017 16,816
H20 Retailing Corp......................................... 3,120 25,939
Hakuhodo DY Holdings, Inc.................................. 890 52,109
Hankyu Hanshin Holdings, Inc.#............................. 46,600 216,728
Haseko Corp.+.............................................. 40,500 80,860
Hikari Tsushin, Inc.#...................................... 1,100 33,812
Hino Motors, Ltd........................................... 9,000 54,988
Hirose Electric Co., Ltd................................... 1,281 144,414
Hitachi Cable, Ltd......................................... 6,000 38,729
Hitachi Chemical Co., Ltd.................................. 4,000 94,808
Hitachi Construction Machinery Co., Ltd.................... 4,100 147,625
Hitachi High-Technologies Corp............................. 2,700 60,514
Hitachi Metals, Ltd........................................ 3,000 41,336
Hitachi, Ltd............................................... 127,849 893,851
Hokkaido Electric Power Co., Inc........................... 7,000 154,354
Hokuhoku Financial Group, Inc.............................. 45,177 145,665
Hokuriku Electric Power Co................................. 3,300 76,772
Value
Security Description Shares (Note 2)(4)
- --------------------------------------------------------------------------------
Japan (continued)
Honda Motor Co., Ltd....................................... 59,400 $2,041,969
House Foods Corp.#......................................... 1,383 24,629
Hoya Corp.................................................. 15,800 548,058
Ibiden Co., Ltd............................................ 4,900 387,609
Idemitsu Kosan Co., Ltd.#.................................. 800 90,155
IHI Corp................................................... 50,596 116,067
Inpex Holdings, Inc........................................ 32 331,672
Isetan Co., Ltd............................................ 7,394 108,281
Isuzu Motors, Ltd.......................................... 27,000 125,111
Ito En, Ltd.#.............................................. 2,300 54,289
ITOCHU Corp................................................ 57,000 606,345
ITOCHU Techno-Solutions Corp.#............................. 1,200 42,884
J Front Retailing Co., Ltd.+............................... 15,867 144,359
Jafco Co., Ltd............................................. 1,300 48,943
Japan Airlines Corp.+#..................................... 35,000 84,199
Japan Petroleum Exploration Co............................. 1,100 86,662
Japan Prime Reality Investment Corp.#...................... 20 82,609
Japan Real Estate Investment Corp.#........................ 14 177,836
Japan Retail Fund Investment Corp.......................... 13 85,443
Japan Steel Works, Ltd..................................... 233,000 3,430,347
Japan Tobacco, Inc......................................... 1,012 5,732,184
JFE Holdings, Inc.......................................... 22,300 1,223,930
JGC Corp................................................... 97,282 1,809,795
JS Group Corp.#............................................ 10,175 163,014
JSR Corp................................................... 6,900 167,008
JTEKT Corp.#............................................... 7,400 127,907
Jupiter Telecommunications Co.+............................ 86 69,447
Kajima Corp................................................ 35,000 114,464
Kamigumi Co., Ltd.......................................... 10,135 79,096
Kaneka Corp................................................ 11,081 91,224
Kansai Paint Co., Ltd...................................... 8,000 59,494
Kao Corp................................................... 20,000 604,382
Kawasaki Heavy Industries, Ltd.#........................... 54,842 181,177
Kawasaki Kisen Kaisha, Ltd................................. 21,631 260,944
KDDI Corp.................................................. 304 2,157,339
Keihin Electric Express Railway Co., Ltd.#................. 16,582 108,526
Keio Corp.................................................. 22,000 138,218
Keisei Electric Railway Co., Ltd........................... 11,000 64,192
Keyence Corp............................................... 1,300 302,510
Kikkoman Corp.............................................. 5,531 75,995
Kinden Corp................................................ 4,036 32,936
Kintetsu Corp.#............................................ 62,072 205,980
Kirin Brewery Co., Ltd.#................................... 29,937 473,176
KK DaVinci Advisors+#...................................... 21 20,999
Kobe Steel, Ltd............................................ 100,000 329,373
Kokuyo Co., Ltd.#.......................................... 1,662 14,890
Komatsu, Ltd............................................... 117,300 3,574,000
Komori Corp................................................ 1,905 45,404
Konami Corp.#.............................................. 3,561 105,064
Konica Minolta Holdings, Inc............................... 147,836 2,834,801
Kose Corp.................................................. 700 17,956
Kubota Corp................................................ 42,000 310,233
Kuraray Co., Ltd........................................... 13,461 165,599
Kurita Water Industries, Ltd.#............................. 4,210 123,210
Kyocera Corp............................................... 6,143 551,331
Kyowa Hakko Kogyo Co., Ltd.#............................... 11,265 127,715
Kyushu Electric Power Co., Inc............................. 14,400 390,833
Lawson, Inc................................................ 2,300 83,791
Leopalace21 Corp........................................... 4,900 144,839
Mabuchi Motor Co., Ltd..................................... 1,000 64,843
Makita Corp................................................ 4,300 191,355
Marubeni Corp.............................................. 62,000 476,046
Marui Co., Ltd............................................. 11,296 115,574
Matsui Securities Co., Ltd.#............................... 4,700 38,795
Matsumotokiyoshi Holdings Co., Ltd.+#...................... 800 15,875
93
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(4)
- --------------------------------------------------------------------------------
COMMON STOCK (continued)
Japan (continued)
Matsushita Electric Industrial Co., Ltd.................... 75,000 $1,518,484
Matsushita Electric Works, Ltd............................. 14,000 146,151
Mazda Motor Corp........................................... 17,000 91,338
MEDICEO Holdings Co., Ltd.................................. 5,600 77,620
Meiji Dairies Corp.#....................................... 10,000 50,492
Meiji Seika Kaisha, Ltd.#.................................. 6,975 30,723
Meitec Corp.#.............................................. 716 23,890
Millea Holdings, Inc....................................... 28,300 996,046
Minebea Co., Ltd........................................... 13,125 81,842
Mitsubishi Chemical Holdings Corp.......................... 44,500 356,290
Mitsubishi Corp............................................ 136,501 3,946,763
Mitsubishi Electric Corp................................... 162,000 1,848,348
Mitsubishi Estate Co., Ltd................................. 44,750 1,206,183
Mitsubishi Gas Chemical Co., Inc........................... 14,864 153,830
Mitsubishi Heavy Industries, Ltd........................... 123,000 598,177
Mitsubishi Logistics Corp.................................. 5,000 60,703
Mitsubishi Materials Corp.................................. 42,000 213,882
Mitsubishi Motor Corp.+.................................... 68,000 128,516
Mitsubishi Rayon Co., Ltd.#................................ 21,042 113,924
Mitsubishi Tanabe Pharma Corp.............................. 8,000 76,820
Mitsubishi UFJ Financial Group, Inc........................ 330,780 3,241,479
Mitsubishi UFJ Lease & Finance Co., Ltd.................... 1,530 53,997
Mitsui & Co., Ltd.......................................... 224,331 5,187,183
Mitsui Chemicals, Inc...................................... 24,000 175,681
Mitsui Engineering & Shipbuilding Co., Ltd.#............... 178,668 818,340
Mitsui Fudosan Co., Ltd.................................... 32,000 824,574
Mitsui Mining & Smelting Co., Ltd.......................... 20,977 90,417
Mitsui O.S.K. Lines, Ltd................................... 311,000 4,660,363
Mitsui Sumitomo Insurance Co., Ltd......................... 45,996 502,640
Mitsukoshi, Ltd.#.......................................... 16,000 78,519
Mitsumi Electric Co., Ltd.................................. 3,100 121,990
Mizuho Financial Group, Inc................................ 376 2,021,801
Mizuho Trust & Banking Co., Ltd............................ 24,000 43,846
Murata Manufacturing Co., Ltd.............................. 8,173 478,927
NamCo Bandai Holdings, Inc................................. 7,818 130,485
NEC Corp................................................... 77,441 361,104
NEC Electronics Corp.+#.................................... 1,500 41,778
NGK Insulators, Ltd........................................ 9,537 295,024
NGK Spark Plug Co., Ltd.#.................................. 6,455 114,442
NHK Spring Co., Ltd.#...................................... 6,000 60,514
Nichirei Corp.............................................. 5,213 21,772
Nidec Corp.#............................................... 39,160 2,945,463
Nikko Cordial Corp.#....................................... 15,000 223,512
Nikon Corp.#............................................... 136,485 4,274,634
Nintendo Co., Ltd.......................................... 11,300 6,946,156
Nippon Building Fund, Inc.#................................ 17 244,992
Nippon Electric Glass Co., Ltd............................. 13,000 218,218
Nippon Express Co., Ltd.................................... 29,879 151,485
Nippon Kayaku Co., Ltd.#................................... 4,000 32,580
Nippon Light Metal Co., Ltd.#.............................. 10,000 17,746
Nippon Meat Packers, Inc................................... 7,000 68,877
Nippon Mining Holdings, Inc................................ 34,000 249,097
Nippon Oil Corp............................................ 47,000 393,180
Nippon Paper Group, Inc.#.................................. 33 96,170
Nippon Sheet Glass Co., Ltd................................ 22,067 121,089
Nippon Shokubai Co., Ltd................................... 4,502 43,521
Nippon Steel Corp.#........................................ 420,389 2,537,942
Nippon Telegraph and Telephone Corp........................ 198 895,557
Nippon Yusen Kabushiki Kaisha.............................. 42,000 364,699
Nipponkoa Insurance Co., Ltd............................... 13,000 124,016
Nishi-Nippon City Bank, Ltd................................ 26,000 72,912
Nishimatsu Construction Co., Ltd.#......................... 5,571 15,717
Nissan Chemical Industries, Ltd............................ 70,000 955,627
Nissan Motor Co., Ltd.#.................................... 226,100 2,593,948
Nisshin Seifun Group, Inc.................................. 7,463 73,808
Value
Security Description Shares (Note 2)(4)
- --------------------------------------------------------------------------------
Japan (continued)
Nisshin Steel Co., Ltd.#................................... 30,000 $ 111,792
Nisshinbo Industries, Inc.#................................ 5,532 73,891
Nissin Food Products Co., Ltd.#............................ 3,455 123,097
Nitori Co., Ltd............................................ 1,400 68,565
Nitto Denko Corp.#......................................... 6,307 326,800
NOK Corp................................................... 48,300 981,958
Nomura Holdings, Inc.#..................................... 172,400 3,087,613
Nomura Real Estate Holdings, Inc........................... 2,000 54,084
Nomura Real Estate Office Fund, Inc........................ 9 92,672
Nomura Research Institute, Ltd............................. 120,200 4,272,174
NSK, Ltd.#................................................. 16,077 154,731
NTN Corp.#................................................. 14,277 125,272
NTT Data Corp.#............................................ 49 222,477
NTT DoCoMo, Inc............................................ 612 971,536
NTT Urban Development Corp................................. 44 88,654
Obayashi Corp.............................................. 23,861 121,064
Obic Co, Ltd.#............................................. 270 51,512
Odakyu Electric Railway Co., Ltd.#......................... 23,000 166,872
OJI Paper Co., Ltd.#....................................... 31,528 150,627
Oki Electric Industry Co., Ltd.+#.......................... 12,000 20,397
OKUMA Corp................................................. 5,000 57,821
Okumura Corp.#............................................. 3,977 18,172
Olympus Corp............................................... 33,206 1,369,541
Omron Corp................................................. 8,084 211,501
Ono Pharmaceutical Co., Ltd................................ 1,800 91,860
Onward Kashiyama Co., Ltd.................................. 5,944 64,528
ORACLE Corp.#.............................................. 1,400 63,123
Oriental Land Co., Ltd.#................................... 1,771 107,986
ORIX Corp.................................................. 3,500 719,622
Osaka Gas Co., Ltd......................................... 76,188 302,802
Osaka Titanium Technologies Co.#........................... 10,700 830,461
OSG Corp.#................................................. 1,600 17,908
Otsuka Corp................................................ 600 53,503
Pioneer Corp.#............................................. 5,911 56,460
Promise Co., Ltd.#......................................... 2,850 80,219
QP Corp.#.................................................. 2,000 20,493
Rakuten, Inc.+#............................................ 249 127,956
Resona Holdings, Inc.#..................................... 218 431,567
Ricoh Co., Ltd............................................. 25,000 469,411
Rinnai Corp.#.............................................. 800 27,497
Rohm Co., Ltd.............................................. 3,808 348,520
Round One Corp.#........................................... 7 16,982
Ryohin Keikaku Co., Ltd.................................... 500 30,977
Sanken Electric Co., Ltd.#................................. 3,000 15,991
Sankyo Co., Ltd............................................ 2,000 90,188
Santen Pharmaceutical Co., Ltd............................. 2,700 66,070
Sanwa Shutter Corp......................................... 5,000 24,942
Sanyo Electric Co., Ltd.+#................................. 61,000 116,797
Sapporo Hokuyo Holdings, Inc............................... 11 114,500
Sapporo Holdings, Ltd.#.................................... 9,000 73,557
SBI E*Trade Securities Co., Ltd.#.......................... 55 55,709
SBI Holdings, Inc.#........................................ 355 106,446
Secom Co., Ltd............................................. 7,959 440,762
Sega Sammy Holdings, Inc.#................................. 7,600 96,472
Seiko Epson Corp.#......................................... 4,900 109,307
Seino Holdings Corp........................................ 2,893 21,141
Sekisui Chemical Co., Ltd.#................................ 16,925 115,894
Sekisui House, Ltd......................................... 19,000 242,694
Seven & I Holdings Co., Ltd................................ 31,400 788,572
Sharp Corp.#............................................... 38,330 631,786
Shikoku Electric Power Co.................................. 3,500 98,907
Shimachu Co., Ltd.......................................... 897 26,540
Shimamura Co., Ltd.#....................................... 800 82,765
Shimano, Inc.#............................................. 2,540 95,815
Shimizu Corp............................................... 22,559 97,532
94
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(4)
- --------------------------------------------------------------------------------
COMMON STOCK (continued)
Japan (continued)
Shin-Etsu Chemical Co., Ltd................................ 15,726 $ 936,509
Shinko Electric Industries Co., Ltd........................ 2,600 56,943
Shinko Securities Co., Ltd................................. 20,000 89,317
Shinsei Bank, Ltd.#........................................ 60,000 214,877
Shionogi & Co., Ltd........................................ 11,507 223,561
Shiseido Co., Ltd.......................................... 13,000 313,164
Showa Denko K.K.#.......................................... 42,798 146,933
Showa Shell Sekiyu K.K.#................................... 7,200 83,004
SMC Corp................................................... 2,200 255,520
Softbank Corp.#............................................ 28,200 650,821
Sojitz Corp................................................ 44,600 177,170
Sompo Japan Insurance, Inc................................. 32,000 309,902
Sony Corp.#................................................ 78,262 4,224,781
Sony Financial Holdings, Inc.+............................. 33 124,736
Square Enix Co., Ltd....................................... 1,900 60,190
Stanley Electric Co., Ltd.................................. 5,700 140,354
Sumco Corp................................................. 4,400 137,216
Sumitomo Chemical Co., Ltd................................. 60,000 512,083
Sumitomo Corp.............................................. 40,500 607,064
Sumitomo Electric Industries, Ltd.......................... 28,587 439,232
Sumitomo Heavy Industries, Ltd............................. 22,000 239,146
Sumitomo Metal Industries, Ltd............................. 156,000 691,966
Sumitomo Metal Mining Co., Ltd............................. 65,341 1,356,597
Sumitomo Mitsui Financial Group, Inc.#..................... 251 2,193,506
Sumitomo Osaka Cement Co., Ltd............................. 7,796 15,410
Sumitomo Realty & Development Co., Ltd..................... 14,000 425,416
Sumitomo Rubber Industries, Ltd............................ 6,600 64,431
Suruga Bank, Ltd.#......................................... 137,000 1,750,159
Suzuken Co., Ltd........................................... 2,600 85,964
Suzuki Motor Corp.#........................................ 82,700 2,700,798
T&D Holdings, Inc.......................................... 7,509 436,665
Taiheiyo Cement Corp.#..................................... 35,000 84,580
Taisei Corp................................................ 36,384 107,912
Taisho Pharmaceutical Co., Ltd............................. 5,000 97,950
Taiyo Nippon Sanso Corp.#.................................. 10,000 98,635
Taiyo Yuden Co., Ltd....................................... 3,000 50,764
Takara Holdings, Inc.#..................................... 3,794 23,680
Takashimaya Co., Ltd.#..................................... 11,000 136,185
Takeda Pharmaceutical Co., Ltd............................. 52,200 3,373,221
Takefuji Corp.............................................. 4,210 108,219
TDK Corp................................................... 4,700 335,081
Teijin, Ltd................................................ 34,277 148,802
Terumo Corp................................................ 56,400 2,849,295
The 77 Bank, Ltd........................................... 13,000 87,910
The Bank of Yokohama, Ltd.................................. 425,000 3,287,242
The Chiba Bank, Ltd........................................ 389,000 3,349,941
The Hachijuni Bank, Ltd.................................... 15,000 118,998
The Hiroshima Bank, Ltd.#.................................. 19,000 112,114
The Joyo Bank, Ltd......................................... 24,723 148,907
The Kansai Electric Power Co., Inc......................... 29,400 755,536
The Shizuoka Bank, Ltd..................................... 22,163 263,173
The Sumitomo Trust & Banking Co., Ltd...................... 48,000 400,000
THK Co., Ltd.#............................................. 4,900 89,748
TIS, Inc................................................... 768 15,002
Tobu Railway Co., Ltd.#.................................... 30,624 148,451
Toda Corp.#................................................ 4,683 24,979
Toho Co., Ltd.............................................. 4,400 98,676
Toho Titanium Co., Ltd.#................................... 1,100 36,623
Tohoku Electric Power Co., Inc............................. 16,316 375,776
Tokai Rika Co., Ltd........................................ 1,900 57,533
Tokuyama Corp.#............................................ 8,000 83,738
Tokyo Broadcasting System, Inc............................. 1,500 34,985
Tokyo Electric Power Co., Inc.............................. 46,400 1,268,500
Tokyo Electron, Ltd........................................ 6,600 407,607
Tokyo Gas Co., Ltd......................................... 86,077 428,839
Value
Security Description Shares (Note 2)(4)
- ---------------------------------------------------------------------------------
Japan (continued)
Tokyo Seimitsu Co., Ltd.#.................................. 700 $ 17,665
Tokyo Steel Manufacturing Co., Ltd......................... 4,200 53,906
Tokyo Tatemono Co., Ltd.#.................................. 11,000 129,920
Tokyu Corp.#............................................... 42,426 296,252
Tokyu Land Corp............................................ 16,000 151,139
TonenGeneral Sekiyu K.K.#.................................. 11,000 114,419
Toppan Printing Co., Ltd................................... 21,477 211,120
Toray Industries, Inc.#.................................... 50,992 413,557
Toshiba Corp.#............................................. 266,618 2,182,135
Tosoh Corp................................................. 17,718 86,932
Toto, Ltd.#................................................ 10,771 85,907
Toyo Seikan Kaisha, Ltd.................................... 6,226 108,731
Toyo Suisan Kaisha, Ltd.................................... 3,000 56,287
Toyo Tanso Co., Ltd.#...................................... 32,000 3,078,277
Toyobo Co., Ltd.#.......................................... 876 1,876
Toyoda Gosei Co., Ltd...................................... 2,500 89,887
Toyota Boshoku Corp........................................ 67,500 2,263,234
Toyota Industries Corp..................................... 6,800 285,560
Toyota Motor Corp.......................................... 193,149 10,876,133
Toyota Tsusho Corp.#....................................... 78,100 2,268,199
Trend Micro, Inc.+......................................... 4,000 161,504
Ube Industries, Ltd........................................ 36,463 132,953
Uni-Charm Corp............................................. 1,500 97,102
UNY Co., Ltd............................................... 6,295 55,793
Urban Corp................................................. 6,400 103,100
Ushio, Inc................................................. 4,300 93,234
USS Co, Ltd................................................ 940 60,632
Wacoal Corp................................................ 2,000 25,656
West Japan Railway Co...................................... 64 313,101
Yahoo! Japan Corp.......................................... 576 275,998
Yakult Honsha Co., Ltd.#................................... 4,058 99,796
Yamada Denki Co., Ltd.#.................................... 9,300 1,077,557
Yamaha Corp................................................ 6,651 161,010
Yamaha Motor Co., Ltd...................................... 7,000 189,896
Yamaichi Securities Co., Ltd. ADR+#(5)(6).................. 6,000 0
Yamato Kogyo Co., Ltd...................................... 16,600 710,030
Yamato Transport Co., Ltd.................................. 14,923 207,719
Yamazaki Baking Co., Ltd.#................................. 4,513 45,937
Yaskawa Electric Corp.#.................................... 8,000 105,463
Yokogawa Electric Corp..................................... 8,200 91,778
Zeon Corp.................................................. 7,000 46,532
------------
210,220,291
------------
Luxembourg -- 0.2%
Acergy SA#................................................. 6,834 145,059
ArcelorMittal.............................................. 32,330 2,391,038
Millicom International Cellular SA SDR+.................... 1,150 138,577
Oriflame Cosmetics SA SDR.................................. 756 45,979
SES Global................................................. 5,399 135,702
Stolt-Nielsen SA#.......................................... 648 16,203
------------
2,872,558
------------
Netherlands -- 2.0%
ABN Amro Holding NV........................................ 3,531 184,974
Aegon NV................................................... 166,872 2,984,138
Akzo Nobel NV.............................................. 9,711 745,161
ASML Holding NV+........................................... 61,030 2,117,132
Corio NV................................................... 1,442 122,344
Corporate Express NV....................................... 2,601 23,145
European Aeronautic Defense and Space Co.#................. 11,629 372,751
Fugro NV................................................... 2,074 170,664
Hagemeyer NV#.............................................. 10,535 71,735
Heineken Holding NV........................................ 1,970 109,726
Heineken NV................................................ 8,752 572,147
ING Groep NV............................................... 67,124 2,582,494
95
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(4)
- --------------------------------------------------------------------------------
COMMON STOCK (continued)
Netherlands (continued)
James Hardie Industries NV#................................ 35,383 $ 197,377
Koninklijke Ahold NV+...................................... 251,848 3,580,287
Koninklijke DSM DV......................................... 14,241 704,448
Koninklijke KPN NV......................................... 68,896 1,266,879
Koninklijke Philips Electronics NV......................... 40,827 1,698,946
Oce NV#.................................................... 10,414 188,911
Qiagen NV+#................................................ 3,211 67,881
Randstad Holding NV........................................ 1,874 88,837
Reed Elsevier NV........................................... 63,951 1,177,884
SBM Offshore NV............................................ 5,038 175,270
STMicroelectronics NV#..................................... 24,389 374,683
TNT NV..................................................... 16,795 687,418
TomTom NV+................................................. 1,824 173,131
Unilever NV#............................................... 65,855 2,314,699
Vedior NV.................................................. 6,211 154,661
Wereldhave NV.............................................. 372 41,046
Wolters Kluwer NV.......................................... 10,478 323,870
-----------
23,272,639
-----------
New Zealand -- 0.1%
Auckland International Airport, Ltd.#...................... 73,941 160,183
Contact Energy, Ltd.#...................................... 21,813 144,712
Fisher & Paykel Appliances Holdings, Ltd.#................. 10,228 26,726
Fisher & Paykel Healthcare Corp.#.......................... 19,263 46,261
Fletcher Building, Ltd.#................................... 37,661 340,362
Kiwi Income Property Trust................................. 27,077 28,492
Sky City Entertainment Group, Ltd.#........................ 35,048 128,017
Sky Network Television, Ltd.#.............................. 7,361 31,211
Telecom Corp. of New Zealand, Ltd.#........................ 135,848 447,596
Vector, Ltd.#.............................................. 9,457 17,213
-----------
1,370,773
-----------
Norway -- 1.6%
Aker Kvaerner ASA.......................................... 5,860 166,794
DnB NOR ASA................................................ 226,144 3,538,227
DNO ASA+................................................... 14,600 26,234
Lighthouse Caledonia ASA+.................................. 789 1,351
Marine Harvest+#........................................... 92,900 57,998
Norsk Hydro ASA............................................ 234,985 3,234,424
Norske Skogindustrier ASA#................................. 13,176 94,444
Ocean RIG ASA+#............................................ 3,200 25,100
Orkla ASA.................................................. 29,585 533,577
Petroleum Geo-Services ASA+................................ 80,634 2,305,032
Renewable Energy Corp. AS+#................................ 6,150 300,646
Schibsted ASA#............................................. 841 38,223
Statoil ASA................................................ 156,699 5,086,633
Storebrand ASA#............................................ 20,497 227,577
Tandberg ASA............................................... 86,542 1,937,178
Telenor ASA+............................................... 29,997 694,870
TGS Nopec Geophysical Co. ASA+#............................ 1,930 26,441
Tomra Systems ASA#......................................... 2,758 17,902
Yara International ASA..................................... 6,236 236,674
-----------
18,549,325
-----------
Portugal -- 0.5%
Banco BPI SA............................................... 8,145 64,665
Banco Comercial Portugues SA............................... 64,507 280,749
Banco Espirito Santo SA.................................... 35,379 819,537
Brisa-Auto Estradas de Portugal SA......................... 10,718 161,971
Cimpor Cimentos de Portugal SGPS SA........................ 7,202 64,339
Energias de Portugal SA.................................... 71,846 484,896
Jeronimo Martins SGPS SA................................... 483,959 3,882,518
Portugal Telecom SGPS SA................................... 28,230 384,791
Value
Security Description Shares (Note 2)(4)
- --------------------------------------------------------------------------------
Portugal (continued)
PT Multimedia-Servicos de Telecomunicacoes e Multimedia
SGPS SA.................................................. 7,464 $ 103,450
Sonae Industria SGPS SA+................................... 1,125 12,751
Sonae SGPS SA.............................................. 28,517 85,008
-----------
6,344,675
-----------
Singapore -- 1.0%
Allgreen Properties, Ltd.#................................. 54,816 60,961
Ascendas Real Estate Investment Trust...................... 76,000 122,708
CapitaCommercial Trust..................................... 74,000 115,385
CapitaLand, Ltd.#.......................................... 116,000 563,285
CapitaMall Trust........................................... 88,000 196,522
Chartered Semiconductor Manufacturing, Ltd.+#.............. 1,000 683
City Developments, Ltd..................................... 37,000 369,642
ComfortDelGro Corp., Ltd................................... 141,000 186,016
Cosco Corp. Singapore, Ltd.#............................... 59,000 291,538
DBS Group Holdings, Ltd.................................... 86,000 1,194,047
Fraser and Neave, Ltd...................................... 63,730 255,322
Haw Par Corp., Ltd.#....................................... 4,429 21,109
Jardine Cycle & Carriage, Ltd.............................. 11,059 160,500
Keppel Corp., Ltd.......................................... 83,000 772,427
Keppel Land, Ltd.#......................................... 27,706 143,527
Neptune Orient Lines, Ltd.#................................ 34,000 98,606
Olam International, Ltd.#.................................. 48,000 102,648
Overseas-Chinese Banking Corp., Ltd........................ 190,000 1,120,384
Parkway Holdings, Ltd.#.................................... 47,000 123,364
SembCorp Industries, Ltd................................... 67,360 261,895
SembCorp Marine, Ltd....................................... 62,600 191,029
Singapore Airlines, Ltd.................................... 38,890 482,221
Singapore Exchange, Ltd.................................... 60,000 588,651
Singapore Land, Ltd........................................ 9,488 51,776
Singapore Petroleum Co., Ltd............................... 6,943 36,935
Singapore Post, Ltd.#...................................... 55,000 41,487
Singapore Press Holdings, Ltd.............................. 114,250 358,950
Singapore Technologies Engineering, Ltd.................... 102,000 267,799
Singapore Telecommunications, Ltd.......................... 601,860 1,613,003
SMRT Corp, Ltd.#........................................... 26,000 28,989
Suntec Real Estate Investment Trust#....................... 1,000 1,074
United Overseas Bank, Ltd.#................................ 92,000 1,263,076
United Overseas Land, Ltd.................................. 39,700 124,446
Venture Corp., Ltd......................................... 18,000 157,701
Wilmar International, Ltd.................................. 31,000 93,343
Wing Tai Holdings, Ltd.#................................... 20,000 36,334
Yanlord Land Group......................................... 34,000 87,818
-----------
11,585,201
-----------
Spain -- 4.1%
Abertis Infraestructuras SA................................ 9,123 305,045
Acciona SA#................................................ 1,362 461,614
Acerinox SA#............................................... 87,134 2,339,421
Actividades de Construccion y Servicios SA................. 68,979 4,441,967
Altadis SA#................................................ 9,149 664,050
Antena 3 de Television SA#................................. 14,765 226,753
Banco Bilbao Vizcaya Argentaria SA#........................ 133,894 3,317,890
Banco de Sabadell SA....................................... 17,490 203,417
Banco Popular Espanol SA#.................................. 30,394 536,187
Banco Santander Central Hispano SA......................... 362,342 7,767,962
Bankinter SA............................................... 4,963 104,335
Cintra Concesiones de Infraestructuras de Transporte SA#... 7,738 123,640
Ebro Puleva SA#............................................ 1 20
Endesa SA.................................................. 36,986 2,034,021
Fomento de Construcciones y Contratas SA#.................. 1,633 138,218
Gamesa Corp. Tecnologica SA................................ 6,085 275,932
Gas Natural SDG, SA#....................................... 4,000 245,829
96
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(4)
- ----------------------------------------------------------------------------------
COMMON STOCK (continued)
Spain (continued)
Gestevision Telecinco SA#.................................. 3,525 $ 94,919
Grupo Ferrovial SA#........................................ 2,254 193,586
Iberdrola SA (Euro)+....................................... 67,220 1,109,648
Iberdrola SA............................................... 66,579 1,096,331
Iberia Lineas Aereas de Espana SA.......................... 17,020 80,254
Indra Sistemas SA.......................................... 4,105 112,096
Industria de Diseno Textil SA#............................. 7,793 540,958
Mapfre SA#................................................. 212,521 970,848
Promotora de Informaciones SA.............................. 2,737 47,549
Red Electrica de Espana.................................... 3,866 238,560
Repsol YPF SA.............................................. 39,060 1,441,405
Sacyr Vallehermoso SA#..................................... 3,050 134,901
Sociedad General de Aguas de Barcelona SA, Class A#........ 68,466 2,760,006
Sogecable SA+.............................................. 1,721 60,999
Telefonica SA#............................................. 462,709 15,487,405
Union Fenosa SA#........................................... 3,799 262,564
Zardoya Otis SA#........................................... 4,118 131,152
Zeltia SA#................................................. 2,889 29,272
-----------
47,978,754
-----------
Sweden -- 2.9%
Alfa Laval AB.............................................. 10,851 698,889
Assa Abloy AB, Class B..................................... 11,052 229,870
Atlas Copco AB, Class A.................................... 24,006 352,792
Atlas Copco AB, Class B.................................... 14,126 193,234
Axfood AB.................................................. 21,319 811,382
Billerud AB#............................................... 79,992 925,885
Boliden AB................................................. 20,050 283,654
Castellum AB............................................... 2,816 32,331
D. Carnegie & Co. AB#...................................... 1,273 24,583
Electrolux AB, Class B..................................... 139,913 2,357,433
Elekta AB, Class B#........................................ 1,539 26,119
Eniro AB................................................... 27,791 303,064
Fabege AB.................................................. 2,400 27,271
Getinge AB, Class B........................................ 6,182 155,705
Hennes & Mauritz AB, Class B............................... 16,938 1,060,542
Hoganas AB#................................................ 431 10,011
Holmen AB#................................................. 58,569 2,256,748
Husqvarna AB, Class B...................................... 58,313 625,660
Investor AB, Class B....................................... 8,200 192,490
Kungsleden AB#............................................. 148,600 1,761,587
Kungsleden AB Redemption Shares+#.......................... 150,500 270,855
Lundin Petroleum AB+#...................................... 8,287 93,520
Modern Times Group AB, Class B............................. 1,840 120,814
Nobia AB................................................... 2,650 24,687
Nordea Bank AB............................................. 371,826 6,245,341
OMX AB..................................................... 4,537 189,315
Sandvik AB................................................. 33,700 609,744
SAS AB+.................................................... 114,881 1,755,468
Scania AB, Class B......................................... 12,824 321,501
Securitas AB, Class B...................................... 11,304 154,547
Securitas Direct AB, Class B+.............................. 5,704 24,092
Securitas Systems AB, Class B.............................. 5,704 18,014
Skandinaviska Enskilda Banken AB, Class A.................. 55,727 1,559,355
Skanska AB, Class B........................................ 13,332 260,108
SKF AB, Class B............................................ 14,577 256,935
Ssab Svenskt Stal AB, Class A.............................. 6,511 179,191
Ssab Svenskt Stal AB, Class B.............................. 3,035 75,924
Svenska Cellulosa AB, Class B.............................. 20,009 357,276
Svenska Handelsbanken AB, Class A.......................... 45,260 1,439,808
Swedbank AB, Class A....................................... 6,500 209,548
Swedish Match AB........................................... 9,618 222,153
Tele2 AB, Class B.......................................... 10,814 246,654
Telefonaktiebolaget LM Ericsson, Class B................... 1,918,157 4,689,820
TeliaSonera AB............................................. 80,044 764,766
Value
Security Description Shares (Note 2)(4)
- --------------------------------------------------------------------------------
Sweden (continued)
Trelleborg AB.............................................. 1,481 $ 32,945
Volvo AB, Class A.......................................... 16,865 286,080
Volvo AB Class B........................................... 68,245 1,162,824
Wihlborgs Fastigheter AB................................... 530 9,509
-----------
33,910,044
-----------
Switzerland -- 6.3%
ABB, Ltd................................................... 124,396 3,653,950
Actelion Ltd.+............................................. 3,425 151,858
Adecco SA.................................................. 45,145 2,504,040
Ciba Specialty Chemicals AG................................ 65,317 2,943,828
Clariant AG+............................................... 187,008 1,647,992
Compagnie Financiere Richemont SA.......................... 18,648 1,280,265
Credit Suisse Group........................................ 143,112 8,569,382
EFG International.......................................... 1,572 63,984
Geberit AG................................................. 1,411 194,285
Givaudan SA................................................ 235 224,754
Holcim, Ltd................................................ 7,483 800,646
Julius Baer Holding AG..................................... 3,788 317,605
Kudelski SA................................................ 76,004 1,313,932
Kuehne & Nagel International AG............................ 1,930 198,442
Kuoni Reisen Holding....................................... 51 26,964
Lindt + Spruengli AG....................................... 30 99,598
Logitech International SA+................................. 73,481 2,502,369
Lonza Group AG............................................. 1,622 189,544
Nestle SA.................................................. 22,046 10,535,444
Nobel Biocare Holding AG................................... 846 239,300
Novartis AG................................................ 108,101 6,119,977
OC Oerlikon Corp AG+#...................................... 227 104,207
Pargesa Holding SA......................................... 483 54,247
PSP Swiss Property AG+..................................... 796 40,782
Rieter Holding AG.......................................... 4,937 2,456,386
Roche Holding AG........................................... 45,916 8,715,251
Schindler Holding AG....................................... 1,820 113,086
SGS SA..................................................... 168 208,586
Sonova Holding AG.......................................... 30,504 3,261,786
Straumann AG............................................... 947 267,697
Sulzer AG.................................................. 103 155,255
Swatch Group AG............................................ 1,831 100,181
Swatch Group AG, Class B................................... 1,769 492,646
Swiss Life Holding+........................................ 1,206 337,355
Swiss Reinsurance.......................................... 12,554 925,670
Swisscom AG................................................ 811 307,200
Syngenta AG................................................ 3,716 919,589
UBS AG(virt-x)............................................. 102,469 5,147,571
Zurich Financial Services AG............................... 23,212 6,717,131
-----------
73,902,785
-----------
United Kingdom -- 19.7%
3i Group PLC............................................... 13,854 309,587
Aegis Group PLC............................................ 1 2
Aggreko PLC................................................ 4,586 47,802
Alliance & Leicester PLC................................... 6,918 103,826
AMEC PLC................................................... 11,933 188,822
American Physicians Capital, Inc........................... 131,083 5,087,158
Anglo American PLC......................................... 96,912 6,559,216
Antofagasta PLC............................................ 7,045 110,763
ARM Holdings PLC#.......................................... 278,547 759,707
Arriva PLC................................................. 126,963 2,133,144
Associated British Foods PLC............................... 6,364 116,053
AstraZeneca PLC............................................ 175,164 8,311,419
Aviva PLC.................................................. 92,744 1,301,959
BAE Systems PLC............................................ 463,074 4,376,443
Balfour Beatty PLC......................................... 15,449 154,805
Barclays PLC............................................... 635,252 7,359,208
97
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(4)
- --------------------------------------------------------------------------------
COMMON STOCK (continued)
United Kingdom (continued)
Barratt Developments PLC................................. 36,059 $ 344,471
BBA Aviation PLC......................................... 264,512 1,187,309
Bellway PLC.............................................. 28,774 574,381
Berkeley Group Holdings PLC+............................. 32,589 945,441
BG Group PLC............................................. 190,785 3,996,329
BHP Billiton PLC......................................... 102,512 3,393,025
Biffa PLC................................................ 6,250 41,475
Bovis Homes Group PLC.................................... 18,779 244,433
BP PLC................................................... 1,695,862 20,552,914
British Airways PLC+..................................... 36,890 258,432
British Energy Group PLC................................. 80,238 861,212
British Land Co. PLC..................................... 18,379 346,817
British Sky Broadcasting Group PLC....................... 337,028 4,333,423
Brixton PLC.............................................. 25,438 166,242
BT Group PLC............................................. 289,381 1,704,597
Bunzl PLC................................................ 11,722 172,430
Burberry Group PLC....................................... 56,833 672,363
Cable & Wireless PLC..................................... 230,787 893,083
Cadbury Schweppes PLC.................................... 164,189 2,104,396
Capita Group............................................. 21,389 326,109
Carnival PLC............................................. 6,019 262,833
Carphone Warehouse PLC#.................................. 14,463 108,665
Cattles PLC.............................................. 6,480 40,261
Centrica PLC............................................. 131,378 982,592
Charter PLC+............................................. 2,977 52,887
Close Brothers Group PLC................................. 2,369 43,840
Cobham PLC............................................... 133,069 569,646
Compass Group PLC........................................ 69,521 455,112
Cookson Group PLC........................................ 3,790 58,008
CSR PLC+................................................. 11,983 156,673
Daily Mail & General Trust............................... 41,771 476,976
Davis Service Group PLC.................................. 42,626 462,807
De La Rue Ord PLC........................................ 2,671 47,930
Diageo PLC............................................... 93,814 2,109,664
DSG International PLC.................................... 65,463 151,987
Electrocomponents PLC.................................... 7,776 35,370
Emap PLC................................................. 7,712 132,012
Enterprise Inns PLC...................................... 113,644 1,246,712
Experian Group, Ltd...................................... 36,522 318,678
FirstGroup PLC........................................... 51,269 747,777
FKI PLC.................................................. 10,506 16,703
Friends Provident PLC.................................... 223,576 720,948
G4S PLC.................................................. 41,177 184,803
Galiform PLC+............................................ 10,751 20,737
GKN PLC.................................................. 73,678 484,277
GlaxoSmithKline PLC...................................... 465,050 12,275,101
Great Portland Estates PLC............................... 3,234 33,236
Hammerson PLC............................................ 30,026 639,963
Hays PLC................................................. 133,354 348,490
HBOS PLC................................................. 196,442 3,218,647
Home Retail Group PLC.................................... 31,346 223,330
HSBC Holdings PLC........................................ 683,117 11,664,474
ICAP PLC................................................. 18,468 262,075
IMI PLC.................................................. 11,843 109,950
Imperial Chemical Industries PLC......................... 43,080 589,590
Imperial Tobacco Group PLC............................... 24,202 1,252,005
Inchcape PLC............................................. 15,855 133,494
Intercontinental Hotels Group PLC........................ 10,702 205,135
International Power PLC.................................. 106,462 1,021,158
Intertek Group PLC....................................... 2,813 52,287
Invensys PLC+............................................ 39,786 203,419
Invesco PLC+............................................. 37,244 480,998
Investec PLC............................................. 151,328 1,616,419
ITV PLC.................................................. 138,937 245,166
J Sainsbury PLC.......................................... 56,004 506,051
Value
Security Description Shares (Note 2)(4)
- --------------------------------------------------------------------------------
United Kingdom (continued)
Johnson Matthey PLC...................................... 7,685 $ 272,407
Kazakhmys PLC............................................ 3,757 103,888
Kelda Group PLC.......................................... 9,853 218,211
Kesa Electricals PLC..................................... 156,674 763,402
Kingfisher PLC........................................... 83,683 262,229
Ladbrokes PLC............................................ 22,447 142,297
Land Securities Group PLC................................ 16,639 514,605
Legal & General Group PLC................................ 1,474,270 3,934,730
Liberty International PLC................................ 28,005 653,892
Lloyds TSB Group PLC..................................... 201,633 2,054,083
LogicaCMG PLC............................................ 53,461 136,432
London Stock Exchange Group PLC.......................... 8,680 317,234
Lonmin PLC............................................... 2,784 185,961
Man Group PLC............................................ 354,105 4,054,230
Man Group PLC, Class B................................... 405,604 567,846
Marks & Spencer Group PLC................................ 60,783 729,845
Meggitt PLC.............................................. 23,413 149,874
Michael Page International PLC........................... 27,862 187,040
Misys PLC................................................ 8,994 37,233
Mitchells & Butlers PLC.................................. 14,379 170,321
Mondi PLC................................................ 256,727 2,044,955
National Express Group PLC............................... 24,367 592,680
National Grid PLC........................................ 93,318 1,575,370
Next PLC................................................. 28,560 1,020,222
Old Mutual PLC........................................... 764,194 2,645,066
Pearson PLC.............................................. 28,797 441,922
Persimmon PLC............................................ 10,266 168,418
Premier Farnell PLC...................................... 6,513 19,033
Provident Financial PLC.................................. 5,592 100,739
Prudential PLC........................................... 87,888 1,228,565
Punch Taverns PLC........................................ 9,501 160,524
Rank Group PLC........................................... 6,975 14,389
Reckitt Benckiser PLC.................................... 21,662 1,286,335
Reed Elsevier PLC........................................ 45,436 571,060
Rentokil Initial PLC..................................... 64,831 200,866
Resolution PLC........................................... 45,517 661,965
Reuters Group PLC........................................ 45,133 553,402
Rexam PLC................................................ 22,933 229,703
Rio Tinto PLC............................................ 41,509 4,800,670
Rolls-Royce Group PLC+................................... 232,932 2,528,816
Royal & Sun Alliance Insurance Group PLC................. 114,725 349,830
Royal Bank of Scotland Group PLC......................... 1,093,353 10,302,977
Royal Dutch Shell PLC, Class A........................... 297,922 12,078,675
Royal Dutch Shell PLC, Class B........................... 164,865 6,622,636
RT Group PLC+(5)(6)...................................... 10,000 1,028
SABMiller PLC............................................ 173,893 4,950,746
Sage Group PLC........................................... 46,557 206,373
Schroders PLC............................................ 4,034 111,172
Scottish & Newcastle PLC................................. 28,687 439,917
Scottish and Southern Energy PLC......................... 125,190 4,088,985
Segro PLC................................................ 15,564 141,190
Serco Group PLC.......................................... 17,285 168,753
Severn Trent PLC......................................... 8,374 270,028
Shire PLC................................................ 9,961 236,334
Signet Group PLC......................................... 123,368 158,731
Smith & Nephew PLC....................................... 164,422 1,964,466
Smiths Group PLC......................................... 13,801 302,806
SSL International PLC.................................... 3,405 35,241
Stagecoach Group PLC..................................... 367,147 1,863,014
Standard Chartered PLC................................... 23,808 936,843
Standard Life PLC........................................ 77,655 419,429
Tate & Lyle PLC.......................................... 17,275 159,930
Taylor Woodrow PLC....................................... 85,451 361,435
Tesco PLC................................................ 281,140 2,770,307
Thomas Cook Group PLC+................................... 17,441 94,921
98
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(4)
------------------------------------------------------------------------------
COMMON STOCK (continued)
United Kingdom (continued)
Tomkins PLC...................................... 31,496 $ 126,813
Travis Perkins PLC............................... 32,887 901,222
Trinity Mirror PLC............................... 5,238 36,392
TUI Travel PLC+.................................. 19,971 112,965
Tullett Prebon PLC............................... 3,224 31,493
Tullow Oil PLC................................... 25,685 354,327
Unilever PLC..................................... 62,592 2,294,410
United Business Media PLC........................ 8,957 117,757
United Utilities PLC............................. 48,524 747,726
Vedanta Resources PLC............................ 2,571 121,783
Vodafone Group PLC............................... 3,463,993 12,962,493
Whitbread PLC.................................... 7,020 207,660
William Hill PLC................................. 12,598 134,171
William Morrison Supermarkets PLC................ 43,149 273,670
Wolseley PLC..................................... 23,619 337,616
WPP Group PLC.................................... 41,011 518,156
Xstrata PLC...................................... 24,056 1,694,011
Yell Group PLC................................... 27,841 238,144
--------------
231,554,718
--------------
United States -- 0.1%
Synthes, Inc..................................... 5,558 692,843
--------------
Total Common Stock
(cost $904,860,677)............................ 1,077,853,007
--------------
EXCHANGE TRADED FUNDS -- 2.3%
United States -- 2.3%
iShares MSCI Australia Index Fund#............... 15,600 493,584
iShares MSCI EAFE Index Fund#.................... 255,700 21,235,885
iShares MSCI Hong Kong Index Fund#............... 7,200 163,152
iShares MSCI Japan Index Fund#................... 328,400 4,620,588
iShares MSCI Singapore Index Fund#............... 5,300 76,214
--------------
26,589,423
--------------
Total Exchange Traded Funds
(cost $26,689,468)............................. 26,589,423
--------------
PREFERRED STOCK -- 0.3%
Australia -- 0.0%
BBI EPS, Ltd.(1)................................. AUD 56,882 44,207
--------------
Germany -- 0.2%
Bayerische Motoren Werke AG...................... EUR 653 33,331
Henkel KGaA...................................... EUR 6,364 351,217
Porsche AG....................................... EUR 512 1,126,979
ProSiebenSat.1Media AG........................... EUR 2,931 78,188
RWE AG........................................... EUR 1,394 164,684
Volkswagen AG.................................... EUR 3,759 570,830
--------------
2,325,229
--------------
Italy -- 0.1%
Unipol Gruppo Finanziario SpA.................... 159,249 566,286
--------------
Total Preferred Stock
(cost $2,045,011).............................. 2,935,722
--------------
FOREIGN CORPORATE BONDS & NOTES -- 0.0%
United Kingdom -- 0.0%
National Grid Gas Holdings PLC Bonds 4.19% due
12/14/22....................................... GBP 5,000 15,809
National Grid Gas Holdings PLC Bonds 6.90% due
12/14/09(1).................................... GBP 5,000 10,376
National Grid Gas Holdings PLC Bonds 7.00% due
12/16/24....................................... GBP 5,000 11,560
--------------
37,745
--------------
Total Foreign Corporate Bonds & Notes
(cost $22,639)................................. 37,745
--------------
Shares/
Principal Value
Security Description Amount (Note 2)(4)
- ---------------------------------------------------------------------------------------
RIGHTS -- 0.0%
Japan -- 0.0%
Dowa Mining Co., Ltd. Expires 01/29/10+............... JPY 14,000 $ 4,876
--------------
Norway -- 0.0%
Storebrand ASA Expires 12/10/07+#..................... NOK 13,497 31,632
--------------
Total Rights
(cost $25,563)...................................... 36,508
--------------
Total Long-Term Investment Securities
(cost $933,643,358)................................. 1,107,452,405
--------------
SHORT-TERM INVESTMENT SECURITIES -- 9.0%
COLLECTIVE INVESTMENT POOL -- 8.8%
Securities Lending Quality Trust(2)................... 103,238,476 103,238,476
--------------
U.S. Government Treasuries -- 0.2%
United States Treasury Bills 2.85% due 02/07/08....... 400,000 397,847
2.87% due 02/07/08.................................. 2,300,000 2,287,618
--------------
2,685,465
--------------
Time Deposit -- 0.0%
Euro Time Deposit with State Street Bank & Trust Co.
1.30% due 12/03/07.................................. 165,000 165,000
--------------
Total Short-Term Investment Securities
(cost $106,088,941)................................. 106,088,941
--------------
REPURCHASE AGREEMENT -- 4.2%
Agreement with State Street Bank & Trust Co.,
bearing interest at 4.06%, dated 11/30/07, to
be repurchased 12/03/07 in the amount of
$39,819,468 and collateralized by Federal Home
Loan Bank Bonds, bearing interest at 4.13% due
04/18/08 and having an approximate value of
$41,001,874 (cost $39,806,000)...................... 39,806,000 39,806,000
Agreement with State Street Bank & Trust Co.,
bearing interest at 4.06%, dated 11/30/07, to
be repurchased 12/03/07 in the amount of
$6,355,149 and collateralized by Federal Home
Loan Bonds, bearing interest at 5.13% due
02/26/08 and having an approximate value of
$6,480,775 (cost $6,353,000)........................ 6,353,000 6,353,000
Agreement with State Street Bank & Trust Co.,
bearing interest at 4.06%, dated 11/30/07, to
be repurchased 12/03/07 in the amount of
$3,476,176 and collateralized by Federal Home
Loan Bonds, bearing interest at 4.85% due
11/30/12 and having an approximate value of
$3,545,274 (cost $3,475,000)........................ 3,475,000 3,475,000
--------------
Total Repurchase Agreements
(cost $49,634,000).................................. 49,634,000
--------------
TOTAL INVESTMENTS
(cost $1,089,366,299)(3)............................ 107.6% 1,263,175,346
Liabilities in excess of other assets.................. (7.6) (89,510,449)
-------------- --------------
NET ASSETS -- 100.0% $1,173,664,897
============== ==============
- --------
+ Non-income producing security
# The security or a portion thereof is out on loan (See Note 2)
(1)Floating rate security where the rate fluctuates. The rate moves up or down
at each reset date. The rate reflected is as of November 30, 2007.
(2)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(3)See Note 5 for cost of investments on a tax basis.
(4)A substantial number of the Fund's holdings were valued using fair value
procedures at November 30, 2007. At November 30, 2007, the aggregate value
of these securities was $1,073,214,359 representing 91.44% of net assets.
See Note 2 regarding fair value pricing procedures for foreign equity
securities.
99
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
(5)To the extent permitted by the Statement of Additional Information, the
International Equities Fund may invest in restricted securities. The Fund
has no right to demand registration of these securities. The securities are
valued pursuant to Note 2. Restricted securities held by a Fund may not by
sold except in exempt transactions or in a public offering registered under
the Securities Act of 1933. The risk of investing in such securities is
generally greater than the risk of investing in the securities of widely
held, publicly traded companies. 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, these securities may exhibit greater price volatility than
securities for which secondary markets exist. As of November 30, 2007, the
International Equities Fund held the following restricted securities:
Market
Acquisition Acquisition Market Value % of
Name Date Shares Cost Value Per Share Net Assets
- ------------------------ ----------- ------ ----------- ------ --------- ----------
RT Group PLC............ 04/02/01 10,000 $ 56,191 $1,028 $0.10 0.00%
Yamaichi Securities Co.,
Ltd.................... 08/04/93 6,000 478,650 -- -- 0.00
------ ----
$1,028 0.00%
====== ====
(6)Fair valued security (see Note 2).
ADR--American Depository Receipt
SDR--Swedish Depository Receipt
VVPR--Reduced tax rate shares
Open Futures Contracts
- -------------------------------------------------------------------------------------------
Unrealized
Number of Expiration Value at Value as of Appreciation
Contracts Description Date Trade Date November 30, 2007 (Depreciation)
- -------------------------------------------------------------------------------------------
12 Long MSCI Singapore Index..... Dec 2007 $ 677,749 $ 708,948 $ 31,199
6 Long Hang Seng Index.......... Dec 2007 1,031,342 1,112,881 81,539
21 Long OMXS 30 Index............ Dec 2007 360,956 365,740 4,785
1 Long Amsterdam Index.......... Dec 2007 149,130 149,291 161
5 Long CAC 40 10 Euro Index..... Dec 2007 405,012 417,307 12,295
13 Long Nikkei 225 Index......... Dec 2007 1,040,325 1,026,350 (13,975)
66 Long Topix Index.............. Dec 2007 9,714,030 9,130,943 (583,087)
1 Long S&P/MIB Index............ Dec 2007 283,931 286,625 2,694
24 Long SPI 200 Index............ Dec 2007 3,341,592 3,484,849 143,257
5 Long FTSE 100 Index........... Dec 2007 640,578 664,326 23,748
1 Long DAX Index................ Dec 2007 277,067 289,766 12,699
1019 Long MSCI Pan Euro Index...... Dec 2007 37,125,100 37,340,008 214,908
---------
$ (69,777)
=========
See Notes to Financials Statements
100
VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Sovereign.................................... 77.2%
United States Treasury Notes................. 4.0
United States Treasury Bonds................. 1.9
Cosmetics & Toiletries....................... 1.6
Diversified Financial Services............... 1.2
Finance -- Investment Banker/Broker.......... 1.2
Repurchase Agreements........................ 1.2
Retail -- Major Department Stores............ 0.9
Banks -- Commercial.......................... 0.8
Cellular Telecom............................. 0.7
Medical -- Drugs............................. 0.7
Telephone -- Integrated...................... 0.7
Diversified Manufacturing Operations......... 0.6
Transport -- Marine.......................... 0.6
Aerospace/Defense............................ 0.5
Beverages -- Non-alcoholic................... 0.5
Insurance -- Life/Health..................... 0.4
Transport -- Services........................ 0.4
Banks -- Money Center........................ 0.3
Banks -- Special Purpose..................... 0.3
Finance -- Commercial........................ 0.3
Finance -- Credit Card....................... 0.3
Food -- Retail............................... 0.3
Industrial Gases............................. 0.3
Semiconductor Equipment...................... 0.3
Special Purpose Entities..................... 0.3
Steel -- Producers........................... 0.3
Auto -- Cars/Light Trucks.................... 0.2
Electric -- Transmission..................... 0.2
----
98.2%
====
Country Allocation*
Japan........................................ 15.3%
United States................................ 12.9
Germany...................................... 8.0
Brazil....................................... 6.4
United Kingdom............................... 4.8
Argentina.................................... 4.3
Belgium...................................... 4.2
Venezuela.................................... 3.8
Mexico....................................... 3.2
Philippines.................................. 3.1
Turkey....................................... 2.7
Austria...................................... 2.0
Denmark...................................... 2.0
Norway....................................... 1.9
Colombia..................................... 1.8
Sweden....................................... 1.8
Canada....................................... 1.7
France....................................... 1.6
Italy........................................ 1.5
South Africa................................. 1.5
Indonesia.................................... 1.4
Peru......................................... 1.4
Spain........................................ 1.4
Ukrainian SSR................................ 1.3
Australia.................................... 1.1
Luxembourg................................... 1.1
Russia....................................... 1.1
Netherlands.................................. 1.0
Uruguay...................................... 1.0
Singapore.................................... 0.6
Greece....................................... 0.5
Poland....................................... 0.5
Cayman Islands............................... 0.4
Panama....................................... 0.4
Ecuador...................................... 0.2
Pakistan..................................... 0.2
Egypt........................................ 0.1
----
98.2%
====
Credit Quality+#
U.S. Government Treasury..................... 5.9%
AAA.......................................... 22.9
AA........................................... 23.9
A............................................ 9.4
BBB.......................................... 5.8
BB........................................... 24.1
B............................................ 5.0
CCC.......................................... 0.2
Not Rated@................................... 2.8
-----
100.0%
=====
* Calculated as a percentage of net assets
@ Represents debt issues that either have no rating or the rating is
unavailable from the data source.
+ Source: Standard and Poors.
# Calculated as a percentage of total debt issues, excluding short-term
securities.
101
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount(4) (Note 2)
-------------------------------------------------------------------
CORPORATE BONDS & NOTES -- 5.3%
United States -- 5.3%
Abbott Laboratories
Notes
5.15% due 11/30/12.................. 150,000 $ 153,693
American Express Bank FSB
Notes
5.55% due 10/17/12.................. 500,000 505,004
American Express Credit Corp
Senior Notes
1.65% due 11/01/11.................. JPY 50,000,000 456,636
BAE Systems Holdings, Inc.
Notes
5.20% due 08/15/15*................. 500,000 491,889
CIT Group, Inc.
Senior Notes
4.25% due 03/17/15.................. EUR 400,000 458,373
General Electric Capital Corp.
Sub. Notes
4.13% due 09/19/35.................. EUR 600,000 709,849
General Electric Co .
Notes
5.25% due 12/06/17.................. 250,000 247,988
Merrill Lynch & Co., Inc.
Senior Notes
6.40% due 08/28/17.................. 500,000 506,893
PepsiCo, Inc.
Notes
4.65% due 02/15/13.................. 250,000 249,887
Procter & Gamble Co.
Senior Notes
2.00% due 06/21/10.................. JPY 200,000,000 1,841,192
Procter & Gamble Co.
Bonds
5.13% due 10/24/17.................. EUR 290,000 426,143
Prudential Financial Inc.
Notes
6.63% due 12/01/37.................. 500,000 495,804
Schering-Plough Corp.
Notes
5.00% due 10/01/10.................. EUR 300,000 440,661
The Goldman Sachs Group, Inc.
Sub. Notes
6.75% due 10/01/37.................. 500,000 491,126
----------
Total Corporate Bonds & Notes
(cost $7,467,366)................... 7,475,138
----------
FOREIGN CORPORATE BONDS & NOTES -- 9.0%
Canada -- 0.4%
Royal Bank of Canada
Bonds
4.50% due 11/05/12.................. EUR 350,000 510,906
----------
Cayman Islands -- 0.4%
TGI International Ltd.
Senior Notes
9.50% due 10/03/17*................. 510,000 521,475
----------
France -- 1.3%
Air Liquide
Notes
5.00% due 03/22/13.................. EUR 300,000 442,778
BNP Paribas SA
Bonds
4.50% due 10/16/09.................. EUR 500,000 732,467
France Telecom SA
Senior Notes
4.75% due 02/21/17.................. EUR 500,000 699,181
----------
1,874,426
----------
Principal Value
Security Description Amount(4) (Note 2)
---------------------------------------------------------------------------
Germany -- 0.9%
Citibank Global Markets Deutschland for Severstal
Notes
8.63% due 02/24/09............................... 380,000 $ 386,841
Deutsche Bank AG/London
Senior Notes
5.38% due 10/12/12............................... 500,000 511,522
IKB Deutsche Industriebank AG
Senior Notes
4.70% due 05/23/08(1)............................ EUR 300,000 436,147
----------
1,334,510
----------
Luxembourg -- 1.1%
Coca Cola Enterprises, Inc.
Company Guar. Notes
3.13% due 12/15/08............................... EUR 350,000 503,790
Mobile Telesystems Finance SA
Company Guar. Senior Notes
8.38% due 10/14/10............................... 500,000 516,750
TNK-BP Finance SA
Senior Notes
6.13% due 03/20/12............................... 480,000 457,632
TNK-BP Finance SA
Company Guar. Senior Notes
6.88% due 07/18/11............................... 130,000 128,345
----------
1,606,517
----------
Netherlands -- 1.0%
ASML Holdings NV
Senior Bonds
5.75% due 06/13/17............................... EUR 300,000 401,361
Metro Finance BV
Notes
4.75% due 05/29/12............................... EUR 300,000 434,107
Siemens Financieringsmaatschappij NV
Notes
6.13% due 08/17/26*.............................. 550,000 554,030
----------
1,389,498
----------
Singapore -- 0.6%
PSA International Pte, Ltd.
Senior Bonds
5.75% due 06/29/11*.............................. 860,000 890,736
----------
United Kingdom -- 2.8%
BAE Systems PLC
Bonds
11.88% due 12/29/08.............................. GBP 320,000 695,945
BMW (UK) Capital PLC
Notes
6.38% due 06/28/10............................... GBP 150,000 312,087
British Telecom PLC
Notes
6.38% due 06/23/37............................... GBP 150,000 305,212
Credit Suisse First Boston International for
City of Kiev Ukraine
Bonds
8.00% due 11/06/15............................... 570,000 558,828
Glaxosmithkline Capital PLC
Senior Notes
5.25% due 04/10/42............................... GBP 250,000 478,305
Marks & Spencer PLC
Senior Notes
5.88% due 05/29/12............................... GBP 600,000 1,214,420
Vodafone Group PLC
Senior Notes
5.38% due 06/06/22............................... EUR 300,000 412,815
----------
3,977,612
----------
102
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount(4) (Note 2)
----------------------------------------------------------------------
FOREIGN CORPORATE BONDS & NOTES (continued)
United States -- 0.5%
EEB International, Ltd.
Company Guar. Notes
8.75% due 10/31/14*..................... 230,000 $ 233,105
TNK-BP Finance SA
Company Guar. Bonds
7.88% due 03/13/18*..................... 445,000 437,769
-----------
670,874
-----------
Total Foreign Corporate Bonds & Notes
(cost $12,373,519)...................... 12,776,554
-----------
FOREIGN GOVERNMENT AGENCIES -- 73.3%
Argentina -- 4.3%
Republic of Argentina
Notes
5.25% due 12/31/38(2)................... 3,307,134 1,422,068
Republic of Argentina
Bonds
7.00% due 09/12/13...................... 1,500,000 1,305,000
Republic of Argentina
Bonds
7.00% due 10/03/15...................... 1,620,000 1,312,200
Republic of Argentina
Notes
8.28% due 12/31/33...................... 2,170,991 2,095,006
-----------
6,134,274
-----------
Australia -- 1.1%
Government of Australia
Bonds
6.50% due 05/15/13...................... AUD 200,000 178,883
Government of Australia
Bonds
7.50% due 09/15/09...................... AUD 1,490,000 1,335,735
-----------
1,514,618
-----------
Austria -- 2.0%
Republic of Austria
Bonds
4.15% due 03/15/37*..................... EUR 245,000 329,645
Republic of Austria
Bonds
4.65% due 01/15/18...................... EUR 1,380,000 2,078,126
Republic of Austria
Bonds
6.25% due 07/15/27...................... EUR 235,000 415,430
-----------
2,823,201
-----------
Belgium -- 4.2%
Kingdom of Belgium
Senior Bonds
3.75% due 03/28/09...................... EUR 660,000 961,291
Kingdom of Belgium
Bonds
4.00% due 03/28/17...................... EUR 2,445,000 3,481,518
Kingdom of Belgium
Bonds
4.25% due 09/28/14...................... 340,000 500,676
Kingdom of Belgium
Bonds
5.00% due 03/28/35...................... EUR 645,000 979,630
-----------
5,923,115
-----------
Brazil -- 6.4%
Federal Republic of Brazil
Bonds
6.00% due 01/17/17...................... 1,240,000 1,266,660
Principal Value
Security Description Amount(4) (Note 2)
-----------------------------------------------------------
Brazil (continued)
Federal Republic of Brazil
Bonds
7.13% due 01/20/37........ 480,000 $ 547,680
Federal Republic of Brazil
Notes
8.00% due 01/15/18........ 1,310,000 1,469,820
Federal Republic of Brazil
Bonds
8.25% due 01/20/34........ 590,000 752,250
Federal Republic of Brazil
Notes
8.75% due 02/04/25........ 1,020,000 1,305,600
Federal Republic of Brazil
Bonds
8.88% due 10/14/19........ 740,000 925,000
Federal Republic of Brazil
Notes
8.88% due 04/15/24........ 275,000 350,625
Federal Republic of Brazil
Senior Bonds
10.25% due 01/10/28....... BRL 700,000 353,378
Federal Republic of Brazil
Bonds
10.25% due 01/10/28....... BRL420,000 212,027
Federal Republic of Brazil
Notes
11.00% due 08/17/40....... 750,000 1,007,250
Federal Republic of Brazil
Bonds
12.50% due 01/05/16....... BRL410,000 243,914
Federal Republic of Brazil
Bonds
12.50% due 01/05/16....... BRL 1,060,000 630,607
----------
9,064,811
----------
Canada -- 1.3%
Government of Canada
Bonds
5.25% due 06/01/13........ CAD 820,000 876,222
Government of Canada
Bonds
8.00% due 06/01/23........ CAD 630,000 905,960
----------
1,782,182
----------
Colombia -- 1.8%
Republic of Colombia
Notes
7.38% due 01/27/17........ 480,000 531,360
Republic of Colombia
Bonds
7.38% due 09/18/37........ 435,000 489,375
Republic of Columbia
Bonds
8.13% due 05/21/24........ 260,000 308,100
Republic of Colombia
Bonds
12.00% due 10/22/15....... COP 2,245,000,000 1,222,965
----------
2,551,800
----------
Denmark -- 2.0%
Kingdom of Denmark
Bonds
4.00% due 08/15/08........ DKK 14,340,000 2,805,201
----------
103
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount(4) (Note 2)
-------------------------------------------------------------------
FOREIGN GOVERNMENT AGENCIES (continued)
Ecuador -- 0.2%
Republic of Ecuador
Bonds
10.00% due 08/15/30(2).............. 340,000 $ 328,100
-----------
Egypt -- 0.1%
Arab Republic of Egypt
Notes
8.75% due 07/18/12*................. EGP 1,100,000 206,188
-----------
France -- 0.3%
Government of France
Bonds
3.00% due 10/25/15.................. EUR 325,000 439,348
Government of France
Bonds
5.50% due 04/25/29.................. EUR 347 566
-----------
439,914
-----------
Germany -- 7.1%
Federal Republic of Germany
Bonds
3.50% due 04/08/11.................. EUR 367,000 530,057
Federal Republic of Germany
Bonds
3.75% due 01/04/17.................. EUR 300,000 427,220
Federal Republic of Germany
Bonds Series 03
4.25% due 01/04/14.................. EUR 2,695,000 3,993,513
Federal Republic of Germany
Bonds
4.25% due 07/04/17.................. EUR 525,000 775,292
Federal Republic of Germany
Bonds
4.50% due 07/04/09.................. EUR 710,000 1,048,074
Federal Republic of Germany
Bonds
4.50% due 01/04/13.................. EUR 1,425,000 2,137,406
Federal Rebublic of Germany
Bonds
5.25% due 07/04/10.................. EUR 380,000 574,789
Federal Republic of Germany
Bonds
6.25% due 01/04/24.................. EUR 295,000 518,722
-----------
10,005,073
-----------
Greece -- 0.5%
Republic of Greece
Bonds
6.00% due 05/19/10.................. EUR 455,000 694,452
-----------
Indonesia -- 1.4%
Republic of Indonesia
Bonds
6.63% due 02/17/37.................. 1,090,000 1,027,480
Republic of Indonesia
Bonds
7.50% due 01/15/16.................. 370,000 396,934
Republic of Indonesia
Notes
8.50% due 10/12/35.................. 420,000 490,313
-----------
1,914,727
-----------
Japan -- 15.3%
Government of Japan
Bonds
0.80% due 03/20/13.................. JPY 350,000,000 3,106,497
Principal Value
Security Description Amount(4) (Note 2)
---------------------------------------------------
Japan (continued)
Government of Japan
Bonds
1.10% due 03/20/11... JPY265,000,000 $ 2,396,791
Government of Japan
Bonds
1.40% due 12/20/15... JPY541,850,000 4,916,432
Government of Japan
Bonds
1.90% due 12/20/10... JPY296,500,000 2,744,771
Government of Japan
Bonds
2.00% due 03/20/09... JPY395,000,000 3,615,540
Government of Japan
Bonds
2.00% due 03/20/25... JPY470,700,000 4,252,444
Government of Japan
Bonds
5.00% due 09/21/09... JPY 62,900,000 608,099
-----------
21,640,574
-----------
Mexico -- 3.2%
United Mexican States
Notes
5.63% due 01/15/17... 780,000 790,920
United Mexican States
Notes
6.75% due 09/27/34... 1,173,000 1,312,587
United Mexican States
Bonds
7.50% due 04/08/33... 440,000 530,200
United Mexican States
Bonds
8.30% due 08/15/31... 240,000 313,512
United Mexican States
Bonds
9.50% due 12/18/14... MXN 15,200,000 1,511,012
-----------
4,458,231
-----------
Norway -- 1.9%
Kingdom of Norway
Bonds
5.50% due 05/15/09... NOK 14,900,000 2,708,840
-----------
Pakistan -- 0.2%
Republic of Pakistan
Bonds
6.88% due 06/01/17... 100,000 86,500
Republic of Pakistan
Bonds
6.88% due 06/01/17*.. 289,000 252,875
-----------
339,375
-----------
Panama -- 0.4%
Republic of Panama
Bonds
6.70% due 01/26/36... 580,000 610,740
-----------
Peru -- 1.4%
Republic of Peru
Bonds
6.55% due 03/14/37... 550,000 572,000
Republic of Peru
Notes
7.35% due 07/21/25... 905,000 1,031,700
Republic of Peru
Bonds
8.75% due 11/21/33... 280,000 369,600
-----------
1,973,300
-----------
104
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount(4) (Note 2)
------------------------------------------------------------------
FOREIGN GOVERNMENT AGENCIES (continued)
Philippines -- 3.1%
Republic of Philippines
Bonds
7.75% due 01/14/31.................. 1,170,000 $1,322,100
Republic of Philippines
Notes
8.00% due 01/15/16.................. 830,000 929,600
Republic of Philippines
Notes
8.88% due 03/17/15.................. 880,000 1,023,000
Republic of Philippines
Senior Notes
9.50% due 02/02/30.................. 810,000 1,077,300
----------
4,352,000
----------
Poland -- 0.5%
Republic of Poland
Bonds
4.25% due 05/24/11.................. PLN 1,825,000 699,355
----------
Russia -- 1.1%
Russian Federation
Bonds
7.50% due 03/31/30(2)............... 1,024,700 1,163,137
Russian Federation
Notes
12.75% due 06/24/28................. 250,000 454,125
----------
1,617,262
----------
South Africa -- 1.5%
Republic of South Africa
Bonds
5.88% due 05/30/22.................. 530,000 543,603
Republic of South Africa
Bonds
13.00% due 08/31/10................. ZAR 6,800,000 1,081,704
Republic of South Africa
Bonds
13.50% due 09/15/15................. ZAR 2,800,000 526,178
----------
2,151,485
----------
Spain -- 1.4%
Kingdom of Spain
Bonds
4.90% due 07/30/40.................. EUR 585,000 878,976
Kingdom of Spain
Bonds
5.75% due 07/30/32.................. EUR 615,000 1,042,077
----------
1,921,053
----------
Sweden -- 1.8%
Kingdom of Sweden
Bonds
4.50% due 08/12/15.................. SEK 16,260,000 2,599,839
----------
Turkey -- 2.7%
Republic of Turkey
Notes
6.88% due 03/17/36.................. 780,000 766,350
Republic of Turkey
Notes
7.00% due 06/05/20.................. 1,020,000 1,056,975
Republic of Turkey
Notes
7.25% due 03/15/15.................. 710,000 757,925
Principal Value
Security Description Amount(4) (Note 2)
----------------------------------------------------------------
Turkey (continued)
Republic of Turkey
Notes
8.00% due 02/14/34................. 470,000 $ 526,400
Republic of Turkey
Notes
9.50% due 01/15/14................. 570,000 669,750
------------
3,777,400
------------
Ukrainian SSR -- 1.3%
Ukrainian Soviet Socialist Republic
Bonds
6.39% due 06/26/12*................ 480,000 480,480
Ukrainian Soviet Socialist Republic
Senior Notes
6.58% due 11/21/16................. 260,000 255,986
Ukrainian Soviet Socialist Republic
Bonds
6.75% due 11/14/17*................ 780,000 768,690
Ukrainian Soviet Socialist Republic
Notes
7.65% due 06/11/13................. 360,000 378,936
------------
1,884,092
------------
Uruguay -- 1.0%
Republic of Uruguay
Bonds
8.00% due 11/18/22................. 1,260,000 1,417,500
------------
Venezuela -- 3.8%
Republic of Venezuela
Bonds
5.75% due 02/26/16................. 880,000 677,600
Republic of Venezuela
Bonds
6.00% due 12/09/20................. 200,000 149,000
Republic of Venezuela
Bonds
7.00% due 12/01/18................. 260,000 219,050
Republic of Venezuela
Bonds
7.65% due 04/21/25................. 770,000 652,575
Republic of Venezuela
Notes
8.50% due 10/08/14................. 840,000 789,600
Republic of Venezuela
Bonds
9.25% due 09/15/27................. 1,780,000 1,760,420
Republic of Venezuela
Bonds
9.38% due 01/13/34................. 1,150,000 1,131,025
------------
5,379,270
------------
Total Foreign Government Agencies
(cost $100,570,992)................ 103,717,972
------------
FOREIGN GOVERNMENT TREASURIES -- 3.5%
Italy -- 1.5%
Republic of Italy
Bonds
5.00% due 02/01/12................. EUR 670,000 1,014,719
Republic of Italy
Bonds
9.00% due 11/01/23................. EUR 532,912 1,154,428
------------
2,169,147
------------
United Kingdom -- 2.0%
Government of United Kingdom
Bonds
5.75% due 12/07/09................. GBP 250 526
105
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount(4) (Note 2)
-------------------------------------------------------------------
FOREIGN GOVERNMENT TREASURIES (continued)
United Kingdom (continued)
Government of United Kingdom
Bonds
4.25% due 03/07/36.................... GBP 645,000 $ 1,279,577
Government of United Kingdom
Bonds
8.00% due 06/07/21.................... GBP 545,000 1,485,289
------------
2,765,392
------------
Total Foreign Government Treasuries
(cost $4,064,431)..................... 4,934,539
------------
U.S. GOVERNMENT TREASURIES -- 5.9%
United States -- 5.9%
United States Treasury Bonds
4.88% due 07/31/11.................... 300,000 317,109
5.38% due 02/15/31.................... 750,000 852,539
6.00% due 02/15/26.................... 200,000 238,453
6.25% due 08/15/23.................... 900,000 1,087,031
6.50% due 11/15/26.................... 130,000 163,932
United States Treasury Notes
3.63% due 10/31/09.................... 1,300,000 1,313,508
3.88% due 10/31/12.................... 860,000 877,738
4.13% due 05/15/15.................... 350,000 356,946
4.25% due 08/15/14.................... 240,000 248,025
4.25% due 11/15/17.................... 1,200,000 1,227,563
4.50% due 11/15/10.................... 820,000 852,736
4.75% due 05/15/14.................... 100,000 106,375
4.88% due 05/31/08.................... 484,000 487,630
4.88% due 08/15/16.................... 100,000 106,788
------------
Total U.S. Government Treasuries
(cost $8,008,979)..................... 8,236,373
------------
Total Long-Term Investment Securities
(cost $132,485,287)................... 137,140,576
------------
Principal Value
Security Description Amount (Note 2)
- --------------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 1.2%
Agreement with State Street Bank & Trust Co., bearing
interest at 4.06%, dated 11/30/07, to be repurchased
12/03/07 in the amount of $1,742,589 and collateralized
by Federal National Mtg. Assoc. Notes, bearing interest at
4.25% due 05/15/09 and having an approximate value of
$1,777,502 (cost $1,742,000)............................... 1,742,000 $ 1,742,000
------------
TOTAL INVESTMENTS
(cost $134,227,287)(3)..................................... 98.2% 138,882,576
Other assets less liabilities................................. 1.8 2,529,377
--------- ------------
NET ASSETS -- 100.0% $141,411,953
========= ============
- --------
* Securities exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be sold in transactions exempt from registration,
normally to qualified institutional buyers. The Fund has no right to demand
registration of these securities. At November 30, 2007, the aggregate value
of these securities was $5,166,882 representing 3.7% of net assets. Unless
otherwise indicated these securities are not considered to be illiquid.
(1)Floating rate security where the rate fluctuates. The rate moves up or down
at each reset date. The rate reflected is as of November 30, 2007.
(2)"Step-up" security where the rate increases ("steps-up") at a predetermined
rate. Rate shown reflects the increased rate.
(3)See Note 5 for cost of investments on a tax basis.
(4)Denominated in United States Dollars unless otherwise indicated.
Open Forward Currency Contracts
--------------------------------------------------------
Gross
Contract to In Exchange Delivery Unrealized
Deliver For Date Appreciation
--------------------------------------------------------
*SEK 22,640,000 EUR 2,466,715 2/4/2008 $ 65,832
GBP 990,000 EUR 1,112,380 2/4/2008 37,557
NOK 8,000,000 EUR 984,258 2/4/2008 464
*EUR 1,164,281 SEK 10,900,000 2/4/2008 2,451
--------
$106,304
========
----------------------------------------------------------------
Gross
Contract to In Exchange Delivery Unrealized
Deliver For Date Depreciation
----------------------------------------------------------------
CAD 1,300,000 JPY 141,498,500 2/4/2008 $(16,990)
EUR 1,800,000 USD 2,599,092 2/4/2008 (37,067)
--------
(54,057)
========
Net Unrealized Appreciation (Depreciation) $ 52,247
========
- --------
* Represents partially offsetting forward foreign currency contracts, that to
the extent they are offset, do not have additional market risk, but have
continued counterparty settlement risk.
Currency Legend
AUD--Australian Dollar EGP--Egyptian Pound NOK--Norwegian Krone
BRL--Brazilian Real EUR--Euro Dollar PLN--Polish Zloty
CAD--Canadian Dollar GBP--British Pound SEK--Swedish Krona
COP--Colombian Peso JPY--Japanese Yen USD--United State Dollar
DKK--Danish Krone MXN--Mexican Peso ZAR--South African Rand
See Notes to Financial Statements
106
VALIC Company I International Growth I Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Collective Investment Pool............... 12.5%
Banks -- Commercial...................... 9.9
Medical -- Drugs......................... 5.7
Oil Companies -- Integrated.............. 4.6
Auto -- Cars/Light Trucks................ 3.2
Food -- Misc............................. 2.9
Cellular Telecom......................... 2.8
Electric -- Integrated................... 2.5
Chemicals -- Diversified................. 2.4
Electronic Components -- Misc............ 2.4
Diversified Operations................... 2.2
Soap & Cleaning Preparation.............. 2.1
Insurance -- Multi -- line............... 2.0
Office Automation & Equipment............ 1.9
Diversified Minerals..................... 1.8
Brewery.................................. 1.7
Engineering/R&D Services................. 1.7
Finance -- Investment Banker/Broker...... 1.7
Time Deposits............................ 1.7
Finance -- Other Services................ 1.6
Agricultural Chemicals................... 1.4
Diversified Manufacturing Operations..... 1.3
Tobacco.................................. 1.3
Food -- Retail........................... 1.2
Machinery -- General Industrial.......... 1.2
Distribution/Wholesale................... 1.1
Cosmetics & Toiletries................... 1.0
Machinery -- Electrical.................. 1.0
Oil -- Field Services.................... 1.0
Toys..................................... 1.0
Beverages -- Wine/Spirits................ 0.9
Insurance -- Property/Casualty........... 0.9
Retail -- Apparel/Shoe................... 0.9
Advertising Services..................... 0.8
Electronic Components -- Semiconductors.. 0.8
Gambling (Non-Hotel)..................... 0.8
Medical Products......................... 0.8
Oil Companies -- Exploration & Production 0.8
Rubber -- Tires.......................... 0.8
Transport -- Services.................... 0.8
Building Products -- Cement.............. 0.7
Chemicals -- Specialty................... 0.7
Circuit Boards........................... 0.7
Telecom Services......................... 0.7
Transport -- Rail........................ 0.7
Apparel Manufacturers.................... 0.6
Building & Construction -- Misc.......... 0.6
Computers................................ 0.6
Machinery -- Construction & Mining....... 0.6
Real Estate Operations & Development..... 0.6
Retail -- Jewelry........................ 0.6
Telephone -- Integrated.................. 0.6
Wireless Equipment....................... 0.6
Applications Software.................... 0.5
Cable TV................................. 0.5
Dialysis Centers......................... 0.5
Electric Products -- Misc................ 0.5
Electric -- Generation................... 0.5
Energy -- Alternate Sources.............. 0.5
Gas -- Distribution...................... 0.5
Human Resources.......................... 0.5
Insurance -- Life/Health................. 0.5
Medical -- Generic Drugs................. 0.5
Power Converter/Supply Equipment......... 0.5
Building -- Heavy Construction........... 0.4
Finance -- Credit Card................... 0.4
Industrial Gases......................... 0.4
Insurance -- Reinsurance................. 0.4
Metal -- Diversified..................... 0.4
Miscellaneous Manufacturing...................... 0.4
Multimedia....................................... 0.4
Retail -- Major Department Stores................ 0.4
Athletic Footwear................................ 0.3
Building Products -- Air & Heating............... 0.3
Building Products -- Doors & Windows............. 0.3
Commercial Paper................................. 0.3
Commercial Services.............................. 0.3
Diversified Financial Services................... 0.3
Hotels/Motels.................................... 0.3
Import/Export.................................... 0.3
Repurchase Agreements............................ 0.3
Retail -- Consumer Electronics................... 0.3
Semiconductor Equipment.......................... 0.3
Semiconductors Components -- Intergrated Circuits 0.3
Shipbuilding..................................... 0.3
Steel -- Producers............................... 0.3
Textile -- Products.............................. 0.3
Aerospace/Defense................................ 0.2
Airlines......................................... 0.2
Auto/Truck Parts & Equipment -- Original......... 0.2
Building & Construction Products -- Misc......... 0.2
Computer Services................................ 0.2
Electronic Measurement Instruments............... 0.2
Enterprise Software/Service...................... 0.2
Finance -- Leasing Companies..................... 0.2
Metal Processors & Fabrication................... 0.2
Public Thoroughfares............................. 0.2
Retail -- Drug Store............................. 0.2
Satellite Telecom................................ 0.2
Tools -- Hand Held............................... 0.2
Transport -- Marine.............................. 0.2
Travel Services.................................. 0.2
Broadcast Services/Program....................... 0.1
Building -- Residential/Commerical............... 0.1
Diversified Operations/Commerical Services....... 0.1
Electronic Connectors............................ 0.1
Food -- Catering................................. 0.1
Machinery -- Farming............................. 0.1
Retail -- Pubs................................... 0.1
Television....................................... 0.1
-----
112.4%
=====
Country Allocation*
United States. 15.1%
Japan......... 14.6
United Kingdom 14.1
Germany....... 11.7
Switzerland... 11.5
France........ 10.7
Australia..... 3.4
Canada........ 2.9
Netherlands... 2.5
Spain......... 2.4
Italy......... 2.1
Singapore..... 2.0
Taiwan........ 1.6
Norway........ 1.5
Belgium....... 1.4
Denmark....... 1.4
Mexico........ 1.3
Hong Kong..... 1.2
Bermuda....... 1.1
Brazil........ 1.1
Greece........ 1.0
South Korea... 1.0
Finland....... 0.9
107
VALIC Company I International Growth I Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Country Allocation* (continued)
Ireland....... 0.8%
India......... 0.7
Austria....... 0.6
South Africa.. 0.6
Sweden........ 0.6
Czech Republic 0.5
Israel........ 0.5
Turkey........ 0.5
China......... 0.4
Cayman Islands 0.2
Indonesia..... 0.2
Luxembourg.... 0.2
Hungary....... 0.1
-----
112.4%
=====
* Calculated as a percentage of net assets
108
VALIC Company I International Growth I Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(1)
---------------------------------------------------------------------
COMMON STOCK -- 96.0%
Australia -- 3.4%
Babcock & Brown, Ltd.#......................... 24,790 $ 578,932
BHP Billiton, Ltd.#............................ 214,692 8,154,656
Boart Longyear Group+.......................... 476,609 1,020,589
Brambles, Ltd.................................. 54,970 601,350
CSL, Ltd....................................... 121,970 3,766,537
Oxiana, Ltd.#.................................. 245,050 868,383
QBE Insurance Group, Ltd....................... 163,921 4,742,534
Rio Tinto, Ltd.#............................... 22,080 2,840,743
Westpac Banking Corp........................... 65,150 1,633,871
-----------
24,207,595
-----------
Austria -- 0.6%
Erste Bank der oesterreichischen Sparkassen AG. 60,462 4,358,491
-----------
Belgium -- 1.4%
InBev NV....................................... 36,071 3,163,971
KBC Groep NV................................... 34,464 4,767,665
Umicore........................................ 10,486 2,456,893
-----------
10,388,529
-----------
Bermuda -- 1.1%
Esprit Holdings, Ltd........................... 372,300 5,595,946
Li & Fung, Ltd................................. 633,400 2,524,907
-----------
8,120,853
-----------
Brazil -- 0.6%
All America Latina Logistica................... 96,100 1,257,603
Bolsa de Mercadorias e Futuros+................ 23,400 318,492
Redecard SA.................................... 112,800 2,053,769
Unibanco - Uniao de Bancos Brasileiros SA...... 61,200 908,083
-----------
4,537,947
-----------
Canada -- 2.9%
Canadian National Railway Co. (New York)....... 31,200 1,530,048
Canadian National Railway Co. (Toronto)#....... 24,436 1,182,762
Canadian Natural Resources, Ltd................ 19,330 1,254,966
EnCana Corp.................................... 29,560 1,928,790
Manulife Financial Corp.#...................... 29,003 1,211,806
Research In Motion, Ltd.+...................... 35,290 4,016,708
Rogers Communications, Inc..................... 88,970 3,697,778
Shoppers Drug Mart Corp.#...................... 33,703 1,849,039
Suncor Energy, Inc............................. 39,899 3,814,934
-----------
20,486,831
-----------
Cayman Islands -- 0.2%
Agile Property Holdings, Ltd................... 550,000 1,096,113
Alibaba.com, Ltd.+#............................ 2,895 14,761
-----------
1,110,874
-----------
China -- 0.4%
China Merchants Bank Co., Ltd.................. 664,500 3,079,637
-----------
Czech Republic -- 0.5%
CEZ AS......................................... 50,970 3,770,595
-----------
Denmark -- 1.4%
Novo-Nordisk A/S............................... 50,924 6,435,532
Vestas Wind Systems A/S+....................... 37,730 3,566,009
-----------
10,001,541
-----------
Finland -- 0.9%
Kone Oyj, Class B.............................. 21,760 1,638,875
Metso Corp..................................... 12,930 700,967
Nokia Oyj...................................... 104,790 4,126,056
-----------
6,465,898
-----------
Value
Security Description Shares (Note 2)(1)
----------------------------------------------------------
France -- 10.7%
Accor SA#........................... 23,460 $ 1,987,826
Air Liquide#........................ 21,078 3,039,842
Alstom.............................. 16,470 3,697,055
AXA SA#............................. 210,697 8,544,574
BNP Paribas SA...................... 24,085 2,697,250
Cap Gemini SA....................... 24,188 1,410,028
Credit Agricole SA.................. 56,090 1,956,778
Gaz de France SA.................... 33,200 1,849,473
Groupe Danone....................... 29,390 2,592,221
L'Oreal SA.......................... 13,010 1,804,633
Legrand SA.......................... 62,590 2,191,130
LVMH Moet Henessy Louis Vuitton SA#. 45,260 5,496,711
Pernod Ricard SA#................... 12,976 2,865,811
PPR#................................ 13,560 2,284,091
Renault SA.......................... 6,870 1,001,087
Schneider Electric SA#.............. 54,480 7,551,899
Societe Generale#................... 38,119 5,837,692
Societe Television Francaise 1#..... 30,867 851,861
Suez SA(Paris)...................... 71,750 4,750,714
Total SA#........................... 138,998 11,243,716
Vinci SA#........................... 22,430 1,775,874
Vivendi Universal SA#............... 29,300 1,346,890
-----------
76,777,156
-----------
Germany -- 10.6%
Allianz SE#......................... 12,850 2,644,593
Arcandor AG+#....................... 21,709 655,260
BASF AG#............................ 23,240 3,218,959
Bayer AG............................ 91,533 7,559,421
Bayerische Motoren Werke AG......... 28,310 1,725,417
Commerzbank AG...................... 41,873 1,646,440
Continental AG...................... 31,009 4,036,770
DaimlerChrysler AG.................. 29,643 3,019,558
Deutsche Boerse AG#................. 40,497 7,585,121
E.ON AG............................. 18,010 3,668,389
Fresenius Medical Care AG#.......... 63,876 3,563,500
GEA Group AG+....................... 78,662 2,848,786
Hochtief AG......................... 23,703 3,133,456
K+S AG#............................. 17,380 3,547,670
Linde AG............................ 45,010 5,884,307
MAN AG.............................. 19,748 3,174,494
Merck KGaA.......................... 32,205 4,163,110
Puma AG Rudolf Dassler Sport........ 5,766 2,321,336
Q-Cells AG+......................... 24,030 3,354,279
SAP AG.............................. 27,750 1,413,818
Siemens AG.......................... 41,638 6,317,233
-----------
75,481,917
-----------
Greece -- 1.0%
National Bank of Greece SA.......... 87,096 5,821,855
OPAP SA............................. 34,390 1,339,381
-----------
7,161,236
-----------
Hong Kong -- 1.2%
China Mobile, Ltd.#................. 238,000 4,343,559
Hang Seng Bank, Ltd................. 71,700 1,379,791
Hutchison Whampoa, Ltd.............. 212,000 2,526,361
-----------
8,249,711
-----------
Hungary -- 0.1%
OTP Bank Nyrt....................... 20,787 1,024,769
-----------
109
VALIC Company I International Growth I Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(1)
------------------------------------------------------------------
COMMON STOCK (continued)
India -- 0.7%
HDFC Bank, Ltd. ADR#...................... 12,470 $ 1,677,090
Infosys Technologies, Ltd. ADR#........... 47,433 1,999,301
Satyam Computer Services, Ltd. ADR#....... 40,630 1,062,881
-----------
4,739,272
-----------
Indonesia -- 0.2%
PT Bank Central Asia...................... 547,000 416,316
PT Telekomunikasi Indonesia............... 1,196,000 1,294,735
-----------
1,711,051
-----------
Ireland -- 0.8%
Anglo Irish Bank Corp. PLC................ 32,500 550,115
Anglo Irish Bank Corp. PLC (Dublin)....... 129,496 2,258,234
CRH PLC (Dublin).......................... 32,376 1,224,267
CRH, PLC (Virt-x)......................... 5,937 224,141
Kingspan Group PLC (Ireland).............. 64,400 1,360,463
-----------
5,617,220
-----------
Israel -- 0.5%
Teva Pharmaceutical Industries, Ltd. ADR#. 76,377 3,408,705
-----------
Italy -- 2.1%
Assicurazione Generali SpA................ 20,528 938,855
Eni SpA................................... 102,680 3,667,355
Fiat SpA.................................. 49,770 1,369,696
Finmeccanica SpA.......................... 55,280 1,649,530
Intesa Sanpaolo SpA....................... 203,211 1,622,713
Saipem SpA................................ 140,413 5,657,128
-----------
14,905,277
-----------
Japan -- 14.6%
Aeon Credit Service Co., Ltd.#............ 63,400 1,053,691
Asahi Glass Co., Ltd.#.................... 134,000 1,863,818
Bridgestone Corp.#........................ 64,200 1,219,890
Canon, Inc.#.............................. 217,500 11,453,104
Daikin Industries, Ltd.................... 46,300 2,385,192
Denso Corp................................ 37,500 1,526,093
East Japan Railway Co..................... 130 1,075,478
Fanuc, Ltd................................ 52,600 5,503,933
Hirose Electric Co., Ltd.#................ 7,800 879,336
Ibiden Co., Ltd........................... 68,300 5,402,799
Inpex Holdings, Inc....................... 229 2,373,525
Isuzu Motors, Ltd......................... 121,000 560,683
Japan Tobacco, Inc........................ 670 3,795,023
Kao Corp.................................. 182,000 5,499,872
Keyence Corp.............................. 5,700 1,326,388
Kobe Steel, Ltd........................... 238,000 783,908
Komatsu, Ltd.............................. 92,200 2,809,231
Kuraray Co., Ltd.......................... 163,000 2,005,248
Makita Corp............................... 26,700 1,188,181
Marubeni Corp............................. 281,000 2,157,562
Mitsubishi Electric Corp.................. 124,000 1,414,784
Mizuho Financial Group, Inc............... 181 973,261
Murata Manufacturing Co., Ltd............. 7,100 416,051
NGK Insulators, Ltd....................... 62,000 1,917,948
Nintendo Co., Ltd.#....................... 11,800 7,253,508
Nippon Yusen Kabushiki Kaisha............. 194,000 1,684,562
Nomura Holdings, Inc.#.................... 138,400 2,478,687
NTT DoCoMo, Inc........................... 1,130 1,793,849
Omron Corp................................ 47,900 1,253,205
ORIX Corp.#............................... 6,370 1,309,712
Ricoh Co., Ltd............................ 102,000 1,915,195
Sony Financial Holdings, Inc.+............ 602 2,275,480
Sumitomo Chemical Co., Ltd................ 221,000 1,886,172
Sumitomo Heavy Industries, Ltd............ 105,000 1,141,381
Sumitomo Metal Industries, Ltd............ 336,000 1,490,389
Value
Security Description Shares (Note 2)(1)
- --------------------------------------------------------------------------------
Japan (continued)
Sumitomo Realty & Development Co., Ltd................... 81,000 $ 2,461,337
Suzuki Motor Corp.#...................................... 60,900 1,988,858
Terumo Corp.............................................. 37,300 1,884,374
The Shizuoka Bank, Ltd................................... 95,000 1,128,070
Tokyo Gas Co., Ltd....................................... 247,000 1,230,565
Toyota Motor Corp........................................ 169,550 9,547,284
Yamada Denki Co., Ltd.#.................................. 17,160 1,988,266
------------
104,295,893
------------
Luxembourg -- 0.2%
SES...................................................... 56,623 1,423,203
------------
Mexico -- 1.3%
America Movil SAB de CV, Series L ADR.................... 112,146 6,914,922
Desarrolladora Homex SAB de CV ADR+#..................... 17,186 845,036
Grupo Televisa SA ADR#................................... 29,758 719,251
Urbi Desarrollos Urbanos SA de CV+....................... 162,900 552,583
------------
9,031,792
------------
Netherlands -- 2.5%
ASML Holding NV+......................................... 53,768 1,865,213
CNH Global NV#........................................... 11,570 709,588
Heineken Holding NV...................................... 31,269 1,741,631
Heineken NV.............................................. 100,500 6,570,020
Royal Numico NV#......................................... 15,586 1,239,133
TNT NV................................................... 137,673 5,634,947
------------
17,760,532
------------
Norway -- 1.5%
Aker Kvaerner ASA........................................ 65,085 1,852,522
Petroleum Geo-Services ASA+.............................. 54,566 1,559,843
Statoil ASA.............................................. 126,750 4,114,453
Telenor ASA+............................................. 80,456 1,863,735
Yara International ASA................................... 33,980 1,289,640
------------
10,680,193
------------
Singapore -- 2.0%
Keppel Corp., Ltd........................................ 735,000 6,840,172
Overseas-Chinese Banking Corp............................ 502,000 2,960,172
Singapore Telecommunications, Ltd........................ 875,950 2,347,572
United Overseas Bank, Ltd................................ 164,000 2,251,570
------------
14,399,486
------------
South Africa -- 0.6%
MTN Group, Ltd........................................... 118,360 2,381,850
Standard Bank Group, Ltd................................. 102,831 1,581,880
------------
3,963,730
------------
South Korea -- 1.0%
Hana Financial Group, Inc................................ 37,230 1,758,941
Hyundai Heavy Industries Co., Ltd........................ 3,612 1,856,457
Samsung Electronics Co., Ltd............................. 1,720 1,059,235
Samsung Electronics Co., Ltd. GDR*....................... 8,541 2,598,360
------------
7,272,993
------------
Spain -- 2.4%
Banco Bilbao Vizcaya Argentaria SA#...................... 144,580 3,582,689
Banco Santander Central Hispano SA....................... 71,886 1,541,107
Cintra Concesiones de Infraestructuras de Transporte SA#. 113,682 1,816,441
Industria de Diseno Textil SA#........................... 91,201 6,330,793
Telefonica SA............................................ 121,340 4,061,390
------------
17,332,420
------------
110
VALIC Company I International Growth I Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)(1)
-------------------------------------------------------------------------
COMMON STOCK (continued)
Sweden -- 0.6%
Assa Abloy AB, Class B........................... 81,539 $ 1,695,922
Atlas Copco AB, Class A.......................... 78,800 1,158,044
Swedish Match AB................................. 68,046 1,571,701
-----------
4,425,667
-----------
Switzerland -- 11.5%
ABB, Ltd......................................... 177,080 5,201,466
Actelion Ltd.+................................... 32,796 1,454,112
Adecco SA........................................ 12,933 717,350
Compagnie Financiere Richemont SA................ 61,376 4,213,724
Credit Suisse Group.............................. 27,104 1,622,956
Givaudan SA...................................... 2,970 2,840,510
Holcim, Ltd...................................... 36,970 3,955,615
Julius Baer Holding AG........................... 94,058 7,886,305
Nestle SA........................................ 34,207 16,346,998
Novartis AG...................................... 42,926 2,430,192
Roche Holding AG................................. 78,837 14,963,940
Sonova Holding AG................................ 11,790 1,260,702
Swiss Reinsurance................................ 36,151 2,665,597
Syngenta AG...................................... 33,552 8,303,029
UBS AG(virt-x)................................... 167,797 8,429,348
-----------
82,291,844
-----------
Taiwan -- 1.6%
AU Optronics Corp................................ 1,022,000 1,998,528
Hon Hai Precision Industry Co., Ltd.............. 838,920 5,377,752
MediaTek, Inc.................................... 139,755 1,827,293
Taiwan Semiconductor Manufacturing Co., Ltd...... 395,014 743,991
Taiwan Semiconductor Manufacturing Co., Ltd. ADR. 137,600 1,364,992
-----------
11,312,556
-----------
Turkey -- 0.5%
Akbank TAS....................................... 189,565 1,372,166
Turkiye Garanti Bankasi AS....................... 259,760 2,283,554
-----------
3,655,720
-----------
United Kingdom -- 14.1%
Admiral Group PLC................................ 74,200 1,590,042
Aggreko PLC...................................... 80,260 836,589
AMEC PLC......................................... 100,510 1,590,420
American Physicians Capital, Inc................. 39,638 1,538,299
Anglo American PLC............................... 39,895 2,700,181
Aviva PLC........................................ 102,548 1,439,590
Barclays PLC..................................... 69,632 806,666
BG Group PLC..................................... 296,646 6,213,775
BHP Billiton PLC................................. 38,740 1,282,248
British Sky Broadcasting Group PLC............... 21,890 281,456
Burberry Group PLC............................... 349,053 4,129,473
Capita Group PLC................................. 208,196 3,174,278
Compass Group PLC................................ 106,440 696,798
Diageo PLC....................................... 164,910 3,708,451
easyJet PLC+..................................... 104,520 1,208,364
Enterprise Inns PLC.............................. 58,161 638,045
GlaxoSmithKline PLC.............................. 216,879 5,724,571
HSBC Holdings PLC................................ 161,275 2,753,830
Imperial Tobacco Group PLC....................... 49,918 2,582,332
Informa PLC...................................... 161,518 1,474,151
International Power PLC.......................... 542,161 5,200,277
Ladbrokes PLC.................................... 207,048 1,312,526
Man Group PLC.................................... 267,064 3,057,677
Man Group PLC Class B............................ 305,216 427,302
Reckitt Benckiser PLC............................ 191,882 11,394,359
Royal Dutch Shell PLC, Class A................... 78,700 3,190,740
Scottish and Southern Energy PLC................. 129,340 4,224,533
Shire PLC........................................ 76,186 1,807,582
Shares/
Principal Value
Security Description Amount (Note 2)(1)
- ------------------------------------------------------------------------------------
United Kingdom (continued)
Smiths Group PLC....................................... 119,786 $ 2,628,207
Tesco PLC.............................................. 865,590 8,529,382
TUI Travel PLC+........................................ 299,230 1,692,584
Vodafone Group PLC..................................... 1,136,800 4,253,982
William Hill PLC....................................... 252,790 2,692,253
WPP Group PLC.......................................... 470,473 5,944,214
------------
100,725,177
------------
United States -- 0.3%
Synthes, Inc........................................... 19,590 2,442,029
------------
Total Common Stock
(cost $539,466,318)................................... 686,618,340
------------
PREFERRED STOCK -- 1.6%
Brazil -- 0.5%
Banco Itau Holding Financeira SA....................... 49,000 1,352,987
Cia de Bebidas das Americas ADR........................ 18,639 1,399,416
Petroleo Brasileiro SA ADR............................. 15,976 1,296,772
------------
4,049,175
------------
Germany -- 1.1%
Henkel KGaA............................................ 69,175 3,817,641
Porsche AG............................................. 1,748 3,847,576
------------
7,665,217
------------
Total Preferred Stock
(cost $6,585,222)..................................... 11,714,392
------------
Total Long-Term Investment Securities
(cost $546,051,540)................................... 698,332,732
------------
SHORT-TERM INVESTMENT SECURITIES -- 14.5%
United States -- 14.5%
Collective Investment Pool -- 12.5%
Securities Lending Quality Trust(2).................... 89,511,499 89,511,499
------------
Commercial Paper -- 0.3%
Societe Generale NA
5.18% due 12/03/07.................................... $ 1,845,000 1,844,528
Time Deposits -- 1.7%
Euro Time Deposit with State Street Bank & Trust Co.
3.35% due 12/03/07.................................... 12,481,000 12,481,000
------------
14,325,528
------------
Total Short-Term Investment Securities
(cost $103,837,027)................................... 103,837,027
------------
REPURCHASE AGREEMENT -- 0.3%
Agreement with State Street Bank & Trust Co., bearing
interest at 4.06%, dated 11/30/07, to be repurchased
12/03/07 in the amount of $1,852,627 and
collateralized by Federal National Mtg. Assoc. Notes,
bearing interest at 4.25% due 05/15/09 and having
approximate value of $1,893,316
(cost $1,852,000)..................................... 1,852,000 1,852,000
------------
TOTAL INVESTMENTS --
(cost $651,740,567)(3)................................ 112.4% 804,021,759
------------
Liabilities in excess of other assets.................... (12.4) (88,933,356)
----------- ------------
NET ASSETS -- 100.0% $715,088,403
=========== ============
111
VALIC Company I International Growth I Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
- --------
+ Non-income producing security
# The security or a portion thereof is out on loan (See Note 2)
* Securities exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be sold in transactions exempt from registration,
normally to qualified institutional buyers. The Fund has no right to demand
registration of these securities. At November 30, 2007, the aggregate value
of these securities was $2,598,360 representing 0.36% of net assets. Unless
otherwise indicated these securities are not considered to be illiquid.
(1)A substantial number of the Fund's holdings were valued using the fair value
procedures at November 30, 2007. At November 30, 2007, the aggregate value
of these securities was $642,611,453 representing 89.87% of net assets. See
Note 2 regarding fair value pricing procedures for foreign equity securities.
(2)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(3)See Note 5 for cost of investments on a tax basis.
ADR--American Depository Receipt
GDR--Global Depository Receipt
See Notes to Financial Statements
112
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Collective Investment Pool............... 11.6%
Oil Companies -- Integrated.............. 7.4
Finance -- Investment Banker/Broker...... 5.8
Medical -- Drugs......................... 5.8
Diversified Manufacturing Operations..... 4.1
Wireless Equipment....................... 4.1
Electronic Components -- Semiconductors.. 3.9
E-Commerce/Products...................... 3.7
Cosmetics & Toiletries................... 3.4
Medical -- Biomedical/Gene............... 3.3
Networking Products...................... 3.0
Web Portals/ISP.......................... 2.9
Investment Management/Advisor Services... 2.8
Banks -- Super Regional.................. 2.6
Enterprise Software/Service.............. 2.5
Medical Products......................... 2.5
Applications Software.................... 2.1
Telephone -- Integrated.................. 2.1
Computers................................ 2.0
E-Commerce/Services...................... 2.0
Footwear & Related Apparel............... 1.9
Retail -- Drug Store..................... 1.9
Food -- Retail........................... 1.8
Beverages -- Wine/Spirits................ 1.6
Oil -- Field Services.................... 1.6
Tobacco.................................. 1.6
Transport -- Services.................... 1.6
Advertising Agencies..................... 1.5
Aerospace/Defense........................ 1.3
Consumer Products -- Misc................ 1.3
Food -- Misc............................. 1.3
Medical Instruments...................... 1.3
Industrial Gases......................... 1.2
Investment Companies..................... 1.2
Oil Companies -- Exploration & Production 1.2
Retail -- Consumer Electronics........... 1.2
Finance -- Credit Card................... 1.1
Insurance Brokers........................ 1.1
Medical -- HMO........................... 1.1
Schools.................................. 1.1
Banks -- Fiduciary....................... 1.0
Beverages -- Non-alcoholic............... 1.0
Data Processing/Management............... 1.0
Insurance -- Life/Health................. 1.0
Insurance -- Multi-line.................. 1.0
Electric -- Integrated................... 0.9
Aerospace/Defense -- Equipment........... 0.6
Consulting Services...................... 0.4
-----
112.4%
=====
* Calculated as a percentage of net assets
113
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------
COMMON STOCK -- 100.8%
Advertising Agency -- 1.5%
Omnicom Group, Inc.#........................ 20,657 $1,007,029
----------
Aerospace/Defense -- 1.3%
Lockheed Martin Corp........................ 8,282 916,569
----------
Aerospace/Defense - Equipment -- 0.6%
United Technologies Corp.................... 5,889 440,321
----------
Applications Software -- 2.1%
Microsoft Corp.............................. 41,470 1,393,392
----------
Banks - Fiduciary -- 1.0%
State Street Corp........................... 8,578 685,296
----------
Banks - Super Regional -- 2.6%
Wells Fargo & Co............................ 53,710 1,741,815
----------
Beverages - Non-alcoholic -- 1.0%
PepsiCo, Inc................................ 8,678 669,768
----------
Beverages - Wine/Spirits -- 1.6%
Diageo PLC(1)............................... 38,617 868,409
Diageo PLC ADR.............................. 2,390 216,486
----------
1,084,895
----------
Computers -- 2.0%
Dell, Inc.+................................. 54,269 1,331,761
----------
Consulting Services -- 0.4%
Accenture Ltd., Class A..................... 8,874 306,685
----------
Consumer Products - Misc. -- 1.3%
Clorox Co.#................................. 13,560 879,773
----------
Cosmetics & Toiletries -- 3.4%
Procter & Gamble Co......................... 31,132 2,303,768
----------
Data Processing/Management -- 1.0%
Automatic Data Processing, Inc.............. 15,628 704,198
----------
Diversified Manufacturing Operations -- 4.1%
General Electric Co......................... 72,747 2,785,483
----------
E-Commerce/Products -- 3.7%
Amazon.com, Inc.+#.......................... 27,583 2,497,916
----------
E-Commerce/Services -- 2.0%
eBay, Inc.+................................. 41,167 1,380,330
----------
Electric - Integrated -- 0.9%
Exelon Corp................................. 7,798 632,184
----------
Electronic Components - Semiconductors -- 3.9%
Altera Corp.#............................... 37,945 712,607
Intel Corp.................................. 47,778 1,246,050
Texas Instruments, Inc...................... 21,323 673,167
----------
2,631,824
----------
Enterprise Software/Service -- 2.5%
Oracle Corp.+............................... 83,847 1,692,032
----------
Finance - Credit Card -- 1.1%
American Express Co......................... 12,466 735,245
----------
Finance - Investment Banker/Broker -- 5.8%
Citigroup, Inc.............................. 58,093 1,934,497
JPMorgan Chase & Co......................... 19,534 891,141
The Goldman Sachs Group, Inc................ 4,840 1,096,938
----------
3,922,576
----------
Food - Misc. -- 1.3%
McCormick & Co., Inc.#...................... 23,967 915,779
----------
Food - Retail -- 1.8%
Whole Foods Market, Inc.#................... 28,440 1,223,204
----------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
Footwear & Related Apparel -- 1.9%
Timberland Co., Class A+#..................... 79,757 $1,298,444
----------
Industrial Gases -- 1.2%
Air Products & Chemicals, Inc................. 7,897 782,119
----------
Insurance Broker -- 1.1%
Marsh & McLennan Cos., Inc.................... 28,695 720,818
----------
Insurance - Life/Health -- 1.0%
Prudential Financial, Inc..................... 7,237 681,291
----------
Insurance - Multi-line -- 1.0%
Hartford Financial Services Group, Inc........ 7,416 706,893
----------
Investment Companies -- 1.2%
Apollo Global Mgmt LLC Class A................ 33,592 823,004
----------
Investment Management/Advisor Services -- 2.8%
Legg Mason, Inc.#............................. 18,154 1,385,332
T. Rowe Price Group, Inc...................... 8,086 497,127
----------
1,882,459
----------
Medical Instruments -- 1.3%
Medtronic, Inc................................ 16,765 852,500
----------
Medical Products -- 2.5%
Baxter International, Inc..................... 15,176 908,587
Johnson & Johnson............................. 11,322 766,952
----------
1,675,539
----------
Medical - Biomedical/Gene -- 3.3%
Amgen, Inc.+.................................. 26,849 1,483,407
Biogen Idec, Inc.+............................ 9,800 726,376
----------
2,209,783
----------
Medical - Drugs -- 5.8%
Abbott Laboratories........................... 13,474 774,890
Bristol - Myers Squibb Co..................... 24,831 735,743
Novartis AG ADR............................... 17,569 993,000
Pfizer, Inc................................... 40,283 957,124
Wyeth......................................... 9,934 487,759
----------
3,948,516
----------
Medical - HMO -- 1.1%
WellPoint, Inc.+.............................. 8,784 739,701
----------
Networking Products -- 3.0%
Cisco Systems, Inc.+.......................... 71,711 2,009,342
----------
Oil Companies - Exploration & Production -- 1.2%
Apache Corp................................... 8,709 842,944
----------
Oil Companies - Integrated -- 7.4%
BP PLC ADR.................................... 9,938 722,890
Chevron Corp.................................. 6,324 555,057
ConocoPhillips................................ 10,365 829,615
ExxonMobil Corp............................... 32,979 2,940,408
----------
5,047,970
----------
Oil - Field Services -- 1.6%
Schlumberger, Ltd............................. 11,446 1,069,629
----------
Retail - Consumer Electronics -- 1.2%
Best Buy Co., Inc.#........................... 16,499 842,274
----------
Retail - Drug Store -- 1.9%
CVS Caremark Corp............................. 31,550 1,264,840
----------
School -- 1.1%
Apollo Group, Inc., Class A+.................. 9,673 740,178
----------
114
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-------------------------------------------------------------------
COMMON STOCK (continued)
Telephone - Integrated -- 2.1%
AT&T, Inc..................................... 18,224 $ 696,339
Verizon Communications, Inc................... 16,145 697,625
-----------
1,393,964
-----------
Tobacco -- 1.6%
Altria Group, Inc............................. 13,594 1,054,351
-----------
Transport - Services -- 1.6%
Expeditors International of Washington, Inc.#. 9,612 450,995
United Parcel Service, Inc., Class B.......... 8,837 651,110
-----------
1,102,105
-----------
Web Portals/ISP -- 2.9%
Google, Inc., Class A+........................ 2,829 1,960,497
-----------
Wireless Equipment -- 4.1%
QUALCOMM, Inc................................. 67,435 2,749,999
-----------
Total Long-Term Investment Securities
(cost $59,593,668)........................... 68,281,003
-----------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------
SHORT-TERM INVESTMENT SECURITIES -- 11.6%
Collective Investment Pool -- 11.6%
Securities Lending Quality Trust(2)
(cost $7,875,749)..................... 7,875,749 $ 7,875,749
-----------
TOTAL INVESTMENTS
(cost $67,469,417)(3)................. 112.4% 76,156,752
Liabilities in excess of other assets.... (12.4) (8,402,807)
--------- -----------
NET ASSETS -- 100.0% $67,753,945
========= ===========
- --------
# The security or a portion thereof is out on loan (See Note 2)
+ Non-income producing security
(1)Security was valued using fair value procedures at November 30, 2007. See
Note 2 regarding fair value pricing procedures for foreign equity securities.
(2)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(3)See Note 5 for cost of investments on a tax basis.
