UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03738

VALIC Company I

(Exact name of registrant as specified in charter)

2929 Allen Parkway, Houston, TX 77019

(Address of principal executive offices) (Zip code)

Kurt W. Bernlohr

Senior Vice President

The Variable Annuity Life Insurance Company

2929 Allen Parkway

Houston, TX 77019

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 831-6133

Date of fiscal year end: May 31

Date of reporting period: May 31, 2011

Item 1. Reports to Stockholders

VALIC Company I, Annual Report at May 31, 2011.

VALIC Company I

Annual Report, May 31, 2011

SAVING : INVESTING : PLANNING

VALIC Company I

ANNUAL REPORT MAY 31, 2011

TABLE OF CONTENTS

President’s Letter	1
Expense Example	2
Portfolio of Investments:
Asset Allocation Fund	4
Blue Chip Growth Fund	30
Broad Cap Value Income Fund	35
Capital Conservation Fund	38
Core Equity Fund	48
Dividend Value Fund	52
Foreign Value Fund	56
Global Equity Fund	59
Global Real Estate Fund	64
Global Social Awareness Fund	68
Global Strategy Fund	76
Government Securities Fund	87
Growth Fund	90
Growth & Income Fund	97
Health Sciences Fund	101
Inflation Protected Fund	108
International Equities Fund	113
International Government Bond Fund	126
International Growth I Fund	136
Large Cap Core Fund	142
Large Capital Growth Fund	145
Mid Cap Index Fund	149
Mid Cap Strategic Growth Fund	158
Money Market I Fund	163
Nasdaq-100® Index Fund	166
Science & Technology Fund	170
Small Cap Aggressive Growth Fund	175
Small Cap Fund	179
Small Cap Index Fund	191
Small Cap Special Values Fund	215
Small-Mid Growth Fund	221
Stock Index Fund	225
Value Fund	235
Statements of Assets and Liabilities	238
Statements of Operations	243
Statements of Changes in Net Assets	248
Notes to Financial Statements	257
Financial Highlights	283
Report of Independent Registered Public Accounting Firm	300
Approval of Advisory Agreements	301
Director and Officer Information	304
Shareholder Tax Information	306
Comparisons: Funds vs. Indexes	307
Supplement to Prospectus & Statement of Additional Information	346

VALIC Company I

PRESIDENT’S LETTER

Dear Valued Investor:

We are pleased to provide you with the following Annual Report for VALIC Company I. The report contains the investment portfolio information and the financial statements of VALIC Company I for the twelve-month period ending May 31, 2011. We encourage you to carefully read this report and thank you for your investment.

The reporting period saw positive performance in most financial markets. Generally, US corporations continued to surprise Wall Street with better than expected earnings, while “Main Street” remained unconvinced in the strength or existence of the US economic recovery. The total return for the S&P 500^® Index*, widely regarded as the best single gauge of the U.S. equity market, was 25.95%. The Barclays Capital U.S. Aggregate Bond Index**, a broad measure of the bond market, posted a return of 5.84% for the period. The MSCI EAFE Index (net)***, designed to measure the equity market performance of developed markets (Europe, Australasia, Far East), excluding the U.S. and Canada, posted a particularly strong 30.69% return.

The reporting period began with uncertainty surrounding the US recovery in the face of expiring government stimulus programs, high unemployment and European sovereign and banking woes threatening the global financial system. In order to combat sluggish growth, the US Federal Reserve Bank implemented a $600 billion program to buy US Treasuries, commonly referred to as Quantitative Easing II or “QE II”. This injection of liquidity into the financial system was one of the largest drivers of positive market performance. Ironically, with QE II winding down towards the end of the period, stock markets turned negative in the month of May, employment remained weak and European sovereign debt issues again are roiling markets, leaving the US facing the same questions a year later.

Unforeseen market shocks can impact investors from both natural and manmade events. At various points during the last year, investments were impacted by such diverse events as flooding in Australia, a tsunami in Japan, disruption to oil supply in North Africa, dueling expectations for inflation and deflation, and direct government participation in the markets. We believe that one of the best defenses against these unforeseeable events is sticking to fundamentals with a well-diversified portfolio, invested across asset classes, investment styles and geographic borders. We encourage you to work with your financial advisor to understand your investments and their risks, and develop a plan to manage both towards your long-term investment goals.

Thank you again for your trust and valued investment.

Sincerely,

Kurt W. Bernlohr, President

VALIC Company I

* The S&P 500^® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value.

** The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index that is composed of securities from Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index, and the Asset-Backed Securities Index.

*** The Morgan Stanley Capital International, Europe, Australasia, Far East (“MSCI EAFE”) Index (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. As of May 30, 2011, the index consisted of 22 developed market country indices. The gross index approximates the maximum possible dividend reinvestment and assumes that the amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits.

Past performance of an index does not guarantee the future performance of any investment.

1

VALIC Company I

EXPENSE EXAMPLE — May 31, 2011 (Unaudited)

Disclosure of Fund Expenses in Shareholder Reports

As a shareholder of a Fund in VALIC Company I (“VC I”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at December 1, 2010 and held until May 31, 2011. Shares of VC I are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”) 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 May 31, 2011” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended May 31, 2011” column and the “Expense Ratio as of May 31, 2011” 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 May 31, 2011” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months Ended May 31, 2011” column and the “Expense Ratio as of May 31, 2011” 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 May 31, 2011” column would have been higher and the “Ending Account Value” column would have been lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the Variable Contracts 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 — May 31, 2011 (Unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at December 1, 2010		Ending Account Value Using Actual Return at May 31, 2011		Expenses Paid During the Six Months Ended May 31, 2011*		Beginning Account Value at December 1, 2010		Ending Account Value Using a Hypothetical 5% Assumed Return at May 31, 2011		Expenses Paid During the Six Months Ended May 31, 2011*		Expense Ratio as of May 31, 2011*
Asset Allocation@	$	1,000.00	$	1,101.79	$	3.67	$	1,000.00	$	1,021.44	$	3.53		0.70	%
Blue Chip Growth#@	$	1,000.00	$	1,118.46	$	4.49	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Broad Cap Value Income#@	$	1,000.00	$	1,174.43	$	4.61	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Capital Conservation	$	1,000.00	$	1,027.43	$	3.39	$	1,000.00	$	1,021.59	$	3.38		0.67	%
Core Equity#@	$	1,000.00	$	1,185.07	$	4.36	$	1,000.00	$	1,020.94	$	4.03		0.80	%
Dividend Value#	$	1,000.00	$	1,156.31	$	4.41	$	1,000.00	$	1,020.84	$	4.13		0.82	%
Foreign Value@	$	1,000.00	$	1,199.01	$	4.61	$	1,000.00	$	1,020.74	$	4.23		0.84	%
Global Equity	$	1,000.00	$	1,115.04	$	5.17	$	1,000.00	$	1,020.04	$	4.94		0.98	%
Global Real Estate@	$	1,000.00	$	1,146.85	$	4.92	$	1,000.00	$	1,020.34	$	4.63		0.92	%
Global Social Awareness@	$	1,000.00	$	1,146.59	$	3.59	$	1,000.00	$	1,021.59	$	3.38		0.67	%
Global Strategy@	$	1,000.00	$	1,144.00	$	3.69	$	1,000.00	$	1,021.49	$	3.48		0.69	%
Government Securities#	$	1,000.00	$	1,008.97	$	3.26	$	1,000.00	$	1,021.69	$	3.28		0.65	%
Growth#	$	1,000.00	$	1,139.84	$	4.32	$	1,000.00	$	1,020.89	$	4.08		0.81	%
Growth & Income#@	$	1,000.00	$	1,131.26	$	4.52	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Health Sciences@	$	1,000.00	$	1,297.46	$	6.64	$	1,000.00	$	1,019.15	$	5.84		1.16	%
Inflation Protected	$	1,000.00	$	1,034.65	$	3.15	$	1,000.00	$	1,021.84	$	3.13		0.62	%
International Equities	$	1,000.00	$	1,146.23	$	2.51	$	1,000.00	$	1,022.59	$	2.37		0.47	%
International Government Bond	$	1,000.00	$	1,047.29	$	3.42	$	1,000.00	$	1,021.59	$	3.38		0.67	%
International Growth I#@	$	1,000.00	$	1,163.40	$	5.45	$	1,000.00	$	1,019.90	$	5.09		1.01	%
Large Cap Core#@	$	1,000.00	$	1,180.75	$	4.62	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Large Capital Growth@	$	1,000.00	$	1,118.37	$	4.12	$	1,000.00	$	1,021.04	$	3.93		0.78	%
Mid Cap Index	$	1,000.00	$	1,178.88	$	2.12	$	1,000.00	$	1,022.99	$	1.97		0.39	%
Mid Cap Strategic Growth@	$	1,000.00	$	1,161.77	$	4.53	$	1,000.00	$	1,020.74	$	4.23		0.84	%
Money Market I#	$	1,000.00	$	1,000.05	$	1.10	$	1,000.00	$	1,023.83	$	1.11		0.22	%
Nasdaq-100® Index#	$	1,000.00	$	1,122.40	$	2.80	$	1,000.00	$	1,022.29	$	2.67		0.53	%
Science & Technology@	$	1,000.00	$	1,155.95	$	5.43	$	1,000.00	$	1,019.90	$	5.09		1.01	%
Small Cap Aggressive Growth#@	$	1,000.00	$	1,166.20	$	5.35	$	1,000.00	$	1,020.00	$	4.99		0.99	%
Small Cap#@	$	1,000.00	$	1,209.72	$	5.12	$	1,000.00	$	1,020.29	$	4.68		0.93	%
Small Cap Index	$	1,000.00	$	1,172.80	$	2.33	$	1,000.00	$	1,022.79	$	2.17		0.43	%
Small Cap Special Values#@	$	1,000.00	$	1,127.30	$	4.77	$	1,000.00	$	1,020.44	$	4.53		0.90	%
Small-Mid Growth#@	$	1,000.00	$	1,187.44	$	5.45	$	1,000.00	$	1,019.95	$	5.04		1.00	%
Stock Index	$	1,000.00	$	1,148.68	$	1.98	$	1,000.00	$	1,023.09	$	1.87		0.37	%
Value#	$	1,000.00	$	1,151.59	$	4.56	$	1,000.00	$	1,020.69	$	4.28		0.85	%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182 days then divided by 365 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 May 31, 2011” and the “Expense Ratios” would have been higher.

@ Through expense offset arrangements resulting from broker commission recapture, a portion of the Fund’s expenses have been reduced. Had the expense reductions been taken into account, the Expense Example would have been as follows:

	Actual						Hypothetical
Fund	Beginning Account Value at December 1, 2010		Ending Account Value Using Actual Return at May 31, 2011		Expenses Paid During the Six Months Ended May 31, 2011*		Beginning Account Value at December 1, 2010		Ending Account Value Using a Hypothetical 5% Assumed Return at May 31, 2011		Expenses Paid During the Six Months Ended May 31, 2011*		Expense Ratio as of May 31, 2011*
Asset Allocation	$	1,000.00	$	1,101.79	$	3.62	$	1,000.00	$	1,021.49	$	3.48		0.69	%
Blue Chip Growth#	$	1,000.00	$	1,118.46	$	4.49	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Broad Cap Value Income#	$	1,000.00	$	1,174.43	$	4.55	$	1,000.00	$	1,020.74	$	4.23		0.84	%
Core Equity#	$	1,000.00	$	1,185.07	$	4.30	$	1,000.00	$	1,020.99	$	3.98		0.79	%
Foreign Value	$	1,000.00	$	1,199.01	$	4.61	$	1,000.00	$	1,020.74	$	4.23		0.84	%
Global Real Estate	$	1,000.00	$	1,146.85	$	4.92	$	1,000.00	$	1,020.34	$	4.63		0.92	%
Global Social Awareness	$	1,000.00	$	1,146.59	$	3.53	$	1,000.00	$	1,021.64	$	3.33		0.66	%
Global Strategy	$	1,000.00	$	1,144.00	$	3.69	$	1,000.00	$	1,021.49	$	3.48		0.69	%
Growth & Income#	$	1,000.00	$	1,131.26	$	4.46	$	1,000.00	$	1,020.74	$	4.23		0.84	%
Health Sciences	$	1,000.00	$	1,297.46	$	6.64	$	1,000.00	$	1,019.15	$	5.84		1.16	%
International Growth I#	$	1,000.00	$	1,163.40	$	5.45	$	1,000.00	$	1,019.90	$	5.09		1.01	%
Large Cap Core#	$	1,000.00	$	1,180.75	$	4.57	$	1,000.00	$	1,020.74	$	4.23		0.84	%
Large Capital Growth	$	1,000.00	$	1,118.37	$	4.01	$	1,000.00	$	1,021.14	$	3.83		0.76	%
Mid Cap Strategic Growth	$	1,000.00	$	1,161.77	$	4.47	$	1,000.00	$	1,020.79	$	4.18		0.83	%
Science & Technology	$	1,000.00	$	1,155.95	$	5.38	$	1,000.00	$	1,019.95	$	5.04		1.00	%
Small Cap Aggressive Growth#	$	1,000.00	$	1,166.20	$	5.18	$	1,000.00	$	1,020.14	$	4.84		0.96	%
Small Cap#	$	1,000.00	$	1,209.72	$	5.07	$	1,000.00	$	1,020.34	$	4.63		0.92	%
Small Cap Special Values#	$	1,000.00	$	1,127.30	$	4.72	$	1,000.00	$	1,020.49	$	4.48		0.89	%
Small-Mid Growth#	$	1,000.00	$	1,187.44	$	5.34	$	1,000.00	$	1,020.04	$	4.94		0.98	%

3

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Time Deposits	7.4	%
Federal Home Loan Mtg. Corp.	7.0
Diversified Financial Services	5.3
Federal National Mtg. Assoc.	4.8
Oil Companies — Integrated	4.7
United States Treasury Notes	3.9
Exchange — Traded Funds	3.9
Diversified Banking Institutions	3.2
Banks — Super Regional	3.0
Medical — Drugs	2.5
Diversified Manufacturing Operations	2.0
Telephone — Integrated	1.9
Electric — Integrated	1.7
Oil Companies — Exploration & Production	1.7
Computers	1.6
Banks — Commercial	1.5
Wireless Equipment	1.4
Aerospace/Defense	1.2
Real Estate Investment Trusts	1.2
Electronic Components — Semiconductors	1.1
Tobacco	1.1
Medical — Biomedical/Gene	1.1
Insurance — Life/Health	1.0
Multimedia	1.0
Investment Management/Advisor Services	0.9
Computer Services	0.9
Enterprise Software/Service	0.9
Applications Software	0.9
Semiconductor Equipment	0.8
Medical — HMO	0.8
Pipelines	0.8
Retail — Building Products	0.8
Food — Misc.	0.8
Chemicals — Diversified	0.7
Cable/Satellite TV	0.7
Computers — Memory Devices	0.7
Medical Products	0.7
Cosmetics & Toiletries	0.6
Engineering/R&D Services	0.6
Insurance — Multi-line	0.6
Instruments — Scientific	0.6
Transport — Rail	0.6
Transport — Services	0.5
Medical Labs & Testing Services	0.5
Retail — Restaurants	0.5
United States Treasury Bonds	0.5
Finance — Investment Banker/Broker	0.5
Advertising Agencies	0.5
Pharmacy Services	0.4
Insurance — Reinsurance	0.4
Insurance — Property/Casualty	0.4
Aerospace/Defense — Equipment	0.4
Auto — Heavy Duty Trucks	0.4
Retail — Discount	0.4
Retail — Drug Store	0.4
Oil — Field Services	0.4
Semiconductor Components — Integrated Circuits	0.4
Office Automation & Equipment	0.4
Consumer Products — Misc.	0.4
Medical — Hospitals	0.4
Auto/Truck Parts & Equipment — Original	0.3
Retail — Regional Department Stores	0.3
Machinery — Construction & Mining	0.3
Oil & Gas Drilling	0.3
Food — Retail	0.3
Beverages — Non-alcoholic	0.3
Commercial Services — Finance	0.3
Medical — Wholesale Drug Distribution	0.3
Telecom Services	0.3
Medical Instruments	0.3

Chemicals — Specialty	0.3
Software Tools	0.3
Finance — Auto Loans	0.3
Food — Confectionery	0.3
Web Hosting/Design	0.3
Paper & Related Products	0.3
Containers — Metal/Glass	0.3
Oil Field Machinery & Equipment	0.3
Electric — Generation	0.3
Finance — Other Services	0.2
Metal — Copper	0.2
E-Commerce/Services	0.2
Finance — Credit Card	0.2
Networking Products	0.2
Coal	0.2
Agricultural Chemicals	0.2
Cellular Telecom	0.2
Web Portals/ISP	0.2
Special Purpose Entities	0.2
Non — Hazardous Waste Disposal	0.2
Independent Power Producers	0.2
Data Processing/Management	0.2
Retail — Apparel/Shoe	0.2
Food — Wholesale/Distribution	0.2
Broadcast Services/Program	0.2
Gas — Distribution	0.2
Distribution/Wholesale	0.2
Banks — Money Center	0.2
Commercial Services	0.2
Containers — Paper/Plastic	0.2
Casino Hotels	0.1
Medical — Generic Drugs	0.1
Retail — Major Department Stores	0.1
Electronic Components — Misc.	0.1
Internet Security	0.1
Retail — Consumer Electronics	0.1
Schools	0.1
Banks — Fiduciary	0.1
Auto — Cars/Light Trucks	0.1
Beverages — Wine/Spirits	0.1
Athletic Footwear	0.1
Chemicals — Plastics	0.1
Computer Aided Design	0.1
U.S. Government Treasuries	0.1
Retail — Bedding	0.1
Financial Guarantee Insurance	0.1
Insurance Brokers	0.1
Building — Residential/Commercial	0.1
Steel — Producers	0.1
Government National Mtg. Assoc.	0.1
Gambling (Non-Hotel)	0.1
Consulting Services	0.1
Finance — Commercial	0.1
Gold Mining	0.1
Building & Construction Products — Misc.	0.1
Funeral Services & Related Items	0.1
Storage/Warehousing	0.1
Transport — Equipment & Leasing	0.1
Food — Meat Products	0.1
Capacitors	0.1
Real Estate Management/Services	0.1
Decision Support Software	0.1
Dialysis Centers	0.1
Footwear & Related Apparel	0.1
Insurance — Mutual	0.1
MRI/Medical Diagnostic Imaging	0.1
Transport — Air Freight	0.1
	100.0	%

* Calculated as a percentage of net assets

4

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 49.3%
Advanced Materials — 0.0%
Ceradyne, Inc.†		239	$	10,698
STR Holdings, Inc.†		424		6,703
				17,401
Advertising Agencies — 0.4%
Omnicom Group, Inc.		10,992		514,096
Aerospace/Defense — 1.2%
Aerovironment, Inc.†		151		4,559
Boeing Co.		8,684		677,613
Cubic Corp.		131		6,712
Esterline Technologies Corp.†		290		21,930
General Dynamics Corp.		4,101		304,376
Lockheed Martin Corp.		2,988		232,765
National Presto Industries, Inc.		51		5,347
Northrop Grumman Corp.		3,612		235,827
Raytheon Co.		5,654		284,849
Teledyne Technologies, Inc.†		355		17,431
				1,791,409
Aerospace/Defense - Equipment — 0.4%
AAR Corp.		383		10,107
Curtiss - Wright Corp.		442		15,077
GenCorp, Inc.†		851		5,344
Kaman Corp.		254		9,164
Moog, Inc., Class A†		436		17,898
Orbital Sciences Corp.†		543		10,214
United Technologies Corp.		5,641		495,111
				562,915
Agricultural Chemicals — 0.2%
CF Industries Holdings, Inc.		454		69,816
Monsanto Co.		3,270		232,301
				302,117
Agricultural Operations — 0.0%
Andersons, Inc.		177		7,669
Archer - Daniels - Midland Co.		1,362		44,143
				51,812
Airlines — 0.0%
Allegiant Travel Co.†		147		6,705
Skywest, Inc.		520		8,024
Southwest Airlines Co.		2,945		34,839
				49,568
Alternative Waste Technology — 0.0%
Calgon Carbon Corp.†		552		9,522
Darling International, Inc.†		1,119		21,429
				30,951
Apparel Manufacturers — 0.0%
Carter’s, Inc.†		557		17,657
Maidenform Brands, Inc.†		227		6,839
Oxford Industries, Inc.		129		4,896
Quiksilver, Inc.†		1,243		5,792
True Religion Apparel, Inc.†		248		7,289
Volcom, Inc.		83		2,031
				44,504
Applications Software — 0.9%
Ebix, Inc.†		367		7,267
EPIQ Systems, Inc.		299		4,473
Microsoft Corp.		48,279		1,207,458

Security Description	Shares		Value (Note 2)
Applications Software (continued)
Progress Software Corp.†		645	$	17,460
				1,236,658
Athletic Footwear — 0.1%
K - Swiss, Inc., Class A†		391		4,313
NIKE, Inc., Class B		1,858		156,908
				161,221
Audio/Video Products — 0.0%
Audiovox Corp., Class A†		272		2,070
DTS, Inc.†		163		7,511
Harman International Industries, Inc.		810		38,856
Universal Electronics, Inc.†		146		3,721
				52,158
Auto Repair Centers — 0.0%
Midas, Inc.†		193		1,363
Monro Muffler Brake, Inc.		295		9,543
				10,906
Auto - Cars/Light Trucks — 0.1%
Ford Motor Co.†		11,495		171,505
Auto - Heavy Duty Trucks — 0.2%
PACCAR, Inc.		4,456		222,800
Auto/Truck Parts & Equipment - Original — 0.0%
Spartan Motors, Inc.		439		2,103
Superior Industries International, Inc.		261		5,718
				7,821
Auto/Truck Parts & Equipment - Replacement — 0.0%
Standard Motor Products, Inc.		283		4,273
Banks - Commercial — 0.3%
Bank of the Ozarks, Inc.		111		5,396
City Holding Co.		150		4,840
Columbia Banking System, Inc.		375		6,746
Community Bank System, Inc.		404		10,132
First BanCorp†		304		1,538
First Commonwealth Financial Corp.		904		5,288
First Financial Bancorp		587		9,392
First Financial Bankshares, Inc.		220		11,629
First Horizon National Corp.		3,624		38,088
First Midwest Bancorp, Inc.		712		8,715
FNB Corp.		1,174		12,386
Glacier Bancorp, Inc.		693		9,854
Hancock Holding Co.		334		10,792
Hanmi Financial Corp.†		2,198		2,638
Home Bancshares, Inc.		210		5,036
Independent Bank Corp.		203		6,017
Lloyds Banking Group PLC†(1)		105,984		90,890
Nara Bancorp., Inc.†		363		3,082
National Penn Bancshares, Inc.		1,176		8,879
NBT Bancorp, Inc.		331		7,279
Old National Bancorp		913		9,860
Pinnacle Financial Partners, Inc.†		323		5,010
PrivateBancorp, Inc.		562		9,200
Regions Financial Corp.		8,453		59,678
S&T Bancorp, Inc.		237		4,415
Signature Bank†		387		22,028
Simmons First National Corp., Class A		161		4,209
Sterling Bancorp		445		4,245
Sterling Bancshares, Inc.		981		8,329
Susquehanna Bancshares, Inc.		1,250		10,900
Texas Capital Bancshares, Inc.†		356		8,911

5

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Banks - Commercial (continued)
Tompkins Financial Corp.		90	$	3,487
Trustco Bank Corp.		742		4,393
UMB Financial Corp.		324		13,819
Umpqua Holdings Corp.		1,095		13,118
United Bankshares, Inc.		372		9,021
United Community Banks, Inc.†		1,379		3,020
Whitney Holding Corp.		928		12,463
Wilshire Bancorp, Inc.†		824		2,579
Wintrust Financial Corp.		339		11,007
				478,309
Banks - Fiduciary — 0.0%
Boston Private Financial Holdings, Inc.		731		4,825
Banks - Super Regional — 2.2%
Capital One Financial Corp.		18,915		1,027,841
Comerica, Inc.		16,596		599,282
Fifth Third Bancorp		10,478		136,843
Huntington Bancshares, Inc.		13,452		88,783
KeyCorp		13,816		117,021
SunTrust Banks, Inc.		5,505		154,856
Wells Fargo & Co.		35,387		1,003,929
				3,128,555
Beverages - Non - alcoholic — 0.3%
Coca - Cola Co.		2,591		173,105
Coca - Cola Enterprises, Inc.		3,504		101,230
Dr Pepper Snapple Group, Inc.		4,235		174,482
				448,817
Beverages - Wine/Spirits — 0.1%
Constellation Brands, Inc., Class A†		7,657		168,148
Brewery — 0.0%
Boston Beer Co., Inc., Class A†		91		7,627
Broadcast Services/Program — 0.1%
DG FastChannel, Inc.†		229		8,102
Discovery Communications, Inc., Class A†		2,775		120,879
				128,981
Building & Construction Products - Misc. — 0.0%
Drew Industries, Inc.		185		4,884
Gibraltar Industries, Inc.†		444		5,799
NCI Building Systems, Inc.†		207		2,248
Quanex Building Products Corp.		355		7,043
Simpson Manufacturing Co., Inc.		380		10,647
				30,621
Building & Construction - Misc. — 0.0%
Dycom Industries, Inc.†		337		5,759
Insituform Technologies, Inc., Class A†		373		9,627
				15,386
Building Products - Air & Heating — 0.0%
AAON, Inc.		106		3,572
Comfort Systems USA, Inc.		361		3,744
				7,316
Building Products - Cement — 0.0%
Eagle Materials, Inc.		426		12,273
Texas Industries, Inc.		267		11,185
				23,458
Building Products - Doors & Windows — 0.0%
Apogee Enterprises, Inc.		273		3,615

Security Description	Shares		Value (Note 2)
Building Products - Wood — 0.0%
Universal Forest Products, Inc.		189	$	5,524
Building - Heavy Construction — 0.0%
Orion Marine Group, Inc.†		130		1,383
Building - Maintance & Services — 0.0%
ABM Industries, Inc.		453		10,319
Building - Mobile Home/Manufactured Housing — 0.0%
Skyline Corp.		75		1,369
Winnebago Industries, Inc.†		277		3,171
				4,540
Building - Residential/Commercial — 0.0%
M/I Homes, Inc.†		270		3,394
Meritage Homes Corp.†		307		7,675
Standard Pacific Corp.†		949		3,767
				14,836
Cable/Satellite TV — 0.5%
Cablevision Systems Corp., Class A		368		13,071
Comcast Corp., Class A		18,275		461,261
DIRECTV, Class A†		976		49,054
Time Warner Cable, Inc.		2,409		186,023
				709,409
Casino Hotels — 0.0%
Monarch Casino & Resort, Inc.†		120		1,118
Wynn Resorts, Ltd.		292		42,784
				43,902
Casino Services — 0.0%
Multimedia Games, Inc.†		367		2,026
Shuffle Master, Inc.†		492		5,358
				7,384
Cellular Telecom — 0.1%
Sprint Nextel Corp.†		15,116		88,429
Chemicals - Diversified — 0.6%
Dow Chemical Co.		1,118		40,393
E.I. du Pont de Nemours & Co.		10,501		559,703
PPG Industries, Inc.		3,231		286,590
				886,686
Chemicals - Other — 0.0%
American Vanguard Corp.		308		3,681
Chemicals - Plastics — 0.0%
A. Schulman, Inc.		302		7,698
PolyOne Corp.		821		12,504
				20,202
Chemicals - Specialty — 0.1%
Arch Chemicals, Inc.		245		8,857
Balchem Corp.		278		11,996
Eastman Chemical Co.		1,202		127,232
H.B. Fuller Co.		469		10,454
Hawkins, Inc.		83		3,615
OM Group, Inc.†		273		10,177
Quaker Chemical Corp.		119		5,183
Stepan Co.		70		4,699
Zep, Inc.		206		3,838
				186,051

6

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Circuit Boards — 0.0%
Park Electrochemical Corp.		228	$	6,865
TTM Technologies, Inc.†		412		6,823
				13,688
Coal — 0.0%
Peabody Energy Corp.		221		13,561
Coffee — 0.0%
Peet’s Coffee & Tea, Inc.†		130		6,616
Commercial Services — 0.1%
Arbitron, Inc.		256		10,931
Healthcare Services Group, Inc.		632		10,782
HMS Holdings Corp.†		265		20,686
Live Nation Entertainment, Inc.†		1,502		17,318
Medifast, Inc.†		65		1,737
Pre - Paid Legal Services, Inc.†		96		6,371
StarTek, Inc.†		153		711
TeleTech Holdings, Inc.†		238		4,308
				72,844
Commercial Services - Finance — 0.3%
Cardtronics, Inc.†		287		6,354
Heartland Payment Systems, Inc.		370		7,037
Mastercard, Inc., Class A		359		103,051
Moody’s Corp.		2,872		114,622
Visa, Inc., Class A		2,430		196,976
Wright Express Corp.†		368		19,857
				447,897
Communications Software — 0.0%
Digi International, Inc.†		364		4,292
Smith Micro Software, Inc.†		145		770
				5,062
Computer Aided Design — 0.1%
Autodesk, Inc.†		3,541		152,192
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.†		276		3,933
Computer Services — 0.8%
CACI International, Inc., Class A†		296		18,894
Ciber, Inc.†		683		4,166
Computer Sciences Corp.		1,575		62,827
iGate Corp.		286		5,277
Insight Enterprises, Inc.†		447		7,496
International Business Machines Corp.		5,753		971,854
LivePerson, Inc.†		435		5,159
Manhattan Associates, Inc.†		210		7,549
SYKES Enterprises, Inc.†		390		8,436
				1,091,658
Computer Software — 0.0%
Avid Technology, Inc.†		274		4,787
Blackbaud, Inc.		431		12,132
				16,919
Computers — 1.6%
Apple, Inc.†		6,220		2,163,502
Dell, Inc.†		1,120		18,010
Hewlett - Packard Co.		2,423		90,572
				2,272,084
Computers - Integrated Systems — 0.0%
Agilysys, Inc.†		256		1,743
Integral Systems, Inc.†		174		2,065

Security Description	Shares		Value (Note 2)
Computers - Integrated Systems (continued)
Mercury Computer Systems, Inc.†		287	$	5,488
MTS Systems Corp.		150		6,147
NCI, Inc., Class A†		74		1,680
Netscout Systems, Inc.†		337		7,818
Radiant Systems, Inc.†		318		6,678
Radisys Corp.†		257		2,218
Stratasys, Inc.†		201		7,075
Super Micro Computer, Inc.†		238		3,994
				44,906
Computers - Memory Devices — 0.7%
EMC Corp.†		23,251		661,956
Hutchinson Technology, Inc.†		307		768
NetApp, Inc.†		4,003		219,244
SanDisk Corp.†		931		44,241
				926,209
Computers - Periphery Equipment — 0.0%
Synaptics, Inc.†		325		9,116
Consulting Services — 0.0%
Forrester Research, Inc.		143		5,426
MAXIMUS, Inc.		163		13,659
Navigant Consulting, Inc.†		489		4,939
				24,024
Consumer Products - Misc. — 0.2%
Blyth, Inc.		76		3,464
Central Garden and Pet Co., Class A†		470		4,728
Helen of Troy, Ltd.†		293		9,490
Kid Brands, Inc.†		107		575
Kimberly - Clark Corp.		3,146		214,872
Prestige Brands Holdings, Inc.†		488		6,300
WD - 40 Co.		157		6,654
				246,083
Containers - Metal/Glass — 0.2%
Ball Corp.		5,231		206,677
Containers - Paper/Plastic — 0.1%
Sealed Air Corp.		2,354		60,451
Cosmetics & Toiletries — 0.6%
Avon Products, Inc.		2,288		67,977
Colgate - Palmolive Co.		2,732		239,132
Inter Parfums, Inc.		148		3,297
Procter & Gamble Co.		9,058		606,886
				917,292
Cruise Lines — 0.0%
Carnival Corp.		1,289		50,026
Data Processing/Management — 0.2%
CommVault Systems, Inc.†		422		17,445
CSG Systems International, Inc.†		335		6,395
Fiserv, Inc.†		3,753		242,144
				265,984
Decision Support Software — 0.0%
Interactive Intelligence, Inc.†		124		4,502
Dental Supplies & Equipment — 0.0%
Align Technology, Inc.†		659		16,146
Diagnostic Equipment — 0.0%
Affymetrix, Inc.†		1,022		6,224

7

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Diagnostic Kits — 0.0%
Meridian Bioscience, Inc.		360	$	8,590
Disposable Medical Products — 0.0%
ICU Medical, Inc.†		115		4,986
Merit Medical Systems, Inc.†		312		6,122
				11,108
Distribution/Wholesale — 0.1%
Brightpoint, Inc.†		650		5,876
Genuine Parts Co.		566		31,017
MWI Veterinary Supply, Inc.†		117		9,863
Pool Corp.		466		14,092
Scansource, Inc.†		262		9,283
School Specialty, Inc.†		233		3,583
United Stationers, Inc.		219		16,210
				89,924
Diversified Banking Institutions — 1.4%
Bank of America Corp.		34,471		405,034
Citigroup, Inc.		3,128		128,717
Goldman Sachs Group, Inc.		4,555		641,025
JPMorgan Chase & Co.		18,269		789,952
				1,964,728
Diversified Manufacturing Operations — 1.7%
A.O. Smith Corp.		300		12,441
Actuant Corp., Class A		656		16,492
AZZ, Inc.		103		4,544
Barnes Group, Inc.		436		10,512
Dover Corp.		13,355		897,856
EnPro Industries, Inc.†		200		9,116
ESCO Technologies, Inc.		277		10,407
Federal Signal Corp.		596		3,916
General Electric Co.		36,057		708,159
Griffon Corp.†		444		4,702
Illinois Tool Works, Inc.		5,643		323,457
Koppers Holdings, Inc.		200		8,026
LSB Industries, Inc.†		152		7,196
Lydall, Inc.†		223		2,667
Parker Hannifin Corp.		489		43,448
Standex International Corp.		122		4,053
Tredegar Corp.		223		4,324
Tyco International, Ltd.		7,501		370,174
				2,441,490
Diversified Minerals — 0.0%
AMCOL International Corp.		249		9,143
Diversified Operations/Commercial Services — 0.0%
Chemed Corp.		207		13,987
Viad Corp.		189		4,275
				18,262
E - Commerce/Products — 0.0%
Blue Nile, Inc.†		142		7,100
Nutrisystem, Inc.		259		3,667
Stamps.com, Inc.		61		759
				11,526
E - Commerce/Services — 0.2%
Netflix, Inc.†		98		26,538
priceline.com, Inc.†		529		272,536
United Online, Inc.		849		5,162
				304,236

Security Description	Shares		Value (Note 2)
E - Marketing/Info — 0.0%
comScore, Inc.†		244	$	6,849
Liquidity Services, Inc.†		84		1,761
				8,610
E - Services/Consulting — 0.0%
Perficient, Inc.†		142		1,583
Websense, Inc.†		395		9,816
				11,399
Electric Products - Misc. — 0.0%
Littelfuse, Inc.		213		12,780
Electric - Generation — 0.2%
AES Corp.†		16,257		210,691
Electric - Integrated — 1.1%
Allete, Inc.		295		11,765
Avista Corp.		545		13,587
Central Vermont Public Service Corp.		195		6,688
CH Energy Group, Inc.		148		7,985
CMS Energy Corp.		13,661		272,400
DPL, Inc.		10,538		317,931
El Paso Electric Co.†		435		13,546
Entergy Corp.		3,836		261,423
Exelon Corp.		4,790		200,461
Integrys Energy Group, Inc.		5,797		303,415
NorthWestern Corp.		352		11,641
Pepco Holdings, Inc.		6,830		136,395
UIL Holdings Corp.		483		16,002
Unisource Energy Corp.		347		13,148
				1,586,387
Electronic Components - Misc. — 0.0%
Bel Fuse, Inc., Class B		172		3,366
Benchmark Electronics, Inc.†		587		10,143
CTS Corp.		334		3,420
Daktronics, Inc.		365		3,924
Methode Electronics, Inc.		355		4,246
OSI Systems, Inc.†		185		7,396
Plexus Corp.†		335		12,489
Pulse Electronics Corp.		472		2,322
Rogers Corp.†		172		8,072
				55,378
Electronic Components - Semiconductors — 1.0%
Altera Corp.		5,454		262,283
Ceva, Inc.†		211		7,244
Diodes, Inc.†		350		10,220
DSP Group, Inc.†		343		2,833
Intel Corp.		29,790		670,573
Kopin Corp.†		314		1,636
Microsemi Corp.†		820		18,081
Monolithic Power Systems, Inc.†		341		5,899
Supertex, Inc.†		138		3,017
Texas Instruments, Inc.		13,538		477,891
Volterra Semiconductor Corp.†		239		5,896
				1,465,573
Electronic Forms — 0.0%
Adobe Systems, Inc.†		977		33,834
Electronic Measurement Instruments — 0.0%
Analogic Corp.		113		6,040
Badger Meter, Inc.		142		5,285
FARO Technologies, Inc.†		161		7,206
				18,531

8

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Electronic Security Devices — 0.0%
American Science & Engineering, Inc.		90	$	7,788
LoJack Corp.†		203		891
				8,679
Energy - Alternate Sources — 0.0%
Headwaters, Inc.†		876		3,206
Engineering/R&D Services — 0.6%
EMCOR Group, Inc.†		636		19,315
Exponent, Inc.†		137		5,875
Foster Wheeler AG†		26,078		893,432
				918,622
Engines - Internal Combustion — 0.0%
Briggs & Stratton Corp.		480		10,008
Enterprise Software/Service — 0.9%
BMC Software, Inc.†		2,859		159,618
CA, Inc.		4,321		101,111
JDA Software Group, Inc.†		401		13,245
MicroStrategy, Inc., Class A†		78		11,403
Omnicell, Inc.†		323		4,978
Oracle Corp.		28,197		964,901
RightNow Technologies, Inc.†		224		7,414
SYNNEX Corp.†		229		7,498
Taleo Corp., Class A†		388		14,484
Tyler Technologies, Inc.†		235		5,971
				1,290,623
Entertainment Software — 0.0%
Take - Two Interactive Software, Inc.†		865		14,177
THQ, Inc.†		990		4,089
				18,266
Environmental Consulting & Engineering — 0.0%
Tetra Tech, Inc.†		552		13,430
Filtration/Separation Products — 0.0%
CLARCOR, Inc.		498		21,220
Finance - Consumer Loans — 0.0%
Portfolio Recovery Associates, Inc.†		163		14,119
World Acceptance Corp.†		152		10,135
				24,254
Finance - Credit Card — 0.2%
American Express Co.		6,148		317,237
Finance - Investment Banker/Broker — 0.1%
Interactive Brokers Group, Inc., Class A		401		6,881
Investment Technology Group, Inc.†		394		5,965
LaBranche & Co., Inc.†		517		2,089
optionsXpress Holdings, Inc.		411		7,521
Piper Jaffray Cos.†		152		5,050
Stifel Financial Corp.†		501		20,175
SWS Group, Inc.		420		2,730
TradeStation Group, Inc.†		580		5,649
				56,060
Finance - Other Services — 0.2%
CME Group, Inc.		790		225,751
NASDAQ OMX Group, Inc.†		3,587		91,540
				317,291
Firearms & Ammunition — 0.0%
Sturm Ruger & Co., Inc.		178		3,920

Security Description	Shares		Value (Note 2)
Food - Canned — 0.0%
Seneca Foods Corp., Class A†		133	$	3,648
TreeHouse Foods, Inc.†		336		20,473
				24,121
Food - Confectionery — 0.3%
Hershey Co.		6,934		386,432
Food - Meat Products — 0.1%
Tyson Foods, Inc., Class A		4,008		76,232
Food - Misc. — 0.7%
B&G Foods, Inc.		462		8,566
Cal - Maine Foods, Inc.		112		3,339
Campbell Soup Co.		5,259		182,750
ConAgra Foods, Inc.		5,861		149,045
Diamond Foods, Inc.		194		14,439
General Mills, Inc.		2,248		89,403
Hain Celestial Group, Inc.†		458		16,378
J&J Snack Foods Corp.		121		6,234
Kraft Foods, Inc., Class A		10,475		366,311
Sara Lee Corp.		5,956		116,440
Snyders - Lance, Inc.		440		9,354
				962,259
Food - Retail — 0.3%
Kroger Co.		7,257		180,119
Safeway, Inc.		5,843		144,322
SUPERVALU, Inc.		7,636		78,345
				402,786
Food - Wholesale/Distribution — 0.2%
Calavo Growers, Inc.		63		1,395
Nash Finch Co.		113		4,245
Spartan Stores, Inc.		326		6,080
Sysco Corp.		5,788		186,432
United Natural Foods, Inc.†		463		20,145
				218,297
Footwear & Related Apparel — 0.1%
CROCS, Inc.†		849		19,298
Iconix Brand Group, Inc.†		695		17,166
Skechers U.S.A., Inc., Class A†		327		5,716
Steven Madden, Ltd.†		219		12,207
Wolverine World Wide, Inc.		435		17,017
				71,404
Forestry — 0.0%
Deltic Timber Corp.		108		6,211
Funeral Services & Related Items — 0.0%
Hillenbrand, Inc.		635		14,446
Gambling (Non - Hotel) — 0.0%
Pinnacle Entertainment, Inc.†		630		9,154
Garden Products — 0.0%
Toro Co.		282		18,014
Gas - Distribution — 0.1%
Laclede Group, Inc.		218		8,199
New Jersey Resources Corp.		399		18,386
Northwest Natural Gas Co.		251		11,338
Piedmont Natural Gas Co., Inc.		695		21,871
South Jersey Industries, Inc.		306		17,127
Southwest Gas Corp.		439		17,147
				94,068

9

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Gold Mining — 0.1%
Newmont Mining Corp.		1,719	$	97,244
Golf — 0.0%
Callaway Golf Co.		617		4,177
Health Care Cost Containment — 0.0%
Corvel Corp.†		31		1,641
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc.		2,549		45,398
Home Furnishings — 0.0%
Ethan Allen Interiors, Inc.		278		6,469
La - Z - Boy, Inc.†		496		5,491
Select Comfort Corp.†		539		8,807
				20,767
Hotel/Motels — 0.0%
Marcus Corp.		312		3,276
Human Resources — 0.0%
AMN Healthcare Services, Inc.†		569		4,922
CDI Corp.		191		2,684
Cross Country Healthcare, Inc.†		453		3,474
Heidrick & Struggles International, Inc.		168		3,520
Insperity, Inc.		217		6,827
Kelly Services, Inc., Class A†		267		4,707
On Assignment, Inc.†		531		5,931
SFN Group, Inc.†		490		5,091
TrueBlue, Inc.†		459		6,720
				43,876
Identification Systems — 0.0%
Brady Corp., Class A		503		17,338
Checkpoint Systems, Inc.†		382		6,918
				24,256
Independent Power Producers — 0.0%
GenOn Energy, Inc.†		439		1,752
Industrial Automated/Robotic — 0.0%
Cognex Corp.		364		12,845
Gerber Scientific, Inc.†		364		3,527
Intermec, Inc.†		458		5,533
				21,905
Instruments - Controls — 0.0%
Watts Water Technologies, Inc., Class A		280		9,797
Instruments - Scientific — 0.6%
FEI Co.†		401		15,643
PerkinElmer, Inc.		25,749		712,990
Thermo Fisher Scientific, Inc.		1,761		115,257
				843,890
Insurance Brokers — 0.0%
eHealth, Inc.†		113		1,498
Marsh & McLennan Cos., Inc.		1,050		32,204
				33,702
Insurance - Life/Health — 0.7%
Aflac, Inc.		4,376		209,129
Delphi Financial Group, Inc., Class A		524		15,285
Lincoln National Corp.		796		23,363
Presidential Life Corp.		306		3,228
Principal Financial Group, Inc.		4,697		146,875
Prudential Financial, Inc.		6,902		440,210
Torchmark Corp.		1,703		112,909
				950,999

Security Description	Shares		Value (Note 2)
Insurance - Multi - line — 0.3%
Assurant, Inc.		1,728	$	63,919
Hartford Financial Services Group, Inc.		11,900		317,135
Horace Mann Educators Corp.		379		6,185
United Fire & Casualty Co.		205		3,887
				391,126
Insurance - Property/Casualty — 0.4%
AMERISAFE, Inc.†		179		4,142
Employers Holdings, Inc.		366		6,079
Infinity Property & Casualty Corp.		121		6,432
Meadowbrook Insurance Group, Inc.		510		5,034
Navigators Group Inc†		120		5,738
ProAssurance Corp.†		295		20,741
Progressive Corp.		9,504		205,762
RLI Corp.		155		9,339
Safety Insurance Group, Inc.		139		6,241
Selective Insurance Group, Inc.		514		8,517
Stewart Information Services Corp.		268		2,806
Tower Group, Inc.		374		9,088
Travelers Cos., Inc.		3,620		224,730
				514,649
Insurance - Reinsurance — 0.3%
Berkshire Hathaway, Inc., Class B†		5,806		459,080
Internet Application Software — 0.0%
DealerTrack Holdings, Inc.†		347		8,040
eResearchTechnology, Inc.†		430		2,726
				10,766
Internet Connectivity Services — 0.0%
PC - Tel, Inc.†		251		1,737
Internet Content - Information/News — 0.0%
Knot, Inc.†		324		3,324
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		478		54,291
Internet Security — 0.1%
Blue Coat Systems, Inc.†		418		9,593
Sourcefire, Inc.†		268		7,158
VeriSign, Inc.		4,799		168,061
				184,812
Internet Telephone — 0.0%
j2 Global Communications, Inc.†		440		12,756
Investment Companies — 0.0%
Prospect Capital Corp.		940		11,007
Investment Management/Advisor Services — 0.9%
Ameriprise Financial, Inc.		3,864		236,593
BlackRock, Inc.		883		181,510
Calamos Asset Management, Inc., Class A		193		2,893
Federated Investors, Inc., Class B		3,843		98,496
Janus Capital Group, Inc.		12,207		126,098
Legg Mason, Inc.		19,481		659,237
National Financial Partners Corp.†		435		5,685
				1,310,512
Lasers - System/Components — 0.0%
Cymer, Inc.†		311		14,888
Electro Scientific Industries, Inc.†		265		4,770
II - VI, Inc.†		248		14,101
Newport Corp.†		338		6,148
Rofin - Sinar Technologies, Inc.†		309		11,167
				51,074

10

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Leisure Products — 0.0%
Brunswick Corp.		856	$	18,558
Linen Supply & Related Items — 0.0%
G&K Services, Inc., Class A		174		5,503
UniFirst Corp.		143		7,668
				13,171
Machinery - Construction & Mining — 0.3%
Astec Industries, Inc.†		193		7,241
Caterpillar, Inc.		3,887		411,245
Joy Global, Inc.		119		10,668
				429,154
Machinery - Farming — 0.0%
Lindsay Corp.		118		7,915
Machinery - General Industrial — 0.0%
Albany International Corp., Class A		264		7,286
Applied Industrial Technologies, Inc.		358		12,752
Intevac, Inc.†		243		2,885
Robbins & Myers, Inc.		435		19,166
				42,089
Machinery - Material Handling — 0.0%
Cascade Corp.		104		4,226
Medical Information Systems — 0.0%
Computer Programs & Systems, Inc.		104		6,526
Quality Systems, Inc.		179		15,408
				21,934
Medical Instruments — 0.3%
Abaxis, Inc.†		214		6,662
Boston Scientific Corp.†		22,857		164,113
CONMED Corp.†		274		7,754
CryoLife, Inc.†		301		1,689
Integra LifeSciences Holdings Corp.†		201		10,309
Intuitive Surgical, Inc.†		56		19,544
Kensey Nash Corp.†		46		1,210
Natus Medical, Inc.†		253		4,248
St. Jude Medical, Inc.		3,076		155,861
SurModics, Inc.†		156		2,271
Symmetry Medical, Inc.†		526		5,376
				379,037
Medical Labs & Testing Services — 0.4%
Bio - Reference Labs, Inc.†		238		5,933
Laboratory Corp. of America Holdings†		5,191		523,409
				529,342
Medical Laser Systems — 0.0%
LCA - Vision, Inc.†		248		1,409
Palomar Medical Technologies, Inc.†		219		3,105
				4,514
Medical Products — 0.5%
American Medical Systems Holdings, Inc.†		734		21,976
Becton, Dickinson and Co.		385		33,707
Cantel Medical Corp.		101		2,395
Cyberonics, Inc.†		237		7,738
Greatbatch, Inc.†		207		5,993
Haemonetics Corp.†		243		16,434
Hanger Orthopedic Group, Inc.†		315		7,922
Invacare Corp.		313		10,511
Johnson & Johnson		4,160		279,926
PSS World Medical, Inc.†		514		15,019

Security Description	Shares		Value (Note 2)
Medical Products (continued)
Stryker Corp.		1,508	$	94,099
Varian Medical Systems, Inc.†		1,751		118,262
West Pharmaceutical Services, Inc.		343		15,943
Zoll Medical Corp.†		207		12,588
				642,513
Medical - Biomedical/Gene — 1.0%
Amgen, Inc.†		15,451		935,404
Arqule, Inc.†		211		1,523
Biogen Idec, Inc.†		4,708		445,989
Cambrex Corp.†		423		2,069
Cubist Pharmaceuticals, Inc.†		574		22,116
Emergent Biosolutions, Inc.†		195		4,871
Enzo Biochem, Inc.†		158		632
Regeneron Pharmaceuticals, Inc.†		706		42,374
				1,454,978
Medical - Drugs — 2.4%
Abbott Laboratories		28,467		1,487,401
Bristol - Myers Squibb Co.		41,675		1,198,573
Eli Lilly & Co.		1,160		44,637
Hi - Tech Pharmacal Co., Inc.†		49		1,375
Merck & Co., Inc.		13,178		484,291
Pfizer, Inc.		9,984		214,157
PharMerica Corp.†		422		5,207
Salix Pharmaceuticals, Ltd.†		555		22,217
Savient Pharmaceuticals, Inc.†		589		5,001
Viropharma, Inc.†		749		14,493
				3,477,352
Medical - Generic Drugs — 0.1%
Par Pharmaceutical Cos., Inc.†		340		11,683
Watson Pharmaceuticals, Inc.†		2,035		130,952
				142,635
Medical - HMO — 0.8%
Aetna, Inc.		3,335		145,673
AMERIGROUP Corp.†		475		33,682
Centene Corp.†		476		16,565
CIGNA Corp.		265		13,221
Healthspring, Inc.†		627		27,494
Humana, Inc.		4,860		391,376
Magellan Health Services, Inc.†		296		15,670
Molina Healthcare, Inc.†		246		6,686
UnitedHealth Group, Inc.		7,950		389,152
WellPoint, Inc.		1,362		106,468
				1,145,987
Medical - Hospitals — 0.1%
MedCath Corp.†		296		4,014
Tenet Healthcare Corp.†		11,461		73,121
				77,135
Medical - Nursing Homes — 0.0%
Ensign Group, Inc.		122		3,648
Medical - Outpatient/Home Medical — 0.0%
Air Methods Corp.†		105		6,410
Almost Family, Inc.†		43		1,299
Amedisys, Inc.†		285		8,920
Amsurg Corp.†		299		7,747
Gentiva Health Services, Inc.†		285		6,977
LHC Group, Inc.†		125		3,373
				34,726

11

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical - Wholesale Drug Distribution — 0.3%
AmerisourceBergen Corp.		7,199	$	296,743
Cardinal Health, Inc.		3,279		148,932
				445,675
Metal Processors & Fabrication — 0.0%
CIRCOR International, Inc.		173		7,666
Kaydon Corp.		317		11,529
Mueller Industries, Inc.		360		13,385
RTI International Metals, Inc.†		333		12,697
				45,277
Metal Products - Distribution — 0.0%
A.M. Castle & Co.†		240		4,435
Lawson Products, Inc.		55		1,037
Olympic Steel, Inc.		133		3,900
				9,372
Metal - Aluminum — 0.0%
Century Aluminum Co.†		622		10,039
Kaiser Aluminum Corp.		144		7,595
				17,634
Metal - Copper — 0.2%
Freeport - McMoRan Copper & Gold, Inc.		6,348		327,811
Miscellaneous Manufacturing — 0.0%
John Bean Technologies Corp.		252		4,949
Movado Group, Inc.		252		4,173
				9,122
Multimedia — 0.6%
EW Scripps Co., Class A†		311		2,668
McGraw - Hill Cos., Inc.		1,320		56,060
News Corp., Class A		8,469		155,322
Time Warner, Inc.		3,807		138,689
Viacom, Inc., Class B		3,486		175,729
Walt Disney Co.		6,111		254,401
				782,869
Networking Products — 0.2%
Anixter International, Inc.		276		18,683
Black Box Corp.		172		5,669
Cisco Systems, Inc.		16,870		283,416
LogMeIn, Inc.†		158		6,876
Netgear, Inc.†		352		14,731
				329,375
Non - Ferrous Metals — 0.0%
Materion Corp.†		167		6,625
Non - Hazardous Waste Disposal — 0.1%
Waste Management, Inc.		2,228		86,625
Office Automation & Equipment — 0.1%
Xerox Corp.		10,803		110,299
Office Furnishings - Original — 0.0%
Interface, Inc. Class A		588		11,319
Office Supplies & Forms — 0.0%
Standard Register Co.		125		424
Oil & Gas Drilling — 0.3%
Helmerich & Payne, Inc.		6,120		383,602
Nabors Industries, Ltd.†		757		21,113
Pioneer Drilling Co.†		521		7,627
				412,342

Security Description	Shares		Value (Note 2)
Oil Companies - Exploration & Production — 1.1%
Anadarko Petroleum Corp.		8,846	$	703,434
Apache Corp.		1,716		213,814
Contango Oil & Gas Co.†		120		7,435
Georesources, Inc.†		175		4,335
Gulfport Energy Corp.†		359		10,623
Occidental Petroleum Corp.		4,041		435,822
Penn Virginia Corp.		439		6,405
Petroleum Development Corp.†		221		8,033
Petroquest Energy, Inc.†		573		4,578
Pioneer Natural Resources Co.		626		57,479
QEP Resources, Inc.		1,376		59,856
Stone Energy Corp.†		441		14,227
Swift Energy Co.†		406		15,927
				1,541,968
Oil Companies - Integrated — 4.2%
Chevron Corp.		11,480		1,204,367
ConocoPhillips		27,263		1,996,197
Exxon Mobil Corp.		20,530		1,713,639
Marathon Oil Corp.		2,835		153,572
Murphy Oil Corp.		14,395		991,671
				6,059,446
Oil Field Machinery & Equipment — 0.2%
Gulf Island Fabrication, Inc.		133		4,522
Lufkin Industries, Inc.		293		26,578
National Oilwell Varco, Inc.		2,839		206,055
				237,155
Oil Refining & Marketing — 0.0%
Holly Corp.		427		26,606
Valero Energy Corp.		499		13,723
				40,329
Oil - Field Services — 0.3%
Basic Energy Services, Inc.†		248		6,745
Halliburton Co.		7,813		391,822
Hornbeck Offshore Services, Inc.†		222		5,992
Matrix Service Co.†		255		3,409
SEACOR Holdings, Inc.		204		20,333
Tetra Technologies, Inc.†		733		9,998
				438,299
Paper & Related Products — 0.1%
Buckeye Technologies, Inc.		367		9,347
Clearwater Paper Corp.†		107		7,393
International Paper Co.		1,050		32,781
KapStone Paper and Packaging Corp.†		368		6,054
Neenah Paper, Inc.		213		4,939
Schweitzer - Mauduit International, Inc.		170		8,956
Wausau Paper Corp.		470		3,224
				72,694
Pharmacy Services — 0.4%
Medco Health Solutions, Inc.†		10,331		618,414
Physical Therapy/Rehabilitation Centers — 0.0%
RehabCare Group, Inc.†		240		9,019
Physicians Practice Management — 0.0%
Healthways, Inc.†		328		5,317
IPC The Hospitalist Co., Inc.†		155		7,871
				13,188
Pipelines — 0.0%
Williams Cos., Inc.		915		28,722

12

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Poultry — 0.0%
Sanderson Farms, Inc.		180	$	7,904
Power Converter/Supply Equipment — 0.0%
Advanced Energy Industries, Inc.†		421		6,252
Powell Industries, Inc.†		126		4,328
Vicor Corp.		91		1,507
				12,087
Printing - Commercial — 0.0%
Consolidated Graphics, Inc.†		99		5,464
Private Corrections — 0.0%
Geo Group, Inc.†		619		15,221
Protection/Safety — 0.0%
Landauer, Inc.		93		5,554
Publishing - Newspapers — 0.0%
Dolan Co†		294		3,081
Real Estate Investment Trusts — 0.9%
Acadia Realty Trust		359		7,413
Apartment Investment & Management Co., Class A		9,223		246,531
BioMed Realty Trust, Inc.		1,302		26,678
Cedar Shopping Centers, Inc.		683		3,620
Colonial Properties Trust		773		16,310
DiamondRock Hospitality Co.		1,678		19,297
Digital Realty Trust, Inc.		9,730		606,860
EastGroup Properties, Inc.		239		11,212
Entertainment Properties Trust		460		22,347
Extra Space Storage, Inc.		879		19,127
Franklin Street Properties Corp.		675		9,241
Getty Realty Corp.		241		6,254
Healthcare Realty Trust, Inc.		767		16,889
Home Properties, Inc.		367		22,717
Inland Real Estate Corp.		854		7,797
Kilroy Realty Corp.		594		24,633
Kite Realty Group Trust		923		4,624
LaSalle Hotel Properties		799		22,356
Lexington Realty Trust		1,423		13,433
LTC Properties, Inc.		291		8,590
Medical Properties Trust, Inc.		951		11,754
Mid - America Apartment Communities, Inc.		343		23,513
National Retail Properties, Inc.		804		20,727
Parkway Properties, Inc.		210		3,856
Pennsylvania Real Estate Investment Trust		547		9,387
Post Properties, Inc.		494		20,798
PS Business Parks, Inc.		178		10,233
Public Storage		212		25,088
Saul Centers, Inc.		100		3,992
Sovran Self Storage, Inc.		296		12,420
Tanger Factory Outlet Centers		780		21,419
Universal Health Realty Income Trust		123		5,327
Urstadt Biddle Properties, Inc., Class A		225		4,311
				1,288,754
Real Estate Management/Services — 0.1%
CB Richard Ellis Group, Inc., Class A††		2,759		72,920
Real Estate Operations & Development — 0.0%
Forestar Group, Inc.†		310		5,651
Recreational Vehicles — 0.0%
Arctic Cat, Inc.†		174		2,497
Research & Development — 0.0%
Kendle International, Inc.†		217		3,266
Parexel International Corp.†		563		14,171
				17,437

Security Description	Shares		Value (Note 2)
Retail - Apparel/Shoe — 0.2%
Brown Shoe Co., Inc.		420	$	4,330
Buckle, Inc.		251		10,715
Cato Corp., Class A		253		6,887
Children’s Place Retail Stores, Inc.†		259		13,012
Christopher & Banks Corp.		523		3,133
Finish Line, Inc., Class A		419		9,662
Gap, Inc.		3,828		74,263
Genesco, Inc.†		217		9,763
HOT Topic, Inc.		647		5,040
JOS. A. Bank Clothiers, Inc.†		265		15,132
Liz Claiborne, Inc.†		1,065		6,954
Men’s Wearhouse, Inc.		487		16,767
Ross Stores, Inc.		593		48,602
Rue21, Inc.†		147		4,975
Stein Mart, Inc.		386		3,783
				233,018
Retail - Auto Parts — 0.0%
PEP Boys - Manny Moe & Jack		502		7,128
Retail - Automobile — 0.0%
Group 1 Automotive, Inc.		232		8,985
Lithia Motors, Inc., Class A		315		5,639
Sonic Automotive, Inc., Class A		342		4,470
				19,094
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.†		2,756		148,521
Retail - Building Products — 0.8%
Home Depot, Inc.		27,656		1,003,360
Lowe’s Cos., Inc.		4,257		102,764
Lumber Liquidators Holdings, Inc.†		222		5,987
				1,112,111
Retail - Catalog Shopping — 0.0%
Coldwater Creek, Inc.†		866		1,628
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		2,831		89,912
RadioShack Corp.		5,809		91,550
				181,462
Retail - Convenience Store — 0.0%
Casey’s General Stores, Inc.		360		14,922
Retail - Discount — 0.3%
Big Lots, Inc.†		475		15,870
Fred’s, Inc., Class A		372		5,413
HSN, Inc.†		376		13,239
Target Corp.		4,911		243,242
Tuesday Morning Corp.†		530		2,618
Wal - Mart Stores, Inc.		2,838		156,714
				437,096
Retail - Drug Store — 0.2%
CVS Caremark Corp.		3,901		150,930
Walgreen Co.		1,440		62,827
				213,757
Retail - Home Furnishings — 0.0%
Haverty Furniture Cos., Inc.		271		3,016
Kirkland’s, Inc.†		82		1,071
				4,087
Retail - Jewelry — 0.0%
Zale Corp.†		302		1,891

13

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail - Leisure Products — 0.0%
MarineMax, Inc.†		325	$	2,704
Retail - Major Department Stores — 0.1%
TJX Cos., Inc.		3,786		200,734
Retail - Office Supplies — 0.0%
OfficeMax, Inc.†		817		6,830
Staples, Inc.		1,687		28,375
				35,205
Retail - Pawn Shops — 0.0%
Cash America International, Inc.		286		14,889
EzCorp, Inc., Class A†		478		15,674
First Cash Financial Services, Inc.†		306		12,775
				43,338
Retail - Pet Food & Supplies — 0.0%
PetMed Express, Inc.		107		1,371
Retail - Petroleum Products — 0.0%
World Fuel Services Corp.		667		24,399
Retail - Regional Department Stores — 0.3%
Kohl’s Corp.		8,129		432,788
Stage Stores, Inc.		351		6,332
				439,120
Retail - Restaurants — 0.5%
Biglari Holdings, Inc.†		11		4,383
BJ’s Restaurants, Inc.†		216		11,066
Buffalo Wild Wings, Inc.†		172		10,774
California Pizza Kitchen, Inc.†		232		4,271
CEC Entertainment, Inc.		200		8,138
Cracker Barrel Old Country Store, Inc.		221		10,471
DineEquity, Inc.†		149		8,010
Jack in the Box, Inc.†		490		10,883
McDonald’s Corp.		6,883		561,240
O’Charley’s, Inc.†		270		1,958
Papa John’s International, Inc.†		186		6,162
PF Chang’s China Bistro, Inc.		219		8,845
Red Robin Gourmet Burgers, Inc.†		153		5,615
Ruby Tuesday, Inc.†		618		6,551
Ruth’s Hospitality Group, Inc.†		449		2,402
Sonic Corp.†		671		7,710
Texas Roadhouse, Inc.		563		9,700
				678,179
Retail - Sporting Goods — 0.0%
Big 5 Sporting Goods Corp.		208		1,976
Cabela’s, Inc.†		392		9,628
Hibbett Sports, Inc.†		268		11,159
Zumiez, Inc.†		202		6,137
				28,900
Retail - Video Rentals — 0.0%
Coinstar, Inc.†		307		16,311
Rubber - Tires — 0.0%
Goodyear Tire & Rubber Co.†		692		12,269
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.		511		5,350
Savings & Loans/Thrifts — 0.0%
Bank Mutual Corp.		664		2,709
Brookline Bancorp, Inc.		563		4,915
Dime Community Bancshares, Inc.		285		3,996
Provident Financial Services, Inc.		590		8,431
				20,051

Security Description	Shares		Value (Note 2)
Schools — 0.1%
American Public Education, Inc.†		182	$	7,968
Apollo Group, Inc., Class A†		1,874		77,040
Capella Education Co.†		159		7,686
Corinthian Colleges, Inc.†		813		3,138
DeVry, Inc.		587		31,610
Universal Technical Institute, Inc.		200		3,628
				131,070
Seismic Data Collection — 0.0%
ION Geophysical Corp.†		1,490		15,034
Semiconductor Components - Integrated Circuits — 0.4%
Analog Devices, Inc.		10,573		435,290
Cirrus Logic, Inc.†		658		10,824
Exar Corp.†		392		2,493
Hittite Microwave Corp.†		242		15,348
Micrel, Inc.		486		5,720
Pericom Semiconductor Corp.†		225		2,075
Power Integrations, Inc.		278		10,236
Sigma Designs, Inc.†		221		1,987
Standard Microsystems Corp.†		239		6,410
TriQuint Semiconductor, Inc.†		1,558		20,176
				510,559
Semiconductor Equipment — 0.8%
Applied Materials, Inc.		14,022		193,223
ATMI, Inc.†		345		6,621
Brooks Automation, Inc.†		628		7,122
Cabot Microelectronics Corp.†		226		11,356
Cohu, Inc.		270		3,564
Kulicke & Soffa Industries, Inc.†		688		8,359
Lam Research Corp.†		14,168		665,825
MKS Instruments, Inc.		492		12,940
Novellus Systems, Inc.†		2,542		92,198
Rudolph Technologies, Inc.†		331		3,883
Teradyne, Inc.†		4,481		71,741
Tessera Technologies, Inc.†		443		7,664
Ultratech, Inc.†		237		7,529
Veeco Instruments, Inc.†		391		22,518
				1,114,543
Software Tools — 0.3%
VMware, Inc., Class A†		4,180		406,798
Storage/Warehousing — 0.0%
Mobile Mini, Inc.†		422		9,495
Telecom Equipment - Fiber Optics — 0.0%
Harmonic, Inc.†		987		7,689
Oplink Communications, Inc.†		193		3,566
				11,255
Telecom Services — 0.0%
Cbeyond, Inc.†		297		4,265
Neutral Tandem, Inc.†		318		5,396
NTELOS Holdings Corp.		276		5,755
USA Mobility, Inc.		238		3,870
				19,286
Telecommunication Equipment — 0.0%
Arris Group, Inc.†		1,164		13,142
Comtech Telecommunications Corp.		263		7,309
Network Equipment Technologies, Inc.†		291		797
Nortel Networks Corp.†		62		2
Symmetricom, Inc.†		416		2,359
Tekelec†		655		5,960
				29,569

14

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Telephone - Integrated — 1.1%
AT&T, Inc.		28,065	$	885,731
Atlantic Tele - Network, Inc.		51		1,950
Cincinnati Bell, Inc.†		1,960		6,233
General Communication, Inc., Class A†		347		4,285
Verizon Communications, Inc.		20,304		749,827
				1,648,026
Television — 0.0%
CBS Corp., Class B		1,642		45,894
Textile - Apparel — 0.0%
Perry Ellis International, Inc.†		111		3,464
Therapeutics — 0.0%
Questcor Pharmaceuticals, Inc.†		608		14,027
Tobacco — 1.1%
Alliance One International, Inc.†		1,266		4,912
Altria Group, Inc.		2,226		62,461
Lorillard, Inc.		1,242		143,178
Philip Morris International, Inc.		19,088		1,369,564
				1,580,115
Toys — 0.0%
Jakks Pacific, Inc.†		300		5,949
Transactional Software — 0.0%
Bottomline Technologies, Inc.†		321		8,346
Synchronoss Technologies, Inc.†		237		7,608
				15,954
Transport - Rail — 0.5%
CSX Corp.		3,790		300,547
Norfolk Southern Corp.		5,133		376,300
				676,847
Transport - Services — 0.4%
Bristow Group, Inc.		343		15,761
Hub Group, Inc., Class A†		391		14,921
United Parcel Service, Inc., Class B		7,911		581,379
				612,061
Transport - Truck — 0.0%
Arkansas Best Corp.		239		5,853
Forward Air Corp.		254		8,915
Heartland Express, Inc.		522		8,676
Knight Transportation, Inc.		600		10,260
Old Dominion Freight Line, Inc.†		398		14,857
				48,561
Travel Services — 0.0%
Interval Leisure Group, Inc.†		386		5,234
Veterinary Diagnostics — 0.0%
Neogen Corp.†		227		10,179
Vitamins & Nutrition Products — 0.0%
Vitamin Shoppe, Inc.†		239		9,734
Water — 0.0%
American States Water Co.		170		5,879
Web Portals/ISP — 0.1%
Google, Inc., Class A†		328		173,518
InfoSpace, Inc.†		519		4,827
				178,345

Security Description	Shares		Value (Note 2)
Wire & Cable Products — 0.0%
Belden, Inc.		477	$	17,143
Encore Wire Corp.		183		4,445
				21,588
Wireless Equipment — 1.3%
American Tower Corp., Class A†		15,318		849,843
EMS Technologies, Inc.†		226		5,896
Novatel Wireless, Inc.†		153		817
QUALCOMM, Inc.		16,255		952,380
Viasat, Inc.†		400		17,708
				1,826,644
Total Common Stock
(cost $62,223,553)				71,548,700
EXCHANGE - TRADED FUNDS — 3.9%
iShares S&P SmallCap 600 Index Fund		2,580		193,087
SPDR S&P 500 ETF Trust, Series 1		3,137		423,150
Vanguard MSCI Emerging Markets ETF		101,820		5,000,380
Total Exchange - Traded Funds
(cost $4,873,166)				5,616,617
PREFERRED STOCK — 0.9%
Banks - Super Regional — 0.2%
US Bancorp FRS 3.50%		137		116,998
Wachovia Capital Trust IX 6.38%		3,100		77,562
				194,560
Diversified Banking Institutions — 0.4%
Ally Financial, Inc. 7.00%*		117		113,018
Goldman Sachs Group, Inc. 6.13%		12,000		297,120
HSBC Holdings PLC 8.00%		3,240		88,290
				498,428
Diversified Financial Services — 0.1%
General Electric Capital Corp. 5.50%(2)		5,900		151,571
Electric - Integrated — 0.0%
Southern California Edison Co. FRS 5.87%		450		45,315
Finance - Investment Banker/Broker — 0.1%
JP Morgan Chase Capital XXIX 6.70%		6,120		158,631
Finance - Mortgage Loan/Banker — 0.0%
Federal Home Loan Mgt. Corp. FRS 0.00%†		2,200		6,952
Real Estate Investment Trusts — 0.0%
Vornado Realty Trust 6.88%		1,950		48,945
Special Purpose Entity — 0.1%
Structured Repackaged Asset - Backed Trust Securities FRS 3.00%		7,600		171,000
Total Preferred Stock
(cost $1,267,882)				1,275,402

15

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
WARRANTS — 0.0%
Publishing - Periodicals — 0.0%
Reader’s Digest Association, Inc. Expires 02/19/14†(3)(4)		143	$	0
Television — 0.0%
Ion Media Networks, Inc. Expires 03/18/15 (Strike price $500.00)†(3)(4)		9		1,170
Ion Media Networks, Inc. Expires 12/18/16 (Strike price $687.00)†(3)(4)		9		1,620
				2,790
Total Warrants
(cost $148)				2,790
ASSET BACKED SECURITIES — 4.5%
Diversified Financial Services — 4.5%
Bank of America Commercial Mtg., Inc. Series 2006-5, Class AM 5.45% due 09/10/47(5)	$	500,000		506,939
Bear Stearns Commercial Mtg. Securities, Inc. VRS Series 2007-T26, Class C 5.63% due 01/12/45*(5)		2,500,000		1,696,126
Dominos Pizza Master Issuer LLC Series 2007-1, Class A2 5.26% due 04/25/37*		255,000		258,825
Entergy Arkansas Restoration Funding LLC Series 2010A, Class A1 2.30% due 08/01/21		193,319		193,309
GMAC Mtg. Corp Loan Trust Series 2010-1, Class A 4.25% due 07/25/40*(6)		112,532		113,084
JP Morgan Chase Commercial Mtg. Securities Corp. VRS Series 2007-CB18, Class AJ 5.50% due 06/12/47(5)		1,000,000		876,681
LB - UBS Commercial Mtg. Trust VRS Series 2007-C7, Class AM 6.17% due 09/15/45(5)		500,000		512,873
Merrill Lynch Mtg. Investors, Inc. VRS Series 2005-A9, Cass 3A1 2.87% due 12/25/35(6)		264,550		218,009
Morgan Stanley Capital I VRS Series 2005-IQ10, Class B 5.32% due 09/15/42(5)		100,000		100,863
Morgan Stanley Capital I VRS Series 2007-HQ11, Class AM 5.48% due 02/12/44(5)		600,000		593,384
Residential Asset Mtg. Products, Inc. FRS Series 2006-RS1, Class AI2 0.44% due 01/25/36		751,196		549,191
Sierra Receivables Funding Co. LLC Series 2010-3A, Class A 3.51% due 11/20/25*		147,462		150,068
Sonic Capital LLC Series 2011-1A, Class A2 5.44% due 05/20/41*		243,000		245,430
Soundview Home Equity Loan Trust FRS Series 2007-OPT1, Class 2A1 0.29% due 06/25/37		620,919		526,414
Total Asset Backed Securities
(cost $6,621,466)				6,541,196
U.S. CORPORATE BONDS & NOTES — 14.8%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc. Senior Notes 6.25% due 11/15/14		115,000		126,787

Security Description	Principal Amount		Value (Note 2)
Advertising Services — 0.0%
Visant Corp. Company Guar. Notes 10.00% due 10/01/17	$	37,000	$	39,128
Aerospace/Defense — 0.0%
Spirit Aerosystems, Inc. Company Guar. Notes 7.50% due 10/01/17		19,000		20,425
Airlines — 0.0%
Delta Air Lines, Inc. Senior Sec. Notes 9.50% due 09/15/14*		39,000		42,023
Auto - Heavy Duty Trucks — 0.2%
Navistar International Corp. Company Guar. Notes 8.25% due 11/01/21		300,000		329,625
Auto/Truck Parts & Equipment - Original — 0.3%
Cooper - Standard Automotive, Inc. Company Guar. Notes 8.50% due 05/01/18		280,000		302,400
Dana Holding Corp. Senior Notes 6.75% due 02/15/21		70,000		70,000
Lear Corp. Company Guar. Notes 7.88% due 03/15/18		14,000		15,348
Lear Corp. Company Guar. Notes 8.13% due 03/15/20		94,000		103,282
				491,030
Banks - Commercial — 0.5%
Associated Banc - Corp. Senior Notes 5.13% due 03/28/16		133,000		138,577
BB&T Corp. Senior Notes 2.05% due 04/28/14		55,000		55,659
Branch Banking & Trust Co. FRS Sub. Notes 0.56% due 05/23/17		56,000		52,552
CIT Group, Inc. Senior Sec. Notes 7.00% due 05/01/17		36,140		36,275
First Horizon National Corp. Senior Notes 5.38% due 12/15/15		90,000		96,789
KeyBank NA Sub. Notes 7.41% due 10/15/27		26,000		29,813
Regions Bank Sub. Notes 7.50% due 05/15/18		57,000		61,698
Regions Financial Corp. Senior Notes 5.75% due 06/15/15		74,000		75,665
US Bank NA FRS Sub. Notes 3.78% due 04/29/20		115,000		119,443
Zions Bancorp Senior Notes 7.75% due 09/23/14		84,000		92,358
				758,829

16

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks - Fiduciary — 0.1%
State Street Capital Trust IV FRS Ltd. Guar. Notes 1.31% due 06/01/77	$	202,000	$	170,654
Banks - Money Center — 0.1%
Chase Capital III FRS Ltd. Guar. Notes 0.86% due 03/01/27		72,000		62,332
Banks - Super Regional — 0.6%
BAC Capital Trust XIII FRS Ltd. Guar. Notes 0.71% due 03/15/12(7)		178,000		129,643
BAC Capital Trust XV FRS Ltd. Guar. Notes 1.11% due 06/01/56		50,000		37,681
Bank of America NA Sub. Notes 5.30% due 03/15/17		73,000		77,157
Fifth Third Bancorp Senior Notes 3.63% due 01/25/16		62,000		63,421
Huntington Bancshares, Inc. Sub. Notes 7.00% due 12/15/20		54,000		62,247
JPMorgan Chase Bank NA Sub. Notes 5.88% due 06/13/16		53,000		59,481
KeyCorp Senior Notes 5.10% due 03/24/21		40,000		41,632
PNC Preferred Funding Trust II FRS Jr. Sub. Bonds 6.11% due 03/15/12*(7)		83,000		72,625
SunTrust Banks, Inc. Senior Notes 6.00% due 09/11/17		45,000		50,375
SunTrust Banks, Inc. Sub. Notes 6.00% due 02/15/26		13,000		13,253
Wachovia Capital Trust III FRS Ltd. Guar. Notes 5.57% due 07/11/11(7)		83,000		76,816
Wachovia Corp. FRS Senior Notes 0.58% due 06/15/17		85,000		81,401
Wells Fargo & Co. FRS Senior Notes 0.47% due 10/28/15		101,000		99,394
Wells Fargo & Co. FRS Jr. Sub. Bonds 7.98% due 03/15/18(7)		50,000		54,937
				920,063
Broadcast Services/Program — 0.1%
Clear Channel Communications, Inc. Company Guar. Notes 9.00% due 03/01/21*		25,000		25,062
Clear Channel Communications, Inc. Company Guar. Notes 10.75% due 08/01/16		23,000		22,080
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc. Sec. Notes 8.88% due 04/15/17		38,000		41,230
				88,372

Security Description	Principal Amount		Value (Note 2)
Building & Construction Products - Misc. — 0.1%
Building Materials Corp. of America Senior Notes 6.75% due 05/01/21*	$	65,000	$	65,487
Building - Residential/Commercial — 0.1%
Beazer Homes USA, Inc. Senior Notes 9.13% due 05/15/19*		70,000		66,325
Standard Pacific Corp. Sec. Notes 8.38% due 05/15/18		50,000		50,875
				117,200
Cable/Satellite TV — 0.2%
COX Communications, Inc. Notes 7.13% due 10/01/12		40,000		43,157
CSC Holdings LLC Senior Notes 8.63% due 02/15/19		73,000		84,132
Echostar DBS Corp. Company Guar. Notes 7.13% due 02/01/16		52,000		55,510
Echostar DBS Corp. Company Guar. Notes 7.75% due 05/31/15		9,000		9,810
Insight Communications Co., Inc. Senior Notes 9.38% due 07/15/18*		40,000		44,800
TCI Communications, Inc. Senior Bonds 7.13% due 02/15/28		55,000		64,677
				302,086
Capacitors — 0.1%
Kemet Corp. Senior Sec. Notes 10.50% due 05/01/18		65,000		73,287
Casino Hotels — 0.1%
CityCenter Holdings LLC/CityCenter Finance Corp. Sec. Notes 10.75% due 01/15/17*(8)		60,000		67,050
Harrah’s Operating Co., Inc. Senior Sec. Notes 11.25% due 06/01/17		57,000		64,125
MGM Mirage, Inc. Senior Sec. Notes 11.13% due 11/15/17		56,000		64,960
				196,135
Casino Services — 0.0%
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*		26,000		21,450
Cellular Telecom — 0.1%
Cricket Communications, Inc. Company Guar. Notes 7.75% due 10/15/20		50,000		49,500
Nextel Communications, Inc. Company Guar. Notes 7.38% due 08/01/15		71,000		71,444
NII Capital Corp. Company Guar. Notes 7.63% due 04/01/21		75,000		79,593
				200,537

17

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Chemicals - Diversified — 0.1%
EI du Pont de Nemours & Co. FRS Senior Notes 0.73% due 03/25/14	$	50,000	$	50,169
PPG Industries, Inc. Senior Notes 1.90% due 01/15/16		17,000		16,565
PPG Industries, Inc. Senior Notes 3.60% due 11/15/20		73,000		71,451
PPG Industries, Inc. Senior Notes 5.50% due 11/15/40		33,000		33,532
				171,717
Chemicals - Plastics — 0.1%
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC Senior Sec. Notes 8.88% due 02/01/18		125,000		134,219
Chemicals - Specialty — 0.2%
Eastman Chemical Co. Debentures 7.25% due 01/15/24		140,000		168,617
Lubrizol Corp. Company Guar. Bonds 6.50% due 10/01/34		51,000		59,666
				228,283
Coal — 0.2%
Alpha Natural Resources, Inc. Company Guar. Notes 6.00% due 06/01/19		50,000		50,438
Arch Coal, Inc. Company Guar. Notes 8.75% due 08/01/16		32,000		35,600
Consol Energy, Inc. Company Guar. Notes 8.25% due 04/01/20		47,000		52,170
Foresight Energy LLC/Foresight Energy Corp. Company Guar. Notes 9.63% due 08/15/17*		30,000		32,700
James River Escrow, Inc. Senior Notes 7.88% due 04/01/19*		50,000		51,000
Patriot Coal Corp. Company Guar. Notes 8.25% due 04/30/18		70,000		74,287
				296,195
Commercial Services — 0.1%
Ceridian Corp. Company Guar. Notes 11.25% due 11/15/15		90,000		93,262
Computer Services — 0.1%
Affiliated Computer Services, Inc. Senior Notes 5.20% due 06/01/15		45,000		49,469
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*		12,000		12,885
International Business Machines Corp. Senior Notes 6.22% due 08/01/27		120,000		142,291
				204,645

Security Description	Principal Amount		Value (Note 2)
Computers — 0.0%
Hewlett - Packard Co. Senior Notes 4.30% due 06/01/21	$	55,000	$	55,445
Computers - Memory Devices — 0.0%
Spansion LLC Company Guar. Notes 7.88% due 11/15/17*		40,000		40,900
Consulting Services — 0.1%
FTI Consulting, Inc. Company Guar. Notes 6.75% due 10/01/20*		85,000		86,700
Consumer Products - Misc. — 0.2%
American Achievement Corp. Senior Sec. Notes 10.88% due 04/15/16*		25,000		23,437
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC Company Guar. Notes 9.00% due 04/15/19*		80,000		84,900
Tupperware Brands Corp. Company Guar. Notes 4.75% due 06/01/21*		110,000		109,395
				217,732
Containers - Metal/Glass — 0.1%
Ball Corp. Company Guar. Notes 7.38% due 09/01/19		71,000		77,212
Crown Cork & Seal Co., Inc. Senior Notes 7.38% due 12/15/26		74,000		73,815
				151,027
Containers - Paper/Plastic — 0.1%
Berry Plastics Corp. Senior Sec. Notes 9.50% due 05/15/18		46,000		46,805
Graphic Packaging International, Inc. Company Guar. Notes 9.50% due 06/15/17		27,000		30,105
				76,910
Cosmetics & Toiletries — 0.0%
Revlon Consumer Products Corp. Senior Sec. Notes 9.75% due 11/15/15		25,000		27,188
Decision Support Software — 0.1%
PGS Solutions Company Guar. Notes 9.63% due 02/15/15		67,000		67,670
Dialysis Centers — 0.1%
DaVita, Inc. Company Guar. Notes 6.63% due 11/01/20		70,000		71,750
Distribution/Wholesale — 0.1%
American Tire Distributors, Inc. Senior Sec. Notes 9.75% due 06/01/17		40,000		43,200
McJunkin Red Man Corp. Senior Sec. Notes 9.50% due 12/15/16*		80,000		82,400
				125,600

18

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions — 1.3%
Bank of America Corp. FRS Senior Notes 1.69% due 01/30/14	$	60,000	$	60,584
Bank of America Corp. Sub. Notes 5.42% due 03/15/17		1,000		1,052
Bank of America Corp. Senior Notes 6.50% due 08/01/16		189,000		213,797
Citigroup, Inc. Senior Notes 4.59% due 12/15/15		60,000		63,809
Citigroup, Inc. Sub. Notes 5.00% due 09/15/14		171,000		181,634
Citigroup, Inc. Senior Notes 6.00% due 08/15/17		59,000		65,892
Citigroup, Inc. Sub. Notes 6.00% due 10/31/33		65,000		64,988
Goldman Sachs Group, Inc. Sub. Notes 5.63% due 01/15/17		36,000		38,663
Goldman Sachs Group, Inc. Senior Notes 5.95% due 01/18/18		76,000		82,318
JPMorgan Chase & Co. FRS Sub. Notes 1.48% due 09/01/15		578,000		576,576
JPMorgan Chase & Co. Senior Notes 3.45% due 03/01/16		72,000		73,524
JPMorgan Chase & Co. Sub. Notes 6.13% due 06/27/17		114,000		128,728
JPMorgan Chase & Co. FRS Jr. Sub Notes 7.90% due 04/30/18(7)		65,000		71,589
JPMorgan Chase Capital XXIII FRS Ltd. Guar. Bonds 1.26% due 05/15/77		23,000		19,286
Morgan Stanley Senior Notes 5.55% due 04/27/17		211,000		228,021
Nationsbank Corp. Sub. Notes 7.25% due 10/15/25		24,000		26,678
				1,897,139
Diversified Financial Services — 0.7%
Citigroup Capital XXI FRS Company Guar. Bonds 8.30% due 12/21/77		819,000		841,523
General Electric Capital Corp. Senior Notes 4.38% due 09/16/20		95,000		94,658
General Electric Capital Corp. Senior Notes 6.15% due 08/07/37		100,000		107,354
				1,043,535

Security Description	Principal Amount		Value (Note 2)
Diversified Manufacturing Operations — 0.2%
General Electric Co. Senior Notes 5.25% due 12/06/17	$	97,000	$	109,039
Harsco Corp. Senior Notes 2.70% due 10/15/15		124,000		124,558
Pentair, Inc. Company Guar. Notes 5.00% due 05/15/21		110,000		111,112
				344,709
E - Commerce/Services — 0.0%
Expedia, Inc. Company Guar. Notes 8.50% due 07/01/16		55,000		60,225
Electric - Distribution — 0.0%
Oglethorpe Power Corp. 1st. Mtg. Notes 5.38% due 11/01/40		55,000		54,348
Electric - Generation — 0.1%
AES Corp. Senior Notes 8.00% due 10/15/17		74,000		80,012
Electric - Integrated — 0.6%
Cleco Power LLC Senior Notes 6.00% due 12/01/40		57,000		60,221
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/33		99,000		109,453
Duquesne Light Holdings, Inc. Senior Notes 5.90% due 12/01/21*		47,000		47,550
Entergy Louisiana LLC 1st Mtg. Notes 4.80% due 05/01/21		80,000		82,221
Entergy Mississippi, Inc. 1st Mtg. Notes 3.25% due 06/01/16		22,000		22,245
Exelon Corp. Senior Notes 5.63% due 06/15/35		45,000		43,951
Exelon Generation Co. LLC Senior Notes 5.75% due 10/01/41		36,000		35,109
Georgia Power Co. Senior Notes 3.00% due 04/15/16		37,000		37,948
Great Plains Energy, Inc. Notes 4.85% due 06/01/21		33,000		33,576
Mirant Mid - Atlantic LLC Pass Through Certs., Series B 9.13% due 06/30/17		47,405		52,027
Nevada Power Co. Bonds 5.45% due 05/15/41		38,000		38,815
Oncor Electric Delivery Co. LLC Senior Sec. Notes 7.00% due 09/01/22		100,000		120,877
Puget Energy, Inc. Senior Sec. Notes 6.00% due 09/01/21*		156,000		156,000

19

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric - Integrated (continued)
Southern Energy, Inc. Escrow Notes 7.90% due 07/15/09†(3)(4)	$	125,000	$	0
Teco Finance, Inc. Company Guar. Notes 6.57% due 11/01/17		32,000		37,444
				877,437
Electronic Components - Misc. — 0.1%
Jabil Circuit, Inc. Senior Notes 5.63% due 12/15/20		74,000		73,907
Jabil Circuit, Inc. Senior Notes 7.75% due 07/15/16		2,000		2,265
Jabil Circuit, Inc. Senior Notes 8.25% due 03/15/18		49,000		56,473
				132,645
Electronic Components - Semiconductors — 0.1%
Freescale Semiconductor, Inc. Senior Sec. Notes 9.25% due 04/15/18*		21,000		23,415
Freescale Semiconductor, Inc. Senior Sec. Notes 10.13% due 03/15/18*		13,000		14,804
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17		66,000		78,879
				117,098
Finance - Auto Loans — 0.3%
Ford Motor Credit Co. LLC Senior Notes 5.00% due 05/15/18		130,000		128,902
Ford Motor Credit Co. LLC Senior Notes 5.75% due 02/01/21		134,000		135,042
Ford Motor Credit Co. LLC Senior Notes 12.00% due 05/15/15		61,000		77,961
General Motors Financial Co., Inc. Company Guar. Notes 6.75% due 06/01/18*		45,000		45,342
				387,247
Finance - Commercial — 0.1%
Caterpillar Financial Services Corp. Senior Notes 4.25% due 02/08/13		20,000		21,168
Textron Financial Corp. Senior Notes 5.40% due 04/28/13		77,000		81,855
				103,023
Finance - Credit Card — 0.0%
Capital One Capital III Ltd. Guar. Bonds 7.69% due 08/15/36		33,000		33,949
Finance - Investment Banker/Broker — 0.2%
Jefferies Group, Inc. Senior Notes 3.88% due 11/09/15		70,000		71,430

Security Description	Principal Amount		Value (Note 2)
Finance - Investment Banker/Broker (continued)
Jefferies Group, Inc. Senior Notes 5.13% due 04/13/18	$	79,000	$	79,921
Lehman Brothers Holdings Capital Trust VII FRS Ltd. Guar. Notes 0.00% due 05/31/12†(7)(12)(13)		45,000		5
Lehman Brothers Holdings, Inc. Senior Notes 5.50% due 04/04/16†(12)(13)		44,000		11,440
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17†(12)(13)		71,000		35
Lehman Brothers Holdings, Inc. Sub. Notes 7.50% due 05/11/38†(12)(13)		69,000		35
Merrill Lynch & Co., Inc. Sub. Notes 6.05% due 05/16/16		67,000		72,520
Raymond James Financial, Inc. Senior Notes 4.25% due 04/15/16		55,000		56,909
				292,295
Finance - Other Services — 0.0%
SquareTwo Financial Corp. Sec. Notes 11.63% due 04/01/17		55,000		56,719
Financial Guarantee Insurance — 0.1%
Assured Guaranty Municipal Holdings, Inc. FRS Company Guar. Notes 6.40% due 12/15/66*		175,000		138,250
Firearms & Ammunition — 0.0%
FGI Operating Co, Inc. Senior Sec. Notes 10.25% due 08/01/15		32,000		34,480
Food - Canned — 0.0%
Blue Merger Sub, Inc. Company Guar. Notes 7.63% due 02/15/19*		25,000		25,516
Food - Misc. — 0.1%
Kellogg Co. Senior Notes 3.25% due 05/21/18		28,000		28,208
Kraft Foods, Inc. Senior Notes 6.50% due 02/09/40		52,000		58,557
				86,765
Food - Retail — 0.0%
Ahold Finance USA LLC Company Guar. Notes 6.88% due 05/01/29		45,000		51,655
Funeral Services & Related Items — 0.1%
Carriage Services, Inc. Company Guar. Notes 7.88% due 01/15/15		77,000		77,962
Gambling (Non - Hotel) — 0.1%
Downstream Development Authority Senior Sec. Notes 12.00% due 10/15/15*		97,000		105,245

20

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Gas - Distribution — 0.1%
KeySpan Gas East Corp. Senior Bonds 5.82% due 04/01/41*	$	49,000	$	51,901
Southern Union Co. Senior Notes 7.60% due 02/01/24		60,000		70,176
				122,077
Gas - Transportation — 0.0%
Sabine Pass LNG LP Senior Sec. Notes 7.25% due 11/30/13		20,000		20,700
Home Furnishings — 0.0%
Norcraft Cos. LP/Norcraft Finance Corp. Senior Sec. Notes 10.50% due 12/15/15		30,000		31,425
Independent Power Producers — 0.2%
Calpine Corp. Senior Sec. Notes 7.88% due 07/31/20*		65,000		68,900
Calpine Corp. Escrow Notes 8.75% due 07/15/13†(3)(4)		145,000		0
GenOn Energy, Inc. Senior Notes 9.50% due 10/15/18		65,000		68,412
NRG Energy, Inc. Company Guar. Notes 8.25% due 09/01/20		125,000		128,125
				265,437
Insurance Brokers — 0.1%
AON Corp. Senior Notes 3.13% due 05/27/16		103,000		103,499
Insurance - Life/Health — 0.3%
Jefferson - Pilot Corp. Senior Notes 4.75% due 01/30/14		41,000		43,576
Nationwide Financial Services, Inc. Senior Notes 5.90% due 07/01/12		55,000		56,676
Protective Life Corp. Senior Notes 8.45% due 10/15/39		180,000		211,681
Prudential Financial, Inc. Senior Notes 3.00% due 05/12/16		55,000		55,007
Prudential Financial, Inc. Senior Notes 4.50% due 11/15/20		95,000		96,036
				462,976
Insurance - Multi - line — 0.1%
Genworth Financial, Inc. Senior Notes 7.63% due 09/24/21		45,000		46,946
Hartford Financial Services Group, Inc. FRS Jr. Sub. Debentures 8.13% due 06/15/68		55,000		61,600

Security Description	Principal Amount		Value (Note 2)
Insurance - Multi - line (continued)
Metropolitan Life Global Funding I Senior Sec. Notes 2.88% due 09/17/12*	$	90,000	$	92,268
				200,814
Insurance - Mutual — 0.1%
Liberty Mutual Group, Inc. Senior Notes 5.75% due 03/15/14*		60,000		63,969
Insurance - Property/Casualty — 0.0%
Markel Corp. Senior Notes 5.35% due 06/01/21		55,000		54,874
Insurance - Reinsurance — 0.0%
Reinsurance Group of America, Inc. Senior Notes 5.00% due 06/01/21		56,000		56,525
Machinery - Construction & Mining — 0.0%
Caterpillar, Inc. Senior Notes 5.20% due 05/27/41		45,000		45,479
Machinery - Farming — 0.0%
Case New Holland, Inc. Senior Notes 7.88% due 12/01/17*		33,000		36,713
Medical Instruments — 0.0%
Accellent, Inc. Senior Sec. Notes 8.38% due 02/01/17		40,000		42,600
Medical Labs & Testing Services — 0.1%
Quest Diagnostics, Inc. FRS Company Guar. Notes 1.16% due 03/24/14		82,000		82,480
Quest Diagnostics, Inc. Company Guar. Notes 4.70% due 04/01/21		92,000		94,769
				177,249
Medical Products — 0.2%
Becton Dickinson and Co. Senior Notes 7.00% due 08/01/27		76,000		92,994
Johnson & Johnson Senior Notes 4.85% due 05/15/41		90,000		89,296
Universal Hospital Services, Inc. Senior Sec. Notes 8.50% due 06/01/15(8)		70,000		72,450
				254,740
Medical - Biomedical/Gene — 0.1%
Bio - Rad Laboratories, Inc. Senior Sub. Notes 8.00% due 09/15/16		30,000		33,075
Genzyme Corp. Company Guar. Notes 3.63% due 06/15/15		50,000		53,053
				86,128

21

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical - Hospitals — 0.3%
Capella Healthcare, Inc. Company Guar. Notes 9.25% due 07/01/17*	$	46,000	$	49,680
HCA, Inc. Senior Notes 7.50% due 11/15/95		88,000		74,800
HCA, Inc. Senior Sec. Notes 8.50% due 04/15/19		75,000		83,906
IASIS Healthcare LLC/IASIS Capital Corp. Senior Notes 8.38% due 05/15/19*		25,000		25,156
Select Medical Corp. Company Guar. Notes 7.63% due 02/01/15		42,000		42,525
Tenet Healthcare Corp. Senior Notes 9.25% due 02/01/15		100,000		110,000
				386,067
Metal - Aluminum — 0.0%
Alcoa, Inc. Bonds 5.90% due 02/01/27		44,000		45,179
Metal - Copper — 0.0%
Freeport - McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		50,000		54,812
MRI/Medical Diagnostic Imaging — 0.1%
Radnet Management, Inc. Company Guar. Notes 10.38% due 04/01/18		60,000		62,400
Multimedia — 0.4%
Historic TW, Inc. Company Guar. Notes 6.63% due 05/15/29		60,000		66,428
NBC Universal, Inc. Senior Notes 2.88% due 04/01/16*		90,000		90,260
NBC Universal, Inc. Senior Notes 5.15% due 04/30/20*		64,000		68,086
News America, Inc. Company Guar. Notes 6.20% due 12/15/34		105,000		109,051
Time Warner Cos., Inc. Company Guar. Notes 6.95% due 01/15/28		133,000		149,985
Time Warner, Inc. Company Guar. Notes 4.75% due 03/29/21		70,000		71,373
				555,183
Music — 0.0%
WMG Acquisition Corp. Senior Sec. Notes 9.50% due 06/15/16		50,000		53,063
Non - Hazardous Waste Disposal — 0.1%
Republic Services, Inc. Company Guar. Notes 3.80% due 05/15/18		44,000		44,536

Security Description	Principal Amount		Value (Note 2)
Non - Hazardous Waste Disposal (continued)
Republic Services, Inc. Company Guar. Notes 5.70% due 05/15/41	$	36,000	$	36,382
Republic Services, Inc. Notes 6.09% due 03/15/35		95,000		100,941
				181,859
Office Automation & Equipment — 0.3%
CDW Escrow Corp. Senior Notes 8.50% due 04/01/19*		325,000		329,875
CDW LLC/CDW Finance Corp. Company Guar. Notes 11.00% due 10/12/15		3,000		3,225
Xerox Corp. Senior Notes 4.50% due 05/15/21		66,000		65,946
				399,046
Oil Companies - Exploration & Production — 0.5%
Alta Mesa Holdings/Alta Mesa Finance Services Corp. Senior Notes 9.63% due 10/15/18*		30,000		30,675
Carrizo Oil & Gas, Inc. Company Guar. Notes 8.63% due 10/15/18*		40,000		42,500
Chaparral Energy, Inc. Company Guar. Notes 8.25% due 09/01/21		40,000		41,400
Chesapeake Energy Corp. Company Guar. Notes 6.13% due 02/15/21		100,000		101,750
Chesapeake Energy Corp. Company Guar. Notes 6.88% due 08/15/18		125,000		134,687
Denbury Resources, Inc. Company Guar. Notes 6.38% due 08/15/21		5,000		5,063
EV Energy Partners LP/EV Energy Finance Corp. Company Guar. Notes 8.00% due 04/15/19*		40,000		41,600
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 7.63% due 04/15/21*		15,000		15,825
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 7.75% due 11/01/15*		29,000		30,015
Linn Energy LLC/Linn Energy Finance Corp. Senior Notes 8.63% due 04/15/20		55,000		60,225
Milagro Oil & Gas Sec. Notes 10.50% due 05/15/16*		76,000		73,530
Pioneer Natural Resources Co. Senior Notes 7.50% due 01/15/20		13,000		14,764
QEP Resources, Inc. Senior Notes 6.88% due 03/01/21		25,000		26,875
Union Pacific Resources Group, Inc. Senior Bonds 7.15% due 05/15/28		138,000		154,891
				773,800

22

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Field Machinery & Equipment — 0.1%
Cameron International Corp. Senior Notes 4.50% due 06/01/21	$	77,000	$	77,185
Dresser - Rand Group, Inc. Company Guar. Notes 6.50% due 05/01/21*		35,000		36,137
				113,322
Oil - Field Services — 0.1%
Exterran Holdings, Inc. Company Guar. Notes 7.25% due 12/01/18*		15,000		15,450
Helix Energy Solutions Group, Inc. Company Guar. Notes 9.50% due 01/15/16*		20,000		21,200
Key Energy Services, Inc. Company Guar. Notes 6.75% due 03/01/21		15,000		15,188
Oil States International, Inc. Company Guar. Notes 6.50% due 06/01/19*		30,000		30,187
				82,025
Paper & Related Products — 0.1%
Georgia - Pacific LLC Senior Notes 7.75% due 11/15/29		45,000		52,481
Longview Fibre Paper & Packaging, Inc. Senior Sec. Notes 8.00% due 06/01/16*		72,000		73,080
Mercer International, Inc. Company Guar. Notes 9.50% due 12/01/17		30,000		32,888
Verso Paper Holdings LLC/Verso Paper, Inc. Sec. Notes 8.75% due 02/01/19*		28,000		28,000
				186,449
Pharmacy Services — 0.0%
Express Scripts, Inc. Company Guar. Notes 3.13% due 05/15/16		55,000		55,591
Pipelines — 0.7%
CenterPoint Energy Resources Corp. Senior Notes 4.50% due 01/15/21*		123,000		125,110
Copano Energy LLC/Copano Energy Finance Corp. Company Guar. Notes 7.75% due 06/01/18		55,000		57,612
Energy Transfer Equity LP Company Guar. Notes 7.50% due 10/15/20		36,000		39,240
Energy Transfer Partners LP Senior Notes 6.05% due 06/01/41		83,000		83,914
Enterprise Products Operating LLC Company Guar. Notes 5.95% due 02/01/41		120,000		122,864
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 7.88% due 12/15/18*		50,000		50,000
IFM US Colonial Pipeline 2 LLC Senior Sec. Notes 6.45% due 05/01/21*		110,000		117,026

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Kinder Morgan Energy Partners LP Senior Notes 6.38% due 03/01/41	$	9,000	$	9,569
Kinder Morgan Finance Co., LLC Senior Sec. Notes 6.00% due 01/15/18*		86,000		90,085
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. Company Guar. Notes 6.50% due 08/15/21		85,000		85,956
Plains All American Pipeline LP/PAA Finance Corp. Company Guar. Notes 5.63% due 12/15/13		55,000		60,353
Plains All American Pipeline LP/PAA Finance Corp. Company Guar. Notes 6.50% due 05/01/18		72,000		82,632
Regency Energy Partners LP/Regency Energy Finance Corp. Company Guar. Notes 9.38% due 06/01/16		60,000		68,100
				992,461
Real Estate Investment Trusts — 0.3%
BioMed Realty LP Company Guar. Notes 3.85% due 04/15/16		50,000		50,704
Brandywine Operating Partnership LP Company Guar. Notes 4.95% due 04/15/18		50,000		51,373
Brandywine Operating Partnership LP Company Guar. Notes 5.70% due 05/01/17		36,000		39,066
Camden Property Trust Senior Notes 4.63% due 06/15/21		55,000		54,672
DuPont Fabros Technology LP Company Guar. Notes 8.50% due 12/15/17		90,000		99,112
HCP, Inc. Senior Notes 3.75% due 02/01/16		65,000		66,770
HCP, Inc. Senior Notes 5.38% due 02/01/21		66,000		69,281
Sabra Health Care LP/Sabra Capital Corp. Company Guar. Notes 8.13% due 11/01/18		20,000		20,450
				451,428
Real Estate Operations & Development — 0.0%
First Industrial LP Senior Notes 5.75% due 01/15/16		30,000		29,992
Recycling — 0.0%
Aleris International, Inc. Escrow Notes 9.00% due 12/15/14†(3)(4)		60,000		6
Rental Auto/Equipment — 0.0%
RSC Equipment Rental, Inc./RSC Holdings III LLC Company Guar. Notes 8.25% due 02/01/21		25,000		25,813
United Rentals North America, Inc. Company Guar. Notes 8.38% due 09/15/20		25,000		26,000
				51,813

23

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail - Discount — 0.1%
Wal - Mart Stores, Inc. Senior Notes 5.63% due 04/15/41	$	110,000	$	115,324
Retail - Drug Store — 0.2%
CVS Caremark Corp. Senior Notes 6.25% due 06/01/27		170,000		190,210
CVS Pass - Through Trust Company Guar. Notes 5.77% due 01/31/33*		54,582		56,611
Rite Aid Corp. Senior Sec. Notes 10.25% due 10/15/19		60,000		66,900
				313,721
Retail - Jewelry — 0.0%
Claire’s Escrow Corp. Senior Sec.Notes 8.88% due 03/15/19*		35,000		33,600
Retail - Propane Distribution — 0.0%
Inergy LP/Inergy Finance Corp. Senior Notes 6.88% due 08/01/21*		10,000		10,300
Retail - Regional Department Stores — 0.0%
Macy’s Retail Holdings, Inc. Company Guar. Notes 6.90% due 04/01/29		35,000		39,375
Retail - Restaurants — 0.0%
Dave & Buster’s, Inc. Company Guar. Notes 11.00% due 06/01/18		15,000		16,350
Retail - Toy Stores — 0.0%
Toys R Us Property Co. II LLC Senior Sec. Notes 8.50% due 12/01/17		38,000		40,708
Schools — 0.0%
Massachusetts Institute of Technology Notes 5.60% due 07/01/11		45,000		46,860
Seismic Data Collection — 0.0%
Geokinetics Holdings USA, Inc. Senior Sec. Notes 9.75% due 12/15/14		30,000		29,325
Steel - Producers — 0.1%
Ryerson, Inc. Senior Sec. Notes 12.00% due 11/01/15		45,000		48,487
Steel Dynamics, Inc. Company Guar. Notes 7.75% due 04/15/16		28,000		29,715
				78,202
Storage/Warehousing — 0.1%
Mobile Mini, Inc. Company Guar. Notes 7.88% due 12/01/20*		65,000		68,737
Telecom Services — 0.3%
BellSouth Telecommunications, Inc. Senior Notes 6.38% due 06/01/28		84,000		91,503

Security Description	Principal Amount		Value (Note 2)
Telecom Services (continued)
Embarq Corp. Senior Notes 7.08% due 06/01/16	$	68,000	$	77,114
PAETEC Holding Corp. Senior Sec. Notes 8.88% due 06/30/17		65,000		70,525
Qwest Corp. Senior Notes 7.50% due 10/01/14		55,000		62,425
Qwest Corp. Senior Notes 8.88% due 03/15/12		106,000		111,697
				413,264
Telephone - Integrated — 0.4%
AT&T, Inc. Senior Notes 5.35% due 09/01/40		52,000		49,590
CenturyLink, Inc. Senior Notes 6.88% due 01/15/28		50,000		49,357
Cincinnati Bell, Inc. Company Guar. Notes 7.00% due 02/15/15		15,000		15,225
Frontier Communications Corp. Senior Notes 8.13% due 10/01/18		10,000		10,988
Frontier Communications Corp. Senior Notes 8.25% due 04/15/17		10,000		10,975
Frontier Communications Corp. Senior Notes 8.50% due 04/15/20		65,000		71,256
Sprint Capital Corp. Company Guar. Notes 8.75% due 03/15/32		72,000		79,470
Verizon Communications, Inc. Senior Notes 1.95% due 03/28/14		100,000		101,947
Verizon Communications, Inc. Senior Notes 6.35% due 04/01/19		98,000		114,777
				503,585
Tools - Hand Held — 0.0%
Snap - On, Inc. Senior Notes 4.25% due 01/15/18		53,000		55,543
Transport - Air Freight — 0.1%
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class A-1 7.20% due 01/02/19		45,448		46,811
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class B 7.63% due 01/02/15		17,172		15,111
				61,922
Transport - Equipment & Leasing — 0.1%
GATX Corp. Senior Notes 4.85% due 06/01/21		77,000		77,362

24

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Transport - Rail — 0.1%
Burlington Northern Santa Fe LLC Senior Notes 5.40% due 06/01/41	$	63,000	$	63,183
CSX Corp. Senior Notes 5.50% due 04/15/41		45,000		45,063
Norfolk Southern Corp. Senior Notes 6.00% due 05/23/11		45,000		45,605
				153,851
Transport - Services — 0.1%
Bristow Group, Inc. Company Guar. Notes 7.50% due 09/15/17		50,000		52,500
Ryder System, Inc. Senior Notes 3.15% due 03/02/15		39,000		40,190
Ryder System, Inc. Senior Notes 3.60% due 03/01/16		47,000		48,510
				141,200
Web Hosting/Design — 0.3%
Equinix, Inc. Senior Notes 8.13% due 03/01/18		347,000		374,760
Web Portals/ISP — 0.1%
Google, Inc. Senior Notes 2.13% due 05/19/16		7,000		6,992
Google, Inc. Senior Notes 3.63% due 05/19/21		99,000		98,222
				105,214
Wireless Equipment — 0.1%
American Tower Corp. Senior Notes 4.50% due 01/15/18		94,000		94,569
Motorola, Inc. Senior Notes 6.50% due 09/01/25		78,000		87,686
Motorola, Inc. Senior Notes 6.63% due 11/15/37		19,740		22,646
				204,901
Total U.S. CORPORATE BONDS & NOTES
(cost $20,863,193)				21,458,752
FOREIGN CORPORATE BONDS & NOTES — 2.8%
Banks - Commercial — 0.7%
Barclays Bank PLC FRS Jr. Sub. Bonds 5.93% due 12/15/16*(7)		105,000		100,275
Barclays Bank PLC Sub. Notes 6.05% due 12/04/17*		60,000		64,666
Barclays Bank PLC FRS Jr. Sub. Notes 6.86% due 06/15/32*(7)		56,000		54,040
BBVA US Senior SAU FRS Company Guar. Notes 2.39% due 05/16/14		95,000		95,344

Security Description	Principal Amount		Value (Note 2)
Banks - Commercial (continued)
Cooperatieve Centrale Raiffeisen - Boerenleenbank BA Bank Guar. Notes 5.25% due 05/24/41	$	84,000	$	84,638
Credit Suisse AG Sub. Notes 5.40% due 01/14/20		60,000		62,971
Dresdner Bank AG Sub. Notes 7.25% due 09/15/15		66,000		72,185
Groupe BPCE FRS Jr. Sub Notes 3.77% due 06/30/11(7)		102,000		76,498
Intesa Sanpaolo SpA FRS Notes 2.66% due 02/24/14*		60,000		61,458
Nordea Bank AB FRS Jr. Sub. Bonds 8.38% due 03/25/15(7)		36,000		39,600
Rabobank Nederland NV Company Guar. Notes 2.13% due 10/13/15		58,000		57,674
Standard Chartered PLC Senior Notes 3.20% due 05/12/16*		90,000		90,610
Westpac Banking Corp. FRS Jr. Sub. Notes 0.65% due 09/30/11(7)		180,000		113,400
				973,359
Banks - Money Center — 0.1%
Lloyds TSB Bank PLC FRS Senior Notes 2.62% due 01/24/14		57,000		57,985
Lloyds TSB Bank PLC Company Guar. Notes 6.50% due 09/14/20*		59,000		58,709
				116,694
Diversified Banking Institutions — 0.1%
BNP Paribas Bank Guar. Notes 4.80% due 06/24/15*		60,000		64,218
Diversified Manufacturing Operations — 0.1%
Bombardier, Inc. Senior Notes 7.50% due 03/15/18*		75,000		84,000
Diversified Minerals — 0.0%
BHP Billiton Finance USA, Ltd. Company Guar. Notes 6.42% due 03/01/26		46,000		54,311
Finance - Investment Banker/Broker — 0.1%
Macquarie Bank, Ltd. Sub. Notes 6.63% due 04/07/21*		140,000		143,079
Finance - Other Services — 0.0%
UPCB Finance III, Ltd. Senior Sec. Notes 6.63% due 07/01/20*		50,000		49,875
Forestry — 0.0%
Tembec Industries, Inc. Senior Sec. Notes 11.25% due 12/15/18		10,000		11,300

25

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Insurance - Multi - line — 0.2%
Aegon NV FRS Jr. Sub. Notes 3.70% due 07/15/14(7)	$	75,000	$	54,799
Catlin Insurance Co., Ltd. FRS Jr. Sub. Notes 7.25% due 01/19/17*(7)		80,000		76,800
XL Capital, Ltd. Senior Notes 5.25% due 09/15/14		92,000		99,507
XL Capital, Ltd. Senior Notes 6.38% due 11/15/24		60,000		63,592
				294,698
Insurance - Reinsurance — 0.1%
Validus Holdings, Ltd. Senior Notes 8.88% due 01/26/40		60,000		65,382
Medical - Drugs — 0.1%
AstraZeneca PLC Senior Notes 5.90% due 09/15/17		85,000		99,558
Sanofi - Aventis SA Senior Notes 4.00% due 03/29/21		50,000		50,443
				150,001
Medical - Generic Drugs — 0.0%
Teva Pharmaceutical Finance III BV FRS Company Guar. Notes 0.81% due 03/21/14		60,000		60,185
Oil & Gas Drilling — 0.0%
Transocean, Inc. Senior Notes 6.00% due 03/15/18		55,000		61,233
Oil Companies - Exploration & Production — 0.1%
EnCana Corp. Bonds 6.50% due 08/15/34		25,000		27,984
Nexen, Inc. Senior Notes 7.50% due 07/30/39		90,000		105,397
OPTI Canada, Inc. Senior Sec. Notes 7.88% due 12/15/14		25,000		12,312
				145,693
Oil Companies - Integrated — 0.5%
BP Capital Markets PLC Company Guar. Notes 3.13% due 10/01/15		82,000		83,983
BP Capital Markets PLC Company Guar. Notes 3.88% due 03/10/15		120,000		126,769
BP Capital Markets PLC Company Guar. Notes 4.74% due 03/11/21		110,000		113,829
ConocoPhillips Canada Funding Co. I Notes 5.63% due 10/15/16		85,000		98,674
Norsk Hydro A/S Company Guar. Notes 7.15% due 11/15/25		178,000		222,933

Security Description	Principal Amount		Value (Note 2)
Oil Companies - Integrated (continued)
Petroleos Mexicanos Company Guar. Notes 6.50% due 06/02/41*	$	80,000	$	80,464
				726,652
Paper & Related Products — 0.1%
PE Paper Escrow GmbH Senior Sec. Notes 12.00% due 08/01/14*		27,000		31,117
Sappi Papier Holding GmbH Senior Sec. Notes 6.63% due 04/15/21*		80,000		81,000
				112,117
Pipelines — 0.1%
TransCanada Pipelines, Ltd. FRS Jr. Sub. Notes 6.35% due 05/15/67		94,000		96,017
Semiconductor Equipment — 0.0%
Sensata Technologies BV Sec. Notes 6.50% due 05/15/19*		50,000		50,563
Special Purpose Entity — 0.1%
SMFG Preferred Capital, Ltd. FRS Jr. Sub. Notes 6.08% due 01/25/17*(7)		101,000		101,505
Steel - Producers — 0.0%
Essar Steel Algoma, Inc. Senior Sec. Notes 9.38% due 03/15/15*		45,000		45,506
SupraNational Banks — 0.0%
Asian Development Bank Senior Bonds 5.82% due 06/16/28		39,000		45,303
Telephone - Integrated — 0.4%
Deutsche Telekom International Finance BV Company Guar. Notes 3.13% due 04/11/16*		204,000		208,215
Telecom Italia Capital SA Company Guar. Bonds 5.25% due 10/01/15		97,000		102,805
Telecom Italia Capital SA Company Guar. Notes 7.18% due 06/18/19		80,000		90,837
Telefonica Emisiones SAU FRS Company Guar. Notes 0.60% due 02/04/13		115,000		114,130
Telefonica Emisiones SAU Company Guar. Notes 3.99% due 02/16/16		55,000		56,311
				572,298
Total Foreign Corporate Bonds & Notes
(cost $3,887,712)				4,023,989
MUNICIPAL BONDS & NOTES — 0.0%
Municipal Bonds — 0.0%
Texas State Transportation Commission Revenue Bonds Series B 5.18% due 04/01/30 (cost $25,000)		25,000		26,177

26

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 11.9%
Federal Home Loan Mtg. Corp. — 7.0%
4.50% due 01/01/39	$	67,062	$	69,787
4.50% due 12/01/39		1,269,793		1,324,578
5.00% due 10/01/33		12,587		13,478
5.00% due 07/01/35		58,224		62,228
5.00% due 01/01/37		113,294		120,802
5.00% due 03/01/38		148,892		158,619
5.00% due 09/01/38		646,787		688,841
5.50% due 01/01/36		961,100		1,046,980
5.50% due 08/01/37		17,150		18,610
5.50% due 09/01/37		202,953		220,232
5.50% due 10/01/37		278,927		302,674
5.50% due 01/01/38		72,854		79,114
5.50% due 07/01/38		82,515		89,540
5.50% due 01/01/40		2,944,707		3,207,494
6.00% due 08/01/36		218,653		241,314
6.00% due 02/01/39		740,456		814,949
6.00% due 04/01/40		830,341		913,878
6.50% due 12/01/28		139,321		158,363
6.50% due 11/01/33		9,584		10,860
6.50% due 05/01/36		2,406		2,716
7.00% due 06/01/32		45,229		52,345
7.50% due 04/01/31		58,806		68,366
8.00% due 04/01/30		9,479		11,235
8.00% due 07/01/30		63		75
8.00% due 12/01/30		28,883		34,232
Federal Home Loan Mtg. Corp. REMIC Series 3841, Class PA 5.00% due 12/15/40		395,596		431,955
				10,143,265
Federal National Mtg. Assoc. — 4.8%
4.50% due 10/01/24		364,196		386,932
4.50% due 01/01/25		1,218,909		1,301,477
4.50% due 03/01/25		432,973		459,732
4.50% due 05/01/25		398,325		422,942
4.50% due 07/01/25		542,923		576,477
4.50% due 01/01/39		106,149		110,544
5.00% due 03/15/16		74,000		84,956
5.00% due 11/01/33		14,703		15,752
5.00% due 07/01/40		1,860,594		1,984,131
5.50% due 03/01/18		13,415		14,577
5.50% due 11/01/22		75,712		82,157
5.50% due 05/01/34		242,932		264,770
5.50% due 03/01/35		268,595		292,488
6.00% due 05/01/17		49,098		53,764
6.00% due 12/01/33		128,552		142,659
6.00% due 10/01/36		60,702		66,984
6.50% due 02/01/17		32,113		35,305
6.50% due 08/01/31		45,744		51,930
6.50% due 07/01/32		69,906		79,360
6.50% due 07/01/36		89,025		100,661
7.00% due 09/01/31		35,969		41,499
7.50% due 06/01/15		9,568		10,575
Federal National Mtg. Assoc. REMIC Series 2011-38, Class D 4.50% due 05/25/41		398,137		427,398
				7,007,070
Government National Mtg. Assoc. — 0.1%
6.00% due 02/15/29		3,824		4,294
6.00% due 04/15/29		22,271		25,012
6.00% due 06/15/29		20,710		23,242
6.50% due 02/15/29		58,855		67,059
				119,607

Security Description	Principal Amount			Value (Note 2)
Tennessee Valley Authority — 0.0%
3.88% due 02/15/21	$	50,000		$	51,988
Total U.S. Government Agencies
(cost $16,840,963)					17,321,930
U.S. GOVERNMENT TREASURIES — 4.4%
United States Treasury Bonds — 0.5%
2.13% due 02/15/40 TIPS(9)		136,433			146,708
3.88% due 08/15/40		79,000			74,346
4.25% due 11/15/40		274,000			275,199
4.75% due 02/15/41		169,000			184,500
					680,753
United States Treasury Notes — 3.9%
1.38% due 11/30/15		18,000			17,933
1.75% due 01/31/14		500,000			514,375
2.00% due 04/30/16		490,000			498,075
2.13% due 11/30/14		136,000			141,249
2.13% due 12/31/15		576,000			592,065
2.13% due 02/29/16		500,000			512,695
2.25% due 05/31/14		512,000			534,200
2.63% due 08/15/20		350,000			341,168
2.63% due 11/15/20		223,000			216,258
3.00% due 02/28/17		162,000			171,226
3.50% due 05/15/20		250,000			262,793
3.63% due 02/15/21		721,000			758,233
3.75% due 11/15/18		1,000,000			1,088,672
					5,648,942
Total U.S. Government Treasuries
(cost $6,243,997)					6,329,695
Total Long - Term Investment Securities
(cost $122,847,080)					134,145,248
SHORT-TERM INVESTMENT SECURITIES — 7.5%
Time Deposits — 7.4%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11		10,777,000			10,777,000
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.07% due 06/23/11(11)		150,000			149,994
Total Short-Term Investment Securities
(cost $10,926,994)					10,926,994
TOTAL INVESTMENTS
(cost $133,774,074)(10)		100.0	%		145,072,242
Liabilities in excess of other assets		0.0			(23,265	)
NET ASSETS —		100.0	%	$	145,048,977

† 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 May 31, 2011, the aggregate value of these securities was $7,374,388 representing 5.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Security was valued using fair value procedures at May 31, 2011. The aggregate value of these securities was $90,890 representing 0.1% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflects the increased rate.