ADR--American Depository Receipt
See Notes to Financials Statements
115
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Computers................................ 8.7%
Collective Investment Pool............... 8.6
Aerospace/Defense........................ 5.4
Networking Products...................... 3.6
Electronic Components -- Semiconductors.. 3.4
Medical -- Drugs......................... 3.3
Medical -- HMO........................... 3.2
Diversified Manufacturing Operations..... 3.1
Web Portals/ISP.......................... 2.9
Applications Software.................... 2.8
Cellular Telecom......................... 2.8
Engineering/R&D Services................. 2.7
Medical Products......................... 2.5
Beverages -- Non-alcoholic............... 2.2
Oil Companies -- Integrated.............. 2.2
Enterprise Software/Service.............. 2.0
Finance -- Investment Banker/Broker...... 2.0
Oil -- Field Services.................... 1.9
Medical -- Biomedical/Gene............... 1.8
Repurchase Agreements.................... 1.8
Wireless Equipment....................... 1.8
Cosmetics & Toiletries................... 1.6
Pharmacy Services........................ 1.6
Agricultural Chemicals................... 1.5
E-Commerce/Services...................... 1.4
Metal -- Diversified..................... 1.4
Consulting Services...................... 1.3
Electric Products -- Misc................ 1.3
Finance -- Other Services................ 1.1
Health Care Cost Containment............. 1.1
Retail -- Drug Store..................... 1.1
Retail -- Discount....................... 1.0
Aerospace/Defense -- Equipment........... 0.9
Athletic Footwear........................ 0.9
Insurance -- Life/Health................. 0.9
Beverages -- Wine/Spirits................ 0.8
Instruments -- Scientific................ 0.8
Medical -- Generic Drugs................. 0.8
Building -- Heavy Construction........... 0.7
Oil Companies -- Exploration & Production 0.7
Therapeutics............................. 0.7
Computer Aided Design.................... 0.6
Finance -- Credit Card................... 0.6
Medical Instruments...................... 0.6
Oil Field Machinery & Equipment.......... 0.6
Telecom Equipment -- Fiber Optics........ 0.6
Banks -- Fiduciary....................... 0.5
Cable TV................................. 0.5
Coal..................................... 0.5
Data Processing/Management............... 0.5
Diversified Minerals..................... 0.5
Electronic Measurement Instruments....... 0.5
Electronics -- Military.................. 0.5
Independent Power Producers.............. 0.5
Insurance -- Multi-line.................. 0.5
Multimedia............................... 0.5
Retail -- Office Supplies................ 0.5
X-Ray Equipment.......................... 0.5
Auto/Truck Parts & Equipment -- Original. 0.4
Banks -- Commercial...................... 0.4
Brewery.................................. 0.4
Chemicals -- Specialty................... 0.4
Commercial Services...................... 0.4
Computer Services........................ 0.4
Computers -- Memory Devices.............. 0.4
Diagnostic Kits.......................... 0.4
Electronic Forms......................... 0.4
Insurance -- Property/Casualty........... 0.4
Internet Infrastructure Software......... 0.4
Internet Security............................... 0.4
Oil & Gas Drilling.............................. 0.4
Retail -- Auto Parts............................ 0.4
Retail -- Consumer Electronics.................. 0.4
Schools......................................... 0.4
Casino Hotels................................... 0.3
Electronic Parts Distribution................... 0.3
Retail -- Apparel/Shoe.......................... 0.3
Retail -- Regional Department Stores............ 0.3
Retail -- Restaurants........................... 0.3
Semiconductor Equipment......................... 0.3
Semiconductors Components -- Integrated Circuits 0.3
Time Deposits................................... 0.3
Finance -- Consumer Loans....................... 0.2
Machinery -- General Industrial................. 0.2
Medical -- Wholesale Drug Distribution.......... 0.2
-----
108.7%
=====
* Calculated as a percentage of net assets
116
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------------
COMMON STOCK -- 97.6%
Aerospace/Defense -- 5.4%
Boeing Co..................................... 79,395 $ 7,347,213
General Dynamics Corp......................... 47,192 4,189,706
Lockheed Martin Corp.......................... 95,388 10,556,590
Raytheon Co................................... 114,995 7,112,441
Spirit Aerosystems Holdings, Inc., Class A+... 62,900 2,198,355
-----------
31,404,305
-----------
Aerospace/Defense - Equipment -- 0.9%
United Technologies Corp...................... 67,866 5,074,341
-----------
Agricultural Chemicals -- 1.5%
Monsanto Co................................... 50,400 5,008,248
Syngenta AG................................... 15,591 3,858,266
-----------
8,866,514
-----------
Applications Software -- 2.8%
Microsoft Corp................................ 477,229 16,034,894
-----------
Athletic Footwear -- 0.9%
NIKE, Inc., Class B........................... 76,118 4,997,147
-----------
Auto/Truck Parts & Equipment - Original -- 0.4%
BorgWarner, Inc............................... 22,026 2,127,932
-----------
Banks - Commercial -- 0.4%
Unibanco - Uniao de Bancos Brasileiros SA GDR. 16,190 2,423,967
-----------
Banks - Fiduciary -- 0.5%
The Bank of New York Mellon Corp.............. 65,471 3,139,989
-----------
Beverages - Non - alcoholic -- 2.2%
PepsiCo, Inc.................................. 166,937 12,884,198
-----------
Beverages - Wine/Spirits -- 0.8%
Diageo PLC.................................... 210,419 4,731,845
-----------
Building - Heavy Construction -- 0.7%
Chicago Bridge & Iron Co. NV.................. 80,657 4,286,920
-----------
Cable TV -- 0.5%
Comcast Corp., Class A+....................... 128,400 2,637,336
-----------
Casino Hotel -- 0.3%
Las Vegas Sands Corp.+#....................... 14,550 1,649,970
-----------
Cellular Telecom -- 2.8%
America Movil SAB de CV, Series L ADR......... 108,067 6,663,411
China Mobile, Ltd............................. 296,000 5,402,074
NII Holdings, Inc.+........................... 70,800 3,905,328
-----------
15,970,813
-----------
Chemicals - Specialty -- 0.4%
The Mosaic Co.+............................... 35,330 2,443,069
-----------
Coal -- 0.5%
Peabody Energy Corp........................... 50,700 2,820,948
-----------
Commercial Services -- 0.4%
AerCap Holdings NV+........................... 111,900 2,577,057
-----------
Computer Aided Design -- 0.6%
Autodesk, Inc.+............................... 69,678 3,281,137
-----------
Computer Services -- 0.4%
DST Systems, Inc.+#........................... 25,523 2,163,074
-----------
Computers -- 8.7%
Apple, Inc.+.................................. 94,085 17,144,169
Dell, Inc.+................................... 117,861 2,892,309
Hewlett - Packard Co.......................... 343,379 17,567,270
International Business Machines Corp.......... 75,018 7,890,393
Research In Motion, Ltd.+..................... 43,566 4,958,682
-----------
50,452,823
-----------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
Computers - Memory Devices -- 0.4%
EMC Corp.+.................................. 112,000 $ 2,158,240
-----------
Consulting Services -- 1.3%
Accenture Ltd., Class A..................... 210,396 7,271,286
-----------
Cosmetics & Toiletries -- 1.6%
Procter & Gamble Co......................... 124,200 9,190,800
-----------
Data Processing/Management -- 0.5%
Fiserv, Inc.+............................... 52,900 2,715,357
-----------
Diagnostic Kits -- 0.4%
Inverness Medical Innovations, Inc.+#....... 41,100 2,411,748
-----------
Diversified Manufacturing Operations -- 3.1%
Danaher Corp.#.............................. 55,000 4,775,100
Dover Corp.#................................ 62,800 2,906,384
General Electric Co......................... 163,900 6,275,731
Honeywell International, Inc................ 71,884 4,070,072
-----------
18,027,287
-----------
Diversified Minerals -- 0.5%
Cia Vale do Rio Doce ADR.................... 78,100 2,700,698
-----------
E - Commerce/Services -- 1.4%
eBay, Inc.+................................. 152,396 5,109,838
Expedia, Inc.+#............................. 96,000 3,129,600
-----------
8,239,438
-----------
Electric Products - Misc. -- 1.3%
AMETEK, Inc.#............................... 67,017 2,948,748
Emerson Electric Co......................... 75,300 4,293,606
-----------
7,242,354
-----------
Electronic Components - Semiconductors -- 3.4%
Broadcom Corp., Class A+#................... 64,700 1,730,078
Intel Corp.................................. 282,643 7,371,330
MEMC Electronic Materials, Inc.+............ 37,000 2,870,460
NVIDIA Corp.+............................... 90,550 2,855,947
Texas Instruments, Inc...................... 146,576 4,627,404
-----------
19,455,219
-----------
Electronic Forms -- 0.4%
Adobe Systems, Inc.+........................ 51,900 2,187,066
-----------
Electronic Measurement Instruments -- 0.5%
Agilent Technologies, Inc.+................. 75,900 2,871,297
-----------
Electronic Parts Distribution -- 0.3%
Avnet, Inc.+#............................... 57,000 1,966,500
-----------
Electronics - Military -- 0.5%
L - 3 Communications Holdings, Inc.#........ 24,500 2,710,925
-----------
Engineering/R&D Services -- 2.7%
ABB, Ltd.................................... 267,182 7,848,080
Fluor Corp.................................. 21,200 3,120,004
McDermott International, Inc.+.............. 92,308 4,827,708
-----------
15,795,792
-----------
Enterprise Software/Service -- 2.0%
BMC Software, Inc.+......................... 95,115 3,146,404
Oracle Corp.+............................... 424,152 8,559,388
-----------
11,705,792
-----------
Finance - Consumer Loans -- 0.2%
SLM Corp.................................... 25,200 959,616
-----------
Finance - Credit Card -- 0.6%
American Express Co......................... 61,100 3,603,678
-----------
117
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------
COMMON STOCK (continued)
Finance - Investment Banker/Broker -- 2.0%
The Goldman Sachs Group, Inc.#........... 50,881 $11,531,670
-----------
Finance - Other Services -- 1.1%
CME Group, Inc........................... 4,300 2,831,980
Nymex Holdings, Inc.#.................... 10,500 1,307,775
The Nasdaq Stock Market, Inc.+#.......... 49,916 2,164,358
-----------
6,304,113
-----------
Health Care Cost Containment -- 1.1%
McKesson Corp............................ 92,245 6,155,509
-----------
Independent Power Producer -- 0.5%
NRG Energy, Inc.+#....................... 67,257 2,851,024
-----------
Instruments - Scientific -- 0.8%
Thermo Fisher Scientific, Inc.+.......... 84,200 4,853,288
-----------
Insurance - Life/Health -- 0.9%
Prudential Financial, Inc................ 53,888 5,073,016
-----------
Insurance - Multi - line -- 0.5%
Assurant, Inc.#.......................... 41,700 2,728,431
-----------
Insurance - Property/Casualty -- 0.4%
Chubb Corp............................... 39,839 2,173,217
-----------
Internet Infrastructure Software -- 0.4%
Akamai Technologies, Inc.+#.............. 54,400 2,070,464
-----------
Internet Security -- 0.4%
McAfee, Inc.+............................ 62,919 2,450,695
-----------
Machinery - General Industrial -- 0.2%
IDEX Corp................................ 38,441 1,372,344
-----------
Medical Instruments -- 0.6%
Medtronic, Inc........................... 70,100 3,564,585
-----------
Medical Products -- 2.5%
Baxter International, Inc................ 100,628 6,024,598
Johnson & Johnson........................ 94,100 6,374,334
Zimmer Holdings, Inc.+................... 29,000 1,877,170
-----------
14,276,102
-----------
Medical - Biomedical/Gene -- 1.8%
Biogen Idec, Inc.+....................... 31,881 2,363,020
Celgene Corp.+#.......................... 34,600 2,129,630
Genentech, Inc.+......................... 35,500 2,706,875
Genzyme Corp.+........................... 40,200 3,012,186
-----------
10,211,711
-----------
Medical - Drugs -- 3.3%
Abbott Laboratories...................... 33,900 1,949,589
Allergan, Inc............................ 21,500 1,441,360
Merck & Co., Inc......................... 83,165 4,936,674
Novartis AG ADR.......................... 46,500 2,628,180
Schering - Plough Corp................... 183,068 5,730,029
Shire PLC................................ 96,122 2,280,582
-----------
18,966,414
-----------
Medical - Generic Drugs -- 0.8%
Barr Pharmaceuticals, Inc.+.............. 51,700 2,776,290
Teva Pharmaceutical Industries, Ltd. ADR. 48,000 2,142,240
-----------
4,918,530
-----------
Medical - HMO -- 3.2%
Coventry Health Care, Inc.+#............. 48,665 2,816,730
UnitedHealth Group, Inc.................. 181,025 9,956,375
WellPoint, Inc.+......................... 70,726 5,955,837
-----------
18,728,942
-----------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------------
Medical - Wholesale Drug Distribution -- 0.2%
Cardinal Health, Inc.......................... 22,100 $ 1,338,155
-----------
Metal - Diversified -- 1.4%
Freeport - McMoRan Copper & Gold, Inc......... 31,912 3,157,054
Rio Tinto PLC ADR#............................ 10,479 4,898,723
-----------
8,055,777
-----------
Multimedia -- 0.5%
News Corp., Class A........................... 128,662 2,710,908
-----------
Networking Products -- 3.6%
Cisco Systems, Inc.+.......................... 658,380 18,447,808
Juniper Networks, Inc.+#...................... 79,000 2,347,880
-----------
20,795,688
-----------
Oil & Gas Drilling -- 0.4%
Transocean, Inc............................... 16,860 2,314,709
-----------
Oil Companies - Exploration & Production -- 0.7%
Occidental Petroleum Corp..................... 60,851 4,245,574
-----------
Oil Companies - Integrated -- 2.2%
ExxonMobil Corp............................... 91,471 8,155,554
Marathon Oil Corp............................. 80,404 4,494,584
-----------
12,650,138
-----------
Oil Field Machinery & Equipment -- 0.6%
National - Oilwell Varco, Inc.+............... 49,190 3,352,298
-----------
Oil - Field Services -- 1.9%
Halliburton Co................................ 101,700 3,723,237
Schlumberger, Ltd............................. 75,000 7,008,750
-----------
10,731,987
-----------
Pharmacy Services -- 1.6%
Express Scripts, Inc.+........................ 63,284 4,287,491
Medco Health Solutions, Inc.+................. 50,323 5,031,797
-----------
9,319,288
-----------
Rental Auto/Equipment -- 0.0%
RSC Holdings, Inc.+#.......................... 19,899 244,360
-----------
Retail - Apparel/Shoe -- 0.3%
American Eagle Outfitters, Inc.#.............. 74,900 1,714,461
-----------
Retail - Auto Parts -- 0.4%
AutoZone, Inc.+#.............................. 19,500 2,176,785
-----------
Retail - Consumer Electronics -- 0.4%
Best Buy Co., Inc.#........................... 51,200 2,613,760
-----------
Retail - Discount -- 1.0%
Target Corp................................... 45,300 2,720,718
Wal - Mart Stores, Inc........................ 59,300 2,840,470
-----------
5,561,188
-----------
Retail - Drug Store -- 1.1%
CVS Caremark Corp............................. 157,978 6,333,338
-----------
Retail - Office Supplies -- 0.5%
Staples, Inc.................................. 110,900 2,628,330
-----------
Retail - Regional Department Stores -- 0.3%
Kohl's Corp.+................................. 41,300 2,035,264
-----------
Retail - Restaurants -- 0.3%
Starbucks Corp.+.............................. 76,850 1,797,521
-----------
School -- 0.4%
Apollo Group, Inc., Class A+.................. 33,591 2,570,383
-----------
Semiconductor Equipment -- 0.3%
Applied Materials, Inc........................ 100,742 1,896,972
-----------
118
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------------
COMMON STOCK (continued)
Semiconductors Components - Intergrated Circuits -- 0.3%
Marvell Technology Group, Ltd.+#........... 113,900 $ 1,701,666
------------
Telecom Equipment - Fiber Optics -- 0.6%
Corning, Inc............................... 138,700 3,369,023
------------
Therapeutics -- 0.7%
Gilead Sciences, Inc.+..................... 84,000 3,909,360
------------
Web Portals/ISP -- 2.9%
Google, Inc., Class A+..................... 19,907 13,795,551
Yahoo!, Inc.+.............................. 103,000 2,761,430
------------
16,556,981
------------
Wireless Equipment -- 1.8%
Nokia Oyj ADR.............................. 147,856 5,815,176
QUALCOMM, Inc.............................. 116,700 4,759,026
------------
10,574,202
------------
X-Ray Equipment -- 0.5%
Hologic, Inc.+............................. 40,000 2,655,600
------------
Total Common Stock
(cost $455,812,892)....................... 563,265,143
------------
PREFERRED STOCK -- 0.4%
Brewery -- 0.4%
Cia de Bebidas das Americas ADR
(cost $2,217,154)......................... 31,423 2,359,239
------------
Total Long - Term Investment Securities
(cost $458,030,046)....................... 565,624,382
------------
Shares/
Principal Value
Security Description Amount (Note 2)
- ----------------------------------------------------------------------------------
SHORT - TERM INVESTMENT SECURITIES -- 8.9%
Collective Investment Pool -- 8.6%
Securities Lending Quality Trust(1).................. 49,658,232 $ 49,658,232
------------
Time Deposit -- 0.3%
Euro Time Deposit with State Street Bank & Trust Co.
2.25% due 12/03/07.................................. $ 1,586,000 1,586,000
------------
Total Short - Term Investment Securities
(cost $51,244,232).................................. 51,244,232
------------
REPURCHASE AGREEMENTS -- 1.8%
State Street Bank & Trust Co. Joint Repurchase
Agreement(2)........................................ 2,471,000 2,471,000
UBS Securities, LLC Joint Repurchase Agreement(2).... 8,006,000 8,006,000
------------
Total Repurchase Agreements
(cost $10,477,000).................................. 10,477,000
------------
TOTAL INVESTMENTS
(cost $519,751,278)(3).............................. 108.7% 627,345,614
Liabilities in excess of other assets.................. (8.7) (50,475,710)
----------- ------------
NET ASSETS -- 100.0% $576,869,904
=========== ============
- --------
+ Non-income producing security
# The security or a portion thereof is out on loan (See Note 2)
(1)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(2)See Note 2 for details of Joint Repurchase Agreements.
(3)See Note 5 for cost of investments on a tax basis.
ADR--American Depository Receipt
GDR--Global Depository Receipt
See Notes to Financials Statements
119
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Collective Investment Pool....................... 21.6%
Electric -- Integrated........................... 5.1
Real Estate Investment Trusts.................... 4.5
Oil Companies -- Exploration & Production........ 3.9
Diversified Manufacturing Operations............. 3.0
Banks -- Commercial.............................. 2.2
Medical Instruments.............................. 2.1
Oil Field Machinery & Equipment.................. 2.0
Chemicals -- Specialty........................... 1.9
Retail -- Apparel/Shoe........................... 1.9
Data Processing/Management....................... 1.8
Medical -- Biomedical/Gene....................... 1.7
Chemicals -- Diversified......................... 1.5
Commercial Paper................................. 1.5
Telecommunication Equipment...................... 1.5
Gas -- Distribution.............................. 1.4
Insurance -- Multi-line.......................... 1.3
Insurance -- Property/Casualty................... 1.3
Commercial Services.............................. 1.2
Medical -- Drugs................................. 1.2
Electronic Components -- Semiconductors.......... 1.1
Schools.......................................... 1.1
Steel -- Producers............................... 1.1
Engineering/R&D Services......................... 1.0
Oil & Gas Drilling............................... 1.0
Savings & Loans/Thrifts.......................... 1.0
Distribution/Wholesale........................... 0.9
Electronic Connectors............................ 0.9
Internet Security................................ 0.9
Oil -- Field Services............................ 0.9
Pipelines........................................ 0.9
Retail -- Restaurants............................ 0.9
Semiconductors Components -- Intergrated Circuits 0.9
Auto/Truck Parts & Equipment -- Original......... 0.8
Electronic Design Automation..................... 0.8
Electronic Parts Distribution.................... 0.8
Medical -- Hospitals............................. 0.8
Retail -- Computer Equipment..................... 0.8
Aerospace/Defense -- Equipment................... 0.7
Apparel Manufacturers............................ 0.7
Computers -- Integrated Systems.................. 0.7
Investment Management/Advisor Services........... 0.7
Machinery -- Pumps............................... 0.7
Metal Processors & Fabrication................... 0.7
Retail -- Automobile............................. 0.7
Telephone -- Integrated.......................... 0.7
Batteries/Battery Systems........................ 0.6
Building -- Residential/Commercial............... 0.6
Computers -- Memory Devices...................... 0.6
Dental Supplies & Equipment...................... 0.6
Hospital Beds/Equipment.......................... 0.6
Human Resources.................................. 0.6
Insurance -- Reinsurance......................... 0.6
Medical -- HMO................................... 0.6
Paper & Related Products......................... 0.6
Retail -- Auto Parts............................. 0.6
X-Ray Equipment.................................. 0.6
Building Products -- Cement...................... 0.5
Coal............................................. 0.5
Computer Services................................ 0.5
Consumer Products -- Misc........................ 0.5
Containers -- Paper/Plastic...................... 0.5
Entertainment Software........................... 0.5
Finance -- Investment Banker/Broker.............. 0.5
Food -- Meat Products............................ 0.5
Insurance Brokers................................ 0.5
Insurance -- Life/Health......................... 0.5
Machine Tools & Related Products................. 0.5
Machinery -- Construction & Mining............... 0.5
Machinery -- Farming................... 0.5
Medical Labs & Testing Services........ 0.5
Non-Hazardous Waste Disposal........... 0.5
Retail -- Discount..................... 0.5
Semiconductor Equipment................ 0.5
Transport -- Truck..................... 0.5
Advertising Sales...................... 0.4
Agricultural Chemicals................. 0.4
Beverages -- Non-alcoholic............. 0.4
Coatings/Paint......................... 0.4
Consulting Services.................... 0.4
Electric Products -- Misc.............. 0.4
Electronic Components -- Misc.......... 0.4
Hazardous Waste Disposal............... 0.4
Machinery -- General Industrial........ 0.4
Medical Products....................... 0.4
Oil Refining & Marketing............... 0.4
Publishing -- Newspapers............... 0.4
Rental Auto/Equipment.................. 0.4
Research & Development................. 0.4
Textile -- Home Furnishings............ 0.4
Transport -- Marine.................... 0.4
Airlines............................... 0.3
Auto -- Heavy Duty Trucks.............. 0.3
Diagnostic Equipment................... 0.3
E-Marketing/Info....................... 0.3
Enterprise Software/Service............ 0.3
Filtration/Separation Products......... 0.3
Food -- Confectionery.................. 0.3
Funeral Services & Related Items....... 0.3
Industrial Gases....................... 0.3
Medical Information Systems............ 0.3
Medical -- Generic Drugs............... 0.3
Medical -- Outpatient/Home Medical..... 0.3
Metal -- Iron.......................... 0.3
Networking Products.................... 0.3
Office Furnishings -- Original......... 0.3
Pharmacy Services...................... 0.3
Power Converter/Supply Equipment....... 0.3
Real Estate Management/Services........ 0.3
Respiratory Products................... 0.3
Retail -- Pet Food & Supplies.......... 0.3
Soap & Cleaning Preparation............ 0.3
Veterinary Diagnostics................. 0.3
Auction Houses/Art Dealers............. 0.2
Banks -- Fiduciary..................... 0.2
Casino Hotels.......................... 0.2
Casino Services........................ 0.2
Computer Aided Design.................. 0.2
Computer Software...................... 0.2
Cosmetics & Toiletries................. 0.2
Electronic Measurement Instruments..... 0.2
Financial Guarantee Insurance.......... 0.2
Food -- Misc........................... 0.2
Instruments -- Scientific.............. 0.2
Internet Infrastructure Software....... 0.2
Machinery -- Print Trade............... 0.2
Medical Sterilization Products......... 0.2
Multimedia............................. 0.2
Physical Therapy/Rehabilitation Centers 0.2
Publishing -- Books.................... 0.2
Recreational Centers................... 0.2
Retail -- Bookstore.................... 0.2
Retail -- Catalog Shopping............. 0.2
Retail -- Mail Order................... 0.2
Retail -- Major Department Stores...... 0.2
Retail -- Sporting Goods............... 0.2
Telecom Services....................... 0.2
Transport -- Equipment & Leasing....... 0.2
120
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Industry Allocation* (continued)
Water...................................... 0.2
Wireless Equipment......................... 0.2
Advertising Services....................... 0.1
Building & Construction -- Misc............ 0.1
Building -- Heavy Construction............. 0.1
Building -- Maintenance & Services......... 0.1
Building -- MobileHome/Manufactured Housing 0.1
Commercial Services -- Finance............. 0.1
Computers.................................. 0.1
Decision Support Software.................. 0.1
Direct Marketing........................... 0.1
Environmental Monitoring & Detection....... 0.1
Finance -- Auto Loans...................... 0.1
Finance -- Mortgage Loan/Banker............ 0.1
Food -- Retail............................. 0.1
Footwear & Related Apparel................. 0.1
Golf....................................... 0.1
Industrial Automated/Robotic............... 0.1
Internet Content -- Entertainment.......... 0.1
Internet Infrastructure Equipment.......... 0.1
Intimate Apparel........................... 0.1
Medical -- Nursing Homes................... 0.1
Motion Pictures & Services................. 0.1
Optical Supplies........................... 0.1
Printing -- Commercial..................... 0.1
Racetracks................................. 0.1
Retail -- Hair Salons...................... 0.1
Tobacco.................................... 0.1
Transactional Software..................... 0.1
U.S. Government Treasuries................. 0.1
Vitamins & Nutrition Products.............. 0.1
-----
121.7%
=====
* Calculated as a percentage of net assets
121
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-------------------------------------------------------------------
COMMON STOCK -- 98.5%
Advertising Sales -- 0.4%
Lamar Advertising Co., Class A#.............. 206,400 $10,734,864
-----------
Advertising Services -- 0.1%
Getty Images, Inc.+#......................... 119,800 3,492,170
-----------
Aerospace/Defense - Equipment -- 0.7%
Alliant Techsystems, Inc.+#.................. 84,900 9,918,867
DRS Technologies, Inc........................ 103,900 6,151,919
Sequa Corp., Class A+#....................... 18,500 3,236,575
-----------
19,307,361
-----------
Agricultural Chemicals -- 0.4%
CF Industries Holdings, Inc.................. 121,000 11,008,580
-----------
Airlines -- 0.3%
AirTran Holdings, Inc.+#..................... 231,500 1,965,435
Alaska Air Group, Inc.+#..................... 102,300 2,591,259
JetBlue Airways Corp.+#...................... 454,800 3,183,600
-----------
7,740,294
-----------
Apparel Manufacturers -- 0.7%
Guess ?, Inc................................. 137,900 6,471,647
Hanesbrands, Inc.+#.......................... 242,200 6,837,306
Phillips - Van Heusen........................ 142,600 6,049,092
-----------
19,358,045
-----------
Auction House/Art Dealer -- 0.2%
Sotheby's#................................... 167,200 6,261,640
-----------
Auto - Heavy Duty Trucks -- 0.3%
Oshkosh Truck Corp., Class B................. 187,000 8,992,830
-----------
Auto/Truck Parts & Equipment - Original -- 0.8%
ArvinMeritor, Inc.#.......................... 182,600 1,846,086
BorgWarner, Inc.............................. 146,300 14,134,043
Lear Corp.+#................................. 194,700 5,731,968
Modine Manufacturing Co.#.................... 83,100 1,690,254
-----------
23,402,351
-----------
Banks - Commercial -- 2.2%
Associated Banc-Corp.#....................... 321,200 8,739,852
Bank of Hawaii Corp.......................... 125,000 6,508,750
Cathay General Bancorp#...................... 126,200 3,657,276
City National Corp.#......................... 103,500 6,667,470
Colonial BancGroup, Inc.#.................... 387,500 6,169,000
Cullen/Frost Bankers, Inc.#.................. 149,300 7,854,673
First Community Bancorp#..................... 67,000 3,014,330
FirstMerit Corp.#............................ 203,300 4,190,013
SVB Financial Group+#........................ 86,900 4,473,612
TCF Financial Corp........................... 275,900 5,355,219
Webster Financial Corp.#..................... 138,100 4,652,589
Westamerica Bancorp.#........................ 75,100 3,530,451
-----------
64,813,235
-----------
Banks - Fiduciary -- 0.2%
Wilmington Trust Corp........................ 171,800 6,136,696
-----------
Batteries/Battery Systems -- 0.6%
Energizer Holdings, Inc.+.................... 143,800 16,339,994
-----------
Beverages - Non-alcoholic -- 0.4%
Hansen Natural Corp.+#....................... 149,400 6,485,454
PepsiAmericas, Inc........................... 149,700 5,067,345
-----------
11,552,799
-----------
Building & Construction - Misc. -- 0.1%
Dycom Industries, Inc.+#..................... 103,600 2,915,304
-----------
Building Products - Cement -- 0.5%
Martin Marietta Materials, Inc.#............. 105,600 14,208,480
-----------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------------
Building - Heavy Construction -- 0.1%
Granite Construction, Inc....................... 89,000 $ 3,650,780
-----------
Building - Maintenance & Services -- 0.1%
Rollins, Inc.#.................................. 72,200 2,125,568
-----------
Building - MobileHome/Manufactured Housing -- 0.1%
Thor Industries, Inc.#.......................... 87,400 3,080,850
-----------
Building - Residential/Commercial -- 0.6%
Hovnanian Enterprises, Inc., Class A+#.......... 92,800 701,568
M.D.C Holdings, Inc.#........................... 88,000 3,114,320
NVR, Inc.+#..................................... 12,900 6,346,800
Ryland Group, Inc.#............................. 105,700 2,431,100
Toll Brothers, Inc.+#........................... 320,700 6,628,869
-----------
19,222,657
-----------
Capacitors -- 0.0%
KEMET Corp.+#................................... 211,600 1,311,920
-----------
Casino Hotel -- 0.2%
Boyd Gaming Corp.#.............................. 141,900 5,494,368
-----------
Casino Services -- 0.2%
Scientific Games Corp., Class A+#............... 163,900 5,308,721
-----------
Chemicals - Diversified -- 1.5%
FMC Corp........................................ 192,200 10,517,184
Lyondell Chemical Co............................ 640,300 30,222,160
Olin Corp.#..................................... 186,700 3,909,498
-----------
44,648,842
-----------
Chemicals - Specialty -- 1.9%
Albemarle Corp.................................. 200,200 8,836,828
Cabot Corp...................................... 171,000 5,885,820
Chemtura Corp................................... 610,300 4,577,250
Cytec Industries, Inc........................... 106,200 6,514,308
Ferro Corp.#.................................... 109,700 2,324,543
Lubrizol Corp................................... 174,500 11,192,430
Minerals Technologies, Inc.#.................... 48,700 3,258,030
Sensient Technologies Corp...................... 119,100 3,295,497
Terra Industries, Inc.+#........................ 232,100 8,768,738
-----------
54,653,444
-----------
Coal -- 0.5%
Arch Coal, Inc.#................................ 361,500 13,686,390
-----------
Coatings/Paint -- 0.4%
RPM International, Inc.......................... 306,200 5,833,110
Valspar Corp.................................... 254,100 5,727,414
-----------
11,560,524
-----------
Commercial Services -- 1.2%
Alliance Data Systems Corp.+#................... 198,800 15,446,760
ChoicePoint, Inc.+.............................. 189,900 7,187,715
Quanta Services, Inc.+#......................... 428,900 11,743,282
-----------
34,377,757
-----------
Commercial Services - Finance -- 0.1%
Deluxe Corp.#................................... 131,900 4,166,721
-----------
Computer Aided Design -- 0.2%
Parametric Technology Corp.+.................... 290,100 4,844,670
-----------
Computer Services -- 0.5%
DST Systems, Inc.+#............................. 134,600 11,407,350
SRA International, Inc.+#....................... 107,000 2,925,380
-----------
14,332,730
-----------
Computer Software -- 0.2%
Metavante Technologies, Inc.+#.................. 224,500 5,114,110
-----------
122
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------
COMMON STOCK (continued)
Computers -- 0.1%
Palm, Inc.#............................... 262,800 $ 1,831,716
-----------
Computers - Integrated Systems -- 0.7%
Diebold, Inc.#............................ 166,200 5,644,152
Jack Henry & Associates, Inc.#............ 198,500 5,311,860
NCR Corp.+................................ 456,000 10,916,640
-----------
21,872,652
-----------
Computers - Memory Devices -- 0.6%
Imation Corp.#............................ 86,400 1,734,048
Western Digital Corp.+.................... 553,200 15,284,916
-----------
17,018,964
-----------
Consulting Services -- 0.4%
Corporate Executive Board Co.#............ 91,400 6,132,026
Gartner, Inc.+............................ 176,000 3,324,640
Navigant Consulting, Inc.+#............... 112,700 1,462,846
-----------
10,919,512
-----------
Consumer Products - Misc. -- 0.5%
American Greetings Corp., Class A#........ 140,700 3,272,682
Blyth, Inc................................ 64,900 1,276,583
Scotts Miracle-Gro Co., Class A#.......... 110,900 4,093,319
Tupperware Brands Corp.................... 156,000 5,441,280
-----------
14,083,864
-----------
Containers - Paper/Plastic -- 0.5%
Packaging Corp. of America................ 234,200 6,625,518
Sonoco Products Co........................ 254,700 7,737,786
-----------
14,363,304
-----------
Cosmetics & Toiletries -- 0.2%
Alberto - Culver Co....................... 212,700 5,436,612
-----------
Data Processing/Management -- 1.8%
Acxiom Corp............................... 174,800 2,153,536
Broadridge Financial Solutions, Inc....... 351,700 8,008,209
CSG Systems International, Inc.+.......... 89,700 1,486,329
Dun & Bradstreet Corp..................... 148,700 13,268,501
Fair Isaac Corp.#......................... 144,400 5,337,024
Global Payments, Inc...................... 204,400 8,834,168
MoneyGram International, Inc.#............ 209,300 3,231,592
SEI Investments Co........................ 321,500 9,972,930
-----------
52,292,289
-----------
Decision Support Software -- 0.1%
Wind River Systems, Inc.+................. 193,500 1,975,635
-----------
Dental Supplies & Equipment -- 0.6%
Dentsply International, Inc............... 383,900 16,423,242
-----------
Diagnostic Equipment -- 0.3%
Gen - Probe, Inc.+........................ 133,700 8,943,193
-----------
Direct Marketing -- 0.1%
Harte - Hanks, Inc.#...................... 125,100 2,101,680
-----------
Distribution/Wholesale -- 0.9%
Fastenal Co.#............................. 319,500 12,664,980
Ingram Micro, Inc., Class A+.............. 369,200 7,347,080
Tech Data Corp.+.......................... 139,500 5,246,595
-----------
25,258,655
-----------
Diversified Manufacturing Operations -- 3.0%
Carlisle Cos., Inc........................ 157,700 6,278,037
Crane Co.................................. 128,100 5,756,814
Federal Signal Corp.#..................... 121,200 1,393,800
Harsco Corp............................... 212,600 12,770,882
Lancaster Colony Corp.#................... 55,301 2,130,194
Matthews International Corp., Class A#.... 79,100 3,491,474
Value
Security Description Shares (Note 2)
---------------------------------------------------------------------
Diversified Manufacturing Operations (continued)
Pentair, Inc.................................. 252,200 $ 8,554,624
Roper Industries, Inc......................... 223,700 14,193,765
SPX Corp...................................... 137,600 14,002,176
Teleflex, Inc................................. 99,500 6,002,835
The Brink's Co................................ 122,400 7,831,152
Trinity Industries, Inc.#..................... 204,900 5,186,019
------------
87,591,772
------------
E-Marketing/Info -- 0.3%
Digital River, Inc.+#......................... 101,400 3,921,138
ValueClick, Inc.+#............................ 253,400 5,990,376
------------
9,911,514
------------
Electric Products - Misc. -- 0.4%
AMETEK, Inc................................... 270,500 11,902,000
------------
Electric - Integrated -- 5.1%
Alliant Energy Corp........................... 282,900 11,746,008
Aquila, Inc.+#................................ 947,000 3,750,120
Black Hills Corp.#............................ 95,400 3,974,364
DPL, Inc.#.................................... 287,000 8,690,360
Energy East Corp.............................. 399,900 11,053,236
Great Plains Energy, Inc.#.................... 217,600 6,458,368
Hawaiian Electric Industries, Inc.#........... 208,500 4,826,775
IDACORP, Inc.#................................ 112,000 3,937,920
MDU Resources Group, Inc...................... 460,000 12,553,400
Northeast Utilities........................... 391,400 12,360,412
NSTAR......................................... 269,900 9,446,500
OGE Energy Corp............................... 231,900 8,255,640
PNM Resources, Inc.#.......................... 193,900 4,300,702
Puget Energy, Inc............................. 295,700 8,300,299
SCANA Corp.................................... 294,700 12,557,167
Sierra Pacific Resources...................... 559,800 9,628,560
Westar Energy, Inc.#.......................... 231,200 5,990,392
Wisconsin Energy Corp......................... 295,500 14,136,720
------------
151,966,943
------------
Electronic Components - Misc. -- 0.4%
Gentex Corp.#................................. 363,100 7,196,642
Vishay Intertechnology, Inc.+................. 470,700 5,879,043
------------
13,075,685
------------
Electronic Components - Semiconductors -- 1.1%
Cree, Inc.+#.................................. 214,100 5,273,283
Fairchild Semiconductor International, Inc.+.. 313,900 4,978,454
International Rectifier Corp.+#............... 183,200 5,957,664
Intersil Corp., Class A....................... 336,300 8,387,322
Semtech Corp.+#............................... 160,600 2,450,756
Silicon Laboratories, Inc.+................... 139,500 5,181,030
------------
32,228,509
------------
Electronic Connectors -- 0.9%
Amphenol Corp., Class A....................... 449,600 19,490,160
Thomas & Betts Corp.+......................... 128,100 6,963,516
------------
26,453,676
------------
Electronic Design Automation -- 0.8%
Cadence Design Systems, Inc.+................. 701,100 11,638,260
Mentor Graphics Corp.+#....................... 226,300 2,464,407
Synopsys, Inc.+............................... 366,100 9,009,721
------------
23,112,388
------------
Electronic Measurement Instruments -- 0.2%
National Instruments Corp..................... 144,800 4,831,976
------------
123
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------
COMMON STOCK (continued)
Electronic Parts Distribution -- 0.8%
Arrow Electronics, Inc.+.................. 312,600 $11,569,326
Avnet, Inc.+.............................. 378,600 13,061,700
-----------
24,631,026
-----------
Engineering/R&D Services -- 1.0%
KBR, Inc.+................................ 426,900 16,999,158
URS Corp.+#............................... 209,100 12,021,159
-----------
29,020,317
-----------
Enterprise Software/Service -- 0.3%
Advent Software, Inc.+#................... 44,200 2,243,592
Sybase, Inc.+............................. 230,900 5,920,276
-----------
8,163,868
-----------
Entertainment Software -- 0.5%
Activision, Inc.+......................... 721,100 15,972,365
-----------
Environmental Monitoring & Detection -- 0.1%
Mine Safety Appliances Co.#............... 74,100 3,631,641
-----------
Filtration/Separation Products -- 0.3%
Donaldson Co., Inc.#...................... 180,400 8,439,112
-----------
Finance - Auto Loans -- 0.1%
AmeriCredit Corp.+#....................... 289,200 3,317,124
-----------
Finance - Investment Banker/Broker -- 0.5%
Jefferies Group, Inc...................... 282,900 7,230,924
Raymond James Financial, Inc.............. 238,300 7,739,984
-----------
14,970,908
-----------
Finance - Mortgage Loan/Banker -- 0.1%
IndyMac Bancorp, Inc.#.................... 203,200 1,940,560
-----------
Financial Guarantee Insurance -- 0.2%
PMI Group, Inc.#.......................... 204,900 2,710,827
Radian Group, Inc.#....................... 203,000 2,302,020
-----------
5,012,847
-----------
Food - Confectionery -- 0.3%
The J. M. Smucker Co...................... 145,300 7,138,589
Tootsie Roll Industries, Inc.#............ 68,200 1,680,448
-----------
8,819,037
-----------
Food - Meat Products -- 0.5%
Hormel Foods Corp......................... 182,800 7,266,300
Smithfield Foods, Inc.+#.................. 295,100 8,867,755
-----------
16,134,055
-----------
Food - Misc. -- 0.2%
Corn Products International, Inc.......... 187,800 7,386,174
-----------
Food - Retail -- 0.1%
Ruddick Corp.#............................ 93,400 3,342,786
-----------
Footwear & Related Apparel -- 0.1%
Timberland Co., Class A+#................. 127,100 2,069,188
-----------
Funeral Services & Related Items -- 0.3%
Service Corp. International............... 725,300 9,631,984
-----------
Gas - Distribution -- 1.4%
AGL Resources, Inc........................ 196,400 7,282,512
Energen Corp.............................. 181,300 11,556,062
ONEOK, Inc................................ 262,400 12,201,600
Vectren Corp.#............................ 193,400 5,678,224
WGL Holdings, Inc.#....................... 124,600 4,116,784
-----------
40,835,182
-----------
Golf -- 0.1%
Callaway Golf Co.#........................ 167,600 2,859,256
-----------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
Hazardous Waste Disposal -- 0.4%
Stericycle, Inc.+........................... 221,300 $13,023,505
-----------
Home Furnishings -- 0.0%
Furniture Brands International, Inc.#....... 122,100 1,236,873
-----------
Hospital Beds/Equipment -- 0.6%
Hillenbrand Industries, Inc................. 156,400 8,420,576
Kinetic Concepts, Inc.+#.................... 135,600 7,951,584
-----------
16,372,160
-----------
Human Resources -- 0.6%
Kelly Services, Inc., Class A............... 59,400 1,131,570
Korn/Ferry International+#.................. 122,200 2,105,506
Manpower, Inc............................... 213,800 13,063,180
MPS Group, Inc.+............................ 257,200 2,854,920
-----------
19,155,176
-----------
Industrial Automated/Robotic -- 0.1%
Nordson Corp.#.............................. 85,400 4,509,120
-----------
Industrial Gases -- 0.3%
Airgas, Inc................................. 200,100 9,900,948
-----------
Instruments-Scientific -- 0.2%
Varian, Inc.+............................... 77,100 5,400,855
-----------
Insurance Brokers -- 0.5%
Arthur J. Gallagher & Co.#.................. 240,800 6,328,224
Brown & Brown, Inc.#........................ 287,200 7,065,120
-----------
13,393,344
-----------
Insurance - Life/Health -- 0.5%
Protective Life Corp........................ 177,200 7,332,536
StanCorp Financial Group, Inc............... 125,200 6,521,668
-----------
13,854,204
-----------
Insurance - Multi-line -- 1.3%
American Financial Group, Inc............... 189,900 5,548,878
Hanover Insurance Group, Inc................ 131,100 5,912,610
HCC Insurance Holdings, Inc................. 284,500 8,745,530
Horace Mann Educators Corp.................. 109,000 2,132,040
Old Republic International Corp............. 585,100 8,782,351
Unitrin, Inc.#.............................. 132,600 6,134,076
-----------
37,255,485
-----------
Insurance - Property/Casualty -- 1.3%
Commerce Group, Inc.#....................... 114,900 4,130,655
Fidelity National Financial, Inc., Class A#. 558,100 8,717,522
First American Corp......................... 241,900 8,268,142
Mercury General Corp.#...................... 89,900 4,664,911
W.R. Berkley Corp........................... 416,300 12,730,454
-----------
38,511,684
-----------
Insurance - Reinsurance -- 0.6%
Everest Re Group, Ltd....................... 159,600 16,746,828
-----------
Internet Content - Entertainment -- 0.1%
NetFlix, Inc.+#............................. 124,800 2,882,880
-----------
Internet Infrastructure Equipment -- 0.1%
Avocent Corp.+#............................. 127,600 3,177,240
-----------
Internet Infrastructure Software -- 0.2%
F5 Networks, Inc.+.......................... 212,700 5,619,534
-----------
Internet Security -- 0.9%
CheckFree Corp.+............................ 223,000 10,614,800
McAfee, Inc.+............................... 403,000 15,696,850
-----------
26,311,650
-----------
124
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------------
COMMON STOCK (continued)
Intimate Apparel -- 0.1%
The Warnaco Group, Inc.+........................ 114,900 $ 4,239,810
-----------
Investment Management/Advisor Services -- 0.7%
Eaton Vance Corp.#.............................. 312,100 13,657,496
Waddell & Reed Financial, Inc., Class A......... 211,700 7,235,906
-----------
20,893,402
-----------
Machine Tools & Related Products -- 0.5%
Kennametal, Inc................................. 98,400 7,680,120
Lincoln Electric Holdings, Inc.................. 108,400 7,563,068
-----------
15,243,188
-----------
Machinery - Construction & Mining -- 0.5%
Joy Global, Inc................................. 272,900 15,828,200
-----------
Machinery - Farming -- 0.5%
AGCO Corp.+..................................... 231,000 15,925,140
-----------
Machinery - General Industrial -- 0.4%
IDEX Corp....................................... 205,700 7,343,490
Wabtec Corp..................................... 123,200 4,181,408
-----------
11,524,898
-----------
Machinery - Print Trade -- 0.2%
Zebra Technologies Corp., Class A+.............. 174,500 6,730,465
-----------
Machinery - Pumps -- 0.7%
Flowserve Corp.................................. 144,000 13,548,960
Graco, Inc...................................... 165,900 6,178,116
-----------
19,727,076
-----------
Medical Information Systems -- 0.3%
Cerner Corp.+#.................................. 165,700 9,900,575
-----------
Medical Instruments -- 2.1%
Beckman Coulter, Inc.#.......................... 156,300 11,055,099
Edwards Lifesciences Corp.+#.................... 144,800 7,160,360
Intuitive Surgical, Inc.+....................... 95,300 31,227,904
Techne Corp.+................................... 99,900 6,508,485
Ventana Medical Systems, Inc.+.................. 73,800 6,554,916
-----------
62,506,764
-----------
Medical Labs & Testing Services -- 0.5%
Covance, Inc.+.................................. 160,900 14,051,397
-----------
Medical Products -- 0.4%
Henry Schein, Inc.+............................. 224,900 13,302,835
-----------
Medical Sterilization Products -- 0.2%
STERIS Corp..................................... 164,200 4,591,032
-----------
Medical - Biomedical/Gene -- 1.7%
Affymetrix, Inc.+#.............................. 173,000 3,607,050
Charles River Laboratories International, Inc.+. 171,500 10,895,395
Invitrogen Corp.+............................... 116,900 11,340,469
Millennium Pharmaceuticals, Inc.+............... 809,500 11,932,030
PDL BioPharma, Inc.+#........................... 295,100 5,226,221
Vertex Pharmaceuticals, Inc.+#.................. 332,800 8,449,792
-----------
51,450,957
-----------
Medical - Drugs -- 1.2%
Cephalon, Inc.+#................................ 168,800 12,646,496
Endo Pharmaceuticals Holdings, Inc.+............ 338,600 9,281,026
Medicis Pharmaceutical Corp., Class A#.......... 141,000 3,792,900
PharMerica Corp.+#.............................. 1 15
Sepracor, Inc.+#................................ 271,100 7,192,283
Valeant Pharmaceuticals International+#......... 232,200 2,681,910
-----------
35,594,630
-----------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------------
Medical - Generic Drugs -- 0.3%
Par Pharmaceutical Cos., Inc.+#............... 89,700 $ 1,725,828
Perrigo Co.#.................................. 196,400 6,068,760
-----------
7,794,588
-----------
Medical - HMO -- 0.6%
Health Net, Inc.+............................. 281,000 13,650,980
WellCare Health Plans, Inc.+#................. 105,300 4,097,223
-----------
17,748,203
-----------
Medical - Hospitals -- 0.8%
Community Health Systems, Inc.+............... 242,200 8,094,324
Health Management Assoc., Inc.#............... 612,500 4,171,125
LifePoint Hospitals, Inc.+#................... 146,600 4,638,424
Universal Health Services, Inc., Class B...... 136,300 6,944,485
-----------
23,848,358
-----------
Medical - Nursing Homes -- 0.1%
Kindred Healthcare, Inc.+#.................... 75,500 1,855,035
-----------
Medical - Outpatient/Home Medical -- 0.3%
Apria Healthcare Group, Inc.+#................ 110,500 2,394,535
Lincare Holdings, Inc.+....................... 214,500 7,333,755
-----------
9,728,290
-----------
Metal Processors & Fabrication -- 0.7%
Commercial Metals Co.......................... 302,300 9,344,093
Timken Co..................................... 239,700 7,644,033
Worthington Industries, Inc.#................. 174,200 3,691,298
-----------
20,679,424
-----------
Metal - Iron -- 0.3%
Cleveland-Cliffs, Inc.#....................... 103,600 9,344,720
-----------
Motion Pictures & Services -- 0.1%
Macrovision Corp.+#........................... 138,700 3,456,404
-----------
Multimedia -- 0.2%
Belo Corp., Class A........................... 222,100 3,677,976
Media General, Inc., Class A#................. 57,200 1,416,844
-----------
5,094,820
-----------
Networking Products -- 0.3%
3Com Corp.+................................... 1,009,200 4,349,652
Polycom, Inc.+................................ 231,000 5,606,370
-----------
9,956,022
-----------
Non-Hazardous Waste Disposal -- 0.5%
Republic Services, Inc........................ 414,700 13,755,599
-----------
Office Furnishings - Original -- 0.3%
Herman Miller, Inc............................ 155,400 4,265,730
HNI Corp.#.................................... 121,100 4,423,783
-----------
8,689,513
-----------
Oil & Gas Drilling -- 1.0%
Helmerich & Payne, Inc........................ 260,900 9,014,095
Patterson - UTI Energy, Inc.#................. 395,600 7,457,060
Pride International, Inc.+.................... 421,300 13,890,261
-----------
30,361,416
-----------
Oil Companies - Exploration & Production -- 3.9%
Bill Barrett Corp.+#.......................... 84,700 3,269,420
Cimarex Energy Co.#........................... 210,100 8,116,163
Denbury Resources, Inc.+...................... 308,300 16,438,556
Encore Acquisition Co.+....................... 134,400 4,374,720
Forest Oil Corp.+#............................ 222,300 10,465,884
Newfield Exploration Co.+..................... 328,200 16,360,770
125
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-------------------------------------------------------------------------
COMMON STOCK (continued)
Oil Companies - Exploration & Production (continued)
Pioneer Natural Resources Co...................... 306,500 $ 13,660,705
Plains Exploration & Production Co.+#............. 285,000 14,366,850
Quicksilver Resources, Inc.+#..................... 128,800 6,517,280
Southwestern Energy Co.+.......................... 430,000 21,401,100
------------
114,971,448
------------
Oil Field Machinery & Equipment -- 2.0%
Cameron International Corp.+...................... 274,500 25,591,635
FMC Technologies, Inc.+........................... 327,300 18,191,334
Grant Prideco, Inc.+.............................. 324,000 15,584,400
------------
59,367,369
------------
Oil Refining & Marketing -- 0.4%
Frontier Oil Corp................................. 270,600 11,960,520
------------
Oil - Field Services -- 0.9%
Exterran Holdings, Inc.+#......................... 166,200 13,302,648
Superior Energy Services, Inc.+................... 205,800 7,182,420
Tidewater, Inc.#.................................. 141,000 6,893,490
------------
27,378,558
------------
Optical Supplies -- 0.1%
Advanced Medical Optics, Inc.+.................... 152,600 3,848,572
------------
Paper & Related Products -- 0.6%
Louisiana-Pacific Corp.#.......................... 263,800 4,057,244
Potlatch Corp.#................................... 98,700 4,531,317
Rayonier, Inc..................................... 196,700 9,122,946
------------
17,711,507
------------
Pharmacy Services -- 0.3%
Omnicare, Inc.#................................... 307,200 7,827,456
------------
Physical Therapy/Rehabilitation Centers -- 0.2%
Psychiatric Solutions, Inc.+#..................... 137,200 5,011,916
------------
Pipelines -- 0.9%
Equitable Resources, Inc.......................... 307,300 16,243,878
National Fuel Gas Co.#............................ 211,100 10,058,915
------------
26,302,793
------------
Power Converter/Supply Equipment -- 0.3%
Hubbell, Inc., Class B............................ 149,900 8,234,007
------------
Printing - Commercial -- 0.1%
Valassis Communications, Inc.+#................... 121,000 1,491,930
------------
Publishing - Books -- 0.2%
John Wiley & Sons, Inc., Class A.................. 112,900 4,758,735
Scholastic Corp.+#................................ 65,700 2,315,268
------------
7,074,003
------------
Publishing - Newspapers -- 0.4%
Lee Enterprises, Inc.#............................ 100,400 1,405,600
The Washington Post Co., Class B.................. 14,700 11,855,550
------------
13,261,150
------------
Racetrack -- 0.1%
International Speedway Corp., Class A............. 78,900 3,361,929
------------
Radio -- 0.0%
Entercom Communications Corp., Class A#........... 66,900 1,089,801
------------
Real Estate Investment Trusts -- 4.5%
AMB Property Corp................................. 252,400 15,436,784
BRE Properties, Inc., Class A..................... 128,300 5,715,765
Camden Property Trust............................. 141,800 7,460,098
Cousins Properties, Inc.#......................... 94,400 2,243,888
Duke Realty Corp.#................................ 363,600 9,559,044
Equity One, Inc.#................................. 93,300 2,208,411
Health Care REIT, Inc............................. 204,600 9,168,126
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------
Real Estate Investment Trusts (continued)
Highwoods Properties, Inc................. 144,400 $ 4,581,812
Hospitality Properties Trust.............. 237,200 8,667,288
Liberty Property Trust.................... 230,600 7,220,086
Mack - Cali Realty Corp................... 171,700 6,127,973
Nationwide Health Properties, Inc......... 229,800 7,188,144
Realty Income Corp.#...................... 255,300 7,276,050
Regency Centers Corp...................... 175,700 11,673,508
The Macerich Co........................... 181,600 14,101,240
UDR, Inc.#................................ 340,400 7,499,012
Weingarten Realty Investors, Inc.#........ 194,400 6,930,360
------------
133,057,589
------------
Real Estate Management/Services -- 0.3%
Jones Lang LaSalle, Inc.#................. 94,500 7,944,615
------------
Recreational Centers -- 0.2%
Life Time Fitness, Inc.+#................. 85,100 4,622,632
------------
Rental Auto/Equipment -- 0.4%
Avis Budget Group, Inc.+.................. 262,100 3,939,363
Rent-A - Center, Inc.+#................... 174,800 2,475,168
United Rentals, Inc.+#.................... 184,500 4,293,315
------------
10,707,846
------------
Research & Development -- 0.4%
Pharmaceutical Product Development, Inc.#. 263,900 11,173,526
------------
Respiratory Products -- 0.3%
ResMed, Inc.+#............................ 195,700 8,963,060
------------
Retail-Apparel/Shoe -- 1.9%
Aeropostale, Inc.+........................ 194,700 4,974,585
American Eagle Outfitters, Inc............ 542,900 12,426,981
AnnTaylor Stores Corp.+................... 157,100 4,783,695
Charming Shoppes, Inc.+#.................. 309,600 1,712,088
Chico's FAS, Inc.+#....................... 444,600 5,028,426
Collective Brands, Inc.+#................. 165,400 2,535,582
Foot Locker, Inc.......................... 389,900 5,088,195
Pacific Sunwear of California, Inc.+#..... 176,800 2,895,984
Ross Stores, Inc.#........................ 346,300 9,135,394
Urban Outfitters, Inc.+#.................. 284,800 7,461,760
------------
56,042,690
------------
Retail - Auto Parts -- 0.6%
Advance Auto Parts, Inc................... 253,000 9,097,880
O'Reilly Automotive, Inc.+#............... 290,000 9,529,400
------------
18,627,280
------------
Retail - Automobile -- 0.7%
CarMax, Inc.+#............................ 549,800 12,573,926
Copart, Inc.+............................. 182,200 6,806,992
------------
19,380,918
------------
Retail - Bookstore -- 0.2%
Barnes & Noble, Inc....................... 128,200 4,929,290
Borders Group, Inc.#...................... 148,700 1,860,237
------------
6,789,527
------------
Retail - Catalog Shopping -- 0.2%
Coldwater Creek, Inc.+#................... 156,000 1,287,000
MSC Industrial Direct Co., Inc., Class A.. 120,100 5,190,722
------------
6,477,722
------------
Retail - Computer Equipment -- 0.8%
GameStop Corp., Class A+.................. 401,700 23,077,665
------------
126
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------------------
COMMON STOCK (continued)
Retail - Discount -- 0.5%
99 Cents Only Stores+#............................. 118,700 $ 956,722
BJ's Wholesale Club, Inc.+......................... 164,400 6,156,780
Dollar Tree Stores, Inc.+.......................... 240,400 6,889,864
-----------
14,003,366
-----------
Retail - Hair Salons -- 0.1%
Regis Corp......................................... 111,600 3,279,924
-----------
Retail - Mail Order -- 0.2%
Williams-Sonoma, Inc.#............................. 227,600 6,625,436
-----------
Retail - Major Department Stores -- 0.2%
Saks, Inc.+#....................................... 362,200 7,461,320
-----------
Retail - Pet Food & Supplies -- 0.3%
PetSmart, Inc...................................... 339,900 9,680,352
-----------
Retail - Restaurants -- 0.9%
Bob Evans Farms, Inc.#............................. 89,400 2,757,096
Brinker International, Inc......................... 265,700 6,119,071
CBRL Group, Inc.#.................................. 61,800 2,067,828
Chipotle Mexican Grill, Inc., Class A+#............ 83,000 11,051,450
Ruby Tuesday, Inc.#................................ 130,600 1,712,166
The Cheesecake Factory, Inc.+#..................... 182,300 4,245,767
-----------
27,953,378
-----------
Retail - Sporting Goods -- 0.2%
Dick's Sporting Goods, Inc.+#...................... 209,400 6,545,844
-----------
Savings & Loans/Thrifts -- 1.0%
Astoria Financial Corp............................. 207,800 5,203,312
First Niagara Financial Group, Inc.#............... 266,300 3,310,109
New York Community Bancorp, Inc.#.................. 792,800 14,754,008
Washington Federal, Inc............................ 220,700 5,179,829
-----------
28,447,258
-----------
Schools -- 1.1%
Career Education Corp.+#........................... 230,300 6,616,519
Corinthian Colleges, Inc.+#........................ 213,800 3,732,948
DeVry, Inc......................................... 150,800 8,290,984
ITT Educational Services, Inc.+.................... 75,500 8,542,070
Strayer Education, Inc............................. 36,500 6,601,390
-----------
33,783,911
-----------
Semiconductor Equipment -- 0.5%
Lam Research Corp.+................................ 341,200 15,644,020
-----------
Semiconductors Components-Integrated Circuits -- 0.9%
Atmel Corp.+....................................... 1,134,500 4,980,455
Cypress Semiconductor Corp.+#...................... 390,000 12,955,800
Integrated Device Technology, Inc.+................ 495,800 6,014,054
TriQuint Semiconductor, Inc.+#..................... 351,400 2,083,802
-----------
26,034,111
-----------
Soap & Cleaning Preparation -- 0.3%
Church & Dwight Co., Inc........................... 166,600 9,349,592
-----------
Steel - Producers -- 1.1%
Carpenter Technology Corp.#........................ 130,400 9,838,680
Reliance Steel & Aluminum Co....................... 167,600 8,646,484
Steel Dynamics, Inc................................ 263,200 13,241,592
-----------
31,726,756
-----------
Telecom Services -- 0.2%
NeuStar Inc.+#..................................... 193,000 6,131,610
-----------
Telecommunication Equipment -- 1.5%
ADC Telecommunications, Inc.+...................... 296,800 4,915,008
ADTRAN, Inc.#...................................... 154,100 3,342,429
Andrew Corp.+...................................... 394,000 5,776,040
Shares/
Principal Value
Security Description Amount (Note 2)
-----------------------------------------------------------------------
Telecommunication Equipment (continued)
CommScope, Inc.+#...................... 155,700 $ 6,305,850
Harris Corp............................ 347,100 21,787,467
Plantronics, Inc....................... 121,500 3,262,275
--------------
45,389,069
--------------
Telephone - Integrated -- 0.7%
Cincinnati Bell, Inc.+................. 626,800 2,983,568
Telephone and Data Systems, Inc........ 269,000 16,745,250
--------------
19,728,818
--------------
Textile - Home Furnishings -- 0.4%
Mohawk Industries, Inc.+#.............. 139,200 11,197,248
--------------
Tobacco -- 0.1%
Universal Corp.#....................... 69,200 3,714,656
--------------
Transactional Software -- 0.1%
ACI Worldwide, Inc+#................... 92,700 2,116,341
--------------
Transport - Equipment & Leasing -- 0.2%
GATX Corp.#............................ 122,800 4,547,284
--------------
Transport - Marine -- 0.4%
Alexander & Baldwin, Inc.#............. 108,600 5,579,868
Overseas Shipholding Group, Inc.#...... 71,900 5,148,040
--------------
10,727,908
--------------
Transport - Truck -- 0.5%
Con - way, Inc.#....................... 115,700 4,891,796
J.B. Hunt Transport Services, Inc.#.... 217,900 5,728,591
Werner Enterprises, Inc.#.............. 116,200 2,039,310
YRC Worldwide, Inc.+#.................. 145,800 2,582,118
--------------
15,241,815
--------------
Veterinary Diagnostics -- 0.3%
VCA Antech, Inc.+...................... 212,100 8,702,463
--------------
Vitamins & Nutrition Products -- 0.1%
NBTY, Inc.+............................ 142,900 4,268,423
--------------
Water -- 0.2%
Aqua America, Inc.#.................... 335,000 7,416,900
--------------
Wireless Equipment -- 0.2%
Powerwave Technologies, Inc.+#......... 330,400 1,367,856
RF Micro Devices, Inc.+#............... 729,000 4,213,620
--------------
5,581,476
--------------
X-Ray Equipment -- 0.6%
Hologic, Inc.+......................... 289,300 19,206,627
--------------
Total Long-Term Investment Securities
(cost $2,475,909,840)................. 2,905,056,088
--------------
SHORT-TERM INVESTMENT SECURITIES -- 23.2%
Collective Investment Pool -- 21.6%
Securities Lending Quality Trust(1).... 637,866,394 637,866,394
--------------
Commercial Paper -- 1.5%
Erste Finance LLC 4.62% due 12/03/07... $ 43,000,000 42,988,963
--------------
U.S. Government Treasuries -- 0.1%
United States Treasury Bill
2.57% due 02/07/08(2)................. 1,900,000 1,889,772
--------------
Total Short-Term Investment Securities
(cost $682,745,129)................... 682,745,129
--------------
TOTAL INVESTMENTS
(cost $3,158,654,969)(3).............. 121.7% 3,587,801,217
Liabilities in excess of other assets.... (21.7) (638,649,778)
------------ --------------
NET ASSETS -- 100.0% $2,949,151,439
============ ==============
127
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
- --------
# The security or a portion thereof is out on loan (See Note 2)
+ Non-income producing security
(1)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(2)The security or a portion thereof was pledged as collateral to cover margin
requirements for open futures contracts.
(3)See Note 5 for cost of investments on a tax basis.
Open Futures Contracts
- --------------------------------------------------------------------------------------------------
Unrealized
Number of Expiration Value at Value as of Appreciation
Contracts Description Date Trade Date November 30, 2007 (Depreciation)
- --------------------------------------------------------------------------------------------------
156 Short S&P Midcap 400 Index....... December 2007 $ 70,681,200 $ 67,290,600 $ 3,390,600
1,270 Long S&P Midcap 400 E-mini Index December 2007 114,100,051 109,562,900 (4,537,151)
-----------
$(1,146,551)
===========
See Notes to Financials Statements
128
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Collective Investment Pool............... 21.5%
Oil Companies -- Exploration & Production 5.9
Time Deposits............................ 4.5
Data Processing/Management............... 2.9
Electronic Components -- Semiconductors.. 2.5
Finance -- Other Services................ 2.5
Medical Instruments...................... 2.5
Internet Application Software............ 2.4
E-Commerce/Services...................... 2.2
Internet Content -- Information/News..... 2.2
Transport -- Services.................... 2.2
Retail -- Restaurants.................... 2.1
Retail -- Apparel/Shoe................... 2.0
Advertising Sales........................ 1.9
Casino Hotels............................ 1.8
Diagnostic Equipment..................... 1.7
Machinery -- Farming..................... 1.7
Oil Field Machinery & Equipment.......... 1.7
Broadcast Services/Program............... 1.6
Building Products -- Cement.............. 1.6
Commercial Services...................... 1.6
Industrial Audio & Video Products........ 1.6
Advertising Services..................... 1.5
Internet Content -- Entertainment........ 1.5
Engineering/R&D Services................. 1.4
Chemicals -- Diversified................. 1.3
E-Commerce/Products...................... 1.3
Private Corrections...................... 1.3
Real Estate Operations & Development..... 1.3
Aerospace/Defense -- Equipment........... 1.2
Apparel Manufacturers.................... 1.2
Computer Aided Design.................... 1.2
Consulting Services...................... 1.2
Distribution/Wholesale................... 1.2
Investment Management/Advisor Services... 1.2
Medical Labs & Testing Services.......... 1.2
Metal Processors & Fabrication........... 1.2
Respiratory Products..................... 1.2
Building -- Heavy Construction........... 1.1
Energy -- Alternate Sources.............. 1.1
Hazardous Waste Disposal................. 1.1
Medical -- Biomedical/Gene............... 1.1
Oil & Gas Drilling....................... 1.1
Hotels/Motels............................ 1.0
Retail -- Computer Equipment............. 1.0
Telecom Equipment -- Fiber Optics........ 1.0
Transport -- Marine...................... 1.0
Water Treatment Systems.................. 1.0
Web Hosting/Design....................... 1.0
Beverages -- Non-alcoholic............... 0.9
Cellular Telecom......................... 0.9
Diversified Operations................... 0.9
Machinery -- General Industrial.......... 0.9
Medical -- Drugs......................... 0.9
Retail -- Jewelry........................ 0.9
Schools.................................. 0.9
Web Portals/ISP.......................... 0.9
Applications Software.................... 0.8
Containers -- Metal/Glass................ 0.8
Electronic Measurement Instruments....... 0.8
Internet Infrastructure Software......... 0.8
Medical -- Nursing Homes................. 0.8
Computer Services........................ 0.7
Diversified Manufacturing Operations..... 0.7
Pipelines................................ 0.7
Wireless Equipment....................... 0.7
X-Ray Equipment.......................... 0.7
Airport Development/Maintenance.......... 0.6
Insurance -- Property/Casualty........... 0.6
Networking Products............... 0.6
Semiconductor Equipment........... 0.6
Airlines.......................... 0.5
Coal.............................. 0.5
Oil -- Field Services............. 0.5
Building -- Residential/Commerical 0.4
Textile -- Home Furnishings....... 0.4
Commercial Services -- Finance.... 0.3
-----
122.2%
=====
* Calculated as a percentage of net assets
129
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-------------------------------------------------------------------
COMMON STOCK -- 96.2%
Advertising Sales -- 1.9%
Focus Media Holding, Ltd. ADR+#............... 101,541 $5,730,974
Lamar Advertising Co., Class A................ 26,852 1,396,573
----------
7,127,547
----------
Advertising Services -- 1.5%
Aeroplan Income Fund.......................... 243,789 5,607,427
----------
Aerospace/Defense - Equipment -- 1.2%
BE Aerospace, Inc.+........................... 101,200 4,756,400
----------
Airlines -- 0.5%
UAL Corp.+#................................... 49,678 2,033,817
----------
Airport Development/Maintenance -- 0.6%
Grupo Aeroportuario del Pacifico SA de CV ADR. 50,449 2,317,123
----------
Apparel Manufacturers -- 1.2%
Coach, Inc.+.................................. 77,780 2,888,749
Guess ?, Inc.#................................ 38,600 1,811,498
----------
4,700,247
----------
Applications Software -- 0.8%
Salesforce.com, Inc.+......................... 51,057 2,896,464
----------
Beverages - Non-alcoholic -- 0.9%
Hansen Natural Corp.+#........................ 82,000 3,559,620
----------
Broadcast Services/Program -- 1.6%
Discovery Holding Co., Class A+............... 119,323 2,918,640
Grupo Televisa SA ADR......................... 140,398 3,393,420
----------
6,312,060
----------
Building Products - Cement -- 1.6%
Martin Marietta Materials, Inc.#.............. 32,504 4,373,413
Texas Industries, Inc.#....................... 26,858 1,863,408
----------
6,236,821
----------
Building - Heavy Construction -- 1.1%
Chicago Bridge & Iron Co. NV.................. 78,100 4,151,015
----------
Building - Residential/Commercial -- 0.4%
NVR, Inc.+#................................... 2,897 1,425,324
----------
Casino Hotel -- 1.8%
Wynn Resorts, Ltd............................. 53,798 6,829,118
----------
Cellular Telecom -- 0.9%
NII Holdings, Inc.+........................... 63,147 3,483,188
----------
Chemicals - Diversified -- 1.3%
FMC Corp...................................... 92,900 5,083,488
----------
Coal -- 0.5%
CONSOL Energy, Inc............................ 33,500 1,985,880
----------
Commercial Services -- 1.6%
ChoicePoint, Inc.+............................ 66,718 2,525,276
Iron Mountain, Inc.+#......................... 83,292 3,038,492
Weight Watchers International, Inc.#.......... 10,778 514,650
----------
6,078,418
----------
Commercial Services - Finance -- 0.3%
Morningstar, Inc.+............................ 13,633 1,109,045
----------
Computer Aided Design -- 1.2%
Autodesk, Inc.+............................... 93,903 4,421,892
----------
Computer Services -- 0.7%
IHS, Inc.+.................................... 38,853 2,725,149
----------
Consulting Services -- 1.2%
Corporate Executive Board Co.#................ 66,473 4,459,674
----------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------------
Containers - Metal/Glass -- 0.8%
Greif, Inc., Class A#....................... 52,500 $ 3,101,175
-----------
Data Processing/Management -- 2.9%
Mastercard, Inc., Class A#.................. 55,763 11,188,846
-----------
Diagnostic Equipment -- 1.7%
Gen - Probe, Inc.+.......................... 97,729 6,537,093
-----------
Distribution/Wholesale -- 1.2%
Li & Fung, Ltd.............................. 1,122,000 4,472,601
-----------
Diversified Manufacturing Operations -- 0.7%
Roper Industries, Inc....................... 44,500 2,823,525
-----------
Diversified Operations -- 0.9%
Leucadia National Corp.#.................... 71,990 3,380,650
-----------
E - Commerce/Products -- 1.3%
Amazon.com, Inc.+........................... 53,300 4,826,848
-----------
E - Commerce/Services -- 2.2%
Alibaba.com, Ltd.+.......................... 394,800 2,013,057
Ctrip.com International, Ltd. ADR........... 50,883 3,058,577
Monster Worldwide, Inc.+.................... 84,561 2,855,625
priceline.com, Inc.+........................ 3,269 372,012
-----------
8,299,271
-----------
Electronic Components - Semiconductors -- 2.5%
Broadcom Corp., Class A+.................... 75,500 2,018,870
Intersil Corp., Class A..................... 56,500 1,409,110
MEMC Electronic Materials, Inc.+............ 32,900 2,552,382
NVIDIA Corp.+............................... 44,900 1,416,146
Silicon Laboratories, Inc.+................. 60,900 2,261,826
-----------
9,658,334
-----------
Electronic Measurement Instruments -- 0.8%
Trimble Navigation, Ltd.+................... 82,500 3,058,275
-----------
Energy - Alternate Sources -- 1.1%
First Solar, Inc.+#......................... 17,800 4,221,270
-----------
Engineering/R&D Services -- 1.4%
Aecom Technology Corp.+#.................... 49,837 1,325,166
Fluor Corp.#................................ 27,000 3,973,590
-----------
5,298,756
-----------
Finance - Other Services -- 2.5%
Intercontinental Exchange, Inc.+............ 56,808 9,484,664
-----------
Hazardous Waste Disposal -- 1.1%
Stericycle, Inc.+........................... 72,270 4,253,089
-----------
Hotels/Motels -- 1.0%
Choice Hotels International, Inc.#.......... 51,053 1,768,986
Marriott International, Inc., Class A....... 50,463 1,892,363
-----------
3,661,349
-----------
Industrial Audio & Video Products -- 1.6%
Dolby Laboratories, Inc., Class A+.......... 123,200 6,189,568
-----------
Insurance - Property/Casualty -- 0.6%
Alleghany Corp.+#........................... 5,722 2,340,298
-----------
Internet Application Software -- 2.4%
Tencent Holdings, Ltd....................... 625,000 4,723,994
Vocus, Inc.+................................ 144,000 4,521,600
-----------
9,245,594
-----------
Internet Content - Entertainment -- 1.5%
Shanda Interactive Entertainment, Ltd.+
Sponsored ADR#............................. 159,200 5,836,272
-----------
130
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------------
COMMON STOCK (continued)
Internet Content - Information/News -- 2.2%
Baidu.com ADR+#............................... 22,542 $ 8,610,142
-----------
Internet Infrastructure Software -- 0.8%
Akamai Technologies, Inc.+#................... 80,600 3,067,636
-----------
Investment Management/Advisor Services -- 1.2%
Calamos Asset Management, Inc., Class A#...... 94,726 2,804,837
GLG Partners' Inc.+#.......................... 140,518 1,932,122
-----------
4,736,959
-----------
Machinery - Farming -- 1.7%
AGCO Corp.+#.................................. 96,400 6,645,816
-----------
Machinery - General Industrial -- 0.9%
The Manitowoc Co., Inc........................ 81,300 3,565,005
-----------
Medical Instruments -- 2.5%
Intuitive Surgical, Inc.+..................... 18,100 5,931,008
Techne Corp.+................................. 57,092 3,719,544
-----------
9,650,552
-----------
Medical Labs & Testing Services -- 1.2%
Covance, Inc.+................................ 53,173 4,643,598
-----------
Medical - Biomedical/Gene -- 1.1%
Illumina, Inc.+#.............................. 72,019 4,161,978
-----------
Medical - Drugs -- 0.9%
K - V Pharmaceutical Co., Class A+#........... 126,100 3,556,020
-----------
Medical - Nursing Homes -- 0.8%
Sun Healthcare Group, Inc.+#.................. 173,700 2,881,683
-----------
Metal Processors & Fabrication -- 1.2%
Precision Castparts Corp...................... 31,800 4,685,412
-----------
Networking Products -- 0.6%
Foundry Networks, Inc.+#...................... 119,700 2,110,311
-----------
Oil & Gas Drilling -- 1.1%
Transocean, Inc............................... 30,852 4,235,671
-----------
Oil Companies - Exploration & Production -- 5.9%
Quicksilver Resources, Inc.+#................. 68,900 3,486,340
Range Resources Corp.......................... 107,600 4,377,168
Southwestern Energy Co.+...................... 105,963 5,273,779
Ultra Petroleum Corp.+........................ 144,345 9,367,990
-----------
22,505,277
-----------
Oil Field Machinery & Equipment -- 1.7%
Cameron International Corp.+#................. 35,400 3,300,342
National-Oilwell Varco, Inc.+................. 47,500 3,237,125
-----------
6,537,467
-----------
Oil - Field Services -- 0.5%
Helix Energy Solutions Group, Inc.+#.......... 46,200 1,875,258
-----------
Pipelines -- 0.7%
Questar Corp.................................. 51,244 2,738,992
-----------
Private Corrections -- 1.3%
Corrections Corp. of America+................. 123,200 3,758,832
Geo Group, Inc.+#............................. 44,600 1,135,516
-----------
4,894,348
-----------
Value
Security Description Shares (Note 2)
Real Estate Operations & Development -- 1.3%
Brookfield Asset Management, Inc. Class A........ 70,807 $ 2,565,338
Forest City Enterprises, Inc., Class A#.......... 49,173 2,465,534
------------
5,030,872
------------
Respiratory Products -- 1.2%
Respironics, Inc.+............................... 92,100 4,536,846
------------
Retail - Apparel/Shoe -- 2.0%
Abercrombie & Fitch Co., Class A................. 67,467 5,534,993
Lululemon Athletica, Inc.+#...................... 53,912 1,976,953
------------
7,511,946
------------
Retail - Computer Equipment -- 1.0%
GameStop Corp., Class A+......................... 67,900 3,900,855
------------
Retail - Jewelry -- 0.9%
Tiffany & Co..................................... 72,200 3,352,246
------------
Retail - Restaurants -- 2.1%
Chipotle Mexican Grill, Inc., Class B+#.......... 25,132 2,903,249
Starbucks Corp.+................................. 227,364 5,318,044
------------
8,221,293
------------
School -- 0.9%
Apollo Group, Inc., Class A+..................... 43,922 3,360,912
------------
Semiconductor Equipment -- 0.6%
Varian Semiconductor Equipment Associates, Inc.+. 57,400 2,382,674
------------
Telecom Equipment - Fiber Optics -- 1.0%
Ciena Corp.+#.................................... 88,800 3,905,424
------------
Telecom Services -- 0.0%
SAVVIS, Inc.+#................................... 5,386 172,567
------------
Textile - Home Furnishings -- 0.4%
Mohawk Industries, Inc.+#........................ 18,055 1,452,344
------------
Transport - Marine -- 1.0%
DryShips, Inc.#.................................. 39,200 3,703,616
------------
Transport - Services -- 2.2%
C.H. Robinson Worldwide, Inc..................... 88,309 4,552,329
Expeditors International of Washington, Inc...... 81,639 3,830,502
------------
8,382,831
------------
Water Treatment Systems -- 1.0%
Nalco Holding Co................................. 163,803 3,924,720
------------
Web Hosting/Design -- 1.0%
Equinix, Inc.+#.................................. 36,362 3,785,648
------------
Web Portals/ISP -- 0.9%
Sohu.com, Inc.+#................................. 59,300 3,402,634
------------
Wireless Equipment -- 0.7%
Crown Castle International Corp.+................ 64,236 2,694,700
------------
X - Ray Equipment -- 0.7%
Hologic, Inc.+#.................................. 41,800 2,775,102
------------
Total Long - Term Investment Securities
(cost $315,829,831)............................. 368,776,550
------------
131
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Shares/
Principal Value
Security Description Amount (Note 2)
- ----------------------------------------------------------------------------------
SHORT - TERM INVESTMENT SECURITIES -- 26.0%
Collective Investment Pool -- 21.5%
Securities Lending Quality Trust(1).................. 82,398,480 $ 82,398,480
------------
Time Deposit -- 4.5%
Euro Time Deposit with State Street Bank & Trust Co.
3.35% due 12/03/07.................................. $17,274,000 17,274,000
------------
Total Short - Term Investment Securities
(cost $99,672,480).................................. 99,672,480
------------
TOTAL INVESTMENTS
(cost $415,502,311)(2).............................. 122.2% 468,449,030
Liabilities in excess of other assets.................. (22.2) (84,987,375)
----------- ------------
NET ASSETS -- 100.0% $383,461,655
=========== ============
- --------
+ Non-income producing security
# The security or a portion thereof is out on loan (See Note 2)
(1)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(2)See Note 5 for cost of investments on a tax basis.
ADRAmerican Depository Receipt
See Notes to Financial Statements
132
VALIC Company I Money Market Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Diversified Financial Services... 18.5%
U.S. Government Securities....... 16.6
Foreign Banks.................... 13.5
Money Center Banks............... 13.2
Sovereign Agency................. 12.1
Commercial Banks................. 8.3
Finance.......................... 5.4
Domestic Banks................... 4.0
Super Regional Banks............. 3.9
Investment Banks/Brokerage....... 3.2
Asset Backed/Finance............. 0.9
----
99.6%
====
Weighted Average Days to Maturity 71.6
Credit Quality@#
A-1 99.1%
D.. 0.9
-----
100.0%
=====
* Calculated as a percentage of net assets.
@ Source: Standard & Poors.
# Calculated as a percentage of total debt issues.
133
VALIC Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
------------------------------------------------------------------
SHORT-TERM INVESTMENT SECURITIES -- 86.5%
Certificates of Deposit -- 22.2%
ABN Amro Bank NV
5.15% due 12/27/07.................... $ 6,000,000 $ 6,000,118
Bank of America Corp.
4.66% due 03/28/08.................... 14,000,000 14,000,000
Bank of Scotland PLC
4.75% due 02/29/08.................... 6,000,000 6,000,000
Barclays Bank PLC
4.62% due 03/17/08.................... 2,100,000 2,099,883
Calyon
5.33% due 03/04/08.................... 14,000,000 14,000,175
Citibank NA
4.77% due 01/24/08.................... 11,000,000 11,000,000
Citibank NA
4.81% due 01/23/08.................... 10,000,000 10,000,000
Dexia Credit Local SA
4.71% due 12/03/07.................... 5,000,000 5,000,003
Fortis Bank
5.27% due 02/19/08.................... 7,000,000 7,000,075
Fortis Bank
5.27% due 04/28/08.................... 4,000,000 3,999,390
Lloyds Bank PLC
5.05% due 01/04/08.................... 6,000,000 6,000,056
Royal Bank of Canada
4.63% due 04/04/08.................... 4,500,000 4,499,689
Royal Bank of Scotland
5.25% due 01/11/08.................... 1,500,000 1,500,038
State Street Bank & Trust Co.
4.62% due 12/17/07.................... 12,500,000 12,500,000
UBS AG
5.05% due 03/20/08.................... 14,000,000 14,025,187
Wachovia Bank NA
5.12% due 02/25/08.................... 1,000,000 1,000,465
------------
Total Certificates of Deposit
(amortized cost $118,625,079)......... 118,625,079
------------
Commercial Paper -- 26.0%
Bank of America Corp.
4.78% due 12/28/07(1)................. 6,000,000 6,000,063
Deutsche Bank Financial LLC
4.54% due 12/03/07.................... 8,000,000 7,997,982
Deutsche Bank Financial LLC
4.55% due 12/03/07.................... 14,000,000 13,996,461
General Electric Co.
4.47% due 12/05/07.................... 9,000,000 8,995,530
HSBC Bank USA
5.20% due 12/27/07.................... 6,000,000 5,977,467
J.P. Morgan Chase & Co.
4.40% due 12/14/07.................... 7,000,000 6,988,878
J.P. Morgan Chase & Co.
4.45% due 12/05/07.................... 7,500,000 7,496,292
Lloyds TSB Bank PLC
4.57% due 12/03/07.................... 6,000,000 5,998,477
Rabobank Nederland
4.70% due 01/30/08.................... 8,500,000 8,500,700
Rabobank USA Financial Co.
4.56% due 12/03/07.................... 15,000,000 14,996,200
Societe Generale NA
4.56% due 12/03/07.................... 7,000,000 6,998,227
Societe Generale NA
4.65% due 12/07/07.................... 6,800,000 6,794,730
Societe Generale NA
5.09% due 01/15/08.................... 8,000,000 7,949,150
Principal Value
Security Description Amount (Note 2)
------------------------------------------------------------------------
Commercial Paper (continued)
State Street Boston Corp.
4.50% due 12/04/07.......................... $ 5,500,000 $ 5,497,937
UBS Finance Delaware LLC
4.45% due 12/03/07.......................... 5,000,000 4,998,764
UBS Finance Delaware LLC
4.51% due 12/14/07.......................... 3,000,000 2,995,120
Wells Fargo & Co.
4.43% due 12/03/07.......................... 6,500,000 6,498,400
Wells Fargo Bank NA
4.55% due 12/05/07.......................... 10,000,000 10,000,000
------------
Total Commercial Paper
(amortized cost $138,680,378)............... 138,680,378
------------
Medium Term Notes -- 9.7%
General Electric Capital Corp.
4.71% due 04/11/08(1)....................... 8,500,000 8,502,266
Merrill Lynch & Co., Inc.
4.77% due 08/22/08(1)....................... 8,000,000 8,000,000
Merrill Lynch & Co., Inc.
4.79% due 09/12/08.......................... 3,000,000 3,000,000
Morgan Stanley
5.49% due 01/18/08(1)....................... 6,000,000 6,001,196
Royal Bank of Scotland PLC
5.37% due 06/06/08(1)....................... 5,000,000 5,001,352
Sedna Finance, Inc.
5.20% due 01/11/08(1)....................... 11,500,000 11,499,935
SIV Portfolio LLC
5.20% due 01/07/08(1)(2)(3)(4).............. 5,000,000 5,000,000
Wells Fargo & Co.
4.74% due 09/03/08(1)....................... 5,000,000 5,000,000
------------
Total Medium Term Notes
(amortized cost $52,004,749)................ 52,004,749
------------
U.S. Government Agencies -- 12.1%
Federal Farm Credit Bank
3.80% due 12/03/07.......................... 12,000,000 11,997,467
4.27% due 12/04/07.......................... 11,500,000 11,495,908
Federal Home Loan Bank
3.80% due 12/03/07.......................... 3,000,000 2,999,367
4.39% due 12/05/07.......................... 10,500,000 10,494,884
5.80% due 09/02/08.......................... 12,000,000 12,127,363
Federal National Mtg. Assoc.
4.31% due 12/12/07.......................... 6,500,000 6,491,460
5.55% due 06/04/10.......................... 9,000,000 9,000,884
------------
Total U.S. Government Agencies
(amortized cost $64,607,333)................ 64,607,333
------------
U.S. Government Treasuries -- 16.5%
United States Treasury Notes
2.63% due 05/15/08.......................... 8,000,000 7,948,895
3.13% due 09/15/08.......................... 15,000,000 14,901,178
4.13% due 08/15/08.......................... 15,000,000 14,998,982
4.38% due 12/31/07.......................... 10,000,000 10,003,024
4.38% due 01/31/08.......................... 7,000,000 7,004,484
4.63% due 02/29/08.......................... 15,000,000 15,016,875
4.88% due 04/30/08.......................... 10,000,000 10,030,404
4.88% due 05/31/08.......................... 8,000,000 8,029,628
------------
Total U.S. Government Treasuries
(amortized cost $87,933,470)................ 87,933,470
------------
Total Short-Term Investment Securities -- 86.5%
(amortized cost $461,851,009)............... 461,851,009
------------
134
VALIC Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Principal Value
Security Description Amount (Note 2)
---------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 13.1%
Repurchase Agreement -- 13.1%
UBS Warburg, LLC Joint Repurchase Agreement(5)
(cost $69,597,000)............................ $69,597,000 $ 69,597,000
------------
TOTAL INVESTMENTS
(amortized cost $531,448,009)(6).............. 99.6% 531,448,009
Other assets less liabilities.................... 0.4 2,383,859
----------- ------------
NET ASSETS -- 100.0% $533,831,868
=========== ============
- --------
(1)Floating rate security where the rate fluctuates. The rate moves up or down
at each reset date. The rate reflected is as of November 30, 2007.
(2)Fair valued security; see Note 2
(3)Bond in default
(4)On August 28, 2007, mark to market losses experienced in the investment
portfolio of SIV Portfolio, PLC ("SIV Portfolio") (formerly Cheyne Finance
PLC), the issuer of the underlying notes held by SIV Portfolio LLC, the
issuer of the medium term notes (the "Notes") held by the Fund, triggered
the appointment of receivers (Deloitte & Touche LLP) (collectively, the
"Receiver"). On October 17, 2007, the Receiver determined that SIV Portfolio
was, or was about to become, unable to pay its debts as they came due and
that an insolvency event had occurred. As a result of this determination,
the Notes became immediately due and payable and are in default as a result
of non-payment. These events, which are based on published reports,
materially adversely affect the ability of SIV Portfolio to make interest
and principal payments due on the Notes. According to additional public
reports as of January 18, 2008, the Receiver is in the process of
negotiating a refinancing of SIV Portfolio or a sale of its assets, however,
there can be no assurance that such a transaction will be consummated. Any
such transaction may impact the nature and amount of principal and interest
payable to the Fund.
(5)See Note 2 for details of Joint Repurchase Agreements.
(6)See Note 5 for cost of investments on a tax basis.
See Notes to Financial Statements
135
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Collective Investment Pool....................... 17.7%
Computers........................................ 16.4
Applications Software............................ 7.0
Web Portals/ISP.................................. 6.1
Commercial Paper................................. 5.9
Electronic Components -- Semiconductors.......... 5.5
Medical -- Biomedical/Gene....................... 5.4
Wireless Equipment............................... 4.5
Networking Products.............................. 3.7
E -- Commerce/Services........................... 3.5
Enterprise Software/Service...................... 2.6
Therapeutics..................................... 2.5
Cable TV......................................... 2.1
Internet Security................................ 1.8
Repurchase Agreements............................ 1.7
Semiconductor Equipment.......................... 1.6
Medical -- Generic Drugs......................... 1.4
Data Processing/Management....................... 1.3
E -- Commerce/Products........................... 1.3
Electronic Forms................................. 1.3
Retail -- Restaurants............................ 1.3
Cellular Telecom................................. 1.2
Entertainment Software........................... 1.2
Auto -- Heavy Duty Trucks........................ 1.1
Electronic Measurement Instruments............... 1.1
Transport -- Services............................ 1.0
Computers -- Memory Devices...................... 0.9
Semiconductors Components -- Intergrated Circuits 0.9
Casino Hotels.................................... 0.8
Pharmacy Services................................ 0.8
Retail -- Discount............................... 0.8
Retail -- Major Department Stores................ 0.8
Broadcast Services/Program....................... 0.7
Schools.......................................... 0.7
Computer Aided Design............................ 0.6
Dental Supplies & Equipment...................... 0.6
Electronic Components -- Misc.................... 0.6
Engineering/R&D Services......................... 0.6
Medical Instruments.............................. 0.6
Radio............................................ 0.6
Retail -- Bedding................................ 0.6
Retail -- Office Supplies........................ 0.6
Airlines......................................... 0.5
Computer Services................................ 0.5
Medical -- Drugs................................. 0.4
Telecom Services................................. 0.4
U.S. Government Treasuries....................... 0.4
Chemicals -- Specialty........................... 0.3
Computers -- Periphery Equipment................. 0.3
Distribution/Wholesale........................... 0.3
Electronic Design Automation..................... 0.3
Food -- Retail................................... 0.3
Internet Infrastructure Software................. 0.3
Linen Supply & Related Items..................... 0.3
Machinery -- Construction & Mining............... 0.3
Medical Products................................. 0.3
Telephone -- Integrated.......................... 0.3
Advertising Sales................................ 0.2
Oil & Gas Drilling............................... 0.2
Retail -- Apparel/Shoe........................... 0.2
Retail -- Pet Food & Supplies.................... 0.2
Telecommunication Equipment...................... 0.1
-----
117.5%
=====
* Calculated as a percentage of net assets
136
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
- --------------------------------------------------------------------------------
COMMON STOCK -- 91.8%
Advertising Sales -- 0.2%
Lamar Advertising Co., Class A............................. 4,180 $ 217,402
-----------
Airlines -- 0.5%
Ryanair Holdings PLC ADR+#................................. 6,189 251,088
UAL Corp.+#................................................ 5,777 236,510
-----------
487,598
-----------
Applications Software -- 7.0%
Citrix Systems, Inc.+...................................... 11,997 443,649
Infosys Technologies, Ltd. ADR#............................ 5,955 251,003
Intuit, Inc.+.............................................. 22,580 662,046
Microsoft Corp............................................. 171,755 5,770,968
-----------
7,127,666
-----------
Auto - Heavy Duty Trucks -- 1.1%
PACCAR, Inc.#.............................................. 22,248 1,125,971
-----------
Broadcast Services/Program -- 0.7%
Discovery Holding Co., Class A+#........................... 12,693 310,471
Liberty Global, Inc., Class A+#............................ 10,366 421,067
-----------
731,538
-----------
Cable TV -- 2.1%
Comcast Corp., Class A+.................................... 77,291 1,587,557
EchoStar Communications Corp., Class A+.................... 11,486 495,047
-----------
2,082,604
-----------
Casino Hotel -- 0.8%
Wynn Resorts, Ltd.#........................................ 6,378 809,623
-----------
Cellular Telecom -- 1.2%
Leap Wireless International, Inc.+#........................ 3,607 125,199
Millicom International Cellular SA+#....................... 5,196 619,779
NII Holdings, Inc.+#....................................... 8,943 493,296
-----------
1,238,274
-----------
Chemicals - Specialty -- 0.3%
Sigma - Aldrich Corp.#..................................... 6,675 351,439
-----------
Computer Aided Design -- 0.6%
Autodesk, Inc.+............................................ 12,756 600,680
-----------
Computer Services -- 0.5%
Cognizant Technology Solutions Corp., Class A+............. 15,009 466,780
-----------
Computers -- 16.4%
Apple, Inc.+............................................... 64,565 11,765,034
Dell, Inc.+................................................ 44,484 1,091,637
Research In Motion, Ltd.+.................................. 29,812 3,393,202
Sun Microsystems, Inc.+.................................... 19,188 398,727
-----------
16,648,600
-----------
Computers - Memory Devices -- 0.9%
Network Appliance, Inc.+................................... 19,805 489,381
SanDisk Corp.+#............................................ 11,127 416,595
-----------
905,976
-----------
Computers - Periphery Equipment -- 0.3%
Logitech International SA+#................................ 9,439 321,209
-----------
Data Processing/Management -- 1.3%
Fiserv, Inc.+.............................................. 10,986 563,911
Paychex, Inc............................................... 19,338 754,182
-----------
1,318,093
-----------
Dental Supplies & Equipment -- 0.6%
Dentsply International, Inc................................ 7,769 332,358
Patterson Cos., Inc.+#..................................... 7,144 229,894
-----------
562,252
-----------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------
Distribution/Wholesale -- 0.3%
Fastenal Co.#............................... 7,662 $ 303,722
----------
E - Commerce/Products -- 1.3%
Amazon.com, Inc.+........................... 14,611 1,323,172
----------
E - Commerce/Services -- 3.5%
eBay, Inc.+................................. 53,929 1,808,239
Expedia, Inc.+#............................. 14,620 476,612
IAC/InterActive Corp.+#..................... 15,959 444,139
Liberty Media Corp., Series A+.............. 30,905 622,736
Monster Worldwide, Inc.+#................... 7,124 240,578
----------
3,592,304
----------
Electronic Components - Misc. -- 0.6%
Flextronics International, Ltd.+............ 48,032 574,463
----------
Electronic Components - Semiconductors -- 5.5%
Altera Corp.#............................... 25,779 484,130
Broadcom Corp., Class A+.................... 22,733 607,880
Intel Corp.................................. 108,854 2,838,912
Microchip Technology, Inc.#................. 9,681 278,716
NVIDIA Corp.+............................... 28,686 904,756
Xilinx, Inc.#............................... 21,073 461,499
----------
5,575,893
----------
Electronic Design Automation -- 0.3%
Cadence Design Systems, Inc.+............... 15,478 256,935
----------
Electronic Forms -- 1.3%
Adobe Systems, Inc.+........................ 30,697 1,293,572
----------
Electronic Measurement Instruments -- 1.1%
Garmin, Ltd.#............................... 10,696 1,148,216
----------
Engineering/R&D Services -- 0.6%
Foster Wheeler, Ltd.+....................... 3,965 590,785
----------
Enterprise Software/Service -- 2.6%
BEA Systems, Inc.+.......................... 19,345 306,231
Oracle Corp.+............................... 113,483 2,290,087
----------
2,596,318
----------
Entertainment Software -- 1.2%
Activision, Inc.+........................... 13,569 300,553
Electronic Arts, Inc.+#..................... 16,739 940,565
----------
1,241,118
----------
Food - Retail -- 0.3%
Whole Foods Market, Inc.#................... 7,256 312,081
----------
Internet Infrastructure Software -- 0.3%
Akamai Technologies, Inc.+#................. 8,446 321,455
----------
Internet Security -- 1.8%
Check Point Software Technologies+.......... 11,708 267,177
CheckFree Corp.+............................ 4,479 213,200
Symantec Corp.+............................. 49,121 874,354
VeriSign, Inc.+#............................ 11,090 453,581
----------
1,808,312
----------
Linen Supply & Related Items -- 0.3%
Cintas Corp.#............................... 10,145 324,538
----------
Machinery - Construction & Mining -- 0.3%
Joy Global, Inc............................. 5,648 327,584
----------
Medical Instruments -- 0.6%
Intuitive Surgical, Inc.+................... 2,008 657,981
----------
Medical Products -- 0.3%
Henry Schein, Inc.+......................... 4,730 279,779
----------
137
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------------------
COMMON STOCK (continued)
Medical - Biomedical/Gene -- 5.4%
Amgen, Inc.+......................................... 26,962 $1,489,650
Biogen Idec, Inc.+................................... 16,660 1,234,839
Celgene Corp.+....................................... 20,200 1,243,310
Genzyme Corp.+....................................... 17,559 1,315,696
Vertex Pharmaceuticals, Inc.+#....................... 7,335 186,236
----------
5,469,731
----------
Medical - Drugs -- 0.4%
Cephalon, Inc.+#..................................... 3,467 259,747
Sepracor, Inc.+#..................................... 5,547 147,162
----------
406,909
----------
Medical - Generic Drugs -- 1.4%
Teva Pharmaceutical Industries, Ltd. ADR............. 32,551 1,452,751
----------
Networking Products -- 3.7%
Cisco Systems, Inc.+................................. 115,458 3,235,133
Juniper Networks, Inc.+.............................. 17,985 534,514
----------
3,769,647
----------
Oil & Gas Drilling -- 0.2%
Patterson - UTI Energy, Inc.#........................ 8,451 159,301
----------
Pharmacy Services -- 0.8%
Express Scripts, Inc.+............................... 12,248 829,802
----------
Radio -- 0.6%
Sirius Satellite Radio, Inc.+#....................... 84,260 322,716
XM Satellite Radio Holdings, Inc., Class A+#......... 16,840 262,704
----------
585,420
----------
Retail - Apparel/Shoe -- 0.2%
Ross Stores, Inc.#................................... 7,267 191,703
----------
Retail - Bedding -- 0.6%
Bed Bath & Beyond, Inc.+#............................ 19,424 610,885
----------
Retail - Discount -- 0.8%
Costco Wholesale Corp.#.............................. 12,278 827,537
----------
Retail - Major Department Stores -- 0.8%
Sears Holdings Corp.+#............................... 7,952 839,015
----------
Retail - Office Supplies -- 0.6%
Staples, Inc......................................... 25,527 604,990
----------
Retail - Pet Food & Supplies -- 0.2%
PetSmart, Inc........................................ 7,095 202,066
----------
Retail - Restaurants -- 1.3%
Starbucks Corp.+..................................... 55,233 1,291,900
----------
School -- 0.7%
Apollo Group, Inc., Class A+......................... 9,328 713,779
----------
Semiconductor Equipment -- 1.6%
Applied Materials, Inc............................... 37,936 714,335
KLA - Tencor Corp.#.................................. 11,749 564,892
Lam Research Corp.+#................................. 6,790 311,321
----------
1,590,548
----------
Semiconductors Components - Integrated Circuits -- 0.9%
Linear Technology Corp.#............................. 15,794 481,085
Marvell Technology Group, Ltd.+...................... 29,993 448,096
----------
929,181
----------
Telecom Services -- 0.4%
Virgin Media, Inc.#.................................. 18,969 $ 360,411
----------
Shares/
Principal Value
Security Description Amount (Note 2)
- --------------------------------------------------------------------------------------------
Telecommunication Equipment -- 0.1%
Tellabs, Inc.+#................................................ 13,329 92,770
------------
Telephone - Integrated -- 0.3%
Level 3 Communications, Inc.+#................................. 79,610 267,490
------------
Therapeutics -- 2.5%
Amylin Pharmaceuticals, Inc.+#................................. 6,781 258,966
Gilead Sciences, Inc.+......................................... 48,560 2,259,983
------------
2,518,949
------------
Transport - Services -- 1.0%
C.H. Robinson Worldwide, Inc.#................................. 9,079 468,022
Expeditors International of Washington, Inc.#.................. 11,138 522,595
------------
990,617
------------
Web Portals/ISP -- 6.1%
Google, Inc., Class A+......................................... 7,542 5,226,606
Yahoo!, Inc.+.................................................. 34,276 918,940
------------
6,145,546
------------
Wireless Equipment -- 4.5%
QUALCOMM, Inc.................................................. 107,483 4,383,157
Telefonaktiebolaget LM Ericsson ADR#........................... 7,550 184,673
------------
4,567,830
------------
Total Long-Term Investment Securities
(cost $63,578,417)............................................ 92,942,711
------------
SHORT-TERM INVESTMENT SECURITIES -- 24.0%
Collective Investment Pool -- 17.7%
Securities Lending Quality Trust(1)............................ 17,914,730 17,914,730
------------
Commercial Paper -- 5.9%
Erste Finance LLC
4.62% due 12/03/07............................................ $ 4,000,000 3,998,973
Societe Generale NA
4.60% due 12/03/07............................................ 2,000,000 1,999,489
------------
5,998,462
------------
U.S. Government Treasuries -- 0.4%
United States Treasury Bill
2.87% due 02/07/08(2)......................................... 400,000 397,778
------------
Total Short-Term Investment Securities
(cost $24,311,007)............................................ 24,310,970
------------
REPURCHASE AGREEMENT -- 1.7%
Agreement with State Street Bank & Trust Co., bearing interest
at 4.06%, dated 11/30/07, to be repurchased 12/03/07 in
the amount of $1,723,583 and collateralized by Federal
Home Loan Bank Bonds, bearing interest at 3.75%, due
8/15/08 and having an approximate value of $1,761,210
(cost $1,723,000)............................................. 1,723,000 1,723,000
------------
TOTAL INVESTMENTS
(cost $89,612,424)(3)......................................... 117.5% 118,976,681
Liabilities in excess of other assets............................ (17.5) (17,759,125)
----------- ------------
NET ASSETS -- 100.0% $101,217,556
=========== ============
- --------
+ Non-income producing security
# The security or a portion thereof is out on loan (See Note 2)
(1)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(2)The security or a portion thereof was pledged as collateral to cover margin
requirements for open futures contracts.
(3)See Note 5 for cost of investments on a tax basis.
ADR American Depository Receipt
138
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Open Futures Contracts
- ----------------------------------------------------------------------------------------
Unrealized
Number of Expiration Value at Value as of Appreciation
Contracts Description Date Trade Date November 30, 2007 (Depreciation)
- ----------------------------------------------------------------------------------------
193 Long NASDAQ 100 E-Mini
Index.............. December 2007 $8,363,635 $8,084,770 $(278,865)
---------
$(278,865)
=========
See Notes to Financial Statements
139
VALIC Company I Science & Technology Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Collective Investment Pool....................... 16.0%
Electronic Components -- Semiconductors.......... 10.9
Applications Software............................ 9.8
Computers........................................ 8.0
Web Portals/ISP.................................. 6.3
Wireless Equipment............................... 5.7
Networking Products.............................. 5.4
Time Deposits.................................... 5.1
Entertainment Software........................... 3.9
Computers -- Memory Devices...................... 3.7
Telecom Equipment -- Fiber Optics................ 3.3
Semiconductors Components -- Intergrated Circuits 3.2
Electronic Components -- Misc.................... 3.1
Semiconductor Equipment.......................... 2.8
Energy -- Alternate Sources...................... 2.3
Registered Investment Companies.................. 1.8
Internet Security................................ 1.6
Telecommunication Equipment...................... 1.6
E-Commerce/Services.............................. 1.5
Toys............................................. 1.5
Computer Services................................ 1.2
Computers -- Integrated Systems.................. 1.1
Data Processing/Management....................... 1.1
Advertising Sales................................ 1.0
Internet Application Software.................... 1.0
Cellular Telecom................................. 0.9
Commercial Services -- Finance................... 0.9
Consulting Services.............................. 0.9
Engineering/R&D Services......................... 0.9
Computer Aided Design............................ 0.8
Distribution/Wholesale........................... 0.7
Agricultural Chemicals........................... 0.6
Commercial Services.............................. 0.5
Human Resources.................................. 0.5
Internet Content -- Information/News............. 0.5
Medical Information Systems...................... 0.5
Computers -- Periphery Equipment................. 0.4
Electronic Forms................................. 0.4
Index Fund....................................... 0.4
Web Hosting/Design............................... 0.4
Chemicals -- Diversified......................... 0.3
E-Marketing/Info................................. 0.3
Enterprise Software/Service...................... 0.3
Industrial Audio & Video Products................ 0.3
Medical -- Biomedical/Gene....................... 0.3
Banks -- Special Purpose......................... 0.2
Casino Services.................................. 0.2
Food -- Misc..................................... 0.2
Internet Content -- Entertainment................ 0.2
Machinery -- Electrical.......................... 0.2
Power Converter/Supply Equipment................. 0.2
Retail -- Computer Equipment..................... 0.2
Communications Software.......................... 0.1
Computer Software................................ 0.1
Electric Products -- Misc........................ 0.1
Identification Systems........................... 0.1
Internet Infrastructure Software................. 0.1
Motion Pictures & Services....................... 0.1
Telecom Services................................. 0.1
-----
115.8%
=====
* Calculated as a percentage of net assets
140
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------------
COMMON STOCK -- 92.0%
Advertising Sales -- 1.0%
Focus Media Holding, Ltd. ADR+#................ 172,989 $ 9,763,499
-----------
Agricultural Chemicals -- 0.6%
Monsanto Co.................................... 61,968 6,157,760
-----------
Applications Software -- 9.8%
Citrix Systems, Inc.+.......................... 10,000 369,800
Infosys Technologies, Ltd. ADR#................ 100,900 4,252,935
Microsoft Corp................................. 1,780,198 59,814,653
Red Hat, Inc.+#................................ 539,242 10,795,625
Salesforce.com, Inc.+#......................... 249,156 14,134,620
Satyam Computer Services, Ltd. ADR#............ 112,700 2,948,232
TomTom NV+(1).................................. 34,540 3,278,477
-----------
95,594,342
-----------
Casino Services -- 0.2%
International Game Technology#................. 50,168 2,190,335
-----------
Cellular Telecom -- 0.9%
NII Holdings, Inc.+#........................... 150,262 8,288,452
Vodafone Group PLC ADR......................... 21,575 803,669
-----------
9,092,121
-----------
Chemicals-Diversified -- 0.3%
Wacker Chemie AG(1)............................ 12,100 3,378,222
-----------
Commercial Services -- 0.5%
Iron Mountain, Inc.+#.......................... 120,700 4,403,136
-----------
Commercial Services-Finance -- 0.9%
The Western Union Co........................... 409,600 9,256,960
-----------
Computer Aided Design -- 0.8%
Autodesk, Inc.+................................ 158,864 7,480,906
-----------
Computer Services -- 1.2%
Cognizant Technology Solutions Corp., Class A+. 89,775 2,792,003
DST Systems, Inc.+#............................ 83,200 7,051,200
Telecity Group PLC+............................ 413,734 2,347,644
-----------
12,190,847
-----------
Computer Software -- 0.1%
Temenos Group AG+(1)........................... 58,616 1,414,256
-----------
Computers -- 8.0%
Apple, Inc.+................................... 168,453 30,695,506
Dell, Inc.+.................................... 360,662 8,850,645
Foxconn Technology Co., Ltd.(1)................ 125,000 1,218,232
Hewlett-Packard Co............................. 450,500 23,047,580
International Business Machines Corp........... 59,300 6,237,174
Palm, Inc.#.................................... 300,800 2,096,576
Research In Motion, Ltd.+...................... 49,700 5,656,854
Wistron Corp.(1)............................... 501,000 865,592
-----------
78,668,159
-----------
Computers-Integrated Systems -- 1.1%
Brocade Communications Systems, Inc.+#......... 513,800 3,745,602
Lenovo Group, Ltd.(1).......................... 2,375,885 2,118,005
Riverbed Technology, Inc.+..................... 182,610 5,164,211
-----------
11,027,818
-----------
Computers-Memory Devices -- 3.7%
EMC Corp.+#.................................... 690,508 13,306,089
Network Appliance, Inc.+....................... 809,340 19,998,792
SanDisk Corp.+#................................ 71,791 2,687,855
-----------
35,992,736
-----------
Computers-Periphery Equipment -- 0.4%
Innolux Display Corp.+*........................ 460,191 3,474,442
-----------
Value
Security Description Shares (Note 2)
-------------------------------------------------------------------------
Consulting Services -- 0.9%
Accenture Ltd., Class A......................... 262,814 $ 9,082,852
------------
Data Processing/Management -- 1.1%
Automatic Data Processing, Inc.................. 172,000 7,750,320
BladeLogic, Inc.+............................... 9,925 242,765
NAVTEQ Corp.+#.................................. 40,065 3,000,468
------------
10,993,553
------------
Distribution/Wholesale -- 0.7%
Ingram Micro, Inc., Class A+.................... 333,000 6,626,700
------------
E-Commerce/Products -- 0.0%
Amazon.com, Inc.+#.............................. 1,540 139,462
------------
E-Commerce/Services -- 1.5%
Alibaba.com, Ltd.+.............................. 489,200 2,494,396
Ctrip.com International, Ltd. ADR............... 24,498 1,472,575
eBay, Inc.+..................................... 150,895 5,059,509
Monster Worldwide, Inc.+........................ 179,393 6,058,101
------------
15,084,581
------------
E-Marketing/Info -- 0.3%
Digital River, Inc.+#........................... 86,900 3,360,423
------------
Electric Products-Misc. -- 0.1%
Stanley Electric Co., Ltd.(1)................... 35,100 864,285
------------
Electronic Components-Misc. -- 3.0%
Flextronics International, Ltd.+................ 300,168 3,590,009
Hon Hai Precision Industry Co., Ltd.(1)......... 551,360 3,534,398
Hon Hai Precision Industry Co., Ltd. GDR+*...... 859,620 11,046,117
Hoya Corp.(1)................................... 120,800 4,190,218
Jabil Circuit, Inc.#............................ 180,510 3,059,644
Koninklijke Philips Electronics NV.............. 16,455 684,693
Tyco Electronics, Ltd........................... 75,225 2,812,663
------------
28,917,742
------------
Electronic Components-Semiconductors -- 10.9%
Advanced Micro Devices, Inc.+#.................. 150,400 1,467,904
Altera Corp..................................... 501,683 9,421,607
Austriamicrosystems AG+(1)...................... 34,398 1,394,714
Broadcom Corp., Class A+........................ 433,741 11,598,234
Chartered Semiconductor Manufacturing, Ltd.+(1). 4,448,561 3,036,678
Fairchild Semiconductor International, Inc.+.... 251,500 3,988,790
Intel Corp...................................... 1,225,980 31,973,558
MEMC Electronic Materials, Inc.+................ 26,671 2,069,136
Microchip Technology, Inc.#..................... 149,600 4,306,984
National Semiconductor Corp..................... 130,300 2,978,658
NVIDIA Corp.+#.................................. 399,150 12,589,191
ON Semiconductor Corp.+#........................ 742,890 6,827,159
PMC-Sierra, Inc.+#.............................. 425,833 2,989,348
QLogic Corp.+................................... 199,100 2,691,832
Silicon-On-Insulator Technologies+(1)........... 131,029 1,742,131
Xilinx, Inc..................................... 335,617 7,350,012
------------
106,425,936
------------
Electronic Forms -- 0.4%
Adobe Systems, Inc.+............................ 90,286 3,804,652
------------
Energy-Alternate Sources -- 2.3%
First Solar, Inc.+#............................. 29,173 6,918,377
Q-Cells AG+(1).................................. 14,290 1,994,700
Renewable Energy Corp. AS+(1)................... 61,967 3,029,295
Sunpower Corp., Class A+#....................... 48,253 6,004,603
Suntech Power Holdings Co., Ltd. ADR+#.......... 57,770 4,573,651
------------
22,520,626
------------
141
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------
COMMON STOCK (continued)
Engineering/R&D Services -- 0.9%
ABB, Ltd.(1)............................. 271,406 $ 7,972,154
SAIC, Inc.+#............................. 50,200 1,000,988
-----------
8,973,142
-----------
Enterprise Software/Service -- 0.3%
Oracle Corp.+............................ 124,672 2,515,881
-----------
Entertainment Software -- 3.9%
Activision, Inc.+#....................... 325,187 7,202,892
Electronic Arts, Inc.+#.................. 511,754 28,755,457
Take-Two Interactive Software, Inc.+#.... 120,100 1,799,098
-----------
37,757,447
-----------
Food-Misc. -- 0.2%
Orkla ASA(1)............................. 106,345 1,917,975
-----------
Human Resources -- 0.5%
Manpower, Inc............................ 66,600 4,069,260
Robert Half International, Inc........... 15,200 409,792
-----------
4,479,052
-----------
Identification Systems -- 0.1%
Cogent, Inc.+#........................... 125,143 1,389,087
-----------
Industrial Audio & Video Products -- 0.3%
Dolby Laboratories, Inc., Class A+....... 54,399 2,733,006
-----------
Internet Application Software -- 1.0%
Tencent Holdings, Ltd.(1)................ 1,354,675 10,239,162
-----------
Internet Content-Entertainment -- 0.2%
Perfect World Co., Ltd. ADR+#............ 75,224 1,821,925
-----------
Internet Content-Information/News -- 0.5%
Baidu.com ADR+#.......................... 13,000 4,965,480
-----------
Internet Infrastructure Software -- 0.1%
Akamai Technologies, Inc.+#.............. 12,500 475,750
-----------
Internet Security -- 1.6%
McAfee, Inc.+............................ 178,206 6,941,123
VeriSign, Inc.+#......................... 205,122 8,389,490
-----------
15,330,613
-----------
Machinery-Electrical -- 0.2%
Nidec Corp.(1)........................... 31,890 2,398,642
-----------
Medical Information Systems -- 0.5%
Cerner Corp.+#........................... 81,825 4,889,044
-----------
Medical-Biomedical/Gene -- 0.3%
Amgen, Inc.+............................. 50,000 2,762,500
-----------
Motion Pictures & Services -- 0.1%
Dreamworks Animation SKG, Inc., Class A+. 50,176 1,319,629
-----------
Networking Products -- 5.4%
Acme Packet, Inc.+#...................... 76,800 944,640
BigBand Networks, Inc.+#................. 122,900 736,171
Cisco Systems, Inc.+..................... 1,011,322 28,337,242
Foundry Networks, Inc.+.................. 439,500 7,748,385
Juniper Networks, Inc.+#................. 429,544 12,766,048
Starent Networks Corp.+#................. 100,700 2,104,630
-----------
52,637,116
-----------
Oil Field Machinery & Equipment -- 0.0%
Cameron International Corp.+#............ 1,540 143,574
National-Oilwell Varco, Inc.+............ 1,541 105,019
-----------
248,593
-----------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------------------
Oil-Field Services -- 0.0%
Schlumberger, Ltd................................... 1,540 $ 143,913
Weatherford International, Ltd.+.................... 1,537 96,247
-----------
240,160
-----------
Power Converter/Supply Equipment -- 0.2%
Delta Electronics, Inc.(1).......................... 551,100 1,904,739
-----------
Retail-Computer Equipment -- 0.2%
GameStop Corp., Class A+#........................... 36,614 2,103,474
-----------
Semiconductor Equipment -- 2.8%
Applied Materials, Inc.............................. 289,600 5,453,168
ASML Holding NV+(1)................................. 225,285 7,815,143
Lam Research Corp.+#................................ 217,000 9,949,450
Varian Semiconductor Equipment Associates, Inc.+.... 98,900 4,105,339
Veeco Instruments, Inc.+#........................... 7,214 121,051
-----------
27,444,151
-----------
Semiconductors Components-Intergrated Circuits -- 3.1%
Analog Devices, Inc................................. 201,187 6,192,536
Marvell Technology Group, Ltd.+..................... 650,400 9,716,976
Maxim Integrated Products, Inc...................... 444,274 10,302,714
Taiwan Semiconductor Manufacturing Co., Ltd. ADR.... 457,290 4,536,317
-----------
30,748,543
-----------
Software Tools -- 0.0%
VMware, Inc. Class A+#.............................. 510 46,599
-----------
Steel-Producer -- 0.0%
Tenaris SA ADR...................................... 1,542 72,752
-----------
Telecom Equipment-Fiber Optics -- 3.3%
Ciena Corp.+#....................................... 87,532 3,849,658
Corning, Inc........................................ 800,473 19,443,489
Finisar Corp.+#..................................... 802,900 1,364,930
JDS Uniphase Corp.+#................................ 533,837 7,185,446
-----------
31,843,523
-----------
Telecom Services -- 0.1%
Amdocs, Ltd.+....................................... 13,800 456,642
TELUS Corp.......................................... 1 41
-----------
456,683
-----------
Telecommunication Equipment -- 1.6%
Alcatel-Lucent ADR.................................. 238,500 1,931,850
CommScope, Inc.+#................................... 83,500 3,381,750
Comverse Technology, Inc.+#......................... 254,500 4,122,900
Foxconn International Holdings, Ltd.+(1)............ 1,506,500 3,748,643
Optium Corp.+#...................................... 100,400 843,360
Sonus Networks, Inc.+#.............................. 287,400 1,891,092
-----------
15,919,595
-----------
Toys -- 1.5%
Nintendo Co., Ltd.(1)............................... 23,155 14,233,473
-----------
Web Hosting/Design -- 0.4%
Equinix, Inc.+#..................................... 39,300 4,091,523
-----------
Web Portals/ISP -- 6.3%
Google, Inc., Class A+.............................. 78,253 54,229,329
SINA Corp.+#........................................ 39,515 1,900,277
Sohu.com, Inc.+#.................................... 25,895 1,485,855
Yahoo!, Inc.+....................................... 150,241 4,027,961
-----------
61,643,422
-----------
142
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Shares/
Principal Value
Security Description Amount (Note 2)
- --------------------------------------------------------------------------------
COMMON STOCK (continued)
Wireless Equipment -- 5.7%
American Tower Corp., Class A+........................ 50,100 $ 2,281,555
Crown Castle International Corp.+..................... 50,200 2,105,890
Motorola, Inc......................................... 351,200 5,608,664
Nokia Oyj ADR......................................... 280,715 11,040,521
QUALCOMM, Inc......................................... 808,016 32,950,892
Telefonaktiebolaget LM Ericsson ADR................... 78,125 1,910,938
Telefonaktiebolaget LM Ericsson, Class B(1)........... 135,000 330,070
------------
56,228,530
------------
Total Common Stock
(cost $830,814,060).................................. 901,737,562
------------
EXCHANGE TRADED FUNDS -- 0.4%
iShares S&P GSTI Technology Index Fund
(cost $3,825,121).................................... 66,900 3,944,424
------------
EQUITY CERTIFICATES -- 0.4%
Banks-Special Purpose -- 0.2%
Macquarie Bank, Ltd.-Bharti Airtel, Ltd............... 87,059 2,066,256
------------
Electronic Components-Misc. -- 0.1%
Macquarie Bank, Ltd.-MediaTek, Inc.................... 81,655 1,063,018
------------
Semiconductors Components-Integrated Circuits -- 0.1%
Merrill Lynch International & Co.- RichTek Technology
Corp.*............................................... 68,040 643,240
------------
Total Equity Certificates
(cost $4,300,186).................................... 3,772,514
------------
CONVERTIBLE BONDS & NOTES -- 0.1%
Communications Software -- 0.1%
Liberty Media Corp. LLC
3.50% due 01/15/31
(cost $1,117,575).................................... $1,395,000 1,255,500
------------
Shares/
Principal Value
Security Description Amount (Note 2)
Total Long-Term Investment Securities
(cost $840,056,942)................... 910,710,000
--------------
SHORT-TERM INVESTMENT SECURITIES -- 22.9%
Collective Investment Pool -- 16.0%
Securities Lending Quality Trust(2).... 157,051,651 $ 157,051,651
--------------
Registered Investment Company -- 1.8%
T. Rowe Price Reserve Investment Fund.. 17,518,592 17,518,591
--------------
Time Deposit -- 5.1%
Euro Time Deposit with State Street
Bank & Trust Co.
3.35% due 12/03/07.................... $ 49,683,000 49,683,000
--------------
Total Short-Term Investment Securities
(cost $224,253,242)................... 224,253,242
--------------
TOTAL INVESTMENTS
(cost $1,064,310,184) (3)............. 115.8% 1,134,963,242
--------------
Liabilities in excess of other assets.... (15.8) (155,273,013)
------------ --------------
NET ASSETS -- 100.0% $ 979,690,229
============ ==============
- --------
+ Non-income producing security
# The security or a portion thereof is out on loan (See Note 2)
* Securities exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be sold in transactions exempt from registration,
normally to qualified institutional buyers. The Fund has no right to demand
registration of these securities. At November 30, 2007, the aggregate value
of these securities was $15,163,799 representing 1.60% of net assets. Unless
otherwise indicated these securities are not considered to be illiquid.
(1)Security was valued using fair value procedures at November 30, 2007.
See Note 2 regarding fair value pricing procedures for foreign equity
securities.
(2)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(3)See Note 5 for cost of investments on a tax basis.
143
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Collective Investment Pool....................... 25.3%
Consulting Services.............................. 7.0
Human Resources.................................. 3.7
Computer Services................................ 3.6
Electronic Components -- Semiconductors.......... 3.5
Advertising Services............................. 3.4
Medical Instruments.............................. 3.4
Commercial Services -- Finance................... 3.1
Printing -- Commercial........................... 2.9
Insurance -- Property/Casualty................... 2.8
Time Deposits.................................... 2.8
Telecom Services................................. 2.5
Educational Software............................. 2.4
Medical -- Drugs................................. 2.4
Transactional Software........................... 2.4
Medical Products................................. 2.3
E-Services/Consulting............................ 2.2
Enterprise Software/Service...................... 2.1
E-Commerce/Products.............................. 2.0
Diversified Manufacturing Operations............. 1.7
Machinery -- General Industrial.................. 1.7
Semiconductors Components -- Intergrated Circuits 1.7
Therapeutics..................................... 1.7
Internet Connectivity Services................... 1.6
Commercial Services.............................. 1.4
Medical -- Biomedical/Gene....................... 1.4
Networking Products.............................. 1.4
Oil Companies -- Exploration & Production........ 1.4
Building & Construction Products-Misc............ 1.3
Cable TV......................................... 1.3
Diagnostic Kits.................................. 1.3
Internet Security................................ 1.3
Physical Therapy/Rehabilitation Centers.......... 1.3
Cellular Telecom................................. 1.2
Resorts/Theme Parks.............................. 1.2
Office Furnishings -- Original................... 1.1
Hotels/Motels.................................... 1.0
Instruments -- Scientific........................ 1.0
Transport -- Services............................ 0.9
Ultra Sound Imaging Systems...................... 0.9
Aerospace/Defense................................ 0.8
Dental Supplies & Equipment...................... 0.8
Filtration/Separation Products................... 0.8
Gambling (Non-Hotel)............................. 0.8
Internet Content -- Information/News............. 0.8
Metal Processors & Fabrication................... 0.8
Theaters......................................... 0.8
Aerospace/Defense -- Equipment................... 0.7
Disposable Medical Products...................... 0.7
Drug Delivery Systems............................ 0.7
Finance -- Other Services........................ 0.7
Internet Application Software.................... 0.7
Leisure Products................................. 0.7
Machinery -- Electrical.......................... 0.7
Recreational Vehicles............................ 0.7
Cosmetics & Toiletries........................... 0.6
E-Commerce/Services.............................. 0.6
Finance -- Investment Banker/Broker.............. 0.6
Rental Auto/Equipment............................ 0.6
Specified Purpose Acquisitions................... 0.6
Appliances....................................... 0.5
Lighting Products & Systems...................... 0.5
Real Estate Management/Services.................. 0.5
E-Marketing/Info................................. 0.4
Finance -- Consumer Loans........................ 0.4
Insurance Brokers................................ 0.4
Research & Development........................... 0.4
Hazardous Waste Disposal......................... 0.1
-----
125.0%
=====
* Calculated as a percentage of net assets
144
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
COMMON STOCK -- 96.9%
Advertising Services -- 3.4%
inVentiv Health, Inc.+........................ 51,128 $1,491,915
Marchex, Inc., Class B#....................... 67,773 834,286
----------
2,326,201
----------
Aerospace/Defense -- 0.8%
Esterline Technologies Corp.+#................ 10,100 527,422
----------
Aerospace/Defense - Equipment -- 0.7%
DRS Technologies, Inc.#....................... 7,500 444,075
----------
Appliances -- 0.5%
Hhgregg, Inc.+#............................... 25,200 354,060
----------
Building & Construction Products - Misc. -- 1.3%
Interline Brands, Inc.+#...................... 35,600 851,908
----------
Cable TV -- 1.3%
LodgeNet Entertainment Corp.+#................ 44,700 858,240
----------
Cellular Telecom -- 1.2%
Centennial Communications Corp.+#............. 43,900 390,710
Virgin Mobile USA, Inc.+#..................... 53,700 390,936
----------
781,646
----------
Commercial Services -- 1.4%
TeleTech Holdings, Inc.+...................... 46,237 957,568
----------
Commercial Services - Finance -- 3.1%
Bankrate, Inc.+#.............................. 23,890 935,055
Dollar Financial Corp.+#...................... 15,700 469,116
Global Cash Access Holdings, Inc.+#........... 74,400 258,912
Wright Express Corp.+#........................ 10,810 410,239
----------
2,073,322
----------
Computer Services -- 3.6%
IHS, Inc.+#................................... 6,300 441,882
SI International, Inc.+#...................... 27,038 701,906
SYKES Enterprises, Inc.+#..................... 68,200 1,258,972
----------
2,402,760
----------
Consulting Services -- 7.0%
Forrester Research, Inc.+..................... 23,100 604,758
FTI Consulting, Inc.+#........................ 36,215 2,064,255
Gartner, Inc.+#............................... 16,700 315,463
Huron Consulting Group, Inc.+#................ 2,343 171,672
The Advisory Board Co.+....................... 13,157 855,336
Watson Wyatt Worldwide, Inc., Class A#........ 14,600 672,330
----------
4,683,814
----------
Cosmetics & Toiletries -- 0.6%
Chattem, Inc.+#............................... 5,700 404,187
----------
Dental Supplies & Equipment -- 0.8%
Sirona Dental Systems, Inc.+#................. 20,800 562,848
----------
Diagnostic Kits -- 1.3%
Inverness Medical Innovations, Inc.+#......... 15,000 880,200
----------
Disposable Medical Products -- 0.7%
Volcano Corp.+#............................... 32,100 468,981
----------
Diversified Manufacturing Operations -- 1.7%
Actuant Corp., Class A#....................... 27,600 874,092
Acuity Brands, Inc.#.......................... 6,300 248,787
----------
1,122,879
----------
Drug Delivery Systems -- 0.7%
Noven Pharmaceuticals, Inc.+#................. 28,700 454,321
----------
E-Commerce/Products -- 2.0%
Shutterfly, Inc.+............................. 48,531 1,382,648
----------
E-Commerce/Services -- 0.6%
priceline.com, Inc.+.......................... 3,600 409,680
----------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------
E-Marketing/Info -- 0.4%
Digital River, Inc.+........................ 7,500 $ 290,025
----------
E-Services/Consulting -- 2.2%
GSI Commerce, Inc.+#........................ 55,600 1,452,272
----------
Educational Software -- 2.4%
SkillSoft PLC ADR+.......................... 164,510 1,594,102
----------
Electronic Components - Semiconductors -- 3.5%
Microsemi Corp.+#........................... 61,944 1,417,279
PMC - Sierra, Inc.+#........................ 137,300 963,846
----------
2,381,125
----------
Enterprise Software/Service -- 2.1%
Epicor Software Corp.+#..................... 41,200 445,784
Lawson Software, Inc.+#..................... 100,800 979,776
----------
1,425,560
----------
Filtration/Separation Products -- 0.8%
Polypore International, Inc.+#.............. 32,950 573,659
----------
Finance - Consumer Loans -- 0.4%
Portfolio Recovery Associates, Inc.#........ 7,600 306,128
----------
Finance - Investment Banker/Broker -- 0.6%
Evercore Partners, Inc., Class A............ 20,371 427,180
----------
Finance - Other Services -- 0.7%
FCStone Group, Inc.+#....................... 11,150 470,642
----------
Gambling (Non - Hotel) -- 0.8%
Pinnacle Entertainment, Inc.+#.............. 19,000 521,550
----------
Hazardous Waste Disposal -- 0.1%
Energy Solutions, Inc.+..................... 2,400 57,168
----------
Hotels/Motels -- 1.0%
Gaylord Entertainment Co.+#................. 14,400 605,664
Red Lion Hotels Corp.+...................... 7,399 71,030
----------
676,694
----------
Human Resources -- 3.7%
On Assignment, Inc.+#....................... 141,800 906,102
Resources Connection, Inc................... 75,719 1,561,326
----------
2,467,428
----------
Instruments - Scientific -- 1.0%
Varian, Inc.+............................... 9,736 682,007
----------
Insurance Broker -- 0.4%
eHealth, Inc.+.............................. 9,341 289,478
----------
Insurance - Property/Casualty -- 2.8%
First Mercury Financial Corp.+#............. 30,500 647,210
Navigators Group, Inc.+..................... 8,800 516,560
Tower Group, Inc.#.......................... 22,450 727,829
----------
1,891,599
----------
Internet Application Software -- 0.7%
DealerTrack Holdings, Inc.+#................ 10,563 449,350
----------
Internet Connectivity Services -- 1.6%
Cogent Communications Group, Inc.+.......... 26,100 542,358
Internap Network Services Corp.+#........... 51,192 509,360
----------
1,051,718
----------
Internet Content - Information/News -- 0.8%
The Knot, Inc.+#............................ 38,595 509,454
----------
Internet Security -- 1.3%
Secure Computing Corp.+#.................... 97,446 883,835
----------
Leisure Products -- 0.7%
WMS Industries, Inc.+....................... 13,600 454,240
----------
145
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
COMMON STOCK (continued)
Lighting Products & Systems -- 0.5%
Universal Display Corp.+#..................... 21,275 $ 352,314
----------
Machinery - Electrical -- 0.7%
Regal - Beloit Corp........................... 10,100 475,508
----------
Machinery - General Industrial -- 1.7%
Gardner Denver, Inc.+......................... 34,754 1,150,705
----------
Medical Instruments -- 3.4%
Bruker BioSciences Corp.+#.................... 57,000 529,530
ev3, Inc.+#................................... 22,700 332,328
SenoRx, Inc.+................................. 36,822 318,142
Spectranetics Corp.+#......................... 33,059 501,505
Symmetry Medical, Inc.+#...................... 37,751 635,727
----------
2,317,232
----------
Medical Products -- 2.3%
Northstar Neuroscience, Inc.+#................ 27,852 257,074
Orthofix International NV+#................... 7,364 430,131
PSS World Medical, Inc.+#..................... 46,700 895,706
----------
1,582,911
----------
Medical - Biomedical/Gene -- 1.4%
Applera Corp. - Celera Group+................. 34,000 514,080
Exelixis, Inc.+#.............................. 47,685 416,290
----------
930,370
----------
Medical - Drugs -- 2.4%
Sciele Pharma, Inc.+#......................... 72,312 1,614,004
----------
Metal Processors & Fabrication -- 0.8%
Kaydon Corp.#................................. 10,300 521,283
----------
Networking Products -- 1.4%
Ixia+......................................... 89,333 922,810
----------
Office Furnishings - Original -- 1.1%
Interface, Inc. Class A....................... 40,900 713,296
----------
Oil Companies - Exploration & Production -- 1.4%
Concho Resources, Inc.+#...................... 18,800 354,568
PetroHawk Energy Corp.+#...................... 34,900 568,870
----------
923,438
----------
Physical Therapy/Rehabilation Centers -- 1.3%
Psychiatric Solutions, Inc.+#................. 24,300 887,679
----------
Printing - Commercial -- 2.9%
VistaPrint, Ltd.+#............................ 43,989 1,953,112
----------
Real Estate Management/Services -- 0.5%
HFF, Inc., Class A+#.......................... 53,557 365,794
----------
Recreational Vehicles -- 0.7%
Polaris Industries, Inc.#..................... 10,400 473,824
----------
Rental Auto/Equipment -- 0.6%
RSC Holdings, Inc.+#.......................... 34,100 418,748
----------
Research & Development -- 0.4%
Senomyx, Inc.+#............................... 36,700 256,900
----------
Shares/
Principal Value
Security Description Amount (Note 2)
- ------------------------------------------------------------------------------------
Resort/Theme Park -- 1.2%
Great Wolf Resorts, Inc.+#........................... 73,100 $ 790,942
------------
Semiconductors Components - Intergrated Circuits --
1.7%
Exar Corp.+#......................................... 57,000 523,830
Power Integrations, Inc.+............................ 20,782 625,123
------------
1,148,953
------------
Specified Purpose Acquisitions -- 0.6%
Information Services Group Inc+#..................... 63,200 425,336
------------
Telecom Services -- 2.5%
NeuStar Inc.+#....................................... 9,500 301,815
PAETEC Holding Corp.+#............................... 72,600 776,820
SAVVIS, Inc.+#....................................... 19,700 631,188
------------
1,709,823
------------
Theater -- 0.8%
Cinemark Holdings, Inc.#............................. 31,874 531,977
------------
Therapeutics -- 1.7%
MGI Pharma, Inc.+#................................... 33,100 1,145,591
------------
Transactional Software -- 2.4%
Innerworkings, Inc.+#................................ 57,050 904,242
Solera Holdings, Inc.+#.............................. 31,200 717,912
------------
1,622,154
------------
Transport - Services -- 0.9%
Hub Group, Inc., Class A+#........................... 23,200 605,056
------------
Ultra Sound Imaging Systems -- 0.9%
SonoSite, Inc.+...................................... 17,600 584,672
------------
Total Long-Term Investment Securities
(cost $65,950,851).................................. 65,226,406
------------
SHORT-TERM INVESTMENT SECURITIES -- 28.1%
Collective Investment Pool -- 25.3%
Securities Lending Quality Trust(1).................. 17,050,368 17,050,368
------------
Time Deposit -- 2.8%
Euro Time Deposit with State Street Bank & Trust Co.
2.25% due 12/03/07.................................. $ 1,891,000 1,891,000
------------
Total Short-Term Investment Securities
(cost $18,941,368).................................. 18,941,368
------------
TOTAL INVESTMENTS
(cost $84,892,219)(2)............................... 125.0% 84,167,774
Liabilities in excess of other assets.................. (25.0) (16,821,967)
----------- ------------
NET ASSETS -- 100.0% $ 67,345,807
=========== ============
- --------
+ Non-income producing security
# The security or a portion thereof is out on loan (See Note 2)
(1)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(2)See Note 5 for cost of investments on a tax basis.
See Notes to Financials Statements
146
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Collective Investment Pool....................... 22.9%
Banks -- Commercial.............................. 6.2
Real Estate Investment Trusts.................... 2.9
Medical -- Biomedical/Gene....................... 2.5
Diversified Manufacturing Operations............. 2.1
Oil -- Field Services............................ 2.1
Electric -- Integrated........................... 2.0
Oil Companies -- Exploration & Production........ 2.0
Medical -- Drugs................................. 1.8
Retail -- Restaurants............................ 1.6
Gas -- Distribution.............................. 1.5
Chemicals -- Specialty........................... 1.4
Consumer Products -- Misc........................ 1.4
Electronic Components -- Semiconductors.......... 1.4
Electronic Measurement Instruments............... 1.4
Telecommunication Equipment...................... 1.4
Machinery -- General Industrial.................. 1.3
Medical -- HMO................................... 1.3
Retail -- Apparel/Shoe........................... 1.3
Insurance -- Reinsurance......................... 1.2
Engineering/R&D Services......................... 1.1
Enterprise Software/Service...................... 1.1
Medical Instruments.............................. 1.1
Semiconductor Equipment.......................... 1.1
Building -- Heavy Construction................... 1.0
Commercial Services.............................. 1.0
Finance -- Investment Banker/Broker.............. 1.0
Medical Products................................. 1.0
Savings & Loans/Thrifts.......................... 1.0
Aerospace/Defense -- Equipment................... 0.9
Computer Services................................ 0.9
Computers -- Integrated Systems.................. 0.9
Consulting Services.............................. 0.9
E-Commerce/Services.............................. 0.9
Therapeutics..................................... 0.9
Chemicals -- Diversified......................... 0.8
Electric Products -- Misc........................ 0.8
Insurance -- Property/Casualty................... 0.8
Paper & Related Products......................... 0.8
Semiconductors Components -- Intergrated Circuits 0.8
Wire & Cable Products............................ 0.8
Apparel Manufacturers............................ 0.7
Auction Houses/Art Dealers....................... 0.7
Commercial Services -- Finance................... 0.7
Computers -- Periphery Equipment................. 0.7
Decision Support Software........................ 0.7
Human Resources.................................. 0.7
Medical -- Outpatient/Home Medical............... 0.7
Oil Refining & Marketing......................... 0.7
Transport -- Truck............................... 0.7
Applications Software............................ 0.6
Food -- Misc..................................... 0.6
Hospital Beds/Equipment.......................... 0.6
Instruments -- Controls.......................... 0.6
Instruments -- Scientific........................ 0.6
Retail -- Discount............................... 0.6
Building Products -- Air & Heating............... 0.5
Coal............................................. 0.5
Electronic Components -- Misc.................... 0.5
Insurance -- Life/Health......................... 0.5
Investment Management/Advisor Services........... 0.5
Metal Processors & Fabrication................... 0.5
Recreational Vehicles............................ 0.5
Respiratory Products............................. 0.5
Retail -- Computer Equipment..................... 0.5
Time Deposits.................................... 0.5
Agricultural Chemicals........................... 0.4
Alternative Waste Technology..................... 0.4
Building & Construction Products -- Misc......... 0.4
Containers -- Paper/Plastic...................... 0.4
Data Processing/Management.............. 0.4
Distribution/Wholesale.................. 0.4
Electronic Design Automation............ 0.4
Food -- Wholesale/Distribution.......... 0.4
Internet Security....................... 0.4
Intimate Apparel........................ 0.4
Medical -- Generic Drugs................ 0.4
Metal -- Diversified.................... 0.4
Oil Field Machinery & Equipment......... 0.4
Physicians Practice Management.......... 0.4
Telecom Services........................ 0.4
Telephone -- Integrated................. 0.4
Television.............................. 0.4
Transport -- Marine..................... 0.4
Transport -- Services................... 0.4
Wireless Equipment...................... 0.4
Aerospace/Defense....................... 0.3
Airlines................................ 0.3
Auto/Truck Parts & Equipment -- Original 0.3
Computer Aided Design................... 0.3
Computers -- Memory Devices............. 0.3
Diagnostic Kits......................... 0.3
Energy -- Alternate Sources............. 0.3
Footwear & Related Apparel.............. 0.3
Industrial Audio & Video Products....... 0.3
Insurance -- Multi-line................. 0.3
Internet Application Software........... 0.3
Internet Content -- Information/News.... 0.3
Machinery -- Electrical................. 0.3
Motion Pictures & Services.............. 0.3
Office Furnishings -- Original.......... 0.3
Oil & Gas Drilling...................... 0.3
Registered Investment Companies......... 0.3
Retirement/Aged Care.................... 0.3
Schools................................. 0.3
Steel -- Producers...................... 0.3
Sugar................................... 0.3
Telecom Equipment -- Fiber Optics....... 0.3
Textile -- Apparel...................... 0.3
Vitamins & Nutrition Products........... 0.3
Advanced Materials...................... 0.2
Audio/Video Products.................... 0.2
Broadcast Services/Program.............. 0.2
Building Products -- Light Fixtures..... 0.2
Cellular Telecom........................ 0.2
Chemicals -- Plastics................... 0.2
Coffee.................................. 0.2
E-Services/Consulting................... 0.2
Electronic Security Devices............. 0.2
Finance -- Consumer Loans............... 0.2
Financial Guarantee Insurance........... 0.2
Firearms & Ammunition................... 0.2
Garden Products......................... 0.2
Hotels/Motels........................... 0.2
Identification Systems.................. 0.2
Insurance Brokers....................... 0.2
Internet Infrastructure Software........ 0.2
Linen Supply & Related Items............ 0.2
Medical Sterilization Products.......... 0.2
Miscellaneous Manufacturing............. 0.2
Networking Products..................... 0.2
Non -- Hazardous Waste Disposal......... 0.2
Office Automation & Equipment........... 0.2
Power Converter/Supply Equipment........ 0.2
Real Estate Operations & Development.... 0.2
Research & Development.................. 0.2
Retail -- Convenience Store............. 0.2
Retail -- Sporting Goods................ 0.2
Transport -- Rail....................... 0.2
147
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Industry Allocation* (continued)
Advertising Services....................... 0.1
Auto Repair Centers........................ 0.1
Auto/Truck Parts & Equipment -- Replacement 0.1
Banks -- Fiduciary......................... 0.1
Batteries/Battery Systems.................. 0.1
Building Products -- Doors & Windows....... 0.1
Building Products -- Wood.................. 0.1
Building -- MobileHome/Manufactured Housing 0.1
Building -- Residential/Commercial......... 0.1
Cable TV................................... 0.1
Casino Services............................ 0.1
Commerce................................... 0.1
Communications Software.................... 0.1
Computers.................................. 0.1
Containers -- Metal/Glass.................. 0.1
Disposable Medical Products................ 0.1
Diversified Minerals....................... 0.1
Drug Delivery Systems...................... 0.1
E-Commerce/Products........................ 0.1
E-Marketing/Info........................... 0.1
Entertainment Software..................... 0.1
Finance -- Credit Card..................... 0.1
Finance -- Leasing Companies............... 0.1
Finance -- Mortgage Loan/Banker............ 0.1
Finance -- Other Services.................. 0.1
Food -- Baking............................. 0.1
Food -- Canned............................. 0.1
Food -- Confectionery...................... 0.1
Food -- Retail............................. 0.1
Health Care Cost Containment............... 0.1
Home Furnishings........................... 0.1
Housewares................................. 0.1
Internet Connectivity Services............. 0.1
Internet Financial Services................ 0.1
Investment Companies....................... 0.1
Lasers -- System/Components................ 0.1
Leisure Products........................... 0.1
MRI/Medical Diagnostic Imaging............. 0.1
Machine Tools & Related Products........... 0.1
Machinery -- Pumps......................... 0.1
Medical -- Hospitals....................... 0.1
Medical -- Nursing Homes................... 0.1
Metal -- Aluminum.......................... 0.1
Metal -- Iron.............................. 0.1
Mining..................................... 0.1
Multimedia................................. 0.1
Music...................................... 0.1
Patient Monitoring Equipment............... 0.1
Pharmacy Services.......................... 0.1
Printing -- Commercial..................... 0.1
Publishing -- Books........................ 0.1
Racetracks................................. 0.1
Radio...................................... 0.1
Real Estate Management/Services............ 0.1
Recycling.................................. 0.1
Rental Auto/Equipment...................... 0.1
Repurchase Agreements...................... 0.1
Retail -- Automobile....................... 0.1
Retail -- Bookstore........................ 0.1
Retail -- Drug Store....................... 0.1
Retail -- Fabric Store..................... 0.1
Retail -- Jewelry.......................... 0.1
Retail -- Leisure Products................. 0.1
Retail -- Mail Order....................... 0.1
Rubber -- Tires............................ 0.1
Schools -- Day Care........................ 0.1
Seismic Data Collection.................... 0.1
Steel Pipe & Tube.......................... 0.1
Steel -- Specialty......................... 0.1
Textile -- Products.... 0.1
Toys................... 0.1
Transactional Software. 0.1
Veterinary Products.... 0.1
Water.................. 0.1
Wound, Burn & Skin Care 0.1
-----
122.7%
=====
* Calculated as a percentage of net assets
148
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
--------------------------------------------------------
COMMON STOCK -- 98.9%
Advanced Materials -- 0.2%
Ceradyne, Inc.+#................... 13,600 $ 672,384
Core Molding Technologies, Inc.+... 35,700 252,399
----------
924,783
----------
Advertising Services -- 0.1%
Greenfield Online, Inc.+........... 32,300 485,792
----------
Aerospace/Defense -- 0.3%
Teledyne Technologies, Inc.+....... 22,066 1,196,419
TransDigm Group, Inc.+............. 4,300 205,024
----------
1,401,443
----------
Aerospace/Defense - Equipment -- 0.9%
Argon ST, Inc.+#................... 6,600 120,252
Curtiss - Wright Corp.#............ 32,371 1,746,092
Ducommun, Inc.+.................... 12,700 466,852
Moog, Inc., Class A+............... 14,000 631,120
Orbital Sciences Corp.+#........... 33,100 796,386
----------
3,760,702
----------
Agricultural Chemicals -- 0.4%
CF Industries Holdings, Inc........ 20,472 1,862,543
----------
Airlines -- 0.3%
AirTran Holdings, Inc.+#........... 24,600 208,854
Frontier Airlines Holdings, Inc.+#. 58,200 355,020
Skywest, Inc....................... 26,020 684,586
----------
1,248,460
----------
Alternative Waste Technology -- 0.4%
Darling International, Inc.+....... 181,400 1,859,350
----------
Apparel Manufacturers -- 0.7%
G - III Apparel Group, Ltd.+....... 18,800 270,156
Gymboree Corp.+.................... 78,920 2,632,771
Maidenform Brands, Inc.+#.......... 15,400 201,278
Phillips - Van Heusen.............. 2,845 120,685
----------
3,224,890
----------
Applications Software -- 0.6%
Actuate Corp.+..................... 56,600 428,462
American Reprographics Co.+#....... 19,100 295,668
Bsquare Corp.+..................... 104,400 643,104
Moldflow Corp.+.................... 9,538 152,131
PDF Solutions, Inc.+#.............. 19,700 156,221
Progress Software Corp.+........... 13,067 413,309
Quest Software, Inc.+.............. 20,100 325,017
Red Hat, Inc.+#.................... 12,600 252,252
----------
2,666,164
----------
Athletic Equipment -- 0.0%
Cybex International, Inc.+......... 37,100 172,515
----------
Athletic Footwear -- 0.0%
K - Swiss, Inc., Class A#.......... 8,200 148,830
----------
Auction Houses/Art Dealers -- 0.7%
Premier Exhibitions, Inc.+#........ 4,800 52,224
Ritchie Bros. Auctioneers, Inc..... 9,200 681,720
Sotheby's#......................... 57,594 2,156,895
----------
2,890,839
----------
Audio/Video Products -- 0.2%
DTS, Inc.+#........................ 8,900 220,275
Universal Electronics, Inc.+....... 13,400 495,130
----------
715,405
----------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------------
Auto Repair Center -- 0.1%
Monro Muffler Brake, Inc........................ 19,950 $ 420,347
----------
Auto/Truck Parts & Equipment - Original -- 0.3%
Accuride Corp.+................................. 58,881 446,907
Amerigon, Inc.+................................. 3,200 58,496
Fuel Systems Solutions, Inc.+................... 14,900 219,626
Miller Industries, Inc.+........................ 7,300 95,119
Spartan Motors, Inc............................. 27,675 276,196
Strattec Security Corp.......................... 4,400 195,360
TRW Automotive Holdings Corp.+.................. 10,600 237,970
----------
1,529,674
----------
Auto/Truck Parts & Equipment - Replacement -- 0.1%
Aftermarket Technology Corp.+................... 17,871 498,958
----------
Banks - Commercial -- 6.2%
Bancfirst Corp.#................................ 9,400 439,544
Bancorp Rhode Island, Inc....................... 9,000 323,190
Bank of Florida Corp.+.......................... 12,100 154,880
Bank of Hawaii Corp............................. 49,556 2,580,381
Beverly Hills Bancorp, Inc...................... 40,400 218,968
Camden National Corp............................ 6,300 187,110
Cardinal Financial Corp......................... 23,000 220,340
Cascade Bancorp#................................ 13,725 237,992
Cass Information Systems, Inc................... 9,790 364,971
Center Bancorp, Inc............................. 16,170 193,393
Chittenden Corp................................. 8,350 292,501
Citizens Republic Bancorp.#..................... 29,000 412,380
City Holding Co.#............................... 10,432 375,343
City National Corp.............................. 24,070 1,550,589
Commerce Bancshares, Inc.#...................... 18,238 826,729
Community Bank Systems, Inc.#................... 16,900 340,873
East West Bancorp, Inc.#........................ 28,330 763,493
Financial Institutions, Inc..................... 17,195 310,026
First Bancorp................................... 12,600 240,786
First BanCorp Puerto Rico....................... 35,800 234,132
First Citizens BancShares, Inc., Class A........ 2,292 359,133
First Community Bancshares, Inc................. 10,800 346,788
First Financial Bancorp#........................ 27,800 319,144
First Regional Bancorp+#........................ 18,342 404,258
First South Bancorp, Inc........................ 12,300 296,553
Gateway Financial Holdings, Inc................. 25,400 337,566
Glacier Bancorp, Inc.#.......................... 24,771 493,191
Great Southern Bancorp, Inc.#................... 2,700 60,021
Greene County Bancshares, Inc................... 7,000 209,090
Horizon Financial Corp.......................... 10,625 182,856
Oriental Financial Group, Inc................... 32,600 439,448
Pacific Capital Bancorp#........................ 47,946 985,290
Peoples Bancorp, Inc............................ 14,700 355,593
Pinnacle Financial Partners, Inc.+#............. 15,600 454,428
Preferred Bank Los Angeles California#.......... 14,038 375,236
Prosperity Bancshares, Inc.#.................... 29,844 959,186
Provident Bankshares Corp.#..................... 18,400 431,480
Sandy Spring Bancorp, Inc.#..................... 9,500 278,920
SCBT Financial Corp............................. 7,035 218,085
Seacoast Banking Corp. of Florida#.............. 10,800 135,540
Sierra Bancorp.................................. 12,200 304,512
Signature Bank+................................. 10,700 396,435
Smithtown Bancorp, Inc.......................... 12,540 263,716
Southside Bancshares, Inc....................... 10,080 193,032
State Bancorp, Inc.............................. 14,400 210,528
Sterling Bancorp................................ 27,100 362,056
Suffolk Bancorp................................. 10,400 320,944
Susquehanna Bancshares, Inc.#................... 27,900 554,931
SVB Financial Group+#........................... 29,922 1,540,385
Temecula Valley Bancorp, Inc.#.................. 5,225 58,520
149
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------------------
COMMON STOCK (continued)
Tennessee Commerce Bancorp, Inc.+.................... 10,400 $ 266,240
Texas Capital Bancshares, Inc.+#..................... 12,300 259,284
Trustmark Corp.#..................................... 3,028 77,093
UCBH Holdings, Inc.#................................. 30,000 482,400
Umpqua Holding Corp.#................................ 12,600 203,364
Union Bankshares Corp................................ 15,400 318,934
United Community Banks, Inc.#........................ 21,000 398,160
United Security Bancshares........................... 16,500 256,575
Univest Corp. of Pennsylvania........................ 15,700 334,410
Valley National Bancorp#............................. 24,158 473,497
Vineyard National Bancorp#........................... 17,693 191,084
Washington Trust Bancorp, Inc........................ 12,900 320,565
WesBanco, Inc.#...................................... 2,300 55,154
West Bancorp., Inc................................... 19,400 272,376
Westamerica Bancorp.#................................ 15,900 747,459
Western Alliance Bancorp.+#.......................... 9,900 218,394
-----------
26,989,475
-----------
Banks - Fiduciary -- 0.1%
Boston Private Financial Holdings, Inc.#............. 12,000 330,480
-----------
Batteries/Battery Systems -- 0.1%
Greatbatch, Inc.+#................................... 14,168 291,577
-----------
Beverages - Non - alcoholic -- 0.0%
Coca - Cola Bottling Co.............................. 764 43,349
PepsiAmericas, Inc................................... 4,401 148,974
-----------
192,323
-----------
Broadcast Services/Program -- 0.2%
Crown Media Holdings, Inc., Class A+#................ 36,200 263,174
DG Fastchannel, Inc.+................................ 23,700 463,572
-----------
726,746
-----------
Building & Construction Products - Misc. -- 0.4%
Advanced Environmental Recycling Technologies, Inc.,
Class A+............................................ 109,600 95,352
Builders FirstSource, Inc.+#......................... 12,200 84,424
Drew Industries, Inc.+#.............................. 31,344 856,318
Gibraltar Industries, Inc............................ 9,450 132,111
Interline Brands, Inc.+.............................. 13,900 332,627
Simpson Manufacturing Co., Inc.#..................... 6,800 180,948
-----------
1,681,780
-----------
Building & Construction - Misc. -- 0.0%
Insituform Technologies, Inc., Class A+#............. 8,300 107,817
-----------
Building Products - Air & Heating -- 0.5%
Aaon, Inc............................................ 18,900 359,667
Goodman Global, Inc.+#............................... 24,878 588,365
KSW, Inc.+........................................... 51,660 346,638
Lennox International, Inc............................ 24,694 835,645
-----------
2,130,315
-----------
Building Products - Doors & Windows -- 0.1%
Apogee Enterprises, Inc.............................. 14,272 317,124
-----------
Building Products - Light Fixtures -- 0.2%
Genlyte Group, Inc.+................................. 9,600 904,800
-----------
Building Products - Wood -- 0.1%
Universal Forest Products, Inc.#..................... 9,200 263,212
-----------
Building - Heavy Construction -- 1.0%
Chicago Bridge & Iron Co. NV......................... 39,858 2,118,453
Perini Corp.+........................................ 39,985 2,126,802
-----------
4,245,255
-----------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------------
Building - MobileHome/Manufactured Housing -- 0.1%
Skyline Corp.................................... 6,500 $ 220,350
Winnebago Industries, Inc.#..................... 400 8,608
----------
228,958
----------
Building - Residential/Commerical -- 0.1%
Amrep Corp...................................... 8,000 264,480
Meritage Homes Corp.+#.......................... 15,200 207,784
Standard-Pacific Corp.#......................... 26,900 93,074
----------
565,338
----------
Cable TV -- 0.1%
LodgeNet Entertainment Corp.+................... 13,400 257,280
----------
Casino Hotel -- 0.0%
Monarch Casino & Resort, Inc.+.................. 1,300 33,254
----------
Casino Services -- 0.1%
Bally Technologies, Inc.+....................... 7,666 319,672
Progressive Gaming International Corp.+......... 65,800 157,920
----------
477,592
----------
Cellular Telecom -- 0.2%
Syniverse Holdings, Inc.+#...................... 42,091 657,461
Virgin Mobile USA, Inc.+#....................... 17,000 123,760
----------
781,221
----------
Chemicals-Diversified -- 0.8%
Celanese Corp., Class A......................... 66,947 2,656,457
Olin Corp....................................... 37,500 785,250
----------
3,441,707
----------
Chemicals-Plastics -- 0.2%
Landec Corp.+................................... 66,200 869,868
Spartech Corp................................... 1,900 25,954
----------
895,822
----------
Chemicals-Specialty -- 1.4%
Arch Chemicals, Inc............................. 17,200 707,780
ICO, Inc.+...................................... 37,800 410,130
Methanex Corp................................... 23,017 684,986
Penford Corp.................................... 11,900 287,980
Quaker Chemical Corp............................ 13,400 291,852
Sensient Technologies Corp...................... 25,000 691,750
Symyx Technologies, Inc.+#...................... 6,600 50,556
Terra Industries, Inc.+#........................ 79,810 3,015,222
----------
6,140,256
----------
Coal -- 0.5%
Foundation Coal Holdings, Inc................... 17,500 795,200
Massey Energy Co................................ 32,293 1,096,347
Westmoreland Coal Co.+.......................... 5,200 83,980
----------
1,975,527
----------
Coffee -- 0.2%
Green Mountain Coffee Roasters, Inc.+........... 20,400 665,448
----------
Commerce -- 0.1%
Ariba, Inc.+#................................... 32,300 383,401
----------
Commercial Services -- 1.0%
CPI Corp.#...................................... 26,038 722,815
HMS Holdings Corp.+............................. 20,100 624,105
PeopleSupport, Inc.+............................ 13,600 191,080
Pre - Paid Legal Services, Inc.+#............... 20,169 1,008,652
Quanta Services, Inc.+#......................... 9,417 257,837
Standard Parking Corp.+......................... 6,731 312,117
Team, Inc.+..................................... 18,000 537,840
TeleTech Holdings, Inc.+........................ 25,200 521,892
----------
4,176,338
----------
150
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------------
COMMON STOCK (continued)
Commercial Services - Finance -- 0.7%
Bankrate, Inc.+#.................................. 8,100 $ 317,034
Deluxe Corp....................................... 73,483 2,321,328
Heartland Payment Systems, Inc.#.................. 7,400 238,872
PRG - Schultz International, Inc.+................ 25,435 237,817
----------
3,115,051
----------
Communications Software -- 0.1%
Captaris, Inc.+................................... 42,200 171,332
Digi International, Inc.+......................... 17,400 267,612
----------
438,944
----------
Computer Aided Design -- 0.3%
Ansys, Inc.+...................................... 28,529 1,108,637
----------
Computer Services -- 0.9%
3PAR, Inc.+....................................... 2,200 31,152
CGI Group, Inc., Class A+......................... 12,271 139,644
CIBER, Inc.+#..................................... 17,400 118,668
COMSYS IT Partners, Inc.+......................... 66,309 885,225
FactSet Research Systems, Inc.#................... 16,243 1,018,111
Furmanite Corp.+.................................. 46,900 484,477
Manhattan Associates, Inc.+....................... 24,300 659,259
SYKES Enterprises, Inc.+.......................... 34,400 635,024
----------
3,971,560
----------
Computers -- 0.1%
Palm, Inc.#....................................... 52,900 368,713
----------
Computers - Integrated Systems -- 0.9%
3D Systems Corp.+#................................ 13,100 230,167
Catapult Communications Corp.+#................... 8,100 58,725
Cray, Inc.+....................................... 23,400 136,422
Integral Systems, Inc#............................ 14,973 373,277
Jack Henry & Associates, Inc...................... 42,000 1,123,920
MICROS Systems, Inc.+............................. 13,504 974,178
MTS Systems Corp.................................. 12,000 491,880
NetScout Systems, Inc.+........................... 31,500 382,725
Radiant Systems, Inc.+............................ 23,700 378,489
----------
4,149,783
----------
Computers - Memory Devices -- 0.3%
Quantum Corp.+#................................... 59,351 188,143
Western Digital Corp.+............................ 28,877 797,871
Xyratex, Ltd.+.................................... 16,600 244,684
----------
1,230,698
----------
Computers - Periphery Equipment -- 0.7%
Immersion Corp.+#................................. 178,189 2,339,622
Sigma Designs, Inc.+.............................. 6,728 437,454
Synaptics, Inc.+#................................. 3,600 199,944
----------
2,977,020
----------
Consulting Services -- 0.9%
Diamond Management & Technology Consultants, Inc.. 45,200 335,836
First Consulting Group, Inc.+..................... 4,379 56,051
Forrester Research, Inc.+......................... 28,700 751,366
Hewitt Associates Inc., Class A+.................. 10,086 378,225
LECG Corp.+....................................... 17,800 282,308
Watson Wyatt Worldwide, Inc., Class A............. 45,609 2,100,295
----------
3,904,081
----------
Consumer Products - Misc. -- 1.4%
American Greetings Corp., Class A#................ 49,301 1,146,741
Fossil, Inc.+..................................... 60,169 2,607,724
Helen of Troy, Ltd.+#............................. 7,591 137,625
Value
Security Description Shares (Note 2)
--------------------------------------------------------------
Consumer Products - Misc. (continued)
Jarden Corp.+#............................ 10,200 $ 268,872
Russ Berrie & Co., Inc.+.................. 16,600 275,560
Tupperware Brands Corp.................... 45,869 1,599,911
----------
6,036,433
----------
Containers - Metal/Glass -- 0.1%
Crown Holdings, Inc.+..................... 12,695 325,754
----------
Containers-Paper/Plastic -- 0.4%
AEP Industries, Inc.+#.................... 5,694 194,792
Chesapeake Corp.#......................... 10,000 61,000
Pactiv Corp.+............................. 67,188 1,706,575
----------
1,962,367
----------
Data Processing/Management -- 0.4%
Acxiom Corp............................... 76,944 947,950
FalconStor Software, Inc.+................ 8,000 96,880
Global Payments, Inc...................... 15,800 682,876
----------
1,727,706
----------
Decision Support Software -- 0.7%
DemandTec, Inc.+.......................... 8,700 142,767
Interactive Intelligence, Inc.+........... 21,900 571,152
SPSS, Inc.+#.............................. 54,532 1,970,787
Wind River Systems, Inc.+................. 16,200 165,402
----------
2,850,108
----------
Diagnostic Kits -- 0.3%
Idexx Laboratories, Inc.+................. 22,704 1,373,592
----------
Direct Marketing -- 0.0%
ValueVision Media, Inc., Class A+#........ 23,400 153,972
----------
Disposable Medical Products -- 0.1%
Rochester Medical Corp.+.................. 18,200 232,050
Volcano Corp.+............................ 12,800 187,008
----------
419,058
----------
Distribution/Wholesale -- 0.4%
Bell Microproducts, Inc.+................. 45,000 252,000
Navarre Corp.+............................ 62,000 130,820
NuCo2, Inc.+#............................. 12,600 347,508
Pool Corp.#............................... 11,611 247,547
Tech Data Corp.+.......................... 8,095 304,453
United Stationers, Inc.+.................. 9,400 476,204
----------
1,758,532
----------
Diversified Manufacturing Operations -- 2.1%
A.O. Smith Corp.#......................... 23,800 842,282
Actuant Corp., Class A#................... 31,200 988,104
EnPro Industries, Inc.+................... 30,345 928,557
ESCO Technologies, Inc.+#................. 20,700 765,486
GenTek, Inc.+............................. 9,100 273,000
Harsco Corp............................... 17,500 1,051,225
Koppers Holdings, Inc..................... 19,828 762,188
LSB Industries, Inc.+..................... 20,800 471,744
Matthews International Corp., Class A..... 19,200 847,488
Teleflex, Inc............................. 34,338 2,071,612
----------
9,001,686
----------
Diversified Minerals -- 0.1%
AMCOL International Corp.#................ 7,934 301,333
----------
Drug Delivery Systems -- 0.1%
Alkermes, Inc.+........................... 13,200 188,232
Nastech Pharmaceutical Co., Inc.+......... 16,400 62,320
----------
250,552
----------
151
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------
COMMON STOCK (continued)
E-Commerce/Products -- 0.1%
Blue Nile, Inc.+#........................... 2,943 $ 217,223
drugstore.com, Inc.+........................ 38,237 117,005
FTD Group, Inc.............................. 13,538 181,409
Overstock.com, Inc.+#....................... 1,400 32,438
----------
548,075
----------
E-Commerce/Services -- 0.9%
Napster, Inc.+.............................. 57,500 159,850
priceline.com, Inc.+#....................... 34,850 3,965,930
----------
4,125,780
----------
E-Marketing/Info -- 0.1%
Digital River, Inc.+#....................... 10,800 417,636
----------
E-Services/Consulting -- 0.2%
Keynote Systems, Inc.+...................... 24,600 338,496
RightNow Technologies, Inc.+#............... 18,500 335,775
Websense, Inc.+#............................ 10,700 174,838
----------
849,109
----------
Educational Software -- 0.0%
INVESTools, Inc.+........................... 7,100 109,695
----------
Electric Products - Misc. -- 0.8%
GrafTech International, Ltd.+............... 205,752 3,306,435
----------
Electric - Distribution -- 0.0%
EnerNOC, Inc.+#............................. 2,300 105,271
----------
Electric - Integrated -- 2.0%
Allete, Inc.#............................... 3,736 153,027
Black Hills Corp.#.......................... 5,500 229,130
Central Vermont Public Service Corp......... 10,300 284,898
Cleco Corp.................................. 10,800 301,752
El Paso Electric Co.+....................... 157,458 4,048,245
OGE Energy Corp............................. 8,000 284,800
Pike Electric Corp.+#....................... 6,200 98,580
PNM Resources, Inc.#........................ 11,100 246,198
Portland General Electric Co................ 28,100 752,237
The Empire District Electric Co............. 14,500 334,080
Unisource Energy Corp....................... 61,671 1,907,484
Westar Energy, Inc.#........................ 5,400 139,914
----------
8,780,345
----------
Electronic Components - Misc. -- 0.5%
Cubic Corp.#................................ 30,608 1,208,404
Methode Electronics, Inc.................... 74,234 894,520
Stoneridge, Inc.+........................... 7,570 62,982
----------
2,165,906
----------
Electronic Components - Semiconductors -- 1.4%
Advanced Analogic Technologies, Inc.+#...... 47,688 513,600
Amkor Technology, Inc.+#.................... 7,651 63,044
Conexant Systems, Inc.+#.................... 231,400 256,854
Diodes, Inc.+#.............................. 22,650 666,363
IPG Photonics Corp.+........................ 2,800 56,980
Kopin Corp.+................................ 4,620 16,632
Lattice Semiconductor Corp.+#............... 36,400 122,304
Leadis Technology, Inc.+.................... 56,800 157,904
Microtune, Inc.+............................ 51,100 265,720
Mindspeed Technologies, Inc.+............... 155,100 217,140
MIPS Technologies, Inc.+.................... 37,000 210,160
ON Semiconductor Corp.+#.................... 245,000 2,251,550
Pixelworks, Inc.+........................... 85,000 73,950
Semtech Corp.+.............................. 24,900 379,974
Silicon Laboratories, Inc.+................. 13,100 486,534
Virage Logic Corp.+#........................ 5,700 47,709
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------
Electronic Components - Semiconductors -- 1.4%
Volterra Semiconductor Corp.+#.............. 9,600 $ 118,848
Zarlink Semiconductor, Inc.+................ 52,100 37,773
----------
5,943,039
----------
Electronic Design Automation -- 0.4%
Ansoft Corp.+............................... 10,100 293,001
Comtech Group, Inc.+#....................... 13,900 246,586
Magma Design Automation, Inc.+#............. 18,007 240,574
Synopsys, Inc.+............................. 22,140 544,865
Synplicity, Inc.+........................... 39,400 224,186
----------
1,549,212
----------
Electronic Measurement Instruments -- 1.4%
Analogic Corp............................... 20,003 1,076,561
Axsys Technologies, Inc.+................... 16,335 690,971
CyberOptics Corp.+.......................... 18,900 230,391
FLIR Systems, Inc.+......................... 9,880 679,052
Itron, Inc.+#............................... 11,920 924,396
Measurement Specialties, Inc.+#............. 800 19,688
National Instruments Corp................... 7,900 263,623
Orbotech, Ltd.+............................. 11,500 176,755
Trimble Navigation, Ltd.+................... 45,487 1,686,203
Zygo Corp.+................................. 18,100 204,349
----------
5,951,989
----------
Electronic Security Devices -- 0.2%
American Science and Engineering, Inc.#..... 6,600 381,810
LoJack Corp.+#.............................. 20,510 359,130
Vicon Industries, Inc.+..................... 21,026 200,378
----------
941,318
----------
Energy - Alternate Sources -- 0.3%
FuelCell Energy, Inc.+#..................... 60,800 551,456
Headwaters, Inc.+#.......................... 20,800 249,600
Plug Power, Inc.+........................... 116,900 423,178
----------
1,224,234
----------
Engineering/R&D Services -- 1.1%
EMCOR Group, Inc.+.......................... 111,835 2,979,284
Michael Baker Corp.+........................ 19,902 695,177
Shaw Group, Inc.+........................... 17,074 1,082,833
----------
4,757,294
----------
Enterprise Software/Service -- 1.1%
American Software, Inc., Class A............ 37,400 268,906
JDA Software Group, Inc.+................... 8,629 180,691
ManTech International Corp., Class A+....... 3,715 143,733
Omnicell, Inc.+............................. 38,043 1,003,194
Open Text Corp.+#........................... 16,600 545,808
PROS Holdings, Inc.+........................ 3,900 67,080
Salary.Com, Inc.+........................... 7,500 100,500
Sybase, Inc.+............................... 97,276 2,494,157
SYNNEX Corp.+#.............................. 4,400 90,904
----------
4,894,973
----------
Entertainment Software -- 0.1%
Glu Mobile, Inc.+........................... 3,000 16,380
THQ, Inc.+#................................. 20,100 491,445
----------
507,825
----------
Finance - Auto Loans -- 0.0%
Consumer Portfolio Services+................ 47,000 155,570
----------
Finance - Consumer Loans -- 0.2%
Encore Capital Group, Inc.+................. 26,400 271,128
Ocwen Financial Corp.+#..................... 127,116 711,850
----------
982,978
----------
152
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------
COMMON STOCK (continued)
Finance - Credit Card -- 0.1%
Advanta Corp., Class B#.................. 39,921 $ 399,609
----------
Finance - Investment Banker/Broker -- 1.0%
Greenhill & Co., Inc.#................... 9,400 679,526
Investment Technology Group, Inc.+....... 14,779 675,105
Knight Capital Group, Inc., Class A+..... 39,900 532,665
optionsXpress Holdings, Inc.#............ 12,500 380,125
Penson Worldwide, Inc.+#................. 17,900 274,407
Piper Jaffray Cos., Inc.+#............... 11,400 528,048
SWS Group, Inc.#......................... 103,040 1,397,222
----------
4,467,098
----------
Finance - Leasing Companies -- 0.1%
Financial Federal Corp.#................. 15,500 342,395
Marlin Business Services, Corp.+......... 12,000 162,000
----------
504,395
----------
Finance - Mortgage Loan/Banker -- 0.1%
Federal Agricultural Mtg. Corp., Class C. 9,600 261,216
----------
Finance - Other Services -- 0.1%
MarketAxess Holdings, Inc.+#............. 15,200 218,272
----------
Financial Guarantee Insurance -- 0.2%
Assured Guaranty, Ltd.................... 21,800 492,026
Radian Group, Inc.#...................... 12,500 141,750
Security Capital Assurance, Ltd.#........ 11,500 81,420
----------
715,196
----------
Firearms & Ammunition -- 0.2%
Sturm Ruger & Co., Inc.+#................ 79,848 738,594
----------
Food - Baking -- 0.1%
Flowers Foods, Inc....................... 22,900 531,967
----------
Food - Canned -- 0.1%
Seneca Foods Corp., Class A+............. 5,800 149,060
Seneca Foods Corp., Class B+............. 2,700 69,660
----------
218,720
----------
Food - Confectionery -- 0.1%
The J. M. Smucker Co..................... 6,725 330,399
----------
Food - Misc. -- 0.6%
Cal-Maine Foods, Inc.#................... 7,484 184,331
Corn Products International, Inc......... 29,112 1,144,975
M&F Worldwide Corp.+..................... 16,700 857,879
Ralcorp Holdings, Inc.+.................. 9,909 608,313
----------
2,795,498
----------
Food - Retail -- 0.1%
Village Super Market, Class A............ 5,400 289,386
----------
Food - Wholesale/Distribution -- 0.4%
Fresh Del Monte Produce, Inc.+#.......... 18,809 581,574
Performance Food Group Co.+.............. 10,200 282,438
Spartan Stores, Inc.#.................... 34,248 770,580
----------
1,634,592
----------
Footwear & Related Apparel -- 0.3%
Deckers Outdoor Corp.+#.................. 9,436 1,360,388
----------
Gambling (Non-Hotel) -- 0.0%
Lakes Entertainment, Inc.+#.............. 32,600 216,464
----------
Garden Products -- 0.2%
Toro Co.................................. 17,800 990,570
----------
Gas - Distribution -- 1.5%
AGL Resources, Inc....................... 7,574 280,844
Energen Corp............................. 42,153 2,686,832
Value
Security Description Shares (Note 2)
-------------------------------------------------------------
Gas - Distribution (continued)
EnergySouth, Inc......................... 7,400 $ 409,072
Northwest Natural Gas Co.#............... 42,595 2,043,282
Piedmont Natural Gas, Inc.#.............. 7,300 190,092
Southwest Gas Corp....................... 18,000 520,560
UGI Corp................................. 8,638 228,389
WGL Holdings, Inc........................ 3,800 125,552
----------
6,484,623
----------
Hazardous Waste Disposal -- 0.0%
Energy Solutions, Inc.+.................. 4,600 109,572
----------
Health Care Cost Containment -- 0.1%
Healthspring, Inc.+#..................... 15,897 300,453
----------
Heart Monitors -- 0.0%
Arrhythmia Research Technology+.......... 13,800 113,712
----------
Home Furnishings -- 0.1%
American Woodmark Corp.#................. 8,200 158,834
Tempur-Pedic International, Inc.#........ 3,445 102,282
----------
261,116
----------
Hospital Beds/Equipment -- 0.6%
Kinetic Concepts, Inc.+.................. 41,687 2,444,526
----------
Hotels/Motels -- 0.2%
Choice Hotels International, Inc......... 10,714 371,240
Interstate Hotels & Resorts, Inc.+....... 69,966 326,741
Red Lion Hotels Corp.+................... 23,700 227,520
----------
925,501
----------
Housewares -- 0.1%
Libbey, Inc.............................. 20,600 319,506
----------
Human Resources -- 0.7%
Heidrick & Struggles International, Inc.. 22,579 818,940
Hudson Highland Group, Inc.+............. 18,100 161,271
Kforce, Inc.+............................ 15,400 167,090
Korn/Ferry International+................ 33,300 573,759
MPS Group, Inc.+......................... 51,500 571,650
On Assignment, Inc.+..................... 26,200 167,418
Resources Connection, Inc................ 21,500 443,330
Spherion Corp.+.......................... 40,800 317,424
----------
3,220,882
----------
Identification Systems -- 0.2%
Checkpoint Systems, Inc.+................ 38,007 903,046
Cogent, Inc.+#........................... 5,900 65,490
----------
968,536
----------
Industrial Audio & Video Products -- 0.3%
Dolby Laboratories, Inc., Class A+....... 25,714 1,291,871
----------
Industrial Automated/Robotic -- 0.0%
Intermec, Inc.+#......................... 7,000 150,290
----------
Instruments - Controls -- 0.6%
Mettler Toledo International, Inc.+...... 22,162 2,578,770
Woodward Governor Co.#................... 3,300 226,182
----------
2,804,952
----------
Instruments - Scientific -- 0.6%
FEI Co.+#................................ 20,400 508,164
Varian, Inc.+............................ 28,672 2,008,474
----------
2,516,638
----------
Insurance Brokers -- 0.2%
eHealth, Inc.+........................... 1,600 49,584
Life Partners Holdings, Inc.............. 29,500 1,041,350
----------
1,090,934
----------
153
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------
COMMON STOCK (continued)
Insurance - Life/Health -- 0.5%
Reinsurance Group of America, Inc......... 30,003 $1,623,462
The Phoenix Cos., Inc..................... 55,000 661,100
----------
2,284,562
----------
Insurance - Multi - line -- 0.3%
American Financial Group, Inc.#........... 32,130 938,839
Citizens, Inc.+........................... 44,200 289,952
----------
1,228,791
----------
Insurance - Property/Casualty -- 0.8%
American Physicians Capital, Inc.......... 19,600 822,416
American Safety Insurance Holdings, Ltd.+. 6,671 122,613
Amtrust Financial Services, Inc........... 7,300 92,710
Employers Holdings, Inc................... 9,800 174,342
Infinity Property & Casualty Corp.#....... 14,400 562,896
Markel Corp.+............................. 1,500 723,225
Meadowbrook Insurance Group, Inc.+........ 22,200 204,018
Mercer Insurance Group Inc................ 9,700 171,787
Procentury Corp........................... 15,100 212,457
Selective Insurance Group, Inc.#.......... 12,000 283,080
----------
3,369,544
----------
Insurance - Reinsurance -- 1.2%
Aspen Insurance Holdings, Ltd............. 95,351 2,746,109
Endurance Specialty Holdings, Ltd......... 58,554 2,364,996
Odyssey Re Holdings Corp.#................ 5,000 192,700
----------
5,303,805
----------
Internet Application Software -- 0.3%
DealerTrack Holdings, Inc.+............... 7,400 314,796
Interwoven, Inc.+......................... 17,400 213,672
Motive, Inc.+#............................ 31,900 57,420
RealNetworks, Inc.+#...................... 39,200 241,864
Vignette Corp.+........................... 41,500 638,270
----------
1,466,022
----------
Internet Connectivity Services -- 0.1%
Cogent Communications Group, Inc.+........ 11,300 234,814
----------
Internet Content - Information/News -- 0.3%
CNET Networks, Inc.+#..................... 38,700 293,346
Harris Interactive, Inc.+................. 83,400 349,446
The Knot, Inc.+#.......................... 12,500 165,000
TheStreet.com, Inc........................ 23,900 293,970
----------
1,101,762
----------
Internet Financial Services -- 0.1%
Online Resources Corp.+................... 28,600 268,840
----------
Internet Infrastructure Equipment -- 0.0%
Network Engines, Inc.+.................... 128,600 210,904
----------
Internet Infrastructure Software -- 0.2%
Chordiant Software, Inc.+................. 80,686 809,281
----------
Internet Security -- 0.4%
Actividentity Corp.+...................... 59,000 240,130
Blue Coat Systems, Inc.+.................. 37,215 1,347,555
Sourcefire, Inc.+......................... 7,600 61,636
----------
1,649,321
----------
Intimate Apparel -- 0.4%
The Warnaco Group, Inc.+.................. 43,844 1,617,844
----------
Investment Companies -- 0.1%
Apollo Investment Corp.................... 17,100 302,841
----------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------
Investment Management/Advisor Services -- 0.5%
Affiliated Managers Group, Inc.+#........... 7,800 $ 969,150
Calamos Asset Management, Inc., Class A..... 21,030 622,698
National Financial Partners Corp.#.......... 2,700 122,580
U.S. Global Investors, Inc., Class A........ 20,200 332,694
----------
2,047,122
----------
Lasers - System/Components -- 0.1%
Cymer, Inc.+................................ 8,200 336,774
Newport Corp.+#............................. 12,700 168,402
----------
505,176
----------
Leisure Products -- 0.1%
Brunswick Corp.#............................ 14,000 285,460
GameTech International, Inc.+............... 30,200 234,654
Multimedia Games, Inc.+..................... 300 2,382
----------
522,496
----------
Linen Supply & Related Items -- 0.2%
Angelica Corp.#............................. 8,400 145,572
G&K Services, Inc., Class A#................ 13,000 528,710
----------
674,282
----------
Machine Tools & Related Products -- 0.1%
K - Tron International, Inc.+............... 2,400 273,600
----------
Machinery - Electrical -- 0.3%
Baldor Electric Co.......................... 25,300 853,875
Regal - Beloit Corp......................... 7,200 338,976
----------
1,192,851
----------
Machinery - General Industrial -- 1.3%
Applied Industrial Technologies, Inc........ 51,250 1,548,262
Hirsch International Corp., Class A+........ 75,700 156,699
IDEX Corp................................... 13,900 496,230
Intevac, Inc.+.............................. 54,601 857,236
Kadant, Inc.+............................... 10,100 297,546
Robbins & Myers, Inc........................ 18,310 1,254,235
Twin Disc, Inc.............................. 7,600 472,188
Wabtec Corp................................. 14,300 485,342
----------
5,567,738
----------
Machinery - Material Handling -- 0.0%
Cascade Corp.#.............................. 3,000 180,990
----------
Machinery - Pumps -- 0.1%
Graco, Inc.................................. 14,700 547,428
----------
Medical Imaging Systems -- 0.0%
Vital Images, Inc.+#........................ 9,600 173,184
----------
Medical Information Systems -- 0.0%
Allscripts Healthcare Solutions, Inc.+#..... 11,200 198,128
----------
Medical Instruments -- 1.1%
AngioDynamics, Inc.+#....................... 5,400 104,814
ArthroCare Corp.+#.......................... 1,733 93,807
Bovie Medical Corp.+........................ 32,900 211,547
Bruker BioSciences Corp.+................... 76,700 712,543
CONMED Corp.+............................... 55,096 1,370,789
Edwards Lifesciences Corp.+................. 8,400 415,380
ev3, Inc.+.................................. 8,000 117,120
Micrus Endovascular Corp.+#................. 7,600 139,156
Natus Medical, Inc.+........................ 18,100 305,347
NuVasive, Inc.+............................. 7,200 306,504
OrthoLogic Corp.+........................... 192,300 251,913
Stereotaxis, Inc.+.......................... 10,200 137,598
Synergetics USA, Inc.+...................... 31,361 90,633
Thoratec Corp.+#............................ 21,000 411,390
Vascular Solutions, Inc.+................... 29,900 200,031
----------
4,868,572
----------
154
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------
COMMON STOCK (continued)
Medical Laser Systems -- 0.0%
Cynosure, Inc. Class A+#............... 2,700 $ 80,163
-----------
Medical Products -- 1.0%
Cantel Medical Corp.+.................. 21,600 382,104
Hanger Orthopedic Group, Inc.+......... 26,100 273,006
Henry Schein, Inc.+.................... 14,300 845,845
Lifecore Biomedical, Inc.+............. 22,000 269,720
NMT Medical, Inc.+..................... 16,200 81,324
Northstar Neuroscience, Inc.+#......... 5,300 48,919
NxStage Medical, Inc.+#................ 12,900 165,894
Osteotech, Inc.+....................... 46,600 383,052
Sonic Innovations, Inc.+............... 41,500 345,695
Span - America Medical Systems, Inc.... 12,500 149,250
Synovis Life Technologies, Inc.+....... 17,457 328,366
TomoTherapy, Inc.+#.................... 14,100 262,260
Vnus Medical Technologies, Inc.+....... 23,800 334,866
West Pharmaceutical Services, Inc.#.... 6,800 255,476
Wright Medical Group, Inc.+............ 13,300 358,834
-----------
4,484,611
-----------
Medical Sterilization Products -- 0.2%
STERIS Corp............................ 27,500 768,900
-----------
Medical - Biomedical/Gene -- 2.5%
Alexion Pharmaceuticals, Inc.+......... 5,000 363,600
Bio - Rad Laboratories, Inc., Class A+. 8,220 829,480
BioMimetic Therapeutics, Inc.+#........ 2,300 28,037
CryoLife, Inc.+........................ 34,400 246,992
Cytokinetics, Inc.+#................... 42,200 205,092
deCODE genetics, Inc.+#................ 15,700 67,824
Exelixis, Inc.+........................ 17,200 150,156
Geron Corp.+#.......................... 97,600 631,472
GTx, Inc.+#............................ 42,900 616,473
Harvard Bioscience, Inc.+.............. 61,600 261,184
Immunogen, Inc.+....................... 63,900 306,720
Incyte Corp.+.......................... 25,800 221,364
Integra LifeSciences Holdings Corp.+#.. 17,900 741,955
InterMune, Inc.+#...................... 12,500 203,000
Invitrogen Corp.+...................... 26,950 2,614,420
LifeCell Corp.+#....................... 18,400 746,120
Martek Biosciences Corp.+#............. 10,400 268,944
Maxygen, Inc.+......................... 5,900 44,663
Myriad Genetics, Inc.+................. 13,300 641,060
Seattle Genetics, Inc.+................ 52,300 574,777
SuperGen, Inc.+........................ 57,200 241,956
Tercica, Inc.+#........................ 12,000 79,680
Third Wave Technologies, Inc.+......... 46,000 371,220
Vertex Pharmaceuticals, Inc.+.......... 9,511 241,484
Vical, Inc.+........................... 48,985 224,351
-----------
10,922,024
-----------
Medical - Drugs -- 1.8%
Acadia Pharmaceuticals, Inc.+#......... 9,000 102,060
Cadence Pharmaceuticals, Inc.+#........ 4,500 60,570
Cephalon, Inc.+#....................... 4,500 337,140
CollaGenex Pharmaceuticals, Inc.+...... 19,300 153,628
Cubist Pharmaceuticals, Inc.+#......... 61,739 1,311,337
Indevus Pharmaceuticals, Inc.+......... 41,900 313,831
King Pharmaceuticals, Inc.+............ 82,931 878,239
MAP Pharmaceuticals, Inc.+............. 1,800 24,498
Medicis Pharmaceutical Corp., Class A#. 17,000 457,300
OSI Pharmaceuticals, Inc.+............. 54,615 2,546,698
Pharmasset, Inc.+#..................... 7,300 97,820
Rigel Pharmaceuticals, Inc.+#.......... 37,500 268,500
Value
Security Description Shares (Note 2)
--------------------------------------------------------------
Medical - Drugs (continued)
Sciele Pharma, Inc.+..................... 29,400 $ 656,208
XenoPort, Inc.+#......................... 14,504 762,765
----------
7,970,594
----------
Medical - Generic Drugs -- 0.4%
Watson Pharmaceuticals, Inc.+............ 59,318 1,738,611
----------
Medical - HMO -- 1.3%
AMERIGROUP Corp.+........................ 57,342 1,970,844
Centene Corp.+........................... 53,881 1,347,025
Molina Healthcare, Inc.+#................ 46,642 1,748,609
WellCare Health Plans, Inc.+............. 16,974 660,458
----------
5,726,936
----------
Medical - Hospitals -- 0.1%
LifePoint Hospitals, Inc.+............... 17,700 560,028
----------
Medical - Nursing Homes -- 0.1%
Advocat, Inc.+........................... 13,000 145,730
Skilled Healthcare Group, Inc. Class A+.. 9,200 139,380
----------
285,110
----------
Medical - Outpatient/Home Medical -- 0.7%
Air Methods Corp.+....................... 19,544 1,028,992
Apria Healthcare Group, Inc.+............ 103,467 2,242,130
----------
3,271,122
----------
Metal Processors & Fabrication -- 0.5%
Ampco - Pittsburgh Corp.................. 8,100 285,282
Haynes International, Inc.+.............. 4,500 380,295
LB Foster Co., Class A+.................. 22,800 1,044,468
Mueller Industries, Inc.................. 3,961 119,741
RBC Bearings, Inc.+...................... 14,200 522,276
----------
2,352,062
----------
Metal - Aluminum -- 0.1%
Kaiser Aluminum Corp..................... 3,400 241,876
----------
Metal - Diversified -- 0.4%
Hecla Mining Co.+#....................... 140,712 1,650,552
----------
Metal - Iron -- 0.1%
Mesabi Trust............................. 13,000 274,300
----------
Mining -- 0.1%
Allied Nevada Gold Corp.+................ 19,293 129,263
Lihir Gold, Ltd.+(3)..................... 52,100 175,701
Vista Gold Corp.+........................ 24,300 123,930
----------
428,894
----------
Miscellaneous Manufacturing -- 0.2%
AptarGroup, Inc.......................... 18,599 785,064
----------
Motion Pictures & Services -- 0.3%
Dreamworks Animation SKG, Inc., Class A+. 45,006 1,183,658
----------
MRI/Medical Diagnostic Imaging -- 0.1%
Nighthawk Radiology Holdings, Inc.+#..... 12,400 262,136
RadNet, Inc.+............................ 42,600 400,440
----------
662,576
----------
Multimedia -- 0.1%
Belo Corp., Class A...................... 22,100 365,976
Corus Entertainment, Inc., Class B....... 1,698 83,474
WPT Enterprises, Inc.+................... 55,500 119,880
----------
569,330
----------
155
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-------------------------------------------------------------------
COMMON STOCK (continued)
Music -- 0.1%
Steinway Musical Instruments, Inc............. 9,000 $ 254,250
----------
Networking Products -- 0.2%
Acme Packet, Inc.+#........................... 3,300 40,590
Anixter International, Inc.+#................. 3,400 219,300
Atheros Communications, Inc.+#................ 7,300 215,277
Avici Systems, Inc............................ 28,700 213,241
BigBand Networks, Inc.+#...................... 3,800 22,762
Ixia+......................................... 13,000 134,290
----------
845,460
----------
Non - Ferrous Metals -- 0.0%
USEC, Inc.+#.................................. 19,300 158,453
----------
Non - Hazardous Waste Disposal -- 0.2%
Waste Connections, Inc.+...................... 20,900 665,247
Waste Industries USA, Inc.#................... 2,931 99,068
----------
764,315
----------
Office Automation & Equipment -- 0.2%
IKON Office Solutions, Inc.#.................. 63,200 798,216
----------
Office Furnishings - Original -- 0.3%
Knoll, Inc.................................... 80,019 1,398,732
----------
Oil & Gas Drilling -- 0.3%
Atlas America, Inc.#.......................... 11,600 658,648
Grey Wolf, Inc.+#............................. 116,100 589,788
----------
1,248,436
----------
Oil Companies - Exploration & Production -- 2.0%
American Oil And Gas, Inc.+................... 56,800 365,792
ATP Oil & Gas Corp.+.......................... 2,800 124,824
Barnwell Industries, Inc...................... 13,200 181,632
Bill Barrett Corp.+#.......................... 19,000 733,400
Bois d'Arc Energy, Inc.+...................... 7,401 145,060
Brigham Exploration Co.+...................... 50,600 349,646
Clayton Williams Energy, Inc.+................ 12,400 356,624
Concho Resources, Inc.+#...................... 10,600 199,916
FieldPoint Petroleum Corp.+................... 86,200 99,992
Forest Oil Corp.+#............................ 22,300 1,049,884
FX Energy, Inc.+.............................. 40,500 301,320
GeoMet, Inc.+................................. 25,000 121,500
Mariner Energy, Inc.+#........................ 53,331 1,156,216
McMoRan Exploration Co.+#..................... 43,400 510,384
Meridian Resource Corp.+...................... 82,200 143,028
Rosetta Resources, Inc.+...................... 6,100 111,630
Stone Energy Corp.+........................... 29,501 1,333,445
TransGlobe Energy Corp.+...................... 52,300 269,345
W&T Offshore, Inc............................. 49,981 1,319,498
----------
8,873,136
----------
Oil Field Machinery & Equipment -- 0.4%
Bolt Technology Corp.+........................ 18,800 734,516
Complete Production Services, Inc.+#.......... 7,000 124,040
Dril - Quip, Inc.+............................ 10,657 601,268
FMC Technologies, Inc.+....................... 3,600 200,088
----------
1,659,912
----------
Oil Refining & Marketing -- 0.7%
Frontier Oil Corp............................. 4,359 192,668
Holly Corp.................................... 23,359 1,131,743
Tesoro Corp................................... 36,670 1,803,431
----------
3,127,842
----------
Oil - Field Services -- 2.1%
Exterran Holdings, Inc.+...................... 7,070 565,883
Helix Energy Solutions Group, Inc.+#.......... 36,795 1,493,509
Value
Security Description Shares (Note 2)
------------------------------------------------------------
Oil - Field Services (continued)
Key Energy Services, Inc.+............. 3,300 $ 44,220
MarkWest Hydrocarbon, Inc.#............ 1,300 79,690
Matrix Service Co.+.................... 18,900 493,101
Oceaneering International, Inc.+....... 21,906 1,397,822
Oil States International, Inc.+........ 17,400 551,754
SEACOR Holdings, Inc.+#................ 12,700 1,150,239
Trico Marine Services, Inc.+#.......... 80,169 2,835,577
Union Drilling, Inc.+#................. 4,800 60,960
W-H Energy Services, Inc.+............. 6,700 338,350
----------
9,011,105
----------
Paper & Related Products -- 0.8%
Buckeye Technologies, Inc.+............ 100,110 1,429,571
Potlatch Corp.......................... 1,500 68,865
Rock - Tenn Co., Class A............... 68,660 1,811,251
Smurfit-Stone Container Corp.+......... 28,200 310,482
----------
3,620,169
----------
Patient Monitoring Equipment -- 0.1%
Masimo Corp.+.......................... 1,900 70,224
Somanetics Corp.+...................... 12,400 248,124
----------
318,348
----------
Pharmacy Services -- 0.1%
HealthExtras, Inc.+.................... 15,200 403,864
----------
Physicians Practice Management -- 0.4%
American Dental Partners, Inc.+........ 22,478 447,986
I-Trax, Inc.+.......................... 31,493 114,005
Pediatrix Medical Group, Inc.+......... 18,509 1,196,792
----------
1,758,783
----------
Power Converter/Supply Equipment -- 0.2%
Advanced Energy Industries, Inc.+#..... 52,600 763,226
SL Industries, Inc.+................... 5,586 122,892
----------
886,118
----------
Printing - Commercial -- 0.1%
Cenveo, Inc.+#......................... 7,200 148,032
Multi-Color Corp.#..................... 12,250 292,775
----------
440,807
----------
Publishing - Books -- 0.1%
Scholastic Corp.+...................... 17,415 613,705
----------
Racetrack -- 0.1%
Dover Motorsports, Inc................. 58,800 399,840
----------
Radio -- 0.1%
Entercom Communications Corp., Class A. 6,200 100,998
Saga Communications, Inc., Class A+.... 30,400 207,632
Salem Communications Corp., Class A.... 24,900 199,200
Westwood One, Inc.#.................... 24,057 45,949
----------
553,779
----------
Real Estate Investment Trusts -- 2.9%
Agree Reality Corp.#................... 756 22,718
Ashford Hospitality Trust, Inc......... 71,000 549,540
Capital Trust, Inc., Class A#.......... 12,461 383,300
Cousins Properties, Inc.#.............. 16,500 392,205
DiamondRock Hospitality Co............. 8,500 147,220
EastGroup Properties, Inc.#............ 12,100 558,173
Equity Lifestyle Properties, Inc....... 46,219 2,144,099
Essex Property Trust, Inc.............. 1,500 155,610
Extra Space Storage, Inc.#............. 46,000 655,960
FelCor Lodging Trust, Inc.............. 32,500 569,075
First Industrial Realty Trust, Inc.#... 3,300 120,516
156
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------
COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
Getty Realty Corp.#....................... 22,800 $ 618,336
Gramercy Capital Corp.#................... 83,565 1,987,176
LaSalle Hotel Properties.................. 11,700 435,240
Parkway Properties, Inc.#................. 5,900 233,463
PS Business Parks, Inc.................... 4,300 231,985
Ramco-Gershenson Properties Trust......... 22,500 569,250
Saul Centers, Inc......................... 2,500 142,725
Taubman Centers, Inc...................... 44,235 2,367,900
Washington Real Estate Investment Trust#.. 10,500 336,420
Winthrop Realty Trust..................... 15,100 80,634
-----------
12,701,545
-----------
Real Estate Management/Services -- 0.1%
Housevalues, Inc.+........................ 71,600 244,872
Jones Lang LaSalle, Inc.#................. 4,826 405,722
-----------
650,594
-----------
Real Estate Operations & Development -- 0.2%
Avatar Holdings, Inc.+#................... 18,865 821,759
Stratus Properties, Inc.+................. 7,600 238,640
-----------
1,060,399
-----------
Recreational Vehicles -- 0.5%
Polaris Industries, Inc.#................. 46,454 2,116,444
-----------
Recycling -- 0.1%
Metal Management, Inc..................... 8,900 409,578
-----------
Rental Auto/Equipment -- 0.1%
Electro Rent Corp......................... 6,300 86,184
H&E Equipment Services, Inc.+#............ 26,100 450,747
-----------
536,931
-----------
Research & Development -- 0.2%
Albany Molecular Research, Inc.+.......... 24,700 326,287
Exponent, Inc.+........................... 12,800 356,480
Senomyx, Inc.+#........................... 7,100 49,700
-----------
732,467
-----------
Respiratory Products -- 0.5%
ResMed, Inc.+#............................ 21,100 966,380
Respironics, Inc.+........................ 28,930 1,425,092
-----------
2,391,472
-----------
Retail - Apparel/Shoe -- 1.3%
Aeropostale, Inc.+........................ 31,700 809,935
AnnTaylor Stores Corp.+................... 22,150 674,468
Cache, Inc.+.............................. 21,800 291,902
Christopher & Banks Corp.#................ 12,700 204,724
Dress Barn, Inc.+#........................ 97,131 1,373,432
Hot Topic, Inc.+.......................... 21,000 132,510
J Crew Group, Inc.+#...................... 9,700 466,085
Jos. A. Bank Clothiers, Inc.+#............ 17,817 461,282
Men's Wearhouse, Inc...................... 20,262 699,444
Tween Brands, Inc.+#...................... 15,200 382,736
Under Armour, Inc., Class A+#............. 3,700 183,816
-----------
5,680,334
-----------
Retail - Arts & Crafts -- 0.0%
A.C. Moore Arts & Crafts, Inc.+#.......... 4,900 77,763
-----------
Retail-Automobile -- 0.1%.................
Asbury Automotive Group, Inc.#............ 34,100 570,834
Rush Enterprises, Inc., Class A+#......... 3,150 49,644
-----------
620,478
-----------
Value
Security Description Shares (Note 2)
------------------------------------------------------------
Retail - Bookstore -- 0.1%
Books-A-Million, Inc.................... 13,900 $ 168,051
Borders Group, Inc.#.................... 28,600 357,786
----------
525,837
----------
Retail - Building Products -- 0.0%
Lumber Liquidators, Inc.+............... 1,800 16,182
----------
Retail - Computer Equipment -- 0.5%
PC Connection, Inc.+.................... 21,300 272,427
PC Mall, Inc.+#......................... 65,417 711,083
Systemax, Inc.#......................... 69,556 1,373,731
----------
2,357,241
----------
Retail - Convenience Store -- 0.2%
Casey's General Stores, Inc............. 19,500 565,500
The Pantry, Inc.+#...................... 11,300 325,327
----------
890,827
----------
Retail - Discount -- 0.6%
Big Lots, Inc.+#........................ 92,156 1,720,552
Dollar Tree Stores, Inc.+............... 27,783 796,261
----------
2,516,813
----------
Retail - Drug Store -- 0.1%
Allion Healthcare, Inc.+................ 61,200 358,632
----------
Retail - Fabric Store -- 0.1%
Jo-Ann Stores, Inc.+#................... 16,691 274,734
----------
Retail - Jewelry -- 0.1%
Zale Corp.+#............................ 17,000 304,130
----------
Retail - Leisure Products -- 0.1%
MarineMax, Inc.+#....................... 34,700 567,345
----------
Retail - Mail Order -- 0.1%
Sport Supply Group, Inc................. 27,600 281,520
Zones, Inc.+............................ 24,200 233,288
----------
514,808
----------
Retail - Perfume & Cosmetics -- 0.0%
Ulta Salon Cosmetics & Fragrance, Inc.+. 1,200 30,888
----------
Retail - Restaurants -- 1.6%
AFC Enterprises, Inc.+.................. 51,386 560,621
BJ's Restaurants, Inc.+#................ 13,300 236,607
CEC Entertainment, Inc.+................ 6,250 178,125
Chipotle Mexican Grill, Inc., Class A+#. 12,727 1,694,600
Famous Dave's of America, Inc.+......... 16,700 231,128
Jack in the Box, Inc.+.................. 29,400 880,530
Kona Grill, Inc.+....................... 20,900 329,175
Luby's, Inc.+........................... 25,300 276,529
Panera Bread Co., Class A+#............. 8,100 324,567
PF Chang's China Bistro, Inc.+#......... 5,600 143,304
Red Robin Gourmet Burgers, Inc.+#....... 11,700 462,852
Ruby Tuesday, Inc.#..................... 45,700 599,127
Sonic Corp.+#........................... 26,962 657,873
The Cheesecake Factory, Inc.+#.......... 18,300 426,207
----------
7,001,245
----------
Retail - Sporting Goods -- 0.2%
Hibbett Sports, Inc.+#.................. 13,100 280,602
Zumiez, Inc.+#.......................... 18,300 508,740
----------
789,342
----------
Retirement/Aged Care -- 0.3%
Sunrise Senior Living, Inc.+#........... 38,100 1,195,959
----------
Rubber-Tires -- 0.1%....................
Cooper Tire & Rubber Co................. 28,267 434,746
----------
157
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------------------
COMMON STOCK (continued)
Satellite Telecom -- 0.0%
GeoEye, Inc.+......................................... 4,818 $ 152,827
----------
Savings & Loans/Thrifts -- 1.0%
Abington Bancorp, Inc................................. 28,640 253,750
American Bancorp of New Jersey........................ 21,400 228,980
Charter Financial Corp.#.............................. 2,779 106,297
Clifton Savings Bancorp, Inc.......................... 28,200 298,920
First Niagara Financial Group, Inc.#.................. 46,300 575,509
FirstFed Financial Corp.+#............................ 4,600 161,092
NewAlliance Bancshares, Inc.#......................... 22,400 288,960
OceanFirst Financial Corp............................. 20,200 332,492
Pacific Premier Bancorp, Inc.+........................ 20,800 194,688
Rainier Pacific Financial Group, Inc.................. 13,600 201,416
Rome Bancorp, Inc..................................... 19,500 227,175
TierOne Corp.#........................................ 17,900 418,860
Timberland Bancorp, Inc............................... 14,498 224,719
United Financial Bancorp., Inc........................ 19,300 207,861
United Western Bancorp, Inc........................... 7,612 159,928
Westfield Financial, Inc.............................. 33,500 323,610
WSFS Financial Corp................................... 1,800 100,584
----------
4,304,841
----------
Schools -- 0.3%
Corinthian Colleges, Inc.+#........................... 41,800 729,828
Learning Tree International, Inc.+.................... 30,700 777,938
----------
1,507,766
----------
School - Day Care -- 0.1%
Bright Horizons Family Solutions, Inc.+............... 11,500 434,585
----------
Seismic Data Collection -- 0.1%
ION Geophysical Corp.+................................ 18,400 283,912
T.G.C. Industries, Inc.+.............................. 31,815 287,926
----------
571,838
----------
Semiconductor Equipment -- 1.1%
ASM International NV#................................. 23,695 553,278
Asyst Technologies, Inc.+............................. 6,316 21,727
ATMI, Inc.+........................................... 3,100 93,279
Brooks Automation, Inc.+.............................. 35,766 480,337
Cabot Microelectronics Corp.+#........................ 11,342 424,191
Entegris, Inc.+#...................................... 45,134 390,861
FormFactor, Inc.+#.................................... 6,200 235,228
LTX Corp.+............................................ 50,000 120,000
Mattson Technology, Inc.+............................. 20,400 168,096
MKS Instruments, Inc.+................................ 5,300 96,301
Nextest Systems Corp.+................................ 14,100 187,248
Semitool, Inc.+#...................................... 23,900 220,836
Trio Tech International............................... 15,800 155,472
Ultra Clean Holdings, Inc.+........................... 23,000 330,510
Varian Semiconductor Equipment Associates, Inc.+...... 30,506 1,266,304
Veeco Instruments, Inc.+#............................. 5,500 92,290
----------
4,835,958
----------
Semiconductors Components - Intergrated Circuits -- 0.8%
Actions Semiconductor Co., Ltd. ADR+#................. 14,500 65,975
Emulex Corp.+......................................... 83,424 1,397,352
Exar Corp.+#.......................................... 25,700 236,183
Micrel, Inc.#......................................... 52,400 467,408
Pericom Semiconductor Corp.+.......................... 48,900 810,273
Standard Microsystems Corp.+.......................... 14,400 507,888
----------
3,485,079
----------
Specified Purpose Acquisitions -- 0.0%
Highlands Acquisition Corp.+.......................... 11,700 114,660
----------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------
Steel Pipe & Tube -- 0.1%
Valmont Industries, Inc.#................... 3,700 $ 290,413
----------
Steel - Producer -- 0.3%
AK Steel Holding Corp.+..................... 25,517 1,137,293
----------
Steel - Specialty -- 0.1%
Material Sciences Corp.+.................... 11,300 93,451
Universal Stainless & Alloy Products, Inc.+. 8,200 252,888
----------
346,339
----------
Sugar -- 0.3%
Imperial Sugar Co.#......................... 59,602 1,360,118
----------
Telecom Equipment - Fiber Optics -- 0.3%
C - COR, Inc.+.............................. 35,300 433,484
Finisar Corp.+#............................. 122,100 207,570
KVH Industries, Inc.+....................... 14,357 124,762
Oplink Communications, Inc.+................ 44,500 718,675
----------
1,484,491
----------
Telecom Services -- 0.4%
Neutral Tandem, Inc.+....................... 3,500 64,015
NTELOS Holdings Corp........................ 8,500 225,505
Premiere Global Services, Inc.+............. 70,754 974,990
Time Warner Telecom, Inc., Class A+#........ 21,900 491,217
----------
1,755,727
----------
Telecommunication Equipment -- 1.4%
ADTRAN, Inc................................. 14,900 323,181
Anaren, Inc.+#.............................. 25,300 389,620
Arris Group, Inc.+.......................... 61,300 639,359
CommScope, Inc.+#........................... 64,778 2,623,509
Comtech Telecommunications Corp.+........... 25,369 1,259,825
CPI International, Inc.+.................... 3,355 56,330
Network Equipment Technologies, Inc.+....... 33,700 419,228
Optium Corp.+#.............................. 6,500 54,600
Tekelec+#................................... 6,700 82,410
WJ Communications, Inc.+.................... 113,600 99,968
----------
5,948,030
----------
Telephone - Integrated -- 0.4%
Alaska Communications Systems Group, Inc.... 30,800 462,000
CenturyTel, Inc............................. 10,220 435,679
Cincinnati Bell, Inc.+...................... 74,494 354,591
HickoryTech Corp............................ 35,200 319,968
----------
1,572,238
----------
Television -- 0.4%
Lin TV Corp., Class A+...................... 8,800 98,736
Sinclair Broadcast Group, Inc., Class A#.... 141,091 1,460,292
Young Broadcasting, Inc., Class A+#......... 15,500 21,855
----------
1,580,883
----------
Textile - Apparel -- 0.3%
Cherokee, Inc............................... 6,900 217,419
Perry Ellis International, Inc.+#........... 50,488 813,867
Unifi, Inc.+................................ 114,100 342,300
----------
1,373,586
----------
Textile - Products -- 0.1%
Culp, Inc.+................................. 46,000 382,720
----------
Therapeutics -- 0.9%
Alexza Pharmaceuticals, Inc.+#.............. 3,500 30,660
Altus Pharmaceuticals, Inc.+#............... 8,000 84,720
Amylin Pharmaceuticals, Inc.+............... 4,700 179,493
BioMarin Pharmaceuticals, Inc.+............. 31,400 863,500
Cypress Bioscience, Inc.+................... 11,800 143,960
158
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------
COMMON STOCK (continued)
Therapeutics (continued)
Dendreon Corp.+....................... 55,900 $ 279,500
Discovery Laboratories, Inc.+......... 117,900 344,268
Hollis - Eden Pharmaceuticals, Inc.+.. 40,300 76,570
Inspire Phamaceuticals, Inc.+#........ 62,700 373,692
Introgen Therapeutics, Inc.+.......... 55,700 218,344
Neurocrine Biosciences, Inc.+#........ 3,500 45,570
Onyx Pharmaceuticals, Inc.+#.......... 6,200 338,148
Pharmacyclics, Inc.+.................. 52,000 106,600
Spectrum Pharmaceuticals, Inc.+....... 48,200 157,614
The Medicines Co.+.................... 8,100 143,208
Theravance, Inc.+#.................... 4,300 103,587
Vivus, Inc.+.......................... 69,000 390,540
----------
3,879,974
----------
Toys -- 0.1%
JAKKS Pacific, Inc.+#................. 17,136 432,513
Marvel Entertainment, Inc.+#.......... 5,200 144,040
----------
576,553
----------
Transactional Software -- 0.1%
Bottomline Technologies, Inc.+........ 39,200 493,920
----------
Transport - Equipment & Leasng -- 0.0%
Greenbrier Cos., Inc.#................ 3,100 68,758
----------
Transport - Marine -- 0.4%
Gulfmark Offshore, Inc.+#............. 16,856 749,081
Kirby Corp.+.......................... 20,963 1,007,691
----------
1,756,772
----------
Transport - Rail -- 0.2%
Kansas City Southern+#................ 30,316 1,043,780
----------
Transport - Services -- 0.4%
Bristow Group, Inc.+#................. 8,964 493,020
Hub Group, Inc., Class A+............. 11,854 309,152
Pacer International, Inc.#............ 35,100 482,976
Ryder System, Inc..................... 3,200 138,752
UTI Worldwide, Inc.................... 15,600 370,188
----------
1,794,088
----------
Transport - Truck -- 0.7%
Arkansas Best Corp.#.................. 9,155 208,734
Forward Air Corp.#.................... 11,173 361,670
Heartland Express, Inc.#.............. 26,793 389,303
Knight Transportation, Inc.#.......... 58,516 889,443
Landstar System, Inc.................. 21,617 859,924
Old Dominion Freight Lines, Inc.+#.... 10,734 241,837
Patriot Transportation Holding, Inc.+. 3,300 309,837
----------
3,260,748
----------
Veterinary Diagnostics -- 0.0%
Animal Health International, Inc.+.... 11,400 136,800
----------
Veterinary Products -- 0.1%
PetMed Express, Inc.+................. 24,100 307,034
----------
Vitamins & Nutrition Products -- 0.3%
NBTY, Inc.+........................... 44,456 1,327,900
Nutraceutical International Corp.+.... 4,624 51,003
----------
1,378,903
----------
Water -- 0.1%
Southwest Water Co.................... 20,300 243,194
----------
Wire & Cable Products -- 0.8%
Belden, Inc.#......................... 70,255 3,235,243
Encore Wire Corp...................... 7,300 124,830
Superior Essex, Inc.+................. 4,250 103,105
----------
3,463,178
----------
Value
Security Description Shares (Note 2)
Wireless Equipment -- 0.4%
Aruba Networks, Inc.+#................................. 4,600 $ 64,124
EMS Technologies, Inc.+................................ 24,800 721,928
Globecomm Systems, Inc.+............................... 28,200 317,250
Novatel Wireless, Inc.+#............................... 23,000 357,420
RELM Wireless Corp..................................... 32,200 106,582
SBA Communcations Corp., Class A+...................... 5,400 202,176
TESSCO Technologies, Inc.+............................. 10,700 174,731
------------
1,944,211
------------
Wound, Burn & Skin Care -- 0.1%
Obagi Medical Products, Inc.+.......................... 13,800 253,921
------------
Total Long - Term Investment Securities
(cost $422,933,833)................................... 431,121,020
------------
SHORT - TERM INVESTMENT SECURITIES -- 23.7%
Collective Investment Pool -- 22.9%
Securities Lending Quality Trust(1).................... 99,688,214 99,688,214
------------
Registered Investment Company -- 0.3%
T. Rowe Price Reserve Investment Fund.................. 1,507,904 1,507,904
------------
Time Deposits -- 0.5%
Euro Time Deposit with State Street Bank & Trust Co.
1.30% due 12/03/07.................................... $ 203,000 203,000
Euro Time Deposit with State Street Bank & Trust Co.
2.25% due 12/03/07.................................... 1,816,000 1,816,000
------------
2,019,000
------------
Total Short-Term Investment Securities
(cost $103,215,118)................................... 103,215,118
------------
REPURCHASE AGREEMENT -- 0.1%
Agreement with State Street Bank & Trust Co., bearing
interest at 4.06%, dated 11/30/07, to be repurchased
12/03/07 in the amount of $405,137 and collateralized
by Federal Home Loan Bank Notes, bearing interest at
4.38%, due 09/17/10 and having an approximate value
of $414,162 (cost $405,000)........................... 405,000 405,000
------------
TOTAL INVESTMENTS
(cost $526,553,951)(2)................................ 122.7% 534,741,138
Liabilities in excess of other assets.................... (22.7) (98,974,575)
----------- ------------
NET ASSETS -- 100.0% $435,766,563
=========== ============
- --------
+ Non-income producing security
# The security or a portion thereof is out on loan (See Note 2)
(1)The security is purchased with the cash collateral received from securities
loaned (See Note 2).
(2)See Note 5 for cost of investments on a tax basis.