(3) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

27

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

(4) Illiquid security. At May 31, 2011, the aggregate value of these securities was $2,796 representing 0.0% of net assets.

(5) Commercial Mortgage Backed Security

(6) Collateralized Mortgage Obligation

(7) Perpetual maturity - maturity date reflects the next call date.

(8) Income may be received in cash or additional bonds at the discretion of the issuer.

(9) Principal amount of security is adjusted for inflation.

(10) See Note 5 for cost of investments on a tax basis.

(11) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(12) Bond in default

(13) Company has filed Chapter 11 bankruptcy protection.

TIPS—Treasury Inflation Protected Securities

FRS—Floating Rate Securities

VRS—Variable Rate Securities

The rates shown on FRS and VRS are the current interest rates at May 31, 2011 and unless noted otherwise, the dates shown are the original maturity dates.

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of May 31, 2011		Unrealized Appreciation (Depreciation)
	31	Long	S&P 500 E-Mini Index		June 2011	$	1,976,885	$	2,083,045	$	106,160

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock	$	71,457,810	$	90,890	#	$	—	$	71,548,700
Exchange Traded Funds		5,616,617		—			—		5,616,617
Preferred Stock		1,275,402		—			—		1,275,402
Warrants		—		—			2,790		2,790
Asset Backed Securities		—		6,541,196			—		6,541,196
U.S. Corporate Bonds & Notes		—		21,344,797			113,955		21,458,752
Foreign Corporate Bonds & Notes		—		4,023,989			—		4,023,989
Municipal Bonds & Notes		—		26,177			—		26,177
U.S. Government Agencies		—		17,321,930			—		17,321,930
U.S. Government Treasuries		—		6,329,695			—		6,329,695
Short-Term Investment Securities:		—
Time Deposit		—		10,777,000			—		10,777,000
U.S. Government Treasuries		—		149,994			—		149,994
Other Financial Instruments:+
Open Futures Contracts - Appreciation		106,160		—			—		106,160
Total	$	78,455,989	$	66,605,668		$	116,745	$	145,178,402

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $90,890 representing 0.1% of net assets. See Note 2.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

28

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:

	Warrants		Convertible Bonds & Notes			U.S. Corporate Bonds & Notes
Balance as of 5/31/2010	$	0	$	16,000		$	226,880
Accrued discounts/premiums		—		—			891
Realized gain (loss)		—		—			1,884
Change in unrealized appreciation (depreciation)(1)		2,790		4,000			12,953
Net purchases (sales)		0		(20,000	)		(180,686	)
Transfers in and/or out of Level 3(2)		—		—			52,033
Balance as of 5/31/2011	$	2,790	$	—		$	113,955

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at May 31, 2011 includes:

Warrants		Convertible Bonds & Notes		U.S. Corporate Bonds & Notes
$	2,790	$	—	$	12,953

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

29

VALIC Company I Blue Chip Growth Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Computers	7.1	%
Collective Investment Pool	6.9
Web Portals/ISP	6.4
Diversified Manufacturing Operations	6.2
Wireless Equipment	4.4
E-Commerce/Products	4.4
Oil — Field Services	3.8
Investment Management/Advisor Services	3.7
Commercial Services — Finance	3.3
E-Commerce/Services	3.1
Industrial Gases	3.0
Retail — Restaurants	2.9
Oil Companies — Exploration & Production	2.8
Medical — Wholesale Drug Distribution	2.3
Hotels/Motels	2.1
Distribution/Wholesale	1.9
Transport — Services	1.9
Pharmacy Services	1.9
Electronic Components — Semiconductors	1.8
Computer Services	1.5
Medical — Biomedical/Gene	1.5
Apparel Manufacturers	1.5
Transport — Rail	1.5
Metal Processors & Fabrication	1.5
Diversified Banking Institutions	1.4
Aerospace/Defense — Equipment	1.3
Internet Application Software	1.2
Multimedia	1.2
Networking Products	1.2
Cruise Lines	1.2
Finance — Credit Card	1.2
Computers — Memory Devices	1.1
Finance — Other Services	1.0
Registered Investment Companies	1.0
Medical Products	0.9
Medical — Drugs	0.9
Oil Field Machinery & Equipment	0.9
Telecom Equipment — Fiber Optics	0.9
Casino Hotels	0.9
Athletic Footwear	0.9
Coal	0.8
Retail — Auto Parts	0.8
Agricultural Chemicals	0.8
Retail — Bedding	0.7
Auto/Truck Parts & Equipment — Original	0.7
Banks — Super Regional	0.6
Electric Products — Misc.	0.6
Broadcast Services/Program	0.6
Real Estate Management/Services	0.5
Machinery — Construction & Mining	0.5
Insurance — Life/Health	0.5
Social Networking	0.4
Machinery — Farming	0.4
Advertising Agencies	0.4
Instruments — Scientific	0.4
Banks — Fiduciary	0.4
Tools — Hand Held	0.4
Applications Software	0.3
Finance — Investment Banker/Broker	0.3
Retail — Jewelry	0.3
Medical Instruments	0.2
Machinery — General Industrial	0.2
Oil Companies — Integrated	0.2
Food — Retail	0.2
Aerospace/Defense	0.2
Data Processing/Management	0.1
Computer Aided Design	0.1
Engineering/R&D Services	0.1
Engines — Internal Combustion	0.1

Beverages — Non-alcoholic	0.1
Metal — Copper	0.1
Medical — HMO	0.1
Retail — Discount	0.1
Medical Information Systems	0.1
	106.9	%

* Calculated as a percentage of net assets

30

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 99.0%
Advertising Agencies — 0.4%
Omnicom Group, Inc.#		39,900	$	1,866,123
Aerospace/Defense — 0.2%
Boeing Co.		10,300		803,709
Aerospace/Defense - Equipment — 1.3%
United Technologies Corp.		67,600		5,933,252
Agricultural Chemicals — 0.8%
Monsanto Co.		9,400		667,776
Mosaic Co.		1,700		120,445
Potash Corp. of Saskatchewan, Inc.		45,100		2,552,660
				3,340,881
Apparel Manufacturers — 1.5%
Coach, Inc.		67,500		4,297,050
Polo Ralph Lauren Corp.#		17,200		2,180,444
				6,477,494
Applications Software — 0.3%
Intuit, Inc.†		15,300		825,741
Microsoft Corp.		3,330		83,283
Salesforce.com, Inc.†		3,700		563,362
				1,472,386
Athletic Footwear — 0.9%
NIKE, Inc., Class B		46,100		3,893,145
Auto - Cars/Light Trucks — 0.0%
General Motors Co.†		3,700		117,697
Auto/Truck Parts & Equipment - Original — 0.7%
Johnson Controls, Inc.		74,300		2,942,280
Banks - Fiduciary — 0.4%
Northern Trust Corp.#		13,900		678,181
State Street Corp.		23,600		1,080,172
				1,758,353
Banks - Super Regional — 0.6%
PNC Financial Services Group, Inc.		1,500		93,630
US Bancorp		61,100		1,564,160
Wells Fargo & Co.		40,500		1,148,985
				2,806,775
Beverages - Non - alcoholic — 0.1%
Coca - Cola Co.		4,400		293,964
PepsiCo, Inc.		940		66,853
				360,817
Brewery — 0.0%
Anheuser - Busch InBev NV(1)		1,800		108,745
Broadcast Services/Program — 0.6%
Discovery Communications, Inc., Class C†		68,650		2,665,679
Casino Hotels — 0.9%
Las Vegas Sands Corp.†		70,000		2,907,800
Wynn Resorts, Ltd.		7,200		1,054,944
				3,962,744
Coal — 0.8%
Peabody Energy Corp.		59,500		3,650,920
Coatings/Paint — 0.0%
Sherwin - Williams Co.#		1,600		140,544
Commercial Services - Finance — 3.3%
Automatic Data Processing, Inc.		3,900		214,929
Mastercard, Inc., Class A		28,700		8,238,335
Visa, Inc., Class A		62,100		5,033,826

Security Description	Shares		Value (Note 2)
Commercial Services - Finance (continued)
Western Union Co.		56,300	$	1,157,528
				14,644,618
Computer Aided Design — 0.1%
Autodesk, Inc.†		12,300		528,654
Computer Services — 1.5%
Accenture PLC, Class A		84,100		4,826,499
International Business Machines Corp.		11,900		2,010,267
				6,836,766
Computers — 7.1%
Apple, Inc.†		90,900		31,617,747
Hewlett - Packard Co.		1,000		37,380
				31,655,127
Computers - Memory Devices — 1.1%
EMC Corp.†		170,200		4,845,594
NetApp, Inc.†		2,300		125,971
				4,971,565
Cosmetics & Toiletries — 0.0%
Procter & Gamble Co.		876		58,692
Cruise Lines — 1.2%
Carnival Corp.#		134,600		5,223,826
Data Processing/Management — 0.1%
Fiserv, Inc.†		9,900		638,748
Distribution/Wholesale — 1.9%
Fastenal Co.#		142,000		4,711,560
Fossil, Inc.†		11,700		1,238,328
WW Grainger, Inc.#		16,700		2,522,869
				8,472,757
Diversified Banking Institutions — 1.4%
Credit Suisse Group AG†(1)		3,800		163,548
Goldman Sachs Group, Inc.		9,000		1,266,570
JPMorgan Chase & Co.		105,000		4,540,200
				5,970,318
Diversified Manufacturing Operations — 6.2%
3M Co.		65,000		6,134,700
Danaher Corp.		294,580		16,063,447
Eaton Corp.		15,900		821,553
Honeywell International, Inc.		70,800		4,216,140
Illinois Tool Works, Inc.		5,700		326,724
				27,562,564
E - Commerce/Products — 4.4%
Amazon.com, Inc.†		99,300		19,531,317
E - Commerce/Services — 3.1%
eBay, Inc.†		115,140		3,588,914
Liberty Media Corp. - Interactive, Class A†		163,300		2,973,693
Netflix, Inc.†		900		243,720
priceline.com, Inc.†		13,100		6,748,989
				13,555,316
Electric Products - Misc. — 0.6%
Emerson Electric Co.		51,000		2,782,050
Electronic Components - Semiconductors — 1.8%
Altera Corp.		27,600		1,327,284
Broadcom Corp., Class A†		101,600		3,655,568
Xilinx, Inc.#		88,630		3,162,318
				8,145,170

31

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Engineering/R&D Services — 0.1%
McDermott International, Inc.†		22,400	$	475,328
Engines - Internal Combustion — 0.1%
Cummins, Inc.		3,800		399,912
Finance - Credit Card — 1.2%
American Express Co.		99,200		5,118,720
Finance - Investment Banker/Broker — 0.3%
Charles Schwab Corp.		44,300		797,843
TD Ameritrade Holding Corp.#		29,000		624,950
				1,422,793
Finance - Other Services — 1.0%
CME Group, Inc.		200		57,152
IntercontinentalExchange, Inc.†		28,700		3,462,655
NYSE Euronext#		27,600		1,004,916
				4,524,723
Food - Retail — 0.2%
Whole Foods Market, Inc.		14,300		874,588
Hotels/Motels — 2.1%
Marriott International, Inc., Class A#		143,390		5,421,576
Starwood Hotels & Resorts Worldwide, Inc.		62,900		3,835,642
				9,257,218
Industrial Gases — 3.0%
Air Products & Chemicals, Inc.		34,300		3,261,587
Praxair, Inc.		94,600		10,012,464
				13,274,051
Instruments - Scientific — 0.4%
Thermo Fisher Scientific, Inc.†		28,400		1,858,780
Insurance Brokers — 0.0%
Marsh & McLennan Cos., Inc.		4,400		134,948
Insurance - Life/Health — 0.5%
Prudential Financial, Inc.		34,700		2,213,166
Internet Application Software — 1.2%
Tencent Holdings, Ltd.(1)		185,200		5,343,361
Investment Management/Advisor Services — 3.7%
Ameriprise Financial, Inc.		32,840		2,010,793
Franklin Resources, Inc.		82,100		10,638,518
Invesco, Ltd.		148,600		3,665,962
				16,315,273
Machinery - Construction & Mining — 0.5%
Caterpillar, Inc.		10,300		1,089,740
Joy Global, Inc.		13,100		1,174,415
				2,264,155
Machinery - Farming — 0.4%
Deere & Co.		22,500		1,936,800
Machinery - General Industrial — 0.2%
Roper Industries, Inc.#		11,600		968,252
Medical Information Systems — 0.1%
Cerner Corp.†		1,800		216,180
Medical Instruments — 0.2%
Edwards Lifesciences Corp.†#		10,500		931,665
Intuitive Surgical, Inc.†		400		139,600
				1,071,265
Medical Products — 0.9%
Stryker Corp.		65,400		4,080,960

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene — 1.5%
Alexion Pharmaceuticals, Inc.†		5,800	$	275,036
Amgen, Inc.†		5,800		351,132
Biogen Idec, Inc.†		6,600		625,218
Celgene Corp.†		72,900		4,440,339
Vertex Pharmaceuticals, Inc.†		17,500		944,825
				6,636,550
Medical - Drugs — 0.9%
Allergan, Inc.		42,800		3,540,844
Shire PLC ADR#		4,900		468,391
				4,009,235
Medical - HMO — 0.1%
UnitedHealth Group, Inc.		6,200		303,490
Medical - Wholesale Drug Distribution — 2.3%
Cardinal Health, Inc.		63,300		2,875,086
McKesson Corp.		88,000		7,533,680
				10,408,766
Metal Processors & Fabrication — 1.5%
Precision Castparts Corp.		40,900		6,425,390
Metal - Copper — 0.1%
Freeport - McMoRan Copper & Gold, Inc.		6,600		340,824
Multimedia — 1.2%
Time Warner, Inc.		13,300		484,519
Walt Disney Co.		116,300		4,841,569
				5,326,088
Networking Products — 1.2%
Juniper Networks, Inc.†		142,870		5,230,471
Oil Companies - Exploration & Production — 2.8%
Cimarex Energy Co.		9,900		949,707
Concho Resources, Inc.†		16,800		1,589,448
EOG Resources, Inc.		39,100		4,267,374
EQT Corp.		16,100		872,298
Occidental Petroleum Corp.		27,200		2,933,520
Range Resources Corp.#		30,600		1,711,152
				12,323,499
Oil Companies - Integrated — 0.2%
Exxon Mobil Corp.		2,800		233,716
Suncor Energy, Inc.#		16,000		670,400
				904,116
Oil Field Machinery & Equipment — 0.9%
Cameron International Corp.†		34,900		1,663,334
FMC Technologies, Inc.†#		52,500		2,343,075
				4,006,409
Oil - Field Services — 3.8%
Baker Hughes, Inc.		18,400		1,360,312
Halliburton Co.		75,500		3,786,325
Schlumberger, Ltd.		135,700		11,632,204
				16,778,841
Pharmacy Services — 1.9%
Express Scripts, Inc.†#		139,100		8,284,796
Real Estate Management/Services — 0.5%
CB Richard Ellis Group, Inc., Class A†#		90,700		2,397,201
Retail - Auto Parts — 0.8%
O’Reilly Automotive, Inc.†#		55,700		3,348,127

32

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail - Automobile — 0.0%
CarMax, Inc.†#		2,700	$	80,082
Retail - Bedding — 0.7%
Bed Bath & Beyond, Inc.†		59,700		3,217,233
Retail - Discount — 0.1%
Costco Wholesale Corp.		900		74,232
Dollar Tree, Inc.†		3,150		200,781
				275,013
Retail - Drug Store — 0.0%
Walgreen Co.		3,000		130,890
Retail - Jewelry — 0.3%
Tiffany & Co.#		16,300		1,233,258
Retail - Regional Department Stores — 0.0%
Kohl’s Corp.		3,400		181,016
Retail - Restaurants — 2.9%
Chipotle Mexican Grill, Inc.†#		5,800		1,676,606
McDonald’s Corp.		52,100		4,248,234
Starbucks Corp.		190,000		6,990,100
				12,914,940
Semiconductor Components - Integrated Circuits — 0.0%
Marvell Technology Group, Ltd.†		1,400		22,736
Social Networking — 0.4%
Facebook, Inc., Class B†(3)(5)(6)		68,686		1,946,925
Telecom Equipment - Fiber Optics — 0.9%
Corning, Inc.		197,200		3,973,580
Tools - Hand Held — 0.4%
Stanley Black & Decker, Inc.		20,700		1,529,316
Toys — 0.0%
Hasbro, Inc.#		1,000		45,740
Mattel, Inc.		2,700		71,267
				117,007
Transport - Rail — 1.5%
Norfolk Southern Corp.		2,400		175,944
Union Pacific Corp.		59,700		6,266,709
				6,442,653
Transport - Services — 1.9%
Expeditors International of Washington, Inc.		47,500		2,508,950
FedEx Corp.		62,700		5,871,228
				8,380,178
Web Portals/ISP — 6.4%
Baidu, Inc. ADR†		66,700		9,051,857
Google, Inc., Class A†		36,300		19,203,426
				28,255,283
Wireless Equipment — 4.4%
American Tower Corp., Class A†		148,500		8,238,780
QUALCOMM, Inc.		192,920		11,303,183
				19,541,963
Total Long-Term Investment Securities
(cost $318,650,406)				439,595,381

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 7.9%
Collective Investment Pool — 6.9%
Securities Lending Quality Trust(2)		30,779,315		$	30,752,767
Registered Investment Companies — 1.0%
T. Rowe Price Reserve Investment Fund		4,335,665			4,335,665
Total Short-Term Investment Securities
(cost $35,114,980)					35,088,432
TOTAL INVESTMENTS
(cost $353,765,386)(4)		106.9	%		474,683,813
Liabilities in excess of other assets		(6.9	)		(30,591,823	)
NET ASSETS —		100.0	%	$	444,091,990

# 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 May 31, 2011. The aggregate value of these securities was $5,615,654 representing 1.3% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) The security is purchased with cash collateral received from securities loaned (see Note 2).

(3) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

(4) See Note 5 for cost of investments on a tax basis.

(5) Illiquid security. At May 31, 2011, the aggregate value of these securities was $1,946,925 representing 0.4% of net assets.

(6) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the” 1933 Act”): (b) is subject to a contractual restriction of public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2011, the Blue Chip Growth Fund held the following restricted securities:

Name	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Facebook, Inc., Class B Common Stock	03/31/2011		59,883	$	1,497,075
	05/19/2011		2,897		72,425
	05/19/2011		5,906		148,063
			68,686	$	1,717,563	$	1,946,925	$	28.35		0.44	%

ADR—American Depository Receipt

33

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Computers	$	31,655,127	$	—		$	—	$	31,655,127
Diversified Manufacturing Operations		27,562,564		—			—		27,562,564
Web Portals/ISP		28,255,283		—			—		28,255,283
Other Industries*		344,559,828		5,615,654	#		1,946,925		352,122,407
Short-Term Investment Securities:
Collective Investment Pool		—		30,752,767			—		30,752,767
Registered Investment Companies		—		4,335,665			—		4,335,665
Total	$	432,032,802	$	40,704,086		$	1,946,925	$	474,683,813

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $5,615,654 representing 1.3% of net assets. See Note 2.

The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:

	Common Stock
Balance as of 5/31/2010	$	0
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)(1)		229,362
Net purchases (sales)		1,717,563
Transfers in and/or out of Level 3(2)		—
Balance as of 5/31/2011	$	1,946,925

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at May 31, 2011 includes:

Common Stock
$	229,362

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

34

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Banks — Super Regional	7.3	%
Diversified Manufacturing Operations	6.3
Oil Companies — Integrated	6.1
Tobacco	5.9
Medical — HMO	5.8
Time Deposits	4.3
Diversified Banking Institutions	3.6
Electric — Integrated	3.4
Finance — Credit Card	3.0
Electronic Components — Semiconductors	2.7
Tools — Hand Held	2.4
Medical Products	2.4
Medical — Drugs	2.4
Finance — Consumer Loans	2.1
Telephone — Integrated	2.1
Computer Services	2.1
Oil Companies — Exploration & Production	2.0
Pipelines	2.0
Electric Products — Misc.	1.9
Real Estate Investment Trusts	1.8
Cruise Lines	1.8
Electronics — Military	1.7
Aerospace/Defense	1.4
Medical Instruments	1.4
Applications Software	1.3
Containers — Paper/Plastic	1.3
Insurance Brokers	1.3
Oil & Gas Drilling	1.3
Casino Services	1.2
Building Products — Wood	1.1
Banks — Fiduciary	1.1
Apparel Manufacturers	1.1
Insurance — Multi-line	1.1
Gas — Distribution	1.1
Aerospace/Defense — Equipment	1.0
Pharmacy Services	1.0
Commercial Services — Finance	0.9
Office Automation & Equipment	0.9
Computers	0.9
Retail — Drug Store	0.8
Investment Management/Advisor Services	0.8
Beverages — Wine/Spirits	0.8
Medical — Wholesale Drug Distribution	0.8
Savings & Loans/Thrifts	0.7
Chemicals — Diversified	0.7
Cellular Telecom	0.6
Data Processing/Management	0.6
Semiconductor Equipment	0.5
Insurance — Property/Casualty	0.4
Home Decoration Products	0.3
Retail — Apparel/Shoe	0.1
	99.6	%

* Calculated as a percentage of net assets

35

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 95.3%
Aerospace/Defense — 1.4%
Raytheon Co.		8,000	$	403,040
Aerospace/Defense-Equipment — 1.0%
Goodrich Corp.		3,400		296,786
Apparel Manufacturers — 1.1%
Hanesbrands, Inc.†		10,100		306,131
Applications Software — 1.3%
Microsoft Corp.		15,600		390,156
Banks - Fiduciary — 1.1%
State Street Corp.		6,700		306,659
Banks - Super Regional — 7.3%
Capital One Financial Corp.		14,700		798,798
Fifth Third Bancorp		22,000		287,320
PNC Financial Services Group, Inc.		10,600		661,652
Wells Fargo & Co.		13,200		374,484
				2,122,254
Beverages - Wine/Spirits — 0.8%
Diageo PLC ADR		2,800		238,252
Building Products - Wood — 1.1%
Masco Corp.		22,700		323,475
Casino Services — 1.2%
International Game Technology		20,700		356,868
Cellular Telecom — 0.6%
Vodafone Group PLC ADR		6,700		187,801
Chemicals - Diversified — 0.7%
E.I. du Pont de Nemours & Co.		3,600		191,880
Commercial Services - Finance — 0.9%
Western Union Co.		13,000		267,280
Computer Services — 2.1%
Computer Sciences Corp.		4,200		167,538
International Business Machines Corp.		2,600		439,218
				606,756
Computers — 0.9%
Hewlett - Packard Co.		6,700		250,446
Containers - Paper/Plastic — 1.3%
Sealed Air Corp.		14,400		369,792
Cruise Lines — 1.8%
Carnival Corp.		7,900		306,599
Royal Caribbean Cruises, Ltd.†		5,400		210,600
				517,199
Data Processing/Management — 0.6%
Dun & Bradstreet Corp.		2,300		184,483
Diversified Banking Institutions — 3.6%
Bank of America Corp.		27,851		327,249
Citigroup, Inc.		8,630		355,125
JPMorgan Chase & Co.		8,200		354,568
				1,036,942
Diversified Manufacturing Operations — 6.3%
Eaton Corp.		5,400		279,018
General Electric Co.		14,700		288,708
Honeywell International, Inc.		7,100		422,805
Illinois Tool Works, Inc.		7,900		452,828
ITT Corp.		3,600		207,432
SPX Corp.		2,100		174,111
				1,824,902

Security Description	Shares		Value (Note 2)
Electric Products - Misc. — 1.9%
Emerson Electric Co.		4,800	$	261,840
Molex, Inc.		10,900		298,333
				560,173
Electric - I ntegrated — 3.4%
Dominion Resources, Inc.		4,000		190,880
Entergy Corp.		2,500		170,375
MDU Resources Group, Inc.		7,850		185,495
Pinnacle West Capital Corp.		4,600		208,196
Xcel Energy, Inc.		8,900		220,186
				975,132
Electronic Components - Semiconductors — 2.7%
Intel Corp.		14,400		324,144
Microchip Technology, Inc.		6,300		249,039
Texas Instruments, Inc.		5,950		210,035
				783,218
Electronics - Military — 1.7%
L-3 Communications Holdings, Inc.		6,200		506,230
Finance - Consumer Loans — 2.1%
SLM Corp.		35,700		608,328
Finance - Credit Card — 3.0%
American Express Co.		9,700		500,520
Discover Financial Services		15,700		374,288
				874,808
Gas - Distribution — 1.1%
CenterPoint Energy, Inc.		15,800		305,414
Home Decoration Products — 0.3%
Newell Rubbermaid, Inc.		5,300		94,393
Insurance Brokers — 1.3%
Willis Group Holdings PLC		8,800		365,200
Insurance - Multi-line — 1.1%
XL Group PLC		12,920		305,687
Insurance - Property/Casualty — 0.4%
Chubb Corp.		1,900		124,621
Investment Management/Advisor Services — 0.8%
Ameriprise Financial, Inc.		3,900		238,797
Medical Instruments — 1.4%
Medtronic, Inc.		9,800		398,860
Medical Products — 2.4%
Baxter International, Inc.		6,000		357,120
Johnson & Johnson		5,100		343,179
				700,299
Medical - Drugs — 2.4%
Bristol - Myers Squibb Co.		6,100		175,436
Pfizer, Inc.		24,031		515,465
				690,901
Medical - HMO — 5.8%
CIGNA Corp.		6,800		339,252
Coventry Health Care, Inc.†		11,100		390,498
UnitedHealth Group, Inc.		8,900		435,655
WellPoint, Inc.		6,600		515,922
				1,681,327
Medical - Wholesale Drug Distribution — 0.8%
Cardinal Health, Inc.		4,900		222,558

36

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Office Automation & Equipment — 0.9%
Xerox Corp.		24,600	$	251,166
Oil & Gas Drilling — 1.3%
Seadrill, Ltd.		10,100		363,499
Oil Companies - Exploration & Production — 2.0%
Occidental Petroleum Corp.		5,350		576,997
Oil Companies - Integrated — 6.1%
BP PLC ADR		6,000		277,440
Chevron Corp.		1,500		157,365
ConocoPhillips		7,400		541,828
Marathon Oil Corp.		8,600		465,862
Murphy Oil Corp.		4,800		330,672
				1,773,167
Pharmacy Services — 1.0%
Omnicare, Inc.		9,400		295,536
Pipelines — 2.0%
Oneok, Inc.		1,800		127,962
Spectra Energy Corp.		15,950		440,061
				568,023
Real Estate Investment Trusts — 1.8%
Annaly Capital Management, Inc.		8,400		152,292
Essex Property Trust, Inc.		2,800		385,308
				537,600
Retail - Apparel/Shoe — 0.1%
Limited Brands, Inc.		1,100		43,956
Retail - Drug Store — 0.8%
Walgreen Co.		5,500		239,965
Savings & Loans/Thrifts — 0.7%
New York Community Bancorp, Inc.		13,000		210,600

Security Description	Shares/ Principal Amount			Value (Note 2)
Semiconductor Equipment — 0.5%
Applied Materials, Inc.		10,300		$	141,934
Telephone - Integrated — 2.1%
AT&T, Inc.		9,650			304,554
Verizon Communications, Inc.		8,200			302,826
					607,380
Tobacco — 5.9%
Altria Group, Inc.		9,600			269,376
Imperial Tobacco Group PLC ADR		5,100			365,619
Lorillard, Inc.		2,300			265,144
Philip Morris International, Inc.		7,400			530,950
Reynolds American, Inc.		7,000			278,460
					1,709,549
Tools - Hand Held — 2.4%
Stanley Black & Decker, Inc.		9,600			709,248
Total Long - Term Investment Securities
(cost $23,822,200)					27,645,668
SHORT-TERM INVESTMENT SECURITIES — 4.3%
Time Deposits — 4.3%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11 (cost $1,252,000)	$	1,252,000			1,252,000
TOTAL INVESTMENTS
(cost $25,074,200)(1)		99.6	%		28,897,668
Other assets less liabilities		0.4			125,373
NET ASSETS —		100.0	%	$	29,023,041

† Non-income producing security

(1) See Note 5 for cost of investments on a tax basis.

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Banks - Super Regional	$	2,122,254	$	—	$	—	$	2,122,254
Diversified Manufacturing Operations		1,824,902		—		—		1,824,902
Medical - HMO		1,681,327		—		—		1,681,327
Oil Companies - Integrated		1,773,167		—		—		1,773,167
Tobacco		1,709,549		—		—		1,709,549
Other Industries*		18,534,469		—		—		18,534,469
Short-Term Investment Securities:
Time Deposits		—		1,252,000		—		1,252,000
Total	$	27,645,668	$	1,252,000	$	—	$	28,897,668

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

See Notes to Financial Statements

37

VALIC Company I Capital Conservation Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	20.2	%
United States Treasury Notes	16.9
Diversified Financial Services	13.5
Federal Home Loan Mtg. Corp.	12.5
United States Treasury Bonds	4.6
Banks — Commercial	3.6
Collective Investment Pool	3.4
Diversified Banking Institutions	2.5
Time Deposits	2.3
Banks — Super Regional	2.0
Government National Mtg. Assoc.	1.6
Pipelines	1.3
Oil Companies — Integrated	1.3
Electric — Integrated	1.3
Telephone — Integrated	1.2
Multimedia	1.0
Federal Home Loan Bank	0.7
Banks — Money Center	0.7
Telecom Services	0.7
Insurance — Life/Health	0.7
Real Estate Investment Trusts	0.6
Finance — Investment Banker/Broker	0.6
Oil Companies — Exploration & Production	0.6
Retail — Drug Store	0.5
Diversified Manufacturing Operations	0.5
Auto — Cars/Light Trucks	0.5
Chemicals — Specialty	0.4
Medical Labs & Testing Services	0.4
Insurance — Multi-line	0.4
Transport — Rail	0.4
Medical Products	0.3
Special Purpose Entities	0.3
Banks — Fiduciary	0.3
Computer Services	0.2
Insurance — Reinsurance	0.3
Cable/Satellite TV	0.2
Chemicals — Diversified	0.2
Medical — Drugs	0.2
Wireless Equipment	0.2
Consumer Products — Misc.	0.2
Insurance Brokers	0.2
Food — Misc.	0.2
Electronic Components — Semiconductors	0.2
Web Portals/ISP	0.2
Non — Hazardous Waste Disposal	0.2
Transport — Services	0.2
Electronic Components — Misc.	0.2
Gas — Distribution	0.1
Transport — Equipment & Leasing	0.1
Oil Field Machinery & Equipment	0.1
Retail — Discount	0.1
E-Commerce/Services	0.1
Medical — Generic Drugs	0.1
Diversified Minerals	0.1
Tools — Hand Held	0.1
Electric — Distribution	0.1
Food — Retail	0.1
Office Automation & Equipment	0.1
Pharmacy Services	0.1
Insurance — Mutual	0.1
Medical — Biomedical/Gene	0.1
Oil & Gas Drilling	0.1
SupraNational Banks	0.1
Tennessee Valley Authority	0.1
Metal — Copper	0.1
Computers	0.1
Insurance — Property/Casualty	0.1
Metal — Aluminum	0.1
Finance — Commercial	0.1

Schools	0.1
Machinery — Construction & Mining	0.1
Cellular Telecom	0.1
Finance — Credit Card	0.1
Municipal Bonds	0.1
	103.4	%

Credit Quality†#

Government — Agency	36.0	%
Government — Treasury	22.1
AAA	2.2
AA	4.0
A	9.7
BBB	20.0
BB	1.2
Not Rated@	4.8
	100.0	%

* Calculated as a percentage of net assets

@ Represents debt issues that either have no rating, or the rating is unvailable from the source.

† Source: Standard and Poors

# Calculated as a percentage of total debt issues, excluding short-term securities.

38

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 13.1%
Diversified Financial Services — 13.1%
AH Mtg. Advance Trust Series SART-1, Class B1 5.92% due 05/10/13*(4)	$	150,000	$	150,000
Banc of America Commercial Mtg., Inc. VRS Series 2006-2, Class AJ 5.96% due 05/10/45(1)		1,250,000		1,229,209
Bank of America Commercial Mtg., Inc. Series 2006-5, Class AM 5.45% due 09/10/47(1)		500,000		506,939
Bear Stearns Asset Backed Securities Trust FRS Series 2004-HE6, Class M1 0.76% due 08/25/34		1,628,607		1,371,334
Bear Stearns Asset Backed Securities Trust FRS Series 2004-HE11, Class M1 0.78% due 12/25/34		690,410		652,755
Citigroup Mtg. Loan Trust, Inc. VRS Series 2008-AR4, Class 1A1B 5.28% due 11/25/38(2)		800,000		612,960
Dominos Pizza Master Issuer LLC Series 2007-1, Class A2 5.26% due 04/25/37*		239,000		242,585
Entergy Arkansas Restoration Funding LLC Series 2010A, Class A1 2.30% due 08/01/21		483,298		483,272
Extended Stay America Trust Series 2010-ESHA, Class D 5.50% due 11/05/15*(1)		1,000,000		1,045,783
Ford Credit Floorplan Master Owner Trust Series 2011-1, Class D 2.96% due 02/15/16*		640,000		651,969
GS Mtg. Securities Corp. II Series 2006-GG8, Class AM 5.59% due 11/10/39(1)		1,000,000		1,021,356
Harborview Mtg. Loan Trust VRS Series 2004-6, Class 4A 2.71% due 08/19/34		1,862,892		1,686,019
LB-UBS Commercial Mtg. Trust VRS Series 2007-C7, Class AM 6.37% due 09/15/45(1)		500,000		512,873
Merrill Lynch/Countrywide Commercial Mtg. Trust VRS Series 2007-8, Class AM 6.16% due 08/12/49(1)		400,000		401,292
Morgan Stanley Capital I VRS Series 2005-IQ10, Class B 5.47% due 09/15/42(1)		400,000		403,452
Morgan Stanley Capital I VRS Series 2007-T27, Class AJ 5.79% due 06/11/42(1)		2,500,000		2,350,510
Morgan Stanley Capital I VRS Series 2007-IQ15, Class AM 6.07% due 06/11/49(1)		500,000		493,904
Morgan Stanley Reremic Trust VRS Series 2009-GG10, Class A4B 5.99% due 08/12/45*(1)		3,500,000		3,639,217
Sierra Receivables Funding Co. LLC Series 2010-3A, Class A 3.51% due 11/20/25*		516,119		525,237
Sonic Capital LLC Series 2011-1A, Class A2 5.44% due 05/20/41*		727,000		734,270
Total Asset Backed Securities
(cost $18,364,158)				18,714,936

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 20.8%
Auto - Cars/Light Trucks — 0.5%
Daimler Finance North America LLC FRS Company Guar. Notes 0.92% due 03/28/14*	$	462,000	$	462,147
Daimler Finance North America LLC Company Guar. Notes 3.00% due 03/28/16*		193,000		195,683
				657,830
Banks - Commercial — 1.4%
Associated Banc-Corp. Senior Notes 5.13% due 03/28/16		335,000		349,047
BB&T Corp. Senior Notes 2.05% due 04/28/14		165,000		166,977
Branch Banking & Trust Co. FRS Sub. Notes 0.56% due 05/23/17		168,000		157,655
Credit Suisse New York Sub. Notes 6.00% due 02/15/18#		167,000		183,789
First Horizon National Corp. Senior Notes 5.38% due 12/15/15		285,000		306,500
KeyBank NA Sub. Notes 7.41% due 10/15/27		46,000		52,747
Regions Financial Corp. Senior Notes 5.75% due 06/15/15		185,000		189,162
US Bank NA FRS Sub. Notes 3.78% due 04/29/20		300,000		311,589
Zions Bancorp Senior Notes 7.75% due 09/23/14		256,000		281,472
				1,998,938
Banks - Fiduciary — 0.3%
State Street Capital Trust IV FRS Ltd. Guar. Notes 1.31% due 06/01/77		509,000		430,015
Banks - Money Center — 0.1%
Chase Capital III FRS Ltd. Guar. Notes 0.86% due 03/01/27		103,000		89,170
Banks - Super Regional — 1.8%
BAC Capital Trust XV FRS Ltd. Guar. Notes 1.11% due 06/01/56		155,000		116,810
Bank of America NA Sub. Notes 5.30% due 03/15/17		192,000		202,934
Fifth Third Bancorp Senior Notes 3.63% due 01/25/16#		168,000		171,850
Huntington Bancshares, Inc. Sub. Notes 7.00% due 12/15/20		171,000		197,115
JPMorgan Chase Bank NA Sub. Notes 5.88% due 06/13/16		170,000		190,788

39

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks - Super Regional (continued)
KeyCorp Senior Notes 5.10% due 03/24/21	$	120,000	$	124,896
PNC Preferred Funding Trust II FRS Jr. Sub. Bonds 6.11% due 03/15/12*(3)		165,000		144,375
SunTrust Banks, Inc. Senior Notes 6.00% due 09/11/17#		135,000		151,124
SunTrust Banks, Inc. Sub. Notes 6.00% due 02/15/26		30,000		30,585
Wachovia Capital Trust III FRS Ltd. Guar. Notes 5.57% due 07/18/11(3)		245,000		226,748
Wachovia Corp. FRS Senior Notes 0.58% due 06/15/17		280,000		268,144
Wells Fargo & Co. FRS Senior Notes 0.47% due 10/28/15		330,000		324,751
Wells Fargo & Co. FRS Jr. Sub. Bonds 7.98% due 03/15/18#(3)		165,000		181,294
Wells Fargo Bank NA FRS Sub. Notes 0.47% due 05/16/16		290,000		277,082
				2,608,496
Cable/Satellite TV — 0.2%
COX Communications, Inc. Notes 7.13% due 10/01/12		120,000		129,470
TCI Communications, Inc. Senior Bonds 7.13% due 02/15/28		155,000		182,272
				311,742
Chemicals - Diversified — 0.2%
EI du Pont de Nemours & Co. FRS Senior Notes 0.73% due 03/25/14		150,000		150,507
PPG Industries, Inc. Senior Notes 1.90% due 01/15/16		51,000		49,694
PPG Industries, Inc. Senior Notes 5.50% due 11/15/40		105,000		106,692
				306,893
Chemicals - Specialty — 0.4%
Eastman Chemical Co. Debentures 7.25% due 01/15/24		382,000		460,083
Lubrizol Corp. Company Guar. Bonds 6.50% due 10/01/34		157,000		183,677
				643,760
Computer Services — 0.2%
International Business Machines Corp. Senior Notes 6.22% due 08/01/27#		310,000		367,584

Security Description	Principal Amount		Value (Note 2)
Computers — 0.1%
Hewlett - Packard Co. Senior Notes 4.30% due 06/01/21	$	135,000	$	136,092
Consumer Products - Misc. — 0.2%
Tupperware Brands Corp. Company Guar. Notes 4.75% due 06/01/21*		270,000		268,515
Diversified Banking Institutions — 2.3%
Bank of America Corp. Sub. Notes 5.42% due 03/15/17		2,000		2,104
Bank of America Corp. Senior Notes 6.50% due 08/01/16#		318,000		359,723
Bank of America Corp. FRS Senior Notes 1.69% due 01/30/14		150,000		151,460
Citigroup, Inc. Senior Notes 4.59% due 12/15/15#		65,000		69,127
Citigroup, Inc. Sub. Notes 5.00% due 09/15/14		462,000		490,730
Citigroup, Inc. Senior Notes 6.00% due 08/15/17#		164,000		183,156
Citigroup, Inc. Sub. Notes 6.00% due 10/31/33		150,000		149,971
Goldman Sachs Group, Inc. Sub. Notes 5.63% due 01/15/17		99,000		106,324
Goldman Sachs Group, Inc. Senior Notes 5.95% due 01/18/18		185,000		200,379
JPMorgan Chase & Co. FRS Sub. Notes 1.48% due 09/01/15		122,000		121,700
JPMorgan Chase & Co. Senior Notes 3.45% due 03/01/16		195,000		199,128
JPMorgan Chase & Co. FRS Jr. Sub Notes 7.90% due 04/30/18#(3)		160,000		176,219
JPMorgan Chase Capital XXIII FRS Ltd. Guar. Bonds 1.26% due 05/15/77#		73,000		61,211
Morgan Stanley Senior Notes 3.80% due 04/29/16		227,000		228,105
Morgan Stanley Senior Notes 5.55% due 04/27/17		327,000		353,378
Morgan Stanley Senior Notes 7.30% due 05/13/19#		301,000		346,624
Nationsbank Corp. Sub. Notes 7.25% due 10/15/25		44,000		48,909
				3,248,248
Diversified Financial Services — 0.4%
General Electric Capital Corp. Senior Notes 4.38% due 09/16/20		270,000		269,028

40

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Financial Services (continued)
General Electric Capital Corp. Senior Notes 6.15% due 08/07/37	$	244,000	$	261,945
				530,973
Diversified Manufacturing Operations — 0.5%
General Electric Co. Senior Notes 5.25% due 12/06/17		195,000		219,201
Harsco Corp. Senior Notes 2.70% due 10/15/15		201,000		201,904
Pentair, Inc. Company Guar. Notes 5.00% due 05/15/21		270,000		272,730
				693,835
E - Commerce/Services — 0.1%
Expedia, Inc. Company Guar. Notes 8.50% due 07/01/16		170,000		186,150
Electric - Distribution — 0.1%
Oglethorpe Power Corp. 1st. Mtg. Notes 5.38% due 11/01/40		175,000		172,926
Electric - Integrated — 1.3%
Cleco Power LLC Senior Notes 6.00% due 12/01/40		182,000		192,286
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/33		326,000		360,421
Entergy Louisiana LLC 1st Mtg. Notes 4.80% due 05/01/21		240,000		246,664
Entergy Mississippi, Inc. 1st Mtg. Notes 3.25% due 06/01/16		54,000		54,600
Exelon Corp. Senior Notes 5.63% due 06/15/35		135,000		131,852
Exelon Generation Co. LLC Senior Notes 5.75% due 10/01/41		108,000		105,328
Georgia Power Co. Senior Notes 3.00% due 04/15/16		112,000		114,870
Great Plains Energy, Inc. Notes 4.85% due 06/01/21		81,000		82,413
Nevada Power Co. Bonds 5.45% due 05/15/41		97,000		99,081
Oncor Electric Delivery Co. LLC Senior Sec. Notes 7.00% due 09/01/22		270,000		326,368
Southern Energy, Inc. Escrow Notes 7.90% due 07/15/09†(4)(5)		175,000		0
Teco Finance, Inc. Company Guar. Notes 6.57% due 11/01/17		96,000		112,333
				1,826,216

Security Description	Principal Amount		Value (Note 2)
Electronic Components - Misc. — 0.2%
Jabil Circuit, Inc. Senior Notes 5.63% due 12/15/20	$	235,000	$	234,706
Electronic Components - Semiconductors — 0.2%
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17#		211,000		252,175
Finance - Commercial — 0.1%
Textron Financial Corp. Senior Notes 5.40% due 04/28/13#		121,000		128,629
Finance - Credit Card — 0.1%
Capital One Capital III Ltd. Guar. Bonds 7.69% due 08/15/36		105,000		108,019
Finance - Investment Banker/Broker — 0.6%
Jefferies Group, Inc. Senior Notes 3.88% due 11/09/15		210,000		214,291
Jefferies Group, Inc. Senior Notes 5.13% due 04/13/18		236,000		238,751
Lehman Brothers Holdings Capital Trust VII FRS Ltd. Guar. Notes 0.00% due 05/31/12†(3)(6)(7)		78,000		8
Lehman Brothers Holdings, Inc. Senior Notes 5.50% due 04/04/16†(6)(7)		89,000		23,140
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17†(6)(7)		87,000		43
Lehman Brothers Holdings, Inc. Sub. Notes 7.50% due 05/11/38†(6)(7)		112,000		56
Merrill Lynch & Co., Inc. Sub. Notes 6.05% due 05/16/16#		176,000		190,501
Raymond James Financial, Inc. Senior Notes 4.25% due 04/15/16		166,000		171,762
				838,552
Food - Misc. — 0.2%
Kellogg Co. Senior Notes 3.25% due 05/21/18		68,000		68,506
Kraft Foods, Inc. Senior Notes 6.50% due 02/09/40#		167,000		188,057
				256,563
Food - Retail — 0.1%
Ahold Finance USA LLC Company Guar. Notes 6.88% due 05/01/29		146,000		167,590
Gas - Distribution — 0.1%
Southern Union Co. Senior Notes 7.60% due 02/01/24		192,000		224,562

41

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Independent Power Producers — 0.0%
Calpine Corp. Escrow Notes 8.75% due 07/15/13†(4)(5)	$	630,000	$	0
Insurance Brokers — 0.2%
AON Corp. Senior Notes 3.13% due 05/27/16		260,000		261,259
Insurance - Life/Health — 0.7%
Jefferson - Pilot Corp. Senior Notes 4.75% due 01/30/14		139,000		147,734
Nationwide Financial Services, Inc. Senior Notes 5.90% due 07/01/12		187,000		192,698
Protective Life Corp. Senior Notes 8.45% due 10/15/39#		432,000		508,035
Prudential Financial, Inc. Senior Notes 3.00% due 05/12/16		135,000		135,017
				983,484
Insurance - Multi-line — 0.1%
Genworth Financial, Inc. Senior Notes 7.63% due 09/24/21		135,000		140,837
Insurance - Mutual — 0.1%
Liberty Mutual Group, Inc. Senior Notes 5.75% due 03/15/14*		150,000		159,922
Insurance - Property/Casualty — 0.1%
Markel Corp. Senior Notes 5.35% due 06/01/21		135,000		134,692
Insurance - Reinsurance — 0.1%
Reinsurance Group of America, Inc. Senior Notes 5.00% due 06/01/21#		140,000		141,311
Machinery - Construction & Mining — 0.1%
Caterpillar, Inc. Senior Notes 5.20% due 05/27/41		115,000		116,224
Medical Labs & Testing Services — 0.4%
Quest Diagnostics, Inc. FRS Company Guar. Notes 1.16% due 03/24/14		253,000		254,480
Quest Diagnostics, Inc. Company Guar. Notes 4.70% due 04/01/21#		285,000		293,579
				548,059
Medical Products — 0.3%
Becton Dickinson and Co. Senior Notes 7.00% due 08/01/27		234,000		286,325
Johnson & Johnson Senior Notes 4.85% due 05/15/41		230,000		228,201
				514,526

Security Description	Principal Amount		Value (Note 2)
Medical - Biomedical/Gene — 0.1%
Genzyme Corp. Company Guar. Notes 3.63% due 06/15/15	$	150,000	$	159,160
Metal - Aluminum — 0.1%
Alcoa, Inc. Bonds 5.90% due 02/01/27		130,000		133,483
Metal - Copper — 0.1%
Freeport - McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		125,000		137,031
Multimedia — 1.0%
Historic TW, Inc. Company Guar. Notes 6.63% due 05/15/29		160,000		177,141
NBC Universal, Inc. Senior Notes 2.88% due 04/01/16*		130,000		130,376
NBC Universal, Inc. Senior Notes 5.15% due 04/30/20*		146,000		155,320
News America, Inc. Company Guar. Notes 6.20% due 12/15/34#		335,000		347,925
Time Warner Cos., Inc. Company Guar. Notes 6.95% due 01/15/28		307,000		346,206
Time Warner, Inc. Company Guar. Notes 4.75% due 03/29/21		217,000		221,256
				1,378,224
Non - Hazardous Waste Disposal — 0.2%
Republic Services, Inc. Company Guar. Notes 3.80% due 05/15/18#		128,000		129,560
Republic Services, Inc. Company Guar. Notes 5.70% due 05/15/41		108,000		109,147
				238,707
Office Automation & Equipment — 0.1%
Xerox Corp. Senior Notes 4.50% due 05/15/21#		162,000		161,868
Oil Companies - Exploration & Production — 0.3%
Union Pacific Resources Group, Inc. Senior Bonds 7.15% due 05/15/28		378,000		424,265
Oil Field Machinery & Equipment — 0.1%
Cameron International Corp. Senior Notes 4.50% due 06/01/21		189,000		189,453
Pharmacy Services — 0.1%
Express Scripts, Inc. Company Guar. Notes 3.13% due 05/15/16		160,000		161,719
Pipelines — 1.1%
CenterPoint Energy Resources Corp. Senior Notes 4.50% due 01/15/21*		399,000		405,844

42

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Energy Transfer Partners LP Senior Notes 6.05% due 06/01/41#	$	213,000	$	215,345
Enterprise Products Operating LLC Company Guar. Notes 5.95% due 02/01/41		190,000		194,534
IFM US Colonial Pipeline 2 LLC Senior Sec. Notes 6.45% due 05/01/21*		340,000		361,716
Kinder Morgan Energy Partners LP Senior Notes 6.38% due 03/01/41#		28,000		29,770
Plains All American Pipeline LP/PAA Finance Corp. Company Guar. Notes 5.63% due 12/15/13		129,000		141,556
Plains All American Pipeline LP/PAA Finance Corp. Company Guar. Notes 6.50% due 05/01/18		230,000		263,964
				1,612,729
Real Estate Investment Trusts — 0.6%
BioMed Realty LP Company Guar. Notes 3.85% due 04/15/16		150,000		152,112
Brandywine Operating Partnership LP Company Guar. Notes 4.95% due 04/15/18		150,000		154,117
Brandywine Operating Partnership LP Company Guar. Notes 5.70% due 05/01/17		84,000		91,153
Camden Property Trust Senior Notes 4.63% due 06/15/21		140,000		139,166
HCP, Inc. Senior Notes 3.75% due 02/01/16#		160,000		164,357
HCP, Inc. Senior Notes 5.38% due 02/01/21#		171,000		179,502
				880,407
Retail - Discount — 0.1%
Wal - Mart Stores, Inc. Senior Notes 5.63% due 04/15/41#		180,000		188,712
Retail - Drug Store — 0.5%
CVS Caremark Corp. Senior Notes 6.25% due 06/01/27		476,000		532,587
CVS Pass - Through Trust Company Guar. Notes 5.77% due 01/31/33*		168,708		174,981
				707,568
Schools — 0.1%
Massachusetts Institute of Technology Notes 5.60% due 07/01/11		120,000		124,959
Telecom Services — 0.7%
BellSouth Telecommunications Inc Senior Notes 6.38% due 06/01/28		130,000		141,612
Embarq Corp. Senior Notes 7.08% due 06/01/16		212,000		240,412

Security Description	Principal Amount		Value (Note 2)
Telecom Services (continued)
Qwest Corp. Senior Notes 7.50% due 10/01/14	$	250,000	$	283,750
Qwest Corp. Senior Notes 8.88% due 03/15/12		320,000		337,200
				1,002,974
Telephone - Integrated — 0.6%
AT&T, Inc. Senior Notes 5.35% due 09/01/40		152,000		144,955
CenturyLink, Inc. Senior Notes 6.88% due 01/15/28#		155,000		153,008
Verizon Communications, Inc. Senior Notes 1.95% due 03/28/14#		150,000		152,920
Verizon Communications, Inc. Senior Notes 6.35% due 04/01/19#		300,000		351,359
				802,242
Tools - Hand Held — 0.1%
Snap - On, Inc. Senior Notes 4.25% due 01/15/18		166,000		173,964
Transport - Equipment & Leasing — 0.1%
GATX Corp. Senior Notes 4.85% due 06/01/21		189,000		189,889
Transport - Rail — 0.4%
Burlington Northern Santa Fe LLC Senior Notes 5.40% due 06/01/41		161,000		161,469
CSX Corp. Senior Notes 5.50% due 04/15/41		115,000		115,160
Norfolk Southern Corp. Senior Notes 5.59% due 05/17/25		108,000		118,218
Norfolk Southern Corp. Senior Notes 6.00% due 05/23/11		120,000		121,614
				516,461
Transport - Services — 0.2%
Ryder System, Inc. Senior Notes 3.15% due 03/02/15		105,000		108,202
Ryder System, Inc. Senior Notes 3.60% due 03/01/16#		125,000		129,017
				237,219
Web Portals/ISP — 0.2%
Google, Inc. Senior Notes 3.63% due 05/19/21		243,000		241,090
Wireless Equipment — 0.2%
Motorola, Inc. Senior Notes 6.50% due 09/01/25#		183,000		205,726

43

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Wireless Equipment (continued)
Motorola, Inc. Senior Notes 6.63% due 11/15/37	$	55,930	$	64,163
				269,889
Total U.S. CORPORATE BONDS & NOTES
(cost $28,863,944)				29,620,506
FOREIGN CORPORATE BONDS & NOTES — 6.9%
Banks - Commercial — 2.2%
Barclays Bank PLC FRS Jr. Sub. Bonds 5.93% due 12/15/16*(3)		231,000		220,605
Barclays Bank PLC Sub. Notes 6.05% due 12/04/17*		150,000		161,664
Barclays Bank PLC FRS Jr. Sub. Notes 6.86% due 06/15/32*(3)		137,000		132,205
BBVA US Senior SAU FRS Company Guar. Notes 2.39% due 05/16/14		286,000		287,035
Cooperatieve Centrale Raiffeisen - Boerenleenbank BA Bank Guar. Notes 5.25% due 05/24/41		216,000		217,639
Credit Suisse AG Sub. Notes 5.40% due 01/14/20#		164,000		172,121
Dresdner Bank AG/New York NY Sub. Notes 7.25% due 09/15/15		199,000		217,650
Groupe BPCE FRS Jr. Sub Notes 3.77% due 06/30/11(3)		196,000		146,997
ING Bank NV Senior Notes 2.00% due 10/18/13*		185,000		185,148
Intesa Sanpaolo SpA FRS Notes 2.66% due 02/24/14*		160,000		163,888
Nordea Bank AB FRS Jr. Sub. Bonds 8.38% due 03/25/15(3)		120,000		132,000
Rabobank Nederland NV Company Guar. Notes 2.13% due 10/13/15		192,000		190,920
Standard Chartered PLC FRS Senior Notes 1.21% due 05/12/14*		303,000		302,708
Standard Chartered PLC Senior Notes 3.20% due 05/12/16*#		277,000		278,879
Westpac Banking Corp. FRS Jr. Sub. Notes 0.65% due 09/30/11(3)		580,000		365,400
				3,174,859
Banks - Money Center — 0.6%
ABN Amro Bank NV FRS Senior Notes 2.04% due 01/30/14*#		317,000		323,816
ABN Amro Bank NV Senior Notes 3.00% due 01/31/14*		264,000		270,180
Lloyds TSB Bank PLC FRS Senior Notes 2.62% due 01/24/14#		155,000		157,678

Security Description	Principal Amount		Value (Note 2)
Banks - Money Center (continued)
Lloyds TSB Bank PLC Company Guar. Notes 6.50% due 09/14/20*#	$	166,000	$	165,181
				916,855
Cellular Telecom — 0.1%
Telefonica Moviles Chile SA Senior Notes 2.88% due 11/09/15*		113,000		111,916
Diversified Banking Institutions — 0.2%
BNP Paribas Bank Guar. Notes 4.80% due 06/24/15*		150,000		160,544
Natixis FRS Sub. Notes 0.53% due 01/15/19		100,000		90,579
				251,123
Diversified Minerals — 0.1%
BHP Billiton Finance USA, Ltd. Company Guar. Notes 6.42% due 03/01/26		151,000		178,282
Insurance - Multi-line — 0.3%
Aegon NV FRS Jr. Sub. Notes 3.70% due 07/15/14(3)		154,000		112,520
XL Capital, Ltd. Senior Notes 5.25% due 09/15/14		156,000		168,729
XL Capital, Ltd. Senior Notes 6.38% due 11/15/24#		101,000		107,047
				388,296
Insurance - Reinsurance — 0.2%
Validus Holdings, Ltd. Senior Notes 8.88% due 01/26/40		187,000		203,775
Medical - Drugs — 0.2%
AstraZeneca PLC Senior Notes 5.90% due 09/15/17		115,000		134,696
Sanofi - Aventis SA Senior Notes 4.00% due 03/29/21		150,000		151,330
				286,026
Medical - Generic Drugs — 0.1%
Teva Pharmaceutical Finance III BV FRS Company Guar. Notes 0.81% due 03/21/14#		180,000		180,554
Oil & Gas Drilling — 0.1%
Transocean, Inc. Senior Notes 6.00% due 03/15/18		140,000		155,866
Oil Companies - Exploration & Production — 0.3%
EnCana Corp. Bonds 6.50% due 08/15/34		50,000		55,967
Nexen, Inc. Senior Notes 7.50% due 07/30/39#		279,000		326,732
				382,699

44

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies - Integrated — 1.3%
BP Capital Markets PLC Company Guar. Notes 3.13% due 10/01/15	$	271,000	$	277,555
BP Capital Markets PLC Company Guar. Notes 3.88% due 03/10/15		295,000		311,641
BP Capital Markets PLC Company Guar. Notes 4.74% due 03/11/21#		200,000		206,961
ConocoPhillips Canada Funding Co. I Company Guar. Notes 5.63% due 10/15/16#		280,000		325,044
Norsk Hydro A/S Company Guar. Notes 7.15% due 11/15/25		418,000		523,516
Petroleos Mexicanos Company Guar. Notes 6.50% due 06/02/41*		195,000		196,131
				1,840,848
Pipelines — 0.2%
TransCanada Pipelines, Ltd. FRS Jr. Sub. Notes 6.35% due 05/15/67#		259,000		264,559
Special Purpose Entity — 0.3%
SMFG Preferred Capital, Ltd. FRS Jr. Sub. Notes 6.08% due 01/25/17*(3)		453,000		455,265
SupraNational Banks — 0.1%
Asian Development Bank Senior Bonds 5.82% due 06/16/28		125,000		145,200
Telephone - Integrated — 0.6%
Telecom Italia Capital SA Company Guar. Bonds 5.25% due 10/01/15		179,000		189,713
Telecom Italia Capital SA Company Guar. Notes 7.18% due 06/18/19#		240,000		272,509
Telefonica Emisiones SAU FRS Company Guar. Notes 0.60% due 02/04/13		295,000		292,769
Telefonica Emisiones SAU Company Guar. Notes 3.99% due 02/16/16#		150,000		153,574
				908,565
Total Foreign Corporate Bonds & Notes
(cost $9,483,429)				9,844,688
MUNICIPAL BONDS & NOTES — 0.1%
Texas State Transportation Commission Revenue Bonds Series B 5.18% due 04/01/30 (cost $75,000)		75,000		78,530
U.S. GOVERNMENT AGENCIES — 35.1%
Federal Home Loan Bank — 0.7%
3.63% due 08/15/11		750,000		755,447
5.50% due 07/15/36		250,000		283,547
				1,038,994

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. — 12.5%
4.00% due 03/01/40	$	1,133,923	$	1,145,192
4.50% due 01/01/39		260,796		271,396
4.50% due 06/01/40		2,307,979		2,403,229
5.00% due 10/01/33		11,212		12,006
5.00% due 07/01/35		182,989		195,573
5.00% due 05/01/36		1,175,131		1,253,007
5.00% due 11/01/36		104,506		111,432
5.00% due 03/01/38		465,685		496,109
5.00% due 06/01/39		1,492,599		1,596,411
5.25% due 07/18/11		3,250,000		3,272,058
5.50% due 11/01/18		215,104		233,597
5.50% due 02/01/35		717,682		780,465
5.50% due 07/01/36		908,076		986,096
5.50% due 07/01/37		165,736		179,847
5.50% due 09/01/37		43,582		47,292
5.50% due 10/01/37		47,436		51,475
5.50% due 01/01/38		546,409		593,355
5.50% due 07/01/38		183,143		198,735
6.00% due 10/01/33		409,350		454,371
6.00% due 07/01/36		459,413		506,781
6.00% due 11/01/37		255,900		281,725
6.00% due 01/01/38		645,394		710,526
6.50% due 02/01/35		24,197		27,390
6.50% due 01/01/36		45,710		51,798
6.50% due 03/01/36		166,091		187,436
6.75% due 09/15/29#		500,000		655,061
6.75% due 03/15/31		250,000		328,611
7.00% due 11/01/16		22,622		24,542
7.00% due 07/01/32		19,201		22,222
7.50% due 04/01/31		64,571		75,068
8.00% due 01/01/29		7,241		8,610
8.00% due 12/01/29		5,346		6,323
8.00% due 12/01/30		32,803		38,878
8.00% due 01/01/31		228		270
Federal Home Loan Mtg. Corp. REMIC Series 3841, Class PA 5.00% due 12/15/40		494,495		539,943
				17,746,830
Federal National Mtg. Assoc. — 20.2%
4.00% due 07/01/40		301,602		304,294
4.00% due 08/01/40		101,237		102,077
4.00% due 09/01/40		1,335,743		1,346,830
4.38% due 07/17/13		2,000,000		2,158,692
4.50% due 11/01/22		1,040,728		1,111,226
4.50% due 01/01/39		393,780		410,081
4.50% due 04/01/40		1,204,370		1,255,356
4.50% due 05/01/40		4,147,281		4,322,852
4.50% due 08/01/40		1,846,593		1,920,727
5.00% due 03/15/16		1,140,000		1,308,785
5.00% due 05/11/17		500,000		575,572
5.00% due 10/01/33		31,958		34,240
5.00% due 03/01/34		337,658		361,343
5.00% due 01/01/37		213,537		227,715
5.00% due 05/01/39		2,452,288		2,626,224
5.00% due 07/01/39		4,814,323		5,155,791
5.50% due 11/01/22		152,880		165,895
5.50% due 04/01/33		457,163		498,545
5.50% due 12/01/33		361,449		393,941
5.50% due 05/01/34		224,090		244,234
5.50% due 03/01/35		369,318		402,170
5.50% due 12/01/35		493,578		537,175
6.00% due 03/01/16		804		879
6.00% due 12/01/16		26,788		29,300
6.00% due 11/01/17		73,894		80,915

45

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
6.00% due 12/01/20	$	210,659	$	230,413
6.00% due 12/01/33		291,760		323,776
6.00% due 10/01/36		60,858		67,156
6.00% due 05/01/38		995,267		1,096,087
6.50% due 03/01/17		44,115		48,679
6.50% due 08/01/31		26,588		30,184
6.50% due 07/01/32		186,498		211,719
6.50% due 07/01/36		144,013		162,836
6.50% due 10/01/37		380,619		430,189
7.00% due 09/01/31		134,819		155,547
7.50% due 08/01/15		355		393
Federal National Mtg. Assoc. REMIC Series 2011-38, Class D 4.50% due 05/25/41		497,671		534,248
				28,866,086
Government National Mtg. Assoc. — 1.6%
5.00% due 04/15/40		1,860,272		2,022,148
6.00% due 03/15/29		23,136		25,983
6.00% due 04/15/29		15,263		17,141
6.50% due 07/15/32		61,979		70,618
6.50% due 09/15/32		116,420		132,647
				2,268,537
Tennessee Valley Authority — 0.1%
Tennessee Valley Authority 3.88% due 02/15/21		137,000		142,448
Total U.S. Government Agencies
(cost $48,404,613)				50,062,895
U.S. GOVERNMENT TREASURIES — 21.5%
United States Treasury Bonds — 4.6%
2.13% due 02/15/40 TIPS(8)		421,701		453,460
3.50% due 02/15/39		238,000		210,258
3.88% due 08/15/40#		203,000		191,042
4.25% due 05/15/39		267,000		269,169
4.25% due 11/15/40#		471,000		473,061
4.38% due 02/15/38		983,000		1,016,023
4.38% due 15/11/39#		934,000		960,123
4.50% due 05/15/38#		120,000		126,450
4.50% due 08/15/39		972,000		1,020,600
4.75% due 02/15/37#		587,000		644,324
4.75% due 02/15/41		324,000		353,717
5.00% due 05/15/37		159,000		181,111
5.25% due 28/11/15		369,000		435,074
8.13% due 08/15/19#		92,000		129,806
				6,464,218
United States Treasury Notes — 16.9%
1.38% due 11/30/15		53,000		52,801
1.50% due 12/31/13		475,000		485,391
1.75% due 07/31/15		95,000		96,722
2.00% due 11/30/13#		520,000		537,672
2.00% due 01/15/14 TIPS(8)		560,990		609,595
2.00% due 04/30/16#		1,257,000		1,277,715
2.13% due 12/31/15#		150,000		154,184
2.25% due 05/31/14		2,175,000		2,269,306
2.38% due 08/31/14		4,960,000		5,194,439
2.38% due 09/30/14#		16,000		16,760
2.63% due 11/15/20#		733,000		710,838
2.75% due 02/15/19		860,000		872,699
3.00% due 02/28/17		556,000		587,666
3.13% due 05/15/19		11,000		11,415
3.38% due 07/31/13#		393,000		417,470
3.38% due 11/15/19#		623,000		653,566

Security Description	Shares/ Principal Amount			Value (Note 2)
United States Treasury Notes (continued)
3.50% due 05/15/20#		310,000		$	325,863
3.63% due 08/15/19		52,000			55,742
3.63% due 02/15/20		1,186,000			1,263,090
3.75% due 11/15/18#		355,000			386,479
3.88% due 05/15/18#		5,459,000			6,010,020
4.00% due 08/15/18#		1,403,000			1,553,932
4.25% due 08/15/15		538,000			602,896
					24,146,261
Total U.S. Government Treasuries
(cost $29,781,109)					30,610,479
COMMON STOCK — 0.0%
Banks-Commercial — 0.0%
Lloyds Banking Group PLC†(11)		49,459			42,415
Independent Power Producers — 0.0%
GenOn Energy, Inc.†#		615			2,454
Total Common Stock
(cost $30,299)					44,869
PREFERRED STOCK — 0.2%
Banks-Super Regional — 0.2%
US Bancorp FRS 3.50% (cost $304,527)		437			373,198
Total Long-Term Investment Securities
(cost $135,307,079)					139,350,101
SHORT-TERM INVESTMENT SECURITIES — 5.7%
Collective Investment Pool — 3.4%
Securities Lending Quality Trust(9)(10)		4,790,483			4,783,231
Time Deposits — 2.3%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11	$	3,298,000			3,298,000
Total Short-Term Investment Securities
(cost $8,088,483)					8,081,231
TOTAL INVESTMENTS
(cost $143,395,562)(12)		103.4	%		147,431,332
Liabilities in excess of other assets		(3.4	)		(4,779,100	)
NET ASSETS —		100.0	%	$	142,652,232

* 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 May 31, 2011, the aggregate value of these securities was $12,576,070 representing 8.80% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

# The security or a portion thereof is out on loan (see Note 2).

† Non-income producing security

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

(3) Perpetual maturity — maturity date reflects the next call date.

(4) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

(5) Illiquid security. At May 31, 2011, the aggregate value of these securities was $0 representing 0.0% of net assets.

(6) Bond in default

(7) Company has filed for Chapter 11 bankruptcy protection.

(8) Principal amount of security is adjusted for inflation.

(9) The security is purchased with the cash collateral received from securities loaned (see Note 2).

46

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

(10) May 31, 2011, the Fund had loaned securities with a total value of $7,426,152 . This was secured by collateral of $4,790,483, which was received in cash and subsequently invested in short-term investments currently valued at $4,783,231 as reported in the portfolio of investments. The remaining collateral with a value of $2,776,302 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the short-term pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range
Federal Home Loan Mtg. Corp.	0.61% to 37.08%	04/15/32 to 06/01/41
Federal National Mtg. Assoc.	0.00% to 47.40%	04/25/23 to 06/25/41
Government National Mtg. Assoc.	9.38% to 33.61%	12/20/32 to 03/20/41
U.S. Treasury Bonds/Notes	2.00% to 4.75%	11/30/13 to 08/15/40

(11) Security was valued using fair value procedures at May 31, 2011. The aggregate value of these securities was $42,415 representing 0.0% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(12) See Note 5 for cost of investments on a tax basis.

TIPS—Treasury Inflation Protected Securities

FRS—Floating Rate Securities

VRS—Variable Rate Securities

The rates shown on FRS and VRS are the current interest rates at May 31, 2011 and unless noted otherwise, the dates shown are the original maturity dates.

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Asset Backed Securities	$	—	$	18,564,936		$	150,000	$	18,714,936
U.S. Corporate Bonds & Notes		—		29,620,506			0		29,620,506
Foreign Corporate Bonds & Notes		—		9,844,688			—		9,844,688
Municipal Bonds & Notes		—		78,530			—		78,530
U.S. Government Agencies		—		50,062,895			—		50,062,895
U.S. Government Treasuries		—		30,610,479			—		30,610,479
Common Stock		2,454		42,415	#		—		44,869
Preferred Stock		373,198		—			—		373,198
Short-Term Investment Securities:
Collective Investment Pool		—		4,783,231			—		4,783,231
Time Deposits		—		3,298,000			—		3,298,000
Total	$	375,652	$	146,905,680		$	150,000	$	147,431,332

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $42,415 representing 0.0% of net assets. See Note 2.

The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:

	Convertible Bonds & Notes			Asset Back Securities		U.S. Corporate Bonds & Notes
Balance as of 5/31/2010	$	26,400		$	—	$	0
Accrued discounts/premiums		—			—		—
Realized gain (loss)		—			—		—
Change in unrealized appreciation (depreciation)(1)		6,600			18		—
Net purchases (sales)		(33,000	)		149,982		—
Transfers in and/or out of Level 3		—			—		—
Balance as of 5/31/2011	$	—		$	150,000	$	0

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at May 31, 2011 includes:

Convertible Bonds & Notes		Asset Backed Securities		U.S. Corporate Bonds & Notes
$	—	$	18	$	—

See Notes to Financial Statements

47

VALIC Company I Core Equity Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	12.7	%
Oil Companies — Integrated	6.7
Medical — Drugs	6.5
Electronic Components — Semiconductors	5.5
Diversified Manufacturing Operations	4.3
Medical — HMO	3.6
Medical — Biomedical/Gene	3.0
Diversified Banking Institutions	2.9
Aerospace/Defense	2.6
Banks — Super Regional	2.3
Semiconductor Equipment	2.3
Telephone — Integrated	2.2
Cable/Satellite TV	2.1
Food — Retail	1.9
Semiconductor Components — Integrated Circuits	1.9
Medical Products	1.9
Computers	1.8
Electric — Integrated	1.7
Computer Services	1.6
Medical — Wholesale Drug Distribution	1.5
Oil Refining & Marketing	1.5
Applications Software	1.4
Retail — Apparel/Shoe	1.4
Medical — Hospitals	1.4
Multimedia	1.4
Computers — Memory Devices	1.4
Insurance — Multi-line	1.3
Tobacco	1.3
Oil & Gas Drilling	1.3
Food — Misc.	1.3
Telecom Equipment — Fiber Optics	1.2
Metal — Aluminum	1.2
Coal	1.2
Engineering/R&D Services	1.1
Cellular Telecom	1.1
Wireless Equipment	1.0
Commercial Services — Finance	1.0
Insurance — Life/Health	0.9
Metal — Iron	0.8
Apparel Manufacturers	0.8
Television	0.8
Internet Security	0.7
Insurance — Property/Casualty	0.7
Paper & Related Products	0.7
Electronic Measurement Instruments	0.7
Investment Management/Advisor Services	0.7
Finance — Investment Banker/Broker	0.7
Computer Aided Design	0.7
Retail — Computer Equipment	0.7
Steel — Producers	0.7
Gas — Distribution	0.6
Beverages — Non-alcoholic	0.6
Enterprise Software/Service	0.6
Auto/Truck Parts & Equipment — Original	0.6
Motorcycle/Motor Scooter	0.6
Schools	0.6
Retail — Auto Parts	0.6
Containers — Metal/Glass	0.6
Chemicals — Diversified	0.5
Oil Companies — Exploration & Production	0.5
Time Deposits	0.5
Medical Instruments	0.5
Office Supplies & Forms	0.5
Building — Heavy Construction	0.4
Consumer Products — Misc.	0.4
Banks — Fiduciary	0.4
Telecommunication Equipment	0.4
Funeral Services & Related Items	0.3
Auto — Cars/Light Trucks	0.3

Oil — Field Services	0.3
Airlines	0.3
Agricultural Operations	0.3
Independent Power Producers	0.3
Cosmetics & Toiletries	0.3
Finance — Credit Card	0.3
Electronic Design Automation	0.2
Finance — Other Services	0.2
Retail — Drug Store	0.2
Publishing — Newspapers	0.2
Food — Meat Products	0.1
Retail — Consumer Electronics	0.1
Medical — Outpatient/Home Medical	0.1
Telecom Services	0.1
	112.6	%

* Calculated as a percentage of net assets

48

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 99.4%
Aerospace/Defense — 2.6%
General Dynamics Corp.		28,000	$	2,078,160
Lockheed Martin Corp.#		9,400		732,260
Northrop Grumman Corp.#		11,910		777,604
Raytheon Co.#		56,520		2,847,477
				6,435,501
Agricultural Operations — 0.3%
Archer - Daniels - Midland Co.#		23,200		751,912
Airlines — 0.3%
Delta Air Lines, Inc.†#		76,300		769,104
Apparel Manufacturers — 0.8%
Coach, Inc.#		30,000		1,909,800
Applications Software — 1.4%
Microsoft Corp.		144,700		3,618,947
Auto - Cars/Light Trucks — 0.3%
General Motors Co.†		26,500		842,965
Auto/Truck Parts & Equipment - Original — 0.6%
TRW Automotive Holdings Corp.†		27,000		1,535,490
Banks - Fiduciary — 0.4%
Bank of New York Mellon Corp.		32,961		926,534
Banks - Super Regional — 2.3%
Capital One Financial Corp.		34,000		1,847,560
KeyCorp		192,000		1,626,240
US Bancorp		31,220		799,232
Wells Fargo & Co.		51,690		1,466,445
				5,739,477
Beverages - Non-alcoholic — 0.6%
Dr Pepper Snapple Group, Inc.		39,000		1,606,800
Building - Heavy Construction — 0.4%
Chicago Bridge & Iron Co.		27,000		1,027,620
Cable/Satellite TV — 2.1%
Comcast Corp., Special Class A		50,510		1,189,510
DIRECTV, Class A†		43,000		2,161,180
DISH Network Corp., Class A†		12,000		363,360
Time Warner Cable, Inc.		22,000		1,698,840
				5,412,890
Cellular Telecom — 1.1%
Sprint Nextel Corp.†		467,450		2,734,583
Chemicals - Diversified — 0.5%
E.I. du Pont de Nemours & Co.		25,750		1,372,475
Coal — 1.2%
Alpha Natural Resources, Inc.†		7,000		383,530
Peabody Energy Corp.		12,020		737,547
Walter Energy, Inc.		15,000		1,868,250
				2,989,327
Commercial Services - Finance — 1.0%
Moody’s Corp.		3,000		119,730
Western Union Co.		118,650		2,439,444
				2,559,174
Computer Aided Design — 0.7%
Autodesk, Inc.†		40,000		1,719,200
Computer Services — 1.6%
Accenture PLC, Class A		22,000		1,262,580
International Business Machines Corp.		16,250		2,745,112
				4,007,692

Security Description	Shares		Value (Note 2)
Computers — 1.8%
Apple, Inc.†		6,000	$	2,086,980
Dell, Inc.†		127,000		2,042,160
Hewlett - Packard Co.		11,190		418,282
				4,547,422
Computers - Memory Devices — 1.4%
Seagate Technology PLC		107,000		1,797,600
Western Digital Corp.†		44,000		1,612,600
				3,410,200
Consumer Products - Misc. — 0.4%
Kimberly - Clark Corp.		14,250		973,275
Containers - Metal/Glass — 0.6%
Crown Holdings, Inc.†		35,000		1,421,350
Cosmetics & Toiletries — 0.3%
Procter & Gamble Co.		10,000		670,000
Diversified Banking Institutions — 2.9%
Bank of America Corp.		106,740		1,254,195
Citigroup, Inc.		52,614		2,165,066
Goldman Sachs Group, Inc.		600		84,438
JPMorgan Chase & Co.		74,680		3,229,163
Morgan Stanley		24,060		581,290
				7,314,152
Diversified Manufacturing Operations — 4.3%
General Electric Co.		317,090		6,227,648
Honeywell International, Inc.		23,370		1,391,684
Textron, Inc.#		62,000		1,418,560
Tyco International, Ltd.		34,210		1,688,263
				10,726,155
Electric - Integrated — 1.7%
Dominion Resources, Inc.#		26,770		1,277,464
NV Energy, Inc.		108,000		1,703,160
Southern Co.		30,720		1,231,258
				4,211,882
Electronic Components - Semiconductors — 5.5%
Altera Corp.#		39,000		1,875,510
Intel Corp.		137,000		3,083,870
LSI Corp.†		250,790		1,878,417
Micron Technology, Inc.†#		79,700		812,940
National Semiconductor Corp.		72,000		1,766,160
NVIDIA Corp.†#		100,000		2,004,000
ON Semiconductor Corp.†		20,000		224,400
Texas Instruments, Inc.		63,000		2,223,900
				13,869,197
Electronic Design Automation — 0.2%
Cadence Design Systems, Inc.†#		58,000		620,020
Electronic Measurement Instruments — 0.7%
Agilent Technologies, Inc.†		36,000		1,795,320
Engineering/R&D Services — 1.1%
Jacobs Engineering Group, Inc.†#		23,100		1,063,986
KBR, Inc.		45,000		1,679,400
				2,743,386
Enterprise Software/Service — 0.6%
CA, Inc.#		68,000		1,591,200
Finance - Credit Card — 0.3%
Discover Financial Services		27,000		643,680
Finance - Investment Banker/Broker — 0.7%
TD Ameritrade Holding Corp.#		82,000		1,767,100

49

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Finance - Other Services — 0.2%
NASDAQ OMX Group, Inc.†		20,000	$	510,400
Food - Meat Products — 0.1%
Smithfield Foods, Inc.†		16,000		335,200
Food - Misc. — 1.3%
General Mills, Inc.		14,660		583,028
Kraft Foods, Inc., Class A		11,796		412,506
Unilever NV		68,340		2,231,985
				3,227,519
Food - Retail — 1.9%
Kroger Co.		126,560		3,141,219
Safeway, Inc.#		71,000		1,753,700
				4,894,919
Funeral Services & Related Items — 0.3%
Service Corp. International		74,000		849,520
Gas - Distribution — 0.6%
NiSource, Inc.#		80,000		1,624,000
Independent Power Producers — 0.3%
NRG Energy, Inc.†		28,000		693,280
Insurance - Life/Health — 0.9%
Aflac, Inc.		13,300		635,607
Lincoln National Corp.		13,800		405,030
Prudential Financial, Inc.		18,410		1,174,190
				2,214,827
Insurance - Multi-line — 1.3%
ACE, Ltd.		18,740		1,289,687
Allstate Corp.		5,200		163,176
Hartford Financial Services Group, Inc.#		28,500		759,525
MetLife, Inc.		26,890		1,185,849
				3,398,237
Insurance - Property/Casualty — 0.7%
Travelers Cos., Inc.#		29,570		1,835,706
Internet Security — 0.7%
Symantec Corp.†		97,000		1,896,350
Investment Management/Advisor Services — 0.7%
Ameriprise Financial, Inc.		29,000		1,775,670
Medical Instruments — 0.5%
Medtronic, Inc.		28,800		1,172,160
Medical Products — 1.9%
Baxter International, Inc.		53,750		3,199,200
Johnson & Johnson		21,850		1,470,286
				4,669,486
Medical - Biomedical/Gene — 3.0%
Amgen, Inc.†		62,850		3,804,939
Biogen Idec, Inc.†		21,000		1,989,330
Illumina, Inc.†#		24,000		1,729,920
				7,524,189
Medical - Drugs — 6.5%
Bristol - Myers Squibb Co.		94,770		2,725,585
Eli Lilly & Co.#		85,630		3,295,042
Forest Laboratories, Inc.†		49,000		1,764,980
Merck & Co., Inc.		64,134		2,356,925
Pfizer, Inc.		295,862		6,346,240
				16,488,772

Security Description	Shares		Value (Note 2)
Medical - HMO — 3.6%
Aetna, Inc.		58,700	$	2,564,016
CIGNA Corp.		7,000		349,230
Health Net, Inc.†		53,000		1,700,770
UnitedHealth Group, Inc.		49,000		2,398,550
WellPoint, Inc.		26,000		2,032,420
				9,044,986
Medical - Hospitals — 1.4%
HCA Holdings, Inc.†		6,900		240,741
Health Management Associates, Inc., Class A†#		162,000		1,846,800
Tenet Healthcare Corp.†		231,000		1,473,780
				3,561,321
Medical - Outpatient/Home Medical — 0.1%
Lincare Holdings, Inc.#		10,000		303,200
Medical - Wholesale Drug Distribution — 1.5%
AmerisourceBergen Corp.		47,000		1,937,340
McKesson Corp.		23,000		1,969,030
				3,906,370
Metal - Aluminum — 1.2%
Alcoa, Inc.#		179,850		3,023,278
Metal - Iron — 0.8%
Cliffs Natural Resources, Inc.		22,000		1,995,400
Motorcycle/Motor Scooter — 0.6%
Harley - Davidson, Inc.		41,000		1,523,560
Multimedia — 1.4%
Time Warner, Inc.#		32,516		1,184,558
Viacom, Inc., Class B		32,360		1,631,268
Walt Disney Co.		15,970		664,831
				3,480,657
Office Supplies & Forms — 0.5%
Avery Dennison Corp.		27,000		1,143,180
Oil & Gas Drilling — 1.3%
Ensco PLC ADR		9,800		522,536
Nabors Industries, Ltd.†		56,000		1,561,840
Noble Corp.#		28,640		1,199,157
				3,283,533
Oil Companies - Exploration & Production — 0.5%
Devon Energy Corp.		13,450		1,130,742
Occidental Petroleum Corp.		2,200		237,270
				1,368,012
Oil Companies - Integrated — 6.7%
Chevron Corp.		15,580		1,634,498
ConocoPhillips		41,000		3,002,020
Exxon Mobil Corp.		71,500		5,968,105
Hess Corp.		9,700		766,591
Marathon Oil Corp.		70,850		3,837,944
Murphy Oil Corp.		24,000		1,653,360
				16,862,518
Oil Refining & Marketing — 1.5%
Tesoro Corp.†#		74,000		1,805,600
Valero Energy Corp.		71,000		1,952,500
				3,758,100
Oil - Field Services — 0.3%
Halliburton Co.#		15,810		792,872
Paper & Related Products — 0.7%
International Paper Co.		58,000		1,810,760

50

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Publishing - Newspapers — 0.2%
Gannett Co., Inc.#		27,000	$	385,020
Retail - Apparel/Shoe — 1.4%
Limited Brands, Inc.		44,000		1,758,240
Ross Stores, Inc.		22,000		1,803,120
				3,561,360
Retail - Auto Parts — 0.6%
Advance Auto Parts, Inc.#		23,000		1,428,300
Retail - Computer Equipment — 0.7%
GameStop Corp., Class A†#		61,000		1,706,780
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.#		9,800		311,248
Retail - Drug Store — 0.2%
CVS Caremark Corp.		12,500		483,625
Schools — 0.6%
ITT Educational Services, Inc.†#		22,000		1,513,160
Semiconductor Components - Integrated Circuits — 1.9%
Analog Devices, Inc.		44,000		1,811,480
Atmel Corp.†		115,000		1,727,300
Maxim Integrated Products, Inc.#		47,000		1,280,750
				4,819,530
Semiconductor Equipment — 2.3%
Applied Materials, Inc.		141,000		1,942,980
KLA - Tencor Corp.#		11,000		474,100
Lam Research Corp.†		37,000		1,738,815
Teradyne, Inc.†#		96,000		1,536,960
				5,692,855
Steel - Producers — 0.7%
Nucor Corp.#		19,250		815,045
United States Steel Corp.#		18,510		853,496
				1,668,541
Telecom Equipment - Fiber Optics — 1.2%
Corning, Inc.		156,300		3,149,445
Telecom Services — 0.1%
Amdocs, Ltd.†		9,000		273,960

Security Description	Shares/ Principal Amount			Value (Note 2)
Telecommunication Equipment — 0.4%
Tellabs, Inc.		197,000		$	900,290
Telephone - Integrated — 2.2%
AT&T, Inc.		55,780			1,760,417
Telephone and Data Systems, Inc.#		8,000			261,600
Verizon Communications, Inc.		94,720			3,498,009
					5,520,026
Television — 0.8%
CBS Corp., Class B		68,000			1,900,600
Tobacco — 1.3%
Philip Morris International, Inc.		46,000			3,300,500
Wireless Equipment — 1.0%
Motorola Mobility Holdings, Inc.†		29,012			729,362
Motorola Solutions, Inc.†		39,000			1,866,930
					2,596,292
Total Long-Term Investment Securities
(cost $214,918,420)					250,443,344
SHORT-TERM INVESTMENT SECURITIES — 13.2%
Collective Investment Pool — 12.7%
Securities Lending Quality Trust(1)		31,890,023			31,854,519
Time Deposits — 0.5%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11	$	1,312,000			1,312,000
Total Short-Term Investment Securities
(cost $33,202,023)					33,166,519
TOTAL INVESTMENTS
(cost $248,120,443)(2)		112.6	%		283,609,863
Liabilities in excess of other assets		(12.6	)		(31,648,084	)
NET ASSETS —		100.0	%	$	251,961,779

† Non-income producing security

# The security or a portion thereof is out on loan (see Note 2).

(1) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(2) See Note 5 for cost of investments on a tax basis.

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Electronic Components - Semiconductors	$	13,869,197	$	—	$	—	$	13,869,197
Medical - Drugs		16,488,772		—		—		16,488,772
Oil Companies - Integrated		16,862,518		—		—		16,862,518
Other Industries*		203,222,857		—		—		203,222,857
Short-Term Investment Securities:
Collective Investment Pool		—		31,854,519		—		31,854,519
Time Deposits		—		1,312,000		—		1,312,000
Total	$	250,443,344	$	33,166,519	$	—	$	283,609,863

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

See Notes to Financial Statements

51

VALIC Company I Dividend Value Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Oil Companies — Integrated	7.6	%
Medical — Drugs	7.5
Tobacco	7.0
Telephone — Integrated	6.8
Aerospace/Defense	6.8
Time Deposits	3.8
Food — Misc.	3.4
Electric — Integrated	3.1
Chemicals — Diversified	2.7
Diversified Manufacturing Operations	2.3
Diversified Banking Institutions	2.3
Multimedia	2.2
Banks — Commercial	2.1
Banks — Super Regional	2.1
Retail — Restaurants	2.1
Medical Products	1.8
Consumer Products — Misc.	1.7
Electronic Components — Semiconductors	1.7
Commercial Services — Finance	1.6
Insurance — Property/Casualty	1.6
Diversified Minerals	1.5
Machinery — Construction & Mining	1.4
Applications Software	1.3
Machinery — Farming	1.3
Medical — Outpatient/Home Medical	1.2
Oil Companies — Exploration & Production	1.2
Computer Services	1.2
Electronic Components — Misc.	1.1
Transport — Rail	1.1
Aerospace/Defense — Equipment	1.1
Data Processing/Management	1.1
Pipelines	1.0
Schools	1.0
Cosmetics & Toiletries	0.8
Beverages — Non-alcoholic	0.8
Finance — Credit Card	0.7
Industrial Gases	0.7
Retail — Apparel/Shoe	0.6
Apparel Manufacturers	0.6
Retail — Building Products	0.6
Vitamins & Nutrition Products	0.6
Beverages — Wine/Spirits	0.5
Insurance — Life/Health	0.5
Retail — Discount	0.5
Metal — Diversified	0.5
Paper & Related Products	0.5
Cable/Satellite TV	0.5
Repurchase Agreements	0.4
Transport — Services	0.4
Computers	0.4
Oil — Field Services	0.4
Water	0.4
Cellular Telecom	0.4
Containers — Paper/Plastic	0.3
Gold Mining	0.3
Toys	0.3
Auto/Truck Parts & Equipment — Original	0.3
Coal	0.3
Gas — Distribution	0.3
Metal — Copper	0.2
Real Estate Investment Trusts	0.2
Telecom Services	0.2
Industrial Automated/Robotic	0.2
Banks — Fiduciary	0.2
Non-Ferrous Metals	0.1
Electric — Transmission	0.1
Steel — Producers	0.1
	99.6	%

* Calculated as a percentage of net assets

52

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 95.4%
Aerospace/Defense — 6.8%
General Dynamics Corp.		46,298	$	3,436,238
Lockheed Martin Corp.		28,009		2,181,901
Northrop Grumman Corp.		49,076		3,204,172
Raytheon Co.		75,740		3,815,781
Rockwell Collins, Inc.		4,500		275,085
				12,913,177
Aerospace/Defense - Equipment — 1.1%
United Technologies Corp.		24,000		2,106,480
Apparel Manufacturers — 0.6%
VF Corp.		11,600		1,156,172
Applications Software — 1.3%
Microsoft Corp.		102,711		2,568,802
Auto/Truck Parts & Equipment - Original — 0.3%
Johnson Controls, Inc.		13,200		522,720
Banks - Commercial — 2.1%
Bank of Nova Scotia		21,400		1,311,146
National Bank of Canada		17,400		1,453,816
Royal Bank of Canada		7,400		432,459
Toronto - Dominion Bank		8,800		758,516
				3,955,937
Banks - Fiduciary — 0.2%
Bank of New York Mellon Corp.		10,700		300,777
Banks - Super Regional — 2.1%
US Bancorp		49,600		1,269,760
Wells Fargo & Co.		94,500		2,680,965
				3,950,725
Beverages - Non - alcoholic — 0.8%
Coca - Cola Co.		22,800		1,523,268
Beverages - Wine/Spirits — 0.5%
Diageo PLC(1)		49,135		1,047,416
Cable/Satellite TV — 0.5%
Comcast Corp., Special Class A		37,800		890,190
Cellular Telecom — 0.4%
Rogers Communications, Inc., Class B		5,000		190,638
Vodafone Group PLC ADR		18,300		512,949
				703,587
Chemicals - Diversified — 2.7%
Dow Chemical Co.		9,300		336,009
E.I. du Pont de Nemours & Co.		81,089		4,322,044
Olin Corp.		24,000		576,480
				5,234,533
Coal — 0.3%
Consol Energy, Inc.		4,800		246,096
Peabody Energy Corp.		4,100		251,576
				497,672
Commercial Services - Finance — 1.6%
Automatic Data Processing, Inc.		5,800		319,638
H&R Block, Inc.		171,273		2,774,623
				3,094,261
Computer Services — 1.2%
International Business Machines Corp.		13,100		2,212,983
Computers — 0.4%
Hewlett - Packard Co.		22,300		833,574

Security Description	Shares		Value (Note 2)
Consumer Products - Misc. — 1.7%
Clorox Co.		32,376	$	2,281,861
Kimberly - Clark Corp.		13,300		908,390
				3,190,251
Containers - Paper/Plastic — 0.3%
Packaging Corp. of America		9,800		285,180
Temple - Inland, Inc.		14,700		348,978
				634,158
Cosmetics & Toiletries — 0.8%
Procter & Gamble Co.		23,600		1,581,200
Data Processing/Management — 1.1%
Broadridge Financial Solutions, Inc.		89,633		2,050,803
Diversified Banking Institutions — 2.3%
Bank of America Corp.		88,400		1,038,700
JPMorgan Chase & Co.		75,500		3,264,620
				4,303,320
Diversified Manufacturing Operations — 2.3%
3M Co.		12,800		1,208,064
General Electric Co.		113,000		2,219,320
Honeywell International, Inc.		15,200		905,160
				4,332,544
Diversified Minerals — 1.5%
BHP Billiton, Ltd.(1)		61,018		2,909,927
Electric - Integrated — 3.1%
American Electric Power Co., Inc.		13,500		515,700
Consolidated Edison, Inc.		4,900		259,994
Dominion Resources, Inc.		21,500		1,025,980
Duke Energy Corp.		22,200		416,250
FirstEnergy Corp.		4,900		218,638
NextEra Energy, Inc.		16,300		944,585
Northeast Utilities		10,700		377,068
PPL Corp.		10,900		307,271
Public Service Enterprise Group, Inc.		21,500		720,250
Southern Co.		18,000		721,440
Wisconsin Energy Corp.		11,000		343,970
				5,851,146
Electric - Transmission — 0.1%
ITC Holdings Corp.		3,500		253,015
Electronic Components - Misc. — 1.1%
Garmin, Ltd.†		63,201		2,153,890
Electronic Components - Semiconductors — 1.7%
Intel Corp.		140,981		3,173,482
Finance - Credit Card — 0.7%
American Express Co.		26,200		1,351,920
Food - Misc. — 3.4%
General Mills, Inc.		26,800		1,065,836
H.J. Heinz Co.		14,700		807,324
Kraft Foods, Inc., Class A		91,536		3,201,014
Unilever NV		43,000		1,404,380
				6,478,554
Gas - Distribution — 0.3%
AGL Resources, Inc.		2,800		115,108
Sempra Energy		6,500		358,605
				473,713
Gold Mining — 0.3%
Barrick Gold Corp.		13,000		622,460

53

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Industrial Automated/Robotic — 0.2%
Rockwell Automation, Inc.		5,100	$	423,861
Industrial Gases — 0.7%
Air Products & Chemicals, Inc.		4,000		380,360
Praxair, Inc.		8,800		931,392
				1,311,752
Insurance - Life/Health — 0.5%
Prudential Financial, Inc.		15,500		988,590
Insurance - Property/Casualty — 1.6%
Chubb Corp.		19,500		1,279,005
Travelers Cos., Inc.		28,500		1,769,280
				3,048,285
Machinery - Construction & Mining — 1.4%
Caterpillar, Inc.		25,800		2,729,640
Machinery - Farming — 1.3%
Deere & Co.		29,800		2,565,184
Medical Products — 1.8%
Johnson & Johnson		50,711		3,412,343
Medical - Drugs — 7.5%
Abbott Laboratories		15,900		830,775
Bristol - Myers Squibb Co.		137,038		3,941,213
Eli Lilly & Co.		56,349		2,168,309
Merck & Co., Inc.		90,429		3,323,266
Pfizer, Inc.		193,127		4,142,574
				14,406,137
Medical - Outpatient/Home Medical — 1.2%
Lincare Holdings, Inc.		77,025		2,335,398
Metal - Copper — 0.2%
Southern Copper Corp.		13,000		449,280
Metal - Diversified — 0.5%
Rio Tinto, Ltd.(1)		10,948		955,983
Multimedia — 2.2%
McGraw - Hill Cos., Inc.		54,439		2,312,024
Meredith Corp.		58,252		1,841,346
				4,153,370
Non - Ferrous Metals — 0.1%
Cameco Corp.		9,700		271,121
Oil Companies - Exploration & Production — 1.2%
EQT Corp.		15,900		861,462
Occidental Petroleum Corp.		13,300		1,434,405
				2,295,867
Oil Companies - Integrated — 7.6%
Chevron Corp.		61,927		6,496,762
ConocoPhillips		20,500		1,501,010
Exxon Mobil Corp.		33,900		2,829,633
Marathon Oil Corp.		26,100		1,413,837
Murphy Oil Corp.		2,100		144,669
Total SA ADR		38,100		2,194,179
				14,580,090
Oil - Field Services — 0.4%
Schlumberger, Ltd.		9,700		831,484
Paper & Related Products — 0.5%
MeadWestvaco Corp.		27,700		942,354
Pipelines — 1.0%
Enbridge, Inc.		37,400		1,253,422
Kinder Morgan, Inc.		6,600		193,314

Security Description	Shares/ Principal Amount		Value (Note 2)
Pipelines (continued)
Spectra Energy Corp.		19,100	$	526,969
				1,973,705
Real Estate Investment Trusts — 0.2%
Weyerhaeuser Co.		20,768		447,343
Retail - Apparel/Shoe — 0.6%
Limited Brands, Inc.		30,600		1,222,776
Retail - Building Products — 0.6%
Home Depot, Inc.		31,000		1,124,680
Retail - Discount — 0.5%
Wal - Mart Stores, Inc.		17,800		982,916
Retail - Restaurants — 2.1%
McDonald’s Corp.		48,443		3,950,042
Schools — 1.0%
Strayer Education, Inc.		15,131		1,818,444
Steel - Producers — 0.1%
BlueScope Steel, Ltd.(1)		140,369		219,359
Telecom Services — 0.2%
BCE, Inc.		10,600		426,544
Telephone - Integrated — 6.8%
AT&T, Inc.		137,315		4,333,661
CenturyLink, Inc.		95,092		4,107,024
Frontier Communications Corp.		6,817		60,330
Verizon Communications, Inc.		111,979		4,135,385
Windstream Corp.		27,900		375,255
				13,011,655
Tobacco — 7.0%
Altria Group, Inc.		100,422		2,817,841
Lorillard, Inc.		31,952		3,683,427
Philip Morris International, Inc.		63,454		4,552,824
Reynolds American, Inc.		60,596		2,410,509
				13,464,601
Toys — 0.3%
Mattel, Inc.		20,000		527,900
Transport - Rail — 1.1%
Canadian National Railway Co.		18,200		1,424,696
Union Pacific Corp.		6,800		713,796
				2,138,492
Transport - Services — 0.4%
United Parcel Service, Inc., Class B		11,600		852,484
Vitamins & Nutrition Products — 0.6%
Mead Johnson Nutrition Co.		15,800		1,071,082
Water — 0.4%
American Water Works Co., Inc.		24,200		726,242
Total Long-Term Investment Securities
(cost $151,954,661)				182,531,661
SHORT-TERM INVESTMENT SECURITIES — 3.8%
Time Deposits — 3.8%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11 (cost $7,179,000)	$	7,179,000		7,179,000

54

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENT — 0.4%
State Street Bank & Trust Co., Joint Repurchase Agreement (cost $855,000)(2)	$	855,000		$	855,000
TOTAL INVESTMENTS
(cost $159,988,661)(3)		99.6	%		190,565,661
Other assets less liabilities		0.4			753,676
NET ASSETS —		100.0	%	$	191,319,337

† Non-income producing security

(1) Security was valued using fair value procedures at May 31, 2011. The aggregate value of these securities was $5,132,685 representing 2.7% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) See Note 2 for details of Joint Repurchase Agreements.

(3) See Note 5 for cost of investments on a tax basis.

ADR—American Depository Receipts

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Aerospace/Defense	$	12,913,177	$	—		$	—	$	12,913,177
Medical Drugs		14,406,137		—			—		14,406,137
Oil Companies - Integrated		14,580,090		—			—		14,580,090
Telephone - Integrated		13,011,655		—			—		13,011,655
Tobacco		13,464,601		—			—		13,464,601
Other Industries*		109,023,316		5,132,685	#		—		114,156,001
Short-Term Investment Securities:
Time Deposits		—		7,179,000			—		7,179,000
Repurchase Agreement		—		855,000			—		855,000
Total	$	177,398,976	$	13,166,685		$	—	$	190,565,661

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $5,132,685 representing 2.6% of net assets. See Note 2.

See Notes to Financial Statements

55

VALIC Company I Foreign Value Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Medical — Drugs	10.7	%
Collective Investment Pool	6.8
Oil Companies — Integrated	6.3
Insurance — Multi-line	6.3
Telecom Services	5.8
Telephone — Integrated	4.9
Diversified Banking Institutions	4.8
Cellular Telecom	3.5
Semiconductor Components — Integrated Circuits	3.4
Insurance — Reinsurance	3.2
Electric — Integrated	3.0
U.S. Government Agencies	2.8
Oil Companies — Exploration & Production	2.5
Electronic Components — Semiconductors	2.4
Insurance — Life/Health	2.3
Human Resources	2.2
Food — Retail	2.0
Diversified Financial Services	2.0
Auto — Cars/Light Trucks	1.7
Retail — Building Products	1.6
Electronic Components — Misc.	1.5
Toys	1.3
Computers	1.3
Banks — Commercial	1.3
Diversified Manufacturing Operations	1.2
Real Estate Operations & Development	1.1
Food — Wholesale/Distribution	1.0
Finance — Investment Banker/Broker	1.0
Insurance — Property/Casualty	1.0
Security Services	1.0
Building Products — Air & Heating	0.9
Building & Construction — Misc.	0.9
Wireless Equipment	0.9
Internet Security	0.9
Retail — Restaurants	0.9
Aerospace/Defense	0.8
Publishing — Books	0.8
Enterprise Software/Service	0.8
Oil Refining & Marketing	0.8
Retail — Automobile	0.8
Containers — Metal/Glass	0.7
Building Products — Cement	0.7
Diversified Minerals	0.7
Food — Misc.	0.7
Engineering/R&D Services	0.6
Multimedia	0.6
Import/Export	0.6
Steel — Producers	0.6
Apparel Manufacturers	0.6
Computers — Periphery Equipment	0.5
Retail — Major Department Stores	0.4
Chemicals — Specialty	0.4
Athletic Footwear	0.3
Medical — Biomedical/Gene	0.3
	106.1	%

Country Allocation*

United Kingdom	21.0	%
France	11.2
Switzerland	9.9
United States	9.6
Japan	7.3
Germany	6.3
Netherlands	5.5
Taiwan	5.2
South Korea	5.0
Norway	4.2
Singapore	3.7
Spain	3.0
Italy	1.9
Hong Kong	1.7
Russia	1.4
Ireland	1.2
Australia	1.2
Canada	1.1
Sweden	0.9
China	0.8
Bermuda	0.8
India	0.8
Austria	0.7
Brazil	0.7
Jersey	0.6
Denmark	0.4
	106.1	%

* Calculated as a percentage of net assets

56

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 95.8%
Australia — 1.2%
Billabong International, Ltd.#(1)		871,720	$	5,927,265
Downer EDI, Ltd.(1)		1,631,724		6,803,262
				12,730,527
Austria — 0.7%
Telekom Austria AG#(1)		601,270		7,796,814
Bermuda — 0.8%
PartnerRe, Ltd.#		71,130		5,323,369
Yue Yuen Industrial Holdings, Ltd.(1)		1,002,172		3,450,135
				8,773,504
Canada — 1.1%
Talisman Energy, Inc.		534,640		11,290,431
China — 0.8%
China Telecom Corp., Ltd.(1)		14,693,823		8,814,924
Shanghai Electric Group Co., Ltd.(1)		72,000		37,752
				8,852,676
Denmark — 0.4%
Danske Bank A/S†(1)		177,000		3,738,756
France — 11.2%
AXA SA(1)		996,452		21,340,452
BNP Paribas SA#(1)		152,430		11,925,667
France Telecom SA#(1)		1,116,855		25,597,150
GDF Suez(1)		172,090		6,340,934
Sanofi(1)		341,550		27,098,275
Total SA#(1)		279,300		16,166,634
Vivendi SA(1)		404,500		11,342,476
				119,811,588
Germany — 6.3%
E.ON AG(1)		445,220		12,632,781
Merck KGaA(1)		190,250		20,911,579
Muenchener Rueckversicherungs AG(1)		77,140		11,863,620
SAP AG#(1)		133,030		8,277,827
Siemens AG(1)		99,875		13,365,385
				67,051,192
Hong Kong — 1.7%
Cheung Kong Holdings, Ltd.(1)		782,488		12,229,704
China Mobile, Ltd.(1)		701,500		6,418,758
				18,648,462
India — 0.8%
Reliance Industries, Ltd. GDR (London)*(1)		94,320		3,996,031
Reliance Industries, Ltd. GDR (OTC US)*†		99,730		4,226,557
				8,222,588
Ireland — 1.2%
CRH PLC(1)		352,760		7,741,750
Elan Corp. PLC ADR†		580,960		5,559,787
				13,301,537
Italy — 1.9%
Autogrill SpA#(1)		730,314		9,352,180
UniCredit SpA#(1)		4,747,665		10,830,811
				20,182,991
Japan — 7.3%
ITOCHU Corp.(1)		639,000		6,612,556
Mazda Motor Corp.†#(1)		2,066,000		5,236,298
Nintendo Co., Ltd.(1)		60,996		14,226,171
NKSJ Holdings, Inc.(1)		1,676,000		10,628,587
Nomura Holdings, Inc.(1)		2,119,600		10,695,694

Security Description	Shares		Value (Note 2)
Japan (continued)
Toyota Motor Corp.(1)		320,900	$	13,360,552
Trend Micro, Inc.(1)		309,900		9,428,435
USS Co., Ltd.(1)		107,543		8,203,356
				78,391,649
Jersey — 0.6%
Informa PLC(1)		943,060		6,763,900
Netherlands — 5.5%
ING Groep NV CVA†(1)		3,172,164		38,441,270
Koninklijke Philips Electronics NV(1)		228,070		6,333,178
Randstad Holding NV(1)		93,820		4,642,860
Reed Elsevier NV(1)		654,324		8,812,042
				58,229,350
Norway — 4.2%
Statoil ASA#(1)		892,330		23,570,175
Telenor ASA#(1)		1,244,458		21,129,291
				44,699,466
Russia — 1.4%
Gazprom OAO ADR (OTC US)†		767,400		11,319,150
Gazprom OAO ADR (London)†(1)		253,600		3,752,345
				15,071,495
Singapore — 3.7%
Flextronics International, Ltd.†		1,326,280		9,602,267
Singapore Telecommunications, Ltd.(1)		5,864,999		15,265,556
Singapore Telecommunications, Ltd. - 10(1)		1,931,000		4,916,509
United Overseas Bank, Ltd.(1)		620,387		9,775,760
				39,560,092
South Korea — 5.0%
KB Financial Group, Inc.(1)		449,203		21,492,058
POSCO(1)		16,191		6,587,854
Samsung Electronics Co., Ltd.(1)		29,787		24,968,164
				53,048,076
Spain — 3.0%
Iberdrola SA#(1)		1,471,708		13,071,651
Telefonica SA(1)		770,656		18,726,514
Telefonica SA ADR		837		20,364
				31,818,529
Sweden — 0.9%
Niscayah Group AB#(1)		130,349		363,420
Telefonaktiebolaget LM Ericsson, Class B(1)		637,260		9,448,528
				9,811,948
Switzerland — 9.9%
ACE, Ltd.		105,690		7,273,586
Adecco SA†(1)		94,480		6,460,474
Basilea Pharmaceutica†(1)		33,210		2,753,565
Credit Suisse Group AG†(1)		275,180		11,843,436
Lonza Group AG†(1)		43,330		3,747,606
Nestle SA(1)		115,770		7,436,262
Novartis AG(1)		98,620		6,377,645
Roche Holding AG(1)		189,240		33,309,369
Swiss Re, Ltd.†		294,940		17,549,777
UBS AG (NYSE)†		77,610		1,499,425
UBS AG (SIX Swiss EX)†(1)		359,289		6,904,464
				105,155,609
Taiwan — 5.2%
Compal Electronics, Inc.(1)		11,335,528		13,766,904
Lite-On Technology Corp.(1)		4,336,095		5,538,740

57

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Taiwan (continued)
Siliconware Precision Industries Co.(1)		6,543,000	$	8,763,943
Taiwan Semiconductor Manufacturing Co., Ltd.(1)		10,327,862		27,610,098
				55,679,685
United Kingdom — 21.0%
Aviva PLC(1)		3,356,978		24,182,674
BAE Systems PLC(1)		1,618,250		8,827,189
BP PLC(1)		1,509,312		11,643,889
BP PLC ADR		180		8,323
Carillion PLC(1)		1,538,340		9,706,042
G4S PLC(1)		2,215,310		10,449,463
GlaxoSmithKline PLC(1)		971,621		21,100,723
Hays PLC(1)		6,300,480		11,324,090
HSBC Holdings PLC(1)		810,775		8,552,976
Kingfisher PLC(1)		3,543,545		16,790,788
Marks & Spencer Group PLC(1)		678,710		4,465,208
Premier Foods PLC†(1)		20,777,609		11,076,814
Rexam PLC(1)		1,196,170		7,902,916
Royal Dutch Shell PLC, Class A(1)		167,235		6,039,878
Royal Dutch Shell PLC, Class B(1)		268,205		9,747,328
SIG PLC†(1)		4,032,874		10,153,140
Tesco PLC(1)		3,128,460		21,612,575
Vodafone Group PLC(1)		10,991,787		30,602,239
				224,186,255
Total Common Stock
(cost $927,668,530)				1,022,817,120
PREFERRED STOCK — 0.7%
Brazil — 0.7%
Vale SA ADR (cost $3,582,028)		263,264		7,713,635
Total Long-Term Investment Securities
(cost $931,250,558)				1,030,530,755
SHORT-TERM INVESTMENT SECURITIES — 9.6%
Collective Investment Pool — 6.8%
Securities Lending Quality Trust(2)(4)		72,190,167		72,140,491

Security Description	Principal Amount			Value (Note 2)
U.S. Government Agencies — 2.8%
Federal Home Loan Bank Disc. Notes 0.01% due 06/01/11	$	29,600,000		$	29,600,000
Total Short-Term Investment Securities
(cost $101,790,167)					101,740,491
TOTAL INVESTMENTS
(cost $1,033,040,725)(3)		106.1	%		1,132,271,246
Liabilities in excess of other assets		(6.1	)		(64,694,334	)
NET ASSETS —		100.0	%	$	1,067,576,912

# 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 May 31, 2011, the aggregate value of these securities was $8,222,588 representing 0.8% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Security was valued using fair value procedures at May 31, 2011. The aggregate value of these securities was $949,144,084 representing 88.9% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) The security is purchased with the cash collateral received from securities loaned.

(3) See Note 5 for cost of investments on a tax basis.

(4) At May 31, 2011, the Fund had loaned securities with a total value of $72,440,618. This was secured by collateral of $72,190,167, which was received in cash and subsequently invested in short-term investments currently valued at $72,140,491 as reported in the portfolio of investments. The remaining collateral with a value of $2,373,198 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the short-term pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range
United States Treasury Bills	zero coupon	09/01/11
United States Treasury Notes/Bonds	0.38% to 4.50%	03/15/12 - 05/15/40

ADR—American Depository Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

GDR—Global Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
France	$	—	$	119,811,588	#	$	—	$	119,811,588
Germany		—		67,051,192	#		—		67,051,192
Japan		—		78,391,649	#		—		78,391,649
Netherlands		—		58,229,350	#		—		58,229,350
South Korea		—		53,048,076	#		—		53,048,076
Switzerland		26,322,788		78,832,821	#		—		105,155,609
Taiwan		—		55,679,685	#		—		55,679,685
United Kingdom		8,323		224,177,932	#		—		224,186,255
Other Countries*		47,341,925		213,921,791	#		—		261,263,716
Preferred Stock		7,713,635		—			—		7,713,635
Short-Term Investment Securities:
Collective Investment Pool		—		72,140,491			—		72,140,491
U.S. Government Agencies		—		29,600,000			—		29,600,000
Total	$	81,386,671	$	1,050,884,575		$	—	$	1,132,271,246

* Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments.

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $949,144,084 representing 88.9% of net assets. See Note 2.

See Notes to Financial Statements

58

VALIC Company I Global Equity Fund

PORTFOLIO PROFILE — May 31, 2011 (unaudited)

Industry Allocation*

Collective Investment Pool	8.2	%
Diversified Banking Institutions	5.7
Banks — Commercial	4.6
Chemicals — Diversified	4.5
Oil Companies — Integrated	4.5
Medical — Drugs	3.7
Telephone — Integrated	3.3
Oil Companies — Exploration & Production	3.1
Oil — Field Services	2.7
Auto — Cars/Light Trucks	2.3
Medical Products	2.2
Cellular Telecom	2.1
Diversified Manufacturing Operations	2.1
Metal — Copper	1.9
Electronic Components — Semiconductors	1.9
Time Deposits	1.9
Diversified Minerals	1.7
Food — Misc.	1.7
Diversified Operations	1.6
Brewery	1.6
Beverages — Non-alcoholic	1.6
Cable/Satellite TV	1.5
Enterprise Software/Service	1.5
Import/Export	1.4
Web Portals/ISP	1.4
Multimedia	1.3
Real Estate Investment Trusts	1.3
Electric — Integrated	1.2
Rubber — Tires	1.2
Coal	1.2
Aerospace/Defense	1.1
Finance — Other Services	1.1
Insurance — Life/Health	1.1
Exchange — Traded Funds	1.0
Cosmetics & Toiletries	1.0
Building — Heavy Construction	1.0
Machinery — General Industrial	0.9
E-Commerce/Services	0.9
Transport — Services	0.9
Human Resources	0.9
Insurance — Multi-line	0.8
Banks — Super Regional	0.8
Computers	0.8
Dialysis Centers	0.8
Retail — Jewelry	0.8
Transport — Rail	0.8
Broadcast Services/Program	0.8
Building & Construction Products — Misc.	0.7
Telecom Equipment — Fiber Optics	0.7
Oil & Gas Drilling	0.7
Insurance — Property/Casualty	0.7
Retail — Restaurants	0.7
Gold Mining	0.7
Tobacco	0.7
Building & Construction — Misc.	0.6
Auto/Truck Parts & Equipment — Original	0.6
Medical Labs & Testing Services	0.6
Retail — Drug Store	0.6
Auto — Heavy Duty Trucks	0.6
Athletic Footwear	0.6
Computer Services	0.6
Computers — Memory Devices	0.6
Machinery — Electrical	0.5
Tools — Hand Held	0.5
Finance — Leasing Companies	0.5
Medical Instruments	0.5
Diversified Financial Services	0.5
Machinery — Construction & Mining	0.5
Metal — Aluminum	0.5

Aerospace/Defense — Equipment	0.5
Food — Retail	0.4
Cruise Lines	0.4
Investment Management/Advisor Services	0.4
Platinum	0.4
Consumer Products — Misc.	0.4
Semiconductor Equipment	0.4
Telecom Services	0.3
Building — Residential/Commercial	0.3
Medical — Hospitals	0.1
Gambling (Non-Hotel)	0.1
Retail — Automobile	0.1
	107.4	%

Country Allocation*

United States	46.8	%
Germany	8.9
Japan	8.1
United Kingdom	7.6
South Korea	4.8
Canada	3.6
France	3.5
Switzerland	3.5
Netherlands	2.1
Hong Kong	2.1
Brazil	1.6
Australia	1.4
Ireland	1.2
China	1.1
Thailand	1.1
Taiwan	0.9
Spain	0.9
Belgium	0.8
Denmark	0.8
Mexico	0.7
Curacao	0.7
Luxembourg	0.6
Italy	0.5
Norway	0.5
Russia	0.5
Panama	0.4
Malaysia	0.4
South Africa	0.4
Austria	0.3
Bermuda	0.3
Jersey	0.3
Singapore	0.3
Indonesia	0.3
British Virgin Islands	0.2
Gibraltar	0.1
Cayman Islands	0.1
	107.4	%

* Calculated as a percentage of net assets

59

VALIC Company I Global Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 94.5%
Australia — 1.4%
BHP Billiton, Ltd.(1)		25,500	$	1,216,086
Newcrest Mining, Ltd.(1)		39,600		1,684,274
PanAust, Ltd.†(1)		150,120		652,497
				3,552,857
Austria — 0.3%
Erste Group Bank AG(1)		16,900		843,891
Belgium — 0.8%
Anheuser - Busch InBev NV(1)		34,100		2,060,104
Bermuda — 0.3%
VimpelCom, Ltd. ADR		56,400		794,112
Brazil — 0.6%
BM&FBovespa SA		217,000		1,556,926
British Virgin Islands — 0.2%
Arcos Dorados Holdings, Inc., Class A†#		20,000		455,000
Canada — 3.6%
Bankers Petroleum, Ltd.†		157,200		1,293,166
Canadian Natural Resources, Ltd.		24,400		1,062,030
First Quantum Minerals, Ltd.		10,200		1,387,162
Manulife Financial Corp.		78,500		1,399,283
Petrominerales, Ltd.		43,300		1,458,305
Suncor Energy, Inc.		35,900		1,498,844
Toronto - Dominion Bank		12,600		1,086,057
				9,184,847
Cayman Islands — 0.1%
Lentuo International, Inc. ADR†#		33,500		169,845
China — 1.1%
China Construction Bank Corp.(1)		1,910,900		1,809,129
China Merchants Bank Co., Ltd.(1)		406,600		1,036,244
				2,845,373
Curacao — 0.7%
Schlumberger, Ltd.		22,400		1,920,128
Denmark — 0.8%
Carlsberg A/S, Class B(1)		11,100		1,284,370
Pandora A/S#(1)		20,100		686,338
				1,970,708
France — 3.5%
BNP Paribas SA#(1)		16,120		1,261,180
Cie de St. Gobain(1)		28,700		1,899,436
Danone#(1)		16,600		1,218,103
LVMH Moet Hennessy Louis Vuitton SA#(1)		8,200		1,434,831
Technip SA(1)		18,800		2,025,980
Unibail - Rodamco SE(1)		5,300		1,197,521
				9,037,051
Germany — 8.1%
BASF SE(1)		22,800		2,106,574
Bayer AG(1)		16,100		1,319,649
Bayerische Motoren Werke AG(1)		22,400		1,986,235
Continental AG†(1)		12,900		1,328,694
Deutsche Bank AG#(1)		28,600		1,704,497
Fresenius Medical Care AG & Co. KGaA(1)		29,100		2,112,334
K+S AG(1)		22,900		1,825,203
Kabel Deutschland Holding AG†(1)		21,400		1,461,805
Merck KGaA(1)		17,900		1,967,502
Metro AG(1)		17,700		1,182,302
SAP AG ADR		30,500		1,896,185
Siemens AG(1)		15,200		2,034,081
				20,925,061

Security Description	Shares		Value (Note 2)
Gibraltar — 0.1%
PartyGaming PLC†(1)		85,700	$	206,436
Hong Kong — 2.1%
China Resources Enterprise, Ltd.(1)		307,100		1,231,327
China Unicom (Hong Kong), Ltd.(1)		555,100		1,233,231
Hong Kong Exchanges and Clearing, Ltd.(1)		55,900		1,249,540
Wharf Holdings, Ltd.(1)		231,600		1,709,487
				5,423,585
Indonesia — 0.3%
Adaro Energy Tbk PT(1)		2,384,400		683,172
Ireland — 1.2%
Accenture PLC, Class A		24,400		1,400,316
Covidien PLC		29,100		1,600,500
				3,000,816
Italy — 0.5%
Enel SpA(1)		206,500		1,419,549
Japan — 8.1%
Bridgestone Corp.(1)		77,600		1,763,796
Dena Co., Ltd.#(1)		28,600		1,018,228
Hino Motors, Ltd.(1)		264,800		1,456,657
ITOCHU Corp.(1)		227,300		2,352,166
Japan Tobacco, Inc.(1)		425		1,643,827
Komatsu, Ltd.(1)		28,600		855,955
Marubeni Corp.(1)		192,600		1,349,365
Mitsubishi Chemical Holdings Corp.(1)		148,300		1,035,044
ORIX Corp.#(1)		13,000		1,245,808
SMC Corp.(1)		8,600		1,382,080
Softbank Corp.(1)		42,800		1,664,178
Sumitomo Electric Industries, Ltd.(1)		107,200		1,550,217
Sumitomo Heavy Industries, Ltd.(1)		344,400		2,386,862
Sumitomo Mitsui Financial Group, Inc.(1)		36,600		1,060,461
				20,764,644
Jersey — 0.3%
WPP PLC(1)		60,100		752,402
Luxembourg — 0.6%
Subsea 7 SA†#(1)		59,300		1,577,652
Malaysia — 0.4%
CIMB Group Holdings Bhd(1)		404,300		1,124,237
Mexico — 0.7%
Fomento Economico Mexicano SAB de CV ADR		17,900		1,108,547
Grupo Modelo SAB de CV, Class C		129,800		818,129
				1,926,676
Netherlands — 2.1%
Aegon NV†(1)		168,800		1,185,878
Akzo Nobel NV(1)		24,200		1,750,210
Corio NV(1)		10,100		693,459
ING Groep NV†(1)		96,400		1,168,205
Yandex NV, Class A†		20,500		685,725
				5,483,477
Norway — 0.5%
DnB NOR ASA(1)		78,600		1,186,452
Panama — 0.4%
Carnival Corp.#		29,100		1,129,371
Russia — 0.5%
LUKOIL OAO ADR(1)		18,300		1,183,773
Singapore — 0.3%
Straits Asia Resources, Ltd.(1)		301,200		742,804

60

VALIC Company I Global Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
South Africa — 0.4%
Naspers, Ltd.(1)		17,800	$	1,062,525
South Korea — 4.8%
Dongbu Insurance Co., Ltd.(1)		38,200		1,819,906
GS Engineering & Construction Corp.(1)		15,200		1,627,382
Hyundai Engineering & Construction Co. Ltd.(1)		32,800		2,562,672
Kia Motors Corp.(1)		26,300		1,851,983
KT Corp. ADR		59,500		1,084,090
Samsung Electronics Co., Ltd.(1)		2,800		2,347,026
Samsung Life Insurance Co., Ltd.(1)		13,800		1,150,616
				12,443,675
Spain — 0.9%
Telefonica SA(1)		92,600		2,250,129
Switzerland — 3.5%
Adecco SA†(1)		32,700		2,236,002
Cie Financiere Richemont SA, Class A(1)		20,900		1,363,793
Julius Baer Group, Ltd.†(1)		15,000		660,379
Roche Holding AG(1)		13,400		2,358,621
UBS AG†(1)		40,700		782,133
Weatherford International, Ltd.†		76,700		1,516,359
				8,917,287
Taiwan — 0.9%
First Financial Holding Co., Ltd.(1)		1,428,000		1,231,368
Nan Ya Plastics Corp.(1)		432,000		1,204,006
				2,435,374
Thailand — 1.1%
Bangkok Bank PLC(1)		220,200		1,188,272
Banpu Public Co., Ltd.(1)		48,100		1,170,199
Banpu Public Co., Ltd. NVDR(1)		19,400		473,826
				2,832,297
United Kingdom — 7.6%
Afren PLC†(1)		347,000		949,854
Antofagasta PLC(1)		68,900		1,508,798
Barclays PLC(1)		395,800		1,808,658
Barratt Developments PLC†(1)		49,300		92,455
Bellway PLC(1)		20,800		254,334
BG Group PLC(1)		51,500		1,197,969
GlaxoSmithKline PLC(1)		34,300		744,894
HSBC Holdings PLC(1)		279,000		2,917,730
Kazakhmys PLC(1)		38,300		829,265
Persimmon PLC(1)		23,600		186,324
Royal Dutch Shell PLC, Class A		89,400		3,186,796
Taylor Wimpey PLC†(1)		355,300		215,697
Tullow Oil PLC(1)		43,000		958,159
Vodafone Group PLC ADR		78,200		2,191,946
Xstrata PLC(1)		112,000		2,631,511
				19,674,390
United States — 35.7%
Alcoa, Inc.#		71,100		1,195,191
Allergan, Inc.		22,400		1,853,152
American Electric Power Co., Inc.		48,500		1,852,700
Ameriprise Financial, Inc.		18,400		1,126,632
Apple, Inc.†		6,100		2,121,763
Applied Materials, Inc.		68,200		939,796
AT&T, Inc.		67,300		2,123,988
Baxter International, Inc.		24,700		1,470,144
Boeing Co.		36,100		2,816,883
Broadcom Corp., Class A†		28,200		1,014,636
Citigroup, Inc.		57,290		2,357,484
Clorox Co.#		13,400		944,432
Comcast Corp., Class A		95,700		2,415,468

Security Description	Shares		Value (Note 2)
United States (continued)
Comerica, Inc.#		30,000	$	1,083,300
ConAgra Foods, Inc.		52,900		1,345,247
Corning, Inc.#		94,200		1,898,130
CVS Caremark Corp.		38,300		1,481,827
Darden Restaurants, Inc.#		26,500		1,342,225
Dover Corp.		16,500		1,109,295
Dow Chemical Co.		40,100		1,448,813
eBay, Inc.†		43,400		1,352,778
EMC Corp.†#		48,800		1,389,336
Exxon Mobil Corp.		51,300		4,282,011
Federal Realty Investment Trust#		15,300		1,340,280
FedEx Corp.		24,600		2,303,544
Freeport-McMoRan Copper & Gold, Inc.		24,300		1,254,852
General Electric Co.		120,600		2,368,584
Goodrich Corp.		13,600		1,187,144
Google, Inc., Class A†		5,200		2,750,904
H.J. Heinz Co.#		32,800		1,801,376
HCA Holdings, Inc.†		9,100		317,499
Henry Schein, Inc.†#		19,300		1,386,126
Huntsman Corp.#		59,500		1,127,525
Johnson & Johnson		20,100		1,352,529
JPMorgan Chase & Co.		68,200		2,948,968
KeyCorp#		129,000		1,092,630
Laboratory Corp. of America Holdings†#		14,900		1,502,367
Liberty Global, Inc., Class A†#		44,300		1,995,715
Merck & Co., Inc.		36,200		1,330,350
News Corp., Class A		88,200		1,617,588
NII Holdings, Inc.†		22,500		982,350
NIKE, Inc., Class B		16,900		1,427,205
Norfolk Southern Corp.		27,300		2,001,363
Occidental Petroleum Corp.		20,000		2,157,000
Oracle Corp.		57,500		1,967,650
PepsiCo, Inc.		42,600		3,029,712
Pfizer, Inc.		64,100		1,374,945
Procter & Gamble Co.		38,900		2,606,300
Rowan Cos., Inc.†		46,400		1,839,760
Sprint Nextel Corp.†#		193,100		1,129,635
St. Jude Medical, Inc.#		24,400		1,236,348
Stanley Black & Decker, Inc.#		17,946		1,325,850
Stillwater Mining Co.†#		55,000		1,113,750
Terex Corp.†#		12,600		373,590
Texas Instruments, Inc.		44,100		1,556,730
Verizon Communications, Inc.		35,300		1,303,629
				92,069,029
Total Common Stock
(cost $220,379,704)				243,605,655
EXCHANGE - TRADED FUNDS — 1.0%
United States — 1.0%
Vanguard MSCI Emerging Markets ETF (cost $2,527,289)		53,300		2,617,563
PREFERRED STOCK — 1.8%
Brazil — 1.0%
Banco Bradesco SA		124,100		2,439,919
Germany — 0.8%
Volkswagen AG(1)		10,840		1,928,731
Total Preferred Stock
(cost $3,378,796)				4,368,650
Total Long-Term Investment Securities
(cost $226,285,789)				250,591,868

61

VALIC Company I Global Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 10.1%
Collective Investment Pool — 8.2%
Securities Lending Quality Trust(2)(3)		21,183,126		$	21,158,483
Time Deposits — 1.9%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11	$	4,847,000			4,847,000
Total Short-Term Investment Securities
(cost $26,030,126)					26,005,483
TOTAL INVESTMENTS
(cost $252,315,915)(4)		107.4	%		276,597,351
Liabilities in excess of other assets		(7.4	)		(19,037,108	)
NET ASSETS —		100.0	%	$	257,560,243

† Non-income producing security

# The security or a portion thereof is out on loan (see Note 2)

(1) Security was valued using fair value procedures at May 31, 2011. The aggregate value of these securities was $122,766,535 representing 47.7% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(3) At May 31, 2011, the Fund had loaned securities with a total value of $21,280,806. This was secured by collateral of $21,183,126, which was received in cash and subsequently invested in short-term investments currently valued at $21,158,483 as reported in the portfolio of investments. The remaining collateral with a value of $356,082 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the short-term pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range
Federal Home Loan Bank	0.31% to 0.80%	11/28/11 to 12/01/11
Federal Home Loan Mortgage Corp.	0.29%	01/10/2013
United States Treasury Bills	zero coupon	06/23/11
United States Treasury Bonds/Notes	0.75% to 3.63%	10/31/11 to 02/15/21

(4) See Note 5 for cost of investments on a tax basis.