(3)Fair valued security; see Note 2
See Notes to Financials Statements
159
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Collective Investment Pool....................... 25.2%
Banks -- Commercial.............................. 5.5
Real Estate Investment Trusts.................... 5.5
Commercial Paper................................. 5.0
Oil Companies -- Exploration & Production........ 2.5
Medical -- Biomedical/Gene....................... 2.4
Electric -- Integrated........................... 1.6
Electronic Components -- Semiconductors.......... 1.5
Medical -- Drugs................................. 1.5
Retail -- Apparel/Shoe........................... 1.5
Retail -- Restaurants............................ 1.5
Therapeutics..................................... 1.5
Insurance -- Property/Casualty................... 1.4
Chemicals -- Specialty........................... 1.3
Oil -- Field Services............................ 1.3
Diversified Manufacturing Operations............. 1.1
Medical Instruments.............................. 1.1
Networking Products.............................. 1.1
Savings & Loans/Thrifts.......................... 1.1
Commercial Services -- Finance................... 1.0
Enterprise Software/Service...................... 1.0
Insurance -- Reinsurance......................... 1.0
Medical Products................................. 1.0
Aerospace/Defense -- Equipment................... 0.9
Consulting Services.............................. 0.9
Distribution/Wholesale........................... 0.9
Finance -- Investment Banker/Broker.............. 0.9
Gas -- Distribution.............................. 0.9
Semiconductor Equipment.......................... 0.9
Telecom Services................................. 0.9
Telecommunication Equipment...................... 0.9
Metal Processors & Fabrication................... 0.8
Auto/Truck Parts & Equipment -- Original......... 0.7
Commercial Services.............................. 0.7
Computer Services................................ 0.7
Computers -- Integrated Systems.................. 0.7
Electronic Measurement Instruments............... 0.7
Human Resources.................................. 0.7
Machinery -- General Industrial.................. 0.7
Transport -- Marine.............................. 0.7
Consumer Products -- Misc........................ 0.6
Electronic Components -- Misc.................... 0.6
Schools.......................................... 0.6
X-Ray Equipment.................................. 0.6
Agricultural Chemicals........................... 0.5
Airlines......................................... 0.5
Apparel Manufacturers............................ 0.5
Applications Software............................ 0.5
Computer Aided Design............................ 0.5
Engineering/R&D Services......................... 0.5
Food -- Misc..................................... 0.5
Footwear & Related Apparel....................... 0.5
Insurance -- Life/Health......................... 0.5
Internet Application Software.................... 0.5
Investment Companies............................. 0.5
Investment Management/Advisor Services........... 0.5
Oil & Gas Drilling............................... 0.5
Paper & Related Products......................... 0.5
Semiconductors Components -- Intergrated Circuits 0.5
Computers -- Periphery Equipment................. 0.4
Diagnostic Kits.................................. 0.4
E-Commerce/Services.............................. 0.4
Home Furnishings................................. 0.4
Instruments -- Scientific........................ 0.4
Lasers -- System/Components...................... 0.4
Medical -- HMO................................... 0.4
Medical -- Outpatient/Home Medical............... 0.4
Oil Field Machinery & Equipment.................. 0.4
Printing -- Commercial........................... 0.4
Telephone -- Integrated.................... 0.4
Transport -- Truck......................... 0.4
Wireless Equipment......................... 0.4
Advanced Materials......................... 0.3
Aerospace/Defense.......................... 0.3
Chemicals -- Diversified................... 0.3
Coal....................................... 0.3
Computers -- Memory Devices................ 0.3
E-Marketing/Info........................... 0.3
Energy -- Alternate Sources................ 0.3
Finance -- Other Services.................. 0.3
Food -- Retail............................. 0.3
Food -- Wholesale/Distribution............. 0.3
Identification Systems..................... 0.3
Industrial Automated/Robotic............... 0.3
Internet Content -- Information/News....... 0.3
Machinery -- Construction & Mining......... 0.3
Machinery -- Electrical.................... 0.3
Medical Information Systems................ 0.3
Medical -- Generic Drugs................... 0.3
Miscellaneous Manufacturing................ 0.3
Multimedia................................. 0.3
Non-Ferrous Metals......................... 0.3
Office Furnishings -- Original............. 0.3
Physical Therapy/Rehabilation Centers...... 0.3
Rental Auto/Equipment...................... 0.3
Research & Development..................... 0.3
Telecom Equipment -- Fiber Optics.......... 0.3
Transport -- Services...................... 0.3
U.S. Government Treasuries................. 0.3
Web Hosting/Design......................... 0.3
Web Portals/ISP............................ 0.3
Auction Houses/Art Dealers................. 0.2
Batteries/Battery Systems.................. 0.2
Broadcast Services/Program................. 0.2
Building & Construction Products -- Misc... 0.2
Building & Construction -- Misc............ 0.2
Building Products -- Cement................ 0.2
Building Products -- Light Fixtures........ 0.2
Building -- Heavy Construction............. 0.2
Building -- Maintance & Services........... 0.2
Building -- MobileHome/Manufactured Housing 0.2
Casino Services............................ 0.2
Communications Software.................... 0.2
Computer Software.......................... 0.2
Containers -- Metal/Glass.................. 0.2
Cosmetics & Toiletries..................... 0.2
Data Processing/Management................. 0.2
Diagnostic Equipment....................... 0.2
Diversified Operations/Commerical Services. 0.2
Drug Delivery Systems...................... 0.2
E-Commerce/Products........................ 0.2
E-Services/Consulting...................... 0.2
Educational Software....................... 0.2
Electric Products -- Misc.................. 0.2
Electric -- Transmission................... 0.2
Electronic Design Automation............... 0.2
Entertainment Software..................... 0.2
Environmental Monitoring & Detection....... 0.2
Filtration/Separation Products............. 0.2
Finance -- Consumer Loans.................. 0.2
Financial Guarantee Insurance.............. 0.2
Gambling (Non-Hotel)....................... 0.2
Hotels/Motels.............................. 0.2
Instruments -- Controls.................... 0.2
Insurance Brokers.......................... 0.2
Insurance-Multi -- line.................... 0.2
Internet Infrastructure Software........... 0.2
Internet Security.......................... 0.2
160
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Industry Allocation* (continued)
Medical -- Nursing Homes................... 0.2%
Metal -- Aluminum.......................... 0.2
Metal -- Diversified....................... 0.2
Non -- Hazardous Waste Disposal............ 0.2
Physicians Practice Management............. 0.2
Radio...................................... 0.2
Resorts/Theme Parks........................ 0.2
Retail -- Automobile....................... 0.2
Retail -- Convenience Store................ 0.2
Retail -- Sporting Goods................... 0.2
Steel Pipe & Tube.......................... 0.2
Steel -- Producers......................... 0.2
Tobacco.................................... 0.2
Toys....................................... 0.2
Transactional Software..................... 0.2
Water...................................... 0.2
Wire & Cable Products...................... 0.2
Advertising Services....................... 0.1
Agricultural Operations.................... 0.1
Alternative Waste Technology............... 0.1
Audio/Video Products....................... 0.1
Auto -- Heavy Duty Trucks.................. 0.1
Auto/Truck Parts & Equipment -- Replacement 0.1
Banks -- Fiduciary......................... 0.1
Building Products -- Air & Heating......... 0.1
Building Products -- Doors & Windows....... 0.1
Building -- Residential/Commercial......... 0.1
Cable TV................................... 0.1
Casino Hotels.............................. 0.1
Cellular Telecom........................... 0.1
Chemicals -- Fibers........................ 0.1
Chemicals -- Plastics...................... 0.1
Circuit Boards............................. 0.1
Coffee..................................... 0.1
Commerce................................... 0.1
Computers.................................. 0.1
Decision Support Software.................. 0.1
Dental Supplies & Equipment................ 0.1
Disposable Medical Products................ 0.1
Diversified Minerals....................... 0.1
Electronic Security Devices................ 0.1
Electronics -- Military.................... 0.1
Engines -- Internal Combustion............. 0.1
Environmental Consulting & Engineering..... 0.1
Finance -- Mortgage Loan/Banker............ 0.1
Food -- Baking............................. 0.1
Food -- Canned............................. 0.1
Food -- Confectionery...................... 0.1
Funeral Services & Related Items........... 0.1
Golf....................................... 0.1
Health Care Cost Containment............... 0.1
Independent Power Producers................ 0.1
Internet Connectivity Services............. 0.1
Internet Content -- Entertainment.......... 0.1
Internet Incubators........................ 0.1
Internet Infrastructure Equipment.......... 0.1
Internet Telephone......................... 0.1
Intimate Apparel.................... 0.1
Leisure Products.................... 0.1
Linen Supply & Related Items........ 0.1
MRI/Medical Diagnostic Imaging...... 0.1
Machinery -- Farming................ 0.1
Machinery -- Material Handling...... 0.1
Machinery -- Pumps.................. 0.1
Medical Laser Systems............... 0.1
Medical Sterilization Products...... 0.1
Mining.............................. 0.1
Motion Pictures & Services.......... 0.1
Multilevel Direct Selling........... 0.1
Office Automation & Equipment....... 0.1
Office Supplies & Forms............. 0.1
Oil Refining & Marketing............ 0.1
Patient Monitoring Equipment........ 0.1
Pharmacy Services................... 0.1
Poultry............................. 0.1
Power Converter/Supply Equipment.... 0.1
Precious Metals..................... 0.1
Private Corrections................. 0.1
Publishing -- Books................. 0.1
Publishing -- Newspapers............ 0.1
Quarrying........................... 0.1
Racetracks.......................... 0.1
Real Estate Operations & Development 0.1
Recreational Centers................ 0.1
Recreational Vehicles............... 0.1
Recycling........................... 0.1
Retail -- Auto Parts................ 0.1
Retail -- Bookstore................. 0.1
Retail -- Computer Equipment........ 0.1
Retail -- Discount.................. 0.1
Retail -- Drug Store................ 0.1
Retail -- Hair Salons............... 0.1
Retail -- Jewelry................... 0.1
Retail -- Office Supplies........... 0.1
Retail -- Pawn Shops................ 0.1
Retail -- Perfume & Cosmetics....... 0.1
Retail -- Petroleum Products........ 0.1
Retail -- Video Rentals............. 0.1
Retirement/Aged Care................ 0.1
Rubber -- Tires..................... 0.1
Satellite Telecom................... 0.1
Schools -- Day Care................. 0.1
Seismic Data Collection............. 0.1
Specified Purpose Acquisitions...... 0.1
Storage/Warehousing................. 0.1
Superconductor Product & Systems.... 0.1
Television.......................... 0.1
Theaters............................ 0.1
Transport -- Air Freight............ 0.1
Transport -- Equipment & Leasing.... 0.1
Transport -- Rail................... 0.1
-----
125.2%
=====
* Calculated as a percentage of net assets
161
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------
COMMON STOCK -- 94.7%
Advanced Materials -- 0.3%
Ceradyne, Inc.+........................ 23,135 $ 1,143,794
Hexcel Corp.+#......................... 80,238 2,043,662
-----------
3,187,456
-----------
Advertising Services -- 0.1%
Greenfield Online, Inc.+............... 18,466 277,729
inVentiv Health, Inc.+................. 26,479 772,657
Marchex, Inc., Class B#................ 23,803 293,015
-----------
1,343,401
-----------
Aerospace/Defense -- 0.3%
Aerovironment, Inc.+#.................. 5,925 142,733
Esterline Technologies Corp.+.......... 24,882 1,299,338
MTC Technologies, Inc.+................ 8,027 131,242
Teledyne Technologies, Inc.+........... 29,742 1,612,611
TransDigm Group, Inc.+................. 7,980 380,486
-----------
3,566,410
-----------
Aerospace/Defense - Equipment -- 0.9%
AAR Corp.+#............................ 31,728 1,047,659
Argon ST, Inc.+#....................... 11,072 201,732
Curtiss - Wright Corp.................. 37,682 2,032,567
GenCorp, Inc.+#........................ 47,727 577,497
HEICO Corp.#........................... 21,746 1,071,208
Innovative Solutions and Support,
Inc.+#............................... 10,728 152,659
Kaman Corp., Class A................... 20,712 660,713
Moog, Inc., Class A+................... 32,232 1,453,018
Orbital Sciences Corp.+................ 50,483 1,214,621
Sequa Corp., Class A+.................. 6,144 1,074,893
Triumph Group, Inc.#................... 14,012 1,138,615
-----------
10,625,182
-----------
Agricultural Chemicals -- 0.5%
CF Industries Holdings, Inc............ 47,114 4,286,431
UAP Holding Corp....................... 43,792 1,309,819
-----------
5,596,250
-----------
Agricultural Operations -- 0.1%
Alico, Inc.#........................... 3,067 136,144
Andersons, Inc.#....................... 13,235 561,429
Cadiz, Inc.+#.......................... 10,112 200,824
Maui Land & Pineapple Co., Inc.+#...... 3,771 106,154
Tejon Ranch Co.+#...................... 9,405 363,503
-----------
1,368,054
-----------
Airlines -- 0.5%
AirTran Holdings, Inc.+#............... 77,840 660,862
Alaska Air Group, Inc.+#............... 34,436 872,264
Allegiant Travel Co.+.................. 4,492 159,017
ExpressJet Holdings, Inc.+#............ 46,119 115,297
JetBlue Airways Corp.+#................ 151,905 1,063,335
Midwest Air Group, Inc.+#.............. 20,919 325,918
Pinnacle Airlines Corp.+#.............. 15,692 255,152
Republic Airways Holdings, Inc.+....... 28,689 576,075
Skywest, Inc.#......................... 51,799 1,362,832
-----------
5,390,752
-----------
Alternative Waste Technology -- 0.1%
Calgon Carbon Corp.+#.................. 34,193 497,850
Darling International, Inc.+........... 68,795 705,149
Rentech, Inc.+#........................ 138,463 288,003
-----------
1,491,002
-----------
Apparel Manufacturers -- 0.5%
Carter's, Inc.+........................ 49,704 1,114,861
Columbia Sportswear Co.#............... 11,766 564,886
Value
Security Description Shares (Note 2)
-----------------------------------------------------------
Apparel Manufacturers (continued)
G - III Apparel Group, Ltd.+........... 11,069 $ 159,061
Gymboree Corp.+........................ 26,188 873,632
Kellwood Co............................ 22,110 331,429
Maidenform Brands, Inc.+............... 19,554 255,571
Oxford Industries, Inc.#............... 13,092 324,289
Quiksilver, Inc.+#..................... 105,777 1,121,236
True Religion Apparel, Inc.+#.......... 11,867 206,723
Volcom, Inc.+#......................... 12,458 335,992
----------
5,287,680
----------
Appliances -- 0.0%
Hhgregg, Inc.+......................... 7,982 112,147
----------
Applications Software -- 0.5%
Actuate Corp.+......................... 51,516 389,976
American Reprographics Co.+#........... 25,312 391,830
EPIQ Systems, Inc.+#................... 22,055 384,198
Nuance Communications, Inc.+........... 112,098 2,262,138
OpenTV Corp. Class A+#................. 79,698 94,841
PDF Solutions, Inc.+#.................. 19,325 153,247
Progress Software Corp.+............... 34,900 1,103,887
Quest Software, Inc.+.................. 58,046 938,604
SourceForge, Inc.+#.................... 57,530 132,894
Unica Corp.+#.......................... 8,344 75,096
Visual Sciences, Inc.+#................ 17,358 274,603
----------
6,201,314
----------
Athletic Equipment -- 0.0%
Nautilus, Inc.#........................ 26,837 154,313
----------
Athletic Footwear -- 0.0%
K - Swiss, Inc., Class A#.............. 21,989 399,100
----------
Auction Houses/Art Dealers -- 0.2%
Premier Exhibitions, Inc.+#............ 24,873 270,618
Sotheby's#............................. 56,220 2,105,439
----------
2,376,057
----------
Audio/Video Products -- 0.1%
DTS, Inc.+#............................ 15,473 382,957
Tivo, Inc.+#........................... 82,927 621,123
Universal Electronics, Inc.+........... 12,264 453,155
----------
1,457,235
----------
Auto Repair Centers -- 0.0%
Midas, Inc.+#.......................... 12,571 205,913
Monro Muffler Brake, Inc............... 15,012 316,303
----------
522,216
----------
Auto - Heavy Duty Trucks -- 0.1%
A.S.V., Inc.+#......................... 17,325 202,009
Force Protection, Inc.+#............... 57,906 625,964
----------
827,973
----------
Auto - Truck Trailers -- 0.0%
Wabash National Corp.#................. 25,971 179,460
----------
Auto/Truck Parts & Equipment - Original
-- 0.7%
Accuride Corp.+........................ 20,037 152,081
American Axle & Manufacturing
Holdings, Inc.#...................... 38,063 880,017
Amerigon, Inc.+........................ 18,392 336,206
ArvinMeritor, Inc.#.................... 60,744 614,122
Hayes Lemmerz International, Inc.+#.... 85,069 351,335
Lear Corp.+............................ 65,241 1,920,695
Miller Industries, Inc.+............... 8,511 110,898
Modine Manufacturing Co................ 27,579 560,957
Noble International, Ltd.#............. 9,990 163,037
Spartan Motors, Inc.#.................. 27,396 273,412
162
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------------
COMMON STOCK (continued)
Auto/Truck Parts & Equipment - Original (continued)
Superior Industries International, Inc.#......... 19,424 $ 359,732
Tenneco, Inc.+................................... 39,381 1,165,284
Titan International, Inc.#....................... 20,490 562,655
Visteon Corp.+#.................................. 110,291 485,280
----------
7,935,711
----------
Auto/Truck Parts & Equipment - Replacement -- 0.1%
Aftermarket Technology Corp.+.................... 18,586 518,921
Commercial Vehicle Group, Inc.+.................. 18,202 242,633
Exide Technologies+#............................. 63,449 446,046
Standard Motor Products, Inc..................... 13,394 99,250
----------
1,306,850
----------
Banks - Commercial -- 5.5%
1st Source Corp.................................. 11,736 236,363
Alabama National Bancorp......................... 14,478 1,119,005
AMCORE Financial, Inc.#.......................... 19,648 461,728
AmericanWest Bancorp#............................ 14,620 265,353
Ameris Bancorp#.................................. 11,517 193,831
Bancfirst Corp.#................................. 6,785 317,267
Banco Latinoamericano de Exportaciones SA........ 23,148 413,423
Bancorp, Inc.+................................... 9,143 147,751
Bank Mutual Corp................................. 47,067 476,318
Bank of the Ozarks, Inc.#........................ 10,396 302,420
BankFinancial Corp.#............................. 19,716 311,710
Banner Corp.#.................................... 13,172 394,633
Capital City Bank Group, Inc.#................... 10,797 313,437
Capital Corp. of the West#....................... 8,124 152,650
Capitol Bancorp, Ltd.#........................... 12,117 242,825
Cascade Bancorp#................................. 19,104 331,263
Cass Information Systems, Inc.#.................. 5,914 220,474
Cathay General Bancorp#.......................... 43,540 1,261,789
Centennial Bank Holdings, Inc.+#................. 46,958 237,138
Center Financial Corp.#.......................... 8,547 105,128
Central Pacific Financial Corp.#................. 26,153 528,552
Chemical Financial Corp.#........................ 21,111 529,886
Chittenden Corp.................................. 39,229 1,374,192
Citizens Republic Bancorp.#...................... 64,410 915,910
City Bank#....................................... 11,614 241,571
City Holding Co.................................. 14,595 525,128
CoBiz Financial, Inc.#........................... 15,736 257,126
Columbia Banking System, Inc..................... 15,222 468,990
Community Bancorp Nevada+#....................... 8,865 159,836
Community Bank Systems, Inc...................... 25,600 516,352
Community Trust Bancorp, Inc.#................... 12,946 365,725
Corus Bankshares, Inc.#.......................... 33,113 314,242
CVB Financial Corp............................... 56,424 627,435
Enterprise Financial Services Corp.#............. 8,764 200,959
F.N.B. Corp.#.................................... 51,354 796,501
First Bancorp#................................... 10,240 195,686
First BanCorp Puerto Rico........................ 78,698 514,685
First Busey Corp.#............................... 22,082 461,293
First Charter Corp.#............................. 29,905 900,739
First Commonwealth Financial Corp.#.............. 62,961 732,866
First Community Bancorp#......................... 22,013 990,365
First Community Bancshares, Inc.#................ 8,543 274,316
First Financial Bancorp#......................... 28,245 324,253
First Financial Bankshares, Inc.#................ 17,657 688,623
First Financial Corp.#........................... 11,233 318,793
First Indiana Corp............................... 10,514 334,871
First Merchants Corp.#........................... 15,582 337,974
First Midwest Bancorp, Inc.#..................... 42,299 1,383,177
First Regional Bancorp+#......................... 7,098 156,440
First South Bancorp, Inc.#....................... 7,237 174,484
First State Bancorp.............................. 17,395 254,315
Value
Security Description Shares (Note 2)
------------------------------------------------------------------------------
Banks - Commercial (continued)
FirstMerit Corp.#.......................................... 68,456 $1,410,878
Fremont General Corp.#..................................... 57,643 144,684
Frontier Financial Corp.#.................................. 33,320 638,411
Glacier Bancorp, Inc.#..................................... 44,825 892,466
Great Southern Bancorp, Inc.#.............................. 8,852 196,780
Greene County Bancshares, Inc.............................. 9,722 290,396
Hancock Holding Co.#....................................... 22,761 892,459
Hanmi Financial Corp....................................... 34,560 331,430
Harleysville National Corp.#............................... 24,645 378,301
Heartland Financial USA, Inc.#............................. 10,807 216,032
Heritage Commerce Corp..................................... 11,379 202,546
Home Bancshares, Inc.#..................................... 9,779 195,873
Horizon Financial Corp.#................................... 10,425 179,414
IBERIABANK Corp............................................ 9,872 477,805
Imperial Capital Bancorp, Inc.............................. 4,676 106,613
Independent Bank Corp. (MA)................................ 12,079 349,566
Independent Bank Corp. (MI)#............................... 19,213 183,676
Integra Bank Corp.......................................... 17,670 283,957
International Bancshares Corp.............................. 43,583 960,569
Irwin Financial Corp.#..................................... 16,008 130,145
Lakeland Bancorp, Inc.#.................................... 17,061 196,372
Lakeland Financial Corp.#.................................. 10,369 196,389
Macatawa Bank Corp.#....................................... 13,162 131,357
MainSource Financial Group, Inc............................ 15,932 239,936
MB Financial, Inc.#........................................ 31,041 984,000
Midwest Banc Holdings, Inc.#............................... 18,777 236,590
Nara BanCorp., Inc.#....................................... 19,030 253,860
National Penn Bancshares, Inc.#............................ 41,737 655,688
NBT Bancorp, Inc.#......................................... 27,424 683,680
Old National Bancorp#...................................... 56,509 903,014
Old Second Bancorp, Inc.#.................................. 10,333 273,721
Omega Financial Corp.#..................................... 10,759 332,991
Oriental Financial Group, Inc.............................. 17,627 237,612
Pacific Capital Bancorp.................................... 40,005 822,103
Park National Corp.#....................................... 10,301 778,447
Peoples Bancorp, Inc....................................... 8,950 216,501
Pinnacle Financial Partners, Inc.+#........................ 13,216 384,982
Preferred Bank Los Angeles California...................... 7,846 209,724
PrivateBancorp, Inc.#...................................... 16,052 491,352
Prosperity Bancshares, Inc................................. 30,221 971,303
Provident Bankshares Corp.................................. 27,429 643,210
Renasant Corp.#............................................ 18,020 351,570
Republic Bancorp, Inc., Class A#........................... 8,063 131,024
Royal Bancshares of Pennsylvania, Inc., Class A#........... 4,620 55,255
S&T Bancorp, Inc.#......................................... 21,100 675,833
S.Y. Bancorp, Inc.#........................................ 10,461 247,507
Sandy Spring Bancorp, Inc.#................................ 13,387 393,042
Santander Bancorp.......................................... 3,730 36,479
SCBT Financial Corp.#...................................... 7,816 242,296
Seacoast Banking Corp. of Florida#......................... 12,622 158,406
Security Bank Corp.#....................................... 13,920 156,878
Sierra Bancorp#............................................ 6,450 160,992
Signature Bank+............................................ 25,244 935,290
Simmons First National Corp., Class A#..................... 12,019 313,576
Southside Bancshares, Inc.#................................ 9,749 186,693
Southwest Bancorp, Inc..................................... 12,157 218,218
Sterling Bancorp#.......................................... 15,879 212,143
Sterling Bancshares, Inc................................... 63,306 781,196
Sterling Financial Corp.#.................................. 22,458 385,155
Suffolk Bancorp#........................................... 8,546 263,730
Sun Bancorp, Inc.+#........................................ 13,378 225,419
Superior Bancorp.+#........................................ 34,271 205,283
Susquehanna Bancshares, Inc.#.............................. 69,312 1,378,625
SVB Financial Group+#...................................... 29,165 1,501,414
Taylor Capital Group, Inc.................................. 4,922 108,973
163
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-------------------------------------------------------------------
COMMON STOCK (continued)
Banks - Commercial (continued)
Texas Capital Bancshares, Inc.+............... 19,931 $ 420,146
The South Financial Group, Inc.#.............. 63,084 1,130,465
Tompkins Trustco, Inc.#....................... 5,593 237,982
TriCo Bancshares#............................. 11,929 253,014
TrustCo Bank Corp. NY#........................ 63,905 679,310
Trustmark Corp.#.............................. 41,637 1,060,078
U.S.B. Holding Co., Inc.#..................... 9,608 202,537
UCBH Holdings, Inc.#.......................... 84,993 1,366,687
UMB Financial Corp.#.......................... 26,344 991,061
Umpqua Holding Corp.#......................... 52,113 841,104
Union Bankshares Corp.#....................... 11,357 235,203
United Bankshares, Inc........................ 32,606 1,013,395
United Community Banks, Inc.#................. 35,358 670,388
United Security Bancshares#................... 6,957 108,181
Univest Corp. of Pennsylvania#................ 11,041 235,173
Virginia Commerce Bancorp, Inc.+#............. 14,579 182,675
W Holding Co., Inc.#.......................... 97,078 113,581
Washington Trust Bancorp, Inc.#............... 9,715 241,418
WesBanco, Inc.#............................... 17,781 426,388
West Coast Bancorp............................ 13,353 266,526
Westamerica Bancorp.#......................... 25,568 1,201,952
Western Alliance Bancorp.+#................... 14,101 311,068
Wilshire Bancorp, Inc......................... 14,991 139,716
Wintrust Financial Corp.#..................... 20,542 725,543
-----------
64,053,212
-----------
Banks - Fiduciary -- 0.1%
Boston Private Financial Holdings, Inc........ 31,514 867,896
-----------
Batteries/Battery Systems -- 0.2%
Energy Conversion Devices, Inc.+#............. 33,690 871,560
EnerSys+#..................................... 18,201 423,537
Greatbatch, Inc.+#............................ 18,996 390,938
Medis Technologies, Ltd.+#.................... 19,475 248,696
-----------
1,934,731
-----------
Beverages - Non - alcoholic -- 0.0%
Coca - Cola Bottling Co....................... 5,060 287,104
Jones Soda Co.+#.............................. 22,002 145,213
National Beverage Corp.#...................... 8,709 64,447
-----------
496,764
-----------
Brewery -- 0.0%
Boston Beer Co., Inc., Class A+............... 7,684 255,032
-----------
Broadcast Services/Program -- 0.2%
Acacia Research - Acacia Technologies+#....... 25,448 234,630
CKX, Inc.+#................................... 32,204 390,634
Crown Media Holdings, Inc., Class A+#......... 13,729 99,810
DG Fastchannel, Inc.+#........................ 12,686 248,138
Fisher Communications, Inc.+.................. 5,312 216,358
Gray Television, Inc.#........................ 35,613 303,067
Nexstar Broadcasting Group, Inc. Class A+#.... 9,037 81,966
World Wrestling Entertainment, Inc............ 19,188 302,403
-----------
1,877,006
-----------
Building & Construction Products - Misc. -- 0.2%
Builders FirstSource, Inc.+#.................. 13,002 89,974
Drew Industries, Inc.+........................ 15,439 421,794
Gibraltar Industries, Inc..................... 21,276 297,438
Interline Brands, Inc.+....................... 23,539 563,288
NCI Building Systems, Inc.+#.................. 17,155 588,931
Simpson Manufacturing Co., Inc.#.............. 31,382 835,075
Trex Co., Inc.+#.............................. 10,168 70,058
-----------
2,866,558
-----------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------------
Building & Construction - Misc. -- 0.2%
Dycom Industries, Inc.+......................... 34,732 $ 977,358
Insituform Technologies, Inc., Class A+#........ 23,206 301,446
Layne Christensen Co.+#......................... 14,224 810,057
----------
2,088,861
----------
Building Products - Air & Heating -- 0.1%
Aaon, Inc....................................... 11,774 224,059
Comfort Systems USA, Inc........................ 34,842 409,394
Goodman Global, Inc.+#.......................... 32,009 757,013
----------
1,390,466
----------
Building Products - Cement -- 0.2%
Texas Industries, Inc.#......................... 23,232 1,611,836
US Concrete, Inc.+#............................. 28,922 108,747
----------
1,720,583
----------
Building Products - Doors & Windows -- 0.1%
Apogee Enterprises, Inc......................... 24,494 544,256
PGT, Inc.+#..................................... 8,865 48,935
----------
593,191
----------
Building Products - Light Fixtures -- 0.2%
Genlyte Group, Inc.+............................ 24,199 2,280,756
LSI Industries, Inc.#........................... 15,616 322,626
----------
2,603,382
----------
Building Products - Wood -- 0.0%
Universal Forest Products, Inc.#................ 14,200 406,262
----------
Building - Heavy Construction -- 0.2%
Granite Construction, Inc....................... 30,647 1,257,140
Perini Corp.+................................... 22,707 1,207,785
----------
2,464,925
----------
Building - Maintance & Services -- 0.2%
ABM Industries, Inc............................. 36,855 751,842
Healthcare Services Group#...................... 35,380 774,822
Home Solutions of America, Inc.+#............... 33,540 35,553
Integrated Electrical Services, Inc.+#.......... 11,383 213,659
Rollins, Inc.................................... 24,096 709,386
----------
2,485,262
----------
Building - MobileHome/Manufactured Housing -- 0.2%
Champion Enterprises, Inc.+#.................... 65,303 589,033
Fleetwood Enterprises, Inc.+#................... 54,494 298,082
MonaCo. Coach Corp.#............................ 25,469 229,985
Palm Harbor Homes, Inc.+#....................... 8,320 93,850
Skyline Corp.#.................................. 5,803 196,722
Winnebago Industries, Inc.#..................... 25,143 541,077
----------
1,948,749
----------
Building - Residential/Commerical -- 0.1%
Amrep Corp.#.................................... 1,471 48,631
Beazer Homes USA, Inc.#......................... 33,267 282,437
Brookfield Homes Corp.#......................... 9,605 161,940
Hovnanian Enterprises, Inc., Class A+#.......... 31,849 240,779
M/I Homes, Inc.#................................ 10,261 102,918
Meritage Homes Corp.+#.......................... 22,311 304,991
Standard - Pacific Corp.#....................... 55,081 190,580
WCI Communities, Inc.+#......................... 26,269 88,264
----------
1,420,540
----------
Cable TV -- 0.1%
Charter Communications, Inc., Class A+#......... 347,660 458,911
LodgeNet Entertainment Corp.+#.................. 19,333 371,194
Mediacom Communications Corp., Class A+#........ 46,138 208,082
----------
1,038,187
----------
164
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------
COMMON STOCK (continued)
Capacitors -- 0.0%
KEMET Corp.+........................... 71,430 $ 442,866
-----------
Casino Hotels -- 0.1%
Ameristar Casinos, Inc.#............... 21,507 675,105
Monarch Casino & Resort, Inc.+......... 10,216 261,325
MTR Gaming Group, Inc.+#............... 17,435 120,650
Riviera Holdings Corp.+................ 8,652 236,200
Trump Entertainment Resorts, Inc.+#.... 26,457 136,783
-----------
1,430,063
-----------
Casino Services -- 0.2%
Bally Technologies, Inc.+.............. 45,310 1,889,427
Shuffle Master, Inc.+#................. 29,965 400,632
-----------
2,290,059
-----------
Cellular Telecom -- 0.1%
Centennial Communications Corp.+....... 20,301 180,679
iPCS, Inc.(1)(2)(3).................... 14,461 500,351
Rural Cellular Corp. Class A+.......... 10,375 457,122
Syniverse Holdings, Inc.+.............. 23,226 362,790
-----------
1,500,942
-----------
Chemicals - Diversified -- 0.3%
Georgia Gulf Corp.#.................... 29,262 217,709
Innophos Holdings, Inc.#............... 17,683 253,044
Innospec, Inc.......................... 20,430 358,751
Olin Corp.............................. 62,734 1,313,650
Rockwood Holdings, Inc.+............... 29,821 1,004,371
ShengdaTech, Inc.+#.................... 24,345 199,142
-----------
3,346,667
-----------
Chemicals - Fibers -- 0.1%
Zoltek Cos., Inc.+..................... 21,228 904,737
-----------
Chemicals - Other -- 0.0%
American Vanguard Corp.#............... 15,479 253,082
-----------
Chemicals - Plastics -- 0.1%
A. Schulman, Inc....................... 22,941 494,608
Landec Corp.+.......................... 18,481 242,840
PolyOne Corp.+......................... 79,111 496,026
Spartech Corp.......................... 27,199 371,539
-----------
1,605,013
-----------
Chemicals - Specialty -- 1.3%
Arch Chemicals, Inc.................... 20,680 850,982
Balchem Corp.#......................... 15,177 324,484
Ferro Corp............................. 36,917 782,271
H.B. Fuller Co......................... 51,606 1,305,116
Hercules, Inc.......................... 99,191 1,925,297
Minerals Technologies, Inc............. 16,238 1,086,322
NewMarket Corp.#....................... 12,169 652,989
NL Industries, Inc.#................... 6,076 61,307
OM Group, Inc.+........................ 25,361 1,427,571
Sensient Technologies Corp............. 39,992 1,106,579
Stepan Co.#............................ 5,280 161,251
Symyx Technologies, Inc.+#............. 28,270 216,548
Terra Industries, Inc.+#............... 78,989 2,984,204
Tronox, Inc., Class B.................. 35,265 285,647
Valhi, Inc.#........................... 5,730 104,974
WR Grace & Co.+#....................... 59,622 1,610,390
Zep Inc+............................... 18,478 242,616
-----------
15,128,548
-----------
Value
Security Description Shares (Note 2)
- -------------------------------------------------------------------------------
Circuit Boards -- 0.1%
Multi - Fineline Electronix, Inc.+......................... 7,142 $ 130,484
Park Electrochemical Corp.................................. 17,183 506,040
TTM Technologies, Inc.+.................................... 35,892 433,934
----------
1,070,458
----------
Coal -- 0.3%
Alpha Natural Resources, Inc.+............................. 55,758 1,566,800
International Coal Group, Inc.+#........................... 108,097 541,566
Walter Industries, Inc..................................... 44,292 1,536,489
----------
3,644,855
----------
Coatings/Paint -- 0.0%
Kronos Worldwide, Inc.#.................................... 2,040 33,905
----------
Coffee -- 0.1%
Farmer Brothers Co.#....................................... 5,730 131,733
Green Mountain Coffee Roasters, Inc.+#..................... 14,642 477,622
Peet's Coffee & Tea, Inc.+#................................ 11,620 310,486
----------
919,841
----------
Collectibles -- 0.0%
RC2 Corp.+................................................. 16,126 468,944
----------
Commerce -- 0.1%
Ariba, Inc.+............................................... 66,675 791,432
Global Sources, Ltd.+#..................................... 13,363 406,636
i2 Technologies, Inc.+#.................................... 13,166 213,026
----------
1,411,094
----------
Commercial Services -- 0.7%
Arbitron, Inc.#............................................ 24,019 957,157
CoStar Group, Inc.+#....................................... 16,330 786,943
CPI Corp.#................................................. 4,428 122,921
DynCorp International, Inc., Class A+...................... 21,240 443,916
ExlService Holdings, Inc.+#................................ 19,225 460,823
First Advantage Corp., Class A+#........................... 6,320 115,024
HMS Holdings Corp.+........................................ 17,863 554,646
ICT Group, Inc.+#.......................................... 6,894 76,386
Live Nation, Inc.+......................................... 62,400 837,408
PeopleSupport, Inc.+#...................................... 20,042 281,590
PHH Corp.+................................................. 45,521 1,008,745
Pre - Paid Legal Services, Inc.+........................... 7,659 383,027
Source Interlink Cos., Inc.+#.............................. 29,257 58,807
Standard Parking Corp.+.................................... 4,182 193,919
Steiner Leisure, Ltd.+..................................... 13,705 585,204
Team, Inc.+#............................................... 13,473 402,573
TeleTech Holdings, Inc.+................................... 35,558 736,406
The Providence Service Corp.+#............................. 9,847 275,519
----------
8,281,014
----------
Commercial Services - Finance -- 1.0%
Advance America Cash Advance Centers, Inc.................. 56,777 517,806
Bankrate, Inc.+#........................................... 9,574 374,726
CBIZ, Inc.+#............................................... 40,372 373,037
Clayton Holdings, Inc.+#................................... 10,202 40,094
Coinstar, Inc.+#........................................... 23,659 618,210
Deluxe Corp................................................ 44,153 1,394,793
Dollar Financial Corp.+#................................... 13,656 408,041
Euronet Worldwide, Inc.+#.................................. 39,004 1,277,771
Global Cash Access Holdings, Inc.+......................... 37,582 130,785
Heartland Payment Systems, Inc.#........................... 13,889 448,337
Interactive Data Corp...................................... 30,699 958,730
Jackson Hewitt Tax Service, Inc.#.......................... 25,571 824,665
Morningstar, Inc.+#........................................ 10,463 851,165
Net 1 UEPS Technologies, Inc.+#............................ 35,578 1,101,495
165
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------
COMMON STOCK (continued)
Commercial Services - Finance
(continued)
QC Holdings, Inc.#..................... 6,739 $ 93,605
TNS, Inc.#............................. 20,595 323,754
Wright Express Corp.+.................. 33,976 1,289,389
-----------
11,026,403
-----------
Communications Software -- 0.2%
Avid Technology, Inc.+#................ 35,128 931,946
Digi International, Inc.+.............. 21,482 330,393
DivX, Inc.+#........................... 19,757 334,486
InPhonic, Inc.+#....................... 21,042 297
Seachange International, Inc.+......... 25,058 188,937
Smith Micro Software, Inc.+#........... 25,209 201,924
-----------
1,987,983
-----------
Computer Aided Design -- 0.5%
Ansys, Inc.+........................... 65,955 2,563,011
Aspen Technology, Inc.+................ 74,940 1,270,983
MSC.Software Corp.+#................... 37,333 493,169
Parametric Technology Corp.+........... 97,717 1,631,874
-----------
5,959,037
-----------
Computer Graphics -- 0.0%
Monotype Imaging Holdings, Inc.+#...... 9,359 149,651
Trident Microsystems, Inc.+#........... 48,580 305,082
-----------
454,733
-----------
Computer Services -- 0.7%
CACI International, Inc., Class A+..... 26,291 1,193,349
CIBER, Inc.+........................... 46,187 314,995
COMSYS IT Partners, Inc.+.............. 14,916 199,129
iGate Corp.+........................... 18,580 157,187
IHS, Inc.+............................. 26,760 1,876,946
Limelight Networks, Inc.+#............. 15,704 124,847
LivePerson, Inc.+...................... 34,390 171,950
Manhattan Associates, Inc.+............ 21,741 589,833
Ness Technologies, Inc.+............... 29,050 273,361
Perot Systems Corp., Class A+.......... 74,272 976,677
SI International, Inc.+................ 11,151 289,480
SRA International, Inc.+............... 35,135 960,591
SYKES Enterprises, Inc.+............... 27,983 516,566
Syntel, Inc.#.......................... 10,711 385,917
Tyler Technologies, Inc.+#............. 33,132 498,968
Virtusa Corp.+......................... 3,748 66,227
-----------
8,596,023
-----------
Computer Software -- 0.2%
Blackbaud, Inc......................... 37,391 1,064,148
Double - Take Software, Inc.+.......... 7,137 176,998
Guidance Software, Inc.+............... 2,794 34,394
Omniture, Inc.+........................ 29,184 829,117
-----------
2,104,657
-----------
Computers -- 0.1%
Palm, Inc.#............................ 88,008 613,416
Rackable Systems, Inc.+#............... 24,350 259,327
-----------
872,743
-----------
Computers - Integrated Systems -- 0.7%
3D Systems Corp.+#..................... 14,975 263,111
Agilysys, Inc.......................... 22,452 311,858
Cray, Inc.+............................ 27,618 161,013
Echelon Corp.+#........................ 25,462 427,507
Integral Systems, Inc#................. 7,980 198,941
Jack Henry & Associates, Inc........... 66,976 1,792,278
Mercury Computer Systems, Inc.+#....... 18,902 277,103
MICROS Systems, Inc.+.................. 34,472 2,486,810
Value
Security Description Shares (Note 2)
------------------------------------------------------------
Computers - Integrated Systems
(continued)
MTS Systems Corp....................... 15,088 $ 618,457
Radiant Systems, Inc.+................. 22,333 356,658
Radisys Corp.+#........................ 18,677 290,241
Stratasys, Inc.+#...................... 17,548 438,525
Super Micro Computer, Inc.+#........... 7,851 64,849
-----------
7,687,351
-----------
Computers - Memory Devices -- 0.3%
Data Domain, Inc.+..................... 7,700 198,506
Hutchinson Technology, Inc.+#.......... 22,144 582,609
Imation Corp.#......................... 29,935 600,795
Isilon Systems, Inc.+#................. 7,243 40,923
Netezza Corp+#......................... 8,613 114,122
Quantum Corp.+#........................ 166,747 528,588
Silicon Graphics, Inc.+#............... 5,546 94,338
Silicon Storage Technology, Inc.+...... 77,269 219,444
Smart Modular Technologies WWH, Inc.+.. 42,652 358,277
STEC, Inc.+#........................... 27,529 256,570
-----------
2,994,172
-----------
Computers - Periphery Equipment -- 0.4%
Electronics for Imaging, Inc.+......... 48,340 1,108,920
Immersion Corp.+....................... 25,642 336,679
Rimage Corp.+.......................... 8,593 214,223
Sigma Designs, Inc.+#.................. 23,895 1,553,653
Synaptics, Inc.+....................... 21,829 1,212,383
-----------
4,425,858
-----------
Computers - Voice Recognition -- 0.0%
Intervoice, Inc.+...................... 33,047 323,200
-----------
Consulting Services -- 0.9%
BearingPoint, Inc.+#................... 171,506 625,997
CRA International, Inc.+............... 9,349 432,485
Diamond Management & Technology
Consultants, Inc..................... 24,027 178,520
Forrester Research, Inc.+.............. 12,854 336,518
FTI Consulting, Inc.+#................. 40,321 2,298,297
Gartner, Inc.+......................... 58,684 1,108,541
Huron Consulting Group, Inc.+.......... 15,864 1,162,355
LECG Corp.+#........................... 21,484 340,736
MAXIMUS, Inc........................... 18,611 725,829
Navigant Consulting, Inc.+#............ 40,390 524,262
The Advisory Board Co.+#............... 15,367 999,009
Watson Wyatt Worldwide, Inc., Class A.. 36,381 1,675,345
-----------
10,407,894
-----------
Consumer Products - Misc. -- 0.6%
American Greetings Corp., Class A#..... 47,122 1,096,058
Blyth, Inc............................. 21,627 425,403
Central Garden and Pet Co. Class A+.... 59,414 311,923
CSS Industries, Inc.#.................. 6,669 263,959
Fossil, Inc.+.......................... 37,128 1,609,127
Helen of Troy, Ltd.+#.................. 25,774 467,283
Russ Berrie & Co., Inc.+#.............. 14,146 234,824
Spectrum Brands, Inc.+#................ 33,293 172,125
Tupperware Brands Corp................. 52,291 1,823,910
WD - 40 Co............................. 14,963 593,582
-----------
6,998,194
-----------
Containers - Metal/Glass -- 0.2%
Greif, Inc., Class A................... 28,238 1,668,019
Silgan Holdings, Inc................... 21,097 1,131,432
-----------
2,799,451
-----------
166
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------
COMMON STOCK (continued)
Containers - Paper/Plastic -- 0.0%
AEP Industries, Inc.+.................. 4,773 $ 163,284
Chesapeake Corp.#...................... 16,948 103,383
Graphic Packaging Corp.+#.............. 58,461 239,690
----------
506,357
----------
Cosmetics & Toiletries -- 0.2%
Chattem, Inc.+......................... 14,432 1,023,373
Elizabeth Arden, Inc.+................. 20,746 498,527
Inter Parfums, Inc.#................... 7,319 133,718
Revlon, Inc., Class A+#................ 167,309 187,386
----------
1,843,004
----------
Data Processing/Management -- 0.2%
BladeLogic, Inc.+...................... 4,935 120,710
Commvault Systems, Inc.+............... 30,188 672,287
CSG Systems International, Inc.+....... 31,594 523,513
FalconStor Software, Inc.+............. 27,226 329,707
infoUSA, Inc........................... 27,658 238,688
Pegasystems, Inc....................... 11,409 141,243
Schawk, Inc.#.......................... 12,524 179,970
----------
2,206,118
----------
Decision Support Software -- 0.1%
Interactive Intelligence, Inc.+........ 11,084 289,071
QAD, Inc.#............................. 12,292 104,605
SPSS, Inc.+............................ 15,648 565,518
Wind River Systems, Inc.+.............. 63,504 648,376
----------
1,607,570
----------
Dental Supplies & Equipment -- 0.1%
Align Technology, Inc.+................ 50,351 850,428
Sirona Dental Systems, Inc.+#.......... 14,248 385,551
----------
1,235,979
----------
Diagnostic Equipment -- 0.2%
Hansen Medical, Inc.+#................. 8,145 240,196
Immucor, Inc.+......................... 58,601 1,943,795
----------
2,183,991
----------
Diagnostic Kits -- 0.4%
Inverness Medical Innovations, Inc.+#.. 54,801 3,215,723
Meridian Bioscience, Inc............... 33,792 1,042,483
OraSure Technologies, Inc.+#........... 39,284 372,412
Quidel Corp.+.......................... 24,420 461,538
----------
5,092,156
----------
Direct Marketing -- 0.0%
Gaiam, Inc.+........................... 14,723 346,727
ValueVision Media, Inc., Class A+#..... 26,099 171,731
----------
518,458
----------
Disposable Medical Products -- 0.1%
ICU Medical, Inc.+#.................... 10,988 407,874
Medical Action Industries, Inc.+....... 11,838 236,878
Merit Medical Systems, Inc.+........... 23,294 338,462
Volcano Corp.+......................... 24,542 358,559
----------
1,341,773
----------
Distribution/Wholesale -- 0.9%
Beacon Roofing Supply, Inc.+#.......... 37,660 346,848
Beijing Med - Pharm Corp.+#............ 25,980 262,918
BlueLinx Holdings, Inc.#............... 9,798 40,172
Brightpoint, Inc.+..................... 43,266 718,648
Building Materials Holding Corp.#...... 25,001 143,006
Central European Distribution Corp.+#.. 30,066 1,503,300
Core - Mark Holding Co., Inc.+#........ 7,800 209,274
Value
Security Description Shares (Note 2)
- -------------------------------------------------------------------------------
Distribution/Wholesale (continued)
Houston Wire & Cable Co.#.................................. 13,332 $ 197,447
LKQ Corp.+#................................................ 47,872 1,900,997
MWI Veterinary Supply, Inc.+#.............................. 7,246 304,912
NuCo2, Inc.+#.............................................. 13,067 360,388
Owens & Minor, Inc......................................... 34,461 1,353,283
Scansource, Inc.+#......................................... 21,901 772,667
United Stationers, Inc.+................................... 21,279 1,077,994
Watsco, Inc.#.............................................. 19,475 705,969
-----------
9,897,823
-----------
Diversified Financial Services -- 0.0%
Newstar Financial Inc+#.................................... 11,753 107,893
-----------
Diversified Manufacturing Operations -- 1.1%
A.O. Smith Corp............................................ 17,503 619,431
Actuant Corp., Class A#.................................... 46,636 1,476,962
Acuity Brands, Inc......................................... 36,957 1,459,432
Ameron International Corp.#................................ 7,750 819,795
AZZ, Inc.+#................................................ 9,915 265,524
Barnes Group, Inc.#........................................ 39,202 1,213,694
Blount International, Inc.+................................ 32,378 397,278
EnPro Industries, Inc.+.................................... 18,254 558,572
ESCO Technologies, Inc.+#.................................. 22,072 816,222
Federal Signal Corp.#...................................... 40,782 468,993
GenTek, Inc.+#............................................. 7,366 220,980
Griffon Corp.+#............................................ 25,373 327,819
Koppers Holdings, Inc...................................... 14,920 573,525
Lancaster Colony Corp...................................... 19,109 736,079
LSB Industries, Inc.+...................................... 13,215 299,716
Matthews International Corp., Class A...................... 26,879 1,186,439
Park - Ohio Holdings Corp.+................................ 6,820 160,543
Raven Industries, Inc.#.................................... 13,615 472,849
Standex International Corp................................. 10,576 201,790
Tredegar Corp.............................................. 25,397 367,241
-----------
12,642,884
-----------
Diversified Minerals -- 0.1%
AMCOL International Corp.#................................. 21,828 829,027
General Moly Inc+#......................................... 41,301 440,269
-----------
1,269,296
-----------
Diversified Operations -- 0.0%
Resource America, Inc., Class A#........................... 11,235 182,232
-----------
Diversified Operations/Commerical Services -- 0.2%
Chemed Corp................................................ 20,347 1,101,790
Compass Diversified Trust.................................. 18,007 268,124
Viad Corp.................................................. 17,929 555,978
Volt Information Sciences, Inc.+#.......................... 12,065 153,467
-----------
2,079,359
-----------
Drug Delivery Systems -- 0.2%
Alkermes, Inc.+............................................ 85,550 1,219,943
Bentley Pharmaceuticals, Inc.+#............................ 16,258 204,688
I - Flow Corp.+#........................................... 17,451 290,908
Nastech Pharmaceutical Co., Inc.+#......................... 21,677 82,373
Noven Pharmaceuticals, Inc.+#.............................. 21,131 334,504
Penwest Pharmaceuticals Co.+#.............................. 19,813 120,661
-----------
2,253,077
-----------
E - Commerce/Products -- 0.2%
1 - 800 - FLOWERS.COM, Inc., Class A+#..................... 20,572 215,389
Blue Nile, Inc.+#.......................................... 11,409 842,098
FTD Group, Inc............................................. 16,275 218,085
Mercadolibre, Inc.+........................................ 13,686 580,423
Overstock.com, Inc.+#...................................... 14,003 324,449
167
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------------
COMMON STOCK (continued)
E - Commerce/Products (continued)
Shutterfly, Inc.+................................ 12,418 $ 353,789
Stamps.com, Inc.+#............................... 14,021 178,067
-----------
2,712,300
-----------
E - Commerce/Services -- 0.4%
Move, Inc.+...................................... 88,733 208,523
Orbitz Worldwide, Inc.+.......................... 28,920 231,360
priceline.com, Inc.+#............................ 32,235 3,668,343
-----------
4,108,226
-----------
E - Marketing/Info -- 0.3%
Comscore Inc+#................................... 5,090 165,170
Digital River, Inc.+............................. 35,179 1,360,372
Liquidity Services, Inc.+#....................... 9,027 107,782
ValueClick, Inc.+................................ 84,926 2,007,651
-----------
3,640,975
-----------
E - Services/Consulting -- 0.2%
GSI Commerce, Inc.+#............................. 17,001 444,066
Keynote Systems, Inc.+........................... 13,348 183,669
Perficient, Inc.+#............................... 24,925 417,992
RightNow Technologies, Inc.+#.................... 15,368 278,929
Sapient Corp.+#.................................. 69,351 502,101
Websense, Inc.+.................................. 38,261 625,185
-----------
2,451,942
-----------
Educational Software -- 0.2%
Blackboard, Inc.+#............................... 24,303 947,817
INVESTools, Inc.+................................ 44,497 687,479
Renaissance Learning, Inc.#...................... 7,242 94,291
-----------
1,729,587
-----------
Electric Products - Misc. -- 0.2%
GrafTech International, Ltd.+.................... 88,713 1,425,618
Littelfuse, Inc.+................................ 18,912 630,715
-----------
2,056,333
-----------
Electric - Distribution -- 0.0%
EnerNOC, Inc.+#.................................. 3,487 159,600
-----------
Electric - Integrated -- 1.6%
Allete, Inc.#.................................... 21,815 893,542
Aquila, Inc.+.................................... 318,763 1,262,301
Avista Corp...................................... 44,881 959,556
Black Hills Corp................................. 32,046 1,335,036
Central Vermont Public Service Corp.............. 8,664 239,646
CH Energy Group, Inc.#........................... 13,410 594,331
Cleco Corp.#..................................... 50,777 1,418,709
El Paso Electric Co.+............................ 38,950 1,001,405
IDACORP, Inc.#................................... 37,421 1,315,722
MGE Energy, Inc.#................................ 18,050 633,014
Northwestern Corp................................ 30,549 850,790
Osiris Therapeutics, Inc.+#...................... 11,563 129,159
Otter Tail Corp.#................................ 25,291 847,501
Pike Electric Corp.+#............................ 15,115 240,329
PNM Resources, Inc............................... 65,242 1,447,068
Portland General Electric Co..................... 25,950 694,682
The Empire District Electric Co.#................ 25,831 595,146
UIL Holdings Corp................................ 21,401 766,584
Unisource Energy Corp............................ 30,009 928,178
Westar Energy, Inc............................... 85,035 2,203,257
-----------
18,355,956
-----------
Electric - Transmission -- 0.2%
ITC Holdings Corp................................ 36,158 1,845,504
-----------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
Electronic Components - Misc. -- 0.6%
Bel Fuse, Inc., Class B..................... 10,112 $ 302,551
Benchmark Electronics, Inc.+................ 61,791 1,109,149
CTS Corp.................................... 30,528 322,681
Cubic Corp.................................. 13,230 522,320
Daktronics, Inc.#........................... 27,041 630,867
Methode Electronics, Inc.................... 31,103 374,791
OSI Systems, Inc.+#......................... 12,885 319,419
Plexus Corp.+............................... 39,418 1,173,080
Rogers Corp.+#.............................. 15,034 662,398
Stoneridge, Inc.+........................... 12,076 100,472
Technitrol, Inc............................. 34,703 928,999
-----------
6,446,727
-----------
Electronic Components - Semiconductors -- 1.5%
Actel Corp.+................................ 22,161 242,885
Advanced Analogic Technologies, Inc.+....... 32,459 349,583
AMIS Holdings, Inc.+........................ 56,866 436,162
Amkor Technology, Inc.+#.................... 88,992 733,294
Applied Micro Circuits Corp................. 240,942 604,764
Authentec Inc+.............................. 6,603 112,911
Cavium Network, Inc.+#...................... 5,740 147,231
Conexant Systems, Inc.+#.................... 417,283 463,184
Diodes, Inc.+#.............................. 25,337 745,415
DSP Group, Inc.+............................ 27,586 373,239
IPG Photonics Corp.+........................ 8,544 173,870
IXYS Corp.+#................................ 22,023 170,238
Lattice Semiconductor Corp.+................ 97,641 328,074
Microsemi Corp.+#........................... 64,885 1,484,569
Microtune, Inc.+#........................... 45,593 237,084
MIPS Technologies, Inc.+#................... 36,905 209,620
Monolithic Power Systems, Inc.+#............ 20,178 384,996
Netlogic Microsystems, Inc.+#............... 14,006 409,675
OmniVision Technologies, Inc.+#............. 46,728 870,075
ON Semiconductor Corp.+#.................... 206,500 1,897,735
PLX Technology, Inc.+#...................... 24,390 239,998
PMC - Sierra, Inc.+#........................ 181,774 1,276,053
Semtech Corp.+.............................. 53,496 816,349
Silicon Image, Inc.+........................ 74,661 350,907
SiRF Technology Holdings, Inc.+#............ 51,056 1,229,939
Skyworks Solutions, Inc.+................... 136,027 1,235,125
Spansion, Inc. Class A+#.................... 76,538 408,713
Supertex, Inc.+#............................ 9,704 329,451
Syntax - Brillian Corp.+#................... 48,797 141,999
Volterra Semiconductor Corp.+#.............. 18,104 224,128
Zoran Corp.+................................ 42,196 920,717
-----------
17,547,983
-----------
Electronic Design Automation -- 0.2%
Ansoft Corp.+............................... 14,470 419,775
Comtech Group, Inc.+#....................... 16,717 296,560
Magma Design Automation, Inc.+#............. 34,576 461,935
Mentor Graphics Corp.+...................... 76,204 829,861
-----------
2,008,131
-----------
Electronic Measurement Instruments -- 0.7%
Analogic Corp............................... 11,263 606,175
Badger Meter, Inc.#......................... 12,104 472,056
Eagle Test Systems, Inc.+................... 10,430 114,208
FARO Technologies, Inc.+.................... 14,111 381,279
FLIR Systems, Inc.+#........................ 56,400 3,876,372
Itron, Inc.+#............................... 25,534 1,980,162
Measurement Specialties, Inc.+#............. 12,137 298,692
Zygo Corp.+#................................ 13,904 156,976
-----------
7,885,920
-----------
168
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
COMMON STOCK (continued)
Electronic Security Devices -- 0.1%
American Science and Engineering, Inc.#..... 7,807 $ 451,635
LoJack Corp.+............................... 15,942 279,144
Taser International, Inc.+#................. 52,810 739,868
-----------
1,470,647
-----------
Electronics - Military -- 0.1%
EDO Corp.#.................................. 15,000 837,300
-----------
Energy - Alternate Sources -- 0.3%
Aventine Renewable Energy Holdings, Inc.+#.. 25,601 252,170
Clean Energy Fuels Corp.+#.................. 8,496 126,760
Comverge, Inc.+#............................ 5,028 158,282
Evergreen Energy, Inc.+#.................... 71,172 261,201
Evergreen Solar, Inc.+#..................... 72,747 958,078
FuelCell Energy, Inc.+#..................... 56,361 511,194
Headwaters, Inc.+#.......................... 33,530 402,360
MGP Ingredients, Inc.#...................... 8,417 69,188
Nova Biosource Fuels, Inc.+#................ 26,670 42,405
Pacific Ethanol, Inc.+#..................... 30,263 184,907
US BioEnergy Corp+#......................... 11,515 104,441
Verasun Energy Corp.+#...................... 33,901 400,371
Verenium Corp.+#............................ 34,615 126,345
-----------
3,597,702
-----------
Engineering/R&D Services -- 0.5%
Aecom Technology Corp.+..................... 36,475 969,870
EMCOR Group, Inc.+.......................... 54,259 1,445,460
ENGlobal Corp.+............................. 14,232 153,848
Michael Baker Corp.+........................ 6,142 214,540
SAIC, Inc.+#................................ 108,990 2,173,261
Stanley, Inc.+.............................. 6,803 233,343
-----------
5,190,322
-----------
Engines - Internal Combustion -- 0.1%
Briggs & Stratton Corp.#.................... 42,076 959,333
-----------
Enterprise Software/Service -- 1.0%
Advent Software, Inc.+#..................... 14,763 749,370
Concur Technologies, Inc.+.................. 36,427 1,368,198
Epicor Software Corp.+...................... 49,430 534,833
Informatica Corp.+.......................... 74,448 1,276,783
JDA Software Group, Inc.+#.................. 21,844 457,413
Lawson Software, Inc.+...................... 104,982 1,020,425
ManTech International Corp., Class A+....... 16,613 642,757
MicroStrategy, Inc., Class A+............... 8,135 820,415
Omnicell, Inc.+............................. 28,611 754,472
Packeteer, Inc.+#........................... 30,607 206,903
PROS Holdings, Inc.+........................ 6,668 114,690
Sybase, Inc.+............................... 77,694 1,992,074
SYNNEX Corp.+#.............................. 13,859 286,327
Taleo Corp., Class A+#...................... 14,058 396,857
The Ultimate Software Group, Inc.+#......... 20,992 685,809
-----------
11,307,326
-----------
Entertainment Software -- 0.2%
Glu Mobile, Inc.+........................... 6,300 34,398
Midway Games, Inc.+#........................ 19,670 47,798
Take - Two Interactive Software, Inc.+#..... 62,043 929,404
THQ, Inc.+.................................. 56,926 1,391,841
-----------
2,403,441
-----------
Environmental Consulting & Engineering -- 0.1%
Tetra Tech, Inc.+........................... 49,425 1,024,086
-----------
Environmental Monitoring & Detection -- 0.2%
Clean Harbors, Inc.+........................ 14,105 758,003
Mine Safety Appliances Co.#................. 23,931 1,172,858
-----------
1,930,861
-----------
Value
Security Description Shares (Note 2)
- --------------------------------------------------------------------------------
Filtration/Separation Products -- 0.2%
CLARCOR, Inc.#............................................. 43,627 $ 1,553,557
Polypore International, Inc.+.............................. 12,756 222,082
-----------
1,775,639
-----------
Finance - Auto Loans -- 0.0%
Credit Acceptance Corp.+#.................................. 4,355 83,050
-----------
Finance - Consumer Loans -- 0.2%
ASTA Funding, Inc.#........................................ 9,568 345,979
Encore Capital Group, Inc.+#............................... 13,675 140,442
Nelnet, Inc., Class A#..................................... 14,894 205,388
Ocwen Financial Corp.+#.................................... 30,214 169,199
Portfolio Recovery Associates, Inc.#....................... 12,854 517,759
World Acceptance Corp.+#................................... 14,903 470,488
-----------
1,849,255
-----------
Finance - Credit Card -- 0.0%
Advanta Corp., Class B#.................................... 31,536 315,675
CompuCredit Corp.+#........................................ 17,307 224,299
-----------
539,974
-----------
Finance - Investment Banker/Broker -- 0.9%
Cowen Group, Inc.+#........................................ 13,445 144,265
Evercore Partners, Inc., Class A#.......................... 7,839 164,384
FBR Capital Markets Corp.+................................. 26,432 266,170
Friedman Billings Ramsey Group, Inc., Class A#............. 119,401 357,009
GFI Group, Inc.+#.......................................... 13,634 1,327,679
Greenhill & Co., Inc.#..................................... 15,213 1,099,748
Interactive Brokers Group, Inc., Class A+#................. 34,029 1,000,453
KBW, Inc.+#................................................ 24,899 657,334
Knight Capital Group, Inc., Class A+....................... 82,607 1,102,803
LaBranche & Co., Inc.+#.................................... 45,236 240,203
Ladenburg Thalmann Financial Services, Inc.+#.............. 83,323 160,813
optionsXpress Holdings, Inc................................ 37,162 1,130,096
Penson Worldwide, Inc.+.................................... 12,370 189,632
Piper Jaffray Cos., Inc.+.................................. 14,885 689,473
Sanders Morris Harris Group, Inc.#......................... 15,812 153,851
Stifel Financial Corp.+#................................... 12,720 592,116
SWS Group, Inc............................................. 18,989 257,491
Thomas Weisel Partners Group, Inc.+#....................... 18,347 252,088
TradeStation Group, Inc.+#................................. 24,649 294,062
-----------
10,079,670
-----------
Finance - Leasing Company -- 0.0%
Financial Federal Corp.#................................... 22,885 505,530
-----------
Finance - Mortgage Loan/Banker -- 0.1%
Centerline Holding Co.#.................................... 43,323 523,775
Delta Financial Corp.#..................................... 14,063 25,876
Federal Agricultural Mtg. Corp., Class C................... 8,779 238,877
-----------
788,528
-----------
Finance - Other Services -- 0.3%
Asset Acceptance Capital Corp.#............................ 12,691 143,408
eSPEED, Inc., Class A+ Class A#............................ 16,563 167,286
FCStone Group, Inc.+....................................... 7,493 316,280
International Securities Exchange Holdings, Inc.#.......... 33,081 2,222,712
MarketAxess Holdings, Inc.+#............................... 26,410 379,248
-----------
3,228,934
-----------
Financial Guarantee Insurance -- 0.2%
ACA Capital Holdings, Inc.+#............................... 6,493 5,324
Assured Guaranty, Ltd...................................... 57,667 1,301,544
Primus Guaranty, Ltd.+#.................................... 38,304 244,763
RAM Holdings, Ltd.+........................................ 15,477 89,767
Security Capital Assurance, Ltd.#.......................... 20,276 143,554
Triad Guaranty, Inc.+#..................................... 9,741 83,870
-----------
1,868,822
-----------
169
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------------------
COMMON STOCK (continued)
Firearms & Ammunition -- 0.0%
Smith & Wesson Holding Corp.+#............................. 25,229 $ 251,281
Sturm Ruger & Co., Inc.+#.................................. 19,260 178,155
----------
429,436
----------
Food - Baking -- 0.1%
Flowers Foods, Inc......................................... 65,297 1,516,849
----------
Food - Canned -- 0.1%
Treehouse Foods, Inc.+..................................... 26,545 625,666
----------
Food - Confectionery -- 0.1%
Tootsie Roll Industries, Inc.#............................. 30,378 748,514
----------
Food - Dairy Products -- 0.0%
American Dairy, Inc.+#..................................... 5,823 97,535
----------
Food - Misc. -- 0.5%
Cal - Maine Foods, Inc.#................................... 10,722 264,083
Chiquita Brands International, Inc.+#...................... 36,118 693,104
Hain Celestial Group, Inc.+#............................... 33,760 1,116,781
J & J Snack Foods Corp..................................... 11,915 385,808
Lance, Inc................................................. 26,367 546,851
M&F Worldwide Corp.+#...................................... 10,318 530,036
Ralcorp Holdings, Inc.+.................................... 21,842 1,340,880
Seaboard Corp.............................................. 301 454,209
----------
5,331,752
----------
Food - Retail -- 0.3%
Arden Group, Inc., Class A#................................ 965 138,970
Great Atlantic & Pacific Tea Co., Inc.+#................... 16,703 501,925
Ingles Markets, Inc., Class A.............................. 10,550 250,984
Pathmark Stores, Inc.+..................................... 27,301 352,183
Ruddick Corp............................................... 34,963 1,251,326
Village Super Market, Class A#............................. 2,608 139,763
Weis Markets, Inc.......................................... 10,561 432,156
Winn - Dixie Stores, Inc.+#................................ 29,119 550,640
----------
3,617,947
----------
Food - Wholesale/Distribution -- 0.3%
Fresh Del Monte Produce, Inc.+#............................ 26,091 806,734
Nash Finch Co.#............................................ 11,405 407,044
Performance Food Group Co.+................................ 30,056 832,251
Spartan Stores, Inc........................................ 18,437 414,832
United Natural Foods, Inc.+#............................... 36,414 1,066,566
----------
3,527,427
----------
Footwear & Related Apparel -- 0.5%
Deckers Outdoor Corp.+..................................... 10,878 1,568,281
Heelys, Inc.+#............................................. 5,476 33,349
Iconix Brand Group, Inc.+.................................. 43,137 983,092
Skechers USA, Inc., Class A+............................... 17,348 392,932
Steven Madden, Ltd.+....................................... 17,435 396,298
Timberland Co., Class A+................................... 40,168 653,935
Weyco Group, Inc.#......................................... 6,303 172,576
Wolverine World Wide, Inc.................................. 46,333 1,147,669
----------
5,348,132
----------
Forestry -- 0.0%
Deltic Timber Corp.#....................................... 8,927 429,835
----------
Funeral Services & Related Items -- 0.1%
Stewart Enterprises, Inc., Class A#........................ 80,816 662,691
----------
Gambling (Non - Hotel) -- 0.2%
Dover Downs Gaming & Entertainment, Inc.#.................. 13,302 146,987
Isle of Capri Casinos, Inc.+#.............................. 13,671 238,969
Lakes Entertainment, Inc.+#................................ 15,153 100,616
Pinnacle Entertainment, Inc.+.............................. 50,778 1,393,856
----------
1,880,428
----------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------------------
Gas - Distribution -- 0.9%
EnergySouth, Inc.#......................................... 6,034 $ 333,559
Laclede Group, Inc.#....................................... 18,377 632,353
New Jersey Resources Corp.#................................ 23,816 1,201,517
Nicor, Inc.#............................................... 38,305 1,614,173
Northwest Natural Gas Co................................... 22,960 1,101,391
Piedmont Natural Gas, Inc.#................................ 63,466 1,652,655
South Jersey Industries, Inc.#............................. 25,068 925,009
Southwest Gas Corp......................................... 35,868 1,037,303
WGL Holdings, Inc.......................................... 41,877 1,383,616
----------
9,881,576
----------
Golf -- 0.1%
Callaway Golf Co.#......................................... 56,393 962,065
----------
Hazardous Waste Disposal -- 0.0%
American Ecology Corp...................................... 13,798 306,868
----------
Health Care Cost Containment -- 0.1%
Corvel Corp.+.............................................. 6,478 150,613
Healthspring, Inc.+........................................ 40,684 768,928
----------
919,541
----------
Home Furnishings -- 0.4%
American Woodmark Corp.#................................... 9,256 179,289
Ethan Allen Interiors, Inc.#............................... 22,517 643,085
Furniture Brands International, Inc.#...................... 41,133 416,677
Hooker Furniture Corp.#.................................... 9,424 158,512
Kimball International, Inc., Class B#...................... 22,378 298,523
LA - Z - Boy, Inc.#........................................ 43,705 238,629
Sealy Corp.#............................................... 38,043 496,081
Tempur - Pedic International, Inc.#........................ 63,926 1,897,963
----------
4,328,759
----------
Hotels/Motels -- 0.2%
Gaylord Entertainment Co.+................................. 34,849 1,465,749
Lodgian, Inc.+............................................. 15,949 182,775
Marcus Corp.#.............................................. 18,006 324,468
Morgans Hotel Group Co.+................................... 18,791 347,446
----------
2,320,438
----------
Housewares -- 0.0%
Libbey, Inc................................................ 12,247 189,951
Lifetime Brands, Inc.#..................................... 8,751 112,188
National Presto Industries, Inc.#.......................... 3,793 205,429
----------
507,568
----------
Human Resources -- 0.7%
Administaff, Inc........................................... 19,895 650,169
AMN Healthcare Services, Inc.+............................. 29,513 498,179
Barrett Business Services, Inc.#........................... 6,323 103,571
CDI Corp.#................................................. 10,982 292,890
Cross Country Healthcare, Inc.+............................ 27,279 397,182
Emergency Medical Services Corp., Class A+#................ 7,903 243,096
Gevity HR, Inc............................................. 20,798 88,392
Heidrick & Struggles International, Inc.................... 15,308 555,221
Hudson Highland Group, Inc.+............................... 21,464 191,244
Kelly Services, Inc., Class A.............................. 19,818 377,533
Kenexa Corp.+#............................................. 21,497 416,397
Kforce, Inc.+.............................................. 27,558 299,004
Korn/Ferry International+.................................. 40,532 698,366
Labor Ready, Inc.+......................................... 37,393 562,765
MPS Group, Inc.+........................................... 87,228 968,231
On Assignment, Inc.+....................................... 29,891 191,004
Resources Connection, Inc.................................. 41,706 859,978
Spherion Corp.+............................................ 47,976 373,253
----------
7,766,475
----------
170
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------------------
COMMON STOCK (continued)
Identification Systems -- 0.3%
Brady Corp., Class A....................................... 42,878 $1,716,406
Checkpoint Systems, Inc.+.................................. 33,548 797,101
Cogent, Inc.+#............................................. 37,043 411,177
L - 1 Identity Solutions, Inc.+#........................... 50,382 936,098
----------
3,860,782
----------
Independent Power Producer -- 0.1%
Ormat Technologies, Inc.#.................................. 11,676 589,638
----------
Industrial Audio & Video Products -- 0.0%
Sonic Solutions+#.......................................... 19,006 188,730
----------
Industrial Automated/Robotic -- 0.3%
Cognex Corp................................................ 37,637 762,902
Gerber Scientific, Inc.+................................... 19,667 186,837
Hurco Cos., Inc.+.......................................... 4,751 196,074
Intermec, Inc.+#........................................... 51,550 1,106,778
iRobot Corp.+#............................................. 13,071 209,397
Nordson Corp............................................... 28,657 1,513,090
----------
3,975,078
----------
Instruments - Controls -- 0.2%
Watts Water Technologies, Inc., Class A#................... 26,730 782,120
Woodward Governor Co....................................... 25,501 1,747,838
X - Rite, Inc.+............................................ 24,730 307,394
----------
2,837,352
----------
Instruments - Scientific -- 0.4%
Dionex Corp.+.............................................. 16,185 1,367,147
FEI Co.+#.................................................. 33,317 829,927
OYO Geospace Corp.+#....................................... 3,380 353,886
Varian, Inc.+.............................................. 26,087 1,827,394
----------
4,378,354
----------
Insurance Brokers -- 0.2%
Crawford & Co., Class B+#.................................. 21,596 86,384
eHealth, Inc.+............................................. 11,353 351,830
Hilb Rogal and Hobbs Co.................................... 31,283 1,337,348
----------
1,775,562
----------
Insurance - Life/Health -- 0.5%
American Equity Investment Life Holding Co.#............... 48,359 435,715
Delphi Financial Group, Inc., Class A...................... 36,948 1,420,281
FBL Financial Group, Inc., Class A......................... 12,240 453,737
Independence Holding Co.#.................................. 5,376 72,899
Kansas City Life Insurance Co.............................. 3,955 178,291
National Western Life Insurance Co., Class A............... 1,919 385,662
Presidential Life Corp..................................... 18,375 316,785
Scottish Re Group, Ltd.+................................... 57,847 66,524
The Phoenix Cos., Inc...................................... 97,071 1,166,793
Universal American Financial Corp.+........................ 41,504 989,455
----------
5,486,142
----------
Insurance - Multi - line -- 0.2%
Alfa Corp.................................................. 27,880 602,487
Citizens, Inc.+#........................................... 29,419 192,989
Horace Mann Educators Corp................................. 36,747 718,771
United Fire & Casualty Co.................................. 18,632 574,238
----------
2,088,485
----------
Insurance - Property/Casualty -- 1.4%
American Physicians Capital, Inc........................... 7,704 323,260
Amerisafe, Inc.+........................................... 15,991 244,023
Amtrust Financial Services, Inc............................ 21,781 276,619
Baldwin & Lyons, Inc., Class B............................. 6,916 186,317
Castlepoint Holdings, Ltd.#................................ 6,741 79,274
CNA Surety Corp.+.......................................... 14,069 290,243
Value
Security Description Shares (Note 2)
- --------------------------------------------------------------------------------
Insurance - Property/Casualty (continued)
Commerce Group, Inc........................................ 41,587 $ 1,495,053
Darwin Professional Underwriters, Inc.+.................... 6,531 150,213
Donegal Group, Inc., Class A............................... 11,303 190,908
EMC Insurance Group, Inc.#................................. 5,081 123,722
Employers Holdings, Inc.................................... 42,212 750,952
Enstar Group, Ltd.+#....................................... 5,958 646,443
First Acceptance Corp.+#................................... 14,538 58,734
First Mercury Financial Corp.+............................. 10,514 223,107
FPIC Insurance Group, Inc.+#............................... 7,760 331,585
Hallmark Financial Services+............................... 3,904 58,404
Harleysville Group, Inc.................................... 12,567 439,845
Infinity Property & Casualty Corp.......................... 13,917 544,016
James River Group, Inc.#................................... 4,957 169,529
LandAmerica Financial Group, Inc.#......................... 13,244 348,582
Meadowbrook Insurance Group, Inc.+......................... 27,268 250,593
Midland Co................................................. 8,388 536,496
National Interstate Corp.#................................. 4,511 148,547
Navigators Group, Inc.+.................................... 11,164 655,327
NYMAGIC, Inc............................................... 4,957 110,442
PMA Capital Corp., Class A+#............................... 27,761 242,631
ProAssurance Corp.+........................................ 28,361 1,555,317
RLI Corp................................................... 17,918 1,068,450
Safety Insurance Group, Inc................................ 13,804 503,984
SeaBright Insurance Holdings, Inc.+........................ 17,694 274,434
Selective Insurance Group, Inc............................. 46,671 1,100,969
State Auto Financial Corp.................................. 12,277 342,283
Stewart Information Services Corp.......................... 14,632 396,088
Tower Group, Inc........................................... 16,962 549,908
United America Indemnity, Ltd. Class A+.................... 20,983 415,463
Zenith National Insurance Corp............................. 31,515 1,324,575
-----------
16,406,336
-----------
Insurance - Reinsurance -- 1.0%
Argo Group International Holdings, Ltd.+................... 24,965 986,367
Aspen Insurance Holdings, Ltd.............................. 74,983 2,159,510
Flagstone Reinsurance Holdings, Ltd........................ 11,683 165,315
Greenlight Capital Re, Ltd. Class A+#...................... 9,122 198,221
IPC Holdings, Ltd.......................................... 51,442 1,520,626
Max Re Capital, Ltd........................................ 51,305 1,452,445
Montpelier Re Holdings, Ltd................................ 87,507 1,515,621
Odyssey Re Holdings Corp.#................................. 24,097 928,698
Platinum Underwriters Holdings, Ltd........................ 50,921 1,849,451
Validus Holdings Ltd+...................................... 13,448 334,855
-----------
11,111,109
-----------
Internet Application Software -- 0.5%
Art Technology Group, Inc.+#............................... 108,825 454,889
CyberSource Corp.+#........................................ 54,516 796,479
DealerTrack Holdings, Inc.+................................ 30,441 1,294,960
eResearch Technology, Inc.+................................ 33,320 395,175
Interwoven, Inc.+.......................................... 37,079 455,330
Lionbridge Technologies, Inc.+#............................ 51,482 156,505
On2 Technologies, Inc.+#................................... 135,906 101,930
RealNetworks, Inc.+#....................................... 81,826 504,866
S1 Corp.+.................................................. 43,916 325,857
Vignette Corp.+............................................ 22,651 348,372
Vocus, Inc.+............................................... 11,026 346,216
-----------
5,180,579
-----------
Internet Connectivity Services -- 0.1%
Cogent Communications Group, Inc.+......................... 42,503 883,212
Internap Network Services Corp.+#.......................... 41,621 414,129
-----------
1,297,341
-----------
171
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
- -------------------------------------------------------------------------------
COMMON STOCK (continued)
Internet Content - Entertainment -- 0.1%
NetFlix, Inc.+#............................................ 39,953 $ 922,914
----------
Internet Content - Information/News -- 0.3%
CNET Networks, Inc.+#...................................... 128,648 975,152
Dice Hldgs Inc+............................................ 14,459 142,855
Harris Interactive, Inc.+.................................. 44,862 187,972
HSW Intl Inc+#............................................. 11,163 59,164
InfoSpace, Inc............................................. 28,068 499,891
Loopnet, Inc.+#............................................ 23,062 354,232
TechTarget, Inc.+.......................................... 6,546 89,418
The Knot, Inc.+#........................................... 23,498 310,173
TheStreet.com, Inc.#....................................... 18,589 228,645
Travelzoo, Inc.+#.......................................... 5,977 91,269
----------
2,938,771
----------
Internet Financial Services -- 0.0%
Online Resources Corp.+#................................... 24,521 230,497
----------
Internet Incubators -- 0.1%
CMGI Inc+.................................................. 41,447 429,805
Internet Capital Group, Inc.+#............................. 32,881 367,281
Safeguard Scientifics, Inc.+#.............................. 102,877 202,668
----------
999,754
----------
Internet Infrastructure Equipment -- 0.1%
Avocent Corp.+............................................. 42,928 1,068,907
----------
Internet Infrastructure Software -- 0.2%
AsiaInfo Holdings, Inc.+................................... 26,948 317,986
Chordiant Software, Inc.+.................................. 27,859 279,426
Imergent, Inc.#............................................ 10,481 129,545
Openwave Systems, Inc.#.................................... 70,399 193,597
TIBCO Software, Inc.+...................................... 162,121 1,269,408
----------
2,189,962
----------
Internet Security -- 0.2%
Blue Coat Systems, Inc.+................................... 23,675 857,272
iPass, Inc.+#.............................................. 42,939 187,643
Secure Computing Corp.+#................................... 39,639 359,526
SonicWALL, Inc.+........................................... 55,049 557,096
Sourcefire, Inc.+.......................................... 5,636 45,708
Vasco Data Security International, Inc.+................... 22,258 499,469
----------
2,506,714
----------
Internet Telephone -- 0.1%
Ibasis, Inc.#.............................................. 28,221 149,289
j2 Global Communications, Inc.+#........................... 41,998 1,021,391
----------
1,170,680
----------
Intimate Apparel -- 0.1%
The Warnaco Group, Inc.+................................... 39,389 1,453,454
----------
Investment Companies -- 0.5%
Ampal American Israel Class A+#............................ 17,377 113,124
Apollo Investment Corp..................................... 101,495 1,797,476
Ares Capital Corp.#........................................ 59,115 890,272
Blackrock Kelso Capital Corp............................... 8,487 121,194
Capital Southwest Corp.#................................... 2,588 311,181
Gladstone Capital Corp.#................................... 12,123 237,490
Hercules Technology Growth Capital, Inc.#.................. 27,541 325,259
Kohlberg Capital Corp...................................... 12,150 127,454
MCG Capital Corp........................................... 53,158 600,685
MVC Capital, Inc........................................... 20,642 331,717
NexCen Brands, Inc.+#...................................... 38,889 175,001
NGP Capital Resources Co.#................................. 14,841 217,717
Patriot Capital Funding, Inc.#............................. 17,568 188,329
PennantPark Investment Corp................................ 17,008 195,422
Value
Security Description Shares (Note 2)
------------------------------------------------------------------------------
Investment Companies (continued)
Prospect Capital Corp.#.................................... 20,010 $ 280,540
Technology Investment Capital Corp.#....................... 18,159 189,762
----------
6,102,623
----------
Investment Management/Advisor Services -- 0.5%
Calamos Asset Management, Inc., Class A.................... 18,141 537,155
Cohen & Steers, Inc.#...................................... 14,876 422,032
Epoch Holding Corp.#....................................... 7,398 103,498
GAMCO Investors, Inc., Class A............................. 4,697 250,350
National Financial Partners Corp.#......................... 32,042 1,454,707
U.S. Global Investors, Inc., Class A#...................... 10,050 165,524
Waddell & Reed Financial, Inc., Class A.................... 71,391 2,440,144
WP Stewart & Co., Ltd.#.................................... 18,656 106,153
----------
5,479,563
----------
Lasers - System/Components -- 0.4%
Coherent, Inc.+............................................ 26,723 768,821
Cymer, Inc.+............................................... 27,185 1,116,488
Electro Scientific Industries, Inc.+#...................... 24,860 503,415
Excel Technology, Inc.+.................................... 10,349 279,113
II - VI, Inc.+............................................. 20,160 676,166
Ionatron, Inc.+#........................................... 27,142 93,911
Newport Corp.+#............................................ 29,741 394,366
Rofin - Sinar Technologies, Inc.+.......................... 13,225 1,204,004
----------
5,036,284
----------
Leisure Products -- 0.1%
Marine Products Corp.#..................................... 10,085 74,226
Multimedia Games, Inc.+#................................... 19,592 155,560
WMS Industries, Inc.+...................................... 34,579 1,154,939
----------
1,384,725
----------
Lighting Products & Systems -- 0.0%
Universal Display Corp.+#.................................. 22,987 380,665
----------
Linen Supply & Related Items -- 0.1%
G&K Services, Inc., Class A................................ 18,308 744,587
UniFirst Corp.............................................. 12,179 455,129
----------
1,199,716
----------
Machine Tools & Related Products -- 0.0%
Hardinge, Inc.#............................................ 9,453 149,074
----------
Machinery - Construction & Mining -- 0.3%
Astec Industries, Inc.+.................................... 16,003 601,073
Bucyrus International, Inc................................. 31,809 2,789,967
----------
3,391,040
----------
Machinery - Electrical -- 0.3%
Baldor Electric Co......................................... 38,936 1,314,090
Franklin Electric Co., Inc.#............................... 16,417 639,606
Raser Technologies, Inc.+#................................. 26,442 329,732
Regal - Beloit Corp........................................ 27,188 1,280,011
----------
3,563,439
----------
Machinery - Farming -- 0.1%
Gehl Co.+#................................................. 8,911 144,447
Lindsay Corp.#............................................. 9,900 523,908
----------
668,355
----------
Machinery - General Industrial -- 0.7%
Albany International Corp., Class A#....................... 24,952 964,894
Altra Holdings, Inc.+...................................... 9,761 156,469
Applied Industrial Technologies, Inc....................... 36,642 1,106,955
Chart Industries, Inc.+.................................... 11,580 321,924
Flow International Corp.+#................................. 31,704 250,462
Intevac, Inc.+............................................. 18,201 285,756
172
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
- -------------------------------------------------------------------------------
COMMON STOCK (continued)
Machinery - General Industrial (continued)
Kadant, Inc.+.............................................. 11,855 $ 349,248
Middleby Corp.+#........................................... 11,640 883,360
Robbins & Myers, Inc....................................... 11,979 820,561
Sauer - Danfoss, Inc....................................... 9,334 226,816
Tennant Co................................................. 14,324 627,821
Twin Disc, Inc............................................. 3,886 241,437
Wabtec Corp................................................ 41,429 1,406,100
-----------
7,641,803
-----------
Machinery - Material Handling -- 0.1%
Cascade Corp.#............................................. 10,048 606,196
Columbus McKinnon Corp.+................................... 16,021 498,574
NACCO, Industries, Inc., Class A........................... 4,951 502,031
-----------
1,606,801
-----------
Machinery - Pumps -- 0.1%
Gorman - Rupp Co.#......................................... 9,763 385,150
Tecumseh Products Co., Class A+#........................... 13,159 312,790
-----------
697,940
-----------
Machinery - Thermal Process -- 0.0%
TurboChef Technologies, Inc.+#............................. 16,727 248,730
-----------
Marine Services -- 0.0%
Great Lakes Dredge & Dock Corp............................. 9,996 89,064
Odyssey Marine Exploration, Inc.+#......................... 34,965 196,853
-----------
285,917
-----------
Medical Imaging Systems -- 0.0%
Vital Images, Inc.+#....................................... 14,521 261,959
-----------
Medical Information Systems -- 0.3%
Allscripts Healthcare Solutions, Inc.+#.................... 47,094 833,093
Computer Programs & Systems, Inc.#......................... 7,724 172,014
Eclipsys Corp.+............................................ 38,862 901,598
Phase Forward, Inc.+....................................... 34,985 853,634
Quality Systems, Inc.#..................................... 14,481 428,493
-----------
3,188,832
-----------
Medical Instruments -- 1.1%
Abaxis, Inc.+#............................................. 17,778 589,696
AngioDynamics, Inc.+#...................................... 17,855 346,566
ArthroCare Corp.+#......................................... 23,401 1,266,696
Bruker BioSciences Corp.+.................................. 55,276 513,514
Cepheid, Inc.+#............................................ 46,870 1,013,798
Conceptus, Inc.+#.......................................... 25,016 502,572
CONMED Corp.+.............................................. 24,067 598,787
Datascope Corp............................................. 10,935 400,112
ev3, Inc.+................................................. 62,855 920,197
Kensey Nash Corp.+#........................................ 10,146 273,536
Micrus Endovascular Corp.+#................................ 12,765 233,727
Natus Medical, Inc.+....................................... 18,354 309,632
NuVasive, Inc.+#........................................... 29,366 1,250,111
Spectranetics Corp.+#...................................... 26,496 401,944
Stereotaxis, Inc.+#........................................ 22,251 300,166
SurModics, Inc.+#.......................................... 12,911 666,724
Symmetry Medical, Inc.+#................................... 30,026 505,638
Thoratec Corp.+#........................................... 45,263 886,702
Ventana Medical Systems, Inc.+............................. 22,832 2,027,938
-----------
13,008,056
-----------
Medical Labs & Testing Services -- 0.0%
Bio - Reference Laboratories, Inc.+#....................... 9,440 315,957
-----------
Medical Laser Systems -- 0.1%
Cutera, Inc.+#............................................. 10,797 163,467
Cynosure, Inc. Class A+.................................... 6,833 202,872
Value
Security Description Shares (Note 2)
- --------------------------------------------------------------------------------
Medical Laser Systems (continued)
LCA - Vision, Inc.#........................................ 16,217 $ 263,688
Palomar Medical Technologies, Inc.+#....................... 15,597 273,571
-----------
903,598
-----------
Medical Products -- 1.0%
ABIOMED, Inc.+#............................................ 24,587 315,943
Accuray, Inc.+............................................. 14,000 232,540
American Medical Systems Holdings, Inc.+#.................. 61,303 838,012
Cantel Medical Corp.+...................................... 9,801 173,380
Cyberonics, Inc.+#......................................... 18,887 257,619
Haemonetics Corp.+......................................... 22,582 1,309,982
Invacare Corp.............................................. 24,484 636,584
Luminex Corp.+#............................................ 30,481 488,001
Mentor Corp.#.............................................. 28,759 1,081,051
Metabolix, Inc.+#.......................................... 12,287 264,416
Minrad International, Inc.+#............................... 40,065 108,576
Northstar Neuroscience, Inc.+#............................. 16,614 153,347
NxStage Medical, Inc.+#.................................... 17,183 220,973
Orthofix International NV+................................. 14,071 821,887
PSS World Medical, Inc.+................................... 57,168 1,096,482
Sonic Innovations, Inc.+#.................................. 22,439 186,917
TomoTherapy, Inc.+#........................................ 9,995 185,907
Vital Signs, Inc........................................... 9,215 487,566
West Pharmaceutical Services, Inc.#........................ 28,069 1,054,552
Wright Medical Group, Inc.+................................ 30,144 813,285
Zoll Medical Corp.+........................................ 17,348 403,862
-----------
11,130,882
-----------
Medical Sterilization Products -- 0.1%
STERIS Corp................................................ 55,443 1,550,186
-----------
Medical - Biomedical/Gene -- 2.4%
Acorda Therapeutics, Inc.+#................................ 21,199 396,633
Affymax, Inc.+#............................................ 3,625 92,292
Affymetrix, Inc.+#......................................... 58,369 1,216,994
Alexion Pharmaceuticals, Inc.+............................. 30,982 2,253,011
AMAG Pharmaceuticals, Inc.+#............................... 14,247 821,055
American Oriental Bioengineering, Inc.+.................... 45,479 532,104
Applera Corp. - Celera Group+.............................. 67,081 1,014,265
Arena Pharmaceuticals, Inc.+#.............................. 61,401 537,259
ARIAD Pharmaceuticals, Inc.+#.............................. 58,426 262,917
Arqule, Inc.+#............................................. 33,122 214,962
Bio - Rad Laboratories, Inc., Class A+..................... 15,893 1,603,763
BioMimetic Therapeutics, Inc.+#............................ 9,123 111,209
Cambrex Corp............................................... 24,390 188,779
Cell Genesys, Inc.+........................................ 66,407 154,728
CryoLife, Inc.+............................................ 20,948 150,407
Cytokinetics, Inc.+#....................................... 29,274 142,272
Encysive Pharmaceuticals, Inc.+#........................... 57,957 38,831
Enzo Biochem, Inc.+#....................................... 26,409 289,443
Enzon Pharmaceuticals, Inc.+#.............................. 37,486 354,618
Exelixis, Inc.+#........................................... 88,711 774,447
Genomic Health, Inc.+#..................................... 11,617 281,364
GenVec, Inc.+#............................................. 56,362 103,706
Geron Corp.+#.............................................. 61,996 401,114
GTx, Inc.+#................................................ 14,334 205,980
Halozyme Therapeutics, Inc.+#.............................. 54,779 464,526
Human Genome Sciences, Inc.+#.............................. 114,230 1,189,134
Illumina, Inc.+#........................................... 45,605 2,635,513
Immunomedics, Inc.+........................................ 49,394 111,630
Incyte Corp.+#............................................. 71,459 613,118
Integra LifeSciences Holdings Corp.+#...................... 15,315 634,807
InterMune, Inc.+#.......................................... 25,448 413,275
Keryx Biopharmaceuticals, Inc.+#........................... 37,063 340,980
Kosan Biosciences, Inc.+#.................................. 36,178 172,569
LifeCell Corp.+#........................................... 28,837 1,169,340
173
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
- --------------------------------------------------------------------------------
COMMON STOCK (continued)
Medical - Biomedical/Gene (continued)
Martek Biosciences Corp.+#................................. 27,438 $ 709,547
Maxygen, Inc.+............................................. 20,750 157,077
Medivation, Inc.+#......................................... 18,153 246,881
Molecular Insight Pharmaceuticals, Inc.+#.................. 4,279 37,612
Momenta Pharmaceuticals, Inc.+#............................ 20,166 107,686
Myriad Genetics, Inc.+#.................................... 36,624 1,765,277
Nektar Therapeutics+#...................................... 77,999 520,253
Novacea, Inc.+#............................................ 6,077 17,319
Omrix Biopharmaceuticals, Inc.+#........................... 11,654 389,127
Orexigen Therapeutics, Inc.+#.............................. 6,204 81,707
Protalix BioTherapeutics, Inc.+............................ 1,930 7,044
Regeneration Technologies, Inc.+........................... 25,332 224,948
Regeneron Pharmaceuticals, Inc.+........................... 54,150 1,179,387
Savient Pharmaceuticals, Inc.+#............................ 45,177 635,189
Seattle Genetics, Inc.+#................................... 41,490 455,975
SuperGen, Inc.+#........................................... 45,411 192,089
Telik, Inc.+#.............................................. 44,630 149,510
Tercica, Inc.+#............................................ 28,038 186,172
XOMA, Ltd.+................................................ 112,036 403,330
-----------
27,353,175
-----------
Medical - Drugs -- 1.5%
Acadia Pharmaceuticals, Inc.+#............................. 26,349 298,798
Adams Respiratory Therapeutics, Inc.+#..................... 30,304 1,307,315
Akorn, Inc.+#.............................................. 46,836 357,827
Amicus Therapeutics, Inc.+#................................ 4,255 65,102
Array Biopharma, Inc.+..................................... 39,986 442,645
Auxilium Pharmaceuticals, Inc.+#........................... 26,598 746,074
Biodel, Inc.+#............................................. 4,261 74,866
Bionovo, Inc.+#............................................ 44,699 84,034
Bradley Pharmaceuticals, Inc.+#............................ 10,823 213,105
Cadence Pharmaceuticals, Inc.+#............................ 13,753 185,115
Cubist Pharmaceuticals, Inc.+.............................. 47,081 1,000,000
Durect Corp.+#............................................. 63,004 365,423
Emergent Biosolutions, Inc.+#.............................. 5,059 28,280
Idenix Pharmaceuticals, Inc.+#............................. 21,169 50,594
Indevus Pharmaceuticals, Inc.+#............................ 51,860 388,431
Javelin Pharmaceuticals. Inc.+#............................ 36,165 150,446
Jazz Pharmaceuticals Inc+#................................. 5,096 79,039
K - V Pharmaceutical Co., Class A+#........................ 30,086 848,425
Ligand Pharmaceuticals, Inc. Class B#...................... 72,421 355,587
Medicis Pharmaceutical Corp., Class A#..................... 47,509 1,277,992
OSI Pharmaceuticals, Inc.+#................................ 49,055 2,287,435
Pain Therapeutics, Inc.+#.................................. 30,615 321,151
PharMerica Corp.+#......................................... 23,009 338,923
Pharmion Corp.+............................................ 22,137 1,413,226
Poniard Pharmaceuticals, Inc.+#............................ 19,783 89,024
Pozen, Inc.+#.............................................. 21,673 226,049
Prestige Brands Holdings, Inc.+............................ 28,832 241,900
Rigel Pharmaceuticals, Inc.+#.............................. 25,697 183,991
Salix Pharmaceuticals, Ltd.+#.............................. 40,123 455,797
Santarus, Inc.+#........................................... 43,180 109,677
Sciele Pharma, Inc.+....................................... 29,999 669,578
Sirtris Pharmaceuticals, Inc.+#............................ 5,154 82,928
Somaxon Pharmaceuticals, Inc.+............................. 8,641 50,204
Sucampo Pharmaceuticals, Inc. Class A+..................... 3,669 48,651
Synta Pharmaceuticals Corp.+#.............................. 4,257 31,715
Valeant Pharmaceuticals International+..................... 80,842 933,725
ViroPharma, Inc.+#......................................... 59,377 530,830
XenoPort, Inc.+#........................................... 18,333 964,132
Zymogenetics, Inc.+#....................................... 33,085 485,688
-----------
17,783,722
-----------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------------------
Medical - Generic Drugs -- 0.3%
Alpharma, Inc., Class A+................................... 36,884 $ 774,564
Caraco Pharmaceutical Laboratories, Ltd+#.................. 9,031 133,297
Par Pharmaceutical Cos., Inc.+#............................ 28,775 553,631
Perrigo Co................................................. 65,382 2,020,304
----------
3,481,796
----------
Medical - HMO -- 0.4%
AMERIGROUP Corp.+.......................................... 44,889 1,542,835
Centene Corp.+............................................. 37,105 927,625
Magellan Health Services, Inc.+............................ 33,269 1,512,076
Molina Healthcare, Inc.+................................... 11,621 435,671
----------
4,418,207
----------
Medical - Hospitals -- 0.0%
Medcath Corp.+............................................. 8,576 218,002
----------
Medical - Nursing Homes -- 0.2%
Assisted Living Concepts, Inc. Class A+#................... 51,214 352,352
Kindred Healthcare, Inc.+.................................. 24,433 600,319
National Healthcare Corp.#................................. 5,941 291,703
Skilled Healthcare Group, Inc. Class A+.................... 19,054 288,668
Sun Healthcare Group, Inc.+................................ 36,533 606,083
----------
2,139,125
----------
Medical - Outpatient/Home Medical -- 0.4%
Air Methods Corp.+#........................................ 8,878 467,427
Amedisys, Inc.+#........................................... 22,081 941,975
Amsurg Corp.+#............................................. 25,992 672,153
Apria Healthcare Group, Inc.+.............................. 37,131 804,629
Gentiva Health Services, Inc.+............................. 23,491 424,247
Hythiam, Inc.+#............................................ 31,655 102,246
LHC Group, Inc.+#.......................................... 12,341 315,930
Odyssey HealthCare, Inc.+.................................. 28,734 287,340
Radiation Therapy Services, Inc.+#......................... 11,044 344,462
Res - Care, Inc.+.......................................... 20,724 472,093
----------
4,832,502
----------
Metal Processors & Fabrication -- 0.8%
Ampco - Pittsburgh Corp.................................... 6,153 216,709
CIRCOR International, Inc.................................. 13,923 604,119
Dynamic Materials Corp..................................... 10,292 653,233
Haynes International, Inc.+................................ 9,911 837,579
Kaydon Corp.#.............................................. 24,064 1,217,879
Ladish Co,. Inc.+#......................................... 12,342 545,023
LB Foster Co., Class A+#................................... 8,992 411,924
Mueller Industries, Inc.................................... 31,515 952,698
Quanex Corp................................................ 31,561 1,579,312
RBC Bearings, Inc.+........................................ 18,067 664,504
Sun Hydraulics Corp.#...................................... 9,488 275,626
Trimas Corp.+.............................................. 11,995 133,145
Worthington Industries, Inc.#.............................. 58,776 1,245,463
----------
9,337,214
----------
Metal Products - Distribution -- 0.0%
A.M. Castle & Co........................................... 11,980 300,698
Lawson Products, Inc.#..................................... 3,559 120,401
----------
421,099
----------
Metal - Aluminum -- 0.2%
Century Aluminum Co.+...................................... 24,875 1,426,332
Kaiser Aluminum Corp....................................... 12,848 914,007
----------
2,340,339
----------
174
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
- --------------------------------------------------------------------------------
COMMON STOCK (continued)
Metal - Diversified -- 0.2%
Apex Silver Mines, Ltd.+#.................................. 49,886 $ 850,556
Hecla Mining Co.+#......................................... 102,315 1,200,155
-----------
2,050,711
-----------
Mining -- 0.1%
Royal Gold, Inc.#.......................................... 21,643 621,587
US Gold Corp.+............................................. 43,836 150,357
-----------
771,944
-----------
Miscellaneous Manufacturing -- 0.3%
American Railcar Industries, Inc........................... 8,331 128,131
AptarGroup, Inc............................................ 58,886 2,485,578
Freightcar America, Inc.#.................................. 10,426 354,171
Reddy Ice Holdings, Inc.#.................................. 18,554 484,074
-----------
3,451,954
-----------
Motion Pictures & Services -- 0.1%
Macrovision Corp.+#........................................ 45,118 1,124,341
-----------
MRI/Medical Diagnostic Imaging -- 0.1%
Alliance Imaging, Inc.+.................................... 21,704 207,273
Nighthawk Radiology Holdings, Inc.+#....................... 17,931 379,062
-----------
586,335
-----------
Multilevel Direct Selling -- 0.1%
Nu Skin Enterprises, Inc., Class A#........................ 42,794 757,026
-----------
Multimedia -- 0.3%
Belo Corp., Class A........................................ 72,027 1,192,767
Entravision Communications Corp., Class A+................. 58,819 439,966
Gemstar - TV Guide International, Inc.+#................... 213,027 1,256,860
Journal Communications, Inc., Class A...................... 37,171 338,256
Martha Stewart Living Omnimedia, Inc., Class A+#........... 22,600 229,390
Media General, Inc., Class A#.............................. 18,808 465,874
-----------
3,923,113
-----------
Music -- 0.0%
Steinway Musical Instruments, Inc.......................... 6,827 192,863
-----------
Networking Products -- 1.1%
3Com Corp.+................................................ 331,083 1,426,968
Acme Packet, Inc.+#........................................ 18,790 231,117
Adaptec, Inc.+............................................. 100,681 337,281
Anixter International, Inc.+#.............................. 26,276 1,694,802
Atheros Communications, Inc.+.............................. 47,018 1,386,561
BigBand Networks, Inc.+#................................... 10,490 62,835
Black Box Corp............................................. 14,767 543,426
Extreme Networks, Inc.+.................................... 100,772 366,810
Foundry Networks, Inc.+.................................... 123,945 2,185,150
Hypercom Corp.+............................................ 45,304 242,376
Infinera Corp.+............................................ 14,528 316,856
Ixia+#..................................................... 37,278 385,082
Netgear, Inc.+............................................. 29,447 997,959
Polycom, Inc.+............................................. 78,005 1,893,181
Starent Networks Corp.+#................................... 11,041 230,757
Switch & Data Facilities Co., Inc.+#....................... 10,851 206,061
Veraz Networks, Inc.+#..................................... 7,706 36,526
-----------
12,543,748
-----------
Non - Ferrous Metals -- 0.3%
Brush Engineered Materials, Inc.+#......................... 17,270 772,487
Horsehead Hldg Corp+#...................................... 4,763 79,209
RTI International Metals, Inc.+............................ 19,622 1,441,039
Uranium Resources, Inc.+#.................................. 44,392 526,489
USEC, Inc.+#............................................... 91,408 750,460
-----------
3,569,684
-----------
Value
Security Description Shares (Note 2)
- -------------------------------------------------------------------------------
Non - Hazardous Waste Disposal -- 0.2%
Casella Waste Systems, Inc., Class A+...................... 19,341 $ 289,535
Waste Connections, Inc.+#.................................. 58,429 1,859,795
Waste Industries USA, Inc.................................. 4,305 145,509
Waste Services, Inc.+#..................................... 16,544 152,866
----------
2,447,705
----------
Office Automation & Equipment -- 0.1%
IKON Office Solutions, Inc................................. 91,480 1,155,392
----------
Office Furnishings - Original -- 0.3%
CompX International, Inc................................... 1,042 14,692
Herman Miller, Inc......................................... 54,020 1,482,849
Interface, Inc. Class A.................................... 46,549 811,814
Knoll, Inc................................................. 42,270 738,880
----------
3,048,235
----------
Office Supplies & Forms -- 0.1%
ACCO Brands Corp.+#........................................ 45,910 767,156
Ennis, Inc................................................. 21,766 399,624
The Standard Register Co.#................................. 15,131 182,631
----------
1,349,411
----------
Oil & Gas Drilling -- 0.5%
Atlas America, Inc......................................... 19,439 1,103,746
Atwood Oceanics, Inc.+..................................... 23,326 2,035,194
Bronco Drilling Co., Inc.+#................................ 22,136 317,873
Grey Wolf, Inc.+#.......................................... 157,277 798,967
Parker Drilling Co.+#...................................... 94,967 679,014
Pioneer Drilling Co.+#..................................... 42,221 502,852
----------
5,437,646
----------
Oil Companies - Exploration & Production -- 2.5%
APCO Argentina, Inc.#...................................... 7,764 208,153
Arena Resources, Inc.+..................................... 25,914 974,107
ATP Oil & Gas Corp.+....................................... 18,166 809,840
Berry Petroleum Co., Class A............................... 33,611 1,390,151
Bill Barrett Corp.+#....................................... 26,264 1,013,790
Bois d'Arc Energy, Inc.+#.................................. 15,485 303,506
BPZ Energy, Inc.+#......................................... 43,969 501,247
Brigham Exploration Co.+#.................................. 38,809 268,170
Callon Petroleum Co.+#..................................... 17,653 263,912
Carrizo Oil & Gas, Inc.+#.................................. 20,749 1,005,289
Clayton Williams Energy, Inc.+............................. 4,703 135,258
Comstock Resources, Inc.+.................................. 37,779 1,265,597
Concho Resources, Inc.+#................................... 19,614 369,920
Contango Oil & Gas Co.+#................................... 11,156 526,563
Delta Petroleum Corp.+#.................................... 55,883 858,922
Edge Petroleum Corp.+#..................................... 24,212 142,851
Encore Acquisition Co.+.................................... 45,198 1,471,195
Energy Partners, Ltd.+..................................... 24,037 297,578
EXCO Resources, Inc.+#..................................... 52,445 733,181
FX Energy, Inc.+#.......................................... 32,144 239,151
GeoGlobal Resources, Inc.+#................................ 27,439 85,610
GeoMet, Inc.+.............................................. 15,382 74,757
GMX Resources, Inc.+#...................................... 9,808 313,758
Goodrich Petroleum Corp.+#................................. 13,195 322,354
Gulfport Energy Corp.+#.................................... 16,805 349,880
Harvest Natural Resources, Inc.+#.......................... 29,678 386,704
Mariner Energy, Inc.+...................................... 74,127 1,607,073
McMoRan Exploration Co.+#.................................. 36,334 427,288
Meridian Resource Corp.+................................... 76,020 132,275
Oilsands Quest, Inc.+#..................................... 106,443 478,994
Parallel Petroleum Corp.+.................................. 32,072 614,179
Penn Virginia Corp......................................... 31,980 1,331,008
PetroHawk Energy Corp.+#................................... 144,276 2,351,699
Petroleum Development Corp.+#.............................. 12,666 641,786
175
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
- -------------------------------------------------------------------------------
COMMON STOCK (continued)
Oil Companies - Exploration & Production (continued)
Petroquest Energy, Inc.+#.................................. 35,329 $ 469,522
Rex Energy Corp+........................................... 8,174 80,841
Rosetta Resources, Inc.+#.................................. 43,194 790,450
Stone Energy Corp.+........................................ 23,847 1,077,884
Swift Energy Co.+#......................................... 25,435 1,030,372
Toreador Resources Corp.+#................................. 12,856 83,821
TXCO Resources, Inc.+#..................................... 28,675 345,534
Vaalco Energy, Inc.+#...................................... 50,286 219,247
Venoco, Inc.+.............................................. 12,115 221,220
Warren Resources, Inc.+#................................... 49,502 631,646
Whiting Petroleum Corp.+................................... 35,777 1,886,163
-----------
28,732,446
-----------
Oil Companies - Integrated -- 0.0%
Delek US Holdings, Inc.#................................... 10,007 184,529
PetroCorp, Inc.(2)(3)...................................... 2,364 0
-----------
184,529
-----------
Oil Field Machinery & Equipment -- 0.4%
CARBO Ceramics, Inc.#...................................... 17,256 685,063
Complete Production Services, Inc.+........................ 36,359 644,281
Dril - Quip, Inc.+......................................... 22,670 1,279,041
Flotek Industries, Inc.+#.................................. 15,453 569,598
Gulf Island Fabrication, Inc............................... 9,122 290,171
Lufkin Industries, Inc..................................... 12,800 665,728
NATCO Group, Inc., Class A+................................ 15,685 745,665
T - 3 Energy Services, Inc.+............................... 5,207 262,485
-----------
5,142,032
-----------
Oil Refining & Marketing -- 0.1%
Alon USA Energy, Inc.#..................................... 11,030 306,855
Crosstex Energy, Inc.#..................................... 31,369 1,126,147
Sulphco, Inc.+#............................................ 37,741 200,027
-----------
1,633,029
-----------
Oil - Field Services -- 1.3%
Allis - Chalmers Energy, Inc.+#............................ 21,368 323,725
Basic Energy Services, Inc.+#.............................. 34,763 677,879
Cal Dive International, Inc.+#............................. 19,010 235,914
Exterran Holdings, Inc.+#.................................. 51,320 4,107,653
Geokinetics, Inc.+#........................................ 5,816 126,673
Hercules Offshore, Inc.+................................... 70,646 1,766,856
Horizon Offshore, Inc.+.................................... 27,803 470,983
Hornbeck Offshore Services, Inc.+#......................... 19,551 804,915
MarkWest Hydrocarbon, Inc.#................................ 5,448 333,962
Matrix Service Co.+........................................ 22,616 590,051
Newpark Resources, Inc.+#.................................. 76,485 411,489
Oil States International, Inc.+............................ 41,890 1,328,332
RPC, Inc.#................................................. 27,404 304,184
Superior Offshore International, Inc.+#.................... 8,647 53,352
Superior Well Services, Inc.+#............................. 13,336 258,585
Trico Marine Services, Inc.+#.............................. 10,117 357,838
Union Drilling, Inc.+...................................... 11,728 148,946
W - H Energy Services, Inc.+............................... 25,880 1,306,940
Willbros Group, Inc.+...................................... 31,510 1,180,680
-----------
14,788,957
-----------
Paper & Related Products -- 0.5%
AbitibiBowater, Inc.#...................................... 24,870 558,580
Buckeye Technologies, Inc.+................................ 32,326 461,616
Glatfelter#................................................ 38,306 575,739
Mercer International, Inc. SBI+#........................... 27,111 214,719
Neenah Paper, Inc.......................................... 12,601 380,298
Potlatch Corp.#............................................ 33,198 1,524,120
Rock - Tenn Co., Class A................................... 29,866 787,865
Schweitzer - Mauduit International, Inc.................... 13,362 356,766
Value
Security Description Shares (Note 2)
- -------------------------------------------------------------------------------
Paper & Related Products (continued)
Wausau Paper Corp.......................................... 37,819 $ 356,633
Xerium Technologies, Inc................................... 16,739 99,597
----------
5,315,933
----------
Patient Monitoring Equipment -- 0.1%
Aspect Medical Systems, Inc.+#............................. 13,157 195,513
Insulet Corp.+#............................................ 6,672 183,213
Masimo Corp.+.............................................. 11,660 430,954
Visicu, Inc.+#............................................. 13,061 109,451
----------
919,131
----------
Pharmacy Services -- 0.1%
HealthExtras, Inc.+........................................ 26,304 698,897
----------
Physical Therapy/Rehabilation Centers -- 0.3%
Healthsouth Corp.+#........................................ 66,985 1,328,313
Psychiatric Solutions, Inc.+............................... 46,189 1,687,284
RehabCare Group, Inc.+..................................... 14,863 343,335
----------
3,358,932
----------
Physicians Practice Management -- 0.2%
American Dental Partners, Inc.+............................ 10,668 212,613
Healthways, Inc.+#......................................... 29,824 1,740,827
Matria Healthcare, Inc.+#.................................. 18,142 412,186
----------
2,365,626
----------
Platinum -- 0.0%
Stillwater Mining Co.+#.................................... 35,568 345,010
----------
Pollution Control -- 0.0%
Fuel Tech, Inc.+#.......................................... 14,731 359,584
----------
Poultry -- 0.1%
Pilgrim's Pride Corp.#..................................... 34,370 896,370
Sanderson Farms, Inc.#..................................... 14,386 446,829
----------
1,343,199
----------
Power Converter/Supply Equipment -- 0.1%
Advanced Energy Industries, Inc.+.......................... 30,473 442,163
Powell Industries, Inc.+................................... 6,855 280,027
Power - One, Inc.+#........................................ 59,728 278,930
Vicor Corp.#............................................... 16,549 238,967
----------
1,240,087
----------
Precious Metals -- 0.1%
Coeur d'Alene Mines Corp.+#................................ 236,919 987,952
----------
Printing - Commercial -- 0.4%
Bowne & Co., Inc........................................... 23,469 423,850
Cenveo, Inc.+#............................................. 45,673 939,037
Consolidated Graphics, Inc.+............................... 7,907 409,029
Multi - Color Corp......................................... 6,932 165,675
Valassis Communications, Inc.+#............................ 40,734 502,250
VistaPrint, Ltd.+#......................................... 36,703 1,629,613
----------
4,069,454
----------
Private Corrections -- 0.1%
Cornell Cos., Inc.+#....................................... 9,043 212,691
Geo Group, Inc.+#.......................................... 42,898 1,092,183
----------
1,304,874
----------
Protection/Safety -- 0.0%
Landauer, Inc.#............................................ 7,819 392,592
Protection One, Inc.+#..................................... 5,555 64,827
----------
457,419
----------
176
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
- -------------------------------------------------------------------------------
COMMON STOCK (continued)
Publishing - Books -- 0.1%
Courier Corp............................................... 8,859 $ 291,195
Scholastic Corp.+.......................................... 26,142 921,244
----------
1,212,439
----------
Publishing - Newspapers -- 0.1%
Dolan Media Co.+........................................... 9,485 251,353
GateHouse Media, Inc.#..................................... 19,000 155,800
Lee Enterprises, Inc.#..................................... 39,177 548,478
Sun - Times Media Group, Inc., Class A+#................... 55,507 55,507
----------
1,011,138
----------
Publishing - Periodicals -- 0.0%
Playboy Enterprises, Inc., Class B+#....................... 18,751 176,447
Primedia, Inc.#............................................ 37,507 307,557
Value Line, Inc.#.......................................... 1,146 47,399
----------
531,403
----------
Quarrying -- 0.1%
Compass Minerals International, Inc.#...................... 27,365 1,004,843
----------
Racetracks -- 0.1%
Churchill Downs, Inc....................................... 8,040 421,939
Magna Entertainment Corp., Class A+#....................... 34,258 50,017
Speedway Motorsports, Inc.................................. 11,846 399,802
----------
871,758
----------
Radio -- 0.2%
Citadel Broadcasting Corp.#................................ 154,989 356,475
Cox Radio, Inc., Class A+#................................. 28,287 333,221
Cumulus Media, Inc., Class A+#............................. 24,157 203,160
Emmis Communications Corp., Class A+#...................... 25,608 110,370
Entercom Communications Corp., Class A#.................... 27,844 453,579
Radio One, Inc., Class D+.................................. 65,082 132,767
Salem Communications Corp., Class A........................ 7,812 62,496
Spanish Broadcasting System, Inc., Class A+#............... 34,280 65,818
Westwood One, Inc.......................................... 60,381 115,328
----------
1,833,214
----------
Real Estate Investment Trusts -- 5.5%
Acadia Realty Trust#....................................... 27,336 721,397
Agree Reality Corp.#....................................... 6,593 198,120
Alesco Financial, Inc.#.................................... 51,869 192,953
Alexander's, Inc.+#........................................ 1,706 664,743
Alexandria Real Estate Equities, Inc....................... 27,120 2,663,998
American Campus Communities, Inc........................... 23,044 595,918
American Financial Realty Trust............................ 110,831 894,406
Anthracite Capital, Inc.................................... 54,551 416,770
Anworth Mortgage Asset Corp................................ 38,808 272,432
Arbor Realty Trust, Inc.#.................................. 11,506 196,753
Ashford Hospitality Trust, Inc............................. 90,116 697,498
Associated Estates Realty Corp............................. 12,509 155,987
BioMed Realty Trust, Inc.#................................. 55,684 1,257,345
BRT Realty Trust#.......................................... 5,972 90,177
Capital Lease Funding, Inc................................. 37,011 325,697
Capital Trust, Inc., Class A#.............................. 11,609 357,093
CBRE Realty Finance, Inc.#................................. 24,801 176,087
Cedar Shopping Centers, Inc................................ 37,593 439,838
Corporate Office Properties Trust.......................... 33,197 1,199,076
Cousins Properties, Inc.#.................................. 34,480 819,590
Crystal River Capital, Inc.#............................... 21,270 300,545
DCT Industrial Trust, Inc.................................. 143,281 1,445,705
Deerfield Triarc Capital Corp.#............................ 44,003 330,463
DiamondRock Hospitality Co................................. 80,425 1,392,961
Digital Realty Trust, Inc.................................. 47,965 1,830,344
EastGroup Properties, Inc.................................. 20,204 932,010
Education Realty Trust, Inc.#.............................. 23,798 285,338
Value
Security Description Shares (Note 2)
- --------------------------------------------------------------------------------
Real Estate Investment Trusts (continued)
Entertainment Properties Trust............................. 23,891 $ 1,273,151
Equity Lifestyle Properties, Inc........................... 17,129 794,614
Equity One, Inc.#.......................................... 30,960 732,823
Extra Space Storage, Inc................................... 54,768 780,992
FelCor Lodging Trust, Inc.................................. 53,077 929,378
First Industrial Realty Trust, Inc.#....................... 38,616 1,410,256
First Potomac Reality Trust#............................... 20,598 388,478
Franklin Street Properties Corp.#.......................... 50,632 837,960
Getty Realty Corp.......................................... 14,748 399,966
Glimcher Realty Trust#..................................... 31,571 612,793
GMH Communities Trust#..................................... 26,734 156,127
Gramercy Capital Corp.#.................................... 21,177 503,589
Healthcare Realty Trust, Inc.#............................. 43,117 1,096,465
Hersha Hospitality Trust................................... 34,687 353,114
Highwoods Properties, Inc.................................. 48,390 1,535,415
Home Properties, Inc....................................... 28,282 1,278,064
Impac Mtg. Holdings, Inc.#................................. 64,729 39,485
Inland Real Estate Corp.#.................................. 49,421 722,535
Investors Real Estate Trust#............................... 41,025 412,711
Jer Investors Trust, Inc.#................................. 22,017 215,326
Kite Realty Group Trust.................................... 17,741 277,647
LaSalle Hotel Properties................................... 34,119 1,269,227
Lexington Corporate Properties Trust....................... 56,293 995,823
LTC Properties, Inc........................................ 20,128 473,813
Luminent Mtg. Capital, Inc.#............................... 36,840 37,945
Maguire Properties, Inc.................................... 31,867 805,598
Medical Properties Trust, Inc.#............................ 42,179 473,248
MFA Mtg. Investments, Inc.................................. 103,703 910,512
Mid - America Apartment Communities, Inc................... 21,652 1,045,575
Mission West Properties#................................... 16,709 171,100
National Health Investors, Inc............................. 19,808 562,943
National Retail Properties, Inc............................ 60,852 1,490,265
Nationwide Health Properties, Inc.......................... 75,926 2,374,965
Newcastle Investment Corp.#................................ 35,331 459,656
NorthStar Realty Finance Corp.#............................ 52,189 478,573
Novastar Finl Inc Com New#................................. 8,060 15,878
Omega Healthcare Investors, Inc............................ 57,201 924,940
Parkway Properties, Inc.#.................................. 13,517 534,868
Pennsylvania Real Estate Investment Trust.................. 27,340 944,050
Post Properties, Inc.#..................................... 37,127 1,348,081
PS Business Parks, Inc..................................... 13,537 730,321
Quadra Realty Trust, Inc.#................................. 14,179 102,514
RAIT Investment Trust#..................................... 53,858 465,872
Ramco - Gershenson Properties Trust........................ 15,808 399,942
Realty Income Corp......................................... 85,947 2,449,489
Redwood Trust, Inc.#....................................... 17,969 548,594
Resource Capital Corp.#.................................... 18,734 178,910
Saul Centers, Inc.......................................... 9,118 520,547
Senior Housing Properties Trust............................ 71,162 1,571,969
Sovran Self Storage, Inc................................... 18,424 805,313
Strategic Hotels & Resorts, Inc............................ 63,255 1,158,199
Sun Communities, Inc....................................... 13,620 333,418
Sunstone Hotel Investors, Inc.............................. 53,132 1,232,662
Tanger Factory Outlet Centers, Inc.#....................... 26,615 1,120,758
U - Store - It Trust....................................... 39,414 396,111
Universal Health Realty Income Trust#...................... 10,035 330,151
Urstadt Biddle Properties, Inc., Class A#.................. 17,986 303,604
Washington Real Estate Investment Trust#................... 38,322 1,227,837
Winthrop Realty Trust...................................... 43,027 229,764
-----------
63,027,168
-----------
Real Estate Management/Services -- 0.0%
Grubb & Ellis Co.+#........................................ 13,444 69,371
HFF, Inc., Class A+........................................ 13,991 95,559
Tarragon Corp.+#........................................... 11,812 20,080
-----------
185,010
-----------
177
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
- -------------------------------------------------------------------------------
COMMON STOCK (continued)
Real Estate Operations & Development -- 0.1%
Avatar Holdings, Inc.+#.................................... 4,868 $ 212,050
Consolidated - Tomoka Land Co.#............................ 4,863 306,855
Hilltop Holdings, Inc.+#................................... 40,353 437,427
Meruelo Maddux Properties, Inc.+........................... 38,910 163,422
Stratus Properties, Inc.+#................................. 4,210 132,194
Thomas Properties Group, Inc............................... 20,200 210,484
----------
1,462,432
----------
Recreational Centers -- 0.1%
Life Time Fitness, Inc.+#.................................. 28,475 1,546,762
Town Sports International Holdings, Inc.+#................. 13,820 139,582
----------
1,686,344
----------
Recreational Vehicles -- 0.1%
Arctic Cat, Inc.#.......................................... 10,216 109,005
Polaris Industries, Inc.#.................................. 30,425 1,386,163
----------
1,495,168
----------
Recycling -- 0.1%
Metal Management, Inc...................................... 21,790 1,002,776
----------
Rental Auto/Equipment -- 0.3%
Aaron Rents, Inc........................................... 39,320 790,725
Dollar Thrifty Automotive Group, Inc.+#.................... 18,264 473,768
Electro Rent Corp.#........................................ 14,737 201,602
H&E Equipment Services, Inc.+.............................. 15,135 261,382
McGrath Rentcorp........................................... 21,427 569,744
Rent - A - Center, Inc.+................................... 59,858 847,589
RSC Holdings, Inc.+........................................ 17,725 217,663
----------
3,362,473
----------
Research & Development -- 0.3%
Albany Molecular Research, Inc.+........................... 20,769 274,358
Arrowhead Research Corp.+#................................. 28,800 117,504
Exponent, Inc.+............................................ 12,623 351,551
Kendle International, Inc.+................................ 10,800 466,236
Parexel International Corp.+............................... 23,675 1,047,619
PharmaNet Development Group, Inc.+......................... 15,877 627,141
PRA International+......................................... 16,890 511,767
Senomyx, Inc.+#............................................ 25,801 180,607
----------
3,576,783
----------
Resorts/Theme Parks -- 0.2%
Bluegreen Corp.+#.......................................... 18,056 129,642
Great Wolf Resorts, Inc.+#................................. 26,102 282,424
Six Flags, Inc.+#.......................................... 60,012 140,428
Vail Resorts, Inc.+#....................................... 26,726 1,483,560
----------
2,036,054
----------
Retail - Apparel/Shoe -- 1.5%
Aeropostale, Inc.+......................................... 65,953 1,685,099
Bebe Stores, Inc.#......................................... 21,572 291,222
Brown Shoe Co., Inc........................................ 37,441 635,374
Buckle, Inc................................................ 11,945 421,778
Cache, Inc.+#.............................................. 10,481 140,341
Casual Male Retail Group, Inc.+#........................... 30,727 190,507
Cato Corp., Class A........................................ 25,420 382,825
Charlotte Russe Holding, Inc.+............................. 21,544 354,614
Charming Shoppes, Inc.+#................................... 105,275 582,171
Christopher & Banks Corp.#................................. 30,799 496,480
Collective Brands, Inc.+#.................................. 55,538 851,398
Dress Barn, Inc.+.......................................... 40,019 565,869
DSW, Inc., Class A+#....................................... 13,786 310,047
Eddie Bauer Holdings, Inc.+#............................... 25,911 173,345
Genesco, Inc.+#............................................ 19,367 600,377
Hot Topic, Inc.+........................................... 37,643 237,527
Value
Security Description Shares (Note 2)
- -------------------------------------------------------------------------------
Retail - Apparel/Shoe (continued)
J Crew Group, Inc.+#....................................... 33,139 $ 1,592,329
Jos. A. Bank Clothiers, Inc.+#............................. 15,383 398,266
Kenneth Cole Productions, Inc. Class A..................... 8,455 159,461
Lululemon Athletica, Inc.+#................................ 10,701 392,406
Men's Wearhouse, Inc....................................... 46,118 1,591,993
New York & Co., Inc.+...................................... 18,517 136,470
Pacific Sunwear of California, Inc.+....................... 59,737 978,492
Shoe Carnival, Inc.+....................................... 7,458 86,811
Stage Stores, Inc.......................................... 36,929 624,839
Stein Mart, Inc.#.......................................... 23,086 125,126
Syms Corp.#................................................ 5,840 94,608
Talbots, Inc.#............................................. 19,714 305,764
The Children's Place Retail Stores, Inc.+.................. 19,138 544,667
The Finish Line, Inc., Class A............................. 36,169 135,634
Tween Brands, Inc.+#....................................... 21,013 529,107
Under Armour, Inc., Class A+#.............................. 21,063 1,046,410
Wet Seal, Inc., Class A+#.................................. 71,744 152,815
-----------
16,814,172
-----------
Retail - Appliances -- 0.0%
Conn's, Inc.+#............................................. 10,365 187,607
-----------
Retail - Arts & Crafts -- 0.0%
A.C. Moore Arts & Crafts, Inc.+............................ 17,213 273,170
-----------
Retail - Auto Parts -- 0.1%
CSK Auto Corp.+#........................................... 37,391 364,562
PEP Boys - Manny Moe & Jack#............................... 33,892 370,440
-----------
735,002
-----------
Retail - Automobile -- 0.2%
Asbury Automotive Group, Inc............................... 21,796 364,865
Group 1 Automotive, Inc.#.................................. 19,378 520,880
Lithia Motors, Inc., Class A#.............................. 13,503 210,647
Rush Enterprises, Inc., Class A+#.......................... 28,239 445,047
Sonic Automotive, Inc...................................... 26,370 609,411
-----------
2,150,850
-----------
Retail - Bedding -- 0.0%
Select Comfort Corp.+#..................................... 39,836 423,855
-----------
Retail - Bookstore -- 0.1%
Books - A - Million, Inc................................... 12,628 152,672
Borders Group, Inc.#....................................... 49,827 623,336
-----------
776,008
-----------
Retail - Computer Equipment -- 0.1%
Insight Enterprises, Inc.+................................. 41,130 814,785
PC Connection, Inc.+....................................... 7,911 101,182
Systemax, Inc.#............................................ 9,030 178,343
-----------
1,094,310
-----------
Retail - Convenience Store -- 0.2%
Casey's General Stores, Inc................................ 42,983 1,246,507
The Pantry, Inc.+#......................................... 19,470 560,541
-----------
1,807,048
-----------
Retail - Discount -- 0.1%
99 Cents Only Stores+#..................................... 39,887 321,489
Citi Trends, Inc.+#........................................ 11,797 182,264
Fred's, Inc.#.............................................. 34,088 355,197
Tuesday Morning Corp.#..................................... 25,523 189,891
-----------
1,048,841
-----------
Retail - Drug Store -- 0.1%
Longs Drug Stores Corp..................................... 28,031 1,483,401
-----------
178
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------------------
COMMON STOCK (continued)
Retail - Fabric Store -- 0.0%
Jo - Ann Stores, Inc.+..................................... 21,227 $ 349,396
----------
Retail - Hair Salons -- 0.1%
Regis Corp................................................. 37,692 1,107,768
----------
Retail - Home Furnishings -- 0.0%
Haverty Furniture Cos., Inc.#.............................. 16,859 143,301
Pier 1 Imports, Inc.+#..................................... 75,122 309,503
----------
452,804
----------
Retail - Jewelry -- 0.1%
Movado Group, Inc.......................................... 14,639 405,500
Zale Corp.+#............................................... 41,664 745,369
----------
1,150,869
----------
Retail - Leisure Products -- 0.0%
MarineMax, Inc.+#.......................................... 13,904 227,330
West Marine, Inc.+#........................................ 12,556 110,870
----------
338,200
----------
Retail - Misc./Diversified -- 0.0%
Pricesmart, Inc.#.......................................... 11,389 339,734
----------
Retail - Office Supplies -- 0.1%
School Specialty, Inc.+#................................... 18,013 642,884
----------
Retail - Pawn Shops -- 0.1%
Cash America International, Inc............................ 25,266 909,070
Ezcorp, Inc., Class A+..................................... 31,512 395,791
First Cash Financial Services, Inc.+....................... 21,171 359,907
----------
1,664,768
----------
Retail - Perfume & Cosmetics -- 0.1%
Sally Beauty Holdings Inc.+#............................... 79,619 725,329
----------
Retail - Petroleum Products -- 0.1%
World Fuel Services Corp................................... 24,276 768,093
----------
Retail - Regional Department Stores -- 0.0%
Bon - Ton Stores, Inc.#.................................... 8,714 101,780
Retail Ventures, Inc.+#.................................... 23,527 163,277
----------
265,057
----------
Retail - Restaurants -- 1.5%
AFC Enterprises, Inc.+..................................... 23,600 257,476
Benihana, Inc. Class A+.................................... 10,482 146,748
BJ's Restaurants, Inc.+#................................... 14,470 257,421
Bob Evans Farms, Inc.#..................................... 30,442 938,831
Buffalo Wild Wings, Inc.+#................................. 13,035 376,842
California Pizza Kitchen, Inc.+#........................... 24,736 393,550
Carrols Restaurant Group, Inc.+#........................... 8,470 90,375
CBRL Group, Inc............................................ 20,965 701,489
CEC Entertainment, Inc.+................................... 22,049 628,397
Chipotle Mexican Grill, Inc., Class B+..................... 27,896 3,222,546
CKE Restaurants, Inc.#..................................... 48,679 711,687
Denny's Corp.+............................................. 79,694 326,745
Domino's Pizza, Inc.#...................................... 37,274 516,618
IHOP Corp.#................................................ 14,831 752,525
Jack in the Box, Inc.+..................................... 53,272 1,595,496
Jamba, Inc.+#.............................................. 44,255 151,352
Krispy Kreme Doughnuts, Inc.+#............................. 54,999 146,847
Landry's Restaurants, Inc.#................................ 10,632 251,128
Mccormick & Schmick's Seafood Restaurants, Inc.+#.......... 12,459 182,649
Morton's Restaurant Group, Inc.+#.......................... 9,047 103,860
O'Charley's, Inc.#......................................... 18,885 281,575
Papa John's International, Inc.+........................... 18,301 430,989
PF Chang's China Bistro, Inc.+#............................ 21,938 561,393
Red Robin Gourmet Burgers, Inc.+#.......................... 14,174 560,723
Ruby Tuesday, Inc.#........................................ 46,200 605,682
Value
Security Description Shares (Note 2)
- --------------------------------------------------------------------------------
Retail - Restaurants (continued)
Ruth's Chris Steak House, Inc.+#........................... 16,175 $ 195,718
Sonic Corp.+#.............................................. 51,709 1,261,700
Texas Roadhouse, Inc., Class A+#........................... 44,809 564,145
The Steak n Shake Co.+#.................................... 24,205 280,052
Triarc Cos., Inc., Class B................................. 53,574 450,557
-----------
16,945,116
-----------
Retail - Sporting Goods -- 0.2%
Big 5 Sporting Goods Corp.................................. 19,307 317,214
Cabela's Inc., Class A+#................................... 33,071 546,994
Gander Mountain Co.+#...................................... 4,344 21,068
Hibbett Sports, Inc.+#..................................... 26,895 576,091
Zumiez, Inc.+#............................................. 14,681 408,132
-----------
1,869,499
-----------
Retail - Toy Stores -- 0.0%
Build - A - Bear Workshop, Inc.+........................... 13,341 210,388
-----------
Retail - Video Rentals -- 0.1%
Blockbuster, Inc., Class A+#............................... 163,378 583,259
-----------
Retirement/Aged Care -- 0.1%
Capital Senior Living Corp.+............................... 19,763 162,254
Emeritus Corp.+#........................................... 10,391 261,853
Sunrise Senior Living, Inc.+#.............................. 38,037 1,193,982
-----------
1,618,089
-----------
Rubber - Tires -- 0.1%
Cooper Tire & Rubber Co.................................... 52,473 807,035
-----------
Rubber/Plastic Products -- 0.0%
Myers Industries, Inc...................................... 23,830 475,647
-----------
Satellite Telecom -- 0.1%
GeoEye, Inc.+.............................................. 14,892 472,374
Globalstar, Inc.+#......................................... 16,484 149,510
Hughes Communications, Inc.+............................... 5,470 290,731
ICO Global Communications Holdings, Ltd.+#................. 87,502 344,758
Loral Space & Communications, Inc.+#....................... 9,747 333,737
-----------
1,591,110
-----------
Savings & Loans/Thrifts -- 1.1%
Abington Bancorp, Inc.#.................................... 8,926 79,084
Anchor BanCorp Wisconsin, Inc.#............................ 16,656 423,395
BankAtlantic Bancorp, Inc. Class A#........................ 35,521 136,756
BankUnited Financial Corp. Class A#........................ 27,168 216,801
Beneficial Mut Bancorp Inc+#............................... 31,004 302,289
Berkshire Hills Bancorp, Inc.#............................. 9,097 220,784
Brookline Bancorp, Inc..................................... 53,644 549,851
Clifton Savings Bancorp, Inc.#............................. 10,153 107,622
Dime Community Bancshares.................................. 20,949 284,278
Downey Financial Corp.#.................................... 17,962 747,399
First Financial Holdings, Inc.#............................ 10,152 278,266
First Niagara Financial Group, Inc.#....................... 86,230 1,071,839
First Place Financial Corp.#............................... 14,833 214,189
FirstFed Financial Corp.+#................................. 11,602 406,302
Flagstar Bancorp, Inc.#.................................... 37,848 238,442
Flushing Financial Corp.................................... 17,964 288,502
Franklin Bank Corp.+#...................................... 21,563 91,643
Investors Bancorp, Inc.+................................... 43,432 637,147
K - Fed Bancorp#........................................... 4,171 50,719
Kearny Financial Corp.#.................................... 18,213 230,577
KNBT Bancorp, Inc.#........................................ 23,468 372,202
NASB Financial, Inc.#...................................... 3,209 96,110
NewAlliance Bancshares, Inc.#.............................. 96,519 1,245,095
Northwest Bancorp, Inc.#................................... 15,599 432,716
Oritani Financial Corp.+#.................................. 10,349 133,502
Partners Trust Financial Group, Inc........................ 37,088 472,872
179
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
- --------------------------------------------------------------------------------
COMMON STOCK (continued)
Savings & Loans/Thrifts (continued)
PFF BanCorp., Inc.#........................................ 19,246 $ 180,912
Provident Financial Services, Inc.#........................ 52,583 781,383
Provident New York Bancorp, Inc.#.......................... 36,065 439,993
Rockville Financial, Inc.#................................. 7,561 103,359
Roma Financial Corp.#...................................... 8,632 138,544
Sterling Financial Corp.................................... 43,615 782,017
TierOne Corp.#............................................. 15,359 359,401
United Community Financial Corp.#.......................... 22,816 129,367
ViewPoint Financial Group.................................. 9,873 176,036
Wauwatosa Holdings, Inc.+#................................. 8,331 111,136
Westfield Financial, Inc.#................................. 8,800 85,008
WSFS Financial Corp........................................ 5,349 298,902
-----------
12,914,440
-----------
Schools -- 0.6%
Capella Education Co.+..................................... 9,141 643,709
Corinthian Colleges, Inc.+#................................ 73,713 1,287,029
DeVry, Inc................................................. 51,002 2,804,090
Lincoln Educational Services Corp.+#....................... 3,987 55,340
Strayer Education, Inc..................................... 12,361 2,235,611
Universal Technical Institute, Inc.+#...................... 20,015 352,864
-----------
7,378,643
-----------
School - Day Care -- 0.1%
Bright Horizons Family Solutions, Inc.+.................... 22,255 841,016
-----------
Seismic Data Collection -- 0.1%
Dawson Geophysical Co.+#................................... 6,485 434,625
ION Geophysical Corp.+#.................................... 60,488 933,330
-----------
1,367,955
-----------
Semiconductor Equipment -- 0.9%
Asyst Technologies, Inc.+.................................. 41,884 144,081
ATMI, Inc.+................................................ 29,363 883,533
Axcelis Technologies, Inc.+................................ 86,476 409,896
Brooks Automation, Inc.+................................... 59,879 804,175
Cabot Microelectronics Corp.+#............................. 20,243 757,088
Cohu, Inc.................................................. 19,342 302,702
Credence Systems Corp.+#................................... 86,056 176,415
Entegris, Inc.+............................................ 98,514 853,131
FormFactor, Inc.+#......................................... 40,645 1,542,071
Kulicke and Soffa Industries, Inc.+........................ 45,867 324,738
LTX Corp.+#................................................ 52,850 126,840
Mattson Technology, Inc.+.................................. 44,821 369,325
MKS Instruments, Inc.+..................................... 43,039 782,019
Photronics, Inc.+.......................................... 35,555 365,861
Rudolph Technologies, Inc.+#............................... 24,748 295,739
Semitool, Inc.+#........................................... 18,857 174,239
Tessera Technologies, Inc.+................................ 40,771 1,574,576
Ultra Clean Holdings, Inc.+#............................... 16,144 231,989
Ultratech, Inc.+#.......................................... 19,765 236,785
Veeco Instruments, Inc.+#.................................. 26,507 444,787
-----------
10,799,990
-----------
Semiconductors Components - Intergrated Circuits -- 0.5%
Anadigics, Inc.+#.......................................... 50,068 551,249
Cirrus Logic, Inc.+........................................ 75,005 427,528
Emulex Corp.+.............................................. 72,612 1,216,251
Exar Corp.+................................................ 36,984 339,883
Genesis Microchip, Inc.+#.................................. 31,511 158,815
Hitte Microwave Corp.+..................................... 13,929 601,594
Micrel, Inc................................................ 47,252 421,488
Pericom Semiconductor Corp.+............................... 22,133 366,744
Standard Microsystems Corp.+............................... 19,456 686,213
Techwell, Inc.+#........................................... 12,725 155,372
TriQuint Semiconductor, Inc.+#............................. 118,360 701,875
-----------
5,627,012
-----------
Value
Security Description Shares (Note 2)
- --------------------------------------------------------------------------------
Software Tools -- 0.0%
Borland Software Corp.+#................................... 61,848 $ 199,769
-----------
Specified Purpose Acquisitions -- 0.1%
Energy Infrastructure Acquisition Corp.+#.................. 18,990 191,229
Information Services Group Inc+#........................... 27,517 185,190
Marathon Acquisition Corp.+#............................... 32,199 254,694
NTR Acquisition Co+........................................ 20,900 200,431
Star Maritime Acquisition Corp.#........................... 16,051 237,876
-----------
1,069,420
-----------
Steel Pipe & Tube -- 0.2%
Mueller Water Products, Inc., Class A#..................... 97,637 1,022,260
Northwest Pipe Co.+#....................................... 7,601 252,885
Valmont Industries, Inc.#.................................. 15,827 1,242,261
-----------
2,517,406
-----------
Steel - Producers -- 0.2%
Claymont Steel, Inc.+...................................... 7,397 158,813
Olympic Steel, Inc.#....................................... 7,434 194,325
Schnitzer Steel Industries, Inc, Class A................... 18,612 1,161,761
Wheeling - Pittsburgh Corp.#............................... 10,996 211,453
-----------
1,726,352
-----------
Steel - Specialty -- 0.0%
Universal Stainless & Alloy Products, Inc.+................ 5,647 174,153
-----------
Storage/Warehousing -- 0.1%
Mobile Mini, Inc.+#........................................ 30,545 587,075
-----------
Sugar -- 0.0%
Imperial Sugar Co.#........................................ 9,997 228,132
-----------
Superconductor Product & Systems -- 0.1%
American Superconductor Corp.+#............................ 34,543 833,868
-----------
Telecom Equipment - Fiber Optics -- 0.3%
Avanex Corp.+#............................................. 165,458 248,187
C - COR, Inc.+............................................. 42,167 517,811
Finisar Corp.+#............................................ 227,910 387,447
Harmonic, Inc.+............................................ 67,511 700,089
MRV Communications, Inc.+#................................. 134,627 301,564
Oplink Communications, Inc.+............................... 18,951 306,059
Sycamore Networks, Inc.+................................... 156,795 603,661
-----------
3,064,818
-----------
Telecom Services -- 0.9%
Cbeyond, Inc.+............................................. 17,559 726,416
Consolidated Commerce Holdings, Inc........................ 16,784 269,887
Fairpoint Communications, Inc.#............................ 29,975 447,227
FiberTower Corp.+#......................................... 87,580 199,682
Global Crossing Ltd+#...................................... 30,329 555,931
Harris Stratex Networks, Inc.+#............................ 21,489 370,041
Hungarian Telephone & Cable+#.............................. 3,060 53,428
Iowa Telecommunications Services, Inc...................... 26,978 459,705
Knology, Inc.+#............................................ 22,151 297,709
MasTec, Inc.+.............................................. 36,112 365,092
NTELOS Holdings Corp....................................... 23,608 626,320
Orbcomm, Inc.+#............................................ 22,317 173,849
PAETEC Holding Corp.+#..................................... 63,475 679,183
Premiere Global Services, Inc.+............................ 52,541 724,015
RCN Corp.+#................................................ 25,995 377,447
SAVVIS, Inc.+#............................................. 23,370 748,775
Time Warner Telecom, Inc., Class A+........................ 123,109 2,761,335
USA Mobility, Inc.+........................................ 19,637 259,012
Vonage Holdings Corp.+#.................................... 55,010 116,071
-----------
10,211,125
-----------
180
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
- --------------------------------------------------------------------------------
COMMON STOCK (continued)
Telecommunication Equipment -- 0.9%
ADTRAN, Inc................................................ 50,108 $ 1,086,843
Anaren, Inc.+.............................................. 13,572 209,009
Andrew Corp.+.............................................. 132,482 1,942,186
Arris Group, Inc.+......................................... 92,748 967,362
Comtech Telecommunications Corp.+.......................... 19,697 978,153
CPI International, Inc.+................................... 6,107 102,537
Ditech Networks, Inc.+#.................................... 21,984 71,008
Network Equipment Technologies, Inc.+...................... 22,430 279,029
North Pittsburgh Systems, Inc.#............................ 12,766 301,533
OpNext, Inc.+.............................................. 15,879 128,620
Optium Corp.+#............................................. 10,415 87,486
Plantronics, Inc.#......................................... 40,895 1,098,031
Preformed Line Products Co.#............................... 2,108 113,516
ShoreTel, Inc.+............................................ 7,727 119,923
Sonus Networks, Inc.+#..................................... 227,406 1,496,331
Symmetricom, Inc.+......................................... 39,488 170,193
Tekelec+#.................................................. 51,830 637,509
UTStarcom, Inc.+#.......................................... 90,365 262,058
-----------
10,051,327
-----------
Telephone - Integrated -- 0.4%
Alaska Communications Systems Group, Inc.#................. 36,340 545,100
Atlantic Tele - Network, Inc............................... 8,012 305,578
Cincinnati Bell, Inc.+..................................... 210,702 1,002,941
General Communication, Inc., Class A+...................... 45,623 404,220
Golden Telecom, Inc.+...................................... 13,379 1,357,433
IDT Corp., Class B#........................................ 42,114 341,545
Shenandoah Telecom Co.#.................................... 19,854 489,798
SureWest Communications#................................... 12,307 222,880
-----------
4,669,495
-----------
Television -- 0.1%
Lin TV Corp., Class A+#.................................... 23,196 260,259
Sinclair Broadcast Group, Inc., Class A#................... 41,840 433,044
-----------
693,303
-----------
Textile - Apparel -- 0.0%
Cherokee, Inc.#............................................ 6,379 201,002
Perry Ellis International, Inc.+........................... 9,665 155,800
-----------
356,802
-----------
Theaters -- 0.1%
Carmike Cinemas, Inc....................................... 10,724 126,543
Cinemark Holdings, Inc.#................................... 23,821 397,572
National CineMedia, Inc.#.................................. 35,732 989,062
-----------
1,513,177
-----------
Therapeutics -- 1.5%
Alexza Pharmaceuticals, Inc.+#............................. 17,264 151,233
Allos Therapeutics, Inc.+#................................. 35,538 245,568
Alnylam Pharmaceuticals, Inc.+#............................ 29,779 971,391
Altus Pharmaceuticals, Inc.+#.............................. 18,057 191,224
BioMarin Pharmaceuticals, Inc.+#........................... 81,504 2,241,360
CV Therapeutics, Inc.+..................................... 50,508 440,430
Cypress Bioscience, Inc.+.................................. 31,474 383,983
CytRx Corp.+#.............................................. 73,856 246,679
Dendreon Corp.+#........................................... 71,043 355,215
Discovery Laboratories, Inc.+#............................. 71,968 210,146
Isis Pharmaceuticals, Inc.+#............................... 73,973 1,308,582
Mannkind Corp.+#........................................... 44,898 422,041
Medarex, Inc.+#............................................ 107,150 1,360,805
MGI Pharma, Inc.+.......................................... 67,869 2,348,946
Nabi Biopharmaceuticals+#.................................. 51,605 170,296
Neurocrine Biosciences, Inc.+#............................. 32,318 420,780
Neurogen Corp.+#........................................... 26,922 88,843
Value
Security Description Shares (Note 2)
- -------------------------------------------------------------------------------
Therapeutics (continued)
Onyx Pharmaceuticals, Inc.+................................ 46,540 $ 2,538,292
Progenics Pharmaceuticals, Inc.+#.......................... 21,729 421,543
The Medicines Co.+#........................................ 44,005 778,008
Trubion Pharmaceuticals, Inc.+#............................ 7,387 73,796
United Therapeutics Corp.+................................. 17,681 1,769,514
Vanda Pharmaceuticals, Inc.+#.............................. 22,612 203,282
Vivus, Inc.+............................................... 49,650 281,019
-----------
17,622,976
-----------
Tobacco -- 0.2%
Alliance One International, Inc.+.......................... 81,389 336,136
Universal Corp.#........................................... 22,993 1,234,264
Vector Group, Ltd.#........................................ 26,431 582,011
-----------
2,152,411
-----------
Toys -- 0.2%
JAKKS Pacific, Inc.+#...................................... 23,944 604,347
Leapfrog Enterprises, Inc.+................................ 29,295 196,276
Marvel Entertainment, Inc.+#............................... 42,176 1,168,275
-----------
1,968,898
-----------
Transactional Software -- 0.2%
ACI Worldwide, Inc+#....................................... 31,615 721,771
Bottomline Technologies, Inc.+............................. 18,432 232,243
Innerworkings, Inc.+#...................................... 19,827 314,258
Solera Holdings, Inc.+..................................... 22,334 513,905
Synchronoss Technologies, Inc.+#........................... 15,672 515,922
-----------
2,298,099
-----------
Transport - Air Freight -- 0.1%
ABX Air, Inc.+#............................................ 49,920 222,144
Atlas Air Worldwide Holdings, Inc.+#....................... 11,352 597,683
-----------
819,827
-----------
Transport - Equipment & Leasng -- 0.1%
AMERCO+#................................................... 8,515 557,477
Greenbrier Cos., Inc.#..................................... 13,600 301,648
TAL International Group, Inc............................... 13,977 316,579
-----------
1,175,704
-----------
Transport - Marine -- 0.7%
American Commercial Lines, Inc.+#.......................... 42,661 741,875
Arlington Tankers, Ltd.#................................... 11,288 242,240
Double Hull Tankers, Inc.#................................. 18,078 239,714
Eagle Bulk Shipping, Inc.#................................. 39,753 1,136,936
Genco Shipping & Trading, Ltd.#............................ 17,095 1,082,113
General Maritime Corp.#.................................... 24,351 650,172
Golar LNG, Ltd.#........................................... 29,673 631,738
Gulfmark Offshore, Inc.+................................... 19,458 864,714
Horizon Lines, Inc. Class A#............................... 28,616 569,745
Knightsbridge Tankers, Ltd.#............................... 14,548 366,755
Nordic American Tanker Shipping#........................... 25,501 872,389
Ship Finance International, Ltd. (New York)#............... 26,797 682,520
TBS Intrenational, Ltd. Class A+#.......................... 4,131 180,359
Ultrapetrol Bahamas, Ltd.+#................................ 12,945 224,855
-----------
8,486,125
-----------
Transport - Rail -- 0.1%
Genesee & Wyoming, Inc., Class A+.......................... 26,582 696,448
-----------
Transport - Services -- 0.3%
Bristow Group, Inc.+#...................................... 17,215 946,825
Dynamex, Inc.+#............................................ 9,021 247,807
Hub Group, Inc., Class A+.................................. 32,989 860,353
Pacer International, Inc................................... 29,404 404,599
181
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
- -------------------------------------------------------------------------------
COMMON STOCK (continued)
Transport - Services (continued)
PHI, Inc.+#................................................ 11,580 $ 369,286
Universal Truckload Services, Inc.+#....................... 5,046 88,053
----------
2,916,923
----------
Transport - Truck -- 0.4%
Arkansas Best Corp.#....................................... 19,184 437,395
Celadon Group, Inc.+....................................... 20,003 156,023
Forward Air Corp.#......................................... 25,665 830,776
Heartland Express, Inc..................................... 49,316 716,562
Knight Transportation, Inc.#............................... 48,667 739,738
Marten Transport, Ltd.+#................................... 13,005 142,535
Old Dominion Freight Lines, Inc.+#......................... 25,249 568,860
Patriot Transportation Holding, Inc.+#..................... 1,371 128,723
Saia, Inc.+#............................................... 11,370 148,265
Werner Enterprises, Inc.#.................................. 39,569 694,436
----------
4,563,313
----------
Travel Services -- 0.0%
Ambassadors Group, Inc.#................................... 13,371 245,224
Ambassadors International, Inc.#........................... 7,596 91,304
----------
336,528
----------
Ultra Sound Imaging Systems -- 0.0%
SonoSite, Inc.+#........................................... 14,120 469,066
----------
Veterinary Diagnostics -- 0.0%
Animal Health International, Inc.+......................... 10,039 120,468
----------
Veterinary Products -- 0.0%
PetMed Express, Inc.+#..................................... 18,178 231,588
----------
Vitamins & Nutrition Products -- 0.0%
Mannatech, Inc.#........................................... 13,309 83,980
Synutra International, Inc.+#.............................. 3,675 137,371
Tiens Biotech Group USA, Inc.+#............................ 2,973 8,532
USANA Health Sciences, Inc.+#.............................. 7,176 299,096
----------
528,979
----------
Water -- 0.2%
American States Water Co................................... 14,515 604,550
California Water Service Group#............................ 16,649 650,476
Consolidated Water Co., Inc.#.............................. 12,218 372,405
PICO Holdings, Inc.+#...................................... 12,968 499,138
SJW Corp.#................................................. 12,899 431,600
Southwest Water Co.#....................................... 20,472 245,255
----------
2,803,424
----------
Web Hosting/Design -- 0.3%
Equinix, Inc.+#............................................ 30,595 3,185,246
NIC, Inc................................................... 33,363 260,231
Terremark Worldwide, Inc.+#................................ 43,087 241,718
----------
3,687,195
----------
Web Portals/ISP -- 0.3%
EarthLink, Inc.+#.......................................... 104,913 712,359
Sohu.com, Inc.+#........................................... 23,374 1,341,200
Trizetto Group, Inc.+...................................... 38,495 593,978
United Online, Inc......................................... 56,773 853,866
----------
3,501,403
----------
Wire & Cable Products -- 0.2%
Belden, Inc.#.............................................. 38,323 1,764,774
Coleman Cable, Inc.+#...................................... 7,140 74,184
Encore Wire Corp........................................... 19,868 339,743
Insteel Industries, Inc.#.................................. 15,553 176,838
Superior Essex, Inc.+...................................... 17,374 421,493
----------
2,777,032
----------
Shares/
Principal Value
Security Description Amount (Note 2)
- ------------------------------------------------------------------------------------------
Wireless Equipment -- 0.4%
Airvana Inc+#.............................................. 7,241 $ 45,763
Aruba Networks, Inc.+#..................................... 7,120 99,253
Audiovox Corp., Class A+#.................................. 14,282 182,381
EMS Technologies, Inc.+.................................... 13,062 380,235
InterDigital, Inc.+#....................................... 39,906 718,308
Nextwave Wireless, Inc.+#.................................. 25,277 151,915
Novatel Wireless, Inc.+#................................... 27,447 426,526
Powerwave Technologies, Inc.+#............................. 110,841 458,882
RF Micro Devices, Inc.+#................................... 224,944 1,300,176
ViaSat, Inc.+.............................................. 20,613 687,444
--------------
4,450,883
--------------
Wound, Burn & Skin Care -- 0.0%
Obagi Medical Products, Inc.+.............................. 4,544 83,610
--------------
X - Ray Equipment -- 0.6%
Hologic, Inc.+............................................. 103,818 6,892,477
--------------
Total Common Stock
(cost $1,017,968,035).................................... 1,093,019,666
--------------
RIGHTS -- 0.0%
Batteries/Battery Systems -- 0.0%
Medis Technologies Ltd Rts Expires 12/17/07................ 1,947 0
--------------
Medical - Drugs -- 0.0%
OSI Pharmaceuticals, Inc.+ Expires 06/08/12................ 1,002 0
--------------
Total Rights
(cost $0)................................................ 0
--------------
WARRANTS -- 0.0%
Finance - Other Services -- 0.0%
Imperial Credit Industries, Inc.(1)(3) Expires 01/31/08
(Strike price $2.15)(2)--
(cost $0)................................................ 255 0
--------------
EXCHANGE TRADED FUNDS -- 0.0%
Registered Investment Company -- 0.0%
Kayne Anderson Energy Development Fund
(cost $215,931).......................................... 8,508 196,875
--------------
CORPORATE BONDS & NOTES -- 0.0%
Metal Processors & Fabrication -- 0.0%
Mueller Industries, Inc. Sub. Notes 6.00% due 11/01/14#
(cost $152,000).......................................... 152,000 137,180
--------------
Total Long-Term Investment Securities
(cost $1,018,335,966)(4)................................. 1,093,353,721
--------------
SHORT-TERM INVESTMENT SECURITIES -- 30.5%
Collective Investment Pool -- 25.2%
Securities Lending Quality Trust(5)........................ 291,517,614 291,517,614
--------------
Commercial Paper -- 5.0%
Erste Finance LLC 4.62% due 12/03/07....................... $ 50,000,000 49,987,167
Societe Generale NA 4.60% due 12/03/07..................... 8,000,000 7,997,955
--------------
57,985,122
--------------
U.S. Government Treasuries -- 0.3%
United States Treasury Bill 2.87% due 02/07/08(6).......... 3,100,000 3,083,312
--------------
Total Short-Term Investment Securities
(cost $352,586,048)...................................... 352,586,048
--------------
TOTAL INVESTMENTS
(cost $1,370,922,014)(4)................................. 125.2% 1,445,939,769
Liabilities in excess of other assets....................... (25.2) (291,220,280)
------------ --------------
NET ASSETS -- 100.0% $1,154,719,489
============ ==============
182
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
- --------
+ Non-income producing security
# The security or a portion thereof is out on loan (See Note 2)
(1)To the extent permitted by the Statement of Additional Information, the
Small Cap Index Fund may invest in restricted securities. The Fund has no
right to demand registration of these securities. The securities are valued
pursuant to Note 2. Restricted securities held by a Fund may not be sold
except in exempt transactions or in a public offering registered under the
Securities Act of 1933. The risk of investing in such securities is
generally greater than the risk of investing in the securities of widely
held, publicly traded companies. 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, these securities may exhibit greater price volatility than
securities for which secondary markets exist. As of November 30, 2007, the
Small Cap Index Fund held the following restricted securities:
Market
Acquisition Acquisition Market Value % of
Name Date Shares Cost Value Per Share Net Assets
- ------------------- ----------- ------ ----------- -------- --------- ----------
Imperial Credit
Industry Expires
12/17/07........... 02/02/06 255 $ -- $ -- $ -- 0.00%
iPCS, Inc........... 06/30/06 11,348 554,200 0 0.00 0.00
08/29/06 811 42,172
11/28/06 481 25,488
02/13/07 676 35,988
08/01/07 585 18,881
10/12/07 560 20,936 500,351 34.60 0.00
------ -------- -------- ----
14,461 $697,665 $500,351 0.00%
====== ======== ======== ====
(2)Fair valued security; see Note 2
(3)Illiquid security
(4)See Note 5 for cost of investments on a tax basis.
(5)The security is purchased with the cash collateral received from securities
loaned (See Note 2).
(6)The security or a portion thereof was pledged as collateral to cover margin
requirements for open futures contracts.
Open Futures Contracts
- -----------------------------------------------------------------------------------------
Unrealized
Number of Expiration Value at Value as of Appreciation
Contracts Description Date Trade Date November 30, 2007 (Depreciation)
- -----------------------------------------------------------------------------------------
695 Long NASDAQ 100 E Mini
2000............... December 2007 $57,509,970 $55,627,620 $(1,882,350)
-----------
$(1,882,350)
===========
See Notes to Financial Statements
183
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Collective Investment Pool....................... 24.7%
Banks -- Commercial.............................. 5.2
Oil Companies -- Exploration & Production........ 5.2
Metal Processors & Fabrication................... 3.7
Insurance -- Property/Casualty................... 3.6
Real Estate Investment Trusts.................... 3.2
Time Deposits.................................... 3.2
Electric -- Integrated........................... 3.0
Retail -- Apparel/Shoe........................... 2.3
Human Resources.................................. 2.1
Retail -- Restaurants............................ 2.1
Computers -- Memory Devices...................... 2.0
Diversified Manufacturing Operations............. 1.7
Insurance -- Reinsurance......................... 1.7
Paper & Related Products......................... 1.6
Gas -- Distribution.............................. 1.5
Machinery -- General Industrial.................. 1.5
Semiconductor Equipment.......................... 1.4
Insurance -- Life/Health......................... 1.3
Savings & Loans/Thrifts.......................... 1.3
Distribution/Wholesale........................... 1.2
Semiconductors Components -- Intergrated Circuits 1.2
Aerospace/Defense -- Equipment................... 1.1
Building Products -- Light Fixtures.............. 1.1
Electronic Components -- Misc.................... 1.1
Transport -- Truck............................... 1.1
Wire & Cable Products............................ 1.1
Consumer Products -- Misc........................ 1.0
Finance -- Investment Banker/Broker.............. 1.0
Index Fund -- Small Cap.......................... 1.0
Insurance Brokers................................ 1.0
Oil & Gas Drilling............................... 1.0
Retail -- Convenience Store...................... 1.0
Transport -- Marine.............................. 1.0
Auto/Truck Parts & Equipment -- Original......... 0.9
Containers -- Metal/Glass........................ 0.9
Electronic Components -- Semiconductors.......... 0.9
Home Furnishings................................. 0.9
Medical Products................................. 0.9
Networking Products.............................. 0.9
Chemicals -- Specialty........................... 0.8
Food -- Retail................................... 0.8
Medical -- Drugs................................. 0.8
Building Products -- Air & Heating............... 0.7
Diversified Operations/Commercial Services....... 0.7
Multimedia....................................... 0.7
Oil -- Field Services............................ 0.7
Web Portals/ISP.................................. 0.7
Apparel Manufacturers............................ 0.6
Chemicals -- Plastics............................ 0.6
Circuit Boards................................... 0.6
Commercial Services -- Finance................... 0.6
Health Care Cost Containment..................... 0.6
Wireless Equipment............................... 0.6
Airlines......................................... 0.5
Computers -- Integrated Systems.................. 0.5
Engines -- Internal Combustion................... 0.5
Financial Guarantee Insurance.................... 0.5
Food -- Wholesale/Distribution................... 0.5
Medical Instruments.............................. 0.5
Rental Auto/Equipment............................ 0.5
Retail -- Jewelry................................ 0.5
Computer Graphics................................ 0.4
Containers -- Paper/Plastic...................... 0.4
Electric Products -- Misc........................ 0.4
Engineering/R&D Services......................... 0.4
Industrial Gases................................. 0.4
Investment Companies............................. 0.4
Machinery -- Electrical.......................... 0.4
Medical -- HMO............................. 0.4
Multilevel Direct Selling.................. 0.4
Office Furnishings -- Original............. 0.4
Real Estate Operations & Development....... 0.4
Repurchase Agreements...................... 0.4
Satellite Telecom.......................... 0.4
Steel -- Producers......................... 0.4
Telephone -- Integrated.................... 0.4
Aerospace/Defense.......................... 0.3
Agricultural Chemicals..................... 0.3
Applications Software...................... 0.3
Building & Construction Products -- Misc... 0.3
Building -- MobileHome/Manufactured Housing 0.3
Cellular Telecom........................... 0.3
Chemicals -- Diversified................... 0.3
Coatings/Paint............................. 0.3
Computer Aided Design...................... 0.3
Computer Services.......................... 0.3
Data Processing/Management................. 0.3
E-Commerce/Products........................ 0.3
Electronic Measurement Instruments......... 0.3
Electronic Parts Distribution.............. 0.3
Enterprise Software/Service................ 0.3
Food -- Canned............................. 0.3
Footwear & Related Apparel................. 0.3
Garden Products............................ 0.3
Instruments -- Controls.................... 0.3
Medical -- Generic Drugs................... 0.3
Non -- Ferrous Metals...................... 0.3
Office Supplies & Forms.................... 0.3
Physicians Practice Management............. 0.3
Tools -- Hand Held......................... 0.3
Athletic Equipment......................... 0.2
Consulting Services........................ 0.2
Electronic Design Automation............... 0.2
Finance -- Credit Card..................... 0.2
Finance -- Leasing Companies............... 0.2
Investment Management/Advisor Services..... 0.2
Medical Laser Systems...................... 0.2
Medical -- Biomedical/Gene................. 0.2
Publishing -- Newspapers................... 0.2
Recreational Vehicles...................... 0.2
Retail -- Auto Parts....................... 0.2
Retail -- Home Furnishings................. 0.2
Retail -- Pawn Shops....................... 0.2
Athletic Footwear.......................... 0.1
Batteries/Battery Systems.................. 0.1
Building Products -- Wood.................. 0.1
Building -- Residential/Commercial......... 0.1
Capacitors................................. 0.1
Energy -- Alternate Sources................ 0.1
Food -- Misc............................... 0.1
Internet Infrastructure Equipment.......... 0.1
Internet Infrastructure Software........... 0.1
Linen Supply & Related Items............... 0.1
Machinery -- Farming....................... 0.1
Retail -- Computer Equipment............... 0.1
Software Tools............................. 0.1
Telecom Services........................... 0.1
Telecommunication Equipment................ 0.1
Textile -- Products........................ 0.1
Theaters................................... 0.1
-----
123.6%
=====
* Calculated as a percentage of net assets
184
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------------
COMMON STOCK -- 94.3%
Aerospace/Defense -- 0.3%
Teledyne Technologies, Inc.+.................. 14,360 $ 778,599
-----------
Aerospace/Defense - Equipment -- 1.1%
DRS Technologies, Inc......................... 17,500 1,036,175
GenCorp, Inc.+#............................... 109,845 1,329,124
Innovative Solutions and Support, Inc.+#...... 57,160 813,387
-----------
3,178,686
-----------
Agricultural Chemicals -- 0.3%
UAP Holding Corp.............................. 26,330 787,530
-----------
Airlines -- 0.5%
Skywest, Inc.................................. 50,550 1,329,970
-----------
Apparel Manufacturers -- 0.6%
Delta Apparel, Inc............................ 11,326 111,334
Kellwood Co.#................................. 43,939 658,646
Oxford Industries, Inc.#...................... 12,545 310,740
Phillips - Van Heusen......................... 17,650 748,713
-----------
1,829,433
-----------
Applications Software -- 0.3%
Corel Corp.+.................................. 73,131 814,679
-----------
Athletic Equipment -- 0.2%
Nautilus, Inc.#............................... 83,926 482,575
-----------
Athletic Footwear -- 0.1%
K - Swiss, Inc., Class A#..................... 16,906 306,844
-----------
Auto/Truck Parts & Equipment - Original -- 0.9%
American Axle & Manufacturing Holdings, Inc.#. 30,770 711,402
ArvinMeritor, Inc.#........................... 40,130 405,714
Modine Manufacturing Co.#..................... 53,439 1,086,949
Superior Industries International, Inc.#...... 15,874 293,987
Supreme Industries, Inc. Class A.............. 1 6
-----------
2,498,058
-----------
Banks - Commercial -- 5.2%
AMCORE Financial, Inc.#....................... 73,508 1,727,438
BancorpSouth, Inc............................. 83,288 2,037,224
Citizens Republic Bancorp.#................... 19,481 277,020
City Holding Co.#............................. 23,520 846,250
Colonial BancGroup, Inc....................... 45,930 731,206
Columbia Banking System, Inc.#................ 28,360 873,772
East West Bancorp, Inc........................ 24,910 671,325
First Citizens BancShares, Inc., Class A...... 21,622 3,387,951
First State Bancorp.#......................... 17,398 254,359
Hanmi Financial Corp.#........................ 54,660 524,189
Provident Bankshares Corp.#................... 28,790 675,125
Renasant Corp.#............................... 20,742 404,676
Sterling Bancshares, Inc...................... 78,495 968,628
UMB Financial Corp.#.......................... 20,027 753,416
Webster Financial Corp........................ 21,960 739,832
-----------
14,872,411
-----------
Batteries/Battery Systems -- 0.1%
EnerSys+#..................................... 14,113 328,410
-----------
Building & Construction Products - Misc. -- 0.3%
Drew Industries, Inc.+........................ 26,360 720,155
Simpson Manufacturing Co., Inc................ 4,305 114,556
-----------
834,711
-----------
Building Products - Air & Heating -- 0.7%
Comfort Systems USA, Inc...................... 94,890 1,114,958
Lennox International, Inc..................... 28,541 965,827
-----------
2,080,785
-----------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------------
Building Products - Light Fixtures -- 1.1%
Genlyte Group, Inc.+#........................... 32,833 $3,094,510
----------
Building Products - Wood -- 0.1%
Universal Forest Products, Inc.#................ 15,670 448,319
----------
Building - MobileHome/Manufactured Housing -- 0.3%
Cavco Industries, Inc.+#........................ 24,674 931,197
----------
Building - Residential/Commercial -- 0.1%
M/I Homes, Inc.#................................ 24,260 243,328
----------
Capacitors -- 0.1%
KEMET Corp.+#................................... 57,051 353,716
----------
Cellular Telecom -- 0.3%
Centennial Communications Corp.+................ 102,090 908,601
----------
Chemicals - Diversified -- 0.3%
Olin Corp....................................... 44,690 935,809
----------
Chemicals - Plastics -- 0.6%
A. Schulman, Inc.#.............................. 50,412 1,086,883
Spartech Corp................................... 40,760 556,781
----------
1,643,664
----------
Chemicals - Specialty -- 0.8%
American Pacific Corp.+......................... 27,429 403,206
Arch Chemicals, Inc............................. 26,085 1,073,398
Omnova Solutions, Inc.+......................... 145,968 751,735
----------
2,228,339
----------
Circuit Boards -- 0.6%
Park Electrochemical Corp....................... 34,063 1,003,155
TTM Technologies, Inc.+......................... 67,850 820,307
----------
1,823,462
----------
Coatings/Paint -- 0.3%
RPM International, Inc.......................... 40,950 780,098
----------
Commercial Services - Finance -- 0.6%
Advance America Cash Advance Centers, Inc.#..... 73,026 665,997
CBIZ, Inc.+#.................................... 54,720 505,613
Deluxe Corp..................................... 16,935 534,977
----------
1,706,587
----------
Computer Aided Design -- 0.3%
Parametric Technology Corp.+.................... 54,070 902,969
----------
Computer Graphics -- 0.4%
Monotype Imaging Holdings, Inc.+#............... 65,840 1,052,782
----------
Computer Services -- 0.3%
CACI International, Inc., Class A+#............. 20,480 929,587
----------
Computers - Integrated Systems -- 0.5%
Agilysys, Inc................................... 54,683 759,547
BancTec, Inc.*(1)............................... 123,100 738,600
----------
1,498,147
----------
Computers - Memory Devices -- 2.0%
Imation Corp.#.................................. 181,310 3,638,892
Quantum Corp.+#................................. 281,982 893,883
Silicon Graphics, Inc.+#........................ 15,389 261,767
Smart Modular Technologies WWH, Inc.+........... 111,610 937,524
----------
5,732,066
----------
Consulting Services -- 0.2%
MAXIMUS, Inc.................................... 15,660 610,740
----------
Consumer Products - Misc. -- 1.0%
Blyth, Inc...................................... 47,778 939,793
Helen of Troy, Ltd.+#........................... 24,023 435,537
185
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------------
COMMON STOCK (continued)
Consumer Products - Misc. (continued)
Tupperware Brands Corp.......................... 16,831 $ 587,065
WD-40 Co........................................ 20,577 816,290
----------
2,778,685
----------
Containers - Metal/Glass -- 0.9%
Greif, Inc., Class A............................ 14,960 883,687
Owens - Illinois, Inc.+......................... 38,349 1,721,487
----------
2,605,174
----------
Containers - Paper/Plastic -- 0.4%
Packaging Corp. of America...................... 40,806 1,154,402
----------
Data Processing/Management -- 0.3%
MoneyGram International, Inc.#.................. 51,104 789,046
----------
Distribution/Wholesale -- 1.2%
Brightpoint, Inc.+.............................. 85,202 1,415,205
NuCo2, Inc.+#................................... 24,165 666,471
Owens & Minor, Inc.............................. 14,230 558,812
WESCO International, Inc.+#..................... 19,920 806,362
----------
3,446,850
----------
Diversified Manufacturing Operations -- 1.7%
A.O. Smith Corp.#............................... 18,450 652,946
Ameron International Corp.#..................... 6,770 716,131
Crane Co........................................ 44,925 2,018,929
EnPro Industries, Inc.+#........................ 47,850 1,464,210
----------
4,852,216
----------
Diversified Operations/Commercial Services -- 0.7%
Viad Corp....................................... 63,593 1,972,019
----------
E-Commerce/Products -- 0.3%
Stamps.com, Inc.+#.............................. 60,550 768,985
----------
Electric Products - Misc. -- 0.4%
AMETEK, Inc..................................... 29,205 1,285,020
----------
Electric - Integrated -- 3.0%
Allete, Inc.#................................... 79,003 3,235,963
Black Hills Corp.#.............................. 18,512 771,210
El Paso Electric Co.+........................... 69,917 1,797,566
UIL Holdings Corp............................... 24,830 889,410
Unisource Energy Corp........................... 22,570 698,090
Westar Energy, Inc.#............................ 44,890 1,163,100
----------
8,555,339
----------
Electronic Components - Misc. -- 1.1%
AVX Corp.#...................................... 59,842 857,536
Benchmark Electronics, Inc.+.................... 37,618 675,243
Technitrol, Inc................................. 59,674 1,597,473
----------
3,130,252
----------
Electronic Components - Semiconductors -- 0.9%
Conexant Systems, Inc.+#........................ 131,242 145,679
DSP Group, Inc.+................................ 40,090 542,418
Lattice Semiconductor Corp.+#................... 148,797 499,958
Microsemi Corp.+#............................... 35,330 808,350
MoSys, Inc.+#................................... 69,949 408,502
Zoran Corp.+.................................... 10,229 223,197
----------
2,628,104
----------
Electronic Design Automation -- 0.2%
Mentor Graphics Corp.+.......................... 57,840 629,878
----------
Electronic Measurement Instruments -- 0.3%
Orbotech, Ltd.+................................. 63,842 981,252
----------
Value
Security Description Shares (Note 2)
-------------------------------------------------------------
Electronic Parts Distribution -- 0.3%
Avnet, Inc.+............................ 21,633 $ 746,339
----------
Energy - Alternate Sources -- 0.1%
BioFuel Energy Corp.+#.................. 34,359 171,451
----------
Engineering/R&D Services -- 0.4%
URS Corp.+#............................. 19,620 1,127,954
----------
Engines - Internal Combustion -- 0.5%
Briggs & Stratton Corp.#................ 68,966 1,572,425
----------
Enterprise Software/Service -- 0.3%
Novell, Inc.+........................... 124,333 872,818
----------
Finance - Credit Card -- 0.2%
Advanta Corp., Class B#................. 65,500 655,655
----------
Finance - Investment Banker/Broker -- 1.0%
Knight Capital Group, Inc., Class A+.... 101,608 1,356,467
SWS Group, Inc.......................... 42,170 571,825
TradeStation Group, Inc.+#.............. 90,370 1,078,114
----------
3,006,406
----------
Finance - Leasing Company -- 0.2%
Financial Federal Corp.#................ 27,640 610,568
----------
Financial Guarantee Insurance -- 0.5%
ACA Capital Holdings, Inc.+#............ 40,692 33,367
Assured Guaranty, Ltd................... 61,312 1,383,812
----------
1,417,179
----------
Food - Canned -- 0.3%
Treehouse Foods, Inc.+.................. 38,869 916,142
----------
Food - Misc. -- 0.1%
American Italian Pasta Co.+ Class A#.... 31,453 228,034
Chiquita Brands International, Inc.+#... 7,870 151,026
----------
379,060
----------
Food - Retail -- 0.8%
Ruddick Corp............................ 44,930 1,608,045
Weis Markets, Inc....................... 16,620 680,090
----------
2,288,135
----------
Food - Wholesale/Distribution -- 0.5%
Nash Finch Co.#......................... 5,950 212,355
Spartan Stores, Inc..................... 57,200 1,287,000
----------
1,499,355
----------
Footwear & Related Apparel -- 0.3%
Wolverine World Wide, Inc............... 37,270 923,178
----------
Garden Products -- 0.3%
Toro Co................................. 16,230 903,199
----------
Gas - Distribution -- 1.5%
Atmos Energy Corp....................... 43,666 1,143,612
Energen Corp............................ 17,100 1,089,954
Laclede Group, Inc.#.................... 25,470 876,423
Southwest Gas Corp...................... 38,130 1,102,720
----------
4,212,709
----------
Health Care Cost Containment -- 0.6%
Healthspring, Inc.+..................... 65,110 1,230,579
Hooper Holmes, Inc.+.................... 301,420 491,315
----------
1,721,894
----------
Home Furnishings -- 0.9%
Ethan Allen Interiors, Inc.#............ 38,268 1,092,934
Furniture Brands International, Inc.#... 38,420 389,195
186
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-------------------------------------------------------------------
COMMON STOCK (continued)
Home Furnishings (continued)
La-Z-Boy, Inc.#.............................. 1 $ 5
Tempur - Pedic International, Inc.#.......... 34,615 1,027,719
-----------
2,509,853
-----------
Human Resources -- 2.1%
AMN Healthcare Services, Inc.+#.............. 82,936 1,399,960
Cross Country Healthcare, Inc.+#............. 32,372 471,336
Gevity HR, Inc.#............................. 77,264 328,372
Heidrick & Struggles International, Inc...... 29,152 1,057,343
Kelly Services, Inc., Class A................ 25,512 486,004
Kforce, Inc.+................................ 18,812 204,110
Korn/Ferry International+#................... 65,754 1,132,941
MPS Group, Inc.+............................. 79,990 887,889
-----------
5,967,955
-----------
Industrial Gases -- 0.4%
Airgas, Inc.................................. 21,380 1,057,882
-----------
Instruments - Controls -- 0.3%
X-Rite, Inc.+................................ 65,320 811,928
-----------
Insurance Broker -- 1.0%
Hilb Rogal and Hobbs Co...................... 69,159 2,956,547
-----------
Insurance - Life/Health -- 1.3%
American Equity Investment Life Holding Co.#. 126,210 1,137,152
FBL Financial Group, Inc., Class A........... 26,585 985,506
Presidential Life Corp....................... 56,730 978,025
The Phoenix Cos., Inc........................ 63,680 765,434
-----------
3,866,117
-----------
Insurance - Property/Casualty -- 3.6%
Infinity Property & Casualty Corp.#.......... 22,610 883,825
LandAmerica Financial Group, Inc.#........... 13,711 360,873
Navigators Group, Inc.+...................... 22,310 1,309,597
Philadelphia Consolidated Holding Corp.+..... 28,220 1,201,608
Safety Insurance Group, Inc.#................ 27,770 1,013,883
Selective Insurance Group, Inc.#............. 52,628 1,241,494
State Auto Financial Corp.#.................. 31,560 879,893
Stewart Information Services Corp.#.......... 87,340 2,364,294
Zenith National Insurance Corp............... 25,870 1,087,316
-----------
10,342,783
-----------
Insurance - Reinsurance -- 1.7%
Endurance Specialty Holdings, Ltd............ 77,248 3,120,047
IPC Holdings, Ltd............................ 64,465 1,905,585
-----------
5,025,632
-----------
Internet Infrastructure Equipment -- 0.1%
Avocent Corp.+............................... 10,282 256,022
-----------
Internet Infrastructure Software -- 0.1%
Chordiant Software, Inc.+.................... 38,010 381,240
-----------
Investment Companies -- 0.4%
Apollo Investment Corp....................... 19,753 349,826
MCG Capital Corp.#........................... 69,960 790,548
-----------
1,140,374
-----------
Investment Management/Advisor Services -- 0.2%
Pzena Investment Management, Inc. Class A+#.. 21,230 269,621
Westwood Holdings Group, Inc.#............... 6,544 247,363
-----------
516,984
-----------
Linen Supply & Related Items -- 0.1%
UniFirst Corp................................ 4,887 182,627
-----------
Machinery - Electrical -- 0.4%
Franklin Electric Co., Inc.#................. 31,933 1,244,110
-----------
Value
Security Description Shares (Note 2)
------------------------------------------------------------
Machinery - Farming -- 0.1%
Gehl Co.+#............................ 11,550 $ 187,226
-----------
Machinery - General Industrial -- 1.5%
Applied Industrial Technologies, Inc.. 24,940 753,438
Gardner Denver, Inc.+................. 35,785 1,184,841
Kadant, Inc.+......................... 81,883 2,412,273
-----------
4,350,552
-----------
Medical Instruments -- 0.5%
Datascope Corp........................ 19,050 697,040
Edwards Lifesciences Corp.+#.......... 13,994 692,003
-----------
1,389,043
-----------
Medical Laser Systems -- 0.2%
Cutera, Inc.+#........................ 42,810 648,143
-----------
Medical Products -- 0.9%
Hanger Orthopedic Group, Inc.+........ 60,673 634,640
PSS World Medical, Inc.+#............. 48,910 938,094
Syneron Medical, Ltd.+................ 8,838 129,653
Vital Signs, Inc...................... 16,323 863,650
-----------
2,566,037
-----------
Medical - Biomedical/Gene -- 0.2%
Cambrex Corp.#........................ 93,141 720,911
-----------
Medical - Drugs -- 0.8%
Prestige Brands Holdings, Inc.+#...... 167,845 1,408,219
Sciele Pharma, Inc.+#................. 38,490 859,097
-----------
2,267,316
-----------
Medical - Generic Drugs -- 0.3%
Alpharma, Inc., Class A+#............. 40,995 860,895
-----------
Medical - HMO -- 0.4%
AMERIGROUP Corp.+..................... 31,200 1,072,344
-----------
Metal Processors & Fabrication -- 3.7%
Haynes International, Inc.+........... 11,440 966,795
Mueller Industries, Inc............... 157,440 4,759,411
Quanex Corp.#......................... 101,575 5,082,813
-----------
10,809,019
-----------
Multilevel Direct Selling -- 0.4%
Nu Skin Enterprises, Inc., Class A#... 62,697 1,109,110
-----------
Multimedia -- 0.7%
Journal Communications, Inc., Class A. 229,196 2,085,684
-----------
Networking Products -- 0.9%
Adaptec, Inc.+#....................... 271,295 908,838
Black Box Corp........................ 42,867 1,577,506
-----------
2,486,344
-----------
Non - Ferrous Metals -- 0.3%
USEC, Inc.+#.......................... 92,620 760,410
-----------
Office Furnishings - Original -- 0.4%
Interface, Inc. Class A............... 59,835 1,043,522
-----------
Office Supplies & Forms -- 0.3%
ACCO Brands Corp.+#................... 6,198 103,569
Ennis, Inc.#.......................... 40,870 750,373
-----------
853,942
-----------
Oil & Gas Drilling -- 1.0%
Atwood Oceanics, Inc.+................ 21,608 1,885,298
Pioneer Drilling Co.+................. 74,420 886,342
-----------
2,771,640
-----------
187
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------------
COMMON STOCK (continued)
Oil Companies - Exploration & Production -- 5.2%
Cabot Oil & Gas Corp.......................... 29,920 $ 1,029,846
Energy Partners, Ltd.+........................ 66,700 825,746
Forest Oil Corp.+#............................ 33,559 1,579,958
Mariner Energy, Inc.+#........................ 113,966 2,470,783
St. Mary Land & Exploration Co................ 34,689 1,363,278
Stone Energy Corp.+........................... 82,138 3,712,637
Swift Energy Co.+#............................ 28,170 1,141,167
Venoco, Inc.+#................................ 15,900 290,334
Whiting Petroleum Corp.+...................... 46,559 2,454,590
-----------
14,868,339
-----------
Oil - Field Services -- 0.7%
Exterran Holdings, Inc.+#..................... 10,890 871,636
Tidewater, Inc................................ 22,050 1,078,024
-----------
1,949,660
-----------
Paper & Related Products -- 1.6%
Glatfelter#................................... 45,360 681,761
Louisiana - Pacific Corp.#.................... 14,280 219,626
Neenah Paper, Inc............................. 72,843 2,198,402
Schweitzer - Mauduit International, Inc....... 49,303 1,316,390
Xerium Technologies, Inc...................... 28,109 167,249
-----------
4,583,428
-----------
Physicians Practice Management -- 0.3%
Pediatrix Medical Group, Inc.+................ 15,050 973,133
-----------
Publishing - Newspapers -- 0.2%
GateHouse Media, Inc.#........................ 56,860 466,252
-----------
Real Estate Investment Trusts -- 3.2%
Arbor Realty Trust, Inc.#..................... 55,810 954,351
Capital Trust, Inc., Class A#................. 30,140 927,106
Deerfield Triarc Capital Corp.#............... 189,153 1,420,539
DiamondRock Hospitality Co.................... 51,590 893,539
Entertainment Properties Trust................ 17,972 957,728
Getty Realty Corp.#........................... 41,900 1,136,328
Gramercy Capital Corp.#....................... 27,710 658,944
Hersha Hospitality Trust#..................... 77,060 784,471
National Health Investors, Inc.#.............. 24,370 692,595
NorthStar Realty Finance Corp.#............... 79,965 733,279
-----------
9,158,880
-----------
Real Estate Operations & Development -- 0.4%
Forest City Enterprises, Inc., Class A#....... 23,174 1,161,944
-----------
Recreational Vehicles -- 0.2%
Arctic Cat, Inc.#............................. 43,620 465,425
-----------
Rental Auto/Equipment -- 0.5%
Aaron Rents, Inc.............................. 32,628 656,149
Dollar Thrifty Automotive Group, Inc.+#....... 34,743 901,233
-----------
1,557,382
-----------
Retail - Apparel/Shoe -- 2.3%
Cache, Inc.+#................................. 50,140 671,375
Charming Shoppes, Inc.+#...................... 73,705 407,589
Christopher & Banks Corp.#.................... 38,402 619,040
Foot Locker, Inc.............................. 143,794 1,876,512
Jos. A. Bank Clothiers, Inc.+#................ 31,940 826,927
Kenneth Cole Productions, Inc. Class A#....... 49,163 927,214
Stage Stores, Inc.#........................... 46,575 788,049
The Children's Place Retail Stores, Inc.+#.... 19,364 551,099
The Finish Line, Inc., Class A#............... 24,190 90,712
-----------
6,758,517
-----------
Retail - Auto Parts -- 0.2%
CSK Auto Corp.+#.............................. 57,203 557,729
-----------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------------------
Retail - Computer Equipment -- 0.1%
Insight Enterprises, Inc.+............................ 8,840 $ 175,120
----------
Retail - Convenience Store -- 1.0%
Casey's General Stores, Inc........................... 104,147 3,020,263
----------
Retail - Home Furnishings -- 0.2%
Haverty Furniture Cos., Inc.#......................... 61,330 521,305
Pier 1 Imports, Inc.+#................................ 29,927 123,299
----------
644,604
----------
Retail - Jewelry -- 0.5%
Zale Corp.+#.......................................... 80,210 1,434,957
----------
Retail - Pawn Shops -- 0.2%
Ezcorp, Inc., Class A+................................ 46,968 589,918
----------
Retail - Restaurants -- 2.1%
IHOP Corp.#........................................... 24,559 1,246,124
Ruby Tuesday, Inc.#................................... 162,079 2,124,856
Triarc Cos., Inc. Class A............................. 87,904 742,789
Triarc Cos., Inc., Class B#........................... 247,689 2,083,064
----------
6,196,833
----------
Satellite Telecom -- 0.4%
GeoEye, Inc.+......................................... 41,250 1,308,450
----------
Savings & Loans/Thrifts -- 1.3%
BankAtlantic Bancorp, Inc. Class A#................... 76,522 294,610
BankUnited Financial Corp. Class A#................... 45,500 363,090
FirstFed Financial Corp.+#............................ 15,580 545,611
NewAlliance Bancshares, Inc.#......................... 153,639 1,981,943
PFF BanCorp., Inc.#................................... 52,620 494,628
----------
3,679,882
----------
Semiconductor Equipment -- 1.4%
Brooks Automation, Inc.+.............................. 61,720 828,900
Cabot Microelectronics Corp.+#........................ 23,602 882,715
Cohu, Inc.#........................................... 38,290 599,238
GSI Group, Inc.+...................................... 81,364 785,976
Nextest Systems Corp.+#............................... 9,783 129,918
Ultra Clean Holdings, Inc.+#.......................... 56,130 806,588
----------
4,033,335
----------
Semiconductors Components - Intergrated Circuits -- 1.2%
Emulex Corp.+......................................... 51,140 856,595
Exar Corp.+........................................... 54,765 503,290
Pericom Semiconductor Corp.+.......................... 34,190 566,528
Standard Microsystems Corp.+.......................... 41,303 1,456,757
----------
3,383,170
----------
Software Tools -- 0.1%
Borland Software Corp.+#.............................. 98,035 316,653
----------
Steel - Producer -- 0.4%
Steel Dynamics, Inc................................... 23,920 1,203,415
----------
Telecom Services -- 0.1%
Consolidated Commerce Holdings, Inc................... 25,610 411,809
----------
Telecommunication Equipment -- 0.1%
CommScope, Inc.+...................................... 7,600 307,800
----------
Telephone - Integrated -- 0.4%
Alaska Communications Systems Group, Inc.............. 51,710 775,650
Citizens Communications Co............................ 39,252 509,491
----------
1,285,141
----------
Textile - Products -- 0.1%
Dixie Group, Inc.+.................................... 46,099 414,891
----------
188
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------
COMMON STOCK (continued)
Theater -- 0.1%
Carmike Cinemas, Inc.#................. 30,160 $ 355,888
------------
Tools - Hand Held -- 0.3%
Snap-on, Inc........................... 17,870 873,486
------------
Transport - Marine -- 1.0%
Gulfmark Offshore, Inc.+#.............. 33,480 1,487,851
Horizon Lines, Inc. Class A#........... 68,253 1,358,917
TBS International, Ltd. Class A+#...... 1 44
------------
2,846,812
------------
Transport - Truck -- 1.1%
Arkansas Best Corp.#................... 95,692 2,181,777
Werner Enterprises, Inc.#.............. 53,976 947,279
------------
3,129,056
------------
Web Portals/ISP -- 0.7%
EarthLink, Inc.+#...................... 124,600 846,034
United Online, Inc.#................... 78,940 1,187,258
------------
2,033,292
------------
Wire & Cable Products -- 1.1%
Belden, Inc.#.......................... 20,131 927,033
General Cable Corp.+#.................. 14,882 1,106,923
Superior Essex, Inc.+#................. 51,905 1,259,215
------------
3,293,171
------------
Wireless Equipment -- 0.6%
EMS Technologies, Inc.+................ 21,970 639,547
Gilat Satellite Networks, Ltd.+........ 96,790 1,030,813
------------
1,670,360
------------
Total Common Stock
(cost $295,225,124)................... 271,899,488
------------
EXCHANGE TRADED FUNDS -- 1.0%
Index Fund - Small Cap -- 1.0%
ishares Russell 2000 Value Index Fund#
(cost $3,279,303)..................... 42,833 3,075,409
------------
Total Long-Term Investment Securities
(cost $298,504,427)................... 274,974,897
------------
Shares/
Principal Value
Security Description Amount (Note 2)
- -------------------------------------------------------------------------------------
SHORT-TERM INVESTMENT SECURITIES -- 27.9%
Collective Investment Pool -- 24.7%
Securities Lending Quality Trust(2)..................... 71,210,646 $ 71,210,646
------------
Time Deposit -- 3.2%
Euro Time Deposit with State Street
Bank & Trust Co.
3.35% due 12/03/07..................................... $ 9,175,000 9,175,000
------------
Total Short-Term Investment Securities
(cost $80,385,646)..................................... 80,385,646
------------
REPURCHASE AGREEMENT -- 0.4%
Agreement with Bank of America NA, bearing interest at
4.48% dated 11/30/07 to be repurchased 12/03/07 in
the amount of $1,101,411 and collateralized by Federal
National Mtg. Assoc. Notes due 08/01/12 and having
an approximate value of $1,123,020
(cost $1,101,000)...................................... 1,101,000 1,101,000
------------
TOTAL INVESTMENTS
(cost $379,991,073)(3)................................. 123.6% 356,461,543
Liabilities in excess of other assets..................... (23.6) (68,155,201)
----------- ------------
NET ASSETS -- 100.0% $288,306,342
=========== ============
- --------
+ Non-income producing security
# The security or a portion thereof is out on loan (See Note 2)
* Securities exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be sold in transactions exempt from registration,
normally to qualified institutional buyers. The Fund has no right to demand
registration of these securities. At November 30, 2007, the aggregate value
of these securities was $738,600 representing 0.3% of net assets. Unless
otherwise indicated these securities are not considered to be illiquid.
(1)Fair valued security; (See Note 2)
(2)The security is purchased with the cash collateral received from securities
loaned (See Note 2).
(3)See Note 5 for cost of investments on a tax basis.
See Notes to Financials Statements
189
VALIC Company I Small Cap Strategic Growth Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Collective Investment Pool............... 25.2%
Medical -- Drugs......................... 3.7
Medical -- Biomedical/Gene............... 3.5
Time Deposits............................ 3.1
Oil Companies -- Exploration & Production 2.7
Retail -- Restaurants.................... 2.6
Computer Services........................ 2.3
Commercial Services -- Finance........... 2.2
Electronic Components -- Semiconductors.. 2.2
Retail -- Apparel/Shoe................... 2.0
Schools.................................. 1.9
Telecommunication Equipment.............. 1.7
Therapeutics............................. 1.7
Chemicals -- Specialty................... 1.6
Computers -- Integrated Systems.......... 1.6
Lasers -- System/Components.............. 1.6
Applications Software.................... 1.4
Diagnostic Kits.......................... 1.4
Finance -- Investment Banker/Broker...... 1.4
Footwear & Related Apparel............... 1.4
Oil & Gas Drilling....................... 1.4
Diversified Manufacturing Operations..... 1.3
E-Marketing/Info......................... 1.3
Medical Products......................... 1.3
Medical -- HMO........................... 1.3
Networking Products...................... 1.3
Electronic Measurement Instruments....... 1.2
Human Resources.......................... 1.2
Insurance -- Property/Casualty........... 1.2
Enterprise Software/Service.............. 1.1
Finance -- Consumer Loans................ 1.1
Investment Management/Advisor Services... 1.1
Machinery -- General Industrial.......... 1.1
Real Estate Investment Trusts............ 1.1
Computers -- Periphery Equipment......... 1.0
Insurance-Life/Health.................... 1.0
Aerospace/Defense-Equipment.............. 0.9
Containers -- Metal/Glass................ 0.9
Diagnostic Equipment..................... 0.9
Electronic Design Automation............. 0.9
Research & Development................... 0.9
Aerospace/Defense........................ 0.8
Auction Houses/Art Dealers............... 0.8
Consumer Products -- Misc................ 0.8
Home Furnishings......................... 0.8
Retail -- Drug Store..................... 0.8
Toys..................................... 0.8
Building & Construction -- Misc.......... 0.7
Building -- Heavy Construction........... 0.7
Commercial Services...................... 0.7
Distribution/Wholesale................... 0.7
E-Commerce/Services...................... 0.7
Electronic Security Devices.............. 0.7
Health Care Cost Containment............. 0.7
Internet Application Software............ 0.7
Intimate Apparel......................... 0.7
Medical Sterilization Products........... 0.7
Office Furnishings -- Original........... 0.7
Transport -- Services.................... 0.7
Advanced Materials.............................. 0.6
Educational Software............................ 0.6
Electronic Components -- Misc................... 0.6
Electronic Connectors........................... 0.6
Food -- Misc.................................... 0.6
Medical Instruments............................. 0.6
Metal -- Iron................................... 0.6
Oil Field Machinery & Equipment................. 0.6
Physicians Practice Management.................. 0.6
Retail -- Petroleum Products.................... 0.6
Wire & Cable Products........................... 0.6
Advertising Services............................ 0.5
Apparel Manufacturers........................... 0.5
Batteries/Battery Systems....................... 0.5
Commerce........................................ 0.5
Dental Supplies & Equipment..................... 0.5
Entertainment Software.......................... 0.5
Medical -- Hospitals............................ 0.5
Medical -- Nursing Homes........................ 0.5
Oil Field Services.............................. 0.5
Seismic Data Collection......................... 0.5
Wireless Equipment.............................. 0.5
X-Ray Equipment................................. 0.5
Alternative Waste Technology.................... 0.4
Computer Aided Design........................... 0.4
Decision Support Software....................... 0.4
Direct Marketing................................ 0.4
E-Services/Consulting........................... 0.4
Electric Products -- Misc....................... 0.4
Energy -- Alternate Sources..................... 0.4
Food -- Retail.................................. 0.4
Internet Content -- Information/News............ 0.4
Machinery -- Construction & Mining.............. 0.4
Metal Processors & Fabrication.................. 0.4
Oil Refining & Marketing........................ 0.4
Resorts/Theme Parks............................. 0.4
Retail-Bedding.................................. 0.4
Satellite Telecom............................... 0.4
Transport -- Marine............................. 0.4
Vitamins & Nutrition Products................... 0.4
Auto/Truck Parts & Equipment -- Original........ 0.3
Casino Services................................. 0.3
Cellular Telecom................................ 0.3
Computers -- Memory Devices..................... 0.3
E-Commerce/Products............................. 0.3
Identification Systems.......................... 0.3
Industrial Automated/Robotic.................... 0.3
Internet Infrastructure Software................ 0.3
Medical Laser Systems........................... 0.3
Semiconductor Equipment......................... 0.3
Semiconductors Components -- Integrated Circuits 0.3
Wound, Burn & Skin Care......................... 0.3
Miscellaneous Manufacturing..................... 0.2
U.S. Government Treasuries...................... 0.1
-----
125.2%
=====
* Calculated as a percentage of net assets
190
VALIC Company I Small Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------
COMMON STOCK -- 96.8%
Advanced Materials -- 0.6%
Ceradyne, Inc.+#........................... 15,838 $ 783,031
----------
Advertising Services -- 0.5%
Greenfield Online, Inc.+................... 43,038 647,292
----------
Aerospace/Defense -- 0.8%
Teledyne Technologies, Inc.+............... 19,088 1,034,951
----------
Aerospace/Defense - Equipment -- 0.9%
Curtiss-Wright Corp.#...................... 21,112 1,138,781
----------
Alternative Waste Technology -- 0.4%
Darling International, Inc.+............... 56,210 576,153
----------
Apparel Manufacturer -- 0.5%
Gymboree Corp.+............................ 20,214 674,339
----------
Applications Software -- 1.4%
Actuate Corp.+............................. 100,321 759,430
Nuance Communications, Inc.+............... 56,940 1,149,049
----------
1,908,479
----------
Auction House/Art Dealer -- 0.8%
Sotheby's#................................. 28,118 1,053,019
----------
Auto/Truck Parts & Equipment-Original -- 0.3%
Accuride Corp.+............................ 46,332 351,660
----------
Batteries/Battery Systems -- 0.5%
Greatbatch, Inc.+#......................... 33,641 692,332
----------
Building & Construction - Misc. -- 0.7%
Layne Christensen Co.+#.................... 16,012 911,883
----------
Building - Heavy Construction -- 0.7%
Perini Corp.+.............................. 16,674 886,890
----------
Casino Services -- 0.3%
Bally Technologies, Inc.+#................. 10,581 441,228
----------
Cellular Telecom -- 0.3%
Syniverse Holdings, Inc.+.................. 29,783 465,210
----------
Chemicals - Specialty -- 1.6%
Arch Chemicals, Inc........................ 20,406 839,707
Terra Industries, Inc.+.................... 31,993 1,208,695
Zep Inc+#.................................. 10,531 138,272
----------
2,186,674
----------
Commerce -- 0.5%
Global Sources, Ltd.+#..................... 22,237 676,672
----------
Commercial Services -- 0.7%
TeleTech Holdings, Inc.+................... 29,259 605,954
The Providence Service Corp.+.............. 13,580 379,968
----------
985,922
----------
Commercial Services - Finance -- 2.2%
Bankrate, Inc.+#........................... 14,647 573,284
Heartland Payment Systems, Inc.#........... 22,564 728,366
Jackson Hewitt Tax Service, Inc.#.......... 28,318 913,255
Morningstar, Inc.+#........................ 9,657 785,597
----------
3,000,502
----------
Computer Aided Design -- 0.4%
Ansys, Inc.+............................... 12,659 491,929
----------
Computer Services -- 2.3%
COMSYS IT Partners, Inc.+.................. 33,976 453,580
IHS, Inc.+................................. 16,408 1,150,857
Manhattan Associates, Inc.+................ 24,059 652,721
SYKES Enterprises, Inc.+................... 41,046 757,709
----------
3,014,867
----------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------
Computers - Integrated Systems -- 1.6%
Jack Henry & Associates, Inc................ 28,647 $ 766,594
MICROS Systems, Inc.+....................... 19,027 1,372,608
----------
2,139,202
----------
Computers - Memory Devices -- 0.3%
Silicon Storage Technology, Inc.+#.......... 122,646 348,315
----------
Computers - Periphery Equipment -- 1.0%
Sigma Designs, Inc.+#....................... 21,192 1,377,904
----------
Consumer Products - Misc. -- 0.8%
Fossil, Inc.+............................... 24,500 1,061,830
----------
Containers - Metal/Glass -- 0.9%
Greif, Inc., Class A........................ 20,534 1,212,943
----------
Decision Support Software -- 0.4%
SPSS, Inc.+#................................ 14,749 533,029
----------
Dental Supplies & Equipment -- 0.5%
Align Technology, Inc.+..................... 37,630 635,571
----------
Diagnostic Equipment -- 0.9%
Immucor, Inc.+.............................. 35,232 1,168,645
----------
Diagnostic Kits -- 1.4%
Meridian Bioscience, Inc.................... 29,926 923,217
Quidel Corp.+............................... 52,493 992,118
----------
1,915,335
----------
Direct Marketing -- 0.4%
Gaiam, Inc.+................................ 25,402 598,217
----------
Distribution/Wholesale -- 0.7%
United Stationers, Inc.+.................... 19,164 970,848
----------
Diversified Manufacturing Operations -- 1.3%
Actuant Corp., Class A...................... 28,963 917,258
Acuity Brands, Inc.......................... 21,063 831,778
----------
1,749,036
----------
E - Commerce/Products -- 0.3%
Overstock.com, Inc.+#....................... 15,097 349,798
----------
E - Commerce/Services -- 0.7%
priceline.com, Inc.+#....................... 7,681 874,098
----------
E - Marketing/Info -- 1.3%
Digital River, Inc.+#....................... 18,834 728,311
ValueClick, Inc.+........................... 41,000 969,240
----------
1,697,551
----------
E - Services/Consulting -- 0.4%
Websense, Inc.+#............................ 32,922 537,945
----------
Educational Software -- 0.6%
Blackboard, Inc.+........................... 18,836 734,604
----------
Electric Products - Misc. -- 0.4%
Littelfuse, Inc.+........................... 16,686 556,478
----------
Electronic Components - Misc. -- 0.6%
Cubic Corp.#................................ 20,886 824,579
----------
Electronic Components - Semiconductors -- 2.2%
Amkor Technology, Inc.+#.................... 54,104 445,817
Monolithic Power Systems, Inc.+............. 30,525 582,417
ON Semiconductor Corp.+#.................... 55,220 507,472
Skyworks Solutions, Inc.+................... 61,611 559,428
Zoran Corp.+................................ 40,071 874,349
----------
2,969,483
----------
Electronic Connectors -- 0.6%
Thomas & Betts Corp.+....................... 14,152 769,303
----------
191
VALIC Company I Small Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------
COMMON STOCK (continued)
Electronic Design Automation -- 0.9%
Comtech Group, Inc.+.................... 35,776 $ 634,666
Magma Design Automation, Inc.+.......... 43,516 581,374
----------
1,216,040
----------
Electronic Measurement Instruments -- 1.2%
FLIR Systems, Inc.+#.................... 17,536 1,205,249
Itron, Inc.+#........................... 5,978 463,594
----------
1,668,843
----------
Electronic Security Devices -- 0.7%
LoJack Corp.+#.......................... 33,281 582,751
Taser International, Inc.+#............. 22,926 321,193
----------
903,944
----------
Energy - Alternate Sources -- 0.4%
Headwaters, Inc.+#...................... 45,044 540,528
----------
Enterprise Software/Service -- 1.1%
Informatica Corp.+...................... 47,180 809,137
MicroStrategy, Inc., Class A+........... 6,873 693,142
----------
1,502,279
----------
Entertainment Software -- 0.5%
THQ, Inc.+#............................. 27,485 672,008
----------
Finance - Consumer Loans -- 1.1%
ASTA Funding, Inc.#..................... 19,919 720,271
World Acceptance Corp.+#................ 23,863 753,355
----------
1,473,626
----------
Finance - Investment Banker/Broker -- 1.4%
Knight Capital Group, Inc., Class A+.... 42,520 567,642
optionsXpress Holdings, Inc.#........... 28,796 875,687
TradeStation Group, Inc.+#.............. 35,067 418,349
----------
1,861,678
----------
Food - Misc. -- 0.6%
Ralcorp Holdings, Inc.+................. 12,216 749,940
----------
Food - Retail -- 0.4%
Pathmark Stores, Inc.+.................. 40,507 522,540
----------
Footwear & Related Apparel -- 1.4%
Deckers Outdoor Corp.+#................. 8,584 1,237,555
Skechers USA, Inc., Class A+............ 25,166 570,010
----------
1,807,565
----------
Health Care Cost Containment -- 0.7%
Healthspring, Inc.+..................... 49,266 931,127
----------
Home Furnishings -- 0.8%
Kimball International, Inc., Class B#... 35,115 468,434
Tempur-Pedic International, Inc.#....... 22,298 662,028
----------
1,130,462
----------
Human Resources -- 1.2%
Labor Ready, Inc.+#..................... 36,574 550,439
MPS Group, Inc.+........................ 29,169 323,776
Spherion Corp.+......................... 89,135 693,470
----------
1,567,685
----------
Identification Systems -- 0.3%
Cogent, Inc.+#.......................... 41,710 462,981
----------
Industrial Automated/Robotic -- 0.3%
Hurco Cos., Inc.+....................... 8,801 363,217
----------
Insurance - Life/Health -- 1.0%
Delphi Financial Group, Inc., Class A#.. 12,076 464,201
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------
Insurance - Life/Health -- 1.0% (continued)
Reinsurance Group of America, Inc........... 16,053 $ 868,628
----------
1,332,829
----------
Insurance - Property/Casualty -- 1.2%
National Interstate Corp.#.................. 23,571 776,193
Zenith National Insurance Corp.............. 20,534 863,044
----------
1,639,237
----------
Internet Application Software -- 0.7%
DealerTrack Holdings, Inc.+................. 7,274 309,436
Interwoven, Inc.+........................... 49,677 610,034
----------
919,470
----------
Internet Content - Information/News -- 0.4%
Loopnet, Inc.+#............................. 30,440 467,558
----------
Internet Infrastructure Software -- 0.3%
Chordiant Software, Inc.+................... 42,242 423,687
----------
Intimate Apparel -- 0.7%
The Warnaco Group, Inc.+.................... 24,617 908,367
----------
Investment Management/Advisor Services -- 1.1%
Waddell & Reed Financial, Inc., Class A..... 44,119 1,507,987
----------
Lasers - System/Components -- 1.6%
Coherent, Inc.+............................. 17,791 511,847
Cymer, Inc.+................................ 18,479 758,933
II-VI, Inc.+................................ 26,113 875,830
----------
2,146,610
----------
Machinery - Construction & Mining -- 0.4%
Astec Industries, Inc.+..................... 13,774 517,351
----------
Machinery - General Industrial -- 1.1%
Applied Industrial Technologies, Inc........ 22,406 676,885
Wabtec Corp................................. 23,547 799,185
----------
1,476,070
----------
Medical Instruments -- 0.6%
ArthroCare Corp.+#.......................... 15,497 838,853
----------
Medical Laser Systems -- 0.3%
Cutera, Inc.+#.............................. 23,564 356,759
----------
Medical Products -- 1.3%
Mentor Corp.#............................... 22,575 848,594
West Pharmaceutical Services, Inc.#......... 22,283 837,173
----------
1,685,767
----------
Medical Sterilization Products -- 0.7%
STERIS Corp................................. 34,172 955,449
----------
Medical - Biomedical/Gene -- 3.5%
American Oriental Bioengineering, Inc.+..... 87,939 1,028,886
Arena Pharmaceuticals, Inc.+#............... 47,521 415,809
Arqule, Inc.+#.............................. 53,571 347,676
Cell Genesys, Inc.+......................... 156,984 365,773
Enzon Pharmaceuticals, Inc.+#............... 46,339 438,367
Incyte Corp.+#.............................. 90,588 777,245
InterMune, Inc.+#........................... 32,180 522,603
Lexicon Genetics, Inc.+..................... 163,489 567,307
Telik, Inc.+#............................... 79,310 265,688
----------
4,729,354
----------
Medical - Drugs -- 3.7%
Cubist Pharmaceuticals, Inc.+#.............. 44,111 936,918
K-V Pharmaceutical Co., Class A+#........... 36,047 1,016,525
OSI Pharmaceuticals, Inc.+#................. 26,970 1,257,611
192
VALIC Company I Small Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
-------------------------------------------------------------------
COMMON STOCK (continued)
Medical - Drugs -- 3.7% (continued)
Pain Therapeutics, Inc.+...................... 27,994 $ 293,657
Sciele Pharma, Inc.+#......................... 38,850 867,132
Valeant Pharmaceuticals International+........ 54,403 628,355
----------
5,000,198
----------
Medical - HMO -- 1.3%
Centene Corp.+................................ 33,123 828,075
Molina Healthcare, Inc.+#..................... 24,898 933,426
----------
1,761,501
----------
Medical - Hospitals -- 0.5%
Medcath Corp.+................................ 24,363 619,307
----------
Medical - Nursing Homes -- 0.5%
Sun Healthcare Group, Inc.+................... 36,242 601,255
----------
Metal Processors & Fabrication -- 0.4%
Mueller Industries, Inc....................... 19,470 588,578
----------
Metal - Iron -- 0.6%
Cleveland-Cliffs, Inc.#....................... 9,526 859,245
----------
Miscellaneous Manufacturing -- 0.2%
American Railcar Industries, Inc.............. 14,814 227,839
----------
Networking Products -- 1.3%
Anixter International, Inc.+#................. 8,542 550,959
Foundry Networks, Inc.+....................... 42,878 755,939
Polycom, Inc.+................................ 18,872 458,024
----------
1,764,922
----------
Office Furnishings - Original -- 0.7%
Knoll, Inc.................................... 51,710 903,891
----------
Oil & Gas Drilling -- 1.4%
Atwood Oceanics, Inc.+........................ 7,875 687,094
Grey Wolf, Inc.+#............................. 100,138 508,701
Parker Drilling Co.+#......................... 97,603 697,861
----------
1,893,656
----------
Oil Companies - Exploration & Production -- 2.7%
Bois d'Arc Energy, Inc.+...................... 41,894 821,122
Comstock Resources, Inc.+..................... 34,104 1,142,484
Mariner Energy, Inc.+......................... 20,661 447,931
Petroquest Energy, Inc.+#..................... 44,667 593,625
Rosetta Resources, Inc.+...................... 30,461 557,436
----------
3,562,598
----------
Oil Field Machinery & Equipment -- 0.6%
Gulf Island Fabrication, Inc.................. 25,788 820,316
----------
Oil Refining & Marketing -- 0.4%
Holly Corp.................................... 11,223 543,754
----------
Oil - Field Services -- 0.5%
Hornbeck Offshore Services, Inc.+#............ 15,111 622,120
----------
Physicians Practice Management -- 0.6%
Matria Healthcare, Inc.+#..................... 38,150 866,768
----------
Real Estate Investment Trusts -- 1.1%
FelCor Lodging Trust, Inc..................... 40,219 704,235
Getty Realty Corp.#........................... 27,209 737,908
----------
1,442,143
----------
Research & Development -- 0.9%
Parexel International Corp.+.................. 26,767 1,184,440
----------
Resort/Theme Park -- 0.4%
Vail Resorts, Inc.+#.......................... 9,973 553,601
----------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------------------
Retail - Apparel/Shoe -- 2.0%
Aeropostale, Inc.+.................................... 38,049 $ 972,152
Jos. A. Bank Clothiers, Inc.+#........................ 28,618 740,920
Men's Wearhouse, Inc.................................. 23,609 814,983
Under Armour, Inc., Class A+#......................... 3,064 152,219
----------
2,680,274
----------
Retail - Bedding -- 0.4%
Select Comfort Corp.+#................................ 47,488 505,272
----------
Retail - Drug Store -- 0.8%
Longs Drug Stores Corp................................ 21,451 1,135,187
----------
Retail - Petroleum Products -- 0.6%
World Fuel Services Corp.#............................ 24,800 784,672
----------
Retail - Restaurants -- 2.6%
Buffalo Wild Wings, Inc.+#............................ 22,248 643,190
Chipotle Mexican Grill, Inc., Class A+#............... 11,027 1,468,245
Denny's Corp.+........................................ 193,597 793,748
IHOP Corp.#........................................... 11,345 575,645
----------
3,480,828
----------
Satellite Telecom -- 0.4%
GeoEye, Inc.+......................................... 18,522 587,518
----------
Schools -- 1.9%
DeVry, Inc............................................ 32,053 1,762,274
ITT Educational Services, Inc.+....................... 6,372 720,928
----------
2,483,202
----------
Seismic Data Collection -- 0.5%
Dawson Geophysical Co.+#.............................. 9,104 610,150
----------
Semiconductor Equipment -- 0.3%
Entegris, Inc.+....................................... 48,932 423,751
----------
Semiconductors Components - Intergrated Circuits -- 0.3%
Exar Corp.+........................................... 41,766 383,830
----------
Telecommunication Equipment -- 1.7%
Arris Group, Inc.+#................................... 31,699 330,621
Comtech Telecommunications Corp.+#.................... 20,563 1,021,159
Network Equipment Technologies, Inc.+................. 28,483 354,328
Tekelec+#............................................. 48,837 600,695
----------
2,306,803
----------
Therapeutics -- 1.7%
CV Therapeutics, Inc.+................................ 65,983 575,372
Neurocrine Biosciences, Inc.+#........................ 46,411 604,271
Renovis, Inc.+#....................................... 146,784 494,662
The Medicines Co.+.................................... 30,147 532,999
----------
2,207,304
----------
Toys -- 0.8%
Marvel Entertainment, Inc.+#.......................... 38,266 1,059,968
----------
Transport - Marine -- 0.4%
Horizon Lines, Inc. Class A#.......................... 25,893 515,530
----------
Transport - Services -- 0.7%
Hub Group, Inc., Class A+............................. 38,081 993,152
----------
Vitamins & Nutrition Products -- 0.4%
NBTY, Inc.+........................................... 19,656 587,125
----------
Wire & Cable Products -- 0.6%
Belden, Inc.#......................................... 9,075 417,904
General Cable Corp.+#................................. 5,375 399,792
----------
817,696
----------
193
VALIC Company I Small Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Shares/
Principal Value
Security Description Amount (Note 2)
--------------------------------------------------------------------
COMMON STOCK (continued)
Wireless Equipment -- 0.5%
InterDigital, Inc.+#..................... 12,141 $ 218,538
Novatel Wireless, Inc.+#................. 27,675 430,070
------------
648,608
------------
Wound, Burn & Skin Care -- 0.3%
Obagi Medical Products, Inc.+............ 20,032 368,589
------------
X-Ray Equipment -- 0.5%
Hologic, Inc.+........................... 10,540 699,751
------------
Total Long - Term Investment Securities
(cost $130,580,209)..................... 129,321,681
------------
SHORT - TERM INVESTMENT SECURITIES -- 28.4%
Collective Investment Pool -- 25.2%
Securities Lending Quality Trust(1)...... 33,591,927 33,591,927
------------
Time Deposit -- 3.1%
Euro Time Deposit with State Street
Bank & Trust Co.
2.25% due 12/03/07...................... $ 4,103,000 4,103,000
------------
Principal Value
Security Description Amount (Note 2)
----------------------------------------------------------------
U.S. Government Treasuries -- 0.1%
United States Treasury Bills
3.34% due 02/14/08@.................. $100,000 $ 99,310
3.80% due 01/24/08@.................. 50,000 49,718
3.99% due 01/10/08@.................. 50,000 49,781
------------
198,809
------------
Total Short - Term Investment Securities
(cost $37,893,736)................... 37,893,736
------------
TOTAL INVESTMENTS
(cost $168,473,945)(2)............... 125.2% 167,215,417
Liabilities in excess of other assets... (25.2) (33,687,996)
-------- ------------
NET ASSETS -- 100.0% $133,527,421
======== ============
- --------
+ Non-income producing security
# The security or a portion thereof is out on loan (See Note 2)
@ The security or a portion thereof was pledged as collateral to cover margin
requirements for open futures contracts.
(1)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(2)See Note 5 for cost of investments on a tax basis.
Open Futures Contracts
- --------------------------------------------------------------------------------------
Unrealized
Number of Expiration Value at Value as of Appreciation
Contracts Description Date Trade Date November 30, 2007 (Depreciation)
- --------------------------------------------------------------------------------------
10 Long Russell 2000 Index December 2007 $3,996,795 $3,847,000 $(149,795)
=========
See Notes to Financial Statements
194
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Oil Companies -- Integrated.............. 6.6%
Diversified Manufacturing Operations..... 5.0
Medical -- Drugs......................... 4.9
Finance -- Investment Banker/Broker...... 4.5
Banks -- Super Regional.................. 4.4
Computers................................ 3.9
Collective Investment Pool............... 3.6
Telephone -- Integrated.................. 3.3
Electric -- Integrated................... 3.2
Insurance -- Multi -- line............... 2.5
Medical Products......................... 2.4
Applications Software.................... 2.2
Cosmetics & Toiletries................... 2.2
Electronic Components -- Semiconductors.. 2.2
Beverages -- Non -- alcoholic............ 2.0
Oil Companies -- Exploration & Production 1.8
Multimedia............................... 1.7
Aerospace/Defense........................ 1.6
Oil -- Field Services.................... 1.6
Retail -- Discount....................... 1.6
Web Portals/ISP.......................... 1.5
Networking Products...................... 1.4
Tobacco.................................. 1.4
Medical -- HMO........................... 1.3
Food -- Misc............................. 1.1
Insurance -- Life/Health................. 1.1
Medical -- Biomedical/Gene............... 1.0
Real Estate Investment Trusts............ 1.0
Transport -- Services.................... 1.0
Retail -- Restaurants.................... 0.9
Wireless Equipment....................... 0.9
Banks -- Fiduciary....................... 0.8
Chemicals -- Diversified................. 0.8
Enterprise Software/Service.............. 0.8
Medical Instruments...................... 0.7
Retail -- Drug Store..................... 0.7
Transport -- Rail........................ 0.7
Aerospace/Defense -- Equipment........... 0.6
Banks -- Commercial...................... 0.6
Cable TV................................. 0.6
Finance -- Credit Card................... 0.6
Insurance -- Property/Casualty........... 0.6
Oil & Gas Drilling....................... 0.6
Retail -- Building Products.............. 0.6
Finance -- Mortgage Loan/Banker.......... 0.5
Finance -- Other Services................ 0.5
Investment Management/Advisor Services... 0.5
Agricultural Chemicals................... 0.4
Brewery.................................. 0.4
Computers -- Memory Devices.............. 0.4
Consumer Products -- Misc................ 0.4
Data Processing/Management............... 0.4
E-Commerce/Services...................... 0.4
Electric Products -- Misc................ 0.4
Industrial Gases......................... 0.4
Machinery -- Construction & Mining....... 0.4
Oil Refining & Marketing................. 0.4
Pipelines................................ 0.4
Auto -- Cars/Light Trucks................ 0.3
Commercial Paper......................... 0.3
Commercial Services -- Finance........... 0.3
Computer Services........................ 0.3
Food -- Retail........................... 0.3
Instruments -- Scientific................ 0.3
Machinery -- Farming..................... 0.3
Metal -- Diversified..................... 0.3
Pharmacy Services........................ 0.3
Semiconductor Equipment.................. 0.3
Telecom Equipment -- Fiber Optics........ 0.3
Therapeutics............................. 0.3
Advertising Agencies..................... 0.2
Agricultural Operations.................. 0.2
Apparel Manufacturers.................... 0.2
Athletic Footwear........................ 0.2
Auto/Truck Parts & Equipment -- Original. 0.2
Chemicals -- Specialty................... 0.2
Coal..................................... 0.2
Cruise Lines............................. 0.2
E -- Commerce/Products................... 0.2
Electronic Components -- Misc............ 0.2
Electronic Forms......................... 0.2
Engineering/R&D Services................. 0.2
Food -- Confectionery.................... 0.2
Food -- Wholesale/Distribution........... 0.2
Forestry................................. 0.2
Health Care Cost Containment............. 0.2
Hotels/Motels............................ 0.2
Insurance Brokers........................ 0.2
Internet Security........................ 0.2
Medical -- Wholesale Drug Distribution... 0.2
Metal Processors & Fabrication........... 0.2
Metal -- Aluminum........................ 0.2
Mining................................... 0.2
Non -- Hazardous Waste Disposal.......... 0.2
Office Automation & Equipment............ 0.2
Oil Field Machinery & Equipment.......... 0.2
Paper & Related Products................. 0.2
Retail -- Apparel/Shoe................... 0.2
Retail -- Consumer Electronics........... 0.2
Retail -- Office Supplies................ 0.2
Retail -- Regional Department Stores..... 0.2
Savings & Loans/Thrifts.................. 0.2
Steel -- Producers....................... 0.2
Airlines................................. 0.1
Appliances............................... 0.1
Auto -- Heavy Duty Trucks................ 0.1
Beverages -- Wine/Spirits................ 0.1
Broadcast Services/Program............... 0.1
Building & Construction Products -- Misc. 0.1
Building Products -- Air & Heating....... 0.1
Building -- Residential/Commerical....... 0.1
Casino Hotels............................ 0.1
Casino Services.......................... 0.1
Coatings/Paint........................... 0.1
Computer Aided Design.................... 0.1
Containers -- Paper/Plastic.............. 0.1
Disposable Medical Products.............. 0.1
Distribution/Wholesale................... 0.1
Diversified Operations................... 0.1
Drug Delivery Systems.................... 0.1
Electric -- Generation................... 0.1
Electronic Measurement Instruments....... 0.1
Electronics -- Military.................. 0.1
Engines -- Internal Combustion........... 0.1
Entertainment Software................... 0.1
Finance -- Consumer Loans................ 0.1
Financial Guarantee Insurance............ 0.1
Gas -- Distribution...................... 0.1
Home Decoration Products................. 0.1
Industrial Automated/Robotic............. 0.1
Internet Infrastructure Software......... 0.1
Investment Companies..................... 0.1
Medical Labs & Testing Services.......... 0.1
Medical -- Generic Drugs................. 0.1
Motorcycle/Motor Scooter................. 0.1
Photo Equipment & Supplies............... 0.1
Printing -- Commercial................... 0.1
Publishing -- Newspapers................. 0.1
195
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Industry Allocation* (continued)
Repurchase Agreements............................ 0.1%
Retail -- Bedding................................ 0.1
Retail -- Jewelry................................ 0.1
Retail -- Major Department Stores................ 0.1
Rubber -- Tires.................................. 0.1
Schools.......................................... 0.1
Semiconductors Components -- Intergrated Circuits 0.1
Steel -- Specialty............................... 0.1
Telecom Services................................. 0.1
Television....................................... 0.1
Tools -- Hand Held............................... 0.1
Toys............................................. 0.1
-----
103.3%
=====
* Calculated as a percentage of net assets
196
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------------
COMMON STOCK -- 99.3%
Advertising Agencies -- 0.2%
Interpublic Group of Cos., Inc.+#............ 181,900 $ 1,726,231
Omnicom Group, Inc........................... 126,700 6,176,625
------------
7,902,856
------------
Aerospace/Defense -- 1.6%
Boeing Co.................................... 302,500 27,993,350
General Dynamics Corp........................ 156,500 13,894,070
Lockheed Martin Corp......................... 134,000 14,829,780
Northrop Grumman Corp........................ 132,600 10,447,554
Raytheon Co.................................. 168,800 10,440,280
Rockwell Collins, Inc........................ 64,300 4,637,316
------------
82,242,350
------------
Aerospace/Defense - Equipment -- 0.6%
Goodrich Corp................................ 48,300 3,443,307
United Technologies Corp..................... 382,700 28,614,479
------------
32,057,786
------------
Agricultural Chemicals -- 0.4%
Monsanto Co.................................. 210,400 20,907,448
------------
Agricultural Operations -- 0.2%
Archer - Daniels - Midland Co................ 248,400 9,029,340
------------
Airlines -- 0.1%
Southwest Airlines Co........................ 288,400 4,080,860
------------
Apparel Manufacturers -- 0.2%
Coach, Inc.+................................. 143,900 5,344,446
Jones Apparel Group, Inc.#................... 32,900 613,256
Liz Claiborne, Inc.#......................... 39,500 991,055
Polo Ralph Lauren Corp....................... 23,200 1,600,336
VF Corp...................................... 34,300 2,565,297
------------
11,114,390
------------
Appliances -- 0.1%
Whirlpool Corp.#............................. 30,200 2,444,992
------------
Applications Software -- 2.2%
Citrix Systems, Inc.+........................ 73,100 2,703,238
Compuware Corp.+............................. 110,400 911,904
Intuit, Inc.+................................ 130,800 3,835,056
Microsoft Corp............................... 3,111,500 104,546,400
------------
111,996,598
------------
Athletic Footwear -- 0.2%
NIKE, Inc., Class B.......................... 149,200 9,794,980
------------
Audio/Video Products -- 0.0%
Harman International Industries, Inc......... 23,300 1,714,880
------------
Auto - Cars/Light Trucks -- 0.3%
Ford Motor Co.+#............................. 810,200 6,084,602
General Motors Corp.#........................ 218,300 6,511,889
------------
12,596,491
------------
Auto - Heavy Duty Trucks -- 0.1%
PACCAR, Inc.#................................ 143,850 7,280,248
------------
Auto/Truck Parts & Equipment - Original -- 0.2%
Johnson Controls, Inc........................ 229,200 8,851,704
WABCO Holdings, Inc.......................... 1 47
------------
8,851,751
------------
Banks - Commercial -- 0.6%
BB&T Corp.................................... 213,000 7,685,040
Commerce Bancorp, Inc.#...................... 74,100 2,950,662
First Horizon National Corp.#................ 48,700 1,075,296
M&T Bank Corp................................ 29,000 2,637,840
Marshall & Ilsley Corp.#..................... 102,800 3,235,116
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------------
Banks - Commercial (continued)
Regions Financial Corp........................ 271,600 $ 7,178,388
Synovus Financial Corp.#...................... 126,300 3,143,607
Zions Bancorp................................. 41,600 2,270,112
------------
30,176,061
------------
Banks - Fiduciary -- 0.8%
Northern Trust Corp........................... 73,900 5,985,161
State Street Corp............................. 150,400 12,015,456
The Bank of New York Mellon Corp.............. 439,004 21,054,632
------------
39,055,249
------------
Banks - Super Regional -- 4.4%
Bank of America Corp.......................... 1,712,300 78,988,399
Capital One Financial Corp.#.................. 161,100 8,588,241
Comerica, Inc................................. 59,100 2,705,598
Fifth Third Bancorp........................... 206,800 6,185,388
Huntington Bancshares, Inc.#.................. 141,200 2,215,428
KeyCorp....................................... 150,300 3,958,902
National City Corp.#.......................... 244,400 4,829,344
PNC Financial Services Group, Inc............. 132,000 9,663,720
SunTrust Banks, Inc........................... 134,800 9,450,828
US Bancorp.................................... 666,300 22,047,867
Wachovia Corp................................. 734,400 31,579,200
Wells Fargo & Co.............................. 1,289,800 41,828,214
------------
222,041,129
------------
Beverages - Non - alcoholic -- 2.0%
Coca - Cola Enterprises, Inc.................. 110,000 2,856,700
Pepsi Bottling Group, Inc..................... 54,000 2,304,180
PepsiCo, Inc.................................. 623,600 48,129,448
The Coca - Cola Co............................ 767,900 47,686,590
------------
100,976,918
------------
Beverages - Wine/Spirits -- 0.1%
Brown - Forman Corp., Class B#................ 33,300 2,352,312
Constellation Brands, Inc., Class A+#......... 74,800 1,761,540
------------
4,113,852
------------
Brewery -- 0.4%
Anheuser - Busch Cos., Inc.................... 289,300 15,251,896
Molson Coors Brewing Co., Class B............. 52,600 2,831,984
------------
18,083,880
------------
Broadcast Services/Program -- 0.1%
Clear Channel Communications, Inc.#........... 192,100 6,896,390
------------
Building & Construction Products - Misc. -- 0.1%
Masco Corp.................................... 141,700 3,174,080
Vulcan Materials Co.#......................... 41,700 3,702,960
------------
6,877,040
------------
Building Products - Air & Heating -- 0.1%
Trane Inc..................................... 66,100 2,426,531
------------
Building - Residential/Commerical -- 0.1%
Centex Corp.#................................. 46,300 965,818
D.R. Horton, Inc.#............................ 105,400 1,261,638
KB Home#...................................... 29,700 620,433
Lennar Corp., Class A#........................ 53,800 852,192
Pulte Homes, Inc.#............................ 81,900 837,018
------------
4,537,099
------------
Cable TV -- 0.6%
Comcast Corp., Class A+....................... 1,192,700 24,498,058
The DIRECTV Group, Inc.+...................... 277,100 6,891,477
------------
31,389,535
------------
197
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
- ---------------------------------------------------------------------------------
COMMON STOCK (continued)
Casino Hotel -- 0.1%
Harrah's Entertainment, Inc................................ 72,200 $ 6,358,654
------------
Casino Services -- 0.1%
International Game Technology.............................. 129,500 5,653,970
------------
Chemicals - Diversified -- 0.8%
E.I. du Pont de Nemours & Co............................... 355,200 16,392,480
PPG Industries, Inc........................................ 63,300 4,344,912
Rohm & Haas Co............................................. 49,100 2,669,567
The Dow Chemical Co........................................ 366,600 15,375,204
------------
38,782,163
------------
Chemicals - Specialty -- 0.2%
Ashland, Inc............................................... 21,500 1,058,660
Eastman Chemical Co........................................ 32,400 2,080,404
Ecolab, Inc................................................ 67,300 3,223,670
Hercules, Inc.............................................. 44,800 869,568
International Flavors & Fragrances, Inc.#.................. 31,300 1,569,382
Sigma - Aldrich Corp....................................... 50,600 2,664,090
------------
11,465,774
------------
Coal -- 0.2%
CONSOL Energy, Inc......................................... 70,300 4,167,384
Peabody Energy Corp........................................ 102,400 5,697,536
------------
9,864,920
------------
Coatings/Paint -- 0.1%
The Sherwin - Williams Co.#................................ 42,000 2,638,860
------------
Commercial Services -- 0.0%
Convergys Corp.+........................................... 52,400 854,644
------------
Commercial Services - Finance -- 0.3%
Equifax, Inc.#............................................. 50,900 1,895,007
H&R Block, Inc............................................. 125,200 2,463,936
Moody's Corp.#............................................. 85,500 3,219,930
The Western Union Co....................................... 298,100 6,737,060
------------
14,315,933
------------
Computer Aided Design -- 0.1%
Autodesk, Inc.+............................................ 88,800 4,181,592
------------
Computer Services -- 0.3%
Affiliated Computer Services, Inc., Class A+............... 38,400 1,611,264
Cognizant Technology Solutions Corp., Class A+............. 111,600 3,470,760
Computer Sciences Corp.+#.................................. 67,100 3,544,222
Electronic Data Systems Corp............................... 196,400 3,979,064
Unisys Corp.+#............................................. 135,000 669,600
------------
13,274,910
------------
Computers -- 3.9%
Apple, Inc.+............................................... 335,500 61,134,810
Dell, Inc.+................................................ 876,600 21,511,764
Hewlett - Packard Co....................................... 994,900 50,899,084
International Business Machines Corp....................... 524,900 55,208,982
Sun Microsystems, Inc.+.................................... 319,800 6,645,444
------------
195,400,084
------------
Computers - Integrated Systems -- 0.0%
Teradata Corp.+............................................ 69,600 1,806,816
------------
Computers - Memory Devices -- 0.4%
EMC Corp.+................................................. 809,300 15,595,211
Network Appliance, Inc.+................................... 137,400 3,395,154
SanDisk Corp.+............................................. 87,900 3,290,976
------------
22,281,341
------------
Value
Security Description Shares (Note 2)
- -----------------------------------------------------------------------------------
Computers - Periphery Equipment -- 0.0%
Lexmark International, Inc., Class A+#..................... 36,400 $ 1,269,632
------------
Consumer Products - Misc. -- 0.4%
Clorox Co.................................................. 53,400 3,464,592
Fortune Brands, Inc........................................ 59,100 4,530,015
Kimberly - Clark Corp...................................... 164,200 11,462,802
------------
19,457,409
------------
Containers - Metal/Glass -- 0.0%
Ball Corp.................................................. 39,500 1,826,875
------------
Containers - Paper/Plastic -- 0.1%
Bemis Co., Inc.#........................................... 40,300 1,093,339
Pactiv Corp.+.............................................. 50,400 1,280,160
Sealed Air Corp.#.......................................... 62,300 1,455,951
------------
3,829,450
------------
Cosmetics & Toiletries -- 2.2%
Avon Products, Inc......................................... 167,000 6,855,350
Colgate - Palmolive Co..................................... 196,700 15,751,736
Procter & Gamble Co........................................ 1,204,300 89,118,200
The Estee Lauder Cos., Inc., Class A....................... 44,300 1,988,184
------------
113,713,470
------------
Cruise Lines -- 0.2%
Carnival Corp.............................................. 168,400 7,598,208
------------
Data Processing/Management -- 0.4%
Automatic Data Processing, Inc............................. 205,000 9,237,300
Fidelity National Information Services, Inc................ 65,500 2,830,910
Fiserv, Inc.+.............................................. 64,500 3,310,785
Paychex, Inc............................................... 131,200 5,116,800
------------
20,495,795
------------
Dental Supplies & Equipment -- 0.0%
Patterson Cos., Inc.+...................................... 54,000 1,737,720
------------
Disposable Medical Products -- 0.1%
C.R. Bard, Inc............................................. 39,800 3,364,294
------------
Distribution/Wholesale -- 0.1%
Genuine Parts Co........................................... 65,500 3,147,275
WW Grainger, Inc.#......................................... 25,900 2,286,970
------------
5,434,245
------------
Diversified Manufacturing Operations -- 5.0%
3M Co...................................................... 276,300 23,004,738
Cooper Industries, Ltd. Class A............................ 70,800 3,555,576
Danaher Corp............................................... 95,100 8,256,582
Dover Corp................................................. 78,900 3,651,492
Eaton Corp................................................. 56,300 5,028,153
General Electric Co........................................ 3,953,900 151,394,831
Honeywell International, Inc............................... 288,900 16,357,518
Illinois Tool Works, Inc.#................................. 161,900 8,985,450
Ingersoll - Rand Co., Ltd., Class A........................ 110,700 5,716,548
ITT, Inc................................................... 69,800 4,497,912
Leggett & Platt, Inc.#..................................... 67,500 1,389,150
Parker Hannifin Corp....................................... 67,200 5,337,696
Textron, Inc............................................... 96,400 6,656,420
Tyco International, Ltd.................................... 191,799 7,696,894
------------
251,528,960
------------
Diversified Operations -- 0.1%
Leucadia National Corp.#................................... 63,500 2,981,960
------------
Drug Delivery Systems -- 0.1%
Hospira, Inc.+............................................. 60,600 2,623,980
------------
198
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------------
COMMON STOCK (continued)
E - Commerce/Products -- 0.2%
Amazon.com, Inc.+........................... 118,000 $ 10,686,080
------------
E - Commerce/Services -- 0.4%
eBay, Inc.+................................. 440,200 14,759,906
Expedia, Inc.+.............................. 78,900 2,572,140
IAC/InterActive Corp.+#..................... 73,800 2,053,854
Monster Worldwide, Inc.+.................... 51,000 1,722,270
------------
21,108,170
------------
Electric Products - Misc. -- 0.4%
Emerson Electric Co......................... 305,600 17,425,312
Molex, Inc.................................. 55,400 1,526,824
------------
18,952,136
------------
Electric - Generation -- 0.1%
The AES Corp.+.............................. 258,000 5,637,300
------------
Electric - Integrated -- 3.2%
Allegheny Energy, Inc....................... 64,000 3,888,000
Ameren Corp................................. 80,100 4,313,385
American Electric Power Co., Inc............ 154,000 7,341,180
CenterPoint Energy, Inc.#................... 123,900 2,211,615
CMS Energy Corp.#........................... 86,600 1,509,438
Consolidated Edison, Inc.#.................. 104,500 5,063,025
Constellation Energy Group, Inc............. 69,600 6,974,616
Dominion Resources, Inc..................... 224,800 10,617,304
DTE Energy Co............................... 65,900 3,232,395
Duke Energy Corp............................ 486,300 9,623,877
Edison International........................ 125,700 7,036,686
Entergy Corp................................ 75,600 9,037,224
Exelon Corp................................. 260,100 21,086,307
FirstEnergy Corp............................ 117,600 8,062,656
FPL Group, Inc.............................. 157,000 10,952,320
Integrys Energy Group, Inc.#................ 29,300 1,494,593
NiSource, Inc............................... 105,800 1,958,358
Pepco Holdings, Inc......................... 74,700 2,099,070
PG&E Corp................................... 136,300 6,306,601
Pinnacle West Capital Corp.................. 38,700 1,658,682
PPL Corp.................................... 147,900 7,536,984
Progress Energy, Inc........................ 99,900 4,877,118
Public Service Enterprise Group, Inc........ 98,100 9,392,094
Southern Co................................. 291,900 10,981,278
TECO Energy, Inc............................ 81,200 1,406,384
Xcel Energy, Inc.#.......................... 162,000 3,743,820
------------
162,405,010
------------
Electronic Components - Misc. -- 0.2%
Jabil Circuit, Inc.#........................ 80,100 1,357,695
Tyco Electronics, Ltd....................... 191,799 7,171,365
------------
8,529,060
------------
Electronic Components - Semiconductors -- 2.2%
Advanced Micro Devices, Inc.+#.............. 231,100 2,255,536
Altera Corp................................. 129,600 2,433,888
Broadcom Corp., Class A+.................... 181,000 4,839,940
Intel Corp.................................. 2,253,600 58,773,888
LSI Logic Corp.+#........................... 276,300 1,533,465
MEMC Electronic Materials, Inc.+............ 86,800 6,733,944
Microchip Technology, Inc................... 84,000 2,418,360
Micron Technology, Inc.+#................... 292,000 2,429,440
National Semiconductor Corp................. 92,700 2,119,122
NVIDIA Corp.+............................... 211,700 6,677,018
QLogic Corp.+............................... 52,800 713,856
Texas Instruments, Inc...................... 551,400 17,407,698
Xilinx, Inc................................. 114,200 2,500,980
------------
110,837,135
------------
Value
Security Description Shares (Note 2)
-----------------------------------------------------------------
Electronic Forms -- 0.2%
Adobe Systems, Inc.+.................... 227,000 $ 9,565,780
------------
Electronic Measurement Instruments -- 0.1%
Agilent Technologies, Inc.+............. 149,200 5,644,236
------------
Electronics - Military -- 0.1%
L - 3 Communications Holdings, Inc...... 48,600 5,377,590
------------
Engineering/R&D Services -- 0.2%
Fluor Corp.............................. 34,000 5,003,780
Jacobs Engineering Group, Inc.+......... 46,300 3,878,551
------------
8,882,331
------------
Engines - Internal Combustion -- 0.1%
Cummins, Inc............................ 40,100 4,687,690
------------
Enterprise Software/Service -- 0.8%
BMC Software, Inc.+..................... 77,700 2,570,316
CA, Inc.#............................... 150,000 3,673,500
Novell, Inc.+........................... 135,000 947,700
Oracle Corp.+........................... 1,519,300 30,659,474
------------
37,850,990
------------
Entertainment Software -- 0.1%
Electronic Arts, Inc.+.................. 120,000 6,742,800
------------
Filtration/Separation Products -- 0.0%
Pall Corp............................... 47,300 1,809,225
------------
Finance - Commercial -- 0.0%
CIT Group, Inc.......................... 73,700 1,960,420
------------
Finance - Consumer Loans -- 0.1%
SLM Corp................................ 159,200 6,062,336
------------
Finance - Credit Card -- 0.6%
American Express Co..................... 456,500 26,924,370
Discover Financial Services............. 184,250 3,200,422
------------
30,124,792
------------
Finance - Investment Banker/Broker -- 4.5%
Citigroup, Inc.......................... 1,919,600 63,922,680
E*TRADE Financial Corp.+#............... 164,100 754,860
JPMorgan Chase & Co..................... 1,305,900 59,575,158
Lehman Brothers Holdings, Inc........... 204,800 12,826,624
Merrill Lynch & Co., Inc................ 332,700 19,942,038
Morgan Stanley.......................... 406,100 21,409,592
The Bear Stearns Cos., Inc.#............ 44,900 4,476,530
The Charles Schwab Corp................. 365,700 8,890,167
The Goldman Sachs Group, Inc............ 156,600 35,491,824
------------
227,289,473
------------
Finance - Mortgage Loan/Banker -- 0.5%
Countrywide Financial Corp.#............ 222,300 2,405,286
Fannie Mae.............................. 375,600 14,430,552
Freddie Mac............................. 250,900 8,799,063
------------
25,634,901
------------
Finance - Other Services -- 0.5%
CME Group, Inc.......................... 20,600 13,567,160
IntercontinentalExchange, Inc.+......... 26,700 4,457,832
NYSE Euronext........................... 101,900 8,824,540
------------
26,849,532
------------
Financial Guarantee Insurance -- 0.1%
Ambac Financial Group, Inc.#............ 39,200 1,067,416
MBIA, Inc.#............................. 48,900 1,785,339
MGIC Investment Corp.#.................. 31,700 745,584
------------
3,598,339
------------
199
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------------
COMMON STOCK (continued)
Food - Confectionery -- 0.2%
The Hershey Co.#................................. 65,300 $ 2,606,123
WM Wrigley Jr. Co................................ 83,800 5,363,200
-----------
7,969,323
-----------
Food - Dairy Products -- 0.0%
Dean Foods Co.#.................................. 49,900 1,244,506
-----------
Food - Meat Products -- 0.0%
Tyson Foods, Inc., Class A....................... 106,100 1,581,951
-----------
Food - Misc. -- 1.1%
Campbell Soup Co................................. 86,700 3,183,624
ConAgra Foods, Inc............................... 189,100 4,731,282
General Mills, Inc............................... 127,500 7,669,125
H.J. Heinz Co.................................... 123,200 5,827,360
Kellogg Co....................................... 102,300 5,528,292
Kraft Foods, Inc., Class A....................... 608,500 21,023,675
McCormick & Co., Inc............................. 50,000 1,910,500
Sara Lee Corp.................................... 279,600 4,705,668
-----------
54,579,526
-----------
Food - Retail -- 0.3%
Safeway, Inc..................................... 169,500 5,898,600
The Kroger Co.................................... 273,000 7,848,750
Whole Foods Market, Inc.#........................ 53,700 2,309,637
-----------
16,056,987
-----------
Food - Wholesale/Distribution -- 0.2%
SUPERVALU, Inc................................... 81,000 3,391,470
Sysco Corp....................................... 235,400 7,652,854
-----------
11,044,324
-----------
Forestry -- 0.2%
Plum Creek Timber Co., Inc.#..................... 67,400 3,125,338
Weyerhaeuser Co.................................. 83,300 6,095,894
-----------
9,221,232
-----------
Gas - Distribution -- 0.1%
Nicor, Inc.#..................................... 17,400 733,236
Sempra Energy.................................... 101,800 6,374,716
-----------
7,107,952
-----------
Health Care Cost Containment -- 0.2%
McKesson Corp.................................... 114,200 7,620,566
-----------
Home Decoration Products -- 0.1%
Newell Rubbermaid, Inc........................... 106,700 2,857,426
-----------
Hotels/Motels -- 0.2%
Marriott International, Inc., Class A............ 123,400 4,627,500
Starwood Hotels & Resorts Worldwide, Inc......... 76,900 4,127,992
Wyndham Worldwide Corp........................... 69,000 2,012,730
-----------
10,768,222
-----------
Human Resources -- 0.0%
Robert Half International, Inc.#................. 63,300 1,706,568
-----------
Independent Power Producer -- 0.0%
Dynegy, Inc., Class A+........................... 191,200 1,455,032
-----------
Industrial Automated/Robotic -- 0.1%
Rockwell Automation, Inc......................... 58,900 3,998,721
-----------
Industrial Gases -- 0.4%
Air Products & Chemicals, Inc.................... 83,300 8,250,032
Praxair, Inc..................................... 123,400 10,535,892
-----------
18,785,924
-----------
Value
Security Description Shares (Note 2)
-------------------------------------------------------------------
Instruments - Scientific -- 0.3%
Applera Corp. - Applied Biosystems Group.... 70,700 $ 2,415,112
PerkinElmer, Inc............................ 46,800 1,276,704
Thermo Fisher Scientific, Inc.+............. 164,600 9,487,544
Waters Corp.+............................... 38,600 3,012,344
------------
16,191,704
------------
Insurance Brokers -- 0.2%
AON Corp.................................... 112,900 5,641,613
Marsh & McLennan Cos., Inc.................. 209,200 5,255,104
------------
10,896,717
------------
Insurance - Life/Health -- 1.1%
AFLAC, Inc.................................. 188,500 11,807,640
CIGNA Corp.................................. 109,200 5,854,212
Genworth Financial, Inc., Class A........... 170,800 4,481,792
Lincoln National Corp....................... 104,400 6,427,908
Principal Financial Group................... 102,600 6,719,274
Prudential Financial, Inc................... 177,200 16,681,608
Torchmark Corp.............................. 36,900 2,275,992
UnumProvident Corp.......................... 139,200 3,457,728
------------
57,706,154
------------
Insurance - Multi - line -- 2.5%
ACE, Ltd.................................... 126,900 7,592,427
Allstate Corp............................... 225,800 11,542,896
American International Group, Inc.(1)....... 989,600 57,525,448
Assurant, Inc.#............................. 37,300 2,440,539
Cincinnati Financial Corp................... 66,300 2,650,674
Hartford Financial Services Group, Inc...... 122,600 11,686,232
Loews Corp.................................. 171,500 8,195,985
MetLife, Inc................................ 286,600 18,798,094
XL Capital, Ltd., Class A................... 70,200 4,108,806
------------
124,541,101
------------
Insurance - Property/Casualty -- 0.6%
Chubb Corp.................................. 151,800 8,280,690
SAFECO Corp................................. 38,000 2,192,980
The Progressive Corp........................ 279,500 5,142,800
The Travelers Cos., Inc..................... 253,400 13,458,074
------------
29,074,544
------------
Internet Infrastructure Software -- 0.1%
Akamai Technologies, Inc.+#................. 63,900 2,432,034
------------
Internet Security -- 0.2%
Symantec Corp.+............................. 347,000 6,176,600
VeriSign, Inc.+#............................ 85,400 3,492,860
------------
9,669,460
------------
Investment Companies -- 0.1%
American Capital Strategies, Ltd.#.......... 72,500 2,726,725
------------
Investment Management/Advisor Services -- 0.5%
Ameriprise Financial, Inc................... 90,800 5,329,052
Federated Investors, Inc., Class B.......... 33,800 1,378,702
Franklin Resources, Inc..................... 62,700 7,723,386
Janus Capital Group, Inc.#.................. 61,000 2,047,770
Legg Mason, Inc............................. 51,200 3,907,072
T. Rowe Price Group, Inc.................... 102,300 6,289,404
------------
26,675,386
------------
Leisure Products -- 0.0%
Brunswick Corp.#............................ 34,400 701,416
------------
Linen Supply & Related Items -- 0.0%
Cintas Corp................................. 52,000 1,663,480
------------
200
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------
COMMON STOCK (continued)
Machinery - Construction & Mining -- 0.4%
Caterpillar, Inc....................... 246,600 $ 17,730,540
Terex Corp.+........................... 39,400 2,539,330
------------
20,269,870
------------
Machinery - Farming -- 0.3%
Deere & Co............................. 85,700 14,723,260
------------
Machinery - General Industrial -- 0.0%
The Manitowoc Co., Inc................. 48,400 2,122,340
------------
Medical Information Systems -- 0.0%
IMS Health, Inc........................ 75,300 1,758,255
------------
Medical Instruments -- 0.7%
Boston Scientific Corp.+............... 514,800 6,501,924
Medtronic, Inc......................... 437,700 22,257,045
St. Jude Medical, Inc.+................ 131,500 5,227,125
------------
33,986,094
------------
Medical Labs & Testing Services -- 0.1%
Laboratory Corp. of America Holdings+.. 45,200 3,284,684
Quest Diagnostics, Inc.#............... 60,400 3,325,624
------------
6,610,308
------------
Medical Products -- 2.4%
Baxter International, Inc.............. 248,900 14,901,643
Becton Dickinson & Co.................. 94,000 7,776,620
Covidien, Ltd.......................... 191,799 7,693,058
Johnson & Johnson...................... 1,116,900 75,658,806
Stryker Corp........................... 91,600 6,652,908
Varian Medical Systems, Inc.+.......... 48,800 2,438,048
Zimmer Holdings, Inc.+................. 91,100 5,896,903
------------
121,017,986
------------
Medical - Biomedical/Gene -- 1.0%
Amgen, Inc.+........................... 419,300 23,166,325
Biogen Idec, Inc.+..................... 111,100 8,234,732
Celgene Corp.+#........................ 147,700 9,090,935
Genzyme Corp.+......................... 101,700 7,620,381
Millipore Corp.+#...................... 20,800 1,703,104
------------
49,815,477
------------
Medical - Drugs -- 4.9%
Abbott Laboratories.................... 596,300 34,293,213
Allergan, Inc.......................... 118,600 7,950,944
Bristol - Myers Squibb Co.............. 763,200 22,613,616
Eli Lilly & Co......................... 380,800 20,163,360
Forest Laboratories, Inc.+............. 122,100 4,706,955
King Pharmaceuticals, Inc.+............ 94,200 997,578
Merck & Co., Inc....................... 839,800 49,850,528
Pfizer, Inc............................ 2,673,200 63,515,232
Schering - Plough Corp................. 624,900 19,559,370
Wyeth.................................. 518,800 25,473,080
------------
249,123,876
------------
Medical - Generic Drugs -- 0.1%
Barr Pharmaceuticals, Inc.+............ 41,400 2,223,180
Mylan, Inc.#........................... 116,600 1,676,708
Watson Pharmaceuticals, Inc.+.......... 39,500 1,157,745
------------
5,057,633
------------
Medical - HMO -- 1.3%
Aetna, Inc............................. 197,400 11,030,712
Coventry Health Care, Inc.+............ 60,300 3,490,164
Humana, Inc.+.......................... 65,000 5,006,950
UnitedHealth Group, Inc................ 511,300 28,121,500
WellPoint, Inc.+....................... 220,600 18,576,726
------------
66,226,052
------------
Value
Security Description Shares (Note 2)
----------------------------------------------------------------------
Medical - Hospitals -- 0.0%
Tenet Healthcare Corp.+#...................... 182,800 $ 1,007,228
-----------
Medical - Nursing Homes -- 0.0%
Manor Care, Inc............................... 28,200 1,822,284
-----------
Medical - Wholesale Drug Distribution -- 0.2%
AmerisourceBergen Corp........................ 69,500 3,153,215
Cardinal Health, Inc.......................... 140,600 8,513,330
-----------
11,666,545
-----------
Metal Processors & Fabrication -- 0.2%
Precision Castparts Corp...................... 53,200 7,838,488
-----------
Metal - Aluminum -- 0.2%
Alcoa, Inc.................................... 341,100 12,405,807
-----------
Metal - Diversified -- 0.3%
Freeport - McMoRan Copper & Gold, Inc......... 147,300 14,572,389
-----------
Mining -- 0.2%
Newmont Mining Corp........................... 174,200 8,655,998
-----------
Motorcycle/Motor Scooter -- 0.1%
Harley - Davidson, Inc........................ 97,000 4,657,940
-----------
Multimedia -- 1.7%
Meredith Corp................................. 14,900 820,245
News Corp., Class A........................... 893,400 18,823,938
The E.W. Scripps Co., Class A#................ 34,600 1,503,370
The McGraw - Hill Cos., Inc................... 130,800 6,419,664
The Walt Disney Co............................ 749,000 24,829,350
Time Warner, Inc.............................. 1,439,200 24,840,592
Viacom, Inc., Class B+........................ 264,900 11,131,098
-----------
88,368,257
-----------
Networking Products -- 1.4%
Cisco Systems, Inc.+.......................... 2,350,400 65,858,208
Juniper Networks, Inc.+#...................... 198,300 5,893,476
-----------
71,751,684
-----------
Non - Ferrous Metals -- 0.0%
Titanium Metals Corp.#........................ 33,800 1,002,846
-----------
Non - Hazardous Waste Disposal -- 0.2%
Allied Waste Industries, Inc.+................ 111,200 1,268,792
Waste Management, Inc......................... 200,300 6,874,296
-----------
8,143,088
-----------
Office Automation & Equipment -- 0.2%
Pitney Bowes, Inc............................. 84,800 3,264,800
Xerox Corp.+.................................. 361,100 6,095,368
-----------
9,360,168
-----------
Office Supplies & Forms -- 0.0%
Avery Dennison Corp........................... 41,100 2,141,721
-----------
Oil & Gas Drilling -- 0.6%
ENSCO International, Inc...................... 57,200 3,080,220
Nabors Industries, Ltd.+#..................... 108,500 2,918,650
Noble Corp.................................... 103,600 5,400,668
Rowan Cos., Inc............................... 42,600 1,508,040
Transocean, Inc............................... 119,500 16,406,017
-----------
29,313,733
-----------
Oil Companies - Exploration & Production -- 1.8%
Anadarko Petroleum Corp....................... 179,000 10,131,400
Apache Corp................................... 128,100 12,398,799
Chesapeake Energy Corp.#...................... 170,800 6,464,780
Devon Energy Corp............................. 172,100 14,251,601
EOG Resources, Inc............................ 94,400 7,814,432
Murphy Oil Corp............................... 72,700 5,199,504
201
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------------------
COMMON STOCK (continued)
Oil Companies - Exploration & Production (continued)
Noble Energy, Inc................................. 66,000 $ 4,754,640
Occidental Petroleum Corp......................... 320,500 22,361,285
XTO Energy, Inc................................... 148,800 9,198,816
------------
92,575,257
------------
Oil Companies - Integrated -- 6.6%
Chevron Corp...................................... 822,700 72,208,379
ConocoPhillips.................................... 627,900 50,257,116
ExxonMobil Corp................................... 2,140,300 190,829,148
Hess Corp......................................... 106,700 7,599,174
Marathon Oil Corp................................. 276,100 15,433,990
------------
336,327,807
------------
Oil Field Machinery & Equipment -- 0.2%
National - Oilwell Varco, Inc.+................... 137,400 9,363,810
------------
Oil Refining & Marketing -- 0.4%
Sunoco, Inc....................................... 46,500 3,120,150
Tesoro Corp....................................... 52,800 2,596,704
Valero Energy Corp................................ 213,700 13,905,459
------------
19,622,313
------------
Oil - Field Services -- 1.6%
Baker Hughes, Inc................................. 123,300 9,897,291
BJ Services Co.................................... 112,600 2,767,708
Halliburton Co.................................... 343,600 12,579,196
Schlumberger, Ltd................................. 460,000 42,987,000
Smith International, Inc.......................... 77,300 4,848,256
Weatherford International, Ltd.+.................. 130,000 8,140,600
------------
81,220,051
------------
Paper & Related Products -- 0.2%
International Paper Co............................ 165,900 5,599,125
MeadWestvaco Corp.#............................... 70,800 2,327,196
Temple - Inland, Inc.#............................ 40,900 1,880,173
------------
9,806,494
------------
Pharmacy Services -- 0.3%
Express Scripts, Inc.+............................ 99,500 6,741,125
Medco Health Solutions, Inc.+..................... 104,600 10,458,954
------------
17,200,079
------------
Photo Equipment & Supplies -- 0.1%
Eastman Kodak Co.#................................ 110,700 2,599,236
------------
Pipelines -- 0.4%
El Paso Corp...................................... 270,300 4,346,424
Questar Corp...................................... 66,600 3,559,770
Spectra Energy Corp............................... 243,900 6,009,696
Williams Cos., Inc................................ 231,600 8,038,836
------------
21,954,726
------------
Printing - Commercial -- 0.1%
R.R. Donnelley & Sons Co.......................... 85,700 3,141,762
------------
Publishing - Newspapers -- 0.1%
Dow Jones & Co., Inc.............................. 25,100 1,499,725
Gannett Co., Inc.................................. 89,900 3,303,825
The New York Times Co., Class A#.................. 55,500 915,750
Tribune Co.#...................................... 29,800 924,992
------------
6,644,292
------------
Real Estate Investment Trusts -- 1.0%
Apartment Investment & Management Co., Class A.... 37,300 1,483,421
AvalonBay Communities, Inc........................ 30,700 3,052,808
Boston Properties, Inc............................ 45,900 4,517,478
Developers Diversified Realty Corp................ 48,000 2,131,680
Value
Security Description Shares (Note 2)
----------------------------------------------------------------------
Real Estate Investment Trusts (continued)
Equity Residential............................... 107,000 $ 3,981,470
General Growth Properties, Inc................... 94,700 4,397,868
Host Hotels & Resorts, Inc....................... 201,500 3,866,785
Kimco Realty Corp................................ 97,300 3,842,377
ProLogis......................................... 99,100 6,483,122
Public Storage, Inc.............................. 48,000 3,712,320
Simon Property Group, Inc........................ 86,200 8,486,390
Vornado Realty Trust............................. 51,600 4,644,000
-----------
50,599,719
-----------
Real Estate Management/Services -- 0.0%
CB Richard Ellis Group, Inc., Class A+#.......... 76,000 1,805,000
-----------
Retail - Apparel/Shoe -- 0.2%
Abercrombie & Fitch Co., Class A................. 33,500 2,748,340
Limited Brands, Inc.............................. 123,100 2,471,848
Nordstrom, Inc.#................................. 76,400 2,562,456
The Gap, Inc..................................... 191,000 3,896,400
-----------
11,679,044
-----------
Retail - Auto Parts -- 0.0%
AutoZone, Inc.+.................................. 17,700 1,975,851
-----------
Retail - Automobile -- 0.0%
AutoNation, Inc.+#............................... 53,200 877,800
-----------
Retail - Bedding -- 0.1%
Bed Bath & Beyond, Inc.+......................... 104,800 3,295,960
-----------
Retail - Building Products -- 0.6%
Home Depot, Inc.................................. 651,600 18,609,696
Lowe's Cos., Inc................................. 570,600 13,928,346
-----------
32,538,042
-----------
Retail - Consumer Electronics -- 0.2%
Best Buy Co., Inc.#.............................. 135,500 6,917,275
Circuit City Stores, Inc.#....................... 65,000 420,550
RadioShack Corp.#................................ 53,100 982,350
-----------
8,320,175
-----------
Retail - Discount -- 1.6%
Big Lots, Inc.+#................................. 39,300 733,731
Costco Wholesale Corp............................ 169,100 11,397,340
Family Dollar Stores, Inc........................ 56,200 1,323,510
Target Corp...................................... 326,800 19,627,608
TJX Cos., Inc.................................... 171,600 5,034,744
Wal - Mart Stores, Inc........................... 926,300 44,369,770
-----------
82,486,703
-----------
Retail - Drug Store -- 0.7%
CVS Caremark Corp................................ 571,500 22,911,435
Walgreen Co...................................... 383,500 14,032,265
-----------
36,943,700
-----------
Retail - Jewelry -- 0.1%
Tiffany & Co..................................... 52,700 2,446,861
-----------
Retail - Major Department Stores -- 0.1%
J.C. Penney Co., Inc............................. 85,600 3,776,672
Sears Holdings Corp.+#........................... 29,300 3,091,443
-----------
6,868,115
-----------
Retail - Office Supplies -- 0.2%
Office Depot, Inc.+.............................. 105,300 1,804,842
OfficeMax, Inc................................... 29,000 722,970
Staples, Inc..................................... 275,500 6,529,350
-----------
9,057,162
-----------
202
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------------------
COMMON STOCK (continued)
Retail - Regional Department Stores -- 0.2%
Dillard's, Inc., Class A#............................ 23,400 $ 477,126
Kohl's Corp.+........................................ 122,700 6,046,656
Macy's, Inc.......................................... 167,400 4,963,410
------------
11,487,192
------------
Retail - Restaurants -- 0.9%
Darden Restaurants, Inc.............................. 54,600 2,172,534
McDonald's Corp...................................... 459,900 26,890,353
Starbucks Corp.+..................................... 287,600 6,726,964
Wendy's International, Inc........................... 33,700 944,611
Yum! Brands, Inc..................................... 200,700 7,456,005
------------
44,190,467
------------
Rubber - Tires -- 0.1%
The Goodyear Tire & Rubber Co.+#..................... 81,400 2,340,250
------------
Savings & Loans/Thrifts -- 0.2%
Hudson City Bancorp, Inc.#........................... 205,200 3,123,144
Sovereign Bancorp, Inc............................... 138,700 1,632,499
Washington Mutual, Inc.#............................. 338,000 6,591,000
------------
11,346,643
------------
School -- 0.1%
Apollo Group, Inc., Class A+......................... 54,800 4,193,296
------------
Semiconductor Equipment -- 0.3%
Applied Materials, Inc............................... 531,800 10,013,794
KLA - Tencor Corp.#.................................. 70,300 3,380,024
Novellus Systems, Inc.+#............................. 44,800 1,165,248
Teradyne, Inc.+...................................... 67,000 729,630
------------
15,288,696
------------
Semiconductors Components - Integrated Circuits -- 0.1%
Analog Devices, Inc.................................. 120,100 3,696,678
Linear Technology Corp.#............................. 85,600 2,607,376
------------
6,304,054
------------
Steel - Producers -- 0.2%
Nucor Corp........................................... 111,200 6,584,152
United States Steel Corp............................. 45,600 4,455,120
------------
11,039,272
------------
Steel - Specialty -- 0.1%
Allegheny Technologies, Inc.......................... 39,400 3,851,350
------------
Telecom Equipment - Fiber Optics -- 0.3%
Ciena Corp.+#........................................ 33,100 1,455,738
Corning, Inc......................................... 607,000 14,744,030
JDS Uniphase Corp.+#................................. 81,600 1,098,336
------------
17,298,104
------------
Telecom Services -- 0.1%
Embarq Corp.......................................... 58,800 2,995,860
------------
Telecommunication Equipment -- 0.0%
Tellabs, Inc.+....................................... 169,100 1,176,936
------------
Telephone - Integrated -- 3.3%
AT&T, Inc............................................ 2,353,600 89,931,056
CenturyTel, Inc...................................... 43,100 1,837,353
Citizens Communications Co........................... 131,400 1,705,572
Qwest Communications International, Inc.+#........... 616,500 4,087,395
Sprint Nextel Corp................................... 1,098,500 17,048,720
Verizon Communications, Inc.......................... 1,120,000 48,395,200
Windstream Corp...................................... 184,200 2,385,390
------------
165,390,686
------------
Television -- 0.1%
CBS Corp., Class B................................... 264,400 7,252,492
------------
Shares/
Principal Value
Security Description Amount (Note 2)
- -----------------------------------------------------------------------------------------
Therapeutics -- 0.3%
Gilead Sciences, Inc.+................................... 357,500 $ 16,638,050
--------------
Tobacco -- 1.4%
Altria Group, Inc........................................ 812,300 63,001,988
Reynolds American, Inc.#................................. 66,000 4,621,320
UST, Inc.#............................................... 61,500 3,560,850
--------------
71,184,158
--------------
Tools - Hand Held -- 0.1%
Black & Decker Corp...................................... 25,400 2,099,310
Snap - on, Inc........................................... 22,300 1,090,024
The Stanley Works#....................................... 31,700 1,653,155
--------------
4,842,489
--------------
Toys -- 0.1%
Hasbro, Inc.#............................................ 56,700 1,574,559
Mattel, Inc.............................................. 141,500 2,827,170
--------------
4,401,729
--------------
Transport - Rail -- 0.7%
Burlington Northern Santa Fe Corp........................ 116,000 9,688,320
CSX Corp................................................. 169,400 7,114,800
Norfolk Southern Corp.................................... 151,800 7,773,678
Union Pacific Corp....................................... 102,900 12,979,806
--------------
37,556,604
--------------
Transport - Services -- 1.0%
C.H. Robinson Worldwide, Inc.#........................... 66,600 3,433,230
Expeditors International of Washington, Inc.............. 82,200 3,856,824
FedEx Corp............................................... 119,100 11,727,777
Ryder System, Inc........................................ 23,100 1,001,616
United Parcel Service, Inc., Class B..................... 405,200 29,855,136
--------------
49,874,583
--------------
Web Portals/ISP -- 1.5%
Google, Inc., Class A+................................... 89,100 61,746,300
Yahoo!, Inc.+............................................ 519,800 13,935,838
--------------
75,682,138
--------------
Wireless Equipment -- 0.9%
American Tower Corp., Class A+........................... 158,500 7,218,090
Motorola, Inc............................................ 893,100 14,262,807
QUALCOMM, Inc............................................ 646,000 26,343,880
--------------
47,824,777
--------------
Total Long-Term Investment Securities
(cost $3,052,237,739)................................... 5,034,771,595
--------------
SHORT-TERM INVESTMENT SECURITIES -- 3.9%
Collective Investment Pool(2) -- 3.6%
Securities Lending Quality Trust(2)...................... 180,863,755 180,863,755
--------------
Commercial Paper -- 0.3%
Erste Finance LLC
4.62% due 12/03/07...................................... $ 16,000,000 15,995,894
--------------
U.S. Government Treasuries -- 0.0%
United States Treasury Bill
2.87% due 02/07/08...................................... 1,500,000 1,491,925
--------------
Total Short-Term Investment Securities
(cost $198,351,573)..................................... 198,351,573
--------------
REPURCHASE AGREEMENT -- 0.1%
Agreement with State Street Bank & Co., bearing interest
at 4.06%, dated 11/30/07, to be repurchased
12/03/07 in the amount of $2,657,899 and
collateralized by Federal Home Loan Bank Bonds,
bearing interest at 3.75%, due 8/15/08 and having an
approximate value of $2,737,424 (cost $2,657,000)
............................................................ 2,657,000 2,657,000
--------------
TOTAL INVESTMENTS
(cost $3,253,246,312)(3)................................ 103.3% 5,235,780,168
Liabilities in excess of other assets...................... (3.3) (168,988,935)
------------ --------------
NET ASSETS -- 100.0% $5,066,791,233
============ ==============
203
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
- --------
+ Non-income producing security
# The security or a portion thereof is out on loan (See Note 3)
(1)Security represents an investment in an affiliated company; see Note 3
(2)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(3)See Note 5 for cost of investments on a tax basis.