ADR—American Depository Receipt

NVDR—Non Voting Depositary Receipt

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Citibank N.A.		CHF	678,500		USD	770,434		07/07/2011	$	–	$	(25,238	)
		EUR	125,500		USD	180,555		07/07/2011		92		–
		GBP	390,000		USD	629,345		07/07/2011		–		(11,931	)
		JPY	423,226,000		USD	5,004,493		07/07/2011		–		(188,414	)
		USD	2,761,000		AUD	2,589,000		07/07/2011		–		(8,879	)
		USD	1,013,762		CAD	973,200		07/07/2011		–		(10,151	)
		USD	4,576,312		GBP	2,795,000		07/07/2011		19,502		–
		USD	1,056,935		JPY	86,631,000		07/07/2011		6,011		–
										25,605		(244,613	)
Deutsche Bank AG London		EUR	5,380,000		USD	7,811,093		07/07/2011		74,914		–
		USD	400,080		CAD	388,000		07/07/2011		44		–
										74,958		–
Morgan Stanley Capital Services, Inc.		USD	1,348,672		CAD	1,304,000		07/07/2011		–		(3,924	)
Royal Bank Of Scotland PLC		USD	862,548		CHF	750,000		07/07/2011		16,972		–
Net Unrealized Appreciation/(Depreciation)									$	117,535	$	(248,537	)

Currency Legend

CAD—Canada Dollar

CHF—Swiss Franc

EUR—Euro Dollar

GBP—British Pound

JPY—Japanese Yen

USD—United States Dollar

62

VALIC Company I Global Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Germany	$	1,896,185	$	19,028,876	#	$	—	$	20,925,061
Japan		—		20,764,644	#		—		20,764,644
United Kingdom		5,378,742		14,295,648	#		—		19,674,390
United States		92,069,029		—			—		92,069,029
Other Countries*		23,423,895		66,748,636	#		—		90,172,531
Exchange-Traded Funds		2,617,563		—			—		2,617,563
Preferred Stock		2,439,919		1,928,731	#		—		4,368,650
Short-Term Investment Securities:
Collective Investment Pool		—		21,158,483			—		21,158,483
Time Deposits		—		4,847,000			—		4,847,000
Other Financial Instruments:+
Open Forward Foreign Currency Contracts - Appreciation		—		117,535			—		117,535
Total	$	127,825,333	$	148,889,553		$	—	$	276,714,886
LIABILITIES:
Other Financial Instruments:+
Open Forward Foreign Currency Contracts - Depreciation	$	—	$	248,537		$	—	$	248,537

* Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments.

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $122,766,535 representing 47.7% of net assets. See Note 2.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

See Notes to Financial Statements

63

VALIC Company I Global Real Estate Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Real Estate Investment Trusts	70.8	%
Real Estate Operations & Development	18.3
Real Estate Management/Services	5.8
Time Deposits	2.8
Hotels/Motels	1.1
Diversified Financial Services	0.7
Storage/Warehousing	0.3
Building & Construction-Misc.	0.1
	99.9	%

Country Allocation*

United States	55.3	%
Japan	7.3
Hong Kong	6.7
Australia	6.0
France	4.7
United Kingdom	4.6
Canada	3.7
Cayman Islands	2.8
Singapore	2.5
Bermuda	2.3
Switzerland	1.0
Norway	0.8
Jersey	0.7
Poland	0.7
Guernsey	0.3
Germany	0.2
Sweden	0.2
Brazil	0.1
	99.9	%

* Calculated as a percentage of net assets

64

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 96.0%
Australia — 6.0%
BGP Holdings PLC(1)(2)		479,213	$	0
BWP Trust(3)		711,685		1,346,598
CFS Retail Property Trust(3)		2,923,486		5,861,506
Commonwealth Property Office Fund(3)		786,494		769,647
GPT Group(3)		1,167,112		3,893,609
Stockland(3)		538,326		2,033,103
Westfield Group(3)		498,755		4,849,727
				18,754,190
Bermuda — 2.3%
Hong Kong Land Holdings, Ltd.(3)		342,000		2,534,417
Hopson Development Holdings, Ltd.		252,000		233,617
Kerry Properties, Ltd.(3)		851,000		4,347,540
				7,115,574
Brazil — 0.1%
BR Properties SA		13,200		150,510
Multiplan Empreendimentos Imobiliarios SA		12,000		274,036
				424,546
Canada — 3.7%
Allied Properties Real Estate Investment Trust		77,800		1,916,794
Canadian Apartment Properties REIT		57,100		1,125,085
Dundee Real Estate Investment Trust		66,800		2,300,786
InnVest Real Estate Investment Trust		404,700		2,949,045
Primaris Retail Real Estate Investment Trust		68,800		1,496,934
Transglobe Apartment Real Estate Investment Trust(1)		144,600		1,696,962
				11,485,606
Cayman Islands — 2.8%
China Resources Land, Ltd.(3)		2,334,000		4,181,354
KWG Property Holding, Ltd.(3)		3,732,000		2,651,633
Shimao Property Holdings, Ltd.(3)		1,436,500		1,917,198
				8,750,185
France — 4.7%
Fonciere Des Regions(3)		18,674		1,973,414
Klepierre(3)		14,559		621,981
Nexity SA(3)		61,242		2,933,993
Societe Immobiliere de Location pour l’Industrie et le Commerce(3)		18,962		2,763,374
Unibail-Rodamco SE(3)		28,931		6,536,881
				14,829,643
Germany — 0.2%
Alstria Office REIT-AG(3)		43,780		686,903
Guernsey — 0.3%
Etalon Group, Ltd. GDR†*(1)(4)		125,942		875,297
Hong Kong — 6.7%
Hang Lung Properties, Ltd.(3)		1,249,000		5,201,115
Henderson Land Development Co., Ltd.(3)		697,000		4,717,336
Sun Hung Kai Properties, Ltd.(3)		719,504		11,203,047
				21,121,498
Japan — 7.3%
Frontier Real Estate Investment Corp.(3)		87		809,706
Goldcrest Co., Ltd.(3)		29,930		661,171
Mitsubishi Estate Co., Ltd.(3)		434,000		7,754,724
Mitsui Fudosan Co., Ltd.(3)		199,000		3,353,934
Nippon Building Fund, Inc.(3)		307		3,138,049
Sankei Building Co., Ltd.(3)		179,800		988,060
Sumitomo Realty & Development Co., Ltd.(3)		158,000		3,373,368
United Urban Investment Corp.(3)		2,460		2,812,070
				22,891,082

Security Description	Shares		Value (Note 2)
Jersey — 0.7%
Atrium European Real Estate, Ltd.(3)		325,381	$	2,219,845
Norway — 0.8%
Norwegian Property ASA(3)		1,192,725		2,483,645
Poland — 0.7%
Globe Trade Centre SA†(3)		297,238		2,183,616
Singapore — 2.5%
CapitaLand, Ltd.(3)		3,058,000		7,664,198
Global Logistic Properties, Ltd.†(3)		151,000		244,886
				7,909,084
Sweden — 0.2%
Hufvudstaden AB(3)		51,227		648,707
Switzerland — 1.0%
PSP Swiss Property AG†(3)		31,165		2,961,152
United Kingdom — 4.6%
Big Yellow Group PLC(3)		24,238		136,173
Derwent London PLC(3)		107,085		3,238,505
Hammerson PLC(3)		513,207		4,052,832
Intercontinental Hotels Group PLC(3)		66,465		1,421,874
Land Securities Group PLC(3)		187,332		2,569,245
Metric Property Investments PLC(3)		804,502		1,485,679
Safestore Holdings PLC(3)		347,370		869,751
Segro PLC(3)		97,662		522,493
Unite Group PLC†(3)		30,069		106,809
				14,403,361
United States — 51.4%
Acadia Realty Trust		71,542		1,477,342
Alexandria Real Estate Equities, Inc.		40,560		3,347,822
AvalonBay Communities, Inc.		59,116		7,866,566
Boston Properties, Inc.		60,160		6,518,336
BRE Properties, Inc.		51,200		2,612,224
Camden Property Trust		75,562		4,857,125
DiamondRock Hospitality Co.		172,423		1,982,865
Digital Realty Trust, Inc.		57,687		3,597,938
Douglas Emmett, Inc.		106,900		2,250,245
Duke Realty Corp.		121,667		1,829,872
Equity Residential		115,746		7,156,575
Essex Property Trust, Inc.		42,500		5,848,425
Extra Space Storage, Inc.		89,700		1,951,872
General Growth Properties, Inc.		143,200		2,359,936
HCP, Inc.		126,700		4,806,998
Health Care REIT, Inc.		113,101		6,015,842
Hersha Hospitality Trust		132,300		796,446
Highwoods Properties, Inc.		52,900		1,908,632
Host Hotels & Resorts, Inc.		418,277		7,353,310
Kilroy Realty Corp.		48,739		2,021,206
Kimco Realty Corp.		278,800		5,439,388
Macerich Co.		114,055		6,201,170
Mid-America Apartment Communities, Inc.		13,400		918,570
Nationwide Health Properties, Inc.		68,776		3,012,389
Plum Creek Timber Co., Inc.		88,900		3,602,228
ProLogis		305,235		5,054,692
AMB Property Corp.		94,000		3,477,060
PS Business Parks, Inc.		9,304		534,887
Public Storage		39,600		4,686,264
Rayonier, Inc.		44,800		2,974,272
Regency Centers Corp.		77,970		3,610,791
Retail Opportunity Investments Corp.		88,242		967,132
RLJ Lodging Trust†		29,127		531,568
Simon Property Group, Inc.		132,406		15,631,852
SL Green Realty Corp.		71,469		6,432,925
Sovran Self Storage, Inc.		35,989		1,510,098

65

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCK (continued)
United States (continued)
Starwood Hotels & Resorts Worldwide, Inc.		31,748	$	1,935,993
Ventas, Inc.		71,962		4,058,657
Vornado Realty Trust		109,517		10,774,283
Weyerhaeuser Co.		157,728		3,397,461
				161,311,257
Total Common Stock
(cost $246,993,395)				301,055,191
PREFERRED STOCK — 0.4%
United States — 0.4%
DuPont Fabros Technology, Inc. 7.88%		6,000		153,240
SL Green Realty Corp. 7.63%		39,000		986,700
Total Preferred Stock
(cost $1,067,670)				1,139,940
ASSET BACKED SECURITIES — 0.7%
United States — 0.7%
Banc of America Large Loan, Inc. FRS Series 2006-BIX1, Class B 0.34% due 10/15/19*(5)	$	200,000		195,695
Bank of America Large Loan, Inc. FRS Series 2005-MIB1, Class C 0.51% due 03/15/22*(5)		300,000		298,038
Citigroup Commercial Mtg. Trust VRS Series 2006-C5, Class AMP3 5.50% due 10/15/49*(5)		221,229		199,869
GS Mtg. Securities Corp. II Series 2001-GL3A, Class F919 6.82% due 08/05/18*(5)		1,250,000		1,256,341
Merrill Lynch Floating Trust FRS Series 2006-1, Class D 0.40% due 06/15/22*(5)		250,000		230,642
Wachovia Bank Commercial Mtg. Trust FRS Series 2006-WL7A, Class A2 0.32% due 09/15/21*(5)		150,000		139,017
Total Asset Backed Securities
(cost $2,218,275)				2,319,602
Total Long-Term Investment Securities
(cost $250,279,340)				304,514,733

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 2.8%
Time Deposits — 2.8%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11 (cost $8,904,000)	$	8,904,000		$	8,904,000
TOTAL INVESTMENTS —
(cost $259,183,340)(6)		99.9	%		313,418,733
Other assets less liabilities		0.1			362,303
NET ASSETS —		100.0	%	$	313,781,036

† 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 May 31, 2011, the aggregate value of these securities was $3,194,899 representing 1.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Illiquid security. At May 31, 2011, the aggregate value of these securities was $2,572,259 representing 0.8% of net assets.

(2) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

(3) Security was valued using fair value procedures at May 31, 2011. The aggregate value of these securities was $126,724,868 representing 40.4% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(4) Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2.

(5) Commercial Mortgage Backed Security

(6) See Note 5 for cost of investments on a tax basis.

GDR—Global Depository Receipt

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at May 31, 2011 and unless noted otherwise, the dates shown are the original maturity dates.

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Australia	$	—	$	18,754,190	#	$	0	$	18,754,190
Hong Kong		—		21,121,498	#		—		21,121,498
Japan		—		22,891,082	#		—		22,891,082
United States		161,311,257		—			—		161,311,257
Other Countries*		12,143,769		64,833,395	#		—		76,977,164
Preferred Stock		1,139,940		—			—		1,139,940
Asset Backed Securities		—		2,319,602			—		2,319,602
Short-Term Investment Securities:
Time Deposits		—		8,904,000			—		8,904,000
Total	$	174,594,966	$	138,823,767		$	0	$	313,418,733

* Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments.

66

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $126,724,868 representing 40.4% of net assets. See Note 2.

The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:

	Common Stock
Balance as of 5/31/2010	$	0
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)(1)		—
Net purchases (sales)		—
Transfers in and/or out of Level 3		—
Balance as of 5/31/2011	$	0

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at May 31, 2011 includes:

Common Stock
$	—

See Notes to Financial Statements

67

VALIC Company I Global Social Awareness Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Medical — Drugs	6.0	%
Banks — Commercial	5.0
Diversified Banking Institutions	3.7
Oil Companies — Integrated	3.4
Collective Investment Pool	3.1
Multimedia	2.9
Telephone — Integrated	2.8
Oil Companies — Exploration & Production	2.8
Insurance — Life/Health	2.7
Time Deposits	2.7
Computers	2.5
Diversified Minerals	2.4
Food — Misc.	2.3
Banks — Super Regional	2.1
Auto — Cars/Light Trucks	2.1
Insurance — Multi-line	2.0
Electric — Integrated	2.0
Computer Services	1.8
Oil — Field Services	1.8
Diversified Manufacturing Operations	1.6
Insurance — Property/Casualty	1.6
Medical — HMO	1.5
Cable/Satellite TV	1.4
Cosmetics & Toiletries	1.4
Beverages — Non-alcoholic	1.2
Electronic Components — Semiconductors	1.2
Transport — Rail	1.2
Applications Software	1.2
Retail — Drug Store	0.9
Investment Management/Advisor Services	0.9
Wireless Equipment	0.8
Food — Confectionery	0.8
Web Portals/ISP	0.8
Food — Wholesale/Distribution	0.8
Metal — Copper	0.8
Chemicals — Diversified	0.8
Computers — Memory Devices	0.7
Finance — Credit Card	0.7
Medical — Wholesale Drug Distribution	0.7
Building — Heavy Construction	0.7
Agricultural Chemicals	0.7
Commercial Services — Finance	0.7
Gold Mining	0.7
Food — Retail	0.6
Auto/Truck Parts & Equipment — Original	0.6
Transport — Services	0.6
Athletic Footwear	0.6
Semiconductor Equipment	0.6
Public Thoroughfares	0.6
Retail — Building Products	0.6
Cellular Telecom	0.6
Pipelines	0.6
Real Estate Operations & Development	0.6
Real Estate Investment Trusts	0.5
Auto — Heavy Duty Trucks	0.5
Medical — Generic Drugs	0.5
Consumer Products — Misc.	0.5
Medical — Biomedical/Gene	0.5
Retail — Discount	0.5
Photo Equipment & Supplies	0.5
Finance — Other Services	0.5
Telecom Services	0.4
Retail — Jewelry	0.4
Electronic Components — Misc.	0.4
Building Products — Cement	0.4
Electric Products — Misc.	0.4
E-Commerce/Services	0.4
Medical Products	0.4

Industrial Gases	0.4
Machinery — Construction & Mining	0.4
Audio/Video Products	0.4
Gas — Distribution	0.4
Oil Refining & Marketing	0.3
Containers — Metal/Glass	0.3
Oil Field Machinery & Equipment	0.3
Retail — Misc./Diversified	0.3
U.S. Government Treasuries	0.3
Gas — Transportation	0.3
Cruise Lines	0.3
Chemicals — Specialty	0.3
Retail — Major Department Stores	0.3
Paper & Related Products	0.3
Transport — Truck	0.3
Diversified Operations/Commercial Services	0.3
Investment Companies	0.3
Diversified Operations	0.2
Enterprise Software/Service	0.2
Machinery — Farming	0.2
Finance — Investment Banker/Broker	0.2
Retail — Bedding	0.2
Building & Construction — Misc.	0.2
Soap & Cleaning Preparation	0.2
Wire & Cable Products	0.2
Machinery — Electrical	0.2
Silver Mining	0.2
Real Estate Management/Services	0.2
Engineering/R&D Services	0.2
Industrial Automated/Robotic	0.2
Insurance Brokers	0.2
Steel — Producers	0.2
Non — Hazardous Waste Disposal	0.2
Transport — Marine	0.2
Mining	0.1
Medical Instruments	0.1
Building Products — Doors & Windows	0.1
Office Automation & Equipment	0.1
Retail — Apparel/Shoe	0.1
Electronic Measurement Instruments	0.1
Electric — Distribution	0.1
Security Services	0.1
Textile — Products	0.1
Metal Processors & Fabrication	0.1
Advertising Agencies	0.1
Printing — Commercial	0.1
Building & Construction Products — Misc.	0.1
Distribution/Wholesale	0.1
Containers — Paper/Plastic	0.1
Recreational Vehicles	0.1
Metal — Diversified	0.1
Metal — Iron	0.1
Non — Ferrous Metals	0.1
Computers — Integrated Systems	0.1
Diversified Financial Services	0.1
Resorts/Theme Parks	0.1
Finance — Leasing Companies	0.1
Retail — Convenience Store	0.1
Retail — Consumer Electronics	0.1
Retail — Automobile	0.1
Metal — Aluminum	0.1
	102.3	%

* Calculated as a percentage of net assets

68

VALIC Company I Global Social Awareness Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited) — (continued)

Country Allocation*

United States	49.5	%
Japan	10.7
United Kingdom	8.4
Canada	6.0
France	5.3
Australia	4.3
Germany	3.6
Switzerland	3.2
Spain	1.5
Italy	1.4
Sweden	1.1
Hong Kong	1.0
Netherlands	0.9
Curacao	0.9
Ireland	0.7
Finland	0.7
Jersey	0.7
Belgium	0.6
Norway	0.4
Israel	0.4
Greece	0.3
Bermuda	0.3
Austria	0.3
Portugal	0.1
	102.3	%

* Calculated as a percentage of net assets

69

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 95.9%
Australia — 4.3%
AGL Energy, Ltd.(1)		6,585	$	101,145
Alumina, Ltd.(1)		48,659		120,379
Amcor, Ltd.(1)		30,054		232,261
AMP, Ltd.(1)		68,623		382,666
Asciano, Ltd.(1)		36,361		61,488
ASX, Ltd.(1)		40		1,384
Australia & New Zealand Banking Group, Ltd.(1)		42,833		1,015,069
BGP Holdings PLC†(2)(3)		60,919		0
BHP Billiton, Ltd.(1)		41,192		1,964,432
Boral, Ltd.(1)		9,319		45,985
Brambles, Ltd.(1)		19,966		157,170
Commonwealth Bank of Australia(1)		24,659		1,335,295
Computershare, Ltd.(1)		10,187		102,451
CSL, Ltd.(1)		9,831		356,714
CSR, Ltd.(1)		10,907		34,433
Fortescue Metals Group, Ltd.(1)		25,992		181,369
Goodman Group(1)		41,329		32,486
GPT Group(1)		10,789		35,993
Incitec Pivot, Ltd.(1)		21,309		87,365
Insurance Australia Group, Ltd.(1)		19,452		73,856
Macquarie Group, Ltd.(1)		6,320		229,986
MAP Group(1)		35,727		118,026
Mirvac Group(1)		25,173		34,330
National Australia Bank, Ltd.(1)		36,323		1,029,038
Newcrest Mining, Ltd.(1)		6,502		276,544
Orica, Ltd.(1)		8,507		237,483
Origin Energy, Ltd.(1)		19,658		344,948
Qantas Airways, Ltd.†(1)		10,390		23,352
QBE Insurance Group, Ltd.(1)		21,833		413,065
Santos, Ltd.(1)		17,598		278,112
Sims Metal Management, Ltd.(1)		5,442		99,211
Sonic Healthcare, Ltd.(1)		2,645		34,860
SP AusNet(1)		237,655		236,243
Stockland(1)		38,351		144,841
Suncorp Group, Ltd.(1)		24,705		221,010
Telstra Corp., Ltd.(1)		24,658		79,612
Transurban Group(1)		18,970		110,749
Wesfarmers, Ltd.(1)		6,485		230,770
Wesfarmers, Ltd. PPS(1)		8,554		306,816
Westfield Group(1)		39,836		387,352
Westfield Retail Trust(1)		39,836		113,292
Westpac Banking Corp.(1)		48,731		1,154,448
				12,426,029
Austria — 0.3%
OMV AG(1)		20,350		845,974
Belgium — 0.6%
Bekaert SA(1)		5,000		530,938
Colruyt SA(1)		15,417		886,004
Solvay SA(1)		2,164		324,053
				1,740,995
Bermuda — 0.3%
Cheung Kong Infrastructure Holdings, Ltd.(1)		85,000		401,777
Esprit Holdings, Ltd.(1)		15,000		56,481
Kerry Properties, Ltd.(1)		3,000		15,326
Li & Fung, Ltd.(1)		108,000		242,021
Mongolia Energy Corp., Ltd.†(1)		59,000		12,230
Noble Group, Ltd.(1)		45,000		77,018
NWS Holdings, Ltd.(1)		31,500		45,679
				850,532

Security Description	Shares		Value (Note 2)
Canada — 6.0%
Agnico - Eagle Mines, Ltd.		2,000	$	129,287
Agrium, Inc.		2,600		228,186
Alimentation Couche - Tard, Inc., Class B		5,300		147,263
Bank of Montreal		6,700		428,202
Bank of Nova Scotia		15,600		955,789
Barrick Gold Corp.		15,100		723,011
BCE, Inc.		1,200		48,305
Brookfield Asset Management, Inc., Class A		6,900		226,190
Brookfield Properties Corp.		4,700		91,929
Canadian Imperial Bank of Commerce		5,100		422,750
Canadian Natural Resources, Ltd.		20,200		879,222
Canadian Oil Sands, Ltd.		5,700		177,733
Canadian Pacific Railway, Ltd.		2,300		145,760
Canadian Tire Corp., Ltd., Class A		800		53,416
Canadian Utilities, Ltd., Class A		3,300		194,522
Crescent Point Energy Corp.		2,000		96,857
Eldorado Gold Corp.		7,200		114,222
Empire Co., Ltd., Class A		900		51,890
Encana Corp.		9,000		306,735
Fairfax Financial Holdings, Ltd.		200		77,102
First Quantum Minerals, Ltd.		1,700		231,194
Fortis, Inc.		17,900		609,877
George Weston, Ltd.		1,900		143,159
Gildan Activewear, Inc.		1,500		55,891
Goldcorp, Inc.		11,400		570,206
Great - West Lifeco, Inc.		3,600		97,687
IAMGOLD Corp.		4,300		90,629
Imperial Oil, Ltd.		8,300		412,237
Industrial Alliance Insurance & Financial Services, Inc.		800		34,598
Inmet Mining Corp.		1,500		107,602
Ivanhoe Mines, Ltd.†		2,400		60,393
Kinross Gold Corp.		9,800		153,952
Loblaw Cos., Ltd.		3,100		133,106
Magna International, Inc.		2,600		125,860
Manulife Financial Corp.		26,900		479,499
National Bank of Canada		2,200		183,816
Nexen, Inc.		7,300		168,401
Pacific Rubiales Energy Corp.		3,700		103,265
Pan American Silver Corp.		2,700		91,714
Penn West Petroleum, Ltd.		3,300		85,357
Petrobank Energy & Resources, Ltd.†		1,700		30,127
Potash Corp. of Saskatchewan, Inc.		14,100		794,903
Power Corp. of Canada		5,800		166,664
Power Financial Corp.		3,400		108,332
Provident Energy, Ltd.		10,100		92,780
Research In Motion, Ltd.†		6,500		277,416
Rogers Communications, Inc., Class B		6,000		228,766
Royal Bank of Canada		22,300		1,303,221
Saputo, Inc.		600		29,416
Shaw Communications, Inc., Class B		2,900		62,170
Shoppers Drug Mart Corp.		12,000		501,254
Silver Wheaton Corp.		5,900		217,646
Sino - Forest Corp.†		2,600		51,713
Sun Life Financial, Inc.		9,200		289,147
Suncor Energy, Inc.		30,200		1,260,866
Talisman Energy, Inc.		22,700		479,374
Teck Resources, Ltd., Class B		9,600		503,558
TELUS Corp.		1,400		76,629
Thomson Reuters Corp.		5,800		225,930
Tim Hortons, Inc.		1,400		65,069
Toronto - Dominion Bank		12,600		1,086,057
TransAlta Corp.		6,300		139,610
Viterra, Inc.		8,600		105,098
Yamana Gold, Inc.		9,600		123,165

70

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Canada (continued)
Yellow Media, Inc.		4,000	$	15,606
				17,671,331
Curacao — 0.9%
Schlumberger, Ltd.		29,708		2,546,570
Finland — 0.7%
Kesko Oyj, Class B(1)		10,500		523,107
Neste Oil OYJ(1)		42,484		738,059
Stora Enso Oyj, Class R(1)		71,480		800,460
				2,061,626
France — 5.3%
AXA SA(1)		54,124		1,159,143
BNP Paribas SA(1)		20,832		1,629,834
Casino Guichard Perrachon SA(1)		8,256		864,643
Credit Agricole SA(1)		62,032		952,106
Danone(1)		18,332		1,345,196
France Telecom SA(1)		55,772		1,278,236
L’Oreal SA(1)		9,381		1,182,744
Legrand SA(1)		20,782		881,064
Peugeot SA(1)		5,156		219,446
Renault SA(1)		16,321		928,945
Sanofi(1)		19,504		1,547,430
Societe Generale(1)		18,432		1,098,453
Vinci SA(1)		17,613		1,138,289
Vivendi SA(1)		43,096		1,208,443
				15,433,972
Germany — 3.3%
Allianz SE(1)		10,511		1,453,407
Bayerische Motoren Werke AG(1)		12,676		1,123,996
Brenntag AG†(1)		7,327		872,604
Commerzbank AG†(1)		102,217		468,011
Deutsche Post AG(1)		50,992		961,055
Deutsche Telekom AG(1)		81,499		1,214,317
Fresenius SE & Co. KGaA(1)		8,737		919,938
Infineon Technologies AG(1)		51,559		598,373
K+S AG(1)		3,080		245,486
Linde AG(1)		6,485		1,096,960
Muenchener Rueckversicherungs AG(1)		944		145,181
SAP AG(1)		10,485		652,432
				9,751,760
Greece — 0.3%
Coca - Cola Hellenic Bottling Co. SA(1)		31,082		798,648
Public Power Corp. SA(1)		12,805		169,987
				968,635
Hong Kong — 1.0%
BOC Hong Kong Holdings, Ltd.(1)		17,500		53,907
Hang Lung Properties, Ltd.(1)		48,000		199,883
Hang Seng Bank, Ltd.(1)		2,900		46,455
Henderson Land Development Co., Ltd.(1)		32,000		216,578
Hong Kong & China Gas Co., Ltd.(1)		84,700		194,897
Hong Kong Exchanges and Clearing, Ltd.(1)		18,400		411,298
Link REIT(1)		11,000		37,495
New World Development, Ltd.(1)		31,000		52,901
Power Assets Holdings, Ltd.(1)		97,000		691,266
Sino Land Co., Ltd.(1)		42,000		73,969
Sun Hung Kai Properties, Ltd.(1)		15,000		233,558
Swire Pacific, Ltd., Class A(1)		26,000		401,740
Wharf Holdings, Ltd.(1)		44,000		324,773
				2,938,720

Security Description	Shares		Value (Note 2)
Ireland — 0.7%
Accenture PLC, Class A		25,855	$	1,483,819
James Hardie Industries SE(1)		8,316		52,061
Kerry Group PLC, Class A(1)		13,612		583,753
				2,119,633
Israel — 0.4%
Bank Hapoalim BM†(1)		12,100		62,303
Bank Leumi Le - Israel BM(1)		7,400		35,947
Bezeq The Israeli Telecommunication Corp., Ltd.(1)		5,600		14,237
Delek Group, Ltd.(1)		300		72,751
Discount Investment Corp.(1)		4,700		83,501
Israel Chemicals, Ltd.(1)		6,600		107,276
Israel Discount Bank, Ltd., Class A†(1)		11,900		23,772
NICE Systems, Ltd.†(1)		800		28,702
Ormat Industries, Ltd.(1)		3,100		17,837
Teva Pharmaceutical Industries, Ltd.(1)		11,600		590,976
				1,037,302
Italy — 1.4%
A2A SpA(1)		499,268		845,756
Atlantia SpA(1)		37,888		896,642
Snam Rete Gas SpA(1)		149,572		882,804
Telecom Italia SpA(1)		667,156		947,401
Telecom Italia SpA RSP(1)		358,813		439,162
				4,011,765
Japan — 10.7%
Advantest Corp.(1)		3,200		59,852
Aeon Co., Ltd.(1)		31,900		368,408
Aisin Seiki Co., Ltd.(1)		5,100		188,986
Ajinomoto Co., Inc.(1)		23,000		265,566
Alfresa Holdings Corp.(1)		900		32,541
All Nippon Airways Co., Ltd.(1)		16,000		48,695
Amada Co., Ltd.(1)		3,000		22,081
Asahi Glass Co., Ltd.(1)		29,000		342,348
Astellas Pharma, Inc.(1)		10,400		397,445
Casio Computer Co., Ltd.(1)		600		4,389
Central Japan Railway Co.(1)		52		408,538
Chugai Pharmaceutical Co., Ltd.(1)		2,300		37,843
Coca - Cola West Co., Ltd.(1)		9,200		174,459
Cosmo Oil Co., Ltd.(1)		41,000		123,304
Credit Saison Co., Ltd.(1)		2,600		39,511
Dai Nippon Printing Co., Ltd.(1)		21,000		240,769
Dai - ichi Life Insurance Co., Ltd.(1)		135		204,307
Daido Steel Co., Ltd.(1)		8,000		49,013
Daihatsu Motor Co., Ltd.(1)		30,000		497,836
Daiichi Sankyo Co., Ltd.(1)		11,600		225,299
Daito Trust Construction Co., Ltd.(1)		500		41,396
Daiwa House Industry Co., Ltd.(1)		6,000		73,217
Daiwa Securities Group, Inc.(1)		29,000		119,178
Dena Co., Ltd.(1)		950		33,822
Denso Corp.(1)		14,700		527,323
Dentsu, Inc.(1)		3,600		97,119
Dowa Holdings Co., Ltd.(1)		17,000		101,457
East Japan Railway Co.(1)		9,100		532,072
Eisai Co., Ltd.(1)		2,700		102,729
Elpida Memory, Inc.†(1)		2,000		27,765
FANUC Corp.(1)		3,100		476,534
Fast Retailing Co., Ltd.(1)		1,400		204,598
Fuji Electric Co., Ltd.(1)		18,000		55,347
FUJIFILM Holdings Corp.(1)		14,400		425,968
Furukawa Electric Co., Ltd.(1)		15,000		54,689
GS Yuasa Corp.(1)		10,000		64,591
Hankyu Hanshin Holdings, Inc.(1)		53,000		198,883
Hino Motors, Ltd.(1)		7,000		38,507

71

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Hirose Electric Co., Ltd.(1)		200	$	20,545
Hitachi Chemical Co., Ltd.(1)		900		18,324
Hitachi Construction Machinery Co., Ltd.(1)		3,900		82,409
Hitachi Metals, Ltd.(1)		8,000		104,329
Honda Motor Co., Ltd.(1)		33,900		1,294,351
Ibiden Co., Ltd.(1)		2,600		84,473
Idemitsu Kosan Co., Ltd.(1)		1,300		144,162
Inpex Corp.(1)		28		202,736
Isetan Mitsukoshi Holdings, Ltd.(1)		1,300		12,006
Isuzu Motors, Ltd.(1)		85,000		398,418
Ito En, Ltd.(1)		7,200		121,880
Japan Prime Realty Investment Corp.(1)		4		11,606
Japan Real Estate Investment Corp.(1)		2		19,548
JGC Corp.(1)		10,000		267,548
JS Group Corp.(1)		9,600		233,923
JSR Corp.(1)		4,000		79,411
JTEKT Corp.(1)		6,700		88,675
Jupiter Telecommunications Co., Ltd.(1)		93		100,460
Kao Corp.(1)		13,900		357,254
KDDI Corp.(1)		39		279,550
Keyence Corp.(1)		1,100		288,597
Kinden Corp.(1)		4,000		32,479
Kintetsu Corp.(1)		32,000		96,355
Koito Manufacturing Co., Ltd.(1)		1,000		15,497
Konica Minolta Holdings, Inc.(1)		82,000		690,568
Kubota Corp.(1)		39,000		352,229
Kuraray Co., Ltd.(1)		3,500		52,839
Kurita Water Industries, Ltd.(1)		3,000		86,476
Kyocera Corp.(1)		4,800		504,805
Mabuchi Motor Co., Ltd.(1)		500		24,737
Makita Corp.(1)		2,400		102,136
Maruichi Steel Tube, Ltd.(1)		2,900		73,436
Mazda Motor Corp.†(1)		106,000		268,658
Medipal Holdings Corp.(1)		3,200		28,481
MEIJI Holdings Co., Ltd.(1)		2,000		85,002
Mitsubishi Chemical Holdings Corp.(1)		28,000		195,423
Mitsubishi Estate Co., Ltd.(1)		26,000		464,569
Mitsubishi Logistics Corp.(1)		1,000		11,001
Mitsubishi Materials Corp.(1)		55,000		170,777
Mitsubishi Motors Corp.†(1)		253,000		300,023
Mitsubishi UFJ Financial Group, Inc.(1)		204,800		948,006
Mitsubishi UFJ Lease & Finance Co., Ltd.(1)		580		22,140
Mitsui Fudosan Co., Ltd.(1)		22,000		370,787
Mitsui Mining & Smelting Co., Ltd.(1)		49,000		157,663
Mitsui O.S.K. Lines, Ltd.(1)		35,000		187,550
Mitsumi Electric Co., Ltd.(1)		1,400		15,232
Mizuho Financial Group, Inc.(1)		207,100		327,502
MS&AD Insurance Group Holdings(1)		10,200		239,061
Murata Manufacturing Co., Ltd.(1)		5,200		328,142
NGK Insulators, Ltd.(1)		8,000		138,531
NHK Spring Co., Ltd.(1)		3,000		29,475
Nidec Corp.(1)		2,500		224,458
Nikon Corp.(1)		7,000		164,306
Nippon Building Fund, Inc.(1)		4		40,887
Nippon Electric Glass Co., Ltd.(1)		8,000		113,371
Nippon Express Co., Ltd.(1)		1,000		3,873
Nippon Meat Packers, Inc.(1)		3,000		42,233
Nippon Sheet Glass Co., Ltd.(1)		27,000		88,851
Nippon Telegraph & Telephone Corp.(1)		13,100		616,445
Nippon Yusen KK(1)		47,000		177,760
Nisshin Seifun Group, Inc.(1)		3,000		37,013
Nisshin Steel Co., Ltd.(1)		28,000		53,960
Nissin Foods Holdings Co., Ltd.(1)		2,300		83,147
Nitori Holdings Co., Ltd.(1)		450		39,264
Nitto Denko Corp.(1)		3,400		178,159

Security Description	Shares		Value (Note 2)
Japan (continued)
NKSJ Holdings, Inc.(1)		12,000	$	76,100
NOK Corp.(1)		900		15,404
Nomura Holdings, Inc.(1)		72,700		366,851
Nomura Real Estate Office Fund, Inc.(1)		2		14,005
Nomura Research Institute, Ltd.(1)		2,200		46,040
NSK, Ltd.(1)		15,000		142,374
NTN Corp.(1)		13,000		67,530
NTT Data Corp.(1)		54		170,691
NTT DoCoMo, Inc.(1)		336		628,434
Obayashi Corp.(1)		14,000		59,022
Odakyu Electric Railway Co., Ltd.(1)		15,000		117,165
Olympus Corp.(1)		3,300		102,224
Omron Corp.(1)		1,500		38,703
Oracle Corp.(1)		2,400		105,042
Oriental Land Co., Ltd.(1)		1,900		161,807
ORIX Corp.(1)		1,410		135,122
Osaka Gas Co., Ltd.(1)		44,000		155,953
Panasonic Corp.(1)		65,300		767,935
Rakuten, Inc.(1)		207		210,337
Resona Holdings, Inc.(1)		2,600		11,493
Rinnai Corp.(1)		200		13,957
Rohm Co., Ltd.(1)		2,500		143,318
Secom Co., Ltd.(1)		6,600		312,761
Sekisui Chemical Co., Ltd.(1)		4,000		31,879
Sekisui House, Ltd.(1)		8,000		76,231
Sharp Corp.(1)		28,000		262,281
Shimamura Co., Ltd.(1)		100		9,444
Shimano, Inc.(1)		200		10,355
Shimizu Corp.(1)		34,000		140,963
Shin - Etsu Chemical Co., Ltd.(1)		8,500		442,525
Shinsei Bank, Ltd.(1)		10,000		10,495
Shionogi & Co., Ltd.(1)		1,900		32,116
Shiseido Co., Ltd.(1)		7,300		125,546
Shizuoka Bank, Ltd.(1)		2,000		18,351
Showa Shell Sekiyu KK(1)		10,900		106,505
SMC Corp.(1)		3,000		482,121
Softbank Corp.(1)		10,400		404,380
Sony Financial Holdings, Inc.(1)		800		14,593
Square Enix Holdings Co., Ltd.(1)		2,300		37,231
Stanley Electric Co., Ltd.(1)		1,900		31,375
Sumco Corp.†(1)		1,800		32,477
Sumitomo Chemical Co., Ltd.(1)		36,000		180,486
Sumitomo Electric Industries, Ltd.(1)		13,100		189,439
Sumitomo Metal Industries, Ltd.(1)		119,000		244,147
Sumitomo Mitsui Financial Group, Inc.(1)		17,900		518,641
Sumitomo Mitsui Trust Holdings, Inc.(1)		20,000		69,032
Sumitomo Realty & Development Co., Ltd.(1)		7,000		149,453
Sumitomo Rubber Industries, Ltd.(1)		3,700		42,787
Suzuken Co., Ltd.(1)		300		6,998
Sysmex Corp.(1)		400		14,242
T&D Holdings, Inc.(1)		2,750		66,280
Taisei Corp.(1)		32,000		71,716
Taiyo Nippon Sanso Corp.(1)		2,000		15,586
Takeda Pharmaceutical Co., Ltd.(1)		15,800		750,854
TDK Corp.(1)		1,900		100,411
Terumo Corp.(1)		3,500		197,507
THK Co., Ltd.(1)		1,300		32,074
Tobu Railway Co., Ltd.(1)		1,000		3,792
Tokyo Electron, Ltd.(1)		4,600		254,403
Tokyo Gas Co., Ltd.(1)		74,000		315,110
Tokyo Steel Manufacturing Co., Ltd.(1)		3,500		33,420
Tokyo Tatemono Co., Ltd.(1)		6,000		21,708
Tokyu Corp.(1)		12,000		49,661
Tokyu Land Corp.(1)		5,000		22,891
TonenGeneral Sekiyu KK(1)		15,000		183,707

72

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Toppan Printing Co., Ltd.(1)		2,000	$	15,306
Toray Industries, Inc.(1)		34,000		258,604
TOTO, Ltd.(1)		2,000		14,743
Toyo Seikan Kaisha, Ltd.(1)		1,800		27,889
Toyoda Gosei Co., Ltd.(1)		1,300		28,292
Toyota Boshoku Corp.(1)		1,600		25,366
Toyota Industries Corp.(1)		8,000		245,381
Trend Micro, Inc.(1)		2,200		66,933
Ube Industries, Ltd.(1)		7,000		21,723
Unicharm Corp.(1)		3,300		133,527
UNY Co., Ltd.(1)		4,600		39,960
Ushio, Inc.(1)		4,800		94,899
USS Co., Ltd.(1)		1,720		131,201
West Japan Railway Co.(1)		50		191,150
Yahoo! Japan Corp.(1)		395		130,972
Yakult Honsha Co., Ltd.(1)		3,600		99,758
Yamada Denki Co., Ltd.(1)		1,860		145,519
Yamaha Motor Co., Ltd.†(1)		12,400		222,063
Yamato Holdings Co., Ltd.(1)		9,200		139,989
Yamato Kogyo Co., Ltd.(1)		4,100		133,476
Yaskawa Electric Corp.(1)		3,000		32,761
				31,164,890
Jersey — 0.7%
Petrofac, Ltd.(1)		36,344		962,346
Shire PLC(1)		32,788		1,037,258
				1,999,604
Netherlands — 0.9%
ASML Holding NV(1)		22,694		885,671
CNH Global NV†		9,920		419,814
ING Groep NV†(1)		102,381		1,240,685
Koninklijke KPN NV(1)		14,089		207,200
				2,753,370
New Zealand — 0.0%
Contact Energy, Ltd.†(1)		14,042		69,507
Norway — 0.4%
Statoil ASA(1)		42,976		1,135,176
Portugal — 0.1%
EDP - Energias de Portugal SA(1)		89,161		331,964
Spain — 1.5%
Abertis Infraestructuras SA(1)		31,016		718,298
ACS Actividades de Construccion y Servicios SA(1)		18,909		911,535
Banco Bilbao Vizcaya Argentaria SA(1)		105,800		1,239,443
Ferrovial SA(1)		26,360		335,474
Repsol YPF SA(1)		32,603		1,112,785
				4,317,535
Sweden — 1.1%
Atlas Copco AB, Class A(1)		37,558		993,342
Nordea Bank AB(1)		101,803		1,196,466
Swedbank AB, Class A(1)		52,137		970,742
				3,160,550
Switzerland — 3.2%
Actelion, Ltd.†(1)		2,240		122,062
Cie Financiere Richemont SA, Class A(1)		18,877		1,231,785
Holcim, Ltd.†(1)		13,133		1,047,500
Lindt & Spruengli AG (Participation Certificate)(1)		266		827,132
Novartis AG(1)		36,120		2,335,840
Novartis AG ADR		24,609		1,587,773
Roche Holding AG(1)		2,515		442,681
Swisscom AG(1)		430		198,048

Security Description	Shares		Value (Note 2)
Switzerland (continued)
UBS AG†(1)		81,577	$	1,567,667
				9,360,488
United Kingdom — 8.4%
Anglo American PLC(1)		30,538		1,524,581
Antofagasta PLC(1)		25,807		565,131
Associated British Foods PLC(1)		51,711		916,960
AstraZeneca PLC(1)		31,246		1,634,671
Aviva PLC(1)		131,287		945,753
BG Group PLC(1)		71,703		1,667,921
BHP Billiton PLC(1)		44,007		1,744,769
British Sky Broadcasting Group PLC(1)		70,698		968,329
BT Group PLC(1)		264,388		875,818
Bunzl PLC(1)		37,223		470,813
Cairn Energy PLC†(1)		130,835		950,415
Carnival PLC(1)		21,666		872,891
Fresnillo PLC(1)		12,016		288,835
GlaxoSmithKline PLC(1)		93,995		2,041,292
HSBC Holdings PLC(1)		262,852		2,748,858
International Power PLC(1)		144,154		758,662
Legal & General Group PLC(1)		459,340		889,598
Marks & Spencer Group PLC(1)		124,495		819,048
Prudential PLC(1)		87,826		1,068,191
Reckitt Benckiser Group PLC(1)		10,684		606,500
Rexam PLC(1)		135,873		897,693
Xstrata PLC(1)		55,136		1,295,455
				24,552,184
United States — 43.4%
Aetna, Inc.		16,701		729,500
Aflac, Inc.		32,340		1,545,529
Allergan, Inc.		21,177		1,751,973
American Express Co.		40,513		2,090,471
Ameriprise Financial, Inc.		11,969		732,862
AmerisourceBergen Corp.		7,957		327,987
Amgen, Inc.†		8,142		492,917
Annaly Capital Management, Inc.		50,528		916,073
Apache Corp.		16,143		2,011,418
Apple, Inc.†		14,154		4,923,186
Applied Materials, Inc.#		44,547		613,858
Autoliv, Inc.#		5,207		400,835
Ball Corp.		1,749		69,103
Bed Bath & Beyond, Inc.†		12,205		657,727
Biogen Idec, Inc.†		6,861		649,942
BlackRock, Inc.		8,514		1,750,138
Bristol - Myers Squibb Co.		70,302		2,021,885
Capital One Financial Corp.		28,224		1,533,692
CenturyLink, Inc.#		41,722		1,801,973
Chesapeake Energy Corp.#		9,232		289,331
Chubb Corp.		4,711		308,994
Citigroup, Inc.		48,523		1,996,721
Clorox Co.#		21,338		1,503,902
CME Group, Inc.		3,216		919,004
Colgate - Palmolive Co.		23,175		2,028,508
Comcast Corp., Class A		87,508		2,208,702
Costco Wholesale Corp.		16,173		1,333,949
CSX Corp.		22,595		1,791,783
CVS Caremark Corp.		54,608		2,112,783
Danaher Corp.		33,662		1,835,589
Devon Energy Corp.		22,115		1,859,208
DIRECTV, Class A†		18,587		934,183
Eaton Corp.		25,460		1,315,518
EMC Corp.†		75,463		2,148,432
Endo Pharmaceuticals Holdings, Inc.†		2,109		87,798
Expeditors International of Washington, Inc.		4,972		262,621

73

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
United States (continued)
FedEx Corp.		5,121	$	479,530
Fluor Corp.		2,833		195,279
Forest Laboratories, Inc.†		37,910		1,365,518
Gap, Inc.#		5,938		115,197
General Mills, Inc.		46,140		1,834,988
Google, Inc., Class A†		4,061		2,148,350
H.J. Heinz Co.#		14,728		808,862
Halliburton Co.		34,487		1,729,523
Hershey Co.		27,549		1,535,306
Hess Corp.		21,086		1,666,427
Hewlett - Packard Co.		58,350		2,181,123
Integrys Energy Group, Inc.#		28,159		1,473,842
Intel Corp.		121,498		2,734,920
International Business Machines Corp.		21,805		3,683,519
J.B. Hunt Transport Services, Inc.#		11,944		547,632
Kellogg Co.#		9,615		547,959
Lowe’s Cos., Inc.		71,017		1,714,350
Marsh & McLennan Cos., Inc.		15,477		474,680
Mastercard, Inc., Class A		230		66,021
McGraw - Hill Cos., Inc.		6,909		293,425
McKesson Corp.		19,888		1,702,612
MetLife, Inc.		43,328		1,910,765
Microsoft Corp.		137,329		3,434,598
Mosaic Co.		12,312		872,305
Murphy Oil Corp.		20,834		1,435,254
National Oilwell Varco, Inc.		13,173		956,096
News Corp., Class A		107,340		1,968,616
NIKE, Inc., Class B#		21,917		1,850,891
NSTAR		10,947		504,000
Omnicom Group, Inc.		5,901		275,990
PACCAR, Inc.#		31,324		1,566,200
Parker Hannifin Corp.		18,342		1,629,687
PepsiCo, Inc.		37,883		2,694,239
Pitney Bowes, Inc.#		12,913		308,491
priceline.com, Inc.†		1,719		885,612
Principal Financial Group, Inc.		6,526		204,068
Progressive Corp.#		75,520		1,635,008
Prudential Financial, Inc.		27,973		1,784,118
QUALCOMM, Inc.		40,810		2,391,058
Republic Services, Inc.		14,732		464,353
Southern Copper Corp.		38,282		1,323,026
Sprint Nextel Corp.†		141,239		826,248
St. Jude Medical, Inc.		8,381		424,665
SunTrust Banks, Inc.		6,322		177,838
Sysco Corp.		53,013		1,707,549
Time Warner, Inc.#		51,351		1,870,717
Travelers Cos., Inc.#		27,666		1,717,505
UnitedHealth Group, Inc.		40,916		2,002,838
US Bancorp		50,936		1,303,962
Viacom, Inc., Class B		35,065		1,767,627
Visa, Inc., Class A		23,580		1,911,395
Walt Disney Co.		55,580		2,313,795
Watson Pharmaceuticals, Inc.†		15,212		978,892
WellPoint, Inc.		22,384		1,749,757
Wells Fargo & Co.		108,635		3,081,975
Williams Cos., Inc.		53,424		1,676,979
Xerox Corp.		9,251		94,453
				126,957,728
Total Common Stock
(cost $260,664,968)				280,207,840

Security Description	Shares/ Principal Amount			Value (Note 2)
PREFERRED STOCK — 0.3%
Germany — 0.3%
Bayerische Motoren Werke AG(1) (cost $576,612)		14,295		$	856,448
WARRANTS — 0.0%
Hong Kong — 0.0%
Henderson Land Development Co., Ltd. Expires 06/01/11 (strike Price 58.00 HKD) (cost $0)		10,200			0
RIGHTS — 0.0%
Austria — 0.0%
OMV AG† Expires 06/06/11		20,350			0
Canada — 0.0%
Brookfield Office Properties, Inc.† Expire 06/10/11		4,700			94
Total Rights
(cost $363)					94
Total Long-Term Investment Securities
(cost $261,241,943)					281,064,382
SHORT-TERM INVESTMENT SECURITIES — 6.1%
Collective Investment Pool — 3.1%
Securities Lending Quality Trust(4)		8,923,707			8,908,383
Time Deposits — 2.7%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11	$	7,941,000			7,941,000
U.S. Government Treasuries — 0.3%
United States Treasury Bills
0.09% due 06/23/11@		300,000			299,984
0.07% due 06/23/11@		600,000			599,974
					899,958
Total Short-Term Investment Securities
(cost $17,764,665)					17,749,341
TOTAL INVESTMENTS —
(cost $279,006,608)(5)		102.3	%		298,813,723
Liabilities in excess of other assets		(2.3	)		(6,579,566	)
NET ASSETS —		100.0	%	$	292,234,157

† Non-income producing security

# The security or a portion thereof is out on loan (see Note 2).

@ The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(1) Security was valued using fair value procedures at May 31, 2011. The aggregate value of these securities was $130,397,253 representing 44.6% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) Fair valued security. Securities are classified as Level 3 disclosures based on the securities valuation inputs; see Note 2.

(3) Illiquid security. At May 31, 2011, the aggregate value of these securities was $0 representing 0.0% of net assets.

(4) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(5) See Note 5 for cost of investments on a tax basis.

ADR—American Depository Receipt

PPS—Price Protected Shares

RSP—Risparmio Savings Shares

Currency Legend

HKD—Hong Kong Dollar

74

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of May 31, 2011		Unrealized Appreciation (Depreciation)
	162	Long	S&P 500 E-Mini Index		June 2011	$	10,377,621	$	10,885,590	$	507,969

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Canada	$	17,671,331	$	—		$	—	$	17,671,331
France		—		15,433,972	#		—		15,433,972
Japan		—		31,164,890	#		—		31,164,890
United Kingdom		—		24,552,184	#		—		24,552,184
United States		126,957,728		—			—		126,957,728
Other Countries*		6,037,976		58,389,759	#		0		64,427,735
Preferred Stock		—		856,448	#		—		856,448
Warrants		0		—			—		0
Rights		94		—			—		94
Short Term Investment Securities:
Collective Investment Pool		—		8,908,383			—		8,908,383
Time Deposits		—		7,941,000			—		7,941,000
U.S. Government Treasuries		—		899,958			—		899,958
Other Financial Instruments:+
Open Futures Contracts - Appreciation		507,969		—			—		507,969
Total	$	151,175,098	$	148,146,594		$	0	$	299,321,692

* Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments.

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $130,397,253 representing 44.6% of net assets. See Note 2.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:

	Common Stock
Balance as of 5/31/2010	$	0
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Net purchases (sales)		—
Transfers in and/or out of Level 3		—
Balance as of 5/31/2011	$	0

See Notes to Financial Statements

75

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Sovereign	31.5	%
Medical — Drugs	5.2
Oil Companies — Integrated	4.7
Collective Investment Pool	4.5
Foreign Government Treasuries	4.4
U.S. Government Agencies	3.9
Telecom Services	2.7
Insurance — Multi-line	2.2
Multimedia	2.2
Telephone — Integrated	1.8
Cable/Satellite TV	1.8
Insurance — Reinsurance	1.6
Diversified Manufacturing Operations	1.6
Banks — Commercial	1.5
Cellular Telecom	1.5
Oil Companies — Exploration & Production	1.4
Internet Security	1.3
Electronic Components — Semiconductors	1.2
Medical — Biomedical/Gene	1.1
Electric — Integrated	1.1
Enterprise Software/Service	1.1
U.S. Municipal Bonds & Notes	1.0
Diversified Banking Institutions	1.0
Insurance — Property/Casualty	1.0
Auto — Cars/Light Trucks	0.9
Transport — Services	0.9
Medical — Generic Drugs	0.9
Retail — Drug Store	0.9
Insurance — Life/Health	0.8
Aerospace/Defense	0.8
Diversified Minerals	0.7
Banks — Fiduciary	0.7
Applications Software	0.7
Containers — Metal/Glass	0.7
Import/Export	0.7
Food — Retail	0.7
Chemicals — Diversified	0.7
Food — Misc.	0.7
Semiconductor Components — Integrated Circuits	0.6
Retail — Building Products	0.6
Networking Products	0.6
Medical Labs & Testing Services	0.6
SupraNational Banks	0.6
Security Services	0.5
Consulting Services	0.5
Retail — Discount	0.5
Rubber — Tires	0.5
Retail — Major Department Stores	0.4
Publishing — Books	0.4
Building Products — Cement	0.4
Toys	0.4
Insurance Brokers	0.4
Electronic Components — Misc.	0.4
Machinery — General Industrial	0.4
Oil — Field Services	0.4
Photo Equipment & Supplies	0.4
Distribution/Wholesale	0.3
Computer Services	0.3
Real Estate Operations & Development	0.3
Medical — Hospitals	0.3
Human Resources	0.3
Medical Products	0.3
Chemicals — Specialty	0.3
Therapeutics	0.2
Regional Authority	0.1
Computers — Integrated Systems	0.1
	103.2	%

* Calculated as a percentage of net assets

Country Allocation*

United States	28.1	%
United Kingdom	9.6
South Korea	8.1
France	4.8
Brazil	4.2
Poland	3.9
Germany	3.9
Japan	3.6
Switzerland	3.6
Indonesia	3.5
Sweden	2.9
Australia	2.8
Mexico	2.5
Netherlands	2.2
Norway	2.1
Singapore	1.8
Russia	1.7
Malaysia	1.2
Hungary	1.1
Israel	1.1
Ireland	1.0
South Africa	1.0
Spain	0.8
Lithuania	0.8
China	0.7
Italy	0.6
Taiwan	0.6
SupraNational	0.6
Argentina	0.5
Venezuela	0.5
Canada	0.4
Qatar	0.4
Egypt	0.4
United Arab Emirates	0.4
Vietnam	0.3
Jersey	0.3
Bermuda	0.3
Hong Kong	0.3
Austria	0.3
Turkey	0.2
Ukraine	0.1
	103.2	%

* Calculated as a percentage of net assets

76

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 55.7%
Austria — 0.3%
Telekom Austria AG#(1)		120,080	$	1,557,106
Bermuda — 0.3%
PartnerRe, Ltd.		22,670		1,696,623
Canada — 0.4%
Talisman Energy, Inc.		107,200		2,263,830
China — 0.7%
China Telecom Corp., Ltd.(1)		6,276,000		3,765,015
France — 4.8%
Alstom SA(1)		33,920		2,105,668
AXA SA#(1)		185,245		3,967,288
Cie Generale des Etablissements Michelin, Class B(1)		26,440		2,482,344
France Telecom SA ADR		169,382		3,880,542
GDF Suez(1)		26,730		984,910
Ipsen SA#(1)		4,770		195,748
Sanofi(1)		57,002		4,522,488
Thales SA(1)		38,830		1,630,888
Total SA#(1)		73,870		4,275,794
Vivendi SA#(1)		82,874		2,323,847
				26,369,517
Germany — 3.9%
Deutsche Post AG(1)		108,907		2,052,588
E.ON AG(1)		70,267		1,993,773
Merck KGaA(1)		21,120		2,321,433
Muenchener Rueckversicherungs AG(1)		24,120		3,709,496
Rhoen - Klinikum AG(1)		62,626		1,578,370
SAP AG ADR		76,930		4,782,738
Siemens AG ADR		35,540		4,757,029
				21,195,427
Hong Kong — 0.3%
Cheung Kong Holdings, Ltd.(1)		106,324		1,661,765
Ireland — 1.0%
Accenture PLC, Class A		30,270		1,737,195
Covidien PLC		27,951		1,537,305
CRH PLC(1)		105,621		2,317,982
				5,592,482
Italy — 0.6%
ENI SpA#(1)		96,780		2,317,724
Intesa Sanpaolo SpA#(1)		444,102		1,156,969
				3,474,693
Japan — 3.6%
ITOCHU Corp.(1)		360,700		3,732,627
Konica Minolta Holdings, Inc.(1)		240,500		2,025,384
Mitsubishi UFJ Financial Group, Inc.#(1)		128,300		593,892
Nintendo Co., Ltd.(1)		9,424		2,197,971
Nissan Motor Co., Ltd.(1)		193,100		1,935,284
NKSJ Holdings, Inc.(1)		307,000		1,946,883
Toyota Motor Corp. ADR		41,730		3,475,692
Trend Micro, Inc.(1)		124,500		3,787,803
				19,695,536
Jersey — 0.3%
Wolseley PLC(1)		51,273		1,738,861
Netherlands — 2.2%
Akzo Nobel NV(1)		50,370		3,642,896
ING Groep NV†(1)		319,941		3,877,145
Koninklijke Philips Electronics NV(1)		78,166		2,170,558
Reed Elsevier NV(1)		172,373		2,321,416
				12,012,015

Security Description	Shares		Value (Note 2)
Norway — 1.5%
Statoil ASA#(1)		160,440	$	4,237,893
Telenor ASA#(1)		234,892		3,988,163
				8,226,056
Russia — 0.3%
Gazprom OAO ADR†		105,600		1,557,600
Singapore — 1.8%
DBS Group Holdings, Ltd.#(1)		415,095		4,982,333
Singapore Telecommunications, Ltd.#(1)		1,667,000		4,338,906
Singapore Telecommunications, Ltd. - 10(1)		176,000		448,113
				9,769,352
South Korea — 1.6%
KB Financial Group, Inc. ADR		47,920		2,295,847
Samsung Electronics Co., Ltd.(1)		7,457		6,250,633
				8,546,480
Spain — 0.8%
Telefonica SA ADR		188,349		4,582,531
Switzerland — 3.6%
ACE, Ltd.		63,727		4,385,692
Adecco SA†(1)		22,560		1,542,637
Basilea Pharmaceutica AG†(1)		2,260		187,385
Lonza Group AG†(1)		16,960		1,466,868
Novartis AG(1)		30,850		1,995,035
Roche Holding AG(1)		26,730		4,704,922
Swiss Re Ltd.†		58,350		3,471,993
Tyco International, Ltd.		33,121		1,634,521
				19,389,053
Taiwan — 0.6%
Taiwan Semiconductor Manufacturing Co., Ltd.(1)		1,299,914		3,475,139
Turkey — 0.2%
Turkcell Iletisim Hizmet AS ADR†		72,090		1,014,306
United Kingdom — 8.2%
Aviva PLC(1)		589,370		4,245,647
BAE Systems PLC(1)		454,309		2,478,153
BP PLC(1)		384,945		2,969,735
G4S PLC(1)		629,653		2,970,029
GlaxoSmithKline PLC(1)		193,456		4,201,290
HSBC Holdings PLC(1)		189,053		1,994,346
Kingfisher PLC(1)		316,000		1,497,339
Marks & Spencer Group PLC(1)		357,420		2,351,453
Pearson PLC(1)		93,339		1,755,455
Rexam PLC(1)		565,810		3,738,222
Royal Dutch Shell PLC, Class B(1)		108,186		3,931,785
Tesco PLC(1)		531,330		3,670,627
Unilever PLC(1)		112,055		3,639,961
Vodafone Group PLC ADR		180,767		5,066,899
				44,510,941
United States — 18.7%
Amgen, Inc.†		73,210		4,432,133
AON Corp.		41,670		2,173,091
Baker Hughes, Inc.		28,200		2,084,826
Bank of New York Mellon Corp.		142,050		3,993,025
Brocade Communications Systems, Inc.†		115,980		773,587
Chesapeake Energy Corp.		130,890		4,102,093
Chevron Corp.		34,110		3,578,480
Cisco Systems, Inc.		197,050		3,310,440
Comcast Corp., Special Class A		212,835		5,012,264
CVS Caremark Corp.		121,410		4,697,353
General Electric Co.		121,150		2,379,386
Gilead Sciences, Inc.†		39,650		1,654,991

77

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares/ Principal Amount(5)		Value (Note 2)
United States (continued)
Home Depot, Inc.		51,890	$	1,882,569
Isis Pharmaceuticals, Inc.†#		44,540		411,104
JPMorgan Chase & Co.		68,660		2,968,858
Merck & Co., Inc.		137,440		5,050,920
Microsoft Corp.		159,614		3,991,946
News Corp., Class A		177,477		3,254,928
Onyx Pharmaceuticals, Inc.†		18,710		794,240
Oracle Corp.		24,250		829,835
Pfizer, Inc.		247,019		5,298,558
PG&E Corp.		71,640		3,107,743
Progressive Corp.		140,680		3,045,722
Quest Diagnostics, Inc.		55,990		3,270,936
SAIC, Inc.†#		147,170		2,584,305
Sprint Nextel Corp.†#		366,510		2,144,084
Symantec Corp.†		171,920		3,361,036
Target Corp.		50,313		2,492,003
Time Warner Cable, Inc.#		61,908		4,780,536
Time Warner, Inc.#		71,812		2,616,111
United Parcel Service, Inc., Class B		39,100		2,873,459
Viacom, Inc., Class B		70,850		3,571,549
Walt Disney Co.		19,510		812,201
Watson Pharmaceuticals, Inc.†		73,690		4,741,951
				102,076,263
Total Common Stock
(cost $284,433,559)				304,170,591
PREFERRED STOCK — 1.3%
Brazil — 1.3%
Petroleo Brasileiro SA ADR		99,680		3,115,997
Vale SA ADR		138,280		4,051,604
Total Preferred Stock
(cost $4,700,289)				7,167,601
FOREIGN CORPORATE BONDS & NOTES — 0.2%
Venezuela — 0.2%
Petroleos de Venezuela SA Senior Notes zero coupon due 07/10/11# (cost $1,143,557)	$	1,160,000		1,149,560
FOREIGN GOVERNMENT AGENCIES — 32.2%
Argentina — 0.5%
Republic of Argentina FRS Senior Bonds zero coupon due 08/03/12		11,593,000		2,825,794
Australia — 2.8%
New South Wales Treasury Corp. Local Government Guar. Bonds 5.50% due 08/01/13	AUD	340,000		366,437
New South Wales Treasury Corp. Government Guar. Bonds 5.50% due 03/01/17	AUD	2,575,000		2,767,981
New South Wales Treasury Corp. Local Government Guar. Bonds 6.00% due 05/01/12	AUD	2,510,000		2,705,638
New South Wales Treasury Corp. Local Government Guar Bonds 6.00% due 05/01/12	AUD	110,000		118,573
Queensland Treasury Corp. Local Government Guar. Bonds 6.00% due 08/14/13	AUD	2,545,000		2,776,446
Queensland Treasury Corp. Local Government Guar. Bonds 6.00% due 08/21/13	AUD	720,000		782,695
Queensland Treasury Corp. Local Government Guar. Bonds 6.00% due 09/14/17	AUD	1,050,000		1,157,698

Security Description	Principal Amount(5)		Value (Note 2)
Australia (continued)
Western Australia Treasury Corp. Local Government Guar. Bonds 5.50% due 07/17/12	AUD	3,925,000	$	4,214,764
Western Australia Treasury Corp. Local Government Guar. Bonds 8.00% due 06/15/13	AUD	390,000		440,450
				15,330,682
Brazil — 2.9%
Brazil Nota do Tesouro Nacional Notes 6.00% due 05/15/15	BRL	2,625,000		3,339,953
Brazil Nota do Tesouro Nacional Notes 6.00% due 05/15/45	BRL	4,750,000		6,400,179
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/12	BRL	1,995,000		1,297,974
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/14	BRL	2,950,000		1,845,235
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/17	BRL	5,200,000		3,115,600
				15,998,941
Hungary — 1.1%
Republic of Hungary Senior Bonds 3.50% due 07/18/16	EUR	135,000		179,164
Republic of Hungary Senior Bonds 3.88% due 02/24/20	EUR	495,000		613,266
Republic of Hungary Senior Bonds 4.38% due 07/04/17	EUR	685,000		917,665
Republic of Hungary Senior Bonds 5.75% due 06/11/18	EUR	2,165,000		3,095,710
Republic of Hungary Senior Bonds 6.25% due 01/29/20		910,000		962,325
Republic of Hungary Senior Bonds 6.38% due 03/29/21		400,000		418,500
				6,186,630
Indonesia — 3.5%
Republic of Indonesia Senior Bonds 7.75% due 01/17/38		100,000		123,375
Republic of Indonesia Senior Bonds 7.75% due 01/17/38*		1,128,000		1,401,540
Republic of Indonesia Senior Bonds 8.50% due 10/12/35*		100,000		133,750
Republic of Indonesia Senior Bonds 9.00% due 09/15/18	IDR	2,780,000,000		357,684
Republic of Indonesia Senior Bonds 9.50% due 07/15/23	IDR	7,720,000,000		1,004,713
Republic of Indonesia Senior Bonds 10.00% due 02/15/28	IDR	6,235,000,000		821,186

78

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount(5)		Value (Note 2)
Indonesia (continued)
Republic of Indonesia Senior Bonds 10.25% due 07/15/22	IDR	1,280,000,000	$	176,775
Republic of Indonesia Senior Bonds 10.25% due 07/15/27	IDR	1,640,000,000		219,802
Republic of Indonesia Senior Bonds 10.75% due 05/15/16	IDR	39,900,000,000		5,440,050
Republic of Indonesia Senior Bonds 11.00% due 11/15/20	IDR	21,782,000,000		3,158,491
Republic of Indonesia Senior Bonds 11.63% due 03/04/19*		1,120,000		1,638,000
Republic of Indonesia Senior Bonds 12.80% due 06/15/21	IDR	15,947,000,000		2,561,050
Republic of Indonesia Senior Bonds 12.90% due 06/15/22	IDR	8,530,000,000		1,372,651
Republic of Indonesia Senior Bonds 14.28% due 12/15/13	IDR	4,200,000,000		584,054
				18,993,121
Lithuania — 0.8%
Republic of Lithuania Notes 6.13% due 03/09/21*		240,000		258,600
Republic of Lithuania Senior Bonds 7.38% due 02/11/20*		3,560,000		4,166,051
				4,424,651
Malaysia — 0.6%
Government of Malaysia Senior Bonds 2.51% due 08/27/12	MYR	205,000		67,699
Government of Malaysia Senior Bonds 2.71% due 02/14/12	MYR	10,000		3,323
Government of Malaysia Senior Bonds 3.46% due 07/31/13	MYR	6,960,000		2,322,108
Government of Malaysia Senior Bonds 3.72% due 06/15/12	MYR	120,000		40,181
Government of Malaysia Senior Bonds 3.81% due 02/15/17	MYR	3,115,000		1,043,009
				3,476,320
Mexico — 2.5%
United Mexican States Bonds 7.75% due 12/14/17	MXN	19,000,000		1,756,653
United Mexican States Bonds 8.00% due 12/19/13	MXN	32,400,000		2,969,206
United Mexican States Bonds 8.00% due 12/17/15	MXN	53,000,000		4,911,602
United Mexican States Bonds 9.00% due 12/20/12	MXN	4,600,000		421,156

Security Description	Principal Amount(5)		Value (Note 2)
Mexico (continued)
United Mexican States Bonds 9.00% due 06/20/13	MXN	19,040,000	$	1,765,788
United Mexican States Bonds 10.00% due 12/05/24	MXN	15,200,000		1,645,724
				13,470,129
Norway — 0.1%
Kingdom of Norway Bonds 6.50% due 05/15/13#	NOK	2,050,000		409,885
Poland — 3.9%
Government of Poland Bonds zero coupon due 01/25/12	PLN	6,430,000		2,276,170
Government of Poland Bonds zero coupon due 01/25/13	PLN	2,130,000		717,415
Government of Poland Bonds 4.75% due 04/25/12	PLN	25,370,000		9,255,658
Government of Poland Bonds 5.00% due 10/24/13	PLN	510,000		185,675
Government of Poland Bonds 5.25% due 04/25/13	PLN	165,000		60,482
Government of Poland Bonds 5.75% due 04/25/14	PLN	5,380,000		1,988,011
Government of Poland Bonds 5.75% due 09/23/22	PLN	1,590,000		563,112
Government of Poland Bonds 6.25% due 10/24/15	PLN	8,685,000		3,253,064
Government of Poland Bonds 6.38% due 07/15/19		2,620,000		2,986,326
				21,285,913
Qatar — 0.4%
State of Qatar Senior Notes 6.55% due 04/09/19*		1,630,000		1,911,175
Russia — 1.4%
Russian Federation Senior Bonds 7.50% due 03/31/30*(2)		6,553,240		7,716,440
South Africa — 1.0%
Republic of South Africa Senior Notes 4.50% due 04/05/16	EUR	275,000		404,162
Republic of South Africa Senior Bonds 5.25% due 05/16/13	EUR	500,000		747,612
Republic of South Africa Senior Notes 5.88% due 05/30/22		700,000		776,650
Republic of South Africa Senior Notes 6.50% due 06/02/14		120,000		134,850

79

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount(5)		Value (Note 2)
South Africa (continued)
Republic of South Africa Senior Bonds 6.88% due 05/27/19	$	2,910,000	$	3,470,175
				5,533,449
South Korea — 6.5%
KDICB Redemption Fund Government Guar. Bonds 5.28% due 02/15/13	KRW	1,104,000,000		1,033,387
Republic of South Korea Senior Bonds 3.75% due 06/10/13	KRW	4,888,000,000		4,628,687
Republic of South Korea Senior Bonds 4.00% due 06/10/12	KRW	7,323,970,000		6,820,179
Republic of South Korea Senior Bonds 4.25% due 12/10/12	KRW	1,852,400,000		1,734,677
Republic of South Korea Senior Bonds 4.75% due 12/10/11	KRW	9,333,650,000		8,713,070
Republic of South Korea Senior Bonds 5.00% due 09/10/16	KRW	80,000,000		78,230
Republic of South Korea Senior Bonds 5.25% due 09/10/12	KRW	6,755,000,000		6,394,287
Republic of South Korea Senior Bonds 5.25% due 03/10/13	KRW	622,970,000		593,819
Republic of South Korea Senior Bonds 5.50% due 06/10/11	KRW	2,476,640,000		2,296,001
Republic of South Korea Senior Bonds 7.13% due 04/16/19		2,470,000		2,986,561
				35,278,898
SupraNational — 0.6%
Corporacion Andina de Fomento Senior Notes 8.13% due 06/04/19		1,340,000		1,643,190
European Investment Bank Senior Notes 4.50% due 05/15/13	NOK	8,500,000		1,609,340
				3,252,530
Sweden — 1.9%
Kingdom of Sweden Bonds 5.50% due 10/08/12#	SEK	62,065,000		10,486,219
Ukraine — 0.1%
Government of Ukraine Senior Notes 7.95% due 02/23/21*		770,000		785,125
United Arab Emirates — 0.4%
Emirate of Abu Dhabi Senior Notes 6.75% due 04/08/19*		1,600,000		1,904,000
United Kingdom — 0.6%
United Kingdom Gilt Treasury Bonds 3.25% due 12/07/11	GBP	1,116,000		1,862,670
United Kingdom Gilt Treasury Bonds 5.00% due 03/07/12	GBP	440,000		748,323

Security Description	Shares/ Principal Amount(5)		Value (Note 2)
United Kingdom (continued)
United Kingdom Gilt Treasury Bonds 9.00% due 07/12/11	GBP	440,000	$	731,033
				3,342,026
Venezuela — 0.3%
Republic of Venezuela Senior Notes 10.75% due 09/19/13		1,415,000		1,407,925
Vietnam — 0.3%
Republic of Vietnam Senior Bonds 6.75% due 01/29/20*#		1,695,000		1,771,010
Total Foreign Government Agencies (cost $147,251,007)				175,790,863
MUNICIPAL BONDS & NOTES — 1.0%
United States — 1.0%
Bay Area Toll Authority California Revenue Bonds Series S-1 6.79% due 04/01/30		1,000,000		1,089,230
California State General Obligation 6.00% due 04/01/38		3,140,000		3,357,853
California State General Obligation Bonds 7.63% due 03/01/40		685,000		811,602
Los Angeles California Community College District General Obligation Series D 6.68% due 08/01/36		185,000		189,508
Los Angeles Unified School District General Obligation Series KRY 5.25% due 07/01/26		225,000		240,046
Total Municipal Bonds & Notes (cost $5,328,448)				5,688,239
RIGHTS — 0.0%
Italy — 0.0%
Intesa Sanpaolo SpA Expires 06/10/11† (cost $0.00)	EUR	444,102		78,546
Total Long-Term Investment Securities (cost $442,856,860)				494,045,400
SHORT-TERM INVESTMENT SECURITIES — 12.8%
Collective Investment Pool — 4.5%
Securities Lending Quality Trust(3)(4) (cost $24,602,250)		24,602,250		24,571,407
Foreign Government Treasuries — 4.4%
Egypt Treasury Bills
9.58% due 08/09/11	EGP	450,000		20,595
10.25% due 06/07/11	EGP	125,000		21,005
10.33% due 11/02/11	EGP	725,000		115,766
10.34% due 08/09/11	EGP	125,000		74,142
10.37% due 06/07/11	EGP	450,000		75,619
10.42% due 07/12/11	EGP	450,000		74,743
10.46% due 12/06/11	EGP	800,000		126,408
10.50% due 12/06/11	EGP	375,000		59,254
10.51% due 12/06/11	EGP	800,000		126,408
11.91% due 08/30/11	EGP	1,600,000		262,678
11.94% due 08/30/11	EGP	1,950,000		319,115
12.19% due 02/21/12	EGP	2,850,000		438,915
				1,714,648

80

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount(5)		Value (Note 2)
Israel Treasury Bills
2.14% due 07/06/11	ILS	2,090,600	$	606,736
2.15% due 07/06/11	ILS	1,899,400		551,246
2.24% due 08/03/11	ILS	1,977,000		572,329
2.24% due 10/05/11	ILS	573,000		164,912
2.28% due 12/07/11	ILS	2,735,000		783,089
2.30% due 11/02/11	ILS	3,285,000		943,434
2.35% due 01/04/12	ILS	8,210,000		2,343,530
				5,965,276
Bank Negara Malaysia Monetary Notes
2.74% due 08/23/11	MYR	15,000		4,947
2.75% due 09/15/11	MYR	15,000		4,941
2.75% due 10/04/11	MYR	60,000		19,736
2.75% due 12/01/11	MYR	125,000		40,931
2.75% due 02/09/12	MYR	170,000		55,350
2.75% due 02/21/12	MYR	35,000		11,384
2.76% due 08/23/11	MYR	15,000		4,948
2.78% due 03/29/12	MYR	20,000		6,479
2.79% due 08/25/11	MYR	1,150,000		379,410
2.80% due 03/29/12	MYR	10,000		3,240
2.81% due 10/13/11	MYR	940,000		309,196
				840,562
Government of Malaysia
2.75% due 12/15/11	MYR	5,315,000		1,738,454
2.75% due 02/24/12	MYR	10,000		3,252
2.76% due 09/06/11	MYR	10,000		3,296
2.79% due 09/30/11	MYR	10,000		3,290
2.79% due 03/23/12	MYR	10,000		3,245
2.88% due 12/15/11	MYR	1,560,000		510,252
				2,261,789
Kingdom of Norway
2.45% due 12/21/11	NOK	3,630,000		665,118
2.52% due 03/21/12	NOK	3,520,000		641,244
2.54% due 03/21/12	NOK	7,120,000		1,297,061
2.60% due 03/21/12	NOK	2,160,000		393,491
				2,996,914
Government of Sweden
1.94% due 09/21/11	SEK	35,035,000		5,643,766
United Kingdom Treasury Bills
0.58% due 08/01/11	GBP	472,000		775,826
0.60% due 07/25/11	GBP	2,240,000		3,681,522
				4,457,348
Total Foreign Government Treasuries
(cost $23,315,705)				23,880,303

Security Description	Principal Amount(5)			Value (Note 2)
U.S. Government Agencies — 3.9%
Federal Home Loan Bank Disc. Notes 0.01% due 06/01/11 (cost $ 21,565,000)	$	21,565,000		$	21,565,000
Total Short-Term Investment Securities
(cost $69,482,955)					70,016,710
TOTAL INVESTMENTS —
(cost $512,339,815)(6)		103.2	%		564,062,110
Liabilities in excess of other assets		(3.2	)		(17,562,126	)
NET ASSETS —		100.0	%	$	546,499,984

# 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 May 31, 2011, the aggregate value of these securities was $21,685,691 representing 4.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Security was valued using fair value procedures at May 31, 2011. The aggregate value of these securities was $153,953,985 representing 28.2% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflected is as of May 31, 2011.

(3) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(4) At May 31, 2011, the Fund had loaned securities with a total value of $24,978,789. This was secured by collateral of $24,602,250, which was received in cash and subsequently invested in short-term investments currently valued at $24,571,407 as reported in the portfolio of investments. The remaining collateral with a value of $940,064 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the short-term pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range
United States Treasury Notes/Bonds	0.38% to 3.63%	09/30/11 to 02/15/21

(5) Denominated in United States Dollars unless otherwise indicated.

(6) See Note 5 for cost of investments on a tax basis.

ADR—American Depository Receipt

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at May 31, 2011 and unless noted otherwise, the dates shown are the original maturity dates.

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Bank of America Securities LLC		EUR	2,577,855		SEK	23,782,000		09/22/2011	$	131,375	$	–
Barclays Investments, Inc.		EUR	846,089		NOK	6,799,000		08/25/2011		40,985		–
		EUR	204,400		USD	258,668		08/25/2011		–		(34,854	)
		EUR	462,350		USD	597,819		01/13/2012		–		(63,246	)
		EUR	375,660		USD	500,642		01/19/2012		–		(36,370	)
		EUR	1,640,000		USD	2,210,720		02/09/2012		–		(132,111	)
		EUR	1,399,000		USD	1,897,044		02/10/2012		–		(101,441	)
		USD	993,776		AUD	1,064,000		12/12/2011		114,423		–
		USD	145,202		GBP	91,643		01/24/2012		5,032		–
		USD	95,224		GBP	60,543		01/27/2012		4,022		–
		USD	7,682		GBP	4,872		02/01/2012		304		–
		USD	135,141		SGD	172,151		02/09/2012		4,501		–
		USD	157,062		CLP	77,400,000		02/13/2012		4,852		–

81

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
		USD	400,023		GBP	251,053		02/14/2012	$	11,389	$	–
		USD	379,603		SGD	485,000		02/17/2012		13,819		–
		USD	271,949		CLP	133,500,000		02/29/2012		6,852		–
		USD	135,883		CLP	66,800,000		03/01/2012		3,608		–
		USD	271,744		GBP	169,537		03/12/2012		5,945		–
		USD	885,025		GBP	557,166		03/30/2012		27,239		–
										242,971		(368,022	)
Citibank N.A.		EUR	1,203,000		USD	1,556,093		01/10/2012		–		(164,112	)
		EUR	375,660		USD	485,548		01/13/2012		–		(51,568	)
		EUR	2,172,000		USD	2,934,177		02/08/2012		–		(168,745	)
		USD	52,869		INR	2,552,000		07/18/2011		3,373		–
		USD	204,486		PHP	9,044,000		10/11/2011		2,677		–
		USD	96,436		GBP	61,025		01/24/2012		3,605		–
		USD	62,102		GBP	39,261		02/01/2012		2,251		–
		USD	408,905		GBP	257,222		02/16/2012		12,601		–
		USD	674,724		CLP	327,410,000		02/27/2012		9,183		–
		USD	1,347,006		AUD	1,433,000		03/19/2012		126,820		–
		USD	327,940		CLP	159,543,000		04/30/2012		3,162		–
		USD	162,211		CLP	79,240,000		05/31/2012		1,716		–
										165,388		(384,425	)
Credit Suisse AG		USD	531,011		GBP	334,116		04/02/2012		16,014		–
Deutsche Bank AG		EUR	361,590		MYR	1,491,000		07/18/2011		–		(26,125	)
		EUR	401,152		MYR	1,683,000		07/20/2011		–		(19,471	)
		EUR	515,708		MYR	2,164,000		07/25/2011		–		(25,058	)
		EUR	731,689		SEK	6,934,000		07/27/2011		68,748		–
		EUR	137,755		USD	185,757		11/18/2011		–		(11,554	)
		EUR	190,735		USD	254,774		11/28/2011		–		(18,338	)
		EUR	2,243,000		USD	2,906,681		01/11/2012		–		(300,547	)
		EUR	1,896,749		NOK	15,082,000		02/09/2012		44,461		–
		EUR	411,000		USD	553,551		02/09/2012		–		(33,585	)
		EUR	849,000		USD	1,139,205		02/17/2012		–		(73,328	)
		EUR	234,000		USD	327,509		03/26/2012		–		(6,274	)
		EUR	306,000		USD	429,854		04/04/2012		–		(6,502	)
		EUR	205,000		USD	286,926		04/05/2012		–		(5,394	)
		INR	29,157,000		USD	644,781		06/01/2011		–		(2,505	)
		USD	613,573		INR	29,157,000		06/01/2011		33,713		–
		USD	444,290		INR	21,477,000		06/07/2011		32,123		–
		USD	120,969		INR	5,815,000		06/10/2011		7,961		–
		USD	305,307		INR	14,554,000		06/16/2011		17,078		–
		USD	278,471		INR	13,258,000		06/20/2011		15,022		–
		USD	322,801		INR	15,233,000		06/24/2011		14,199		–
		USD	208,536		INR	10,114,000		07/11/2011		14,613		–
		USD	105,688		INR	5,110,000		07/12/2011		7,038		–
		USD	281,840		MYR	912,824		07/12/2011		20,525		–
		USD	1,094,450		MYR	3,540,000		07/13/2011		78,059		–
		USD	500,231		MYR	1,621,000		07/18/2011		36,482		–
		USD	786,310		MYR	2,557,000		07/20/2011		60,193		–
		USD	955,880		MYR	3,109,000		07/25/2011		72,999		–
		USD	322,799		INR	15,617,000		08/24/2011		19,291		–
		USD	226,916		INR	11,044,000		09/01/2011		14,681		–
		USD	1,450,460		ILS	5,519,000		09/07/2011		148,803		–
		USD	511,645		PHP	23,022,000		10/04/2011		15,925		–
		USD	614,653		PHP	27,526,000		10/05/2011		16,092		–
		USD	1,500,165		ILS	5,469,000		10/06/2011		82,710		–
		USD	507,935		PHP	22,596,000		10/07/2011		9,778		–
		USD	408,343		PHP	18,081,000		10/11/2011		5,823		–
		USD	122,180		PHP	5,384,000		10/12/2011		1,139		–
		USD	125,623		MYR	394,093		10/13/2011		4,045		–
		USD	110,763		PHP	4,878,000		10/19/2011		919		–
		USD	439,348		PHP	19,500,000		10/21/2011		7,050		–
		USD	171,367		INR	7,960,000		10/26/2011		1,313		–
		USD	428,918		PHP	18,920,000		10/26/2011		4,070		–
		USD	361,725		INR	16,813,000		10/27/2011		2,952		–
		USD	326,103		PHP	14,323,000		10/28/2011		1,641		–
		USD	51,138		PHP	2,200,000		11/04/2011		–		(818	)
		USD	104,525		PHP	4,500,000		11/14/2011		–		(1,661	)
		USD	1,953,816		AUD	2,129,500		12/01/2011		267,303		–
		USD	1,812,010		AUD	1,917,000		12/09/2011		185,399		–
		USD	172,887		PHP	7,703,000		01/18/2012		2,504		–

82

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
		USD	108,512		PHP	4,819,000		01/19/2012	$	1,207	$	–
		USD	144,655		GBP	91,385		01/24/2012		5,156		–
		USD	76,011		GBP	47,771		01/26/2012		2,300		–
		USD	631,037		CLP	319,210,000		01/27/2012		37,912		–
		USD	1,464,169		CLP	734,720,000		01/30/2012		75,055		–
		USD	882,840		CLP	443,230,000		01/31/2012		45,620		–
		USD	488,630		SGD	624,000		02/07/2012		17,530		–
		USD	976,595		SGD	1,242,000		02/08/2012		30,861		–
		USD	157,456		CLP	77,500,000		02/10/2012		4,717		–
		USD	308,046		CLP	151,620,000		02/13/2012		9,129		–
		USD	156,199		CLP	76,600,000		02/14/2012		4,024		–
		USD	1,149,011		MYR	3,542,747		02/14/2012		6,614		–
		USD	568,648		SGD	727,000		02/17/2012		21,079		–
		USD	281,390		CLP	136,080,000		02/21/2012		3,038		–
		USD	323,134		CLP	156,410,000		02/23/2012		3,718		–
		USD	738,498		SGD	944,000		02/24/2012		27,271		–
		USD	490,070		CLP	239,310,000		02/27/2012		9,811		–
		USD	461,925		SGD	589,000		02/27/2012		15,875		–
		USD	108,152		CLP	52,350,000		02/29/2012		1,176		–
		USD	461,338		SGD	589,000		02/29/2012		16,464		–
		USD	350,132		CLP	171,950,000		03/01/2012		8,931		–
		USD	350,132		CLP	171,950,000		03/02/2012		8,893		–
		USD	387,755		CLP	190,310,000		03/05/2012		9,483		–
		USD	384,354		CLP	189,160,000		03/07/2012		10,401		–
		USD	376,745		CLP	184,040,000		03/09/2012		7,246		–
		USD	759,628		CLP	372,560,000		03/15/2012		17,222		–
		USD	594,276		SGD	758,100		03/19/2012		20,730		–
		USD	657,502		AUD	701,350		03/21/2012		63,644		–
		USD	636,711		SGD	816,200		03/21/2012		25,431		–
		USD	43,115		AUD	46,040		03/22/2012		4,219		–
		USD	442,512		GBP	277,775		03/29/2012		12,306		–
		USD	359,627		CLP	179,490,000		03/30/2012		14,061		–
		USD	380,616		CLP	190,700,000		04/02/2012		16,288		–
		USD	457,396		INR	21,429,000		04/11/2012		–		(3,401	)
		USD	984,362		INR	45,950,000		04/13/2012		–		(11,132	)
		USD	224,899		INR	10,622,000		04/19/2012		–		(108	)
		USD	456,997		INR	21,520,000		04/26/2012		–		(2,009	)
		USD	230,851		CLP	113,140,000		05/29/2012		3,254		–
		USD	611,002		INR	29,157,000		06/01/2012		2,435		–
										1,877,753		(547,810	)
HSBC Securities, Inc.		EUR	539,000		USD	749,318		10/17/2011		–		(23,462	)
		EUR	538,000		USD	754,653		10/18/2011		–		(16,670	)
		EUR	724,000		USD	1,011,138		10/19/2011		–		(26,818	)
		EUR	372,921		USD	488,639		12/06/2011		–		(45,211	)
		EUR	355,000		USD	479,747		02/08/2012		–		(27,406	)
		EUR	1,230,000		USD	1,654,104		02/09/2012		–		(103,019	)
		USD	699,997		INR	33,693,000		06/03/2011		47,870		–
		USD	120,365		INR	5,733,000		06/08/2011		6,787		–
		USD	301,069		INR	14,470,000		06/13/2011		19,607		–
		USD	215,323		INR	10,230,000		06/27/2011		10,889		–
		USD	272,178		MYR	883,000		07/29/2011		19,955		–
		USD	559,858		MYR	1,800,000		08/08/2011		35,224		–
		USD	1,994,635		KRW	2,228,406,400		08/09/2011		60,992		–
		USD	373,113		INR	18,021,000		08/24/2011		21,636		–
		USD	84,099		PHP	3,800,000		09/30/2011		3,003		–
		USD	68,603		PHP	3,100,000		10/03/2011		2,441		–
		USD	409,777		PHP	18,467,000		10/04/2011		13,412		–
		USD	615,130		PHP	27,532,000		10/05/2011		15,753		–
		USD	408,465		PHP	18,115,000		10/11/2011		6,480		–
		USD	202,207		PHP	8,977,000		10/13/2011		3,396		–
		USD	400,209		PHP	17,658,000		10/19/2011		4,071		–
		USD	175,717		INR	8,148,000		10/26/2011		1,041		–
		USD	399,756		PHP	17,658,000		10/26/2011		4,351		–
		USD	262,557		INR	12,138,000		10/27/2011		719		–
		USD	76,748		PHP	3,370,000		10/27/2011		371		–
		USD	51,025		PHP	2,240,000		10/28/2011		232		–
		USD	99,613		PHP	4,380,000		10/31/2011		593		–
		USD	155,287		PHP	6,830,000		01/17/2012		236		–
		USD	303,199		PHP	13,506,000		01/18/2012		4,322		–
		USD	392,139		PHP	17,658,000		01/26/2012		9,727		–

83

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
		USD	488,691		SGD	624,000		02/07/2012	$	17,469	$	–
		USD	480,736		SGD	612,200		02/13/2012		15,861		–
		USD	346,141		SGD	440,800		02/14/2012		11,423		–
		USD	288,151		MYR	892,000		02/17/2012		2,755		–
		USD	568,666		SGD	727,000		02/17/2012		21,061		–
		USD	679,488		SGD	867,000		03/19/2012		23,862		–
		USD	509,196		SGD	652,000		03/21/2012		19,739		–
										405,278		(242,586	)
JPMorgan Chase & Co.		EUR	517,939		MYR	2,164,000		07/27/2011		–		(28,324	)
		EUR	636,635		USD	803,812		08/29/2011		–		(110,307	)
		EUR	548,072		USD	708,794		01/13/2012		–		(74,835	)
		EUR	1,064,000		USD	1,423,206		02/16/2012		–		(96,436	)
		USD	211,137		INR	10,067,000		06/22/2011		11,646		–
		USD	1,717,505		MYR	5,625,000		06/29/2011		147,433		–
		USD	335,195		INR	16,267,000		07/12/2011		23,653		–
		USD	52,782		INR	2,552,000		07/20/2011		3,442		–
		USD	1,007,210		MYR	3,269,000		07/27/2011		74,465		–
		USD	62,627		MYR	200,000		08/29/2011		3,390		–
		USD	162,452		PHP	7,272,000		10/06/2011		4,172		–
		USD	203,639		PHP	9,021,000		10/11/2011		2,997		–
		USD	495,791		PHP	21,971,000		10/13/2011		7,418		–
		USD	286,990		PHP	12,598,000		10/17/2011		1,476		–
		USD	220,680		PHP	9,792,000		10/21/2011		3,480		–
		USD	214,639		PHP	9,466,000		10/26/2011		1,992		–
		USD	768,298		MYR	2,432,356		12/16/2011		28,422		–
		USD	966,746		PHP	42,561,000		01/13/2012		2,625		–
		USD	427,565		PHP	19,234,000		01/19/2012		10,352		–
		USD	19,129		GBP	12,023		01/27/2012		580		–
		USD	191,586		CLP	96,770,000		01/30/2012		11,145		–
		USD	37,589		GBP	23,883		01/30/2012		1,560		–
		USD	237,661		INR	11,460,000		02/06/2012		7,310		–
		USD	143,700		CLP	70,000,000		02/21/2012		2,610		–
		USD	246,393		CLP	118,700,000		02/22/2012		1,682		–
		USD	66,323		CLP	32,200,000		02/28/2012		930		–
		USD	849,167		SGD	1,086,000		03/19/2012		31,846		–
		USD	141,696		CLP	70,600,000		03/21/2012		5,426		–
		USD	659,487		INR	30,864,000		04/16/2012		–		(6,050	)
		USD	643,500		INR	30,296,000		04/18/2012		–		(2,264	)
		USD	321,180		INR	15,134,000		04/19/2012		–		(902	)
		USD	242,003		MYR	740,795		04/19/2012		–		(1,433	)
		USD	694,222		MYR	2,123,000		04/23/2012		–		(4,975	)
		USD	200,728		CLP	98,979,000		04/27/2012		4,748		–
		USD	388,165		INR	18,302,000		04/27/2012		–		(1,267	)
		USD	323,716		INR	15,247,000		04/30/2012		–		(1,531	)
										394,800		(328,324	)
Morgan Stanley and Co., Inc.		EUR	204,426		NOK	1,696,440		11/25/2011		18,696		–
		EUR	313,913		NOK	2,610,000		11/28/2011		29,566		–
		USD	300,916		CLP	152,700,000		01/13/2012		19,559		–
		USD	56,800		GBP	36,081		01/27/2012		2,346		–
		USD	18,562		GBP	11,725		01/31/2012		657		–
		USD	71,254		GBP	45,203		02/01/2012		2,839		–
		USD	1,075,342		AUD	1,105,921		02/08/2012		67,941		–
		USD	267,592		CLP	130,090,000		02/14/2012		4,515		–
		USD	476,925		GBP	300,002		02/15/2012		14,693		–
		USD	489,117		CLP	235,510,000		02/16/2012		3,392		–
		USD	307,889		CLP	149,380,000		02/27/2012		4,142		–
		USD	329,321		CLP	161,400,000		02/28/2012		7,783		–
		USD	155,144		CLP	76,300,000		03/12/2012		4,003		–
		USD	503,230		GBP	314,891		03/14/2012		12,517		–
		USD	442,512		GBP	277,738		03/29/2012		12,246		–
		USD	1,206,318		ILS	4,318,135		03/30/2012		34,790		–
		USD	354,170		CLP	174,340,000		04/16/2012		8,162		–
		USD	315,576		CLP	156,210,000		04/20/2012		8,943		–
		USD	160,443		CLP	77,900,000		05/11/2012		1,042		–
		USD	568,334		CLP	280,490,000		05/22/2012		12,460		–
										270,292		–

84

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
UBS AG		EUR	732,501		SEK	6,934,000		07/15/2011	$	67,991	$	–
		EUR	843,025		NOK	6,799,000		08/22/2011		45,533		–
		EUR	843,810		NOK	6,799,000		08/23/2011		44,357		–
		EUR	946,362		SEK	9,000,000		08/26/2011		92,757		–
		EUR	1,333,312		USD	1,687,200		08/26/2011		–		(227,409	)
		EUR	675,228		NOK	5,605,000		11/07/2011		62,770		–
		EUR	701,089		USD	949,696		11/17/2011		–		(54,527	)
		EUR	1,023,317		NOK	8,451,000		11/28/2011		85,871		–
		EUR	311,515		NOK	2,570,000		12/01/2011		25,603		–
		EUR	195,111		USD	259,845		12/07/2011		–		(19,454	)
		EUR	2,118,000		USD	2,741,592		01/11/2012		–		(286,901	)
		EUR	866,907		USD	1,121,084		01/13/2012		–		(118,412	)
		EUR	664,629		USD	895,714		01/25/2012		–		(54,202	)
		EUR	177,000		USD	241,019		02/01/2012		–		(11,900	)
		EUR	952,983		NOK	7,552,200		02/08/2012		17,746		–
		EUR	1,629,000		USD	2,206,399		02/08/2012		–		(120,792	)
		EUR	1,327,131		NOK	10,555,600		02/09/2012		31,642		–
		EUR	1,210,000		USD	1,642,902		02/13/2012		–		(85,429	)
		EUR	1,064,000		USD	1,423,813		02/16/2012		–		(95,829	)
		EUR	849,000		USD	1,136,650		02/21/2012		–		(75,728	)
		EUR	729,000		USD	1,039,244		04/12/2012		–		(35	)
		USD	1,072,171		AUD	1,105,616		02/08/2012		70,797		–
										545,067		(1,150,618	)
Net Unrealized Appreciation/(Depreciation)									$	4,048,938	$	(3,021,785	)

Currency Legend

AUD—Australian Dollar

BRL—Brazilian Real

CLP—Chilean Peso

EGP—Egyptian Pound

EUR—Euro Dollar

GBP—Bristish Pound

IDR—Indonesian Rupiah

ILS—Israeli New Shekel

INR—Indian Rupee

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

PHP—Philippine Peso

PLN—Polish Zloty

SEK—Swedish Krona

SGD—Singapore Dollar

USD—United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
United Kingdom	$	5,066,899	$	39,444,042	#	$	—	$	44,510,941
United States		102,076,263		—			—		102,076,263
Other Countries*		43,073,444		114,509,943	#		—		157,583,387
Preferred Stock		7,167,601		—			—		7,167,601
Foreign Corporate Bonds & Notes		—		1,149,560			—		1,149,560
Foreign Government Agencies		—		175,790,863			—		175,790,863
Municipal Bonds & Notes		—		5,688,239			—		5,688,239
Rights		78,546		—			—		78,546
Short-Term Investment Securities:
Collective Investment Pool		—		24,571,407			—		24,571,407
Foreign Government Treasuries		—		23,880,303			—		23,880,303
U.S. Government Agencies		—		21,565,000			—		21,565,000
Other Financial Instruments:+
Open Forward Foreign Currency Contracts - Appreciation		—		4,048,938			—		4,048,938
Total	$	157,462,753	$	410,648,295		$	—	$	568,111,048

85

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
LIABILITIES:
Other Financial Instruments:+
Open Forward Foreign Currency Contracts - Depreciation	$	—	$	3,021,785	$	—	$	3,021,785

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $153,953,985 representing 28.2% of net assets. See Note 2.

* Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

See Notes to Financial Statements

86

VALIC Company I Government Securities Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Federal Home Loan Mtg. Corp.	26.0	%
Federal National Mtg. Assoc.	21.6
Repurchase Agreements	18.0
United States Treasury Notes	16.3
United States Treasury Bonds	12.4
Government National Mtg. Assoc.	9.2
Federal Home Loan Bank	5.8
SupraNational Banks	5.5
Federal Farm Credit Bank	3.1
Collective Investment Pool	3.0
	120.9	%

* Calculated as a percentage of net assets

Credit Quality†#

Government — Treasury	29.0	%
Government — Agency	63.6
AAA	5.5
A	1.9
	100.0	%

* Calculated as a percentage of net assets.

† Source: Standard and Poors

# Calculated as percentage of total debt issues, excluding short-term securities.

87

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 5.5%
SupraNational Banks — 5.5%
European Investment Bank Senior Notes 2.25% due 03/15/16 (cost $6,055,615)	$	6,000,000	$	6,109,860
U.S. GOVERNMENT AGENCIES — 65.7%
Federal Farm Credit Bank — 3.1%
4.88% due 12/16/15		2,000,000		2,286,444
4.88% due 01/17/17		1,000,000		1,146,638
				3,433,082
Federal Home Loan Bank — 5.8%
4.75% due 09/11/15		1,000,000		1,133,208
4.88% due 11/27/13		2,000,000		2,202,692
5.38% due 08/19/11		2,000,000		2,022,802
5.38% due 06/14/13		1,000,000		1,098,172
				6,456,874
Federal Home Loan Mtg. Corp. — 26.0%
4.50% due 09/01/19		348,705		372,598
4.50% due June TBA		20,000,000		20,750,000
4.75% due 11/17/15#		3,000,000		3,400,770
5.00% due 12/14/18		1,000,000		1,058,570
5.00% due 10/01/34		216,642		231,812
5.50% due 12/01/36		186,736		202,780
5.75% due 01/15/12		2,000,000		2,069,302
6.00% due 11/01/33		396,100		439,663
6.50% due 02/01/32		152,681		173,019
7.50% due 09/01/16		67,112		73,992
8.00% due 02/01/30		4,332		5,135
8.00% due 08/01/30		943		1,118
8.00% due 06/01/31		4,132		4,898
Federal Home Loan Mtg. Corp. FRS 5.34% due 12/01/35		80,964		86,630
				28,870,287
Federal National Mtg. Assoc. — 21.6%
4.00% due 09/01/40		498,680		502,820
4.00% due 10/01/40		399,268		402,582
4.00% due 12/01/40		498,262		502,398
4.00% due 01/01/41		1,368,869		1,380,231
4.00% due 02/01/41		10,482,058		10,569,066
4.00% due 03/01/41		6,717,209		6,772,967
5.00% due 02/16/12		752,000		777,120
5.00% due 02/01/19		371,661		401,355
5.00% due 12/01/36		474,291		506,078
5.25% due 08/01/12#		1,000,000		1,056,196
5.50% due 12/01/33		223,004		243,051
5.50% due 10/01/34		410,420		446,929
6.00% due 06/01/35		133,561		147,634
6.50% due 02/01/17		41,473		45,764
6.50% due 07/01/32		34,101		38,713
7.00% due 09/01/31		70,225		81,021
11.50% due 09/01/19		60		64
12.00% due 01/15/16		42		48
12.50% due 09/20/15		45		52
13.00% due 11/15/15		69		78
14.50% due 11/15/14		57		62
Federal National Mtg. Assoc. FRS 2.00% due 01/01/36		29,120		30,188
2.12% due 02/01/35		17,582		18,197
4.79% due 11/01/34		47,158		49,497
				23,972,111

Security Description	Shares/ Principal Amount			Value (Note 2)
Government National Mtg. Assoc. — 9.2%
4.50% due 03/15/38	$	395,573		$	420,330
4.50% due 03/15/39		68,403			72,620
4.50% due 05/15/39		2,038,419			2,164,084
4.50% due 06/15/39		1,549,369			1,644,884
4.50% due 07/15/39		1,296,116			1,376,048
4.50% due 09/15/39		24,804			26,333
4.50% due 12/15/39		283,352			300,613
4.50% due 04/15/40		712,590			754,961
4.50% due 06/15/40		2,200,759			2,336,030
4.50% due 08/15/40		367,539			389,393
5.00% due 09/15/35		14,106			15,347
5.00% due 02/15/36		437,223			474,449
5.00% due 05/15/36		69,682			75,615
6.00% due 01/15/32		72,671			81,397
6.50% due 08/15/31		71,904			81,926
7.50% due 02/15/29		7,694			9,013
7.50% due 07/15/30		493			578
7.50% due 01/15/31		6,972			8,194
7.50% due 02/15/31		6,426			7,553
					10,239,368
Total U.S. Government Agencies
(cost $70,041,047)					72,971,722
U.S. GOVERNMENT TREASURIES — 28.7%
United States Treasury Bonds — 12.4%
zero coupon due 08/15/24 STRIPS		2,040,000			1,219,714
2.00% due 01/15/26 TIPS#(1)		2,228,609			2,426,919
3.88% due 08/15/40#		5,000,000			4,705,470
4.75% due 02/15/41#		5,000,000			5,458,595
					13,810,698
United States Treasury Notes — 16.3%
2.63% due 11/15/20#		12,000,000			11,637,192
3.63% due 02/15/21#		3,000,000			3,154,923
4.00% due 02/15/15		1,000,000			1,106,328
4.25% due 08/15/13		1,000,000			1,082,188
4.25% due 08/15/15#		1,000,000			1,120,625
					18,101,256
Total U.S. Government Treasuries
(cost $31,020,237)					31,911,954
Total Long-Term Investment Securities
(cost $107,116,899)					110,993,536
SHORT-TERM INVESTMENT SECURITIES — 3.0%
Collective Investment Pool — 3.0%
Securities Lending Quality Trust(2)(3) (cost $3,398,004)		3,398,004			3,390,051
REPURCHASE AGREEMENT — 18.0%
State Street Bank & Trust Co. Joint Repurchase Agreement(4) (cost $19,980,000)	$	19,980,000			19,980,000
TOTAL INVESTMENTS
(cost $130,494,903)(5)		120.9	%		134,363,587
Liabilities in excess of other assets		(20.9	)		(23,245,179	)
NET ASSETS		100.0	%	$	111,118,408

# The security or a portion thereof is out on loan (see Note 2)

(1) Principal amount of security is adjusted for inflation.

(2) The security is purchased with the cash collateral received from securities loaned (see Note 2).

88

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

(3) At May 31, 2011, the Fund had loaned securities with a total value of $5,629,037. This was secured by collateral of $3,398,004, which was received in cash and subsequently invested in short-term investments currently valued at $3,390,051 as reported in the portfolio of investments. The remaining collateral with a value of $2,337,367 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the short-term pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range
Federal Home Loan Mtg. Corp.	0.61% - 37.08%	04/15/32 - 05/15/41
Federal National Mtg. Assoc.	0.00% - 47.40%	04/25/23 - 06/25/41
Government National Mtg. Assoc.	9.38% - 33.61%	12/20/32 - 03/20/41
United States Treasury Notes/Bonds	3.88%	08/15/40

(4) See Note 2 for details of Joint Repurchase Agreements.

(5) See Note 5 for cost of investments on a tax basis.

TIPS—Treasury Inflation Protected Securities

TBA—Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal and maturity date will be determined upon settlement date.

STRIPS—Separate Trading of Registered Interest and Principal Securities

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at May 31, 2011 and unless noted otherwise, the dates shown are the original maturity dates.

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Foreign Corporate Bonds & Notes	$	—	$	6,109,860	$	—	$	6,109,860
U.S. Government Agencies:
Federal Farm Credit Bank		—		3,433,082		—		3,433,082
Federal Home Loan Bank		—		6,456,874		—		6,456,874
Federal Home Loan Mtg Corp.		—		28,870,287		—		28,870,287
Federal National Mtg. Assoc.		—		23,972,111		—		23,972,111
Government National Mtg. Assoc.		—		10,239,368		—		10,239,368
U.S. Government Treasuries		—		31,911,954		—		31,911,954
Short Term Investment Securities:
Collective Investment Pool		—		3,390,051		—		3,390,051
Repurchase Agreement		—		19,980,000		—		19,980,000
Total	$	—	$	134,363,587	$	—	$	134,363,587

See Notes to Financial Statements

89

VALIC Company I Growth Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	10.2	%
Oil Companies — Integrated	5.6
Computers	5.5
Diversified Manufacturing Operations	4.5
Oil — Field Services	3.2
Computer Services	3.1
Applications Software	2.9
Wireless Equipment	2.9
Electronic Components — Semiconductors	2.9
Medical — Drugs	2.5
Beverages — Non-alcoholic	2.4
Enterprise Software/Service	2.3
Computers — Memory Devices	2.2
Chemicals — Diversified	2.1
Retail — Restaurants	2.1
Oil Companies — Exploration & Production	1.9
Retail — Discount	1.9
Auto/Truck Parts & Equipment — Original	1.8
Web Portals/ISP	1.7
Networking Products	1.7
Commercial Services — Finance	1.7
Medical Instruments	1.6
Medical — Biomedical/Gene	1.6
Medical Products	1.6
Machinery — Construction & Mining	1.6
Transport — Services	1.4
Finance — Credit Card	1.2
Pharmacy Services	1.2
Cosmetics & Toiletries	1.1
Retail — Building Products	1.1
Food — Misc.	1.1
Aerospace/Defense — Equipment	1.1
Investment Management/Advisor Services	1.0
Retail — Drug Store	0.9
Time Deposits	0.9
Industrial Automated/Robotic	0.9
Finance — Investment Banker/Broker	0.8
E-Commerce/Services	0.8
Retail — Apparel/Shoe	0.8
Metal — Copper	0.7
Transport — Rail	0.7
Machinery — Farming	0.7
Banks — Commercial	0.7
Multimedia	0.7
Motorcycle/Motor Scooter	0.6
Broadcast Services/Program	0.6
Metal — Iron	0.6
Retail — Regional Department Stores	0.6
Hotels/Motels	0.6
E-Commerce/Products	0.6
Electronic Components — Misc.	0.5
Food — Confectionery	0.5
Semiconductor Components — Integrated Circuits	0.5
Food — Retail	0.5
Entertainment Software	0.5
Software Tools	0.5
Tobacco	0.5
Insurance — Life/Health	0.4
Food — Wholesale/Distribution	0.4
Diversified Minerals	0.4
Telephone — Integrated	0.4
Appliances	0.4
Chemicals — Specialty	0.4
Vitamins & Nutrition Products	0.4
Real Estate Management/Services	0.4
Soap & Cleaning Preparation	0.4
Auto — Cars/Light Trucks	0.3
Cable/Satellite TV	0.3
Medical — Generic Drugs	0.3

Retail — Mail Order	0.3
Human Resources	0.3
Computers — Integrated Systems	0.3
Instruments — Scientific	0.3
Apparel Manufacturers	0.3
Medical — HMO	0.3
Semiconductor Equipment	0.3
Commercial Services	0.3
Agricultural Chemicals	0.3
Dental Supplies & Equipment	0.3
Gold Mining	0.2
Metal Processors & Fabrication	0.2
Exchange — Traded Funds	0.2
Food — Catering	0.2
Diagnostic Equipment	0.2
Casino Hotels	0.2
Aerospace/Defense	0.2
Transactional Software	0.2
Finance — Other Services	0.2
Banks — Super Regional	0.2
Industrial Gases	0.2
Retail — Jewelry	0.2
Coal	0.2
Retail — Bedding	0.2
Recreational Vehicles	0.1
Retail — Auto Parts	0.1
Paper & Related Products	0.1
Oil Refining & Marketing	0.1
Electronic Design Automation	0.1
Finance — Leasing Companies	0.1
Diversified Banking Institutions	0.1
Electric Products — Misc.	0.1
Machinery — General Industrial	0.1
Schools	0.1
Real Estate Investment Trusts	0.1
Cellular Telecom	0.1
Dialysis Centers	0.1
Metal — Diversified	0.1
Transport — Air Freight	0.1
Garden Products	0.1
Engineering/R&D Services	0.1
Web Hosting/Design	0.1
Diagnostic Kits	0.1
Electronic Measurement Instruments	0.1
Telecom Equipment — Fiber Optics	0.1
Beverages — Wine/Spirits	0.1
Consulting Services	0.1
Consumer Products — Misc.	0.1
Insurance — Property/Casualty	0.1
Data Processing/Management	0.1
Retail — Misc./Diversified	0.1
Electronics — Military	0.1
Cruise Lines	0.1
Casino Services	0.1
Hospital Beds/Equipment	0.1
Retail — Major Department Stores	0.1
Brewery	0.1
Medical Information Systems	0.1
Retail — Home Furnishings	0.1
Building Products — Cement	0.1
	110.3	%

* Calculated as a percentage of net assets

90

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 99.0%
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc.		27,455	$	327,538
Aerospace/Defense — 0.2%
Boeing Co.		281		21,927
General Dynamics Corp		9,546		708,504
Northrop Grumman Corp.		11,153		728,179
				1,458,610
Aerospace/Defense - Equipment — 1.1%
BE Aerospace, Inc.†#		10,140		379,439
European Aeronautic Defence and Space Co. NV(1)		17,380		574,508
United Technologies Corp		87,030		7,638,623
				8,592,570
Agricultural Chemicals — 0.3%
CF Industries Holdings, Inc		1,779		273,575
Monsanto Co		25,072		1,781,115
				2,054,690
Airlines — 0.0%
Alaska Air Group, Inc.†#		2,122		143,320
Apparel Manufacturers — 0.3%
Burberry Group PLC(1)		14,520		315,735
Coach, Inc.		12,650		805,299
VF Corp.#		10,100		1,006,667
				2,127,701
Appliances — 0.4%
Whirlpool Corp.#		38,988		3,267,194
Applications Software — 2.9%
Citrix Systems, Inc.†		55,181		4,834,959
Intuit, Inc.†		73,090		3,944,667
Microsoft Corp		389,255		9,735,268
Red Hat, Inc.†		72,145		3,145,522
Salesforce.com, Inc.†#		12,454		1,896,246
				23,556,662
Auto - Cars/Light Trucks — 0.3%
Bayerische Motoren Werke AG(1)		7,880		698,729
Ford Motor Co.†		43,709		652,138
Hyundai Motor Co.(1)		5,010		1,176,519
				2,527,386
Auto/Truck Parts & Equipment - Original — 1.8%
Autoliv, Inc.#		57,411		4,419,499
BorgWarner, Inc.†#		83,824		6,078,078
Johnson Controls, Inc.		52,610		2,083,356
Magna International, Inc., Class A#		21,215		1,028,928
TRW Automotive Holdings Corp.†		19,027		1,082,065
				14,691,926
Banks - Commercial — 0.7%
Bank Mandiri Tbk PT(1)		960,715		812,494
CIT Group, Inc.†		11,860		525,754
Erste Group Bank AG#(1)		20,120		1,004,680
Industrial & Commercial Bank of China, Ltd.(1)		1,862,000		1,569,618
Powszechna Kasa Oszczednosci Bank Polski SA(1)		64,280		1,031,226
Turkiye Garanti Bankasi AS(1)		131,200		586,437
				5,530,209
Banks - Super Regional — 0.2%
Fifth Third Bancorp		59,758		780,439
Wells Fargo & Co.		19,750		560,308
				1,340,747

Security Description	Shares		Value (Note 2)
Beverages - Non - alcoholic — 2.4%
Coca - Cola Co		199,252	$	13,312,026
Dr Pepper Snapple Group, Inc		27,407		1,129,168
Hansen Natural Corp.†#		23,258		1,666,436
PepsiCo, Inc.		46,418		3,301,248
				19,408,878
Beverages - Wine/Spirits — 0.1%
Pernod - Ricard SA(1)		7,430		753,158
Brewery — 0.1%
Carlsberg A/S, Class B(1)		4,420		511,434
Broadcast Services/Program — 0.6%
Discovery Communications, Inc., Class A†#		9,340		406,851
Liberty Global, Inc., Class A†#		22,260		1,002,813
Scripps Networks Interactive Inc., Class A		69,052		3,482,292
				4,891,956
Building Products - Cement — 0.1%
Holcim, Ltd.†(1)		5,170		412,364
Cable/Satellite TV — 0.3%
DIRECTV, Class A†		38,146		1,917,218
Time Warner Cable, Inc.		7,320		565,250
				2,482,468
Casino Hotels — 0.2%
Las Vegas Sands Corp.†#		6,030		250,486
Wynn Resorts, Ltd.		8,766		1,284,395
				1,534,881
Casino Services — 0.1%
International Game Technology		32,440		559,266
Cellular Telecom — 0.1%
China Unicom, Ltd.(1)		454,000		1,008,624
Chemicals - Diversified — 2.1%
E.I. du Pont de Nemours & Co		110,177		5,872,434
Lanxess AG(1)		5,970		516,331
LyondellBasell Industries NV, Class A#		91,632		4,014,398
PPG Industries, Inc.		72,559		6,435,983
				16,839,146
Chemicals - Specialty — 0.4%
Eastman Chemical Co		3,329		352,375
Sigma - Aldrich Corp		35,019		2,461,485
WR Grace & Co.†#		9,451		442,212
				3,256,072
Coal — 0.2%
Arch Coal, Inc.#		10,412		311,215
Walter Energy, Inc		7,900		983,945
				1,295,160
Commercial Services — 0.3%
Alliance Data Systems Corp.†		4,578		430,012
Intertek Group PLC(1)		16,660		562,243
Weight Watchers International, Inc.#		13,256		1,063,661
				2,055,916
Commercial Services - Finance — 1.7%
Automatic Data Processing, Inc.		85,504		4,712,125
Global Payments, Inc		15,135		786,415
Mastercard, Inc., Class A		18,510		5,313,296
Moody’s Corp.#		9,302		371,243
Verisk Analytics, Inc., Class A†		5,207		177,298

91

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Commercial Services - Finance (continued)
Visa, Inc., Class A#		23,186	$	1,879,457
				13,239,834
Computer Data Security — 0.0%
Fortinet, Inc.†		2,868		139,069
Computer Services — 3.1%
Accenture PLC, Class A		198,181		11,373,608
International Business Machines Corp.		80,180		13,544,807
				24,918,415
Computers — 5.5%
Apple, Inc.†		104,528		36,357,975
Dell, Inc.†		410,765		6,605,101
Hewlett - Packard Co		24,495		915,623
Research In Motion, Ltd.†		6,327		271,112
				44,149,811
Computers - Integrated Systems — 0.3%
Riverbed Technology, Inc.†#		59,177		2,243,992
Computers - Memory Devices — 2.2%
EMC Corp.†		415,650		11,833,555
NetApp, Inc.†		103,927		5,692,082
				17,525,637
Consulting Services — 0.1%
Towers Watson & Co., Class A		11,525		731,261
Consumer Products - Misc. — 0.1%
Tupperware Brands Corp		10,632		695,971
Cosmetics & Toiletries — 1.1%
Colgate - Palmolive Co		16,280		1,424,988
Estee Lauder Cos., Inc., Class A		33,559		3,440,133
Natura Cosmeticos SA		7,600		203,759
Procter & Gamble Co.		51,848		3,473,816
Unicharm Corp.#(1)		12,100		489,598
				9,032,294
Cruise Lines — 0.1%
Royal Caribbean Cruises, Ltd.†#		14,990		584,610
Data Processing/Management — 0.1%
CommVault Systems, Inc.†#		15,238		629,939
Dental Supplies & Equipment — 0.3%
Align Technology, Inc.†		40,531		993,010
DENTSPLY International, Inc.		26,442		1,037,584
				2,030,594
Diagnostic Equipment — 0.2%
Gen - Probe, Inc.†		19,234		1,573,149
Diagnostic Kits — 0.1%
IDEXX Laboratories, Inc.†		10,163		800,031
Dialysis Centers — 0.1%
Fresenius Medical Care AG & Co. KGaA(1)		13,260		962,527
Distribution/Wholesale — 0.0%
Li & Fung, Ltd.†(1)(3)		148,000		331,658
Diversified Banking Institutions — 0.1%
HSBC Holdings PLC(1)		106,820		1,117,104
Diversified Manufacturing Operations — 4.5%
3M Co.		8,326		785,808
Danaher Corp		32,270		1,759,683
Eaton Corp.		143,494		7,414,335
General Electric Co		491,549		9,654,023
Honeywell International, Inc.		139,844		8,327,710

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
Illinois Tool Works, Inc		106,669	$	6,114,267
Parker Hannifin Corp		3,218		285,919
Textron, Inc.#		89,861		2,056,020
				36,397,765
Diversified Minerals — 0.4%
BHP Billiton, Ltd.(1)		42,281		2,016,366
Xstrata PLC(1)		60,700		1,426,185
				3,442,551
E - Commerce/Products — 0.6%
Amazon.com, Inc.†		22,704		4,465,650
E - Commerce/Services — 0.8%
Netflix, Inc.†#		14,057		3,806,636
priceline.com, Inc.†#		2,806		1,445,623
Rakuten, Inc.#(1)		1,166		1,184,795
				6,437,054
Electric Products - Misc. — 0.1%
Emerson Electric Co.		20,231		1,103,601
Electronic Components - Misc. — 0.5%
Jabil Circuit, Inc		147,257		3,177,806
TE Connectivity, Ltd.		27,755		1,022,217
Vishay Intertechnology, Inc.†#		11,819		187,567
				4,387,590
Electronic Components - Semiconductors — 2.9%
Altera Corp		121,788		5,856,785
ARM Holdings PLC(1)		52,180		494,345
Avago Technologies, Ltd		4,094		138,336
Cree, Inc.†#		40,438		1,774,824
Intel Corp.		131,200		2,953,312
LSI Corp.†		151,085		1,131,627
Micron Technology, Inc.†		67,827		691,835
NVIDIA Corp.†		64,780		1,298,191
OmniVision Technologies, Inc.†#		4,680		165,251
Texas Instruments, Inc		117,695		4,154,633
Xilinx, Inc.#		124,294		4,434,810
				23,093,949
Electronic Design Automation — 0.1%
Cadence Design Systems, Inc.†#		106,574		1,139,276
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.†		15,527		774,331
Electronics - Military — 0.1%
Safran SA(1)		15,120		618,004
Engineering/R&D Services — 0.1%
ABB, Ltd.†(1)		30,570		821,041
Enterprise Software/Service — 2.3%
Oracle Corp		529,804		18,129,893
Entertainment Software — 0.5%
Electronic Arts, Inc.†		162,800		3,973,948
Filtration/Separation Products — 0.0%
Polypore International, Inc.†#		2,940		192,717
Finance - Credit Card — 1.2%
American Express Co.		184,809		9,536,144
Finance - Investment Banker/Broker — 0.8%
Charles Schwab Corp.#		323,381		5,824,092
Interactive Brokers Group, Inc., Class A .		55,890		959,072
				6,783,164

92

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Finance - Leasing Companies — 0.1%
ORIX Corp.#(1)		11,870	$	1,137,519
Finance - Other Services — 0.2%
IntercontinentalExchange, Inc.†		11,812		1,425,118
Food - Baking — 0.0%
Flowers Foods, Inc		4,290		142,986
Food - Catering — 0.2%
Compass Group PLC(1)		169,363		1,652,469
Food - Confectionery — 0.5%
Hershey Co		76,140		4,243,282
Food - Misc. — 1.1%
Danone(1)		33,190		2,435,471
General Mills, Inc.		58,342		2,320,261
Kellogg Co.		64,196		3,658,530
Kraft Foods, Inc., Class A		10,050		351,449
				8,765,711
Food - Retail — 0.5%
Jeronimo Martins SGPS SA(1)		28,210		528,219
Magnit GDR†(1)		10,950		337,487
Whole Foods Market, Inc.		52,203		3,192,735
				4,058,441
Food - Wholesale/Distribution — 0.4%
Sysco Corp.		108,043		3,480,065
Garden Products — 0.1%
Toro Co.		13,190		842,577
Gold Mining — 0.2%
Newmont Mining Corp		33,575		1,899,338
Hospital Beds/Equipment — 0.1%
Hill - Rom Holdings, Inc.		12,227		558,040
Hotel/Motels — 0.6%
Starwood Hotels & Resorts Worldwide, Inc		77,091		4,701,009
Human Resources — 0.3%
Adecco SA†(1)		19,470		1,331,345
Capita Group PLC(1)		84,930		1,029,877
				2,361,222
Industrial Automated/Robotic — 0.9%
FANUC Corp.(1)		2,800		430,418
Rockwell Automation, Inc.#		78,582		6,530,950
				6,961,368
Industrial Gases — 0.2%
Air Products & Chemicals, Inc		13,830		1,315,095
Instruments - Scientific — 0.3%
Thermo Fisher Scientific, Inc.†		30,238		1,979,077
Waters Corp.†		2,230		219,789
				2,198,866
Insurance - Life/Health — 0.4%
Aflac, Inc		61,095		2,919,730
Principal Financial Group, Inc.		19,793		618,927
				3,538,657
Insurance - Property/Casualty — 0.1%
Admiral Group PLC(1)		23,160		657,280
Internet Infrastructure Software — 0.0%
Akamai Technologies, Inc.†		7,562		256,616
Investment Management/Advisor Services — 1.0%
BlackRock, Inc		25,332		5,207,246

Security Description	Shares		Value (Note 2)
Investment Management/Advisor Services (continued)
Legg Mason, Inc.		25,446	$	861,092
T. Rowe Price Group, Inc		36,796		2,329,187
				8,397,525
Machinery - Construction & Mining — 1.6%
Atlas Copco AB, Class A(1)		18,640		492,995
Caterpillar, Inc.		66,753		7,062,467
Joy Global, Inc.		33,342		2,989,110
Komatsu, Ltd.(1)		62,200		1,861,552
				12,406,124
Machinery - Farming — 0.7%
Deere & Co.		65,418		5,631,181
Machinery - General Industrial — 0.1%
Gardner Denver, Inc.		846		70,878
Sauer - Danfoss, Inc.†#		19,288		1,029,979
				1,100,857
Medical Information Systems — 0.1%
Cerner Corp.†		3,680		441,968
Medical Instruments — 1.6%
Bruker Corp.†#		24,494		483,021
Edwards Lifesciences Corp.†		22,033		1,954,988
Intuitive Surgical, Inc.†		9,520		3,322,480
Medtronic, Inc		90,260		3,673,582
St. Jude Medical, Inc.		67,407		3,415,513
				12,849,584
Medical Products — 1.6%
Baxter International, Inc.		8,086		481,279
Cooper Cos., Inc.		25,851		1,936,498
Covidien PLC		92,159		5,068,745
Johnson & Johnson		21,304		1,433,546
Varian Medical Systems, Inc.†		16,402		1,107,791
Zimmer Holdings, Inc.†		35,454		2,402,363
				12,430,222
Medical - Biomedical/Gene — 1.6%
Alexion Pharmaceuticals, Inc.†		27,821		1,319,272
Amgen, Inc.†		43,493		2,633,066
Biogen Idec, Inc.†		11,793		1,117,151
Celgene Corp.†		12,171		741,336
Cubist Pharmaceuticals, Inc.†		672		25,892
Gilead Sciences, Inc.†		82,576		3,446,722
Human Genome Sciences, Inc.†#		43,439		1,188,925
Illumina, Inc.†#		15,985		1,152,199
United Therapeutics Corp.†#		13,823		892,551
				12,517,114
Medical - Drugs — 2.5%
Abbott Laboratories		175,579		9,174,003
Allergan, Inc.		61,766		5,109,901
Bristol - Myers Squibb Co		21,746		625,415
Cephalon, Inc.†		4,125		328,721
Eli Lilly & Co.		32,401		1,246,791
Forest Laboratories, Inc.†		25,922		933,710
Merck & Co., Inc.		5,332		195,951
Novartis AG(1)		14,410		931,879
Novo Nordisk A/S, Class B(1)		10,750		1,349,565
				19,895,936
Medical - Generic Drugs — 0.3%
Teva Pharmaceutical Industries, Ltd. ADR		48,564		2,471,908

93

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical - HMO — 0.3%
AMERIGROUP Corp.†#		13,486	$	956,293
Humana, Inc.†		13,587		1,094,161
WellCare Health Plans, Inc.†		421		20,734
				2,071,188
Metal Processors & Fabrication — 0.2%
Precision Castparts Corp		11,440		1,797,224
Metal - Aluminum — 0.0%
Alcoa, Inc.		5,807		97,616
Metal - Copper — 0.7%
Freeport - McMoRan Copper & Gold, Inc.		113,247		5,848,075
Metal - Diversified — 0.1%
Rio Tinto PLC(1)		13,700		958,571
Metal - Iron — 0.6%
Cliffs Natural Resources, Inc		53,666		4,867,506
Motorcycle/Motor Scooter — 0.6%
Harley - Davidson, Inc.#		139,562		5,186,124
Multimedia — 0.7%
FactSet Research Systems, Inc.#		6,040		669,594
McGraw - Hill Cos., Inc.		24,394		1,036,013
Time Warner, Inc.		1,342		48,889
Walt Disney Co		85,334		3,552,455
				5,306,951
Networking Products — 1.7%
Cisco Systems, Inc		576,908		9,692,054
Juniper Networks, Inc.†		97,014		3,551,683
				13,243,737
Oil Companies - Exploration & Production — 1.9%
Apache Corp.		8,810		1,097,726
Devon Energy Corp.		26,227		2,204,904
Occidental Petroleum Corp		63,251		6,821,620
Southwestern Energy Co.†		89,401		3,913,082
W&T Offshore, Inc.#		33,386		864,697
				14,902,029
Oil Companies - Integrated — 5.6%
BG Group PLC(1)		70,220		1,633,425
Chevron Corp		12,047		1,263,851
ConocoPhillips		85,809		6,282,935
Exxon Mobil Corp.		406,168		33,902,843
Marathon Oil Corp		22,729		1,231,230
Suncor Energy, Inc.#		7,790		325,236
				44,639,520
Oil Refining & Marketing — 0.1%
Sunoco, Inc.		2,725		110,335
Valero Energy Corp		37,845		1,040,738
				1,151,073
Oil - Field Services — 3.2%
Core Laboratories NV#		24,401		2,505,739
Halliburton Co.		69,474		3,484,121
Petrofac, Ltd.(1)		25,640		678,917
Saipem SpA#(1)		34,706		1,833,470
Schlumberger, Ltd.		193,821		16,614,336
SEACOR Holdings, Inc		7,605		757,990
				25,874,573
Paper & Related Products — 0.1%
Domtar Corp.		11,300		1,158,024

Security Description	Shares		Value (Note 2)
Pharmacy Services — 1.2%
Express Scripts, Inc.†#		159,106	$	9,476,353
Real Estate Investment Trusts — 0.1%
Rayonier, Inc		15,845		1,051,950
Real Estate Management/Services — 0.4%
CB Richard Ellis Group, Inc., Class A†		109,378		2,890,861
Recreational Vehicles — 0.1%
Polaris Industries, Inc.#		10,897		1,202,484
Retail - Apparel/Shoe — 0.8%
Express, Inc		7,830		165,370
Limited Brands, Inc.		151,888		6,069,444
				6,234,814
Retail - Auto Parts — 0.1%
AutoZone, Inc.†		4,059		1,193,346
Retail - Bedding — 0.2%
Bed Bath & Beyond, Inc.†		22,665		1,221,417
Retail - Building Products — 1.1%
Home Depot, Inc		248,083		9,000,451
Retail - Discount — 1.9%
Costco Wholesale Corp.		107,394		8,857,857
Target Corp.		113,488		5,621,061
Wal - Mart Stores, Inc.		7,406		408,959
				14,887,877
Retail - Drug Store — 0.9%
Walgreen Co.#		173,455		7,567,842
Retail - Gardening Products — 0.0%
Tractor Supply Co.#		2,540		160,426
Retail - Home Furnishings — 0.1%
Nitori Holdings Co., Ltd.#(1)		4,750		414,457
Retail - Jewelry — 0.2%
Pandora A/S#(1)		11,470		391,657
Swatch Group AG, Class B(1)		1,850		921,896
				1,313,553
Retail - Mail Order — 0.3%
Williams - Sonoma, Inc.#		62,565		2,449,420
Retail - Major Department Stores — 0.1%
TJX Cos., Inc.		10,314		546,848
Retail - Misc./Diversified — 0.1%
Wesfarmers, Ltd.(1)		17,500		622,741
Retail - Regional Department Stores — 0.6%
Dillard’s, Inc., Class A#		2,242		125,978
Kohl’s Corp.		56,532		3,009,764
Macy’s, Inc.		55,326		1,597,815
				4,733,557
Retail - Restaurants — 2.1%
Chipotle Mexican Grill, Inc.†#		4,890		1,413,552
McDonald’s Corp.		116,297		9,482,858
Panera Bread Co., Class A†#		7,098		887,463
Starbucks Corp		129,752		4,773,576
				16,557,449
Schools — 0.1%
ITT Educational Services, Inc.†#		15,363		1,056,667
Semiconductor Components - Integrated Circuits — 0.5%
Cypress Semiconductor Corp.†		21,842		511,540

94

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Semiconductor Components - Integrated Circuits (continued)
Linear Technology Corp		103,716	$	3,587,536
				4,099,076
Semiconductor Equipment — 0.3%
Applied Materials, Inc.		35,634		491,036
ASML Holding NV		12,220		476,702
Teradyne, Inc.†#		68,865		1,102,529
				2,070,267
Soap & Cleaning Preparation — 0.4%
Church & Dwight Co., Inc.#		19,609		1,649,117
Reckitt Benckiser Group PLC(1)		21,427		1,216,350
				2,865,467
Software Tools — 0.5%
VMware, Inc., Class A†		39,148		3,809,883
Telecom Equipment - Fiber Optics — 0.1%
Corning, Inc.		37,409		753,791
Telephone - Integrated — 0.4%
Verizon Communications, Inc		90,772		3,352,210
Tobacco — 0.5%
Lorillard, Inc.		1,242		143,178
Philip Morris International, Inc.		49,989		3,586,711
				3,729,889
Transactional Software — 0.2%
VeriFone Systems, Inc.†#		29,859		1,437,114
Transport - Air Freight — 0.1%
Atlas Air Worldwide Holdings, Inc.†#		13,434		850,238
Transport - Equipment & Leasing — 0.0%
Amerco, Inc.†#		4,107		370,821
Transport - Rail — 0.7%
Union Pacific Corp.		55,338		5,808,830
Transport - Services — 1.4%
Expeditors International of Washington, Inc.		17,060		901,109
United Parcel Service, Inc., Class B		141,111		10,370,248
				11,271,357
Vitamins & Nutrition Products — 0.4%
Herbalife, Ltd		22,752		1,280,483
Mead Johnson Nutrition Co		28,380		1,923,880
				3,204,363
Web Hosting/Design — 0.1%
Equinix, Inc.†#		8,000		811,200

Security Description	Shares/ Principal Amount			Value (Note 2)
Web Portals/ISP — 1.7%
Baidu, Inc. ADR†		12,310		$	1,670,590
Google, Inc., Class A†		22,053			11,666,478
					13,337,068
Wireless Equipment — 2.9%
American Tower Corp., Class A†		29,104			1,614,690
Crown Castle International Corp.†		126,124			5,222,795
Motorola Solutions, Inc.†		7,162			342,845
QUALCOMM, Inc.		276,425			16,195,740
					23,376,070
Total Common Stock
(cost $650,276,969)					791,800,896
EXCHANGE - TRADED FUNDS — 0.2%
iShares Russell 1000 Growth Index Fund# (cost $1,641,373)		26,940			1,664,084
Total Long-Term Investment Securities
(cost $651,918,342)					793,464,980
SHORT-TERM INVESTMENT SECURITIES — 11.1%
Collective Investment Pool — 10.2%
Securities Lending Quality Trust(2)		81,962,917			81,883,192
Time Deposits — 0.9%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11	$	7,064,000			7,064,000
Total Short-Term Investment Securities
(cost $89,026,917)					88,947,192
TOTAL INVESTMENTS
(cost $740,945,258)(4)		110.3	%		882,412,172
Liabilities in excess of other assets		(10.3	)		(82,389,686	)
NET ASSETS —		100.0	%	$	800,022,486

† Non-income producing security

# The security or a portion thereof is out on loan (see Note 2).

(1) Security was valued using fair value procedures at May 31, 2011. The aggregate value of these securities was $43,843,283 representing 5.5% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(3) Illiquid security. At May 31, 2011, the aggregate value of these securities was $331,658 representing 0.0% of net assets.

(4) See Note 5 for cost of investments on a tax basis.

ADR—American Depository Receipt

GDR—Global Depository Receipt

Open Forward Foreign Currency Contracts

Counterparty

Contract to Deliver

In Exchange For

Delivery Date

Unrealized Appreciation

Unrealized Depreciation

UBS AG

DKK

4,569,825

USD

861,548

06/30/2011

$

–

$

(20,215

)

Currency Legend

DKK—Danish Krone

USD—United States Dollar

95

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Computers	$	44,149,811	$	—		$	—	$	44,149,811
Oil Companies - Integrated		43,006,095		1,633,425	#		—		44,639,520
Other Industries*		660,801,707		42,209,858	#		—		703,011,565
Exchange-Traded Funds		1,664,084		—			—		1,664,084
Short-Term Investment Securities:
Collective Investment Pool		—		81,883,192			—		81,883,192
Time Deposits		—		7,064,000			—		7,064,000
Total	$	749,621,697	$	132,790,475		$	—	$	882,412,172
LIABILITIES:
Other Financial Instruments:+
Open Forward Foreign Currency Contracts - Depreciation	$	—	$	20,215		$	—	$	20,215

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $43,843,283 representing 5.5% of net assets. See Note 2.

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

See Notes to Financial Statements

96

VALIC Company I Growth & Income Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Diversified Banking Institutions	5.9	%
Collective Investment Pool	5.3
Oil Companies — Exploration & Production	4.4
Oil Companies — Integrated	4.2
Computers	3.9
Medical — Drugs	3.6
Web Portals/ISP	2.9
Diversified Manufacturing Operations	2.7
Aerospace/Defense — Equipment	2.5
Banks — Super Regional	2.4
Repurchase Agreements	2.4
Retail — Discount	2.3
Medical — Biomedical/Gene	2.3
Oil — Field Services	1.8
Aerospace/Defense	1.8
Multimedia	1.7
Applications Software	1.6
Electric — Integrated	1.6
E-Commerce/Products	1.6
Computer Services	1.5
Wireless Equipment	1.5
Cruise Lines	1.5
Insurance — Life/Health	1.5
Commercial Services — Finance	1.4
Medical — HMO	1.4
Food — Misc.	1.4
Machinery — Construction & Mining	1.4
Telephone — Integrated	1.4
Oil & Gas Drilling	1.3
Cosmetics & Toiletries	1.3
Cable/Satellite TV	1.2
Advertising Agencies	1.2
Beverages — Non-alcoholic	1.2
Electronic Components — Semiconductors	1.1
Enterprise Software/Service	1.1
Retail — Restaurants	1.1
Medical — Generic Drugs	1.1
Retail — Apparel/Shoe	1.1
Computers — Memory Devices	1.1
Retail — Regional Department Stores	1.0
Transport — Services	1.0
Hotels/Motels	1.0
Finance — Credit Card	1.0
Networking Products	1.0
Transport — Rail	1.0
Telecom Equipment — Fiber Optics	0.9
Agricultural Chemicals	0.9
Cellular Telecom	0.9
Medical Products	0.9
Insurance — Property/Casualty	0.9
Tobacco	0.7
Engines — Internal Combustion	0.7
Electronic Measurement Instruments	0.7
Oil Field Machinery & Equipment	0.6
Investment Management/Advisor Services	0.6
Industrial Gases	0.6
Retail — Drug Store	0.6
Metal — Copper	0.6
Electric Products — Misc.	0.6
Chemicals — Diversified	0.6
Pharmacy Services	0.5
Steel — Specialty	0.5
Medical — Hospitals	0.5
Coal	0.5
Retail — Building Products	0.5
E-Commerce/Services	0.5
Medical Instruments	0.4
Casino Hotels	0.4
Internet Infrastructure Software	0.4

Medical — Wholesale Drug Distribution	0.4
Paper & Related Products	0.4
Finance — Investment Banker/Broker	0.4
Banks — Fiduciary	0.4
Machinery — Farming	0.3
X-Ray Equipment	0.3
Tools — Hand Held	0.3
Apparel Manufacturers	0.3
Electronic Forms	0.2
Gold Mining	0.2
Home Decoration Products	0.2
Steel — Producers	0.2
Metal — Iron	0.2
Chemicals — Specialty	0.2
	105.7	%

* Calculated as a percentage of net assets

97

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 98.0%
Advertising Agencies — 1.2%
Interpublic Group of Cos., Inc.		92,300	$	1,101,139
Aerospace/Defense — 1.8%
Boeing Co.		15,000		1,170,450
General Dynamics Corp.		5,800		430,476
				1,600,926
Aerospace/Defense - Equipment — 2.5%
BE Aerospace, Inc.†		9,500		355,490
Goodrich Corp.		5,200		453,908
United Technologies Corp.		17,222		1,511,575
				2,320,973
Agricultural Chemicals — 0.9%
Monsanto Co.#		7,298		518,450
Potash Corp. of Saskatchewan, Inc.		6,000		339,600
				858,050
Apparel Manufacturers — 0.3%
Coach, Inc.#		4,000		254,640
Applications Software — 1.6%
Microsoft Corp.		46,270		1,157,213
Salesforce.com, Inc.†#		2,200		334,972
				1,492,185
Banks - Fiduciary — 0.4%
Bank of New York Mellon Corp.		11,548		324,614
Banks - Super Regional — 2.4%
PNC Financial Services Group, Inc.		7,100		443,182
US Bancorp		28,520		730,112
Wells Fargo & Co.		36,798		1,043,959
				2,217,253
Beverages - Non-alcoholic — 1.2%
PepsiCo, Inc.		14,834		1,054,994
Cable/Satellite TV — 1.2%
Comcast Corp., Class A		44,401		1,120,681
Casino Hotels — 0.4%
Las Vegas Sands Corp.†		9,300		386,322
Cellular Telecom — 0.9%
MetroPCS Communications, Inc.†#		20,008		358,143
NII Holdings, Inc.†		5,700		248,862
Vodafone Group PLC ADR		8,600		241,058
				848,063
Chemicals - Diversified — 0.6%
Dow Chemical Co.		5,900		213,167
E.I. du Pont de Nemours & Co.		5,700		303,810
				516,977
Chemicals - Specialty — 0.2%
Ashland, Inc.		2,018		137,910
Coal — 0.5%
Consol Energy, Inc.		2,811		144,120
Peabody Energy Corp.		4,800		294,528
				438,648
Commercial Services - Finance — 1.4%
Mastercard, Inc., Class A		1,000		287,050
Visa, Inc., Class A#		12,400		1,005,144
				1,292,194

Security Description	Shares		Value (Note 2)
Computer Services — 1.5%
Accenture PLC, Class A#		9,300	$	533,727
Cognizant Technology Solutions Corp., Class A†		5,200		395,408
International Business Machines Corp.		2,853		481,957
				1,411,092
Computers — 3.9%
Apple, Inc.†		7,900		2,747,857
Dell, Inc.†		16,500		265,320
Hewlett - Packard Co.		14,551		543,916
				3,557,093
Computers - Memory Devices — 1.1%
EMC Corp.†#		33,800		962,286
Cosmetics & Toiletries — 1.3%
Procter & Gamble Co.		17,085		1,144,695
Cruise Lines — 1.5%
Royal Caribbean Cruises, Ltd.†#		34,400		1,341,600
Diversified Banking Institutions — 5.9%
Bank of America Corp.		85,705		1,007,034
Citigroup, Inc.		20,073		826,004
Goldman Sachs Group, Inc.		7,607		1,070,533
JPMorgan Chase & Co.		41,984		1,815,388
Morgan Stanley		28,355		685,057
				5,404,016
Diversified Manufacturing Operations — 2.7%
Danaher Corp.		13,000		708,890
Eaton Corp.		12,922		667,680
General Electric Co.		42,891		842,379
Honeywell International, Inc.		4,400		262,020
				2,480,969
E - Commerce/Products — 1.6%
Amazon.com, Inc.†		4,500		885,105
MercadoLibre, Inc.#		6,401		564,056
				1,449,161
E - Commerce/Services — 0.5%
priceline.com, Inc.†#		800		412,152
Electric Products - Misc. — 0.6%
Emerson Electric Co.		9,600		523,680
Electric - Integrated — 1.6%
American Electric Power Co., Inc.		6,900		263,580
Edison International#		6,900		271,584
Entergy Corp.		4,300		293,045
Exelon Corp.		7,200		301,320
NextEra Energy, Inc.		5,700		330,315
				1,459,844
Electronic Components - Semiconductors — 1.1%
Avago Technologies, Ltd.		9,100		307,489
Broadcom Corp., Class A†		10,100		363,398
Micron Technology, Inc.†#		35,900		366,180
				1,037,067
Electronic Forms — 0.2%
Adobe Systems, Inc.†		6,600		228,558
Electronic Measurement Instruments — 0.7%
Agilent Technologies, Inc.†		11,900		593,453
Engines - Internal Combustion — 0.7%
Cummins, Inc.		5,800		610,392

98

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Enterprise Software/Service — 1.1%
Oracle Corp.		29,500	$	1,009,490
Finance - Credit Card — 1.0%
American Express Co.		17,700		913,320
Finance - Investment Banker/Broker — 0.4%
Charles Schwab Corp.#		18,600		334,986
Food - Misc. — 1.4%
General Mills, Inc.		14,400		572,688
Kraft Foods, Inc., Class A		19,930		696,952
				1,269,640
Gold Mining — 0.2%
Newmont Mining Corp.		4,000		226,280
Home Decoration Products — 0.2%
Newell Rubbermaid, Inc.#		12,200		217,282
Hotel/Motels — 1.0%
Starwood Hotels & Resorts Worldwide, Inc.#		15,100		920,798
Industrial Gases — 0.6%
Praxair, Inc.#		5,196		549,945
Insurance - Life/Health — 1.5%
Lincoln National Corp.#		14,383		422,141
Prudential Financial, Inc.		14,400		918,432
				1,340,573
Insurance - Property/Casualty — 0.9%
Chubb Corp.		5,700		373,863
Travelers Cos., Inc.#		7,100		440,768
				814,631
Internet Infrastructure Software — 0.4%
F5 Networks, Inc.†#		3,300		374,814
Investment Management/Advisor Services — 0.6%
BlackRock, Inc.		2,700		555,012
Machinery - Construction & Mining — 1.4%
Caterpillar, Inc.		12,000		1,269,600
Machinery - Farming — 0.3%
Deere & Co.		3,400		292,672
Medical Instruments — 0.4%
St. Jude Medical, Inc.		7,853		397,912
Medical Products — 0.9%
Covidien PLC		4,800		264,000
Johnson & Johnson		8,645		581,722
				845,722
Medical - Biomedical/Gene — 2.3%
Alexion Pharmaceuticals, Inc.†#		8,120		385,050
Amgen, Inc.†		9,000		544,860
Celgene Corp.†		7,300		444,643
Gilead Sciences, Inc.†		17,300		722,102
				2,096,655
Medical - Drugs — 3.6%
Abbott Laboratories		11,501		600,927
Allergan, Inc.#		8,300		686,659
Merck & Co., Inc.		22,796		837,753
Pfizer, Inc.		55,774		1,196,353
				3,321,692
Medical - Generic Drugs — 1.1%
Mylan, Inc.†		13,300		313,149
Teva Pharmaceutical Industries, Ltd. ADR		13,200		671,880
				985,029

Security Description	Shares		Value (Note 2)
Medical - HMO — 1.4%
UnitedHealth Group, Inc.		26,262	$	1,285,525
Medical - Hospitals — 0.5%
Universal Health Services, Inc., Class B		8,300		452,267
Medical - Wholesale Drug Distribution — 0.4%
AmerisourceBergen Corp.#		9,000		370,980
Metal - Copper — 0.6%
Freeport - McMoRan Copper & Gold, Inc.		10,444		539,328
Metal - Iron — 0.2%
Cliffs Natural Resources, Inc.#		1,700		154,190
Multimedia — 1.7%
Time Warner, Inc.#		11,522		419,746
Walt Disney Co.#		26,200		1,090,706
				1,510,452
Networking Products — 1.0%
Cisco Systems, Inc.		35,550		597,240
Polycom, Inc.†#		5,000		287,050
				884,290
Oil & Gas Drilling — 1.3%
Ensco PLC ADR#		14,300		762,476
Nabors Industries, Ltd.†		8,600		239,854
Noble Corp.#		4,298		179,957
				1,182,287
Oil Companies - Exploration & Production — 4.4%
Anadarko Petroleum Corp.		8,600		683,872
Apache Corp.		5,080		632,968
Devon Energy Corp.		4,214		354,271
Newfield Exploration Co.†#		1,600		119,344
Occidental Petroleum Corp.		11,200		1,207,920
QEP Resources, Inc.#		5,900		256,650
SandRidge Energy, Inc.†#		22,400		253,568
Southwestern Energy Co.†#		11,400		498,978
				4,007,571
Oil Companies - Integrated — 4.2%
Chevron Corp.		11,522		1,208,773
ConocoPhillips		11,580		847,888
Exxon Mobil Corp.		16,200		1,352,214
Marathon Oil Corp.		7,000		379,190
				3,788,065
Oil Field Machinery & Equipment — 0.6%
National Oilwell Varco, Inc.#		7,951		577,084
Oil - Field Services — 1.8%
Halliburton Co.#		16,000		802,400
Schlumberger, Ltd.		9,900		848,628
				1,651,028
Paper & Related Products — 0.4%
International Paper Co.#		11,332		353,785
Pharmacy Services — 0.5%
Express Scripts, Inc.†#		8,361		497,981
Retail - Apparel/Shoe — 1.1%
Guess?, Inc.#		11,600		530,352
Lululemon Athletica, Inc.†#		4,900		444,920
				975,272
Retail - Building Products — 0.5%
Lowe’s Cos., Inc.		17,402		420,084

99

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail - Discount — 2.3%
Dollar General Corp.†#		11,700	$	410,319
Target Corp.#		24,572		1,217,051
Wal - Mart Stores, Inc.		8,574		473,456
				2,100,826
Retail - Drug Store — 0.6%
CVS Caremark Corp.		14,193		549,127
Retail - Regional Department Stores — 1.0%
Kohl’s Corp.#		8,600		457,864
Macy’s, Inc.		17,300		499,624
				957,488
Retail - Restaurants — 1.1%
Chipotle Mexican Grill, Inc.†#		1,200		346,884
McDonald’s Corp.		7,900		644,166
				991,050
Steel - Producers — 0.2%
United States Steel Corp.#		4,700		216,717
Steel - Specialty — 0.5%
Allegheny Technologies, Inc.#		6,900		462,300
Telecom Equipment - Fiber Optics — 0.9%
Corning, Inc.		42,900		864,435
Telephone - Integrated — 1.4%
AT&T, Inc.		23,114		729,478
Verizon Communications, Inc.		14,513		535,965
				1,265,443
Tobacco — 0.7%
Philip Morris International, Inc.		8,678		622,647
Tools - Hand Held — 0.3%
Stanley Black & Decker, Inc.#		3,600		265,968
Transport - Rail — 1.0%
Union Pacific Corp.		8,400		881,748

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Services — 1.0%
United Parcel Service, Inc., Class B		12,600		$	925,974
Web Portals/ISP — 2.9%
Baidu, Inc. ADR†		3,400			461,414
Google, Inc., Class A†		4,050			2,142,531
					2,603,945
Wireless Equipment — 1.5%
QUALCOMM, Inc.		23,400			1,371,006
X-Ray Equipment — 0.3%
Hologic, Inc.†		13,541			291,132
Total Long-Term Investment Securities
(cost $81,246,418)					89,337,675
SHORT-TERM INVESTMENT SECURITIES — 5.3%
Collective Investment Pool — 5.3%
Securities Lending Quality Trust (cost $4,842,955)(1)		4,842,955			4,835,840
REPURCHASE AGREEMENT — 2.4%
State Street Bank & Trust Co., Joint Repurchase Agreement (cost $2,145,000)(2)	$	2,145,000			2,145,000
TOTAL INVESTMENTS
(cost $88,234,371)(3)		105.7	%		96,318,515
Liabilities in excess of other assets		(5.7	)		(5,204,219	)
NET ASSETS —		100.0	%	$	91,114,296

† 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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Diversified Banking Institutions	$	5,404,016	$	—	$	—	$	5,404,016
Other Industries*		83,933,659		—		—		83,933,659
Short-Term Investment Securities:
Collective Investment Pool		—		4,835,840		—		4,835,840
Repurchase Agreement		—		2,145,000		—		2,145,000
Total	$	89,337,675	$	6,980,840	$	—	$	96,318,515

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

See Notes to Financial Statements

100

VALIC Company I Health Sciences Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Medical — Biomedical/Gene	28.3	%
Medical — Drugs	15.9
Medical Products	10.9
Medical — HMO	6.8
Pharmacy Services	4.3
Therapeutics	4.1
Medical — Hospitals	4.0
Medical — Wholesale Drug Distribution	3.9
Medical Instruments	3.1
Medical — Generic Drugs	2.0
Instruments — Scientific	1.8
Medical Labs & Testing Services	1.7
Drug Delivery Systems	1.5
Medical Information Systems	1.4
Dialysis Centers	1.4
Registered Investment Companies	1.4
Retail — Drug Store	1.2
Diagnostic Kits	1.1
Dental Supplies & Equipment	0.9
Agricultural Chemicals	0.8
Applications Software	0.8
Heart Monitors	0.7
Physicians Practice Management	0.6
Internet Content — Information/News	0.6
Patient Monitoring Equipment	0.4
Commercial Services	0.3
Consulting Services	0.3
Disposable Medical Products	0.2
Chemicals — Diversified	0.2
Hospital Beds/Equipment	0.2
E-Commerce/Products	0.2
Insurance — Life/Health	0.1
Medical Laser Systems	0.1
Electronic Measurement Instruments	0.1
Instruments — Controls	0.1
Computer Software	0.1
	101.5	%

* Calculated as a percentage of net assets

101

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 100.1%
Agricultural Chemicals — 0.8%
Monsanto Co.		24,600	$	1,747,584
Applications Software — 0.8%
Nuance Communications, Inc.†		79,200		1,739,232
Chemicals - Diversified — 0.2%
Bayer AG(1)		5,038		412,944
Commercial Services — 0.3%
HMS Holdings Corp.†		10,100		788,406
Computer Software — 0.1%
DynaVox, Inc., Class A†		23,174		172,878
Consulting Services — 0.3%
MAXIMUS, Inc.		8,600		720,680
Dental Supplies & Equipment — 0.9%
DENTSPLY International, Inc.		54,300		2,130,732
Diagnostic Kits — 1.1%
BG Medicine, Inc.†		21,500		155,875
IDEXX Laboratories, Inc.†		29,900		2,353,728
				2,509,603
Dialysis Centers — 1.4%
DaVita, Inc.†		21,600		1,815,480
Fresenius Medical Care AG & Co. KGaA(1)		18,708		1,357,991
				3,173,471
Disposable Medical Products — 0.2%
Shandong Weigao Group Medical Polymer Co., Ltd.(1)		376,000		503,227
Drug Delivery Systems — 1.5%
Alkermes, Inc.†		163,300		2,991,656
Depomed, Inc.†		32,400		295,488
Nektar Therapeutics†		27,200		263,296
				3,550,440
E - Commerce/Products — 0.2%
Drugstore.com, Inc.†		94,300		357,869
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.†		3,700		184,519
Heart Monitors — 0.7%
HeartWare International, Inc.†		22,425		1,633,661
Hospital Beds/Equipment — 0.2%
Hill - Rom Holdings, Inc.		8,700		397,068
Instruments - Controls — 0.1%
Mettler - Toledo International, Inc.†		1,100		184,107
Instruments - Scientific — 1.8%
Thermo Fisher Scientific, Inc.†		29,900		1,956,955
Waters Corp.†		21,100		2,079,616
				4,036,571
Insurance - Life/Health — 0.1%
Odontoprev SA		16,900		305,277
Internet Content - Information/News — 0.6%
WebMD Health Corp.†		27,000		1,287,360
Medical Information Systems — 1.4%
Allscripts Healthcare Solutions, Inc.†		59,900		1,204,589
athenahealth, Inc.†		26,200		1,172,974
Cerner Corp.†		7,800		936,780
				3,314,343
Medical Instruments — 3.1%
Arthrocare Corp.†		21,587		739,355
Bruker Corp.†		44,500		877,540

Security Description	Shares		Value (Note 2)
Medical Instruments (continued)
Conceptus, Inc.†		72,000	$	916,560
Edwards Lifesciences Corp.†		42,600		3,779,898
Endologix, Inc.†		7,100		60,847
Intuitive Surgical, Inc.†		1,160		404,840
Thoratec Corp.†		8,600		299,022
				7,078,062
Medical Labs & Testing Services — 1.7%
Covance, Inc.†		44,900		2,642,814
Fleury SA		43,200		711,900
Laboratory Corp. of America Holdings†		4,900		494,067
				3,848,781
Medical Laser Systems — 0.1%
LCA - Vision, Inc.†		48,600		276,048
Medical Products — 10.9%
Baxter International, Inc.		72,344		4,305,915
BioMimetic Therapeutics, Inc.†		14,500		119,915
China Kanghui Holdings, Inc. ADR†		13,800		327,474
China Medical System Holdings, Ltd.(1)		1,032,000		1,065,400
Covidien PLC		92,500		5,087,500
EnteroMedics, Inc.†		73,650		184,125
Fresenius SE & Co. KGaA(1)		4,236		446,018
Henry Schein, Inc.†		39,100		2,808,162
Hospira, Inc.†		14,400		796,176
Johnson & Johnson		16,500		1,110,285
Nobel Biocare Holding AG†(1)		11,273		246,231
PSS World Medical, Inc.†		10,100		295,122
Sonova Holding AG(1)		2,516		265,685
Straumann Holding AG(1)		1,600		439,896
Stryker Corp.		74,200		4,630,080
Tornier BV†		6,300		173,565
Zimmer Holdings, Inc.†		37,800		2,561,328
				24,862,877
Medical - Biomedical/Gene — 28.3%
Acorda Therapeutics, Inc.†		33,875		1,112,794
Aegerion Pharmaceuticals, Inc.†		10,100		191,294
Alexion Pharmaceuticals, Inc.†		258,240		12,245,741
AMAG Pharmaceuticals, Inc.†		27,600		509,496
Amarin Corp PLC ADR†		71,200		1,357,784
Amgen, Inc.†		68,375		4,139,423
Amylin Pharmaceuticals, Inc.†		38,200		530,598
Arqule, Inc.†		16,900		122,018
Basilea Pharmaceutica AG†(1)		1,848		153,225
Biocon, Ltd.(1)		23,900		188,219
BioCryst Pharmaceuticals, Inc.†		23,500		81,780
Biogen Idec, Inc.†		6,600		625,218
Celgene Corp.†		75,240		4,582,868
Cubist Pharmaceuticals, Inc.†		43,200		1,664,496
Dendreon Corp.†		48,065		2,037,475
Dyadic International, Inc.†		33,700		60,660
Exelixis, Inc.†		198,000		2,302,740
Gilead Sciences, Inc.†		142,900		5,964,646
GTx, Inc.†		31,844		187,561
Halozyme Therapeutics, Inc.†		20,000		134,800
Human Genome Sciences, Inc.†		119,800		3,278,926
Illumina, Inc.†		42,600		3,070,608
Incyte Corp., Ltd.†		261,200		4,631,076
Intercell AG†(1)		8,622		68,099
InterMune, Inc.†		57,300		2,131,560
Lexicon Pharmaceuticals, Inc.†		34,200		55,746
Medicines Co.†		195,200		3,730,272
Micromet, Inc.†		17,300		107,087
Momenta Pharmaceuticals, Inc.†		34,200		684,342

102

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical - Biomedical/Gene (continued)
Newron Pharmaceuticals SpA†(1)		9,000	$	64,653
NPS Pharmaceuticals, Inc.†		60,500		578,985
Pacific Biosciences of California, Inc.†		9,707		116,193
Regeneron Pharmaceuticals, Inc.†		57,200		3,433,144
Seattle Genetics, Inc.†		58,200		1,127,334
Sinovac Biotech, Ltd.†		43,200		161,568
Tranzyme, Inc.†		62,300		294,679
Vertex Pharmaceuticals, Inc.†		48,294		2,607,393
Vical, Inc.†		114,800		440,832
				64,775,333
Medical - Drugs — 15.9%
Achillion Pharmaceuticals, Inc.†		38,000		284,620
Allergan, Inc.		10,700		885,211
Anacor Pharmaceuticals, Inc.†		49,300		311,576
Ardea Biosciences, Inc.†		27,017		675,155
Auxilium Pharmaceuticals, Inc.†		18,900		423,171
Cadence Pharmaceuticals, Inc.†		64,400		620,816
Cardiome Pharma Corp.†		65,300		339,560
Cephalon, Inc.†		37,200		2,964,468
Elan Corp. PLC ADR†		220,900		2,114,013
GlaxoSmithKline Pharmaceuticals, Ltd.(1)		3,696		190,371
Hikma Pharmaceuticals PLC(1)		21,600		301,915
Idenix Pharmaceuticals, Inc.†		205,900		978,025
Infinity Pharmaceuticals, Inc.†		27,750		198,690
Ironwood Pharmaceuticals, Inc.†		7,700		116,424
Jazz Pharmaceuticals, Inc.†		27,300		799,617
Lijun International Pharmaceutical Holding, Ltd.(1)		190,000		41,313
MAP Pharmaceuticals, Inc.†		24,900		423,051
Medicis Pharmaceutical Corp., Class A		3,800		142,386
Medivation, Inc.†		15,000		361,650
Merck & Co., Inc.		81,304		2,987,922
Novo Nordisk A/S, Class B(1)		6,846		859,453
Optimer Pharmaceuticals, Inc.†		20,200		293,102
Pacira Pharmaceuticals, Inc.†		18,300		261,690
Pfizer, Inc.		64,766		1,389,231
Pharmasset, Inc.†		32,200		3,290,840
Poniard Pharmaceuticals, Inc.†		96,100		23,064
Ranbaxy Laboratories, Ltd.(1)		29,600		361,209
Rigel Pharmaceuticals, Inc.†		52,100		432,430
Roche Holding AG(1)		12,399		2,182,429
Salix Pharmaceuticals, Ltd.†		14,400		576,432
Sanofi(1)		2,900		230,084
Savient Pharmaceuticals, Inc.†		7,500		63,675
Shire PLC(1)		26,700		844,662
Shire PLC ADR		9,132		872,928
Sun Pharmaceuticals Industries, Ltd.(1)		23,000		243,000
Swedish Orphan Biovitrum AB†		19,100		69,016
Swedish Orphan Biovitrum, Class B†(1)		76,400		290,712
Targacept, Inc.†		12,800		288,000
UCB SA		10,649		505,494
Valeant Pharmaceuticals International, Inc.		142,433		7,457,792
Vectura Group PLC†(1)		132,000		166,203
XenoPort, Inc.†		83,100		644,025
				36,505,425
Medical - Generic Drugs — 2.0%
Impax Laboratories, Inc.†		30,900		829,665
Par Pharmaceutical Cos., Inc.†		3,800		130,568
Sawai Pharmaceutical Co., Ltd.(1)		13,600		1,349,104
Simcere Pharmaceutical Group ADR†		32,100		381,990
Teva Pharmaceutical Industries, Ltd. ADR		22,635		1,152,121
Towa Pharmaceutical Co., Ltd.(1)		14,800		825,468
				4,668,916

Security Description	Shares		Value (Note 2)
Medical - HMO — 6.8%
AMERIGROUP Corp.†		55,200	$	3,914,232
Amil Participacoes SA		9,500		118,979
Centene Corp.†		74,100		2,578,680
Triple - S Management Corp., Class B†		34,757		765,697
UnitedHealth Group, Inc.		65,600		3,211,120
WellCare Health Plans, Inc.†		32,400		1,595,700
WellPoint, Inc.		43,700		3,416,029
				15,600,437
Medical - Hospitals — 4.0%
Bangkok Dusit Medical Services PCL(4)		704,400		1,226,307
Community Health Systems, Inc.†		54,200		1,552,288
Fortis Healthcare, Ltd.†(1)		120,600		433,727
HCA Holdings, Inc.†		30,900		1,078,101
Health Management Associates, Inc., Class A†		100,000		1,140,000
Select Medical Holdings Corp.†		52,057		494,541
Universal Health Services, Inc., Class B		58,000		3,160,420
				9,085,384
Medical - Wholesale Drug Distribution — 3.9%
AmerisourceBergen Corp.		81,600		3,363,552
McKesson Corp.		53,200		4,554,452
Profarma Distribuidora de Produtos Farmaceuticos SA		69,300		654,457
Sinopharm Group Co., Ltd. Class H(1)		72,000		257,605
				8,830,066
Patient Monitoring Equipment — 0.4%
Insulet Corp.†		39,800		838,984
Pharmacy Services — 4.3%
Catalyst Health Solutions, Inc.†		31,414		1,917,196
Express Scripts, Inc.†		53,100		3,162,636
SXC Health Solutions Corp.†		80,500		4,744,670
				9,824,502
Physicians Practice Management — 0.6%
Mednax, Inc.†		19,800		1,487,970
Retail - Drug Store — 1.2%
CVS Caremark Corp.		34,149		1,321,225
Raia SA†		25,200		447,059
Shanghai Pharmaceuticals Holding Co., Ltd. Class H†		357,000		1,048,873
				2,817,157
Therapeutics — 4.1%
Allos Therapeutics, Inc.†		49,300		108,460
AVANIR Pharmaceuticals Inc., Class A†		416,300		1,877,513
BioMarin Pharmaceutical, Inc.†		93,400		2,636,682
ISTA Pharmaceuticals, Inc.†		10,100		93,829
Neurocrine Biosciences, Inc.†		83,035		685,039
Onyx Pharmaceuticals, Inc.†		24,800		1,052,760
Pharmacyclics, Inc.†		89,700		633,282
Theravance, Inc.†		48,600		1,269,918
Warner Chilcott PLC, Class A		19,300		465,323
YM Biosciences, Inc.†		187,200		651,456
				9,474,262
Total Common Stock
(cost $170,129,065)				229,124,176
WARRANTS† — 0.0%
Medical Products — 0.0%
EnteroMedics, Inc. Expires 02/23/13 (Strike price $8.28)(2)(3)(5)		82,200		367
EnteroMedics, Inc Expires 06/13/16 (Strike price $2.19)(2)(3)(5)		42,300		47,490
				47,857

103

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares			Value (Note 2)
WARRANTS† (continued)
Medical - Drugs — 0.0%
Alexza Pharmaceuticals, Inc. Expires 10/05/16 (Strike price $2.77(2)(3)(5)		13,050		$	5,664
Cadence Pharmaceuticals, Inc. Expires 02/18/14 (Strike price $7.84)(2)(3)		9,484			37,052
					42,716
Total Warrants
(cost $13,092)					90,573
Total Long-Term Investment Securities
(cost $170,142,157)					229,214,749
SHORT-TERM INVESTMENT SECURITIES — 1.4%
Registered Investment Companies — 1.4%
T. Rowe Price Reserve Investment Fund (cost $3,180,067)		3,180,067			3,180,067
TOTAL INVESTMENTS
(cost $173,322,224)(6)		101.5	%		232,394,816
Liabilities in excess of other assets		(1.5	)		(3,325,843	)
NET ASSETS		100.0	%	$	229,068,973

† Non-income producing security

(1) Security was valued using fair value procedures at May 31, 2011. The aggregate value of these securities was $13,788,843 representing 6.0% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) Illiquid security. At May 31, 2011, the aggregate value of these securities was $90,573 representing 0.0% of net assets.

(3) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted

securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2011, the Health Sciences Fund held the following restricted securities:

Name	Acquisi tion Date		Shares		Acquisi tion Cost		Value		Value Per Share		% of Net Assets
Alexza Pharmaceuticals, Inc. Expires 10/05/16 Strike Price $2.77 (Warrant)		10/5/2009		13,050	$	1,631	$	5,664	$	0.43		0.0	%
Cadence Pharmaceuticals, Inc. Expires 02/18/14 Strike Price $7.84 (Warrant)		2/18/2009		9,484		1,186		37,052		3.91		0.0	%
EnteroMedics, Inc. Expires 02/23/13 Strike Price $8.28 (Warrant)		2/23/2009		82,200		10,275		367		0.00		0.0	%
EnteroMedics, Inc. Expires 06/13/16 Strike Price $2.19 (Warrant)		12/09/2010		42,300		—		47,490		1.12		0.0	%
							$	90,573				0.0	%

(4) Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2.

(5) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

(6) See Note 5 for cost of investments on a tax basis.

ADR—American Depository Receipt

CVR—Contingent Value Rights

Open call option contracts written at May 31, 2011 for the Health Sciences Fund were as follows:
Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Received		Value at May 31, 2011		Unrealized Appreciation/ (Depreciation)
Alexion Pharmaceuticals, Inc.		Aug-11	$	50.00		16	$	1,976	$	3,280	$	(1,304	)
Allergan, Inc.		Jan-12		80.00		19		6,973		15,960		(8,987	)
Amgen, Inc.		Jan-12		67.50		55		7,205		7,645		(440	)
Biogen Idec, Inc.		Jan-12		90.00		38		8,626		44,840		(36,214	)
Biogen Idec, Inc.		Jan-12		115.00		19		10,203		5,225		4,978
Catalyst Health Solutions, Inc.		Jun-11		60.00		22		5,984		4,840		1,144
Celgene Corp.		Jul-11		57.50		38		7,676		16,530		(8,854	)
Celgene Corp.		Jul-11		60.00		19		2,451		4,940		(2,489	)
Celgene Corp.		Jul-11		67.50		76		8,892		2,052		6,840
Celgene Corp.		Jan-12		75.00		77		20,944		6,545		14,399
Cephalon, Inc.		Aug-11		65.00		19		4,408		29,830		(25,422	)
Cephalon, Inc.		Aug-11		70.00		75		11,025		79,500		(68,475	)
Community Health Systems, Inc.		Sep-11		35.00		75		15,902		5,250		10,652
Community Health Systems, Inc.		Jun-11		40.00		112		14,310		1,120		13,190
Covance, Inc.		Aug-11		70.00		37		5,299		1,850		3,449
Express Scripts, Inc.		Jan-12		70.00		19		4,275		2,565		1,710
Human Genome Sciences, Inc.		Oct-11		30.00		145		27,984		24,795		3,189
Human Genome Sciences, Inc.		Oct-11		35.00		37		4,714		2,146		2,568
Illumina, Inc.		Jun-11		75.00		56		6,838		3,640		3,198
Illumina, Inc.		Jan-12		90.00		7		1,624		1,505		119
Incyte Corp.		Jun-11		20.00		75		8,301		2,250		6,051
Intuitive Surgical, Inc.		Jan-12		300.00		11		32,017		73,810		(41,793	)
Monsanto Co.		Oct-11		82.50		70		7,901		9,170		(1,269	)
Monsanto Co.		Jan-12		80.00		73		22,046		24,090		(2,044	)
Monsanto Co.		Jan-12		85.00		55		22,110		11,605		10,505
Stryker Corp.		Sep-11		65.00		36		6,843		6,300		543

104

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Received		Value at May 31, 2011		Unrealized Appreciation/ (Depreciation)
Stryker Corp.		Jan-12	$	70.00		151	$	31,262	$	26,425	$	4,837
Teva Pharmaceutical Incustries,Ltd. ADR		Jun-11		57.50		76		10,336		228		10,108
Unitedhealth Group, Inc.		Dec-11		55.00		70		10,220		10,710		(490	)
Unitedhealth Group, Inc.		Jan-12		50.00		112		11,989		42,000		(30,011	)
Valeant Pharmaceuticals Internationals, Inc.		Jul-11		45.00		37		4,859		33,300		(28,441	)
Valeant Pharmaceuticals Internationals, Inc.		Jan-12		60.00		75		23,025		32,250		(9,225	)
Vertex Pharmaceuticals, Inc.		Jul-11		55.00		56		7,112		17,360		(10,248	)
Vertex Pharmaceuticals, Inc.		Jul-11		60.00		56		9,165		8,120		1,045
Waters Corp.		Nov-11		115.00		37		5,260		5,365		(105	)
						1,951	$	389,755	$	567,041	$	(177,286	)

Open put option contracts written at May 31, 2011 for the Health Sciences Fund were as follows:
Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Received		Value at May 31, 2011		Unrealized Appreciation/ (Depreciation)
Abbott Laboratories		Jan-12	$	55.00		19	$	17,518	$	10,165	$	7,353
Acorda Therapeutics, Inc.		Jan-12		25.00		47		24,534		10,105		14,429
Agilent Technologies, Inc.		Jan-12		45.00		19		14,384		6,175		8,209
Allscripts Healthcare Solutions		Jan-12		25.00		75		34,876		44,250		(9,374	)
Amag Pharmaceuticals, Inc.		Jan-12		20.00		30		12,817		12,900		(83	)
Amerisourcebergen Corp.		Jan-12		40.00		75		51,524		19,875		31,649
Amerisourcebergen Corp.		Jan-12		45.00		75		50,964		41,250		9,714
Amerisourcebergen Corp.		Jan-12		50.00		54		48,599		51,840		(3,241	)
Amgen, Inc.		Jul-11		60.00		7		3,529		987		2,542
Amgen, Inc.		Jan-12		57.50		11		6,559		3,630		2,929
Amgen, Inc.		Jan-12		60.00		34		26,793		14,960		11,833
Amylin Pharmaceuticals, Inc.		Jan-12		12.50		19		5,738		3,192		2,546
Amylin Pharmaceuticals, Inc.		Jan-12		20.00		18		11,106		14,130		(3,024	)
Amylin Pharmaceuticals, Inc.		Jan-12		25.00		20		13,700		27,300		(13,600	)
Athenahealth, Inc.		Sep-11		49.00		38		38,645		29,260		9,385
Baxter International, Inc.		Jan-12		50.00		19		10,108		2,755		7,353
Becton, Dickinson and Co.		Jun-11		90.00		19		19,942		6,270		13,672
Biogen Idec, Inc.		Jan-12		75.00		38		21,926		9,880		12,046
Biogen Idec, Inc.		Jan-12		90.00		38		45,865		26,220		19,645
Biogen Idec, Inc.		Jan-12		95.00		38		57,645		35,340		22,305
Biogen Idec, Inc.		Jan-12		100.00		26		23,122		31,460		(8,338	)
Biogen Idec, Inc.		Jan-12		105.00		23		24,991		35,420		(10,429	)
Biogen Idec, Inc.		Jan-12		110.00		20		25,440		38,200		(12,760	)
Boston Scientific Corp.		Jan-12		12.50		19		9,918		10,450		(532	)
Bristol Myers Squibb Co.		Jan-12		27.50		56		16,128		9,240		6,888
Cardinal Health, Inc.		Jan-12		45.00		75		53,774		27,750		26,024
Celgene Corp.		Jul-11		50.00		4		1,378		76		1,302
Celgene Corp.		Jul-11		57.50		19		8,398		1,710		6,688
Celgene Corp.		Jan-12		55.00		19		14,668		5,662		9,006
Celgene Corp.		Jan-12		60.00		26		23,372		12,480		10,892
Celgene Corp.		Jan-12		65.00		26		31,264		19,240		12,024
Celgene Corp.		Jan-12		70.00		36		54,791		38,880		15,911
Cerner Corp.		Jan-12		100.00		20		24,940		7,200		17,740
Community Health Systems, Inc.		Sep-11		33.00		19		7,923		10,830		(2,907	)
Covance, Inc.		Aug-11		65.00		30		27,509		27,900		(391	)
Covidien PLC		Jul-11		50.00		56		35,811		1,680		34,131
Covidien PLC		Jul-11		52.50		56		42,951		3,640		39,311
Covidien PLC		Jul-11		55.00		19		17,803		2,850		14,953
Covidien PLC		Jul-11		60.00		7		6,909		3,990		2,919
Cubist Pharmaceuticals, Inc.		Jan-12		25.00		1		497		90		407
CVS Caremark Corp.		Jan-12		40.00		37		21,756		13,690		8,066
Davita, Inc.		Jul-11		70.00		19		9,921		475		9,446
Davita, Inc.		Jul-11		75.00		19		15,143		1,520		13,623
Dendreon Corp.		Jan-12		60.00		27		47,665		51,030		(3,365	)
Dentsply International, Inc.		Oct-11		45.00		94		74,256		62,040		12,216
Depomed, Inc.		Jun-11		7.50		75		16,275		750		15,525
Depomed, Inc.		Sep-11		10.00		56		15,795		9,800		5,995
Edwards Lifesciences Corp.		Jan-12		90.00		37		37,998		35,890		2,108
Edwards Lifesciences Corp.		Jan-12		95.00		109		122,841		138,430		(15,589	)
Express Scripts, Inc.		Jan-12		57.50		30		20,910		12,000		8,910
Express Scripts, Inc.		Jan-12		60.00		23		22,295		11,730		10,565

105

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Received		Value at May 31, 2011		Unrealized Appreciation/ (Depreciation)
Express Scripts, Inc.		Jan-12	$	65.00		41	$	43,226	$	33,005	$	10,221
Forest Laboratories, Inc.		Jan-12		35.00		37		17,390		8,880		8,510
Gilead Sciences, Inc.		Jan-12		40.00		8		3,872		2,152		1,720
Gilead Sciences, Inc.		Jan-12		44.00		28		15,386		13,160		2,226
Gilead Sciences, Inc.		Jan-12		45.00		56		35,997		29,680		6,317
Henry Schein, Inc.		Jul-11		65.00		19		10,013		855		9,158
Hospira, Inc.		Jan-12		60.00		9		7,200		6,390		810
Human Genome Sciences, Inc.		Oct-11		25.00		7		1,309		1,169		140
Human Genome Sciences, Inc.		Jan-12		25.00		22		9,859		5,390		4,469
Humana, Inc.		Jan-12		60.00		115		136,405		18,400		118,005
Humana, Inc.		Jan-12		70.00		75		70,494		27,750		42,744
Illumina, Inc.		Jan-12		60.00		27		29,359		9,180		20,179
Intermune, Inc.		Jul-11		40.00		54		48,540		28,890		19,650
Intermune, Inc.		Jan-12		40.00		19		18,172		17,100		1,072
Intermune, Inc.		Jan-12		45.00		94		116,324		114,680		1,644
Intermune, Inc.		Jan-12		50.00		75		73,811		124,125		(50,314	)
Intermune, Inc.		Jan-12		55.00		51		56,521		107,100		(50,579	)
Intuitive Surgical, Inc.		Jan-12		260.00		4		19,473		3,560		15,913
Intuitive Surgical, Inc.		Jan-12		300.00		4		17,981		7,160		10,821
Jazz Pharmaceuticals, Inc.		Jan-12		25.00		56		30,631		17,920		12,711
Jazz Pharmaceuticals, Inc.		Jan-12		30.00		38		32,565		22,420		10,145
Jazz Pharmaceuticals, Inc.		Jan-12		35.00		30		25,710		25,200		510
Jazz Pharmaceuticals, Inc.		Jan-12		40.00		30		30,796		41,700		(10,904	)
Johnson & Johnson		Jan-12		65.00		37		27,347		10,804		16,543
Johnson & Johnson		Jan-12		67.50		56		50,231		22,680		27,551
Life Technologies Corp.		Jan-12		50.00		15		14,725		5,400		9,325
Life Technologies Corp.		Jan-12		60.00		75		70,836		72,750		(1,914	)
Maximus, Inc.		Oct-11		85.00		75		88,763		57,000		31,763
Mckesson Corp.		Jan-12		80.00		37		62,508		15,170		47,338
Mckesson Corp.		Jan-12		85.00		19		27,018		11,590		15,428
Medco Health Solutions, Inc.		Jan-12		60.00		71		44,522		36,210		8,312
Medicines Company		Jul-11		15.00		45		11,227		4,950		6,277
Medicines Company		Jul-11		17.00		57		13,509		8,265		5,244
Medicis Pharmaceutical, Class A		Jan-12		35.00		56		29,319		18,480		10,839
Mednax, Inc.		Nov-11		75.00		56		57,058		29,680		27,378
Medtronic, Inc.		Jan-12		35.00		40		25,680		5,160		20,520
Medtronic, Inc.		Jan-12		40.00		38		24,139		11,590		12,549
Monsanto Co.		Jan-12		62.50		48		63,757		18,240		45,517
Monsanto Co.		Jan-12		65.00		37		44,489		17,390		27,099
Monsanto Co.		Jan-12		70.00		48		67,307		32,880		34,427
Monsanto Co.		Jan-12		75.00		7		10,083		6,720		3,363
Monsanto Co.		Jan-12		80.00		25		37,601		32,375		5,226
Mylan, Inc.		Jan-12		22.50		1		467		178		289
Mylan, Inc.		Jan-12		25.00		56		20,412		17,080		3,332
Orexigen Therapeutics, Inc.		Jul-11		10.00		31		10,907		22,940		(12,033	)
Perrigo Co.		Jan-12		80.00		23		29,945		14,490		15,455
Pfizer, Inc.		Jan-12		20.00		301		95,063		31,605		63,458
Pfizer, Inc.		Jan-12		22.50		257		127,935		58,339		69,596
Pfizer, Inc.		Jan-12		25.00		375		228,576		165,000		63,576
Quest Diagnostics, Inc.		Jan-12		55.00		19		10,108		5,320		4,788
Quest Diagnostics, Inc.		Jan-12		60.00		23		19,021		12,190		6,831
Quest Diagnostics, Inc.		Jan-12		65.00		59		56,899		58,410		(1,511	)
Regeneron Pharmaceuticals, Inc.		Nov-11		50.00		37		33,373		18,130		15,243
Salix Pharmaceuticals, Ltd.		Jan-12		50.00		23		27,300		32,660		(5,360	)
Sanofi CVR		Jan-12		75.00		27		11,394		270		11,124
Savient Pharmaceuticals, Inc.		Jan-12		15.00		112		54,656		98,560		(43,904	)
St Jude Medical, Inc.		Jan-12		45.00		36		20,412		8,460		11,952
Stryker Corp.		Sep-11		65.00		30		19,252		13,800		5,452
Stryker Corp.		Jan-12		60.00		41		37,941		15,990		21,951
Stryker Corp.		Jan-12		65.00		19		17,556		12,160		5,396
Stryker Corp.		Jan-12		70.00		19		22,838		18,620		4,218
SXC Health Solutions Corp.		Jul-11		50.00		22		18,084		1,760		16,324
Teva Pharmaceutical Incustries,Ltd. ADR		Jun-11		52.50		26		9,229		4,966		4,263
Teva Pharmaceutical Incustries,Ltd. ADR		Jan-12		52.50		22		16,489		10,450		6,039
Unitedhealth Group, Inc.		Jan-12		35.00		42		36,183		3,486		32,697
Unitedhealth Group, Inc.		Jan-12		40.00		22		19,096		3,410		15,686
Unitedhealth Group, Inc.		Jan-12		45.00		37		20,979		10,915		10,064
Unitedhealth Group, Inc.		Jan-12		50.00		37		31,593		19,425		12,168

106

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Received		Value at May 31, 2011		Unrealized Appreciation/ (Depreciation)
Valeant Pharmaceuticals Internationals, Inc.		Jan-12	$	65.00		23	$	26,262	$	1,955	$	24,307
Vertex Pharmaceuticals, Inc.		Jul-11		55.00		21		7,270		8,610		(1,340	)
Warner Chilcott PLC, Class A		Oct-11		25.00		56		16,352		14,280		2,072
Waters Corp.		Aug-11		80.00		37		29,673		2,220		27,453
Watson Pharmaceuticals, Inc.		Jan-12		70.00		75		95,773		63,750		32,023
Wellpoint, Inc.		Jan-12		65.00		26		21,591		6,188		15,403
Zimmer Holdings, Inc.		Jun-11		50.00		19		10,025		190		9,835
Zimmer Holdings, Inc.		Jan-12		65.00		29		21,657		11,890		9,767
Zimmer Holdings, Inc.		Jan-12		70.00		56		55,296		36,400		18,896
						5,556	$	4,273,974	$	2,883,884	$	1,390,090

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Medical Products	$	22,399,647	$	2,463,230	#	$	—	$	24,862,877
Medical - Biomedical/Gene		64,301,137		474,196	#		—		64,775,333
Medical - Drugs		30,794,074		5,711,351	#		—		36,505,425
Medical - HMO		15,600,437		—			—		15,600,437
Other Industries*		81,013,731		6,366,373	#		—		87,380,104
Warrants		—		37,052			53,521		90,573
Short-Term Investment Securities:
Registered Investment Companies		—		3,180,067			—		3,180,067
Other Financial Instruments:+
Call Option Contracts Written - Appreciation		98,525		—			—		98,525
Put Option Contracts Written - Appreciation		1,651,582		—			—		1,651,582
Total	$	215,859,133	$	18,232,269		$	53,521	$	234,144,923
LIABILITIES:
Other Financial Instruments:+
Call Option Contracts Written - Depreciation		275,811		—			—		275,811
Put Option Contracts Written - Depreciation		261,492							261,492
Total	$	537,303	$	—		$	—	$	537,303

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $13,788,843 representing 6.0% of net assets. See Note 2.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:

	Convertible Preferred Stock			Warrants
Balance as of 5/31/2010	$	135,905		$	28,566
Accrued discounts/premiums		—			—
Realized gain(loss)		—			—
Change in unrealized appreciation(depreciation)(1)		—			24,955
Net purchases(sales)		(135,905	)		—
Transfers in and/or out of Level 3		—			—
Balance as of 5/31/2011	$	—		$	53,521

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at May 31, 2011 includes:

Convertible Preferred Stock		Warrants
$	—	$	24,955

See Notes to Financial Statements

107

VALIC Company I Inflation Protected Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

United States Treasury Bonds	33.1	%
United States Treasury Notes	20.9
Sovereign	8.9
Banks — Commercial	7.9
Diversified Banking Institutions	6.2
Insurance — Life/Health	4.0
Banks — Super Regional	3.0
Time Deposits	2.7
Finance — Investment Banker/Broker	2.5
Insurance — Multi-line	2.2
Banks — Money Center	1.6
Diversified Financial Services	1.4
Special Purpose Entities	0.9
Finance — Consumer Loans	0.7
Gold Mining	0.6
Oil Companies — Exploration & Production	0.3
Metal — Diversified	0.3
Diversified Manufacturing Operations	0.3
Telecom Services	0.3
Finance — Auto Loans	0.3
Oil Companies — Integrated	0.3
Banks — Mortgage	0.3
Electric — Integrated	0.2
Oil & Gas Drilling	0.2
Pipelines	0.2
Real Estate Investment Trusts	0.1
Metal — Aluminum	0.1
Office Automation & Equipment	0.1
	99.6	%

Credit Quality†#

Government — Treasury	63.8	%
AAA	8.6
AA	8.9
A	10.5
BBB	5.2
BB	1.2
Not Rated@	1.8
	100.0	%

* Calculated as a percentage of net assets.

@ Represent debt issues that either have no rating, or the rating is unavailable from the data source.

† Source: Standard and Poors

# Calculated as percentage of total debt issues, excluding short-term securities.

108

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 23.4%
Banks - Commercial — 3.7%
BNP Paribas LLC FRS Bank Guar. Notes 2.45% due 04/03/17	$	674,000	$	666,242
BNP Paribas US FRS Bank Guar. Notes 3.58% due 03/23/12(1)		3,000,000		3,092,400
Branch Banking & Trust Co. FRS Sub. Notes 0.56% due 05/23/17		1,500,000		1,407,638
Manufacturers & Traders Trust Co. FRS Sub. Notes 1.80% due 04/01/13		1,206,000		1,206,236
National City Bank FRS Sub. Notes 0.68% due 06/07/17		1,580,000		1,487,069
Regions Financial Corp. FRS Senior Notes 0.48% due 06/26/12		1,100,000		1,069,849
Sky Financial Capital Trust I Notes 9.34% due 05/01/30		1,000,000		1,020,000
SunTrust Bank FRS Sub. Notes 0.55% due 08/24/15		1,000,000		951,142
SunTrust Bank FRS Sub. Notes 0.60% due 04/01/15		2,000,000		1,911,386
				12,811,962
Banks - Money Center — 0.6%
RBS Capital Trust II FRS Bank Guar. Bonds 6.43% due 01/03/34(2)		50,000		37,500
UBS Preferred Funding Trust II FRS Sub. Notes 7.25% due 06/27/11(2)		2,000,000		2,004,976
				2,042,476
Banks - Super Regional — 2.3%
Bank of America NA FRS Sub. Notes 0.59% due 06/15/16		2,000,000		1,882,732
Bank of America NA FRS Sub. Notes 0.61% due 06/15/17		2,000,000		1,890,634
Fifth Third Bancorp FRS Sub. Notes 0.73% due 12/20/16		1,000,000		925,839
Wachovia Capital Trust III FRS Ltd. Guar. Notes 5.57% due 07/11/11(2)		1,500,000		1,388,250
Wells Fargo & Co. FRS Senior Notes 4.00% due 03/31/21		2,000,000		1,962,400
				8,049,855
Diversified Banking Institutions — 5.5%
Bank of America Corp. FRS Senior Notes 1.69% due 01/30/14		1,000,000		1,009,734
Citigroup, Inc. FRS Senior Notes 0.55% due 11/05/14		1,475,000		1,431,291
Goldman Sachs Group, Inc. FRS Notes 0.00% due 05/08/13		5,000,000		5,000,000

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. FRS Senior Notes 1.27% due 02/07/14	$	900,000	$	892,840
JPMorgan Chase & Co. FRS Senior Notes 4.00% due 02/25/21		1,000,000		1,004,091
JPMorgan Chase & Co. FRS Senior Notes 4.76% due 04/28/20		2,000,000		2,064,400
Morgan Stanley FRS Senior Notes 0.76% due 10/15/15		2,000,000		1,919,950
Morgan Stanley FRS Senior Notes 1.87% due 01/24/14		400,000		404,167
Morgan Stanley FRS Senior Notes 2.76% due 05/14/13		1,000,000		1,029,246
Morgan Stanley FRS Senior Notes 4.11% due 06/01/11		150,000		150,000
Morgan Stanley FRS Senior Notes 4.46% due 11/01/13		1,150,000		1,210,019
Morgan Stanley Senior Notes 5.40% due 05/15/15*	BRL	1,632,500		1,033,149
Morgan Stanley FRS Senior Notes 6.50% due 04/25/23		2,000,000		2,019,964
				19,168,851
Diversified Financial Services — 1.4%
General Electric Capital Corp. FRS Senior Notes 0.92% due 04/07/14		800,000		799,806
General Electric Capital Corp. FRS Senior Notes 1.14% due 05/09/16		1,000,000		1,000,028
Morgan Stanley & Co. LLC FRS Senior Notes 5.00% due 02/11/20		2,000,000		1,979,902
ZFS Finance USA Trust II FRS Bonds 6.45% due 12/15/65*		1,000,000		1,045,000
				4,824,736
Diversified Manufacturing Operations — 0.3%
GE Capital Trust I FRS Sub. Notes 6.38% due 11/15/67		1,000,000		1,038,750
Electric - Integrated — 0.1%
Duquesne Light Holdings, Inc. Senior Notes 5.90% due 12/01/21*		375,000		379,385
Finance - Auto Loans — 0.3%
Ford Motor Credit Co. LLC FRS Senior Notes 3.03% due 01/13/12		1,000,000		1,006,340
Finance - Consumer Loans — 0.3%
SLM Corp. FRS Senior Notes 3.66% due 04/01/14		1,000,000		994,030

109

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Investment Banker/Broker — 2.5%
Citigroup Funding, Inc. FRS Company Guar. Notes 4.02% due 05/28/13	$	5,000,000	$	5,154,000
Citigroup Funding, Inc. FRS Company Guar. Notes 5.18% due 03/30/20		3,000,000		3,055,200
Lehman Brothers Holdings, Inc. FRS Notes 0.00% due 04/14/11(4)(9)		400,000		98,000
Lehman Brothers Holdings, Inc. FRS Notes 0.00% due 06/10/14(3)(4)		578,000		148,112
Lehman Brothers Holdings, Inc. FRS Notes 0.00% due 11/01/14(3)(4)		1,000,000		245,000
				8,700,312
Insurance - Life/Health — 3.0%
John Hancock Life Insurance Co. FRS Company Guar. Notes 4.41% due 08/15/11		1,000,000		1,001,000
Pacific Life Global Funding FRS Bonds 4.29% due 02/06/16*		300,000		303,018
Principal Life Income Funding Trusts FRS Senior Sec. Notes 3.51% due 03/01/12		4,390,000		4,433,285
Principal Life Income Funding Trusts FRS Senior Sec. Notes 3.92% due 07/15/11		2,464,000		2,468,830
Protective Life Secured Trusts FRS Senior Sec. Notes 4.19% due 09/10/11		170,000		170,000
Prudential Financial, Inc. FRS Senior Notes 5.43% due 05/23/18		2,000,000		1,955,760
				10,331,893
Insurance - Multi-line — 2.1%
Genworth Financial, Inc. FRS Jr. Sub. Notes 6.15% due 11/15/66		1,000,000		772,500
ING Capital Funding Trust III FRS Company Guar. Notes 3.91% due 09/30/11(2)		1,000,000		964,951
Monumental Global Funding III FRS Senior Sec. Notes 4.29% due 05/22/18*		5,000,000		5,517,682
				7,255,133
Metal - Aluminum — 0.1%
Alcoa, Inc. Bonds 5.90% due 02/01/27		465,000		477,459
Office Automation & Equipment — 0.1%
Xerox Corp. FRS Senior Notes 1.08% due 05/16/14		300,000		301,226
Pipelines — 0.2%
Energy Transfer Partners LP Senior Notes 6.05% due 06/01/41		750,000		758,257

Security Description	Principal Amount(6)		Value (Note 2)
Special Purpose Entities — 0.6%
Genworth Global Funding Trusts FRS Sec. Notes 0.40% due 05/15/12	$	1,000,000	$	996,025
Hartford Life Institutional Funding FRS Senior Sec. Notes 0.58% due 08/15/13*		250,000		247,217
Strats-Daimler Chrysler FRS Bonds 3.16% due 11/15/13*		1,000,000		993,160
				2,236,402
Telecom Services — 0.3%
Qwest Corp. FRS Senior Notes 3.56% due 06/15/13		1,000,000		1,027,500
Total U.S. Corporate Bonds & Notes
(cost $81,164,862)				81,404,567
FOREIGN CORPORATE BONDS & NOTES — 8.5%
Banks - Commercial — 4.2%
Banco Bradesco SA FRS Senior Notes 2.36% due 05/16/14*		1,500,000		1,512,016
Barclays Bank PLC FRS Senior Notes 3.61% due 02/25/13		3,000,000		3,088,800
Barclays Bank PLC FRS Senior Notes 4.50% due 03/10/17		2,000,000		1,968,800
Barclays Bank PLC FRS Sub. Notes 7.38% due 12/15/11*(2)		2,000,000		2,033,000
BBVA US Senior SAU FRS Company Guar. Notes 2.39% due 05/16/14		500,000		501,810
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Bank Guar. Notes 5.25% due 05/24/41		625,000		629,744
Intesa Sanpaolo SpA FRS Notes 2.66% due 02/24/14*		3,800,000		3,892,340
Standard Chartered PLC FRS Senior Notes 1.21% due 05/12/14*		1,000,000		999,036
				14,625,546
Banks - Money Center — 1.0%
ABN Amro Bank NV FRS Senior Notes 2.04% due 01/30/14*		1,000,000		1,021,502
Lloyds TSB Bank PLC FRS Senior Notes 2.62% due 01/24/14		414,000		421,153
Royal Bank of Scotland NV FRS Company Guar. Notes 5.00% due 03/31/18		2,000,000		1,940,000
				3,382,655
Banks - Mortgage — 0.3%
Abbey National Treasury Services PLC FRS Bank Guar. Notes 1.85% due 04/25/14		1,000,000		999,456

110

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions — 0.7%
UBS AG FRS Senior Notes 1.27% due 01/28/14	$	500,000	$	504,094
UBS AG FRS Notes 4.78% due 04/09/20(5)		2,000,000		1,940,000
				2,444,094
Gold Mining — 0.6%
AngloGold Ashanti Holdings PLC Company Guar. Notes 6.50% due 04/15/40		540,000		554,521
Gold Fields Orogen Holding BVI, Ltd. Company Guar. Notes 4.88% due 10/07/20*		1,500,000		1,459,851
				2,014,372
Insurance - Life/Health — 0.3%
Dai-ichi Life Insurance Co., Ltd. FRS Sub. Notes 7.25% due 07/25/21*(2)		1,000,000		1,018,630
Metal - Diversified — 0.3%
Noranda, Inc. Company Guar. Notes 5.50% due 06/15/17		1,000,000		1,101,746
Oil & Gas Drilling — 0.2%
Ensco PLC Senior Notes 3.25% due 03/15/16		800,000		815,702
Oil Companies - Exploration & Production — 0.3%
Nexen, Inc. Senior Notes 7.50% due 07/30/39		1,000,000		1,171,082
Oil Companies - Integrated — 0.3%
Petroleos Mexicanos Company Guar. Notes 6.50% due 06/02/41*		1,000,000		1,005,799
Special Purpose Entity — 0.3%
Swiss Re Capital I LP FRS Company Guar. Notes 6.85% due 05/25/16*(2)		1,000,000		1,000,657
Total Foreign Corporate Bonds & Notes
(cost $29,385,439)				29,579,739
FOREIGN GOVERNMENT AGENCIES — 8.9%
Sovereign — 8.9%
Brazil Notas do Tesouro Nacional Notes 6.00% due 05/15/15	BRL	2,305,000		2,932,797
Government of Australia Bonds 2.50% due 09/20/30	AUD	1,250,000		1,369,269
Government of Australia Bonds 3.00% due 09/20/25	AUD	12,000,000		14,408,472
Government of Canada Bonds 1.50% due 12/01/44	CAD	5,162,550		6,079,111
Government of Canada Bonds 4.25% due 12/01/21	CAD	4,310,130		6,069,683
Total Foreign Government Agencies
(cost $25,911,158)				30,859,332

Security Description	Principal Amount/ Shares(6)		Value (Note 2)
U.S. GOVERNMENT TREASURIES — 54.0%
United States Treasury Bonds — 33.1%
1.13% due 01/15/21 TIPS(7)	$	9,191,070	$	9,503,419
1.38% due 01/15/20 TIPS(7)		6,198,420		6,620,688
1.75% due 01/15/28 TIPS(7)		16,954,965		17,675,551
1.88% due 07/15/19 TIPS(7)		1,569,405		1,750,376
2.00% due 01/15/26 TIPS(7)		9,015,736		9,817,992
2.13% due 02/15/40 TIPS(7)		4,547,752		4,890,252
2.13% due 02/15/41 TIPS(7)		510,220		548,407
2.38% due 01/15/25 TIPS(7)		3,555,450		4,065,714
2.50% due 01/15/29 TIPS(7)		8,844,335		10,252,521
2.63% due 07/15/17 TIPS(7)		8,623,040		10,031,691
3.63% due 04/15/28 TIPS(7)		12,430,890		16,340,790
3.88% due 04/15/29 TIPS(7)		17,326,230		23,680,088
				115,177,489
United States Treasury Notes — 20.9%
0.50% due 04/15/15 TIPS(7)		11,339,350		11,874,431
1.25% due 04/15/14 TIPS(7)		12,667,080		13,520,132
1.38% due 07/15/18 TIPS(7)		8,702,148		9,413,958
1.63% due 01/15/15 TIPS(7)		3,170,592		3,454,956
1.88% due 07/15/15 TIPS(7)		12,633,720		13,998,755
2.00% due 07/15/14 TIPS(7)		5,925,750		6,506,752
2.00% due 01/15/16 TIPS(7)		3,376,680		3,764,998
2.38% due 01/15/17 TIPS(7)		4,431,080		5,052,814
3.38% due 01/15/12 TIPS(7)		5,032,480		5,189,745
				72,776,541
Total U.S. Government Treasuries
(cost $173,847,507)				187,954,030
PREFERRED STOCK — 2.1%
Banks - Super Regional — 0.7%
KeyCorp Capital X 8.00%		64,052		1,655,104
US Bancorp FRS 3.50%(2)		1,000		854,000
				2,509,104
Electric - Integrated — 0.1%
Southern California Edison Co. FRS 5.87%		5,000		503,500
Finance - Consumer Loans — 0.4%
SLM Corp. FRS 5.16%		53,000		1,209,990
Insurance - Life/Health — 0.7%
Principal Financial Group, Inc. FRS 5.56%		23,500		2,320,625
Insurance - Multi-line — 0.1%
Allianz SE 8.38%(2)		10,000		257,500
Real Estate Investment Trusts — 0.1%
Vornado Realty Trust 6.88%		20,000		502,000
Total Preferred Stock
(cost $6,974,411)				7,302,719
Total Long-Term Investment Securities
(cost $317,283,377)				337,100,387

111

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount(6)			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 2.7%
Time Deposits — 2.7%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11 (cost $9,472,000)	$	9,472,000		$	9,472,000
TOTAL INVESTMENTS
(cost $326,755,377)(8)		99.6	%		346,572,387
Other assets less liabilities		0.4			1,374,113
NET ASSETS —		100.0	%	$	347,946,500

* 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 May 31, 2011, the aggregate value of these securities was $23,461,442 representing 6.7% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Illiquid security. At May 31, 2011, the aggregate value of these securities was $3,092,400 representing 0.9% of net assets.

(2) Perpetual maturity — maturity date reflects the next call date.

(3) Bond in default

(4) Company has filed for Chapter 11 bankruptcy protection.

(5) Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2.

(6) In United States dollars unless otherwise indicated.

(7) Principal amount of security is adjusted for inflation.

(8) See Note 5 for cost of investments on a tax basis.

(9) Bond is in default and did not pay principal at maturity.

TIPS—Treasury Inflation Protected Security

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at May 31, 2011 and unless noted otherwise, the dates shown are the original maturity dates.

Currency Legend

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
U.S. Corporate Bonds & Notes	$	—	$	61,076,167	$	20,328,400	$	81,404,567
Foreign Corporate Bonds & Notes		—		20,642,139		8,937,600		29,579,739
Foreign Government Agencies		—		30,859,332		—		30,859,332
U.S. Government Treasuries		—		187,954,030		—		187,954,030
Preferred Stock		7,302,719		—		—		7,302,719
Short-Term Investment Securities:
Time Deposits		—		9,472,000		—		9,472,000
Total	$	7,302,719	$	310,003,668	$	29,266,000	$	346,572,387

The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:

	U.S. Corporate Bonds & Notes			Foreign Corporate Bonds & Notes
Balance as of 5/31/2010	$	9,668,750		$	6,733,800
Accrued discounts/premiums		(12,905	)		(9,491	)
Realized gain (loss)		—			—
Change in unrealized appreciation (depreciation)(1)		506,055			223,291
Net purchases (sales)		5,012,500			1,990,000
Transfers in and/or out of Level 3(2)		5,154,000			—
Balance as of 5/31/2011	$	20,328,400		$	8,937,600

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at May 31, 2011 includes:

U.S. Corporate Bonds & Notes		Foreign Corporate Bonds & Notes
$	506,055	$	223,291

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

112

VALIC Company I International Equities Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Banks — Commercial	8.0	%
Collective Investment Pool	7.8
Exchange — Traded Funds	5.5
Oil Companies — Integrated	5.4
Medical — Drugs	5.4
Diversified Banking Institutions	4.7
Telephone — Integrated	3.4
Diversified Minerals	3.4
Electric — Integrated	3.4
Auto — Cars/Light Trucks	3.4
Chemicals — Diversified	2.8
Food — Misc.	2.6
Brewery	2.2
Insurance — Multi-line	2.0
Food — Retail	1.5
Real Estate Investment Trusts	1.5
Insurance — Life/Health	1.4
Time Deposits	1.4
Metal — Diversified	1.3
Diversified Manufacturing Operations	1.2
Real Estate Operations & Development	1.2
Cellular Telecom	1.1
Oil Companies — Exploration & Production	1.1
Diversified Operations	0.9
Telecom Services	0.9
Electronic Components — Misc.	0.9
Import/Export	0.8
Tobacco	0.8
Industrial Gases	0.8
Insurance — Property/Casualty	0.8
Medical Products	0.8
Machinery — Construction & Mining	0.7
Transport — Marine	0.7
Transport — Rail	0.7
Gas — Distribution	0.6
Steel — Producers	0.6
Electric Products — Misc.	0.6
Retail — Misc./Diversified	0.6
Enterprise Software/Service	0.5
Office Automation & Equipment	0.5
Audio/Video Products	0.5
Apparel Manufacturers	0.5
Aerospace/Defense	0.5
Oil & Gas Drilling	0.5
Finance — Other Services	0.5
Investment Companies	0.4
Oil — Field Services	0.4
Building & Construction — Misc.	0.4
Auto/Truck Parts & Equipment — Original	0.4
Machinery — General Industrial	0.4
Investment Management/Advisor Services	0.4
Cable/Satellite TV	0.4
Athletic Footwear	0.4
Engineering/R&D Services	0.4
Medical — Generic Drugs	0.4
Building & Construction Products — Misc.	0.4
Retail — Apparel/Shoe	0.4
Commercial Services	0.4
Electronic Components — Semiconductors	0.4
Public Thoroughfares	0.4
Food — Confectionery	0.3
Finance — Investment Banker/Broker	0.3
Building Products — Cement	0.3
Rubber — Tires	0.3
Gold Mining	0.3
Casino Hotels	0.3
Cosmetics & Toiletries	0.3
Hotels/Motels	0.3
U.S. Government Treasuries	0.3

Real Estate Management/Services	0.3
Metal — Copper	0.3
Cruise Lines	0.3
Containers — Metal/Glass	0.3
Wireless Equipment	0.3
Photo Equipment & Supplies	0.3
Beverages — Wine/Spirits	0.3
Building — Maintenance & Services	0.3
Transport — Truck	0.3
Multimedia	0.3
Agricultural Chemicals	0.3
Building — Heavy Construction	0.2
Retail — Major Department Stores	0.2
Chemicals — Specialty	0.2
Semiconductor Equipment	0.2
Diversified Operations/Commercial Services	0.2
Paper & Related Products	0.2
Food — Catering	0.2
Soap & Cleaning Preparation	0.2
Silver Mining	0.2
Retail — Jewelry	0.2
Industrial Automated/Robotic	0.2
Computer Services	0.2
Toys	0.2
Medical — Biomedical/Gene	0.2
Insurance — Reinsurance	0.2
Filtration/Separation Products	0.2
Security Services	0.2
Power Converter/Supply Equipment	0.2
Textile — Products	0.2
Building — Residential/Commercial	0.2
Beverages — Non-alcoholic	0.2
Transport — Services	0.1
Oil Refining & Marketing	0.1
Distribution/Wholesale	0.1
Airlines	0.1
Metal Processors & Fabrication	0.1
Building Products — Doors & Windows	0.1
Satellite Telecom	0.1
Aerospace/Defense — Equipment	0.1
Telecommunication Equipment	0.1
Computers — Integrated Systems	0.1
Electronic Measurement Instruments	0.1
Machinery — Electrical	0.1
Agricultural Operations	0.1
Wire & Cable Products	0.1
Finance — Leasing Companies	0.1
Steel Pipe & Tube	0.1
Printing — Commercial	0.1
Mining	0.1
Machine Tools & Related Products	0.1
Auto — Heavy Duty Trucks	0.1
Containers — Paper/Plastic	0.1
Building Products — Air & Heating	0.1
Transactional Software	0.1
E-Commerce/Services	0.1
Metal — Aluminum	0.1
Machinery — Farming	0.1
Metal — Iron	0.1
Publishing — Books	0.1
Optical Supplies	0.1
Office Supplies & Forms	0.1
Electric — Distribution	0.1
Gambling (Non-Hotel)	0.1
Appliances	0.1
Computers — Memory Devices	0.1
Publishing — Newspapers	0.1
Dialysis Centers	0.1
Commercial Services — Finance	0.1
Retail — Consumer Electronics	0.1
Computers — Periphery Equipment	0.1

113

VALIC Company I International Equities Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited) — (continued)

Industry Allocation* (continued)

Electronic Connectors	0.1	%
Gas — Transportation	0.1
Recreational Vehicles	0.1
Banks — Mortgage	0.1
	106.9	%

Country Allocation*

United Kingdom	20.1	%
Japan	17.3
United States	15.0
Germany	8.6
Australia	8.6
France	8.3
Switzerland	7.0
Spain	3.1
Netherlands	2.8
Italy	2.7
Sweden	2.6
Hong Kong	2.3
Singapore	1.5
Denmark	1.5
Belgium	1.1
Jersey	1.0
Finland	0.7
Israel	0.7
Bermuda	0.4
Norway	0.4
Luxembourg	0.2
Portugal	0.2
Ireland	0.2
Cayman Islands	0.2
New Zealand	0.1
Austria	0.1
Greece	0.1
Isle of Man	0.1
	106.9	%

* Calculated as a percentage of net assets

114

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 91.5%
Australia — 8.6%
AGL Energy, Ltd.(1)		39,046	$	599,745
Alumina, Ltd.(1)		202,966		502,125
Amcor, Ltd.(1)		110,937		857,334
AMP, Ltd.(1)		279,579		1,559,029
Asciano, Ltd.(1)		234,081		395,838
ASX, Ltd.(1)		16,081		556,518
Australia & New Zealand Banking Group, Ltd.(1)		226,825		5,375,367
Bendigo and Adelaide Bank, Ltd.#(1)		31,079		297,498
BGP Holdings PLC(2)(3)		835,027		0
BHP Billiton, Ltd.#(1)		280,938		13,397,833
BlueScope Steel, Ltd.(1)		141,019		220,374
Boral, Ltd.#(1)		59,303		292,634
Brambles, Ltd.(1)		127,327		1,002,305
Caltex Australia, Ltd.(1)		10,565		159,657
CFS Retail Property Trust(1)		154,360		309,487
Coca - Cola Amatil, Ltd.(1)		50,752		639,230
Cochlear, Ltd.#(1)		5,457		466,159
Commonwealth Bank of Australia(1)		136,099		7,369,816
Computershare, Ltd.(1)		36,218		364,246
Crown, Ltd.(1)		37,383		350,324
CSL, Ltd.(1)		48,012		1,742,098
Dexus Property Group(1)		379,235		358,975
Fairfax Media, Ltd.#(1)		148,569		171,076
Fortescue Metals Group, Ltd.#(1)		105,995		739,620
Foster’s Group, Ltd.(1)		175,869		818,773
Goodman Group(1)		571,310		449,067
GPT Group(1)		143,122		477,470
Harvey Norman Holdings, Ltd.#(1)		37,139		99,674
Iluka Resources, Ltd.(1)		36,000		604,222
Incitec Pivot, Ltd.(1)		136,327		558,931
Insurance Australia Group, Ltd.(1)		217,265		824,914
Leighton Holdings, Ltd.#(1)		11,291		280,315
Lend Lease Group(1)		40,440		387,584
Lynas Corp., Ltd.†(1)		146,000		371,467
MacArthur Coal, Ltd.#(1)		12,300		156,829
Macquarie Group, Ltd.(1)		29,870		1,086,973
MAP Group(1)		16,457		54,367
Metcash, Ltd.#(1)		73,755		308,917
Mirvac Group(1)		263,991		360,025
National Australia Bank, Ltd.#(1)		189,337		5,363,954
Newcrest Mining, Ltd.(1)		68,027		2,893,337
OneSteel, Ltd.(1)		100,178		202,139
Orica, Ltd.(1)		31,477		878,719
Origin Energy, Ltd.(1)		92,812		1,628,613
OZ Minerals, Ltd.		24,140		364,208
Paladin Energy, Ltd.†#(1)		50,924		172,733
Qantas Airways, Ltd.†(1)		77,475		174,130
QBE Insurance Group, Ltd.(1)		101,291		1,916,352
QR National, Ltd.†(1)		167,100		616,865
Ramsay Health Care, Ltd.(1)		11,700		230,549
Rio Tinto, Ltd.#(1)		37,758		3,297,042
Santos, Ltd.(1)		76,709		1,212,280
Sims Metal Management, Ltd.(1)		13,362		243,598
Sonic Healthcare, Ltd.(1)		32,823		432,589
SP AusNet(1)		87,132		86,614
Stockland(1)		196,525		742,219
Suncorp Group, Ltd.(1)		127,782		1,143,133
TABCORP Holdings, Ltd.(1)		59,699		498,799
Tatts Group, Ltd.(1)		110,124		270,786
Telstra Corp., Ltd.(1)		386,790		1,248,812
Toll Holdings, Ltd.(1)		50,245		281,689
Transurban Group#(1)		109,067		636,748
Wesfarmers, Ltd.#(1)		91,119		3,242,488
Wesfarmers, Ltd. PPS(1)		10,612		380,633
Westfield Group(1)		187,995		1,828,001

Security Description	Shares		Value (Note 2)
Australia (continued)
Westfield Retail Trust(1)		239,800	$	681,981
Westpac Banking Corp.#(1)		263,748		6,248,248
Woodside Petroleum, Ltd.(1)		54,941		2,740,481
Woolworths, Ltd.(1)		108,030		3,169,305
WorleyParsons, Ltd.(1)		16,365		525,524
				87,919,385
Austria — 0.1%
Erste Group Bank AG#(1)		6,733		336,208
Immofinanz AG†#(1)		33,600		148,368
OMV AG#(1)		5,352		222,489
Raiffeisen Bank International AG#(1)		1,603		87,904
Telekom Austria AG#(1)		11,844		153,584
Verbund AG, Class A#(1)		2,236		100,483
Vienna Insurance Group#(1)		1,142		65,008
Voestalpine AG(1)		3,918		196,421
				1,310,465
Belgium — 1.1%
Ageas(1)		79,288		219,391
Anheuser - Busch InBev NV(1)		76,159		4,601,041
Bekaert SA#(1)		5,455		579,254
Belgacom SA#(1)		12,662		442,812
Colruyt SA(1)		2,722		156,431
Delhaize Group SA#(1)		13,466		1,111,445
Dexia SA†#(1)		506,947		1,772,097
Groupe Bruxelles Lambert SA(1)		7,937		720,103
KBC Groep NV#(1)		17,851		756,064
Mobistar SA(1)		1,081		77,489
Solvay SA(1)		2,121		317,613
UCB SA#(1)		3,611		172,590
Umicore SA(1)		4,080		225,157
				11,151,487
Bermuda — 0.4%
Cheung Kong Infrastructure Holdings, Ltd.(1)		61,000		288,334
Esprit Holdings, Ltd.(1)		112,400		423,227
Kerry Properties, Ltd.(1)		69,500		355,058
Li & Fung, Ltd.†(1)		504,000		1,129,429
Noble Group, Ltd.#(1)		324,000		554,528
NWS Holdings, Ltd.(1)		136,000		197,219
Orient Overseas International, Ltd.(1)		20,500		160,450
Seadrill, Ltd.#(1)		11,100		402,886
Shangri - La Asia, Ltd.(1)		136,000		357,078
Yue Yuen Industrial Holdings, Ltd.(1)		74,000		254,757
				4,122,966
Cayman Islands — 0.2%
ASM Pacific Technology, Ltd.(1)		17,700		239,213
Foxconn International Holdings, Ltd.†(1)		199,000		112,393
Lifestyle International Holdings, Ltd.(1)		61,000		178,571
Sands China, Ltd.†(1)		221,800		581,419
Wynn Macau, Ltd.(1)		143,000		502,880
				1,614,476
Cyprus — 0.0%
Bank of Cyprus Group(1)		30,420		100,788
Denmark — 1.5%
AP Moller - Maersk A/S, Series A(1)		330		3,059,371
AP Moller - Maersk A/S, Series B(1)		262		2,530,414
Carlsberg A/S, Class B(1)		32,374		3,745,963
Coloplast A/S#(1)		4,632		683,399
Danske Bank A/S†(1)		23,258		491,277
DSV A/S(1)		69,144		1,735,970
Novo Nordisk A/S, Class B(1)		14,947		1,876,460

115

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Denmark (continued)
Novozymes A/S, Class B(1)		1,647	$	276,938
Pandora A/S#(1)		1,900		64,878
TDC A/S†(1)		12,400		112,933
Tryg A/S#(1)		818		49,640
Vestas Wind Systems A/S†#(1)		7,268		220,139
William Demant Holding A/S†#(1)		701		66,455
				14,913,837
Finland — 0.7%
Elisa Oyj(1)		5,060		111,822
Fortum Oyj(1)		15,824		530,469
Kesko Oyj, Class B(1)		3,584		178,554
Kone Oyj, Class B(1)		5,560		351,339
Metso Oyj(1)		4,564		263,512
Neste Oil OYJ(1)		3,812		66,224
Nokia Oyj(1)		133,692		933,772
Nokian Renkaat Oyj(1)		3,912		190,953
Orion Oyj#(1)		27,849		724,342
Outokumpu Oyj#(1)		3,977		58,647
Pohjola Bank PLC#(1)		74,344		1,029,742
Rautaruukki Oyj#(1)		2,503		59,189
Sampo Oyj, Class A#(1)		14,994		491,549
Sanoma Oyj#(1)		40,852		776,347
Stora Enso Oyj, Class R(1)		48,934		547,982
UPM - Kymmene OYJ(1)		50,109		945,192
Wartsila Oyj(1)		5,988		217,738
				7,477,373
France — 8.3%
Accor SA#(1)		13,054		599,737
Aeroports de Paris(1)		1,239		119,655
Air France - KLM†(1)		4,017		67,625
Air Liquide SA(1)		39,918		5,553,783
Alcatel - Lucent†(1)		153,695		869,989
Alstom SA(1)		7,358		456,766
Arkema SA(1)		2,000		219,556
Atos Origin SA†(1)		24,574		1,440,195
AXA SA#(1)		257,050		5,505,095
BioMerieux(1)		2,883		339,542
BNP Paribas SA#(1)		122,231		9,562,988
Bouygues SA(1)		8,491		393,858
Bureau Veritas SA(1)		1,943		163,280
Cap Gemini SA#(1)		5,284		302,709
Carrefour SA†#(1)		101,425		4,500,280
Casino Guichard Perrachon SA(1)		8,197		858,464
Christian Dior SA(1)		26,071		4,044,362
Cie de St. Gobain†#(1)		29,909		1,979,451
Cie Generale d’Optique Essilor International SA(1)		7,183		583,712
Cie Generale de Geophysique - Veritas†(1)		5,145		193,759
Cie Generale des Etablissements Michelin, Class B(1)		13,245		1,243,519
CNP Assurances(1)		5,309		108,270
Credit Agricole SA#(1)		219,087		3,362,686
Danone(1)		20,819		1,527,691
Dassault Systemes SA(1)		2,115		180,168
Edenred(1)		5,650		167,948
EDF SA#(1)		22,981		934,792
Eiffage SA#(1)		3,724		247,096
Eramet(1)		156		52,371
Eurazeo#(1)		1,094		86,979
Eutelsat Communications SA(1)		18,344		815,609
Fonciere Des Regions(1)		976		103,141
France Telecom SA(1)		279,158		6,398,010
GDF Suez(1)		57,912		2,133,861
Gecina SA#(1)		786		114,884
Groupe Eurotunnel SA(1)		18,750		204,379

Security Description	Shares		Value (Note 2)
France (continued)
ICADE(1)		831	$	105,982
Iliad SA#(1)		685		87,926
Imerys SA(1)		4,629		338,644
JCDecaux SA†(1)		1,975		63,576
Klepierre(1)		3,720		158,924
L’Oreal SA(1)		8,559		1,079,107
Lafarge SA(1)		7,153		494,515
Lagardere SCA(1)		7,343		301,127
Legrand SA#(1)		24,464		1,037,164
LVMH Moet Hennessy Louis Vuitton SA#(1)		8,758		1,532,469
Metropole Television SA(1)		2,062		48,476
Natixis#(1)		31,129		175,214
Neopost SA#(1)		1,153		103,502
Pernod - Ricard SA(1)		7,073		716,970
Peugeot SA#(1)		5,431		231,151
PPR#(1)		2,716		474,637
Publicis Groupe SA#(1)		4,449		245,500
Renault SA(1)		6,862		390,565
Safran SA(1)		5,954		243,359
Sanofi(1)		43,134		3,422,213
Schneider Electric SA(1)		8,739		1,442,762
SCOR SE#(1)		6,063		168,422
Societe BIC SA(1)		7,406		700,685
Societe Generale#(1)		22,658		1,350,301
Societe Television Francaise 1#(1)		3,490		62,708
Sodexo(1)		3,364		259,330
Suez Environnement Co.#(1)		9,603		202,503
Technip SA#(1)		3,515		378,794
Thales SA#(1)		3,565		149,733
Total SA#(1)		150,049		8,685,239
Unibail - Rodamco SE(1)		3,276		740,203
Vallourec SA†#(1)		4,004		504,248
Veolia Environnement SA#(1)		12,451		377,247
Vinci SA(1)		15,857		1,024,803
Vivendi SA#(1)		69,870		1,959,206
Wendel SA(1)		1,170		142,350
				84,835,765
Germany — 8.2%
Adidas AG(1)		48,528		3,655,722
Allianz SE(1)		60,453		8,359,130
Axel Springer AG(1)		450		67,414
BASF SE(1)		105,738		9,769,512
Bayer AG(1)		105,470		8,644,934
Bayerische Motoren Werke AG(1)		62,353		5,528,915
Beiersdorf AG(1)		3,611		239,631
Brenntag AG†(1)		1,200		142,913
Celesio AG#(1)		5,194		124,990
Commerzbank AG†#(1)		202,208		925,831
Continental AG†(1)		4,700		484,098
Daimler AG (Xetra)#(1)		56,965		4,023,032
Deutsche Bank AG#(1)		33,180		1,977,455
Deutsche Boerse AG(1)		6,971		551,154
Deutsche Lufthansa AG(1)		8,173		177,780
Deutsche Post AG(1)		61,521		1,159,497
Deutsche Telekom AG(1)		349,521		5,207,785
E.ON AG(1)		228,704		6,489,303
Fraport AG Frankfurt Airport Services Worldwide#(1)		1,314		107,771
Fresenius Medical Care AG & Co. KGaA(1)		7,018		509,428
Fresenius SE & Co. KGaA(1)		27,618		2,907,960
GEA Group AG(1)		6,250		210,564
Hannover Rueckversicherung AG(1)		2,173		115,674
HeidelbergCement AG(1)		5,022		350,075
Henkel AG & Co. KGaA(1)		8,085		469,735
Hochtief AG(1)		1,514		127,462

116

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Germany (continued)
Infineon Technologies AG(1)		85,900	$	996,922
K+S AG(1)		7,103		566,132
Kabel Deutschland Holding AG†(1)		2,550		174,187
Lanxess AG(1)		3,000		259,463
Linde AG(1)		11,563		1,955,921
MAN SE†(1)		3,775		525,525
Merck KGaA(1)		2,309		253,797
Metro AG(1)		4,630		309,269
Muenchener Rueckversicherungs AG(1)		6,732		1,035,337
RWE AG(1)		14,944		874,110
Salzgitter AG#(1)		1,250		92,390
SAP AG#(1)		32,849		2,044,038
Siemens AG(1)		87,649		11,729,288
Suedzucker AG(1)		2,120		66,845
ThyssenKrupp AG(1)		11,935		568,449
TUI AG†(1)		5,373		59,411
United Internet AG#(1)		3,742		72,980
Volkswagen AG(1)		3,006		503,442
Wacker Chemie AG(1)		561		125,185
				84,540,456
Greece — 0.1%
Alpha Bank A.E.†(1)		49,759		226,759
Coca - Cola Hellenic Bottling Co. SA(1)		11,288		290,044
EFG Eurobank Ergasias SA†(1)		9,609		44,069
Hellenic Telecommunications Organization SA(1)		8,731		89,466
National Bank of Greece SA†(1)		34,165		241,443
OPAP SA(1)		7,973		146,693
Public Power Corp. SA(1)		10,017		132,976
				1,171,450
Guernsey — 0.0%
Resolution, Ltd.#(1)		51,918		267,089
Hong Kong — 2.3%
Bank of East Asia, Ltd.(1)		109,600		479,300
BOC Hong Kong Holdings, Ltd.(1)		356,000		1,096,624
Cathay Pacific Airways, Ltd.(1)		119,000		286,042
Cheung Kong Holdings, Ltd.(1)		127,000		1,984,915
CLP Holdings, Ltd.(1)		190,500		1,619,894
Galaxy Entertainment Group, Ltd.†(1)		117,000		266,617
Hang Lung Group, Ltd.(1)		85,000		553,897
Hang Lung Properties, Ltd.(1)		229,000		953,607
Hang Seng Bank, Ltd.(1)		76,800		1,230,268
Henderson Land Development Co., Ltd.(1)		103,000		697,110
Hong Kong & China Gas Co., Ltd.(1)		462,800		1,064,919
Hong Kong Exchanges and Clearing, Ltd.(1)		93,800		2,096,724
Hopewell Holdings, Ltd.(1)		74,000		231,669
Hutchison Whampoa, Ltd.(1)		192,000		2,224,047
Hysan Development Co., Ltd.(1)		63,000		310,938
Link REIT(1)		233,000		794,206
MTR Corp.(1)		155,500		572,094
New World Development, Ltd.(1)		215,000		366,894
PCCW, Ltd.(1)		278,000		107,476
Power Assets Holdings, Ltd.(1)		142,500		1,015,520
Sino Land Co., Ltd.(1)		246,000		433,247
SJM Holdings, Ltd.(1)		155,000		379,163
Sun Hung Kai Properties, Ltd.(1)		129,000		2,008,596
Swire Pacific, Ltd., Class A(1)		68,000		1,050,705
Wharf Holdings, Ltd.(1)		139,000		1,025,987
Wheelock & Co., Ltd.(1)		85,000		357,877
Wing Hang Bank, Ltd.(1)		19,500		212,401
				23,420,737
Ireland — 0.2%
Anglo Irish Bank Corp., Ltd.†(2)		31,152		0

Security Description	Shares		Value (Note 2)
Ireland (continued)
Bank of Ireland†(1)		228,347	$	43,492
CRH PLC (Dublin)(1)		25,312		552,156
CRH PLC (London)(1)		8,912		195,585
Elan Corp. PLC†(1)		17,806		172,520
James Hardie Industries SE#(1)		36,627		229,296
Kerry Group PLC, Class A(1)		13,529		580,194
Ryanair Holdings PLC(1)		11,660		57,834
Ryanair Holdings PLC ADR		934		27,460
				1,858,537
Isle of Man — 0.1%
Genting Singapore PLC†#(1)		543,000		876,477
Israel — 0.7%
Bank Hapoalim BM†(1)		88,219		454,242
Bank Leumi Le - Israel BM(1)		98,063		476,363
Bezeq The Israeli Telecommunication Corp., Ltd.(1)		145,083		368,844
Cellcom Israel, Ltd.(1)		4,551		137,621
Delek Group, Ltd.(1)		379		91,908
Elbit Systems, Ltd.(1)		1,954		100,543
Israel Chemicals, Ltd.(1)		36,960		600,744
Israel Corp., Ltd.(1)		192		209,572
Israel Discount Bank, Ltd., Class A†(1)		65,751		131,350
Makhteshim - Agan Industries, Ltd.†(1)		19,102		100,891
Mizrahi Tefahot Bank, Ltd.(1)		10,234		109,288
NICE Systems, Ltd.†(1)		5,021		180,140
Partner Communications Co., Ltd.(1)		7,104		120,778
Teva Pharmaceutical Industries, Ltd.(1)		78,167		3,982,315
				7,064,599
Italy — 2.7%
A2A SpA#(1)		2,141,570		3,627,804
Assicurazioni Generali SpA#(1)		41,698		914,161
Atlantia SpA#(1)		38,618		913,918
Autogrill SpA#(1)		22,663		290,215
Banca Carige SpA#(1)		132,019		332,661
Banca Monte dei Paschi di Siena SpA#(1)		88,638		112,116
Banco Popolare SC#(1)		63,028		164,646
Enel Green Power SpA(1)		62,800		175,737
Enel SpA(1)		625,465		4,299,651
ENI SpA#(1)		85,809		2,054,986
Exor SpA#(1)		1,999		67,443
Fiat Industrial SpA†(1)		27,200		359,759
Fiat SpA(1)		27,317		292,868
Finmeccanica SpA#(1)		236,191		2,945,658
Intesa Sanpaolo SpA#(1)		1,637,559		4,266,150
Intesa Sanpaolo SpA RSP#(1)		699,071		1,530,054
Luxottica Group SpA(1)		4,172		133,517
Mediaset SpA#(1)		25,400		133,045
Mediobanca SpA(1)		18,529		206,198
Parmalat SpA†(1)		43,534		161,586
Pirelli & C. SpA#(1)		8,541		85,164
Prysmian SpA#(1)		7,308		154,539
Saipem SpA#(1)		9,455		499,495
Snam Rete Gas SpA#(1)		57,451		339,087
Telecom Italia SpA(1)		946,194		1,343,651
Telecom Italia SpA RSP#(1)		215,053		263,210
Terna Rete Elettrica Nazionale SpA(1)		43,061		210,536
UniCredit SpA#(1)		481,322		1,098,036
Unione di Banche Italiane SCPA#(1)		27,064		213,380
				27,189,271
Japan — 17.3%
ABC - Mart, Inc.#(1)		2,500		100,111
Advantest Corp.#(1)		10,800		202,001
Aeon Co., Ltd.#(1)		43,400		501,220

117

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Aeon Credit Service Co., Ltd.(1)		12,700	$	161,830
Aeon Mall Co., Ltd.(1)		5,200		124,196
Air Water, Inc.(1)		11,000		131,712
Aisin Seiki Co., Ltd.(1)		18,900		700,360
Ajinomoto Co., Inc.(1)		64,000		738,966
Alfresa Holdings Corp.#(1)		6,800		245,865
All Nippon Airways Co., Ltd.#(1)		111,000		337,821
Amada Co., Ltd.(1)		25,000		184,007
Aozora Bank, Ltd.#(1)		95,000		204,866
Asahi Breweries, Ltd.(1)		34,800		679,979
Asahi Glass Co., Ltd.(1)		91,000		1,074,263
Asahi Kasei Corp.(1)		120,000		788,363
Asics Corp.(1)		11,000		171,657
Astellas Pharma, Inc.(1)		32,100		1,226,728
Bank of Kyoto, Ltd.#(1)		23,000		205,172
Bank of Yokohama, Ltd.(1)		125,000		607,275
Benesse Holdings, Inc.(1)		5,300		228,035
Bridgestone Corp.(1)		47,000		1,068,279
Brother Industries, Ltd.(1)		17,000		240,222
Canon, Inc.(1)		92,000		4,436,802
Casio Computer Co., Ltd.#(1)		16,400		119,954
Central Japan Railway Co.(1)		109		856,358
Chiba Bank, Ltd.#(1)		55,000		331,562
Chiyoda Corp.#(1)		10,800		117,695
Chubu Electric Power Co., Inc.(1)		57,200		902,671
Chugai Pharmaceutical Co., Ltd.(1)		19,900		327,427
Chugoku Bank, Ltd.#(1)		26,000		305,202
Chugoku Electric Power Co., Inc.#(1)		24,800		351,863
Citizen Holdings Co., Ltd.(1)		43,900		247,663
Coca - Cola West Co., Ltd.(1)		9,600		182,044
Cosmo Oil Co., Ltd.(1)		60,000		180,446
Credit Saison Co., Ltd.(1)		10,300		156,526
Dai Nippon Printing Co., Ltd.#(1)		57,000		653,515
Dai - ichi Life Insurance Co., Ltd.(1)		797		1,206,171
Daicel Chemical Industries, Ltd.(1)		43,000		276,795
Daido Steel Co., Ltd.#(1)		43,000		263,442
Daihatsu Motor Co., Ltd.#(1)		24,000		398,269
Daiichi Sankyo Co., Ltd.(1)		60,100		1,167,283
Daikin Industries, Ltd.(1)		20,500		685,037
Dainippon Sumitomo Pharma Co., Ltd.(1)		14,700		138,725
Daito Trust Construction Co., Ltd.(1)		5,600		463,634
Daiwa House Industry Co., Ltd.(1)		49,000		597,940
Daiwa Securities Group, Inc.#(1)		142,000		583,559
Dena Co., Ltd.#(1)		7,026		250,142
Denki Kagaku Kogyo KK(1)		65,000		335,249
Denso Corp.(1)		35,100		1,259,118
Dentsu, Inc.(1)		13,100		353,407
East Japan Railway Co.(1)		27,300		1,596,215
Eisai Co., Ltd.#(1)		18,200		692,473
Electric Power Development Co., Ltd.#(1)		14,200		335,398
Elpida Memory, Inc.†#(1)		17,200		238,782
FamilyMart Co., Ltd.(1)		8,700		311,468
FANUC Corp.(1)		14,200		2,182,835
Fast Retailing Co., Ltd.(1)		5,100		745,320
Fuji Electric Co., Ltd.#(1)		39,000		119,919
Fuji Heavy Industries, Ltd.(1)		46,000		339,263
FUJIFILM Holdings Corp.(1)		41,200		1,218,741
Fujitsu, Ltd.(1)		135,000		711,273
Fukuoka Financial Group, Inc.(1)		56,000		222,585
Furukawa Electric Co., Ltd.#(1)		85,000		309,907
Gree, Inc.#(1)		14,000		310,540
GS Yuasa Corp.#(1)		26,000		167,936
Gunma Bank, Ltd.(1)		58,000		303,850
Hachijuni Bank, Ltd.#(1)		57,000		318,160
Hakuhodo DY Holdings, Inc.(1)		1,680		86,328