Open Futures Contracts
- -----------------------------------------------------------------------------------------
Unrealized
Number of Expiration Value at Value as of Appreciation
Contracts Description Date Trade Date November 30, 2007 (Depreciation)
- -----------------------------------------------------------------------------------------
83 Long S & P 500 Index..... December 2007 $31,378,735 $30,786,775 $(591,960)
---------
$(591,960)
=========
See Notes to Financial Statements
204
VALIC Company I VALIC Ultra Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Computers................................ 8.4%
Beverages -- Non -- alcoholic............ 6.1
Collective Investment Pool............... 5.7
Electronic Components -- Semiconductors.. 5.4
Medical -- Drugs......................... 5.4
Web Portals/ISP.......................... 5.3
Networking Products...................... 3.3
Pharmacy Services........................ 2.9
Oil -- Field Services.................... 2.7
Aerospace/Defense........................ 2.6
Instruments -- Scientific................ 2.5
Retail -- Restaurants.................... 2.5
Cosmetics & Toiletries................... 2.2
Electric Products -- Misc................ 2.0
Finance -- Investment Banker/Broker...... 2.0
Retail -- Discount....................... 2.0
Applications Software.................... 1.9
Oil Companies -- Exploration & Production 1.9
Cellular Telecom......................... 1.8
Finance -- Other Services................ 1.8
Agricultural Chemicals................... 1.7
Food -- Misc............................. 1.7
Toys..................................... 1.7
Diversified Manufacturing Operations..... 1.6
Investment Management/Advisor Services... 1.6
Medical Products......................... 1.6
Metal Processors & Fabrication........... 1.5
Schools.................................. 1.4
Engineering/R&D Services................. 1.3
Oil & Gas Drilling....................... 1.3
Electronic Forms......................... 1.2
Insurance -- Life/Health................. 1.2
Therapeutics............................. 1.2
Aerospace/Defense -- Equipment........... 1.0
Index Fund -- Large Cap.................. 1.0
Oil Companies -- Integrated.............. 1.0
Data Processing/Management............... 0.9
Enterprise Software/Service.............. 0.9
Tobacco.................................. 0.9
Athletic Footwear........................ 0.8
Banks -- Fiduciary....................... 0.8
Retail -- Computer Equipment............. 0.8
Telecom Equipment -- Fiber Optics........ 0.8
Cable TV................................. 0.7
Chemicals -- Specialty................... 0.7
Computer Services........................ 0.7
Consumer Products -- Misc................ 0.5
Diversified Minerals..................... 0.5
Entertainment Software................... 0.5
Medical -- Biomedical/Gene............... 0.5
Batteries/Battery Systems................ 0.4
Time Deposits............................ 0.4
Computers -- Memory Devices.............. 0.3
E-Commerce/Products...................... 0.3
Medical Labs & Testing Services.......... 0.3
Software Tools........................... 0.2
-----
102.3%
=====
* Calculated as a percentage of net assets
205
VALIC Company I VALIC Ultra Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 -- (unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
COMMON STOCK -- 95.2%
Aerospace/Defense -- 2.6%
Boeing Co................................. 76,544 $ 7,083,382
Lockheed Martin Corp...................... 96,554 10,685,631
Raytheon Co............................... 141,277 8,737,982
-----------
26,506,995
-----------
Aerospace/Defense-Equipment -- 1.0%
United Technologies Corp.................. 136,533 10,208,572
-----------
Agricultural Chemicals -- 1.7%
Monsanto Co............................... 182,749 18,159,768
-----------
Applications Software -- 1.9%
Microsoft Corp............................ 592,345 19,902,792
-----------
Athletic Footwear -- 0.8%
NIKE, Inc., Class B#...................... 128,863 8,459,856
-----------
Banks-Fiduciary -- 0.8%
The Bank of New York Mellon Corp.......... 166,289 7,975,220
-----------
Batteries/Battery Systems -- 0.4%
Energizer Holdings, Inc.+#................ 34,063 3,870,579
-----------
Beverages-Non-alcoholic -- 6.1%
PepsiCo, Inc.............................. 424,745 32,781,819
The Coca-Cola Co.......................... 490,443 30,456,510
-----------
63,238,329
-----------
Cable TV -- 0.7%
Rogers Communications, Inc.#.............. 176,547 7,337,660
-----------
Cellular Telecom -- 1.8%
America Movil SAB de CV, Series L ADR..... 165,636 10,213,116
Vodafone Group PLC(2)..................... 2,217,937 8,299,668
-----------
18,512,784
-----------
Chemicals-Specialty -- 0.7%
The Mosaic Co.+#.......................... 107,333 7,422,077
-----------
Computer Services -- 0.7%
DST Systems, Inc.+#....................... 90,655 7,683,011
-----------
Computers -- 8.4%
Apple, Inc.+.............................. 191,030 34,809,486
Hewlett-Packard Co........................ 597,946 30,590,917
International Business Machines Corp...... 19,910 2,094,134
Research In Motion, Ltd.+................. 175,080 19,927,606
-----------
87,422,143
-----------
Computers-Memory Devices -- 0.3%
EMC Corp.+................................ 158,577 3,055,779
-----------
Consumer Products-Misc. -- 0.5%
Clorox Co................................. 86,122 5,587,595
-----------
Cosmetics & Toiletries -- 2.2%
Colgate-Palmolive Co...................... 279,744 22,401,900
-----------
Data Processing/Management -- 0.9%
Mastercard, Inc., Class A#................ 47,950 9,621,168
-----------
Diversified Manufacturing Operations -- 1.6%
Roper Industries, Inc.#................... 75,111 4,765,793
Textron, Inc.............................. 174,891 12,076,224
-----------
16,842,017
-----------
Diversified Minerals -- 0.5%
BHP Billiton, Ltd.#(2).................... 132,452 5,030,930
-----------
E-Commerce/Products -- 0.3%
Amazon.com, Inc.+......................... 29,190 2,621,665
-----------
Electric Products-Misc. -- 2.0%
Emerson Electric Co....................... 362,048 20,643,977
-----------
Value
Security Description Shares (Note 2)
--------------------------------------------------------------------
Electronic Components-Semiconductors -- 5.4%
Intel Corp.................................. 1,225,760 $31,967,821
MEMC Electronic Materials, Inc.+............ 157,896 12,249,571
NVIDIA Corp.+............................... 365,170 11,517,462
-----------
55,734,854
-----------
Electronic Forms -- 1.2%
Adobe Systems, Inc.+........................ 303,227 12,777,986
-----------
Engineering/R&D Services -- 1.3%
ABB, Ltd.(2)................................ 449,140 13,192,830
-----------
Enterprise Software/Service -- 0.9%
Oracle Corp................................. 447,901 9,038,642
-----------
Entertainment Software -- 0.5%
Electronic Arts, Inc.+...................... 96,737 5,435,652
-----------
Finance-Investment Banker/Broker -- 2.0%
The Charles Schwab Corp..................... 860,072 20,908,350
-----------
Finance-Other Services -- 1.8%
CME Group, Inc.............................. 28,689 18,894,575
-----------
Food-Misc. -- 1.7%
Kellogg Co.................................. 123,636 6,681,289
Unilever NV(2).............................. 311,070 10,933,618
-----------
17,614,907
-----------
Instruments-Scientific -- 2.5%
Thermo Fisher Scientific, Inc.+............. 267,354 15,410,285
Waters Corp.+............................... 135,581 10,580,741
-----------
25,991,026
-----------
Insurance-Life/Health -- 1.2%
AFLAC, Inc.................................. 206,715 12,948,628
-----------
Investment Management/Advisor Services -- 1.6%
T. Rowe Price Group, Inc.#.................. 265,597 16,328,904
-----------
Medical Labs & Testing Services -- 0.3%
Covance, Inc.+.............................. 30,381 2,653,173
-----------
Medical Products -- 1.6%
Becton Dickinson & Co....................... 66,556 5,506,178
Johnson & Johnson........................... 166,775 11,297,338
-----------
16,803,516
-----------
Medical-Biomedical/Gene -- 0.5%
Celgene Corp.+.............................. 80,650 4,964,008
-----------
Medical-Drugs -- 5.4%
Abbott Laboratories......................... 165,611 9,524,288
Allergan, Inc.#............................. 215,117 14,421,444
Bristol-Myers Squibb Co..................... 350,246 10,377,789
Merck & Co., Inc............................ 227,405 13,498,761
Schering-Plough Corp........................ 270,591 8,469,498
-----------
56,291,780
-----------
Metal Processors & Fabrication -- 1.5%
Precision Castparts Corp.................... 102,395 15,086,879
-----------
Networking Products -- 3.3%
Cisco Systems, Inc.+........................ 1,226,773 34,374,180
-----------
Oil & Gas Drilling -- 1.3%
Transocean, Inc............................. 99,086 13,603,517
-----------
Oil Companies-Exploration & Production -- 1.9%
Noble Energy, Inc........................... 58,475 4,212,539
XTO Energy, Inc............................. 242,962 15,019,911
-----------
19,232,450
-----------
206
VALIC Company I VALIC Ultra Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 -- (unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
---------------------------------------------------------------
COMMON STOCK (continued)
Oil Companies-Integrated -- 1.0%
ExxonMobil Corp......................... 118,200 $ 10,538,712
------------
Oil-Field Services -- 2.7%
Baker Hughes, Inc....................... 87,086 6,990,393
Halliburton Co.......................... 132,282 4,842,844
Schlumberger, Ltd....................... 177,073 16,547,472
------------
28,380,709
------------
Pharmacy Services -- 2.9%
Express Scripts, Inc.+.................. 229,727 15,564,004
Medco Health Solutions, Inc.+........... 143,944 14,392,961
------------
29,956,965
------------
Retail-Computer Equipment -- 0.8%
GameStop Corp., Class A+................ 146,687 8,427,168
------------
Retail-Discount -- 2.0%
Costco Wholesale Corp.#................. 144,282 9,724,607
Target Corp............................. 73,586 4,419,575
TJX Cos., Inc........................... 236,555 6,940,524
------------
21,084,706
------------
Retail-Restaurants -- 2.5%
Chipotle Mexican Grill, Inc., Class A+#. 29,844 3,973,729
McDonald's Corp......................... 218,313 12,764,761
Yum! Brands, Inc........................ 251,545 9,344,897
------------
26,083,387
------------
School -- 1.4%
Apollo Group, Inc., Class A+............ 196,445 15,031,971
------------
Software Tools -- 0.2%
VMware, Inc. Class A+#.................. 26,314 2,404,310
------------
Telecom Equipment-Fiber Optics -- 0.8%
Corning, Inc............................ 328,404 7,976,933
------------
Therapeutics -- 1.2%
Gilead Sciences, Inc.+.................. 261,851 12,186,546
------------
Tobacco -- 0.9%
Altria Group, Inc....................... 117,909 9,145,022
------------
Toys -- 1.7%
Nintendo Co., Ltd.(2)................... 28,300 17,396,126
------------
Web Portals/ISP -- 5.3%
Google, Inc., Class A+.................. 66,698 46,221,714
Yahoo!, Inc.+........................... 332,121 8,904,164
------------
55,125,878
------------
Total Common Stock
(cost $820,401,156).................... 988,119,107
------------
Shares/
Principal Value
Security Description Amount (Note 2)
-------------------------------------------------------------------
EXCHANGE TRADED FUNDS -- 1.0%
Index Fund-Large Cap -- 1.0%
SPDR Trust, Series 1#
(cost $10,243,905)................. 70,372 $ 10,461,502
--------------
Total Long-Term Investment Securities
(cost $830,645,061)................ 998,580,609
--------------
SHORT-TERM INVESTMENT SECURITIES -- 6.1%
Collective Investment Pool -- 5.7%
Securities Lending Quality Trust(1). 59,242,601 59,242,601
--------------
Time Deposit -- 0.4%
Euro Time Deposit with State Street
Bank & Trust Co.
2.25% due 12/03/07................. $ 4,268,000 4,268,000
--------------
Total Short-Term Investment Securities
(cost $63,510,601)................. 63,510,601
--------------
TOTAL INVESTMENTS
(cost $894,155,662) (3)............ 102.3% 1,062,091,210
Liabilities in excess of other assets. (2.3) (23,973,505)
----------- --------------
NET ASSETS -- 100.0% $1,038,117,705
=========== ==============
- --------
+ Non-income producing security
# The security or a portion thereof is out on loan (See Note 2)
(1)The security is purchased with the cash collateral received from securities
loaned (see Note 2).
(2)Security was valued using fair value procedures at November 30, 2007. See
Note 2 regarding fair value pricing procedures for foreign equity securities.
(3)See Note 5 for cost of investments on a tax basis.
See Notes to Financials Statements
207
VALIC Company I Value Fund
PORTFOLIO PROFILE -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Industry Allocation*
Finance -- Investment Banker/Broker...... 9.2%
Banks -- Super Regional.................. 8.1
Oil Companies -- Integrated.............. 7.7
Electric -- Integrated................... 7.1
Telephone -- Integrated.................. 4.9
Semiconductor Equipment.................. 4.7
Diversified Manufactured Operations...... 3.7
Medical -- Products...................... 3.7
Tobacco.................................. 3.4
Aerospace/Defense........................ 3.3
Food -- Misc............................. 3.1
Broadcast Services/Program............... 3.0
Repurchase Agreements.................... 2.9
Oil Companies -- Exploration & Production 2.4
Chemicals -- Diversified................. 2.1
Multimedia............................... 2.0
Networking Products...................... 2.0
Oil -- Field Services.................... 2.0
Retail -- Discount....................... 2.0
Aerospace/Defense -- Equipment........... 1.9
Investment Management/Advisor Services... 1.9
Machinery -- Farming..................... 1.8
Steel Producer........................... 1.7
Auto -- Heavy Duty Trucks................ 1.6
Computers................................ 1.6
Finance -- Credit Card................... 1.6
Insurance -- Reinsurance................. 1.6
Entertainment Software................... 1.5
Medical -- Drugs......................... 1.5
Chemicals -- Specialty................... 1.3
Pharmacy Services........................ 1.1
Theater.................................. 1.0
Retail -- Drug Store..................... 0.9
Retail -- Office Supplies................ 0.4
Independent Power Producers.............. 0.3
Seismic Data Collection.................. 0.1
Therapeutics............................. 0.1
----
99.2%
====
* Calculated as a percentage of net assets.
208
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Value
Security Description Shares (Note 2)
------------------------------------------------------------------
COMMON STOCK -- 96.3%
Aerospace/Defense -- 3.3%
Boeing Co................................... 39,140 $ 3,622,016
-----------
Aerospace/Defense - Equipment -- 1.9%
Alliant Techsystems, Inc.+.................. 9,155 1,069,579
United Technologies Corp.................... 14,481 1,082,744
-----------
2,152,323
-----------
Auto - Heavy Duty Trucks -- 1.6%
Navistar International Corp.+............... 34,174 1,775,339
-----------
Banks - Super Regional -- 8.1%
Bank of America Corp........................ 71,922 3,317,762
Wachovia Corp............................... 132,161 5,682,923
-----------
9,000,685
-----------
Broadcast Services/Program -- 3.0%
Liberty Global, Inc., Class C+.............. 86,310 3,301,358
-----------
Chemicals - Diversified -- 2.1%
BASF AG ADR................................. 8,333 1,154,121
FMC Corp.................................... 20,800 1,138,176
-----------
2,292,297
-----------
Chemicals - Specialty -- 1.3%
Lubrizol Corp............................... 22,159 1,421,278
-----------
Computers -- 1.6%
Sun Microsystems, Inc. +.................... 86,000 1,787,080
-----------
Diversified Manufacturing Operations -- 3.7%
General Electric Co......................... 4,100 156,989
Siemens AG ADR.............................. 26,195 3,975,615
-----------
4,132,604
-----------
Electric - Integrated -- 7.1%
Exelon Corp................................. 40,481 3,281,794
FirstEnergy Corp............................ 67,055 4,597,291
-----------
7,879,085
-----------
Entertainment Software -- 1.5%
Take - Two Interactive Software, Inc.+...... 109,760 1,644,205
-----------
Finance - Credit Card -- 1.6%
American Express Co......................... 30,900 1,822,482
-----------
Finance - Investment Banker/Broker -- 9.2%
Credit Suisse Group ADR..................... 90,600 5,464,992
UBS AG...................................... 94,052 4,747,745
-----------
10,212,737
-----------
Food - Misc. -- 3.1%
ConAgra Foods, Inc.......................... 139,555 3,491,666
-----------
Independent Power Producer -- 0.3%
Dynegy, Inc., Class A+...................... 50,183 381,893
-----------
Insurance - Reinsurance -- 1.6%
Everest Re Group, Ltd....................... 17,400 1,825,782
-----------
Investment Management/Advisor Services -- 1.9%
National Financial Partners Corp............ 45,543 2,067,652
-----------
Machinery - Farming -- 1.8%
Deere & Co.................................. 11,890 2,042,702
-----------
Medical Products -- 3.7%
Johnson & Johnson........................... 60,948 4,128,618
-----------
Medical - Drugs -- 1.5%
Novartis AG ADR............................. 28,529 1,612,459
-----------
Multimedia -- 2.0%
News Corp., Class A......................... 105,960 2,232,577
-----------
Shares/
Principal Value
Security Description Amount (Note 2)
- -------------------------------------------------------------------------------
Networking Products -- 2.0%
Cisco Systems, Inc.+................................ 79,000 $ 2,213,580
------------
Oil Companies - Exploration & Production -- 2.4%
Murphy Oil Corp..................................... 38,088 2,724,054
------------
Oil Companies - Integrated -- 7.7%
ExxonMobil Corp..................................... 62,455 5,568,488
Hess Corp........................................... 16,800 1,196,496
Total SA ADR........................................ 21,645 1,751,513
------------
8,516,497
------------
Oil - Field Services -- 2.0%
Halliburton Co...................................... 60,153 2,202,201
------------
Pharmacy Services -- 1.1%
Medco Health Solutions, Inc.+....................... 11,994 1,199,280
------------
Retail - Discount -- 2.0%
Costco Wholesale Corp............................... 33,705 2,271,717
------------
Retail - Drug Store -- 0.9%
Walgreen Co......................................... 28,000 1,024,520
------------
Retail - Office Supplies -- 0.4%
OfficeMax, Inc...................................... 19,600 488,628
------------
Seismic Data Collection -- 0.1%
ION Geophysical Corp.+.............................. 8,600 132,698
------------
Semiconductor Equipment -- 4.7%
KLA - Tencor Corp................................... 55,500 2,668,440
Lam Research Corp.+................................. 56,420 2,586,857
------------
5,255,297
------------
Steel - Producer -- 1.7%
Carpenter Technology Corp........................... 25,416 1,917,637
------------
Telephone - Integrated -- 4.9%
AT&T, Inc........................................... 113,778 4,347,457
Sprint Nextel Corp.................................. 71,700 1,112,784
------------
5,460,241
------------
Theater -- 1.0%
Cinemark Holdings, Inc.............................. 65,348 1,090,658
------------
Therapeutics -- 0.1%
Vanda Pharmaceuticals, Inc.+........................ 9,300 83,607
------------
Tobacco -- 3.4%
Altria Group, Inc................................... 48,058 3,727,379
------------
Total Long-Term Investment Securities
(cost $101,717,087)................................ 107,134,832
------------
REPURCHASE AGREEMENT -- 2.9%
Agreement with State Street Bank & Trust Co.,
bearing interest at 4.06%, dated 11/30/07, to be
repurchased 12/03/07 in the amount of $3,189,079
and collateralized by Federal National Mtg. Assoc.
Notes, bearing interest at 4.25%, due 05/15/09 and
having an approximate value of $3,252,878
(cost $3,188,000).................................. $3,188,000 3,188,000
------------
TOTAL INVESTMENTS
(cost $104,905,087)(1)............................. 99.2% 110,322,832
Other assets less liabilities......................... 0.8 857,615
---------- ------------
NET ASSETS -- 100.0% $111,180,447
========== ============
- --------
+ Non-income producing security
(1)See Note 5 for cost of investments on a tax basis.
ADR American Depository Receipt
See Notes to Financials Statements
209
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
ASSET BLUE CHIP BROAD CAP
ALLOCATION GROWTH VALUE INCOME
FUND FUND FUND
- -------------------------------------------------------------------------------------------------------------------
ASSETS:
Long-term investment securities, at value (unaffiliated)*+......... $ 150,642,492 $ 141,429,836 $ 29,304,400
Long-term investment securities, at value (affiliated)*+........... - - -
Short-term investment securities, at value (unaffiliated)*......... 8,968,959 11,732,365 543,000
Repurchase agreements (cost approximates market value)............. 9,446,000 - -
-------------- -------------- --------------
Total Investments.................................................. 169,057,451 153,162,201 29,847,400
-------------- -------------- --------------
Cash............................................................... - 534 191
Foreign cash*...................................................... - 9 -
Receivable for-
Fund shares sold................................................ 83,838 384,434 30,049
Dividends and interest.......................................... 722,172 161,139 72,912
Investments sold................................................ 2,496,023 - 40,447
Options written................................................. - - -
Prepaid expenses and other assets.................................. 20,689 1,253 1,067
Due from investment adviser for expense reimbursements/fee
waivers........................................................... - 8,713 6,352
Variation margin on futures contracts.............................. 90,482 - -
Collateral received for securities loaned.......................... - 2,687,825 -
Unrealized appreciation on forward foreign currency contracts...... - - -
-------------- -------------- --------------
TOTAL ASSETS....................................................... 172,470,655 156,406,108 29,998,418
-------------- -------------- --------------
LIABILITIES:
Payable for-
Fund shares redeemed............................................ 27,133 205,124 9,688
Investments purchased........................................... 2,349,041 297,911 -
Investment advisory and management fees......................... 69,133 84,747 17,057
Administrative service fee...................................... 9,679 7,910 1,706
Transfer agent fees and expenses................................ 468 468 411
Directors' fees and expenses.................................... 56,712 13,248 1,429
Other accrued expenses.......................................... 100,030 32,816 38,626
Line of credit.................................................. - - -
Variation margin on futures contracts.............................. - - -
Collateral upon return of securities loaned........................ - 13,260,340 -
Due to custodian................................................... 203,799 - -
Due to custodian for foreign cash*................................. - - -
Call and put options written, at value@............................ - - -
Unrealized depreciation on forward foreign currency contracts...... - - -
-------------- -------------- --------------
TOTAL LIABILITIES.................................................. 2,815,995 13,902,564 68,917
-------------- -------------- --------------
NET ASSETS......................................................... $ 169,654,660 $ 142,503,544 $ 29,929,501
============== ============== ==============
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share..................... $ 140,166 $ 128,204 $ 25,160
Additional paid-in capital......................................... 142,420,151 118,254,995 25,795,857
Accumulated undistributed net investment income (loss)............. 7,018,912 501,688 418,318
Accumulated undistributed net realized gain (loss) on investments,
futures contracts, options contracts, and foreign exchange
transactions...................................................... 14,618,016 (2,384,802) 1,077,243
Unrealized appreciation (depreciation) on investments.............. 5,596,015 26,003,083 2,612,923
Unrealized appreciation (depreciation) on futures contracts and
written options contracts......................................... (349,180) - -
Unrealized foreign exchange gain (loss) on other assets and
liabilities....................................................... 210,580 376 -
Accrued capital gains tax on unrealized appreciation (depreciation) - - -
-------------- -------------- --------------
NET ASSETS...................................................... $ 169,654,660 $ 142,503,544 $ 29,929,501
============== ============== ==============
CAPITAL SHARES:
Authorized (Par value $0.01 per share).......................... 1,000,000,000 1,000,000,000 1,000,000,000
Outstanding..................................................... 14,016,602 12,820,456 2,515,968
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
SHARE.......................................................... $ 12.10 $ 11.12 $ 11.90
============== ============== ==============
- --------
*Cost
Long-term investment securities (unaffiliated).................. $ 145,046,477 $ 115,426,753 $ 26,691,477
============== ============== ==============
Long-term investment securities (affiliated).................... $ - $ - $ -
============== ============== ==============
Short-term investment securities (unaffiliated)................. $ 8,968,959 $ 11,732,365 $ 543,000
============== ============== ==============
Foreign cash.................................................... $ - $ 9 $ -
============== ============== ==============
@Premiums received on options written.............................. $ - $ - $ -
============== ============== ==============
+Including securities on loan...................................... $ - $ 13,041,566 $ -
============== ============== ==============
CAPITAL
CONSERVATION CORE EQUITY CORE VALUE
FUND FUND FUND
- -------------------------------------------------------------------------------------------------------------------
ASSETS:
Long-term investment securities, at value (unaffiliated)*+......... $ 169,207,143 $ 392,989,164 $ 207,976,525
Long-term investment securities, at value (affiliated)*+........... - - -
Short-term investment securities, at value (unaffiliated)*......... 10,811,250 40,392,225 2,191,000
Repurchase agreements (cost approximates market value)............. 9,234,000 3,533,000 797,000
-------------- -------------- --------------
Total Investments.................................................. 189,252,393 436,914,389 210,964,525
-------------- -------------- --------------
Cash............................................................... - 138,811 1,330
Foreign cash*...................................................... - - -
Receivable for-
Fund shares sold................................................ 89,464 269,965 150,720
Dividends and interest.......................................... 1,777,760 820,639 591,704
Investments sold................................................ 6,830,238 731,304 24,270
Options written................................................. - - -
Prepaid expenses and other assets.................................. 5,544 5,596 3,087
Due from investment adviser for expense reimbursements/fee
waivers........................................................... - 28,577 23,306
Variation margin on futures contracts.............................. - - -
Collateral received for securities loaned.......................... 215,520 5,738,195 -
Unrealized appreciation on forward foreign currency contracts...... - - -
-------------- -------------- --------------
TOTAL ASSETS....................................................... 198,170,919 444,647,476 211,758,942
-------------- -------------- --------------
LIABILITIES:
Payable for-
Fund shares redeemed............................................ 43,456 349,697 226,362
Investments purchased........................................... 9,240,141 84,458 -
Investment advisory and management fees......................... 72,306 254,677 132,616
Administrative service fee...................................... 10,123 22,813 12,056
Transfer agent fees and expenses................................ 282 397 468
Directors' fees and expenses.................................... 48,423 232,344 74,419
Other accrued expenses.......................................... 104,844 113,974 64,197
Line of credit.................................................. - - -
Variation margin on futures contracts.............................. - - -
Collateral upon return of securities loaned........................ 11,026,770 46,130,420 -
Due to custodian................................................... 152,400 - -
Due to custodian for foreign cash*................................. - - -
Call and put options written, at value@............................ - 33,820 -
Unrealized depreciation on forward foreign currency contracts...... - - -
-------------- -------------- --------------
TOTAL LIABILITIES.................................................. 20,698,745 47,222,600 510,118
-------------- -------------- --------------
NET ASSETS......................................................... $ 177,472,174 $ 397,424,876 $ 211,248,824
============== ============== ==============
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share..................... $ 175,705 $ 271,561 $ 176,428
Additional paid-in capital......................................... 166,006,282 474,844,597 173,579,589
Accumulated undistributed net investment income (loss)............. 14,674,161 4,952,326 5,784,011
Accumulated undistributed net realized gain (loss) on investments,
futures contracts, options contracts, and foreign exchange
transactions...................................................... (1,883,827) (109,534,408) 12,304,547
Unrealized appreciation (depreciation) on investments.............. (1,500,147) 26,862,708 19,404,249
Unrealized appreciation (depreciation) on futures contracts and
written options contracts......................................... - 28,092 -
Unrealized foreign exchange gain (loss) on other assets and
liabilities....................................................... - - -
Accrued capital gains tax on unrealized appreciation (depreciation) - - -
-------------- -------------- --------------
NET ASSETS...................................................... $ 177,472,174 $ 397,424,876 $ 211,248,824
============== ============== ==============
CAPITAL SHARES:
Authorized (Par value $0.01 per share).......................... 1,000,000,000 1,000,000,000 1,000,000,000
Outstanding..................................................... 17,570,520 27,156,139 17,642,755
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
SHARE.......................................................... $ 10.10 $ 14.63 $ 11.97
============== ============== ==============
- --------
*Cost
Long-term investment securities (unaffiliated).................. $ 170,707,290 $ 366,126,456 $ 188,572,276
============== ============== ==============
Long-term investment securities (affiliated).................... $ - $ - $ -
============== ============== ==============
Short-term investment securities (unaffiliated)................. $ 10,811,250 $ 40,392,225 $ 2,191,000
============== ============== ==============
Foreign cash.................................................... $ - $ - $ -
============== ============== ==============
@Premiums received on options written.............................. $ - $ 61,912 $ -
============== ============== ==============
+Including securities on loan...................................... $ 10,851,802 $ 45,305,715 $ -
============== ============== ==============
FOREIGN VALUE GLOBAL EQUITY
FUND FUND
- ---------------------------------------------------------------------------------------------------
ASSETS:
Long-term investment securities, at value (unaffiliated)*+......... $1,099,084,805 $ 451,306,331
Long-term investment securities, at value (affiliated)*+........... - -
Short-term investment securities, at value (unaffiliated)*......... 116,350,653 31,296,239
Repurchase agreements (cost approximates market value)............. - 376,000
-------------- --------------
Total Investments.................................................. 1,215,435,458 482,978,570
-------------- --------------
Cash............................................................... 52,189 70
Foreign cash*...................................................... 231,894 365,199
Receivable for-
Fund shares sold................................................ 1,756,775 233,456
Dividends and interest.......................................... 1,593,119 740,078
Investments sold................................................ 3,100,637 2,461,348
Options written................................................. - -
Prepaid expenses and other assets.................................. 2,154 23,127
Due from investment adviser for expense reimbursements/fee
waivers........................................................... - -
Variation margin on futures contracts.............................. - 18,450
Collateral received for securities loaned.......................... - 1,074,500
Unrealized appreciation on forward foreign currency contracts...... - 7,856,501
-------------- --------------
TOTAL ASSETS....................................................... 1,222,172,226 495,751,299
-------------- --------------
LIABILITIES:
Payable for-
Fund shares redeemed............................................ 1,154,052 168,555
Investments purchased........................................... 2,389,211 -
Investment advisory and management fees......................... 601,566 294,039
Administrative service fee...................................... 63,947 26,139
Transfer agent fees and expenses................................ 411 556
Directors' fees and expenses.................................... 35,262 20,007
Other accrued expenses.......................................... 185,552 115,392
Line of credit.................................................. - -
Variation margin on futures contracts.............................. - -
Collateral upon return of securities loaned........................ 82,842,728 31,916,546
Due to custodian................................................... - -
Due to custodian for foreign cash*................................. - -
Call and put options written, at value@............................ - -
Unrealized depreciation on forward foreign currency contracts...... - 9,506,216
-------------- --------------
TOTAL LIABILITIES.................................................. 87,272,729 42,047,450
-------------- --------------
NET ASSETS......................................................... $1,134,899,497 $ 453,703,849
============== ==============
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share..................... $ 832,287 $ 337,430
Additional paid-in capital......................................... 934,372,765 361,758,417
Accumulated undistributed net investment income (loss)............. 21,034,109 7,973,499
Accumulated undistributed net realized gain (loss) on investments,
futures contracts, options contracts, and foreign exchange
transactions...................................................... 72,130,452 52,239,612
Unrealized appreciation (depreciation) on investments.............. 106,552,645 33,013,233
Unrealized appreciation (depreciation) on futures contracts and
written options contracts......................................... - 22,027
Unrealized foreign exchange gain (loss) on other assets and
liabilities....................................................... 5,510 (1,640,369)
Accrued capital gains tax on unrealized appreciation (depreciation) (28,271) -
-------------- --------------
NET ASSETS...................................................... $1,134,899,497 $ 453,703,849
============== ==============
CAPITAL SHARES:
Authorized (Par value $0.01 per share).......................... 1,000,000,000 1,000,000,000
Outstanding..................................................... 83,228,669 33,742,997
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
SHARE.......................................................... $ 13.64 $ 13.45
============== ==============
- --------
*Cost
Long-term investment securities (unaffiliated).................. $ 992,532,160 $ 418,293,098
============== ==============
Long-term investment securities (affiliated).................... $ - $ -
============== ==============
Short-term investment securities (unaffiliated)................. 116,350,653 $ 31,296,239
============== ==============
Foreign cash.................................................... $ 232,824 $ 363,227
============== ==============
@Premiums received on options written.............................. $ - $ -
============== ==============
+Including securities on loan...................................... $ 78,996,168 $ 30,823,612
============== ==============
See Notes to Financial Statements
210
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES -- November 30, 2007 (Unaudited) --
(continued)
- --------------------------------------------------------------------------------
GLOBAL SOCIAL GLOBAL GOVERNMENT GROWTH &
AWARENESS STRATEGY SECURITIES INCOME
FUND FUND FUND FUND
- -------------------------------------------------------------------------------------------------------------------
ASSETS:
Long-term investment securities, at value
(unaffiliated)*+................................... $ 441,742,448 $ 451,475,606 $ 91,143,113 $ 136,697,278
Long-term investment securities, at value
(affiliated)*+..................................... - - - -
Short-term investment securities, at value
(unaffiliated)*.................................... 28,324,311 81,645,415 17,392,464 14,633,909
Repurchase agreements (cost approximates market
value)............................................. 2,081,000 - 16,352,000 5,156,000
-------------- -------------- -------------- --------------
Total Investments................................... 472,147,759 533,121,021 124,887,577 156,487,187
-------------- -------------- -------------- --------------
Cash................................................ 4,147 - 783 350
Foreign cash*....................................... 266,465 12,923,858 - -
Receivable for-
Fund shares sold................................. 400,756 497,835 156,482 268,986
Dividends and interest........................... 906,197 2,999,449 1,040,173 289,585
Investments sold................................. - 5,617,866 - 277,278
Options written.................................. - - - -
Prepaid expenses and other assets................... 79,260 1,452 4,293 25,053
Due from investment adviser for expense
reimbursements/fee waivers......................... - - - 10,286
Variation margin on futures contracts............... 86,100 - - -
Collateral received for securities loaned........... 1,438,633 3,738,391 241,031 569,316
Unrealized appreciation on forward foreign
currency contracts................................. - 1,010,623 - -
-------------- -------------- -------------- --------------
TOTAL ASSETS........................................ 475,329,317 559,910,495 126,330,339 157,928,041
-------------- -------------- -------------- --------------
LIABILITIES:
Payable for-
Fund shares redeemed............................. 175,189 518,746 393,426 154,850
Investments purchased............................ 192,153 2,800,527 - 1,558,746
Investment advisory and management fees.......... 184,230 209,251 43,286 85,943
Administrative service fee....................... 25,792 29,295 6,060 8,022
Transfer agent fees and expenses................. 468 411 396 468
Directors' fees and expenses..................... 120,748 20,299 56,678 62,212
Other accrued expenses........................... 36,639 179,442 54,921 45,179
Line of credit................................... - 177,482 - -
Variation margin on futures contracts............... - - - -
Collateral upon return of securities loaned......... 21,267,689 42,264,807 17,633,495 15,203,225
Due to custodian.................................... - 375,078 - -
Due to custodian for foreign cash*.................. - - - -
Call and put options written, at value@............. - - - -
Unrealized depreciation on forward foreign
currency contracts................................. - 133,670 - -
-------------- -------------- -------------- --------------
TOTAL LIABILITIES................................... 22,002,908 46,709,008 18,188,262 17,118,645
-------------- -------------- -------------- --------------
NET ASSETS.......................................... $ 453,326,409 $ 513,201,487 $ 108,142,077 $ 140,809,396
============== ============== ============== ==============
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share...... $ 191,293 $ 382,773 $ 100,192 $ 80,012
Additional paid-in capital.......................... 368,703,192 421,589,618 102,837,955 121,190,671
Accumulated undistributed net investment income
(loss)............................................. 8,353,353 13,836,451 6,866,141 2,552,397
Accumulated undistributed net realized gain
(loss) on investments, futures contracts,
options contracts, and foreign exchange
transactions....................................... 75,592,207 19,773,774 (4,517,218) 11,668,372
Unrealized appreciation (depreciation) on
investments........................................ 661,815 56,377,273 2,855,007 5,317,944
Unrealized appreciation (depreciation) on futures
contracts and written options contracts............ (168,675) - - -
Unrealized foreign exchange gain (loss) on other
assets and liabilities............................. (6,776) 1,241,598 - -
Accrued capital gains tax on unrealized
appreciation (depreciation)........................ - - - -
-------------- -------------- -------------- --------------
NET ASSETS....................................... $ 453,326,409 $ 513,201,487 $ 108,142,077 $ 140,809,396
============== ============== ============== ==============
CAPITAL SHARES:
Authorized (Par value $0.01 per share)........... 1,000,000,000 1,000,000,000 1,000,000,000 1,000,000,000
Outstanding...................................... 19,129,304 38,277,283 10,019,155 8,001,178
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE....................................... $ 23.70 $ 13.41 $ 10.79 $ 17.60
============== ============== ============== ==============
- --------
*Cost
Long-term investment securities (unaffiliated)... $ 441,080,633 $ 396,755,686 $ 88,288,106 $ 131,379,334
============== ============== ============== ==============
Long-term investment securities (affiliated)..... $ - $ - $ - $ -
============== ============== ============== ==============
Short-term investment securities (unaffiliated).. $ 28,324,311 $ 79,988,062 $ 17,392,464 $ 14,633,909
============== ============== ============== ==============
Foreign cash..................................... $ 269,887 $ 12,628,256 $ - $ -
============== ============== ============== ==============
@Premiums received on options written............... $ - $ - $ - $ -
============== ============== ============== ==============
+Including securities on loan....................... $ 21,308,192 $ 41,144,144 $ 17,272,460 $ 14,931,851
============== ============== ============== ==============
HEALTH INFLATION INTERNATIONAL INTERNATIONAL
SCIENCES PROTECTED EQUITIES GOVERNMENT
FUND FUND FUND BOND FUND
- --------------------------------------------------------------------------------------------------------------------
ASSETS:
Long-term investment securities, at value
(unaffiliated)*+................................... $ 206,259,103 $ 14,693,983 $1,107,452,405 $ 137,140,576
Long-term investment securities, at value
(affiliated)*+..................................... - - - -
Short-term investment securities, at value
(unaffiliated)*.................................... 3,297,618 3,221,000 106,088,941 -
Repurchase agreements (cost approximates market
value)............................................. - - 49,634,000 1,742,000
-------------- -------------- -------------- --------------
Total Investments................................... 209,556,721 17,914,983 1,263,175,346 138,882,576
-------------- -------------- -------------- --------------
Cash................................................ - 922 - 140
Foreign cash*....................................... 803 - 17,937,413 -
Receivable for-
Fund shares sold................................. 411,847 76,249 1,275,654 545,463
Dividends and interest........................... 84,051 109,494 3,698,293 2,471,841
Investments sold................................. 480,065 - 20,209,245 4,044,524
Options written.................................. 16,476 - - -
Prepaid expenses and other assets................... 2,791 737 8,092 3,561
Due from investment adviser for expense
reimbursements/fee waivers......................... - 8,840 - -
Variation margin on futures contracts............... - - 634,464 -
Collateral received for securities loaned........... - - 10,485,501 -
Unrealized appreciation on forward foreign
currency contracts................................. - - - 106,304
-------------- -------------- -------------- --------------
TOTAL ASSETS........................................ 210,552,754 18,111,225 1,317,424,008 146,054,409
-------------- -------------- -------------- --------------
LIABILITIES:
Payable for-
Fund shares redeemed............................. 190,803 30,385 183,505 363,822
Investments purchased............................ 1,642,506 - 23,726,956 3,997,497
Investment advisory and management fees.......... 162,861 7,018 277,475 57,452
Administrative service fee....................... 11,400 982 66,218 8,043
Transfer agent fees and expenses................. 468 547 1,184 208
Directors' fees and expenses..................... 39,814 1,751 94,089 48,684
Other accrued expenses........................... 70,066 32,868 331,842 74,213
Line of credit................................... - - - -
Variation margin on futures contracts............... - - - -
Collateral upon return of securities loaned......... - - 113,723,977 -
Due to custodian.................................... 39,360 - 5,353,865 -
Due to custodian for foreign cash*.................. - - - 38,480
Call and put options written, at value@............. 3,935,430 - - -
Unrealized depreciation on forward foreign
currency contracts................................. - - - 54,057
-------------- -------------- -------------- --------------
TOTAL LIABILITIES................................... 6,092,708 73,551 143,759,111 4,642,456
-------------- -------------- -------------- --------------
NET ASSETS.......................................... $ 204,460,046 $ 18,037,674 $1,173,664,897 $ 141,411,953
============== ============== ============== ==============
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share...... $ 168,002 $ 17,524 $ 1,019,381 $ 111,142
Additional paid-in capital.......................... 145,793,803 17,583,132 827,788,410 126,969,725
Accumulated undistributed net investment income
(loss)............................................. (1,114,284) 613,744 32,523,280 6,284,675
Accumulated undistributed net realized gain
(loss) on investments, futures contracts,
options contracts, and foreign exchange
transactions....................................... 27,148,736 (523,555) 137,469,641 3,328,270
Unrealized appreciation (depreciation) on
investments........................................ 32,556,381 346,829 173,809,047 4,655,289
Unrealized appreciation (depreciation) on futures
contracts and written options contracts............ (93,160) - (69,777) -
Unrealized foreign exchange gain (loss) on other
assets and liabilities............................. 568 - 1,124,915 62,852
Accrued capital gains tax on unrealized
appreciation (depreciation)........................ - - - -
-------------- -------------- -------------- --------------
NET ASSETS....................................... $ 204,460,046 $ 18,037,674 $1,173,664,897 $ 141,411,953
============== ============== ============== ==============
CAPITAL SHARES:
Authorized (Par value $0.01 per share)........... 1,000,000,000 1,000,000,000 1,000,000,000 1,000,000,000
Outstanding...................................... 16,800,212 1,752,398 101,938,059 11,114,163
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE....................................... $ 12.17 $ 10.29 $ 11.51 $ 12.72
============== ============== ============== ==============
- --------
*Cost
Long-term investment securities (unaffiliated)... $ 173,702,722 $ 14,347,154 $ 933,643,358 $ 132,485,287
============== ============== ============== ==============
Long-term investment securities (affiliated)..... $ - $ - $ - $ -
============== ============== ============== ==============
Short-term investment securities (unaffiliated).. $ 3,297,618 $ 3,221,000 $ 106,088,941 $ -
============== ============== ============== ==============
Foreign cash..................................... $ 785 $ - $ 17,819,769 $ (5,497)
============== ============== ============== ==============
@Premiums received on options written............... $ 3,842,270 $ - $ - $ -
============== ============== ============== ==============
+Including securities on loan....................... $ - $ - $ 108,556,736 $ -
============== ============== ============== ==============
See Notes to Financial Statements
211
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES -- November 30, 2007 (Unaudited) --
(continued)
- --------------------------------------------------------------------------------
INTERNATIONAL
GROWTH I LARGE CAP LARGE CAPITAL
FUND CORE FUND GROWTH FUND
- -----------------------------------------------------------------------------------------------------------------------
ASSETS:
Long-term investment securities, at value (unaffiliated)*+............. $ 698,332,732 $ 68,281,003 $ 565,624,382
Long-term investment securities, at value (affiliated)*+............... - - -
Short-term investment securities, at value (unaffiliated)*............. 103,837,027 7,875,749 51,244,232
Repurchase agreements (cost approximates market value)................. 1,852,000 - 10,477,000
-------------- -------------- --------------
Total Investments...................................................... 804,021,759 76,156,752 627,345,614
-------------- -------------- --------------
Cash................................................................... 1,129 - 1,503
Foreign cash*.......................................................... 893,370 51,457 968,397
Receivable for-
Fund shares sold.................................................... 1,105,502 8,140 293,513
Dividends and interest.............................................. 1,546,325 99,833 505,051
Investments sold.................................................... 2,764,601 504,371 502,795
Options written..................................................... - - -
Prepaid expenses and other assets...................................... 5,142 6,623 11,232
Due from investment adviser for expense reimbursements/fee
waivers............................................................... 54,018 9,353 -
Variation margin on futures contracts.................................. - - -
Collateral received for securities loaned.............................. 2,051,249 2,639,631 3,410,516
Unrealized appreciation on forward foreign currency contracts.......... - - -
-------------- -------------- --------------
TOTAL ASSETS........................................................... 812,443,095 79,476,160 633,038,621
-------------- -------------- --------------
LIABILITIES:
Payable for-
Fund shares redeemed................................................ 585,061 97,846 196,901
Investments purchased............................................... 4,277,746 789,021 2,432,325
Investment advisory and management fees............................. 522,744 39,866 299,651
Administrative service fee.......................................... 40,518 3,987 32,775
Transfer agent fees and expenses.................................... 540 411 356
Directors' fees and expenses........................................ 132,724 9,442 29,802
Other accrued expenses.............................................. 232,611 86,023 108,159
Line of credit...................................................... - 180,239 -
Variation margin on futures contracts.................................. - - -
Collateral upon return of securities loaned............................ 91,562,748 10,515,380 53,068,748
Due to custodian....................................................... - - -
Due to custodian for foreign cash*..................................... - - -
Call and put options written, at value@................................ - - -
Unrealized depreciation on forward foreign currency contracts.......... - - -
-------------- -------------- --------------
TOTAL LIABILITIES...................................................... 97,354,692 11,722,215 56,168,717
-------------- -------------- --------------
NET ASSETS............................................................. $ 715,088,403 $ 67,753,945 $ 576,869,904
============== ============== ==============
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share......................... $ 522,829 $ 56,401 $ 443,903
Additional paid-in capital............................................. 582,330,144 51,923,602 457,506,131
Accumulated undistributed net investment income (loss)................. 7,535,633 837,830 2,041,811
Accumulated undistributed net realized gain (loss) on investments,
futures contracts, options contracts, and foreign exchange
transactions.......................................................... (27,593,169) 6,248,046 9,286,664
Unrealized appreciation (depreciation) on investments.................. 152,281,192 8,687,335 107,594,336
Unrealized appreciation (depreciation) on futures contracts and written
options contracts..................................................... - - -
Unrealized foreign exchange gain (loss) on other assets and
liabilities........................................................... 21,547 731 (2,941)
Accrued capital gains tax on unrealized appreciation (depreciation).... (9,773) - -
-------------- -------------- --------------
NET ASSETS.......................................................... $ 715,088,403 $ 67,753,945 $ 576,869,904
============== ============== ==============
CAPITAL SHARES:
Authorized (Par value $0.01 per share).............................. 1,000,000,000 1,000,000,000 1,000,000,000
Outstanding......................................................... 52,282,859 5,640,124 44,390,244
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
SHARE.............................................................. $ 13.68 $ 12.01 $ 13.00
============== ============== ==============
- --------
* Cost
Long-term investment securities (unaffiliated)...................... $ 546,051,540 $ 59,593,668 $ 458,030,046
============== ============== ==============
Long-term investment securities (affiliated)........................ $ - $ - $ -
============== ============== ==============
Short-term investment securities (unaffiliated)..................... $ 103,837,027 $ 7,875,749 $ 51,244,232
============== ============== ==============
Foreign cash........................................................ $ 898,573 $ 50,725 $ 971,338
============== ============== ==============
@Premiums received on options written.................................. $ - $ - $ -
============== ============== ==============
+Including securities on loan.......................................... $ 87,352,938 $ 10,412,823 $ 52,091,273
============== ============== ==============
MID CAP MONEY
MID CAP INDEX STRATEGIC MARKET I
FUND GROWTH FUND FUND
- -----------------------------------------------------------------------------------------------------------------------
ASSETS:
Long-term investment securities, at value (unaffiliated)*+............. $2,905,056,088 $ 368,776,550 $ -
Long-term investment securities, at value (affiliated)*+............... - - -
Short-term investment securities, at value (unaffiliated)*............. 682,745,129 99,672,480 461,851,009
Repurchase agreements (cost approximates market value)................. - - 69,597,000
-------------- -------------- --------------
Total Investments...................................................... 3,587,801,217 468,449,030 531,448,009
-------------- -------------- --------------
Cash................................................................... 1,910,868 1,566,870 16,541
Foreign cash*.......................................................... - 14,506 -
Receivable for-
Fund shares sold.................................................... 2,362,493 783,223 544,980
Dividends and interest.............................................. 3,211,248 380,161 2,714,287
Investments sold.................................................... 3,554,074 6,207,864 -
Options written..................................................... - - -
Prepaid expenses and other assets...................................... 108,721 4,899 10,814
Due from investment adviser for expense reimbursements/fee
waivers............................................................... - - -
Variation margin on futures contracts.................................. 392,000 - -
Collateral received for securities loaned.............................. 49,768,826 6,188,307 -
Unrealized appreciation on forward foreign currency contracts.......... - - -
-------------- -------------- --------------
TOTAL ASSETS........................................................... 3,649,109,447 483,594,860 534,734,631
-------------- -------------- --------------
LIABILITIES:
Payable for-
Fund shares redeemed................................................ 1,337,017 15,778 460,991
Investments purchased............................................... 7,376,436 11,179,707 -
Investment advisory and management fees............................. 641,961 209,814 173,974
Administrative service fee.......................................... 168,375 21,492 30,446
Transfer agent fees and expenses.................................... 1,001 433 1,465
Directors' fees and expenses........................................ 482,194 17,142 159,160
Other accrued expenses.............................................. 401,278 102,052 76,727
Line of credit...................................................... 1,914,526 - -
Variation margin on futures contracts.................................. - - -
Collateral upon return of securities loaned............................ 687,635,220 88,586,787 -
Due to custodian....................................................... - - -
Due to custodian for foreign cash*..................................... - - -
Call and put options written, at value@................................ - - -
Unrealized depreciation on forward foreign currency contracts.......... - - -
-------------- -------------- --------------
TOTAL LIABILITIES...................................................... 699,958,008 100,133,205 902,763
-------------- -------------- --------------
NET ASSETS............................................................. $2,949,151,439 $ 383,461,655 $ 533,831,868
============== ============== ==============
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share......................... $ 1,173,829 $ 246,138 $ 5,337,963
Additional paid-in capital............................................. 2,197,113,123 295,539,853 528,458,290
Accumulated undistributed net investment income (loss)................. 49,670,066 399,348 -
Accumulated undistributed net realized gain (loss) on investments,
futures contracts, options contracts, and foreign exchange
transactions.......................................................... 273,194,724 34,330,337 35,615
Unrealized appreciation (depreciation) on investments.................. 429,146,248 52,946,719 -
Unrealized appreciation (depreciation) on futures contracts and written
options contracts..................................................... (1,146,551) - -
Unrealized foreign exchange gain (loss) on other assets and
liabilities........................................................... - (740) -
Accrued capital gains tax on unrealized appreciation (depreciation).... - - -
-------------- -------------- --------------
NET ASSETS.......................................................... $2,949,151,439 $ 383,461,655 $ 533,831,868
============== ============== ==============
CAPITAL SHARES:
Authorized (Par value $0.01 per share).............................. 1,000,000,000 1,000,000,000 1,000,000,000
Outstanding......................................................... 117,382,933 24,613,831 533,796,253
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
SHARE.............................................................. $ 25.12 $ 15.58 $ 1.00
============== ============== ==============
- --------
* Cost
Long-term investment securities (unaffiliated)...................... $2,475,909,840 $ 315,829,831 $ -
============== ============== ==============
Long-term investment securities (affiliated)........................ $ - $ - $ -
============== ============== ==============
Short-term investment securities (unaffiliated)..................... $ 682,745,129 $ 99,672,480 $ 461,851,009
============== ============== ==============
Foreign cash........................................................ $ - $ 15,098 $ -
============== ============== ==============
@Premiums received on options written.................................. $ - $ - $ -
============== ============== ==============
+Including securities on loan.......................................... $ 678,091,226 $ 87,531,740 $ -
============== ============== ==============
SCIENCE &
NASDAQ-100(R) TECHNOLOGY
INDEX FUND FUND
- --------------------------------------------------------------------------------------------------------
ASSETS:
Long-term investment securities, at value (unaffiliated)*+............. $ 92,942,711 $ 910,710,000
Long-term investment securities, at value (affiliated)*+............... - -
Short-term investment securities, at value (unaffiliated)*............. 24,310,970 224,253,242
Repurchase agreements (cost approximates market value)................. 1,723,000 -
-------------- ---------------
Total Investments...................................................... 118,976,681 1,134,963,242
-------------- ---------------
Cash................................................................... - 2,272
Foreign cash*.......................................................... - 904,244
Receivable for-
Fund shares sold.................................................... 254,618 680,691
Dividends and interest.............................................. 85,312 706,067
Investments sold.................................................... 615,000 13,501,721
Options written..................................................... - -
Prepaid expenses and other assets...................................... 1,527 56,182
Due from investment adviser for expense reimbursements/fee
waivers............................................................... 8,277 -
Variation margin on futures contracts.................................. - -
Collateral received for securities loaned.............................. 1,256,755 13,522,888
Unrealized appreciation on forward foreign currency contracts.......... - -
-------------- ---------------
TOTAL ASSETS........................................................... 121,198,170 1,164,337,307
-------------- ---------------
LIABILITIES:
Payable for-
Fund shares redeemed................................................ 58,371 925,866
Investments purchased............................................... - 11,547,564
Investment advisory and management fees............................. 32,705 711,401
Administrative service fee.......................................... 5,724 56,898
Transfer agent fees and expenses.................................... 755 913
Directors' fees and expenses........................................ 23,684 386,128
Other accrued expenses.............................................. 51,541 443,769
Line of credit...................................................... - -
Variation margin on futures contracts.................................. 21,858 -
Collateral upon return of securities loaned............................ 19,171,485 170,574,539
Due to custodian....................................................... 614,491 -
Due to custodian for foreign cash*..................................... - -
Call and put options written, at value@................................ - -
Unrealized depreciation on forward foreign currency contracts.......... - -
-------------- ---------------
TOTAL LIABILITIES...................................................... 19,980,614 184,647,078
-------------- ---------------
NET ASSETS............................................................. $ 101,217,556 $ 979,690,229
============== ===============
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share......................... $ 175,185 $ 669,505
Additional paid-in capital............................................. 72,670,487 2,361,517,532
Accumulated undistributed net investment income (loss)................. 148,785 (1,905,523)
Accumulated undistributed net realized gain (loss) on investments,
futures contracts, options contracts, and foreign exchange
transactions.......................................................... (862,293) (1,451,264,480)
Unrealized appreciation (depreciation) on investments.................. 29,364,257 70,653,058
Unrealized appreciation (depreciation) on futures contracts and written
options contracts..................................................... (278,865) -
Unrealized foreign exchange gain (loss) on other assets and
liabilities........................................................... - 20,137
Accrued capital gains tax on unrealized appreciation (depreciation).... - -
-------------- ---------------
NET ASSETS.......................................................... $ 101,217,556 $ 979,690,229
============== ===============
CAPITAL SHARES:
Authorized (Par value $0.01 per share).............................. 1,000,000,000 1,000,000,000
Outstanding......................................................... 17,518,493 66,950,495
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
SHARE.............................................................. $ 5.78 $ 14.63
============== ===============
- --------
* Cost
Long-term investment securities (unaffiliated)...................... $ 63,578,417 $ 840,056,942
============== ===============
Long-term investment securities (affiliated)........................ $ - $ -
============== ===============
Short-term investment securities (unaffiliated)..................... $ 24,311,007 $ 224,253,242
============== ===============
Foreign cash........................................................ $ - $ 904,728
============== ===============
@Premiums received on options written.................................. $ - $ -
============== ===============
+Including securities on loan.......................................... $ 18,856,064 $ 166,074,152
============== ===============
See Notes to Financial Statements
212
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES -- November 30, 2007 (Unaudited) --
(continued)
- --------------------------------------------------------------------------------
SMALL CAP
AGGRESSIVE SMALL CAP SMALL CAP
GROWTH FUND FUND INDEX FUND
- -----------------------------------------------------------------------------------------------------------------------
ASSETS:
Long-term investment securities, at value (unaffiliated)*+............. $ 65,226,406 $ 431,121,020 $1,093,353,721
Long-term investment securities, at value (affiliated)*+............... - - -
Short-term investment securities, at value (unaffiliated)*............. 18,941,368 103,215,118 352,586,048
Repurchase agreements (cost approximates market value)................. - 405,000 -
-------------- -------------- --------------
Total Investments...................................................... 84,167,774 534,741,138 1,445,939,769
-------------- -------------- --------------
Cash................................................................... 51,965 656,895 1,619,505
Foreign cash*.......................................................... - - -
Receivable for-
Fund shares sold.................................................... 198,111 596,842 1,110,972
Dividends and interest.............................................. 8,300 237,628 821,644
Investments sold.................................................... 1,224,231 5,312,072 6,524,115
Options written..................................................... - - -
Prepaid expenses and other assets...................................... 7,535 8,959 8,410
Due from investment adviser for expense reimbursements/fee
waivers............................................................... 13,956 44,367 -
Variation margin on futures contracts.................................. - - 291,558
Collateral received for securities loaned.............................. 86,870 9,505,618 762,152
Unrealized appreciation on forward foreign currency contracts.......... - - -
-------------- -------------- --------------
TOTAL ASSETS........................................................... 85,758,742 551,103,519 1,457,078,125
-------------- -------------- --------------
LIABILITIES:
Payable for-
Fund shares redeemed................................................ 219,875 643,833 259,432
Investments purchased............................................... 886,397 4,831,806 8,073,668
Investment advisory and management fees............................. 47,312 318,879 277,620
Administrative service fee.......................................... 3,896 25,417 66,258
Transfer agent fees and expenses.................................... 411 514 933
Directors' fees and expenses........................................ 3,198 198,491 156,017
Other accrued expenses.............................................. 114,608 124,184 357,331
Line of credit...................................................... - - 887,611
Variation margin on futures contracts.................................. - - -
Collateral upon return of securities loaned............................ 17,137,238 109,193,832 292,279,766
Due to custodian....................................................... - - -
Due to custodian for foreign cash*..................................... - - -
Call and put options written, at value@................................ - - -
Unrealized depreciation on forward foreign currency contracts.......... - - -
-------------- -------------- --------------
TOTAL LIABILITIES...................................................... 18,412,935 115,336,956 302,358,636
-------------- -------------- --------------
NET ASSETS............................................................. $ 67,345,807 $ 435,766,563 $1,154,719,489
============== ============== ==============
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share......................... $ 57,650 $ 381,189 $ 653,398
Additional paid-in capital............................................. 62,456,230 355,316,964 931,787,065
Accumulated undistributed net investment income (loss)................. (122,987) 958,222 21,566,461
Accumulated undistributed net realized gain (loss) on investments,
futures contracts, options contracts, and foreign exchange
transactions.......................................................... 5,679,359 70,923,001 127,577,160
Unrealized appreciation (depreciation) on investments.................. (724,445) 8,187,187 75,017,755
Unrealized appreciation (depreciation) on futures contracts and written
options contracts..................................................... - - (1,882,350)
Unrealized foreign exchange gain (loss) on other assets and
liabilities........................................................... - - -
Accrued capital gains tax on unrealized appreciation (depreciation).... - - -
-------------- -------------- --------------
NET ASSETS.......................................................... $ 67,345,807 $ 435,766,563 $1,154,719,489
============== ============== ==============
CAPITAL SHARES:
Authorized (Par value $0.01 per share).............................. 1,000,000,000 1,000,000,000 1,000,000,000
Outstanding......................................................... 5,764,958 38,118,885 65,339,786
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
SHARE.............................................................. $ 11.68 $ 11.43 $ 17.67
============== ============== ==============
- --------
*Cost
Long-term investment securities (unaffiliated)...................... $ 65,950,851 $ 422,933,833 $1,018,335,966
============== ============== ==============
Long-term investment securities (affiliated)........................ $ - $ - $ -
============== ============== ==============
Short-term investment securities (unaffiliated)..................... $ 18,941,368 $ 103,215,118 $ 352,586,048
============== ============== ==============
Foreign cash........................................................ $ - $ - $ -
============== ============== ==============
@Premiums received on options written.................................. $ - $ - $ -
============== ============== ==============
+Including securities on loan.......................................... $ 16,671,224 $ 106,669,028 $ 284,221,003
============== ============== ==============
SMALL CAP SMALL CAP
SPECIAL VALUES STRATEGIC STOCK INDEX
FUND GROWTH FUND FUND
- ------------------------------------------------------------------------------------------------------------------------
ASSETS:
Long-term investment securities, at value (unaffiliated)*+............. $ 274,974,897 $ 129,321,681 $4,977,246,147
Long-term investment securities, at value (affiliated)*+............... - - 57,525,448
Short-term investment securities, at value (unaffiliated)*............. 80,385,646 37,893,736 198,351,573
Repurchase agreements (cost approximates market value)................. 1,101,000 - 2,657,000
-------------- -------------- --------------
Total Investments...................................................... 356,461,543 167,215,417 5,235,780,168
-------------- -------------- --------------
Cash................................................................... - 256 6,971,591
Foreign cash*.......................................................... - - -
Receivable for-
Fund shares sold.................................................... 213,031 116,457 3,324,726
Dividends and interest.............................................. 401,203 32,365 10,483,672
Investments sold.................................................... 4,131,332 - 3,695,845
Options written..................................................... - - -
Prepaid expenses and other assets...................................... 27,729 3,795 122,894
Due from investment adviser for expense reimbursements/fee
waivers............................................................... 10,734 8,188 -
Variation margin on futures contracts.................................. - 19,500 255,225
Collateral received for securities loaned.............................. 355,713 519,962 24,925,866
Unrealized appreciation on forward foreign currency contracts.......... - - -
-------------- -------------- --------------
TOTAL ASSETS........................................................... 361,601,285 167,915,940 5,285,559,987
-------------- -------------- --------------
LIABILITIES:
Payable for-
Fund shares redeemed................................................ 493,249 92,301 2,117,750
Investments purchased............................................... 888,667 - 7,538,365
Investment advisory and management fees............................. 181,206 94,122 982,210
Administrative service fee.......................................... 16,913 7,751 287,115
Transfer agent fees and expenses.................................... 411 411 1,429
Directors' fees and expenses........................................ 17,987 9,581 1,317,531
Other accrued expenses.............................................. 120,148 72,464 734,733
Line of credit...................................................... - - -
Variation margin on futures contracts.................................. - - -
Collateral upon return of securities loaned............................ 71,566,359 34,111,889 205,789,621
Due to custodian....................................................... 10,003 - -
Due to custodian for foreign cash*..................................... - - -
Call and put options written, at value@................................ - - -
Unrealized depreciation on forward foreign currency contracts.......... - - -
-------------- -------------- --------------
TOTAL LIABILITIES...................................................... 73,294,943 34,388,519 218,768,754
-------------- -------------- --------------
NET ASSETS............................................................. $ 288,306,342 $ 133,527,421 $5,066,791,233
============== ============== ==============
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share......................... $ 274,977 $ 127,279 $ 1,305,448
Additional paid-in capital............................................. 290,152,320 131,835,063 2,657,939,655
Accumulated undistributed net investment income (loss)................. 3,860,790 (227,182) 118,783,614
Accumulated undistributed net realized gain (loss) on investments,
futures contracts, options contracts, and foreign exchange
transactions.......................................................... 17,547,785 3,200,584 306,820,620
Unrealized appreciation (depreciation) on investments.................. (23,529,530) (1,258,528) 1,982,533,856
Unrealized appreciation (depreciation) on futures contracts and written
options contracts..................................................... - (149,795) (591,960)
Unrealized foreign exchange gain (loss) on other assets and
liabilities........................................................... - - -
Accrued capital gains tax on unrealized appreciation (depreciation).... - - -
-------------- -------------- --------------
NET ASSETS.......................................................... $ 288,306,342 $ 133,527,421 $5,066,791,233
============== ============== ==============
CAPITAL SHARES:
Authorized (Par value $0.01 per share).............................. 1,000,000,000 1,000,000,000 1,000,000,000
Outstanding......................................................... 27,497,692 12,727,907 130,544,819
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
SHARE.............................................................. $ 10.48 $ 10.49 $ 38.81
============== ============== ==============
- --------
*Cost
Long-term investment securities (unaffiliated)...................... $ 298,504,427 $ 130,580,209 $3,016,151,776
============== ============== ==============
Long-term investment securities (affiliated)........................ $ - $ - $ 36,085,963
============== ============== ==============
Short-term investment securities (unaffiliated)..................... $ 80,385,646 $ 37,893,736 $ 198,351,573
============== ============== ==============
Foreign cash........................................................ $ - $ - $ -
============== ============== ==============
@Premiums received on options written.................................. $ - $ - $ -
============== ============== ==============
+Including securities on loan.......................................... $ 69,989,917 $ 33,395,209 $ 203,967,042
============== ============== ==============
VALIC ULTRA
FUND VALUE FUND
- ------------------------------------------------------------------------------------------------------
ASSETS:
Long-term investment securities, at value (unaffiliated)*+............. $ 998,580,609 $ 107,134,832
Long-term investment securities, at value (affiliated)*+............... - -
Short-term investment securities, at value (unaffiliated)*............. 63,510,601 -
Repurchase agreements (cost approximates market value)................. - 3,188,000
-------------- --------------
Total Investments...................................................... 1,062,091,210 110,322,832
-------------- --------------
Cash................................................................... 677 161,684
Foreign cash*.......................................................... 93,394 -
Receivable for-
Fund shares sold.................................................... 534,991 336,341
Dividends and interest.............................................. 1,503,361 363,087
Investments sold.................................................... 37,135,937 5,455,291
Options written..................................................... - -
Prepaid expenses and other assets...................................... 6,155 1,130
Due from investment adviser for expense reimbursements/fee
waivers............................................................... 1,177 15,810
Variation margin on futures contracts.................................. - -
Collateral received for securities loaned.............................. 8,537,174 -
Unrealized appreciation on forward foreign currency contracts.......... - -
-------------- --------------
TOTAL ASSETS........................................................... 1,109,904,076 116,656,175
-------------- --------------
LIABILITIES:
Payable for-
Fund shares redeemed................................................ 237,708 166,416
Investments purchased............................................... 2,621,665 5,159,722
Investment advisory and management fees............................. 692,594 69,521
Administrative service fee.......................................... 58,737 6,239
Transfer agent fees and expenses.................................... 556 384
Directors' fees and expenses........................................ 62,466 17,019
Other accrued expenses.............................................. 332,870 56,427
Line of credit...................................................... - -
Variation margin on futures contracts.................................. - -
Collateral upon return of securities loaned............................ 67,779,775 -
Due to custodian....................................................... - -
Due to custodian for foreign cash*..................................... - -
Call and put options written, at value@................................ - -
Unrealized depreciation on forward foreign currency contracts.......... - -
-------------- --------------
TOTAL LIABILITIES...................................................... 71,786,371 5,475,728
-------------- --------------
NET ASSETS............................................................. $1,038,117,705 $ 111,180,447
============== ==============
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share......................... $ 914,051 $ 88,503
Additional paid-in capital............................................. 1,136,155,849 98,728,042
Accumulated undistributed net investment income (loss)................. 64,255 919,863
Accumulated undistributed net realized gain (loss) on investments,
futures contracts, options contracts, and foreign exchange
transactions.......................................................... (266,960,258) 6,026,294
Unrealized appreciation (depreciation) on investments.................. 167,935,548 5,417,745
Unrealized appreciation (depreciation) on futures contracts and written
options contracts..................................................... - -
Unrealized foreign exchange gain (loss) on other assets and
liabilities........................................................... 8,260 -
Accrued capital gains tax on unrealized appreciation (depreciation).... - -
-------------- --------------
NET ASSETS.......................................................... $1,038,117,705 $ 111,180,447
============== ==============
CAPITAL SHARES:
Authorized (Par value $0.01 per share).............................. 1,000,000,000 1,000,000,000
Outstanding......................................................... 91,405,147 8,850,281
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
SHARE.............................................................. $ 11.36 $ 12.56
============== ==============
- --------
*Cost
Long-term investment securities (unaffiliated)...................... $ 830,645,061 $ 101,717,087
============== ==============
Long-term investment securities (affiliated)........................ $ - $ -
============== ==============
Short-term investment securities (unaffiliated)..................... $ 63,510,601 $ -
============== ==============
Foreign cash........................................................ $ 93,573 $ -
============== ==============
@Premiums received on options written.................................. $ - $ -
============== ==============
+Including securities on loan.......................................... $ 66,480,301 $ -
============== ==============
See Notes to Financial Statements
213
VALIC Company I
STATEMENTS OF OPERATIONS -- For the Six Months Ended November 30, 2007
(Unaudited)
- --------------------------------------------------------------------------------
ASSET BLUE CHIP BROAD CAP CAPITAL
ALLOCATION GROWTH VALUE INCOME CONSERVATION
FUND FUND FUND FUND
- ------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (unaffiliated)............................................ $ 896,672 $ 762,561 $ 359,344 $ -
Dividends (affiliated).............................................. - - - -
Securities lending income........................................... - 11,052 - 18,497
Interest (unaffiliated)............................................. 1,945,031 136 9,665 5,203,434
----------- ---------- ----------- -----------
Total investment income*......................................... 2,841,703 773,749 369,009 5,221,931
----------- ---------- ----------- -----------
EXPENSES:
Investment advisory and management fees............................. 431,337 484,427 108,657 440,895
Administrative service fee.......................................... 60,387 43,378 10,866 61,725
Transfer agent fees and expenses.................................... 892 892 677 892
Custodian fees...................................................... 58,275 15,021 14,553 46,231
Reports to shareholders............................................. 33,669 11,448 2,930 38,078
Audit and tax fees.................................................. 13,152 10,821 14,151 11,736
Legal fees.......................................................... 6,004 5,510 5,568 6,070
Directors' fees and expenses........................................ 5,245 3,274 934 5,665
Interest expense.................................................... - - - -
Other expenses...................................................... 3,356 2,239 2,277 2,725
----------- ---------- ----------- -----------
Total expenses before fee waivers, expense reimbursements,
and fees paid indirectly........................................ 612,317 577,010 160,613 614,017
----------- ---------- ----------- -----------
Fees waived and expenses reimbursed by investment adviser
(Note 3)........................................................ - (12,115) (28,673) -
Fees paid indirectly (Note 7).................................... (3,997) (199) (333) -
----------- ---------- ----------- -----------
Net expenses..................................................... 608,320 564,696 131,607 614,017
----------- ---------- ----------- -----------
Net investment income (loss)........................................ 2,233,383 209,053 237,402 4,607,914
----------- ---------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)............ 5,688,073 183,630 372,016 (975,943)
Net realized gain (loss) on investments (affiliated).............. - - - -
Net realized gain (loss) on securities sold short................. 1,240 - - 4,453
Net realized gain (loss) on futures contracts and written options
contracts........................................................ (439,173) - - -
Net realized foreign exchange gain (loss) on other assets and
liabilities...................................................... (14) (3,049) - -
Net increase from payment by affiliates (Note 3).................. 259,662 29,725 - -
----------- ---------- ----------- -----------
Net realized gain (loss) on investments and foreign currencies...... 5,509,788 210,306 372,016 (971,490)
----------- ---------- ----------- -----------
Change in unrealized appreciation (depreciation) on
investments (unaffiliated)....................................... (7,978,031) 3,029,715 (2,545,254) (202,411)
Change in unrealized appreciation (depreciation) on
investments (affiliated)......................................... - - - -
Change in unrealized appreciation (depreciation) on futures
contracts and written options contracts.......................... (725,818) - - -
Change in unrealized foreign exchange gain (loss) on other
assets and liabilities........................................... 172,858 (199) - -
Change in unrealized appreciation (depreciation) on securities
sold short....................................................... - - - (6,210)
Change in accrued capital gains tax on unrealized appreciation
(depreciation)................................................... - - - -
----------- ---------- ----------- -----------
Net unrealized gain (loss) on investments and foreign
currencies......................................................... (8,530,991) 3,029,516 (2,545,254) (208,621)
----------- ---------- ----------- -----------
Net realized and unrealized gain (loss) on investments and foreign
currencies......................................................... (3,021,203) 3,239,822 (2,173,238) (1,180,111)
----------- ---------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS......................................................... $ (787,820) $3,448,875 $(1,935,836) $ 3,427,803
=========== ========== =========== ===========
*Net of foreign withholding taxes on interest and dividends of...... $ 1,728 $ 4,027 $ 8 $ 9,219
----------- ---------- ----------- -----------
CORE EQUITY CORE VALUE FOREIGN VALUE GLOBAL EQUITY
FUND FUND FUND FUND
- ----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (unaffiliated)............................................ $ 2,909,405 $ 2,969,762 $ 14,362,139 $ 3,870,242
Dividends (affiliated).............................................. - - - -
Securities lending income........................................... 75,169 - 466,509 215,411
Interest (unaffiliated)............................................. 112,942 36,401 1,584,429 231,284
------------ ------------ ------------ ------------
Total investment income*......................................... 3,097,516 3,006,163 16,413,077 4,316,937
------------ ------------ ------------ ------------
EXPENSES:
Investment advisory and management fees............................. 1,643,085 881,184 3,543,165 1,827,181
Administrative service fee.......................................... 147,521 80,108 374,853 162,536
Transfer agent fees and expenses.................................... 927 892 677 912
Custodian fees...................................................... 28,715 37,727 331,058 120,280
Reports to shareholders............................................. 100,419 22,970 91,109 45,136
Audit and tax fees.................................................. 9,945 9,933 20,199 20,199
Legal fees.......................................................... 7,615 6,325 11,976 8,491
Directors' fees and expenses........................................ 13,360 7,227 29,339 13,705
Interest expense.................................................... 3,544 1,001 1,625 2,141
Other expenses...................................................... 4,288 3,786 15,133 9,204
------------ ------------ ------------ ------------
Total expenses before fee waivers, expense reimbursements,
and fees paid indirectly........................................ 1,959,419 1,051,153 4,419,134 2,209,785
------------ ------------ ------------ ------------
Fees waived and expenses reimbursed by investment adviser
(Note 3)........................................................ (168,231) (100,440) - -
Fees paid indirectly (Note 7).................................... - - - (33,480)
------------ ------------ ------------ ------------
Net expenses..................................................... 1,791,188 950,713 4,419,134 2,176,305
------------ ------------ ------------ ------------
Net investment income (loss)........................................ 1,306,328 2,055,450 11,993,943 2,140,632
------------ ------------ ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)............ 5,242,661 5,800,215 39,785,150 28,140,743
Net realized gain (loss) on investments (affiliated).............. - - - -
Net realized gain (loss) on securities sold short................. - - - -
Net realized gain (loss) on futures contracts and written options
contracts........................................................ 13,087 59,369 - (531,901)
Net realized foreign exchange gain (loss) on other assets and
liabilities...................................................... - - 543,893 2,642,231
Net increase from payment by affiliates (Note 3).................. 2,670,798 337,418 - -
------------ ------------ ------------ ------------
Net realized gain (loss) on investments and foreign currencies...... 7,926,546 6,197,002 40,329,043 30,251,073
------------ ------------ ------------ ------------
Change in unrealized appreciation (depreciation) on
investments (unaffiliated)....................................... (30,222,587) (26,564,833) (16,800,632) (41,690,807)
Change in unrealized appreciation (depreciation) on
investments (affiliated)......................................... - - - -
Change in unrealized appreciation (depreciation) on futures
contracts and written options contracts.......................... 66,129 (10,366) - (119,030)
Change in unrealized foreign exchange gain (loss) on other
assets and liabilities........................................... - - (26,106) (3,617,906)
Change in unrealized appreciation (depreciation) on securities
sold short....................................................... - - - -
Change in accrued capital gains tax on unrealized appreciation
(depreciation)................................................... - - (312) -
------------ ------------ ------------ ------------
Net unrealized gain (loss) on investments and foreign
currencies......................................................... (30,156,458) (26,575,199) (16,827,050) (45,427,743)
------------ ------------ ------------ ------------
Net realized and unrealized gain (loss) on investments and foreign
currencies......................................................... (22,229,912) (20,378,197) 23,501,993 (15,176,670)
------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS......................................................... $(20,923,584) $(18,322,747) $ 35,495,936 $(13,036,038)
============ ============ ============ ============
*Net of foreign withholding taxes on interest and dividends of...... $ 15,243 $ 950,712 $ 1,209,180 $ 117,735
------------ ------------ ------------ ------------
See Notes to Financial Statements
214
VALIC Company I
STATEMENTS OF OPERATIONS -- For the Six Months Ended November 30, 2007
(Unaudited) -- (continued)
- --------------------------------------------------------------------------------
GLOBAL SOCIAL GLOBAL GOVERNMENT GROWTH &
AWARENESS STRATEGY SECURITIES INCOME
FUND FUND FUND FUND
- ------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (unaffiliated)............................................ $ 3,890,243 $ 4,733,659 $ - $ 1,310,962
Dividends (affiliated).............................................. - - - -
Securities lending income........................................... 60,981 166,294 28,282 13,141
Interest (unaffiliated)............................................. 379,535 4,155,273 2,580,287 163,126
------------ ----------- ---------- -----------
Total investment income*......................................... 4,330,759 9,055,226 2,608,569 1,487,229
------------ ----------- ---------- -----------
EXPENSES:
Investment advisory and management fees............................. 1,144,700 1,259,872 257,335 544,175
Administrative service fee.......................................... 160,258 176,382 36,027 50,790
Transfer agent fees and expenses.................................... 892 677 927 892
Registration fees................................................... - - - -
Custodian fees...................................................... 22,812 214,401 13,003 10,306
Reports to shareholders............................................. 44,539 46,116 24,949 13,047
Audit and tax fees.................................................. 11,237 20,199 11,735 9,929
Legal fees.......................................................... 7,765 8,689 5,561 5,818
Directors' fees and expenses........................................ 13,571 14,596 3,200 4,475
Interest expense.................................................... - 2,898 5,180 -
Other expenses...................................................... 4,172 10,308 2,413 2,558
------------ ----------- ---------- -----------
Total expenses before fee waivers, expense reimbursements,
and fees paid indirectly........................................ 1,409,946 1,754,138 360,330 641,990
------------ ----------- ---------- -----------
Fees waived and expenses reimbursed by investment adviser
(Note 3)........................................................ - - - (25,257)
Fees paid indirectly (Note 7).................................... (35,194) - - (13,367)
------------ ----------- ---------- -----------
Net expenses..................................................... 1,374,752 1,754,138 360,330 603,366
------------ ----------- ---------- -----------
Net investment income (loss)........................................ 2,956,007 7,301,088 2,248,238 883,863
------------ ----------- ---------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)............ 29,622,058 11,111,106 406,485 6,012,486
Net realized gain (loss) on investments (affiliated).............. - - - -
Net realized gain (loss) on securities sold short................. - - - -
Net realized gain (loss) on futures contracts and written options
contracts........................................................ 1,503,549 - - -
Net realized foreign exchange gain (loss) on other assets and
liabilities...................................................... 137,691 884,172 - -
Net increase from payment by affiliates (Note 3).................. 496,419 - - 212,093
------------ ----------- ---------- -----------
Net realized gain (loss) on investments and foreign currencies...... 31,759,717 11,995,278 406,485 6,224,579
------------ ----------- ---------- -----------
Change in unrealized appreciation (depreciation) on investments
(unaffiliated)................................................... (42,958,786) (7,238,903) 3,948,166 (8,165,749)
Change in unrealized appreciation (depreciation) on investments
(affiliated)..................................................... - - - -
Change in unrealized appreciation (depreciation) on futures
contracts and written options contracts.......................... (2,341,975) - - -
Change in unrealized foreign exchange gain (loss) on other assets
and liabilities.................................................. (6,776) 381,388 - -
Change in unrealized appreciation (depreciation) on securities
sold short....................................................... - - - -
Change in accrued capital gains tax on unrealized appreciation
(depreciation)................................................... - - - -
------------ ----------- ---------- -----------
Net unrealized gain (loss) on investments and foreign currencies.... (45,307,537) (6,857,515) 3,948,166 (8,165,749)
------------ ----------- ---------- -----------
Net realized and unrealized gain (loss) on investments and foreign
currencies......................................................... (13,547,820) 5,137,763 4,354,651 (1,941,170)
------------ ----------- ---------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS......................................................... $(10,591,813) $12,438,851 $6,602,889 $(1,057,307)
============ =========== ========== ===========
*Net of foreign withholding taxes on interest and dividends of...... $ 40,795 $ 307,689 $ - $ -
------------ ----------- ---------- -----------
HEALTH INFLATION INTERNATIONAL INTERNATIONAL
SCIENCES PROTECTED EQUITIES GOVERNMENT
FUND FUND FUND BOND FUND
- --------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (unaffiliated)............................................ $ 367,449 $ - $ 12,615,168 $ 3,750
Dividends (affiliated).............................................. - - - -
Securities lending income........................................... - - 621,487 -
Interest (unaffiliated)............................................. 5,718 364,545 925,020 3,361,254
----------- ---------- ------------- ----------
Total investment income*......................................... 373,167 364,545 14,161,675 3,365,004
----------- ---------- ------------- ----------
EXPENSES:
Investment advisory and management fees............................. 967,026 40,499 1,651,014 336,426
Administrative service fee.......................................... 67,692 5,670 392,284 47,100
Transfer agent fees and expenses.................................... 892 862 4,404 383
Registration fees................................................... - - - -
Custodian fees...................................................... 39,067 11,059 393,287 50,145
Reports to shareholders............................................. 18,511 1,669 119,181 11,790
Audit and tax fees.................................................. 10,018 13,596 18,986 12,274
Legal fees.......................................................... 6,009 5,015 11,761 5,756
Directors' fees and expenses........................................ 5,770 615 31,939 4,093
Interest expense.................................................... - - - 488
Other expenses...................................................... 18,081 2,040 25,830 2,512
----------- ---------- ------------- ----------
Total expenses before fee waivers, expense reimbursements,
and fees paid indirectly........................................ 1,133,066 81,025 2,648,686 470,967
----------- ---------- ------------- ----------
Fees waived and expenses reimbursed by investment adviser
(Note 3)........................................................ - (28,377) - -
Fees paid indirectly (Note 7).................................... (1,500) - - -
----------- ---------- ------------- ----------
Net expenses..................................................... 1,131,566 52,648 2,648,686 470,967
----------- ---------- ------------- ----------
Net investment income (loss)........................................ (758,399) 311,897 11,512,989 2,894,037
----------- ---------- ------------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)............ 11,285,707 28,509 118,840,734 1,725,151
Net realized gain (loss) on investments (affiliated).............. - - - -
Net realized gain (loss) on securities sold short................. - - - -
Net realized gain (loss) on futures contracts and written options
contracts........................................................ 1,665,749 - (732,216) -
Net realized foreign exchange gain (loss) on other assets and
liabilities...................................................... (15,761) - 637,039 (65,831)
Net increase from payment by affiliates (Note 3).................. - - - -
----------- ---------- ------------- ----------
Net realized gain (loss) on investments and foreign currencies...... 12,935,695 28,509 118,745,557 1,659,320
----------- ---------- ------------- ----------
Change in unrealized appreciation (depreciation) on investments
(unaffiliated)................................................... (1,171,740) 826,233 (106,380,822) 2,661,011
Change in unrealized appreciation (depreciation) on investments
(affiliated)..................................................... - - - -
Change in unrealized appreciation (depreciation) on futures
contracts and written options contracts.......................... (450,438) - (3,064,175) -
Change in unrealized foreign exchange gain (loss) on other assets
and liabilities.................................................. 1,004 - 986,031 26,274
Change in unrealized appreciation (depreciation) on securities
sold short....................................................... - - - -
Change in accrued capital gains tax on unrealized appreciation
(depreciation)................................................... 2,710 - - -
----------- ---------- ------------- ----------
Net unrealized gain (loss) on investments and foreign currencies.... (1,618,464) 826,233 (108,458,966) 2,687,285
----------- ---------- ------------- ----------
Net realized and unrealized gain (loss) on investments and foreign
currencies......................................................... 11,317,231 854,742 10,286,591 4,346,605
----------- ---------- ------------- ----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS......................................................... $10,558,832 $1,166,639 $ 21,799,580 $7,240,642
=========== ========== ============= ==========
*Net of foreign withholding taxes on interest and dividends of...... $ 10,003 $ - $ 723,989 $ 14,254
----------- ---------- ------------- ----------
See Notes to Financial Statements
215
VALIC Company I
STATEMENTS OF OPERATIONS -- For the Six Months Ended November 30, 2007
(Unaudited) -- (continued)
- --------------------------------------------------------------------------------
INTERNATIONAL
GROWTH I LARGE CAP LARGE CAPITAL MID CAP INDEX
FUND CORE FUND GROWTH FUND FUND
- -----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (unaffiliated)............................................ $ 6,214,729 $ 637,121 $ 2,810,844 $ 17,865,749
Dividends (affiliated).............................................. - - - -
Securities lending income........................................... 235,857 9,448 44,592 1,076,856
Interest (unaffiliated)............................................. 279,764 11,519 153,484 1,778,955
----------- ----------- ----------- -------------
Total investment income*......................................... 6,730,350 658,088 3,008,920 20,721,560
----------- ----------- ----------- -------------
EXPENSES:
Investment advisory and management fees............................. 3,067,426 279,818 1,824,967 3,973,831
Administrative service fee.......................................... 237,170 27,982 199,606 1,044,753
Transfer agent fees and expenses.................................... 858 677 774 4,862
Registration fees................................................... - - - -
Custodian fees...................................................... 305,544 35,930 47,682 111,625
Reports to shareholders............................................. 71,093 7,471 57,286 301,097
Audit and tax fees.................................................. 17,534 14,151 14,650 11,620
Legal fees.......................................................... 8,898 5,982 8,440 23,689
Directors' fees and expenses........................................ 19,243 3,147 17,450 87,105
Interest expense.................................................... 2,472 1,294 2,134 276
Other expenses...................................................... 7,482 4,340 12,951 17,296
----------- ----------- ----------- -------------
Total expenses before fee waivers, expense reimbursements,
and fees paid indirectly........................................ 3,737,720 380,792 2,185,940 5,576,154
----------- ----------- ----------- -------------
Fees waived and expenses reimbursed by investment adviser
(Note 3)........................................................ (315,756) (41,014) - -
Fees paid indirectly (Note 7).................................... (248) (8,431) (19,485) -
----------- ----------- ----------- -------------
Net expenses..................................................... 3,421,716 331,347 2,166,455 5,576,154
----------- ----------- ----------- -------------
Net investment income (loss)........................................ 3,308,634 326,741 842,465 15,145,406
----------- ----------- ----------- -------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)............ 28,954,771 4,207,654 11,540,157 99,445,850
Net realized gain (loss) on investments (affiliated).............. - - - -
Net realized gain/loss on securities sold short................... - - - -
Net realized gain (loss) on futures contracts and written options
contracts........................................................ - - - (1,065,520)
Net realized foreign exchange gain (loss) on other assets and
liabilities...................................................... 158,960 763 1,106 -
Net increase from payment by affiliates (Note 3).................. - - - -
----------- ----------- ----------- -------------
Net realized gain (loss) on investments and foreign currencies...... 29,113,731 4,208,417 11,541,263 98,380,330
----------- ----------- ----------- -------------
Change in unrealized appreciation (depreciation) on investments
(unaffiliated)................................................... 6,430,488 (3,940,218) 14,945,601 (280,218,768)
Change in unrealized appreciation (depreciation) on investments
(affiliated)..................................................... - - - -
Change in unrealized appreciation (depreciation) on futures
contracts and written options contracts.......................... - - - (6,490,331)
Change in unrealized foreign exchange gain (loss) on other assets
and liabilities.................................................. 28,408 766 (2,932) -
Change in unrealized appreciation (depreciation) on securities
sold short....................................................... - - - -
Change in accrued capital gains tax on unrealized appreciation
(depreciation)................................................... (7,176) - - -
----------- ----------- ----------- -------------
Net unrealized gain (loss) on investments and foreign currencies.... 6,451,720 (3,939,452) 14,942,669 (286,709,099)
----------- ----------- ----------- -------------
Net realized and unrealized gain (loss) on investments and foreign
currencies......................................................... 35,565,451 268,965 26,483,932 (188,328,769)
----------- ----------- ----------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS......................................................... $38,874,085 $ 595,706 $27,326,397 $(173,183,363)
=========== =========== =========== =============
*Net of foreign withholding taxes on interest and dividends of...... $ 303,221 $ - $ 1,492 $ -
----------- ----------- ----------- -------------
MID CAP MONEY SCIENCE &
STRATEGIC MARKET I NASDAQ-100(R) TECHNOLOGY
GROWTH FUND FUND INDEX FUND FUND
- -------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (unaffiliated)............................................ $ 1,451,527 $ - $ 193,367 $ 3,450,871
Dividends (affiliated).............................................. - - - -
Securities lending income........................................... 108,453 - 16,604 162,318
Interest (unaffiliated)............................................. 205,588 13,436,825 138,348 429,557
----------- ----------- ---------- ------------
Total investment income*......................................... 1,765,568 13,436,825 348,319 4,042,746
----------- ----------- ---------- ------------
EXPENSES:
Investment advisory and management fees............................. 1,186,022 1,067,065 179,786 4,308,931
Administrative service fee.......................................... 120,995 186,737 31,462 344,559
Transfer agent fees and expenses.................................... 550 5,091 3,109 3,303
Registration fees................................................... - 13,255 - -
Custodian fees...................................................... 48,184 19,154 10,394 87,290
Reports to shareholders............................................. 32,857 47,926 9,213 358,372
Audit and tax fees.................................................. 11,433 9,982 10,013 11,549
Legal fees.......................................................... 6,832 37 5,444 11,590
Directors' fees and expenses........................................ 17,526 14,260 2,541 29,269
Interest expense.................................................... - - - 197
Other expenses...................................................... 9,127 2,829 15,791 6,340
----------- ----------- ---------- ------------
Total expenses before fee waivers, expense reimbursements,
and fees paid indirectly........................................ 1,433,526 1,366,336 267,753 5,161,400
----------- ----------- ---------- ------------
Fees waived and expenses reimbursed by investment adviser
(Note 3)........................................................ - - (10,575) -
Fees paid indirectly (Note 7).................................... (14,782) - - (61,794)
----------- ----------- ---------- ------------
Net expenses..................................................... 1,418,744 1,366,336 257,178 5,099,606
----------- ----------- ---------- ------------
Net investment income (loss)........................................ 346,824 12,070,489 91,141 (1,056,860)
----------- ----------- ---------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)............ 27,655,726 35,615 748,661 96,606,198
Net realized gain (loss) on investments (affiliated).............. - - - -
Net realized gain/loss on securities sold short................... - - - -
Net realized gain (loss) on futures contracts and written options
contracts........................................................ - - 802,454 (33,186)
Net realized foreign exchange gain (loss) on other assets and
liabilities...................................................... 17,459 - - 1,302
Net increase from payment by affiliates (Note 3).................. - - - -
----------- ----------- ---------- ------------
Net realized gain (loss) on investments and foreign currencies...... 27,673,185 35,615 1,551,115 96,574,314
----------- ----------- ---------- ------------
Change in unrealized appreciation (depreciation) on investments
(unaffiliated)................................................... 5,804,385 - 5,465,059 (29,549,669)
Change in unrealized appreciation (depreciation) on investments
(affiliated)..................................................... - - - -
Change in unrealized appreciation (depreciation) on futures
contracts and written options contracts.......................... - - (366,608) 37,409
Change in unrealized foreign exchange gain (loss) on other assets
and liabilities.................................................. (1,127) - - 30,915
Change in unrealized appreciation (depreciation) on securities
sold short....................................................... - - - -
Change in accrued capital gains tax on unrealized appreciation
(depreciation)................................................... - - - -
----------- ----------- ---------- ------------
Net unrealized gain (loss) on investments and foreign currencies.... 5,803,258 - 5,098,451 (29,481,345)
----------- ----------- ---------- ------------
Net realized and unrealized gain (loss) on investments and foreign
currencies......................................................... 33,476,443 35,615 6,649,566 67,092,969
----------- ----------- ---------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS......................................................... $33,823,267 $12,106,104 $6,740,707 $ 66,036,109
=========== =========== ========== ============
*Net of foreign withholding taxes on interest and dividends of...... $ 16,443 $ - $ 1,306 $ 109,565
----------- ----------- ---------- ------------
See Notes to Financial Statements
216
VALIC Company I
STATEMENTS OF OPERATIONS -- For the Six Months Ended November 30, 2007
(Unaudited) -- (continued)
- --------------------------------------------------------------------------------
SMALL CAP SMALL CAP
AGGRESSIVE SMALL CAP SMALL CAP SPECIAL VALUES
GROWTH FUND FUND INDEX FUND FUND
- ---------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (unaffiliated)......................................... $ 86,128 $ 2,720,700 $ 7,977,270 $ 2,774,209
Dividends (affiliated)........................................... - - - -
Securities lending income........................................ 30,636 306,628 1,193,314 217,621
Interest (unaffiliated).......................................... 38,322 108,631 1,618,974 175,655
----------- ------------ ------------- ------------
Total investment income*...................................... 155,086 3,135,959 10,789,558 3,167,485
----------- ------------ ------------- ------------
EXPENSES:
Investment advisory and management fees.......................... 254,502 2,157,447 1,734,888 1,279,541
Administrative service fee....................................... 20,959 172,771 415,769 119,424
Transfer agent fees and expenses................................. 677 938 3,715 677
Registration fees................................................ - - - -
Custodian fees................................................... 11,285 101,163 180,283 74,375
Reports to shareholders.......................................... 44,519 69,260 139,244 39,549
Audit and tax fees............................................... 14,151 9,953 11,271 14,151
Legal fees....................................................... 51,251 8,156 12,417 7,929
Directors' fees and expenses..................................... 1,590 16,222 35,316 11,196
Interest expense................................................. - 1,862 128 3,178
Other expenses................................................... 4,132 4,570 7,360 7,071
----------- ------------ ------------- ------------
Total expenses before fee waivers, expense
reimbursements, and fees paid indirectly..................... 403,066 2,542,342 2,540,391 1,557,091
----------- ------------ ------------- ------------
Fees waived and expenses reimbursed by investment
adviser (Note 3)............................................. (103,652) (197,591) - (21,727)
Fees paid indirectly (Note 7)................................. (9,891) (8,098) - (49,501)
----------- ------------ ------------- ------------
Net expenses.................................................. 289,523 2,336,653 2,540,391 1,485,863
----------- ------------ ------------- ------------
Net investment income (loss)..................................... (134,437) 799,306 8,249,167 1,681,622
----------- ------------ ------------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)......... 5,752,310 19,480,257 48,708,201 3,211,797
Net realized gain (loss) on investments (affiliated)........... - - - -
Net realized gain (loss) on securities sold short.............. - - - -
Net realized gain (loss) on futures contracts and written
options contracts............................................. - - (1,881,983) -
Net realized foreign exchange gain (loss) on other assets and
liabilities................................................... - (18) - -
Net increase from payment by affiliates (Note 3)............... - - - -
----------- ------------ ------------- ------------
Net realized gain (loss) on investments and foreign currencies... 5,752,310 19,480,239 46,826,218 3,211,797
----------- ------------ ------------- ------------
Change in unrealized appreciation (depreciation) on
investments (unaffiliated).................................... (6,297,497) (91,355,938) (161,815,243) (67,026,209)
Change in unrealized appreciation (depreciation) on
investments (affiliated)...................................... - - - -
Change in unrealized appreciation (depreciation) on futures
contracts and written options contracts....................... - - (4,547,845) -
Change in unrealized foreign exchange gain (loss) on other
assets and liabilities........................................ - 39 - -
Change in unrealized appreciation (depreciation) on securities
sold short.................................................... - - - -
Change in accrued capital gains tax on unrealized appreciation
(depreciation)................................................ - - - -
----------- ------------ ------------- ------------
Net unrealized gain (loss) on investments and foreign
currencies...................................................... (6,297,497) (91,355,899) (166,363,089) (67,026,209)
----------- ------------ ------------- ------------
Net realized and unrealized gain (loss) on investments and
foreign currencies.............................................. (545,187) (71,875,660) (119,536,871) (63,814,412)
----------- ------------ ------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS...................................................... $ (679,624) $(71,076,354) $(111,287,703) $(62,132,790)
=========== ============ ============= ============
*Net of foreign withholding taxes on interest and dividends of... $ - $ 4,144 $ 1,473 $ -
----------- ------------ ------------- ------------
SMALL CAP
STRATEGIC STOCK INDEX VALIC ULTRA
GROWTH FUND FUND FUND VALUE FUND
- -------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (unaffiliated)......................................... $ 322,074 $ 48,034,531 $ 4,898,119 $ 916,102
Dividends (affiliated)........................................... - 199,300 - -
Securities lending income........................................ 109,099 317,736 261,948 -
Interest (unaffiliated).......................................... 27,045 814,794 137,217 104,316
------------ ------------- ------------ -----------
Total investment income*...................................... 458,218 49,366,361 5,297,284 1,020,418
------------ ------------- ------------ -----------
EXPENSES:
Investment advisory and management fees.......................... 622,891 6,114,247 4,159,972 401,095
Administrative service fee....................................... 51,297 1,804,724 352,356 35,996
Transfer agent fees and expenses................................. 677 5,865 912 1,358
Registration fees................................................ - - - -
Custodian fees................................................... 32,991 216,169 104,588 25,682
Reports to shareholders.......................................... 14,795 546,221 96,939 6,684
Audit and tax fees............................................... 14,151 10,762 14,169 14,747
Legal fees....................................................... 6,446 37,564 12,669 5,373
Directors' fees and expenses..................................... 4,796 156,631 31,001 3,049
Interest expense................................................. - - 1,822 -
Other expenses................................................... 5,484 57,406 19,214 3,195
------------ ------------- ------------ -----------
Total expenses before fee waivers, expense
reimbursements, and fees paid indirectly..................... 753,528 8,949,589 4,793,642 497,179
------------ ------------- ------------ -----------
Fees waived and expenses reimbursed by investment
adviser (Note 3)............................................. (20,715) - (19,484) (24,337)
Fees paid indirectly (Note 7)................................. (7,888) - - -
------------ ------------- ------------ -----------
Net expenses.................................................. 724,925 8,949,589 4,774,158 472,842
------------ ------------- ------------ -----------
Net investment income (loss)..................................... (266,707) 40,416,772 523,126 547,576
------------ ------------- ------------ -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)......... 3,976,743 85,552,228 81,336,198 (1,450,380)
Net realized gain (loss) on investments (affiliated)........... - 954,333 - -
Net realized gain (loss) on securities sold short.............. - - - -
Net realized gain (loss) on futures contracts and written
options contracts............................................. (95,258) (1,359,952) - -
Net realized foreign exchange gain (loss) on other assets and
liabilities................................................... - - (2,386,666) -
Net increase from payment by affiliates (Note 3)............... - - - -
------------ ------------- ------------ -----------
Net realized gain (loss) on investments and foreign currencies... 3,881,485 85,146,609 78,949,532 (1,450,380)
------------ ------------- ------------ -----------
Change in unrealized appreciation (depreciation) on
investments (unaffiliated).................................... (18,929,357) (240,642,164) 23,191,438 (6,016,325)
Change in unrealized appreciation (depreciation) on
investments (affiliated)...................................... - (15,087,756) - -
Change in unrealized appreciation (depreciation) on futures
contracts and written options contracts....................... (183,556) (920,935) - -
Change in unrealized foreign exchange gain (loss) on other
assets and liabilities........................................ - - 36,657 -
Change in unrealized appreciation (depreciation) on securities
sold short.................................................... - - - -
Change in accrued capital gains tax on unrealized appreciation
(depreciation)................................................ - - - -
------------ ------------- ------------ -----------
Net unrealized gain (loss) on investments and foreign
currencies...................................................... (19,112,913) (256,650,855) 23,228,095 (6,016,325)
------------ ------------- ------------ -----------
Net realized and unrealized gain (loss) on investments and
foreign currencies.............................................. (15,231,428) (171,504,245) 102,177,627 (7,466,705)
------------ ------------- ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS...................................................... $(15,498,135) $(131,087,474) $102,700,753 $(6,919,129)
============ ============= ============ ===========
*Net of foreign withholding taxes on interest and dividends of... $ 4 $ - $ 27,244 $ 12,591
------------ ------------- ------------ -----------
See Notes to Financial Statements
217
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
ASSET ALLOCATION BLUE CHIP
FUND GROWTH FUND
-------------------------- -------------------------
For the For the
Six Months Six Months
Ended For the Ended For the
November 30, Year Ended November 30, Year Ended
2007 May 31, 2007 May 31,
(Unaudited) 2007 (Unaudited) 2007
------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)............................ $ 2,233,383 $ 4,819,330 $ 209,053 $ 298,239
Net realized gain (loss) on investments and foreign
currencies........................................... 5,509,788 9,456,714 210,306 1,987,326
Net unrealized gain (loss) on investments and foreign
currencies........................................... (8,530,991) 13,795,374 3,029,516 15,398,240
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from
operations............................................. (787,820) 28,071,418 3,448,875 17,683,805
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................................. - (2,686,441) - (164,717)
Net realized gain on securities....................... - (21,762,508) - -
------------ ------------ ------------ ------------
Total distributions to shareholders..................... - (24,448,949) - (164,717)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from
capital share transactions (Note 6).................... (6,652,404) 9,355,172 25,702,851 30,466,574
------------ ------------ ------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS................. (7,440,224) 12,977,641 29,151,726 47,985,662
NET ASSETS:
Beginning of period..................................... 177,094,884 164,117,243 113,351,818 65,366,156
------------ ------------ ------------ ------------
End of period+.......................................... $169,654,660 $177,094,884 $142,503,544 $113,351,818
============ ============ ============ ============
+Includes accumulated undistributed net investment
income (loss).......................................... $ 7,018,912 $ 4,785,529 $ 501,688 $ 292,635
============ ============ ============ ============
BROAD CAP CAPITAL CONSERVATION
VALUE INCOME FUND FUND
------------------------ --------------------------
For the For the
Six Months Six Months
Ended For the Ended For the
November 30, Year Ended November 30, Year Ended
2007 May 31, 2007 May 31,
(Unaudited) 2007 (Unaudited) 2007
------------ ----------- ------------ ------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)............................ $ 237,402 $ 427,362 $ 4,607,914 $ 10,049,178
Net realized gain (loss) on investments and foreign
currencies........................................... 372,016 841,937 (971,490) 1,256,977
Net unrealized gain (loss) on investments and foreign
currencies........................................... (2,545,254) 5,130,668 (208,621) 1,857,887
----------- ----------- ------------ ------------
Net increase (decrease) in net assets resulting from
operations............................................. (1,935,836) 6,399,967 3,427,803 13,164,042
----------- ----------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................................. - (271,979) - (3,178,375)
Net realized gain on securities....................... - - - -
----------- ----------- ------------ ------------
Total distributions to shareholders..................... - (271,979) - (3,178,375)
----------- ----------- ------------ ------------
Net increase (decrease) in net assets resulting from
capital share transactions (Note 6).................... (781,008) (684,949) (3,245,719) (42,437,136)
----------- ----------- ------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS................. (2,716,844) 5,443,039 182,084 (32,451,469)
NET ASSETS:
Beginning of period..................................... 32,646,345 27,203,306 177,290,090 209,741,559
----------- ----------- ------------ ------------
End of period+.......................................... $29,929,501 $32,646,345 $177,472,174 $177,290,090
=========== =========== ============ ============
+Includes accumulated undistributed net investment
income (loss).......................................... $ 418,318 $ 180,916 $ 14,674,161 $ 10,066,247
=========== =========== ============ ============
- --------
See Notes to Financial Statements
218
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS -- (continued)
- --------------------------------------------------------------------------------
CORE EQUITY FUND CORE VALUE FUND
-------------------------- --------------------------
For the For the
Six Months Six Months
Ended For the Ended For the
November 30, Year Ended November 30, Year Ended
2007 May 31, 2007 May 31,
(Unaudited) 2007 (Unaudited) 2007
------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)................................ $ 1,306,328 $ 3,856,171 $ 2,055,450 $ 3,782,692
Net realized gain (loss) on investments and foreign
currencies............................................... 7,926,546 65,683,875 6,197,002 10,955,684
Net unrealized gain (loss) on investments and foreign
currencies............................................... (30,156,458) 8,730,639 (26,575,199) 39,133,375
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from
operations................................................. (20,923,584) 78,270,685 (18,322,747) 53,871,751
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income...................................... - (3,049,676) - (1,900,003)
Net realized gain on securities............................ - - - -
------------ ------------ ------------ ------------
Total distributions to shareholders......................... - (3,049,676) - (1,900,003)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from
capital share transactions (Note 6)........................ (34,798,888) (91,843,284) (18,139,190) (35,488,752)
------------ ------------ ------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS..................... (55,722,472) (16,622,275) (36,461,937) 16,482,996
NET ASSETS:
Beginning of period......................................... 453,147,348 469,769,623 247,710,761 231,227,765
------------ ------------ ------------ ------------
End of period+.............................................. $397,424,876 $453,147,348 $211,248,824 $247,710,761
============ ============ ============ ============
+Includes accumulated undistributed net investment income
(loss)..................................................... $ 4,952,326 $ 3,645,998 $ 5,784,011 $ 3,728,561
============ ============ ============ ============
FOREIGN VALUE FUND GLOBAL EQUITY FUND
------------------------------ --------------------------
For the For the
Six Months Six Months
Ended For the Ended For the
November 30, Year Ended November 30, Year Ended
2007 May 31, 2007 May 31,
(Unaudited) 2007 (Unaudited) 2007
-------------- -------------- ------------ ------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)................................ $ 11,993,943 $ 17,522,981 $ 2,140,632 $ 6,019,510
Net realized gain (loss) on investments and foreign
currencies............................................... 40,329,043 31,819,524 30,251,073 26,840,541
Net unrealized gain (loss) on investments and foreign
currencies............................................... (16,827,050) 127,724,830 (45,427,743) 81,108,618
-------------- -------------- ------------ ------------
Net increase (decrease) in net assets resulting from
operations................................................. 35,495,936 177,067,335 (13,036,038) 113,968,669
-------------- -------------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income...................................... - (8,750,042) - (5,395,008)
Net realized gain on securities............................ - (26,891) - (161,091)
-------------- -------------- ------------ ------------
Total distributions to shareholders......................... - (8,776,933) - (5,556,099)
-------------- -------------- ------------ ------------
Net increase (decrease) in net assets resulting from
capital share transactions (Note 6)........................ 54,423,128 172,292,491 (5,901,937) (48,045,512)
-------------- -------------- ------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS..................... 89,919,064 340,582,893 (18,937,975) 60,367,058
NET ASSETS:
Beginning of period......................................... 1,044,980,433 704,397,540 472,641,824 412,274,766
-------------- -------------- ------------ ------------
End of period+.............................................. $1,134,899,497 $1,044,980,433 $453,703,849 $472,641,824
============== ============== ============ ============
+Includes accumulated undistributed net investment income
(loss)..................................................... $ 21,034,109 $ 9,040,166 $ 7,973,499 $ 5,832,867
============== ============== ============ ============
- --------
See Notes to Financial Statements
219
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS -- (continued)
- --------------------------------------------------------------------------------
GLOBAL SOCIAL AWARENESS GLOBAL STRATEGY
FUND FUND
-------------------------- --------------------------
For the For the
Six Months Six Months
Ended For the Ended For the
November 30, Year Ended November 30, Year Ended
2007 May 31, 2007 May 31,
(Unaudited) 2007 (Unaudited) 2007
------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)................................ $ 2,956,007 $ 5,498,185 $ 7,301,088 $ 11,329,023
Net realized gain (loss) on investments and foreign
currencies............................................... 31,759,717 43,974,522 11,995,278 10,275,543
Net unrealized gain (loss) on investments and foreign
currencies............................................... (45,307,537) 35,045,883 (6,857,515) 65,666,735
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from
operations................................................. (10,591,813) 84,518,590 12,438,851 87,271,301
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income...................................... - (2,907,560) - (5,948,788)
Net realized gain on securities............................ - (17,525,871) - (1,586,148)
------------ ------------ ------------ ------------
Total distributions to shareholders......................... - (20,433,431) - (7,534,936)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from
capital share transactions (Note 6)........................ (4,241,038) 22,007,406 (9,122,385) 16,829,271
------------ ------------ ------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS..................... (14,832,851) 86,092,565 3,316,466 96,565,636
NET ASSETS:
Beginning of period......................................... 468,159,260 382,066,695 509,885,021 413,319,385
------------ ------------ ------------ ------------
End of period+.............................................. $453,326,409 $468,159,260 $513,201,487 $509,885,021
============ ============ ============ ============
+Includes accumulated undistributed net investment income
(loss)..................................................... $ 8,353,353 $ 5,397,346 $ 13,836,451 $ 6,535,363
============ ============ ============ ============
GOVERNMENT SECURITIES GROWTH & INCOME
FUND FUND
-------------------------- --------------------------
For the For the
Six Months Six Months
Ended For the Ended For the
November 30, Year Ended November 30, Year Ended
2007 May 31, 2007 May 31,
(Unaudited) 2007 (Unaudited) 2007
------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)................................ $ 2,248,238 $ 4,642,147 $ 883,863 $ 1,721,691
Net realized gain (loss) on investments and foreign
currencies............................................... 406,485 (1,523,593) 6,224,579 16,609,063
Net unrealized gain (loss) on investments and foreign
currencies............................................... 3,948,166 2,562,455 (8,165,749) 9,689,330
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from
operations................................................. 6,602,889 5,681,009 (1,057,307) 28,020,084
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income...................................... - (2,583,720) - (952,162)
Net realized gain on securities............................ - - - -
------------ ------------ ------------ ------------
Total distributions to shareholders......................... - (2,583,720) - (952,162)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from
capital share transactions (Note 6)........................ (1,944,041) (15,697,933) (7,416,191) (22,664,757)
------------ ------------ ------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS..................... 4,658,848 (12,600,644) (8,473,498) 4,403,165
NET ASSETS:
Beginning of period......................................... 103,483,229 116,083,873 149,282,894 144,879,729
------------ ------------ ------------ ------------
End of period+.............................................. $108,142,077 $103,483,229 $140,809,396 $149,282,894
============ ============ ============ ============
+Includes accumulated undistributed net investment income
(loss)..................................................... $ 6,866,141 $ 4,617,903 $ 2,552,397 $ 1,668,534
============ ============ ============ ============
- --------
See Notes to Financial Statements
220
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS -- (continued)
- --------------------------------------------------------------------------------
HEALTH SCIENCES INFLATION PROTECTED
FUND FUND
-------------------------- ------------------------
For the For the
Six Months Six Months
Ended For the Ended For the
November 30, Year Ended November 30, Year Ended
2007 May 31, 2007 May 31,
(Unaudited) 2007 (Unaudited) 2007
------------ ------------ ------------ -----------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss).......................... $ (758,399) $ (1,042,169) $ 311,897 $ 646,783
Net realized gain (loss) on investments and foreign
currencies......................................... 12,935,695 17,856,506 28,509 (515,205)
Net unrealized gain (loss) on investments and
foreign currencies................................. (1,618,464) 22,217,234 826,233 396,779
------------ ------------ ----------- -----------
Net increase (decrease) in net assets resulting from
operations........................................... 10,558,832 39,031,571 1,166,639 528,357
------------ ------------ ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income............................... - - - (545,426)
Net realized gain on securities..................... - (22,523,320) - -
------------ ------------ ----------- -----------
Total distributions to shareholders................... - (22,523,320) - (545,426)
------------ ------------ ----------- -----------
Net increase (decrease) in net assets resulting from
capital share transactions (Note 6).................. (2,542,676) (1,142,712) 1,149,212 (277,185)
------------ ------------ ----------- -----------
TOTAL INCREASE (DECREASE) IN NET ASSETS............... 8,016,156 15,365,539 2,315,851 (294,254)
NET ASSETS:
Beginning of period................................... 196,443,890 181,078,351 15,721,823 16,016,077
------------ ------------ ----------- -----------
End of period+........................................ $204,460,046 $196,443,890 $18,037,674 $15,721,823
============ ============ =========== ===========
+Includes accumulated undistributed net investment
income (loss)........................................ $ (1,114,284) $ (355,885) $ 613,744 $ 301,847
============ ============ =========== ===========
INTERNATIONAL EQUITIES INTERNATIONAL GOVERNMENT
FUND BOND FUND
------------------------------ --------------------------
For the For the
Six Months Six Months
Ended For the Ended For the
November 30, Year Ended November 30, Year Ended
2007 May 31, 2007 May 31,
(Unaudited) 2007 (Unaudited) 2007
-------------- -------------- ------------ ------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss).......................... $ 11,512,989 $ 23,096,176 $ 2,894,037 $ 5,497,766
Net realized gain (loss) on investments and foreign
currencies......................................... 118,745,557 23,095,002 1,659,320 2,507,270
Net unrealized gain (loss) on investments and
foreign currencies................................. (108,458,966) 163,349,008 2,687,285 2,004,479
-------------- -------------- ------------ ------------
Net increase (decrease) in net assets resulting from
operations........................................... 21,799,580 209,540,186 7,240,642 10,009,515
-------------- -------------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income............................... - (14,517,260) - (5,563,672)
Net realized gain on securities..................... - (54,963,299) - (4,444,582)
-------------- -------------- ------------ ------------
Total distributions to shareholders................... - (69,480,559) - (10,008,254)
-------------- -------------- ------------ ------------
Net increase (decrease) in net assets resulting from
capital share transactions (Note 6).................. 54,819,473 135,409,101 (1,605,305) (1,629,803)
-------------- -------------- ------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS............... 76,619,053 275,468,728 5,635,337 (1,628,542)
NET ASSETS:
Beginning of period................................... 1,097,045,844 821,577,116 135,776,616 137,405,158
-------------- -------------- ------------ ------------
End of period+........................................ $1,173,664,897 $1,097,045,844 $141,411,953 $135,776,616
============== ============== ============ ============
+Includes accumulated undistributed net investment
income (loss)........................................ $ 32,523,280 $ 21,010,291 $ 6,284,675 $ 3,390,638
============== ============== ============ ============
- --------
See Notes to Financial Statements
221
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS -- (continued)
- --------------------------------------------------------------------------------
INTERNATIONAL GROWTH I LARGE CAP CORE
FUND FUND
------------------------- ---------------------------
For the For the
Six Months Six Months
Ended For the Ended For the
November 30, Year Ended November 30, Year Ended
2007 May 31, 2007 May 31,
(Unaudited) 2007 (Unaudited) 2007
------------ ------------ ------------ -------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)........................ $ 3,308,634 $ 6,822,672 $ 326,741 $ 1,363,722
Net realized gain (loss) on investments and
foreign currencies............................... 29,113,731 71,029,095 4,208,417 2,048,222
Net unrealized gain (loss) on investments and
foreign currencies............................... 6,451,720 63,053,790 (3,939,452) 13,858,715
------------ ------------ ------------ -------------
Net increase (decrease) in net assets resulting from
operations......................................... 38,874,085 140,905,557 595,706 17,270,659
------------ ------------ ------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income............................. - (9,266,849) - (927,751)
Net realized gain on securities................... - - - -
------------ ------------ ------------ -------------
Total distributions to shareholders................. - (9,266,849) - (927,751)
------------ ------------ ------------ -------------
Net increase (decrease) in net assets resulting
from capital share transactions (Note 6)........... 7,940,441 41,454,149 (21,027,916) (104,194,933)
------------ ------------ ------------ -------------
TOTAL INCREASE (DECREASE) IN NET ASSETS............. 46,814,526 173,092,857 (20,432,210) (87,852,025)
NET ASSETS:
Beginning of period................................. 668,273,877 495,181,020 88,186,155 176,038,180
------------ ------------ ------------ -------------
End of period+...................................... $715,088,403 $668,273,877 $ 67,753,945 $ 88,186,155
============ ============ ============ =============
+Includes accumulated undistributed net
investment income (loss)........................... $ 7,535,633 $ 4,226,999 $ 837,830 $ 511,089
============ ============ ============ =============
LARGE CAPITAL GROWTH MID CAP INDEX
FUND FUND
--------------------------- ------------------------------
For the For the
Six Months Six Months
Ended For the Ended For the
November 30, Year Ended November 30, Year Ended
2007 May 31, 2007 May 31,
(Unaudited) 2007 (Unaudited) 2007
------------ ------------- -------------- --------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)........................ $ 842,465 $ 2,492,058 $ 15,145,406 $ 32,905,409
Net realized gain (loss) on investments and
foreign currencies............................... 11,541,263 5,788,196 98,380,330 185,995,978
Net unrealized gain (loss) on investments and
foreign currencies............................... 14,942,669 91,850,752 (286,709,099) 299,369,487
------------ ------------- -------------- --------------
Net increase (decrease) in net assets resulting from
operations......................................... 27,326,397 100,131,006 (173,183,363) 518,270,874
------------ ------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income............................. - (1,326,497) - (12,378,922)
Net realized gain on securities................... - - - (172,406,792)
------------ ------------- -------------- --------------
Total distributions to shareholders................. - (1,326,497) - (184,785,714)
------------ ------------- -------------- --------------
Net increase (decrease) in net assets resulting
from capital share transactions (Note 6)........... (37,331,204) (120,228,996) 50,339,513 339,900,368
------------ ------------- -------------- --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS............. (10,004,807) (21,424,487) (122,843,850) 673,385,528
NET ASSETS:
Beginning of period................................. 586,874,711 608,299,198 3,071,995,289 2,398,609,761
------------ ------------- -------------- --------------
End of period+...................................... $576,869,904 $ 586,874,711 $2,949,151,439 $3,071,995,289
============ ============= ============== ==============
+Includes accumulated undistributed net
investment income (loss)........................... $ 2,041,811 $ 1,199,346 $ 49,670,066 $ 34,524,660
============ ============= ============== ==============
- --------
See Notes to Financial Statements
222
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS -- (continued)
- --------------------------------------------------------------------------------
MID CAP STRATEGIC GROWTH MONEY MARKET I
FUND FUND
------------------------- --------------------------
For the For the
Six Months Six Months
Ended For the Ended For the
November 30, Year Ended November 30, Year Ended
2007 May 31, 2007 May 31,
(Unaudited) 2007 (Unaudited) 2007
------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)............................ $ 346,824 $ 24,042 $ 12,070,489 $ 22,979,703
Net realized gain (loss) on investments and foreign
currencies........................................... 27,673,185 10,743,417 35,615 -
Net unrealized gain (loss) on investments and foreign
currencies........................................... 5,803,258 45,146,545 - -
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from
operations............................................. 33,823,267 55,914,004 12,106,104 22,979,703
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................................. - (147,349) (12,070,489) (22,979,703)
Net realized gain on securities....................... - - - -
------------ ------------ ------------ ------------
Total distributions to shareholders..................... - (147,349) (12,070,489) (22,979,703)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from
capital share transactions (Note 6).................... 20,002,964 (86,744,648) 17,444,141 73,724,044
------------ ------------ ------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS................. 53,826,231 (30,977,993) 17,479,756 73,724,044
NET ASSETS:
Beginning of period..................................... 329,635,424 360,613,417 516,352,112 442,628,068
------------ ------------ ------------ ------------
End of period+.......................................... $383,461,655 $329,635,424 $533,831,868 $516,352,112
============ ============ ============ ============
+Includes accumulated undistributed net investment
income (loss).......................................... $ 399,348 $ 52,524 $ - $ -
============ ============ ============ ============
NASDAQ-100(R) INDEX SCIENCE & TECHNOLOGY
FUND FUND
------------------------- ----------------------------
For the For the
Six Months Six Months
Ended For the Ended For the
November 30, Year Ended November 30, Year Ended
2007 May 31, 2007 May 31,
(Unaudited) 2007 (Unaudited) 2007
------------ ------------ ------------ --------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)............................ $ 91,141 $ 65,022 $ (1,056,860) $ (3,623,642)
Net realized gain (loss) on investments and foreign
currencies........................................... 1,551,115 6,191,617 96,574,314 42,481,954
Net unrealized gain (loss) on investments and foreign
currencies........................................... 5,098,451 9,963,275 (29,481,345) 125,737,552
------------ ------------ ------------ --------------
Net increase (decrease) in net assets resulting from
operations............................................. 6,740,707 16,219,914 66,036,109 164,595,864
------------ ------------ ------------ --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................................. - (64,720) - -
Net realized gain on securities....................... - - - -
------------ ------------ ------------ --------------
Total distributions to shareholders..................... - (64,720) - -
------------ ------------ ------------ --------------
Net increase (decrease) in net assets resulting from
capital share transactions (Note 6).................... 10,829,800 (15,027,106) (51,995,878) (227,589,161)
------------ ------------ ------------ --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS................. 17,570,507 1,128,088 14,040,231 (62,993,297)
NET ASSETS:
Beginning of period..................................... 83,647,049 82,518,961 965,649,998 1,028,643,295
------------ ------------ ------------ --------------
End of period+.......................................... $101,217,556 $ 83,647,049 $979,690,229 $ 965,649,998
============ ============ ============ ==============
+Includes accumulated undistributed net investment
income (loss).......................................... $ 148,785 $ 57,644 $ (1,905,523) $ (843,940)
============ ============ ============ ==============
- --------
See Notes to Financial Statements
223
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS -- (continued)
- --------------------------------------------------------------------------------
SMALL CAP AGGRESSIVE GROWTH SMALL CAP
FUND FUND
------------------------- ---------------------------
For the For the
Six Months Six Months
Ended For the Ended For the
November 30, Year Ended November 30, Year Ended
2007 May 31, 2007 May 31,
(Unaudited) 2007 (Unaudited) 2007
------------ ------------ ------------- ------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)........................ $ (134,437) $ (414,290) $ 799,306 $ 226,182
Net realized gain (loss) on investments and
foreign currencies............................... 5,752,310 353,098 19,480,239 52,656,778
Net unrealized gain (loss) on investments and
foreign currencies............................... (6,297,497) 6,163,840 (91,355,899) 14,740,035
----------- ------------ ------------- ------------
Net increase (decrease) in net assets resulting from
operations......................................... (679,624) 6,102,648 (71,076,354) 67,622,995
----------- ------------ ------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income............................. - - - -
Net realized gain on securities................... - (52,480) - (43,145,035)
----------- ------------ ------------- ------------
Total distributions to shareholders................. - (52,480) - (43,145,035)
----------- ------------ ------------- ------------
Net increase (decrease) in net assets resulting
from capital share transactions (Note 6)........... 16,114,207 (15,797,812) (46,476,425) (82,514,896)
----------- ------------ ------------- ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS............. 15,434,583 (9,747,644) (117,552,779) (58,036,936)
NET ASSETS:
Beginning of period................................. 51,911,224 61,658,868 553,319,342 611,356,278
----------- ------------ ------------- ------------
End of period+...................................... $67,345,807 $ 51,911,224 $ 435,766,563 $553,319,342
=========== ============ ============= ============
+Includes accumulated undistributed net
investment income (loss)........................... $ (122,987) $ 11,450 $ 958,222 $ 158,916
=========== ============ ============= ============
SMALL CAP INDEX SMALL CAP SPECIAL
FUND VALUES FUND
------------------------------ --------------------------
For the For the
Six Months Six Months
Ended For the Ended For the
November 30, Year Ended November 30, Year Ended
2007 May 31, 2007 May 31,
(Unaudited) 2007 (Unaudited) 2007
-------------- -------------- ------------ ------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)........................ $ 8,249,168 $ 13,077,619 $ 1,681,622 $ 4,126,788
Net realized gain (loss) on investments and
foreign currencies............................... 46,826,218 85,384,371 3,211,797 17,590,197
Net unrealized gain (loss) on investments and
foreign currencies............................... (166,363,089) 92,039,824 (67,026,209) 46,789,947
-------------- -------------- ------------ ------------
Net increase (decrease) in net assets resulting from
operations......................................... (111,287,703 190,501,814 (62,132,790) 68,506,932
-------------- -------------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income............................. - (4,001,468) - (2,077,094)
Net realized gain on securities................... - (53,691,007) - (1,468,674)
-------------- -------------- ------------ ------------
Total distributions to shareholders................. - (57,692,475) - (3,545,768)
-------------- -------------- ------------ ------------
Net increase (decrease) in net assets resulting
from capital share transactions (Note 6)........... 47,179,726 102,275,732 (36,378,310) (51,434,226)
-------------- -------------- ------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS............. (64,107,977) 235,085,071 (98,511,100) 13,526,938
NET ASSETS:
Beginning of period................................. 1,218,827,466 983,742,395 386,817,442 373,290,504
-------------- -------------- ------------ ------------
End of period+...................................... $1,154,719,489 $1,218,827,466 $288,306,342 $386,817,442
============== ============== ============ ============
+Includes accumulated undistributed net
investment income (loss)........................... $ 21,566,461 $ 13,317,294 $ 3,860,790 $ 2,179,168
============== ============== ============ ============
- --------
See Notes to Financial Statements
224
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS -- (continued)
- --------------------------------------------------------------------------------
SMALL CAP STRATEGIC GROWTH
FUND STOCK INDEX FUND
-------------------------- ------------------------------
For the For the
Six Months Six Months
Ended For the Ended For the
November 30, Year Ended November 30, Year Ended
2007 May 31, 2007 May 31,
(Unaudited) 2007 (Unaudited) 2007
------------ ------------ -------------- --------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss).................... $ (266,707) $ (316,023) $ 40,416,772 $ 79,276,125
Net realized gain (loss) on investments and
foreign currencies........................... 3,881,485 1,479,304 85,146,609 251,501,605
Net unrealized gain (loss) on investments and
foreign currencies........................... (19,112,913) 17,689,887 (256,650,855) 687,397,994
------------ ------------ -------------- --------------
Net increase (decrease) in net assets resulting
from operations................................ (15,498,135) 18,853,168 (131,087,474) 1,018,175,724
------------ ------------ -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income......................... - - - (42,010,765)
Net realized gain on securities............... - - - (162,614,517)
------------ ------------ -------------- --------------
Total distributions to shareholders............. - - - (204,625,282)
------------ ------------ -------------- --------------
Net increase (decrease) in net assets resulting
from capital share transactions (Note 6)....... (13,919,952) (49,244,620) (119,042,974) (240,918,181)
------------ ------------ -------------- --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS......... (29,418,087) (30,391,452) (250,130,448) 572,632,261
NET ASSETS:
Beginning of period............................. 162,945,508 193,336,960 5,316,921,681 4,744,289,420
------------ ------------ -------------- --------------
End of period+.................................. $133,527,421 $162,945,508 $5,066,791,233 $5,316,921,681
============ ============ ============== ==============
+Includes accumulated undistributed net
investment income (loss)....................... $ (227,182) $ 39,525 $ 118,783,614 $ 78,366,842
============ ============ ============== ==============
VALIC ULTRA FUND VALUE FUND
------------------------------ ---------------------------
For the For the
Six Months Six Months
Ended For the Ended For the
November 30, Year Ended November 30, Year Ended
2007 May 31, 2007 May 31,
(Unaudited) 2007 (Unaudited) 2007
-------------- -------------- ------------ -------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss).................... $ 523,126 $ (925,461) $ 547,576 $ 694,625
Net realized gain (loss) on investments and
foreign currencies........................... 78,949,532 (48,737,473) (1,450,380) 13,321,670
Net unrealized gain (loss) on investments and
foreign currencies........................... 23,228,095 157,656,169 (6,016,325) 7,121,683
-------------- -------------- ------------ -------------
Net increase (decrease) in net assets resulting
from operations................................ 102,700,753 107,993,235 (6,919,129) 21,137,978
-------------- -------------- ------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income......................... - (127,665) - (1,399,963)
Net realized gain on securities............... - - - (10,162,766)
-------------- -------------- ------------ -------------
Total distributions to shareholders............. - (127,665) - (11,562,729)
-------------- -------------- ------------ -------------
Net increase (decrease) in net assets resulting
from capital share transactions (Note 6)....... (90,084,106) (259,920,608) 28,359,179 (117,482,444)
-------------- -------------- ------------ -------------
TOTAL INCREASE (DECREASE) IN NET ASSETS......... 12,616,647 (152,055,038) 21,440,050 (107,907,195)
NET ASSETS:
Beginning of period............................. 1,025,501,058 1,177,556,096 89,740,397 197,647,592
-------------- -------------- ------------ -------------
End of period+.................................. $1,038,117,705 $1,025,501,058 $111,180,447 $ 89,740,397
============== ============== ============ =============
+Includes accumulated undistributed net
investment income (loss)....................... $ 64,255 $ (458,871) $ 919,863 $ 372,287
============== ============== ============ =============
- --------
See Notes to Financial Statements
225
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited)
- --------------------------------------------------------------------------------
Note 1 -- Organization
VALIC Company I (the "Series" or "VC I") was incorporated under the laws of
Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company
("VALIC"). VALIC, the investment adviser to the Series, is an indirect
wholly-owned subsidiary of American International Group, Inc. ("AIG"). The
Series is registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), as an open-end, management investment company. The Series consists
of 32 separate mutual funds (the "Funds"), each of which issues its own
separate class of capital shares:
Asset Allocation Fund International Growth I Fund
Blue Chip Growth Fund Large Cap Core Fund
Broad Cap Value Income Fund Large Capital Growth Fund
Capital Conservation Fund Mid Cap Index Fund
Core Equity Fund Mid Cap Strategic Growth Fund
Core Value Fund Money Market I Fund
Foreign Value Fund Nasdaq-100(R) Index Fund
Global Equity Fund Science & Technology Fund
Global Social Awareness Fund Small Cap Aggressive Growth Fund
Global Strategy Fund Small Cap Fund
Government Securities Fund Small Cap Index Fund
Growth & Income Fund Small Cap Special Values Fund
Health Sciences Fund Small Cap Strategic Growth Fund
Inflation Protected Fund Stock Index Fund
International Equities Fund VALIC Ultra Fund
International Government Bond Fund Value Fund
Each Fund is diversified with the exception of International Government Bond
Fund, Nasdaq-100(R) Index Fund, Inflation Protected Fund and Health Sciences
Fund, which are non-diversified as defined by the 1940 Act.