Security Description	Shares		Value (Note 2)
Japan (continued)
Hamamatsu Photonics KK(1)		5,000	$	204,235
Hino Motors, Ltd.(1)		46,000		253,045
Hirose Electric Co., Ltd.(1)		3,900		400,634
Hiroshima Bank, Ltd.#(1)		35,000		149,688
Hisamitsu Pharmaceutical Co., Inc.#(1)		8,400		357,544
Hitachi Chemical Co., Ltd.(1)		7,200		146,589
Hitachi Construction Machinery Co., Ltd.#(1)		7,800		164,817
Hitachi High - Technologies Corp.(1)		12,100		255,305
Hitachi Metals, Ltd.#(1)		12,000		156,494
Hitachi, Ltd.#(1)		330,000		1,893,099
Hokkaido Electric Power Co., Inc.#(1)		16,900		248,314
Hokuhoku Financial Group, Inc.(1)		87,000		165,459
Hokuriku Electric Power Co.#(1)		15,700		266,457
Honda Motor Co., Ltd.(1)		124,200		4,742,137
Hoya Corp.(1)		31,400		652,551
Ibiden Co., Ltd.#(1)		8,700		282,659
Idemitsu Kosan Co., Ltd.(1)		1,600		177,431
IHI Corp.(1)		95,000		235,869
Inpex Corp.(1)		158		1,144,008
Isetan Mitsukoshi Holdings, Ltd.(1)		27,100		250,272
Isuzu Motors, Ltd.(1)		124,000		581,221
ITOCHU Corp.(1)		109,000		1,127,963
ITOCHU Techno - Solutions Corp.#(1)		2,000		67,609
Iyo Bank, Ltd.(1)		18,000		161,670
J Front Retailing Co., Ltd.#(1)		73,000		299,415
Japan Petroleum Exploration Co.(1)		2,100		100,623
Japan Prime Realty Investment Corp.(1)		47		136,376
Japan Real Estate Investment Corp.(1)		34		332,318
Japan Retail Fund Investment Corp.(1)		111		179,923
Japan Steel Works, Ltd.(1)		42,000		304,786
Japan Tobacco, Inc.(1)		325		1,257,044
JFE Holdings, Inc.(1)		41,300		1,035,186
JGC Corp.(1)		15,000		401,322
Joyo Bank, Ltd.(1)		48,000		194,367
JS Group Corp.(1)		19,300		470,284
JSR Corp.(1)		12,900		256,100
JTEKT Corp.(1)		16,100		213,084
Jupiter Telecommunications Co., Ltd.(1)		126		136,107
JX Holdings, Inc.(1)		197,000		1,304,404
Kajima Corp.#(1)		67,000		187,142
Kamigumi Co., Ltd.(1)		36,000		308,413
Kaneka Corp.(1)		21,000		141,645
Kansai Electric Power Co., Inc.(1)		61,800		1,052,782
Kansai Paint Co., Ltd.#(1)		16,000		144,150
Kao Corp.(1)		39,400		1,012,648
Kawasaki Heavy Industries, Ltd.#(1)		103,000		370,701
Kawasaki Kisen Kaisha, Ltd.#(1)		53,000		178,812
KDDI Corp.(1)		231		1,655,796
Keikyu Corp.#(1)		34,000		228,438
Keio Corp.(1)		42,000		225,845
Keisei Electric Railway Co., Ltd.(1)		19,000		106,055
Keyence Corp.(1)		3,000		787,083
Kikkoman Corp.(1)		11,000		112,521
Kinden Corp.(1)		19,000		154,276
Kintetsu Corp.#(1)		117,000		352,299
Kirin Holdings Co., Ltd.(1)		59,000		829,139
Kobe Steel, Ltd.#(1)		180,000		389,626
Koito Manufacturing Co., Ltd.(1)		14,000		216,961
Komatsu, Ltd.(1)		69,900		2,092,001
Konami Corp.(1)		6,700		139,163
Konica Minolta Holdings, Inc.(1)		34,500		290,544
Kubota Corp.(1)		84,000		758,648
Kuraray Co., Ltd.(1)		25,000		377,425
Kurita Water Industries, Ltd.#(1)		8,200		236,368
Kyocera Corp.(1)		11,100		1,167,361

118

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Kyowa Hakko Kirin Co., Ltd.(1)		19,000	$	186,645
Kyushu Electric Power Co., Inc.(1)		31,400		476,009
Lawson, Inc.(1)		4,400		218,406
Mabuchi Motor Co., Ltd.(1)		1,700		84,107
Makita Corp.(1)		8,100		344,710
Marubeni Corp.(1)		149,000		1,043,901
Marui Group Co., Ltd.(1)		16,100		114,508
Maruichi Steel Tube, Ltd.(1)		3,400		86,098
Mazda Motor Corp.†#(1)		109,000		276,262
McDonald’s Holdings Co. Japan, Ltd.#(1)		4,600		119,529
Medipal Holdings Corp.(1)		10,600		94,344
MEIJI Holdings Co., Ltd.(1)		8,000		340,009
Minebea Co., Ltd.#(1)		25,000		128,049
Miraca Holdings, Inc.(1)		4,000		156,955
Mitsubishi Chemical Holdings Corp.(1)		98,000		683,981
Mitsubishi Corp.(1)		100,900		2,553,668
Mitsubishi Electric Corp.(1)		140,000		1,580,043
Mitsubishi Estate Co., Ltd.(1)		91,000		1,625,990
Mitsubishi Gas Chemical Co., Inc.(1)		27,000		203,634
Mitsubishi Heavy Industries, Ltd.(1)		267,000		1,300,177
Mitsubishi Logistics Corp.(1)		8,000		88,010
Mitsubishi Materials Corp.(1)		81,000		251,508
Mitsubishi Motors Corp.†#(1)		292,000		346,272
Mitsubishi Tanabe Pharma Corp.(1)		16,000		270,167
Mitsubishi UFJ Financial Group, Inc.(1)		1,017,400		4,709,477
Mitsubishi UFJ Lease & Finance Co., Ltd.(1)		7,780		296,986
Mitsui & Co., Ltd.(1)		132,300		2,262,898
Mitsui Chemicals, Inc.(1)		59,000		194,973
Mitsui Engineering & Shipbuilding Co., Ltd.#(1)		115,000		253,263
Mitsui Fudosan Co., Ltd.(1)		61,000		1,028,091
Mitsui O.S.K. Lines, Ltd.(1)		83,000		444,762
Mizuho Financial Group, Inc.(1)		1,523,400		2,409,058
Mizuho Securities Co., Ltd.†(1)		41,000		95,191
Mizuho Trust & Banking Co., Ltd.(1)		109,000		94,153
MS&AD Insurance Group Holdings(1)		41,200		965,618
Murata Manufacturing Co., Ltd.(1)		14,600		921,322
Nabtesco Corp.(1)		7,000		158,429
Namco Bandai Holdings, Inc.(1)		23,100		266,380
NEC Corp.†#(1)		241,000		507,249
NGK Insulators, Ltd.(1)		18,000		311,696
NGK Spark Plug Co., Ltd.(1)		12,000		160,553
NHK Spring Co., Ltd.(1)		23,000		225,974
Nidec Corp.#(1)		8,200		736,221
Nikon Corp.#(1)		27,000		633,751
Nintendo Co., Ltd.(1)		7,600		1,772,557
Nippon Building Fund, Inc.(1)		40		408,866
Nippon Electric Glass Co., Ltd.(1)		29,000		410,969
Nippon Express Co., Ltd.(1)		65,000		251,759
Nippon Meat Packers, Inc.(1)		12,000		168,933
Nippon Paper Group, Inc.(1)		11,300		239,623
Nippon Sheet Glass Co., Ltd.(1)		65,000		213,901
Nippon Steel Corp.#(1)		369,000		1,102,530
Nippon Telegraph & Telephone Corp.(1)		37,500		1,764,632
Nippon Yusen KK(1)		111,000		419,816
Nishi - Nippon City Bank, Ltd.(1)		47,000		133,551
Nissan Motor Co., Ltd.(1)		180,500		1,809,005
Nisshin Seifun Group, Inc.(1)		13,000		160,388
Nisshin Steel Co., Ltd.(1)		50,000		96,358
Nissin Foods Holdings Co., Ltd.#(1)		4,500		162,679
Nitori Holdings Co., Ltd.(1)		2,700		235,586
Nitto Denko Corp.(1)		11,900		623,557
NKSJ Holdings, Inc.(1)		108,000		684,897
NOK Corp.#(1)		12,000		205,383
Nomura Holdings, Inc.(1)		255,200		1,287,762
Nomura Real Estate Holdings, Inc.(1)		6,900		106,963

Security Description	Shares		Value (Note 2)
Japan (continued)
Nomura Real Estate Office Fund, Inc.(1)		19	$	133,048
Nomura Research Institute, Ltd.#(1)		7,000		146,490
NSK, Ltd.(1)		32,000		303,732
NTN Corp.(1)		35,000		181,811
NTT Data Corp.(1)		91		287,647
NTT DoCoMo, Inc.(1)		1,125		2,104,132
NTT Urban Development Corp.(1)		83		71,406
Obayashi Corp.(1)		83,000		349,918
Odakyu Electric Railway Co., Ltd.#(1)		57,000		445,227
OJI Paper Co., Ltd.(1)		61,000		270,855
Olympus Corp.(1)		15,700		486,336
Omron Corp.(1)		14,700		379,291
Ono Pharmaceutical Co., Ltd.(1)		6,100		321,600
Oracle Corp.#(1)		2,800		122,550
Oriental Land Co., Ltd.#(1)		3,600		306,581
ORIX Corp.#(1)		7,560		724,485
Osaka Gas Co., Ltd.#(1)		140,000		496,213
Otsuka Corp.#(1)		1,000		58,369
Otsuka Holdings Co., Ltd.(1)		18,000		472,577
Panasonic Corp.(1)		161,400		1,898,082
Rakuten, Inc.#(1)		523		531,430
Resona Holdings, Inc.#(1)		136,500		603,376
Ricoh Co., Ltd.(1)		49,000		542,448
Rinnai Corp.#(1)		2,400		167,483
Rohm Co., Ltd.(1)		7,100		407,022
Sankyo Co., Ltd.(1)		3,900		207,425
Santen Pharmaceutical Co., Ltd.(1)		5,400		215,670
SBI Holdings, Inc.(1)		1,440		139,640
Secom Co., Ltd.(1)		15,200		720,298
Sega Sammy Holdings, Inc.(1)		15,400		299,381
Seiko Epson Corp.(1)		9,000		151,470
Sekisui Chemical Co., Ltd.(1)		30,000		239,091
Sekisui House, Ltd.(1)		42,000		400,213
Seven & I Holdings Co., Ltd.(1)		54,400		1,446,042
Seven Bank, Ltd.#(1)		44		81,829
Sharp Corp.#(1)		72,000		674,436
Shikoku Electric Power Co., Inc.#(1)		16,100		331,178
Shimadzu Corp.#(1)		17,000		151,150
Shimamura Co., Ltd.(1)		1,600		151,099
Shimano, Inc.#(1)		5,400		279,595
Shimizu Corp.#(1)		43,000		178,277
Shin - Etsu Chemical Co., Ltd.(1)		29,600		1,541,029
Shinsei Bank, Ltd.#(1)		100,000		104,946
Shionogi & Co., Ltd.(1)		21,600		365,110
Shiseido Co., Ltd.#(1)		26,000		447,150
Shizuoka Bank, Ltd.#(1)		43,000		394,541
Showa Denko KK#(1)		108,000		220,464
Showa Shell Sekiyu KK(1)		13,600		132,887
SMC Corp.(1)		3,900		626,757
Softbank Corp.(1)		67,700		2,632,357
Sojitz Corp.#(1)		172,500		321,724
Sony Corp.(1)		83,900		2,244,539
Sony Financial Holdings, Inc.(1)		12,600		229,844
Square Enix Holdings Co., Ltd.#(1)		4,600		74,462
Stanley Electric Co., Ltd.(1)		10,100		166,782
Sumco Corp.†#(1)		8,000		144,341
Sumitomo Chemical Co., Ltd.#(1)		151,000		757,039
Sumitomo Corp.#(1)		81,300		1,089,458
Sumitomo Electric Industries, Ltd.(1)		54,500		788,123
Sumitomo Heavy Industries, Ltd.(1)		40,000		277,220
Sumitomo Metal Industries, Ltd.(1)		243,000		498,553
Sumitomo Metal Mining Co., Ltd.(1)		38,000		616,391
Sumitomo Mitsui Financial Group, Inc.(1)		100,600		2,914,818
Sumitomo Mitsui Trust Holdings, Inc.(1)		225,000		776,606
Sumitomo Realty & Development Co., Ltd.(1)		26,000		555,111

119

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Sumitomo Rubber Industries, Ltd.(1)		12,400	$	143,394
Suruga Bank, Ltd.#(1)		13,000		107,793
Suzuken Co., Ltd.(1)		5,100		118,971
Suzuki Motor Corp.(1)		29,100		643,421
Sysmex Corp.#(1)		5,200		185,146
T&D Holdings, Inc.(1)		20,950		504,930
Taisei Corp.#(1)		71,000		159,119
Taisho Pharmaceutical Co., Ltd.#(1)		9,000		205,413
Taiyo Nippon Sanso Corp.#(1)		18,000		140,273
Takashimaya Co., Ltd.#(1)		18,000		117,613
Takeda Pharmaceutical Co., Ltd.(1)		59,000		2,803,823
TDK Corp.#(1)		12,000		634,178
Teijin, Ltd.(1)		68,000		314,458
Terumo Corp.(1)		12,200		688,455
THK Co., Ltd.(1)		8,700		214,648
Tobu Railway Co., Ltd.#(1)		72,000		273,033
Toho Co., Ltd.#(1)		8,200		132,881
Toho Gas Co., Ltd.#(1)		29,000		139,264
Tohoku Electric Power Co., Inc.#(1)		32,700		383,369
Tokio Marine Holdings, Inc.(1)		61,800		1,705,574
Tokyo Electric Power Co., Inc.#(1)		104,500		412,101
Tokyo Electron, Ltd.(1)		15,900		879,351
Tokyo Gas Co., Ltd.(1)		184,000		783,518
Tokyu Corp.(1)		82,000		339,347
Tokyu Land Corp.(1)		65,000		297,577
TonenGeneral Sekiyu KK#(1)		20,000		244,942
Toppan Printing Co., Ltd.#(1)		40,000		306,129
Toray Industries, Inc.(1)		106,000		806,235
Toshiba Corp.(1)		291,000		1,553,731
Tosoh Corp.(1)		37,000		147,980
TOTO, Ltd.#(1)		22,000		162,172
Toyo Seikan Kaisha, Ltd.(1)		17,300		268,041
Toyo Suisan Kaisha, Ltd.(1)		6,000		140,410
Toyoda Gosei Co., Ltd.(1)		4,700		102,286
Toyota Boshoku Corp.#(1)		4,800		76,097
Toyota Industries Corp.(1)		12,900		395,677
Toyota Motor Corp.(1)		213,200		8,876,503
Toyota Tsusho Corp.(1)		15,300		250,986
Trend Micro, Inc.(1)		7,600		231,223
Tsumura & Co.(1)		4,200		131,251
Ube Industries, Ltd.(1)		73,000		226,537
Unicharm Corp.#(1)		8,200		331,794
Ushio, Inc.(1)		7,200		142,349
USS Co., Ltd.(1)		1,590		121,285
West Japan Railway Co.(1)		123		470,229
Yahoo! Japan Corp.#(1)		1,050		348,154
Yakult Honsha Co., Ltd.#(1)		7,000		193,974
Yamada Denki Co., Ltd.(1)		5,930		463,939
Yamaguchi Financial Group, Inc.(1)		15,000		134,395
Yamaha Corp.(1)		10,900		122,449
Yamaha Motor Co., Ltd.†#(1)		20,200		361,747
Yamaichi Securities Co., Ltd. ADR†(2)(3)(4)		6,000		0
Yamato Holdings Co., Ltd.#(1)		28,700		436,704
Yamato Kogyo Co., Ltd.#(1)		2,800		91,155
Yamazaki Baking Co., Ltd.#(1)		9,000		114,881
Yaskawa Electric Corp.#(1)		16,000		174,723
Yokogawa Electric Corp.†(1)		14,800		116,728
				178,284,924
Jersey — 1.0%
Experian PLC(1)		35,690		471,187
Glencore International PLC†		29,700		259,477
Petrofac, Ltd.(1)		127,469		3,375,229
Randgold Resources, Ltd.(1)		3,249		266,654
Shire PLC(1)		159,398		5,042,603

Security Description	Shares		Value (Note 2)
Jersey (continued)
Wolseley PLC(1)		10,161	$	344,598
WPP PLC(1)		45,108		564,714
				10,324,462
Luxembourg — 0.2%
ArcelorMittal#(1)		30,637		1,028,601
Millicom International Cellular SA SDR#(1)		4,092		474,139
SES SA FDR(1)		10,688		287,876
Subsea 7 SA†#(1)		10,100		268,706
Tenaris SA#(1)		16,870		410,243
				2,469,565
Mauritius — 0.0%
Golden Agri - Resources, Ltd.(1)		565,000		316,202
Netherlands — 2.8%
Aegon NV†(1)		308,541		2,167,607
Akzo Nobel NV(1)		16,169		1,169,386
ASML Holding NV(1)		33,384		1,302,866
Corio NV(1)		2,122		145,695
Delta Lloyd NV(1)		3,600		83,351
European Aeronautic Defence and Space Co. NV(1)		30,403		1,004,992
Fugro NV(1)		2,439		194,322
Heineken Holding NV(1)		67,993		3,570,005
Heineken NV(1)		80,250		4,831,894
ING Groep NV†(1)		252,508		3,059,971
Koninklijke Ahold NV(1)		310,147		4,432,565
Koninklijke Boskalis Westminster NV(1)		2,529		120,078
Koninklijke DSM NV(1)		15,786		1,058,638
Koninklijke KPN NV(1)		81,430		1,197,550
Koninklijke Philips Electronics NV(1)		35,212		977,787
Koninklijke Vopak NV(1)		2,514		119,577
PostNL(1)		11,554		121,346
Qiagen NV†#(1)		8,351		166,261
Randstad Holding NV(1)		4,251		210,369
Reed Elsevier NV(1)		24,637		331,796
SBM Offshore NV(1)		6,028		159,507
STMicroelectronics NV#(1)		38,634		433,583
TNT Express NV†		11,554		163,763
Unilever NV(1)		58,156		1,897,512
Wolters Kluwer NV(1)		10,676		241,715
				29,162,136
New Zealand — 0.1%
Auckland International Airport, Ltd.(1)		81,461		154,682
Contact Energy, Ltd.†(1)		29,127		144,176
Fletcher Building, Ltd.(1)		69,821		514,358
Sky City Entertainment Group, Ltd.(1)		54,998		166,570
Telecom Corp. of New Zealand, Ltd.(1)		172,226		341,863
				1,321,649
Norway — 0.4%
Aker Solutions ASA#(1)		10,255		227,138
DnB NOR ASA#(1)		59,254		894,428
Gjensidige Forsikring ASA(1)		7,200		92,240
Norsk Hydro ASA(1)		33,200		266,827
Orkla ASA(1)		27,600		258,204
Renewable Energy Corp. ASA†#(1)		15,600		37,057
Statoil ASA#(1)		39,800		1,051,285
Telenor ASA#(1)		26,600		451,634
Yara International ASA(1)		6,750		407,206
				3,686,019
Portugal — 0.2%
Banco Comercial Portugues SA†#(1)		1,090,665		756,350
Banco Espirito Santo SA(1)		111,015		435,566

120

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Portugal (continued)
Cimpor Cimentos de Portugal SGPS SA(1)		6,288	$	48,025
EDP - Energias de Portugal SA(1)		67,894		252,782
Galp Energia SGPS SA(1)		8,251		174,845
Jeronimo Martins SGPS SA(1)		7,853		147,044
Portugal Telecom SGPS SA(1)		23,979		262,175
				2,076,787
Singapore — 1.5%
Ascendas Real Estate Investment Trust(1)		150,000		250,547
CapitaLand, Ltd.(1)		205,000		513,787
CapitaMall Trust(1)		151,000		244,910
CapitaMalls Asia, Ltd.(1)		95,000		123,282
City Developments, Ltd.(1)		40,000		367,910
ComfortDelGro Corp., Ltd.(1)		162,000		193,095
COSCO Corp. (Singapore), Ltd.#(1)		82,000		131,038
DBS Group Holdings, Ltd.(1)		160,000		1,920,460
Fraser and Neave, Ltd.(1)		79,000		393,322
Global Logistic Properties, Ltd.†(1)		144,000		233,533
Jardine Cycle & Carriage, Ltd.(1)		9,000		295,957
Keppel Corp., Ltd.(1)		124,700		1,165,139
Keppel Land, Ltd.#(1)		56,000		185,781
Neptune Orient Lines, Ltd.#(1)		53,000		78,675
Olam International, Ltd.(1)		108,000		261,039
Oversea - Chinese Banking Corp., Ltd.(1)		230,000		1,771,748
SembCorp Industries, Ltd.(1)		88,000		361,154
SembCorp Marine, Ltd.#(1)		74,000		321,028
Singapore Airlines, Ltd.(1)		49,000		563,982
Singapore Exchange, Ltd.#(1)		81,000		493,915
Singapore Press Holdings, Ltd.#(1)		141,000		441,347
Singapore Technologies Engineering, Ltd.(1)		144,000		346,589
Singapore Telecommunications, Ltd.(1)		717,000		1,866,224
StarHub, Ltd.(1)		63,000		142,517
United Overseas Bank, Ltd.(1)		113,000		1,780,600
UOL Group, Ltd.(1)		30,000		120,193
Wilmar International, Ltd.#(1)		171,000		740,255
Yangzijiang Shipbuilding Holdings, Ltd.#(1)		169,000		219,317
				15,527,344
Spain — 3.1%
Abertis Infraestructuras SA#(1)		60,772		1,407,416
Acciona SA(1)		908		98,581
Acerinox SA#(1)		3,110		59,708
ACS Actividades de Construccion y Servicios SA#(1)		19,878		958,247
Amadeus IT Holding SA†(1)		38,654		796,316
Banco Bilbao Vizcaya Argentaria SA(1)		215,568		2,525,371
Banco de Sabadell SA#(1)		39,954		172,203
Banco Popular Espanol SA#(1)		34,422		200,421
Banco Santander SA(1)		482,736		5,755,240
Bankinter SA#(1)		227,470		1,558,528
Criteria CaixaCorp SA#(1)		30,070		219,116
EDP Renovaveis SA†(1)		6,976		47,800
Enagas SA(1)		6,405		151,064
Ferrovial SA#(1)		13,087		166,553
Fomento de Construcciones y Contratas SA#(1)		11,583		356,538
Gas Natural SDG SA#(1)		11,520		218,925
Grifols SA(1)		4,319		88,213
Iberdrola Renovables SA(1)		30,236		134,313
Iberdrola SA†#(1)		695,407		6,176,577
Inditex SA(1)		7,785		708,240
Indra Sistemas SA#(1)		3,531		74,134
International Consolidated Airlines Group SA†(1)		15,006		58,438
Mapfre SA(1)		27,137		104,402
Mediaset Espana Comunicacion SA(1)		5,143		46,558
Red Electrica Corp. SA(1)		3,866		234,100
Repsol YPF SA(1)		131,568		4,490,597

Security Description	Shares		Value (Note 2)
Spain (continued)
Sacyr Vallehermoso SA(1)		165	$	1,783
Telefonica SA(1)		189,298		4,599,837
Zardoya Otis SA#(1)		4,266		71,612
				31,480,831
Sweden — 2.6%
Alfa Laval AB(1)		85,133		1,880,491
Assa Abloy AB, Class B#(1)		11,169		310,813
Atlas Copco AB, Class A(1)		183,651		4,857,240
Atlas Copco AB, Class B(1)		13,976		330,853
Boliden AB(1)		54,700		1,071,772
Electrolux AB, Class B(1)		23,324		634,688
Getinge AB, Class B(1)		7,146		199,663
Hennes & Mauritz AB, Class B(1)		36,500		1,357,610
Hexagon AB#(1)		9,000		245,077
Holmen AB, Class B(1)		1,571		55,007
Husqvarna AB, Class B#(1)		15,810		125,737
Industrivarden AB(1)		3,700		65,428
Investor AB, Class B(1)		97,144		2,332,724
Kinnevik Investment AB, Class B#(1)		7,400		181,447
Modern Times Group AB, Class B(1)		1,709		118,572
Nordea Bank AB(1)		93,810		1,102,526
Ratos AB, Class B Series B(1)		6,400		130,665
Sandvik AB(1)		35,992		684,025
Scania AB, Class B(1)		11,419		282,082
Securitas AB, Class B#(1)		11,182		121,788
Skandinaviska Enskilda Banken AB, Class A(1)		50,403		452,865
Skanska AB, Class B(1)		14,319		265,634
SKF AB, Class B#(1)		13,919		417,425
SSAB AB, Class A#(1)		5,369		90,171
Svenska Cellulosa AB, Class B(1)		20,476		318,581
Svenska Handelsbanken AB, Class A(1)		17,438		587,306
Swedbank AB, Class A(1)		83,005		1,545,476
Swedish Match AB(1)		7,828		276,735
Tele2 AB, Class B(1)		11,337		222,538
Telefonaktiebolaget LM Ericsson, Class B(1)		116,007		1,720,013
TeliaSonera AB(1)		444,430		3,465,296
Volvo AB, Class B(1)		49,164		890,469
				26,340,717
Switzerland — 7.0%
ABB, Ltd.†(1)		78,279		2,102,396
Actelion, Ltd.†(1)		50,486		2,751,080
Adecco SA†(1)		4,730		323,434
Aryzta AG(1)		3,014		167,815
Baloise Holding AG(1)		3,584		378,211
Cie Financiere Richemont SA, Class A(1)		18,642		1,216,451
Credit Suisse Group AG†(1)		56,806		2,444,866
GAM Holding AG†(1)		19,908		379,439
Geberit AG†(1)		1,393		336,408
Givaudan SA†(1)		297		327,327
Holcim, Ltd.†(1)		13,581		1,083,233
Julius Baer Group, Ltd.†(1)		7,389		325,303
Kuehne & Nagel International AG(1)		1,931		304,268
Lindt & Spruengli AG(1)		4		143,042
Lindt & Spruengli AG (Participation Certificate)(1)		1,039		3,230,790
Logitech International SA†#(1)		35,230		436,707
Lonza Group AG†(1)		22,579		1,952,855
Nestle SA(1)		284,621		18,282,080
Nobel Biocare Holding AG†(1)		2,299		50,216
Novartis AG(1)		122,804		7,941,597
Pargesa Holding SA(1)		19,495		1,849,589
Roche Holding AG(1)		35,865		6,312,833
Schindler Holding AG(1)		780		97,763
Schindler Holding AG (Participation Certificate)(1)		1,732		218,708

121

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Switzerland (continued)
SGS SA(1)		196	$	389,882
Sika AG(1)		50		127,543
Sonova Holding AG(1)		2,992		315,950
Straumann Holding AG(1)		2,613		718,406
Sulzer AG(1)		859		155,727
Swatch Group AG(1)		1,572		140,817
Swatch Group AG, Class B(1)		1,098		547,158
Swiss Life Holding AG†(1)		1,090		182,177
Swiss Re Ltd.†		11,033		656,495
Swisscom AG(1)		7,674		3,534,461
Syngenta AG†(1)		3,378		1,166,704
Transocean, Ltd.(1)		55,694		3,873,937
UBS AG†(1)		333,582		6,410,452
Zurich Financial Services AG†(1)		5,199		1,392,246
				72,268,366
United Kingdom — 20.1%
3i Group PLC(1)		34,891		165,433
Admiral Group PLC(1)		36,591		1,038,452
Aggreko PLC(1)		94,186		2,904,059
AMEC PLC(1)		11,890		226,738
Anglo American PLC(1)		149,490		7,463,150
Antofagasta PLC(1)		118,010		2,584,227
ARM Holdings PLC(1)		76,071		720,684
Associated British Foods PLC(1)		12,751		226,106
AstraZeneca PLC(1)		178,694		9,348,584
Autonomy Corp. PLC†#(1)		99,534		2,947,287
Aviva PLC(1)		553,169		3,984,866
Babcock International Group PLC(1)		225,163		2,556,498
BAE Systems PLC(1)		121,778		664,272
Balfour Beatty PLC(1)		479,412		2,542,540
Barclays PLC(1)		733,544		3,352,021
BG Group PLC(1)		205,039		4,769,521
BHP Billiton PLC(1)		262,167		10,394,273
BP PLC(1)		1,308,180		10,092,216
British American Tobacco PLC(1)		82,733		3,718,425
British Land Co. PLC(1)		253,190		2,494,367
British Sky Broadcasting Group PLC(1)		279,488		3,828,063
BT Group PLC(1)		1,265,145		4,190,950
Bunzl PLC(1)		88,754		1,122,600
Burberry Group PLC(1)		31,758		690,573
Cairn Energy PLC†(1)		358,974		2,607,668
Capita Group PLC(1)		21,844		264,884
Capital Shopping Centres Group PLC(1)		19,995		134,555
Carnival PLC(1)		69,113		2,784,460
Centrica PLC(1)		371,920		1,953,822
Cobham PLC(1)		41,296		154,190
Compass Group PLC(1)		239,296		2,334,802
Diageo PLC(1)		89,372		1,905,153
Essar Energy PLC†(1)		10,000		75,613
Eurasian Natural Resources Corp. PLC(1)		9,218		129,130
Fresnillo PLC(1)		95,296		2,290,678
G4S PLC(1)		217,783		1,027,267
GlaxoSmithKline PLC(1)		354,200		7,692,172
Hammerson PLC(1)		76,894		607,237
Home Retail Group PLC#(1)		25,423		90,110
HSBC Holdings PLC(1)		1,278,869		13,374,175
ICAP PLC(1)		35,478		282,972
Imperial Tobacco Group PLC(1)		74,210		2,660,555
Inmarsat PLC(1)		16,442		163,485
Intercontinental Hotels Group PLC(1)		77,640		1,660,939
International Power PLC(1)		54,516		286,910
Intertek Group PLC(1)		5,700		192,364
Invensys PLC(1)		240,342		1,227,308
Investec PLC(1)		17,295		144,290

Security Description	Shares		Value (Note 2)
United Kingdom (continued)
ITV PLC†(1)		250,480	$	293,199
J Sainsbury PLC(1)		43,351		247,247
John Wood Group PLC(1)		15,200		157,143
Johnson Matthey PLC(1)		7,682		268,142
Kazakhmys PLC(1)		12,085		261,662
Kingfisher PLC(1)		84,412		399,979
Land Securities Group PLC(1)		237,807		3,261,506
Legal & General Group PLC(1)		1,671,546		3,237,262
Lloyds Banking Group PLC†(1)		2,217,840		1,901,977
London Stock Exchange Group PLC(1)		4,761		76,955
Lonmin PLC(1)		5,790		153,435
Man Group PLC, Class B(1)		67,224		284,736
Marks & Spencer Group PLC(1)		194,194		1,277,595
National Grid PLC(1)		125,123		1,291,102
Next PLC(1)		6,422		240,235
Old Mutual PLC(1)		450,189		976,997
Pearson PLC(1)		29,049		546,333
Prudential PLC(1)		284,612		3,461,618
Reckitt Benckiser Group PLC(1)		22,043		1,251,318
Reed Elsevier PLC(1)		43,477		395,056
Rexam PLC(1)		379,597		2,507,940
Rio Tinto PLC(1)		128,191		8,969,357
Rolls - Royce Holdings PLC†(1)		66,864		702,457
Royal Bank of Scotland Group PLC†(1)		626,851		441,013
Royal Dutch Shell PLC, Class A#(1)		381,438		13,776,058
Royal Dutch Shell PLC, Class B(1)		279,527		10,158,801
RSA Insurance Group PLC(1)		125,314		283,932
SABMiller PLC(1)		33,996		1,260,412
Sage Group PLC(1)		47,218		226,029
Schroders PLC(1)		94,816		2,561,356
Scottish & Southern Energy PLC(1)		33,257		756,222
Segro PLC(1)		26,583		142,219
Serco Group PLC(1)		17,622		167,463
Severn Trent PLC(1)		8,451		211,733
Smith & Nephew PLC(1)		39,955		446,280
Smiths Group PLC(1)		14,010		285,886
Standard Chartered PLC(1)		83,839		2,248,657
Standard Life PLC(1)		81,787		283,723
Tesco PLC(1)		287,237		1,984,341
TUI Travel PLC#(1)		16,623		64,501
Tullow Oil PLC(1)		31,753		707,544
Unilever PLC(1)		45,830		1,488,728
United Utilities Group PLC(1)		24,296		248,914
Vedanta Resources PLC#(1)		4,260		151,007
Vodafone Group PLC(1)		2,997,542		8,345,458
Weir Group PLC(1)		7,500		247,327
Whitbread PLC(1)		6,330		170,052
WM Morrison Supermarkets PLC(1)		80,729		404,553
Xstrata PLC(1)		74,084		1,740,651
				207,036,755
United States — 0.0%
Synthes, Inc.*(1)		2,334		407,196
Total Common Stock
(cost $874,350,597)				940,538,111
EXCHANGE - TRADED FUNDS — 5.5%
United States — 5.5%
iShares MSCI Emerging Markets Index Fund		228,320		11,084,936
Vanguard MSCI Emerging Markets ETF		917,140		45,040,745
Total Exchange - Traded Funds
(cost $44,998,842)				56,125,681

122

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description		Shares/ Principal Amount(8)		Value (Note 2)
PREFERRED STOCK — 0.4%
Germany — 0.4%
Bayerische Motoren Werke AG(1)			32,387	$	1,940,383
Henkel AG & Co. KGaA(1)			8,084		571,783
Porsche Automobil Holding SE(1)			5,470		380,241
ProSiebenSat.1 Media AG(1)			2,350		61,002
RWE AG#(1)			1,160		63,792
Volkswagen AG#(1)			6,851		1,218,979
Total Preferred Stock
(cost $3,626,644)					4,236,180
RIGHTS† — 0.0%
Australia — 0.0%
Leighton Holdings, Ltd. Expires 05/06/11			1,148		858
Austria — 0.0%
OMV AG Expires 06/06/11			4,460		0
Belgium — 0.0%
Dexia SA Expires 06/08/11			506,947		0
France — 0.0%
Eurazeo Expires 06/21/11			1,042		1,563
Italy — 0.0%
Intesa Sanpaolo SpA Expires 06/10/11			2,303,085		407,336
Portugal — 0.0%
Banco Comercial Portugues SA Expires 06/09/11			1,090,665		17,265
Spain — 0.0%
Gas Natural SDG SA Expires 06/21/11			11,520		7,909
Total Rights
(cost $9,111)					434,931
WARRANTS† — 0.0%
Hong Kong — 0.0%
Henderson Land Development Co., Ltd. Expires 06/01/11 (strike price HKD 58.00)			16,000		0
Italy — 0.0%
Unione di Banche Italiane SCPA Expires 06/30/11 (strike price EUR 12.30)			53,999		15
Total Warrants
(cost $0)					15
FOREIGN CORPORATE BONDS & NOTES — 0.0%
United Kingdom — 0.0%
National Grid Gas PLC Bonds 4.19% due 12/14/22	GBP		5,000		14,624
National Grid Gas PLC Bonds 7.00% due 12/16/24	GBP		5,000		9,930
Total Foreign Corporate Bonds & Notes
(cost $15,360)					24,554
Total Long-Term Investment Securities
(cost $923,000,554)					1,001,359,472
SHORT-TERM INVESTMENT SECURITIES — 9.5%
Collective Investment Pool — 7.8%
Securities Lending Quality Trust(5)(6)			80,962,461		80,900,394

Security Description	Principal Amount(8)			Value (Note 2)
Time Deposits — 1.4%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11	$	14,231,000		$	14,231,000
U.S. Government Treasuries — 0.3%
United States Treasury Bills 0.07% due 06/23/11@		2,750,000			2,749,882
0.00% due 06/09/11@		200,000			200,000
					2,949,882
Total Short-Term Investment Securities
(cost $98,143,343)					98,081,276
TOTAL INVESTMENTS
(cost $1,021,143,897)(7)		106.9	%		1,099,440,748
Liabilities in excess of other assets		(6.9	)		(71,243,868	)
NET ASSETS —		100.0	%	$	1,028,196,880

# 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 May 31, 2011, the aggregate value of these securities was $407,196 representing 0.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

@ The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(1) Security was valued using fair value procedures at May 31, 2011. The aggregate value of these securities was $943,302,889 representing 91.7% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

(3) Illiquid security. At May 31, 2011, the aggregate value of these securities was $0 representing 0.0% of net assets.

(4) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2011, the International Equities Fund held the following restricted securities:

Name	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Yamaichi Securities Co., Ltd. ADR
Common Stock	08/04/93		6,000	$	478,650	$	0	$	0.00		0.00	%

(5) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(6) At May 31, 2011, the Fund had loaned securities with a total value of $79,575,256. This was secured by collateral of $80,962,461, which was received in cash and subsequently invested in short-term investments currently valued at $80,900,394 as reported in the portfolio of investments. The remaining collateral with a value of $1,300,498 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the short-term pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range
United States Treasury Bills	zero coupon	07/28/11 to 05/03/12
United States Treasury Notes/Bonds	0.63% to 7.88%	09/30/11 to 05/15/40

123

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

(7) See Note 5 for cost of investments on a tax basis.

(8) Denominated in United States Dollars unless otherwise indicated.

ADR — American Depository Receipt

FDR — Federal Depository Receipt

PPS — Price Protected Shares

RSP — Risparmio Savings Shares

SDR — Swedish Depository Receipt

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of May 31, 2011		Appreciation (Depreciation)
	223	Long	Emini MSCI EAFE		June 2011	$	18,798,314	$	19,411,035	$	612,721
	20	Long	Nikkei 225 Index		June 2011		1,054,120		973,500		(80,620	)
										$	532,101

Currency Legend

EUR—Euro Dollar

GBP—British Pound

HKD–Hong Kong Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Australia	$	364,208	$	87,555,177	#	$	0	$	87,919,385
France		—		84,835,765	#		—		84,835,765
Germany		—		84,540,456	#		—		84,540,456
Japan		—		178,284,924	#		0		178,284,924
Switzerland		656,495		71,611,871	#		—		72,268,366
United Kingdom		—		207,036,755	#		—		207,036,755
Other Countries*		450,699		225,201,761	#		0		225,652,460
Exchange Traded Funds		56,125,681		—			—		56,125,681
Preferred Stock		—		4,236,180	#		—		4,236,180
Rights		434,931		—			—		434,931
Warrants		15		—			—		15
Foreign Corporate Bonds & Notes		—		24,554			—		24,554
Short-Term Investment Securities:
Collective Investment Pool		—		80,900,394			—		80,900,394
Time Deposits		—		14,231,000			—		14,231,000
U.S. Government Treasuries		—		2,949,882			—		2,949,882
Other Financial Instruments:+
Open Futures Contracts - Appreciation		612,721		—			—		612,721
Total	$	58,644,750	$	1,041,408,719		$	0	$	1,100,053,469
LIABILITIES:
Other Financial Instruments:+
Open Futures Contracts - Depreciation	$	80,620	$	—		$	—	$	80,620

* Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $943,302,889 representing 91.7% of net assets. See Note 2.

124

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:

	Common Stock
Balance as of 5/31/2010	$	383
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)(1)		(383	)
Net purchases (sales)		—
Transfers in and/or out of Level 3		—
Balance as of 5/31/2011	$	0

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at May 31, 2011 includes:

Common Stock
$	(383	)

See Notes to Financial Statements

125

VALIC Company I International Government Bond Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Sovereign	69.8	%
United States Treasury Notes	6.5
Banks — Commercial	4.7
Time Deposits	2.5
United States Treasury Bonds	2.4
Sovereign Agency	2.3
Real Estate Operations & Development	0.7
Telephone — Integrated	0.7
Special Purpose Entities	0.5
Transport — Services	0.5
Electric — Generation	0.4
Transport — Marine	0.4
Steel — Producers	0.4
Oil Companies — Integrated	0.4
Building & Construction Products — Misc.	0.4
Import/Export	0.4
Building Products — Cement	0.4
Regional Authority	0.4
Finance — Credit Card	0.3
SupraNational Banks	0.3
Telecom Services	0.3
Banks — Special Purpose	0.3
Investment Companies	0.3
Diamonds/Precious Stones	0.3
Oil Companies — Exploration & Production	0.3
Cellular Telecom	0.3
Electric — Integrated	0.2
Chemicals — Diversified	0.2
Metal — Diversified	0.2
Web Portals/ISP	0.2
Building — Heavy Construction	0.2
Gold Mining	0.2
Petrochemicals	0.2
Paper & Related Products	0.2
Finance — Auto Loans	0.1
Insurance — Multi-line	0.1
Medical — Drugs	0.1
Airlines	0.1
Diversified Financial Services	0.1
Food — Retail	0.1
Auto/Truck Parts & Equipment — Original	0.1
Banks — Super Regional	0.1
Forestry	0.1
	98.7	%

Country Allocation*

Japan	18.3	%
United States	12.5
Italy	5.9
Mexico	4.3
Philippines	3.2
Brazil	3.0
United Kingdom	2.9
Russia	2.7
Germany	2.7
Indonesia	2.7
Netherlands	2.4
Poland	2.3
Turkey	2.1
Venezuela	2.1
Spain	2.1
Cayman Islands	1.7
Colombia	1.6
South Africa	1.5
SupraNational	1.5

Canada	1.5
Ukraine	1.4
Hungary	1.3
Peru	1.3
France	1.3
Finland	1.2
Singapore	1.1
Panama	1.0
Sweden	1.0
Chile	1.0
Luxembourg	0.9
Norway	0.9
Argentina	0.9
New Zealand	0.8
Belgium	0.8
Ireland	0.7
Qatar	0.6
Australia	0.6
Dominican Republic	0.5
Byelorussian Ssr	0.4
Sri Lanka	0.4
Uruguay	0.3
South Korea	0.3
Thailand	0.3
Bermuda	0.3
Switzerland	0.3
Denmark	0.3
Malaysia	0.3
Kazakhstan	0.3
Portugal	0.2
United Arab Emirates	0.2
Austria	0.2
British Virgin Islands	0.2
Ivory Coast	0.2
India	0.1
El Salvador	0.1
	98.7	%

Credit Quality Allocation†#

Government — Treasury	9.3	%
AAA	15.8
AA	25.0
A	12.7
BBB	15.9
BB	13.0
B	5.1
Not Rated@	3.2
	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.

126

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Principal Amount(5)		Value (Note 2)
CORPORATE BONDS & NOTES — 15.4%
Argentina — 0.2%
Banco de Galicia y Buenos Aires Senior Notes 8.75% due 05/04/18*	$	310,000	$	311,550
Australia — 0.2%
Australia & New Zealand Banking Group, Ltd. Senior Notes 2.13% due 01/10/14*		400,000		405,586
Bermuda — 0.2%
Qtel International Finance, Ltd. Company Guar. Notes 3.38% due 10/14/16		350,000		346,500
Brazil — 0.8%
Banco ABC Brasil SA Sub. Notes 7.88% due 04/08/20*		290,000		293,944
Banco Cruzeiro do Sul SA Sub. Notes 8.88% due 09/22/20*		300,000		295,538
Banco do Brasil SA Sub. Notes 5.88% due 01/26/22*		375,000		367,950
Hypermarcas SA Notes 6.50% due 04/20/21*		270,000		269,325
Telemar Norte Leste SA Senior Notes 5.50% due 10/23/20*		300,000		294,360
				1,521,117
British Virgin Islands — 0.2%
Gold Fields Orogen Holding BVI, Ltd. Company Guar. Notes 4.88% due 10/07/20*		320,000		311,435
Canada — 0.1%
Sino-Forest Corp. Company Guar. Notes 6.25% due 10/21/17*		118,000		109,224
Cayman Islands — 1.7%
AES Andres Dominicana/Itabo Dominicana, Ltd. Company Guar. Notes 9.50% due 11/12/20*		265,000		282,623
Braskem Finance, Ltd. Company Guar. Notes 7.00% due 05/07/20*		280,000		307,860
China Resources Land, Ltd. Senior Notes 4.63% due 05/19/16*		350,000		348,263
Country Garden Holdings Co. Senior Notes 11.13% due 02/23/18*		250,000		260,625
Country Garden Holdings Co. Company Guar. Notes 11.25% due 04/22/17*		300,000		318,000
Fufeng Group, Ltd. Company Guar. Notes 7.63% due 04/13/16*		420,000		395,850
Longfor Properties Co., Ltd. Company Guar. Notes 9.50% due 04/07/16*		390,000		402,675
Marfrig Overseas, Ltd. Company Guar. Notes 9.50% due 05/04/20*		295,000		307,537

Security Description	Principal Amount(5)		Value (Note 2)
Cayman Islands (continued)
Marfrig Overseas, Ltd. Company Guar. Notes 9.50% due 05/04/20	$	100,000	$	104,250
Minerva Overseas II, Ltd. Company Guar. Notes 10.88% due 11/15/19		265,000		291,632
TAM Capital 3, Inc. Company Guar. Notes 8.38% due 06/03/21*		260,000		266,185
				3,285,500
Chile — 0.6%
Cencosud SA Company Guar. Notes 5.50% due 01/20/21*		245,000		244,078
Inversiones Alsacia SA Company Guar. Notes 8.00% due 08/18/18*		540,000		520,362
Inversiones CMPC SA Company Guar. Notes 4.75% due 01/19/18*		300,000		300,864
				1,065,304
Colombia — 0.2%
Emgesa SA ESP Senior Notes 8.75% due 01/25/21*	COP	752,000,000		444,155
Denmark — 0.3%
FIH Erhvervsbank A/S Government Liquidated Guar. Notes 2.13% due 03/21/13	EUR	350,000		504,808
France — 0.4%
Dexia Credit Local SA Government Liquidated Guar. Notes 2.38% due 09/23/11*		550,000		552,905
Valeo SA Senior Notes 4.88% due 05/11/18	EUR	100,000		146,691
				699,596
Germany — 0.2%
Rearden G Holdings EINS GmbH Company Guar. Notes 7.88% due 03/30/20*		325,000		356,265
India — 0.1%
ICICI Bank, Ltd. Senior Notes 5.75% due 11/16/20*		260,000		258,700
Ireland — 0.7%
Alfa Bank OJSC Via Alfa Bond Issuance PLC Company Guar. Notes 7.88% due 09/25/17*		355,000		373,941
Irish Life & Permanent PLC Government Liquidated Guar. Notes 3.13% due 04/22/13	EUR	217,000		261,029
VEB-Leasing Via VEB Leasing Investment Ltd Senior Notes 5.13% due 05/27/16		230,000		231,725
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC Notes 7.75% due 02/02/21*		450,000		475,484
				1,342,179

127

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount(5)		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Italy — 0.6%
Banco Popolare SC Senior Notes 4.00% due 04/06/13	EUR	350,000	$	504,647
Telecom Italia SpA Notes 4.75% due 05/25/18	EUR	400,000		575,693
				1,080,340
Kazakhstan — 0.3%
KazMunayGas National Co. Senior Notes 6.38% due 04/09/21*		465,000		495,830
Luxembourg — 0.7%
ALROSA Finance SA Company Guar. Notes 7.75% due 11/03/20*		455,000		498,324
Evraz Group SA Notes 6.75% due 04/27/18*		350,000		351,615
Severstal OAO Via Steel Capital SA Notes 6.70% due 10/25/17*		440,000		463,350
				1,313,289
Mexico — 0.7%
Comision Federal de Electricidad Senior Notes 4.88% due 05/26/21*		210,000		208,687
Corp GEO SAB de CV Company Guar. Notes 9.25% due 06/30/20*		140,000		152,950
Desarrolladora Homex SAB de CV Company Guar. Notes 9.50% due 12/11/19*		270,000		294,300
Empresas ICA SAB de CV Company Guar. Notes 8.90% due 02/04/21*		310,000		325,500
Urbi Desarrollos Urbanos SAB de CV Company Guar. Notes 9.50% due 01/21/20*		245,000		271,950
				1,253,387
Netherlands — 1.1%
Allianz Finance II BV FRS Company Guar. Notes 5.75% due 07/08/41	EUR	200,000		280,814
GTB Finance B.V. Company Guar. Notes 7.50% due 05/19/16*		420,000		420,466
Marfrig Holding Europe BV Company Guar. Notes 8.38% due 05/09/18*		300,000		295,950
MDC-GMTN B.V. Company Guar. Notes 3.75% due 04/20/16*		300,000		303,388
Rabobank Nederland NV Senior Notes 4.20% due 05/13/14*		700,000		752,870
				2,053,488
New Zealand — 0.8%
ANZ National (International), Ltd. Government Liquidated Guar. Notes 3.25% due 04/02/12*		700,000		716,611

Security Description	Principal Amount(5)		Value (Note 2)
New Zealand (continued)
Westpac Securities New Zealand, Ltd. Government Liquidated Guar. Notes 3.45% due 07/28/14*	$	800,000	$	853,850
				1,570,461
Peru — 0.3%
Banco de Credito del Peru Senior Notes 4.75% due 03/16/16*		320,000		315,627
Banco Internacional del Peru SAA Senior Notes 5.75% due 10/07/20*		300,000		288,000
				603,627
Portugal — 0.2%
BANIF SGPS SA Government Liquidated Guar. Notes 3.25% due 05/08/12	EUR	350,000		475,424
Singapore — 0.4%
PSA International Pte, Ltd. Senior Bonds 5.75% due 06/29/11*		860,000		862,912
South Africa — 0.3%
Eskom Holdings, Ltd. Senior Notes 5.75% due 01/26/21*		280,000		293,300
Transnet, Ltd. Senior Notes 4.50% due 02/10/16*		300,000		310,512
				603,812
Spain — 0.4%
BBVA Senior Finance SAU Bank Guar. Notes 2.75% due 09/10/12	EUR	300,000		429,707
CEAMI Guaranteed Bonds I Government Liquidated Guar. Notes 3.13% due 06/22/12	EUR	200,000		286,762
				716,469
SupraNational — 0.6%
European Investment Bank Senior Notes 3.50% due 04/15/16	EUR	400,000		594,060
European Union Government Guar. Bonds 2.50% due 12/04/15	EUR	400,000		572,035
				1,166,095
Sweden — 0.1%
Skandinaviska Enskilda Banken AB Senior Notes 3.75% due 05/19/16	EUR	150,000		217,169
Thailand — 0.3%
Bangkok Bank PCL Senior Notes 4.80% due 10/18/20*		300,000		291,168
Bangkok Bank PCL Senior Notes 4.80% due 10/18/20		300,000		291,167
				582,335

128

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount(5)		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Turkey — 0.2%
Finansbank AS Senior Notes 5.50% due 05/11/16*	$	350,000	$	336,000
United Arab Emirates — 0.2%
Dubai Electricity & Water Authority Senior Notes 7.38% due 10/21/20*		450,000		463,500
United Kingdom — 0.8%
Royal Bank of Scotland PLC Government Liquidated Guar. Notes 2.63% due 05/11/12*		300,000		306,075
Royal Bank of Scotland PLC Senior Notes 4.75% due 05/18/16	EUR	150,000		216,531
Vedanta Resources PLC Senior Notes 8.25% due 06/07/21*		365,000		366,825
Virgin Media Secured Finance PLC Senior Sec. Notes 5.50% due 01/15/21	GBP	350,000		569,992
				1,459,423
United States — 1.1%
American Express Credit Corp Senior Notes 1.65% due 11/01/11	JPY	50,000,000		614,454
American Honda Finance Corp. Senior Notes 3.88% due 09/16/14	EUR	200,000		296,265
BB&T Corp. Senior Notes 3.20% due 03/15/16		400,000		408,181
Cemex Finance LLC Senior Sec. Notes 9.50% due 12/14/16		315,000		335,892
Fifth Third Bancorp Senior Notes 3.63% due 01/25/16		112,000		114,567
Google, Inc. Senior Notes 3.63% due 05/19/21		350,000		347,249
				2,116,608
Venezuela — 0.4%
Petroleos de Venezuela SA Company Guar. Notes 5.38% due 04/12/27		300,000		142,500
Petroleos de Venezuela SA Company Guar. Notes 8.50% due 11/02/17		830,000		587,225
				729,725
Total Corporate Bonds & Notes
(cost $28,088,104)				29,061,813
GOVERNMENT AGENCIES — 64.5%
Argentina — 0.7%
Republic of Argentina Notes 2.50% due 12/31/38(1)		1,372,134		587,959
Republic of Argentina Senior Bonds 8.28% due 12/31/33		824,803		723,765
				1,311,724

Security Description	Principal Amount(5)		Value (Note 2)
Australia — 0.4%
New South Wales Treasury Corp. Local Government Guar. 6.00% due 04/01/16	AUD	600,000	$	657,858
Austria — 0.2%
Republic of Austria Senior Notes 3.50% due 09/15/21*	EUR	300,000		433,543
Belgium — 0.8%
Kingdom of Belgium Bonds 4.00% due 03/28/17	EUR	945,000		1,383,748
Kingdom of Belgium Bonds 4.25% due 03/28/41	EUR	100,000		134,972
				1,518,720
Bermuda — 0.1%
Government of Bermuda Senior Notes 5.60% due 07/20/20*		155,000		169,337
Brazil — 2.2%
Federal Republic of Brazil Senior Notes 4.88% due 01/22/21		1,440,000		1,513,440
Federal Republic of Brazil Senior Notes 5.63% due 01/07/41		717,000		730,264
Federal Republic of Brazil Senior Bonds 7.13% due 01/20/37		300,000		364,500
Federal Republic of Brazil Notes 8.00% due 01/15/18		412,222		494,667
Federal Republic of Brazil Notes 8.75% due 02/04/25		794,000		1,108,821
				4,211,692
Byelorussian Ssr — 0.4%
Republic of Belarus Bonds 8.75% due 08/03/15		470,000		415,950
Republic of Belarus Senior Notes 8.95% due 01/26/18		480,000		415,200
				831,150
Canada — 1.4%
Government of Canada Bonds 1.25% due 06/01/11	CAD	850,000		877,355
Government of Canada Notes 1.50% due 03/01/12	CAD	1,100,000		1,138,001
Government of Canada Bonds 5.00% due 06/01/37	CAD	500,000		645,642
				2,660,998
Chile — 0.4%
Republic of Chile Bonds 5.50% due 08/05/20	CLP	343,000,000		740,374

129

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount(5)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Colombia — 1.4%
Republic of Colombia Senior Bonds 6.13% due 01/18/41	$	540,000	$	585,900
Republic of Colombia Senior Bonds 7.38% due 09/18/37		840,000		1,052,100
Republic of Colombia Senior Bonds 8.13% due 05/21/24		260,000		343,200
Republic of Colombia Bonds 9.85% due 06/28/27	COP	960,000,000		722,874
				2,704,074
Dominican Republic — 0.5%
Dominican Republic Senior Notes 7.50% due 05/06/21*		230,000		241,500
Dominican Republic Senior Notes 7.50% due 05/06/21		600,000		630,000
				871,500
El Salvador — 0.1%
Republic of El Salvador Senior Bonds 8.25% due 04/10/32		200,000		223,000
Finland — 1.2%
Government of Finland Senior Notes 3.13% due 09/15/14	EUR	100,000		148,607
Government of Finland Senior Bonds 3.38% due 04/15/20	EUR	1,160,000		1,690,840
Government of Finland Senior Bonds 4.38% due 07/04/19	EUR	320,000		501,571
				2,341,018
France — 0.9%
Government of France Bonds 3.25% due 04/25/16	EUR	850,000		1,257,974
Government of France Bonds 4.00% due 04/25/60	EUR	350,000		502,275
Government of France Bonds 5.50% due 04/25/29	EUR	347		602
				1,760,851
Germany — 2.5%
Federal Republic of Germany Bonds 1.50% due 03/15/13	EUR	600,000		862,691
Federal Republic of Germany Bonds 3.25% due 07/04/42	EUR	300,000		408,973
Federal Republic of Germany Bonds 3.75% due 01/04/17	EUR	550,000		844,718
Federal Republic of Germany Bonds 4.00% due 01/04/37	EUR	605,000		926,473

Security Description	Principal Amount(5)		Value (Note 2)
Germany (continued)
Federal Republic of Germany Bonds 4.25% due 07/04/39	EUR	100,000	$	161,378
Federal Republic of Germany Bonds 4.75% due 07/04/28	EUR	900,000		1,490,167
				4,694,400
Hungary — 1.3%
Republic of Hungary Bonds 5.50% due 02/12/14	HUF	60,000,000		316,436
Republic of Hungary Bonds 5.50% due 02/12/16	HUF	66,000,000		336,631
Republic of Hungary Bonds 6.38% due 03/29/21		670,000		700,988
Republic of Hungary Bonds 7.63% due 03/29/41		1,098,000		1,185,840
				2,539,895
Indonesia — 2.7%
Republic of Indonesia Senior Notes 4.88% due 05/05/21*		930,000		943,950
Republic of Indonesia Senior Bonds 5.88% due 03/13/20		550,000		602,938
Republic of Indonesia Bonds 6.63% due 02/17/37		640,000		708,997
Republic of Indonesia Senior Bonds 6.88% due 01/17/18		1,130,000		1,307,975
Republic of Indonesia Senior Bonds 8.50% due 10/12/35		670,000		896,125
Republic of Indonesia Senior Notes 11.63% due 03/04/19		390,000		570,375
				5,030,360
Ivory Coast — 0.2%
Republic of Ivory Coast Senior Bonds 2.50% due 12/31/32(2)		560,000		296,800
Japan — 18.3%
Government of Japan Senior Bonds 0.20% due 06/15/12	JPY	170,000,000		2,086,516
Government of Japan Senior Bonds 0.40% due 06/20/15	JPY	32,400,000		398,427
Government of Japan Senior Bonds 0.40% due 09/20/15	JPY	80,000,000		982,803
Government of Japan Senior Bonds 0.50% due 12/20/14	JPY	274,000,000		3,386,097
Government of Japan Senior Bonds 0.80% due 03/20/13	JPY	360,000,000		4,465,886

130

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount(5)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Japan (continued)
Government of Japan Senior Bonds 1.00% due 09/20/20	JPY	145,000,000	$	1,765,382
Government of Japan Senior Bonds 1.30% due 12/20/19	JPY	190,000,000		2,393,130
Government of Japan Senior Bonds 1.40% due 09/20/13	JPY	145,000,000		1,828,199
Government of Japan Senior Bonds 1.40% due 12/20/14	JPY	34,000,000		433,112
Government of Japan Senior Bonds 1.40% due 12/20/15	JPY	42,850,000		549,508
Government of Japan Senior Bonds 1.50% due 09/20/18	JPY	190,000,000		2,451,485
Government of Japan Senior Bonds 1.70% due 12/20/16	JPY	266,000,000		3,475,639
Government of Japan Senior Bonds 1.70% due 09/20/17	JPY	228,000,000		2,984,937
Government of Japan Bonds 1.70% due 03/20/18	JPY	30,000,000		392,742
Government of Japan Senior Bonds 2.00% due 03/20/25	JPY	134,700,000		1,739,325
Government of Japan Senior Bonds 2.00% due 09/20/40	JPY	181,000,000		2,184,429
Government of Japan Senior Bonds 2.10% due 03/20/27	JPY	160,000,000		2,062,536
Government of Japan Senior Bonds 2.10% due 09/20/29	JPY	85,000,000		1,076,640
				34,656,793
Luxembourg — 0.2%
European Financial Stability Facility Government Guar. Notes 2.75% due 07/18/16	EUR	318,000		456,364
Malaysia — 0.3%
Federation of Malaysia Senior Bonds 3.21% due 05/31/13	MYR	1,500,000		498,101
Mexico — 3.6%
United Mexican States Senior Notes 5.13% due 01/15/20		634,000		681,550
United Mexican States Senior Notes 6.05% due 01/11/40		650,000		689,975
United Mexican States Bonds 6.50% due 06/10/21	MXN	126,000		1,056,669
United Mexican States Bonds 7.00% due 06/19/14	MXN	211,300		1,895,735
United Mexican States Senior Notes 7.50% due 04/08/33		440,000		553,300

Security Description	Principal Amount(5)		Value (Note 2)
Mexico (continued)
United Mexican States Bonds 8.00% due 06/11/20	MXN	37,000	$	345,511
United Mexican States Senior Bonds 8.30% due 08/15/31		610,000		832,650
United Mexican States Bonds 8.50% due 05/31/29	MXN	38,800		367,149
United Mexican States Bonds 10.00% due 12/05/24	MXN	32,000		346,468
				6,769,007
Netherlands — 1.3%
Government of Netherlands Bonds 3.25% due 07/15/21	EUR	1,250,000		1,791,031
Government of Netherlands Bonds 4.00% due 07/15/19	EUR	410,000		628,047
				2,419,078
Norway — 0.9%
Kingdom of Norway Bonds 6.50% due 05/15/13	NOK	8,800,000		1,759,505
Panama — 1.0%
Republic of Panama Bonds 5.20% due 01/30/20		770,000		831,985
Republic of Panama Bonds 6.70% due 01/26/36		950,000		1,109,125
				1,941,110
Peru — 1.0%
Republic of Peru Senior Bonds 5.63% due 11/18/50		250,000		234,375
Republic of Peru Senior Bonds 6.55% due 03/14/37		255,000		281,137
Republic of Peru Senior Bonds 7.35% due 07/21/25		821,000		993,410
Republic of Peru Senior Bonds 8.75% due 11/21/33		280,000		380,380
				1,889,302
Philippines — 3.2%
Republic of the Philippines Bonds 4.00% due 01/15/21		760,000		739,100
Republic of the Philippines Senior Bonds 6.25% due 01/14/36	PHP	19,000,000		424,931
Republic of the Philippines Senior Bonds 6.50% due 01/20/20		1,265,000		1,456,331
Republic of the Philippines Senior Bonds 7.75% due 01/14/31		290,000		356,700

131

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount(5)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Philippines (continued)
Republic of Philippines Bonds 8.38% due 06/17/19	$	1,400,000	$	1,793,750
Republic of the Philippines Senior Notes 9.50% due 02/02/30		340,000		485,775
Republic of the Philippines Senior Bonds 10.63% due 03/16/25		500,000		751,250
				6,007,837
Poland — 2.3%
Republic of Poland Bonds 5.13% due 04/21/21		2,020,000		2,093,225
Government of Poland Bonds 5.25% due 10/25/20	PLN	1,900,000		657,170
Government of Poland Bonds 5.75% due 04/25/14	PLN	1,400,000		517,326
Government of Poland Bonds 6.25% due 10/24/15	PLN	1,500,000		561,842
Government of Poland Senior Bonds 6.38% due 07/15/19		389,000		443,390
				4,272,953
Qatar — 0.6%
State of Qatar Bonds 5.25% due 01/20/20		640,000		688,000
State of Qatar Bonds 6.55% due 04/09/19		400,000		469,000
				1,157,000
Russia — 2.7%
Russian Federation Senior Bonds 5.00% due 04/29/20*		600,000		611,640
Russian Federation Senior Bonds 7.50% due 03/31/30(1)		1,734,325		2,043,260
Russian Federation Bonds 7.85% due 03/10/18*	RUB	20,000,000		749,266
Russian Federation Notes 12.75% due 06/24/28		970,000		1,726,600
				5,130,766
Singapore — 0.7%
Republic of Singapore Senior Bonds 2.38% due 04/01/17	SGD	870,000		738,976
Republic of Singapore Senior Bonds 3.25% due 09/01/20	SGD	660,000		572,912
				1,311,888
South Africa — 1.2%
Republic of South Africa Senior Notes 5.88% due 05/30/22		530,000		587,637

Security Description	Principal Amount(5)		Value (Note 2)
South Africa (continued)
Republic of South Africa Bonds 6.25% due 03/08/41	$	235,000	$	255,563
Republic of South Africa Bonds 7.25% due 01/15/20	ZAR	5,300,000		729,972
Republic of South Africa Bonds 10.50% due 12/21/26	ZAR	3,900,000		669,437
				2,242,609
South Korea — 0.3%
Republic of South Korea Senior Bonds 7.13% due 04/16/19		500,000		604,567
Spain — 1.7%
Kingdom of Spain Bonds 2.30% due 04/30/13	EUR	350,000		492,553
Kingdom of Spain Government Guar. Notes 3.00% due 11/19/14	EUR	350,000		471,958
Kingdom of Spain Bonds 3.63% due 06/17/13		250,000		258,225
Kingdom of Spain Senior Bonds 4.60% due 07/30/19	EUR	350,000		487,579
Kingdom of Spain Senior Bonds 4.70% due 07/30/41	EUR	300,000		359,130
Kingdom of Spain Bonds 5.50% due 04/30/21	EUR	800,000		1,160,363
				3,229,808
Sri Lanka — 0.4%
Republic of Sri Lanka Senior Notes 6.25% due 10/04/20		700,000		700,000
SupraNational — 0.9%
European Union Notes 2.75% due 06/03/16	EUR	400,000		574,683
European Union Senior Notes 3.25% due 04/04/18	EUR	355,000		515,293
European Union Notes 3.50% due 06/04/21	EUR	400,000		574,188
				1,664,164
Sweden — 0.9%
Kingdom of Sweden Bonds 5.50% due 10/08/12	SEK	9,800,000		1,655,763
Switzerland — 0.3%
Swiss Confederation Bonds 2.00% due 10/12/16	CHF	420,000		509,049
Turkey — 1.9%
Republic of Turkey Bonds zero coupon due 02/20/13	TRY	600,000		323,931

132

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount(5)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Turkey (continued)
Republic of Turkey Senior Notes 6.75% due 04/03/18	$	540,000	$	612,900
Republic of Turkey Senior Notes 6.88% due 03/17/36		315,000		346,500
Republic of Turkey Senior Bonds 7.00% due 09/26/16		530,000		607,513
Republic of Turkey Senior Notes 7.00% due 06/05/20		230,000		264,788
Republic of Turkey Senior Notes 7.38% due 02/05/25		570,000		673,312
Republic of Turkey Senior Notes 7.50% due 11/07/19		310,000		368,125
Republic of Turkey Senior Notes 8.00% due 02/14/34		387,000		479,880
				3,676,949
Ukraine — 1.4%
Financing of Infrastrucural Projects State Enterprise Govt. Guar. Bonds 7.40% due 04/20/18		810,000		801,900
Ukraine Government Bonds 6.58% due 11/21/16		330,000		334,125
Ukraine Government Bonds 7.75% due 09/23/20		330,000		338,250
Ukraine Government Senior Notes 7.95% due 02/23/21		840,000		866,250
Ukraine Government Senior Notes 7.95% due 02/23/21*		350,000		356,875
				2,697,400
Uruguay — 0.3%
Republic of Uruguay Bonds 8.00% due 11/18/22		510,000		649,740
Venezuela — 1.7%
Republic of Venezuela Senior Bonds 5.75% due 02/26/16		510,000		378,675
Republic of Venezuela Senior Bonds 8.50% due 10/08/14		675,000		610,875
Republic of Venezuela Bonds 9.00% due 05/07/23		470,000		321,245
Republic of Venezuela Bonds 12.75% due 08/23/22		2,290,000		1,969,400
				3,280,195
Total Government Agencies
(cost $114,885,561)				122,177,242

Security Description	Principal Amount(5)		Value (Note 2)
GOVERNMENT TREASURIES — 16.3%
Italy — 5.3%
Republic of Italy Bonds 2.00% due 06/01/13	EUR	350,000	$	495,037
Republic of Italy Bonds 3.00% due 11/01/15	EUR	1,800,000		2,501,451
Republic of Italy Bonds 3.75% due 08/01/16	EUR	700,000		1,001,527
Republic of Italy Bonds 4.25% due 09/01/19	EUR	1,200,000		1,706,784
Republic of Italy Bonds 4.50% due 02/01/18	EUR	230,000		335,527
Republic of Italy Bonds 4.75% due 09/01/21	EUR	700,000		1,008,780
Republic of Italy Senior Bonds 5.00% due 03/01/25	EUR	275,000		396,920
Republic of Italy Bonds 5.00% due 09/01/40	EUR	1,200,000		1,608,833
Republic of Italy Bonds 9.00% due 11/01/23	EUR	532,912		1,051,285
				10,106,144
United Kingdom — 2.1%
Government of United Kingdom Bonds 4.00% due 09/07/16	GBP	370,000		659,703
Government of United Kingdom Bonds 4.25% due 03/07/36	GBP	1,175,000		1,971,976
Government of United Kingdom Bonds 4.50% due 03/07/13	GBP	350,000		611,791
Government of United Kingdom Bonds 5.25% due 06/07/12	GBP	400,000		688,189
				3,931,659
United States — 8.9%
United States Treasury Bonds 2.50% due 07/15/16 TIPS(3)	$	481,193		552,131
4.38% due 11/15/39		165,000		169,615
4.75% due 02/15/41		1,300,000		1,419,235
5.38% due 02/15/31		700,000		839,125
5.50% due 08/15/28		1,250,000		1,515,235
United States Treasury Notes 0.63% due 01/31/13		1,200,000		1,205,203
1.13% due 12/15/12		400,000		404,922
1.25% due 09/30/15		1,700,000		1,690,437
1.38% due 05/15/12		2,300,000		2,325,337
1.38% due 11/30/15		500,000		498,125
1.50% due 07/15/12		1,400,000		1,419,907
1.75% due 04/15/13		500,000		512,345
2.13% due 12/31/15		700,000		719,524
2.38% due 08/31/14		1,650,000		1,727,989
2.38% due 09/30/14		700,000		733,250
2.38% due 03/31/16		88,000		91,135

133

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount(5)			Value (Note 2)
GOVERNMENT TREASURIES (continued)
United States (continued)
3.00% due 08/31/16	$	208,000		$	220,935
4.50% due 11/15/15		700,000			793,351
					16,837,801
Total Government Treasuries
(cost $30,125,858)					30,875,604
Total Long-Term Investment Securities
(cost $173,099,523)					182,114,659
SHORT-TERM INVESTMENT SECURITIES — 2.5%
Time Deposits — 2.5%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11 (cost $4,796,000)	$	4,796,000			4,796,000
TOTAL INVESTMENTS
(cost $177,895,523)(4)		98.7	%		186,910,659
Other assets less liabilities		1.3			2,398,666
NET ASSETS —		100.0	%	$	189,309,325

* 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 May 31, 2011, the aggregate value of these securities was $22,820,955 representing 12.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflects the increased rate.

(2) Bond is in default.

(3) Principal amount of security is adjusted for inflation.

(4) See Note 5 for cost of investments on a tax basis.

(5) Denominated in United States Dollars unless otherwise indicated.

TIPS—Treasury Inflation Protected Securities

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at May 31, 2011 and unless noted otherwise, the dates shown are the original maturity dates.

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Gross Unrealized Appreciation		Gross Unrealized Depreciation
State Street Bank London	JPY	87,000,000	USD	1,045,673		7/19/2011	$	–	$	(21,858	)
UBS AG London	EUR	951,734	GBP	840,000		7/19/2011		12,903		–
	GBP	300,000	EUR	333,686		7/19/2011		–		(13,549	)
	JPY	44,000,000	USD	537,126		7/19/2011		–		(2,775	)
								12,903		(16,324	)
							$	12,903	$	(38,182	)

Currency Legend

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Switzerland Franc

CLP—Chilean Peso

COP—Colombian Peso

EUR—Euro Dollar

GBP—British Pound

HUF—Hungary Forint

JPY—Japanese Yen

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

PHP—Phillipine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

TRY—Turkish Lira

ZAR—South African Rad

134

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Corporate Bonds & Notes	$	—	$	29,061,813	$	—	$	29,061,813
Government Agencies		—		122,177,242		—		122,177,242
Government Treasuries		—		30,875,604		—		30,875,604
Short-Term Investment Securities:
Time Deposits		—		4,796,000		—		4,796,000
Other Financial Instruments:+
Open Forward Foreign Currency Contracts - Appreciation		12,903		—		—		12,903
Total	$	12,903	$	186,910,659	$	—	$	186,923,562
LIABILITIES:
Other Financial Instruments:+
Open Forward Foreign Currency Contracts - Depreciation	$	38,182	$	—	$	—	$	38,182

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements

135

VALIC Company I International Growth I Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	7.8	%
Banks — Commercial	7.2
Diversified Banking Institutions	5.1
Medical — Drugs	4.2
Food — Misc.	4.1
Oil Companies — Integrated	3.6
Auto — Cars/Light Trucks	3.5
Cellular Telecom	2.5
Diversified Operations	2.2
Chemicals — Diversified	2.2
Diversified Minerals	2.2
Time Deposits	2.2
Industrial Gases	2.0
Food — Retail	2.0
Oil — Field Services	1.9
Brewery	1.7
Oil Companies — Exploration & Production	1.7
Tobacco	1.4
Computer Services	1.4
Soap & Cleaning Preparation	1.3
Agricultural Chemicals	1.3
Transport — Rail	1.3
Beverages — Wine/Spirits	1.2
Power Converter/Supply Equipment	1.2
Electronic Components — Misc.	1.2
Metal — Diversified	1.1
Web Portals/ISP	1.1
Machinery — Construction & Mining	1.1
Wireless Equipment	1.0
Electronic Components — Semiconductors	1.0
Human Resources	1.0
Insurance — Property/Casualty	1.0
Retail — Apparel/Shoe	1.0
Insurance — Multi-line	1.0
Semiconductor Components — Integrated Circuits	1.0
Distribution/Wholesale	1.0
Engineering/R&D Services	1.0
Industrial Automated/Robotic	1.0
Auto/Truck Parts & Equipment — Original	1.0
Food — Catering	0.9
Enterprise Software/Service	0.9
Diversified Manufacturing Operations	0.9
Multimedia	0.8
Office Automation & Equipment	0.8
Medical Products	0.8
Commercial Services	0.7
Retail — Jewelry	0.7
Medical — Generic Drugs	0.7
Cosmetics & Toiletries	0.6
Electric — Integrated	0.6
Dialysis Centers	0.6
Gas — Distribution	0.6
E-Commerce/Services	0.6
Electronics — Military	0.6
Electric Products — Misc.	0.6
Building Products — Cement	0.6
Import/Export	0.5
Aerospace/Defense — Equipment	0.5
Athletic Footwear	0.5
Telephone — Integrated	0.5
Cable/Satellite TV	0.5
Apparel Manufacturers	0.5
Finance — Leasing Companies	0.5
Satellite Telecom	0.5
Retail — Building Products	0.5
Finance — Other Services	0.4
Rubber — Tires	0.4
Retail — Consumer Electronics	0.4
Advertising Services	0.4

Machinery — General Industrial	0.4
Metal — Copper	0.4
Cruise Lines	0.4
Hotels/Motels	0.4
Retail — Misc./Diversified	0.4
Oil & Gas Drilling	0.3
Retail — Convenience Store	0.3
Publishing — Books	0.3
Casino Hotels	0.3
Retail — Home Furnishings	0.3
Filtration/Separation Products	0.3
Transport — Services	0.3
Optical Supplies	0.3
Real Estate Operations & Development	0.3
Steel — Producers	0.3
Chemicals — Specialty	0.3
Telecom Services	0.2
Machinery — Farming	0.2
Investment Management/Advisor Services	0.2
Electronic Measurement Instruments	0.2
Medical — Biomedical/Gene	0.2
Telecommunication Equipment	0.2
Rubber & Vinyl	0.2
Beverages — Non-alcoholic	0.2
Precious Metals	0.2
Insurance — Reinsurance	0.2
Paper & Related Products	0.2
Broadcast Services/Program	0.2
Publishing — Periodicals	0.2
Semiconductor Equipment	0.2
Transactional Software	0.1
Retail — Restaurants	0.1
Finance — Investment Banker/Broker	0.1
Investment Companies	0.1
Advertising Sales	0.1
Electric — Transmission	0.1
	107.5	%

Country Allocation*

United Kingdom	18.2	%
Japan	10.6
France	10.5
United States	10.2
Switzerland	10.1
Germany	8.2
Netherlands	3.7
Australia	3.7
Sweden	3.4
Canada	2.8
South Korea	2.0
Jersey	2.0
Taiwan	1.9
Italy	1.5
Spain	1.4
Singapore	1.4
Hong Kong	1.4
Bermuda	1.3
Denmark	1.2
Belgium	1.1
Russia	1.1
Cayman Islands	1.1
India	1.0
Ireland	0.9
Mexico	0.8
China	0.8
Brazil	0.7
Israel	0.7

136

VALIC Company I International Growth I Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited) — (continued)

Country Allocation* (continued)

Portugal	0.6	%
Poland	0.5
Luxembourg	0.5
Norway	0.5
Indonesia	0.5
Finland	0.3
Turkey	0.3
South Africa	0.3
Czech Republic	0.2
Austria	0.1
	107.5	%

* Calculated as a percentage of net assets

137

VALIC Company I International Growth I Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 96.9%
Australia — 3.7%
BHP Billiton, Ltd.(1)		164,718	$	7,855,343
Cochlear, Ltd.(1)		15,707		1,341,754
Commonwealth Bank of Australia(1)		26,680		1,444,733
CSL, Ltd.(1)		40,191		1,458,316
Iluka Resources, Ltd.(1)		71,310		1,196,864
QBE Insurance Group, Ltd.(1)		140,755		2,662,982
Wesfarmers, Ltd.(1)		58,670		2,087,784
Westpac Banking Corp.(1)		95,640		2,265,733
WorleyParsons, Ltd.(1)		75,307		2,418,311
				22,731,820
Austria — 0.1%
Erste Group Bank AG#(1)		17,847		891,179
Belgium — 1.1%
Anheuser - Busch InBev NV(1)		96,976		5,858,671
Umicore SA(1)		22,510		1,242,224
				7,100,895
Bermuda — 1.3%
Esprit Holdings, Ltd.(1)		257,200		968,451
Li & Fung, Ltd.†#(1)(6)		1,878,800		4,210,260
Seadrill, Ltd.#(1)		55,580		2,017,334
VimpelCom, Ltd. ADR		46,434		653,791
				7,849,836
Brazil — 0.1%
BM&FBovespa SA		126,000		904,022
Canada — 2.8%
Agrium, Inc.		11,887		1,043,249
Canadian National Railway Co. (New York)		52,760		4,130,053
Canadian National Railway Co. (Toronto)		45,705		3,574,411
Canadian Natural Resources, Ltd.		31,502		1,371,151
Cenovus Energy, Inc.#		39,858		1,472,794
Encana Corp.#		29,780		1,014,951
Fairfax Financial Holdings, Ltd.		3,129		1,206,256
Suncor Energy, Inc.#		68,182		2,846,635
Talisman Energy, Inc.#		40,184		848,598
				17,508,098
Cayman Islands — 1.1%
Baidu, Inc. ADR†		23,980		3,254,326
Ctrip.com International, Ltd. ADR†		16,640		748,800
Focus Media Holding, Ltd. ADR†#		21,239		663,718
Wynn Macau, Ltd.#(1)		531,476		1,869,012
				6,535,856
China — 0.8%
Industrial & Commercial Bank of China, Ltd. Class H(1)		5,865,615		4,944,561
Czech Republic — 0.2%
Komercni Banka AS(1)		4,201		1,001,725
Denmark — 1.2%
Christian Hansen Holding A/S(1)		33,120		797,300
Novo Nordisk A/S, Class B(1)		52,021		6,530,766
				7,328,066
Finland — 0.3%
Fortum Oyj(1)		38,750		1,299,018
Kone Oyj, Class B(1)		13,520		854,335
				2,153,353
France — 10.5%
Accor SA#(1)		47,578		2,185,864
Air Liquide SA(1)		45,185		6,286,579

Security Description	Shares		Value (Note 2)
France (continued)
Alcatel - Lucent†(1)		249,930	$	1,414,726
BNP Paribas SA#(1)		65,752		5,144,240
Cap Gemini SA#(1)		31,789		1,821,125
Cie Generale d’Optique Essilor International SA(1)		22,210		1,804,850
Cie Generale des Etablissements Michelin, Class B(1)		13,017		1,222,113
Danone(1)		125,834		9,233,658
Eutelsat Communications SA(1)		63,522		2,824,307
Lafarge SA(1)		18,370		1,269,990
Legrand SA#(1)		46,906		1,988,605
LVMH Moet Hennessy Louis Vuitton SA#(1)		40,323		7,055,693
Pernod - Ricard SA(1)		38,336		3,886,010
Publicis Groupe SA#(1)		46,503		2,566,083
Safran SA(1)		88,490		3,616,877
Schneider Electric SA(1)		43,729		7,219,423
Technip SA(1)		32,930		3,548,699
Total SA#(1)		18,871		1,092,304
Zodiac Aerospace(1)		9,180		739,693
				64,920,839
Germany — 8.2%
Adidas AG(1)		43,159		3,251,263
Allianz SE(1)		21,000		2,903,772
BASF SE(1)		34,660		3,202,362
Bayer AG(1)		53,901		4,418,039
Bayerische Motoren Werke AG(1)		52,691		4,672,174
Beiersdorf AG(1)		40,719		2,702,175
Deutsche Boerse AG#(1)		24,853		1,964,973
Fresenius Medical Care AG & Co. KGaA#(1)		53,100		3,854,465
Kabel Deutschland Holding AG†(1)		44,320		3,027,439
Linde AG#(1)		36,690		6,206,240
MAN SE(1)		10,600		1,475,648
Merck KGaA(1)		18,062		1,985,309
SAP AG#(1)		91,875		5,716,946
Siemens AG(1)		26,790		3,585,068
ThyssenKrupp AG(1)		34,980		1,666,052
				50,631,925
Hong Kong — 1.4%
China Unicom Hong Kong, Ltd.#(1)		610,000		1,355,199
China Unicom Hong Kong, Ltd. ADR#		124,152		2,741,276
CNOOC, Ltd.#(1)		857,000		2,165,678
Hutchison Whampoa, Ltd.(1)		160,000		1,853,373
Sun Hung Kai Properties, Ltd.(1)		29,000		451,545
				8,567,071
India — 1.0%
ICICI Bank, Ltd. ADR#		50,850		2,425,037
Infosys Technologies, Ltd. ADR#		56,306		3,476,895
				5,901,932
Indonesia — 0.5%
Bank Mandiri Tbk PT(1)		3,335,495		2,820,888
Ireland — 0.9%
Accenture PLC, Class A#		57,323		3,289,767
Anglo Irish Bank Corp., Ltd.†(2)		58,907		0
CRH PLC(1)		95,260		2,078,000
				5,367,767
Israel — 0.7%
Teva Pharmaceutical Industries, Ltd. ADR		80,716		4,108,444
Italy — 1.5%
Pirelli & C. SpA#(1)		148,040		1,476,136
Saipem SpA#(1)		95,799		5,060,928

138

VALIC Company I International Growth I Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Italy (continued)
UniCredit SpA#(1)		1,304,770	$	2,976,562
				9,513,626
Japan — 10.6%
Aeon Credit Service Co., Ltd.#(1)		15,000		191,138
Canon, Inc.(1)		104,100		5,020,337
Denso Corp.(1)		86,200		3,092,192
FANUC Corp.(1)		39,100		6,010,483
Honda Motor Co., Ltd.(1)		41,900		1,599,803
Hoya Corp.(1)		105,300		2,188,333
Inpex Corp.(1)		395		2,860,021
JSR Corp.(1)		69,600		1,381,749
Keyence Corp.#(1)		5,600		1,469,222
Komatsu, Ltd.(1)		133,500		3,995,453
Lawson, Inc.#(1)		39,000		1,935,869
Mitsubishi Corp.(1)		129,500		3,277,502
Mitsubishi UFJ Financial Group, Inc.#(1)		432,300		2,001,088
Murata Manufacturing Co., Ltd.(1)		38,800		2,448,446
Nidec Corp.#(1)		17,800		1,598,138
Nissan Motor Co., Ltd.(1)		436,900		4,378,693
Nitori Holdings Co., Ltd.#(1)		21,150		1,845,425
Nomura Holdings, Inc.(1)		174,400		880,038
ORIX Corp.#(1)		29,960		2,871,108
Rakuten, Inc.#(1)		2,885		2,931,505
Shin - Etsu Chemical Co., Ltd.#(1)		55,300		2,879,017
Softbank Corp.(1)		54,100		2,103,553
Sumitomo Realty & Development Co., Ltd.(1)		62,000		1,323,727
Toyota Motor Corp.(1)		44,975		1,872,518
Unicharm Corp.#(1)		33,200		1,343,360
Yahoo Japan Corp.#(1)		4,199		1,392,285
Yamada Denki Co., Ltd.#(1)		32,810		2,566,919
				65,457,922
Jersey — 2.0%
Informa PLC(1)		205,659		1,475,046
Petrofac, Ltd.(1)		58,366		1,545,463
Shire PLC(1)		119,319		3,774,692
Wolseley PLC(1)		43,700		1,482,032
WPP PLC(1)		301,860		3,779,035
				12,056,268
Luxembourg — 0.5%
Millicom International Cellular SA		28,265		3,227,863
Mexico — 0.8%
America Movil SAB de CV, Series L ADR		49,666		2,617,398
Fomento Economico Mexicano SABde CV ADR#		22,304		1,381,287
Grupo Televisa SA ADR#		50,179		1,180,712
				5,179,397
Netherlands — 3.7%
Akzo Nobel NV(1)		43,068		3,114,796
ASML Holding NV(1)		26,190		1,022,108
CNH Global NV†		35,820		1,515,902
European Aeronautic Defence and Space Co. NV(1)		76,540		2,530,083
Heineken NV(1)		82,646		4,976,159
ING Groep NV CVA†(1)		274,703		3,328,936
Koninklijke Ahold NV(1)		111,576		1,594,624
Koninklijke KPN NV(1)		21,629		318,087
Randstad Holding NV(1)		39,105		1,935,185
Unilever NV CVA(1)		49,539		1,616,357
Wolters Kluwer NV(1)		50,832		1,150,886
				23,103,123
Norway — 0.5%
Petroleum Geo - Services ASA†(1)		78,460		1,275,770

Security Description	Shares		Value (Note 2)
Norway (continued)
Yara International ASA#(1)		30,120	$	1,817,044
				3,092,814
Poland — 0.5%
Powszechna Kasa Oszczednosci Bank Polski SA(1)		203,477		3,264,325
Portugal — 0.6%
Jeronimo Martins SGPS SA(1)		190,060		3,558,781
Russia — 1.1%
Gazprom OAO ADR†(1)		127,140		1,881,203
Magnit GDR†(1)		79,950		2,464,117
Sberbank of Russia(1)		698,940		2,472,353
				6,817,673
Singapore — 1.4%
DBS Group Holdings, Ltd.(1)		88,000		1,056,253
Keppel Corp., Ltd.(1)		519,500		4,853,966
Singapore Telecommunications, Ltd.(1)		354,950		923,872
United Overseas Bank, Ltd.(1)		122,000		1,922,417
				8,756,508
South Africa — 0.3%
MTN Group, Ltd.(1)		72,723		1,552,515
South Korea — 2.0%
Hyundai Mobis(1)		8,011		2,820,804
Hyundai Motor Co.(1)		16,313		3,830,847
NHN Corp†(1)		9,499		1,692,551
Samsung Electronics Co., Ltd.(1)		2,090		1,751,887
Samsung Electronics Co., Ltd. GDR (London)(1)		5,153		2,159,317
Samsung Electronics Co., Ltd. GDR (OTC US)*†		551		228,775
				12,484,181
Spain — 1.4%
Amadeus IT Holding SA†(1)		46,786		963,844
Banco Bilbao Vizcaya Argentaria SA(1)		256,856		3,009,058
Banco Santander SA(1)		140,002		1,669,122
Inditex SA(1)		20,060		1,824,958
Red Electrica Corp. SA(1)		10,298		623,580
Telefonica SA(1)		31,420		763,489
				8,854,051
Sweden — 3.4%
Alfa Laval AB(1)		82,700		1,826,749
Atlas Copco AB, Class A#(1)		83,930		2,219,799
Hennes & Mauritz AB, Class B(1)		28,410		1,056,704
Kinnevik Investment AB, Class B(1)		35,601		872,930
Svenska Cellulosa AB, Class B(1)		75,955		1,181,766
Swedbank AB, Class A(1)		295,089		5,494,284
Telefonaktiebolaget LM Ericsson, Class B(1)		228,091		3,381,860
Volvo AB, Class B(1)		259,463		4,699,450
				20,733,542
Switzerland — 10.1%
ABB, Ltd.†(1)		139,851		3,756,081
Adecco SA†(1)		36,370		2,486,954
Cie Financiere Richemont SA, Class A(1)		21,709		1,416,583
Givaudan SA†(1)		1,469		1,618,999
Julius Baer Group, Ltd.†(1)		108,448		4,774,453
Kuehne & Nagel International AG(1)		11,475		1,808,119
Nestle SA(1)		210,497		13,520,868
Novartis AG(1)		134,266		8,682,832
Roche Holding AG(1)		29,695		5,226,811
SGS SA(1)		1,300		2,585,953
Sonova Holding AG†(1)		8,551		902,969
Swatch Group AG, Class B(1)		5,930		2,955,052

139

VALIC Company I International Growth I Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Switzerland — (continued)
Swiss Re Ltd.†		20,008	$	1,190,534
Syngenta AG†(1)		14,396		4,972,136
UBS AG†(1)		322,868		6,204,561
				62,102,905
Taiwan — 1.9%
Hon Hai Precision Industry Co., Ltd.(1)		678,680		2,388,297
HTC Corp.(1)		77,400		3,308,209
Taiwan Semiconductor Manufacturing Co., Ltd.(1)		856,269		2,289,116
Taiwan Semiconductor Manufacturing Co., Ltd. ADR#		287,530		3,927,660
				11,913,282
Turkey — 0.3%
Akbank TAS(1)		225,625		1,047,817
Turkiye Garanti Bankasi AS(1)		193,358		864,271
				1,912,088
United Kingdom — 18.2%
Admiral Group PLC(1)		88,545		2,512,906
Aggreko PLC(1)		72,000		2,219,993
Antofagasta PLC(1)		103,438		2,265,124
ARM Holdings PLC(1)		258,990		2,453,628
Barclays PLC(1)		631,513		2,885,778
BG Group PLC(1)		346,487		8,059,818
British American Tobacco PLC(1)		124,405		5,591,368
Burberry Group PLC(1)		134,544		2,925,638
Capita Group PLC(1)		98,462		1,193,969
Carnival PLC(1)		55,698		2,243,989
Centrica PLC(1)		390,118		2,049,422
Compass Group PLC(1)		592,463		5,780,639
Diageo PLC(1)		173,205		3,692,231
Hays PLC(1)		446,345		802,233
HSBC Holdings PLC (London)(1)		472,216		4,938,347
HSBC Holdings PLC (Hong Kong)#(1)		244,540		2,579,686
Imperial Tobacco Group PLC(1)		88,814		3,184,133
International Power PLC(1)		510,272		2,685,488
Kingfisher PLC(1)		603,491		2,859,591
National Grid PLC(1)		173,360		1,788,843
Next PLC(1)		43,049		1,610,380
Reckitt Benckiser Group PLC(1)		138,960		7,888,364
Reed Elsevier PLC(1)		210,298		1,910,881
Rio Tinto PLC(1)		96,250		6,734,487
Royal Dutch Shell PLC, Class A(1)		67,102		2,423,463
Royal Dutch Shell PLC, Class B(1)		152,633		5,547,115
Schroders PLC(1)		54,495		1,472,126
Smith & Nephew PLC(1)		137,262		1,533,155
Smiths Group PLC(1)		82,489		1,683,258
Standard Chartered PLC(1)		175,412		4,704,748
Tesco PLC(1)		684,214		4,726,807
Vodafone Group PLC(1)		1,553,314		4,324,582
Whitbread PLC(1)		32,990		886,259
Xstrata PLC(1)		188,230		4,422,584
				112,581,033
United States — 0.2%
Synthes, Inc.*(1)		6,532		1,139,590
Total Common Stock
(cost $493,505,372)				598,569,764

Security Description	Shares/ Principal Amount			Value (Note 2)
PREFERRED STOCK — 0.6%
Brazil — 0.6%
Banco Bradesco SA ADR#		126,932		$	2,528,486
Petroleo Brasileiro SA ADR		39,470			1,233,832
Total Preferred Stock
(cost $2,997,813)					3,762,318
Total Long-Term Investment Securities
(cost $496,503,185)					602,332,082
SHORT-TERM INVESTMENT SECURITIES — 10.0%
Collective Investment Pool — 7.8%
Securities Lending Quality Trust(3)(4)		48,373,260			48,331,099
Time Deposits — 2.2%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11	$	13,325,000			13,325,000
Total Short-Term Investment Securities
(cost $61,698,260)					61,656,099
TOTAL INVESTMENTS(5) —
(cost $558,201,445)(5)		107.5	%		663,988,181
Liabilities in excess of other assets		(7.5	)		(46,268,391	)
NET ASSETS —		100.0	%	$	617,719,790

# 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 May 31, 2011, the aggregate value of these securities was $1,368,365 representing 0.2% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Security was valued using fair value procedures at May 31, 2011. The aggregate value of these securities was $543,525,459 representing 88.0% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

(3) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(4) At May 31, 2011, the Fund had loaned securities with a total value of $53,494,517. This was secured by collateral of $48,373,260, which was received in cash and subsequently invested in short-term investments currently valued at $48,331,099 as reported in the portfolio of investments. The remaining collateral with a value of $6,855,994 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

Securities	Coupon Range	Maturity Date Range
United States Treasury Bills	zero coupon	09/01/11 to 05/03/12
United States Treasury Notes/Bonds	0.63% to 4.50%	03/15/11 to 11/15/20

(5) See Note 5 for cost of investments on a tax basis.

(6) Illiquid security. At May 31, 2011, the aggregate value of these securities was $4,210,260 representing 0.7% of net assets.

ADR—American Depository Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

GDR—Global Depository Receipt

140

VALIC Company I International Growth I Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
France	$	—	$	64,920,839	#	$	—	$	64,920,839
Germany		—		50,631,925	#		—		50,631,925
Japan		—		65,457,922	#		—		65,457,922
Switzerland		1,190,534		60,912,371	#		—		62,102,905
United Kingdom		—		112,581,033	#		—		112,581,033
Other Countries*		53,853,771		189,021,369	#		0		242,875,140
Preferred Stock		3,762,318		—			—		3,762,318
Short-Term Investment Securities:
Collective Investment Pool		—		48,331,099			—		48,331,099
Time Deposits		—		13,325,000			—		13,325,000
Total	$	58,806,623	$	605,181,558		$	0	$	663,988,181

* Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments.

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $543,525,459 representing 88.0% of net assets. See Note 2.

The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:

	Common Stock
Balance as of 5/31/2010	$	724
Accrued discounts/premiums		—
Realized gain(loss)		—
Change in unrealized appreciation(depreciation)(1)		(724	)
Net purchases(sales)		—
Transfers in and/or out of Level 3		—
Balance as of 5/31/2011	$	0

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at May 31, 2011 includes:

Common Stock
$	(724	)

See Notes to Financial Statements

141

VALIC Company I Large Cap Core Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	9.5	%
Medical — Drugs	8.0
Diversified Banking Institutions	6.8
Time Deposits	6.7
Commercial Services — Finance	6.0
Oil Companies — Integrated	5.4
Wireless Equipment	5.1
Oil Companies — Exploration & Production	5.1
Television	4.8
E-Commerce/Products	4.4
Retail — Building Products	3.8
Medical — Biomedical/Gene	2.6
Banks — Fiduciary	2.3
Oil — Field Services	2.2
Office Supplies & Forms	2.0
Web Portals/ISP	1.8
E-Commerce/Services	1.8
Diversified Manufacturing Operations	1.8
Advertising Agencies	1.7
Footwear & Related Apparel	1.7
Industrial Gases	1.7
Enterprise Software/Service	1.6
Insurance — Life/Health	1.5
Finance — Credit Card	1.5
Toys	1.5
Human Resources	1.4
Beverages — Wine/Spirits	1.4
Medical Instruments	1.3
Consumer Products — Misc.	1.3
Tobacco	1.3
Aerospace/Defense	1.2
Transport — Services	1.2
Investment Management/Advisor Services	1.1
Aerospace/Defense — Equipment	1.0
Racetracks	1.0
Medical Products	0.9
Beverages — Non-alcoholic	0.9
Investment Companies	0.9
Cosmetics & Toiletries	0.9
Food — Misc.	0.8
Multimedia	0.8
Networking Products	0.7
	109.4	%

* Calculated as a percentage of net assets

142

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 93.2%
Advertising Agencies — 1.7%
Omnicom Group, Inc.#		53,498	$	2,502,101
Aerospace/Defense — 1.2%
Boeing Co.		22,391		1,747,170
Aerospace/Defense - Equipment — 1.0%
United Technologies Corp.		16,509		1,448,995
Banks - Fiduciary — 2.3%
State Street Corp.		72,307		3,309,491
Beverages - Non - alcoholic — 0.9%
PepsiCo, Inc.		19,307		1,373,114
Beverages - Wine/Spirits — 1.4%
Diageo PLC(1)		95,800		2,042,179
Commercial Services - Finance — 6.0%
Moody’s Corp.#		190,735		7,612,234
Visa, Inc., Class A		13,705		1,110,927
				8,723,161
Consumer Products - Misc. — 1.3%
Clorox Co.#		26,192		1,846,012
Cosmetics & Toiletries — 0.9%
Procter & Gamble Co.		19,062		1,277,154
Diversified Banking Institutions — 6.8%
Bank of America Corp.		323,493		3,801,043
Goldman Sachs Group, Inc.		16,572		2,332,177
JPMorgan Chase & Co.		88,879		3,843,128
				9,976,348
Diversified Manufacturing Operations — 1.8%
General Electric Co.		132,206		2,596,526
E - Commerce/Products — 4.4%
Amazon.com, Inc.†		20,150		3,963,303
Blue Nile, Inc.†#		50,492		2,524,600
				6,487,903
E - Commerce/Services — 1.8%
Ancestry.com, Inc.†#		63,931		2,629,482
Enterprise Software/Service — 1.6%
Oracle Corp.		67,754		2,318,542
Finance - Credit Card — 1.5%
American Express Co.		41,191		2,125,456
Food - Misc. — 0.8%
McCormick & Co., Inc.#		21,976		1,102,975
Footwear & Related Apparel — 1.7%
Timberland Co., Class A†#		75,042		2,451,622
Human Resources — 1.4%
Robert Half International, Inc.#		74,477		2,053,331
Industrial Gases — 1.7%
Air Products & Chemicals, Inc.		25,445		2,419,565
Insurance - Life/Health — 1.5%
Prudential Financial, Inc.		33,901		2,162,206
Investment Companies — 0.9%
Apollo Global Mgmt LLC Class A†		72,697		1,310,000
Investment Management/Advisor Services — 1.1%
T. Rowe Price Group, Inc.#		25,950		1,642,635

Security Description	Shares		Value (Note 2)
Medical Instruments — 1.3%
Medtronic, Inc.		46,629	$	1,897,800
Medical Products — 0.9%
Johnson & Johnson		20,610		1,386,847
Medical - Biomedical/Gene — 2.6%
Amgen, Inc.†		63,861		3,866,145
Medical - Drugs — 8.0%
Merck & Co., Inc.		114,585		4,210,999
Novartis AG ADR		41,178		2,656,804
Pfizer, Inc.		225,188		4,830,283
				11,698,086
Multimedia — 0.8%
FactSet Research Systems, Inc.#		9,893		1,096,738
Networking Products — 0.7%
Cisco Systems, Inc.		63,420		1,065,456
Office Supplies & Forms — 2.0%
Avery Dennison Corp.#		68,229		2,888,816
Oil Companies - Exploration & Production — 5.1%
Apache Corp.#		23,421		2,918,256
Occidental Petroleum Corp.		24,136		2,603,068
Ultra Petroleum Corp.†#		39,987		1,944,168
				7,465,492
Oil Companies - Integrated — 5.4%
Chevron Corp.		37,430		3,926,781
Exxon Mobil Corp.		47,990		4,005,726
				7,932,507
Oil - Field Services — 2.2%
Schlumberger, Ltd.		37,944		3,252,560
Racetracks — 1.0%
International Speedway Corp., Class A#		50,516		1,445,263
Retail - Building Products — 3.8%
Home Depot, Inc.		116,721		4,234,638
Lowe’s Cos., Inc.		56,665		1,367,893
				5,602,531
Television — 4.8%
CBS Corp., Class B		251,913		7,040,968
Tobacco — 1.3%
Philip Morris International, Inc.		25,610		1,837,518
Toys — 1.5%
Nintendo Co., Ltd.(1)		9,100		2,122,404
Transport - Services — 1.2%
United Parcel Service, Inc., Class B		23,767		1,746,637
Web Portals/ISP — 1.8%
Google, Inc., Class A†		5,009		2,649,861
Wireless Equipment — 5.1%
QUALCOMM, Inc.		128,074		7,503,856
Total Long-Term Investment Securities
(cost $101,790,185)				136,045,453
SHORT-TERM INVESTMENT SECURITIES — 16.2%
Collective Investment Pool — 9.5%
Securities Lending Quality Trust(2)(3)		13,889,637		13,871,741

143

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
Time Deposits — 6.7%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11	$	9,747,000		$	9,747,000
Total Short-Term Investment Securities
(cost $23,636,637)					23,618,741
TOTAL INVESTMENTS
(cost $125,426,822)(4)		109.4	%		159,664,194
Liabilities in excess of other assets		(9.4	)		(13,688,918	)
NET ASSETS		100.0	%	$	145,975,276

# 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 May 31, 2011. The aggregate value of these securities was $4,164,583 representing 2.9% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(3) At May 31, 2011, the Fund had loaned securities with a total value of $14,199,654. This was secured by collateral of $13,889,637, which was received in cash and subsequently invested in short-term investments currently valued at $13,871,741 as reported in the portfolio of investments. The remaining collateral with a value of $383,757 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the short-term pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range
Federal Home Loan Bank	0.31% to 0.80%	11/28/11 to 12/01/11
Federal Home Loan Mtg. Corp.	0.29%	01/10/13
United States Treasury Notes/Bonds	0.75% to 3.63%	06/23/11 to 02/15/21

(4) See Note 5 for cost of investments on a tax basis.

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Commercial Services - Finance	$	8,723,161	$	—		$	—	$	8,723,161
Diversified Banking Institutions		9,976,348		—			—		9,976,348
Medical - Drugs		11,698,086		—			—		11,698,086
Oil Companies - Exploration & Production		7,465,492		—			—		7,465,492
Oil Companies - Integrated		7,932,507		—			—		7,932,507
Wireless Equipment		7,503,856		—			—		7,503,856
Other Industries*		78,581,420		4,164,583	#		—		82,746,003
Short-Term Investment Securities:
Collective Investment Pool		—		13,871,741			—		13,871,741
Time Deposits		—		9,747,000			—		9,747,000
Total	$	131,880,870	$	27,783,324		$	—	$	159,664,194

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $4,164,583 representing 2.9% of net assets. See Note 2.

See Notes to Financial Statements

144

VALIC Company I Large Capital Growth Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Computers	6.9	%
Web Portals/ISP	4.8
Oil — Field Services	4.4
Collective Investment Pool	4.3
Electronic Components — Semiconductors	4.0
Medical — Biomedical/Gene	3.7
Agricultural Chemicals	3.3
Diversified Manufacturing Operations	3.0
Computers — Memory Devices	3.0
Wireless Equipment	2.9
Oil Companies — Exploration & Production	2.8
E-Commerce/Products	2.4
Diversified Banking Institutions	2.2
Computer Services	2.2
Applications Software	2.1
Cable/Satellite TV	2.0
Commercial Services — Finance	2.0
Enterprise Software/Service	1.9
Transport — Rail	1.8
Oil Field Machinery & Equipment	1.7
Investment Management/Advisor Services	1.7
Aerospace/Defense — Equipment	1.7
E-Commerce/Services	1.4
Retail — Restaurants	1.4
Retail — Apparel/Shoe	1.4
Engineering/R&D Services	1.4
Repurchase Agreement	1.3
Multimedia	1.3
Electronic Measurement Instruments	1.3
Medical — Drugs	1.3
Medical Products	1.3
Networking Products	1.3
Pharmacy Services	1.3
Engines — Internal Combustion	1.2
Retail — Discount	1.1
Hotels/Motels	1.1
Beverages — Non-alcoholic	1.0
Apparel Manufacturers	1.0
Casino Hotels	0.9
Medical — HMO	0.9
Aerospace/Defense	0.7
Cellular Telecom	0.7
Machinery — Construction & Mining	0.7
Oil Companies — Integrated	0.7
Machinery — Farming	0.7
Vitamins & Nutrition Products	0.6
Cosmetics & Toiletries	0.6
Industrial Gases	0.6
Medical — Generic Drugs	0.6
Metal — Copper	0.6
Coal	0.6
Electric Products — Misc.	0.6
Mining	0.6
Internet Infrastructure Software	0.6
Semiconductor Components — Integrated Circuits	0.5
Retail — Drug Store	0.5
Metal Processors & Fabrication	0.5
Oil & Gas Drilling	0.5
Transport — Services	0.5
Medical — Hospitals	0.5
Retail — Regional Department Stores	0.5
Transport — Truck	0.5
Medical Information Systems	0.4
Medical Instruments	0.4
Finance — Credit Card	0.4
Time Deposits	0.4
Medical — Wholesale Drug Distribution	0.4
Finance — Investment Banker/Broker	0.4
Retail — Building Products	0.3

X-Ray Equipment	0.3
Steel — Specialty	0.3
Tools — Hand Held	0.3
Banks — Super Regional	0.3
Advertising Agencies	0.3
Electronic Forms	0.2
Gold Mining	0.2
Home Decoration Products	0.2
Cruise Lines	0.2
Metal — Iron	0.2
	104.8	%

* Calculated as a percentage of net assets

145

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 98.8%
Advertising Agencies — 0.3%
Interpublic Group of Cos., Inc.		85,300	$	1,017,629
Aerospace/Defense — 0.7%
Boeing Co.		28,000		2,184,840
Embraer SA ADR		24,016		775,477
				2,960,317
Aerospace/Defense - Equipment — 1.7%
BE Aerospace, Inc.†		41,600		1,556,672
Goodrich Corp.		21,239		1,853,952
United Technologies Corp.		37,500		3,291,375
				6,701,999
Agricultural Chemicals — 3.3%
CF Industries Holdings, Inc.		14,567		2,240,113
Monsanto Co.#		77,752		5,523,502
Potash Corp. of Saskatchewan, Inc.		98,141		5,554,781
				13,318,396
Apparel Manufacturers — 1.0%
Coach, Inc.		61,361		3,906,241
Applications Software — 2.1%
Citrix Systems, Inc.†		42,423		3,717,103
Microsoft Corp.		39,200		980,392
Salesforce.com, Inc.†		24,515		3,732,654
				8,430,149
Banks - Super Regional — 0.3%
Wells Fargo & Co.		36,700		1,041,179
Beverages - Non-alcoholic — 1.0%
Hansen Natural Corp.†		16,175		1,158,939
PepsiCo, Inc.		39,452		2,805,826
				3,964,765
Cable/Satellite TV — 2.0%
Comcast Corp., Class A		187,447		4,731,162
DIRECTV, Class A†		70,339		3,535,238
				8,266,400
Casino Hotels — 0.9%
Las Vegas Sands Corp.†		90,837		3,773,369
Cellular Telecom — 0.7%
America Movil SAB de CV, Series L ADR		26,075		1,374,152
MetroPCS Communications, Inc.†		87,724		1,570,260
				2,944,412
Coal — 0.6%
Peabody Energy Corp.		38,128		2,339,534
Commercial Services - Finance — 2.0%
Mastercard, Inc., Class A		4,200		1,205,610
Moody’s Corp.#		40,154		1,602,546
Visa, Inc., Class A		63,454		5,143,581
				7,951,737
Computer Services — 2.2%
Accenture PLC, Class A		79,320		4,552,175
Cognizant Technology Solutions Corp., Class A†		55,747		4,239,002
				8,791,177
Computers — 6.9%
Apple, Inc.†		79,858		27,777,008

Security Description	Shares		Value (Note 2)
Computers - Memory Devices — 3.0%
EMC Corp.†#		346,533	$	9,865,795
SanDisk Corp.†		43,099		2,048,064
				11,913,859
Cosmetics & Toiletries — 0.6%
Procter & Gamble Co.		37,000		2,479,000
Cruise Lines — 0.2%
Royal Caribbean Cruises, Ltd.†		24,000		936,000
Diversified Banking Institutions — 2.2%
Citigroup, Inc.		24,870		1,023,400
Goldman Sachs Group, Inc.		14,600		2,054,658
JPMorgan Chase & Co.		110,353		4,771,664
Morgan Stanley		48,200		1,164,512
				9,014,234
Diversified Manufacturing Operations — 3.0%
Danaher Corp.		97,187		5,299,607
Eaton Corp.		18,800		971,396
Honeywell International, Inc.		37,624		2,240,509
Ingersoll - Rand PLC#		69,527		3,469,398
				11,980,910
E-Commerce/Products — 2.4%
Amazon.com, Inc.†		36,451		7,169,547
MercadoLibre, Inc.#		28,069		2,473,440
				9,642,987
E-Commerce/Services — 1.4%
Netflix, Inc.†#		8,132		2,202,146
priceline.com, Inc.†		6,507		3,352,341
				5,554,487
Electric Products - Misc. — 0.6%
Emerson Electric Co.		42,200		2,302,010
Electronic Components - Semiconductors — 4.0%
Avago Technologies, Ltd.		40,046		1,353,154
Broadcom Corp., Class A†		89,722		3,228,198
Micron Technology, Inc.†#		205,631		2,097,436
Rovi Corp.†#		136,462		7,909,338
Xilinx, Inc.#		47,131		1,681,634
				16,269,760
Electronic Forms — 0.2%
Adobe Systems, Inc.†		28,700		993,881
Electronic Measurement Instruments — 1.3%
Agilent Technologies, Inc.†		105,173		5,244,978
Engineering/R&D Services — 1.4%
ABB, Ltd. ADR†		88,080		2,369,352
Foster Wheeler AG†#		91,042		3,119,099
				5,488,451
Engines - Internal Combustion — 1.2%
Cummins, Inc.		46,439		4,887,240
Enterprise Software/Service — 1.9%
Oracle Corp.		227,426		7,782,518
Finance - Credit Card — 0.4%
American Express Co.		33,600		1,733,760
Finance - Investment Banker/Broker — 0.4%
Charles Schwab Corp.		81,200		1,462,412
Gold Mining — 0.2%
Newmont Mining Corp.		17,300		978,661

146

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Home Decoration Products — 0.2%
Newell Rubbermaid, Inc.		53,500	$	952,835
Hotel/Motels — 1.1%
Starwood Hotels & Resorts Worldwide, Inc.		72,072		4,394,951
Industrial Gases — 0.6%
Praxair, Inc.		22,757		2,408,601
Internet Infrastructure Software — 0.6%
F5 Networks, Inc.†#		19,975		2,268,760
Investment Management/Advisor Services — 1.7%
Ameriprise Financial, Inc.		49,640		3,039,457
BlackRock, Inc.		11,700		2,405,052
Franklin Resources, Inc.		10,406		1,348,410
				6,792,919
Machinery - Construction & Mining — 0.7%
Caterpillar, Inc.		27,400		2,898,920
Machinery - Farming — 0.7%
Deere & Co.		31,613		2,721,247
Medical Information Systems — 0.4%
Allscripts Healthcare Solutions, Inc.†#		88,688		1,783,516
Medical Instruments — 0.4%
St. Jude Medical, Inc.		34,465		1,746,342
Medical Products — 1.3%
Baxter International, Inc.		48,559		2,890,232
Covidien PLC		21,000		1,155,000
Stryker Corp.		18,165		1,133,496
				5,178,728
Medical - Biomedical/Gene — 3.7%
Alexion Pharmaceuticals, Inc.†		35,398		1,678,573
Amgen, Inc.†		14,200		859,668
Celgene Corp.†		31,900		1,943,029
Dendreon Corp.†#		42,337		1,794,666
Gilead Sciences, Inc.†		111,639		4,659,812
Illumina, Inc.†#		34,405		2,479,912
United Therapeutics Corp.†#		23,179		1,496,668
				14,912,328
Medical - Drugs — 1.3%
Allergan, Inc.		62,762		5,192,300
Medical - Generic Drugs — 0.6%
Mylan, Inc.†		58,400		1,375,028
Teva Pharmaceutical Industries, Ltd. ADR		19,708		1,003,137
				2,378,165
Medical - HMO — 0.9%
UnitedHealth Group, Inc.		75,297		3,685,788
Medical - Hospitals — 0.5%
Universal Health Services, Inc., Class B		36,400		1,983,436
Medical - Wholesale Drug Distribution — 0.4%
AmerisourceBergen Corp.		39,400		1,624,068
Metal Processors & Fabrication — 0.5%
Precision Castparts Corp.		13,292		2,088,173
Metal - Copper — 0.6%
Freeport - McMoRan Copper & Gold, Inc.		45,674		2,358,605
Metal - Iron — 0.2%
Cliffs Natural Resources, Inc.		7,300		662,110
Mining — 0.6%
Silver Wheaton Corp.		62,443		2,294,780

Security Description	Shares		Value (Note 2)
Multimedia — 1.3%
Walt Disney Co.		127,734	$	5,317,566
Networking Products — 1.3%
Cisco Systems, Inc.		92,500		1,554,000
Juniper Networks, Inc.†		63,653		2,330,336
Polycom, Inc.†		21,700		1,245,797
				5,130,133
Oil & Gas Drilling — 0.5%
Ensco PLC ADR		37,700		2,010,164
Oil Companies - Exploration & Production — 2.8%
Anadarko Petroleum Corp.		38,925		3,095,316
Apache Corp.		8,200		1,021,720
Devon Energy Corp.		5,700		479,199
EOG Resources, Inc.		19,529		2,131,395
Newfield Exploration Co.†		6,800		507,212
Occidental Petroleum Corp.		23,200		2,502,120
SandRidge Energy, Inc.†		97,800		1,107,096
Southwestern Energy Co.†		12,300		538,371
				11,382,429
Oil Companies - Integrated — 0.7%
Exxon Mobil Corp.		34,000		2,837,980
Oil Field Machinery & Equipment — 1.7%
Cameron International Corp.†		51,775		2,467,596
National Oilwell Varco, Inc.		61,615		4,472,017
				6,939,613
Oil - Field Services — 4.4%
Baker Hughes, Inc.		17,570		1,298,950
Halliburton Co.		108,799		5,456,270
Schlumberger, Ltd.		90,866		7,789,033
Weatherford International, Ltd.†		159,074		3,144,893
				17,689,146
Pharmacy Services — 1.3%
Express Scripts, Inc.†#		70,085		4,174,263
Medco Health Solutions, Inc.†#		15,796		945,548
				5,119,811
Retail - Apparel/Shoe — 1.4%
Guess?, Inc.		50,800		2,322,576
Limited Brands, Inc.		30,458		1,217,102
Lululemon Athletica, Inc.†		21,600		1,961,280
				5,500,958
Retail - Building Products — 0.3%
Home Depot, Inc.		38,002		1,378,713
Retail - Discount — 1.1%
Dollar General Corp.†#		51,000		1,788,570
Target Corp.		56,400		2,793,492
				4,582,062
Retail - Drug Store — 0.5%
CVS Caremark Corp.		55,804		2,159,057
Retail - Regional Department Stores — 0.5%
Kohl’s Corp.		36,259		1,930,429
Retail - Restaurants — 1.4%
Chipotle Mexican Grill, Inc.†#		9,371		2,708,875
McDonald’s Corp.		34,600		2,821,284
				5,530,159
Semiconductor Components - Integrated Circuits — 0.5%
Atmel Corp.†#		144,410		2,169,038

147

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Steel - Specialty — 0.3%
Allegheny Technologies, Inc.#		17,800	$	1,192,600
Tools - Hand Held — 0.3%
Stanley Black & Decker, Inc.		15,900		1,174,692
Transport - Rail — 1.8%
Union Pacific Corp.		67,743		7,110,983
Transport - Services — 0.5%
United Parcel Service, Inc., Class B		27,000		1,984,230
Transport - Truck — 0.5%
J.B. Hunt Transport Services, Inc.		39,903		1,829,553
Vitamins & Nutrition Products — 0.6%
Mead Johnson Nutrition Co.		37,358		2,532,499
Web Portals/ISP — 4.8%
Baidu, Inc. ADR†		59,362		8,056,017
Google, Inc., Class A†		20,986		11,102,014
				19,158,031
Wireless Equipment — 2.9%
American Tower Corp., Class A†		51,391		2,851,173
QUALCOMM, Inc.		153,332		8,983,722
				11,834,895
X-Ray Equipment — 0.3%
Hologic, Inc.†		59,313		1,275,229
Total Long-Term Investment Securities
(cost $328,053,990)				397,946,002

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 4.7%
Collective Investment Pool — 4.3%
Securities Lending Quality Trust(1)		17,263,755		$	17,244,448
Time Deposits — 0.4%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11.	$	1,712,000			1,712,000
Total Short-Term Investment Securities
(cost $18,975,755)					18,956,448
REPURCHASE AGREEMENT — 1.3%
State Street Bank & Trust Co., Joint Repurchase Agreement(2)
(cost $5,392,000)		5,392,000			5,392,000
TOTAL INVESTMENTS
(cost $352,421,745)(3)		104.8	%		422,294,450
Liabilities in excess of other assets		(4.8	)		(19,317,903	)
NET ASSETS —		100.0	%	$	402,976,547

† 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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Computers	$	27,777,008	$	—	$	—	$	27,777,008
Other Industries*		370,168,994		—		—		370,168,994
Short-Term Investment Securities:
Collective Investment Pool		—		17,244,448		—		17,244,448
Time Deposits		—		1,712,000		—		1,712,000
Repurchase Agreement		—		5,392,000		—		5,392,000
Total	$	397,946,002	$	24,348,448	$	—	$	422,294,450

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

See Notes to Financial Statements

148

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	10.4	%
Real Estate Investment Trusts	8.4
Electric — Integrated	3.4
Banks — Commercial	3.3
Oil Companies — Exploration & Production	2.6
Chemicals — Specialty	2.5
Electronic Components — Semiconductors	2.2
Gas — Distribution	2.2
Retail — Apparel/Shoe	1.9
Diversified Manufacturing Operations	1.7
Medical — Biomedical/Gene	1.5
Computers — Integrated Systems	1.5
Oil — Field Services	1.4
Distribution/Wholesale	1.3
Insurance — Property/Casualty	1.3
Engineering/R&D Services	1.3
Savings & Loans/Thrifts	1.2
Insurance — Reinsurance	1.2
Containers — Paper/Plastic	1.2
Medical — Hospitals	1.1
Electronic Parts Distribution	1.1
Investment Management/Advisor Services	1.0
Medical Products	1.0
Semiconductor Components — Integrated Circuits	1.0
Retail — Discount	1.0
Machinery — General Industrial	0.9
Consulting Services	0.9
Machinery — Construction & Mining	0.9
Retail — Restaurants	0.9
Enterprise Software/Service	0.9
Semiconductor Equipment	0.9
Food — Misc.	0.8
Building — Residential/Commercial	0.8
Coffee	0.8
Electronic Measurement Instruments	0.8
Commercial Services — Finance	0.8
Steel — Producers	0.8
Oil & Gas Drilling	0.8
Transport — Truck	0.8
Web Hosting/Design	0.7
Transport — Marine	0.7
Electronic Design Automation	0.7
Finance — Investment Banker/Broker	0.7
Auto/Truck Parts & Equipment — Original	0.7
Computer Aided Design	0.7
Aerospace/Defense — Equipment	0.7
Consumer Products — Misc.	0.6
Instruments — Controls	0.6
Insurance — Multi-line	0.6
Metal Processors & Fabrication	0.6
Medical — Generic Drugs	0.6
Medical — Drugs	0.6
Electric Products — Misc.	0.6
Coal	0.6
Electronic Components — Misc.	0.6
Coatings/Paint	0.6
Pharmacy Services	0.5
Hospital Beds/Equipment	0.5
Machine Tools & Related Products	0.5
Transport — Rail	0.5
Commercial Services	0.5
Multimedia	0.5
Insurance Brokers	0.5
Human Resources	0.5
Soap & Cleaning Preparation	0.5
Rental Auto/Equipment	0.5
X-Ray Equipment	0.5
Batteries/Battery Systems	0.4
Diagnostic Equipment	0.4

Retail — Pet Food & Supplies	0.4
Telecom Services	0.4
Transactional Software	0.4
Apparel Manufacturers	0.4
Repurchase Agreements	0.4
Data Processing/Management	0.4
Medical — HMO	0.4
Medical Instruments	0.4
Networking Products	0.4
Beverages — Non-alcoholic	0.4
Retail — Auto Parts	0.4
Respiratory Products	0.4
Machinery — Farming	0.4
Footwear & Related Apparel	0.4
Internet Infrastructure Software	0.4
Retail — Gardening Products	0.4
Filtration/Separation Products	0.4
Telecommunication Equipment	0.4
Decision Support Software	0.4
Diagnostic Kits	0.4
Schools	0.4
Containers — Metal/Glass	0.3
Paper & Related Products	0.3
Real Estate Management/Services	0.3
Retail — Mail Order	0.3
Insurance — Life/Health	0.3
Power Converter/Supply Equipment	0.3
Building Products — Cement	0.3
Medical Information Systems	0.3
Recreational Vehicles	0.3
Textile — Home Furnishings	0.3
Airlines	0.3
Physicians Practice Management	0.3
Non — Hazardous Waste Disposal	0.3
Miscellaneous Manufacturing	0.3
Medical Labs & Testing Services	0.3
Industrial Automated/Robotic	0.3
Retail — Sporting Goods	0.3
Food — Meat Products	0.3
Research & Development	0.3
Oil Refining & Marketing	0.3
Water	0.3
Retail — Catalog Shopping	0.3
Publishing — Books	0.3
Computer Services	0.3
Quarrying	0.2
Machinery — Pumps	0.2
Telephone — Integrated	0.2
Medical — Outpatient/Home Medical	0.2
Electronic Connectors	0.2
Auction Houses/Art Dealers	0.2
Retail — Automobile	0.2
Funeral Services & Related Items	0.2
E-Marketing/Info	0.2
Machinery — Electrical	0.2
Lighting Products & Systems	0.2
Oil Field Machinery & Equipment	0.2
Office Furnishings — Original	0.2
Telecom Equipment — Fiber Optics	0.2
Food — Baking	0.2
Auto — Heavy Duty Trucks	0.2
Private Corrections	0.2
Machinery — Print Trade	0.2
Intimate Apparel	0.2
Casino Services	0.2
Hazardous Waste Disposal	0.2
Transport — Services	0.2
Investment Companies	0.2
Web Portals/ISP	0.2

149

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited) — (continued)

Industry Allocation* (continued)

Medical Sterilization Products	0.2	%
Steel Pipe & Tube	0.2
Veterinary Diagnostics	0.2
Building Products — Air & Heating	0.2
Chemicals — Diversified	0.2
Food — Retail	0.2
Transport — Equipment & Leasing	0.2
Patient Monitoring Equipment	0.1
Retail — Major Department Stores	0.1
Leisure Products	0.1
Shipbuilding	0.1
Wireless Equipment	0.1
Motion Pictures & Services	0.1
Advertising Sales	0.1
Recreational Centers	0.1
Applications Software	0.1
Agricultural Chemicals	0.1
Building — Mobile Home/Manufactured Housing	0.1
Printing — Commercial	0.1
Building — Maintenance & Services	0.1
U.S. Government Treasuries	0.1
Retail — Office Supplies	0.1
Environmental Monitoring & Detection	0.1
Building & Construction Products — Misc.	0.1
Tobacco	0.1
Medical — Nursing Homes	0.1
Publishing — Newspapers	0.1
Building — Heavy Construction	0.1
Photo Equipment & Supplies	0.1
Retail — Hair Salons	0.1
Racetracks	0.1
Retail — Bookstores	0.1
Food — Confectionery	0.1
	110.1	%

* Calculated as a percentage of net assets

150

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 99.2%
Advertising Sales — 0.1%
Lamar Advertising Co., Class A†#		128,200	$	3,722,928
Aerospace/Defense - Equipment — 0.7%
Alliant Techsystems, Inc.		74,600		5,336,138
BE Aerospace, Inc.†		228,400		8,546,728
Triumph Group, Inc.		42,200		3,946,544
				17,829,410
Agricultural Chemicals — 0.1%
Intrepid Potash, Inc.†		99,000		3,186,810
Airlines — 0.3%
Alaska Air Group, Inc.†		80,000		5,403,200
JetBlue Airways Corp.†#		451,900		2,743,033
				8,146,233
Apparel Manufacturers — 0.4%
Hanesbrands, Inc.†		215,200		6,522,712
Under Armour, Inc., Class A†		78,900		5,142,702
				11,665,414
Applications Software — 0.1%
Quest Software, Inc.†		141,500		3,211,342
Auction House/Art Dealers — 0.2%
Sotheby’s#		149,800		6,375,488
Auto - Heavy Duty Trucks — 0.2%
Oshkosh Corp.†		202,600		5,612,020
Auto/Truck Parts & Equipment - Original — 0.7%
BorgWarner, Inc.†#		249,500		18,091,245
Banks - Commercial — 3.3%
Associated Banc - Corp.		386,700		5,448,603
BancorpSouth, Inc.#		164,100		2,107,044
Bank of Hawaii Corp.		107,100		5,076,540
Cathay General Bancorp#		175,600		2,862,280
City National Corp.#		105,100		5,920,283
Commerce Bancshares, Inc.		172,800		7,392,384
Cullen/Frost Bankers, Inc.#		136,600		7,955,584
East West Bancorp, Inc		331,800		6,665,862
FirstMerit Corp.#		243,000		3,958,470
Fulton Financial Corp.#		444,700		4,953,958
International Bancshares Corp		117,900		2,012,553
PacWest Bancorp.#		72,900		1,538,190
Prosperity Bancshares, Inc.#		104,400		4,567,500
SVB Financial Group†		94,700		5,623,286
Synovus Financial Corp.#		1,753,600		4,173,568
TCF Financial Corp.#		348,500		5,244,925
Trustmark Corp.#		127,100		3,030,064
Valley National Bancorp.#		378,944		5,149,849
Webster Financial Corp.		163,500		3,410,610
Westamerica Bancorporation#		64,800		3,259,440
				90,350,993
Batteries/Battery Systems — 0.4%
Energizer Holdings, Inc.†		157,800		12,158,490
Beverages - Non-alcoholic — 0.4%
Hansen Natural Corp.†		155,000		11,105,750
Building & Construction Products - Misc. — 0.1%
Louisiana - Pacific Corp.†#		295,100		2,472,938
Building Products - Air & Heating — 0.2%
Lennox International, Inc		100,800		4,698,288
Building Products - Cement — 0.3%
Martin Marietta Materials, Inc.#		101,600		8,703,056

Security Description	Shares		Value (Note 2)
Building - Heavy Construction — 0.1%
Granite Construction, Inc.#		76,100	$	2,091,989
Building - Maintenance & Services — 0.1%
Rollins, Inc.#		141,800		2,853,016
Building - Mobile Home/Manufactured Housing — 0.1%
Thor Industries, Inc.#		94,700		3,058,810
Building - Residential/Commercial — 0.8%
KB Home#		161,200		1,979,536
MDC Holdings, Inc.#		84,300		2,271,885
NVR, Inc.†		13,200		9,847,200
Ryland Group, Inc.#		98,700		1,804,236
Toll Brothers, Inc.†		324,100		7,049,175
				22,952,032
Casino Hotels — 0.0%
Boyd Gaming Corp.†#		125,200		1,181,888
Casino Services — 0.2%
Bally Technologies, Inc.†#		97,400		3,838,534
Scientific Games Corp., Class A†		141,700		1,397,162
				5,235,696
Chemicals - Diversified — 0.2%
Olin Corp.#		177,700		4,268,354
Chemicals - Specialty — 2.5%
Albemarle Corp		204,600		14,493,864
Ashland, Inc.		176,500		12,062,010
Cabot Corp		146,200		6,174,026
Cytec Industries, Inc.		110,400		6,203,376
Lubrizol Corp		143,100		19,246,950
Minerals Technologies, Inc.#		40,800		2,774,400
NewMarket Corp.#		21,400		3,728,308
Sensient Technologies Corp.#		111,600		4,246,380
				68,929,314
Coal — 0.6%
Arch Coal, Inc		362,800		10,844,092
Patriot Coal Corp.†		203,900		4,716,207
				15,560,299
Coatings/Paint — 0.6%
RPM International, Inc.		290,400		6,824,400
Valspar Corp.#		214,200		8,240,274
				15,064,674
Coffee — 0.8%
Green Mountain Coffee Roasters, Inc.†		274,300		22,594,091
Commercial Services — 0.5%
Alliance Data Systems Corp.†		114,200		10,726,806
Convergys Corp.†		273,100		3,490,218
				14,217,024
Commercial Services - Finance — 0.8%
Global Payments, Inc		178,100		9,254,076
Lender Processing Services, Inc		198,400		5,273,472
SEI Investments Co.		324,200		7,664,088
				22,191,636
Computer Aided Design — 0.7%
ANSYS, Inc.†		205,000		11,760,850
Parametric Technology Corp.†		263,800		6,143,902
				17,904,752
Computer Services — 0.3%
DST Systems, Inc.		79,600		4,001,492

151

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Computer Services (continued)
SRA International, Inc., Class A†#		96,000	$	2,971,200
				6,972,692
Computers - Integrated Systems — 1.5%
Diebold, Inc		146,900		4,855,045
Jack Henry & Associates, Inc.#		192,400		6,010,576
MICROS Systems, Inc.†		180,500		9,216,330
NCR Corp.†		357,500		6,978,400
Riverbed Technology, Inc.†		337,000		12,779,040
				39,839,391
Consulting Services — 0.9%
CoreLogic, Inc.†		243,800		4,415,218
Corporate Executive Board Co.#		76,700		3,225,235
FTI Consulting, Inc.†#		93,200		3,557,444
Gartner, Inc.†		190,800		7,446,924
Towers Watson & Co., Class A		101,600		6,446,520
				25,091,341
Consumer Products - Misc. — 0.6%
American Greetings Corp., Class A#		89,600		2,150,400
Scotts Miracle - Gro Co., Class A		101,800		5,873,860
Tupperware Brands Corp		140,300		9,184,038
				17,208,298
Containers - Metal/Glass — 0.3%
Greif, Inc., Class A		69,600		4,601,952
Silgan Holdings, Inc.#		109,200		4,901,988
				9,503,940
Containers - Paper/Plastic — 1.2%
Packaging Corp. of America		228,600		6,652,260
Rock - Tenn Co., Class A#		152,000		11,678,160
Sonoco Products Co		223,900		7,930,538
Temple - Inland, Inc		241,600		5,735,584
				31,996,542
Data Processing/Management — 0.4%
Acxiom Corp.†#		179,400		2,466,750
Broadridge Financial Solutions, Inc.		279,800		6,401,824
Fair Isaac Corp.#		89,500		2,617,875
				11,486,449
Decision Support Software — 0.4%
MSCI, Inc., Class A†		267,300		10,095,921
Diagnostic Equipment — 0.4%
Gen - Probe, Inc.†		107,800		8,816,962
Immucor, Inc.†		156,400		3,273,452
				12,090,414
Diagnostic Kits — 0.4%
IDEXX Laboratories, Inc.†		128,000		10,076,160
Direct Marketing — 0.0%
Harte - Hanks, Inc.#		86,700		710,940
Distribution/Wholesale — 1.3%
Fossil, Inc.†		112,900		11,949,336
Ingram Micro, Inc., Class A†		355,900		6,765,659
LKQ Corp.†		325,600		8,657,704
Owens & Minor, Inc.#		141,700		4,902,820
Watsco, Inc.		62,600		4,190,444
				36,465,963
Diversified Manufacturing Operations — 1.7%
Brink’s Co.		103,900		3,091,025
Carlisle Cos., Inc		136,300		6,624,180

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
Crane Co.		103,100	$	5,071,489
Harsco Corp.		180,200		6,038,502
Matthews International Corp., Class A#		66,100		2,583,849
Pentair, Inc.		219,800		8,897,504
SPX Corp.		113,000		9,368,830
Trinity Industries, Inc.#		178,100		6,124,859
				47,800,238
E - Marketing/Info — 0.2%
Digital River, Inc.†#		87,100		2,835,105
ValueClick, Inc.†		181,000		3,267,050
				6,102,155
Electric Products - Misc. — 0.6%
AMETEK, Inc.		359,000		15,612,910
Electric - Integrated — 3.4%
Alliant Energy Corp		247,600		10,183,788
Black Hills Corp.#		87,700		2,720,454
Cleco Corp.#		136,100		4,775,749
DPL, Inc		266,100		8,028,237
Great Plains Energy, Inc		303,000		6,414,510
Hawaiian Electric Industries, Inc.#		211,900		5,261,477
IDACORP, Inc.#		110,400		4,346,448
MDU Resources Group, Inc.		421,500		9,960,045
NSTAR#		231,300		10,649,052
NV Energy, Inc		526,100		8,296,597
OGE Energy Corp		218,000		11,133,260
PNM Resources, Inc.		193,600		3,200,208
Westar Energy, Inc.#		253,600		6,895,384
				91,865,209
Electronic Components - Misc. — 0.6%
Gentex Corp		318,200		9,339,170
Vishay Intertechnology, Inc.†		369,100		5,857,617
				15,196,787
Electronic Components - Semiconductors — 2.2%
Cree, Inc.†#		244,200		10,717,938
Fairchild Semiconductor International, Inc.†		282,100		5,089,084
International Rectifier Corp.†		156,000		4,489,680
Intersil Corp., Class A#		278,600		3,997,910
QLogic Corp.†		235,400		3,808,772
Rovi Corp.†		252,200		14,617,512
Semtech Corp.†		141,500		4,049,730
Silicon Laboratories, Inc.†		98,400		4,229,232
Skyworks Solutions, Inc.†		414,100		10,547,127
				61,546,985
Electronic Connectors — 0.2%
Thomas & Betts Corp.†		116,600		6,383,850
Electronic Design Automation — 0.7%
Cadence Design Systems, Inc.†		599,600		6,409,724
Mentor Graphics Corp.†		244,900		3,284,109
Synopsys, Inc.†		337,100		9,216,314
				18,910,147
Electronic Measurement Instruments — 0.8%
Itron, Inc.†		90,500		4,638,125
National Instruments Corp		198,900		5,807,880
Trimble Navigation, Ltd.†		272,800		11,918,632
				22,364,637
Electronic Parts Distribution — 1.1%
Arrow Electronics, Inc.†		256,400		11,443,132
Avnet, Inc.†		341,000		12,344,200

152

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Electronic Parts Distribution (continued)
Tech Data Corp.†		104,100	$	4,931,217
				28,718,549
Engineering/R&D Services — 1.3%
Aecom Technology Corp.†		265,100		7,600,417
KBR, Inc.		337,800		12,606,696
Shaw Group, Inc.†		190,000		6,940,700
URS Corp.†		180,100		7,935,206
				35,083,019
Enterprise Software/Service — 0.9%
Advent Software, Inc.†#		72,500		2,026,375
Concur Technologies, Inc.†#		104,200		5,206,874
Informatica Corp.†		235,700		13,826,162
ManTech International Corp., Class A#		50,500		2,273,510
				23,332,921
Environmental Monitoring & Detection — 0.1%
Mine Safety Appliances Co.#		69,300		2,604,294
Filtration/Separation Products — 0.4%
Donaldson Co., Inc.		171,800		10,258,178
Finance - Investment Banker/Broker — 0.7%
Greenhill & Co., Inc.		57,000		3,172,620
Jefferies Group, Inc		319,000		7,062,660
Raymond James Financial, Inc		225,500		8,059,370
				18,294,650
Food - Baking — 0.2%
Flowers Foods, Inc.#		168,400		5,612,772
Food - Confectionery — 0.1%
Tootsie Roll Industries, Inc		55,800		1,637,172
Food - Meat Products — 0.3%
Smithfield Foods, Inc.†		370,700		7,766,165
Food - Misc. — 0.8%
Corn Products International, Inc.		170,100		9,649,773
Lancaster Colony Corp.#		42,500		2,577,200
RalCorp Holdings, Inc.†		122,800		10,799,032
				23,026,005
Food - Retail — 0.2%
Ruddick Corp.#		95,500		4,197,225
Footwear & Related Apparel — 0.4%
Deckers Outdoor Corp.†		86,200		7,852,820
Timberland Co., Class A†#		85,700		2,799,819
				10,652,639
Funeral Services & Related Items — 0.2%
Service Corp. International		536,300		6,156,724
Gas - Distribution — 2.2%
AGL Resources, Inc		174,200		7,161,362
Atmos Energy Corp.		202,400		6,750,040
National Fuel Gas Co		183,900		13,248,156
Questar Corp.		394,800		6,841,884
Southern Union Co.		278,400		8,443,872
UGI Corp.		248,100		8,132,718
Vectren Corp		182,400		5,147,328
WGL Holdings, Inc.#		114,200		4,482,350
				60,207,710
Hazardous Waste Disposal — 0.2%
Clean Harbors, Inc.†		51,300		5,189,508

Security Description	Shares		Value (Note 2)
Hospital Beds/Equipment — 0.5%
Hill - Rom Holdings, Inc.		140,900	$	6,430,676
Kinetic Concepts, Inc.†		140,200		8,319,468
				14,750,144
Human Resources — 0.5%
Korn/Ferry International†#		103,600		2,212,896
Manpower, Inc		182,900		11,180,677
				13,393,573
Industrial Automated/Robotic — 0.3%
Nordson Corp.#		152,400		7,927,848
Instruments - Controls — 0.6%
Mettler - Toledo International, Inc.†		72,200		12,084,114
Woodward, Inc.#		132,000		4,649,040
				16,733,154
Insurance Brokers — 0.5%
Arthur J. Gallagher & Co.		242,500		6,962,175
Brown & Brown, Inc.		261,000		6,887,790
				13,849,965
Insurance - Life/Health — 0.3%
Protective Life Corp.		191,300		4,617,982
StanCorp Financial Group, Inc		102,600		4,430,268
				9,048,250
Insurance - Multi-line — 0.6%
American Financial Group, Inc.		171,100		6,084,316
Old Republic International Corp.#		578,900		7,195,727
Unitrin, Inc		110,500		3,296,215
				16,576,258
Insurance - Property/Casualty — 1.3%
Fidelity National Financial, Inc., Class A		499,600		7,983,608
First American Financial Corp.		233,700		3,757,896
Hanover Insurance Group, Inc		101,000		4,147,060
HCC Insurance Holdings, Inc		256,600		8,490,894
Mercury General Corp		79,600		3,316,932
WR Berkley Corp.		258,300		8,552,313
				36,248,703
Insurance - Reinsurance — 1.2%
Aspen Insurance Holdings, Ltd.		157,600		4,233,136
Everest Re Group, Ltd.		121,600		10,818,752
Reinsurance Group of America, Inc.		165,100		10,488,803
Transatlantic Holdings, Inc		139,200		6,478,368
				32,019,059
Internet Infrastructure Software — 0.4%
TIBCO Software, Inc.†		369,600		10,382,064
Intimate Apparel — 0.2%
Warnaco Group, Inc.†		97,600		5,382,640
Investment Companies — 0.2%
Apollo Investment Corp		436,600		4,981,606
Investment Management/Advisor Services — 1.0%
Affiliated Managers Group, Inc.†		115,900		12,254,107
Eaton Vance Corp.		266,000		8,392,300
Waddell & Reed Financial, Inc., Class A.		191,900		7,407,340
				28,053,747
Leisure Products — 0.1%
WMS Industries, Inc.†		128,700		4,048,902

153

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Lighting Products & Systems — 0.2%
Acuity Brands, Inc.#		96,500	$	5,882,640
Machine Tools & Related Products — 0.5%
Kennametal, Inc.		183,500		7,657,455
Lincoln Electric Holdings, Inc		94,100		7,024,565
				14,682,020
Machinery - Construction & Mining — 0.9%
Bucyrus International, Inc.		181,900		16,707,515
Terex Corp.†#		243,600		7,222,740
				23,930,255
Machinery - Electrical — 0.2%
Regal - Beloit Corp.		86,300		5,954,700
Machinery - Farming — 0.4%
AGCO Corp.†		210,800		10,892,036
Machinery - General Industrial — 0.9%
Gardner Denver, Inc.		116,500		9,760,370
IDEX Corp.		184,100		8,347,094
Wabtec Corp.		107,100		7,238,889
				25,346,353
Machinery - Print Trade — 0.2%
Zebra Technologies Corp., Class A†		124,500		5,534,025
Machinery - Pumps — 0.2%
Graco, Inc.#		134,200		6,785,152
Medical Information Systems — 0.3%
Allscripts Healthcare Solutions, Inc.†		422,100		8,488,431
Medical Instruments — 0.4%
Techne Corp		82,900		6,756,350
Thoratec Corp.†#		131,000		4,554,870
				11,311,220
Medical Labs & Testing Services — 0.3%
Covance, Inc.†#		134,900		7,940,214
Medical Products — 1.0%
Cooper Cos., Inc.		103,200		7,730,712
Henry Schein, Inc.†		205,200		14,737,464
Teleflex, Inc.		89,300		5,545,530
				28,013,706
Medical Sterilization Products — 0.2%
STERIS Corp.#		132,500		4,781,925
Medical - Biomedical/Gene — 1.5%
Bio - Rad Laboratories, Inc., Class A†		43,600		5,425,148
Charles River Laboratories International, Inc.†		115,200		4,455,936
United Therapeutics Corp.†		113,500		7,328,695
Vertex Pharmaceuticals, Inc.†		456,500		24,646,435
				41,856,214
Medical - Drugs — 0.6%
Endo Pharmaceuticals Holdings, Inc.†		261,900		10,902,897
Medicis Pharmaceutical Corp., Class A		131,700		4,934,799
				15,837,696
Medical - Generic Drugs — 0.6%
Perrigo Co.		185,600		15,879,936
Medical - HMO — 0.4%
Health Net, Inc.†		208,400		6,687,556
WellCare Health Plans, Inc.†		94,900		4,673,825
				11,361,381

Security Description	Shares		Value (Note 2)
Medical - Hospitals — 1.1%
Community Health Systems, Inc.†		207,100	$	5,931,344
Health Management Associates, Inc., Class A†		562,200		6,409,080
LifePoint Hospitals, Inc.†#		115,000		4,830,000
Universal Health Services, Inc., Class B		217,700		11,862,473
				29,032,897
Medical - Nursing Homes — 0.1%
Kindred Healthcare, Inc.†#		88,200		2,164,428
Medical - Outpatient/Home Medical — 0.2%
Lincare Holdings, Inc.		215,000		6,518,800
Metal Processors & Fabrication — 0.6%
Commercial Metals Co		255,600		3,805,884
Timken Co.		181,400		9,363,868
Worthington Industries, Inc.#		124,300		2,713,469
				15,883,221
Miscellaneous Manufacturing — 0.3%
Aptargroup, Inc.		149,700		7,993,980
Motion Pictures & Services — 0.1%
DreamWorks Animation SKG, Inc., Class A†		160,400		3,835,164
Multimedia — 0.5%
FactSet Research Systems, Inc.		103,500		11,474,010
Meredith Corp.#		81,500		2,576,215
				14,050,225
Networking Products — 0.4%
Polycom, Inc.†		195,800		11,240,878
Non - Hazardous Waste Disposal — 0.3%
Waste Connections, Inc.#		254,500		8,001,480
Office Furnishings - Original — 0.2%
Herman Miller, Inc.#		127,600		3,202,760
HNI Corp		100,100		2,493,491
				5,696,251
Oil & Gas Drilling — 0.8%
Atwood Oceanics, Inc.†		125,600		5,443,504
Patterson - UTI Energy, Inc		344,400		10,790,052
Unit Corp.†		88,900		5,119,751
				21,353,307
Oil Companies - Exploration & Production — 2.6%
Bill Barrett Corp.†#		104,700		4,666,479
Cimarex Energy Co.		191,000		18,322,630
Comstock Resources, Inc.†#		106,500		3,202,455
Energen Corp.		160,900		10,019,243
Forest Oil Corp.†		253,700		7,585,630
Northern Oil And Gas, Inc.†#		121,200		2,436,120
Plains Exploration & Production Co.†		312,900		11,530,365
Quicksilver Resources, Inc.†#		270,500		3,865,445
SM Energy Co		141,700		9,421,633
				71,050,000
Oil Field Machinery & Equipment — 0.2%
Dril - Quip, Inc.†		76,900		5,704,442
Oil Refining & Marketing — 0.3%
Frontier Oil Corp.		236,200		7,052,932
Oil - Field Services — 1.4%
CARBO Ceramics, Inc.		42,400		6,371,448
Exterran Holdings, Inc.†		141,200		3,042,860
Helix Energy Solutions Group, Inc.†		236,500		4,143,480
Oceaneering International, Inc.†		120,800		9,845,200
Oil States International, Inc.†		114,000		9,011,700

154

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Oil - Field Services (continued)
Superior Energy Services, Inc.†		176,200	$	6,602,214
				39,016,902
Paper & Related Products — 0.3%
Domtar Corp.		91,800		9,407,664
Patient Monitoring Equipment — 0.1%
Masimo Corp.#		133,000		4,085,760
Pharmacy Services — 0.5%
Catalyst Health Solutions, Inc.†		110,500		6,743,815
Omnicare, Inc		261,000		8,205,840
				14,949,655
Photo Equipment & Supplies — 0.1%
Eastman Kodak Co.†#		600,500		2,005,670
Physicians Practice Management — 0.3%
Mednax, Inc.†		107,200		8,056,080
Power Converter/Supply Equipment — 0.3%
Hubbell, Inc., Class B		135,300		8,951,448
Printing - Commercial — 0.1%
Deluxe Corp.#		114,800		2,954,952
Private Corrections — 0.2%
Corrections Corp. of America†		243,800		5,607,400
Publishing - Books — 0.3%
John Wiley & Sons, Inc., Class A		104,400		5,533,200
Scholastic Corp.		53,000		1,443,720
				6,976,920
Publishing - Newspapers — 0.1%
New York Times Co., Class A†		265,900		2,132,518
Quarrying — 0.2%
Compass Minerals International, Inc.		73,300		6,814,701
Racetracks — 0.1%
International Speedway Corp., Class A		65,400		1,871,094
Real Estate Investment Trusts — 8.4%
Alexandria Real Estate Equities, Inc.		136,000		11,225,440
AMB Property Corp.		378,300		13,993,317
BRE Properties, Inc.		162,500		8,290,750
Camden Property Trust		155,800		10,014,824
Corporate Office Properties Trust#		158,400		5,610,528
Cousins Properties, Inc.#		231,400		2,029,378
Duke Realty Corp.		563,900		8,481,056
Equity One, Inc.#		135,800		2,663,038
Essex Property Trust, Inc.#		71,800		9,880,398
Federal Realty Investment Trust		137,400		12,036,240
Highwoods Properties, Inc.#		160,100		5,776,408
Hospitality Properties Trust		275,700		6,804,276
Liberty Property Trust		255,800		9,224,148
Macerich Co		291,100		15,827,107
Mack - Cali Realty Corp		193,900		6,856,304
Nationwide Health Properties, Inc.		282,400		12,369,120
Omega Healthcare Investors, Inc.#		223,400		4,756,186
Potlatch Corp.#		89,400		3,218,400
Rayonier, Inc		181,000		12,016,590
Realty Income Corp.#		280,700		9,863,798
Regency Centers Corp.		200,800		9,299,048
Senior Housing Properties Trust		316,800		7,650,720
SL Green Realty Corp.		185,100		16,660,851
Taubman Centers, Inc		124,600		7,547,022
UDR, Inc.		407,500		10,619,450
Weingarten Realty Investors#		269,100		7,163,442
				229,877,839

Security Description	Shares		Value (Note 2)
Real Estate Management/Services — 0.3%
Jones Lang LaSalle, Inc		95,700	$	9,297,255
Recreational Centers — 0.1%
Life Time Fitness, Inc.†#		93,700		3,447,223
Recreational Vehicles — 0.3%
Polaris Industries, Inc.		76,100		8,397,635
Rental Auto/Equipment — 0.5%
Aaron’s, Inc.		161,100		4,544,631
Rent - A - Center, Inc.#		141,800		4,602,828
United Rentals, Inc.†#		135,400		3,701,836
				12,849,295
Research & Development — 0.3%
Pharmaceutical Product Development, Inc		257,300		7,423,105
Respiratory Products — 0.4%
ResMed, Inc.†#		342,400		11,025,280
Retail - Apparel/Shoe — 1.9%
Aeropostale, Inc.†		182,600		3,451,140
American Eagle Outfitters, Inc		437,000		5,794,620
ANN, Inc.†		121,300		3,414,595
Ascena Retail Group, Inc.†		154,800		5,179,608
Chico’s FAS, Inc.		396,600		5,980,728
Collective Brands, Inc.†#		139,300		2,173,080
Foot Locker, Inc		346,200		8,634,228
Guess?, Inc.		141,800		6,483,096
Phillips - Van Heusen Corp.		149,700		9,875,709
				50,986,804
Retail - Auto Parts — 0.4%
Advance Auto Parts, Inc.		178,800		11,103,480
Retail - Automobile — 0.2%
Copart, Inc.†		133,400		6,269,800
Retail - Bookstores — 0.1%
Barnes & Noble, Inc.#		87,400		1,714,788
Retail - Catalog Shopping — 0.3%
MSC Industrial Direct Co., Class A		100,500		6,985,755
Retail - Discount — 1.0%
99 Cents Only Stores†		104,800		2,165,168
BJ’s Wholesale Club, Inc.†		121,900		6,146,198
Dollar Tree, Inc.†		279,600		17,821,704
				26,133,070
Retail - Gardening Products — 0.4%
Tractor Supply Co		162,600		10,269,816
Retail - Hair Salons — 0.1%
Regis Corp.#		128,700		1,921,491
Retail - Mail Order — 0.3%
Williams - Sonoma, Inc.		234,700		9,188,505
Retail - Major Department Stores — 0.1%
Saks, Inc.†		359,300		4,063,683
Retail - Office Supplies — 0.1%
Office Depot, Inc.†		619,000		2,605,990
Retail - Pet Food & Supplies — 0.4%
PetSmart, Inc		262,600		11,895,780
Retail - Restaurants — 0.9%
Bob Evans Farms, Inc.#		67,700		2,122,395
Brinker International, Inc		189,400		4,882,732
Cheesecake Factory, Inc.†#		133,800		4,250,826
Panera Bread Co., Class A†		70,300		8,789,609

155

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail - Restaurants (continued)
Wendy’s/Arby’s Group, Inc., Class A		720,500	$	3,624,115
				23,669,677
Retail - Sporting Goods — 0.3%
Dick’s Sporting Goods, Inc.†		197,900		7,864,546
Savings & Loans/Thrifts — 1.2%
Astoria Financial Corp.#		184,700		2,681,844
First Niagara Financial Group, Inc.		689,600		9,792,320
New York Community Bancorp, Inc.#		975,900		15,809,580
Washington Federal, Inc		251,000		3,988,390
				32,272,134
Schools — 0.4%
Career Education Corp.†#		139,900		3,007,850
ITT Educational Services, Inc.†#		51,900		3,569,682
Strayer Education, Inc.#		28,100		3,377,058
				9,954,590
Semiconductor Components - Integrated Circuits — 1.0%
Atmel Corp.†		1,020,300		15,324,906
Cypress Semiconductor Corp.†		387,800		9,082,276
Integrated Device Technology, Inc.†		337,000		2,827,430
				27,234,612
Semiconductor Equipment — 0.9%
Lam Research Corp.†		275,900		12,965,920
Varian Semiconductor Equipment Associates, Inc.†		167,700		10,299,296
				23,265,216
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.†		108,400		3,964,188
Soap & Cleaning Preparation — 0.5%
Church & Dwight Co., Inc		159,200		13,388,720
Steel Pipe & Tube — 0.2%
Valmont Industries, Inc.#		47,600		4,770,472
Steel - Producers — 0.8%
Carpenter Technology Corp.		98,300		5,167,631
Reliance Steel & Aluminum Co.		166,700		8,586,717
Steel Dynamics, Inc.		486,700		8,322,570
				22,076,918
Telecom Equipment - Fiber Optics — 0.2%
Ciena Corp.†#		212,000		5,671,000
Telecom Services — 0.4%
NeuStar, Inc., Class A†		164,800		4,410,048
tw telecom, Inc.†		336,200		7,295,540
				11,705,588
Telecommunication Equipment — 0.4%
ADTRAN, Inc		144,100		6,176,126
Plantronics, Inc.#		109,100		3,990,878
				10,167,004
Telephone - Integrated — 0.2%
Telephone and Data Systems, Inc		204,300		6,680,610
Textile - Home Furnishings — 0.3%
Mohawk Industries, Inc.†		125,700		8,361,564
Tobacco — 0.1%
Universal Corp.#		52,400		2,209,708
Transactional Software — 0.4%
ACI Worldwide, Inc†#		74,300		2,405,091

Security Description	Shares/ Principal Amount			Value (Note 2)
Transactional Software (continued)
Solera Holdings, Inc.		157,300		$	9,294,857
					11,699,948
Transport - Equipment & Leasing — 0.2%
GATX Corp.#		103,600			4,114,992
Transport - Marine — 0.7%
Alexander & Baldwin, Inc		92,200			4,515,034
Kirby Corp.†#		119,800			6,884,906
Overseas Shipholding Group, Inc.#		59,900			1,635,869
Tidewater, Inc.#		114,900			6,279,285
					19,315,094
Transport - Rail — 0.5%
Kansas City Southern†		245,100			14,433,939
Transport - Services — 0.2%
UTi Worldwide, Inc		227,400			5,055,102
Transport - Truck — 0.8%
Con - way, Inc		123,000			4,862,190
J.B. Hunt Transport Services, Inc		195,100			8,945,335
Landstar System, Inc		106,900			5,058,508
Werner Enterprises, Inc.		99,100			2,485,428
					21,351,461
Veterinary Diagnostics — 0.2%
VCA Antech, Inc.†#		192,600			4,709,070
Water — 0.3%
Aqua America, Inc		308,100			7,015,438
Web Hosting/Design — 0.7%
Equinix, Inc.†		102,700			10,413,780
Rackspace Hosting, Inc.†		219,800			9,671,200
					20,084,980
Web Portals/ISP — 0.2%
AOL, Inc.†#		238,700			4,910,059
Wireless Equipment — 0.1%
RF Micro Devices, Inc.†		616,600			3,884,580
X-Ray Equipment — 0.5%
Hologic, Inc.†		582,400			12,521,600
Total Long-Term Investment Securities
(cost $2,248,497,264)					2,713,584,470
SHORT-TERM INVESTMENT SECURITIES — 10.5%
Collective Investment Pool — 10.4%
Securities Lending Quality Trust(1)		283,822,348			283,360,013
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.08% due 06/16/11(2)	$	2,760,000			2,759,914
Total Short-Term Investment Securities
(cost $286,582,261)					286,119,927
REPURCHASE AGREEMENT — 0.4%
State Street Bank & Trust Co., Joint Repurchase Agreement(3) (cost $11,588,000)		11,588,000			11,588,000
TOTAL INVESTMENTS
(cost $2,546,667,525)(4)		110.1	%		3,011,292,397
Liabilities in excess of other assets		(10.1	)		(275,060,542	)
NET ASSETS —		100.0	%	$	2,736,231,855

156

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

† 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 2 for details of Joint Repurchase Agreements.

(4) See Note 5 for cost of investments on a tax basis.

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of May 31, 2011		Unrealized Appreciation (Depreciation)
	233	Long	S&P Midcap 400 E-mini Index.		June 2011	$	23,468,076	$	23,290,680	$	(177,396	)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Real Estate Investment Trusts	$	229,877,839	$	—	$	—	$	229,877,839
Other Industries*		2,483,706,631		—		—		2,483,706,631
Short-Term Investment Securities:
Collective Investment Pool		—		283,360,013		—		283,360,013
U.S. Government Treasuries		—		2,759,914		—		2,759,914
Repurchase Agreement		—		11,588,000		—		11,588,000
Total	$	2,713,584,470	$	297,707,927	$	—	$	3,011,292,397
LIABILITIES:
Other Financial Instruments:+
Open Futures Contracts - Depreciation	$	177,396	$	—	$	—	$	177,396

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements

157

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	9.0	%
E-Commerce/Services	5.8
Applications Software	4.8
Commercial Services	3.4
Electronic Components — Semiconductors	3.3
Medical Instruments	2.9
Oil Companies — Exploration & Production	2.8
Multimedia	2.5
Medical — Biomedical/Gene	2.5
Commercial Services — Finance	2.3
Wireless Equipment	2.3
Transport — Services	2.3
Medical — Drugs	2.2
Metal — Diversified	2.0
Internet Infrastructure Software	2.0
Transactional Software	1.8
Web Portals/ISP	1.7
Chemicals — Diversified	1.7
Retail — Restaurants	1.5
Retail — Discount	1.5
Cellular Telecom	1.4
Decision Support Software	1.3
Vitamins & Nutrition Products	1.3
Retail — Apparel/Shoe	1.3
Diagnostic Equipment	1.3
Time Deposits	1.2
Energy — Alternate Sources	1.1
Semiconductor Components — Integrated Circuits	1.1
Machinery — Electrical	1.1
Auto/Truck Parts & Equipment — Original	1.1
Medical Products	1.1
Diversified Operations	1.1
Finance — Investment Banker/Broker	1.0
Schools	1.0
Casino Hotels	1.0
Retail — Mail Order	0.9
Computer Services	0.9
Consulting Services	0.9
Hazardous Waste Disposal	0.9
Agricultural Chemicals	0.9
Distribution/Wholesale	0.8
Machinery — General Industrial	0.8
Diagnostic Kits	0.8
Computers — Integrated Systems	0.8
Computers — Memory Devices	0.8
Computer Aided Design	0.8
Finance — Other Services	0.8
Water Treatment Systems	0.7
Cosmetics & Toiletries	0.7
Beverages — Non-alcoholic	0.7
Building Products — Cement	0.7
Electric Products — Misc.	0.7
Internet Content — Information/News	0.7
Electronic Measurement Instruments	0.6
Television	0.6
Hotels/Motels	0.6
Retail — Sporting Goods	0.6
Oil Field Machinery & Equipment	0.6
Industrial Automated/Robotic	0.6
Aerospace/Defense — Equipment	0.6
Building — Residential/Commercial	0.6
Toys	0.5
Containers — Metal/Glass	0.5
Transport — Truck	0.5
Internet Content — Entertainment	0.5
Metal — Iron	0.5
Medical — Generic Drugs	0.5
Banks — Commercial	0.5
Food — Retail	0.5

Steel — Producers	0.5
Coal	0.5
Auto — Heavy Duty Trucks	0.5
Medical — HMO	0.4
Dental Supplies & Equipment	0.4
Human Resources	0.4
Diversified Manufacturing Operations	0.4
Oil & Gas Drilling	0.4
Entertainment Software	0.4
Apparel Manufacturers	0.4
Oil — Field Services	0.4
Machinery — Construction & Mining	0.4
Medical Information Systems	0.4
Telecom Equipment — Fiber Optics	0.3
Engineering/R&D Services	0.3
Machinery — Pumps	0.3
Food — Confectionery	0.3
Footwear & Related Apparel	0.3
Electronic Components — Misc.	0.3
Chemicals — Specialty	0.3
Retail — Gardening Products	0.3
Auto — Cars/Light Trucks	0.2
Banks — Super Regional	0.2
Lasers — System/Components	0.2
Dialysis Centers	0.2
Non — Hazardous Waste Disposal	0.2
Insurance — Property/Casualty	0.2
Enterprise Software/Service	0.2
Pharmacy Services	0.1
Retail — Auto Parts	0.1
Advertising Agencies	0.1
Investment Management/Advisor Services	0.1
	108.5	%

* Calculated as a percentage of net assets

158

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 96.9%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		32,085	$	382,774
Aerospace/Defense - Equipment — 0.6%
Goodrich Corp.		21,795		1,902,486
Agricultural Chemicals — 0.9%
Intrepid Potash, Inc.†#		90,845		2,924,301
Apparel Manufacturers — 0.4%
Coach, Inc.		19,635		1,249,964
Applications Software — 4.8%
Citrix Systems, Inc.†		42,064		3,685,648
Intuit, Inc.†		24,450		1,319,566
Red Hat, Inc.†		93,173		4,062,343
Salesforce.com, Inc.†		47,293		7,200,832
				16,268,389
Auto - Heavy Duty Trucks — 0.5%
Navistar International Corp.†		23,880		1,572,976
Auto/Truck Parts & Equipment - Original — 1.1%
BorgWarner, Inc.†		25,895		1,877,647
Lear Corp.		35,405		1,799,282
				3,676,929
Banks - Commercial — 0.5%
Zions Bancorporation		72,560		1,729,105
Banks - Super Regional — 0.2%
Fifth Third Bancorp		59,385		775,568
Beverages - Non - alcoholic — 0.7%
Coca - Cola Enterprises, Inc.		41,570		1,200,958
Hansen Natural Corp.†		16,665		1,194,047
				2,395,005
Building Products - Cement — 0.7%
Martin Marietta Materials, Inc.#		26,903		2,304,511
Building - Residential/Commercial — 0.6%
NVR, Inc.†#		2,524		1,882,904
Casino Hotels — 1.0%
Wynn Resorts, Ltd.#		22,168		3,248,055
Cellular Telecom — 1.4%
Millicom International Cellular SA		26,031		2,972,740
Sprint Nextel Corp.†		297,130		1,738,211
				4,710,951
Chemicals - Diversified — 1.7%
Celanese Corp., Series A		8,405		437,816
LyondellBasell Industries NV, Class A		47,150		2,065,642
Rockwood Holdings, Inc.†		62,285		3,275,568
				5,779,026
Chemicals - Specialty — 0.3%
International Flavors & Fragrances, Inc.		14,590		934,635
Coal — 0.5%
Alpha Natural Resources, Inc.†		29,380		1,609,730
Commercial Services — 3.4%
Edenred(1)		247,829		7,366,792
Intertek Group PLC(1)		129,948		4,385,498
				11,752,290
Commercial Services - Finance — 2.3%
Moody’s Corp.#		27,786		1,108,939

Security Description	Shares		Value (Note 2)
Commercial Services - Finance (continued)
Morningstar, Inc.#		46,697	$	2,820,966
Verisk Analytics, Inc., Class A†		117,332		3,995,155
				7,925,060
Computer Aided Design — 0.8%
Autodesk, Inc.†		61,404		2,639,144
Computer Services — 0.9%
IHS, Inc., Class A†		34,971		3,067,656
Computers - Integrated Systems — 0.8%
Brocade Communications Systems, Inc.†		344,360		2,296,881
Teradata Corp.†		7,136		398,118
				2,694,999
Computers - Memory Devices — 0.8%
NetApp, Inc.†		48,455		2,653,880
Consulting Services — 0.9%
Gartner, Inc.†#		77,679		3,031,811
Containers - Metal/Glass — 0.5%
Owens - Illinois, Inc.†		55,795		1,792,135
Cosmetics & Toiletries — 0.7%
Natura Cosmeticos SA		92,966		2,492,449
Decision Support Software — 1.3%
MSCI, Inc., Class A†		120,094		4,535,950
Dental Supplies & Equipment — 0.4%
Sirona Dental Systems, Inc.†		27,660		1,495,300
Diagnostic Equipment — 1.3%
Gen - Probe, Inc.†		52,262		4,274,509
Diagnostic Kits — 0.8%
IDEXX Laboratories, Inc.†#		34,445		2,711,510
Dialysis Centers — 0.2%
DaVita, Inc.†		8,810		740,481
Distribution/Wholesale — 0.8%
Fastenal Co.		86,170		2,859,121
Diversified Manufacturing Operations — 0.4%
Cooper Industries PLC		22,875		1,437,694
Diversified Operations — 1.1%
Leucadia National Corp		102,392		3,630,820
E - Commerce/Services — 5.8%
Alibaba.com, Ltd.(1)		953,100		1,615,094
Ctrip.com International, Ltd. ADR†		104,607		4,707,315
Netflix, Inc.†#		35,366		9,577,113
priceline.com, Inc.†		7,814		4,025,695
				19,925,217
Electric Products - Misc. — 0.7%
AMETEK, Inc.		52,455		2,281,268
Electronic Components - Misc. — 0.3%
TE Connectivity, Ltd.		26,820		987,781
Electronic Components - Semiconductors — 3.3%
ARM Holdings PLC ADR#		117,770		3,362,333
Avago Technologies, Ltd		46,435		1,569,039
Microchip Technology, Inc.		30,800		1,217,524
NVIDIA Corp.†#		74,186		1,486,687
ON Semiconductor Corp.†		154,150		1,729,563
Rovi Corp.†#		33,510		1,942,240
				11,307,386

159

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Electronic Measurement Instruments — 0.6%
Agilent Technologies, Inc.†		44,335	$	2,210,986
Energy - Alternate Sources — 1.1%
Covanta Holding Corp		141,739		2,405,311
First Solar, Inc.†#		11,547		1,434,715
				3,840,026
Engineering/R&D Services — 0.3%
KBR, Inc.		29,515		1,101,500
Enterprise Software/Service — 0.2%
Informatica Corp.†		9,835		576,921
Finance - Investment Banker/Broker — 1.0%
Greenhill & Co., Inc.#		32,503		1,809,117
Lazard, Ltd., Class A		43,615		1,698,804
				3,507,921
Finance - Other Services — 0.8%
IntercontinentalExchange, Inc.†		21,773		2,626,912
Food - Confectionery — 0.3%
Hershey Co		18,890		1,052,740
Food - Retail — 0.5%
Fresh Market, Inc.†		23,000		925,520
Whole Foods Market, Inc.		11,450		700,282
				1,625,802
Footwear & Related Apparel — 0.3%
Deckers Outdoor Corp.†		11,090		1,010,299
Hazardous Waste Disposal — 0.9%
Stericycle, Inc.†#		33,065		2,945,761
Hotel/Motels — 0.6%
Starwood Hotels & Resorts Worldwide, Inc		35,115		2,141,313
Human Resources — 0.4%
SuccessFactors, Inc.†		41,385		1,451,372
Industrial Automated/Robotic — 0.6%
Rockwell Automation, Inc		22,934		1,906,045
Insurance - Property/Casualty — 0.2%
Arch Capital Group, Ltd.†		20,205		681,515
Internet Content - Entertainment — 0.5%
Youku.com, Inc. ADR†#		41,866		1,769,676
Internet Content - Information/News — 0.7%
LinkedIn Corp., Class A†#		27,768		2,265,313
Internet Infrastructure Software — 2.0%
Akamai Technologies, Inc.†		131,477		4,461,672
F5 Networks, Inc.†		11,280		1,281,182
TIBCO Software, Inc.†		36,800		1,033,712
				6,776,566
Investment Management/Advisor Services — 0.1%
Invesco, Ltd		13,400		330,578
Lasers - System/Components — 0.2%
Cymer, Inc.†		15,650		749,166
Machinery - Construction & Mining — 0.4%
Joy Global, Inc.		3,735		334,843
Terex Corp.†		30,370		900,470
				1,235,313
Machinery - Electrical — 1.1%
Schindler Holding AG(1)		29,477		3,722,201

Security Description	Shares		Value (Note 2)
Machinery - General Industrial — 0.8%
Gardner Denver, Inc.		19,425	$	1,627,426
Manitowoc Co., Inc.		32,625		587,903
Roper Industries, Inc		7,560		631,033
				2,846,362
Machinery - Pumps — 0.3%
Flowserve Corp		8,775		1,063,793
Medical Information Systems — 0.4%
Cerner Corp.†		10,255		1,231,626
Medical Instruments — 2.9%
Edwards Lifesciences Corp.†		9,625		854,026
Intuitive Surgical, Inc.†		16,700		5,828,300
St. Jude Medical, Inc.		6,325		320,488
Techne Corp		35,794		2,917,211
				9,920,025
Medical Products — 1.1%
Cooper Cos., Inc.		28,835		2,160,030
Hospira, Inc.†		27,195		1,503,611
				3,663,641
Medical - Biomedical/Gene — 2.5%
Dendreon Corp.†		34,785		1,474,536
Illumina, Inc.†#		90,719		6,539,026
Seattle Genetics, Inc.†		28,765		557,178
				8,570,740
Medical - Drugs — 2.2%
Ironwood Pharmaceuticals, Inc.†#		124,508		1,882,561
Pharmasset, Inc.†		11,515		1,176,833
Shire PLC ADR		12,300		1,175,757
Valeant Pharmaceuticals International, Inc		62,845		3,290,564
				7,525,715
Medical - Generic Drugs — 0.5%
Watson Pharmaceuticals, Inc.†		27,095		1,743,563
Medical - HMO — 0.4%
Centene Corp.†		43,600		1,517,280
Metal - Diversified — 2.0%
Lynas Corp., Ltd.†(1)		700,900		1,783,298
Molycorp, Inc.†#		75,747		5,031,873
				6,815,171
Metal - Iron — 0.5%
Cliffs Natural Resources, Inc		19,295		1,750,056
Multimedia — 2.5%
FactSet Research Systems, Inc.#		29,962		3,321,587
McGraw - Hill Cos., Inc.		36,630		1,555,676
Naspers, Ltd.(1)		62,548		3,733,641
				8,610,904
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		21,890		689,973
Oil & Gas Drilling — 0.4%
Rowan Cos., Inc.†		35,650		1,413,523
Oil Companies - Exploration & Production — 2.8%
Brigham Exploration Co.†		39,080		1,216,951
Petrohawk Energy Corp.†		33,280		880,922
Range Resources Corp.#		62,008		3,467,487
Ultra Petroleum Corp.†#		85,247		4,144,709
				9,710,069

160

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Oil Field Machinery & Equipment — 0.6%
Cameron International Corp.†		43,525	$	2,074,401
Oil - Field Services — 0.4%
Weatherford International, Ltd.†		62,660		1,238,788
Pharmacy Services — 0.1%
SXC Health Solutions Corp.†		7,435		438,219
Retail - Apparel/Shoe — 1.3%
Lululemon Athletica, Inc.†#		32,368		2,939,014
Vera Bradley, Inc.†		27,492		1,358,930
				4,297,944
Retail - Auto Parts — 0.1%
O’Reilly Automotive, Inc.†		7,285		437,901
Retail - Discount — 1.5%
Dollar Tree, Inc.†		79,439		5,063,442
Retail - Gardening Products — 0.3%
Tractor Supply Co		14,715		929,399
Retail - Mail Order — 0.1%
Williams - Sonoma, Inc.		9,460		370,359
Retail - Restaurants — 1.5%
Chipotle Mexican Grill, Inc.†#		17,745		5,129,547
Retail - Sporting Goods — 0.6%
Dick’s Sporting Goods, Inc.†		52,305		2,078,601
Schools — 1.0%
DeVry, Inc		12,220		658,047
New Oriental Education & Technology Group ADR†		24,373		2,822,881
				3,480,928
Semiconductor Components - Integrated Circuits — 1.1%
Analog Devices, Inc		29,325		1,207,310
Atmel Corp.†		41,055		616,646
Marvell Technology Group, Ltd.†		117,445		1,907,307
				3,731,263
Steel - Producers — 0.5%
Carpenter Technology Corp.		30,625		1,609,956
Telecom Equipment - Fiber Optics — 0.3%
Finisar Corp.†		48,555		1,166,291
Television — 0.6%
CBS Corp., Class B		77,580		2,168,361
Toys — 0.5%
Hasbro, Inc		40,030		1,830,972
Transactional Software — 1.8%
Solera Holdings, Inc.		105,717		6,246,818
Transport - Services — 2.3%
C.H. Robinson Worldwide, Inc.#		35,625		2,857,837
Expeditors International of Washington, Inc		92,658		4,894,196
				7,752,033
Transport - Truck — 0.5%
J.B. Hunt Transport Services, Inc		38,960		1,786,316
Vitamins & Nutrition Products — 1.3%
Mead Johnson Nutrition Co		65,458		4,437,398
Water Treatment Systems — 0.7%
Nalco Holding Co.#		87,480		2,496,679

Security Description	Shares/ Principal Amount			Value (Note 2)
Web Portals/ISP — 1.7%
Renren, Inc. ADR†#		58,160		$	747,356
Yandex NV, Class A†		151,473			5,066,772
					5,814,128
Wireless Equipment — 2.3%
Motorola Solutions, Inc.†		165,354			7,915,496
Total Common Stock
(cost $269,165,321)					330,679,377
CONVERTIBLE PREFERRED STOCK — 1.0%
Auto - Cars/Light Trucks — 0.2%
Better Place LLC Series B†(2)(3)(4)		262,477			787,431
Retail - Mail Order — 0.8%
Groupon, Inc. Series G†(2)(3)(4)		44,897			2,745,413
Total Convertible Preferred Stock
(cost $2,205,727)					3,532,844
PREFERRED STOCK — 0.4%
Zynga Game Network, Inc. Series C†(2)(3)(4) (cost $1,388,405)		98,966			1,388,406
Total Long-Term Investment Securities
(cost $272,759,453)					335,600,627
SHORT-TERM INVESTMENT SECURITIES — 10.2%
Collective Investment Pool — 9.0%
Securities Lending Quality Trust(5)(6)		30,601,248			30,558,886
Time Deposits — 1.2%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11	$	4,181,000			4,181,000
Total Short-Term Investment Securities
(cost $34,782,248)					34,739,886
TOTAL INVESTMENTS
(cost $307,541,701)(7)		108.5	%		370,340,513
Liabilities in excess of other assets		(8.5	)		(29,099,583	)
NET ASSETS —		100.0	%	$	341,240,930

† Non-income producing security

# The security or a portion thereof is out on loan (see Note 2).

(1) Security was valued using fair value procedures at May 31, 2011. The aggregate value of these securities was $22,606,524 representing 6.6% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

161

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

(3) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2011, the Mid Cap Strategic Growth Fund held the following restricted securities:

Name	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		Value as a % of Net Assets
Better Place LLC Series B Convertible Preferred Stock		01/25/10		262,477	$	787,431	$	787,431	$	3.00		0.23	%
Groupon, Inc. Series G Convertible Preferred Stock		12/17/10		44,897		1,418,296		2,745,413		61.15		0.80
Zynga Game Network, Inc. Series C Preferred Stock		02/17/11		49,483		1,388,405
		04/18/11		49,483		—
				98,966		1,388,405		1,388,406		14.03		0.41
							$	4,921,250				1.44	%

(4) Illiquid security. At May 31, 2011, the aggregate value of these securities was $4,921,250 representing 1.4% of net assets.

(5) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(6) At May 31, 2011, the Fund had loaned securities with a total value of $30,532,105. This was secured by collateral of $30,601,248, which was received in cash and subsequently invested in short-term investments currently valued at $30,558,886 as reported in the portfolio of investments. The remaining collateral with a value of $564,186 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the short-term pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range
Federal Home Loan Banks	0.32% to 0.80%	11/28/11 to 12/01/11
Federal Home Loan Mtg. Corp.	0.29%	01/10/13
United States Treasury Bill	zero coupon	06/23/11
United States Treasury Notes/Bonds	0.75% to 3.63%	10/31/11 to 02/15/21

(7) See Note 5 for cost of investments on a tax basis.

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
E-Commerce/Services	$	18,310,123	$	1,615,094	#	$	—	$	19,925,217
Other Industries*		289,762,730		20,991,430	#		—		310,754,160
Convertible Preferred Stock		—		—			3,532,844		3,532,844
Preferred Stock		—		—			1,388,406		1,388,406
Short-Term Investment Securities:
Collective Investment Pool		—		30,558,886			—		30,558,886
Time Deposits		—		4,181,000			—		4,181,000
Total	$	308,072,853	$	57,346,410		$	4,921,250	$	370,340,513

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $22,606,524 representing 6.6% of net assets. See Note 2.

The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:

	Convertible Preferred Stock		Preferred Stock
Balance as of 5/31/2010	$	787,431	$	—
Accrued discounts/premiums		—		—
Realized gain (loss)		—		—
Change in unrealized appreciation (depreciation)(1)		1,327,117		—
Net purchases (sales)		1,418,296		1,388,406
Transfers in and/or (out) of Level 3		—		—
Balance as of 5/31/2011	$	3,532,844	$	1,388,406

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at May 31, 2011 includes:

Convertible Preferred Stock		Preferred Stock
$	1,327,117	$	—

See Notes to Financial Statements

162

VALIC Company I Money Market I Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

U.S. Government Agencies	50.0	%
Repurchase Agreement	14.2
Foreign Bank	7.6
Money Center Banks	7.5
U.S. Government Treasuries	6.2
Diversified Financial Services	5.7
Commercial Banks-Canadian	3.8
Super-Regional Banks-US	3.4
Commercial Banks	2.0
Finance	1.6
	102.0	%
Weighted Average Days to Maturity	39.1

Credit Quality@#

A-1 100.0 % 

* Calculated as a percentage of net assets.

@ Source: Standard & Poors.

# Calculated as a percentage of total debt issues.

163

VALIC Company I Money Market I Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 87.8%
Certificates of Deposit — 17.4%
Barclays Bank PLC 0.22% due 09/08/11	$	9,300,000	$	9,300,000
Barclays Bank PLC 0.25% due 06/07/11		9,000,000		9,000,000
Citibank NA 0.15% due 07/26/11		9,100,000		9,100,000
Deutsche Bank AG FRS 0.28% due 07/08/11		8,500,000		8,500,000
Rabobank Nederland NV 0.34% due 09/28/11		9,400,000		9,400,000
Royal Bank of Canada FRS 0.24% due 03/29/12		9,300,000		9,300,000
Royal Bank of Canada FRS 0.29% due 09/14/11		8,800,000		8,800,000
Svenska Handelsbanken 0.21% due 07/21/11		9,000,000		9,000,000
UBS AG Stamford CT FRS 0.28% due 09/09/11		10,000,000		10,000,000
Total Certificates of Deposit
(amortized cost $82,400,000)				82,400,000
Commercial Paper — 9.2%
Bank of America Corp. 0.09% due 06/01/11		7,200,000		7,200,000
Citigroup Funding, Inc. 0.17% due 07/06/11		8,500,000		8,498,595
Lloyds TSB Bank PLC 0.12% due 06/03/11		9,000,000		8,999,940
Nordea North America, Inc. 0.20% due 07/28/11		9,200,000		9,197,087
State Street Corp. 0.25% due 06/06/11		9,500,000		9,499,670
Total Commercial Paper
(amortized cost $43,395,292)				43,395,292
U.S. Corporate Bonds & Notes — 5.0%
Bank of America NA FRS 0.28% due 08/22/11		8,750,000		8,750,000
General Electric Capital Corp. FRS 0.52% due 10/21/11		7,600,000		7,609,165
JPMorgan Chase & Co. FRS 0.35% due 02/22/12		7,300,000		7,306,018
Total U.S. Corporate Bonds & Notes
(amortized cost $23,665,183)				23,665,183
U.S. Government Agencies — 50.0%
Federal Farm Credit Bank 0.10% due 11/10/11		10,000,000		9,995,500
0.23% due 08/11/11		4,300,000		4,298,049
Federal Farm Credit Bank FRS 0.16% due 03/27/12		7,050,000		7,049,423
Federal Home Loan Bank 0.06% due 06/17/11		7,250,000		7,249,807
0.09% due 06/22/11		5,500,000		5,499,711
0.09% due 06/29/11		5,500,000		5,499,615
0.09% due 09/19/11		5,500,000		5,498,488
0.09% due 10/24/11		5,500,000		5,498,006
0.10% due 06/08/11		4,250,000		4,249,917
0.11% due 06/22/11		2,700,000		2,699,827
0.17% due 08/15/11		3,500,000		3,498,760
0.27% due 09/19/11		2,830,000		2,827,665
Federal Home Loan Bank FRS 0.11% due 08/12/11		10,700,000		10,698,721
0.12% due 08/01/11		1,550,000		1,549,751
0.14% due 08/01/11		7,000,000		6,999,625

Security Description	Principal Amount			Value (Note 2)
U.S. Government Agencies (continued)
0.14% due 09/23/11	$	10,500,000		$	10,499,675
0.14% due 02/17/12		4,200,000			4,198,444
0.15% due 09/15/11		2,380,000			2,379,768
0.28% due 01/12/12		17,000,000			17,000,000
0.29% due 01/20/12		8,500,000			8,499,458
0.30% due 12/15/11		8,800,000			8,800,000
Federal Home Loan Mtg. Corp. 0.06% due 06/17/11		7,000,000			6,999,813
0.09% due 10/13/11		6,500,000			6,497,823
0.11% due 12/15/11		2,700,000			2,698,375
0.16% due 08/03/11		6,000,000			5,998,320
0.17% due 08/10/11		3,520,000			3,518,836
0.18% due 08/23/11		1,770,000			1,769,265
0.20% due 06/21/11		3,450,000			3,449,617
0.20% due 06/22/11		1,750,000			1,749,796
0.20% due 07/07/11		3,450,000			3,449,310
0.20% due 07/11/11		10,250,000			10,247,722
0.20% due 07/19/11		5,100,000			5,098,640
0.20% due 07/27/11		5,100,000			5,098,413
0.20% due 12/07/11		1,900,000			1,898,005
0.20% due 12/14/11		1,500,000			1,498,367
0.21% due 12/06/11		3,750,000			3,745,888
0.22% due 07/26/11		3,000,000			2,998,992
0.24% due 08/03/11		2,470,000			2,468,963
0.25% due 06/01/11		2,750,000			2,750,000
Federal Home Loan Mtg. Corp. FRS 0.16% due 08/10/12		8,660,000			8,657,413
Federal National Mtg. Assoc. 0.06% due 06/07/11		8,700,000			8,699,913
0.12% due 09/01/11		4,250,000			4,248,697
Federal National Mtg. Assoc. FRS 0.09% due 07/27/11		8,700,000			8,699,732
Total U.S. Government Agencies
(amortized cost $236,732,110)					236,732,110
U.S. Government Treasuries — 6.2%
United States Treasury Bills 0.20% due 06/30/11		8,670,000			8,668,638
0.20% due 07/28/11		2,750,000			2,749,129
0.21% due 06/02/11		5,500,000			5,499,968
0.21% due 07/28/11		1,700,000			1,699,448
0.23% due 09/22/11		7,000,000			6,995,056
0.24% due 09/22/11		3,750,000			3,747,152
Total U.S. Government Treasuries
(amortized cost $29,359,391)					29,359,391
Total Short-Term Investment Securities — 87.8%
(amortized cost $415,551,976)					415,551,976
REPURCHASE AGREEMENT — 14.2%
UBS Securities LLC Joint Repurchase Agreement(1) (cost $67,355,000)		67,355,000			67,355,000
TOTAL INVESTMENTS —
(amortized cost $482,906,976)(2)		102.0	%		482,906,976
Liabilities in excess of other assets		(2.0	)		(9,464,015	)
NET ASSETS		100.0	%	$	473,442,961

(1) See Note 2 for details of Joint Repurchase Agreements.

(2) See Note 5 for cost of investments on a tax basis.

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at May 31, 2011 and unless noted otherwise, the dates shown are the original maturity dates.

164

VALIC Company I Money Market I Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Short-Term Investment Securities:
Certificates of Deposit	$	—	$	82,400,000	$	—	$	82,400,000
Commercial Paper		—		43,395,292		—		43,395,292
U.S. Corporate Bonds & Notes		—		23,665,183		—		23,665,183
U.S. Government Agencies		—		236,732,110		—		236,732,110
U.S. Government Treasuries		—		29,359,391		—		29,359,391
Repurchase Agreement		—		67,355,000		—		67,355,000
Total	$	—	$	482,906,976	$	—	$	482,906,976

See Notes to Financial Statements

165

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Computers	13.9	%
Applications Software	9.4
Electronic Components — Semiconductors	7.2
Enterprise Software/Service	7.2
Web Portals/ISP	7.1
Medical — Biomedical/Gene	6.7
Collective Investment Pool	6.6
E-Commerce/Services	3.9
Wireless Equipment	3.6
Networking Products	3.4
Cable/Satellite TV	3.4
E-Commerce/Products	3.3
Repurchase Agreements	2.7
Medical — Generic Drugs	1.7
Retail — Discount	1.6
Cellular Telecom	1.6
Commercial Services — Finance	1.4
Computers — Memory Devices	1.4
Multimedia	1.2
Pharmacy Services	1.2
Semiconductor Equipment	1.2
Computer Services	1.1
Retail — Restaurants	1.0
Semiconductor Components — Integrated Circuits	1.0
Transport — Services	0.9
Entertainment Software	0.8
Internet Security	0.8
Auto — Heavy Duty Trucks	0.7
Casino Hotels	0.7
Electronic Forms	0.7
Internet Infrastructure Software	0.6
Retail — Apparel/Shoe	0.5
Retail — Bedding	0.5
Medical Instruments	0.5
Electronic Components — Misc.	0.5
Retail — Office Supplies	0.5
Energy — Alternate Sources	0.4
Food — Retail	0.4
Telecom Services	0.4
Medical Information Systems	0.4
Distribution/Wholesale	0.4
Computer Aided Design	0.4
Data Processing/Management	0.3
Machinery — Construction & Mining	0.3
Toys	0.3
Chemicals — Specialty	0.3
U.S. Government Treasuries	0.3
Retail — Auto Parts	0.3
Retail — Major Department Stores	0.3
Hazardous Waste Disposal	0.3
Medical Products	0.2
Therapeutics	0.2
Medical — Drugs	0.2
Schools	0.2
Electronic Measurement Instruments	0.2
Dental Supplies & Equipment	0.2
Diagnostic Kits	0.2
	106.7	%

* Calculated as a percentage of net assets

166

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 97.1%
Applications Software — 9.4%
Check Point Software Technologies, Ltd.†#		9,824	$	539,534
Citrix Systems, Inc.†		8,844		774,911
Intuit, Inc.†		14,642		790,229
Microsoft Corp		396,094		9,906,311
				12,010,985
Auto - Heavy Duty Trucks — 0.7%
PACCAR, Inc.#		17,192		859,600
Cable/Satellite TV — 3.4%
Comcast Corp., Class A		97,667		2,465,115
DIRECTV, Class A†		37,278		1,873,592
				4,338,707
Casino Hotels — 0.7%
Wynn Resorts, Ltd.		5,843		856,116
Cellular Telecom — 1.6%
Millicom International Cellular SA		5,141		587,102
NII Holdings, Inc.†		8,001		349,324
Vodafone Group PLC ADR		39,472		1,106,400
				2,042,826
Chemicals - Specialty — 0.3%
Sigma-Aldrich Corp.#		5,748		404,027
Commercial Services-Finance — 1.4%
Automatic Data Processing, Inc.		23,401		1,289,629
Paychex, Inc.#		17,050		550,715
				1,840,344
Computer Aided Design — 0.4%
Autodesk, Inc.†		10,720		460,746
Computer Services — 1.1%
Cognizant Technology Solutions Corp., Class A†		14,341		1,090,490
Infosys Technologies, Ltd. ADR		4,948		305,539
				1,396,029
Computers — 13.9%
Apple, Inc.†		43,430		15,106,257
Dell, Inc.†		90,995		1,463,200
Research In Motion, Ltd.†		24,479		1,048,925
				17,618,382
Computers - Memory Devices — 1.4%
NetApp, Inc.†#		17,038		933,171
SanDisk Corp.†		11,158		530,228
Seagate Technology PLC		21,353		358,731
				1,822,130
Data Processing/Management — 0.3%
Fiserv, Inc.†		6,886		444,285
Dental Supplies & Equipment — 0.2%
DENTSPLY International, Inc.#		6,701		262,947
Diagnostic Kits — 0.2%
QIAGEN NV†#		10,989		216,813
Distribution/Wholesale — 0.4%
Fastenal Co.		13,900		461,202
E - Commerce/Products — 3.3%
Amazon.com, Inc.†		21,261		4,181,826
E - Commerce/Services — 3.9%
Ctrip.com International, Ltd. ADR†		6,921		311,445
eBay, Inc.†		61,206		1,907,791

Security Description	Shares		Value (Note 2)
E - Commerce/Services (continued)
Expedia, Inc.#		11,713	$	328,081
Liberty Media Corp. - Interactive, Class A†		26,906		489,958
Netflix, Inc.†#		2,493		675,105
priceline.com, Inc.†		2,317		1,193,695
				4,906,075
Electronic Components - Misc. — 0.5%
Flextronics International, Ltd.†		35,827		259,387
Garmin, Ltd.#		9,809		334,291
				593,678
Electronic Components - Semiconductors — 7.2%
Altera Corp.#		15,083		725,341
Broadcom Corp., Class A†		22,851		822,179
Intel Corp.		258,708		5,823,517
Microchip Technology, Inc.#		8,882		351,105
Micron Technology, Inc.†#		47,013		479,533
NVIDIA Corp.†#		27,389		548,876
Xilinx, Inc.#		12,307		439,114
				9,189,665
Electronic Forms — 0.7%
Adobe Systems, Inc.†		23,859		826,237
Electronic Measurement Instruments — 0.2%
FLIR Systems, Inc.#		7,476		270,257
Energy - Alternate Sources — 0.4%
First Solar, Inc.†#		4,049		503,088
Enterprise Software/Service — 7.2%
BMC Software, Inc.†		8,420		470,089
CA, Inc.#		24,044		562,630
Oracle Corp		238,175		8,150,348
				9,183,067
Entertainment Software — 0.8%
Activision Blizzard, Inc.#		55,732		668,227
Electronic Arts, Inc.†#		15,760		384,701
				1,052,928
Food - Retail — 0.4%
Whole Foods Market, Inc.#		8,182		500,411
Hazardous Waste Disposal — 0.3%
Stericycle, Inc.†#		4,026		358,676
Internet Infrastructure Software — 0.6%
Akamai Technologies, Inc.†		8,796		298,492
F5 Networks, Inc.†#		3,806		432,286
				730,778
Internet Security — 0.8%
Symantec Corp.†		35,980		703,409
VeriSign, Inc.		8,177		286,359
				989,768
Machinery - Construction & Mining — 0.3%
Joy Global, Inc.		4,930		441,974
Medical Information Systems — 0.4%
Cerner Corp.†#		3,931		472,113
Medical Instruments — 0.5%
Intuitive Surgical, Inc.†#		1,832		639,368
Medical Products — 0.2%
Henry Schein, Inc.†#		4,332		311,124

167

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical - Biomedical/Gene — 6.7%
Alexion Pharmaceuticals, Inc.†		8,608	$	408,191
Amgen, Inc.†		43,956		2,661,097
Biogen Idec, Inc.†		11,357		1,075,849
Celgene Corp.†		22,186		1,351,349
Gilead Sciences, Inc.†		37,489		1,564,791
Illumina, Inc.†#		6,016		433,633
Life Technologies Corp.†#		8,485		440,966
Vertex Pharmaceuticals, Inc.†		9,636		520,248
				8,456,124
Medical - Drugs — 0.2%
Cephalon, Inc.†#		3,570		284,493
Medical - Generic Drugs — 1.7%
Mylan, Inc.†		20,603		485,098
Teva Pharmaceutical Industries, Ltd. ADR		33,178		1,688,760
				2,173,858
Multimedia — 1.2%
News Corp., Class A		86,100		1,579,074
Networking Products — 3.4%
Cisco Systems, Inc		260,594		4,377,979
Pharmacy Services — 1.2%
Express Scripts, Inc.†#		24,904		1,483,282
Retail - Apparel/Shoe — 0.5%
Ross Stores, Inc#		5,614		460,124
Urban Outfitters, Inc.†#		7,733		235,547
				695,671
Retail - Auto Parts — 0.3%
O’Reilly Automotive, Inc.†		6,653		399,912
Retail - Bedding — 0.5%
Bed Bath & Beyond, Inc.†		12,008		647,111
Retail - Discount — 1.6%
Costco Wholesale Corp.		20,578		1,697,274
Dollar Tree, Inc.†		5,903		376,257
				2,073,531
Retail - Major Department Stores — 0.3%
Sears Holdings Corp.†#		5,134		364,514
Retail - Office Supplies — 0.5%
Staples, Inc.		34,092		573,427
Retail - Restaurants — 1.0%
Starbucks Corp		35,167		1,293,794
Schools — 0.2%
Apollo Group, Inc., Class A†		6,726		276,506
Semiconductor Components - Integrated Circuits — 1.0%
Linear Technology Corp.#		10,694		369,905
Marvell Technology Group, Ltd.†		30,665		498,000
Maxim Integrated Products, Inc.#		13,976		380,846
				1,248,751
Semiconductor Equipment — 1.2%
Applied Materials, Inc.#		62,198		857,089
KLA - Tencor Corp#		7,883		339,757
Lam Research Corp.†		5,824		273,699
				1,470,545
Telecom Services — 0.4%
Virgin Media, Inc.#		15,180		495,172

Security Description	Shares/ Principal Amount			Value (Note 2)
Therapeutics — 0.2%
Warner Chilcott PLC, Class A#		11,909		$	287,126
Toys — 0.3%
Mattel, Inc		16,437			433,855
Transport - Services — 0.9%
C.H. Robinson Worldwide, Inc.#		7,833			628,363
Expeditors International of Washington, Inc		10,003			528,359
					1,156,722
Web Portals/ISP — 7.1%
Baidu, Inc. ADR†		12,784			1,734,917
Google, Inc., Class A†		11,826			6,256,190
Yahoo!, Inc.†		61,727			1,021,582
					9,012,689
Wireless Equipment — 3.6%
QUALCOMM, Inc.		77,487			4,539,963
Total Long-Term Investment Securities
(cost $92,734,525)					123,510,271
SHORT-TERM INVESTMENT SECURITIES — 6.9%
Collective Investment Pool — 6.6%
Securities Lending Quality Trust(1)(2)		8,339,207			8,327,037
U.S. Government Treasuries — 0.3%
United States Treasury Bills 0.08% due 06/16/11(3)	$	400,000			399,987
Total Short-Term Investment Securities
(cost $8,739,194)					8,727,024
REPURCHASE AGREEMENT — 2.7%
State Street Bank & Trust Co. Joint Repurchase Agreement(4) (cost $3,395,000)		3,395,000			3,395,000
TOTAL INVESTMENTS
(cost $104,868,719)(5)		106.7	%		135,632,295
Liabilities in excess of other assets		(6.7	)		(8,472,324	)
NET ASSETS —		100.0	%	$	127,159,971

† Non-income producing security

# The security or a portion thereof is out on loan (see Note 2)

(1) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(2) At May 31, 2011, the Fund had loaned securities with a total value of $8,444,329. This was secured by collateral of $8,339,207, which was received in cash and subsequently invested in short-term investments currently valued at $8,327,037 as reported in the portfolio of investments. The remaining collateral with a value of $180,339 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the short-term pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range
Federal Home Loan Banks	0.31% to 1.00%	11/28/11-12/01/11
Federal Home Loan Mortgage Corp	0.29%	01/10/13
United States Treasury Bill	zero coupon	06/23/2011
United States Treasury Notes/Bonds	0.75% to 4.63%	03/31/12-05/15/40

(3) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(4) See Note 2 for details of Joint Repurchase Agreements.

(5) See Note 5 for cost of investments on a tax basis.

ADR—American Depositary Receipt

168

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Open Future Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of May 31, 2011		Unrealized Appreciation (Depreciation)
	82	Long	Nasdaq 100 E-mini Index		June 2011	$	3,863,554	$	3,889,670	$	26,116

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Applications Software	$	12,010,985	$	—	$	—	$	12,010,985
Computers		17,618,382		—		—		17,618,382
Electronic Components - Semiconductors		9,189,665		—		—		9,189,665
Enterprise Software/Service		9,183,067		—		—		9,183,067
Medical - Biomedical/Gene		8,456,124		—		—		8,456,124
Web Portals/ISP		9,012,689		—		—		9,012,689
Other Industries*		58,039,359		—		—		58,039,359
Short-Term Investment Securities:
Collective Investment Pool		—		8,327,037		—		8,327,037
U.S. Government Treasuries		—		399,987		—		399,987
Repurchase Agreement		—		3,395,000		—		3,395,000
Other Financial Instruments:+
Open Future Contracts - Appreciation		26,116		—		—		26,116
Total	$	123,536,387	$	12,122,024	$	—	$	135,658,411

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements

169

VALIC Company I Science & Technology Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Electronic Components — Semiconductors	12.0	%
Applications Software	9.1
Computers	8.6
Enterprise Software/Service	7.6
Collective Investment Pool	7.3
Web Portals/ISP	6.7
E-Commerce/Services	4.5
Computers — Memory Devices	4.3
Semiconductor Components — Integrated Circuits	4.2
Wireless Equipment	3.9
Computer Services	3.6
Commercial Services — Finance	3.0
Semiconductor Equipment	2.6
Internet Infrastructure Software	2.4
Time Deposits	2.2
Networking Products	2.2
Toys	1.7
Electric Products — Misc.	1.6
Computers — Integrated Systems	1.5
Telecommunication Equipment	1.4
E-Commerce/Products	1.2
Commercial Services	1.1
Consulting Services	0.8
Web Hosting/Design	0.8
Electronic Measurement Instruments	0.7
Medical — Biomedical/Gene	0.7
E-Services/Consulting	0.7
Educational Software	0.7
Electronic Forms	0.6
Telecom Equipment — Fiber Optics	0.6
Cellular Telecom	0.6
Internet Content — Information/News	0.6
Electronic Components — Misc.	0.5
Energy — Alternate Sources	0.5
Entertainment Software	0.5
Computers — Periphery Equipment	0.5
Registered Investment Companies	0.5
Multimedia	0.5
Medical Instruments	0.3
Diversified Manufacturing Operations	0.3
Internet Application Software	0.3
Internet Content — Entertainment	0.3
Power Converter/Supply Equipment	0.3
Machinery — Electrical	0.3
Electronic Parts Distribution	0.3
Retail — Mail Order	0.3
Telephone — Integrated	0.3
Electronic Connectors	0.3
Data Processing/Management	0.2
Television	0.2
Computer Aided Design	0.2
Advanced Materials	0.2
Medical Products	0.2
Transactional Software	0.2
Electronic Security Devices	0.2
Internet Security	0.2
Agricultural Chemicals	0.2
Industrial Audio & Video Products	0.2
Schools	0.2
Social Networking	0.2
Virtual Reality Products	0.1
Software Tools	0.1
	108.1	%

* Calculated as a percentage of net assets

170

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 97.2%
Advanced Materials — 0.2%
STR Holdings, Inc.†#		125,400	$	1,982,574
Agricultural Chemicals — 0.2%
Monsanto Co.		21,800		1,548,672
Applications Software — 9.1%
Check Point Software Technologies, Ltd.†		43,400		2,383,528
Citrix Systems, Inc.†		236,571		20,728,351
Intuit, Inc.†		227,445		12,275,207
Microsoft Corp.		1,072,100		26,813,221
Red Hat, Inc.†		31,842		1,388,311
Salesforce.com, Inc.†#		113,753		17,320,032
				80,908,650
Auto - Cars/Light Trucks — 0.0%
Tesla Motors, Inc.†		1,549		46,687
Cellular Telecom — 0.6%
China Unicom (Hong Kong), Ltd.(1)		802,000		1,781,754
China Unicom (Hong Kong), Ltd. ADR#		153,800		3,395,904
				5,177,658
Chemicals - Diversified — 0.0%
Wacker Chemie AG#(1)		1,095		244,344
Commercial Services — 1.1%
Alliance Data Systems Corp.†#		71,438		6,710,171
ExlService Holdings, Inc.†#		49,486		1,161,931
Quanta Services, Inc.†#		111,590		2,203,903
				10,076,005
Commercial Services - Finance — 3.0%
Automatic Data Processing, Inc.#		159,610		8,796,107
Global Payments, Inc.#		13,835		718,867
Mastercard, Inc., Class A		12,760		3,662,758
Visa, Inc., Class A		76,276		6,182,932
Western Union Co.#		369,850		7,604,116
				26,964,780
Computer Aided Design — 0.2%
Autodesk, Inc.†		47,400		2,037,252
Computer Services — 3.4%
Accenture PLC, Class A		209,342		12,014,137
International Business Machines Corp.		109,494		18,496,822
				30,510,959
Computers — 8.6%
Apple, Inc.†		177,586		61,769,738
Dell, Inc.†		500,000		8,040,000
Hewlett - Packard Co.		171,465		6,409,362
				76,219,100
Computers - Integrated Systems — 1.5%
Riverbed Technology, Inc.†#		191,230		7,251,442
Teradata Corp.†		108,902		6,075,642
				13,327,084
Computers - Memory Devices — 4.3%
EMC Corp.†#		647,685		18,439,592
NetApp, Inc.†#		218,465		11,965,328
SanDisk Corp.†		95,700		4,547,664
Seagate Technology PLC		125,300		2,105,040
Spansion, Inc., Class A†		77,107		1,544,453
				38,602,077
Computers - Periphery Equipment — 0.5%
Synaptics, Inc.†#		157,300		4,412,265

Security Description	Shares		Value (Note 2)
Consulting Services — 0.8%
Genpact, Ltd.†		298,302	$	4,778,798
Huron Consulting Group, Inc.†#		90,555		2,746,533
				7,525,331
Data Processing/Management — 0.2%
CommVault Systems, Inc.†#		49,800		2,058,732
Diversified Manufacturing Operations — 0.3%
Cooper Industries PLC		41,945		2,636,243
E - Commerce/Products — 1.2%
Amazon.com, Inc.†		54,110		10,642,896
E - Commerce/Services — 4.5%
Ctrip.com International, Ltd. ADR†		97,920		4,406,400
Dena Co., Ltd.(1)		34,100		1,214,041
eBay, Inc.†		186,785		5,822,089
Liberty Media Corp. - Interactive, Class A†		213,900		3,895,119
Netflix, Inc.†		65,505		17,738,754
priceline.com, Inc.†		13,785		7,101,894
				40,178,297
E - Services/Consulting — 0.7%
Sapient Corp.†#		414,944		6,095,527
Educational Software — 0.7%
Blackboard, Inc.†#		141,400		6,092,926
Electric Products - Misc. — 1.6%
Hitachi, Ltd.#(1)		2,472,000		14,181,035
Electronic Components - Misc. — 0.5%
AAC Acoustic Technologies Holdings, Inc.#(1)		1,264,000		3,265,034
HON HAI Precision Industry Co., Ltd. GDR†*		216,800		1,543,616
				4,808,650
Electronic Components - Semiconductors — 12.0%
Advanced Micro Devices, Inc.†#		298,900		2,594,452
Applied Micro Circuits Corp.†#		301,700		3,191,986
Avago Technologies, Ltd.		213,120		7,201,325
Broadcom Corp., Class A†		218,800		7,872,424
Cavium Networks, Inc.†#		53,090		2,361,443
Cree, Inc.†#		168,000		7,373,520
Hynix Semiconductor, Inc.(1)		82,910		2,321,777
Intel Corp.		525,510		11,829,230
Intersil Corp., Class A#		135,600		1,945,860
LSI Corp.†		89,850		672,977
MEMC Electronic Materials, Inc.†#		208,300		2,191,316
Micron Technology, Inc.†#		412,500		4,207,500
National Semiconductor Corp.		198,100		4,859,393
Netlogic Microsystems, Inc.†		81,300		3,115,416
NVIDIA Corp.†#		347,800		6,969,912
ON Semiconductor Corp.†		1,138,175		12,770,323
Rovi Corp.†		73,703		4,271,826
Samsung Electronics Co., Ltd.(1)		3,801		3,186,088
Skyworks Solutions, Inc.†		245,283		6,247,358
Texas Instruments, Inc.		317,740		11,216,222
Xilinx, Inc.		14,900		531,632
				106,931,980
Electronic Connectors — 0.3%
Amphenol Corp., Class A#		42,435		2,294,036
Electronic Forms — 0.6%
Adobe Systems, Inc.†		159,500		5,523,485
Electronic Measurement Instruments — 0.7%
Agilent Technologies, Inc.†		57,360		2,860,543
Chroma ATE, Inc.(1)		852,000		2,732,490
Trimble Navigation, Ltd.†		15,200		664,088
				6,257,121

171

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Electronic Parts Distribution — 0.2%
Synnex Technology International Corp.(1)		784,000	$	1,843,858
Electronic Security Devices — 0.2%
Taser International, Inc.†#		366,100		1,658,433
Energy - Alternate Sources — 0.5%
First Solar, Inc.†#		38,500		4,783,625
Enterprise Software/Service — 7.6%
Ariba, Inc.†#		76,079		2,551,690
Autonomy Corp. PLC†(1)		139,800		4,139,598
BMC Software, Inc.†#		106,731		5,958,792
CA, Inc.#		241,000		5,639,400
hiSoft Technology International, Ltd. ADR†#		89,320		1,394,285
Informatica Corp.†		182,975		10,733,313
Oracle Corp.		1,013,824		34,693,057
QLIK Technologies, Inc.†		69,820		2,324,308
				67,434,443
Entertainment Software — 0.5%
Electronic Arts, Inc.†#		94,376		2,303,718
UBISOFT Entertainment, Inc.†(1)		227,700		2,265,130
				4,568,848
Industrial Audio & Video Products — 0.2%
Dolby Laboratories, Inc., Class A†#		30,500		1,425,570
Internet Application Software — 0.3%
RealNetworks, Inc.†#		691,200		2,585,088
Tencent Holdings, Ltd.#(1)		1,700		49,048
				2,634,136
Internet Content - Entertainment — 0.3%
Youku.com, Inc.
Class A†(2)(3)(8)		1,160,800		2,589,647
Internet Content - Information/News — 0.3%
Kakaku.com, Inc.#(1)		364		2,288,778
Internet Infrastructure Software — 2.4%
Akamai Technologies, Inc.†		164,090		5,568,394
TIBCO Software, Inc.†#		555,786		15,612,029
				21,180,423
Internet Security — 0.2%
VeriSign, Inc.		46,778		1,638,166
Machinery - Electrical — 0.3%
Disco Corp.#(1)		38,100		2,479,004
Medical Instruments — 0.3%
Medtronic, Inc.		66,200		2,694,340
Medical Products — 0.2%
Stryker Corp.#		28,200		1,759,680
Medical - Biomedical/Gene — 0.7%
Amgen, Inc.†		58,000		3,511,320
Celgene Corp.†		44,600		2,716,586
				6,227,906
Multimedia — 0.5%
Time Warner, Inc.#		111,200		4,051,016
Networking Products — 2.2%
Acme Packet, Inc.†#		67,505		5,109,454
BigBand Networks, Inc.†#		58,100		122,010
Cisco Systems, Inc.		232,400		3,904,320
Ixia†		44,200		695,708
Juniper Networks, Inc.†		153,115		5,605,540
Polycom, Inc.†		72,200		4,145,002
				19,582,034

Security Description	Shares		Value (Note 2)
Power Converter/Supply Equipment — 0.3%
SMA Solar Technology AG#(1)		2,105	$	230,086
SunPower Corp., Class B†#		109,711		2,280,892
				2,510,978
Schools — 0.2%
New Oriental Education & Technology Group ADR†		11,800		1,366,676
Semiconductor Components - Integrated Circuits — 4.2%
Advanced Semiconductor Engineering, Inc.(1)		1,592,000		1,961,862
Analog Devices, Inc.		191,375		7,878,909
Atmel Corp.†		463,955		6,968,604
Cirrus Logic, Inc.†#		18,110		297,910
Cypress Semiconductor Corp.†#		238,090		5,576,068
Emulex Corp.†#		136,700		1,271,310
Marvell Technology Group, Ltd.†		597,200		9,698,528
Maxim Integrated Products, Inc.#		142,080		3,871,680
				37,524,871
Semiconductor Equipment — 2.6%
Applied Materials, Inc.		291,800		4,021,004
ASM Pacific Technology, Ltd.#(1)		303,300		4,099,050
ASML Holding NV		129,930		5,068,569
Lam Research Corp.†#		142,800		6,710,886
Tokyo Electron, Ltd.(1)		57,300		3,168,983
				23,068,492
Social Networking — 0.2%
Facebook, Inc., Class B†(3)(4)(8)		47,699		1,352,042
Software Tools — 0.1%
VMware, Inc., Class A†		7,865		765,422
Telecom Equipment - Fiber Optics — 0.6%
Ciena Corp.†#		51,400		1,374,950
Corning, Inc.#		106,300		2,141,945
JDS Uniphase Corp.†		90,100		1,819,119
				5,336,014
Telecommunication Equipment — 1.4%
ADTRAN, Inc.#		287,859		12,337,637
Telephone - Integrated — 0.3%
Softbank Corp.(1)		61,600		2,395,173
Television — 0.2%
Phoenix New Media, Ltd. ADR†#		178,543		2,055,030
Toys — 1.7%
Nintendo Co., Ltd.(1)		65,700		15,323,290
Transactional Software — 0.2%
Longtop Financial Technologies, Ltd. ADR†#(4)(8)		217,073		1,707,551
Virtual Reality Products — 0.1%
RealD, Inc.†#		35,200		960,960
Web Hosting/Design — 0.8%
Equinix, Inc.†#		66,200		6,712,680
Web Portals/ISP — 6.7%
Baidu, Inc. ADR†		104,400		14,168,124
Bitauto Holdings, Ltd. ADR†#		14,900		111,750
Google, Inc., Class A†		60,311		31,905,725
NetEase.com, Inc. ADR†#		105,240		4,854,721
Renren, Inc. ADR†#		1,101		14,148
SINA Corp.†		25,560		3,036,273
Yahoo!, Inc.†		267,782		4,431,792
Yandex NV, Class A†		18,300		612,135
				59,134,668

172

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCK (continued)
Wireless Equipment — 3.9%
Aruba Networks, Inc.†#		35,920		$	1,020,846
HTC Corp.(1)		62,000			2,649,987
HTC Corp. GDR†		18,129			2,943,243
QUALCOMM, Inc.		356,844			20,907,490
Telefonaktiebolaget LM Ericsson ADR		269,000			3,991,961
Telefonaktiebolaget LM Ericsson, Class B(1)		245,200			3,635,532
					35,149,059
Total Common Stock
(cost $705,150,437)					863,824,816
CONVERTIBLE PREFERRED STOCK — 0.6%
Electric - Distribution — 0.0%
Silver Spring Networks Series E 8.00%(3)(4)(8)		46,800			280,800
Internet Content - Information/News — 0.3%
Angie’s List(3)(4)(8)		11,979			847,361
Twitter, Inc. Series E(3)(4)(8)		115,101			1,757,419
					2,604,780
Retail - Mail Order — 0.3%
Groupon, Inc.†(3)(4)(8)
Series G		39,859			2,437,344
Total CONVERTIBLE PREFERRED STOCK
(cost $3,187,703)					5,322,924
EQUITY CERTIFICATES — 0.3%
Computer Services — 0.2%
Merrill Lynch - Tata Consultancy Services, Ltd.†*		76,100			1,954,248
Electronic Parts Distribution — 0.1%
Deutsche Bank AG - Synnex Technology International Corp.†*(3)(4)(8)		269,000			632,002
Total Equity Certificates
(cost $2,666,823)					2,586,250
EXCHANGE - TRADED FUNDS — 0.0%
iShares FTSE/Xinhua A5O China Index ETF#(1) (cost $121,731)		67,000			113,280
Total Long - Term Investment Securities
(cost $711,126,694)					871,847,270
SHORT-TERM INVESTMENT SECURITIES — 10.0%
Collective Investment Pool — 7.3%
Securities Lending Quality Trust(5)(6)		64,844,391			64,749,749
Registered Investment Companies — 0.5%
T. Rowe Price Reserve Investment Fund		4,401,751			4,401,751
Time Deposits — 2.2%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11	$	20,250,000			20,250,000
Total Short-Term Investment Securities
(cost $89,496,142)					89,401,500
TOTAL INVESTMENTS
(cost $800,622,836)(7)		108.1	%		961,248,770
Liabilities in excess of other assets		(8.1	)		(72,330,863	)
NET ASSETS —		100.0	%	$	888,917,907

† 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 May 31, 2011, the aggregate value of these securities was $4,129,866 representing 0.5% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Security was valued using fair value procedures at May 31, 2011. The aggregate value of these securities was $75,569,222 representing 8.5% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2.

(3) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2011, the Science & Technology Fund held the following restricted securities:

Name	Acqui sition Date		Shares		Acqui sition Cost		Value		Value Per Share		Value as a % of Net Assets
Angie’s List
Convertible Preferred Stock		03/15/11		10,644	$	752,927
		05/17/11		1,335		94,434
				11,979		847,361	$	847,361	$	70.74		0.10	%
Groupon, Inc. Series G Convertible Preferred Stock		12/17/10		39,859		1,259,146		2,437,344		61.15		0.27	%
FaceBook Inc Class B Common Stock		03/31/11		41,658		1,041,450
		05/19/11		1,988		49,700
		05/19/11		4,053		101,609
				47,699		1,192,759		1,352,042		28.35		0.15	%
Silver Spring Networks, Inc. Series E Convertible Preferred Stock		12/11/09		46,800		468,000		280,800		6.00		0.03	%
Twitter, Inc. Series E Convertible Preferred Stock		09/24/09		38,367		613,196
		01/11/11		76,734		—
				115,101		613,196		1,757,419		15.27		0.20	%
Youku.Com, Inc. Class A Common Stock		09/15/10		1,160,800		577,710		2,589,647		2.23		0.29	%
Deutsche Bank AG-Synnex Technology International Corp. Equity Certificates		09/23/10		269,000		614,073		632,002		2.35		0.07	%
							$	9,896,615				1.11	%

(4) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

(5) At May 31, 2011, the Fund had loaned securities with a total value of $64,079,787. This was secured by collateral of $64,844,391, which was received in cash and subsequently invested in short-term investments currently valued at $64,749,749 as reported in the portfolio of investments. The remaining collateral with a value of $638,038 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

173

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Securities	Coupon Range	Maturity Date Range
United States Treasury Notes/Bonds	1.00% to 4.25%	01/15/13 to 02/28/18

(6) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(7) See Note 5 for cost of investments on a tax basis.

(8) Illiquid security. At May 31, 2011, the aggregate value of these securities was $11,604,166 representing 1.3% of net assets.

ADR—American Depository Receipt

GDR—Global Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Application Software	$	80,908,650	$	—		$	—	$	80,908,650
Computers		76,219,100		—			—		76,219,100
Electronic Components - Semiconductors		101,424,115		5,507,865	#		—		106,931,980
Enterprise Software/Service		63,294,845		4,139,598	#		—		67,434,443
Web Portals/ISP		59,134,668		—			—		59,134,668
Other Industries*		401,738,256		68,398,126	#		3,059,593		473,195,975
Convertible Preferred Stock		—		—			5,322,924		5,322,924
Equity Certificates		1,954,248		—			632,002		2,586,250
Exchange-Traded Funds		—		113,280	#		—		113,280
Short-Term Investment Securities:
Collective Investment Pool		—		64,749,749			—		64,749,749
Registered Investment Companies		—		4,401,751			—		4,401,751
Time Deposits		—		20,250,000			—		20,250,000
Total	$	784,673,882	$	167,560,369		$	9,014,519	$	961,248,770

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $75,569,222 representing 8.5% of net assets. See Note 2.

The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:

	Common Stock		Convertible Preferred Stock		Equity Certificates
Balance as of 5/31/2010	$	—	$	954,837	$	—
Accrued discounts/premiums		—		—		—
Realized gain (loss)		—		—		—
Change in unrealized appreciation (depreciation)(1)		159,283		2,261,581		17,929
Net purchases (sales)		1,192,759		2,106,506		614,073
Transfers in and/or out of Level 3(2)		1,707,551		—		—
Balance as of 5/31/2011	$	3,059,593	$	5,322,924	$	632,002

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at May 31, 2011 includes:

Common Stock		Convertible Preferred Stock		Equity Certificates
$	159,283	$	2,261,581	$	17,929

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

174

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO PROFILE — May 31, 2011 — (Unaudited)

Industry Allocation*

Collective Investment Pool	6.5	%
Commercial Services — Finance	5.5
Electronic Components — Semiconductors	5.1
Machinery — General Industrial	4.6
Medical — Drugs	4.4
Casino Services	3.4
Consulting Services	3.4
Transactional Software	3.2
Human Resources	3.1
Schools	3.0
Oil Companies — Exploration & Production	2.9
Telecom Services	2.7
Medical — Biomedical/Gene	2.4
Recreational Vehicles	2.3
E-Commerce/Products	2.1
E-Marketing/Info	2.0
Medical Products	1.9
Medical — HMO	1.8
Medical Information Systems	1.8
Transport — Air Freight	1.7
Hotels/Motels	1.7
Theaters	1.7
Medical Instruments	1.7
Ultra Sound Imaging Systems	1.7
Therapeutics	1.6
Computer Services	1.5
Audio/Video Products	1.5
Commercial Services	1.5
E-Commerce/Services	1.5
Distribution/Wholesale	1.4
Printing — Commercial	1.4
E-Services/Consulting	1.3
Retail — Video Rentals	1.2
Dental Supplies & Equipment	1.1
Retail — Home Furnishings	1.1
Retail — Apparel/Shoe	1.1
Enterprise Software/Service	1.0
Educational Software	1.0
Exchange Traded	1.0
Insurance — Property/Casualty	1.0
Auto — Truck Trailers	1.0
Hazardous Waste Disposal	1.0
Alternative Waste Technology	0.9
Chemicals — Diversified	0.9
Transport — Services	0.9
Advertising Services	0.8
Medical — Generic Drugs	0.8
Satellite Telecom	0.7
Metal Processors & Fabrication	0.7
Retail — Restaurants	0.6
Internet Security	0.6
Time Deposits	0.6
Beverages — Non — alcoholic	0.6
Finance — Investment Banker/Broker	0.6
Diagnostic Equipment	0.6
Banks — Commercial	0.6
Internet Application Software	0.5
Energy — Alternate Sources	0.5
Networking Products	0.5
Retail — Appliances	0.4
Agricultural Chemicals	0.4
Entertainment Software	0.4
Telecom Equipment — Fiber Optics	0.4
Resorts/Theme Parks	0.3
Finance — Other Services	0.3
Leisure Products	0.2
	106.6	%

* Calculated as a percentage of net assets

175

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 98.5%
Advertising Services — 0.8%
Marchex, Inc., Class B#		98,785	$	769,535
Agricultural Chemicals — 0.4%
Intrepid Potash, Inc.†#		12,700		408,813
Alternative Waste Technology — 0.9%
Calgon Carbon Corp.†#		48,710		840,247
Audio/Video Products — 1.5%
Harman International Industries, Inc.		13,300		638,001
TiVo, Inc.†#		71,800		742,412
				1,380,413
Auto - Truck Trailers — 1.0%
Wabash National Corp.†#		92,550		894,958
Banks - Commercial — 0.6%
First Commonwealth Financial Corp.#		52,400		306,540
Park Sterling Corp.†		41,300		206,500
				513,040
Beverages - Non-alcoholic — 0.6%
Primo Water Corp.†#		37,863		535,761
Casino Services — 3.4%
Scientific Games Corp., Class A†#		213,784		2,107,910
Shuffle Master, Inc.†#		93,331		1,016,375
				3,124,285
Chemicals - Diversified — 0.9%
Solutia, Inc.†#		33,600		838,992
Commercial Services — 1.5%
Live Nation Entertainment, Inc.†#		116,163		1,339,359
Commercial Services - Finance — 5.5%
Dollar Financial Corp.†		90,548		2,056,345
Euronet Worldwide, Inc.†#		40,148		694,159
Global Cash Access Holdings, Inc.†#		81,287		260,931
Wright Express Corp.†#		37,126		2,003,319
				5,014,754
Computer Services — 1.5%
SYKES Enterprises, Inc.†		64,141		1,387,370
Consulting Services — 3.4%
Corporate Executive Board Co.		40,500		1,703,025
Gartner, Inc.†		17,353		677,288
ICF International, Inc.†#		27,200		699,584
				3,079,897
Dental Supplies & Equipment — 1.1%
Sirona Dental Systems, Inc.†		18,529		1,001,678
Diagnostic Equipment — 0.6%
Affymetrix, Inc.†#		86,900		529,221
Distribution/Wholesale — 1.4%
United Stationers, Inc.#		7,400		547,748
WESCO International, Inc.†#		13,100		728,360
				1,276,108
E - Commerce/Products — 2.1%
Shutterfly, Inc.†#		30,919		1,874,310
E - Commerce/Services — 1.5%
Ancestry.com, Inc.†#		18,900		777,357
Move, Inc.†#		281,400		554,358
				1,331,715
E - Marketing/Info — 2.0%
Constant Contact, Inc.†#		18,700		449,735

Security Description	Shares		Value (Note 2)
E - Marketing/Info (continued)
QuinStreet, Inc.†		54,008	$	834,963
ReachLocal, Inc.†		27,827		584,089
				1,868,787
E - Services/Consulting — 1.3%
Sapient Corp.†#		81,707		1,200,276
Educational Software — 1.0%
Blackboard, Inc.†#		22,000		947,980
Electronic Components - Semiconductors — 5.1%
Microsemi Corp.†#		97,129		2,141,695
Monolithic Power Systems, Inc.†#		48,354		836,524
PMC - Sierra, Inc.†		220,000		1,724,800
				4,703,019
Energy - Alternate Sources — 0.5%
JA Solar Holdings Co., Ltd. ADR†#		82,000		494,460
Enterprise Software/Service — 1.0%
Taleo Corp., Class A†		25,596		955,499
Entertainment Software — 0.4%
THQ, Inc.†#		82,698		341,543
Finance - Investment Banker/Broker — 0.6%
MF Global Holdings, Ltd.†#		68,800		530,448
Finance - Other Services — 0.3%
Netspend Holdings, Inc.†#		28,576		239,467
Hazardous Waste Disposal — 1.0%
Clean Harbors, Inc.†#		8,695		879,586
Hotel/Motels — 1.7%
Gaylord Entertainment Co.†		48,200		1,554,450
Human Resources — 3.1%
Kforce, Inc.†#		36,466		491,926
Monster Worldwide, Inc.†#		28,500		439,470
On Assignment, Inc.†		91,041		1,016,928
Resources Connection, Inc.		60,438		852,780
				2,801,104
Insurance - Property/Casualty — 1.0%
Tower Group, Inc.#		36,850		895,455
Internet Application Software — 0.5%
DealerTrack Holdings, Inc.†		21,600		500,472
Internet Security — 0.6%
Blue Coat Systems, Inc.†		24,100		553,095
Leisure Products — 0.2%
WMS Industries, Inc.†#		5,996		188,634
Machinery - General Industrial — 4.6%
Chart Industries, Inc.†#		18,444		896,010
Gardner Denver, Inc.		8,957		750,417
Middleby Corp.†#		5,800		499,090
Robbins & Myers, Inc		27,000		1,189,620
Wabtec Corp.		12,700		858,393
				4,193,530
Medical Information Systems — 1.8%
Quality Systems, Inc.#		19,234		1,655,663
Medical Instruments — 1.7%
Spectranetics Corp.†#		47,067		282,873
Volcano Corp.†#		39,657		1,246,419
				1,529,292

176

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical Products — 1.9%
Greatbatch, Inc.†#		29,700	$	859,815
Luminex Corp.†#		41,864		873,702
				1,733,517
Medical - Biomedical/Gene — 2.4%
Acorda Therapeutics, Inc.†#		50,100		1,645,785
Halozyme Therapeutics, Inc.†#		81,027		546,122
				2,191,907
Medical - Drugs — 4.4%
Auxilium Pharmaceuticals, Inc.†#		44,700		1,000,833
Jazz Pharmaceuticals, Inc.†		26,200		767,398
Vanda Pharmaceuticals, Inc.†#		74,642		556,829
Viropharma, Inc.†#		88,450		1,711,508
				4,036,568
Medical - Generic Drugs — 0.8%
Impax Laboratories, Inc.†#		26,900		722,265
Medical - HMO — 1.8%
Centene Corp.†		21,300		741,240
WellCare Health Plans, Inc.†		18,800		925,900
				1,667,140
Metal Processors & Fabrication — 0.7%
CIRCOR International, Inc		13,700		607,047
Networking Products — 0.5%
Ixia†		29,254		460,458
Oil Companies - Exploration & Production — 2.9%
Brigham Exploration Co.†		22,750		708,435
Carrizo Oil & Gas, Inc.†#		12,100		462,341
Kodiak Oil & Gas Corp.†#		91,900		629,515
Swift Energy Co.†		21,800		855,214
				2,655,505
Printing - Commercial — 1.4%
VistaPrint NV†#		25,923		1,274,893
Recreational Vehicles — 2.3%
Polaris Industries, Inc.#		18,895		2,085,063
Resort/Theme Parks — 0.3%
Great Wolf Resorts, Inc.†#		93,220		277,796
Retail - Apparel/Shoe — 1.1%
Express, Inc.		46,231		976,399
Retail - Appliances — 0.4%
hhgregg, Inc.†#		26,500		409,955
Retail - Home Furnishings — 1.1%
Pier 1 Imports, Inc.†#		82,400		982,208
Retail - Restaurants — 0.6%
Ruby Tuesday, Inc.†#		56,100		594,660
Retail - Video Rentals — 1.2%
Coinstar, Inc.†#		20,700		1,099,791
Satellite Telecom — 0.7%
DigitalGlobe, Inc.†#		27,300		672,126
Schools — 3.0%
Bridgepoint Education, Inc.†#		97,773		2,296,688
Grand Canyon Education, Inc.†#		37,984		489,993
				2,786,681

Security Description	Shares/ Principal Amount			Value (Note 2)
Telecom Equipment - Fiber Optics — 0.4%
Oclaro, Inc.†#		33,600		$	321,552
Telecom Services — 2.7%
Cbeyond, Inc.†#		104,620			1,502,343
PAETEC Holding Corp.†#		206,621			921,530
					2,423,873
Theaters — 1.7%
National CineMedia, Inc		85,870			1,529,345
Therapeutics — 1.6%
Onyx Pharmaceuticals, Inc.†		35,350			1,500,607
Transactional Software — 3.2%
Innerworkings, Inc.†#		155,786			1,319,508
Synchronoss Technologies, Inc.†#		49,413			1,586,157
					2,905,665
Transport - Air Freight — 1.7%
Atlas Air Worldwide Holdings, Inc.†#		25,200			1,594,908
Transport - Services — 0.9%
UTi Worldwide, Inc		35,700			793,611
Ultra Sound Imaging Systems — 1.7%
SonoSite, Inc.†#		42,393			1,513,854
Total Common Stock
(cost $72,033,813)					89,990,610
EXCHANGE-TRADED FUNDS — 1.0%
ishares Russell 2000 Growth Index Fund#
(cost $879,222)		9,272			898,457
Total Long-Term Investment Securities
(cost $72,913,035)					90,889,067
SHORT-TERM INVESTMENT SECURITIES — 7.1%
Collective Investment Pool — 6.5%
Securities Lending Quality Trust(1)		5,925,227			5,917,078
Time Deposits — 0.6%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11	$	542,000			542,000
Total Short-Term Investment Securities
(cost $6,467,227)					6,459,078
TOTAL INVESTMENTS
(cost $79,380,262)(2)		106.6	%		97,348,145
Liabilities in excess of other assets		(6.6	)		(6,022,157	)
NET ASSETS —		100.0	%	$	91,325,988

# 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.

ADR—American Depositary Receipt

177

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Commercial Services - Finance	$	5,014,754	$	—	$	—	$	5,014,754
Electronic Components - Semiconductors		4,703,019		—		—		4,703,019
Other Industries*		80,272,837		—		—		80,272,837
Exchange-Traded Funds		898,457		—		—		898,457
Short-Term Investment Securities:
Collective Investment Pool		—		5,917,078		—		5,917,078
Time Deposits		—		542,000		—		542,000
Total	$	90,889,067	$	6,459,078	$	—	$	97,348,145

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

See Notes to Financial Statements

178

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — May 31, 2011 — (Unaudited)

Industry Allocation*

Collective Investment Pool	14.9	%
Banks — Commercial	4.9
Retail — Restaurants	3.9
Real Estate Investment Trusts	3.6
Auto/Truck Parts & Equipment — Original	3.3
Medical Products	3.1
Machinery — General Industrial	3.0
Oil Companies — Exploration & Production	2.9
Retail — Apparel/Shoe	2.7
Enterprise Software/Service	2.4
Medical — Biomedical/Gene	2.2
Electronic Components — Semiconductors	2.1
Medical — Drugs	2.1
Distribution/Wholesale	1.8
Insurance — Property/Casualty	1.7
Oil Field Machinery & Equipment	1.7
Transport — Truck	1.7
Chemicals — Diversified	1.7
Commercial Services — Finance	1.5
Diversified Manufacturing Operations	1.4
Oil — Field Services	1.3
Medical — HMO	1.3
Medical — Hospitals	1.2
Applications Software	1.1
Lasers — System/Components	1.0
Therapeutics	1.0
Computers — Integrated Systems	1.0
Food — Misc.	0.9
Vitamins & Nutrition Products	0.9
Coal	0.9
Commercial Services	0.9
Chemicals — Specialty	0.9
Investment Management/Advisor Services	0.9
Alternative Waste Technology	0.8
Wire & Cable Products	0.8
Electric Products — Misc.	0.8
Chemicals — Plastics	0.8
Electronic Components — Misc.	0.8
Oil Refining & Marketing	0.8
Retail — Regional Department Stores	0.8
Semiconductor Equipment	0.8
E — Marketing/Info	0.8
Transport — Services	0.8
Steel Pipe & Tube	0.8
Internet Infrastructure Software	0.8
Quarrying	0.8
Aerospace/Defense — Equipment	0.8
Advertising Agencies	0.8
Telecom Equipment — Fiber Optics	0.8
Time Deposits	0.8
Food — Canned	0.7
Home Furnishings	0.7
Non — Hazardous Waste Disposal	0.7
Oil & Gas Drilling	0.7
Real Estate Management/Services	0.7
Food — Wholesale/Distribution	0.7
Electric — Integrated	0.7
Miscellaneous Manufacturing	0.6
Gas — Distribution	0.6
Retail — Automobile	0.6
Computer Aided Design	0.6
Power Converter/Supply Equipment	0.6
Building — Maintance & Services	0.6
Finance — Investment Banker/Broker	0.6
Paper & Related Products	0.5
Medical — Outpatient/Home Medical	0.5
Gold Mining	0.5
Casino Services	0.5
Insurance Brokers	0.5
Registered Investment Companies	0.5

Medical Instruments	0.4
Telephone — Integrated	0.4
Aerospace/Defense	0.4
Savings & Loans/Thrifts	0.4
Metal Processors & Fabrication	0.4
Printing — Commercial	0.3
Lighting Products & Systems	0.3
Advanced Materials	0.3
Human Resources	0.3
Leisure Products	0.3
E — Services/Consulting	0.3
Telecom Services	0.3
Retail — Sporting Goods	0.3
Electronic Measurement Instruments	0.2
Instruments — Controls	0.2
Steel — Producers	0.2
Multimedia	0.2
Telecommunication Equipment	0.2
Wireless Equipment	0.2
Apparel Manufacturers	0.2
Investment Companies	0.2
Financial Guarantee Insurance	0.2
Pharmacy Services	0.2
Building & Construction Products — Misc.	0.2
Computer Services	0.2
Auto Repair Centers	0.2
Electronic Design Automation	0.2
Internet Security	0.2
Diagnostic Kits	0.2
Computers — Periphery Equipment	0.2
Machinery — Pumps	0.2
Independent Power Producers	0.1
Environmental Monitoring & Detection	0.1
Networking Products	0.1
Computers — Memory Devices	0.1
Drug Delivery Systems	0.1
Transport — Rail	0.1
Retail — Discount	0.1
Rental Auto/Equipment	0.1
Building — Residential/Commercial	0.1
Retail — Convenience Store	0.1
Energy — Alternate Sources	0.1
Electronic Security Devices	0.1
Publishing — Books	0.1
Airlines	0.1
Computer Software	0.1
Hotels/Motels	0.1
Retail — Home Furnishings	0.1
Medical Sterilization Products	0.1
Semiconductor Components — Integrated Circuits	0.1
Industrial Audio & Video Products	0.1
Computer Data Security	0.1
Broadcast Services/Program	0.1
Seismic Data Collection	0.1
Food — Dairy Products	0.1
Transactional Software	0.1
Food — Retail	0.1
Housewares	0.1
Direct Marketing	0.1
Building — Mobile Home/Manufactured Housing	0.1
Medical Laser Systems	0.1
Data Processing/Management	0.1
Circuit Boards	0.1
Retail — Leisure Products	0.1
Auction Houses/Art Dealers	0.1
Communications Software	0.1
Retail — Misc./Diversified	0.1
Virtual Reality Products	0.1
Retail — Jewelry	0.1

179

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — May 31, 2011 — (Unaudited) — (continued)

Industry Allocation* (continued)

Internet Application Software	0.1	%
Retail — Appliances	0.1
Textile — Apparel	0.1
Consulting Services	0.1
Diversified Operations	0.1
Insurance — Life/Health	0.1
Radio	0.1
Office Furnishings — Original	0.1
Publishing — Newspapers	0.1
Machinery — Material Handling	0.1
Retirement/Aged Care	0.1
Finance — Mortgage Loan/Banker	0.1
Professional Sports	0.1
Finance — Leasing Companies	0.1
	114.8	%

* Calculated as a percentage of net assets

180

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 98.5%
Advanced Materials — 0.3%
Core Molding Technologies, Inc.†		25,700	$	244,664
Hexcel Corp.†		22,900		473,343
STR Holdings, Inc.†#		22,700		358,887
				1,076,894
Advertising Agencies — 0.8%
Interpublic Group of Cos., Inc.		227,800		2,717,654
Aerospace/Defense — 0.4%
Aerovironment, Inc.†#		36,582		1,104,411
Kratos Defense & Security Solutions, Inc.†		9,100		110,474
TransDigm Group, Inc.†		3,100		254,200
				1,469,085
Aerospace/Defense - Equipment — 0.8%
AAR Corp.#		82,315		2,172,293
LMI Aerospace, Inc.†		12,100		258,214
Moog, Inc., Class A†		7,000		287,350
				2,717,857
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†		4,700		151,293
Agricultural Operations — 0.0%
MGP Ingredients, Inc.		13,100		106,503
Airlines — 0.1%
Allegiant Travel Co.†		6,200		282,782
Pinnacle Airlines Corp.†		16,700		81,329
				364,111
Alternative Waste Technology — 0.8%
Darling International, Inc.†		158,181		3,029,166
Apparel Manufacturers — 0.2%
Carter’s, Inc.†#		6,000		190,200
True Religion Apparel, Inc.†#		500		14,695
Under Armour, Inc., Class A†		8,400		547,512
				752,407
Applications Software — 1.1%
Actuate Corp.†		25,000		136,000
Bsquare Corp.†		13,900		89,516
Callidus Software, Inc†		19,500		114,855
China TransInfo Technology Corp.†		14,800		65,712
EPIQ Systems, Inc.#		21,700		324,632
PDF Solutions, Inc.†		50,200		316,762
Progress Software Corp.†		20,050		542,754
Quest Software, Inc.†		104,271		2,366,430
RealPage, Inc.†#		1,200		35,340
				3,992,001
Auction House/Art Dealers — 0.1%
Ritchie Bros. Auctioneers, Inc.†#		8,800		243,936
Auto Repair Centers — 0.2%
Midas, Inc.†		13,400		94,604
Monro Muffler Brake, Inc.#		17,025		550,759
				645,363
Auto - Cars/Light Trucks — 0.0%
Tesla Motors, Inc.†#		1,200		36,168
Auto/Truck Parts & Equipment - Original — 3.3%
Amerigon, Inc.†		12,600		209,538
Dana Holding Corp.†		138,700		2,513,244
Miller Industries, Inc.		10,000		172,000
Modine Manufacturing Co.†		150,594		2,391,432

Security Description	Shares		Value (Note 2)
Auto/Truck Parts & Equipment - Original (continued)
SORL Auto Parts, Inc.†		15,300	$	76,347
Strattec Security Corp.		8,300		198,536
Titan International, Inc.		129,977		3,573,068
TRW Automotive Holdings Corp.†		44,724		2,543,454
				11,677,619
Auto/Truck Parts & Equipment - Replacement — 0.0%
Commercial Vehicle Group, Inc.†		6,700		103,716
Banks - Commercial — 4.9%
1st United Bancorp, Inc.†		14,300		89,089
Alliance Financial Corp.		4,500		130,095
American River Bankshares†		19,500		125,970
Ameris Bancorp†		11,900		110,908
Associated Banc-Corp.#		122,320		1,723,489
Bancorp, Inc.†		17,600		178,288
Banner Corp.		59,300		166,040
Camden National Corp.		6,300		206,514
Capital City Bank Group, Inc.		9,600		103,392
Cardinal Financial Corp.		12,100		133,947
Citizens Holding Co.		6,500		122,785
CNB Financial Corp.		8,500		117,980
CoBiz Financial, Inc.		10,900		69,978
Commerce Bancshares, Inc.		41,253		1,764,803
East West Bancorp, Inc.		123,683		2,484,791
Enterprise Bancorp, Inc.		10,621		198,825
Farmers Capital Bank Corp.†		20,900		140,448
Financial Institutions, Inc.		6,500		106,145
First Community Bancshares, Inc.		9,300		135,222
First Merchants Corp.		14,728		124,452
Glacier Bancorp, Inc.#		23,571		335,180
Heritage Financial Corp.		8,300		112,382
LNB Bancorp, Inc.		16,300		92,095
Merchants Bancshares, Inc.		4,600		116,426
Northrim BanCorp, Inc.		7,100		140,367
Ohio Valley Banc Corp.		6,400		117,760
Pacific Continental Corp.		13,000		120,510
Pinnacle Financial Partners, Inc.†		6,200		96,162
Preferred Bank†		16,600		25,066
Prosperity Bancshares, Inc.#		11,100		485,625
Sierra Bancorp		9,400		103,776
Signature Bank†		12,400		705,808
Synovus Financial Corp.#		53,800		128,044
TCF Financial Corp.		19,100		287,455
Tennessee Commerce Bancorp, Inc.†		9,400		23,876
Texas Capital Bancshares, Inc.†#		15,085		377,578
United Community Banks, Inc.†		50,500		110,595
United Security Bancshares†		18,403		56,313
Valley National Bancorp.#		25,731		349,688
Virginia Commerce Bancorp, Inc.†		17,900		104,178
Washington Banking Co.		13,800		183,126
Washington Trust Bancorp, Inc.#		7,800		182,832
West Bancorporation, Inc.		18,344		142,349
Westamerica Bancorporation#		8,100		407,430
Western Alliance Bancorp†		29,900		220,363
Wilshire Bancorp, Inc.†		17,400		54,462
Wintrust Financial Corp.#		63,427		2,059,475
Zions Bancorporation#		90,523		2,157,163
				17,529,245
Banks - Mortgage — 0.0%
Walker & Dunlop, Inc.†		3,000		40,800
Beverages - Non - alcoholic — 0.0%
SkyPeople Fruit Juice, Inc.†		21,900		55,845