Indemnifications. Under the Funds organizational documents, its officers and
directors are indemnified against certain liability arising out of the
performance of their duties to the Funds. In addition, in the normal course of
business the Funds enter into contracts that may contain the obligation to
indemnify others. The Funds maximum exposure under these arrangements is
unknown. Currently, however, the Funds expect the risk of loss to be remote.
Note 2 -- Significant Accounting Policies
The preparation of financial statements in accordance with U.S. generally
accepted accounting principles ("GAAP") requires management to make estimates
and assumptions that affect the reported amounts and disclosures in the
financial statements. Actual results could differ from these estimates. The
following is a summary of the significant accounting policies followed by the
Funds in the preparation of their financial statements:
A. Security Valuation
Stocks are generally valued based upon closing sales prices reported on
recognized securities exchanges. Stocks listed on the NASDAQ are valued using
the NASDAQ Official Closing Price ("NOCP"). Generally, the NOCP will be the
last sale price unless the reported trade for the stock is outside the range of
the bid/ask price. In such cases, the NOCP will be normalized to the nearer of
the bid or ask price. For listed securities having no sales reported and for
unlisted securities, such securities will be valued based upon the last
reported bid price.
As of the close of regular trading on the New York Stock Exchange, securities
traded primarily on security exchanges outside the United States are valued at
the last sale price on such exchanges on the day of valuation, or if there is
no sale on the day of valuation, at the last-reported bid price. If a
security's price is available from more than one exchange, a portfolio uses the
exchange that is the primary market for the security. However, depending on the
foreign market, closing prices may be up to 15 hours old when they are used to
price the Fund's shares, and the Fund may determine that certain closing prices
do not reflect the fair value of securities. This determination will be based
on review of a number of factors, including developments in foreign markets,
the performance of U.S. securities markets, and the performance of instruments
trading in U.S. markets that represent foreign securities and baskets of
foreign securities. If the Fund determines that closing prices do not reflect
the fair value of the securities, the Fund will adjust the previous closing
prices in accordance with pricing procedures approved by the Board to reflect
what it believes to be the fair value of the securities as of the close of
regular trading on the New York Stock Exchange. The Fund may also fair value
securities in other situations, for example, when a particular foreign market
is closed but the Fund is open. For foreign equity securities, the Fund uses an
outside pricing service to provide it with closing market prices and
information used for adjusting those prices.
Non-convertible bonds and debentures, other long-term debt securities, and
short term debt securities with maturities in excess of 60 days, are valued at
bid prices obtained for the day of valuation from a bond pricing service, when
such prices are available. If a vendor quote is unavailable the securities may
be priced at the mean of two independent quotes obtained from brokers.
Securities for which market quotations are not readily available are valued as
determined pursuant to procedures adopted in good faith by the Board of
Directors.
Short-term securities with 60 days or less to maturity are amortized to
maturity based on their cost to the Fund if acquired within 60 days of maturity
or, if already held by the Fund on the 60th day, are amortized to maturity
based on the value determined on the 61st day.
226
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Futures contracts and options traded on national securities exchanges are
valued as of the close of the exchange upon which they trade. Forward contracts
are valued at the 4:00 p.m. eastern time forward rate. Other securities are
valued on the basis of last sale or bid price (if a last sale price is not
available) in what is, in the opinion of the Adviser, the broadest and most
representative market, that may be either a securities exchange or the
over-the-counter market. Investments in open-end and closed-end registered
investment companies that do not trade on an exchange are valued at the end of
day net asset value per share. Investments in open-end and closed-end
registered investment companies that trade on an exchange are valued at the
last sales price or official closing price as of the close of the customary
trading session on the exchange where the security is principally traded.
For the Money Market I Fund, securities are valued at amortized cost, which
approximates market value. The amortized cost method involves valuing a
security at its cost on the date of purchase and thereafter assuming a constant
amortization to maturity of any discount or premium.
Securities for which market quotations are not readily available or if a
development/significant event occurs that may significantly impact the value of
the security, then these securities are valued, as determined pursuant to
procedures adopted in good faith by the Board of Directors.
B. Options, Futures, and Forward Currency Contracts
Options. An option is a contract conveying a right to buy or sell a financial
instrument at a specified price during a stipulated period. The premium paid by
a Fund for the purchase of a call or a put option is included in the Fund's
Statement of Assets and Liabilities as an investment and subsequently marked to
market to reflect the current market value of the option. When a Fund writes a
call or a put option, an amount equal to the premium received by the Fund is
included in the Fund's Statement of Assets and Liabilities as a liability and
is subsequently marked to market to reflect the current market value of the
option written. If an option which the Fund has written either expires on its
stipulated expiration date, or if the Fund enters into a closing purchase
transaction, the Fund realizes a gain (or loss if the cost of a closing
purchase transaction exceeds the premium received when the option was written)
without regard to any unrealized gain or loss on the underlying security, and
the liability related to such options is extinguished. If a call option which
the Fund has written is exercised, the Fund realizes a gain or loss from the
sale of the underlying security and the proceeds from such sale are increased
by the premium originally received. If a put option which the Fund has written
is exercised, the amount of the premium originally received reduces the cost of
the security which the Fund purchased upon exercise of the option.
During the period ended November 30, 2007 the following Funds had options
written:
Written Options
------------------------------------------------------------------
Core Equity Fund Health Sciences Fund Science & Technology Fund
------------------ --------------------- ------------------------
Number of Premiums Number of Premiums Number of Premiums
Contracts Received Contracts Received Contracts Received
--------- -------- --------- ----------- --------- --------
Options outstanding as of May 31, 2007..... -- $ -- 7,801 $ 3,067,572 103 $ 15,121
Options written............................ 258 61,912 14,660 5,066,645 -- --
Options terminated in closing purchase
transactions.............................. -- -- (12,601) (3,751,235) (103) (15,121)
Options exercised.......................... -- -- (501) (361,248) -- --
Options expired............................ -- -- (880) (179,464) -- --
--- ------- ------- ----------- ---- --------
Options outstanding as of November 30, 2007 258 $61,912 8,479 $ 3,842,270 -- $ --
--- ------- ------- ----------- ---- --------
Futures Contracts. 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"). A Fund's activity in futures contracts is
used primarily for hedging purposes and from time to time for income
enhancement. Futures contracts are conducted through regulated exchanges that
minimize counter-party credit risks. A Fund's participation in the futures
markets involves certain risks, including imperfect correlation between
movements in the price of futures contracts and movements in the price of the
securities hedged or used for cover. Pursuant to a contract, the Funds agree to
receive from or pay to the broker an amount of cash equal to the daily
fluctuation in value of the contract. Such receipts or payments are known as
"variation margin" and are recorded by the Funds as unrealized appreciation or
depreciation. Futures contracts involve elements of risk in excess of the
amount reflected in the Statement of Assets and Liabilities. When a contract is
closed, the Funds record a realized gain or loss equal to the difference
between the value of the contract at the time it was opened and the value at
the time it was closed.
Forward Foreign Currency Contracts. Certain Funds may enter into forward
foreign currency contracts ("forward contracts") to attempt to protect
securities and related receivables and payables against changes in future
foreign exchange rates or to enhance return. A forward contract is an agreement
between two parties to buy or sell currency at a set price on a future date.
The market value of the contract will fluctuate with changes in currency
exchange rates. The contract is marked-to-market daily using the forward rate
and the change in market value is recorded by the Fund as unrealized gain or
loss. On the settlement date, the Fund records either realized gains or losses
equal to the difference between the value of the contract at the time it was
opened and the value at the time it was closed. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet the
terms of their contracts and from unanticipated movements in the value of a
foreign currency relative to the U.S. dollar. Forward contracts involve
elements of risk in excess of the amount reflected in the Statement of Assets
and Liabilities. The Fund bears the risk of an unfavorable change in the
foreign exchange rate underlying the forward contract.
C. Repurchase Agreements
The Funds, along with other affiliated registered investment companies,
pursuant to exemptive relief granted by the Securities and Exchange Commission,
may transfer uninvested cash balances into a single joint account, the daily
aggregate balance of which is invested in one or more repurchase agreements
collateralized by U.S. Treasury or federal agency obligations. For repurchase
agreements and joint repurchase agreements, the Funds' custodian takes
possession of the collateral pledged for investments in such
227
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
repurchase agreements. The underlying collateral is valued daily on a
mark-to-market basis to ensure that the value, at the time the agreement is
entered into, is equal to at least 102% of the repurchase price, including
accrued interest. In the event of default of the obligation to repurchase, a
Fund has the right to liquidate the collateral and apply the proceeds in
satisfaction of the obligation. If the seller defaults and the value of the
collateral declines or if bankruptcy proceedings are commenced with respect to
the seller of the security, realization of the collateral by the Fund may be
delayed or limited.
As of November 30, 2007, the following funds held an undivided interest in the
joint repurchase agreement with State Street Bank & Trust Co.:
Percentage Principal
Fund Ownership Amount
-------------------- ---------- ----------
Growth & Income..... 4.80% $5,156,000
Large Capital Growth 2.30% 2,471,000
As of such date, the repurchase agreement in that joint account and the
collateral therefore were as follows:
State Street Bank & Trust Co. Repurchase Agreement, dated November 30, 2007,
bearing interest at a rate of 2.70% per annum, with a principal amount of
$107,380,000, a repurchase price of $107,404,161, and maturity date of December
3, 2007. The repurchase agreement is collateralized by the following:
Interest Maturity Principal Market
Type of Collateral Rate Date Amount Value
------------------ -------- -------- ----------- -----------
U.S. Treasury Bond 4.38% 11/15/08 $14,490,000 $14,671,125
U.S. Treasury Bill 7.57% 5/22/08 92,442,941 94,291,800
U.S. Treasury Bill 7.76% 5/8/08 555,833 566,950
As of November 30, 2007, the following funds held an undivided interest in the
joint repurchase agreement with UBS Warburg, LLC:
Percentage Principal
Fund Ownership Amount
--------------------- ---------- -----------
Government Securities 3.27% $16,352,000
Large Capital Growth. 1.60% 8,006,000
Money Market I....... 13.92% 69,597,000
As of such date, the repurchase agreement in that joint account and the
collateral therefore were as follows:
UBS Warburg, LLC, dated November 30, 2007, bearing interest at a rate of 3.05%
per annum, with a principal amount of $500,000,000, a repurchase price of
$500,127,083 and maturity date of December 3, 2007. The repurchase agreement is
collateralized by the following:
Interest Maturity Principal Market
Type of Collateral Rate Date Amount Value
----------------------------------- -------- -------- ----------- ------------
U.S. Treasury Inflation Index Bonds 2.00% 01/15/16 130,000,000 $141,700,000
U.S. Treasury Inflation Index Bonds 2.38% 01/15/27 120,000,000 134,400,000
U.S. Treasury Inflation Index Bonds 3.63% 01/15/08 100,000,000 131,250,000
U.S. Treasury Inflation Index Bonds 3.63% 04/15/28 61,561,000 102,652,968
D. Mortgage-Backed Dollar Rolls
Certain Funds may enter into dollar roll transactions using "to be announced"
("TBA") mortgage-backed securities ("TBA Rolls"). The Funds' policy is to
record the components of TBA Rolls as purchase/sale transactions. Any
difference between the purchase and sale price is recorded as a realized gain
or loss on the date the transaction is entered into. During the six months
ended November 30, 2007, none of the portfolios entered into dollar roll
transactions.
Dollar roll transactions involve the risk that the market value of the
securities held by the Fund may decline below the price of the securities that
the Fund has sold but is obligated to repurchase under the agreement. In the
event that the buyer of securities in a dollar roll transaction files
bankruptcy or becomes insolvent, the Fund's use of the proceeds from the sale
of the securities may be restricted pending a determination by the other party,
or its trustee or receiver, whether to enforce the Fund's obligation to
repurchase the securities. The return earned by the Fund with the proceeds of
the dollar roll transaction may or may not exceed transaction costs.
E. Foreign Currency Translation
The books and records of VC I are maintained in U.S. dollars. Assets and
liabilities denominated in foreign currencies and commitments under forward
foreign currency contracts are translated into U.S. dollars based on the
exchange rate of such currencies against U.S. dollars on the date of valuation.
VC I does not isolate that portion of the results of operations arising as a
result of changes in the foreign exchange rates from the changes in the market
prices of securities held at the end of the period. Similarly, VC I does not
isolate the effect of changes in foreign exchange rates from the changes in the
market prices of portfolio securities sold during the period.
Realized foreign exchange gains and losses on other assets and liabilities and
changes in unrealized foreign exchange gains and losses on other assets and
liabilities located in the Statement of Operations include realized foreign
exchange gains and losses from currency gains or losses between the trade and
the settlement dates of securities
228
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
transactions, the difference between the amounts of interest, dividends and
foreign withholding taxes recorded on a Fund's books and the U.S. dollar
equivalent amounts actually received or paid and changes in the unrealized
foreign exchange gains and losses relating to the other assets and liabilities
arising as a result of changes in the exchange rate.
F. Investment Securities Loaned
To realize additional income, a fund may lend portfolio securities with a
value of up to 33 1/3% of its total assets. Any such loans will be
continuously secured by collateral in an amount at least equal to the market
value of the securities loaned. Such collateral will be cash, U.S. government
securities, letters of credit, or other collateral as deemed appropriate. The
Fund may use the cash collateral received to invest in short-term investments.
The description of the short-term investments made with cash collateral from
securities lending is included in the applicable fund's Schedule of
Investments. The risks in lending portfolio securities, as with other
extensions of secured credit, consist of possible delays in receiving
additional collateral or in the recovery of the securities or possible loss of
rights in the collateral should the borrower fail financially. Loans by a fund
will only be made to broker-dealers deemed by the Custodian to be creditworthy
and will not be made unless, in the judgment of VALIC, the consideration to be
earned from such loans would justify the risk. It is the Series' policy to
obtain additional collateral from or return excess collateral to the borrower
by the end of the next business day. Therefore, the value of the collateral may
be temporarily less than the value of the securities on loan. Each fund
receives income earned on the securities loaned during the lending period and a
portion of the interest or rebate earned on the collateral received.
G. Short Sales
All Funds, except for the Foreign Value Fund, Money Market I Fund and Small
Cap Special Values Fund, may engage in "short sales against the box." This
technique involves selling either a security that a Fund owns, or a security
equivalent in kind and amount to the security sold short that the Fund has the
right to obtain, for delivery at a specified date in the future. A Fund may
enter into a short sale against the box to hedge against anticipated declines
in the market price of portfolio securities. If the value of the securities
sold short increases prior to the scheduled delivery date, a Fund loses the
opportunity to participate in the gain.
H. Securities Transactions, Investment Income, Expenses, Dividends and
Distributions to Shareholders
Security transactions are recorded on a trade date basis. Realized gains and
losses on securities sold are determined on the basis of identified cost.
Dividend income and capital gains distributions received are recorded on the
ex-dividend date except for certain dividends from foreign securities, which
are recorded as soon as the Fund is informed after the ex-dividend date.
Interest income is accrued daily except when collection is not expected. For
financial statement purposes, VC I amortizes all premiums and accretes all
discounts on fixed income securities. Funds which earn foreign income and
capital gains may be subject to foreign withholding taxes and capital gains
taxes at various rates. Under applicable foreign law, a withholding of tax may
be imposed on interest, dividends and capital gains at various rates. India,
Thailand and certain other countries' tax regulations require that taxes be
paid on capital gains realized by the Fund. Common expenses incurred by VC I
are allocated among the Funds based upon relative net assets or other
appropriate allocation methods. In all other respects, expenses are charged to
each Fund as incurred on a specific identification basis.
Dividends from net investment income, if any, are normally declared and paid
annually, except for the Money Market I Fund, which declares daily and pays
monthly. Distributions from net realized capital gains, if any, are normally
declared and paid annually.
The Funds record dividends and distributions to their shareholders on the
ex-dividend date. The amount of dividends and distributions from net investment
income and net realized gains are determined and presented in accordance with
federal income tax regulations, which may differ from U.S. generally accepted
accounting principles. These "book/tax" differences are either considered
temporary or permanent in nature. To the extent these differences are permanent
in nature, such amounts are reclassified within the capital accounts at fiscal
year end based on their federal tax-basis treatment; temporary differences do
not require reclassification. Net investment income (loss), net realized gain
(loss) and net assets are not affected by these reclassifications.
Each Fund intends to comply with the requirements of the Internal Revenue
Code, as amended, applicable to regulated investment companies and distribute
all of its taxable income, including any net realized gain on investments, to
its shareholders. Therefore, no federal tax provision is required. Each Fund is
considered a separate entity for tax purposes.
I. New Accounting Pronouncements
On July 13, 2006, the Financial Accounting Standards Board (FASB) released
FASB Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" ("FIN
48"). FIN 48 provides guidance for how uncertain tax positions should be
recognized, measured, presented and disclosed in the financial statements. FIN
48 requires the evaluation of tax positions taken or expected to be taken in
the course of preparing the Fund's tax returns to determine whether the tax
positions are "more-likely-than-not" of being sustained by the applicable tax
authority. Adoption of FIN 48 is required for fiscal years beginning after
December 15, 2006 and is to be applied to all open tax years as of the
effective date. However, Registered Investment Companies are not required to
implement FIN 48 until their last net asset value calculation in the first
required financial statement reporting period for fiscal years beginning after
December 15, 2006. Management has evaluated the implications of FIN 48 and
determined there is no impact to the financial statements.
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement on Financial Accounting Standards No. 157, "Fair Value Measurements"
(FAS 157). This standard clarifies the definition of fair value for financial
reporting, establishes a framework for measuring fair value and requires
additional disclosures about the use of fair value measurements. FAS 157 is
effective for financial statements issued for fiscal years beginning after
November 15, 2007 and interim periods within those fiscal years. As of
November 30, 2007, the Fund does not believe the adoption of FAS 157 will
impact the amounts reported in the financial statements, however, additional
disclosures will be required about the inputs used to develop the measurements
of fair value.
229
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Note 3 -- Advisory Fees and Other Transactions with Affiliates
VALIC, an indirect wholly owned subsidiary of AIG, serves as investment
adviser to VC I. Certain officers and directors of VC I are officers and
directors of VALIC or affiliates of VALIC.
VALIC receives from VC I a monthly fee based on each fund's average daily net
asset value at the following annual rates.
International Equities Fund 0.35% on the first $500 million;
0.25% on the assets over $500 million
------------------------------------------------------------------------
Mid Cap Index Fund 0.35% on the first $500 million;
Small Cap Index Fund 0.25% on $500 million to $3 billion
Stock Index Fund 0.20% on $3 billion to $5 billion
0.15% on assets over $5 billion
------------------------------------------------------------------------
Blue Chip Growth Fund 0.75%
------------------------------------------------------------------------
Core Equity Fund 0.80% on the first $250 million;
0.75% on the next $250 million
0.70% on $500 million to $1 billion
0.65% on assets over $1 billion
------------------------------------------------------------------------
Growth & Income Fund 0.75%
------------------------------------------------------------------------
Science & Technology Fund 0.90% on first $500 million
0.85% on assets over $500 million
------------------------------------------------------------------------
Small Cap Fund 0.90% on the first $250 million;
0.85% on the next $250 million
0.80% on $500 million to $1 billion
0.75% on assets over $1 billion
------------------------------------------------------------------------
Health Sciences Fund 1.00% on first $500 million
0.95% on assets over $500 million
------------------------------------------------------------------------
Inflation Protected Fund 0.50% on the first $250 million;
0.45% on the next $250 million
0.40% on assets over $500 million
------------------------------------------------------------------------
International Growth I Fund 0.95% on the first $250 million;
0.90% on the next $250 million
0.85% on $500 million to $1 billion
0.80% on assets over $1 billion
------------------------------------------------------------------------
Large Capital Growth Fund 0.64% on the first $750 million;
0.59% on assets over $750 million
------------------------------------------------------------------------
Mid Cap Strategic Growth Fund 0.70% on the first $250 million;
0.65% on the next $250 million
0.60% on assets over $500 million
------------------------------------------------------------------------
Asset Allocation Fund 0.50%
Global Social Awareness Fund
Global Strategy Fund
------------------------------------------------------------------------
Capital Conservation Fund 0.50% on the first $250 million;
Government Securities Fund 0.45% on the next $250 million
International Government Bond Fund 0.40% on $500 million to $1 billion
0.35% on assets over $1 billion
------------------------------------------------------------------------
Money Market I Fund 0.40%
Nasdaq-100(R) Index Fund
------------------------------------------------------------------------
Core Value Fund 0.77% on the first $250 million;
0.72% on the next $250 million
0.67% on $500 million to $1 billion
0.62% on assets over $1 billion
------------------------------------------------------------------------
230
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Value Fund 0.78% on the first $250 million;
0.73% on the next $250 million
0.68% on $500 million to $1 billion
0.63% on assets over $1 billion
--------------------------------------------------------------------
Broad Cap Value Income Fund 0.70% on the first $250 million
Large Cap Core Fund 0.65% on the next $250 million
0.60% on $500 million to $1 billion
0.55% on assets over $1 billion
--------------------------------------------------------------------
Foreign Value Fund 0.73% on the first $250 million
0.68% on the next $250 million
0.63% on $500 million to $1 billion
0.58% on assets over $1 billion
--------------------------------------------------------------------
Global Equity Fund 0.81% on the first $250 million
0.76% on the next $250 million
0.71% on $500 million to $1 billion
0.66% on assets over $1 billion
--------------------------------------------------------------------
Small Cap Aggressive Growth Fund 0.85% on the first $250 million
Small Cap Strategic Growth Fund 0.75% on assets over $250 million
--------------------------------------------------------------------
Small Cap Special Values Fund 0.75% on the first $500 million
0.70% on assets over $500 million
--------------------------------------------------------------------
VALIC Ultra Fund 0.89% on the first $250 million
0.84% on the next $250 million
0.79% on $500 million to $1 billion
0.74% on assets over $1 billion
VALIC has agreed to waive a portion of its management fee or to reimburse
certain expenses of the funds listed below through September 30, 2008. The
table below reflects total annual operating expenses by fund, as limited by the
adviser, shown as a percentage of average net assets.
Maximum Expense
Fund Limitation
--------------------------- ---------------
Blue Chip Growth*.......... 0.85%
Broad Cap Value Income..... 0.85%
Core Equity................ 0.85%
Core Value................. 0.83%
Foreign Value.............. 1.00%
Global Equity.............. 1.09%
Global Strategy............ 0.80%
Growth & Income............ 0.85%
Inflation Protected........ 0.65%
International Growth I..... 1.01%
Large Cap Core............. 0.85%
Large Capital Growth....... 0.80%
Mid Cap Strategic Growth... 0.85%
Money Market I............. 0.55%
NASDAQ-100(R) Index#....... 0.55%
Small Cap Aggressive Growth 1.00%
Small Cap.................. 0.95%
Small Cap Special Values... 0.90%
Small Cap Strategic Growth. 1.00%
VALIC Ultra................ 0.95%
Value*..................... 0.85%
- --------
*Effective October 1, 2007, the expense limitations for the Blue Chip Growth
Fund and Value Fund were changed from 0.95% and 1.10%, respectively, to 0.85%.
#Effective October 1, 2007, the expense limitation for the NASDAQ-100(R) Index
Fund is 0.55%.
231
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
VALIC has entered into sub-advisory agreements with the following:
AIG Global Investment Corp. ("AIGGIC")--subadviser for the Asset
Allocation Fund, Capital Conservation Fund, Government Securities Fund,
Inflation Protected Fund, International Equities Fund, International
Government Bond Fund, Mid Cap Index Fund, Nasdaq-100(R) Index Fund,
Small Cap Index Fund, Global Social Awareness Fund and Stock Index Fund.
AIG SunAmerica Asset Management Corp. ("AIG SAAMCo")--subadviser for the
Growth & Income Fund, Money Market I Fund, and a portion of the Large
Capital Growth Fund.
A I M Capital Management, Inc.--subadviser for a portion of the Large
Capital Growth Fund and a portion of the International Growth I Fund.
American Century Investment Management, Inc. and American Century Global
Investment Management, Inc. (collectively, "American
Century")--subadviser for the Core Value Fund, the VALIC Ultra Fund, a
portion of the International Growth I Fund, and a portion of the Small
Cap Fund.
Barrow, Hanley, Mewhinney & Strauss, Inc.--subadviser for the Broad Cap
Value Income Fund.
BlackRock Financial Management, LLC ("BlackRock")--subadviser for the Core
Equity Fund.
Brazos Capital Management, LP--subadviser for a portion of the Mid Cap
Strategic Growth Fund.
Bridgeway Capital Management, Inc.--subadviser for a portion of the Small
Cap Fund.
Evergreen Investment Management Company, LLC--subadviser for the Large Cap
Core Fund, the Small Cap Strategic Growth Fund, and a portion of the
Small Cap Special Values Fund.
Franklin Advisers, Inc.--subadviser for a portion of the Global Strategy
Fund.
Franklin Portfolio Associates, LLC--subadviser for a portion of the Small
Cap Fund.
Massachusetts Financial Services Company ("MFS")--subadviser for a portion
of the International Growth I Fund.
Morgan Stanley Investment Management, Inc.
(d/b/a/"Van Kampen")--subadviser for a portion of the Mid Cap Strategic
Growth Fund.
OppenheimerFunds, Inc.--subadviser for the Value Fund.
Putnam Investment Management, LLC--subadviser for the Global Equity Fund
and a portion of the Small Cap Special Values Fund.
RCM Capital Management, LLC--subadviser for a portion of the Science &
Technology Fund.
T. Rowe Price Associates, Inc.--subadviser for the Blue Chip Growth Fund,
Health Sciences Fund and for a portion of the Science & Technology Fund
and a portion of the Small Cap Fund.
Templeton Global Advisors, Ltd.--subadviser for the Foreign Value Fund.
Templeton Investment Counsel, LLC--subadviser for a portion of the Global
Strategy Fund.
Wellington Management Company, LLP--subadviser for a portion of the
Science & Technology Fund.
Wells Capital Management, Inc.--subadviser for the Small Cap Aggressive
Growth Fund.
The subadvisers are compensated for their services by VALIC.
VC I, on behalf of each Fund has entered into an Administrative Services
Agreement with AIG SAAMCo. SAAMCo receives from each Fund an annual fee of
0.07% based on the average daily net assets of the Fund. Under the agreement,
SAAMCo will provide certain accounting and administrative services to VC I.
During the period ended November 30, 2007, the Series accrued $7,044,137 for
accounting and administrative services.
VC I, on behalf of each Fund has entered into a Transfer Agency and Services
Agreement with VALIC. Under this agreement, VALIC provides services which
include the issuance and redemption of shares, payment of dividends between the
Series and their "institutional" shareholders and certain shareholder reporting
services including confirmation of transactions, statements of account and tax
reporting. For the period ended November 30, 2007, the Series accrued $50,733
in transfer agency and services fees.
On January 23, 2001, the Board of Directors ratified a Deferred Compensation
Plan for its independent directors who are not officers, directors, or
employees of VALIC, or an affiliate of VALIC. The effective date of the plan
was January 1, 2001. The first deferral of compensation was made in March 2001.
Under the deferred compensation plan, directors may elect to defer all or a
portion of their compensation. Amounts deferred may be invested in up to six
different investment options that are specified in the plan as selected by the
directors. For the period ended November 30, 2007, VC I has deferred $9,425 of
director compensation.
232
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
On January 23, 2001, the Board of Directors approved a retirement plan for its
independent directors who are not officers, directors, or employees of VALIC or
an affiliate of VALIC. VC I is responsible for the payment of the retirement
benefits, as well as all expenses of administration of the plan. Generally,
benefits vested under the Retirement Plan are payable for a ten-year period. In
the event of a Director's death prior to complete distribution of benefits, the
Director's beneficiary or estate will be entitled to receive installments or a
discounted lump-sum payment of the remaining benefits. The following amounts
for the retirement plan liability are included in the payable for Directors'
fees and expenses line on the Statement of Assets and Liabilities and the
amounts for the retirement plan expenses are included in the Directors' fees
and expenses line on the Statement of Operations:
Retirement Plan Retirement Plan
Retirement Plan Expense Payments
Liability as of --------------- ---------------
November 30, For the period ended
Fund 2007 November 30, 2007
----------------------------- --------------- -------------------------------
Asset Allocation............. $ 54,819 $ 1,445 $ 359
Blue Chip Growth............. 12,760 732 --
Broad Cap Value Income....... 1,383 243 --
Capital Conservation......... 41,827 1,782 374
Core Equity.................. 225,035 3,887 894
Core Value................... 72,090 2,030 --
Foreign Value................ 34,355 6,866 --
Global Equity................ 19,468 3,622 --
Global Social Awareness...... 116,839 3,569 944
Global Strategy.............. 19,760 3,709 --
Government Securities........ 54,880 946 216
Growth & Income.............. 60,120 1,242 302
Health Sciences.............. 38,487 1,597 --
Inflation Protected.......... 1,578 140 --
International Equities....... 90,741 8,092 2,250
International Government Bond 47,045 1,166 279
International Growth I....... 128,624 4,904 --
Large Cap Core............... 7,247 975 --
Large Capital Growth......... 28,799 5,006 --
Mid Cap Index................ 465,785 22,174 6,088
Mid Cap Strategic Growth..... 9,363 3,069 --
Money Market I............... 162,304 4,136 1,097
NASDAQ-100(R) Index.......... 22,795 714 --
Science & Technology......... 368,952 8,304 1,978
Small Cap Aggressive Growth.. 2,765 428 --
Small Cap.................... 190,111 4,816 --
Small Cap Index.............. 150,316 9,374 2,437
Small Cap Special Values..... 17,477 3,179 --
Small Cap Strategic Growth... 8,673 1,446 --
Social Awareness............. 116,839 3,569 944
Stock Index.................. 1,274,733 43,203 10,705
VALIC Ultra.................. 173,628 9,155 --
Value........................ 13,881 854 --
At November 30, 2007, VALIC, AIG Annuity Insurance Company ("AIGAIC"), and
American General Life Insurance Company ("AGL"), through their insurance
company separate accounts, owned over five percent of the outstanding shares of
the following Funds:
Fund VALIC AIGAIC AGL
----------------------- ------ ------ ---
Asset Allocation....... 99.99% -- *
Blue Chip Growth....... 99.90% -- *
Broad Cap Value Income. 100.00% -- --
Capital Conservation... 100.00% -- --
Core Equity............ 100.00% -- --
Core Value............. 99.97% -- *
Foreign Value.......... 100.00% -- --
Global Equity.......... 100.00% -- --
Global Social Awareness 100.00% -- --
Global Strategy........ 100.00% -- --
Government Securities.. 93.11% 6.89% --
Growth & Income........ 94.84% 5.16% --
Health Sciences........ 99.95% -- *
Inflation Protected.... 100.00% -- --
International Equities. 96.49% * *
233
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Fund VALIC AIGAIC AGL
----------------------------- ------ ------ -----
International Government Bond 100.00% -- --
International Growth I....... 100.00% -- --
Large Cap Core............... 100.00% -- --
Large Capital Growth......... 100.00% -- --
Mid Cap Index................ 98.59% -- *
Mid Cap Strategic Growth..... 100.00% -- --
Money Market I............... 85.10% * 14.41%
Nasdaq-100(R) Index.......... 95.62% -- 4.22%
Science & Technology......... 99.75% * *
Small Cap Aggressive Growth.. 100.00% -- --
Small Cap.................... 100.00% -- --
Small Cap Index.............. 99.26% -- *
Small Cap Special Value...... 100.00% -- --
Small Cap Strategic Growth... 100.00% -- --
Stock Index.................. 96.84% * *
VALIC Ultra.................. 100.00% -- --
Value........................ 100.00% -- --
- --------
*Less than 5% ownership.
As disclosed in the schedule of investments, certain funds own securities
issued by AIG or an affiliate thereof. During the period ended November 30,
2007, the following Funds recorded realized gains (losses) and income on
security transactions of AIG and subsidiaries of AIG as follows:
Change in
Market Value Realized Unrealized Market Value
Fund Security Income at 5/31/07 Purchases Sales Gain/(Loss) Gain/(Loss) at 11/30/07
- ----------- ---------------------------------- -------- ------------ --------- ---------- ----------- ------------ ------------
Stock Index American International Group, Inc. $199,300 $72,614,892 $166,831 $1,122,852 $954,333 $(15,087,756) $57,525,448
During the period, the following funds incurred brokerage commissions with
brokers which are affiliates of a sub-adviser:
Small Cap
International Large Mid Cap Special
Core Equity Growth I Cap Core Strategic Growth Small Cap Values Value
----------- ------------- -------- ---------------- --------- --------- -----
JP Morgan Securities (Asia Pacific), Ltd. $4,698 $4,698 $ -- $ -- $ -- $-- $ --
B-Trade Services LLC..................... -- -- -- -- 341 -- --
J.P. Morgan Securities, Inc.............. -- 4,390 -- -- 1,501 -- --
J.P. Morgan Securities, Ltd.............. -- 6,572 -- -- -- -- --
Merrill Lynch & Co., Inc................. 7,607 -- -- -- -- -- --
Morgan Stanley & Co., Inc................ -- -- -- 5,942 -- -- --
Oppenheimer & Co., Inc................... -- -- -- -- -- -- 572
Wachovia Securities LLC.................. -- -- 835 -- -- 27 --
On June 29, 2007, VALIC made the following payments to the funds set forth
below, which represent the net difference between amounts realized by those
funds upon the disposition of AIG stock and amounts those funds would have
realized had they sold such AIG stock at the time that VALIC became an indirect
wholly-owned subsidiary of AIG (based on the closing prices on August 29, 2001):
Fund Amount
----------------------- ----------
Asset Allocation....... $ 259,662
Blue Chip Growth....... 29,725
Core Equity............ 2,670,798
Core Value............. 337,418
Global Social Awareness 496,419
Growth & Income........ 212,093
Note 4 -- Investment Activity
The cost of purchases and proceeds from sales and maturities of long-term
investments, during the period ended November 30, 2007, were as follows:
Purchases of Sales of
Investment Investment
Securities Securities
(Excluding U.S. (Excluding U.S. Purchase of U.S. Sales of U.S.
Government Government Government Government
Fund Securities) Securities) Securities Securities
- ---------------- --------------- --------------- ---------------- -------------
Asset Allocation $83,884,846 $83,935,135 $10,692,513 $12,301,251
Blue Chip Growth 40,722,872 15,824,565 -- --
234
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Purchases of Sales of
Investment Investment
Securities Securities
(Excluding U.S. (Excluding U.S. Purchase of U.S. Sales of U.S.
Government Government Government Government
Fund Securities) Securities) Securities Securities
- ----------------------------- --------------- --------------- ---------------- -------------
Broad Cap Value Income....... $ 4,243,526 $ 3,708,718 $ -- $ --
Capital Conservation......... 61,700,885 57,102,718 38,694,181 41,250,800
Core Equity.................. 145,472,875 176,805,055 -- --
Core Value................... 38,978,925 53,164,843 -- --
Foreign Value................ 268,980,126 143,417,782 -- --
Global Equity................ 204,417,654 190,122,472 -- --
Global Social Awareness...... 580,945,214 547,406,866 -- --
Global Strategy.............. 99,925,777 64,082,587 -- --
Government Securities........ -- -- 27,320,898 32,043,213
Growth & Income.............. 144,763,332 144,184,073 -- --
Health Sciences.............. 51,635,231 49,982,399 -- --
Inflation Protected.......... 198,824 -- -- 423,286
International Equities....... 717,560,710 655,115,672 -- --
International Government Bond 104,096,635 98,284,561 19,003,515 18,102,996
International Growth I....... 208,936,704 197,223,353 -- --
Large Cap Core............... 14,054,223 32,228,310 -- --
Large Capital Growth......... 149,067,184 184,623,456 -- --
Mid Cap Index................ 429,129,266 233,807,158 -- --
Mid Cap Strategic Growth..... 254,159,379 244,889,757 -- --
NASDAQ-100 Index............. 9,891,958 1,937,548 397,815 --
Science & Technology......... 684,630,223 777,260,028 -- --
Small Cap Aggressive Growth.. 47,933,362 33,709,600 -- --
Small Cap.................... 202,389,086 229,291,618 -- --
Small Cap Index.............. 237,466,989 132,753,726 -- --
Small Cap Special Values..... 88,472,725 125,791,671 -- --
Small Cap Strategic Growth... 65,143,319 78,798,174 -- --
Stock Index.................. 130,393,328 139,437,921 -- --
VALIC Ultra.................. 812,159,843 928,424,271 -- --
Value........................ 105,126,190 70,692,361 -- --
Note 5 -- Federal Income Taxes
The following tables detail the tax basis distributions as well as the
components of distributable earnings. The tax basis components of distributable
earnings differ from the amounts reflected in the Statements of Assets and
Liabilities due to temporary book/tax differences primarily arising from wash
sales, post October losses, investments in passive foreign investment
companies, and derivative transactions.
The information in the following table is presented on the basis of cost for
Federal Income Tax purposes at November 30, 2007.
Identified Cost Gross Gross Net Unrealized
of Investments Unrealized Unrealized Appreciation
Fund Owned Appreciation Depreciation (Depreciation)
- ------------------------------ --------------- ------------ ------------ --------------
Asset Allocation.............. $ 163,768,927 $ 11,363,322 $ 6,074,798 $ 5,288,524
Blue Chip Growth.............. 127,644,976 29,168,952 3,651,727 25,517,225
Broad Cap Value Income........ 27,252,781 4,264,097 1,669,478 2,594,619
Capital Conservation.......... 190,870,797 2,186,272 3,804,676 (1,618,404)
Core Equity................... 415,151,381 42,396,807 20,633,799 21,763,008
Core Value.................... 192,570,209 32,913,709 14,519,393 18,394,316
Foreign Value................. 1,026,040,085 159,226,048 52,673,403 106,552,645
Global Equity................. 450,065,293 50,970,901 18,057,624 32,913,277
Global Social Awareness....... 472,283,321 22,266,811 22,402,373 (135,562)
Global Strategy............... 477,399,330 67,051,515 11,329,823 55,721,692
Government Securities......... 122,077,103 3,054,842 244,368 2,810,474
Growth & Income............... 151,911,035 9,393,552 4,817,400 4,576,152
Health Sciences............... 179,340,759 41,459,584 11,243,622 30,215,962
Inflation Protected........... 17,575,266 555,031 215,314 339,717
International Equities........ 1,099,965,863 193,460,948 30,251,465 163,209,483
International Government Bond* 134,940,561 6,331,444 2,240,700 4,090,744
International Growth I........ 654,239,762 158,224,187 8,442,190 149,781,997
235
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Identified Cost Gross Gross Net Unrealized
of Investments Unrealized Unrealized Appreciation
Fund Owned Appreciation Depreciation (Depreciation)
- --------------------------- --------------- -------------- ------------ --------------
Large Cap Core............. $ 68,186,295 $ 10,840,893 $ 2,870,436 $ 7,970,457
Large Capital Growth....... 472,091,071 113,290,632 7,694,321 105,596,311
Mid Cap Index.............. 3,173,458,453 674,647,681 260,304,917 414,342,764
Mid Cap Strategic Growth... 417,475,054 63,556,651 12,582,675 50,973,976
Money Market I............. 531,448,009 -- -- --
Nasdaq-100(R) Index........ 91,304,470 32,866,131 5,193,920 27,672,211
Science & Technology....... 1,084,537,695 116,858,839 66,433,292 50,425,547
Small Cap Aggressive Growth 84,977,388 5,398,419 6,208,033 (809,614)
Small Cap.................. 528,061,866 58,076,269 51,396,997 6,679,272
Small Cap Index............ 1,377,175,959 214,627,474 145,863,664 68,775,206
Small Cap Special Values... 382,237,823 24,299,251 50,075,531 (25,776,280)
Small Cap Strategic Growth. 168,693,473 14,442,138 15,920,195 (1,478,057)
Stock Index................ 3,278,096,074 2,242,066,979 284,382,885 1,957,684,094
VALIC Ultra................ 895,954,631 174,078,799 7,942,220 166,136,579
Value...................... 105,109,889 9,645,019 4,432,076 5,212,943
- --------
*The tax adjustments for International Government Bond Fund are for the 12
months ended, September 30, 2007.
The tax basis distributable earnings at May 31, 2007 and the tax character of
distributions paid during the year ended May 31, 2007 were as follows:
Distributable Earnings Tax Distributions
------------------------------------------- ------------------------
Long-Term Gains/
Capital Loss Unrealized Long-Term
Ordinary Carryover And Appreciation Ordinary Capital
Fund Income Other Losses (Depreciation) Income Gains
- --------------------------- ----------- ---------------- -------------- ----------- ------------
Asset Allocation........... $ 8,778,111 $ 5,699,888 $ 13,469,225 $ 6,476,557 $ 17,972,392
Blue Chip Growth........... 304,930 (2,113,211) 22,488,085 164,717 --
Broad Cap Value Income..... 860,977 44,631 5,139,873 271,979 --
Capital Conservation....... 10,132,102 (794,079) (1,409,783) 3,178,375 --
Core Equity................ 3,867,555 (112,361,259) 51,947,558 3,049,676 --
Core Value................. 5,501,932 5,426,154 44,959,149 1,900,003 --
Foreign Value.............. 40,789,613 53,124 123,356,933 8,776,933 --
Global Equity.............. 28,846,004 1,052,150 74,704,139 5,556,099 --
Global Strategy............ 14,176,508 742,071 63,820,804 7,534,936 --
Government Securities...... 4,668,687 (4,879,170) (1,137,692) 2,583,720 --
Growth & Income............ 1,732,535 6,185,584 12,741,902 952,162 --
Health Sciences............ 6,189,880 10,041,517 31,741,833 5,612,768 16,910,552
Inflation Protected........ 303,317 (544,952) (486,516) 545,426 --
International Equities..... 30,414,893 19,706,927 272,723,587 45,520,828 23,959,731
International Govt Bond*... 7,009,978 920,971 3,334,055 6,981,559 3,026,695
International Growth I..... 6,162,163 (56,137,482) 143,342,049 9,266,849 --
Large Cap Core............. 2,980,629 290,618 11,910,640 927,751 --
Large Capital Growth....... 1,208,447 (256,574) 90,650,701 1,326,497 --
Mid Cap Index.............. 45,379,086 183,355,955 695,491,493 23,249,259 161,536,455
Mid Cap Strategic Growth... 7,823,997 805,898 45,169,978 147,349 --
Money Market I............. 163,603 -- -- 22,979,703 --
Nasdaq-100(R) Index........ 73,267 (633,619) 22,207,152 64,720 --
Science & Technology....... -- (1,528,103,844) 79,927,030 -- --
Small Cap Aggressive Growth 737 11,480 5,487,884 52,480 --
Small Cap.................. 2,645,970 50,467,105 98,035,172 9,571,664 33,573,371
Small Cap Index............ 26,112,422 76,533,026 230,579,052 12,199,024 45,493,451
Small Cap Special Values... 18,791,884 115,801 41,249,929 3,489,088 56,680
Small Cap Strategic Growth. -- (427,933) 17,451,299 -- --
Social Awareness........... 34,956,643 17,342,852 42,823,224 2,907,560 17,525,871
Stock Index................ 82,922,103 243,456,912 2,213,414,015 42,619,498 162,005,784
VALIC Ultra................ -- (344,523,928) 142,940,499 127,665 --
Value...................... 6,061,031 2,006,033 11,229,268 10,699,427 863,302
- --------
*The Distributable Earnings for International Government Bond Fund are for the
tax year ended September 30, 2007.
236
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
As of May 31, 2007, the Funds indicated below have capital loss carryforwards,
which expire in the year indicated, and are available to offset future capital
gains, if any:
Capital Loss Carryforward
-------------------------------------------------------------------------------------------------
Fund 2008 2009 2010 2011 2012 2013 2014 2015
- -------------------------- ------------ ------------ ------------ ------------ ----------- ---------- ---------- -----------
Blue Chip Growth*......... $ -- $ 1,515,384 $ 957,898 $ 154,910 $ -- $ -- $ -- $ --
Capital Conservation...... -- -- -- -- -- 50,164 374,523 241,747
Core Equity............... -- -- 1,521,544 78,196,502 32,639,490 -- -- --
Government Securities..... -- -- -- -- 858,141 1,300,788 -- 2,207,762
Inflation Protected....... -- -- -- -- -- -- 17,841 478,150
International Growth I.... -- -- -- 56,019,997 -- -- -- --
Large Capital Growth...... -- -- -- -- -- 152,457 104,117 --
Nasdaq 100(R) Index....... -- -- -- -- -- 633,619 -- --
Science & Technology...... -- 951,146,838 404,504,281 171,964,888 -- -- -- --
Small Cap Strategic Growth -- -- -- -- -- -- 427,610 --
Valic Ultra............... 114,078,854 77,415,024 102,053,141 1,573,371 -- -- 1,130,162 47,815,438
- --------
*The capital loss carryforward includes $2,628,192 of capital losses from the
acquisition of VC I Growth Fund on August 27, 2004. These losses may be
subject to annual limitations pursuant to Section 382(b)(1) of the Internal
Revenue Code.
Note 6 -- Capital Share Transactions
Transactions in capital shares of each Fund were as follows:
Asset Allocation Blue Chip Growth
-------------------------------------------------- --------------------------------------------------
For the period ended For the period ended
November 30, 2007 For the year ended November 30, 2007 For the year ended
(Unaudited) May 31, 2007 (Unaudited) May 31, 2007
------------------------ ------------------------ ------------------------ ------------------------
Shares Amount Shares Amount Shares Amount Shares Amount
---------- ------------ ---------- ------------ ---------- ------------ ---------- ------------
Shares sold............ 968,505 $ 11,686,848 1,736,448 $ 20,998,503 3,442,570 $ 37,900,936 5,614,926 $ 53,720,274
Reinvested dividends... -- -- 2,150,303 24,448,949 -- -- 16,757 164,717
Shares redeemed........ (1,518,712) (18,339,252) (2,985,737) (36,092,280) (1,116,792) (12,198,085) (2,461,992) (23,418,417)
---------- ------------ ---------- ------------ ---------- ------------ ---------- ------------
Net increase (decrease) (550,207) $ (6,652,404) 901,014 $ 9,355,172 2,325,778 $ 25,702,851 3,169,691 $ 30,466,574
========== ============ ========== ============ ========== ============ ========== ============
Broad Cap Value Income Capital Conservation
-------------------------------------------------- --------------------------------------------------
For the period ended For the period ended
November 30, 2007 For the year ended November 30, 2007 For the year ended
(Unaudited) May 31, 2007 (Unaudited) May 31, 2007
------------------------ ------------------------ ------------------------ ------------------------
Shares Amount Shares Amount Shares Amount Shares Amount
---------- ------------ ---------- ------------ ---------- ------------ ---------- ------------
Shares sold............ 287,478 $ 3,500,515 710,583 $ 8,062,600 1,983,826 $ 19,712,255 5,070,307 $ 49,530,279
Reinvested dividends... -- -- 23,733 271,979 -- -- 323,334 3,178,375
Shares redeemed........ (353,229) (4,281,523) (815,745) (9,019,528) (2,310,557) (22,957,974) (9,696,084) (95,145,790)
---------- ------------ ---------- ------------ ---------- ------------ ---------- ------------
Net increase (decrease) (65,751) $ (781,008) (81,429) $ (684,949) (326,731) $ (3,245,719) (4,302,443) $(42,437,136)
========== ============ ========== ============ ========== ============ ========== ============
237
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Core Equity
------------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
-------------------------- --------------------------
Shares Amount Shares Amount
----------- ------------- ----------- -------------
Shares sold............ 900,910 $ 13,404,419 3,624,615 $ 50,076,092
Reinvested dividends... -- -- 214,012 3,049,676
Shares redeemed........ (3,228,272) (48,203,307) (10,487,361) (144,969,052)
----------- ------------- ----------- -------------
Net increase (decrease) (2,327,362) $ (34,798,888) (6,648,734) $ (91,843,284)
=========== ============= =========== =============
Foreign Value
------------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
-------------------------- --------------------------
Shares Amount Shares Amount
----------- ------------- ----------- -------------
Shares sold............ 8,993,315 $ 118,391,489 26,583,233 $ 321,777,078
Reinvested dividends... -- -- 725,966 8,776,933
Shares redeemed........ (4,846,159) (63,968,361) (13,701,520) (158,261,520)
----------- ------------- ----------- -------------
Net increase (decrease) 4,147,156 $ 54,423,128 13,607,679 $ 172,292,491
=========== ============= =========== =============
Global Social Awareness
------------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
-------------------------- --------------------------
Shares Amount Shares Amount
----------- ------------- ----------- -------------
Shares sold............ 1,353,999 $ 32,151,199 4,239,537 $ 94,681,655
Reinvested dividends... -- -- 916,297 20,433,431
Shares redeemed........ (1,533,022) (36,392,237) (4,196,696) (93,107,680)
----------- ------------- ----------- -------------
Net increase (decrease) (179,023) $ (4,241,038) 959,138 $ 22,007,406
=========== ============= =========== =============
Government Securities
------------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
-------------------------- --------------------------
Shares Amount Shares Amount
----------- ------------- ----------- -------------
Shares sold............ 1,514,584 $ 15,749,502 2,142,215 $ 21,688,433
Reinvested dividends... -- -- 255,561 2,583,720
Shares redeemed........ (1,716,426) (17,693,543) (3,951,788) (39,970,086)
----------- ------------- ----------- -------------
Net increase (decrease) (201,842) $ (1,944,041) (1,554,012) $ (15,697,933)
=========== ============= =========== =============
Health Sciences
------------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
-------------------------- --------------------------
Shares Amount Shares Amount
----------- ------------- ----------- -------------
Shares sold............ 1,379,367 $ 15,992,634 3,064,209 $ 33,517,036
Reinvested dividends... -- -- 2,165,704 22,523,320
Shares redeemed........ (1,614,426) (18,535,310) (5,220,853) (57,183,068)
----------- ------------- ----------- -------------
Net increase (decrease) (235,059) $ (2,542,676) 9,060 $ (1,142,712)
=========== ============= =========== =============
International Equities
------------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
-------------------------- --------------------------
Shares Amount Shares Amount
----------- ------------- ----------- -------------
Shares sold............ 14,951,253 $ 168,849,525 33,890,309 $ 349,648,402
Reinvested dividends... -- -- 6,771,984 69,480,559
Shares redeemed........ (10,176,709) (114,030,052) (27,405,066) (283,719,860)
----------- ------------- ----------- -------------
Net increase (decrease) 4,774,544 $ 54,819,473 13,257,227 $ 135,409,101
=========== ============= =========== =============
Core Value
----------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
------------------------ --------------------------
Shares Amount Shares Amount
---------- ------------ ----------- -------------
Shares sold............ 1,028,491 $ 12,741,290 3,598,052 $ 40,702,926
Reinvested dividends... -- -- 160,203 1,900,003
Shares redeemed........ (2,469,221) (30,880,480) (6,881,560) (78,091,681)
---------- ------------ ----------- -------------
Net increase (decrease) (1,440,730) $(18,139,190) (3,123,305) $ (35,488,752)
========== ============ =========== =============
Global Equity
----------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
------------------------ --------------------------
Shares Amount Shares Amount
---------- ------------ ----------- -------------
Shares sold............ 2,485,030 $ 34,118,315 5,898,307 $ 69,188,209
Reinvested dividends... -- -- 459,562 5,556,099
Shares redeemed........ (2,939,733) (40,020,252) (10,548,803) (122,789,820)
---------- ------------ ----------- -------------
Net increase (decrease) (454,703) $ (5,901,937) (4,190,934) $ (48,045,512)
========== ============ =========== =============
Global Strategy
----------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
------------------------ --------------------------
Shares Amount Shares Amount
---------- ------------ ----------- -------------
Shares sold............ 2,590,249 $ 33,882,298 9,633,760 $ 115,200,164
Reinvested dividends... -- -- 626,867 7,534,936
Shares redeemed........ (3,301,425) (43,004,683) (9,115,231) (105,905,829)
---------- ------------ ----------- -------------
Net increase (decrease) (711,176) $ (9,122,385) 1,145,396 $ 16,829,271
========== ============ =========== =============
Growth & Income
----------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
------------------------ --------------------------
Shares Amount Shares Amount
---------- ------------ ----------- -------------
Shares sold............ 556,836 $ 9,891,766 1,191,010 $ 18,972,590
Reinvested dividends... -- -- 58,272 952,162
Shares redeemed........ (977,360) (17,307,957) (2,685,974) (42,589,509)
---------- ------------ ----------- -------------
Net increase (decrease) (420,524) $ (7,416,191) (1,436,692) $ (22,664,757)
========== ============ =========== =============
Inflation Protected
----------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
------------------------ --------------------------
Shares Amount Shares Amount
---------- ------------ ----------- -------------
Shares sold............ 405,189 $ 4,000,237 555,192 $ 5,405,525
Reinvested dividends... -- -- 56,756 545,426
Shares redeemed........ (292,392) (2,851,025) (640,305) (6,228,136)
---------- ------------ ----------- -------------
Net increase (decrease) 112,797 $ 1,149,212 (28,357) $ (277,185)
========== ============ =========== =============
International Government Bond
----------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
------------------------ --------------------------
Shares Amount Shares Amount
---------- ------------ ----------- -------------
Shares sold............ 1,231,224 $ 15,206,012 2,503,502 $ 30,575,280
Reinvested dividends... -- -- 837,511 10,008,254
Shares redeemed........ (1,381,005) (16,811,317) (3,453,592) (42,213,337)
---------- ------------ ----------- -------------
Net increase (decrease) (149,781) $ (1,605,305) (112,579) $ (1,629,803)
========== ============ =========== =============
238
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
International Growth I
----------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
------------------------ --------------------------
Shares Amount Shares Amount
---------- ------------ ----------- -------------
Shares sold............ 4,924,950 $ 65,577,796 12,889,858 $ 146,398,496
Reinvested dividends... -- -- 797,491 9,266,849
Shares redeemed........ (4,407,529) (57,637,355) (9,987,276) (114,211,196)
---------- ------------ ----------- -------------
Net increase (decrease) 517,421 $ 7,940,441 3,700,073 $ 41,454,149
========== ============ =========== =============
Large Capital Growth
----------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
------------------------ --------------------------
Shares Amount Shares Amount
---------- ------------ ----------- -------------
Shares sold............ 1,848,164 $ 22,966,202 7,010,134 $ 76,436,903
Reinvested dividends... -- -- 117,493 1,326,497
Shares redeemed........ (4,852,162) (60,297,406) (18,033,241) (197,992,396)
---------- ------------ ----------- -------------
Net increase (decrease) (3,003,998) $(37,331,204) (10,905,614) $(120,228,996)
========== ============ =========== =============
Mid Cap Strategic Growth
----------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
------------------------ --------------------------
Shares Amount Shares Amount
---------- ------------ ----------- -------------
Shares sold............ 3,154,788 $ 46,988,472 3,862,905 $ 46,050,165
Reinvested dividends... -- -- 12,188 147,349
Shares redeemed........ (1,858,105) (26,985,508) (11,218,328) (132,942,162)
---------- ------------ ----------- -------------
Net increase (decrease) 1,296,683 $ 20,002,964 (7,343,235) $ (86,744,648)
========== ============ =========== =============
NASDAQ-100(R) Index
----------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
------------------------ --------------------------
Shares Amount Shares Amount
---------- ------------ ----------- -------------
Shares sold............ 4,319,949 $ 24,566,824 4,626,944 $ 21,760,598
Reinvested dividends... -- -- 13,235 64,720
Shares redeemed........ (2,479,274) (13,737,024) (7,818,852) (36,852,424)
---------- ------------ ----------- -------------
Net increase (decrease) 1,840,675 $ 10,829,800 (3,178,673) $ (15,027,106)
========== ============ =========== =============
Small Cap Aggressive
----------------------------------------------------
For the period ended
November 30, 2007 For the period ended
(Unaudited) May 31, 2007
------------------------ --------------------------
Shares Amount Shares Amount
---------- ------------ ----------- -------------
Shares sold............ 1,940,919 $ 23,349,889 1,040,359 $ 10,629,226
Reinvested dividends... -- -- 5,150 52,480
Shares redeemed........ (610,236) (7,235,682) (2,643,165) (26,479,518)
---------- ------------ ----------- -------------
Net increase (decrease) 1,330,683 $ 16,114,207 (1,597,656) $ (15,797,812)
========== ============ =========== =============
Small Cap Index
----------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
------------------------ --------------------------
Shares Amount Shares Amount
---------- ------------ ----------- -------------
Shares sold............ 6,837,954 $126,245,086 15,380,903 $ 275,462,181
Reinvested dividends... -- -- 3,228,454 57,692,475
Shares redeemed........ (4,283,789) (79,065,360) (12,874,623) (230,878,924)
---------- ------------ ----------- -------------
Net increase (decrease) 2,554,165 $ 47,179,726 5,734,734 $ 102,275,732
========== ============ =========== =============
Large Cap Core
--------------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
--------------------------- ---------------------------
Shares Amount Shares Amount
------------ ------------- ------------ -------------
Shares sold............ 543,882 $ 6,468,900 3,798,534 $ 39,844,767
Reinvested dividends... -- -- 84,495 927,751
Shares redeemed........ (2,308,757) (27,496,816) (13,909,030) (144,967,451)
------------ ------------- ------------ -------------
Net increase (decrease) (1,764,875) $ (21,027,916) (10,026,001) $(104,194,933)
============ ============= ============ =============
Mid Cap Index
--------------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
--------------------------- ---------------------------
Shares Amount Shares Amount
------------ ------------- ------------ -------------
Shares sold............ 9,201,169 $ 235,139,301 24,152,830 $ 584,033,063
Reinvested dividends... -- -- 7,927,315 184,785,714
Shares redeemed........ (7,234,811) (184,799,788) (17,779,999) (428,918,409)
------------ ------------- ------------ -------------
Net increase (decrease) 1,966,358 $ 50,339,513 14,300,146 $ 339,900,368
============ ============= ============ =============
Money Market I
--------------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
--------------------------- ---------------------------
Shares Amount Shares Amount
------------ ------------- ------------ -------------
Shares sold............ 281,945,446 $ 281,945,446 438,356,289 $ 438,356,289
Reinvested dividends... 12,070,489 12,070,489 22,979,703 22,979,703
Shares redeemed........ (276,571,794) (276,571,794) (387,611,948) (387,611,948)
------------ ------------- ------------ -------------
Net increase (decrease) 17,444,141 $ 17,444,141 73,724,044 $ 73,724,044
============ ============= ============ =============
Science & Technology
--------------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
--------------------------- ---------------------------
Shares Amount Shares Amount
------------ ------------- ------------ -------------
Shares sold............ 3,257,089 $ 47,090,462 9,852,891 $ 115,784,060
Reinvested dividends... -- -- -- --
Shares redeemed........ (6,936,470) (99,086,340) (28,656,097) (343,373,221)
------------ ------------- ------------ -------------
Net increase (decrease) (3,679,381) $ (51,995,878) (18,803,206) $(227,589,161)
============ ============= ============ =============
Small Cap
--------------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
--------------------------- ---------------------------
Shares Amount Shares Amount
------------ ------------- ------------ -------------
Shares sold............ 1,539,227 $ 18,949,820 4,842,617 $ 60,519,746
Reinvested dividends... -- -- 3,565,705 43,145,035
Shares redeemed........ (5,283,454) (65,426,245) (14,901,046) (186,179,677)
------------ ------------- ------------ -------------
Net increase (decrease) (3,744,227) $ (46,476,425) (6,492,724) $ (82,514,896)
============ ============= ============ =============
Small Cap Special Values
--------------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
--------------------------- ---------------------------
Shares Amount Shares Amount
------------ ------------- ------------ -------------
Shares sold............ 1,675,414 $ 19,307,578 5,487,081 $ 60,882,612
Reinvested dividends... -- -- 307,792 3,545,768
Shares redeemed........ (4,824,471) (55,685,888) (10,387,429) (115,862,606)
------------ ------------- ------------ -------------
Net increase (decrease) (3,149,057) $ (36,378,310) (4,592,556) $ (51,434,226)
============ ============= ============ =============
239
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Small Cap Strategic Growth
------------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
-------------------------- --------------------------
Shares Amount Shares Amount
----------- ------------- ----------- -------------
Shares sold............ 734,726 $ 8,001,278 2,436,339 $ 25,217,945
Reinvested dividends... -- -- -- --
Shares redeemed........ (1,993,546) (21,921,230) (7,169,306) (74,462,565)
----------- ------------- ----------- -------------
Net increase (decrease) (1,258,820) $ (13,919,952) (4,732,967) $ (49,244,620)
=========== ============= =========== =============
VALIC Ultra
------------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
-------------------------- --------------------------
Shares Amount Shares Amount
----------- ------------- ----------- -------------
Shares sold............ 3,758,075 $ 39,526,505 16,108,702 $ 148,014,978
Reinvested dividends... -- -- 13,481 127,665
Shares redeemed........ (12,336,709) (129,610,611) (43,880,879) (408,063,251)
----------- ------------- ----------- -------------
Net increase (decrease) (8,578,634) $ (90,084,106) (27,758,696) $(259,920,608)
=========== ============= =========== =============
Stock Index
--------------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
-------------------------- ----------------------------
Shares Amount Shares Amount
----------- ------------- ----------- ---------------
Shares sold............ 7,124,843 $ 277,749,418 19,339,031 $ 698,752,150
Reinvested dividends... -- -- 5,584,751 204,625,282
Shares redeemed........ (10,155,622) (396,792,392) (31,426,134) (1,144,295,613)
----------- ------------- ----------- ---------------
Net increase (decrease) (3,030,779) $(119,042,974) (6,502,352) $ (240,918,181)
=========== ============= =========== ===============
Value
--------------------------------------------------------
For the period ended
November 30, 2007 For the year ended
(Unaudited) May 31, 2007
-------------------------- ----------------------------
Shares Amount Shares Amount
----------- ------------- ----------- ---------------
Shares sold............ 3,151,977 $ 41,265,025 4,158,899 $ 52,068,979
Reinvested dividends... -- -- 990,808 11,562,729
Shares redeemed........ (992,400) (12,905,846) (14,673,117) (181,114,152)
----------- ------------- ----------- ---------------
Net increase (decrease) 2,159,577 $ 28,359,179 (9,523,410) $ (117,482,444)
=========== ============= =========== ===============
Note 7 -- Expense Reductions
Through expense offset arrangements resulting from broker commission
recapture, a portion of the Fund's expenses have been reduced. For the period
ended November 30, 2007, the amount of expense reductions received by each
fund, used to offset the Fund's non-affiliated expenses, were as follows:
Fund Expense Reductions
--------------------------- ------------------
Asset Allocation........... $ 3,997
Blue Chip Growth........... 199
Broad Cap Value Income..... 333
Global Equity ............. 33,480
Global Social Awareness.... 35,194
Growth & Income............ 13,367
Health Sciences............ 1,500
International Growth I..... 248
Large Cap Core............. 8,431
Large Capital Growth....... 19,485
Mid Cap Strategic Growth... 14,782
Science & Technology....... 61,794
Small Cap Aggressive Growth 9,891
Small Cap.................. 8,098
Small Cap Special Values... 49,501
Small Cap Strategic Growth. 7,888
Note 8 -- Investment Concentration
Capital Conservation Fund, Government Securities Fund, and Inflation Protected
Fund invest in U.S. Government sponsored securities. No assurance can be given
that the U.S. Government will provide support to such U.S. Government sponsored
agencies or instrumentalities in the future since it is not required to do so
by law. As a result of each Fund's concentration in such investments, it may be
subject to risks associated with U.S. Government securities. At the end of the
period, the Funds had 31.6%, 46.2%, and 18.3%, respectively, of their net
assets invested in such securities.
Some of the Funds may invest internationally, including in "emerging market"
countries. Emerging market securities involve risks not typically associated
with investing in securities of issuers in more developed markets. These
investments are subject to various risk factors including market, credit,
exchange rate and sovereign risk. The markets in which these securities trade
can be volatile and at times illiquid. These securities may be denominated in
currencies other than U.S. dollars. While investing internationally may reduce
portfolio risk by increasing the diversification of portfolio investments, the
value of the investment may be affected by fluctuating currency values,
changing local and regional economic, political and social conditions, and
greater market volatility. These risks are primary risks of the International
Equities Fund , International Growth I Fund and the Foreign Value Fund. The
International Equities Fund had 19.7% and 17.9% of its net assets invested in
equity securities domiciled in the United Kingdom and Japan, respectively. The
International Growth I Fund had 14.1% and 14.6% of its net assets invested in
equity securities domiciled in the United Kingdom and Japan. The Foreign Value
had 21.9% of its net assets invested in equity securities domiciled in the
United Kingdom.
The Health Sciences Fund is concentrated in the health services industry and
is less diversified than stock funds investing in a broader range of
industries. The Fund may also invest a considerable portion of assets in
companies in the same business, such as pharmaceuticals, or in related
businesses, such as hospital management or managed care. Developments that
could adversely effect the Fund include increased competition in the health
care industry, changes in legislation or government regulations, reductions in
government funding, product liability or other litigation, and obsolescence of
popular products.
240
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
The Nasdaq-100(R) Index Fund and Science & Technology Fund are concentrated in
the technology sector. As a result, the Funds are subject to greater volatility
than a fund that does not concentrate in a particular sector. Because the
Nasdaq-100(R) Index may invest in companies within relatively more concentrated
industry sectors, the Fund's performance may be more susceptible to
developments which effect those sectors emphasized by the Index.
Note 9 -- Lines of Credit
The Series and VALIC Company II have established an $85 million committed and
$40 million uncommitted line of credit with State Street Bank & Trust Company,
the Funds' custodian. Interest is currently payable at the Federal Funds Rate
plus 50 basis points on the committed line and State Street's discretionary bid
rate on the uncommitted line of credit. There is also a commitment fee of 10
basis points per annum for the daily unused portion of the committed line of
credit, which is included in other expenses on the Statement of Operations.
Borrowings under the line of credit will commence when the Fund's shortfall
exceeds $100,000. For the period ended November 30, 2007, the following funds
had borrowings:
Average Weighted
Days Interest Debt Average
Fund Outstanding Charges Utilized Interest
------------------------ ----------- -------- ---------- --------
Core Equity............. 63 $3,544 $ 354,339 5.71%
Core Value.............. 12 1,001 557,791 5.55%
Foreign Value........... 4 1,625 2,924,685 5.00%
Global Equity........... 6 2,141 2,304,941 5.65%
Global Strategy......... 15 2,898 1,277,105 5.66%
Government Securities... 30 5,180 1,076,343 5.74%
International Govt Bond. 1 488 3,057,171 5.75%
International Growth I.. 29 2,472 540,547 5.75%
Large Cap Core.......... 26 1,294 322,158 5.55%
Large Capital Growth.... 28 2,134 481,016 5.68%
Mid Cap Index........... 1 276 1,914,526 5.19%
Science & Technology.... 2 197 609,632 5.81%
Small Cap............... 30 1,862 393,811 5.61%
Small Cap Index......... 1 128 887,611 5.19%
Small Cap Special Values 34 3,178 611,171 5.56%
Ultra................... 6 1,822 1,952,421 5.65%
As of November 30, 2007, the following funds had outstanding borrowings:
Fund Amount
--------------- ----------
Global Strategy $ 177,482
Large Cap Core. 180,239
Mid Cap Index.. 1,914,526
Small Cap Index 887,611
Note 10 -- Interfund Lending Agreement
Pursuant to exemptive relief granted by the Securities and Exchange
Commission, the Funds are permitted to participate in an interfund lending
program among investment companies advised by VALIC or an affiliate. The
interfund lending program allows the participating Funds to borrow money from
and loan money to each other for temporary or emergency purposes. An interfund
loan will be made under this facility only if the participating Funds receive a
more favorable interest rate than would otherwise be available from a typical
bank for a comparable transaction. For the period ended November 30, 2007, none
of the Funds participated in the program.
241
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
Note 11 -- Security Transactions with Affiliated Portfolios
The Funds are permitted to purchase or sell securities from certain other
affiliated funds under specified conditions outlined in the procedures adopted
by the Board of Trustees of the Series. The procedures have been designed to
ensure that any purchase or sale of securities by a fund from or to another
fund that is or could be considered an affiliate by virtue of having a common
investment adviser (or affiliated investment adviser), common Trustees and/or
common officers complies with Rule 17a-7 under the 1940 Act. Further, as
defined under the procedures, each transaction is effective at the current
market price. For the period ended November 30, 2007, the following Funds
engaged in security transactions with affiliated Funds:
Cost of Proceeds Realized
Fund Purchases from sales Gain/(Loss)
---------------------- ---------- ---------- -----------
Blue Chip............. $ 74,362 $ 130,134 $ (8,888)
Core Equity........... 3,847,740 3,159,840 473,237
Core Value............ 342 375,838 68,897
Health Sciences....... 85,800 -- --
International Growth I 918,214 776,808 236,072
Mid Cap Index......... -- 7,400,064 1,587,013
Small Cap............. 165,046 922,184 1,850
Stock Index........... 7,116,063 -- --
VALIC Ultra........... 511,964 268,544 62,820
Note 12 -- Other Matters
The matter related to AIG's settlement with the Securities and Exchange
Commission (the "Commission") and other governmental authorities that was
reported in recent shareholder reports has been resolved. With respect to such
matter, in September 2007, the Commission issued a permanent exemptive order
(the "Order") pursuant to Section 9(c) of the Investment Company Act of 1940,
as amended, to American International Group, Inc. (AIG) and certain affiliated
persons of AIG, including AIG SunAmerica Asset Management Corp., The Variable
Annuity Life Insurance Company, American General Distributors, Inc., Brazos
Capital Management, L.P. and AIG Global Investment Corp. The Order permits each
entity to continue to provide advisory or distribution services to the Funds.
There has been no adverse impact on the Funds or the Funds' shareholders.
Note 13 -- Subsequent Events
On July 18, 2007, the Board of Directors (the "Board"), including a majority
of the directors who are not "interested persons" of VC I ("Independent
Directors"), as defined by the Investment Company Act of 1940, as amended (the
"1940 Act"), approved changes to the name, investment strategy and management
fees of the VALIC Ultra Fund (the "Fund"). In addition, the Board, including a
majority of the Independent Directors, approved the addition of American
Century Global Investment Management, Inc. ("American Century Global") as a
co-sub-adviser of the Fund, subject to the approval of the Fund's
shareholders. On November 9, 2007, the shareholders of the Fund approved the
addition of American Century Global as a co-sub-adviser of the Fund. Effective
December 10, 2007, the Fund's name was changed to the Growth Fund, its
investment strategy was changed and American Century Global began managing the
Fund as a co-sub-adviser. American Century Investment Management, Inc., an
affiliate of American Century Global, continues to serve as a sub-adviser of
the Fund. In addition, the Fund's management fees were lowered effective
December 10, 2007, which resulted in a reduction to the Fund's total expenses.
The new management fees are as follows:
0.83% on the first $250 million
0.78% on the next $250 million
0.73% on $500 million to $1 billion
0.68% on assets over $1 billion
On December 31, 2007, Ernst & Young, LLP ("E&Y") resigned as the independent
registered public accounting firm of VC I. The Board of Directors of VC I is in
the process of selecting a new independent registered public accounting firm.
E&Y's reports on VC I's financial statements for the two most recent fiscal
years contained no adverse opinion or disclaimer of opinion, and were not
qualified or modified as to uncertainty, audit scope or accounting principles.
During the period E&Y was engaged, there were no disagreements with E&Y on any
matter of accounting principles, financial statement disclosure or auditing
scope or procedures, which disagreements, if not resolved to the satisfaction
of E&Y, would have caused it to make reference to the subject matter of the
disagreements in connection with its reports on VC I's financial statements.
242
VALIC Company I
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Asset Allocation Fund
-------------------------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, ---------------------------------------------------------------
2007/(i)/ 2007 2006 2005 2004 2003
------------ -------- -------- -------- -------- --------
PER SHARE DATA
Net asset value at beginning of
period............................... $ 12.16 $ 12.01 $ 12.28 $ 12.12 $ 11.21 $ 11.35
-------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income
(loss)/(d)/....................... 0.16 0.34 0.33 0.27 0.17 0.25
Net realized and unrealized gain
(loss) on investments and
foreign currencies................ (0.22) 1.71 0.31 0.61 1.07 (0.12)
-------------------------------------------------------------------------------
Total income (loss) from
investment operations............. (0.06) 2.05 0.64 0.88 1.24 0.13
-------------------------------------------------------------------------------
Distributions from:
Net investment income.............. - (0.21) (0.16) (0.27) (0.19) (0.26)
Net realized gain on
securities........................ - (1.69) (0.75) (0.45) (0.14) (0.01)
-------------------------------------------------------------------------------
Total distributions................ - (1.90) (0.91) (0.72) (0.33) (0.27)
-------------------------------------------------------------------------------
Net asset value at end of period...... $ 12.10 $ 12.16 $ 12.01 $ 12.28 $ 12.12 $ 11.21
-------------------------------------------------------------------------------
TOTAL RETURN/(a)/..................... (0.49)%/(j)/ 18.14% 5.36%/(e)/ 7.31% 11.08%/(e)/ 1.28%/(e)/
-------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net
assets/(b)/.......................... 0.71%/(h)/ 0.70% 0.72% 0.65% 0.68% 0.72%
Ratio of expenses to average net
assets/(c)/.......................... 0.71%/(h)/ 0.70% 0.72% 0.65% 0.68% 0.72%
Ratio of expense reductions to average
net assets........................... 0.00% 0.00% - - - -
Ratio of net investment income (loss)
to average net assets/(b)/........... 2.58%/(h)/ 2.87% 2.67% 2.18% 1.47% 2.36%
Ratio of net investment income (loss)
to average net assets/(c)/........... 2.58%/(h)/ 2.87% 2.67% 2.18% 1.47% 2.36%
Portfolio turnover rate............... 62% 129% 148% 107%/(g)/ 79%/(g)/ 112%/(g)/
Number of shares outstanding at end
of period (000's).................... 14,017 14,567 13,666 15,256 15,869 14,704
Net assets at end of period (000's)... $169,655 $177,095 $164,117 $187,309 $192,301 $164,757
Blue Chip Growth Fund
-----------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, --------------------------------------------------
2007/(i)/ 2007 2006 2005 2004 2003
------------ -------- ------- ------- ------- -------
PER SHARE DATA
Net asset value at beginning of
period............................... $ 10.80 $ 8.92 $ 8.32 $ 7.89 $ 6.79 $ 7.26
-----------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income
(loss)/(d)/....................... 0.02 0.03 0.03 0.04 (0.00) (0.01)
Net realized and unrealized gain
(loss) on investments and
foreign currencies................ 0.30 1.87 0.58 0.42 1.10 (0.46)
-----------------------------------------------------------------
Total income (loss) from
investment operations............. 0.32 1.90 0.61 0.46 1.10 (0.47)
-----------------------------------------------------------------
Distributions from:
Net investment income.............. - (0.02) (0.01) (0.03) - -
Net realized gain on
securities........................ - - - - - -
-----------------------------------------------------------------
Total distributions................ - (0.02) (0.01) (0.03) - -
-----------------------------------------------------------------
Net asset value at end of period...... $ 11.12 $ 10.80 $ 8.92 $ 8.32 $ 7.89 $ 6.79
-----------------------------------------------------------------
TOTAL RETURN/(a)/..................... 2.96%/(k)/ 21.30% 7.35%/(f)/ 5.81% 16.20% (6.47)%
-----------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net
assets/(b)/.......................... 0.91%/(h)/ 0.96% 1.01% 1.08% 1.07% 1.24%
Ratio of expenses to average net
assets/(c)/.......................... 0.93%/(h)/ 0.99% 1.02% 1.10% 1.07% 1.24%
Ratio of expense reductions to average
net assets........................... 0.00% 0.00% 0.00% 0.01% 0.01% 0.03%
Ratio of net investment income (loss)
to average net assets/(b)/........... 0.34%/(h)/ 0.35% 0.35% 0.47% (0.02)% (0.19)%
Ratio of net investment income (loss)
to average net assets/(c)/........... 0.32%/(h)/ 0.32% 0.34% 0.45% (0.02)% (0.19)%
Portfolio turnover rate............... 13% 25% 30% 42% 30% 44%
Number of shares outstanding at end
of period (000's).................... 12,820 10,495 7,325 5,847 5,116 3,495
Net assets at end of period (000's)... $142,504 $113,352 $65,366 $48,638 $40,369 $23,728
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(c)/Excludes, if any, expense reimbursements and expense reductions.
/(d)/The per share amounts are calculated using the average share method.
/(e)/The Fund's performance figure was increased by less than 0.01% from gains
on the disposal of investments in violation of investment restrictions.
/(f)/The Fund's performance figure was increased by less than 0.01% from
reimbursements for losses realized on the disposal of investments in
violation of investment restrictions.
/(g)/Portfolio turnover includes paydowns on securities. Previously, portfolio
turnover was calculated prior to including paydowns on securities and was
as follows:
2005 2004 2003
---- ---- ----
Asset Allocation Fund 104% 75% 112%
/(h)/Annualized
/(i)/Unaudited
/(j)/The Fund's performance was increased by 0.17% from a reimbursement by an
affiliate (see Note 3).
/(k)/The Fund's performance was increased by less than 0.01% from a
reimbursement by an affiliate (see Note 3).
243
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
Broad Cap Value Income Fund
----------------------------------
Six Months December 5,
Ended Year Ended 2005* to
November 30, May 31, May 31,
2007/(h)/ 2007 2006
------------ ---------- -----------
PER SHARE DATA
Net asset value at beginning of period......... $ 12.65 $ 10.21 $ 10.00
----------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(e)/........... 0.09 0.17 0.05
Net realized and unrealized gain (loss) on
investments and foreign currencies......... (0.84) 2.38 0.18
----------------------------------
Total income (loss) from investment
operations................................. (0.75) 2.55 0.23
----------------------------------
Distributions from:
Net investment income....................... - (0.11) (0.02)
Net realized gain on securities............. - - -
----------------------------------
Total distributions......................... - (0.11) (0.02)
----------------------------------
Net asset value at end of period............... $ 11.90 $ 12.65 $ 10.21
----------------------------------
TOTAL RETURN/(a)/.............................. (5.93)% 25.09% 2.28%
----------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(c)/... 0.85%/(b)/ 0.85% 0.85%/(b)/
Ratio of expenses to average net assets/(d)/... 1.03%/(b)/ 1.05% 3.41%/(b)/
Ratio of expense reductions to average net
assets........................................ 0.00%/(b)/ - -
Ratio of net investment income (loss) to
average net assets/(c)/....................... 1.53%/(b)/ 1.50% 2.40%/(b)/
Ratio of net investment income (loss) to
average net assets/(d)/....................... 1.34%/(b)/ 1.30% (0.16)%/(b)/
Portfolio turnover rate........................ 12% 27% 194%
Number of shares outstanding at end of
period (000's)................................ 2,516 2,582 2,663
Net assets at end of period (000's)............ $29,930 $32,646 $27,203
Capital Conservation Fund
------------------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, ---------------------------------------------------------
2007/(h)/ 2007 2006 2005 2004 2003
------------ -------- -------- ------- ------- -------
PER SHARE DATA
Net asset value at beginning of period......... $ 9.91 $ 9.45 $ 9.66 $ 9.53 $ 10.04 $ 9.38
------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(e)/........... 0.26 0.48 0.41 0.37 0.28 0.36
Net realized and unrealized gain (loss) on
investments and foreign currencies......... (0.07) 0.13 (0.41) 0.19 (0.37) 0.68
------------------------------------------------------------------------
Total income (loss) from investment
operations................................. 0.19 0.61 - 0.56 (0.09) 1.04
------------------------------------------------------------------------
Distributions from:
Net investment income....................... - (0.15) (0.21) (0.38) (0.31) (0.38)
Net realized gain on securities............. - - - (0.05) (0.11) -
------------------------------------------------------------------------
Total distributions......................... - (0.15) (0.21) (0.43) (0.42) (0.38)
------------------------------------------------------------------------
Net asset value at end of period............... $ 10.10 $ 9.91 $ 9.45 $ 9.66 $ 9.53 $ 10.04
------------------------------------------------------------------------
TOTAL RETURN/(a)/.............................. 1.92% 6.46% (0.02)% 5.99% (0.82)%/(f)/ 11.31%
------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(c)/... 0.70%/(b)/ 0.67% 0.70% 0.70% 0.68% 0.70%
Ratio of expenses to average net assets/(d)/... 0.70%/(b)/ 0.67% 0.70% 0.70% 0.68% 0.70%
Ratio of expense reductions to average net
assets........................................ - - - - - -
Ratio of net investment income (loss) to
average net assets/(c)/....................... 5.23%/(b)/ 4.89% 4.65% 3.83% 2.89% 3.77%
Ratio of net investment income (loss) to
average net assets/(d)/....................... 5.23%/(b)/ 4.89% 4.65% 3.83% 2.89% 3.77%
Portfolio turnover rate........................ 58% 203% 174% 205%/(g)/ 182%/(g)/ 233%/(g)/
Number of shares outstanding at end of
period (000's)................................ 17,571 17,897 22,200 8,997 8,167 8,954
Net assets at end of period (000's)............ $177,472 $177,290 $209,742 $86,903 $77,836 $89,866
* Date Fund commenced operations.
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Annualized
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(d)/Excludes, if any, expense reimbursements and expense reductions.
/(e)/The per share amounts are calculated using the average share method.
/(f)/The Fund's performance figure was increased by less than 0.01% from gains
on the disposal of investments in violation of investment restrictions.
/(g)/Portfolio turnover includes paydowns on securities. Previously, portfolio
turnover was calculated prior to including paydowns on securities and was
as follows:
2005 2004 2003
---- ---- ----
Capital Conservation Fund............... 198% 171% 218%
/(h)/Unaudited
244
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
Core Equity Fund
---------------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, -----------------------------------------------------
2007/(g)/ 2007 2006 2005 2004 2003
------------ -------- -------- -------- -------- --------
PER SHARE DATA
Net asset value at beginning of period.................. $ 15.37 $ 13.00 $ 12.37 $ 11.77 $ 10.12 $ 11.10
---------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(d)/.................... 0.05 0.12 0.13 0.16 0.10 0.11
Net realized and unrealized gain (loss)
on investments and foreign currencies............... (0.79) 2.35 0.56 0.60 1.65 (0.98)
---------------------------------------------------------------------
Total income (loss) from investment operations....... (0.74) 2.47 0.69 0.76 1.75 (0.87)
---------------------------------------------------------------------
Distributions from:
Net investment income................................ - (0.10) (0.06) (0.16) (0.10) (0.11)
Net realized gain on securities...................... - - - - - -
---------------------------------------------------------------------
Total distributions.................................. - (0.10) (0.06) (0.16) (0.10) (0.11)
---------------------------------------------------------------------
Net asset value at end of period........................ $ 14.63 $ 15.37 $ 13.00 $ 12.37 $ 11.77 $ 10.12
---------------------------------------------------------------------
TOTAL RETURN/(a)/....................................... (4.81)%/(h)/ 19.02%/(e)/ 5.62% 6.48% 17.36% (7.79)%
---------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(b)/............ 0.85%/(f)/ 0.85% 0.85% 0.85% 0.85% 0.85%
Ratio of expenses to average net assets/(c)/............ 0.93%/(f)/ 0.90% 0.90% 0.93% 0.95% 0.97%
Ratio of expense reductions to average net assets....... - 0.00% 0.01% 0.01% 0.01% 0.05%
Ratio of net investment income (loss) to average net
assets/(b)/............................................ 0.62%/(f)/ 0.85% 1.03% 1.30% 0.88% 1.08%
Ratio of net investment income (loss) to average net
assets/(c)/............................................ 0.54%/(f)/ 0.79% 0.99% 1.22% 0.79% 0.96%
Portfolio turnover rate................................. 35% 110% 39% 31% 28% 25%
Number of shares outstanding at end of period (000's)... 27,156 29,484 36,132 43,687 51,118 55,358
Net assets at end of period (000's)..................... $397,425 $453,147 $469,770 $540,620 $601,756 $560,038
Core Value Fund
----------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, ------------------------------------------------
2007/(g)/ 2007 2006 2005 2004 2003
------------ -------- -------- -------- -------- --------
PER SHARE DATA
Net asset value at beginning of period.................. $ 12.98 $ 10.41 $ 9.87 $ 9.07 $ 7.73 $ 8.51
----------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(d)/.................... 0.11 0.19 0.17 0.20 0.13 0.11
Net realized and unrealized gain (loss)
on investments and foreign currencies............... (1.12) 2.47 0.46 0.80 1.34 (0.79)
----------------------------------------------------------------
Total income (loss) from investment operations....... (1.01) 2.66 0.63 1.00 1.47 (0.68)
----------------------------------------------------------------
Distributions from:
Net investment income................................ - (0.09) (0.09) (0.20) (0.13) (0.10)
Net realized gain on securities...................... - - - - - -
----------------------------------------------------------------
Total distributions.................................. - (0.09) (0.09) (0.20) (0.13) (0.10)
----------------------------------------------------------------
Net asset value at end of period........................ $ 11.97 $ 12.98 $ 10.41 $ 9.87 $ 9.07 $ 7.73
----------------------------------------------------------------
TOTAL RETURN/(a)/....................................... (7.78)%/(i)/ 25.67% 6.44% 11.07% 19.16% (7.87)%
----------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(b)/............ 0.83%/(f)/ 0.83% 0.83% 0.83% 0.83% 0.83%
Ratio of expenses to average net assets/(c)/............ 0.92%/(f)/ 0.92% 0.92% 0.91% 0.91% 0.93%
Ratio of expense reductions to average net assets....... - - - - - -
Ratio of net investment income (loss) to average net
assets/(b)/............................................ 1.80%/(f)/ 1.61% 1.67% 2.05% 1.50% 1.47%
Ratio of net investment income (loss) to average net
assets/(c)/............................................ 1.71%/(f)/ 1.51% 1.58% 1.97% 1.43% 1.37%
Portfolio turnover rate................................. 17% 30% 109% 72% 71% 64%
Number of shares outstanding at end of period (000's)... 17,643 19,083 22,207 23,445 25,344 26,008
Net assets at end of period (000's)..................... $211,249 $247,711 $231,228 $231,351 $229,928 $200,919
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(c)/Excludes, if any, expense reimbursements and expense reductions.