181

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Brewery — 0.0%
Craft Brewers Alliance, Inc.†		18,800	$	171,080
Broadcast Services/Program — 0.1%
Fisher Communications, Inc.†		6,000		178,800
Outdoor Channel Holdings, Inc.†		18,800		114,680
				293,480
Building & Construction Products - Misc. — 0.2%
Builders FirstSource, Inc.†#		6,500		15,730
Gibraltar Industries, Inc.†		6,950		90,767
Interline Brands, Inc.†		13,800		254,886
Quanex Building Products Corp.		15,600		309,504
				670,887
Building & Construction - Misc. — 0.0%
Insituform Technologies, Inc., Class A†#		5,900		152,279
Building Products - Cement — 0.0%
Martin Marietta Materials, Inc.#		1,100		94,226
Building - Maintance & Services — 0.6%
ABM Industries, Inc.#		89,605		2,041,202
Building - Mobile Home/Manufactured Housing — 0.1%
Cavco Industries, Inc.†		3,400		146,744
Skyline Corp.		6,500		118,625
				265,369
Building - Residential/Commercial — 0.1%
Meritage Homes Corp.†#		13,200		330,000
Standard Pacific Corp.†#		20,300		80,591
				410,591
Casino Hotels — 0.0%
Monarch Casino & Resort, Inc.†		15,000		139,800
Casino Services — 0.5%
Bally Technologies, Inc.†		39,802		1,568,597
Multimedia Games, Inc.†		26,700		147,384
				1,715,981
Chemicals - Diversified — 1.7%
Codexis, Inc.†		3,385		37,066
FMC Corp.		24,877		2,098,375
Innophos Holdings, Inc.		63,604		2,855,183
Rockwood Holdings, Inc.†		17,500		920,325
				5,910,949
Chemicals - Plastics — 0.8%
Landec Corp.†		18,600		106,764
PolyOne Corp.		183,734		2,798,269
				2,905,033
Chemicals - Specialty — 0.9%
Arch Chemicals, Inc.		14,000		506,100
KMG Chemicals, Inc.		7,800		144,300
Kraton Performance Polymers, Inc.†		66,591		2,561,090
				3,211,490
Circuit Boards — 0.1%
DDi Corp.		11,000		100,320
UQM Technologies, Inc.†		57,300		150,126
				250,446
Coal — 0.9%
Cloud Peak Energy, Inc.†		23,500		499,140
James River Coal Co.†#		86,047		1,886,150
Walter Energy, Inc.		5,900		734,845

Security Description	Shares		Value (Note 2)
Coal (continued)
Westmoreland Coal Co.†		7,400	$	126,688
				3,246,823
Commercial Services — 0.9%
HMS Holdings Corp.†		4,400		343,464
Intersections, Inc.		12,500		194,000
Mac - Gray Corp.		10,700		164,566
Providence Service Corp.†		7,700		104,720
Quanta Services, Inc.†		7,617		150,436
RPX Corp.†		2,100		60,690
Team, Inc.†#		96,090		2,210,070
				3,227,946
Commercial Services - Finance — 1.5%
Global Payments, Inc.		7,500		389,700
Green Dot Corp., Class A†		1,300		50,362
MoneyGram International, Inc.†		47,500		173,850
SEI Investments Co.		80,321		1,898,789
Wright Express Corp.†#		49,671		2,680,247
				5,192,948
Communications Software — 0.1%
Digi International, Inc.†		13,300		156,807
Velti PLC (New York)†		5,600		86,576
				243,383
Computer Aided Design — 0.6%
Parametric Technology Corp.†		89,849		2,092,583
Computer Data Security — 0.1%
Fortinet, Inc.†		6,300		305,487
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.†		11,200		159,600
Computer Services — 0.2%
Ciber, Inc.†		37,900		231,190
Dynamics Research Corp.†		10,000		152,800
Ness Technologies, Inc.†		25,000		155,000
Tier Technologies, Inc.†		23,100		110,649
				649,639
Computer Software — 0.1%
DynaVox, Inc., Class A†#		10,000		74,600
SS&C Technologies Holdings, Inc.†		13,700		267,835
				342,435
Computers - Integrated Systems — 1.0%
3D Systems Corp.†#		19,600		391,804
Adept Technology, Inc.†		23,000		91,310
Jack Henry & Associates, Inc.		87,734		2,740,810
Mercury Computer Systems, Inc.†		5,800		110,896
Radisys Corp.†		15,700		135,491
Riverbed Technology, Inc.†		200		7,584
				3,477,895
Computers - Memory Devices — 0.1%
Dot Hill Systems Corp.†		87,300		254,043
NetList, Inc.†		37,900		87,928
Xyratex, Ltd.†#		12,000		114,540
				456,511
Computers - Periphery Equipment — 0.2%
iGo, Inc.†		35,000		78,400
Immersion Corp.†		25,600		217,344
Synaptics, Inc.†		10,400		291,720
				587,464

182

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Consulting Services — 0.1%
China Direct, Inc.†		54,700	$	60,170
Hackett Group, Inc.†		27,900		138,663
				198,833
Consumer Products - Misc. — 0.0%
Alpha Pro Tech, Ltd.†		30,000		36,900
Kid Brands, Inc.†		18,000		96,660
				133,560
Cosmetics & Toiletries — 0.0%
CCA Industries, Inc.		3,421		20,800
Data Processing/Management — 0.1%
CommVault Systems, Inc.†		6,300		260,442
Diagnostic Kits — 0.2%
Meridian Bioscience, Inc.#		24,700		589,342
Direct Marketing — 0.1%
ValueVision Media, Inc., Class A†		36,900		267,156
Distribution/Wholesale — 1.8%
Beacon Roofing Supply, Inc.†#		102,100		2,237,011
Chindex International, Inc.†		7,100		106,429
Ingram Micro, Inc., Class A†		90,306		1,716,717
Owens & Minor, Inc.#		57,399		1,986,005
Pool Corp.		11,511		348,093
				6,394,255
Diversified Manufacturing Operations — 1.4%
A.O. Smith Corp.		3,350		138,924
AZZ, Inc.#		2,000		88,240
Colfax Corp.†#		6,200		139,686
EnPro Industries, Inc.†#		11,900		542,402
ESCO Technologies, Inc.		9,600		360,672
Fabrinet†		1,700		40,273
GP Strategies Corp.†		13,700		189,882
Harsco Corp.		4,700		157,497
Koppers Holdings, Inc.		12,600		505,638
Leggett & Platt, Inc.		800		20,664
Lydall, Inc.†		14,100		168,636
Matthews International Corp., Class A		1,300		50,817
Park-Ohio Holdings Corp.†		9,200		195,592
Trinity Industries, Inc.#		72,946		2,508,613
				5,107,536
Diversified Minerals — 0.0%
AMCOL International Corp.#		4,300		157,896
Diversified Operations — 0.1%
Resource America, Inc., Class A		31,400		195,308
Drug Delivery Systems — 0.1%
Alkermes, Inc.†		17,000		311,440
Antares Pharma, Inc.†		67,700		125,245
				436,685
E - Commerce/Services — 0.0%
OpenTable, Inc.†		1,200		105,996
E - Marketing/Info — 0.8%
Active Network, Inc.†		3,900		71,565
ValueClick, Inc.†		154,551		2,789,646
				2,861,211
E - Services/Consulting — 0.3%
GSI Commerce, Inc.†		15,400		450,450
Keynote Systems, Inc.		7,000		148,610
Saba Software, Inc.†		12,600		124,614

Security Description	Shares		Value (Note 2)
E - Services/Consulting (continued)
Sapient Corp.†		18,800	$	276,172
				999,846
Electric Products - Misc. — 0.8%
GrafTech International, Ltd.†#		122,483		2,589,291
Graham Corp.		11,100		253,191
NIVS IntelliMedia Technology Group, Inc.†(1)(4)		47,700		94,923
				2,937,405
Electric - Integrated — 0.7%
Central Vermont Public Service Corp.		5,200		178,360
Cleco Corp.#		3,400		119,306
El Paso Electric Co.		12,200		379,908
Empire District Electric Co.		6,500		124,540
NorthWestern Corp.		5,000		165,350
NV Energy, Inc.		15,000		236,550
OGE Energy Corp.		9,500		485,165
PNM Resources, Inc.		21,700		358,701
Unisource Energy Corp.		7,900		299,331
				2,347,211
Electronic Components - Misc. — 0.8%
OSI Systems, Inc.†		68,798		2,750,544
Pulse Electronics Corp.		30,400		149,568
				2,900,112
Electronic Components - Semiconductors — 2.1%
Advanced Analogic Technologies, Inc.†		8,700		52,461
AuthenTec, Inc.†		79,200		200,376
Diodes, Inc.†		5,350		156,220
GT Solar International, Inc.†		22,600		288,376
Intersil Corp., Class A		21,600		309,960
Kopin Corp.†#		17,100		89,091
Lattice Semiconductor Corp.†		351,352		2,315,410
Mindspeed Technologies, Inc.†		2,902		25,218
National Semiconductor Corp.		4,300		105,479
PMC - Sierra, Inc.†		61,800		484,512
Semtech Corp.†#		104,773		2,998,603
Silicon Laboratories, Inc.†		10,600		455,588
Supertex, Inc.†		2,300		50,278
				7,531,572
Electronic Design Automation — 0.2%
Cadence Design Systems, Inc.†		59,100		631,779
Electronic Measurement Instruments — 0.2%
CyberOptics Corp.†		18,900		188,433
LeCroy Corp.†		14,300		185,042
Measurement Specialties, Inc.†		6,000		229,500
National Instruments Corp.		2,800		81,760
Orbotech, Ltd.†		13,300		174,097
				858,832
Electronic Security Devices — 0.1%
American Science & Engineering, Inc.		4,500		389,385
Energy - Alternate Sources — 0.1%
Ascent Solar Technologies, Inc.†		33,000		44,550
Comverge, Inc.†		17,400		60,900
FuelCell Energy, Inc.†		49,000		93,100
Headwaters, Inc.†		31,900		116,754
Ocean Power Technologies, Inc.†		17,900		82,161
				397,465
Enterprise Software/Service — 2.4%
American Software, Inc., Class A		21,500		165,120

183

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Enterprise Software/Service (continued)
Ariba, Inc.†#		89,176	$	2,990,963
Concur Technologies, Inc.†#		2,500		124,925
Informatica Corp.†		1,300		76,258
MedAssets, Inc.†		10,200		148,410
Omnicell, Inc.†#		95,999		1,479,345
Open Text Corp.†#		40,644		2,652,021
Opnet Technologies, Inc.		8,100		317,277
PROS Holdings, Inc.†#		8,700		146,160
QLIK Technologies, Inc.†		6,200		206,398
Taleo Corp., Class A†		4,400		164,252
				8,471,129
Entertainment Software — 0.0%
Glu Mobile, Inc.†		33,100		168,479
Environmental Monitoring & Detection — 0.1%
Mine Safety Appliances Co.#		13,500		507,330
Finance - Consumer Loans — 0.0%
ASTA Funding, Inc.		13,200		101,904
Finance - Investment Banker/Broker — 0.6%
Diamond Hill Investment Group, Inc.		1,700		136,051
Evercore Partners, Inc., Class A		353		13,065
Gleacher & Co., Inc.†#		20,600		45,938
JMP Group, Inc.		16,300		115,730
KBW, Inc.#		67,390		1,432,711
Penson Worldwide, Inc.†#		15,800		59,566
Piper Jaffray Cos.†#		5,100		169,422
				1,972,483
Finance - Leasing Companies — 0.1%
California First National Bancorp		11,900		179,333
Finance - Mortgage Loan/Banker — 0.1%
Federal Agricultural Mtg. Corp., Class C		9,600		182,880
Financial Guarantee Insurance — 0.1%
Assured Guaranty, Ltd.†		15,900		270,618
MGIC Investment Corp.†		14,800		119,288
Radian Group, Inc.		29,500		146,910
				536,816
Fisheries — 0.0%
HQ Sustainable Maritime Industries, Inc.†(1)(4)		19,200		53,376
Food - Baking — 0.0%
Flowers Foods, Inc.		3,800		126,654
Food - Canned — 0.7%
Seneca Foods Corp., Class B†#		600		16,554
TreeHouse Foods, Inc.†#		43,793		2,668,307
				2,684,861
Food - Dairy Products — 0.1%
Dean Foods Co.†		20,600		285,928
Food - Misc. — 0.9%
Corn Products International, Inc.		50,270		2,851,817
John B. Sanfilippo & Son, Inc.†		12,100		116,160
Overhill Farms, Inc.†		18,500		113,960
Senomyx, Inc.†		47,700		305,280
				3,387,217
Food - Retail — 0.1%
Fresh Market, Inc.†		6,700		269,608
Food - Wholesale/Distribution — 0.7%
United Natural Foods, Inc.†		54,474		2,370,164

Security Description	Shares		Value (Note 2)
Footwear & Related Apparel — 0.0%
Heelys, Inc.†		56,600	$	118,294
Gambling (Non-Hotel) — 0.0%
Dover Downs Gaming & Entertainment, Inc.		5,034		17,921
Gas - Distribution — 0.6%
Delta Natural Gas Co., Inc.		3,800		119,966
Southwest Gas Corp.		13,100		511,686
UGI Corp.		49,431		1,620,348
				2,252,000
Gold Mining — 0.5%
Allied Nevada Gold Corp.†#		17,179		636,997
Detour Gold Corp.†		20,685		660,998
Franco - Nevada Corp.		11,300		435,275
Sandstorm Gold, Ltd.†		28,600		29,519
				1,762,789
Hazardous Waste Disposal — 0.0%
EnergySolutions, Inc.		11,300		57,743
Heart Monitors — 0.0%
HeartWare International, Inc.†		1,500		109,275
Home Furnishings — 0.7%
American Woodmark Corp.		9,600		192,768
Ethan Allen Interiors, Inc.#		96,739		2,251,117
Furniture Brands International, Inc.†		24,900		119,271
Tempur - Pedic International, Inc.†		1,700		110,568
				2,673,724
Hotel/Motels — 0.1%
Gaylord Entertainment Co.†		10,600		341,850
Housewares — 0.1%
Libbey, Inc.†#		11,200		177,296
Lifetime Brands, Inc.		8,000		91,760
				269,056
Human Resources — 0.3%
Barrett Business Services, Inc.		13,000		198,640
CTPartners Executive Search, Inc.†		3,400		44,098
Hudson Highland Group, Inc.†		23,600		123,900
Kforce, Inc.†		18,200		245,518
Korn/Ferry International†		9,000		192,240
On Assignment, Inc.†		20,000		223,400
				1,027,796
Independent Power Producers — 0.1%
GenOn Energy, Inc.†		129,680		517,423
Synthesis Energy Systems, Inc.†#		4,300		10,277
				527,700
Industrial Audio & Video Products — 0.1%
Ballantyne Strong, Inc.†		14,000		79,660
Iteris, Inc.†		76,210		101,359
SRS Labs, Inc.†		14,700		142,443
				323,462
Instruments - Controls — 0.2%
Elster Group SE†		19,800		327,294
Watts Water Technologies, Inc., Class A#		9,200		321,908
Woodward, Inc.		5,700		200,754
				849,956
Instruments - Scientific — 0.0%
FEI Co.†		2,500		97,525

184

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Insurance Brokers — 0.5%
Arthur J. Gallagher & Co.		56,184	$	1,613,043
Insurance - Life/Health — 0.1%
Independence Holding Co.		18,600		192,882
Insurance - Multi-line — 0.0%
Fortegra Financial Corp.†		9,600		90,528
Insurance - Property/Casualty — 1.7%
FPIC Insurance Group, Inc.†		38,914		1,610,261
Hallmark Financial Services, Inc.†		13,000		92,950
Hanover Insurance Group, Inc.		29,407		1,207,452
HCC Insurance Holdings, Inc.		13,100		433,479
Infinity Property & Casualty Corp.		12,200		648,552
Markel Corp.†#		1,300		537,771
RLI Corp.#		5,200		313,300
Safety Insurance Group, Inc.#		11,799		529,775
SeaBright Insurance Holdings, Inc.#		9,700		98,261
Selective Insurance Group, Inc.		26,500		439,105
Stewart Information Services Corp.		13,200		138,204
Universal Insurance Holdings, Inc.		28,300		152,537
				6,201,647
Internet Application Software — 0.1%
Vocus, Inc.†		8,100		220,644
Internet Connectivity Services — 0.0%
Cogent Communications Group, Inc.†		7,500		116,625
Internet Infrastructure Software — 0.8%
Responsys, Inc.†		100		1,719
TIBCO Software, Inc.†		99,383		2,791,668
				2,793,387
Internet Security — 0.2%
Blue Coat Systems, Inc.†#		5,300		121,635
Sourcefire, Inc.†#		12,900		344,559
Zix Corp.†		41,500		158,115
				624,309
Investment Companies — 0.2%
Arlington Asset Investment Corp., Class A		6,300		181,944
Gladstone Capital Corp.		12,000		120,720
Kohlberg Capital Corp.		16,700		132,097
NGP Capital Resources Co.		13,000		103,090
TICC Capital Corp.		19,700		201,925
				739,776
Investment Management/Advisor Services — 0.9%
Affiliated Managers Group, Inc.†		19,665		2,079,180
Cohen & Steers, Inc.#		11,200		343,616
Financial Engines, Inc.†		16,100		400,890
Pzena Investment Management, Inc., Class A		3,700		22,311
Waddell & Reed Financial, Inc., Class A		7,800		301,080
				3,147,077
Lasers - System/Components — 1.0%
Cymer, Inc.†#		48,067		2,300,968
Newport Corp.†		9,700		176,443
Rofin - Sinar Technologies, Inc.†#		34,552		1,248,709
				3,726,120
Leisure Products — 0.3%
Brunswick Corp.		46,900		1,016,792
Lighting Products & Systems — 0.3%
Acuity Brands, Inc.		18,700		1,139,952

Security Description	Shares		Value (Note 2)
Machinery - Construction & Mining — 0.0%
Terex Corp.†#		3,700	$	109,705
Machinery - General Industrial — 3.0%
DXP Enterprises, Inc.†		9,100		235,690
Gardner Denver, Inc.		48,902		4,097,010
IDEX Corp.		62,645		2,840,324
Kadant, Inc.†		7,300		214,766
Manitowoc Co., Inc.		131,286		2,365,774
Middleby Corp.†#		3,100		266,755
Tennant Co.		11,000		424,930
Wabtec Corp.		3,800		256,842
				10,702,091
Machinery - Material Handling — 0.1%
Cascade Corp.		4,600		186,898
Machinery - Pumps — 0.2%
Graco, Inc.#		11,500		581,440
Medical Imaging Systems — 0.0%
Vital Images, Inc.†		8,100		151,551
Medical Instruments — 0.4%
AngioDynamics, Inc.†		5,300		83,210
Bruker Corp.†		8,200		161,704
Cardiovascular Systems, Inc.†		12,200		180,926
CryoLife, Inc.†		17,000		95,370
Edwards Lifesciences Corp.†		2,100		186,333
Integra LifeSciences Holdings Corp.†		3,200		164,128
Stereotaxis, Inc.†#		11,800		40,710
Synergetics USA, Inc.†		31,361		176,249
TranS1, Inc.†		40,300		191,425
Vascular Solutions, Inc.†		15,000		197,850
				1,477,905
Medical Laser Systems — 0.1%
LCA - Vision, Inc.†		18,900		107,352
Palomar Medical Technologies, Inc.†		11,000		155,980
				263,332
Medical Products — 3.1%
Alphatec Holdings, Inc.†		50,000		189,500
Cardica, Inc.†		33,400		118,236
Cooper Cos., Inc.		42,544		3,186,971
Greatbatch, Inc.†		82,429		2,386,320
Hanger Orthopedic Group, Inc.†#		100,214		2,520,382
PSS World Medical, Inc.†#		4,000		116,880
Span - America Medical Systems, Inc.		6,200		91,140
Synovis Life Technologies, Inc.†		8,400		147,462
Teleflex, Inc.		31,449		1,952,983
TomoTherapy, Inc.†#		6,300		27,594
Tornier BV†		1,600		44,080
Wright Medical Group, Inc.†		11,200		174,160
				10,955,708
Medical Sterilization Products — 0.1%
STERIS Corp.		9,200		332,028
Medical - Biomedical/Gene — 2.2%
Affymax, Inc.†		17,200		121,776
Alexion Pharmaceuticals, Inc.†		14,200		673,364
AMAG Pharmaceuticals, Inc.†#		3,900		71,994
American Oriental Bioengineering, Inc.†		40,800		51,408
Anadys Pharmaceuticals, Inc.†		49,400		61,256
Arqule, Inc.†		30,600		220,932
Biosante Pharmaceuticals, Inc.†		68,800		215,344
Celldex Therapeutics, Inc.†		5,500		20,075

185

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical - Biomedical/Gene (continued)
Charles River Laboratories International, Inc.†		56,525	$	2,186,387
Cubist Pharmaceuticals, Inc.†		11,300		435,389
Curis, Inc.†		53,900		202,394
Enzo Biochem, Inc.†		33,500		134,000
Exelixis, Inc.†#		28,400		330,292
GTx, Inc.†		37,700		222,053
Incyte Corp., Ltd.†		36,500		647,145
Inovio Biomedical Corp.†		81,600		62,971
Maxygen, Inc.		18,100		95,206
Medicines Co.†		12,200		233,142
Oncothyreon, Inc.†		21,500		139,105
Regeneron Pharmaceuticals, Inc.†		12,600		756,252
Sangamo Biosciences, Inc.†		16,900		119,990
Seattle Genetics, Inc.†#		6,700		129,779
SuperGen, Inc.†		59,400		194,832
Vertex Pharmaceuticals, Inc.†		4,511		243,549
Vical, Inc.†		60,285		231,494
				7,800,129
Medical - Drugs — 2.1%
Array Biopharma, Inc.†		32,900		87,843
BioSpecifics Technologies Corp.†		5,200		125,112
Cephalon, Inc.†		1,700		135,473
Cumberland Pharmaceuticals, Inc.†		12,800		65,792
Cytori Therapeutics, Inc.†		17,000		97,240
Endo Pharmaceuticals Holdings, Inc.†		63,563		2,646,128
Idenix Pharmaceuticals, Inc.†		16,800		79,800
Myriad Pharmaceuticals, Inc.†		28,100		117,739
Pharmasset, Inc.†		6,600		674,520
Pozen, Inc.†		15,600		80,340
Rigel Pharmaceuticals, Inc.†		9,900		82,170
Sciclone Pharmaceuticals, Inc.†		33,600		195,888
Targacept, Inc.†		1,300		29,250
Vanda Pharmaceuticals, Inc.†		16,600		123,836
Viropharma, Inc.†		137,350		2,657,722
XenoPort, Inc.†		7,800		60,450
Zalicus, Inc.†		101,600		268,224
				7,527,527
Medical - HMO — 1.3%
AMERIGROUP Corp.†		15,300		1,084,923
Centene Corp.†		19,000		661,200
Healthspring, Inc.†#		59,757		2,620,344
Metropolitan Health Networks, Inc.†		27,500		133,925
				4,500,392
Medical - Hospitals — 1.2%
Health Management Associates, Inc., Class A†		47,100		536,940
LifePoint Hospitals, Inc.†		10,000		420,000
MedCath Corp.†		12,900		174,924
Universal Health Services, Inc., Class B		55,535		3,026,102
				4,157,966
Medical - Outpatient/Home Medical — 0.5%
Allied Healthcare International, Inc.†		54,600		141,960
Amsurg Corp.†		11,171		289,441
Gentiva Health Services, Inc.†		55,677		1,362,973
				1,794,374
Metal Processors & Fabrication — 0.4%
Dynamic Materials Corp.		8,100		182,412
Haynes International, Inc.		7,500		422,025
RBC Bearings, Inc.†		11,900		476,000
Sun Hydraulics Corp.#		5,600		271,208
				1,351,645

Security Description	Shares		Value (Note 2)
Mining — 0.0%
Vista Gold Corp.†		24,300	$	69,741
Miscellaneous Manufacturing — 0.6%
Aptargroup, Inc.		37,983		2,028,292
John Bean Technologies Corp.		13,100		257,284
				2,285,576
Multimedia — 0.2%
FactSet Research Systems, Inc.		3,000		332,580
Media General, Inc., Class A†		13,200		64,812
Meredith Corp.#		12,400		391,964
				789,356
Networking Products — 0.1%
BigBand Networks, Inc.†		50,300		105,630
Ixia†		18,800		295,912
Meru Networks, Inc.†#		5,000		89,550
				491,092
Non - Hazardous Waste Disposal — 0.7%
Waste Connections, Inc.#		79,164		2,488,916
Office Furnishings - Original — 0.1%
Knoll, Inc.		10,000		191,900
Office Supplies & Forms — 0.0%
Standard Register Co.		18,500		62,715
Oil & Gas Drilling — 0.7%
Patterson - UTI Energy, Inc.		76,883		2,408,744
Oil Companies - Exploration & Production — 2.9%
Bill Barrett Corp.†		19,000		846,830
Callon Petroleum Co.†		13,100		93,403
CAMAC Energy, Inc.†		28,200		40,044
Concho Resources, Inc.†		5,700		539,277
Contango Oil & Gas Co.†#		4,600		285,016
Crimson Exploration, Inc.†		33,200		126,160
Double Eagle Petroleum Co.†		11,000		79,640
Energen Corp.		24,900		1,550,523
Evolution Petroleum Corp.†		26,100		200,970
FieldPoint Petroleum Corp.†		41,900		138,270
Forest Oil Corp.†		71,091		2,125,621
FX Energy, Inc.†		14,800		128,612
GeoMet, Inc.†#		26,800		34,840
Goodrich Petroleum Corp.†#		14,800		302,660
Oasis Petroleum, Inc.†#		28,300		856,075
PostRock Energy Corp.†		24,600		151,536
RAM Energy Resources, Inc.†		63,200		101,120
SandRidge Energy, Inc.†#		187,140		2,118,425
Swift Energy Co.†		6,300		247,149
Triangle Petroleum Corp.†		16,200		112,104
Venoco, Inc.†#		9,800		144,060
				10,222,335
Oil Field Machinery & Equipment — 1.7%
Bolt Technology Corp.†		12,800		175,616
Complete Production Services, Inc.†		24,200		803,198
Dresser - Rand Group, Inc.†		43,770		2,301,427
Gulf Island Fabrication, Inc.		10,300		350,200
Lufkin Industries, Inc.#		25,903		2,349,661
Natural Gas Services Group, Inc.†		7,400		133,200
				6,113,302
Oil Refining & Marketing — 0.8%
Frontier Oil Corp.		96,483		2,880,982

186

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Oil - Field Services — 1.3%
Key Energy Services, Inc.†		13,900	$	245,752
Oceaneering International, Inc.		27,323		2,226,825
Superior Energy Services, Inc.†		58,732		2,200,688
Union Drilling, Inc.†#		6,500		67,860
				4,741,125
Optical Recognition Equipment — 0.0%
Digimarc Corp.†		5,400		161,190
Paper & Related Products — 0.5%
Mercer International, Inc.†		8,278		113,657
Neenah Paper, Inc.		1,500		34,785
Schweitzer - Mauduit International, Inc.		34,354		1,809,769
				1,958,211
Patient Monitoring Equipment — 0.0%
Masimo Corp.		1,000		30,720
Pharmacy Services — 0.2%
Catalyst Health Solutions, Inc.†		8,300		506,549
SXC Health Solutions Corp.†		3,000		176,820
				683,369
Physical Therapy/Rehabilitation Centers — 0.0%
U.S. Physical Therapy, Inc.		6,500		167,310
Physicians Practice Management — 0.0%
Healthways, Inc.†		5,700		92,397
Power Converter/Supply Equipment — 0.6%
Advanced Energy Industries, Inc.†		122,008		1,811,819
Power - One, Inc.†#		17,300		145,147
PowerSecure International, Inc.†		12,700		104,013
				2,060,979
Printing - Commercial — 0.3%
American Reprographics Co.†		32,300		302,974
Consolidated Graphics, Inc.†		8,400		463,596
Multi - Color Corp.#		19,550		442,025
				1,208,595
Professional Sports — 0.1%
Madison Square Garden, Inc.†		6,600		181,566
Publishing - Books — 0.1%
Courier Corp.		7,700		86,933
Scholastic Corp.		10,649		290,079
				377,012
Publishing - Newspapers — 0.1%
AH Belo Corp., Class A Class A		11,721		84,977
Lee Enterprises, Inc.†		86,500		103,800
				188,777
Quarrying — 0.8%
Compass Minerals International, Inc.		29,356		2,729,227
Radio — 0.1%
Cumulus Media, Inc., Class A†		48,400		192,632
Real Estate Investment Trusts — 3.6%
Acadia Realty Trust#		8,200		169,330
Alexandria Real Estate Equities, Inc.		21,063		1,738,540
CBL & Associates Properties, Inc.		31,400		604,136
Chesapeake Lodging Trust		9,700		172,660
Colony Financial, Inc.		6,900		127,305
Cousins Properties, Inc.		22,635		198,509
DiamondRock Hospitality Co.		55,008		632,592
Digital Realty Trust, Inc.#		31,000		1,933,470

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
EastGroup Properties, Inc.#		11,800	$	553,538
Equity One, Inc.#		16,700		327,487
Essex Property Trust, Inc.		1,600		220,176
First Potomac Realty Trust		12,800		214,784
Kilroy Realty Corp.		8,500		352,495
LaSalle Hotel Properties		100,440		2,810,311
Parkway Properties, Inc.		9,300		170,748
Pebblebrook Hotel Trust		5,300		115,222
SL Green Realty Corp.		2,000		180,020
Starwood Property Trust, Inc.		10,000		217,400
Tanger Factory Outlet Centers		82,300		2,259,958
				12,998,681
Real Estate Management/Services — 0.7%
Jones Lang LaSalle, Inc.		24,794		2,408,737
Real Estate Operations & Development — 0.0%
Consolidated - Tomoka Land Co.		3,100		93,775
Recreational Vehicles — 0.0%
Arctic Cat, Inc.†		10,000		143,500
Rental Auto/Equipment — 0.1%
Electro Rent Corp.		6,300		96,642
H&E Equipment Services, Inc.†#		22,100		320,671
				417,313
Resort/Theme Parks — 0.0%
Great Wolf Resorts, Inc.†		51,200		152,576
Retail - Apparel/Shoe — 2.7%
American Eagle Outfitters, Inc.		11,300		149,838
ANN, Inc.†		29,550		831,832
Casual Male Retail Group, Inc.†		39,600		172,260
Christopher & Banks Corp.		13,200		79,068
Express, Inc.		14,100		297,792
Finish Line, Inc., Class A#		111,221		2,564,756
Genesco, Inc.†#		56,433		2,538,921
HOT Topic, Inc.		26,600		207,214
Phillips - Van Heusen Corp.		34,874		2,300,638
Rue21, Inc.†#		8,700		294,408
Syms Corp.†		15,400		145,068
Vera Bradley, Inc.†		1,500		74,145
				9,655,940
Retail - Appliances — 0.1%
hhgregg, Inc.†#		13,700		211,939
Retail - Automobile — 0.6%
Penske Automotive Group, Inc.#		102,111		2,119,824
Retail - Convenience Store — 0.1%
Pantry, Inc.†		13,100		241,957
Susser Holdings Corp.†		11,600		166,344
				408,301
Retail - Discount — 0.1%
HSN, Inc.†#		12,200		429,562
Retail - Home Furnishings — 0.1%
Kirkland’s, Inc.†		9,700		126,682
Pier 1 Imports, Inc.†		17,500		208,600
				335,282
Retail - Jewelry — 0.1%
Zale Corp.†		37,900		237,254
Retail - Leisure Products — 0.1%
MarineMax, Inc.†#		29,400		244,608

187

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail - Misc./Diversified — 0.1%
Gaiam, Inc. Class A		17,400	$	89,436
Winmark Corp.		4,000		151,040
				240,476
Retail - Regional Department Stores — 0.8%
Dillard’s, Inc., Class A#		51,250		2,879,737
Retail - Restaurants — 3.9%
BJ’s Restaurants, Inc.†#		11,100		568,653
Bravo Brio Restaurant Group, Inc.†		3,500		77,700
Brinker International, Inc.		111,225		2,867,380
Caribou Coffee Co., Inc.†		21,600		229,608
Cheesecake Factory, Inc.†#		14,900		473,373
DineEquity, Inc.†#		44,272		2,380,063
Famous Dave’s of America, Inc.†		16,700		166,332
Jack in the Box, Inc.†		17,700		393,117
Jamba, Inc.†		2,600		5,980
McCormick & Schmick’s Seafood Restaurants, Inc.†		12,600		115,290
Panera Bread Co., Class A†		5,600		700,168
Papa John’s International, Inc.†		44,254		1,466,135
PF Chang’s China Bistro, Inc.#		41,179		1,663,220
Red Robin Gourmet Burgers, Inc.†#		6,200		227,540
Sonic Corp.†#		17,462		200,638
Texas Roadhouse, Inc.#		132,969		2,291,056
				13,826,253
Retail - Sporting Goods — 0.3%
Hibbett Sports, Inc.†#		10,800		449,712
Zumiez, Inc.†		17,800		540,764
				990,476
Retirement/Aged Care — 0.1%
Five Star Quality Care, Inc.†		24,000		185,280
Savings & Loans/Thrifts — 0.4%
Bank Mutual Corp.		26,600		108,528
Capitol Federal Financial, Inc.		22,640		270,548
Clifton Savings Bancorp, Inc.		14,000		153,720
First Financial Holdings, Inc.		13,400		134,000
Louisiana Bancorp, Inc.†		6,700		102,644
OceanFirst Financial Corp.		11,600		157,760
Pacific Premier Bancorp, Inc.†		12,600		86,184
Territorial Bancorp, Inc.		6,600		133,320
United Community Financial Corp.†		92,900		114,267
United Financial Bancorp, Inc.		10,087		161,291
				1,422,262
Seismic Data Collection — 0.1%
ION Geophysical Corp.†		17,100		172,539
T.G.C. Industries, Inc.†		18,200		120,120
				292,659
Semiconductor Components - Integrated Circuits — 0.1%
Emulex Corp.†		16,900		157,170
TriQuint Semiconductor, Inc.†		13,100		169,645
				326,815
Semiconductor Equipment — 0.8%
Amtech Systems, Inc.†		6,100		133,468
FSI International, Inc.†		34,200		150,822
Mattson Technology, Inc.†		34,500		58,650
Rudolph Technologies, Inc.†		9,800		114,954
Veeco Instruments, Inc.†#		41,806		2,407,608
				2,865,502

Security Description	Shares		Value (Note 2)
Steel Pipe & Tube — 0.8%
Valmont Industries, Inc.#		28,080	$	2,814,178
Steel - Producers — 0.2%
AK Steel Holding Corp.		21,200		324,360
Schnitzer Steel Industries, Inc., Class A		8,700		514,170
				838,530
Telecom Equipment - Fiber Optics — 0.8%
Finisar Corp.†		11,374		273,203
JDS Uniphase Corp.†		111,792		2,257,081
KVH Industries, Inc.†		14,357		169,987
				2,700,271
Telecom Services — 0.3%
FiberTower Corp.†		27,000		49,950
Knology, Inc.†		15,700		245,077
Premiere Global Services, Inc.†		21,900		184,398
tw telecom, Inc.†		19,700		427,490
UniTek Global Services, Inc.†		10,000		88,700
				995,615
Telecommunication Equipment — 0.2%
ADTRAN, Inc.		4,400		188,584
Preformed Line Products Co.		2,900		207,524
ShoreTel, Inc.†		11,400		125,400
Sonus Networks, Inc.†		19,500		63,180
Westell Technologies, Inc. Class A†		41,700		143,031
ZST Digital Networks, Inc.†		19,800		59,796
				787,515
Telephone - Integrated — 0.4%
Alaska Communications Systems Group, Inc.#		150,433		1,356,906
Warwick Valley Telephone Co.		8,100		118,098
				1,475,004
Textile - Apparel — 0.1%
Cherokee, Inc.		6,400		122,368
Unifi, Inc.†		6,000		83,400
				205,768
Therapeutics — 1.0%
AVANIR Pharmaceuticals Inc., Class A†#		49,100		221,441
AVI BioPharma, Inc.†		45,900		73,899
BioMarin Pharmaceutical, Inc.†#		6,900		194,787
Cyclacel Pharmaceuticals, Inc.†		51,600		82,560
Onyx Pharmaceuticals, Inc.†		2,800		118,860
Questcor Pharmaceuticals, Inc.†		113,217		2,611,916
Spectrum Pharmaceuticals, Inc.†		15,100		143,752
Theravance, Inc.†		3,300		86,229
				3,533,444
Transactional Software — 0.1%
Bottomline Technologies, Inc.†		10,400		270,400
Transport - Equipment & Leasing — 0.0%
Greenbrier Cos., Inc.†#		5,000		130,300
Transport - Rail — 0.1%
RailAmerica, Inc.†		27,600		433,596
Transport - Services — 0.8%
UTi Worldwide, Inc.#		126,619		2,814,740
Transport - Truck — 1.7%
Celadon Group, Inc.†		13,600		190,400
Covenant Transport, Inc. Class A†		14,200		130,214
Heartland Express, Inc.#		1,465		24,348
Knight Transportation, Inc.		32,175		550,193

188

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCK (continued)
Transport - Truck (continued)
Landstar System, Inc.		48,220	$	2,281,771
Old Dominion Freight Line, Inc.†#		74,207		2,770,147
USA Truck, Inc.†		7,900		93,378
				6,040,451
Travel Services — 0.0%
Ambassadors Group, Inc.		11,800		112,336
Virtual Reality Products — 0.1%
RealD, Inc.†#		8,700		237,510
Vitamins & Nutrition Products — 0.9%
GNC Holdings, Inc., Class A†		144,477		2,937,217
Nutraceutical International Corp.†		8,200		128,412
Omega Protein Corp.†		9,000		116,730
Schiff Nutrition International, Inc.		14,100		136,629
Tiens Biotech Group USA, Inc.†		43,100		56,892
				3,375,880
Web Hosting/Design — 0.0%
Web.Com Group, Inc.†		12,600		150,318
Wire & Cable Products — 0.8%
Belden, Inc.		67,706		2,433,354
Coleman Cable, Inc.†		100		1,417
General Cable Corp.†#		12,700		530,225
				2,964,996
Wireless Equipment — 0.2%
Aruba Networks, Inc.†		5,600		159,152
EMS Technologies, Inc.†		8,400		219,156
Globecomm Systems, Inc.†		14,300		209,638
SBA Communications Corp., Class A†		4,800		188,592
				776,538
Total Common Stock
(cost $260,504,806)				352,212,454
CONVERTIBLE PREFERRED STOCK — 0.0%
Electric - Distribution — 0.0%
Silver Spring Networks Series E 8%†(1)(3)(4)		11,300		67,800
Oil Companies - Exploration & Production — 0.0%
GeoMet, Inc. 8%(8)(9)		2,902		35,695
Total Convertible Preferred Stock
(cost $140,132)				103,495
PREFERRED STOCK — 0.1%
Banks - Commercial — 0.0%
Synovus Financial Corp. 8.25%		8,100		181,035
Financial Guarantee Insurance — 0.1%
Assured Guaranty, Ltd. 8.50%†#(2)		3,000		200,556
Total Preferred Stock
(cost $358,100)				381,591
CONVERTIBLE BONDS & NOTES — 0.0%
Machinery - Construction & Mining — 0.0%
Terex Corp.# 4.00% due 06/01/15 (cost $36,000)	$	36,000		70,425
Total Long-Term Investment Securities
(cost $261,039,038)				352,767,965

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 16.2%
Collective Investment Pool — 14.9%
Securities Lending Quality Trust(5)(6)		53,348,073		$	53,271,184
Registered Investment Companies — 0.5%
T.Rowe Price Reserve Investment Fund		1,684,013			1,684,013
Time Deposits — 0.8%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11	$	2,615,000			2,615,000
Total Short-Term Investment Securities
(cost $57,647,086)					57,570,197
TOTAL INVESTMENTS
(cost $318,686,124)(7)		114.8	%		410,338,162
Liabilities in excess of other assets		(14.8	)		(52,767,482	)
NET ASSETS —		100.0	%	$	357,570,680

† Non-income producing security

# The security or a portion thereof is out on loan (see Note 2)

(1) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

(2) Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2.

(3) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2011, the Small Cap Fund held the following restricted securities:

Name	Acquisition Date	Shares	Acquisition Cost	Value	Value Per Share	Value as a % of Net Assets
Silver Springs Networks, Inc Series E (Preferred Stock)	12/11/2009	11,300	$113,000	$67,800	$6.00	0.02%

(4) Illiquid security. At May 31, 2011, the aggregate value of these securities was $216,099 representing 0.1% of net assets.

(5) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(6) At May 31, 2011, the Fund had loaned securities with a total value of $52,935,156. This was secured by collateral of $53,348,073, which was received in cash and subsequently invested in short-term investments currently valued at $53,271,184 as reported in the portfolio of investments. The remaining collateral with a value of $237,020 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund's assets and liabilities.

The components of the short-term pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range
Federal Home Loan Bank	0.80% to 1.00%	11/28/11 to 12/01/11
Federal Home Loan Mortgage Corp.	1.00%	01/10/11
United States Treasury Bills	zero coupon	06/23/11
United States Treasury Notes/Bonds	.75% to 3.63%	11/30/11-12/15/21

189

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

(7) See Note 5 for cost of investments on a tax basis

(8) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflected is as of May 31, 2011.

(9) Income may be received in cash or additional shares at the discretion of the issuer.

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock	$	352,064,155	$	—	$	148,299	$	352,212,454
Convertible Preferred Stock		35,695		—		67,800		103,495
Preferred Stock		181,035		200,556		—		381,591
Convertible Bonds & Notes		—		70,425		—		70,425
Short-Term Investment Securities:
Collective Investment Pool		—		53,271,184		—		53,271,184
Registered Investment Companies		—		1,684,013		—		1,684,013
Time Deposits		—		2,615,000		—		2,615,000
Total	$	352,280,885	$	57,841,178	$	216,099	$	410,338,162

The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:

	Common Stock			Convertible Preferred Stock
Balance as of 5/31/2010	$	0		$	82,490
Accrued discounts/premiums		—			—
Realized gain (loss)		—			—
Change in unrealized appreciation (depreciation)(1)		(34,361	)		(14,690	)
Net purchases (sales)		182,660			—
Transfers in and/or out of Level 3		—			—
Balance as of 5/31/2011	$	148,299		$	67,800

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at May 31, 2011 includes:

Common Stock			Convertible Preferred Stock
$	(34,361	)	$	(14,690	)

See Notes to Financial Statements

190

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — May 31, 2011 — (Unaudited)

Industry Allocation*

Collective Investment Pool	13.0	%
Real Estate Investment Trusts	7.9
Banks — Commercial	5.1
Oil Companies — Exploration & Production	3.0
Repurchase Agreements	2.4
Medical — Biomedical/Gene	2.1
Medical — Drugs	1.7
Electronic Components — Semiconductors	1.6
Electric — Integrated	1.6
Retail — Apparel/Shoe	1.6
Diversified Manufacturing Operations	1.5
Enterprise Software/Service	1.5
Retail — Restaurants	1.4
Medical Products	1.3
Chemicals — Specialty	1.3
Insurance — Property/Casualty	1.1
Oil — Field Services	1.1
Gas — Distribution	1.1
Computers — Integrated Systems	1.1
Medical Instruments	1.1
Commercial Services	1.0
Medical — HMO	1.0
Semiconductor Equipment	1.0
Investment Companies	1.0
Footwear & Related Apparel	1.0
Distribution/Wholesale	1.0
Savings & Loans/Thrifts	0.9
Aerospace/Defense — Equipment	0.8
Chemicals — Diversified	0.8
Auto/Truck Parts & Equipment — Original	0.8
Finance — Investment Banker/Broker	0.8
Networking Products	0.8
Semiconductor Components — Integrated Circuits	0.8
Machinery — General Industrial	0.8
Rental Auto/Equipment	0.8
Apparel Manufacturers	0.8
Human Resources	0.7
Food — Misc.	0.7
Computer Services	0.7
Therapeutics	0.7
Telecommunication Equipment	0.7
Wireless Equipment	0.7
Metal Processors & Fabrication	0.7
Oil Field Machinery & Equipment	0.7
Transport — Truck	0.6
Airlines	0.6
Transport — Marine	0.6
Telecom Services	0.6
Insurance — Reinsurance	0.6
Electronic Components — Misc.	0.6
Transactional Software	0.5
Consulting Services	0.5
Commercial Services — Finance	0.5
Industrial Automated/Robotic	0.5
Lasers — System/Components	0.5
Telecom Equipment — Fiber Optics	0.5
Aerospace/Defense	0.5
Insurance — Life/Health	0.5
Applications Software	0.5
Paper & Related Products	0.4
Data Processing/Management	0.4
E-Services/Consulting	0.4
Internet Infrastructure Software	0.4
Building & Construction Products — Misc.	0.4
Coal	0.4
Office Furnishings — Original	0.4
Non-Ferrous Metals	0.4
Consumer Products — Misc.	0.4
Web Hosting/Design	0.4

E-Marketing/Info	0.4
Finance — Consumer Loans	0.4
Gold Mining	0.4
Medical Information Systems	0.3
Schools	0.3
Retail — Pawn Shops	0.3
Medical — Outpatient/Home Medical	0.3
Food — Wholesale/Distribution	0.3
Printing — Commercial	0.3
Containers — Paper/Plastic	0.3
Retail — Automobile	0.3
Internet Application Software	0.3
Electric Products — Misc.	0.3
Food — Retail	0.3
Diagnostic Equipment	0.3
Filtration/Separation Products	0.3
Advanced Materials	0.3
Physical Therapy/Rehabilitation Centers	0.3
Transport — Services	0.3
Building & Construction — Misc.	0.3
Computer Aided Design	0.3
E-Commerce/Products	0.3
Recreational Vehicles	0.3
Instruments — Controls	0.3
Drug Delivery Systems	0.3
Retail — Discount	0.3
Investment Management/Advisor Services	0.3
Water	0.3
Retail — Perfume & Cosmetics	0.3
Satellite Telecom	0.3
Dental Supplies & Equipment	0.2
Identification Systems	0.2
Engineering/R&D Services	0.2
Alternative Waste Technology	0.2
E-Commerce/Services	0.2
Hazardous Waste Disposal	0.2
Power Converter/Supply Equipment	0.2
Retail — Sporting Goods	0.2
Internet Connectivity Services	0.2
Medical — Generic Drugs	0.2
U.S. Government Treasuries	0.2
Home Furnishings	0.2
Pharmacy Services	0.2
Transport — Equipment & Leasing	0.2
Auction Houses/Art Dealers	0.2
Retail — Regional Department Stores	0.2
Computers — Memory Devices	0.2
Hotels/Motels	0.2
Computer Software	0.2
Electronic Measurement Instruments	0.2
Telephone — Integrated	0.2
Building — Residential/Commercial	0.2
Tobacco	0.2
Patient Monitoring Equipment	0.2
Transport — Rail	0.2
Medical — Nursing Homes	0.2
Chemicals — Plastics	0.2
Financial Guarantee Insurance	0.2
Oil & Gas Drilling	0.2
Oil Refining & Marketing	0.2
Retail — Petroleum Products	0.2
Wire & Cable Products	0.2
Building — Maintance & Services	0.2
Audio/Video Products	0.2
Containers — Metal/Glass	0.2
Intimate Apparel	0.2
Batteries/Battery Systems	0.2
Precious Metals	0.2
Circuit Boards	0.2

191

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited) — (continued)

Industry Allocation* (continued)

Silver Mining	0.2	%
Food — Canned	0.2
Theaters	0.2
Internet Security	0.2
Computers — Periphery Equipment	0.2
Computer Data Security	0.2
Medical Sterilization Products	0.2
Retail — Convenience Store	0.2
Seismic Data Collection	0.2
Leisure Products	0.2
Diversified Operations/Commercial Services	0.2
Transport — Air Freight	0.2
Metal — Aluminum	0.2
Auto/Truck Parts & Equipment — Replacement	0.2
Research & Development	0.2
Building — Heavy Construction	0.2
Electronic Design Automation	0.2
Multilevel Direct Selling	0.1
Energy — Alternate Sources	0.1
Broadcast Services/Program	0.1
Agricultural Operations	0.1
Resorts/Theme Parks	0.1
Finance — Other Services	0.1
Miscellaneous Manufacturing	0.1
Diagnostic Kits	0.1
Educational Software	0.1
Metal — Diversified	0.1
Lighting Products & Systems	0.1
Communications Software	0.1
Retail — Video Rentals	0.1
Retail — Home Furnishings	0.1
Internet Telephone	0.1
Physicians Practice Management	0.1
Retirement/Aged Care	0.1
Instruments — Scientific	0.1
Recreational Centers	0.1
Retail — Major Department Stores	0.1
Internet Content — Information/News	0.1
Private Corrections	0.1
Environmental Consulting & Engineering	0.1
Rubber — Tires	0.1
Disposable Medical Products	0.1
Entertainment Software	0.1
Television	0.1
Vitamins & Nutrition Products	0.1
Insurance — Multi-line	0.1
Casino Services	0.1
Linen Supply & Related Items	0.1
Diversified Minerals	0.1
Machinery — Material Handling	0.1
Web Portals/ISP	0.1
Real Estate Operations & Development	0.1
Cosmetics & Toiletries	0.1
Poultry	0.1
Steel Pipe & Tube	0.1
Motion Pictures & Services	0.1
Internet Incubators	0.1
Auto Repair Centers	0.1
Electronic Security Devices	0.1
Engines — Internal Combustion	0.1
Gambling (Non-Hotel)	0.1
Machinery — Electrical	0.1
Storage/Warehousing	0.1
Veterinary Diagnostics	0.1
Office Supplies & Forms	0.1
Machinery — Farming	0.1
Environmental Monitoring & Detection	0.1
Multimedia	0.1
Platinum	0.1

Casino Hotels	0.1
Health Care Cost Containment	0.1
Retail — Misc./Diversified	0.1
Diversified Operations	0.1
Photo Equipment & Supplies	0.1
Protection/Safety	0.1
Building Products — Cement	0.1
Publishing — Books	0.1
Retail — Hair Salons	0.1
Building Products — Air & Heating	0.1
Medical Imaging Systems	0.1
Retail — Bookstores	0.1
Decision Support Software	0.1
Medical — Hospitals	0.1
Retail — Auto Parts	0.1
Machinery — Construction & Mining	0.1
Building — Mobile Home/Manufactured Housing	0.1
Machinery — Pumps	0.1
Food — Confectionery	0.1
Brewery	0.1
Travel Services	0.1
Retail — Office Supplies	0.1
Toys	0.1
Textile — Apparel	0.1
Racetracks	0.1
Publishing — Newspapers	0.1
Heart Monitors	0.1
Water Treatment Systems	0.1
Coffee	0.1
Auto — Truck Trailers	0.1
Medical Labs & Testing Services	0.1
Metal Products — Distribution	0.1
	113.2	%

* Calculated as a percentage of net assets

192

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 97.6%
Advanced Materials — 0.3%
Ceradyne, Inc.†		18,961	$	848,694
Hexcel Corp.†		72,338		1,495,227
Metabolix, Inc.†		24,686		218,224
STR Holdings, Inc.†		21,147		334,334
				2,896,479
Advertising Services — 0.0%
Marchex, Inc., Class B		15,207		118,463
Aerospace/Defense — 0.5%
Aerovironment, Inc.†#		12,331		372,273
Cubic Corp.		11,739		601,506
Esterline Technologies Corp.†		22,237		1,681,562
Kratos Defense & Security Solutions, Inc.†#		17,091		207,485
National Presto Industries, Inc.#		3,575		374,839
Teledyne Technologies, Inc.†		27,006		1,325,994
				4,563,659
Aerospace/Defense - Equipment — 0.8%
AAR Corp.#		29,093		767,764
Astronics Corp.†		6,968		186,812
Curtiss - Wright Corp.		34,190		1,166,221
Ducommun, Inc.#		7,811		153,330
GenCorp, Inc.†#		43,612		273,884
HEICO Corp.#		27,346		1,503,483
Kaman Corp.#		19,327		697,318
LMI Aerospace, Inc.†		6,580		140,417
Moog, Inc., Class A†		33,821		1,388,352
Orbital Sciences Corp.†		42,954		807,965
Triumph Group, Inc.		12,440		1,163,389
				8,248,935
Agricultural Biotech — 0.0%
PURE Bioscience, Inc.†#		27,612		32,306
Agricultural Operations — 0.1%
Alico, Inc.		2,661		66,312
Andersons, Inc.#		13,717		594,358
Cadiz, Inc.†#		9,065		95,273
Griffin Land & Nurseries, Inc.#		1,780		48,968
Limoneira Co.		6,050		122,815
MGP Ingredients, Inc.#		8,739		71,048
Tejon Ranch Co.†		9,765		359,840
				1,358,614
Airlines — 0.6%
Alaska Air Group, Inc.†		26,665		1,800,954
Allegiant Travel Co.†		11,329		516,716
Hawaiian Holdings, Inc.†		38,590		213,789
JetBlue Airways Corp.†#		181,886		1,104,048
Pinnacle Airlines Corp.†#		13,846		67,430
Republic Airways Holdings, Inc.†		35,913		175,255
Skywest, Inc.		39,427		608,359
US Airways Group, Inc.†		120,233		1,094,120
				5,580,671
Alternative Waste Technology — 0.2%
Calgon Carbon Corp.†#		41,876		722,361
Darling International, Inc.†		79,587		1,524,091
Rentech, Inc.†		160,762		167,193
				2,413,645
Apparel Manufacturers — 0.8%
American Apparel, Inc.†#		29,603		31,083
Carter’s, Inc.†#		44,287		1,403,898
Columbia Sportswear Co.		8,511		558,321
Delta Apparel, Inc.†#		4,457		74,120

Security Description	Shares		Value (Note 2)
Apparel Manufacturers (continued)
G - III Apparel Group, Ltd.†#		11,490	$	493,151
Joe’s Jeans, Inc.†#		31,648		26,350
Jones Group, Inc.		64,958		798,334
Maidenform Brands, Inc.†		17,083		514,711
Oxford Industries, Inc.#		10,326		391,871
Quiksilver, Inc.†		96,609		450,198
True Religion Apparel, Inc.†		18,943		556,735
Under Armour, Inc., Class A†		26,228		1,709,541
Volcom, Inc.		14,391		352,148
				7,360,461
Applications Software — 0.5%
Actuate Corp.†		33,806		183,905
Deltek, Inc.†		14,716		109,634
Ebix, Inc.†		22,549		446,470
EPIQ Systems, Inc.#		24,409		365,159
NetSuite, Inc.†		13,643		514,887
PDF Solutions, Inc.†		16,840		106,260
Progress Software Corp.†		50,022		1,354,096
Quest Software, Inc.†		44,686		1,014,149
RealPage, Inc.†#		11,370		334,846
				4,429,406
Athletic Footwear — 0.0%
K-Swiss, Inc., Class A†#		19,528		215,394
Auction House/Art Dealers — 0.2%
Sotheby’s#		49,972		2,126,808
Audio/Video Products — 0.2%
Audiovox Corp., Class A†		12,914		98,275
DTS, Inc.†		12,964		597,381
TiVo, Inc.†#		86,084		890,109
Universal Electronics, Inc.†		10,180		259,488
				1,845,253
Auto Repair Centers — 0.1%
Midas, Inc.†#		10,621		74,985
Monro Muffler Brake, Inc.#		22,195		718,008
				792,993
Auto - Heavy Duty Trucks — 0.0%
Force Protection, Inc.†		52,390		253,568
Auto - Truck Trailers — 0.1%
Wabash National Corp.†		50,923		492,425
Auto/Truck Parts & Equipment - Original — 0.8%
American Axle & Manufacturing Holdings, Inc.†		44,736		517,148
Amerigon, Inc.†#		16,109		267,893
Dana Holding Corp.†		104,351		1,890,840
Fuel Systems Solutions, Inc.†#		12,030		300,028
Meritor, Inc.†		70,132		1,157,879
Miller Industries, Inc.		7,539		129,671
Modine Manufacturing Co.†		34,489		547,685
Spartan Motors, Inc.#		24,519		117,446
Superior Industries International, Inc.		17,237		377,663
Tenneco, Inc.†		44,531		1,859,169
Titan International, Inc.		31,308		860,657
Tower International, Inc.†		4,945		85,450
				8,111,529
Auto/Truck Parts & Equipment - Replacement — 0.2%
Commercial Vehicle Group, Inc.†		18,255		282,587
Dorman Products, Inc.†#		8,442		319,614
Douglas Dynamics, Inc.		8,022		124,261
Exide Technologies†		56,350		555,611

193

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Auto/Truck Parts & Equipment - Replacement (continued)
Standard Motor Products, Inc.		14,622	$	220,792
				1,502,865
B2B/E - Commerce — 0.0%
ePlus, Inc.†#		2,853		74,977
Global Sources, Ltd.†		12,988		150,271
SPS Commerce, Inc.†		3,513		58,667
				283,915
Banks - Commercial — 5.1%
1st Source Corp.		11,388		239,376
1st United Bancorp, Inc.†		19,644		122,382
Alliance Financial Corp.		3,476		100,491
American National Bankshares, Inc.		4,565		91,985
Ameris Bancorp†		17,614		164,162
Ames National Corp.#		6,076		105,176
Arrow Financial Corp.#		7,249		177,890
Bancfirst Corp.#		5,228		208,963
Banco Latinoamericano de Comercio Exterior SA, Class E		20,542		370,989
Bancorp Rhode Island, Inc.		2,751		119,283
Bancorp, Inc.†		21,307		215,840
Bank of Marin Bancorp		3,916		143,091
Bank of the Ozarks, Inc.		9,741		473,510
Bridge Bancorp, Inc.		4,691		102,827
Bryn Mawr Bank Corp.		7,209		151,317
Camden National Corp.#		5,708		187,108
Capital City Bank Group, Inc.#		8,853		95,347
Cardinal Financial Corp.		21,415		237,064
Cass Information Systems, Inc.		6,267		249,740
Cathay General Bancorp Class B		58,532		954,072
Center Financial Corp.†		26,471		173,120
Centerstate Banks, Inc.		19,137		134,150
Century Bancorp, Inc., Class A Class A#		2,527		64,994
Chemical Financial Corp.#		18,202		358,215
Citizens & Northern Corp.		9,036		128,582
Citizens Republic Bancorp, Inc.†		294,019		255,120
City Holding Co.#		11,766		379,689
CNB Financial Corp.#		9,077		125,989
CoBiz Financial, Inc.#		24,066		154,504
Columbia Banking System, Inc.#		29,285		526,837
Community Bank System, Inc.#		26,075		653,961
Community Trust Bancorp, Inc.#		10,194		280,131
CSF Holdings, Inc.†(1)(2)		2,375		0
CVB Financial Corp.#		66,962		600,649
Eagle Bancorp, Inc.†		12,251		155,220
Encore Bancshares, Inc†#		5,983		71,736
Enterprise Financial Services Corp.		12,921		181,669
Financial Institutions, Inc.		10,283		167,921
First BanCorp†#		15,882		80,363
First Bancorp#		11,157		133,215
First Bancorp, Inc.#		6,513		94,113
First Busey Corp.		50,872		258,938
First Commonwealth Financial Corp.#		78,119		456,996
First Community Bancshares, Inc.#		11,759		170,976
First Financial Bancorp		43,128		690,048
First Financial Bankshares, Inc.#		15,542		821,550
First Financial Corp.		8,270		268,279
First Interstate BancSystem, Inc.		9,248		131,322
First Merchants Corp.		19,027		160,778
First Midwest Bancorp, Inc.		55,204		675,697
First of Long Island Corp.		5,177		139,468
First South Bancorp, Inc.#		6,159		25,868
FirstMerit Corp.		80,339		1,308,722
FNB Corp.#		89,903		948,477
German American Bancorp, Inc.		9,359		164,438

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Glacier Bancorp, Inc.#		53,612	$	762,363
Great Southern Bancorp, Inc.		7,549		139,355
Green Bankshares, Inc.†#		8,812		23,704
Hancock Holding Co.#		26,101		843,323
Hanmi Financial Corp.†		76,313		91,576
Heartland Financial USA, Inc.		9,744		139,437
Heritage Financial Corp.		10,284		139,245
Home Bancshares, Inc.#		16,370		392,553
Hudson Valley Holding Corp.#		9,765		213,756
IBERIABANK Corp.#		19,945		1,171,769
Independent Bank Corp.#		15,790		468,016
International Bancshares Corp.		39,551		675,136
Lakeland Bancorp, Inc.#		16,085		166,641
Lakeland Financial Corp.#		12,009		268,401
MainSource Financial Group, Inc.#		15,012		115,592
MB Financial, Inc.#		39,475		784,368
Merchants Bancshares, Inc.#		3,570		90,357
Metro Bancorp, Inc.†		10,070		113,489
MidSouth Bancorp, Inc.		5,582		78,204
MidWestOne Financial Group, Inc.#		5,143		70,613
Nara Bancorp., Inc.†#		28,297		240,242
National Bankshares, Inc.		5,169		129,897
National Penn Bancshares, Inc.		93,948		709,307
NBT Bancorp, Inc.		25,690		564,923
Old National Bancorp		69,773		753,548
OmniAmerican Bancorp, Inc.†		8,874		127,164
Oriental Financial Group, Inc.		34,529		426,088
Orrstown Financial Services, Inc.		5,003		130,678
Pacific Continental Corp.		13,713		127,120
PacWest Bancorp.#		22,899		483,169
Park National Corp.#		9,308		627,638
Peapack Gladstone Financial Corp.		6,547		84,129
Penns Woods Bancorp, Inc.		2,859		101,237
Peoples Bancorp, Inc.#		7,838		97,661
Pinnacle Financial Partners, Inc.†#		24,869		385,718
Porter Bancorp, Inc.		2,958		17,689
PrivateBancorp, Inc.#		38,771		634,681
Prosperity Bancshares, Inc.#		34,754		1,520,488
Renasant Corp.#		18,668		279,460
Republic Bancorp, Inc., Class A		7,294		149,235
S&T Bancorp, Inc.#		18,454		343,798
S.Y. Bancorp, Inc.		8,828		216,816
Sandy Spring Bancorp, Inc.		17,881		336,699
SCBT Financial Corp.#		10,407		324,490
Sierra Bancorp		8,512		93,972
Signature Bank†		30,487		1,735,320
Simmons First National Corp., Class A#		12,812		334,906
Southside Bancshares, Inc.#		12,363		249,235
Southwest Bancorp, Inc.†#		14,452		181,084
State Bancorp, Inc.		12,393		161,109
StellarOne Corp.#		17,026		208,398
Sterling Bancorp		23,011		219,525
Sterling Bancshares, Inc.		68,350		580,292
Suffolk Bancorp#		7,196		110,459
Susquehanna Bancshares, Inc.#		96,651		842,797
SVB Financial Group†		31,117		1,847,727
Taylor Capital Group, Inc.†#		7,885		75,696
Texas Capital Bancshares, Inc.†#		27,236		681,717
Tompkins Financial Corp.#		5,894		228,393
Tower Bancorp, Inc.		7,116		149,080
Towne Bank#		17,516		242,597
TriCo Bancshares#		10,404		154,707
Trustco Bank Corp.		57,309		339,269
Trustmark Corp.#		47,615		1,135,142
UMB Financial Corp.#		23,650		1,008,673

194

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Banks - Commercial (continued)
Umpqua Holdings Corp.		85,369	$	1,022,721
Union First Market Bankshares Corp.		13,298		168,087
United Bankshares, Inc.		28,938		701,747
United Community Banks, Inc.†#		64,919		142,173
Univest Corp. of Pennsylvania#		12,368		210,627
Virginia Commerce Bancorp, Inc.†		16,027		93,277
Washington Banking Co.		11,408		151,384
Washington Trust Bancorp, Inc.#		10,522		246,636
Webster Financial Corp.		52,819		1,101,804
WesBanco, Inc.		17,192		340,574
West Bancorporation, Inc.#		11,625		90,210
West Coast Bancorp†		13,974		243,986
Westamerica Bancorporation#		21,861		1,099,608
Western Alliance Bancorp†		48,836		359,921
Whitney Holding Corp.		71,915		965,818
Wilshire Bancorp, Inc.†		32,442		101,543
Wintrust Financial Corp.		25,620		831,881
				49,464,216
Banks - Fiduciary — 0.0%
Boston Private Financial Holdings, Inc.#		55,786		368,188
Banks - Mortgage — 0.0%
Walker & Dunlop, Inc.†		7,979		108,514
Batteries/Battery Systems — 0.2%
A123 Systems, Inc.†#		65,334		401,804
Advanced Battery Technologies, Inc.†#		49,041		73,561
Ener1, Inc.†#		47,964		59,955
EnerSys†		35,986		1,288,299
				1,823,619
Beverages - Non-alcoholic — 0.0%
Coca - Cola Bottling Co. Consolidated		3,136		211,649
National Beverage Corp.#		8,290		117,303
Primo Water Corp.†		7,144		101,088
				430,040
Brewery — 0.1%
Boston Beer Co., Inc., Class A†		6,443		539,988
Broadcast Services/Program — 0.1%
CKX, Inc.†		41,420		226,567
Crown Media Holdings, Inc., Class A†#		18,692		38,132
DG FastChannel, Inc.†#		18,674		660,686
Fisher Communications, Inc.†#		4,858		144,768
Nexstar Broadcasting Group, Inc. Class A†		7,969		54,986
Outdoor Channel Holdings, Inc.†		8,761		53,442
World Wrestling Entertainment, Inc., Class A#		17,974		186,930
				1,365,511
Building & Construction Products - Misc. — 0.4%
Broadwind Energy, Inc.†#		69,004		120,067
Builders FirstSource, Inc.†#		33,808		81,815
Drew Industries, Inc.#		14,194		374,722
Gibraltar Industries, Inc.†#		22,558		294,607
Interline Brands, Inc.†		24,588		454,140
Louisiana - Pacific Corp.†#		94,536		792,212
NCI Building Systems, Inc.†#		14,587		158,415
Quanex Building Products Corp.		28,223		559,944
Simpson Manufacturing Co., Inc.		29,346		822,275
Trex Co., Inc.†#		11,523		352,143
				4,010,340
Building & Construction - Misc. — 0.3%
Dycom Industries, Inc.†		26,191		447,604
Insituform Technologies, Inc., Class A†#		29,252		754,994

Security Description	Shares		Value (Note 2)
Building & Construction - Misc. (continued)
Layne Christensen Co.†		14,582	$	431,190
MasTec, Inc.†		39,514		831,770
MYR Group, Inc.†		14,826		334,326
				2,799,884
Building Products - Air & Heating — 0.1%
AAON, Inc.#		9,215		310,545
American DG Energy, Inc.†		14,024		22,859
Comfort Systems USA, Inc.		28,342		293,907
				627,311
Building Products - Cement — 0.1%
Texas Industries, Inc.#		15,506		649,546
Building Products - Doors & Windows — 0.0%
Apogee Enterprises, Inc.		20,933		277,153
PGT, Inc.†#		14,317		34,218
				311,371
Building Products - Light Fixtures — 0.0%
LSI Industries, Inc.#		14,109		106,100
Building Products - Wood — 0.0%
Universal Forest Products, Inc.		14,434		421,906
Building - Heavy Construction — 0.2%
Granite Construction, Inc.#		26,006		714,905
Orion Marine Group, Inc.†#		20,034		213,162
Sterling Construction Co., Inc.†#		12,001		159,853
Tutor Perini Corp.		19,892		403,808
				1,491,728
Building - Maintance & Services — 0.2%
ABM Industries, Inc.#		38,705		881,700
Rollins, Inc.		47,988		965,518
				1,847,218
Building - Mobile Home/Manufactured Housing — 0.1%
Cavco Industries, Inc.†#		4,877		210,491
Skyline Corp.#		5,110		93,258
Winnebago Industries, Inc.†#		21,685		248,293
				552,042
Building - Residential/Commercial — 0.2%
Beazer Homes USA, Inc.†#		55,681		234,417
Hovnanian Enterprises, Inc., Class A†#		45,876		121,112
M/I Homes, Inc.†		13,809		173,579
Meritage Homes Corp.†#		23,917		597,925
Ryland Group, Inc.#		32,842		600,352
Standard Pacific Corp.†#		79,701		316,413
				2,043,798
Cable/Satellite TV — 0.0%
LodgeNet Interactive Corp.†#		18,676		67,981
Casino Hotels — 0.1%
Ameristar Casinos, Inc.		10,977		246,543
Boyd Gaming Corp.†#		40,204		379,526
Monarch Casino & Resort, Inc.†		6,587		61,391
				687,460
Casino Services — 0.1%
Multimedia Games, Inc.†		20,449		112,878
Scientific Games Corp., Class A†		48,480		478,013
Shuffle Master, Inc.†		39,946		435,012
				1,025,903

195

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Chemicals - Diversified — 0.8%
Aceto Corp.		18,944	$	133,555
Codexis, Inc.†		8,880		97,236
Georgia Gulf Corp.†		25,140		712,468
Innophos Holdings, Inc.#		15,963		716,579
Olin Corp.		58,796		1,412,280
Rockwood Holdings, Inc.†		38,848		2,043,016
Solutia, Inc.†		90,470		2,259,036
Westlake Chemical Corp.		14,648		821,753
				8,195,923
Chemicals - Fibers — 0.0%
Zoltek Cos., Inc.†#		20,701		228,125
Chemicals - Other — 0.0%
American Vanguard Corp.#		15,161		181,174
Chemicals - Plastics — 0.2%
A. Schulman, Inc.		23,475		598,378
Landec Corp.†#		19,690		113,020
PolyOne Corp.		69,147		1,053,109
Spartech Corp.†		23,036		163,786
				1,928,293
Chemicals - Specialty — 1.3%
Arch Chemicals, Inc.		16,850		609,127
Balchem Corp.		21,017		906,883
Ferro Corp.†		64,210		841,151
H.B. Fuller Co.		36,462		812,738
Hawkins, Inc.#		6,461		281,377
KMG Chemicals, Inc.		4,560		84,360
Kraton Performance Polymers, Inc.†		8,373		322,026
Minerals Technologies, Inc.		14,013		952,884
NewMarket Corp.		7,112		1,239,053
OM Group, Inc.†		23,011		857,850
Omnova Solutions, Inc.†		33,279		313,155
Quaker Chemical Corp.		9,547		415,867
Sensient Technologies Corp.		36,912		1,404,502
Stepan Co.		5,812		390,160
WR Grace & Co.†		54,189		2,535,503
Zep, Inc.		16,172		301,284
				12,267,920
Circuit Boards — 0.2%
DDi Corp.#		9,859		89,914
Multi - Fineline Electronix, Inc.†		7,297		154,623
Park Electrochemical Corp.		15,333		461,677
TTM Technologies, Inc.†		59,666		988,069
UQM Technologies, Inc.†#		26,873		70,407
				1,764,690
Coal — 0.4%
Cloud Peak Energy, Inc.†		23,488		498,885
Hallador Energy Co.		2,837		31,207
International Coal Group, Inc.†		97,823		1,421,368
James River Coal Co.†		26,411		578,929
L&L Energy, Inc.†#		13,948		75,598
Patriot Coal Corp.†		58,256		1,347,462
				3,953,449
Coffee — 0.1%
Farmer Brothers Co.#		5,036		51,569
Peet’s Coffee & Tea, Inc.†		8,742		444,880
				496,449
Commercial Services — 1.0%
Acacia Research - Acacia Technologies†		31,147		1,207,258
Arbitron, Inc.		19,843		847,296
CoStar Group, Inc.†		15,424		973,254

Security Description	Shares		Value (Note 2)
Commercial Services (continued)
CPI Corp.#		3,903	$	55,930
ExlService Holdings, Inc.†		11,324		265,888
Healthcare Services Group, Inc.		48,954		835,155
HMS Holdings Corp.†		20,242		1,580,090
Live Nation Entertainment, Inc.†#		104,891		1,209,393
Mac - Gray Corp.#		8,708		133,929
Medifast, Inc.†		10,064		268,910
National Research Corp.#		1,315		46,788
PHH Corp.†		41,320		866,480
Pre - Paid Legal Services, Inc.†		5,597		371,417
Providence Service Corp.†		9,636		131,050
Standard Parking Corp.†		11,562		190,542
Steiner Leisure, Ltd.†		11,057		552,850
Team, Inc.†		14,136		325,128
TeleTech Holdings, Inc.†		20,848		377,349
				10,238,707
Commercial Services - Finance — 0.5%
Advance America Cash Advance Centers, Inc.		40,986		252,064
Asset Acceptance Capital Corp.†		11,202		45,928
Cardtronics, Inc.†		20,091		444,815
CBIZ, Inc.†#		26,032		199,145
Dollar Financial Corp.†		31,828		722,814
Euronet Worldwide, Inc.†		36,551		631,967
Global Cash Access Holdings, Inc.†		37,593		120,674
Heartland Payment Systems, Inc.#		28,204		536,440
MoneyGram International, Inc.†#		62,032		227,037
TNS, Inc.†		19,431		319,251
Wright Express Corp.†		28,918		1,560,415
				5,060,550
Communications Software — 0.1%
Digi International, Inc.†#		18,583		219,094
Seachange International, Inc.†		20,755		233,701
Smith Micro Software, Inc.†#		22,692		120,494
SolarWinds, Inc.†		27,760		684,284
				1,257,573
Computer Aided Design — 0.3%
Aspen Technology, Inc.†		46,379		767,572
Parametric Technology Corp.†		86,541		2,015,540
				2,783,112
Computer Data Security — 0.2%
Fortinet, Inc.†		32,922		1,596,388
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.†		16,600		236,550
Trident Microsystems, Inc.†		52,917		51,869
				288,419
Computer Services — 0.7%
CACI International, Inc., Class A†		22,541		1,438,792
Ciber, Inc.†		46,449		283,339
Computer Task Group, Inc.†#		11,029		148,009
iGate Corp.		17,640		325,458
Insight Enterprises, Inc.†		34,462		577,928
Keyw Holding Corp.†		7,824		88,255
LivePerson, Inc.†#		33,191		393,645
Manhattan Associates, Inc.†		16,927		608,526
SRA International, Inc., Class A†		31,997		990,307
Stream Global Services, Inc.†		3,361		10,217
SYKES Enterprises, Inc.†		30,770		665,555
Syntel, Inc.		9,815		528,734
Tier Technologies, Inc.†#		9,416		45,103
Unisys Corp.†		31,741		887,161
Virtusa Corp.†		10,087		203,253
				7,194,282

196

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Computer Software — 0.2%
Accelrys, Inc.†#		40,996	$	296,401
Avid Technology, Inc.†#		21,662		378,435
Blackbaud, Inc.#		33,407		940,407
Convio, Inc.†		4,402		50,271
DynaVox, Inc., Class A†#		6,983		52,093
Envestnet, Inc.†		5,744		85,241
Guidance Software, Inc.†#		9,915		79,617
SS&C Technologies Holdings, Inc.†		9,876		193,076
				2,075,541
Computers — 0.0%
Silicon Graphics International Corp.†#		22,868		413,911
Computers - Integrated Systems — 1.1%
3D Systems Corp.†#		29,310		585,907
Agilysys, Inc.†#		13,223		90,049
Cray, Inc.†#		26,456		169,318
Echelon Corp.†#		24,591		235,090
Integral Systems, Inc.†#		13,052		154,927
Jack Henry & Associates, Inc.		63,613		1,987,270
Maxwell Technologies, Inc.†		20,703		337,873
Mercury Computer Systems, Inc.†		21,475		410,602
MTS Systems Corp.		11,408		467,500
NCI, Inc., Class A†		4,924		111,775
Netscout Systems, Inc.†		22,795		528,844
Radiant Systems, Inc.†		24,635		517,335
Radisys Corp.†#		17,941		154,831
Riverbed Technology, Inc.†		101,772		3,859,194
Stratasys, Inc.†		15,291		538,243
Super Micro Computer, Inc.†		19,355		324,777
Wave Systems Corp., Class A†#		59,698		163,573
				10,637,108
Computers - Memory Devices — 0.2%
Hutchinson Technology, Inc.†		17,417		43,542
Imation Corp.†#		22,196		215,745
Quantum Corp.†		168,037		515,874
SMART Modular Technologies WWH, Inc.†		39,175		361,193
Spansion, Inc., Class A†		10,185		204,006
STEC, Inc.†#		30,366		543,855
Xyratex, Ltd.†#		22,473		214,505
				2,098,720
Computers - Periphery Equipment — 0.2%
Electronics for Imaging, Inc.†		33,755		609,278
Immersion Corp.†		20,944		177,814
Rimage Corp.#		7,080		103,297
Synaptics, Inc.†		25,253		708,347
				1,598,736
Consulting Services — 0.5%
Accretive Health, Inc.†#		9,098		221,445
Advisory Board Co.†		11,529		606,079
Corporate Executive Board Co.#		25,542		1,074,041
CRA International, Inc.†		8,231		230,468
Forrester Research, Inc.		10,872		412,484
Franklin Covey Co.†#		9,776		89,353
Hackett Group, Inc.†#		21,266		105,692
Hill International, Inc.†		18,249		83,945
Huron Consulting Group, Inc.†		16,414		497,837
ICF International, Inc.†		12,753		328,007
MAXIMUS, Inc.		13,020		1,091,076
Navigant Consulting, Inc.†		37,723		381,002
PDI, Inc.†#		6,614		45,637
				5,167,066
Consumer Products - Misc. — 0.4%
American Greetings Corp., Class A#		29,468		707,232

Security Description	Shares		Value (Note 2)
Consumer Products - Misc. (continued)
Blyth, Inc.		4,006	$	182,593
Central Garden and Pet Co., Class A†		39,586		398,235
CSS Industries, Inc.#		5,550		102,287
Helen of Troy, Ltd.†#		22,851		740,144
Kid Brands, Inc.†		9,364		50,285
Oil - Dri Corp. of America		3,833		85,399
Prestige Brands Holdings, Inc.†		31,181		402,547
Spectrum Brands Holdings, Inc.†		13,563		487,861
Summer Infant, Inc.†#		9,093		75,199
WD - 40 Co.		12,364		523,986
				3,755,768
Containers - Metal/Glass — 0.2%
Silgan Holdings, Inc.#		41,043		1,842,420
Containers - Paper/Plastic — 0.3%
AEP Industries, Inc.†		3,074		94,372
Graham Packaging Co., Inc.†		12,778		289,933
Graphic Packaging Holding Co.†		93,668		513,301
Rock - Tenn Co., Class A#		29,033		2,230,605
				3,128,211
Cosmetics & Toiletries — 0.1%
Elizabeth Arden, Inc.†#		18,104		556,336
Inter Parfums, Inc.		10,659		237,482
Revlon, Inc., Class A†		7,969		140,414
				934,232
Data Processing/Management — 0.4%
Acxiom Corp.†		50,970		700,837
CommVault Systems, Inc.†		32,181		1,330,362
CSG Systems International, Inc.†		25,387		484,638
Fair Isaac Corp.#		31,096		909,558
FalconStor Software, Inc.†#		21,972		96,677
Pegasystems, Inc.#		12,062		450,516
Schawk, Inc.#		8,274		143,802
				4,116,390
Decision Support Software — 0.1%
DemandTec, Inc.†		15,362		152,698
Interactive Intelligence, Inc.†		10,330		375,083
QAD, Inc.†#		4,770		51,516
				579,297
Dental Supplies & Equipment — 0.2%
Align Technology, Inc.†		44,175		1,082,288
Sirona Dental Systems, Inc.†		24,957		1,349,175
				2,431,463
Diagnostic Equipment — 0.3%
Affymetrix, Inc.†#		52,809		321,607
Cepheid, Inc.†#		44,291		1,422,627
Hansen Medical, Inc.†#		31,677		90,913
Immucor, Inc.†		52,099		1,090,432
				2,925,579
Diagnostic Kits — 0.1%
BG Medicine, Inc.†#		4,287		31,081
Meridian Bioscience, Inc.		30,290		722,719
OraSure Technologies, Inc.†#		34,440		296,873
Quidel Corp.†#		18,465		283,253
				1,333,926
Direct Marketing — 0.0%
APAC Customer Services, Inc.†		23,716		138,739
Harte - Hanks, Inc.		28,881		236,824
				375,563

197

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Disposable Medical Products — 0.1%
ICU Medical, Inc.†		8,716	$	377,926
Medical Action Industries, Inc.†		10,681		104,033
Merit Medical Systems, Inc.†		26,267		515,359
Rochester Medical Corp.†		8,074		81,547
				1,078,865
Distribution/Wholesale — 1.0%
Beacon Roofing Supply, Inc.†#		33,957		743,998
BlueLinx Holdings, Inc.†#		8,160		28,315
Brightpoint, Inc.†		52,517		474,754
Chindex International, Inc.†		10,217		153,153
Core - Mark Holding Co., Inc.†#		8,411		300,609
Houston Wire & Cable Co.		13,221		211,404
MWI Veterinary Supply, Inc.†		9,153		771,598
Owens & Minor, Inc.		47,039		1,627,549
Pool Corp.		36,932		1,116,824
Rentrak Corp.†		6,976		143,496
Scansource, Inc.†		20,016		709,167
School Specialty, Inc.†#		14,059		216,227
Titan Machinery, Inc.†		11,286		302,352
United Stationers, Inc.		18,043		1,335,543
Watsco, Inc.		20,748		1,388,871
				9,523,860
Diversified Manufacturing Operations — 1.5%
A.O. Smith Corp.		27,096		1,123,671
Actuant Corp., Class A		50,637		1,273,014
Acuity Brands, Inc.		32,426		1,976,689
Ameron International Corp.		6,874		461,795
AZZ, Inc.#		9,261		408,595
Barnes Group, Inc.#		36,550		881,221
Blount International, Inc.†		35,661		604,454
Brink’s Co.		35,708		1,062,313
Colfax Corp.†		17,926		403,873
EnPro Industries, Inc.†#		15,328		698,650
ESCO Technologies, Inc.		19,716		740,730
Fabrinet†		7,287		172,629
Federal Signal Corp.#		46,406		304,888
GP Strategies Corp.†		10,948		151,739
Griffon Corp.†		35,497		375,913
Koppers Holdings, Inc.		15,316		614,631
LSB Industries, Inc.†		12,757		603,916
Lydall, Inc.†		12,715		152,071
Matthews International Corp., Class A		22,521		880,346
Park - Ohio Holdings Corp.†		5,837		124,095
Raven Industries, Inc.		12,097		677,432
Standex International Corp.		9,302		309,013
Tredegar Corp.#		18,279		354,430
				14,356,108
Diversified Minerals — 0.1%
AMCOL International Corp.#		17,769		652,478
General Moly, Inc.†#		51,444		251,047
United States Lime & Minerals, Inc.†#		1,936		76,394
				979,919
Diversified Operations — 0.1%
Compass Diversified Holdings		27,195		424,514
Harbinger Group, Inc.†		6,757		42,704
Primoris Services Corp.		16,305		206,585
				673,803
Diversified Operations/Commercial Services — 0.2%
Chemed Corp.		17,358		1,172,880
Viad Corp.		15,315		346,425
				1,519,305

Security Description	Shares		Value (Note 2)
Drug Delivery Systems — 0.3%
Alkermes, Inc.†		70,731	$	1,295,792
Antares Pharma, Inc.†		64,915		120,093
Depomed, Inc.†#		39,043		356,072
Nektar Therapeutics†#		84,628		819,199
				2,591,156
Drug Detection Systems — 0.0%
Caliper Life Sciences, Inc.†		33,429		239,686
E - Commerce/Products — 0.3%
1-800 - FLOWERS.COM, Inc., Class A†#		19,388		60,103
Blue Nile, Inc.†		9,408		470,400
Drugstore.com, Inc.†		69,173		262,512
Nutrisystem, Inc.#		20,050		283,908
Overstock.com, Inc.†		10,955		159,176
Shutterfly, Inc.†		21,199		1,285,083
Stamps.com, Inc.		7,861		97,791
US Auto Parts Network, Inc.†		9,769		73,170
Vitacost.com, Inc.†#(1)		11,092		63,224
				2,755,367
E - Commerce/Services — 0.2%
Ancestry.com, Inc.†#		15,088		620,570
Move, Inc.†#		116,255		229,022
OpenTable, Inc.†		11,785		1,040,969
Orbitz Worldwide, Inc.†		14,704		33,819
United Online, Inc.		64,959		394,951
				2,319,331
E - Marketing/Info — 0.4%
comScore, Inc.†		16,897		474,299
Constant Contact, Inc.†		21,256		511,207
Digital River, Inc.†#		29,538		961,462
Liquidity Services, Inc.†		10,550		221,128
Mediamind Technologies, Inc.†		4,036		70,549
QuinStreet, Inc.†		7,492		115,826
ReachLocal, Inc.†#		3,581		75,165
ValueClick, Inc.†		60,628		1,094,336
				3,523,972
E - Services/Consulting — 0.4%
GSI Commerce, Inc.†		54,251		1,586,842
Keynote Systems, Inc.		10,410		221,004
Perficient, Inc.†		15,823		176,426
Saba Software, Inc.†		20,876		206,464
Sapient Corp.†		76,830		1,128,633
Websense, Inc.†		30,281		752,483
				4,071,852
Educational Software — 0.1%
Blackboard, Inc.†		25,451		1,096,684
Renaissance Learning, Inc.		9,812		114,506
Rosetta Stone, Inc.†#		7,804		109,412
				1,320,602
Electric Products - Misc. — 0.3%
GrafTech International, Ltd.†		89,766		1,897,653
Graham Corp.		7,343		167,494
Littelfuse, Inc.		16,340		980,400
				3,045,547
Electric - Distribution — 0.0%
EnerNOC, Inc.†#		15,648		282,446
Electric - Integrated — 1.6%
Allete, Inc.		23,178		924,339
Ameresco, Inc., Class A†		6,484		94,796
Avista Corp.		40,930		1,020,385

198

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Electric - Integrated (continued)
Black Hills Corp.#		29,205	$	905,939
Central Vermont Public Service Corp.		9,774		335,248
CH Energy Group, Inc.#		11,789		636,017
Cleco Corp.#		45,242		1,587,542
El Paso Electric Co.†		32,625		1,015,943
Empire District Electric Co.		29,926		573,382
IDACORP, Inc.		35,857		1,411,690
MGE Energy, Inc.#		17,232		717,540
NorthWestern Corp.		26,971		891,931
Otter Tail Corp.#		26,788		587,193
Pike Electric Corp.†		12,223		108,907
PNM Resources, Inc.		64,615		1,068,086
Portland General Electric Co.		56,119		1,457,410
UIL Holdings Corp.#		37,596		1,245,555
Unisource Energy Corp.		26,895		1,019,052
Unitil Corp.#		8,096		207,500
				15,808,455
Electronic Components - Misc. — 0.6%
Bel Fuse, Inc., Class B		7,774		152,137
Benchmark Electronics, Inc.†		46,998		812,126
CTS Corp.		25,332		259,400
Daktronics, Inc.#		25,224		271,158
LaBarge, Inc.†		9,271		177,632
Methode Electronics, Inc.		27,757		331,974
Microvision, Inc.†#		76,418		94,758
NVE Corp.†#		3,505		214,085
OSI Systems, Inc.†		12,079		482,919
Plexus Corp.†		28,276		1,054,129
Pulse Electronics Corp.		30,746		151,270
Rogers Corp.†		11,763		552,038
Sanmina - SCI Corp.†		59,269		633,586
Stoneridge, Inc.†		11,403		174,694
Viasystems Group, Inc.†#		3,202		72,653
				5,434,559
Electronic Components - Semiconductors — 1.6%
Advanced Analogic Technologies, Inc.†		32,058		193,310
Alpha & Omega Semiconductor, Ltd.†		3,787		52,942
Amkor Technology, Inc.†		78,211		499,768
Applied Micro Circuits Corp.†		48,801		516,315
AXT, Inc.†#		23,109		188,107
Cavium Networks, Inc.†		35,081		1,560,403
Ceva, Inc.†		16,998		583,541
Diodes, Inc.†		25,275		738,030
DSP Group, Inc.†		17,256		142,534
Entropic Communications, Inc.†#		48,472		431,401
GSI Technology, Inc.†		14,375		100,769
GT Solar International, Inc.†#		40,425		515,823
Ikanos Communications, Inc.†		27,292		41,757
Inphi Corp.†		5,351		106,164
Integrated Silicon Solution, Inc.†		19,313		178,452
IXYS Corp.†#		17,915		248,839
Kopin Corp.†#		49,653		258,692
Lattice Semiconductor Corp.†		86,437		569,620
Microsemi Corp.†		61,884		1,364,542
Mindspeed Technologies, Inc.†#		23,806		206,874
MIPS Technologies, Inc.†#		37,360		295,891
Monolithic Power Systems, Inc.†		24,108		417,068
MoSys, Inc.†		23,544		142,206
Netlogic Microsystems, Inc.†		46,684		1,788,931
OmniVision Technologies, Inc.†		41,489		1,464,977
PLX Technology, Inc.†		27,615		96,929
Richardson Electronics, Ltd.		10,784		147,741
Rubicon Technology, Inc.†#		12,073		276,955
Semtech Corp.†		48,643		1,392,163

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors (continued)
Silicon Image, Inc.†		57,130	$	433,045
Supertex, Inc.†		7,319		159,993
Volterra Semiconductor Corp.†		18,474		455,754
Zoran Corp.†#		38,204		314,419
				15,883,955
Electronic Design Automation — 0.2%
Magma Design Automation, Inc.†		49,227		343,605
Mentor Graphics Corp.†		83,764		1,123,275
				1,466,880
Electronic Measurement Instruments — 0.2%
Analogic Corp.#		9,610		513,655
Badger Meter, Inc.#		11,170		415,747
FARO Technologies, Inc.†		12,029		538,418
Measurement Specialties, Inc.†		10,820		413,865
Zygo Corp.†		13,017		185,492
				2,067,177
Electronic Security Devices — 0.1%
American Science & Engineering, Inc.		6,708		580,443
Taser International, Inc.†		46,651		211,329
				791,772
Energy - Alternate Sources — 0.1%
Amyris, Inc.†		4,544		134,093
Clean Energy Fuels Corp.†#		34,130		488,059
Comverge, Inc.†#		18,743		65,601
FuelCell Energy, Inc.†#		80,085		152,161
Gevo, Inc.†		3,834		73,920
Green Plains Renewable Energy, Inc.†#		13,631		140,536
Headwaters, Inc.†		45,004		164,715
Hoku Corp.†#		12,759		25,135
REX American Resources Corp.†#		5,407		90,351
Syntroleum Corp.†#		51,662		94,541
				1,429,112
Engineering/R&D Services — 0.2%
Argan, Inc.†#		5,765		56,324
EMCOR Group, Inc.†		49,435		1,501,341
Exponent, Inc.†		10,332		443,036
Michael Baker Corp.†		5,896		153,296
Mistras Group, Inc.†		10,754		187,227
VSE Corp.#		3,088		81,338
				2,422,562
Engines - Internal Combustion — 0.1%
Briggs & Stratton Corp.#		37,320		778,122
Enterprise Software/Service — 1.5%
Advent Software, Inc.†		23,518		657,328
American Software, Inc., Class A#		16,450		126,336
Ariba, Inc.†		71,989		2,414,511
CDC Corp., Class A†#		22,074		56,951
Concur Technologies, Inc.†#		30,007		1,499,450
JDA Software Group, Inc.†		32,627		1,077,670
Lawson Software, Inc.†		103,438		1,151,265
ManTech International Corp., Class A#		16,562		745,621
MedAssets, Inc.†#		32,086		466,851
MicroStrategy, Inc., Class A†		6,223		909,740
Omnicell, Inc.†		24,249		373,677
Opnet Technologies, Inc.		9,905		387,979
PROS Holdings, Inc.†#		14,432		242,458
QLIK Technologies, Inc.†		9,972		331,968
RightNow Technologies, Inc.†		16,144		534,366
SYNNEX Corp.†#		16,731		547,773
Taleo Corp., Class A†		29,641		1,106,499

199

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Enterprise Software/Service (continued)
Tyler Technologies, Inc.†#		21,257	$	540,140
Ultimate Software Group†		20,133		1,135,099
				14,305,682
Entertainment Software — 0.1%
Take - Two Interactive Software, Inc.†		52,506		860,573
THQ, Inc.†#		50,375		208,049
				1,068,622
Environmental Consulting & Engineering — 0.1%
Tetra Tech, Inc.†		46,009		1,119,399
Environmental Monitoring & Detection — 0.1%
Mine Safety Appliances Co.#		19,784		743,483
Female Health Care Products — 0.0%
Female Health Co.#		13,295		67,273
Filtration/Separation Products — 0.3%
CLARCOR, Inc.		37,599		1,602,094
PMFG, Inc.†		12,938		258,760
Polypore International, Inc.†		16,224		1,063,483
				2,924,337
Finance - Auto Loans — 0.0%
Credit Acceptance Corp.†		3,899		311,920
Finance - Commercial — 0.0%
NewStar Financial, Inc.†		20,812		203,333
Finance - Consumer Loans — 0.4%
ASTA Funding, Inc.		7,879		60,826
Encore Capital Group, Inc.†		10,389		343,772
First Marblehead Corp.†		41,274		74,293
Nelnet, Inc., Class A		19,677		432,697
Ocwen Financial Corp.†		55,333		665,103
Portfolio Recovery Associates, Inc.†		12,651		1,095,829
World Acceptance Corp.†		12,235		815,830
				3,488,350
Finance - Credit Card — 0.0%
CompuCredit Holdings Corp.†		3,467		12,655
Finance - Investment Banker/Broker — 0.8%
Cowen Group, Inc., Class A†#		26,993		111,211
Diamond Hill Investment Group, Inc.#		1,797		143,814
Duff & Phelps Corp., Class A		20,329		299,243
Evercore Partners, Inc., Class A#		11,668		431,833
FBR Capital Markets Corp.†		39,191		142,263
FXCM, Inc., Class A		16,768		166,003
Gain Capital Holdings, Inc.†		6,768		40,811
GFI Group, Inc.		49,487		224,176
Gleacher & Co., Inc.†#		58,018		129,380
INTL FCStone, Inc.†#		9,485		245,187
Investment Technology Group, Inc.†		30,753		465,600
JMP Group, Inc.#		11,118		78,938
KBW, Inc.#		26,445		562,221
Knight Capital Group, Inc., Class A†		75,536		932,114
LaBranche & Co., Inc.†#		27,708		111,940
Ladenburg Thalmann Financial Services, Inc.†		67,988		93,824
MF Global Holdings, Ltd.†#		86,337		665,658
Oppenheimer Holdings, Inc., Class A#		7,489		212,912
optionsXpress Holdings, Inc.		31,491		576,285
Penson Worldwide, Inc.†#		15,237		57,444
Piper Jaffray Cos.†#		11,784		391,465
Rodman & Renshaw Capital Group, Inc.†#		12,010		16,574
Stifel Financial Corp.†		38,157		1,536,582
SWS Group, Inc.		21,311		138,522
TradeStation Group, Inc.†		30,454		296,622
				8,070,622

Security Description	Shares		Value (Note 2)
Finance - Leasing Companies — 0.0%
California First National Bancorp#		1,402	$	21,128
Marlin Business Services Corp.†		6,386		78,867
SeaCube Container Leasing, Ltd.		8,144		146,185
				246,180
Finance - Mortgage Loan/Banker — 0.0%
Doral Financial Corp.†		16,612		34,553
Federal Agricultural Mtg. Corp., Class C#		7,193		137,027
				171,580
Finance - Other Services — 0.1%
BGC Parnters, Inc., Class A#		49,644		412,542
Higher One Holdings, Inc.†		7,715		118,271
Imperial Holdings, Inc.†		13,123		132,148
MarketAxess Holdings, Inc.		20,604		493,672
Netspend Holdings, Inc.†		22,618		189,539
				1,346,172
Financial Guarantee Insurance — 0.2%
MGIC Investment Corp.†		149,433		1,204,430
PMI Group, Inc.†#		106,552		154,501
Primus Guaranty, Ltd.†		12,095		59,870
Radian Group, Inc.#		99,142		493,727
				1,912,528
Firearms & Ammunition — 0.0%
Smith & Wesson Holding Corp.†		44,543		155,010
Sturm Ruger & Co., Inc.		14,249		313,763
				468,773
Food - Canned — 0.2%
Seneca Foods Corp., Class A†#		6,253		171,520
TreeHouse Foods, Inc.†#		25,921		1,579,366
				1,750,886
Food - Confectionery — 0.1%
Tootsie Roll Industries, Inc.		18,455		541,470
Food - Dairy Products — 0.0%
Lifeway Foods, Inc.		3,614		37,766
Food - Misc. — 0.7%
B&G Foods, Inc.		35,500		658,170
Bridgford Foods Corp.#		1,328		11,248
Cal - Maine Foods, Inc.#		10,497		312,915
Chiquita Brands International, Inc.†		33,459		498,539
Diamond Foods, Inc.#		16,260		1,210,232
Dole Food Co., Inc.†#		26,770		358,986
Hain Celestial Group, Inc.†#		32,069		1,146,787
J&J Snack Foods Corp.		10,584		545,288
John B. Sanfilippo & Son, Inc.†		5,889		56,534
Lancaster Colony Corp.#		14,426		874,793
M&F Worldwide Corp.†#		7,913		167,756
Seaboard Corp.		242		559,020
Senomyx, Inc.†#		28,777		184,173
Smart Balance, Inc.†#		44,353		243,498
Snyders - Lance, Inc.		19,277		409,829
				7,237,768
Food - Retail — 0.3%
Arden Group, Inc., Class A#		893		79,906
Fresh Market, Inc.†		11,294		454,471
Ingles Markets, Inc., Class A#		9,356		166,537
Ruddick Corp.		32,695		1,436,945
Village Super Market Inc., Class A		4,596		120,737
Weis Markets, Inc.#		8,201		329,434
Winn - Dixie Stores, Inc.†#		41,067		374,120
				2,962,150

200

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Food - Wholesale/Distribution — 0.3%
Calavo Growers, Inc.#		8,186	$	181,238
Fresh Del Monte Produce, Inc.#		28,072		771,699
Nash Finch Co.#		9,370		352,031
Spartan Stores, Inc.		16,787		313,078
United Natural Foods, Inc.†		35,769		1,556,309
				3,174,355
Footwear & Related Apparel — 1.0%
CROCS, Inc.†		63,960		1,453,811
Deckers Outdoor Corp.†		28,844		2,627,688
Iconix Brand Group, Inc.†		53,814		1,329,206
Lacrosse Footwear, Inc.		3,499		51,925
R.G. Barry Corp.#		6,294		74,899
Skechers U.S.A., Inc., Class A†		27,098		473,673
Steven Madden, Ltd.†		18,280		1,018,927
Timberland Co., Class A†		29,230		954,944
Weyco Group, Inc.#		5,295		127,504
Wolverine World Wide, Inc.		36,971		1,446,305
				9,558,882
Forestry — 0.0%
Deltic Timber Corp.#		8,004		460,310
Funeral Services & Related Items — 0.0%
Stewart Enterprises, Inc., Class A#		60,675		452,029
Gambling (Non - Hotel) — 0.1%
Isle of Capri Casinos, Inc.†		13,790		121,628
Pinnacle Entertainment, Inc.†		45,131		655,753
				777,381
Gas - Distribution — 1.1%
Chesapeake Utilities Corp.#		7,051		285,142
Laclede Group, Inc.		16,611		624,740
New Jersey Resources Corp.#		30,786		1,418,619
Nicor, Inc.#		33,750		1,854,900
Northwest Natural Gas Co.		19,804		894,547
Piedmont Natural Gas Co., Inc.#		53,483		1,683,110
South Jersey Industries, Inc.#		22,271		1,246,508
Southwest Gas Corp.		33,824		1,321,165
WGL Holdings, Inc.		37,757		1,481,962
				10,810,693
Gold Mining — 0.4%
Allied Nevada Gold Corp.†		55,822		2,069,880
Golden Star Resources, Ltd.†		192,221		513,230
Jaguar Mining, Inc.†#		62,674		339,693
US Gold Corp.†#		74,125		524,064
				3,446,867
Golf — 0.0%
Callaway Golf Co.#		48,004		324,987
Hazardous Waste Disposal — 0.2%
Clean Harbors, Inc.†		17,201		1,740,053
EnergySolutions, Inc.		65,977		337,143
US Ecology, Inc.		13,647		239,368
				2,316,564
Health Care Cost Containment — 0.1%
Corvel Corp.†		5,191		274,811
ExamWorks Group, Inc.†#		8,830		224,282
Transcend Services, Inc.†#		6,804		181,259
				680,352
Healthcare Safety Devices — 0.0%
Unilife Corp.†#		36,065		176,358

Security Description	Shares		Value (Note 2)
Heart Monitors — 0.1%
HeartWare International, Inc.†		6,973	$	507,983
Home Furnishings — 0.2%
American Woodmark Corp.		6,737		135,279
Ethan Allen Interiors, Inc.		18,383		427,772
Furniture Brands International, Inc.†		34,898		167,161
Hooker Furniture Corp.#		8,033		88,363
Kimball International, Inc., Class B#		23,355		158,347
La - Z - Boy, Inc.†#		38,428		425,398
Sealy Corp.†#		35,798		93,791
Select Comfort Corp.†		40,722		665,398
				2,161,509
Hotels/Motels — 0.2%
Gaylord Entertainment Co.†		25,842		833,404
Marcus Corp.		15,184		159,432
Morgans Hotel Group Co.†#		16,122		134,619
Orient - Express Hotels, Ltd., Class A†#		76,320		892,181
Red Lion Hotels Corp.†		9,000		73,080
				2,092,716
Housewares — 0.0%
Libbey, Inc.†#		14,671		232,242
Lifetime Brands, Inc.		6,897		79,109
				311,351
Human Resources — 0.7%
AMN Healthcare Services, Inc.†#		29,150		252,147
Barrett Business Services, Inc.#		5,778		88,288
CDI Corp.#		9,351		131,382
Cross Country Healthcare, Inc.†#		23,117		177,307
Heidrick & Struggles International, Inc.		13,023		272,832
Hudson Highland Group, Inc.†#		23,967		125,827
Insperity, Inc.		16,226		510,470
Kelly Services, Inc., Class A†		19,716		347,593
Kenexa Corp.†		19,687		622,503
Kforce, Inc.†#		22,912		309,083
Korn/Ferry International†		34,297		732,584
On Assignment, Inc.†		27,151		303,277
Resources Connection, Inc.		34,536		487,303
SFN Group, Inc.†		38,704		402,135
SuccessFactors, Inc.†		50,661		1,776,681
Team Health Holdings, Inc.†		11,426		255,942
TrueBlue, Inc.†		32,860		481,070
				7,276,424
Identification Systems — 0.2%
Brady Corp., Class A		36,410		1,255,053
Checkpoint Systems, Inc.†		29,433		533,031
L - 1 Identity Solutions, Inc.†#		57,256		636,687
				2,424,771
Independent Power Producers — 0.0%
Dynegy, Inc.†#		76,437		463,208
Industrial Audio & Video Products — 0.0%
Ballantyne Strong, Inc.†#		10,575		60,172
SRS Labs, Inc.†		8,778		85,059
				145,231
Industrial Automated/Robotic — 0.5%
Cognex Corp.		29,576		1,043,737
Gerber Scientific, Inc.†		18,755		181,736
Intermec, Inc.†		36,429		440,062
iRobot Corp.†		16,523		555,173
Nordson Corp.		50,876		2,646,570
				4,867,278

201

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Instruments - Controls — 0.3%
Spectrum Control, Inc.†		9,487	$	189,550
Watts Water Technologies, Inc., Class A#		21,850		764,532
Woodward, Inc.		45,433		1,600,150
X - Rite, Inc.†#		24,898		119,261
				2,673,493
Instruments - Scientific — 0.1%
FEI Co.†		28,324		1,104,919
Fluidigm Corp.†		4,765		71,332
				1,176,251
Insurance Brokers — 0.0%
Crawford & Co., Class B#		17,796		129,733
eHealth, Inc.†#		16,547		219,413
Life Partners Holdings, Inc.#		6,812		31,199
				380,345
Insurance - Life/Health — 0.5%
American Equity Investment Life Holding Co.#		43,601		566,377
CNO Financial Group, Inc.†		165,557		1,281,411
Delphi Financial Group, Inc., Class A		35,435		1,033,639
FBL Financial Group, Inc., Class A#		10,004		317,827
Kansas City Life Insurance Co.#		3,111		93,610
National Western Life Insurance Co., Class A#		1,640		250,100
Phoenix Cos., Inc.†#		86,479		205,820
Presidential Life Corp.		15,411		162,586
Primerica, Inc.		17,944		385,258
Universal American Corp.		23,849		221,796
				4,518,424
Insurance - Multi-line — 0.1%
Citizens, Inc.†#		27,153		188,170
Fortegra Financial Corp.†		4,472		42,171
Horace Mann Educators Corp.		29,241		477,213
United Fire & Casualty Co.		17,004		322,396
				1,029,950
Insurance - Property/Casualty — 1.1%
American Safety Insurance Holdings, Ltd.†#		7,716		142,978
AMERISAFE, Inc.†		14,045		325,001
Amtrust Financial Services, Inc.#		16,637		378,159
Baldwin & Lyons, Inc., Class B#		6,125		138,976
CNA Surety Corp.†#		13,178		349,744
Donegal Group, Inc., Class A#		8,327		116,661
EMC Insurance Group, Inc.#		3,573		71,174
Employers Holdings, Inc.		29,694		493,217
Enstar Group, Ltd.†		4,899		498,375
First American Financial Corp.		77,460		1,245,557
FPIC Insurance Group, Inc.†		6,392		264,501
Global Indemnity PLC†		10,266		237,863
Hallmark Financial Services, Inc.†		8,655		61,883
Harleysville Group, Inc.		8,646		276,931
Hilltop Holdings, Inc.†#		29,565		291,215
Infinity Property & Casualty Corp.		9,332		496,089
Meadowbrook Insurance Group, Inc.		40,415		398,896
National Interstate Corp.		4,896		105,705
Navigators Group Inc†		9,625		460,268
ProAssurance Corp.†		22,903		1,610,310
RLI Corp.#		13,668		823,497
Safety Insurance Group, Inc.		9,410		422,509
SeaBright Insurance Holdings, Inc.#		16,407		166,203
Selective Insurance Group, Inc.		39,700		657,829
State Auto Financial Corp.		10,750		179,418
Stewart Information Services Corp.		12,878		134,833
Tower Group, Inc.#		27,862		677,047

Security Description	Shares		Value (Note 2)
Insurance - Property/Casualty (continued)
Universal Insurance Holdings, Inc.#		12,847	$	69,245
				11,094,084
Insurance - Reinsurance — 0.6%
Alterra Capital Holdings, Ltd.#		73,227		1,665,914
Argo Group International Holdings, Ltd.		23,596		697,262
Flagstone Reinsurance Holdings SA		33,286		290,920
Greenlight Capital Re, Ltd. Class A†		21,094		553,507
Maiden Holdings, Ltd.		36,996		347,762
Montpelier Re Holdings, Ltd.		50,726		954,156
Platinum Underwriters Holdings, Ltd.#		27,892		952,233
				5,461,754
Internet Application Software — 0.3%
DealerTrack Holdings, Inc.†		30,047		696,189
eResearchTechnology, Inc.†		36,381		230,655
IntraLinks Holdings, Inc.†		8,695		179,552
KIT Digital, Inc.†#		21,172		259,357
Lionbridge Technologies, Inc.†		44,424		143,934
RealNetworks, Inc.†		62,413		233,425
S1 Corp.†		38,602		281,022
VirnetX Holding Corp.#		26,281		690,139
Vocus, Inc.†		12,482		340,010
				3,054,283
Internet Connectivity Services — 0.2%
AboveNet, Inc.		16,786		1,310,483
Cogent Communications Group, Inc.†#		33,440		519,992
Internap Network Services Corp.†#		38,628		318,681
PC - Tel, Inc.†		14,224		98,430
				2,247,586
Internet Content - Entertainment — 0.0%
Limelight Networks, Inc.†#		38,818		222,427
Internet Content - Information/News — 0.1%
Archipelago Learning, Inc.†#		8,740		92,731
Dice Holdings, Inc.†		12,545		185,290
Knot, Inc.†		20,996		215,419
Loopnet, Inc.†#		13,531		249,918
TechTarget, Inc.†#		9,831		79,434
Travelzoo, Inc.†#		4,119		309,502
				1,132,294
Internet Financial Services — 0.0%
Online Resources Corp.†		20,054		67,381
Internet Incubators — 0.1%
Internet Capital Group, Inc.†		27,169		354,012
ModusLink Global Solutions, Inc.		33,021		156,519
Safeguard Scientifics, Inc.†#		15,278		298,227
				808,758
Internet Infrastructure Equipment — 0.0%
Network Engines, Inc.†#		26,855		30,615
Internet Infrastructure Software — 0.4%
Openwave Systems, Inc.†		62,523		151,931
support.com, Inc.†#		34,791		166,997
TeleCommunication Systems, Inc., Class A†#		36,167		180,473
TIBCO Software, Inc.†		126,323		3,548,413
				4,047,814
Internet Security — 0.2%
Blue Coat Systems, Inc.†		31,022		711,955
Sourcefire, Inc.†#		20,482		547,074
VASCO Data Security International, Inc.†#		20,084		239,803

202

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Internet Security (continued)
Zix Corp.†		43,870	$	167,145
				1,665,977
Internet Telephone — 0.1%
BroadSoft, Inc.†		5,911		233,721
j2 Global Communications, Inc.†#		33,679		976,354
				1,210,075
Intimate Apparel — 0.2%
Warnaco Group, Inc.†		33,106		1,825,796
Investment Companies — 1.0%
American Capital, Ltd.†		253,197		2,506,650
Apollo Investment Corp.		144,513		1,648,893
Arlington Asset Investment Corp., Class A		5,025		145,122
Blackrock Kelso Capital Corp#		53,312		528,322
Capital Southwest Corp.#		2,122		198,089
Fifth Street Finance Corp.#		49,620		611,815
Gladstone Capital Corp.#		15,685		157,791
Gladstone Investment Corp.		16,461		122,964
Golub Capital BDC, Inc.#		6,624		103,798
Hercules Technology Growth Capital, Inc.#		32,388		354,649
Main Street Capital Corp.#		14,011		261,585
MCG Capital Corp.#		57,072		392,655
Medallion Financial Corp.#		11,072		106,070
MVC Capital, Inc.#		18,114		244,177
NGP Capital Resources Co.#		16,124		127,863
PennantPark Investment Corp.#		32,969		409,805
Prospect Capital Corp.#		72,582		849,935
Solar Capital, Ltd.		4,284		106,029
Solar Senior Capital, Ltd.†		6,666		121,388
THL Credit, Inc.		6,715		90,451
TICC Capital Corp.#		23,668		242,597
Triangle Capital Corp.		13,798		264,784
				9,595,432
Investment Management/Advisor Services — 0.3%
Artio Global Investors, Inc.#		20,696		289,537
Calamos Asset Management, Inc., Class A		14,357		215,212
Cohen & Steers, Inc.#		13,016		399,331
Edelman Financial Group, Inc.#		15,495		123,340
Epoch Holding Corp.#		9,832		165,079
Financial Engines, Inc.†		10,233		254,802
GAMCO Investors, Inc., Class A#		5,166		239,289
National Financial Partners Corp.†		31,812		415,783
Pzena Investment Management, Inc., Class A		5,707		34,413
Virtus Investment Partners, Inc.†		3,795		210,091
Westwood Holdings Group, Inc.#		4,334		157,541
				2,504,418
Lasers - System/Components — 0.5%
Applied Energetics, Inc.†		57,797		28,436
Coherent, Inc.†		18,838		1,056,812
Cymer, Inc.†		22,430		1,073,724
Electro Scientific Industries, Inc.†		20,624		371,232
II - VI, Inc.†		18,700		1,063,282
Newport Corp.†		27,344		497,388
Rofin - Sinar Technologies, Inc.†		21,073		761,578
				4,852,452
Leisure Products — 0.2%
Brunswick Corp.#		65,998		1,430,837
Johnson Outdoors, Inc. Class A†		3,251		51,853
Marine Products Corp.†#		7,410		46,609
				1,529,299

Security Description	Shares		Value (Note 2)
Lighting Products & Systems — 0.1%
Universal Display Corp.†#		26,519	$	1,265,487
Linen Supply & Related Items — 0.1%
G&K Services, Inc., Class A		13,842		437,822
UniFirst Corp.		10,511		563,600
				1,001,422
Machinery - Construction & Mining — 0.1%
Astec Industries, Inc.†#		14,793		555,033
Machinery - Electrical — 0.1%
Franklin Electric Co., Inc.		17,340		771,630
Machinery - Farming — 0.1%
Alamo Group, Inc.		4,817		122,833
Lindsay Corp.		9,308		624,381
				747,214
Machinery - General Industrial — 0.8%
Albany International Corp., Class A		20,375		562,350
Altra Holdings, Inc.†		19,981		526,499
Applied Industrial Technologies, Inc.		31,563		1,124,274
Chart Industries, Inc.†		21,382		1,038,738
DXP Enterprises, Inc.†		6,154		159,389
Flow International Corp.†#		34,949		143,640
Intevac, Inc.†#		16,607		197,125
Kadant, Inc.†		9,264		272,547
Middleby Corp.†		12,385		1,065,729
Robbins & Myers, Inc.		28,745		1,266,505
Sauer - Danfoss, Inc.†		8,621		460,361
Tennant Co.#		14,074		543,679
Twin Disc, Inc.		6,249		208,467
				7,569,303
Machinery - Material Handling — 0.1%
Cascade Corp.		6,768		274,984
Columbus McKinnon Corp.†		14,256		277,992
NACCO Industries, Inc., Class A		4,310		421,518
				974,494
Machinery - Print Trade — 0.0%
Presstek, Inc.†#		20,454		38,658
Machinery - Pumps — 0.1%
Gorman - Rupp Co.#		9,082		398,700
Tecumseh Products Co., Class A†		13,777		143,005
				541,705
Marine Services — 0.0%
Great Lakes Dredge & Dock Corp.		43,657		264,998
Medical Imaging Systems — 0.1%
IRIS International, Inc.†		12,100		121,000
MELA Sciences, Inc.†#		18,810		55,677
Merge Healthcare, Inc.†		38,499		233,689
Vital Images, Inc.†#		10,770		201,507
				611,873
Medical Information Systems — 0.3%
athenahealth, Inc.†#		25,997		1,163,885
Computer Programs & Systems, Inc.		7,304		458,326
ePocrates, Inc.†		3,995		84,095
Medidata Solutions, Inc.†		14,017		322,251
Quality Systems, Inc.		14,065		1,210,715
				3,239,272

203

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical Instruments — 1.1%
Abaxis, Inc.†#		16,462	$	512,462
AngioDynamics, Inc.†		18,434		289,414
Arthrocare Corp.†		20,096		688,288
Bruker Corp.†		54,143		1,067,700
Conceptus, Inc.†#		23,135		294,509
CONMED Corp.†		21,755		615,666
CryoLife, Inc.†		21,360		119,830
Delcath Systems, Inc.†#		32,536		196,843
Dexcom, Inc.†		50,003		788,547
Endologix, Inc.†#		36,279		310,911
Genomic Health, Inc.†		10,427		287,055
Integra LifeSciences Holdings Corp.†		15,676		804,022
Kensey Nash Corp.†#		5,459		143,626
MAKO Surgical Corp.†#		22,756		749,127
Natus Medical, Inc.†		21,234		356,519
NuVasive, Inc.†#		29,183		986,094
Solta Medical, Inc.†#		44,259		139,858
Spectranetics Corp.†#		24,664		148,231
Stereotaxis, Inc.†#		23,215		80,092
SurModics, Inc.†		12,979		188,974
Symmetry Medical, Inc.†		26,804		273,937
Vascular Solutions, Inc.†#		12,479		164,598
Volcano Corp.†		37,476		1,177,871
Young Innovations, Inc.		4,190		119,792
				10,503,966
Medical Labs & Testing Services — 0.1%
Bio - Reference Labs, Inc.†#		17,861		445,275
NeoStem, Inc.†#		28,055		46,571
				491,846
Medical Laser Systems — 0.0%
Cutera, Inc.†#		10,040		91,766
Cynosure, Inc. Class A†#		7,247		94,428
LCA - Vision, Inc.†		13,913		79,026
Palomar Medical Technologies, Inc.†		13,808		195,797
				461,017
Medical Products — 1.3%
ABIOMED, Inc.†		23,302		437,612
Accuray, Inc.†#		40,663		310,665
Alphatec Holdings, Inc.†		37,871		143,531
American Medical Systems Holdings, Inc.†		56,194		1,682,448
Atrion Corp.#		1,166		215,524
BioMimetic Therapeutics, Inc.†#		13,415		110,942
Cantel Medical Corp.		9,595		227,498
Cerus Corp.†#		35,255		105,765
Cyberonics, Inc.†		20,712		676,247
Exactech, Inc.†#		6,200		116,436
Greatbatch, Inc.†#		17,314		501,240
Haemonetics Corp.†		18,729		1,266,642
Hanger Orthopedic Group, Inc.†		19,429		488,639
Invacare Corp.		21,680		728,014
Luminex Corp.†#		27,942		583,150
NxStage Medical, Inc.†		20,270		381,279
Orthofix International NV†		13,131		536,139
Orthovita, Inc.†		49,695		190,332
PSS World Medical, Inc.†#		42,619		1,245,327
Syneron Medical, Ltd.†		26,530		344,359
Synovis Life Technologies, Inc.†		8,423		147,866
TomoTherapy, Inc.†#		36,018		157,759
West Pharmaceutical Services, Inc.#		24,794		1,152,425
Wright Medical Group, Inc.†		28,937		449,970
Zoll Medical Corp.†		15,980		971,744
				13,171,553