/(d)/The per share amounts are calculated using the average share method.
/(e)/The Fund's performance was increased by less than 0.01% from gains on the
disposal of investments in violation of investment restrictions.
/(f)/Annualized
/(g)/Unaudited
/(h)/The Fund's performance was increased by 0.66% from a reimbursement by an
affiliate (see Note 3).
/(i)/The Fund's performance was increased by 0.16% from a reimbursement by an
affiliate (see Note 3).
245
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
Foreign Value Fund
--------------------------------------
Six Months December 5,
Ended Year Ended 2005* to
November 30, May 31, May 31,
2007/(f)/ 2007 2006
------------ ---------- -----------
PER SHARE DATA
Net asset value at beginning of period.................. $ 13.21 $ 10.76 $ 10.00
--------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(e)/.................... 0.15 0.25 0.02
Net realized and unrealized gain (loss)
on investments and foreign currencies............... 0.28 2.33 0.74
--------------------------------------
Total income (loss) from investment operations....... 0.43 2.58 0.76
--------------------------------------
Distributions from:
Net investment income................................ - (0.13) 0.00
Net realized gain on securities...................... - 0.00 -
--------------------------------------
Total distributions.................................. - (0.13) 0.00
--------------------------------------
Net asset value at end of period........................ $ 13.64 $ 13.21 $ 10.76
--------------------------------------
TOTAL RETURN/(a)/....................................... 3.26% 24.08% 7.63%
--------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(c)/............ 0.83%/(b)/ 0.86% 0.84%/(b)/
Ratio of expenses to average net assets/(d)/............ 0.83%/(b)/ 0.86% 1.65%/(b)/
Ratio of expense reductions to average net assets....... - - -
Ratio of net investment income (loss) to average net
assets/(c)/............................................ 2.24%/(b)/ 2.17% 5.06%/(b)/
Ratio of net investment income (loss) to average net
assets/(d)/............................................ 2.24%/(b)/ 2.17% 4.24%/(b)/
Portfolio turnover rate................................. 14% 31% 0%
Number of shares outstanding at end of period (000's)... 83,229 79,082 65,474
Net assets at end of period (000's)..................... $1,134,899 $1,044,980 $704,398
Global Equity Fund
-----------------------------------
Six Months December 5,
Ended Year Ended 2005* to
November 30, May 31, May 31,
2007/(f)/ 2007 2006
------------ ---------- -----------
PER SHARE DATA
Net asset value at beginning of period.................. $ 13.82 $ 10.74 $ 10.00
-----------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(e)/.................... 0.06 0.17 0.06
Net realized and unrealized gain (loss)
on investments and foreign currencies............... (0.43) 3.06 0.69
-----------------------------------
Total income (loss) from investment operations....... (0.37) 3.23 0.75
-----------------------------------
Distributions from:
Net investment income................................ - (0.15) (0.01)
Net realized gain on securities...................... - (0.00) -
-----------------------------------
Total distributions.................................. - (0.15) (0.01)
-----------------------------------
Net asset value at end of period........................ $ 13.45 $ 13.82 $ 10.74
-----------------------------------
TOTAL RETURN/(a)/....................................... (2.68)% 30.35% 7.48%
-----------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(c)/............ 0.95%/(b)/ 0.95% 0.98%/(b)/
Ratio of expenses to average net assets/(d)/............ 0.95%/(b)/ 0.95% 2.16%/(b)/
Ratio of expense reductions to average net assets....... 0.01%/(b)/ 0.01% -
Ratio of net investment income (loss) to average net
assets/(c)/............................................ 0.91%/(b)/ 1.41% 10.48%/(b)/
Ratio of net investment income (loss) to average net
assets/(d)/............................................ 0.91%/(b)/ 1.41% 9.30%/(b)/
Portfolio turnover rate................................. 41% 86% 3%
Number of shares outstanding at end of period (000's)... 33,743 34,198 38,389
Net assets at end of period (000's)..................... $453,704 $472,642 $412,275
* Date Fund commenced operations.
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Annualized
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(d)/Excludes, if any, expense reimbursements and expense reductions.
/(e)/The per share amounts are calculated using the average share method.
/(f)/Unaudited
246
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
Global Social Awareness Fund
----------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, ------------------------------------------------
2007/(g)/ 2007 2006 2005 2004 2003
------------ -------- -------- -------- -------- --------
PER SHARE DATA
Net asset value at beginning of period..................... $ 24.25 $ 20.82 $ 19.38 $ 18.28 $ 15.73 $ 17.66
----------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(e)/....................... 0.15 0.30 0.26 0.27 0.16 0.16
Net realized and unrealized gain (loss) on investments
and foreign currencies................................. (0.70) 4.25 1.30 1.09 2.55 (1.60)
----------------------------------------------------------------
Total income (loss) from investment operations.......... (0.55) 4.55 1.56 1.36 2.71 (1.44)
----------------------------------------------------------------
Distributions from:
Net investment income................................... - (0.16) (0.12) (0.26) (0.16) (0.15)
Net realized gain on securities......................... - (0.96) - - - (0.34)
----------------------------------------------------------------
Total distributions..................................... - (1.12) (0.12) (0.26) (0.16) (0.49)
----------------------------------------------------------------
Net asset value at end of period........................... $ 23.70 $ 24.25 $ 20.82 $ 19.38 $ 18.28 $ 15.73
----------------------------------------------------------------
TOTAL RETURN/(a)/.......................................... (2.27)%/(h)/ 22.35% 8.09% 7.47% 17.27% (7.89)%
----------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(c)/............... 0.62%/(b)/ 0.62% 0.63% 0.63% 0.63% 0.65%
Ratio of expenses to average net assets/(d)/............... 0.62%/(b)/ 0.62% 0.63% 0.63% 0.63% 0.65%
Ratio of expense reductions to average net assets.......... 0.02% 0.02% - - - -
Ratio of net investment income (loss) to average net
assets/(c)/............................................... 1.28%/(b)/ 1.31% 1.30% 1.42% 0.89% 1.05%
Ratio of net investment income (loss) to average net
assets/(d)/............................................... 1.28%/(b)/ 1.31% 1.30% 1.42% 0.89% 1.05%
Portfolio turnover rate.................................... 124% 153% 139% 53% 79% 58%
Number of shares outstanding at end of period (000's)...... 19,129 19,308 18,349 20,461 21,814 22,221
Net assets at end of period (000's)........................ $453,326 $468,159 $382,067 $396,563 $398,820 $349,610
Global Strategy Fund
-----------------------------------
Six Months December 5,
Ended Year Ended 2005* to
November 30, May 31, May 31,
2007/(g)/ 2007 2006
------------ ---------- -----------
PER SHARE DATA
Net asset value at beginning of period..................... $ 13.08 $ 10.92 $ 10.00
-----------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(e)/....................... 0.19 0.31 0.03
Net realized and unrealized gain (loss) on investments
and foreign currencies................................. 0.14 2.05 0.90
-----------------------------------
Total income (loss) from investment operations.......... 0.33 2.36 0.93
-----------------------------------
Distributions from:
Net investment income................................... - (0.16) (0.01)
Net realized gain on securities......................... - (0.04) -
-----------------------------------
Total distributions..................................... - (0.20) (0.01)
-----------------------------------
Net asset value at end of period........................... $ 13.41 $ 13.08 $ 10.92
-----------------------------------
TOTAL RETURN/(a)/.......................................... 2.52% 21.86% 9.30%/(f)/
-----------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(c)/............... 0.70%/(b)/ 0.71% 0.72%/(b)/
Ratio of expenses to average net assets/(d)/............... 0.70%/(b)/ 0.71% 1.57%/(b)/
Ratio of expense reductions to average net assets.......... - - -
Ratio of net investment income (loss) to average net
assets/(c)/............................................... 2.90%/(b)/ 2.60% 3.80%/(b)/
Ratio of net investment income (loss) to average net
assets/(d)/............................................... 2.90%/(b)/ 2.60% 2.94%/(b)/
Portfolio turnover rate.................................... 13% 31% 1%
Number of shares outstanding at end of period (000's)...... 38,277 38,988 37,843
Net assets at end of period (000's)........................ $513,201 $509,885 $413,319
* Date Fund commenced operations.
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Annualized
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(d)/Excludes, if any, expense reimbursements and expense reductions.
/(e)/The per share amounts are calculated using the average share method.
/(f)/The Fund's performance figure was increased by less than 0.01% from gains
on the disposal of investments in violation of investment restrictions.
/(g)/Unaudited
/(h)/The Fund's performance was increased by 0.12% from a reimbursement by an
affiliate (see Note 3).
247
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
Government Securities Fund
--------------------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, -----------------------------------------------------------
2007/(h)/ 2007 2006 2005 2004 2003
------------ -------- -------- -------- -------- --------
PER SHARE DATA
Net asset value at beginning of period... $ 10.12 $ 9.86 $ 10.14 $ 9.82 $ 11.24 $ 10.37
--------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income (loss)/(d)/..... 0.23 0.43 0.37 0.31 0.27 0.38
Net realized and unrealized
gain (loss) on investments and
foreign currencies................... 0.44 0.07 (0.46) 0.33 (0.65) 0.95
--------------------------------------------------------------------------
Total income (loss) from investment
operations........................... 0.67 0.50 (0.09) 0.64 (0.38) 1.33
--------------------------------------------------------------------------
Distributions from:
Net investment income................. - (0.24) (0.19) (0.32) (0.29) (0.39)
Net realized gain on securities....... - - - - (0.75) (0.07)
--------------------------------------------------------------------------
Total distributions................... - (0.24) (0.19) (0.32) (1.04) (0.46)
--------------------------------------------------------------------------
Net asset value at end of period......... $ 10.79 $ 10.12 $ 9.86 $ 10.14 $ 9.82 $ 11.24
--------------------------------------------------------------------------
TOTAL RETURN/(a)/........................ 6.62% 5.12% (0.94)% 6.54%/(e)/ (3.40)% 12.99%
--------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net
assets/(b)/............................. 0.70%/(g)/ 0.67% 0.65% 0.66% 0.65% 0.66%
Ratio of expenses to average net
assets/(c)/............................. 0.70%/(g)/ 0.67% 0.65% 0.66% 0.65% 0.66%
Ratio of expense reductions to
average net assets...................... - - - - - -
Ratio of net investment income (loss)
to average net assets/(b)/.............. 4.37%/(g)/ 4.22% 3.68% 3.03% 2.59% 3.54%
Ratio of net investment income (loss)
to average net assets/(c)/.............. 4.37%/(g)/ 4.22% 3.68% 3.03% 2.59% 3.54%
Portfolio turnover rate.................. 28% 141% 99% 216%/(f)/ 169%/(f)/ 209%/(f)/
Number of shares outstanding at end
of period (000's)....................... 10,019 10,221 11,775 13,361 14,904 17,836
Net assets at end of period (000's)...... $108,142 $103,483 $116,084 $135,549 $146,347 $200,412
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(c)/Excludes, if any, expense reimbursements and expense reductions.
/(d)/The per share amounts are calculated using the average share method.
/(e)/The Fund's performance figure was increased by less than 0.01% from gains
on the disposal of investments in violation of investment restrictions.
/(f)/Portfolio turnover includes paydowns on securities. Previously, portfolio
turnover was calculated prior to including paydowns on securities and was
as follows:
2005 2004 2003
---- ---- ----
Government Securities Fund 216% 169% 201%
/(g)/Annualized
/(h)/Unaudited
248
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
Growth & Income Fund
--------------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, ----------------------------------------------------
2007/(g)/ 2007 2006 2005 2004 2003
------------ -------- -------- -------- -------- --------
PER SHARE DATA
Net asset value at beginning of period............... $ 17.73 $ 14.70 $ 14.02 $ 12.87 $ 11.32 $ 12.87
--------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(d)/................. 0.11 0.19 0.15 0.19 0.07 0.09
Net realized and unrealized gain (loss)
on investments and foreign currencies............ (0.24) 2.95 0.60 1.15 1.55 (1.55)
--------------------------------------------------------------------
Total income (loss) from investment operations.... (0.13) 3.14 0.75 1.34 1.62 (1.46)
--------------------------------------------------------------------
Distributions from:
Net investment income............................. - (0.11) (0.07) (0.19) (0.07) (0.09)
Net realized gain on securities................... - - - - - -
--------------------------------------------------------------------
Total distributions............................... - (0.11) (0.07) (0.19) (0.07) (0.09)
--------------------------------------------------------------------
Net asset value at end of period..................... $ 17.60 $ 17.73 $ 14.70 $ 14.02 $ 12.87 $ 11.32
--------------------------------------------------------------------
TOTAL RETURN/(a)/.................................... (0.73)%/(h)/ 21.40% 5.36% 10.47% 14.33% (11.31)%
--------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(b)/......... 0.85%/(f)/ 0.85% 0.85% 0.85% 0.85% 0.85%
Ratio of expenses to average net assets/(c)/......... 0.88%/(f)/ 0.89% 0.89% 0.90% 0.89% 0.91%
Ratio of expense reductions to average net assets.... 0.02%/(f)/ 0.02% - - - -
Ratio of net investment income (loss) to
average net assets/(b)/............................. 1.20%/(f)/ 1.18% 1.04% 1.41% 0.55% 0.82%
Ratio of net investment income (loss) to
average net assets/(c)/............................. 1.16%/(f)/ 1.13% 1.00% 1.35% 0.51% 0.76%
Portfolio turnover rate.............................. 105% 169% 148% 74% 168% 97%
Number of shares outstanding at end of period
(000's)............................................. 8,001 8,422 9,858 12,102 13,963 15,402
Net assets at end of period (000's).................. $140,809 $149,283 $144,880 $169,724 $179,737 $174,359
Health Sciences Fund
--------------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, ----------------------------------------------------
2007/(g)/ 2007 2006 2005 2004 2003
------------ -------- -------- -------- -------- --------
PER SHARE DATA
Net asset value at beginning of period............... $ 11.53 $ 10.64 $ 9.49 $ 10.06 $ 7.98 $ 7.76
--------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(d)/................. (0.05) (0.06) (0.08) (0.08) (0.07) (0.05)
Net realized and unrealized gain (loss)
on investments and foreign currencies............ 0.69 2.37 1.70 (0.02) 2.15 0.27
--------------------------------------------------------------------
Total income (loss) from investment operations.... 0.64 2.31 1.62 (0.10) 2.08 0.22
--------------------------------------------------------------------
Distributions from:
Net investment income............................. - - - - - -
Net realized gain on securities................... - (1.42) (0.47) (0.47) - -
--------------------------------------------------------------------
Total distributions............................... - (1.42) (0.47) (0.47) - -
--------------------------------------------------------------------
Net asset value at end of period..................... $ 12.17 $ 11.53 $ 10.64 $ 9.49 $ 10.06 $ 7.98
--------------------------------------------------------------------
TOTAL RETURN/(a)/.................................... 5.55% 23.19% 16.94% (1.23)% 26.07% 2.84%/(e)/
--------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(b)/......... 1.17%/(f)/ 1.17% 1.16% 1.17% 1.15% 1.24%
Ratio of expenses to average net assets/(c)/......... 1.17%/(f)/ 1.17% 1.16% 1.17% 1.15% 1.24%
Ratio of expense reductions to average net assets.... 0.00%/(f)/ 0.01% 0.01% 0.01% 0.03% 0.03%
Ratio of net investment income (loss) to
average net assets/(b)/............................. (0.79)%/(f)/ (0.57)% (0.76)% (0.80)% (0.77)% (0.75)%
Ratio of net investment income (loss) to
average net assets/(c)/............................. (0.79)%/(f)/ (0.57)% (0.76)% (0.80)% (0.77)% (0.75)%
Portfolio turnover rate.............................. 25% 47% 54% 49% 41% 48%
Number of shares outstanding at end of period
(000's)............................................. 16,800 17,035 17,026 15,856 15,312 9,732
Net assets at end of period (000's).................. $204,460 $196,444 $181,078 $150,541 $154,050 $ 77,673
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(c)/Excludes, if any, expense reimbursements and expense reductions.
/(d)/The per share amounts are calculated using the average share method.
/(e)/The Fund's performance figure was increased by less than 0.01% from gains
on the disposal of investments in violation of investment restrictions.
/(f)/Annualized
/(g)/Unaudited
/(h)/The Fund's performance was increased by 0.17% from a reimbursement by an
affiliate (see Note 3).
249
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
Inflation Protected Fund
------------------------------------------
Six Months Year Ended December 20,
Ended May 31, 2004* to
November 30, ---------------- May 31,
2007/(g)/ 2007 2006 2005
------------ ------- ------- ------------
PER SHARE DATA
Net asset value at beginning of period............. $ 9.59 $ 9.60 $ 10.17 $ 10.00
------------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(d)/............... 0.19 0.39 0.43 0.20
Net realized and unrealized gain (loss)
on investments and foreign currencies.......... 0.51 (0.07) (0.68) 0.10
------------------------------------------
Total income (loss) from investment operations.. 0.70 0.32 (0.25) 0.30
------------------------------------------
Distributions from:
Net investment income........................... - (0.33) (0.32) (0.13)
Net realized gain on securities................. - - 0.00 -
------------------------------------------
Total distributions............................. - (0.33) (0.32) (0.13)
------------------------------------------
Net asset value at end of period................... $ 10.29 $ 9.59 $ 9.60 $ 10.17
------------------------------------------
TOTAL RETURN/(a)/.................................. 7.30% 3.35% (2.44)% 3.00%
------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(b)/....... 0.65%/(f)/ 0.65% 0.65% 0.65%/(f)/
Ratio of expenses to average net assets/(c)/....... 1.00%/(f)/ 1.05% 1.02% 2.27%/(f)/
Ratio of expense reductions to average net assets.. - - - -
Ratio of net investment income (loss) to average
net assets/(b)/................................... 3.85%/(f)/ 4.00% 4.45% 4.67%/(f)/
Ratio of net investment income (loss) to average
net assets/(c)/................................... 3.50%/(f)/ 3.61% 4.08% 3.05%/(f)/
Portfolio turnover rate............................ 1% 37% 13% 39%
Number of shares outstanding at end of period
(000's)........................................... 1,752 1,640 1,668 1,069
Net assets at end of period (000's)................ $18,038 $15,722 $16,016 $10,873
International Equities Fund
-----------------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, ------------------------------------------------------
2007/(g)/ 2007 2006 2005 2004 2003
------------ ---------- -------- -------- -------- -------
PER SHARE DATA
Net asset value at beginning of period............. $ 11.29 $ 9.79 $ 7.56 $ 6.80 $ 5.50 $ 6.67
-----------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(d)/............... 0.12 0.25 0.19 0.16 0.12 0.09
Net realized and unrealized gain (loss)
on investments and foreign currencies.......... 0.10 2.02 2.09 0.73 1.29 (1.20)
-----------------------------------------------------------------------
Total income (loss) from investment operations.. 0.22 2.27 2.28 0.89 1.41 (1.11)
-----------------------------------------------------------------------
Distributions from:
Net investment income........................... - (0.16) (0.05) (0.13) (0.11) (0.06)
Net realized gain on securities................. - (0.61) - - - -
-----------------------------------------------------------------------
Total distributions............................. - (0.77) (0.05) (0.13) (0.11) (0.06)
-----------------------------------------------------------------------
Net asset value at end of period................... $ 11.51 $ 11.29 $ 9.79 $ 7.56 $ 6.80 $ 5.50
-----------------------------------------------------------------------
TOTAL RETURN/(a)/.................................. 1.95% 24.05% 30.32% 13.10%/(e)/ 25.78% (16.64)%
-----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(b)/....... 0.47%/(f)/ 0.50% 0.56% 0.67% 0.61% 0.68%
Ratio of expenses to average net assets/(c)/....... 0.47%/(f)/ 0.50% 0.56% 0.67% 0.61% 0.68%
Ratio of expense reductions to average net assets.. - - - - - -
Ratio of net investment income (loss) to average
net assets/(b)/................................... 2.05%/(f)/ 2.45% 2.19% 2.17% 1.96% 1.71%
Ratio of net investment income (loss) to average
net assets/(c)/................................... 2.05%/(f)/ 2.45% 2.19% 2.17% 1.96% 1.71%
Portfolio turnover rate............................ 60% 47% 98% 68% 12% 0%
Number of shares outstanding at end of period
(000's)........................................... 101,938 97,164 83,906 65,340 29,964 16,491
Net assets at end of period (000's)................ $1,173,665 $1,097,046 $821,577 $493,945 $203,768 $90,680
* Date Fund commenced operations.
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(c)/Excludes, if any, expense reimbursements and expense reductions.
/(d)/The per share amounts are calculated using the average share method.
/(e)/The Fund's performance figure was increased by less than 0.01% from gains
on the disposal of investments in violation of investment restrictions.
/(f)/Annualized
/(g)/Unaudited
250
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
International Government Bond Fund
-----------------------------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, --------------------------------------------------------------------
2007/(g)/ 2007 2006 2005 2004 2003
------------ -------- -------- -------- -------- --------
PER SHARE DATA
Net asset value at
beginning of period......... $ 12.05 $ 12.08 $ 13.04 $ 13.40 $ 13.83 $ 11.04
-----------------------------------------------------------------------------------
Income (loss) from
investment operations:
Net investment income
(loss)/(d)/.............. 0.26 0.49 0.48 0.50 0.55 0.05
Net realized and
unrealized gain (loss)
on investments and
foreign currencies....... 0.41 0.42 (0.17) 1.08 (0.25) 2.81
-----------------------------------------------------------------------------------
Total income (loss) from
investment operations.... 0.67 0.91 0.31 1.58 0.30 2.86
-----------------------------------------------------------------------------------
Distributions from:
Net investment income..... - (0.52) (0.28) (0.76) (0.52) -
Net realized gain on
securities............... - (0.42) (0.99) (1.18) (0.21) (0.07)
-----------------------------------------------------------------------------------
Total distributions....... - (0.94) (1.27) (1.94) (0.73) (0.07)
-----------------------------------------------------------------------------------
Net asset value at end of
period...................... $ 12.72 $ 12.05 $ 12.08 $ 13.04 $ 13.40 $ 13.83
-----------------------------------------------------------------------------------
TOTAL RETURN/(a)/............ 5.56% 7.60%/(e)/ 2.65%/(e)/ 12.30% 2.10% 25.96%
-----------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to
average net assets/(b)/..... 0.70%/(h)/ 0.70% 0.71% 0.69% 0.72% 0.77%
Ratio of expenses to
average net assets/(c)/..... 0.70%/(h)/ 0.70% 0.71% 0.69% 0.72% 0.77%
Ratio of expense reductions
to average net assets....... - - - - - -
Ratio of net investment
income (loss) to average
net assets/(b)/............. 4.30%/(h)/ 4.04% 3.81% 3.77% 3.95% 4.81%
Ratio of net investment
income (loss) to average
net assets/(c)/............. 4.30%/(h)/ 4.04% 3.81% 3.77% 3.95% 4.81%
Portfolio turnover rate...... 90% 164% 198% 136%/(f)/ 119%/(f)/ 70%/(f)/
Number of shares
outstanding at end of
period (000's).............. 11,114 11,264 11,377 11,362 10,753 11,386
Net assets at end of period
(000's)..................... $141,412 $135,777 $137,405 $148,171 $144,083 $157,478
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(c)/Excludes, if any, expense reimbursements and expense reductions.
/(d)/The per share amounts are calculated using the average share method.
/(e)/The Fund's performance figure was increased by less than 0.01% from
reimbursements for losses realized on the disposal of investments in
violation of investment restrictions.
/(f)/Portfolio turnover includes paydowns on securities. Previously, portfolio
turnover was calculated prior to including paydowns on securities and was
as follows:
2005 2004 2003
---- ---- ----
International Government Bond Fund........... 136% 119% 70%
/(g)/Unaudited
/(h)/Annualized
251
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
International Growth I Fund
---------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, ------------------------------------------------
2007/(g)/ 2007 2006 2005 2004 2003
------------ -------- -------- -------- -------- --------
PER SHARE DATA
Net asset value at beginning of period..................... $ 12.91 $ 10.30 $ 8.07 $ 7.38 $ 6.07 $ 7.25
---------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(e)/....................... 0.06 0.14 0.16 0.08 0.06 0.08
Net realized and unrealized gain (loss) on investments
and foreign currencies................................. 0.71 2.65 2.12 0.69 1.31 (1.15)
---------------------------------------------------------------
Total income (loss) from investment operations.......... 0.77 2.79 2.28 0.77 1.37 (1.07)
---------------------------------------------------------------
Distributions from:
Net investment income................................... - (0.18) (0.05) (0.08) (0.06) (0.11)
Net realized gain on securities......................... - - - - - -
---------------------------------------------------------------
Total distributions..................................... - (0.18) (0.05) (0.08) (0.06) (0.11)
---------------------------------------------------------------
Net asset value at end of period........................... $ 13.68 $ 12.91 $ 10.30 $ 8.07 $ 7.38 $ 6.07
---------------------------------------------------------------
TOTAL RETURN/(a)/.......................................... 5.96% 27.31% 28.35% 10.46% 22.57% (14.76)%
---------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(c)/............... 1.01%/(b)/ 1.01% 1.01% 1.03% 1.06% 1.06%
Ratio of expenses to average net assets/(d)/............... 1.10%/(b)/ 1.11% 1.19% 1.29% 1.28% 1.36%
Ratio of expense reductions to average net assets.......... 0.00%/(b)/ 0.00% - - - -
Ratio of net investment income (loss) to average net
assets/(c)/............................................... 0.98%/(b)/ 1.19% 1.71% 0.99% 0.83% 1.25%
Ratio of net investment income (loss) to average net
assets/(d)/............................................... 0.88%/(b)/ 1.09% 1.53% 0.73% 0.61% 0.95%
Portfolio turnover rate.................................... 29% 74% 97% 94% 164% 192%
Number of shares outstanding at end of period (000's)...... 52,283 51,765 48,065 46,352 52,010 56,825
Net assets at end of period (000's)........................ $715,026 $668,274 $495,181 $374,189 $383,924 $345,213
Large Cap Core Fund
----------------------------------
Six Months December 5,
Ended Year Ended 2005* to
November 30, May 31, May 31,
2007/(g)/ 2007 2006
------------ ---------- -----------
PER SHARE DATA
Net asset value at beginning of period..................... $ 11.91 $ 10.10 $ 10.00
----------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(e)/....................... 0.05 0.13 0.02
Net realized and unrealized gain (loss) on investments
and foreign currencies................................. 0.05 1.78 0.09
----------------------------------
Total income (loss) from investment operations.......... 0.10 1.91 0.11
----------------------------------
Distributions from:
Net investment income................................... - (0.10) (0.01)
Net realized gain on securities......................... - - -
----------------------------------
Total distributions..................................... - (0.10) (0.01)
----------------------------------
Net asset value at end of period........................... $ 12.01 $ 11.91 $ 10.10
----------------------------------
TOTAL RETURN/(a)/.......................................... 0.84% 19.01% 1.10%/(f)/
----------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(c)/............... 0.85%/(b)/ 0.85% 0.85%/(b)/
Ratio of expenses to average net assets/(d)/............... 0.95%/(b)/ 0.91% 2.43%/(b)/
Ratio of expense reductions to average net assets.......... 0.02%/(b)/ 0.01% -
Ratio of net investment income (loss) to average net
assets/(c)/............................................... 0.80%/(b)/ 1.15% 3.49%/(b)/
Ratio of net investment income (loss) to average net
assets/(d)/............................................... 0.69%/(b)/ 1.09% 1.90%/(b)/
Portfolio turnover rate.................................... 18% 24% 2%
Number of shares outstanding at end of period (000's)...... 5,640 7,405 17,431
Net assets at end of period (000's)........................ $67,754 $88,186 $176,038
* Date Fund commenced operations.
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Annualized
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(d)/Excludes, if any, expense reimbursements and expense reductions.
/(e)/The per share amounts are calculated using the average share method.
/(f)/The Fund's performance figure was increased by less than 0.01% from gains
on the disposal of investments in violation of investment restrictions.
/(g)/Unaudited
252
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
Large Capital Growth Fund
---------------------------------------------
Six Months Year Ended December 20,
Ended May 31, 2004* to
November 30, ------------------ May 31,
2007/(g)/ 2007 2006 2005
------------ -------- -------- ------------
PER SHARE DATA
Net asset value at beginning of period... $ 12.38 $ 10.43 $ 9.85 $10.00
---------------------------------------------
Income (loss) from investment
operations:
Net investment income (loss)/(e)/..... 0.02 0.05 0.01 0.01
Net realized and unrealized gain
(loss) on investments and foreign
currencies........................... 0.60 1.93 0.59 (0.16)
---------------------------------------------
Total income (loss) from investment
operations........................... 0.62 1.98 0.60 (0.15)
---------------------------------------------
Distributions from:
Net investment income................. - (0.03) (0.02) 0.00
Net realized gain on securities....... - - - -
---------------------------------------------
Total distributions................... - (0.03) (0.02) 0.00
---------------------------------------------
Net asset value at end of period......... $ 13.00 $ 12.38 $ 10.43 $ 9.85
---------------------------------------------
TOTAL RETURN/(a)/........................ 5.01% 18.97% 6.08% (1.49)%
---------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net
assets/(c)/............................. 0.77%/(b)/ 0.76% 0.79% 0.85%/(b)/
Ratio of expenses to average net
assets/(d)/............................. 0.77%/(b)/ 0.76% 1.33% 2.73%/(b)/
Ratio of expense reductions to average
net assets.............................. 0.01%/(b)/ 0.01% - -
Ratio of net investment income (loss)
to average net assets/(c)/.............. 0.29%/(b)/ 0.42% 0.30% 0.29%/(b)/
Ratio of net investment income (loss)
to average net assets/(d)/.............. 0.29%/(b)/ 0.42% (0.24)% (1.59)%/(b)/
Portfolio turnover rate.................. 26% 78% 404% 45%
Number of shares outstanding at end of
period (000's).......................... 44,390 47,394 58,300 1,000
Net assets at end of period (000's)...... $576,870 $586,875 $608,299 $9,849
Mid Cap Index Fund
--------------------------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, ---------------------------------------------------------------
2007/(g)/ 2007 2006 2005 2004 2003
------------ ---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value at beginning of period... $ 26.62 $ 23.72 $ 21.46 $ 19.41 $ 15.62 $ 18.01
--------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income (loss)/(e)/..... 0.13 0.30 0.25 0.19 0.14 0.11
Net realized and unrealized gain
(loss) on investments and foreign
currencies........................... (1.63) 4.38 3.00 2.42 3.94 (1.88)
--------------------------------------------------------------------------------
Total income (loss) from investment
operations........................... (1.50) 4.68 3.25 2.61 4.08 (1.77)
--------------------------------------------------------------------------------
Distributions from:
Net investment income................. - (0.12) (0.11) (0.19) (0.15) (0.10)
Net realized gain on securities....... - (1.66) (0.88) (0.37) (0.14) (0.52)
--------------------------------------------------------------------------------
Total distributions................... - (1.78) (0.99) (0.56) (0.29) (0.62)
--------------------------------------------------------------------------------
Net asset value at end of period......... $ 25.12 $ 26.62 $ 23.72 $ 21.46 $ 19.41 $ 15.62
--------------------------------------------------------------------------------
TOTAL RETURN/(a)/........................ (5.63)% 20.77% 15.35%/(f)/ 13.50% 26.22% (9.50)%
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net
assets/(c)/............................. 0.37%/(b)/ 0.38% 0.39% 0.40% 0.41% 0.45%
Ratio of expenses to average net
assets/(d)/............................. 0.37%/(b)/ 0.38% 0.39% 0.40% 0.41% 0.45%
Ratio of expense reductions to average
net assets.............................. - - - - - -
Ratio of net investment income (loss)
to average net assets/(c)/.............. 1.01%/(b)/ 1.27% 1.09% 0.95% 0.80% 0.77%
Ratio of net investment income (loss)
to average net assets/(d)/.............. 1.01%/(b)/ 1.27% 1.09% 0.95% 0.80% 0.77%
Portfolio turnover rate.................. 8% 14% 19% 14% 11% 10%
Number of shares outstanding at end of
period (000's).......................... 117,383 115,417 101,116 89,704 80,118 70,135
Net assets at end of period (000's)...... $2,949,151 $3,071,995 $2,398,610 $1,925,334 $1,554,815 $1,095,294
* Date Fund commenced operations.
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Annualized
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(d)/Excludes, if any, expense reimbursements and expense reductions.
/(e)/The per share amounts are calculated using the average share method.
/(f)/The Fund's performance figure was increased by less than 0.01% from
reimbursements for losses realized on the disposal of investments in
violation of investment restrictions.
/(g)/Unaudited
253
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
Mid Cap Strategic Growth Fund
--------------------------------------------
Six Months Year Ended December 20,
Ended May 31, 2004* to
November 30, ------------------ May 31,
2007/(f)/ 2007 2006 2005
------------ -------- -------- ------------
PER SHARE DATA
Net asset value at beginning of period.................. $ 14.14 $ 11.76 $ 9.97 $10.00
--------------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(d)/.................... 0.01 0.00 0.02 (0.02)
Net realized and unrealized gain (loss)
on investments and foreign currencies............... 1.43 2.39 1.77 (0.01)
--------------------------------------------
Total income (loss) from investment operations....... 1.44 2.39 1.79 (0.03)
--------------------------------------------
Distributions from:
Net investment income................................ - (0.01) - 0.00
Net realized gain on securities...................... - - - -
--------------------------------------------
Total distributions.................................. - (0.01) - 0.00
--------------------------------------------
Net asset value at end of period........................ $ 15.58 $ 14.14 $ 11.76 $ 9.97
--------------------------------------------
TOTAL RETURN/(a)/....................................... 10.18% 20.30% 17.95% (0.28)%
--------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(b)/............ 0.83%/(e)/ 0.83% 0.84% 0.85%/(e)/
Ratio of expenses to average net assets/(c)/............ 0.83%/(e)/ 0.83% 1.39% 2.68%/(e)/
Ratio of expense reductions to average net assets....... 0.01%/(e)/ 0.00% - -
Ratio of net investment income (loss) to average net
assets/(b)/............................................ 0.19%/(e)/ 0.00% 0.60% (0.37)%/(e)/
Ratio of net investment income (loss) to average net
assets/(c)/............................................ 0.19%/(e)/ 0.00% 0.05% (2.20)%/(e)/
Portfolio turnover rate................................. 72% 242% 486% 72%
Number of shares outstanding at end of period (000's)... 24,614 23,317 30,660 1,000
Net assets at end of period (000's)..................... $383,462 $329,635 $360,613 $9,976
Money Market I Fund
---------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, ------------------------------------------------
2007/(f)/ 2007 2006 2005 2004 2003
------------ -------- -------- -------- -------- --------
PER SHARE DATA
Net asset value at beginning of period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(d)/.................... 0.02 0.05 0.04 0.01 0.01 0.01
Net realized and unrealized gain (loss)
on investments and foreign currencies............... - - - - - -
---------------------------------------------------------------
Total income (loss) from investment operations....... 0.02 0.05 0.04 0.01 0.01 0.01
---------------------------------------------------------------
Distributions from:
Net investment income................................ (0.02) (0.05) (0.04) (0.01) (0.01) (0.01)
Net realized gain on securities...................... - - - - - -
---------------------------------------------------------------
Total distributions.................................. (0.02) (0.05) (0.04) (0.01) (0.01) (0.01)
---------------------------------------------------------------
Net asset value at end of period........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------------------------------------------------------------
TOTAL RETURN/(a)/....................................... 2.29% 4.90% 3.61% 1.46% 0.51% 1.00%
---------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(b)/............ 0.51%/(e)/ 0.52% 0.53% 0.57% 0.60% 0.59%
Ratio of expenses to average net assets/(c)/............ 0.51%/(e)/ 0.52% 0.56% 0.61% 0.64% 0.64%
Ratio of expense reductions to average net assets....... - - - - - -
Ratio of net investment income (loss) to average net
assets/(b)/............................................ 4.52%/(e)/ 4.80% 3.56% 1.43% 0.51% 1.01%
Ratio of net investment income (loss) to average net
assets/(c)/............................................ 4.52%/(e)/ 4.80% 3.54% 1.40% 0.47% 0.96%
Portfolio turnover rate................................. N/A N/A N/A N/A N/A N/A
Number of shares outstanding at end of period (000's)... 533,796 516,352 442,628 407,934 453,707 524,446
Net assets at end of period (000's)..................... $533,832 $516,352 $442,628 $407,933 $453,707 $524,446
* Date Fund commenced operations
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(c)/Excludes, if any, expense reimbursements and expense reductions.
/(d)/The per share amounts are calculated using the average share method.
/(e)/Annualized
/(f)/Unaudited
254
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
Nasdaq-100(R) Index Fund
-----------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, --------------------------------------------
2007/(f)/ 2007 2006 2005 2004 2003
------------ ------- ------- ------- ------- -------
PER SHARE DATA
Net asset value at beginning of period............. $ 5.34 $ 4.38 $ 4.28 $ 4.11 $ 3.36 $ 3.40
-----------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(d)/............... 0.01 0.00 0.00 0.03 (0.01) (0.01)
Net realized and unrealized gain (loss)
on investments and foreign currencies.......... 0.43 0.96 0.10 0.17 0.76 (0.03)
-----------------------------------------------------------
Total income (loss) from investment operations.. 0.44 0.96 0.10 0.20 0.75 (0.04)
-----------------------------------------------------------
Distributions from:
Net investment income........................... - (0.00) (0.00) (0.03) - -
Net realized gain on securities................. - - - - - -
-----------------------------------------------------------
Total distributions............................. - (0.00) - (0.03) - -
-----------------------------------------------------------
Net asset value at end of period................... $ 5.78 $ 5.34 $ 4.38 $ 4.28 $ 4.11 $ 3.36
-----------------------------------------------------------
TOTAL RETURN/(a)/.................................. 8.24% 22.01% 2.36% 4.81% 22.32% (1.18)%
-----------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(b)/....... 0.57%/(e)/ 0.63% 0.61% 0.65% 0.63% 0.81%
Ratio of expenses to average net assets/(c)/....... 0.60%/(e)/ 0.63% 0.61% 0.65% 0.63% 0.81%
Ratio of expense reductions to average net assets.. - - - - - -
Ratio of net investment income (loss) to average
net assets/(b)/................................... 0.20%/(e)/ 0.08% 0.07% 0.73% (0.32)% (0.48)%
Ratio of net investment income (loss) to average
net assets/(c)/................................... 0.18%/(e)/ 0.08% 0.07% 0.73% (0.32)% (0.48)%
Portfolio turnover rate............................ 2% 5% 14% 8% 14% 6%
Number of shares outstanding at end of period
(000's)........................................... 17,518 15,678 18,856 21,147 22,672 15,570
Net assets at end of period (000's)................ $101,218 $83,647 $82,519 $90,520 $93,089 $52,306
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(c)/Excludes, if any, expense reimbursements and expense reductions.
/(d)/The per share amounts are calculated using the average share method.
/(e)/Annualized
/(f)/Unaudited
255
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
Science & Technology Fund
----------------------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, ------------------------------------------------------------
2007/(f)/ 2007 2006 2005 2004 2003
------------ -------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value at beginning of period... $ 13.67 $ 11.50 $ 11.27 $ 11.08 $ 9.14 $ 9.56
----------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income (loss)/(d)/..... (0.02) (0.05) (0.05) (0.00) (0.07) (0.05)
Net realized and unrealized gain
(loss) on investments and foreign
currencies........................... 0.98 2.22 0.28 0.19 2.01 (0.37)
----------------------------------------------------------------------------
Total income (loss) from investment
operations........................... 0.96 2.17 0.23 0.19 1.94 (0.42)
----------------------------------------------------------------------------
Distributions from:
Net investment income................. - - - - - -
Net realized gain on securities....... - - - - - -
----------------------------------------------------------------------------
Total distributions................... - - - - - -
----------------------------------------------------------------------------
Net asset value at end of period......... $ 14.63 $ 13.67 $ 11.50 $ 11.27 $ 11.08 $ 9.14
----------------------------------------------------------------------------
TOTAL RETURN/(a)/........................ 7.02% 18.87% 2.04% 1.71% 21.23% (4.39)%
----------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net
assets/(b)/............................. 1.05%/(e)/ 1.03% 1.01% 1.03% 1.01% 1.00%
Ratio of expenses to average net
assets/(c)/............................. 1.05%/(e)/ 1.03% 1.01% 1.03% 1.02% 1.04%
Ratio of expense reductions to average
net assets.............................. 0.01%/(e)/ 0.02% 0.02% 0.01% 0.01% 0.02%
Ratio of net investment income (loss)
to average net assets/(b)/.............. (0.23)%/(e)/ (0.39)% (0.42)% (0.02)% (0.68)% (0.66)%
Ratio of net investment income (loss)
to average net assets/(c)/.............. (0.23)%/(e)/ (0.39)% (0.42)% (0.02)% (0.69)% (0.71)%
Portfolio turnover rate.................. 72% 163% 117% 56% 56% 53%
Number of shares outstanding at end of
period (000's).......................... 66,950 70,630 89,433 107,429 126,963 129,123
Net assets at end of period (000's)...... $979,690 $965,650 $1,028,643 $1,210,236 $1,406,766 $1,180,380
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(c)/Excludes, if any, expense reimbursements and expense reductions.
/(d)/The per share amounts are calculated using the average share method.
/(e)/Annualized
/(f)/Unaudited
256
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
Small Cap Aggressive Growth Fund
-----------------------------------
Six Months December 5,
Ended Year Ended 2005* to
November 30, May 31, May 31,
2007/(g)/ 2007 2006
------------ ---------- -----------
PER SHARE DATA
Net asset value at beginning of period............. $ 11.71 $ 10.22 $ 10.00
-----------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(e)/............... (0.03) (0.08) (0.01)
Net realized and unrealized gain (loss) on
investments and foreign currencies............. - 1.58 0.23
-----------------------------------
Total income (loss) from investment operations.. (0.03) 1.50 0.22
-----------------------------------
Distributions from:
Net investment income........................... - - -
Net realized gain on securities................. - (0.01) -
-----------------------------------
Total distributions............................. - (0.01) -
-----------------------------------
Net asset value at end of period................... $ 11.68 $ 11.71 $ 10.22
-----------------------------------
TOTAL RETURN/(a)/.................................. (0.26)% 14.70% 2.20%
-----------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(c)/....... 1.00%/(b)/ 1.00% 1.00%/(b)/
Ratio of expenses to average net assets/(d)/....... 1.35%/(b)/ 1.15% 3.18%/(b)/
Ratio of expense reductions to average net assets.. 0.03%/(b)/ 0.02% -
Ratio of net investment income (loss) to average
net assets/(c)/................................... (0.48)%/(b)/ (0.83)% (0.80)%/(b)/
Ratio of net investment income (loss) to average
net assets/(d)/................................... (0.83)%/(b)/ (0.98)% (2.98)%/(b)/
Portfolio turnover rate............................ 59% 192% 28%
Number of shares outstanding at end of period
(000's)........................................... 5,765 4,434 6,032
Net assets at end of period (000's)................ $67,346 $51,911 $61,659
Small Cap Fund
-----------------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, --------------------------------------------------------
2007/(g)/ 2007 2006 2005 2004 2003
------------ -------- -------- -------- -------- --------
PER SHARE DATA
Net asset value at beginning of period............. $ 13.22 $ 12.64 $ 11.01 $ 9.75 $ 7.67 $ 8.75
-----------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(e)/............... 0.02 0.01 0.00 (0.02) (0.04) (0.02)
Net realized and unrealized gain (loss) on
investments and foreign currencies............. (1.81) 1.58 1.63 1.28 2.12 (1.06)
-----------------------------------------------------------------------
Total income (loss) from investment operations.. (1.79) 1.59 1.63 1.26 2.08 (1.08)
-----------------------------------------------------------------------
Distributions from:
Net investment income........................... - - - - - -
Net realized gain on securities................. - (1.01) - - - -
-----------------------------------------------------------------------
Total distributions............................. - (1.01) - - - -
-----------------------------------------------------------------------
Net asset value at end of period................... $ 11.43 $ 13.22 $ 12.64 $ 11.01 $ 9.75 $ 7.67
-----------------------------------------------------------------------
TOTAL RETURN/(a)/.................................. (13.54)% 13.29% 14.80% 12.92%/(f)/ 27.12% (12.34)%
-----------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(c)/....... 0.95%/(b)/ 0.95% 0.95% 0.95% 0.95% 0.95%
Ratio of expenses to average net assets/(d)/....... 1.03%/(b)/ 1.02% 1.02% 1.05% 1.04% 1.06%
Ratio of expense reductions to average net assets.. 0.00%/(b)/ 0.00% - - - -
Ratio of net investment income (loss) to average
net assets/(c)/................................... 0.32%/(b)/ 0.04% (0.02)% (0.17)% (0.39)% (0.29)%
Ratio of net investment income (loss) to average
net assets/(d)/................................... 0.24%/(b)/ (0.03)% (0.09)% (0.27)% (0.48)% (0.40)%
Portfolio turnover rate............................ 41% 87% 83% 119% 66% 74%
Number of shares outstanding at end of period
(000's)........................................... 38,119 41,863 48,356 55,101 62,391 69,895
Net assets at end of period (000's)................ $435,767 $553,319 $611,356 $606,923 $608,133 $535,870
* Date Fund commenced operations.
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Annualized
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(d)/Excludes, if any, expense reimbursements and expense reductions.
/(e)/The per share amounts are calculated using the average share method.
/(f)/The Fund's performance figure was decreased by less than 0.01% from losses
on the disposal of investments in violation of investment restrictions.
/(g)/Unaudited
257
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
Small Cap Index Fund
-------------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, --------------------------------------------------
2007/(g)/ 2007 2006 2005 2004 2003
------------ ---------- -------- -------- -------- --------
PER SHARE DATA
Net asset value at beginning of
period................................. $ 19.41 $ 17.24 $ 15.16 $ 13.97 $ 10.86 $ 11.97
-------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income (loss)/(d)/.... 0.13 0.21 0.15 0.11 0.08 0.09
Net realized and unrealized
gain (loss) on investments and
foreign currencies.................. (1.87) 2.93 2.51 1.21 3.13 (1.12)
-------------------------------------------------------------------
Total income (loss) from
investment operations............... (1.74) 3.14 2.66 1.32 3.21 (1.03)
-------------------------------------------------------------------
Distributions from:
Net investment income................ - (0.07) (0.07) (0.13) (0.10) (0.08)
Net realized gain on securities...... - (0.90) (0.51) - - -
-------------------------------------------------------------------
Total distributions.................. - (0.97) (0.58) (0.13) (0.10) (0.08)
-------------------------------------------------------------------
Net asset value at end of period........ $ 17.67 $ 19.41 $ 17.24 $ 15.16 $ 13.97 $ 10.86
-------------------------------------------------------------------
TOTAL RETURN/(a)/....................... (8.96)% 18.66% 17.84% 9.46% 29.62% (8.55)%
-------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net
assets/(b)/............................ 0.43%/(f)/ 0.43% 0.45% 0.46% 0.48% 0.52%
Ratio of expenses to average net
assets/(c)/............................ 0.43%/(f)/ 0.43% 0.45% 0.46% 0.48% 0.52%
Ratio of expense reductions to average
net assets............................. - - - - - -
Ratio of net investment income (loss) to
average net assets/(b)/................ 1.39%/(f)/ 1.20% 0.90% 0.78% 0.65% 0.93%
Ratio of net investment income (loss) to
average net assets/(c)/................ 1.39%/(f)/ 1.20% 0.90% 0.78% 0.65% 0.93%
Portfolio turnover rate................. 12% 18% 22% 18% 15% 35%
Number of shares outstanding at end of
period (000's)......................... 65,340 62,786 57,051 45,300 34,417 24,411
Net assets at end of period (000's)..... $1,154,719 $1,218,827 $983,742 $686,567 $480,867 $265,018
Small Cap Special Values Fund
-----------------------------------
Six Months December 5,
Ended Year Ended 2005* to
November 30, May 31, May 31,
2007/(g)/ 2007 2006
------------ ---------- -----------
PER SHARE DATA
Net asset value at beginning of
period................................. $ 12.62 $ 10.59 $ 10.00
-----------------------------------
Income (loss) from investment
operations:
Net investment income (loss)/(d)/.... 0.06 0.13 0.02
Net realized and unrealized
gain (loss) on investments and
foreign currencies.................. (2.20) 2.01 0.58
-----------------------------------
Total income (loss) from
investment operations............... (2.14) 2.14 0.60
-----------------------------------
Distributions from:
Net investment income................ - (0.06) (0.01)
Net realized gain on securities...... - (0.05) -
-----------------------------------
Total distributions.................. - (0.11) (0.01)
-----------------------------------
Net asset value at end of period........ $ 10.48 $ 12.62 $ 10.59
-----------------------------------
TOTAL RETURN/(a)/....................... (16.96)% 20.30% 6.02%/(e)/
-----------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net
assets/(b)/............................ 0.90%/(f)/ 0.90% 0.90%/(f)/
Ratio of expenses to average net
assets/(c)/............................ 0.91%/(f)/ 0.90% 2.30%/(f)/
Ratio of expense reductions to average
net assets............................. 0.03%/(f)/ 0.02% -
Ratio of net investment income (loss) to
average net assets/(b)/................ 0.96%/(f)/ 1.10% 2.91%/(f)/
Ratio of net investment income (loss) to
average net assets/(c)/................ 0.94%/(f)/ 1.10% 1.51%/(f)/
Portfolio turnover rate................. 27% 64% 132%
Number of shares outstanding at end of
period (000's)......................... 27,498 30,647 35,239
Net assets at end of period (000's)..... $288,306 $386,817 $373,291
* Date Fund commenced operations.
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(c)/Excludes, if any, expense reimbursements and expense reductions.
/(d)/The per share amounts are calculated using the average share method.
/(e)/The Fund's performance figure was increased by less than 0.01% from
reimbursements for losses realized on the disposal of investments in
violation of investment restrictions.
/(f)/Annualized.
/(g)/Unaudited
258
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
Small Cap Strategic Growth Fund
------------------------------------
Six Months December 5,
Ended Year Ended 2005* to
November 30, May 31, May 31,
2007/(f)/ 2007 2006
------------ ---------- -----------
PER SHARE DATA
Net asset value at beginning of period............. $ 11.65 $ 10.33 $ 10.00
------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(d)/............... (0.02) (0.02) 0.00
Net realized and unrealized gain (loss) on
investments and foreign currencies............. (1.14) 1.34 0.33
------------------------------------
Total income (loss) from investment operations.. (1.16) 1.32 0.33
------------------------------------
Distributions from:
Net investment income........................... - - -
Net realized gain on securities................. - - -
------------------------------------
Total distributions............................. - - -
------------------------------------
Net asset value at end of period................... $ 10.49 $ 11.65 $ 10.33
------------------------------------
TOTAL RETURN/(a)/.................................. (9.96)% 12.78% 3.30%
------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(b)/....... 1.00%/(e)/ 1.00% 1.00%/(e)/
Ratio of expenses to average net assets/(c)/....... 1.03%/(e)/ 1.01% 2.49%/(e)/
Ratio of expense reductions to average net assets.. 0.01%/(e)/ 0.01% -
Ratio of net investment income (loss) to average
net assets/(b)/................................... (0.37)%/(e)/ (0.20)% (0.49)%/(e)/
Ratio of net investment income (loss) to average
net assets/(c)/................................... (0.40)%/(e)/ (0.21)% (1.98)%/(e)/
Portfolio turnover rate............................ 45% 83% 277%
Number of shares outstanding at end of
period (000's).................................... 12,728 13,987 18,720
Net assets at end of period (000's)................ $133,527 $162,946 $193,337
Stock Index Fund
---------------------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, ----------------------------------------------------------
2007/(f)/ 2007 2006 2005 2004 2003
------------ ---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value at beginning of period............. $ 39.80 $ 33.87 $ 32.17 $ 30.74 $ 26.51 $ 30.11
---------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(d)/............... 0.31 0.58 0.53 0.54 0.39 0.35
Net realized and unrealized gain (loss) on
investments and foreign currencies............. (1.30) 6.86 2.11 1.88 4.33 (2.97)
---------------------------------------------------------------------------
Total income (loss) from investment operations.. (0.99) 7.44 2.64 2.42 4.72 (2.62)
---------------------------------------------------------------------------
Distributions from:
Net investment income........................... - (0.31) (0.25) (0.54) (0.39) (0.34)
Net realized gain on securities................. - (1.20) (0.69) (0.45) (0.10) (0.64)
---------------------------------------------------------------------------
Total distributions............................. - (1.51) (0.94) (0.99) (0.49) (0.98)
---------------------------------------------------------------------------
Net asset value at end of period................... $ 38.81 $ 39.80 $ 33.87 $ 32.17 $ 30.74 $ 26.51
---------------------------------------------------------------------------
TOTAL RETURN/(a)/.................................. (2.49)% 22.37% 8.27% 7.89% 17.90% (8.44)%
---------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(b)/....... 0.35%/(e)/ 0.35% 0.36% 0.38% 0.38% 0.40%
Ratio of expenses to average net assets/(c)/....... 0.35%/(e)/ 0.35% 0.36% 0.38% 0.38% 0.40%
Ratio of expense reductions to average net assets.. - - - - - -
Ratio of net investment income (loss) to average
net assets/(b)/................................... 1.57%/(e)/ 1.58% 1.57% 1.72% 1.33% 1.39%
Ratio of net investment income (loss) to average
net assets/(c)/................................... 1.57%/(e)/ 1.58% 1.57% 1.72% 1.33% 1.39%
Portfolio turnover rate............................ 3% 4% 7% 5% 3% 6%
Number of shares outstanding at end of
period (000's).................................... 130,545 133,576 140,078 138,996 137,616 136,800
Net assets at end of period (000's)................ $5,066,791 $5,316,922 $4,744,289 $4,471,146 $4,230,395 $3,627,137
* Date Fund commenced operations.
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(c)/Excludes, if any, expense reimbursements and expense reductions.
/(d)/The per share amounts are calculated using the average share method.
/(e)/Annualized
/(f)/Unaudited
259
VALIC Company I
FINANCIAL HIGHLIGHTS -- (continued)
- --------------------------------------------------------------------------------
VALIC Ultra Fund
----------------------------------------
Six Months December 5,
Ended Year Ended 2005* to
November 30, May 31, May 31,
2007/(g)/ 2007 2006
------------ ---------- -----------
PER SHARE DATA
Net asset value at beginning of period................ $ 10.26 $ 9.22 $ 10.00
----------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(e)/.................. 0.01 (0.01) 0.01/(e)/
Net realized and unrealized gain (loss) on
investments and foreign currencies................ 1.09 1.05 (0.79)
----------------------------------------
Total income (loss) from investment operations..... 1.10 1.04 (0.78)
----------------------------------------
Distributions from:
Net investment income.............................. - 0.00 -
Net realized gain on securities.................... - - -
----------------------------------------
Total distributions................................ - 0.00 -
----------------------------------------
Net asset value at end of period...................... $ 11.36 $ 10.26 $ 9.22
----------------------------------------
TOTAL RETURN/(a)/..................................... 10.72% 11.29% (7.80)%
----------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(c)/.......... 0.95%/(b)/ 0.94% 0.93%/(b)/
Ratio of expenses to average net assets/(d)/.......... 0.95%/(b)/ 0.94% 1.39%/(b)/
Ratio of expense reductions to average net assets..... - - -
Ratio of net investment income (loss) to average net
assets/(c)/.......................................... 0.10%/(b)/ (0.09)% 1.55%/(b)/
Ratio of net investment income (loss) to average net
assets/(d)/.......................................... 0.10%/(b)/ (0.09)% 1.09%/(b)/
Portfolio turnover rate............................... 81% 103% 38%
Number of shares outstanding at end of period (000's). 91,405 99,984 127,742
Net assets at end of period (000's)................... $1,038,118 $1,025,501 $1,177,556
Value Fund
---------------------------------------------------------------------
Six Months
Ended Year Ended May 31,
November 30, ------------------------------------------------------
2007/(g)/ 2007 2006 2005 2004 2003
------------ ------- -------- ------- ------- -------
PER SHARE DATA
Net asset value at beginning of period................ $ 13.41 $ 12.19 $ 11.15 $ 9.99 $ 8.62 $ 9.69
---------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss)/(e)/.................. 0.07 0.08 0.14 0.06 0.08 0.07
Net realized and unrealized gain (loss) on
investments and foreign currencies................ (0.92) 3.10 1.07 1.42 1.38 (1.05)
---------------------------------------------------------------------
Total income (loss) from investment operations..... (0.85) 3.18 1.21 1.48 1.46 (0.98)
---------------------------------------------------------------------
Distributions from:
Net investment income.............................. - (0.24) (0.05) (0.01) (0.09) (0.06)
Net realized gain on securities.................... - (1.72) (0.12) (0.31) - (0.03)
---------------------------------------------------------------------
Total distributions................................ - (1.96) (0.17) (0.32) (0.09) (0.09)
---------------------------------------------------------------------
Net asset value at end of period...................... $ 12.56 $ 13.41 $ 12.19 $ 11.15 $ 9.99 $ 8.62
---------------------------------------------------------------------
TOTAL RETURN/(a)/..................................... (6.34)% 28.42% 10.92%/(f)/ 14.83%/(f)/ 17.01% (10.01)%
---------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets/(c)/.......... 0.92%/(b)/ 1.03% 0.92% 1.28% 1.32% 1.50%
Ratio of expenses to average net assets/(d)/.......... 0.97%/(b)/ 1.03% 0.92% 1.39% 1.32% 1.50%
Ratio of expense reductions to average net assets..... - - - - - -
Ratio of net investment income (loss) to average net
assets/(c)/.......................................... 1.06%/(b)/ 0.65% 1.29% 0.60% 0.89% 0.94%
Ratio of net investment income (loss) to average net
assets/(d)/.......................................... 1.02%/(b)/ 0.64% 1.29% 0.49% 0.89% 0.94%
Portfolio turnover rate............................... 72% 116% 76% 144% 36% 40%
Number of shares outstanding at end of period (000's). 8,850 6,691 16,214 2,053 1,448 1,291
Net assets at end of period (000's)................... $111,180 $89,740 $197,648 $22,890 $14,472 $11,134
* Date Fund commenced operations.
/(a)/Total return is not annualized. It does include, if any, expense
reimbursements and expense reductions. The effect of fees and charges
incurred at the separate account level are not reflected in these
performance figures. If such expenses had been included, the total return
would have been lower for each period presented.
/(b)/Annualized
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense
reductions.
/(d)/Excludes, if any, expense reimbursements and expense reductions.
/(e)/The per share amounts are calculated using the average share method.
/(f)/The Fund's performance figure was increased by less than 0.01% from gains
on the disposal of investments in violation of investment restrictions.
/(g)/Unaudited
260
VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (Unaudited)
- --------------------------------------------------------------------------------
At a meeting held on July 17-18, 2007, the Board of Directors (the "Board"),
including the Directors that are not interested persons of VC I, as such term
is defined in the Investment Company Act of 1940, as amended (the "1940 Act")
(the "Independent Directors"), approved with respect to each Fund the
continuation of the Investment Advisory Agreement between The Variable Annuity
Life Insurance Company ("VALIC") and VC I (the "Advisory Agreement") and the
investment subadvisory agreements between VALIC and each of the following
sub-advisers of VC I (collectively, the "Subadvisory Agreements"): AIG Global
Investment Corp. ("AIGGIC"); AIG SunAmerica Asset Management Corp. ("AIG
SAAMCo"); A I M Capital Management, Inc. ("AIM"); American Century Global
Investment Management, Inc. ("American Century Global"); American Century
Investment Management, Inc. ("American Century"); Barrow, Hanley, Mewhinney &
Strauss, Inc. ("Barrow Hanley"); Brazos Capital Management, L.P. ("Brazos
Capital"); Evergreen Investment Management Company, LLC ("Evergreen"); Franklin
Advisers, Inc. ("Franklin"); Franklin Portfolio Associates, LLC ("Franklin
Portfolio"); Massachusetts Financial Services Company ("MFS"); Morgan Stanley
Investment Management, Inc. d/b/a Van Kampen ("Van Kampen"); OppenheimerFunds,
Inc. ("Oppenheimer"); Putnam Investment Management, LLC ("Putnam"); RCM Capital
Management, LLC ("RCM"); T. Rowe Price Associates, Inc. ("T. Rowe Price");
Templeton Global Advisers, Ltd. ("Templeton Global") Templeton Investment
Counsel, Inc. ("Templeton Investment"); and Wellington Management Company, LLP
("Wellington Management") (collectively referred to as the "Sub-advisers"). The
Investment Advisory Agreement and Subadvisory Agreements are collectively
referred to as the "Advisory Contracts."
In addition, at a meeting held on October 29-30, 2007, the Board approved
amendments to the Subadvisory Agreements. The Subadvisory Agreements were
amended in order to comply with the requirements of the exemptive rules
relating to subadvisory affiliates (Rules 17a-10, 10f-3, 12d3-1 and 17e-1 under
the 1940 Act) so that the Funds can rely on these provisions. These provisions
permit certain exemptions for transactions with subadvisory affiliates.
The Board was advised that the Sub-advisers completed detailed questionnaires
and that their responses were reviewed by management and counsel to the
Independent Directors. The Directors were advised of the various factors that
they should consider in their review of the Advisory Contracts.
In connection with the approval of the Advisory Contracts, the Board received
materials related to certain factors the Board considered in determining to
renew such Advisory Contracts. Those factors included: (1) the nature, extent
and quality of services provided by VALIC and the Sub-advisers; (2) the
investment performance of the Funds compared to performance of comparable funds
as selected by an independent third-party provider of investment company data
("Performance Group/Universe") and against each Fund's benchmarks; (3) the
costs of services and the benefits potentially derived by VALIC and the
Sub-advisers; (4) whether the Funds will benefit from possible economies of
scale; (5) the profitability of VALIC and the Sub-advisers; (6) the advisory
fee and subadvisory fees charged in connection with VALIC's and the
Sub-advisers' management of the Funds, compared to advisory fee rates and
subadvisory fee rates of a group of funds with similar investment objectives
(respectively, the "Expense Group/Universe" and the "Sub-Advisor Expense
Group/Universe"), as selected an independent third-party provider of investment
company data; and (7) the terms of the Advisory Contracts.
The Directors also took into account performance, fee and expense information
regarding each Fund that is provided to them on a quarterly basis. The
Independent Directors were separately represented by counsel that is
independent of VALIC in connection with their consideration of approval of the
Advisory Contracts. The matters discussed below were also considered separately
by the Independent Directors in executive sessions held at a special meeting
held in June 2007 and the regular meeting held in July 2007, during which such
independent counsel provided guidance to the Independent Directors.
Nature, Extent and Quality of Services. The Board considered the nature,
quality and extent of services to be provided to the Funds by VALIC and the
Sub-advisers. The Board reviewed information provided by VALIC relating to its
operations and personnel. The Board also took into account their familiarity
with VALIC's management through Board meetings, discussions and reports during
the preceding year. The Board considered that VALIC is responsible for the
management of the day-to-day operations of the Funds, including but not limited
to, general supervision of and coordination of the services provided by the
Sub-advisers, and is also responsible for monitoring and reviewing the
activities of the Sub-advisers and other third-party service providers. The
Board also noted that VALIC's and the Sub-advisers' management of the Funds is
subject to the oversight of the Board, and must be made in accordance with the
investment objectives, policies and restrictions set forth in the Funds'
prospectus and statement of additional information.
The Board noted that VALIC personnel meet on a periodic basis to discuss the
performance of the Funds, as well as the positioning of the insurance products,
employer-sponsored retirement plans and the Funds generally vis-a-vis
competitors. In addition, it was considered that VALIC works to develop
marketing strategies to promote an identity for the Funds separate and apart
from the insurance products and the employer-sponsored retirement plans. The
Board also considered VALIC's financial condition and whether it had the
financial wherewithal to provide the services under the Investment Advisory
Agreement with respect to each Fund.
With respect to the services provided by the Sub-advisers, the Board
considered information provided to them regarding the services provided by each
Sub-adviser, including information presented throughout the previous year. The
Board noted that each Sub-adviser (i) determines the securities to be purchased
or sold on behalf of the Funds it manages as may be necessary in connection
therewith; (ii) provides VALIC with records concerning its activities, which
VALIC or the Funds are required to maintain; and (iii) renders regular reports
to VALIC and to officers and Directors of the Funds concerning its discharge of
the foregoing responsibilities. The Board reviewed each Sub-adviser's history
and investment experience and received information regarding the
qualifications, background and responsibilities of the Sub-advisers investment
and compliance personnel who provide services to the Funds. The Board also took
into account the financial condition of the Sub-advisers (or the Sub-advisers'
parent company). The Board also reviewed each Sub-adviser's brokerage practices.
The Board reviewed VALIC's and the administrator's, AIG SAAMCo, an affiliate,
compliance program and personnel. It also considered VALIC's and each
Sub-adviser's regulatory history, including information whether it was
currently involved in any regulatory actions or investigations as well as
material litigation. The Board concluded that there was no information provided
to the Board that would have a material adverse effect on VALIC's or the
Sub-advisers' ability to provide services to the Funds.
The Board concluded that the scope and quality of the advisory services
provided by VALIC and Sub-advisers were satisfactory and that each has the size
and resources to attract and retain highly qualified investment professionals.
Fees and Expenses; Investment Performance. The Board received and reviewed
information regarding each Fund's total expenses, advisory and subadvisory
fees, and other expenses compared against the expenses and fees of the funds in
its Expense Group, Expense Universe and Subadvisor Expense Group and, in some
cases as noted below, the Subadvisor Expense Universe. It was noted that VALIC
negotiates the subadvisory fees with each of the unaffiliated Sub-advisers at
arms-length. The Board also considered that the subadvisory fees are paid by
VALIC out of its advisory fees it receives from the Funds and is not paid by
the Funds, and that subadvisory fees may vary widely within the
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Subadvisor Expense Group/Universe for various reasons, including market pricing
demands, existing relationships, experience and success, and individual client
needs. The Board also noted that VALIC was annually waiving a portion of its
advisory fee and/or reimbursing expenses of the Funds.
The total expense information, advisory fee information, and subadvisory fee
information considered by the Board, among other fee and expense data, is
summarized below. It was noted that expense ratio data included in the
independent third-party reports was annualized based on information included in
the VC I semi-annual report for the period ended November 30, 2006.
The Board received and reviewed information prepared by management and by an
independent third-party regarding the Funds' investment performance compared
against their benchmarks and their respective Performance Groups/Universes. It
was noted that performance information provided by the independent third party
was for the period ended April 30, 2007 and that benchmark information
presented by management was through the period June 30, 2007.
. Asset Allocation Fund (subadvised by AIGGIC). The Board considered that
the Fund's actual advisory fees and total expenses were below the medians
of its Expense Group/Universe. In addition, the Board noted that the
Fund's actual sub-advisory fee was below the median of its Subadvisor
Expense Universe.
The Board considered that the Fund's performance was at the median of its
Performance Group for the one-, three- and five-year periods and that it
exceeded the median of its Performance Universe for the one- and
five-periods and was slightly below the median for the three-year period.
In addition, the Board noted that the Fund outperformed the Lipper VA
Mixed-Asset Target Allocation Moderate Index for the one-, three, and
five-year periods. The Board also noted that the Fund outperformed its
custom blended benchmark for the one-, three- and five-year periods (S&P
500 Index: 55%; Lehman Brothers Aggregate Bond Index: 35%; and T-Bill
3-Month Index: 10%). The Board concluded that the Fund's performance has
been satisfactory.
. Blue Chip Growth Fund (subadvised by T. Rowe Price). The Board considered
that the Fund's actual advisory fees and total expenses were above the
medians of its Expense Group/Universe. The Board took into account
management's discussion of the Fund's expenses. The Board considered that
management had proposed that the Fund's advisory fee rate be reduced from
0.80% to 0.75% effective October 1, 2007. In addition, the Board
considered that management agreed to reduce the Fund's total expense cap
effective October 2007 to 0.85%, which would bring the Fund's total
expenses below the median of its Expense Universe. In addition, the Board
noted that the Fund's actual sub-advisory fees were at and below the
medians of its Subadvisor Expense Group/Universe, respectively.
The Board considered that for the one-, three- and five-year periods the
Fund outperformed the median of its Performance Group/Universe and the
Lipper VUF Large Cap Growth Index. The Board considered that the Fund
underperformed its benchmark for the one-, three- and five-year periods.
The Board concluded that the Fund's performance has been satisfactory in
light of all factors considered.
. Broad Cap Value Income Fund (subadvised by Barrow Hanley). The Board
considered that the Fund's actual advisory fees were at or slightly above
the medians of its Expense Group/Universe and that the Fund's total
expenses were above the median of its Expense Group and slightly below the
median of its Expense Universe. Management reported that it would continue
to limit the Fund's total expenses to 0.85%. Furthermore, the Board
considered that the Fund's subadvisory fee was above the median of its
Subadvisor Expense Group/Universe.
The Board considered that the Fund exceeded the medians of its Performance
Group/Universe and outperformed the Lipper VUF Multi-Cap Value Index and
the Russell 1000 Value Index (its benchmark) for the one-year period. The
Board concluded that the Fund's performance has been satisfactory.
. Capital Conservation Fund (subadvised by AIGGIC). The Board considered
that the Fund's actual advisory fees and total expenses were above the
medians of its Expense Group/Universe. The Board noted that the Fund's
sub-advisory fees were above the median of the Subadvisor Expense
Group/Universe. The Board also took into account management's discussion
of the Fund's expenses.
The Board considered that the Fund's performance was slightly below the
medians of its Performance Group/Universe for the three- and five-year
periods and was slightly below the Performance Group for the one-year
period and slightly above the Performance Universe for such period. In
addition, the Board noted that the Fund slightly trailed the Lipper VUF
A-Rated Corporate Index. The Board also considered that the Fund slightly
trailed its benchmark, the Lehman Brothers Aggregate Bond Index for the
one-, three- and five-year periods. The Board noted management's
discussion of the Fund's performance and concluded that performance is
being addressed.
. Core Equity Fund (subadvised by BlackRock). The Board considered that the
Fund's actual advisory fees were above the medians of its Expense
Group/Universe and that the Fund's total expenses were slightly above the
median of its Expense Group and below the median of its Expense
Group/Universe. The Board noted that the Fund's sub-advisory fees were
below the median of its Subadvisor Expense Group/Universe. The Board took
into account management's discussion of the Fund's expenses. The Board
also noted VALIC's current undertakings to maintain expense limitations
for the Fund.
The Board considered that the Fund's performance trailed the medians of
its Performance Group/Universe and the Lipper Large Cap Core Index for the
one-, three- and five-year periods. It was noted that performance
information presented was as of May 31, 2007 and that BlackRock had only
begun to manage the Fund in March 2007, so that the performance
represented the management of the prior sub-advisers. The Directors also
noted the Fund's more recent short-term performance. The Board noted
management's discussion of the Fund's performance and concluded that the
underperformance has been addressed.
. Core Value Fund (subadvised by American Century). The Board considered
that the Fund's actual advisory fees were above the medians of its Expense
Group/Universe and that the Fund's total expenses were above the median of
its Expense Group and below the median of its Expense Universe. The Board
noted that the Fund's sub-advisory fees were above the medians of its
Subadvisor Expense Group/Universe. The Board took into account
management's discussion of the Fund's expenses. The Board also noted
VALIC's current undertakings to maintain expense limitations for the Fund.
The Board considered that the Fund's performance exceeded the Performance
Group/Universe for the one-year period, since the Fund had changed its
investment strategy. It also noted that the Fund's performance trailed the
median of the Performance Group for the three-year period and trailed for
the five-year periods and that it trailed the median of its Performance
Universe for the three- and five-year periods. In addition, the Board also
considered that the Fund outperformed the Lipper VUF
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Multi-Cap Value Index for the one-year period and trailed the Index for
the three- and five-year periods. Finally, the Board considered that the
Fund outperformed its benchmark, the S&P 500 Index, for the one-, three-
and five-year periods. The Directors noted the recent changes made to the
Fund's investment strategy and concluded that the Fund's performance has
been satisfactory in light of all factors considered.
. Foreign Value Fund (subadvised by Templeton Global). The Board considered
that the Fund's actual advisory fees and total expenses were below the
medians of its Expense Group/Universe. Furthermore, the Board considered
that the Fund's subadvisory fee was at the median of its Subadvisor
Expense Universe.
The Board considered that the Fund trailed the median of its Performance
Group/Universe and underperformed the Lipper VUF International Value Index
and its benchmark, the MSCI Europe, Australasia, Far East (EAFE) Index,
for the one-year period. The Board noted the Fund's absolute return
performance. The Board noted management's discussion of the Fund's
performance and concluded that the Fund's underperformance relative to its
peers is being addressed.
. Global Equity Fund (subadvised by Putnam). The Board considered that the
Fund's actual advisory fees were below the median of its Expense Group and
above the median of its Expense Universe. In addition, it noted that the
Fund's total expenses were below the medians of its Expense
Group/Universe. Furthermore, the Board considered that the Fund's
subadvisory fee was above the median of its Subadvisor Expense Universe.
The Board considered that the Fund exceeded the median of its Performance
Group/Universe and outperformed the Lipper VUF Global Growth Index and its
benchmark, the MSCI World Index, for the one-year period. The Board
concluded that the Fund's performance has been satisfactory.
. Global Social Awareness Fund (subadvised by AIGGIC). The Board considered
that the Fund's actual advisory fees and total expenses were below the
medians of its Expense Group/Universe. The Board also noted that the
Fund's sub-advisory fees were below the medians of its Subadvisor Expense
Group/Universe.
The Board considered that the Fund exceeded the median of its Performance
Group/Universe for the one-, three- and five-year periods and that it
outperformed the Lipper VUF Large Cap Core Index the one- and three-year
periods. It noted that it slightly underperformed the Index for the
three-year period. In addition, the Board considered that the Fund
underperformed its benchmark, the S&P 500 Index, for the one-, three- and
five-year periods. The Board concluded that the Fund's performance has
been satisfactory in light of all factors considered.
. Global Strategy Fund (subadvised by Templeton Investment and Franklin).
The Board considered that the Fund's actual advisory fees and total
expenses were below the medians of its Expense Group/Universe. The Board
also noted that the Fund's sub-advisory fees were at the median of its
Subadvisor Expense Group Universe.
The Board considered that the Fund exceeded the median of its Performance
Group/Universe for the one-year period. The Board noted that management
had indicated that there was no appropriate Lipper Index to compare the
Fund, but that the Fund trailed its benchmark, the MSCI All-Country World
Index, for the one-year period. The Board concluded that the Fund's
performance has been satisfactory in light of all factors considered.
. Government Securities Fund (subadvised by AIGGIC). The Board considered
that the Fund's actual advisory fees were at and below the medians of its
Expense Group/Universe, respectively, and that the Fund's total expenses
were above the median of its Expense Group and below the median of its
Expense Universe. The Board considered that the Fund's sub-advisory fee
was above the median of its Subadvisor Expense Universe. The Board took
into account management's discussion of the Fund's expenses. The Board
also noted VALIC's current undertakings to maintain expense limitations
for the Fund.
The Board considered that the Fund's performance was at or below the
medians of its Performance Group/Universe for the one- and three-year
periods and that it exceeded the medians for the five-year period. In
addition, it noted that the Fund trailed the Lipper VUF General U.S.
Government Index for the one- and three-year periods but slightly
outperformed the Index for the five-year period. The Board also considered
that the Fund slightly trailed its benchmark, the Lehman Brothers U.S.
Government Bond Index, for the one- three- and five-year periods. The
Board noted management's discussion of the Fund's performance and
concluded that the Fund's performance has been satisfactory in light of
all factors considered.
. Growth & Income Fund (subadvised by AIG SAAMCo). The Board considered that
the Fund's actual advisory fees were above the medians of its Expense
Group/Universe and that the Fund's total expenses were slightly above the
median of its Expense Group and below the median of its Expense Universe.
The Board noted that the Fund's sub-advisory fees were below the medians
of its Subadvisor Expense Group/Universe. The Board took into account
management's discussion of the Fund's expenses. The Board also noted
VALIC's current undertakings to maintain expense limitations for the Fund.
The Board considered that the Fund exceeded the medians of its Performance
Group/Universe and outperformed the Lipper VUF Large Cap Core Index for
the one-year period but trailed the medians and Index for the three- and
five-year periods. The Board also considered that the Fund trailed the S&P
500 Index for the one-, three- and five-year periods. The Board noted
management's discussion of the Fund's performance, including the steps
taken to address such performance and its recent improvement, as well as
management's continued monitoring of the Fund. The Board concluded that
the Fund's underperformance is being addressed.
. Health Sciences Fund (subadvised by T. Rowe Price). The Board considered
that the Fund's actual advisory fees were above the medians of its Expense
Group/Universe and that the Fund's total expenses were above the median of
its Expense Group and below the median of its Expense Universe. In
addition, the Board noted that the Fund's subadvisory fee was above the
median of its Subadvisor Expense Universe, but that there were only four
comparable funds included in the Universe.
The Board considered that the Fund's performance exceeded the medians of
its Performance Group/Universe and outperformed the Lipper VUF Heath/Bio
Index and its benchmark, the S&P 500 Healthcare Index, for the one-,
three- and five-year periods. The Directors concluded that the Fund's
performance has been satisfactory.
. Inflation Protected Fund (subadvised by AIGGIC). The Board considered that
the Fund's actual advisory fees were below the median of its Expense
Group/Universe and total expenses were at the median of its Expense Group
and below the median of its Expense Universe. In addition, the Board noted
that the Fund's subadvisory fee was above the median of its Subadvisor
Expense Universe, but that there were only five comparable funds included
in the Universe.
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The Board noted that the Fund trailed the medians of its Performance
Group/Universe and underperformed the Lipper VUF General US Government
Bond Index and its benchmark, the Lehman Brothers U.S. Treasury Inflation
Protected Securities Index, for the one-year period. The Board noted the
Fund's Morningstar ranking with respect to performance. The Directors
noted management's discussion of the Fund's performance, including its
continued monitoring of the Fund and concluded that the Fund's performance
has been satisfactory in light of all factors considered.
. International Equities Fund (subadvised by AIGGIC). The Board considered
that the Fund's actual advisory fees were slightly above the median of its
Expense Group and below the median of its Expense Universe and that the
Fund's total expenses were below the median of its Expense Universe and
above the median of its Expense Group. The Board noted the relatively
small number of funds included in the Expense Group. The Board noted that
the Fund's sub-advisory fees were below the median of its Subadvisor
Expense Universe. The Board took into account management's discussion of
the Fund's expenses, including the peer group used for comparison purposes.
The Board considered that the Fund trailed the medians of its Performance
Group/Universe for the one- and five-year periods. In addition, it noted
that it outperformed the median of its Performance Universe for the
three-year period but trailed the median of the Performance Group for such
period. In addition, the Board considered that the Fund trailed the Lipper
VUF International Core Index for the one- and five-year periods but
slightly outperformed the Index for the three-year period. The Board noted
that the Fund underperformed its benchmark, the MSCI EAFE Index, for the
one-, three- and five-year periods.
The Directors noted management's discussion of the Fund's performance
including changes being made to the Fund's investment strategy, as well as
its continued monitoring of the Fund and concluded that the Fund's
performance is being addressed.
. International Government Bond Fund (subadvised by AIGGIC). The Board
considered that the Fund's actual advisory fees and total expenses were
below the medians of its Expense Group/Universe. In addition, it was noted
that the Fund's sub-advisory fees were below the medians of its Subadvisor
Expense Group/Universe.
The Board considered that the Fund's performance exceeded the medians of
its Performance Group/Universe and outperformed the Lipper Global Income
Index and for the one-, three- and five-year periods. In addition, the
Board noted that the Fund outperformed its custom blended benchmark for
the one- and three-year periods and underperformed for the five-year
period (JP Morgan Emerging Markets Bond Index Plus: 30% and the JP Morgan
Government Bond Index Plus: 70%). The Board concluded that the Fund's
performance was satisfactory.
. International Growth I Fund (subadvised by American Century Global, AIM
and MFS). The Board considered that the Fund's actual advisory fees were
slightly below the median of its Expense Group and above the median of its
Expense Universe. It also considered that the Fund's total expenses were
below the medians of its Expense Group/Universe. The Board noted that the
Fund's sub-advisory fees were above the medians of its Subadvisor Expense
Group/Universe. The Board also noted VALIC's current undertakings to
maintain expense limitations for the Fund.
The Board considered that the Fund's performance exceeded or equaled the
medians of its Performance Group/Universe for the one- and three-year
periods but trailed the medians for the five-year period. In addition, the
Fund outperformed Lipper VUF International Growth Index and its benchmark,
the MSCI EAFE Index, for the one-year period but trailed the indices for
the three- and five-year periods. The Directors noted management's
discussion of the Fund's performance including its continued monitoring of
the Fund and concluded that the Fund's performance is satisfactory in
light of all factors considered.
. Large Cap Core Fund (subadvised by Evergreen). The Board considered that
the Fund's actual advisory fees were above the medians of its Expense
Group/Universe. In addition, the Board also noted that the Fund's total
expenses were slightly above the median of it Expense Group and below the
median of its Expense Universe. The Board considered that the Fund's
sub-advisory fees were at or below the median of its Subadvisor Expense
Group Universe.
The Board considered that the Fund trailed the median of its Performance
Group/Universe and underperformed the Lipper VUF Large Cap Core Index and
its benchmark, the S&P 500 Index, for the one-year period. The Directors
noted management's discussion of the Fund's improving performance
including its continued monitoring of the Fund and concluded that
appropriate action is being taken with respect to the Fund.
. Large Capital Growth Fund (subadvised by AIG SAAMCo and AIM). The Board
considered that the Fund's actual advisory fees and total expenses were
below the medians of its Expense Group/Universe. In addition, the Board
noted that the Fund's sub-advisory fees were above the medians of its
Subadvisor Expense Group/Universe.
The Board considered that the Fund exceeded the medians of its Performance
Group/Universe and outperformed the Lipper VUF Large Cap Growth Index for
the one-year period. It additionally noted that the Fund underperformed
its benchmark, the Russell 1000 Growth Index, for the one-year period. The
Board concluded that the Fund's performance was satisfactory in light of
all factors considered.
. Mid Cap Index Fund (subadvised by AIGGIC). The Board considered that the
Fund's actual advisory fees and total expenses were below the medians of
its Expense Group/Universe. The Board also noted that the Fund's
sub-advisory fees were below the medians of its Subadvisor Expense
Universe.
The Board considered that the Fund's performance trailed the median of its
Performance Universe and the Lipper VUF Mid Cap Core Index for the one-
and three-year periods. In addition, the Fund's performance was at the
median of its Performance Universe and trailed the Index for the five-year
period. The Board also considered that the Fund slightly trailed its
benchmark, the S&P MidCap 400 Index for the one-, three- and five-year
periods. The Directors noted management's discussion of the Fund's
performance, including its continued monitoring of the Fund, and concluded
that the Fund's performance is satisfactory in light of all factors
considered.
. Mid Cap Strategic Growth Fund (subadvised by Brazos Capital and Van
Kampen). The Board considered that the Fund's actual advisory fees and
total expenses were below the medians of its Expense Group/Universe. The
Board also noted that the Fund's sub-advisory fees were below the median
of its Subadvisor Expense Group and above the median of its Subadvisory
Expense Universe.
The Board considered that the Fund trailed the medians of its Performance
Group/Universe and the Lipper VUF Mid Cap Growth Index for the one-year
period but outperformed its benchmark, the Russell Midcap Growth Index,
for such period. The Directors noted management's discussion of the Fund's
performance, including its continued monitoring of the Fund, and concluded
that the Fund's performance is satisfactory in light of all factors
considered.
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. Money Market I Fund (subadvised by AIG SAAMCo). The Board considered that
the Fund's actual advisory fees were below the medians of its Expense
Group/Universe. The Board also noted that the Fund's total expenses were
above the median of its Expense Group and below the median of its Expense
Universe. In addition, the Board considered that the Fund's sub-advisory
fees were slightly above the medians of its Subadvisor Expense
Group/Universe.
The Board considered that the Fund's performance was slightly below the
median of its Performance Group and the Lipper UF Money Market Index for
the one-, three- and five-year periods. The Board also noted that the
Fund's performance was at or above the median of its Performance Universe
for the one- and three-year periods and but below the median for the
five-year period. In addition, it was reported that the Fund slightly
underperformed its benchmark, the T-Bill 3 Month Index, for the three- and
five-year periods but outperformed the Index for the one-year period. The
Board took into account the relatively small range in performance returns
among the Performance Group/Universe and Indices. The Board concluded that
the Fund's performance has been satisfactory in light of all factors
considered.
. Nasdaq-100 Index Fund (subadvised by AIGGIC). The Board considered that
the Fund's actual advisory fees and total expenses were above the medians
of its Expense Group/Universe. The Board considered management's
discussion of the appropriateness of the peer group chosen for the Fund.
The Board noted that the Fund's sub-advisory fees were above the medians
of its Subadvisor Expense Group/Universe. The Board considered that
management proposed to lower the Fund's expense limitation to 0.55%.
The Board considered that the Fund's performance exceeded the median of
its Performance Universe for the one- and five-year periods but trailed
the median for the three-year period. In addition, the Fund outperformed
the Lipper Multi-Cap Growth for the one-year period but trailed for the
three- and five-year periods. The Board noted that the Fund slightly
underperformed its benchmark, the Nasdaq-100 Index for the one-, three-
and five-year periods. The Board considered management's discussions of
the Fund's performance, including the peer group in which the Fund was
included, and concluded that the Fund's performance has been satisfactory
in light of all factors considered.
. Science & Technology Fund (subadvised by T. Rowe Price, RCM and Wellington
Management). The Board considered that the Fund's actual advisory fees
were above the medians of its Expense Group/Universe and that the Fund's
total expenses were above the median of its Expense Group and below the
median of its Expense Universe. The Board noted that the Fund's current
sub-advisory fees were above the median of its Subadvisor Expense
Group/Universe. The Board noted management's discussion of the Fund's
expenses.
The Board considered that the Fund's performance exceeded the median of
its Performance Group for the one- and five-year periods, but trailed for
the three-year period. In addition, it noted that the Fund trailed its
Performance Universe for the one-, three- and five-year periods. The Board
also noted that the Fund outperformed the Lipper VUF Science & Technology
Index for the one- and three-year periods but trailed the Index for the
five-year period. Finally, the Board noted that the Fund slightly
outperformed its benchmark, the S&P 500 Information Technology Index, for
the three- and five year periods but underperformed the Index for the
one-year period. The Board considered management's discussion of the
Fund's performance and concluded that the Fund's performance has been
satisfactory in light of all factors considered.
. Small Cap Aggressive Growth Fund (subadvised by Wells Capital). The Board
considered that the Fund's actual advisory fees were above the median of
its Expense Group and below the median of its Expense Universe and that
the Fund's total expenses were at the median of its Expense Group and
below the median of its Expense Universe. The Board noted that the Fund's
current sub-advisory fees were above the medians of its Subadvisor Expense
Group/Universe.
The Board considered that the Fund's performance trailed its Performance
Universe and Performance Group and the Lipper VUF Small Cap Growth Index
for the one-year period but that it outperformed its benchmark, the
Russell 2000 Growth Index, for such period. The Board noted that the Wells
Capital assumed sub-advisory duties from Credit Suisse Asset Management,
LLC in November 2006. The Board considered management's discussion of the
Fund's recent performance by Wells Capital and concluded that the Fund's
performance has been addressed.
. Small Cap Fund (subadvised by American Century, Bridgeway, Franklin
Portfolio and T. Rowe Price). The Board considered that the Fund's actual
advisory fees were above the medians of its Expense Group/Universe and
that the Fund's total expenses were above the median of its Expense Group
and below the median of its Expense Universe. The Board noted that the
Fund's sub-advisory fees were above the median of its Subadvisor Expense
Group/Universe. The Board noted VALIC's current undertakings to maintain
expense limitations for the Fund.
The Board considered that the Fund's performance trailed the medians of
its Performance Group/Universe and underperformed the Lipper VUF Small Cap
Core Index and its benchmark, the Russell 2000 Index, for the one-, three-
and five-year periods. The Directors took into account management's
discussion of the Fund's performance and its plans for the Fund and
concluded that performance is being addressed.
. Small Cap Index Fund (subadvised by AIGGIC). The Board considered that the
actual advisory fees were below the medians of its Expense Group/Universe
and that the Fund's total expenses were above the median of its Expense
Group and below the median of its Expense Universe. In addition, the Board
noted that the Fund's sub-advisory fee was below the median of its
Subadvisor Expense Universe.
The Board considered that the Fund's performance exceeded or equaled the
Performance Group for the one- and five-year periods and slightly trailed
the median for the three-year period. It also noted that the Fund's
performance exceeded the Performance Universe for the three- and five-year
periods but trailed the median for the one-year period. In addition, the
Fund outperformed the Lipper VUF Small Cap Core Index for the one-, three-
and five-year periods but underperformed its benchmark, the Russell 2000
Index, for such periods. The Board took into account the relatively small
range in performance returns among the Performance Group/Universe and the
Indices. The Board concluded that the Fund's performance has been
satisfactory in light of all factors considered.
. Small Cap Special Values Fund (subadvised by Evergreen and Putnam). The
Board considered that the Fund's actual advisory fees and total expenses
were below the median of its Expense Group/Universe. In addition, the
Board noted that the Fund's sub-advisory fees were above the medians of
its Subadvisor Expense Group/Universe.
The Board noted that the Fund's performance exceeded the medians of its
Performance Group/Universe and outperformed the Lipper VUF Small Cap Value
Index and its benchmark, the Russell 2000 Value Index, for the one-year
period. The Board concluded that the Fund's performance has been
satisfactory.
265
VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
. Small Cap Strategic Growth Fund (subadvised by Evergreen). The Board
considered that the Fund's actual advisory fees and total expenses were
below the median of its Expense Group/Universe. In addition, the Board
noted that the Fund's sub-advisory fees were above the medians of its
Subadvisor Expense Group/Universe.
The Board noted that the Fund's performance trailed the medians of its
Performance Group/Universe and underperformed the Lipper VUF Small Cap
Growth Index and its benchmark, the Russell 2000 Growth Index, for the
one-year period. The Directors took into account management's discussion
of the Fund's performance and its continued monitoring of the Fund and
concluded that management is taking appropriate action with respect to the
Fund.
. Stock Index Fund (subadvised by AIGGIC). The Board considered that the
Fund's actual advisory fees were below the medians of its Expense
Group/Universe and that the Fund's total expenses were slightly above the
median of its Expense Group and below the median of its Expense Universe.
In addition, the Board noted that the Fund's sub-advisory fees were below
the median of its Expense Group.
The Board considered that the Fund's performance was no more than 0.04%
above or below the medians of the Performance Group/Universe and the
Lipper VUF S&P 500 Index for the one-, three- and five-year periods. It
also noted that the Fund slightly trailed its benchmark, the S&P 500
Index, for the one-, three- and five-year periods. The Board took into
account the relatively small range in performance returns among the
Performance Group/Universe and the Indices. The Board concluded that the
Fund's performance has been satisfactory in light of all factors
considered.
. VALIC Ultra Fund (subadvised by American Century). The Board considered
that the Fund's actual advisory fees and total expenses were above the
median of its Expense Group/Universe. In addition, the Board noted that
the Fund's sub-advisory fees were above the medians of its Subadvisor
Expense Group/Universe. The Board approved changes to the Fund's
investment strategy and the addition of American Century Global Investment
Management, Inc., which is conditional upon approval of the Fund's
shareholders. If the addition of American Century Global Investment
Management, Inc. is approved by the Fund's shareholders and such changes
are implemented, the advisory and subadvisory fee rates would decrease and
would likely lower the Fund's total expenses. Furthermore, it was noted
that if the advisory and subadvisory fee rates are reduced VALIC also will
retain less of its advisory fees received from the Fund. On November 9,
2007, the shareholders of the Fund approved the changes and the reduced
advisory and sub-advisory fees went into effect on December 10, 2007.
The Board noted that the Fund's performance trailed the medians of its
Performance Group/Universe and underperformed the Lipper VUF Large Cap
Value Index and its benchmark, the Russell 1000 Growth Index, for the
one-year period. In addition, the Board considered VALIC's presentation of
quantitative analyses that reflected that the performance of proposed
investment structure/strategy, which showed that the proposed strategy had
stronger performance versus the Fund for the one-year period and stronger
performance versus the American Century Ultra Fund for the one- and
three-year periods. The Directors took into account management's
discussions and continued monitoring of the Fund and concluded that
management was addressing the Fund's performance by proposing the
restructure of the Fund's investment strategy and the addition of a
sub-adviser.
. Value Fund (subadvised by Oppenheimer). The Board considered that the
Fund's actual advisory fees and total expenses were above the medians of
its Expense Group/Universe. The Board also noted that management lowered
the Fund's expense limitation to 0.90%. The Board also noted that the
Fund's proposed sub-advisory fees were above the medians of its Subadvisor
Expense Group/Universe.
The Board considered that the Fund's performance exceeded the medians of
its Performance Group/Universe and outperformed the Lipper VUF Multi-Cap
Value Index for the one-, three- and five-year periods. It was
additionally noted that the Fund outperformed the Russell 1000 Value Index
for the one- and three-year periods, which include the period for which
Oppenheimer has served as subadviser. The Board concluded that the Fund's
performance has been satisfactory.
The Board concluded that the advisory fee and subadvisory fee for each Fund
are fair and reasonable in light of the usual and customary charges made for
services of the same nature and quality and the other factors considered.
Cost of Services, Indirect Benefits and Profitability. The Board was provided
information related to the cost of services and profits realized in connection
with the Investment Advisory Agreement. The Board considered the costs that are
borne by the Funds. For its services, VALIC receives a fee, payable monthly,
from each Fund in an amount that is calculated as a percentage of the average
daily net assets of the respective Fund. The Board reviewed the advisory and
subadvisory fees of each Fund and noted that VALIC has agreed to cap expenses
for certain Funds and is currently waiving a portion of its advisory fee or
reimbursing expenses for the Funds.
It was noted that VALIC reviews a number of factors in determining appropriate
fee levels for the Funds as well as the fee VALIC pays each Sub-adviser. Such
factors include a review of (1) style class peers primarily within the variable
annuity and qualified plan universe; (2) key competitor analysis; (3) clone
fund analysis; (4) product suitability; and (5) special considerations such as
competitor sub-account characteristics, uniqueness of the product and prestige
of the manager.
The Board considered that VALIC receives benefits in addition to the advisory
fee paid by each Fund, as noted previously and which include (i) shareholder
services fees paid by the Funds (except for the Lifestyle Funds) and (ii)
transfer agency fees paid by the Funds. The Board also considered that VALIC
may exclude from its taxable income a portion of the ordinary dividends paid by
underlying U.S. equities in the Funds to the same extent the Funds receive
certain dividends with respect to shares of stock issued by domestic
corporations, subject to applicable tax laws and regulations. In addition, it
was noted that VALIC may receive foreign tax credits with respect to certain
foreign securities held in certain Funds that benefit VALIC.
The Board considered that VC I pays VALIC a fee for the provision of record
keeping and shareholder services to contract owners and participants, which is
provided at cost. Such payment is allocated to each Fund based on the number of
accounts serviced. Finally, it was noted that VALIC pays AIG SAAMCo, an annual
fee of approximately 0.07% based on each Fund's average daily net assets, for
the provision of certain accounting and administrative services to those Funds.
Out of the fee AIG SAAMCo receives from the Funds, AIG SAAMCo reimburses VALIC
for certain administrative and recordkeeping services and the Funds custodian,
State Street Bank and Trust Company, for calculation of the daily net asset
value.
The Board concluded that any indirect costs are inconsequential to the
analysis of the adequacy of the advisory fees and that any other collateral
benefits derived as a result of providing advisory services to the Funds are
not material and do not impact upon the reasonableness of the advisory fees.
266
VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (Unaudited) -- (continued)
- --------------------------------------------------------------------------------
As noted previously, the Board considered that the fees paid under the
Subadvisory Agreements are paid by VALIC out of the advisory fees that it
receives under the Advisory Agreements. In addition, with respect to the
Sub-advisers not affiliated with VALIC, VALIC negotiated the Subadvisory
Agreements and the fees thereunder at arm's length. For these reasons, the
Board concluded that the cost of services to be provided by each unaffiliated
Sub-adviser and the profitability to each such Sub-adviser from its
relationship with a Fund are not material factors to its consideration.
The Board received and reviewed information prepared by VALIC that reflect an
allocation of costs that results in a reasonable determination of profitability
of VALIC, as adviser, for each of the Funds. Furthermore, the Board noted that
VALIC serves as a transfer agent to the Funds and AIG SAAMCo serves as the
administrator to the Funds and that the fees for such services are paid for by
the Funds. With respect to VALIC and its affiliates, the Board determined that
VALIC's profitability was reasonable.
With respect to the profitability of the Sub-advisers that are not affiliated
with VALIC, it was noted that the subadvisory fees are paid by VALIC out of the
advisory fees that VALIC receives from the Funds. The Board determined that the
profitability to each Sub-adviser in connection with the Sub-advisers'
relationship with the Funds is therefore not a material factor in their
consideration of the Subadvisory Agreements.
Economies of Scale. The Board noted that certain of the Funds currently have
breakpoints in their advisory and subadvisory fees. The Board also noted that
VALIC is currently waiving advisory fees or reimbursing expenses for certain of
the Funds and that VALIC pays the subadvisory fees out of its advisory fees
received from the Funds. The Board also took into account management's
discussion of the Funds' advisory fee structure. The Board concluded that each
Fund's existing advisory fee schedule reflect the economies of scale inherent
in providing investment advice to a Fund in its particular asset category and
asset size and that no changes to the advisory fee structure were necessary.
For similar reasons as stated above with respect to the Sub-advisers'
profitability and the costs of their providing services, the Board concluded
that the potential for economies of scale in the Sub-advisers' management of
the Funds are not a material factor to the approval of the Subadvisory
Agreements and, additionally, it was noted that most of the Funds have
breakpoints at the subadvisory fee level.
Terms of the Advisory Contracts. The Board reviewed the terms of the Advisory
Contracts including the duties and responsibilities undertaken by VALIC. The
Board also reviewed the terms of payment for services rendered by VALIC and the
Sub-advisers and noted that VALIC compensates the Sub-advisers out of the fees
it received from the Funds. The Board noted that the Subadvisory Agreements
provide that each Sub-adviser will pay all of its own expenses in connection
with the performance of its duties as well as the cost of maintaining staff and
personnel as necessary for it to perform its obligations. The Board considered
the termination and liability provisions of the Advisory Contracts as well as
other provisions contained therein.
Conclusions. In reaching its decision to approve the Advisory Contracts, the
Board did not identify any single factor as being controlling, but based its
recommendation on each of the factors it considered and each Trustee
contributed different weight to the various factors. Based upon the materials
the Board reviewed, the representations made to it and the considerations
described above, and as part of their deliberations, the Board, including the
Independent Directors, concluded that VALIC and each of the Sub-advisers
possess the capability and resources to perform the duties required of it under
their respective Advisory Contract and that the terms of the respective
Advisory Contracts were reasonable.
267
VALIC Company I
SPECIAL MEETING OF SHAREHOLDERS -- November 30, 2007 (Unaudited)
- --------------------------------------------------------------------------------
Proxy Voting Results
A special Meeting of the Shareholders of VALIC Company I ("VC I") Broad Cap
Value Income Fund, Capital Conservation Fund, Foreign Value Fund, Global Equity
Fund, Global Strategy Fund, Large Cap Core Fund, Large Capital Growth Fund, Mid
Cap Strategic Growth Fund, Small Cap Special Values Fund, Small Cap Strategic
Growth Fund, and the VALIC Ultra Fund (the "Funds") was held on November 9,
2007. Each Fund adopted the following proposals, as applicable.
1. To approve a new investment sub-advisory agreement between the Variable
Annuity Life Insurance Company ("VALIC") and American Century Global Investment
Management, Inc. ("American Century Global"), which provides that American
Century Global will manage a portion of the assets of the VALIC Ultra Fund; and
Votes in Favor of Proposal 1 80,359,784.343
Votes Against Proposal 1.... 3,989,737.989
Votes Abstained Proposal 1.. 4,792,289.476
2. To approve an arrangement to permit VALIC, on behalf of the Funds, to
terminate, replace or add sub-advisers or modify sub-advisory agreements
without shareholder approval.
. Broad Cap Value Income
Votes in Favor of Proposal 2 2,016,744.234
Votes Against Proposal 2.... 318,579.780
Votes Abstained Proposal 2.. 2,294.934
. Capital Conservation Fund
Votes in Favor of Proposal 2 12,370,724.919
Votes Against Proposal 2.... 3,091,272.647
Votes Abstained Proposal 2.. 1,269,987.445
. Foreign Value Fund
Votes in Favor of Proposal 2 59,469,104.825
Votes Against Proposal 2.... 11,357,136.693
Votes Abstained Proposal 2.. 2,797,138.856
. Global Equity Fund
Votes in Favor of Proposal 2 24,966,617.341
Votes Against Proposal 2.... 5,139,759.674
Votes Abstained Proposal 2.. 1,756,361.077
. Global Strategy Fund
Votes in Favor of Proposal 2 29,697,367.233
Votes Against Proposal 2.... 5,003,014.296
Votes Abstained Proposal 2.. 1,609,829.472
. Large Cap Core Fund
Votes in Favor of Proposal 2 5,460,470.315
Votes Against Proposal 2.... 646,918.506
Votes Abstained Proposal 2.. 204,625.506
. Large Capital Growth Fund
Votes in Favor of Proposal 2 33,429,288.892
Votes Against Proposal 2.... 7,740,695.021
Votes Abstained Proposal 2.. 1,846,119.216
. Mid Cap Strategic Growth Fund
Votes in Favor of Proposal 2 17,694,454.975
Votes Against Proposal 2.... 2,947,551.166
Votes Abstained Proposal 2.. 959,705.101
. Small Cap Special Values Fund
Votes in Favor of Proposal 2 20,297,263.364
Votes Against Proposal 2.... 4,000,395.275
Votes Abstained Proposal 2.. 968,429.186
. Small Cap Strategic Growth Fund
Votes in Favor of Proposal 2 9,286,404.689
Votes Against Proposal 2.... 2,343,915.409
Votes Abstained Proposal 2.. 632,885.848
. VALIC Ultra Fund
Votes in Favor of Proposal 2 71,569,038.007
Votes Against Proposal 2.... 11,917,791.086
Votes Abstained Proposal 2.. 5,654,982.716
268
VALIC Company I
Small Cap Fund
SUPPLEMENT TO PROSPECTUS
- --------------------------------------------------------------------------------
Supplement to Prospectus dated October 1, 2007
On January 23, 2008, the Board of Directors of VALIC Company I ("VC I")
approved A I M Capital Management, Inc. ("AIM") as an investment sub-adviser of
the Small Cap Fund (the "Fund") to replace American Century Investment
Management, Inc. ("American Century") and Franklin Portfolio Associates, LLC
("FPA"), both current investment sub-advisers of the Fund. Effective March 10,
2008, AIM will assume its subadvisory duties for a portion of the Fund's
portfolio. All references to American Century and FPA as sub-advisers of the
Small Cap Fund are deleted in their entirety effective March 10, 2008.
T. Rowe Price Associates, Inc. and Bridgeway Capital Management, Inc. will
continue to serve as co-sub-advisers of the Fund. Effective March 10, 2008,
management expects each sub-adviser to manage a portion of the Fund's assets,
as follows: AIM: 70%, T. Rowe Price: 20% and Bridgeway: 10%, which percentages
may change over time as assets are invested in or redeemed from the Fund.
Effective March 10, 2008, the section of the Prospectus titled "About VC I's
Management - Investment Sub-Advisers - A I M Capital Management, Inc. ("AIM"),"
the following information is added to reflect AIM's management of the Small Cap
Fund:
Juliet S. Ellis (lead manager) and Juan R. Hartsfield are jointly and
primarily responsible for the day-to-day management of a portion of the
Small Cap Fund's portfolio. Ms. Ellis, Senior Portfolio Manager, has been
responsible for the AIM Small Cap Equity Fund since 2004 and has been
associated with AIM and/or its affiliates since 2004. From 2000 to 2004, she
was Managing Director and from 1993 to 2004, she was a senior portfolio
manager with JPMorgan Fleming Asset Management. As the lead manager,
Ms. Ellis generally has final authority over all aspects of the Fund's
investment portfolio, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment, and the management of daily cash flows in accordance with
portfolio holdings. Mr. Hartsfield, Portfolio Manager, who has been
responsible for the AIM Small Cap Equity Fund since 2006 and has been
associated with AIM and/or its affiliates since 2004. From 2000 to 2004, he
was a co-portfolio manager with JPMorgan Fleming Asset Management.
They are assisted by AIM's Small Cap Core/Growth Team, which is comprised of
portfolio managers and research analysts. Team members provide research
support and make securities recommendations with respect to the Fund's
portfolio, but do not have day-to-day management responsibilities with
respect to the Fund's portfolio. Members of the team may change from time to
time.
The Board approved the Investment Sub-Advisory Agreement between The Variable
Annuity Life Insurance Company and AIM with respect to the Fund without a
shareholder vote pursuant to an exemptive order granted by the Securities and
Exchange Commission. As provided in the exemptive order, VC I will mail to
participants owning interests in the Fund an information statement that
describes AIM, the factors the Board considered in its determination to hire
AIM, and other information about the Fund.
Date: January 28, 2008
269
VALIC Company I
- --------------------------------------------------------------------------------
BOARD OF DIRECTORS
Thomas J. Brown
Judith L. Craven
William F. Devin
Timothy J. Ebner
Gustavo E. Gonzales, Jr.
Peter A. Harbeck
John W. Lancaster
Kenneth J. Lavery
Ben H. Love
John E. Maupin, Jr.
CUSTODIAN
State Street Bank and Trust Company
225 Franklin Street
Boston, Massachusetts 02110
INVESTMENT ADVISER
The Variable Annuity
Life Insurance Company (VALIC)
2929 Allen Parkway
Houston, Texas 77019
INVESTMENT SUB-ADVISERS
AIG Global Investment Corp.
70 Pine Street
New York, NY 10270
AIG SunAmerica Asset Management Corp.
Harborside Financial Center
3200 Plaza 5
Jersey City, New Jersey 07311
A I M Capital Management, Inc.
11 Greenway Plaza
Houston, TX 77046
American Century Investment Management, Inc./
American Century Global Investment
Management, Inc.
4500 Main Street
Kansas City, Missouri 64111
Barrow, Hanley, Mewhinney & Strauss, Inc.
2200 Ross Avenue, 31st Floor
Dallas, Texas 75201-2761
BlackRock, Inc./
BlackRock Investment Management, Inc.
800 Scudders Mill Rd.
Plainsboro, NJ 08536
Brazos Capital Management, LP
5949 Sherry Lane, Suite 1600
Dallas, Texas 75225
Bridgeway Capital Management, Inc.
5615 Kirby Drive
Suite 518
Houston, TX 77005-2448
Evergreen Investment Management Company, LLC
200 Berkeley Street
Boston, MA 02116-5034
Franklin Advisers, Inc.
One Franklin Parkway
San Mateo, California 94403-1906
Franklin Portfolio Associates, LLC
One Boston Place, 34th Floor
Boston, Massachusetts 02108
Massachusetts Financial Services Company
500 Boylston Street
Boston, MA 02116
OppenheimerFunds, Inc.
Two World Financial Center
225 Liberty Street, 11th Floor
New York, New York 10281-1008
Putnam Investment Management, LLC
One Post Office Square
Boston, MA 02109
RCM Capital Management, LLC
4 Embarcadero Center
San Francisco, California 94111
Templeton Global Advisors, Ltd.,
Lyford Cay
Nassau, Bahamas
Templeton Investment Counsel, LLC
Broward Financial Centre, Suite 2100
Ft. Lauderdale, Florida 33394
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, Maryland 21202
Morgan Stanley Investment Management, Inc.
d/b/a
Van Kampen
1221 Avenue of the Americas
New York, New York 10020
Wellington Management Company, LLP
75 State Street
Boston, Massachusetts 02109
Wells Capital Management, Inc.
525 Market St.
10th Floor
San Francisco, California 94105
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP (resigned effective December 31, 2007)
1401 McKinney, Suite 1200
Houston, Texas 77010
TRANSFER AND SHAREHOLDER SERVICE AGENT
The Variable Annuity
Life Insurance Company (VALIC)
2929 Allen Parkway
Houston, Texas 77019
OFFICERS
Evelyn M. Curran,
President and Principal Executive Officer
John Packs,
Vice President and Senior Investment Officer
Gregory R. Kingston,
Treasurer and Principal Financial Officer
Nori L. Gabert,
Vice President, Chief Legal Officer and Secretary
Gregory N. Bressler,
Vice President
Cynthia A. Gibbons,
Vice President and Chief Compliance Officer
Donna Handel,
Vice President and Assistant Treasurer
Diedre L. Shepherd,
Assistant Treasurer
Mark Matthes,
Assistant Secretary
Matthew J. Hackethal,
Anti-Money Laundering
Compliance Officer
270
VALIC Company I
- --------------------------------------------------------------------------------
DISCLOSURE OF QUARTERLY FUND HOLDINGS
VALIC Company I is required to file its complete schedule of portfolio
holdings with the U.S. Securities and Exchange Commission for its first and
third fiscal quarters on Form N-Q. VC I's Forms N-Q are available on the U.S.
Securities and Exchange Commission's website at www.sec.gov. You can also
review and obtain copies of Forms N-Q at the U.S. Securities and Exchange
Commission's Public Reference Room in Washington, DC (information on the
operation of the Public Reference Room may be obtained by calling
1-800-SEC-0330).
VOTING PROXIES ON VALIC COMPANY I PORTFOLIO SECURITIES
A description of the policies and procedures that VALIC Company I uses to
determine how to vote proxies related to securities held in the Fund's
portfolios which is available in VALIC Company I's Statement of Additional
Information, may be obtained without charge upon request, by calling
1-800-448-2542. This information is also available from the EDGAR database on
the U.S. Securities and Exchange Commission's website at http://www.sec.gov.
PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES
Information regarding how VALIC Company I voted proxies relating to securities
held in the VALIC Company I Funds during the most recent twelve month period
ended June 30 is available, once filed with the U.S. Securities and Exchange
Commission, without charge, upon request, by calling 1-800-448-2542 or on the
U.S. Securities and Exchange Commission's website at http://www.sec.gov.
This report is for the information of the shareholders and variable contract
owners participating in VALIC Company I. It is authorized for distribution to
other persons only when preceded or accompanied by an effective prospectus
which contains information on how to purchase shares and other pertinent
information.
If you would like further information about this material or products issued
by VALIC or American General Life Insurance Company, please contact your
financial professional.
271
AIG RETIREMENT ONLINE
Account Access
You must establish a Manage your account on the Web through AIG Retirement
Personal Identification Online!
Number (PIN) before
using the automated Enjoy quick, easy and secure access -- now or anytime.
account services. Go to www.aigretirement.com and click on Access Your
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Your PIN is valid for You'll find these exciting features:
both AIG Retirement by Phone
at 1.800.448.2542 . View your account portfolio including values
and AIG Retirement Online. . View, download or print account and transaction
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unit values
. View or download transaction history
. View your financial advisor's contact information
. Update or reset your Personal Identification Number
(PIN)
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(greater than)Allocation changes
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To set up a PIN through AIG Retirement Online:
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---------------
VALIC Company I PRSRT STD
P.O. Box 3206 U.S. POSTAGE
Houston, Texas 77253-3206 PAID
LANCASTER, PA
PERMIT NO. 1765
---------------
VL 4873 VER 11/07
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Included in Item 1 to the Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board of Trustees that were implemented
after the registrant last provided disclosure in response to the requirements of
Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407)(as required by 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item 10.
Item 11. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing of this
report, under the supervision and with the participation of the
registrant's management, including the President and Treasurer,
of the effectiveness of the design and operation of the
registrant's disclosure controls and procedures as defined under
Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR
270.30a-3(c)). Based on that evaluation, the registrant's
management, including the President and Treasurer, concluded
that the Registrant's disclosure controls and procedures are
effective.
(b) There was no change in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the
Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that
occurred during the registrant's last fiscal quarter of the
period covered by this report that has materially affected, or
is reasonably likely to materially affect, the Registrant's
internal contro1 over financial reporting.
Item 12. Exhibits.
(a) (1) Not applicable.
(2) Certification pursuant to Rule 30a-2(a) under the Investment
Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as
Exhibit 99.CERT.
(3) Not applicable.
(b) Certification pursuant to Rule 30a-2(b)under the Investment
Company Act of 1940 (17 CFR 270.30a-2(a))and Section 906 of the
Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
VALIC Company I
By: /s/ Evelyn M. Curran
----------------------------
Evelyn M. Curran
President
Date: February 7, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Evelyn M. Curran
----------------------------
Evelyn M. Curran
President
Date: February 7, 2008
By: /s/ Gregory R. Kingston
----------------------------
Gregory R. Kingston
Treasurer
Date: February 7, 2008