Security Description	Shares		Value (Note 2)
Medical Sterilization Products — 0.2%
STERIS Corp.		44,179	$	1,594,420
Medical - Biomedical/Gene — 2.1%
Acorda Therapeutics, Inc.†		28,867		948,281
Aegerion Pharmaceuticals, Inc.†		4,287		81,196
Affymax, Inc.†		20,432		144,659
Alnylam Pharmaceuticals, Inc.†		27,153		284,292
AMAG Pharmaceuticals, Inc.†#		15,664		289,157
Arena Pharmaceuticals, Inc.†		99,707		143,578
Ariad Pharmaceuticals, Inc.†		94,593		821,067
Arqule, Inc.†#		36,587		264,158
AspenBio Pharma, Inc.†#		26,621		20,232
BioCryst Pharmaceuticals, Inc.†#		21,525		74,907
Biosante Pharmaceuticals, Inc.†#		69,354		217,078
BioTime, Inc.†#		18,908		98,132
Cambrex Corp.†		21,868		106,934
Celldex Therapeutics, Inc.†#		32,899		120,081
Chelsea Therapeutics International, Inc.†		35,380		160,979
Clinical Data, Inc.†		9,058		0
Complete Genomics, Inc.†		4,473		71,479
Cubist Pharmaceuticals, Inc.†		43,538		1,677,519
Curis, Inc.†#		56,374		211,684
Cytokinetics, Inc.†		38,816		57,060
CytRx Corp.†		81,359		75,664
Dynavax Technologies Corp.†#		71,256		196,667
Emergent Biosolutions, Inc.†		15,300		382,194
Enzo Biochem, Inc.†#		24,834		99,336
Enzon Pharmaceuticals, Inc.†#		32,590		341,869
Exact Sciences Corp.†		34,334		256,132
Exelixis, Inc.†#		94,334		1,097,104
Geron Corp.†#		91,392		401,211
Halozyme Therapeutics, Inc.†#		58,477		394,135
Immunogen, Inc.†		56,004		681,009
Immunomedics, Inc.†#		48,930		216,271
Incyte Corp., Ltd.†		65,562		1,162,414
Inhibitex, Inc.†		44,921		206,187
Inovio Biomedical Corp.†		73,998		57,104
InterMune, Inc.†		35,984		1,338,605
Lexicon Pharmaceuticals, Inc.†#		147,400		240,262
Ligand Pharmaceuticals, Inc., Class B†#		14,609		154,855
Maxygen, Inc.#		23,164		121,843
Medicines Co.†		39,691		758,495
Micromet, Inc.†#		67,766		419,472
Momenta Pharmaceuticals, Inc.†#		32,958		659,490
Nanosphere, Inc.†#		19,703		50,440
Neuralstem, Inc.†#		36,057		49,398
Novavax, Inc.†#		67,390		162,410
NPS Pharmaceuticals, Inc.†		64,114		613,571
NuPathe, Inc.†#		2,670		21,947
Nymox Pharmaceutical Corp.†#		13,802		113,728
Omeros Corp.†#		13,972		65,110
Pacific Biosciences of California, Inc.†		11,338		135,716
PDL BioPharma, Inc.#		104,147		691,536
Peregrine Pharmaceuticals, Inc.†#		50,609		107,797
RTI Biologics, Inc.†		40,786		124,397
Sangamo Biosciences, Inc.†#		38,986		276,801
Seattle Genetics, Inc.†#		69,738		1,350,825
Sequenom, Inc.†#		73,693		584,385
StemCells, Inc.†#		96,098		63,482
SuperGen, Inc.†		41,971		137,665
Transcept Pharmaceuticals, Inc.†#		3,989		46,791
Vical, Inc.†		53,114		203,958
ZIOPHARM Oncology, Inc.†#		44,425		316,306
				20,169,055

204

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical - Drugs — 1.7%
Akorn, Inc.†		41,145	$	280,197
Alimera Sciences, Inc.†#		4,884		41,172
Anacor Pharmaceuticals, Inc.†		9,411		59,478
Anthera Pharmaceuticals, Inc.†#		4,273		34,740
Aoxing Pharmaceutical Co., Inc.†#		18,012		25,937
Ardea Biosciences, Inc.†		11,119		277,864
Array Biopharma, Inc.†		41,830		111,686
Auxilium Pharmaceuticals, Inc.†		31,088		696,060
Biodel, Inc.†		20,157		41,322
BioSpecifics Technologies Corp.†		2,957		71,145
Cadence Pharmaceuticals, Inc.†#		23,131		222,983
Corcept Therapeutics, Inc.†		23,176		114,489
Cumberland Pharmaceuticals, Inc.†#		9,202		47,298
Cytori Therapeutics, Inc.†#		34,266		196,002
Durect Corp.†#		64,697		226,440
Endocyte, Inc.†#		10,676		127,044
Furiex Pharmaceuticals, Inc.†		6,552		111,384
Hi - Tech Pharmacal Co., Inc.†		7,406		207,812
Idenix Pharmaceuticals, Inc.†		34,414		163,467
Infinity Pharmaceuticals, Inc.†#		10,828		77,528
Ironwood Pharmaceuticals, Inc.†		14,394		217,637
Jazz Pharmaceuticals, Inc.†		11,733		343,660
Keryx Biopharmaceuticals, Inc.†#		44,855		243,114
Lannett Co., Inc.†		8,722		46,488
MAP Pharmaceuticals, Inc.†		11,722		199,157
Medicis Pharmaceutical Corp., Class A		44,942		1,683,977
Medivation, Inc.†		25,353		611,261
NeurogesX, Inc.†#		8,224		21,218
Opko Health, Inc.†		73,678		277,029
Optimer Pharmaceuticals, Inc.†#		30,020		435,590
Orexigen Therapeutics, Inc.†#		22,634		64,054
Pain Therapeutics, Inc.†#		26,465		263,327
Pharmasset, Inc.†		23,841		2,436,550
PharMerica Corp.†		22,846		281,920
Pozen, Inc.†		19,804		101,991
Progenics Pharmaceuticals, Inc.†#		21,062		174,604
Rigel Pharmaceuticals, Inc.†		38,744		321,575
Salix Pharmaceuticals, Ltd.†		42,487		1,700,755
Santarus, Inc.†#		39,051		135,898
Savient Pharmaceuticals, Inc.†		52,939		449,452
Sciclone Pharmaceuticals, Inc.†		27,777		161,940
SIGA Technologies, Inc.†#		26,967		375,920
Somaxon Pharmaceuticals, Inc.†#		27,262		62,703
Sucampo Pharmaceuticals, Inc. Class A†#		8,236		35,497
Synta Pharmaceuticals Corp.†#		18,935		107,930
Targacept, Inc.†		20,416		459,360
Vanda Pharmaceuticals, Inc.†#		20,785		155,056
Viropharma, Inc.†		58,015		1,122,590
Vivus, Inc.†#		60,278		528,638
XenoPort, Inc.†		23,199		179,792
Zalicus, Inc.†		52,100		137,544
Zogenix, Inc.†		5,114		22,041
				16,492,316
Medical - Generic Drugs — 0.2%
Acura Pharmaceuticals, Inc.†#		6,846		36,147
Caraco Pharmaceutical Laboratories, Ltd†#		6,411		33,530
Impax Laboratories, Inc.†		46,678		1,253,304
Par Pharmaceutical Cos., Inc.†		26,139		898,136
				2,221,117
Medical - HMO — 1.0%
AMERIGROUP Corp.†		38,546		2,733,297
Centene Corp.†		36,577		1,272,879
Healthspring, Inc.†		50,511		2,214,907

Security Description	Shares		Value (Note 2)
Medical - HMO (continued)
Magellan Health Services, Inc.†		24,853	$	1,315,718
Metropolitan Health Networks, Inc.†		29,756		144,912
Molina Healthcare, Inc.†		17,358		471,790
Triple - S Management Corp., Class B†#		15,125		333,204
WellCare Health Plans, Inc.†		31,603		1,556,448
				10,043,155
Medical - Hospitals — 0.1%
MedCath Corp.†#		15,300		207,468
Select Medical Holdings Corp.†		37,455		355,822
				563,290
Medical - Nursing Homes — 0.2%
Assisted Living Concepts, Inc., Class A		7,327		245,821
Ensign Group, Inc.		10,666		318,913
Kindred Healthcare, Inc.†#		29,434		722,310
National Healthcare Corp.#		6,692		318,941
Skilled Healthcare Group, Inc. Class A†		14,778		167,583
Sun Healthcare Group, Inc.†		18,574		185,183
				1,958,751
Medical - Outpatient/Home Medical — 0.3%
Air Methods Corp.†#		8,325		508,241
Allied Healthcare International, Inc.†		33,622		87,417
Almost Family, Inc.†#		6,096		184,160
Amedisys, Inc.†#		21,292		666,440
America Service Group, Inc.		6,698		173,947
Amsurg Corp.†		23,053		597,303
Continucare Corp.†		21,632		101,887
Gentiva Health Services, Inc.†		22,222		543,995
LHC Group, Inc.†#		11,652		314,371
				3,177,761
Metal Processors & Fabrication — 0.7%
Ampco - Pittsburgh Corp.#		6,355		150,232
CIRCOR International, Inc.#		12,724		563,801
Dynamic Materials Corp.#		9,662		217,588
Haynes International, Inc.		9,053		509,412
Kaydon Corp.		24,934		906,850
LB Foster Co., Class A#		7,592		275,286
Mueller Industries, Inc.		28,096		1,044,609
RBC Bearings, Inc.†		16,190		647,600
RTI International Metals, Inc.†		22,422		854,951
Sun Hydraulics Corp.#		9,314		451,077
Worthington Industries, Inc.#		42,121		919,501
				6,540,907
Metal Products - Distribution — 0.1%
A.M. Castle & Co.†		12,448		230,039
Lawson Products, Inc.#		3,024		57,003
Olympic Steel, Inc.#		6,798		199,317
				486,359
Metal - Aluminum — 0.2%
Century Aluminum Co.†		47,526		767,069
Kaiser Aluminum Corp.#		11,324		597,228
Noranda Aluminium Holding Corp.†		10,122		150,008
				1,514,305
Metal - Diversified — 0.1%
Molycorp, Inc.†		19,103		1,269,012
Miscellaneous Manufacturing — 0.1%
American Railcar Industries, Inc.†		7,019		168,456
Freightcar America, Inc.†#		8,896		245,974
John Bean Technologies Corp.		20,989		412,224

205

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Miscellaneous Manufacturing (continued)
Movado Group, Inc.		11,592	$	191,964
NL Industries, Inc.		5,075		97,389
Trimas Corp.†		11,180		228,072
				1,344,079
Motion Pictures & Services — 0.1%
Ascent Media Corp., Class A†		10,657		511,216
Lions Gate Entertainment Corp.†		50,649		300,349
				811,565
MRI/Medical Diagnostic Imaging — 0.0%
Alliance HealthCare Services, Inc.†#		20,490		88,722
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A#		36,706		1,434,838
Multimedia — 0.1%
Demand Media, Inc.†#		5,828		88,644
Entravision Communications Corp., Class A†		36,220		74,975
EW Scripps Co., Class A†#		24,827		213,016
Journal Communications, Inc., Class A†		31,285		168,626
Martha Stewart Living Omnimedia, Class A†#		19,794		103,523
Media General, Inc., Class A†#		16,431		80,676
				729,460
Music — 0.0%
Warner Music Group Corp.†#		33,336		275,022
Networking Products — 0.8%
Acme Packet, Inc.†		35,002		2,649,301
Anixter International, Inc.		20,938		1,417,293
BigBand Networks, Inc.†		37,208		78,137
Black Box Corp.		13,083		431,216
Calix, Inc.†		8,277		178,535
Extreme Networks, Inc.†#		67,093		222,749
Hypercom Corp.†		34,357		367,276
Infinera Corp.†#		69,071		490,404
Ixia†		25,657		403,841
LogMeIn, Inc.†		11,224		488,469
Meru Networks, Inc.†#		4,325		77,461
NeoPhotonics Corp.†		6,429		61,268
Netgear, Inc.†		26,245		1,098,353
				7,964,303
Non - Ferrous Metals — 0.4%
Globe Specialty Metals, Inc.#		45,712		1,035,834
Horsehead Holding Corp.†		32,307		430,975
Materion Corp.†		15,117		599,691
Thompson Creek Metals Co., Inc.†		122,498		1,330,328
Uranium Energy Corp.†#		45,160		142,254
USEC, Inc.†#		91,003		380,393
				3,919,475
Non - Hazardous Waste Disposal — 0.0%
Casella Waste Systems, Inc., Class A†		18,597		117,161
Office Furnishings - Original — 0.4%
CompX International, Inc.#		857		11,792
Herman Miller, Inc.		42,463		1,065,821
HNI Corp.		33,710		839,716
Interface, Inc., Class A		37,626		724,301
Knoll, Inc.		35,038		672,379
Steelcase, Inc., Class A		57,101		620,688
				3,934,697
Office Supplies & Forms — 0.1%
ACCO Brands Corp.†		40,853		339,080
Ennis, Inc.#		19,306		368,552

Security Description	Shares		Value (Note 2)
Office Supplies & Forms (continued)
Standard Register Co.#		13,329	$	45,185
				752,817
Oil & Gas Drilling — 0.2%
Hercules Offshore, Inc.†		85,552		534,700
Parker Drilling Co.†		86,482		551,755
Pioneer Drilling Co.†		40,339		590,563
Vantage Drilling Co.†#		113,360		226,720
				1,903,738
Oil Companies - Exploration & Production — 3.0%
Abraxas Petroleum Corp.†		60,179		264,788
Apco Oil & Gas International, Inc.		6,803		601,317
Approach Resources, Inc.†		12,966		337,635
ATP Oil & Gas Corp.†#		33,159		612,778
Berry Petroleum Co., Class A		38,118		1,997,764
Bill Barrett Corp.†#		34,242		1,526,166
BPZ Resources, Inc.†#		72,586		317,927
Brigham Exploration Co.†		86,772		2,702,080
Callon Petroleum Co.†		28,333		202,014
CAMAC Energy, Inc.†#		38,220		54,272
Carrizo Oil & Gas, Inc.†		26,074		996,288
Clayton Williams Energy, Inc.†		4,382		328,606
Contango Oil & Gas Co.†		8,809		545,806
Delta Petroleum Corp.†#		137,874		97,891
DLB Oil & Gas, Inc.†(1)(2)		3,000		0
Endeavour International Corp.†		24,000		339,600
Energy Partners, Ltd.†		21,565		345,903
Energy XXI Bermuda, Ltd.†		54,885		1,883,104
Evolution Petroleum Corp.†		11,010		84,777
FX Energy, Inc.†		38,331		333,096
Gastar Exploration, Ltd.†		41,385		140,295
Georesources, Inc.†#		12,234		303,036
GMX Resources, Inc.†#		44,709		235,616
Goodrich Petroleum Corp.†#		18,227		372,742
Gulfport Energy Corp.†		21,476		635,475
Harvest Natural Resources, Inc.†#		24,796		304,743
Houston American Energy Corp.#		13,439		246,874
Isramco, Inc.†		854		56,560
Kodiak Oil & Gas Corp.†#		132,310		906,324
Magnum Hunter Resources Corp.†		73,521		524,205
McMoRan Exploration Co.†		71,233		1,312,112
Miller Energy Resources, Inc.†#		15,981		92,850
Northern Oil And Gas, Inc.†#		40,187		807,759
Oasis Petroleum, Inc.†#		36,007		1,089,212
Panhandle Oil and Gas, Inc., Class A#		5,348		163,649
Penn Virginia Corp.#		33,886		494,397
PetroCorp, Inc.†(1)(2)		2,364		0
Petroleum Development Corp.†#		17,455		634,489
Petroquest Energy, Inc.†#		41,152		328,804
RAM Energy Resources, Inc.†#		41,354		66,166
Resolute Energy Corp.†		31,215		543,141
Rex Energy Corp.†#		24,044		314,015
Rosetta Resources, Inc.†		39,296		1,931,398
Stone Energy Corp.†		32,154		1,037,288
Swift Energy Co.†		31,254		1,226,094
TransAtlantic Petroleum, Ltd.†#		109,768		244,783
U.S. Energy Corp.†		19,933		99,466
Vaalco Energy, Inc.†		37,691		267,606
Venoco, Inc.†		16,293		239,507
W&T Offshore, Inc.#		26,062		675,006
Warren Resources, Inc.†		52,793		203,253
				29,068,677

206

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Oil Field Machinery & Equipment — 0.7%
Complete Production Services, Inc.†		57,957	$	1,923,593
Dril - Quip, Inc.†		25,317		1,878,015
Gulf Island Fabrication, Inc.		10,672		362,848
Lufkin Industries, Inc.		22,313		2,024,012
Natural Gas Services Group, Inc.†		9,023		162,414
				6,350,882
Oil Refining & Marketing — 0.2%
Alon USA Energy, Inc.#		5,694		69,695
Cheniere Energy, Inc.†#		42,690		499,900
CVR Energy, Inc.†		22,590		493,817
Delek US Holdings, Inc.#		10,127		152,816
Western Refining, Inc.†#		38,235		666,436
				1,882,664
Oil - Field Services — 1.1%
Basic Energy Services, Inc.†		17,293		470,370
Cal Dive International, Inc.†		70,226		457,171
CARBO Ceramics, Inc.		14,223		2,137,290
Global Industries, Ltd.†#		75,552		473,711
Helix Energy Solutions Group, Inc.†		77,951		1,365,701
Hornbeck Offshore Services, Inc.†		17,330		467,737
Key Energy Services, Inc.†		93,509		1,653,239
Matrix Service Co.†		19,618		262,293
Newpark Resources, Inc.†		66,343		644,191
RPC, Inc.#		32,271		812,584
Targa Resources Corp.		12,250		427,770
Tesco Corp.†#		22,505		458,427
Tetra Technologies, Inc.†		56,418		769,541
Union Drilling, Inc.†#		11,043		115,289
Willbros Group, Inc.†		35,681		354,669
				10,869,983
Optical Recognition Equipment — 0.0%
Digimarc Corp.†		5,031		150,175
Optical Supplies — 0.0%
STAAR Surgical Co.†		25,994		153,884
Paper & Related Products — 0.4%
Boise, Inc.		73,413		619,606
Buckeye Technologies, Inc.		29,254		745,099
Clearwater Paper Corp.†		8,557		591,203
KapStone Paper and Packaging Corp.†		28,483		468,545
Neenah Paper, Inc.		10,966		254,302
P.H. Glatfelter Co.#		34,132		525,974
Schweitzer - Mauduit International, Inc.		13,689		721,137
Verso Paper Corp.†#		10,951		41,176
Wausau Paper Corp.		36,544		250,692
Xerium Technologies, Inc.†#		5,580		115,952
				4,333,686
Patient Monitoring Equipment — 0.2%
CardioNet, Inc.†		17,985		100,896
Insulet Corp.†		34,267		722,348
Masimo Corp.#		38,693		1,188,649
				2,011,893
Petrochemicals — 0.0%
TPC Group, Inc.†		5,281		192,123
Pharmacy Services — 0.2%
BioScrip, Inc.†#		29,163		223,097
Catalyst Health Solutions, Inc.†		31,710		1,935,261
				2,158,358

Security Description	Shares		Value (Note 2)
Photo Equipment & Supplies — 0.1%
Eastman Kodak Co.†#		200,294	$	668,982
Physical Therapy/Rehabilitation Centers — 0.3%
Healthsouth Corp.†#		69,768		1,958,388
RehabCare Group, Inc.†		18,509		695,568
U.S. Physical Therapy, Inc.		7,550		194,337
				2,848,293
Physicians Practice Management — 0.1%
American Dental Partners, Inc.†#		11,725		155,942
Healthways, Inc.†		25,427		412,172
IPC The Hospitalist Co., Inc.†		12,097		614,286
				1,182,400
Pipelines — 0.0%
Crosstex Energy, Inc.#		29,999		338,689
Platinum — 0.1%
Stillwater Mining Co.†		34,941		707,555
Pollution Control — 0.0%
Fuel Tech, Inc.†		13,321		112,429
Met - Pro Corp.#		10,897		126,732
				239,161
Poultry — 0.1%
Pilgrim’s Pride Corp.†#		36,263		180,227
Sanderson Farms, Inc.		16,939		743,792
				924,019
Power Converter/Supply Equipment — 0.2%
Advanced Energy Industries, Inc.†		27,132		402,910
Capstone Turbine Corp.†#		179,271		311,931
Energy Conversion Devices, Inc.†#		39,693		55,570
Evergreen Solar, Inc.†#		26,655		18,616
Generac Holdings, Inc.†		14,399		265,086
Powell Industries, Inc.†		6,586		226,229
Power - One, Inc.†#		52,062		436,800
PowerSecure International, Inc.†		13,606		111,433
SatCon Technology Corp.†#		86,116		229,069
Vicor Corp.#		14,543		240,832
				2,298,476
Precious Metals — 0.2%
Coeur d’Alene Mines Corp.†		65,637		1,809,612
Printing - Commercial — 0.3%
American Reprographics Co.†		27,425		257,247
Cenveo, Inc.†		41,016		265,784
Consolidated Graphics, Inc.†		6,948		383,460
Deluxe Corp.		38,274		985,173
Multi - Color Corp.#		8,384		189,562
Valassis Communications, Inc.†		37,147		1,078,377
				3,159,603
Private Corrections — 0.1%
Geo Group, Inc.†		45,524		1,119,435
Protection/Safety — 0.1%
Landauer, Inc.#		7,000		418,040
Rural/Metro Corp.†		14,233		244,808
				662,848
Publishing - Books — 0.1%
Cambium Learning Group, Inc.†		12,361		41,038
Courier Corp.#		7,613		85,951
Scholastic Corp.		19,178		522,409
				649,398

207

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Publishing - Newspapers — 0.1%
AH Belo Corp., Class A		13,410	$	97,222
Dolan Co†		22,595		236,796
Lee Enterprises, Inc.†#		33,452		40,142
McClatchy Co., Class A†#		44,443		134,218
				508,378
Publishing - Periodicals — 0.0%
Dex One Corp.†#		37,287		87,252
PRIMEDIA, Inc.#		12,458		87,704
SuperMedia, Inc.†#		9,548		41,438
Value Line, Inc.#		1,004		14,247
				230,641
Racetracks — 0.1%
Churchill Downs, Inc.#		8,479		370,363
Empire Resorts, Inc.†#		18,905		10,963
Speedway Motorsports, Inc.#		9,250		133,940
				515,266
Radio — 0.0%
Beasley Broadcast Group, Inc., Class A†#		3,267		16,204
Cumulus Media, Inc., Class A†#		16,255		64,695
Entercom Communications Corp., Class A†#		17,535		162,550
Radio One, Inc., Class D†#		23,360		53,494
Westwood One, Inc.†#		4,305		25,486
				322,429
Real Estate Investment Trusts — 7.9%
Acadia Realty Trust		29,910		617,642
Agree Realty Corp.#		6,493		147,716
Alexander’s, Inc.#		1,534		601,666
American Assets Trust, Inc.		23,953		537,026
American Campus Communities, Inc.		48,660		1,719,644
American Capital Agency Corp.		92,912		2,821,737
Anworth Mortgage Asset Corp.		94,331		683,900
Apollo Commercial Real Estate Finance, Inc.#		13,085		213,678
Ashford Hospitality Trust, Inc.#		33,867		483,282
Associated Estates Realty Corp.		30,842		519,996
BioMed Realty Trust, Inc.		97,535		1,998,492
Campus Crest Communities, Inc.		22,799		291,827
CapLease, Inc.#		50,625		258,694
Capstead Mortgage Corp.		57,671		765,294
CBL & Associates Properties, Inc.		102,926		1,980,296
Cedar Shopping Centers, Inc.		40,696		215,689
Chatham Lodging Trust		9,235		151,362
Chesapeake Lodging Trust		18,832		335,210
Cogdell Spencer, Inc.		32,052		192,312
Colonial Properties Trust		62,231		1,313,074
Colony Financial, Inc.		24,534		452,652
Coresite Realty Corp.#		14,652		259,340
Cousins Properties, Inc.		67,834		594,904
CreXus Investment Corp.		37,933		429,022
Cypress Sharpridge Investments, Inc.#		51,712		663,982
DCT Industrial Trust, Inc.#		182,912		1,035,282
DiamondRock Hospitality Co.		123,434		1,419,491
Dupont Fabros Technology, Inc.		30,534		798,159
Dynex Capital, Inc.		26,595		263,822
EastGroup Properties, Inc.#		20,084		942,140
Education Realty Trust, Inc.		53,803		468,086
Entertainment Properties Trust		34,655		1,683,540
Equity Lifestyle Properties, Inc.		19,496		1,145,390
Equity One, Inc.		33,118		649,444
Excel Trust, Inc.#		11,180		135,502
Extra Space Storage, Inc.		70,172		1,526,943
FelCor Lodging Trust, Inc.†		92,810		578,206

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
First Industrial Realty Trust, Inc.†		58,135	$	731,338
First Potomac Realty Trust		37,226		624,652
Franklin Street Properties Corp.#		51,561		705,870
Getty Realty Corp.#		17,402		451,582
Gladstone Commercial Corp.#		7,055		135,456
Glimcher Realty Trust		74,458		762,450
Government Properties Income Trust		20,542		543,952
Hatteras Financial Corp.		54,103		1,580,349
Healthcare Realty Trust, Inc.		54,230		1,194,145
Hersha Hospitality Trust		100,366		604,203
Highwoods Properties, Inc.#		53,372		1,925,662
Home Properties, Inc.#		27,952		1,730,229
Hudson Pacific Properties, Inc.		14,917		239,418
Inland Real Estate Corp.		55,438		506,149
Invesco Mortgage Capital, Inc.		53,456		1,217,193
Investors Real Estate Trust		58,867		570,421
iStar Financial, Inc.†#		69,617		599,402
Kilroy Realty Corp.		43,580		1,807,263
Kite Realty Group Trust		40,430		202,554
LaSalle Hotel Properties		63,433		1,774,855
Lexington Realty Trust		84,801		800,521
LTC Properties, Inc.		22,615		667,595
Medical Properties Trust, Inc.		82,912		1,024,792
MFA Financial, Inc.		258,174		2,127,354
Mid - America Apartment Communities, Inc.		26,625		1,825,144
Mission West Properties, Inc.#		13,265		109,436
Monmouth Real Estate Invesment Corp., Class A#		20,980		180,218
MPG Office Trust, Inc.†		35,793		98,073
National Health Investors, Inc.		18,212		858,149
National Retail Properties, Inc.		62,109		1,601,170
Newcastle Investment Corp.†		57,424		314,684
NorthStar Realty Finance Corp.		71,463		313,008
Omega Healthcare Investors, Inc.		73,423		1,563,176
One Liberty Properties, Inc.		7,879		125,828
Parkway Properties, Inc.		16,080		295,229
Pebblebrook Hotel Trust		35,206		765,378
Pennsylvania Real Estate Investment Trust		41,230		707,507
PennyMac Mortgage Investment Trust#		20,698		353,315
Post Properties, Inc.		36,235		1,525,494
Potlatch Corp.#		29,785		1,072,260
PS Business Parks, Inc.		13,804		793,592
RAIT Financial Trust#		83,282		178,224
Ramco - Gershenson Properties Trust#		28,285		371,665
Redwood Trust, Inc.		58,073		903,035
Resource Capital Corp.#		46,027		312,063
Retail Opportunity Investments Corp.#		31,166		341,579
Sabra Healthcare REIT, Inc.		18,574		323,373
Saul Centers, Inc.		4,717		188,303
Sovran Self Storage, Inc.		20,561		862,740
Starwood Property Trust, Inc.		69,487		1,510,647
Strategic Hotels & Resorts, Inc.†		104,771		700,918
Summit Hotel Properties, Inc.		19,386		218,286
Sun Communities, Inc.		14,155		563,935
Sunstone Hotel Investors, Inc.†		87,979		894,746
Tanger Factory Outlet Centers#		60,341		1,656,964
Two Harbors Investment Corp.		51,627		554,474
UStore - It Trust		74,124		835,378
UMH Properties, Inc.#		8,225		82,661
Universal Health Realty Income Trust		8,429		365,060
Urstadt Biddle Properties, Inc., Class A		16,711		320,183
Walter Investment Management Corp.		19,163		335,736
Washington Real Estate Investment Trust#		47,785		1,650,016
Winthrop Realty Trust		20,687		253,830
				77,347,324

208

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Real Estate Management/Services — 0.0%
HFF, Inc., Class A†		13,275	$	216,781
Kennedy - Wilson Holdings, Inc.†#		15,481		178,031
United Capital Corp.†#		1,302		35,154
				429,966
Real Estate Operations & Development — 0.1%
Avatar Holdings, Inc.†		6,619		117,752
Consolidated - Tomoka Land Co.#		4,036		122,089
Forestar Group, Inc.†		27,148		494,908
Terreno Realty Corp.#		6,532		111,371
Thomas Properties Group, Inc.†#		27,655		91,538
				937,658
Recreational Centers — 0.1%
Life Time Fitness, Inc.†		31,127		1,145,162
Recreational Vehicles — 0.3%
Arctic Cat, Inc.†		9,036		129,666
Polaris Industries, Inc.		23,208		2,561,003
				2,690,669
Recycling — 0.0%
Metalico, Inc.†		27,974		165,606
Rental Auto/Equipment — 0.8%
Avis Budget Group, Inc.†#		76,537		1,346,286
Dollar Thrifty Automotive Group, Inc.†#		21,355		1,771,397
Electro Rent Corp.#		12,299		188,666
H&E Equipment Services, Inc.†		20,631		299,356
McGrath RentCorp		17,830		499,953
Rent - A - Center, Inc.		49,058		1,592,423
RSC Holdings, Inc.†		36,698		490,652
United Rentals, Inc.†		45,061		1,231,968
				7,420,701
Research & Development — 0.2%
Albany Molecular Research, Inc.†#		17,595		88,503
AVEO Pharmaceuticals, Inc.†		8,207		150,434
Kendle International, Inc.†		11,107		167,161
Parexel International Corp.†		43,512		1,095,197
				1,501,295
Resorts/Theme Parks — 0.1%
Bluegreen Corp.†#		10,711		36,846
Vail Resorts, Inc.†#		27,023		1,314,669
				1,351,515
Retail - Apparel/Shoe — 1.6%
ANN, Inc.†		44,706		1,258,474
Ascena Retail Group, Inc.†		44,262		1,481,007
Bebe Stores, Inc.		24,388		161,692
Body Central Corp.†		4,287		103,917
Brown Shoe Co., Inc.#		32,371		333,745
Buckle, Inc.		19,472		831,260
Casual Male Retail Group, Inc.†#		31,073		135,168
Cato Corp., Class A		20,757		565,006
Charming Shoppes, Inc.†#		86,377		357,601
Children’s Place Retail Stores, Inc.†		19,368		973,048
Christopher & Banks Corp.#		26,690		159,873
Collective Brands, Inc.†		49,255		768,378
Destination Maternity Corp.		7,437		153,351
DSW, Inc., Class A†		18,028		904,104
Express, Inc.		11,911		251,560
Finish Line, Inc., Class A		37,891		873,766
Genesco, Inc.†#		17,929		806,626
HOT Topic, Inc.		33,180		258,472
JOS. A. Bank Clothiers, Inc.†#		20,521		1,171,749

Security Description	Shares		Value (Note 2)
Retail - Apparel/Shoe (continued)
Kenneth Cole Productions, Inc., Class A†		5,679	$	70,931
Liz Claiborne, Inc.†#		70,450		460,038
Men’s Wearhouse, Inc.#		39,235		1,350,861
New York & Co., Inc.†		18,744		99,343
Pacific Sunwear of California, Inc.†#		49,523		157,978
Rue21, Inc.†		10,944		370,345
Shoe Carnival, Inc.†#		6,817		185,559
Stein Mart, Inc.#		20,124		197,215
Talbots, Inc.†#		52,341		249,667
Vera Bradley, Inc.†		9,430		466,125
Wet Seal, Inc., Class A†		75,799		325,936
				15,482,795
Retail - Appliances — 0.0%
Conn’s, Inc.†#		11,024		68,459
hhgregg, Inc.†#		9,811		151,776
				220,235
Retail - Auto Parts — 0.1%
PEP Boys - Manny Moe & Jack#		39,103		555,263
Retail - Automobile — 0.3%
America’s Car - Mart, Inc.†#		6,993		197,552
Asbury Automotive Group, Inc.†		21,641		363,569
Group 1 Automotive, Inc.#		18,293		708,488
Lithia Motors, Inc., Class A		16,151		289,103
Penske Automotive Group, Inc.#		32,972		684,498
Rush Enterprises, Inc., Class A†		23,765		474,587
Sonic Automotive, Inc., Class A#		29,726		388,519
				3,106,316
Retail - Bookstores — 0.1%
Barnes & Noble, Inc.		28,749		564,056
Books - A - Million, Inc.#		5,251		19,796
				583,852
Retail - Building Products — 0.0%
Lumber Liquidators Holdings, Inc.†#		16,573		446,974
Retail - Catalog Shopping — 0.0%
Coldwater Creek, Inc.†#		45,032		84,660
Retail - Computer Equipment — 0.0%
PC Connection, Inc.†		7,103		62,009
Systemax, Inc.†#		8,037		115,894
				177,903
Retail - Convenience Store — 0.2%
Casey’s General Stores, Inc.#		28,216		1,169,553
Pantry, Inc.†		16,928		312,660
Susser Holdings Corp.†		5,552		79,616
				1,561,829
Retail - Discount — 0.3%
99 Cents Only Stores†		34,263		707,874
Citi Trends, Inc.†		11,060		184,702
Fred’s, Inc., Class A#		29,302		426,344
Gordmans Stores, Inc.†		3,994		69,456
HSN, Inc.†		28,950		1,019,329
Tuesday Morning Corp.†#		21,992		108,640
				2,516,345
Retail - Drug Store — 0.0%
Rite Aid Corp.†		415,579		436,358
Retail - Hair Salons — 0.1%
Regis Corp.#		42,817		639,258

209

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail - Home Furnishings — 0.1%
Haverty Furniture Cos., Inc.		13,572	$	151,056
Kirkland’s, Inc.†		12,472		162,884
Pier 1 Imports, Inc.†		77,941		929,057
				1,242,997
Retail - Leisure Products — 0.0%
MarineMax, Inc.†#		17,320		144,103
Steinway Musical Instruments, Inc.†#		4,238		105,865
West Marine, Inc.†#		10,826		112,482
				362,450
Retail - Major Department Stores — 0.1%
Saks, Inc.†		100,903		1,141,213
Retail - Misc./Diversified — 0.1%
Gaiam, Inc., Class A#		11,849		60,904
Pricesmart, Inc.#		11,777		549,397
Winmark Corp.		1,788		67,515
				677,816
Retail - Office Supplies — 0.1%
OfficeMax, Inc.†		63,233		528,628
Retail - Pawn Shops — 0.3%
Cash America International, Inc.#		22,025		1,146,621
EzCorp, Inc., Class A†		34,416		1,128,501
First Cash Financial Services, Inc.†		22,458		937,622
				3,212,744
Retail - Perfume & Cosmetics — 0.3%
Sally Beauty Holdings, Inc.†		70,274		1,177,792
Ulta Salon Cosmetics & Fragrance, Inc.†		23,406		1,310,268
				2,488,060
Retail - Pet Food & Supplies — 0.0%
PetMed Express, Inc.		17,139		219,551
Retail - Petroleum Products — 0.2%
World Fuel Services Corp.		51,228		1,873,920
Retail - Regional Department Stores — 0.2%
Bon - Ton Stores, Inc.#		8,760		93,119
Dillard’s, Inc., Class A		27,155		1,525,839
Stage Stores, Inc.		27,300		492,492
				2,111,450
Retail - Restaurants — 1.4%
AFC Enterprises, Inc.†		19,054		315,915
Biglari Holdings, Inc.†		1,069		425,943
BJ’s Restaurants, Inc.†#		16,755		858,359
Bob Evans Farms, Inc.		22,722		712,335
Bravo Brio Restaurant Group, Inc.†		7,953		176,557
Buffalo Wild Wings, Inc.†		13,535		847,832
California Pizza Kitchen, Inc.†		14,391		264,938
Caribou Coffee Co., Inc.†		5,416		57,572
Carrols Restaurant Group, Inc.†		9,251		86,497
CEC Entertainment, Inc.		15,312		623,045
Cheesecake Factory, Inc.†#		45,033		1,430,698
Cracker Barrel Old Country Store, Inc.#		17,763		841,611
Denny’s Corp.†		73,972		302,546
DineEquity, Inc.†		13,360		718,234
Domino’s Pizza, Inc.†		27,572		687,094
Einstein Noah Restaurant Group, Inc.#		4,164		62,460
Jack in the Box, Inc.†		38,496		854,996
Jamba, Inc.†#		44,310		101,913
Krispy Kreme Doughnuts, Inc.†#		43,533		365,677
McCormick & Schmick’s Seafood Restaurants, Inc.†		11,067		101,263
O’Charley’s, Inc.†#		13,351		96,795

Security Description	Shares		Value (Note 2)
Retail - Restaurants (continued)
Papa John’s International, Inc.†		14,771	$	489,363
PF Chang’s China Bistro, Inc.		17,264		697,293
Red Robin Gourmet Burgers, Inc.†#		11,631		426,858
Ruby Tuesday, Inc.†#		48,081		509,659
Ruth’s Hospitality Group, Inc.†#		22,338		119,508
Sonic Corp.†#		45,600		523,944
Texas Roadhouse, Inc.#		42,804		737,513
				13,436,418
Retail - Sporting Goods — 0.2%
Big 5 Sporting Goods Corp.#		16,235		154,233
Cabela’s, Inc.†#		29,974		736,161
Hibbett Sports, Inc.†		21,477		894,302
Zumiez, Inc.†#		15,316		465,300
				2,249,996
Retail - Toy Stores — 0.0%
Build - A - Bear Workshop, Inc.†#		12,086		80,976
Retail - Video Rentals — 0.1%
Coinstar, Inc.†#		23,645		1,256,259
Retirement/Aged Care — 0.1%
Capital Senior Living Corp.†		20,150		193,641
Emeritus Corp.†#		16,708		390,967
Five Star Quality Care, Inc.†		23,533		181,675
Sunrise Senior Living, Inc.†		41,638		413,882
				1,180,165
Rubber - Tires — 0.1%
Cooper Tire & Rubber Co.		45,648		1,102,856
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.		26,321		275,581
Satellite Telecom — 0.3%
DigitalGlobe, Inc.†		20,561		506,212
GeoEye, Inc.†		16,450		545,647
Globalstar, Inc.†#		52,015		62,938
Hughes Communications, Inc.†		6,643		398,580
ICO Global Communications Holdings, Ltd.†#		70,111		204,724
Iridium Communications, Inc.†#		25,399		226,559
Loral Space & Communications, Inc.†		8,045		535,153
				2,479,813
Savings & Loans/Thrifts — 0.9%
Abington Bancorp, Inc.		15,544		177,046
Astoria Financial Corp.		64,370		934,652
Bank Mutual Corp.#		33,905		138,332
BankFinancial Corp.#		14,247		121,100
Beneficial Mutual Bancorp, Inc.†#		25,874		217,600
Berkshire Hills Bancorp, Inc.#		12,509		275,823
BofI Holding, Inc.†		5,245		79,409
Brookline Bancorp, Inc.#		44,013		384,234
Clifton Savings Bancorp, Inc.#		7,439		81,680
Danvers Bancorp, Inc.		14,045		315,170
Dime Community Bancshares, Inc.		19,905		279,068
ESB Financial Corp.		7,942		91,015
Essa Bancorp, Inc.#		9,878		116,363
First Financial Holdings, Inc.#		12,321		123,210
Flagstar Bancorp, Inc.†		50,605		71,859
Flushing Financial Corp.		23,228		311,720
Fox Chase Bancorp, Inc.		4,024		53,479
Heritage Financial Group, Inc.		1,364		16,027
Home Bancorp, Inc.†#		5,389		81,590
Home Federal Bancorp, Inc.#		12,441		138,468
Investors Bancorp, Inc.†		35,803		535,971
Kaiser Federal Financial Group, Inc.		2,067		25,714
Kearny Financial Corp.#		11,284		106,295

210

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Savings & Loans/Thrifts (continued)
Meridian Interstate Bancorp, Inc.†		6,777	$	90,066
NASB Financial, Inc.†#		2,610		32,390
Northfield Bancorp, Inc.#		13,390		189,469
Northwest Bancshares, Inc.		82,531		1,035,764
OceanFirst Financial Corp.		10,818		147,125
Oritani Financial Corp.		41,421		518,591
Provident Financial Services, Inc.#		44,674		638,392
Provident New York Bancorp.#		28,971		266,823
Rockville Financial, Inc.		9,196		87,546
Roma Financial Corp.		6,030		65,787
Territorial Bancorp, Inc.		9,120		184,224
United Financial Bancorp, Inc.		12,466		199,331
ViewPoint Financial Group		10,615		138,313
Waterstone Financial, Inc.†		5,335		14,778
Westfield Financial, Inc.#		20,909		176,054
WSFS Financial Corp.#		4,366		182,368
				8,642,846
Schools — 0.3%
American Public Education, Inc.†#		13,702		599,873
Bridgepoint Education, Inc.†#		14,528		341,263
Capella Education Co.†		11,724		566,738
Corinthian Colleges, Inc.†#		65,699		253,598
Grand Canyon Education, Inc.†#		23,100		297,990
K12, Inc.†#		18,725		651,630
Learning Tree International, Inc.		4,583		43,447
Lincoln Educational Services Corp.		10,436		152,679
National American University Holdings, Inc.		5,813		43,772
Princeton Review, Inc.†#		13,898		3,059
Universal Technical Institute, Inc.		15,696		284,725
				3,238,774
Seismic Data Collection — 0.2%
Dawson Geophysical Co.†		5,828		206,573
Global Geophysical Services, Inc.†		5,590		96,931
ION Geophysical Corp.†#		94,680		955,321
OYO Geospace Corp.†#		3,044		276,395
				1,535,220
Semiconductor Components - Integrated Circuits — 0.8%
Anadigics, Inc.†#		48,620		158,987
Cirrus Logic, Inc.†#		51,535		847,751
Emulex Corp.†		64,758		602,250
Exar Corp.†		26,898		171,071
Hittite Microwave Corp.†		20,367		1,291,675
Integrated Device Technology, Inc.†		114,454		960,269
MaxLinear, Inc., Class A†		5,566		50,706
Micrel, Inc.#		37,909		446,189
Pericom Semiconductor Corp.†		18,899		174,249
Power Integrations, Inc.#		18,381		676,789
Sigma Designs, Inc.†		23,190		208,478
Standard Microsystems Corp.†		16,711		448,189
TriQuint Semiconductor, Inc.†		121,599		1,574,707
				7,611,310
Semiconductor Equipment — 1.0%
ATMI, Inc.†		23,476		450,504
Axcelis Technologies, Inc.†		77,654		139,777
Brooks Automation, Inc.†		48,453		549,457
Cabot Microelectronics Corp.†		17,619		885,355
Cohu, Inc.		17,565		231,858
Entegris, Inc.†		97,913		898,841
Formfactor, Inc.†#		37,278		369,425
FSI International, Inc.†#		28,678		126,470
Kulicke & Soffa Industries, Inc.†		52,276		635,153

Security Description	Shares		Value (Note 2)
Semiconductor Equipment (continued)
LTX - Credence Corp.†		36,493	$	346,684
Mattson Technology, Inc.†		43,333		73,666
MKS Instruments, Inc.		37,348		982,252
Nanometrics, Inc.†		13,960		220,149
Photronics, Inc.†#		39,814		399,733
Rudolph Technologies, Inc.†		23,250		272,723
Tessera Technologies, Inc.†		37,432		647,574
Ultra Clean Holdings, Inc.†#		16,962		172,334
Ultratech, Inc.†		18,747		595,592
Veeco Instruments, Inc.†#		30,224		1,740,600
				9,738,147
Silver Mining — 0.2%
Hecla Mining Co.†		207,251		1,759,561
Steel Pipe & Tube — 0.1%
Furmanite Corp.†#		27,385		207,578
Mueller Water Products, Inc., Class A#		115,155		465,226
Northwest Pipe Co.†#		6,888		180,052
Omega Flex, Inc.†		2,054		27,401
				880,257
Steel - Producers — 0.0%
Metals USA Holdings Corp.†		8,529		134,076
Shiloh Industries, Inc.#		3,883		42,480
				176,556
Steel - Specialty — 0.0%
Universal Stainless & Alloy†		5,051		183,907
Storage/Warehousing — 0.1%
Mobile Mini, Inc.†#		33,536		754,560
Sugar — 0.0%
Imperial Sugar Co.		9,068		161,138
Superconductor Product & Systems — 0.0%
American Superconductor Corp.†#		37,761		403,665
Telecom Equipment - Fiber Optics — 0.5%
Finisar Corp.†		66,821		1,605,040
Harmonic, Inc.†		83,452		650,091
IPG Photonics Corp.†		19,362		1,455,054
KVH Industries, Inc.†#		11,326		134,100
Oclaro, Inc.†		36,819		352,358
Oplink Communications, Inc.†		15,395		284,500
Sycamore Networks, Inc.#		14,391		348,838
				4,829,981
Telecom Services — 0.6%
Aviat Networks, Inc.†#		44,491		207,773
Cbeyond, Inc.†#		19,989		287,042
Consolidated Communications Holdings, Inc.#		18,565		355,334
FiberTower Corp.†		37,249		68,911
Global Crossing, Ltd.†		22,481		783,238
Knology, Inc.†		22,742		355,003
Motricity, Inc.†#		4,581		42,649
Neutral Tandem, Inc.†#		24,630		417,971
NTELOS Holdings Corp.#		21,920		457,032
PAETEC Holding Corp.†		93,853		418,584
Premiere Global Services, Inc.†		38,977		328,186
RigNet, Inc.†		3,946		65,859
SAVVIS, Inc.†		27,951		1,098,474
USA Mobility, Inc.		16,504		268,355
Vonage Holdings Corp.†		82,445		393,263
				5,547,674

211

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Telecommunication Equipment — 0.7%
ADTRAN, Inc.		46,336	$	1,985,961
Anaren, Inc.†		10,957		187,365
Arris Group, Inc.†		94,540		1,067,357
Comtech Telecommunications Corp.#		19,895		552,882
Network Equipment Technologies, Inc.†#		22,401		61,379
OpNext, Inc.†		32,302		93,030
Plantronics, Inc.		35,977		1,316,039
Preformed Line Products Co.		1,633		116,857
ShoreTel, Inc.†#		33,558		369,138
Sonus Networks, Inc.†#		155,200		502,848
Symmetricom, Inc.†		32,705		185,437
Tekelec†		50,932		463,481
UTStarcom, Inc.†#		87,160		171,705
				7,073,479
Telephone - Integrated — 0.2%
Alaska Communications Systems Group, Inc.#		33,224		299,680
Atlantic Tele - Network, Inc.#		6,950		265,699
Cincinnati Bell, Inc.†#		149,951		476,844
General Communication, Inc., Class A†		30,572		377,564
IDT Corp., Class B		10,545		311,078
Shenandoah Telecomunications Co.#		17,697		322,262
				2,053,127
Television — 0.1%
Belo Corp., Class A†		67,993		539,864
Gray Television, Inc.†		36,119		95,715
LIN TV Corp., Class A†		22,701		107,603
Sinclair Broadcast Group, Inc., Class A		33,704		324,233
				1,067,415
Textile - Apparel — 0.1%
Cherokee, Inc.#		5,749		109,921
Perry Ellis International, Inc.†		8,629		269,268
Unifi, Inc.†		10,198		141,752
				520,941
Textile - Products — 0.0%
Culp, Inc.†#		6,596		58,836
Theaters — 0.2%
Carmike Cinemas, Inc.†#		7,545		54,777
Cinemark Holdings, Inc.		42,431		922,874
National CineMedia, Inc.		39,514		703,744
				1,681,395
Therapeutics — 0.7%
Alexza Pharmaceuticals, Inc.†#		39,406		63,444
Allos Therapeutics, Inc.†		58,601		128,922
AVANIR Pharmaceuticals Inc., Class A†#		69,448		313,210
AVI BioPharma, Inc.†		100,906		162,459
Cornerstone Therapeutics, Inc.†		5,859		46,520
Dyax Corp.†#		72,827		164,589
Isis Pharmaceuticals, Inc.†#		70,177		647,734
MannKind Corp.†#		49,659		202,609
Nabi Biopharmaceuticals†		31,652		174,086
Neurocrine Biosciences, Inc.†		36,544		301,488
Onyx Pharmaceuticals, Inc.†		46,696		1,982,245
Osiris Therapeutics, Inc.†#		12,534		93,128
Pharmacyclics, Inc.†		32,343		228,341
Questcor Pharmaceuticals, Inc.†#		41,027		946,493
Spectrum Pharmaceuticals, Inc.†#		38,769		369,081
Theravance, Inc.†		49,093		1,282,800
				7,107,149

Security Description	Shares		Value (Note 2)
Tobacco — 0.2%
Alliance One International, Inc.†#		66,416	$	257,694
Star Scientific, Inc.†#		71,896		374,578
Universal Corp.#		18,015		759,693
Vector Group, Ltd.#		33,813		651,238
				2,043,203
Toys — 0.1%
Jakks Pacific, Inc.†#		20,800		412,464
Leapfrog Enterprises, Inc.†		25,197		114,142
				526,606
Transactional Software — 0.5%
ACI Worldwide, Inc†		25,355		820,741
Bottomline Technologies, Inc.†		24,761		643,786
Innerworkings, Inc.†#		17,701		149,928
Synchronoss Technologies, Inc.†		18,210		584,541
VeriFone Systems, Inc.†		64,967		3,126,862
				5,325,858
Transport - Air Freight — 0.2%
Air Transport Services Group, Inc.†		40,365		300,719
Atlas Air Worldwide Holdings, Inc.†		19,253		1,218,523
				1,519,242
Transport - Equipment & Leasing — 0.2%
Aircastle, Ltd.		37,831		474,401
Amerco, Inc.†		6,373		575,418
Greenbrier Cos., Inc.†#		15,970		416,178
TAL International Group, Inc.		13,559		457,345
Textainer Group Holdings, Ltd.#		7,085		228,633
				2,151,975
Transport - Marine — 0.6%
Baltic Trading, Ltd.#		12,182		77,478
CAI International, Inc.†		7,985		186,530
DHT Holdings, Inc.		47,971		191,884
Eagle Bulk Shipping, Inc.†#		46,316		133,390
Excel Maritime Carriers, Ltd.†#		29,670		101,175
Genco Shipping & Trading, Ltd.†#		21,143		168,298
General Maritime Corp.#		75,855		128,195
Golar LNG, Ltd.		27,104		863,533
GulfMark Offshore, Inc., Class A†		17,353		709,738
Horizon Lines, Inc., Class A#		22,698		25,422
International Shipholding Corp.#		4,193		94,804
Knightsbridge Tankers, Ltd.#		18,210		383,320
Nordic American Tanker Shipping, Ltd.#		34,964		816,759
Overseas Shipholding Group, Inc.#		19,069		520,774
Scorpio Tankers, Inc.†		16,584		167,333
Ship Finance International, Ltd.#		33,328		644,230
Teekay Tankers, Ltd., Class A Class A#		28,139		259,723
Ultrapetrol Bahamas, Ltd.†#		16,497		85,619
				5,558,205
Transport - Rail — 0.2%
Genesee & Wyoming, Inc., Class A†		28,901		1,715,274
RailAmerica, Inc.†		17,222		270,558
				1,985,832
Transport - Services — 0.3%
Bristow Group, Inc.		26,794		1,231,184
Echo Global Logistics, Inc.†#		7,933		118,202
Hub Group, Inc., Class A†		27,845		1,062,565
Pacer International, Inc.†#		26,058		136,023
PHI, Inc.†#		9,873		209,307
Universal Truckload Services, Inc.†#		4,360		71,417
				2,828,698

212

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Transport - Truck — 0.6%
Arkansas Best Corp.		18,865	$	462,004
Celadon Group, Inc.†		14,882		208,348
Forward Air Corp.#		21,604		758,300
Heartland Express, Inc.#		37,591		624,762
Knight Transportation, Inc.		44,317		757,821
Marten Transport, Ltd.#		11,472		257,432
Old Dominion Freight Line, Inc.†		31,144		1,162,605
P.A.M. Transportation Services, Inc.†#		3,425		37,161
Patriot Transportation Holding, Inc.†#		3,259		73,002
Quality Distribution, Inc.†		7,773		93,354
Roadrunner Transportation Systems, Inc.†		7,906		118,590
Saia, Inc.†		11,829		185,834
USA Truck, Inc.†		5,861		69,277
Werner Enterprises, Inc.		32,088		804,767
				5,613,257
Travel Services — 0.1%
Ambassadors Group, Inc.#		13,419		127,749
Interval Leisure Group, Inc.†		29,681		402,474
				530,223
Ultra Sound Imaging Systems — 0.0%
SonoSite, Inc.†#		10,051		358,921
Venture Capital — 0.0%
Harris & Harris Group, Inc.†		23,010		131,847
Medley Capital Corp.#		8,283		97,242
				229,089
Veterinary Diagnostics — 0.1%
Neogen Corp.†#		16,816		754,029
Virtual Reality Products — 0.0%
RealD, Inc.†#		11,511		314,250
Vitamins & Nutrition Products — 0.1%
Nature’s Sunshine Products, Inc.†		5,665		80,160
Nutraceutical International Corp.†		6,912		108,242
Schiff Nutrition International, Inc.		8,591		83,247
Synutra International, Inc.†#		14,225		156,048
USANA Health Sciences, Inc.†#		4,498		132,196
Vitamin Shoppe, Inc.†#		11,890		484,280
				1,044,173
Water — 0.3%
American States Water Co.		13,843		478,691
Artesian Resources Corp., Class A		4,709		92,579
California Water Service Group#		14,687		555,756
Connecticut Water Service, Inc.#		6,347		160,008
Consolidated Water Co., Ltd.#		10,845		104,546
Middlesex Water Co.#		11,401		213,883
PICO Holdings, Inc.†#		16,845		502,486
SJW Corp.#		9,655		224,768
York Water Co.#		9,399		165,329
				2,498,046
Water Treatment Systems — 0.1%
Energy Recovery, Inc.†#		30,597		84,448
Heckmann Corp.†		69,822		418,932
				503,380
Web Hosting/Design — 0.4%
NIC, Inc.		41,624		543,609
Rackspace Hosting, Inc.†		72,282		3,180,408
				3,724,017

Security Description	Shares/ Principal Amount			Value (Note 2)
Web Portals/ISP — 0.1%
EarthLink, Inc.#		80,454		$	635,184
InfoSpace, Inc.†		26,718			248,478
Local.com Corp.†#		15,809			59,442
					943,104
Wire & Cable Products — 0.2%
Belden, Inc.		34,856			1,252,725
Coleman Cable, Inc.†		5,909			83,730
Encore Wire Corp.#		13,799			335,178
Insteel Industries, Inc.#		13,104			178,738
					1,850,371
Wireless Equipment — 0.7%
Aruba Networks, Inc.†		61,376			1,744,306
EMS Technologies, Inc.†		11,411			297,713
Globecomm Systems, Inc.†		15,987			234,369
InterDigital, Inc.#		32,780			1,409,868
Novatel Wireless, Inc.†#		23,302			124,433
Powerwave Technologies, Inc.†		125,890			475,864
RF Micro Devices, Inc.†		200,103			1,260,649
TeleNav, Inc.†		5,999			98,024
Tessco Technologies, Inc.		3,735			42,691
Viasat, Inc.†#		24,734			1,094,974
					6,782,891
Wound, Burn & Skin Care — 0.0%
Obagi Medical Products, Inc.†		10,758			107,472
Total Common Stock
(cost $815,827,751)					954,947,220
EXCHANGE - TRADED FUNDS — 0.0%
Kayne Anderson Energy Developement Fund (cost $190,964)		7,616			147,294
WARRANTS — 0.0%
Energy - Alternate Sources — 0.0%
Greenhunter Energy, Inc. Expires 09/14/11† (strike price $ 27.50) (cost $0)		3			0
Total Long-Term Investment Securities
(cost $816,018,715)					955,094,514
SHORT-TERM INVESTMENT SECURITIES — 13.2%
Collective Investment Pool — 13.0%
Securities Lending Quality Trust(3)(6)		127,871,088			127,683,725
U.S. Government Treasuries — 0.2%
United States Treasury Bills 0.08% due 06/16/11(4)	$	2,200,000			2,199,931
Total Short-Term Investment Securities
(cost $130,071,019)					129,883,656
REPURCHASE AGREEMENT — 2.4%
State Street Bank & Trust Co., Joint Repurchase Agreement(5) (cost $23,198,000)		23,198,000			23,198,000
TOTAL INVESTMENTS
(cost $969,287,734)(7)		113.2	%		1,108,176,170
Liabilities in excess of other assets		(13.2	)		(129,584,191	)
NET ASSETS —		100.0	%	$	978,591,979

† Non-income producing security

# The security or a portion thereof is out on loan (see Note 2)

(1) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

213

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

(2) Illiquid security. At May 31, 2011, the aggregate value of these securities was $0 representing 0.0% of net assets.

(3) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(4) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(5) See Note 2 for details of Joint Repurchase Agreements.

(6) At May 31, 2011, the Fund had loaned securities with a total value of $125,902,536. This was secured by collateral of $127,871,088, which was received in cash and subsequently invested in short-term investments currently valued at $127,683,725 as reported in the

portfolio of investments. The remaining collateral with a value of $50,093 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the short-term pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range
United States Treasury Bonds/Notes	1.00% to 6.00%	01/15/14 to 05/15/40

(7) See Note 5 for cost of investments on a tax basis.

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of May 31, 2011		Unrealized Appreciation (Depreciation)
	275	Long	Russell 2000 Mini Index		June 2011	$	23,015,345	$	23,314,500	$	299,155

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Banks - Commercial	$	49,464,216	$	—	$	0	$	49,464,216
Real Estate Investment Trusts		77,347,324		—		—		77,347,324
Other Industries*		828,072,456		—		63,224		828,135,680
Exchange Traded Funds		147,294		—		—		147,294
Warrants		0		—		—		0
Short-Term Investment Securities:
Collective Investment Pool		—		127,683,725		—		127,683,725
U.S. Government Treasuries		—		2,199,931		—		2,199,931
Repurchase Agreement		—		23,198,000		—		23,198,000
Other Financial Instruments:+
Open Futures Contracts - Appreciation		299,155		—		—		299,155
Total	$	955,330,445	$	153,081,656	$	63,224	$	1,108,475,325

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:

	Common Stock
Balance as of 5/31/2010	$	0
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)(1)		—
Net purchases (sales)		—
Transfers in and/or out of Level 3(2)		63,224
Balance as of 5/31/2011	$	63,224

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at May 31, 2011 includes:

Common Stock
$	—

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

214

VALIC Company I Small Cap Special Values Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	14.7	%
Banks — Commercial	8.4
Electric — Integrated	4.6
Consumer Products — Misc.	4.2
Real Estate Investment Trusts	3.6
Oil Companies — Exploration & Production	3.5
Time Deposits	3.4
Metal Processors & Fabrication	3.3
Electronic Components — Semiconductors	2.5
Paper & Related Products	2.4
Diversified Manufacturing Operations	2.4
Retail — Apparel/Shoe	2.3
Computers — Memory Devices	2.2
Retail — Restaurants	2.0
Building & Construction Products — Misc.	1.8
Gold Mining	1.7
Insurance — Reinsurance	1.5
Oil — Field Services	1.5
Electronic Components — Misc.	1.5
Machinery — General Industrial	1.4
Auto/Truck Parts & Equipment — Original	1.3
Human Resources	1.3
Finance — Investment Banker/Broker	1.2
Computer Services	1.1
Aerospace/Defense — Equipment	1.1
Funeral Services & Related Items	1.0
Insurance — Property/Casualty	1.0
Investment Management/Advisor Services	0.9
Food — Misc.	0.9
Semiconductor Equipment	0.9
Web Portals/ISP	0.9
Telecommunication Equipment	0.8
Apparel Manufacturers	0.8
Medical — Biomedical/Gene	0.7
Electronic Measurement Instruments	0.7
Home Furnishings	0.7
Chemicals — Specialty	0.7
Computers — Periphery Equipment	0.7
Investment Companies	0.7
Precious Metals	0.7
Chemicals — Plastics	0.7
Networking Products	0.7
Medical Products	0.6
Retail — Convenience Store	0.6
Transactional Software	0.6
Building — Mobile Home/Manufactured Housing	0.6
Diversified Operations/Commercial Services	0.6
Medical — Outpatient/Home Medical	0.6
Footwear & Related Apparel	0.6
Savings & Loans/Thrifts	0.6
Semiconductor Components — Integrated Circuits	0.6
Office Supplies & Forms	0.6
Transport — Truck	0.5
Machinery — Electrical	0.5
Auto/Truck Parts & Equipment — Replacement	0.5
Transport — Equipment & Leasing	0.5
Enterprise Software/Service	0.5
Computers — Integrated Systems	0.5
Medical — Hospitals	0.5
Batteries/Battery Systems	0.5
Transport — Services	0.5
Distribution/Wholesale	0.5
Aerospace/Defense	0.5
Gas — Distribution	0.5
Oil Refining & Marketing	0.5
Diagnostic Kits	0.5
Engineering/R&D Services	0.5
Medical Sterilization Products	0.4
Rubber — Tires	0.4

Medical — HMO	0.4
Transport — Marine	0.4
Physicians Practice Management	0.4
Publishing — Newspapers	0.4
Oil & Gas Drilling	0.4
Rental Auto/Equipment	0.4
Internet Application Software	0.4
Insurance — Life/Health	0.4
Coal	0.4
Toys	0.4
Engines — Internal Combustion	0.4
Multimedia	0.4
Wire & Cable Products	0.4
Private Corrections	0.4
Racetracks	0.4
Tobacco	0.4
Non - Ferrous Metals	0.4
Building — Heavy Construction	0.4
Food — Wholesale/Distribution	0.4
Medical — Drugs	0.3
Recreational Centers	0.3
Publishing — Books	0.3
Commercial Services — Finance	0.3
Food — Retail	0.3
Diagnostic Equipment	0.3
Beverages — Wine/Spirits	0.2
Disposable Medical Products	0.2
Medical — Generic Drugs	0.2
Textile — Products	0.2
Auto — Heavy Duty Trucks	0.2
Food — Canned	0.2
Insurance — Multi-line	0.1
Consulting Services	0.1
Telecom Services	0.1
Oil Field Machinery & Equipment	0.1
Energy — Alternate Sources	0.1
Rubber/Plastic Products	0.1
Miscellaneous Manufacturing	0.1
Retail — Jewelry	0.1
Power Converter/Supply Equipment	0.1
Commercial Services	0.1
	114.3	%

* Calculated as a percentage of net assets

215

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 96.1%
Aerospace/Defense — 0.5%
Esterline Technologies Corp.†		14,200	$	1,073,804
Aerospace/Defense - Equipment — 1.1%
Alliant Techsystems, Inc.		13,175		942,408
Curtiss - Wright Corp.		28,061		957,161
GenCorp, Inc.†#		81,497		511,801
				2,411,370
Apparel Manufacturers — 0.8%
Delta Apparel, Inc.†#(1)		36,942		614,346
Hanesbrands, Inc.†		21,875		663,031
Jones Group, Inc.		37,913		465,951
				1,743,328
Auto - Heavy Duty Trucks — 0.2%
Oshkosh Corp.†		13,382		370,681
Auto/Truck Parts & Equipment - Original — 1.3%
American Axle & Manufacturing Holdings, Inc.†#		75,475		872,491
Modine Manufacturing Co.†		131,315		2,085,282
				2,957,773
Auto/Truck Parts & Equipment - Replacement — 0.5%
Commercial Vehicle Group, Inc.†#		27,918		432,171
Douglas Dynamics, Inc.#		50,188		777,412
				1,209,583
Banks - Commercial — 8.4%
Associated Banc - Corp.#		61,273		863,337
BancorpSouth, Inc.#		62,779		806,082
Bank of Hawaii Corp.		20,550		974,070
BOK Financial Corp.		8,022		425,246
First Citizens BancShares, Inc., Class A		28,483		5,570,990
First Commonwealth Financial Corp.#		125,274		732,853
FirstMerit Corp.#		50,025		814,907
Fulton Financial Corp.#		90,625		1,009,563
Hancock Holding Co.		22,675		732,629
IBERIABANK Corp.#		18,635		1,094,806
Old National Bancorp#		84,246		909,857
Prosperity Bancshares, Inc.#		7,800		341,250
UMB Financial Corp.#		98,217		4,188,955
Wintrust Financial Corp.#		22,639		735,088
				19,199,633
Batteries/Battery Systems — 0.5%
EnerSys†		31,550		1,129,490
Beverages - Wine/Spirits — 0.2%
Central European Distribution Corp.†		44,025		552,954
Building & Construction Products - Misc. — 1.8%
Builders FirstSource, Inc.†#		81,717		197,755
Quanex Building Products Corp.#		120,892		2,398,497
Simpson Manufacturing Co., Inc.#		52,297		1,465,362
				4,061,614
Building - Heavy Construction — 0.4%
Tutor Perini Corp.#		40,237		816,811
Building - Mobile Home/Manufactured Housing — 0.6%
Cavco Industries, Inc.†#		27,127		1,170,801
Thor Industries, Inc.#		7,630		246,449
				1,417,250
Chemicals - Plastics — 0.7%
A. Schulman, Inc.#		58,787		1,498,481

Security Description	Shares		Value (Note 2)
Chemicals - Specialty — 0.7%
American Pacific Corp.†(1)		52,148	$	347,827
Arch Chemicals, Inc.#		8,468		306,118
OM Group, Inc.†		25,665		956,792
				1,610,737
Coal — 0.4%
James River Coal Co.†#		43,248		947,996
Commercial Services — 0.1%
Medifast, Inc.†#		4,402		117,621
Commercial Services - Finance — 0.3%
TNS, Inc.†		37,855		621,958
Computer Services — 1.1%
CACI International, Inc., Class A†		17,760		1,133,621
DST Systems, Inc.		20,275		1,019,224
Insight Enterprises, Inc.†		17,567		294,599
				2,447,444
Computers - Integrated Systems — 0.5%
NCR Corp.†		57,883		1,129,876
Computers - Memory Devices — 2.1%
Imation Corp.†#		314,435		3,056,308
Quantum Corp.†#		522,115		1,602,893
Spansion, Inc., Class A†		11,485		230,045
				4,889,246
Computers - Periphery Equipment — 0.7%
Lexmark International, Inc., Class A†		23,725		706,531
Synaptics, Inc.†#		29,700		833,085
				1,539,616
Consulting Services — 0.1%
CoreLogic, Inc.†		17,669		319,986
Consumer Products - Misc. — 4.2%
Blyth, Inc.#		63,584		2,898,159
Central Garden & Pet Co.†		27,167		277,647
Central Garden & Pet Co., Class A†#		43,687		439,491
Helen of Troy, Ltd.†		35,175		1,139,318
Jarden Corp.#		28,331		992,718
Prestige Brands Holdings, Inc.†#		72,658		938,015
Scotts Miracle-Gro Co., Class A#		17,200		992,440
Spectrum Brands Holdings, Inc.†		16,982		610,842
WD-40 Co.#		29,199		1,237,454
				9,526,084
Diagnostic Equipment — 0.3%
Immucor, Inc.†		27,481		575,177
Diagnostic Kits — 0.5%
Alere, Inc.†#		26,041		1,041,640
Disposable Medical Products — 0.2%
ICU Medical, Inc.†#		11,247		487,670
Distribution/Wholesale — 0.5%
Owens & Minor, Inc.#		31,450		1,088,170
Diversified Manufacturing Operations — 2.4%
Ameron International Corp.#		7,907		531,192
Barnes Group, Inc.#		46,495		1,120,994
Brink’s Co.		36,775		1,094,056
Griffon Corp.†#		28,101		297,590
Matthews International Corp., Class A#		43,355		1,694,747
Tredegar Corp.#		36,122		700,406
				5,438,985

216

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Diversified Operations/Commercial Services — 0.6%
Viad Corp.#		61,292	$	1,386,425
E - Services/Consulting — 0.0%
Websense, Inc.†		4,266		106,010
Electric - Integrated — 4.6%
Allete, Inc.#		141,509		5,643,379
IDACORP, Inc.		24,700		972,439
MGE Energy, Inc.		13,138		547,066
NV Energy, Inc.		67,150		1,058,956
Portland General Electric Co.		44,835		1,164,365
TECO Energy, Inc.		57,725		1,108,320
				10,494,525
Electronic Components - Misc. — 1.5%
AVX Corp.		102,992		1,620,064
Benchmark Electronics, Inc.†		33,434		577,740
Pulse Electronics Corp.		226,282		1,113,307
				3,311,111
Electronic Components - Semiconductors — 2.5%
Amkor Technology, Inc.†		134,033		856,471
DSP Group, Inc.†#		119,362		985,930
Lattice Semiconductor Corp.†#		131,769		868,358
Microsemi Corp.†		45,900		1,012,095
PMC — Sierra, Inc.†		128,600		1,008,224
QLogic Corp.†		54,892		888,152
				5,619,230
Electronic Measurement Instruments — 0.7%
Orbotech, Ltd.†		124,481		1,629,456
Energy - Alternate Sources — 0.1%
BioFuel Energy Corp.†#		436,274		270,490
Engineering/R&D Services — 0.5%
EMCOR Group, Inc.†		33,825		1,027,265
Engines - Internal Combustion — 0.4%
Briggs & Stratton Corp.#		43,906		915,440
Enterprise Software/Service — 0.5%
JDA Software Group, Inc.†		34,454		1,138,016
Finance - Investment Banker/Broker — 1.2%
Investment Technology Group, Inc.†#		89,277		1,351,654
Knight Capital Group, Inc., Class A†#		104,316		1,287,259
				2,638,913
Food - Canned — 0.2%
Seneca Foods Corp., Class A†#		13,358		366,410
Food - Misc. — 0.9%
Chiquita Brands International, Inc.†#		32,921		490,523
Corn Products International, Inc.		18,415		1,044,683
Snyders - Lance, Inc.#		27,596		586,691
				2,121,897
Food - Retail — 0.3%
Winn - Dixie Stores, Inc.†#		64,110		584,042
Food - Wholesale/Distribution — 0.4%
Nash Finch Co.#		21,200		796,484
Footwear & Related Apparel — 0.6%
Skechers U.S.A., Inc., Class A†#		17,335		303,016
Wolverine World Wide, Inc.		26,850		1,050,372
				1,353,388
Funeral Services & Related Items — 1.0%
Hillenbrand, Inc.		100,888		2,295,202

Security Description	Shares		Value (Note 2)
Gas - Distribution — 0.5%
Vectren Corp.		37,100	$	1,046,962
Gold Mining — 1.7%
Aurizon Mines, Ltd.†		124,034		718,157
Gammon Gold, Inc.†		125,451		1,297,163
Royal Gold, Inc.		29,823		1,849,623
				3,864,943
Home Furnishings — 0.7%
Furniture Brands International, Inc.†#		76,815		367,944
La - Z - Boy, Inc.†#		113,146		1,252,526
				1,620,470
Human Resources — 1.3%
AMN Healthcare Services, Inc.†#		97,915		846,965
Heidrick & Struggles International, Inc.#		98,328		2,059,971
				2,906,936
Insurance - Life/Health — 0.4%
Protective Life Corp.		40,650		981,291
Insurance - Multi-line — 0.1%
Fortegra Financial Corp.†		36,118		340,593
Insurance - Property/Casualty — 1.0%
Hanover Insurance Group, Inc.		19,590		804,365
Stewart Information Services Corp.		131,452		1,376,303
				2,180,668
Insurance - Reinsurance — 1.5%
Argo Group International Holdings, Ltd.#		1,572		46,452
Aspen Insurance Holdings, Ltd.		32,600		875,636
Endurance Specialty Holdings, Ltd.		17,957		729,234
Platinum Underwriters Holdings, Ltd.		20,350		694,749
Validus Holdings, Ltd.		33,630		1,083,895
				3,429,966
Internet Application Software — 0.4%
S1 Corp.†#		134,934		982,320
Investment Companies — 0.7%
Apollo Investment Corp.		84,275		961,578
Kohlberg Capital Corp.		71,670		566,909
				1,528,487
Investment Management/Advisor Services — 0.9%
CIFC Deerfield Corp.†#(1)		31,828		208,473
Waddell & Reed Financial, Inc., Class A		24,690		953,034
Westwood Holdings Group, Inc.#(1)		26,590		966,547
				2,128,054
Machinery - Electrical — 0.5%
Franklin Electric Co., Inc.#		27,571		1,226,910
Machinery - General Industrial — 1.4%
Kadant, Inc.†		109,391		3,218,283
Medical Products — 0.6%
Teleflex, Inc.#		15,450		959,445
West Pharmaceutical Services, Inc.#		11,034		512,860
				1,472,305
Medical Sterilization Products — 0.4%
STERIS Corp.		28,325		1,022,249
Medical - Biomedical/Gene — 0.7%
Cambrex Corp.†#		144,937		708,742
Charles River Laboratories International, Inc.†		24,450		945,726
				1,654,468

217

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical - Drugs — 0.3%
Lannett Co., Inc.†#		84,778	$	451,867
PharMerica Corp.†#		27,190		335,524
				787,391
Medical - Generic Drugs — 0.2%
Par Pharmaceutical Cos., Inc.†		12,379		425,342
Medical - HMO — 0.4%
Healthspring, Inc.†#		23,190		1,016,882
Medical - Hospitals — 0.5%
LifePoint Hospitals, Inc.†#		26,900		1,129,800
Medical - Outpatient/Home Medical — 0.6%
Amedisys, Inc.†#		28,898		904,507
Amsurg Corp.†		18,323		474,749
				1,379,256
Metal Processors & Fabrication — 3.3%
Mueller Industries, Inc.		172,221		6,403,177
Worthington Industries, Inc.#		48,523		1,059,257
				7,462,434
Miscellaneous Manufacturing — 0.1%
John Bean Technologies Corp.		8,114		159,359
Multimedia — 0.4%
Meredith Corp.#		28,900		913,529
Networking Products — 0.7%
ADPT Corp.†		509,028		1,491,452
Non - Ferrous Metals — 0.4%
Thompson Creek Metals Co., Inc.†		76,100		826,446
Office Supplies & Forms — 0.6%
ACCO Brands Corp.†#		152,740		1,267,742
Oil & Gas Drilling — 0.4%
Atwood Oceanics, Inc.†		22,925		993,570
Oil Companies - Exploration & Production — 3.5%
Bill Barrett Corp.†#		17,145		764,153
Comstock Resources, Inc.†#		59,576		1,791,450
Contango Oil & Gas Co.†#		16,715		1,035,661
Energy XXI Bermuda, Ltd.†#		12,135		416,352
Northern Oil And Gas, Inc.†#		12,527		251,793
Stone Energy Corp.†		57,808		1,864,886
Swift Energy Co.†		23,244		911,862
W&T Offshore, Inc.#		38,222		989,950
				8,026,107
Oil Field Machinery & Equipment — 0.1%
Complete Production Services, Inc.†#		8,533		283,210
Oil Refining & Marketing — 0.5%
Tesoro Corp.†#		42,882		1,046,321
Oil-Field Services — 1.5%
Cal Dive International, Inc.†#		331,707		2,159,412
Superior Energy Services, Inc.†		25,700		962,979
Willbros Group, Inc.†#		28,190		280,209
				3,402,600
Paper & Related Products — 2.4%
Clearwater Paper Corp.†		12,145		839,098
Neenah Paper, Inc.#		110,356		2,559,156
P.H. Glatfelter Co.		53,741		828,149
Schweitzer - Mauduit International, Inc.#		16,712		880,388
Wausau Paper Corp.#		63,556		435,994
				5,542,785

Security Description	Shares		Value (Note 2)
Physicians Practice Management — 0.4%
Mednax, Inc.†		13,360	$	1,004,004
Power Converter/Supply Equipment — 0.1%
Advanced Energy Industries, Inc.†		10,564		156,875
Precious Metals — 0.7%
Coeur d’Alene Mines Corp.†#		36,548		1,007,628
Minefinders Corp.†#		36,989		494,173
				1,501,801
Printing - Commercial — 0.0%
Cenveo, Inc.†#		12,988		84,162
Private Corrections — 0.4%
Geo Group, Inc.†		36,914		907,715
Publishing - Books — 0.3%
Courier Corp.#		62,078		700,861
Publishing - Newspapers — 0.4%
AH Belo Corp., Class A		137,967		1,000,261
Publishing - Periodicals — 0.0%
Dex One Corp.†#		30,230		70,738
Racetracks — 0.4%
International Speedway Corp., Class A		31,500		901,215
Real Estate Investment Trusts — 3.6%
Anworth Mortgage Asset Corp.		123,000		891,750
Brandywine Realty Trust		84,250		1,075,030
CBL & Associates Properties, Inc.#		57,700		1,110,148
CommonWealth REIT		36,643		956,382
Hospitality Properties Trust		41,625		1,027,305
Medical Properties Trust, Inc.#		84,717		1,047,102
Omega Healthcare Investors, Inc.		47,075		1,002,227
Pennsylvania Real Estate Investment Trust		69,325		1,189,617
				8,299,561
Recreational Centers — 0.3%
Life Time Fitness, Inc.†#		20,571		756,807
Rental Auto/Equipment — 0.4%
Aaron’s, Inc.		34,900		984,529
Retail-Apparel/Shoe — 2.3%
Ascena Retail Group, Inc.†		21,165		708,181
Christopher & Banks Corp.#		62,737		375,795
Collective Brands, Inc.†		62,479		974,672
Genesco, Inc.†#		33,271		1,496,862
Kenneth Cole Productions, Inc., Class A†#		91,334		1,140,762
Men’s Wearhouse, Inc.#		17,223		592,988
				5,289,260
Retail - Arts & Crafts — 0.0%
A.C. Moore Arts & Crafts, Inc.†#		29,063		79,633
Retail - Convenience Store — 0.6%
Casey’s General Stores, Inc.#		35,475		1,470,439
Retail - Jewelry — 0.1%
Zale Corp.†#		25,409		159,060
Retail - Restaurants — 2.0%
Brinker International, Inc.		40,975		1,056,335
Denny’s Corp.†#		395,375		1,617,084
Ruby Tuesday, Inc.†#		17,748		188,129
Sonic Corp.†#		85,268		979,729
Wendy’s/Arby’s Group, Inc., Class A#		164,529		827,581
				4,668,858

218

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Rubber - Tires — 0.4%
Cooper Tire & Rubber Co.		42,225	$	1,020,156
Rubber/Plastic Products — 0.1%
Plastec Technologies, Ltd.†(2)		25,038		200,304
Savings & Loans/Thrifts — 0.6%
Provident New York Bancorp.#		40,404		372,121
Washington Federal, Inc.		58,125		923,606
				1,295,727
Semiconductor Components - Integrated Circuits — 0.6%
Exar Corp.†		199,803		1,270,747
Semiconductor Equipment — 0.9%
ATMI, Inc.†		102,245		1,962,082
Telecom Services — 0.1%
Aviat Networks, Inc.†#		64,821		302,714
Telecommunication Equipment — 0.8%
Arris Group, Inc.†		75,238		849,437
Plantronics, Inc.#		28,025		1,025,155
				1,874,592
Textile - Products — 0.2%
Dixie Group, Inc.†(1)		101,394		424,841
Tobacco — 0.4%
Universal Corp.#		21,259		896,492
Toys — 0.4%
Jakks Pacific, Inc.†#		47,475		941,429
Transactional Software — 0.6%
ACI Worldwide, Inc†		45,009		1,456,941
Transport - Equipment & Leasing — 0.5%
Aircastle, Ltd.#		79,252		993,820
GATX Corp.#		5,306		210,754
				1,204,574
Transport - Marine — 0.4%
Diana Shipping, Inc.†#		82,675		949,936
Horizon Lines, Inc., Class A#		51,494		57,673
				1,007,609
Transport - Services — 0.5%
Ryder System, Inc.		20,300		1,116,500
Transport - Truck — 0.5%
Arkansas Best Corp.#		50,799		1,244,068
Web Portals/ISP — 0.9%
EarthLink, Inc.#		245,719		1,939,952
Wire & Cable Products — 0.4%
General Cable Corp.†#		21,767		908,772
Total Common Stock
(cost $198,590,610)				219,141,692

Security Description	Shares/ Principal Amount			Value (Note 2)
CONVERTIBLE BONDS & NOTES — 0.1%
Computers - Memory Devices — 0.1%
Quantum Corp. Senior Sub. Notes 3.50% due 11/15/15* (cost $98,000)	$	98,000		$	103,969
WARRANTS — 0.0%
Rubber/Plastic Products — 0.0%
Plastec Technologies, Ltd. Expires 11/18/14 (Strike price $11.50)† (cost $0)		19,280			4,820
Total Long-Term Investment Securities
(cost $198,688,610)					219,250,481
SHORT-TERM INVESTMENT SECURITIES — 18.1%
Collective Investment Pool — 14.7%
Securities Lending Quality Trust(3)		33,492,730			33,444,432
Time Deposits — 3.4%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11		7,892,000			7,892,000
Total Short-Term Investment Securities
(cost $41,384,730)					41,336,432
TOTAL INVESTMENTS
(cost $240,073,340)(4)		114.3	%		260,586,913
Liabilities in excess of other assets		(14.3	)		(32,636,394	)
NET ASSETS —		100.0	%	$	227,950,519

† 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 May 31, 2011, the aggregate value of these securities was $103,969 representing 0.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Illiquid security. At May 31, 2011, the aggregate value of these securities was $2,562,034 representing 1.1% of net assets.

(2) Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2.

(3) The security is purchased with the cash collateral received from securities loaned (see Note 2.)

(4) See Note 5 for cost of investments on a tax basis.

219

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Banks - Commercial	$	19,199,633	$	—	$	—	$	19,199,633
Other Industries*		199,741,755		200,304		—		199,942,059
Convertible Bonds & Notes		—		103,969		—		103,969
Warrants		4,820		—		—		4,820
Short-Term Investment Securities:
Collective Investment Pool		—		33,444,432		—		33,444,432
Time Deposits		—		7,892,000		—		7,892,000
Total	$	218,946,208	$	41,640,705	$	—	$	260,586,913

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:

	Common Stock
Balance as of 5/31/2010	$	205,165
Accrued discounts/premiums		—
Realized gain (loss)		(867,523	)
Change in unrealized appreciation (depreciation)(1)		779,635
Net purchases (sales)		(117,277	)
Transfers in and/or out of Level 3		—
Balance as of 5/31/2011	$	—

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at May 31, 2011 includes:

Common Stock
$	—

See Notes to Financial Statements

220

VALIC Company I Small-Mid Growth Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	12.1	%
Medical Products	4.3
Medical Instruments	3.2
Medical — Biomedical/Gene	3.1
Commercial Services-Finance	3.1
Retail — Apparel/Shoe	2.9
Electronic Components — Semiconductors	2.5
Machinery — General Industrial	2.5
Footwear & Related Apparel	2.3
Time Deposits	2.1
Vitamins & Nutrition Products	2.0
Medical — Drugs	2.0
Pharmacy Services	1.9
Enterprise Software/Service	1.8
Hotels/Motels	1.6
Networking Products	1.6
Internet Infrastructure Software	1.6
Oil Companies — Exploration & Production	1.6
Food — Misc.	1.6
Consumer Products — Misc.	1.6
Printing — Commercial	1.5
Home Furnishings	1.5
Semiconductor Components — Integrated Circuits	1.5
Medical — HMO	1.3
Communications Software	1.3
Web Hosting/Design	1.3
Computer Services	1.3
Telecom Equipment — Fiber Optics	1.3
E-Marketing/Info	1.3
Retail — Restaurants	1.3
Semiconductor Equipment	1.2
Commercial Services	1.2
Computer Aided Design	1.2
Oil Field Machinery & Equipment	1.2
Banks — Commercial	1.2
Food — Wholesale/Distribution	1.2
Medical Labs & Testing Services	1.1
Machinery — Farming	1.1
Transport — Rail	1.1
Cellular Telecom	1.1
Retail — Discount	1.1
Dental Supplies & Equipment	1.1
Machine Tools & Related Products	1.1
Retail — Auto Parts	1.1
Aerospace/Defense — Equipment	1.1
Lasers — System/Components	1.0
Instruments — Controls	1.0
Transport — Truck	1.0
Agricultural Chemicals	0.9
Internet Connectivity Services	0.9
Office Furnishings — Original	0.8
Auto — Heavy Duty Trucks	0.8
Internet Application Software	0.8
Advanced Materials	0.8
Exchange — Traded Funds	0.8
Filtration/Separation Products	0.8
Finance — Consumer Loans	0.8
Finance — Other Services	0.8
Data Processing/Management	0.8
Telecommunication Equipment	0.8
Retail — Catalog Shopping	0.8
Physicians Practice Management	0.8
Schools	0.8
Disposable Medical Products	0.7
Retail — Video Rentals	0.7
Metal Processors & Fabrication	0.7
Chemicals — Diversified	0.7
Batteries/Battery Systems	0.7
Industrial Audio & Video Products	0.6

Diversified Manufacturing Operations	0.6
Retail — Petroleum Products	0.6
Chemicals — Specialty	0.6
Non — Ferrous Metals	0.6
Distribution/Wholesale	0.6
Gambling (Non — Hotel)	0.6
Human Resources	0.6
Wire & Cable Products	0.6
Cosmetics & Toiletries	0.5
Casino Services	0.5
Transactional Software	0.5
Ultra Sound Imaging Systems	0.5
Medical — Generic Drugs	0.5
Computers — Integrated Systems	0.5
Oil — Field Services	0.5
Virtual Reality Products	0.5
Physical Therapy/Rehabilitation Centers	0.5
Telecom Services	0.5
Retail — Perfume & Cosmetics	0.4
Therapeutics	0.4
Auto/Truck Parts & Equipment — Original	0.4
Patient Monitoring Equipment	0.4
Internet Security	0.4
Food — Canned	0.4
E-Commerce/Services	0.4
Internet Content — Information/News	0.4
Wireless Equipment	0.4
Theaters	0.4
Finance — Investment Banker/Broker	0.3
Audio/Video Products	0.3
B2B/E-Commerce	0.3
Building & Construction Products — Misc.	0.3
Applications Software	0.3
	120.7	%

* Calculated as a percentage of net assets

221

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 105.7%
Advanced Materials — 0.8%
Hexcel Corp.†#		46,414	$	959,377
Aerospace/Defense - Equipment — 1.1%
BE Aerospace, Inc.†		35,200		1,317,184
Agricultural Chemicals — 0.9%
Intrepid Potash, Inc.†#		34,112		1,098,065
Applications Software — 0.3%
RealPage, Inc.†#		10,401		306,309
Audio/Video Products — 0.3%
DTS, Inc.†#		8,900		410,112
Auto - Heavy Duty Trucks — 0.8%
Navistar International Corp.†#		14,900		981,463
Auto/Truck Parts & Equipment - Original — 0.4%
Titan International, Inc.#		18,500		508,565
B2B/E - Commerce — 0.3%
SPS Commerce, Inc.†		22,146		369,838
Banks - Commercial — 1.2%
SVB Financial Group†#		23,900		1,419,182
Batteries/Battery Systems — 0.7%
EnerSys†#		22,700		812,660
Building & Construction Products - Misc. — 0.3%
Interline Brands, Inc.†#		18,255		337,170
Casino Services — 0.5%
Shuffle Master, Inc.†#		58,100		632,709
Cellular Telecom — 1.1%
NII Holdings, Inc.†		31,350		1,368,741
Chemicals - Diversified — 0.7%
Rockwood Holdings, Inc.†		15,670		824,085
Chemicals - Specialty — 0.6%
Cytec Industries, Inc.		13,500		758,565
Commercial Services — 1.2%
HMS Holdings Corp.†#		11,100		866,466
Steiner Leisure, Ltd.†		12,600		630,000
				1,496,466
Commercial Services - Finance — 3.1%
Cardtronics, Inc.†#		45,800		1,014,012
Dollar Financial Corp.†#		40,916		929,202
Moody’s Corp.#		45,500		1,815,905
				3,759,119
Communications Software — 1.3%
SolarWinds, Inc.†		65,700		1,619,505
Computer Aided Design — 1.2%
ANSYS, Inc.†#		24,950		1,431,382
Computer Services — 1.3%
Keyw Holding Corp.†		42,049		474,313
LivePerson, Inc.†#		40,970		485,904
Syntel, Inc.#		11,700		630,279
				1,590,496
Computers - Integrated Systems — 0.5%
Radiant Systems, Inc.†		27,800		583,800
Consumer Products - Misc. — 1.6%
SodaStream International, Ltd.†#		8,000		464,880
Tupperware Brands Corp.		21,450		1,404,117
				1,868,997

Security Description	Shares		Value (Note 2)
Cosmetics & Toiletries — 0.5%
Elizabeth Arden, Inc.†#		21,000	$	645,330
Data Processing/Management — 0.8%
Pegasystems, Inc.#		24,950		931,883
Dental Supplies & Equipment — 1.1%
Sirona Dental Systems, Inc.†#		24,950		1,348,797
Disposable Medical Products — 0.7%
Merit Medical Systems, Inc.†		44,750		877,995
Distribution/Wholesale — 0.6%
MWI Veterinary Supply, Inc.†#		8,650		729,195
Diversified Manufacturing Operations — 0.6%
Barnes Group, Inc.#		32,200		776,342
E - Commerce/Services — 0.4%
Netflix, Inc.†#		1,700		460,360
E - Marketing/Info — 1.3%
comScore, Inc.†#		31,647		888,331
Constant Contact, Inc.†#		15,429		371,068
ReachLocal, Inc.†#		14,800		310,652
				1,570,051
Electronic Components - Semiconductors — 2.5%
Cavium Networks, Inc.†#		24,150		1,074,192
Inphi Corp.†		25,548		506,872
Mellanox Technologies, Ltd.†		15,400		475,552
Silicon Image, Inc.†#		50,700		384,306
Volterra Semiconductor Corp.†#		24,900		614,283
				3,055,205
Enterprise Software/Service — 1.8%
Concur Technologies, Inc.†#		8,800		439,736
Taleo Corp., Class A†#		28,300		1,056,439
Ultimate Software Group†#		13,051		735,815
				2,231,990
Filtration/Separation Products — 0.8%
Polypore International, Inc.†		14,606		957,423
Finance - Consumer Loans — 0.8%
Portfolio Recovery Associates, Inc.†#		10,800		935,496
Finance - Investment Banker/Broker — 0.3%
Evercore Partners, Inc., Class A#		11,200		414,512
Finance - Other Services — 0.8%
Higher One Holdings, Inc.†#		22,700		347,991
MarketAxess Holdings, Inc.#		24,400		584,624
				932,615
Food - Canned — 0.4%
TreeHouse Foods, Inc.†		7,700		469,161
Food - Misc. — 1.6%
Diamond Foods, Inc.#		25,650		1,909,129
Food - Wholesale/Distribution — 1.2%
United Natural Foods, Inc.†		32,600		1,418,426
Footwear & Related Apparel — 2.3%
CROCS, Inc.†#		60,900		1,384,257
Deckers Outdoor Corp.†#		7,800		710,580
Iconix Brand Group, Inc.†#		28,800		711,360
				2,806,197
Gambling (Non - Hotel) — 0.6%
Pinnacle Entertainment, Inc.†#		49,100		713,423

222

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Home Furnishings — 1.5%
Tempur - Pedic International, Inc.†#		27,850	$	1,811,364
Hotels/Motels — 1.6%
Gaylord Entertainment Co.†#		19,000		612,750
Intercontinental Hotels Group PLC ADR#		63,600		1,369,308
				1,982,058
Human Resources — 0.6%
Team Health Holdings, Inc.†		31,000		694,400
Industrial Audio & Video Products — 0.6%
Imax Corp.†		20,900		777,689
Instruments - Controls — 1.0%
Sensata Technologies Holding NV†		33,650		1,220,822
Internet Application Software — 0.8%
Lionbridge Technologies, Inc.†#		85,700		277,668
Vocus, Inc.†#		25,232		687,320
				964,988
Internet Connectivity Services — 0.9%
Boingo Wireless, Inc.†		23,036		215,387
Cogent Communications Group, Inc.†		52,800		821,040
				1,036,427
Internet Content - Information/News — 0.4%
Dice Holdings, Inc.†		31,100		459,347
Internet Infrastructure Software — 1.6%
F5 Networks, Inc.†#		12,950		1,470,861
support.com, Inc.†#		99,334		476,803
				1,947,664
Internet Security — 0.4%
Sourcefire, Inc.†#		18,100		483,451
Lasers - System/Components — 1.0%
Rofin - Sinar Technologies, Inc.†		34,400		1,243,216
Machine Tools & Related Products — 1.1%
Kennametal, Inc.#		32,050		1,337,447
Machinery - Farming — 1.1%
AGCO Corp.†		26,600		1,374,422
Machinery - General Industrial — 2.5%
Chart Industries, Inc.†#		27,850		1,352,953
Roper Industries, Inc.#		16,500		1,377,255
Tennant Co.		8,100		312,903
				3,043,111
Medical Instruments — 3.2%
Dexcom, Inc.†#		58,910		929,011
Edwards Lifesciences Corp.†#		7,700		683,221
Natus Medical, Inc.†#		32,977		553,684
NuVasive, Inc.†#		26,900		908,951
Volcano Corp.†		26,700		839,181
				3,914,048
Medical Labs & Testing Services — 1.1%
Covance, Inc.†#		23,400		1,377,324
Medical Products — 4.3%
CareFusion Corp.†		45,500		1,318,590
Cooper Cos., Inc.		19,750		1,479,472
Cyberonics, Inc.†#		36,800		1,201,520
PSS World Medical, Inc.†#		20,800		607,776
Zoll Medical Corp.†#		10,300		626,343
				5,233,701

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene — 3.1%
Alexion Pharmaceuticals, Inc.†		36,100	$	1,711,862
Cubist Pharmaceuticals, Inc.†#		11,000		423,830
Exact Sciences Corp.†#		65,700		490,122
Incyte Corp., Ltd.†#		31,000		549,630
United Therapeutics Corp.†#		9,750		629,557
				3,805,001
Medical - Drugs — 2.0%
Ardea Biosciences, Inc.†		7,600		189,924
Pharmasset, Inc.†#		5,200		531,440
Salix Pharmaceuticals, Ltd.†#		41,400		1,657,242
				2,378,606
Medical - Generic Drugs — 0.5%
Par Pharmaceutical Cos., Inc.†		17,350		596,146
Medical - HMO — 1.3%
Coventry Health Care, Inc.†		46,050		1,620,039
Metal Processors & Fabrication — 0.7%
RBC Bearings, Inc.†#		20,700		828,000
Networking Products — 1.6%
LogMeIn, Inc.†#		45,050		1,960,576
Non - Ferrous Metals — 0.6%
Materion Corp.†#		18,952		751,826
Office Furnishings - Original — 0.8%
Interface, Inc. Class A#		52,250		1,005,813
Oil Companies - Exploration & Production — 1.6%
Georesources, Inc.†#		17,500		433,475
Goodrich Petroleum Corp.†#		43,000		879,350
Petrohawk Energy Corp.†		23,400		619,398
				1,932,223
Oil Field Machinery & Equipment — 1.2%
Dril - Quip, Inc.†		19,250		1,427,965
Oil - Field Services — 0.5%
Matrix Service Co.†#		43,490		581,461
Patient Monitoring Equipment — 0.4%
Insulet Corp.†		23,800		501,704
Pharmacy Services — 1.9%
Catalyst Health Solutions, Inc.†#		23,050		1,406,741
SXC Health Solutions Corp.†		15,000		884,100
				2,290,841
Physical Therapy/Rehabilitation Centers — 0.5%
U.S. Physical Therapy, Inc.		21,700		558,558
Physicians Practice Management — 0.8%
IPC The Hospitalist Co., Inc.†#		17,964		912,212
Printing - Commercial — 1.5%
Consolidated Graphics, Inc.†		10,700		590,533
VistaPrint NV†#		25,300		1,244,254
				1,834,787
Retail - Apparel/Shoe — 2.9%
Chico’s FAS, Inc.#		90,850		1,370,018
DSW, Inc., Class A†#		29,800		1,494,470
Lululemon Athletica, Inc.†		6,450		585,660
				3,450,148
Retail - Auto Parts — 1.1%
O’Reilly Automotive, Inc.†		21,950		1,319,415

223

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail - Catalog Shopping — 0.8%
MSC Industrial Direct Co., Class A		13,200	$	917,532
Retail - Discount — 1.1%
Dollar Tree, Inc.†		21,450		1,367,223
Retail - Perfume & Cosmetics — 0.4%
Ulta Salon Cosmetics & Fragrance, Inc.†#		9,300		520,614
Retail - Petroleum Products — 0.6%
World Fuel Services Corp.		21,204		775,642
Retail - Restaurants — 1.3%
Buffalo Wild Wings, Inc.†#		24,150		1,512,756
Retail - Video Rentals — 0.7%
Coinstar, Inc.†#		15,700		834,141
Schools — 0.8%
K12, Inc.†#		26,100		908,280
Semiconductor Components - Integrated Circuits — 1.5%
Power Integrations, Inc.#		49,100		1,807,862
Semiconductor Equipment — 1.2%
Varian Semiconductor Equipment Associates, Inc.†		24,400		1,498,526
Telecom Equipment - Fiber Optics — 1.3%
Ciena Corp.†#		33,400		893,450
Finisar Corp.†		28,200		677,364
				1,570,814
Telecom Services — 0.5%
Knology, Inc.†#		35,060		547,287
Telecommunication Equipment — 0.8%
ShoreTel, Inc.†#		84,100		925,100
Theaters — 0.4%
National CineMedia, Inc.#		24,469		435,793
Therapeutics — 0.4%
Questcor Pharmaceuticals, Inc.†		22,300		514,461
Transactional Software — 0.5%
Innerworkings, Inc.†#		71,100		602,217
Transport - Rail — 1.1%
Kansas City Southern†		23,250		1,369,193
Transport - Truck — 1.0%
Forward Air Corp.#		17,389		610,354
Knight Transportation, Inc.#		34,100		583,110
				1,193,464
Ultra Sound Imaging Systems — 0.5%
SonoSite, Inc.†#		16,700		596,357

Security Description	Shares/ Principal Amount			Value (Note 2)
Virtual Reality Products — 0.5%
RealD, Inc.†#		20,700		$	565,110
Vitamins & Nutrition Products — 2.0%
Herbalife, Ltd.		31,000			1,744,680
Vitamin Shoppe, Inc.†#		17,246			702,430
					2,447,110
Web Hosting/Design — 1.3%
Equinix, Inc.†		10,100			1,024,140
NIC, Inc.#		44,173			576,899
					1,601,039
Wire & Cable Products — 0.6%
General Cable Corp.†#		15,900			663,825
Wireless Equipment — 0.4%
Aruba Networks, Inc.†		16,100			457,562
Total Common Stock
(cost $103,093,567)					127,926,028
EXCHANGE - TRADED FUNDS — 0.8%
iShares Russell 2000 Growth Index Fund (cost $947,154)		9,828			952,333
Total Long-Term Investment Securities
(cost $104,040,721)					128,878,361
SHORT-TERM INVESTMENT SECURITIES — 14.2%
Collective Investment Pool — 12.1%
Securities Lending Quality Trust(1)		14,696,300			14,675,770
Time Deposits — 2.1%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/11	$	2,560,000			2,560,000
Total Short-Term Investment Securities
(cost $17,256,300)					17,235,770
TOTAL INVESTMENTS
(cost $121,297,021)(2)		120.7	%		146,114,131
Liabilities in excess of other assets		(20.7	%)		(25,080,769	)
NET ASSETS		100.0	%	$	121,033,362

# 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.

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock	$	127,926,028	$	—	$	—	$	127,926,028
Exchange Traded Funds		952,333		—		—		952,333
Short-Term Investment Securities:
Collective Investment Pool		—		14,675,770		—		14,675,770
Time Deposits		—		2,560,000		—		2,560,000
Total	$	128,878,361	$	17,235,770	$	—	$	146,114,131

See Notes to Financial Statements

224

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Oil Companies — Integrated	6.5	%
Collective Investment Pool	4.6
Diversified Banking Institutions	4.2
Medical — Drugs	4.0
Diversified Manufacturing Operations	3.9
Computers	3.5
Electric — Integrated	2.9
Oil Companies — Exploration & Production	2.8
Telephone — Integrated	2.7
Medical Products	2.6
Banks — Super Regional	2.5
Beverages — Non-alcoholic	2.3
Cosmetics & Toiletries	2.1
Electronic Components — Semiconductors	2.0
Applications Software	2.0
Computer Services	1.9
Tobacco	1.8
Multimedia	1.6
Real Estate Investment Trusts	1.6
Oil — Field Services	1.6
Retail — Discount	1.5
Retail — Restaurants	1.2
Web Portals/ISP	1.2
Aerospace/Defense	1.2
Food — Misc.	1.2
Enterprise Software/Service	1.2
Medical — Biomedical/Gene	1.2
Insurance — Multi-line	1.2
Cable/Satellite TV	1.2
Wireless Equipment	1.1
Commercial Services — Finance	1.1
Insurance — Reinsurance	1.1
Medical — HMO	1.1
Transport — Services	1.0
Networking Products	0.9
Chemicals — Diversified	0.9
Transport — Rail	0.9
Computers — Memory Devices	0.8
Medical Instruments	0.8
Retail — Drug Store	0.8
Retail — Building Products	0.7
Aerospace/Defense — Equipment	0.7
Investment Management/Advisor Services	0.7
Insurance — Life/Health	0.7
E-Commerce/Services	0.6
Machinery — Construction & Mining	0.6
E-Commerce/Products	0.6
Banks — Fiduciary	0.6
Finance — Credit Card	0.5
Repurchase Agreements	0.5
Insurance — Property/Casualty	0.5
Pipelines	0.5
Industrial Gases	0.5
Auto — Cars/Light Trucks	0.5
Pharmacy Services	0.4
Oil Field Machinery & Equipment	0.4
Banks — Commercial	0.4
Agricultural Chemicals	0.4
Medical — Wholesale Drug Distribution	0.4
Metal — Copper	0.4
Consumer Products — Misc.	0.4
Electric Products — Misc.	0.4
Finance — Other Services	0.3
Retail — Major Department Stores	0.3
Retail — Apparel/Shoe	0.3
Instruments — Scientific	0.3
Machinery — Farming	0.3
Food — Retail	0.3
Telecom Equipment — Fiber Optics	0.3

Apparel Manufacturers	0.3
Oil & Gas Drilling	0.3
Coal	0.3
Insurance Brokers	0.3
Chemicals — Specialty	0.3
Athletic Footwear	0.3
Semiconductor Equipment	0.3
Gas — Distribution	0.2
Hotels/Motels	0.2
Non-Hazardous Waste Disposal	0.2
Gold Mining	0.2
Retail — Regional Department Stores	0.2
Distribution/Wholesale	0.2
Auto/Truck Parts & Equipment — Original	0.2
Oil Refining & Marketing	0.2
Electronic Measurement Instruments	0.2
Metal Processors & Fabrication	0.2
Cellular Telecom	0.2
Data Processing/Management	0.2
Finance — Investment Banker/Broker	0.2
Steel — Producers	0.2
Internet Security	0.2
Engines — Internal Combustion	0.2
Agricultural Operations	0.2
Semiconductor Components — Integrated Circuits	0.2
Paper & Related Products	0.2
Medical Labs & Testing Services	0.2
Office Automation & Equipment	0.2
Advertising Agencies	0.2
Television	0.1
Food — Wholesale/Distribution	0.1
Medical — Generic Drugs	0.1
Auto — Heavy Duty Trucks	0.1
Food — Confectionery	0.1
Engineering/R&D Services	0.1
Metal — Aluminum	0.1
Electronic Forms	0.1
Broadcast Services/Program	0.1
Cruise Lines	0.1
Retail — Auto Parts	0.1
Tools — Hand Held	0.1
Internet Infrastructure Software	0.1
Toys	0.1
Vitamins & Nutrition Products	0.1
Retail — Bedding	0.1
Metal — Iron	0.1
Retail — Office Supplies	0.1
Retail — Consumer Electronics	0.1
Containers — Metal/Glass	0.1
Industrial Automated/Robotic	0.1
Beverages — Wine/Spirits	0.1
U.S. Government Treasuries	0.1
Casino Hotels	0.1
Commercial Services	0.1
Computer Aided Design	0.1
Food — Meat Products	0.1
Savings & Loans/Thrifts	0.1
Retail — Jewelry	0.1
Electronic Connectors	0.1
Disposable Medical Products	0.1
Computers — Integrated Systems	0.1
Airlines	0.1
Building — Residential/Commercial	0.1
Finance — Consumer Loans	0.1
Retail — Automobile	0.1
Dental Supplies & Equipment	0.1
Motorcycle/Motor Scooter	0.1
Electronics — Military	0.1
Medical Information Systems	0.1

225

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited) — (continued)

Industry Allocation* (continued)

Electric — Generation	0.1	%
Schools	0.1
Entertainment Software	0.1
Dialysis Centers	0.1
Telecommunication Equipment	0.1
Machinery — General Industrial	0.1
Coatings/Paint	0.1
Real Estate Management/Services	0.1
Containers — Paper/Plastic	0.1
Hazardous Waste Disposal	0.1
Brewery	0.1
Steel — Specialty	0.1
Diversified Operations	0.1
Machinery — Pumps	0.1
Energy — Alternate Sources	0.1
Filtration/Separation Products	0.1
Appliances	0.1
	104.4	%

* Calculated as a percentage of net assets

226

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 99.2%
Advertising Agencies — 0.2%
Interpublic Group of Cos., Inc.		140,500	$	1,676,165
Omnicom Group, Inc.		81,600		3,816,432
				5,492,597
Aerospace/Defense — 1.2%
Boeing Co.		211,400		16,495,542
General Dynamics Corp.		107,000		7,941,540
Lockheed Martin Corp.		82,400		6,418,960
Northrop Grumman Corp.#		83,700		5,464,773
Raytheon Co.		103,300		5,204,254
Rockwell Collins, Inc.		44,500		2,720,285
				44,245,354
Aerospace/Defense - Equipment — 0.7%
Goodrich Corp.		36,100		3,151,169
United Technologies Corp.		264,300		23,197,611
				26,348,780
Agricultural Chemicals — 0.4%
CF Industries Holdings, Inc.		20,500		3,152,490
Monsanto Co.		154,100		10,947,264
				14,099,754
Agricultural Operations — 0.2%
Archer - Daniels - Midland Co.		183,000		5,931,030
Airlines — 0.1%
Southwest Airlines Co.		227,200		2,687,776
Apparel Manufacturers — 0.3%
Coach, Inc.		84,900		5,404,734
Polo Ralph Lauren Corp.		18,800		2,383,276
VF Corp.#		24,900		2,481,783
				10,269,793
Appliances — 0.1%
Whirlpool Corp.#		21,800		1,826,840
Applications Software — 2.0%
Citrix Systems, Inc.†		53,900		4,722,718
Compuware Corp.†		62,800		639,932
Intuit, Inc.†		78,200		4,220,454
Microsoft Corp.		2,123,400		53,106,234
Red Hat, Inc.†		55,400		2,415,440
Salesforce.com, Inc.†#		34,000		5,176,840
				70,281,618
Athletic Footwear — 0.3%
NIKE, Inc., Class B#		109,900		9,281,055
Audio/Video Products — 0.0%
Harman International Industries, Inc.		20,000		959,400
Auto - Cars/Light Trucks — 0.5%
Ford Motor Co.†		1,086,300		16,207,596
Auto - Heavy Duty Trucks — 0.1%
PACCAR, Inc.		104,900		5,245,000
Auto/Truck Parts & Equipment - Original — 0.2%
Johnson Controls, Inc.		194,500		7,702,200
Banks - Commercial — 0.4%
BB&T Corp.		199,500		5,494,230
First Horizon National Corp.#		75,600		794,556
M&T Bank Corp.#		35,900		3,169,970
Marshall & Ilsley Corp.		152,200		1,217,600
Regions Financial Corp.		361,200		2,550,072
Zions Bancorporation#		52,600		1,253,458
				14,479,886

Security Description	Shares		Value (Note 2)
Banks - Fiduciary — 0.6%
Bank of New York Mellon Corp.		356,600	$	10,024,026
Northern Trust Corp.		69,500		3,390,905
State Street Corp.		144,200		6,600,034
				20,014,965
Banks - Super Regional — 2.5%
Capital One Financial Corp.		131,300		7,134,842
Comerica, Inc.		50,800		1,834,388
Fifth Third Bancorp		263,600		3,442,616
Huntington Bancshares, Inc.		247,900		1,636,140
KeyCorp		273,100		2,313,157
PNC Financial Services Group, Inc.		150,900		9,419,178
SunTrust Banks, Inc.		153,800		4,326,394
US Bancorp		551,900		14,128,640
Wells Fargo & Co.		1,512,800		42,918,136
				87,153,491
Beverages - Non - alcoholic — 2.3%
Coca - Cola Co.		658,900		44,021,109
Coca - Cola Enterprises, Inc.		94,800		2,738,772
Dr Pepper Snapple Group, Inc.		64,300		2,649,160
PepsiCo, Inc.		455,600		32,402,272
				81,811,313
Beverages - Wine/Spirits — 0.1%
Brown - Forman Corp., Class B		29,600		2,145,408
Constellation Brands, Inc., Class A†		50,500		1,108,980
				3,254,388
Brewery — 0.1%
Molson Coors Brewing Co., Class B		45,600		2,127,240
Broadcast Services/Program — 0.1%
Discovery Communications, Inc., Class A†#		80,900		3,524,004
Scripps Networks Interactive Inc., Class A		26,000		1,311,180
				4,835,184
Building Products - Wood — 0.0%
Masco Corp.#		102,800		1,464,900
Building - Residential/Commercial — 0.1%
D.R. Horton, Inc.		80,700		982,926
Lennar Corp., Class A#		46,100		874,978
Pulte Group, Inc.†#		96,500		814,460
				2,672,364
Cable/Satellite TV — 1.2%
Cablevision Systems Corp., Class A		66,800		2,372,736
Comcast Corp., Class A		797,300		20,123,852
DIRECTV, Class A†		227,900		11,454,254
Time Warner Cable, Inc.		98,600		7,613,892
				41,564,734
Casino Hotels — 0.1%
Wynn Resorts, Ltd.		21,800		3,194,136
Casino Services — 0.0%
International Game Technology		85,800		1,479,192
Cellular Telecom — 0.2%
MetroPCS Communications, Inc.†		75,800		1,356,820
Sprint Nextel Corp.†		858,700		5,023,395
				6,380,215
Chemicals - Diversified — 0.9%
Dow Chemical Co.		335,400		12,118,002
E.I. du Pont de Nemours & Co.		264,700		14,108,510
FMC Corp.		20,500		1,729,175
PPG Industries, Inc.		46,100		4,089,070
				32,044,757

227

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Chemicals - Specialty — 0.3%
Eastman Chemical Co.		20,300	$	2,148,755
Ecolab, Inc.		66,800		3,665,984
International Flavors & Fragrances, Inc.		23,000		1,473,380
Sigma - Aldrich Corp.		35,000		2,460,150
				9,748,269
Coal — 0.3%
Consol Energy, Inc.		65,000		3,332,550
Massey Energy Co.#		29,700		1,960,200
Peabody Energy Corp.		77,700		4,767,672
				10,060,422
Coatings/Paint — 0.1%
Sherwin - Williams Co.		25,600		2,248,704
Commercial Services — 0.1%
Iron Mountain, Inc.#		57,500		1,955,575
Quanta Services, Inc.†		61,900		1,222,525
				3,178,100
Commercial Services - Finance — 1.1%
Automatic Data Processing, Inc.		142,600		7,858,686
Equifax, Inc.#		35,200		1,330,208
H&R Block, Inc.#		87,700		1,420,740
Mastercard, Inc., Class A		27,800		7,979,990
Moody’s Corp.#		57,300		2,286,843
Paychex, Inc.#		92,400		2,984,520
Total System Services, Inc.#		46,700		868,620
Visa, Inc., Class A		139,200		11,283,552
Western Union Co.		185,700		3,817,992
				39,831,151
Computer Aided Design — 0.1%
Autodesk, Inc.†		65,700		2,823,786
Computer Services — 1.9%
Cognizant Technology Solutions Corp., Class A†		87,400		6,645,896
Computer Sciences Corp.		44,500		1,775,105
International Business Machines Corp.		350,200		59,159,286
				67,580,287
Computers — 3.5%
Apple, Inc.†		264,600		92,035,818
Dell, Inc.†		482,300		7,755,384
Hewlett - Packard Co.		624,500		23,343,810
				123,135,012
Computers - Integrated Systems — 0.1%
Teradata Corp.†		48,300		2,694,657
Computers - Memory Devices — 0.8%
EMC Corp.†		594,000		16,911,180
NetApp, Inc.†		105,600		5,783,712
SanDisk Corp.†		68,000		3,231,360
Western Digital Corp.†		66,500		2,437,225
				28,363,477
Computers - Periphery Equipment — 0.0%
Lexmark International, Inc., Class A†		22,600		673,028
Consulting Services — 0.0%
SAIC, Inc.†#		84,400		1,482,064
Consumer Products - Misc. — 0.4%
Clorox Co.#		39,500		2,783,960
Fortune Brands, Inc.		44,100		2,854,593
Kimberly - Clark Corp.		116,100		7,929,630
				13,568,183

Security Description	Shares		Value (Note 2)
Containers - Metal/Glass — 0.1%
Ball Corp.		48,600	$	1,920,186
Owens - Illinois, Inc.†		47,000		1,509,640
				3,429,826
Containers - Paper/Plastic — 0.1%
Bemis Co., Inc.#		30,700		1,016,784
Sealed Air Corp.		45,700		1,173,576
				2,190,360
Cosmetics & Toiletries — 2.1%
Avon Products, Inc.		123,400		3,666,214
Colgate - Palmolive Co.		141,800		12,411,754
Estee Lauder Cos., Inc., Class A		32,900		3,372,579
Procter & Gamble Co.		804,300		53,888,100
				73,338,647
Cruise Lines — 0.1%
Carnival Corp.		123,900		4,808,559
Data Processing/Management — 0.2%
Dun & Bradstreet Corp.		14,300		1,147,003
Fidelity National Information Services, Inc.		76,500		2,461,770
Fiserv, Inc.†		41,900		2,703,388
				6,312,161
Dental Supplies & Equipment — 0.1%
DENTSPLY International, Inc.		40,800		1,600,992
Patterson Cos., Inc.		27,500		951,088
				2,552,080
Dialysis Centers — 0.1%
DaVita, Inc.†		27,600		2,319,780
Disposable Medical Products — 0.1%
C.R. Bard, Inc.		24,400		2,727,432
Distribution/Wholesale — 0.2%
Fastenal Co.		84,600		2,807,028
Genuine Parts Co.		45,300		2,482,440
WW Grainger, Inc.		16,800		2,537,976
				7,827,444
Diversified Banking Institutions — 4.2%
Bank of America Corp.		2,906,500		34,151,375
Citigroup, Inc.		834,400		34,335,560
Goldman Sachs Group, Inc.		149,500		21,039,135
JPMorgan Chase & Co.		1,143,900		49,462,236
Morgan Stanley		443,900		10,724,624
				149,712,930
Diversified Manufacturing Operations — 3.9%
3M Co.		204,400		19,291,272
Danaher Corp.		155,200		8,463,056
Dover Corp.		53,600		3,603,528
Eaton Corp.		97,800		5,053,326
General Electric Co.		3,049,300		59,888,252
Honeywell International, Inc.		225,200		13,410,660
Illinois Tool Works, Inc.		143,100		8,202,492
Ingersoll - Rand PLC#		94,600		4,720,540
ITT Corp.		52,800		3,042,336
Leggett & Platt, Inc.		42,000		1,084,860
Parker Hannifin Corp.		46,500		4,131,525
Textron, Inc.#		79,300		1,814,384
Tyco International, Ltd.		136,000		6,711,600
				139,417,831
Diversified Operations — 0.1%
Leucadia National Corp.#		56,800		2,014,128

228

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
E - Commerce/Products — 0.6%
Amazon.com, Inc.†		102,300	$	20,121,387
E - Commerce/Services — 0.6%
eBay, Inc.†		328,100		10,226,877
Expedia, Inc.#		57,500		1,610,575
Netflix, Inc.†#		12,600		3,412,080
priceline.com, Inc.†		14,100		7,264,179
				22,513,711
Electric Products - Misc. — 0.4%
Emerson Electric Co.		216,600		11,815,530
Molex, Inc.#		39,700		1,086,589
				12,902,119
Electric - Generation — 0.1%
AES Corp.†		190,100		2,463,696
Electric - Integrated — 2.9%
Ameren Corp.		69,100		2,052,961
American Electric Power Co., Inc.		138,100		5,275,420
CMS Energy Corp.#		72,400		1,443,656
Consolidated Edison, Inc.#		83,800		4,446,428
Constellation Energy Group, Inc.		57,400		2,134,132
Dominion Resources, Inc.		166,800		7,959,696
DTE Energy Co.		48,700		2,513,894
Duke Energy Corp.		381,700		7,156,875
Edison International		93,600		3,684,096
Entergy Corp.		51,400		3,502,910
Exelon Corp.		190,100		7,955,685
FirstEnergy Corp.		120,100		5,358,862
Integrys Energy Group, Inc.#		22,400		1,172,416
NextEra Energy, Inc.		120,900		7,006,155
Northeast Utilities		50,700		1,786,668
Pepco Holdings, Inc.		64,600		1,290,062
PG&E Corp.		113,800		4,936,644
Pinnacle West Capital Corp.		31,200		1,412,112
PPL Corp.		162,100		4,569,599
Progress Energy, Inc.		84,300		4,014,366
Public Service Enterprise Group, Inc.		145,300		4,867,550
SCANA Corp.#		32,700		1,329,909
Southern Co.		242,800		9,731,424
TECO Energy, Inc.		61,700		1,184,640
Wisconsin Energy Corp.		67,100		2,098,217
Xcel Energy, Inc.		138,600		3,428,964
				102,313,341
Electronic Components - Misc. — 0.0%
Jabil Circuit, Inc.		56,300		1,214,954
Electronic Components - Semiconductors — 2.0%
Advanced Micro Devices, Inc.†#		165,300		1,434,804
Altera Corp.		91,900		4,419,471
Broadcom Corp., Class A†		136,600		4,914,868
Intel Corp.		1,576,000		35,475,760
LSI Corp.†		176,900		1,324,981
MEMC Electronic Materials, Inc.†		66,100		695,372
Microchip Technology, Inc.#		54,100		2,138,573
Micron Technology, Inc.†		246,300		2,512,260
National Semiconductor Corp.		69,200		1,697,476
NVIDIA Corp.†#		166,800		3,342,672
Texas Instruments, Inc.		336,600		11,881,980
Xilinx, Inc.#		75,000		2,676,000
				72,514,217
Electronic Connectors — 0.1%
Amphenol Corp., Class A		50,500		2,730,030

Security Description	Shares		Value (Note 2)
Electronic Forms — 0.1%
Adobe Systems, Inc.†		145,300	$	5,031,739
Electronic Measurement Instruments — 0.2%
Agilent Technologies, Inc.†		99,100		4,942,117
FLIR Systems, Inc.#		45,800		1,655,670
				6,597,787
Electronics - Military — 0.1%
L - 3 Communications Holdings, Inc.		30,500		2,490,325
Energy - Alternate Sources — 0.1%
First Solar, Inc.†#		15,500		1,925,875
Engineering/R&D Services — 0.1%
Fluor Corp.		50,700		3,494,751
Jacobs Engineering Group, Inc.†		36,300		1,671,978
				5,166,729
Engines - Internal Combustion — 0.2%
Cummins, Inc.		56,800		5,977,632
Enterprise Software/Service — 1.2%
BMC Software, Inc.†		51,300		2,864,079
CA, Inc.		109,900		2,571,660
Oracle Corp.		1,117,200		38,230,584
				43,666,323
Entertainment Software — 0.1%
Electronic Arts, Inc.†		96,000		2,343,360
Filtration/Separation Products — 0.1%
Pall Corp.		33,200		1,862,520
Finance - Consumer Loans — 0.1%
SLM Corp.		151,300		2,578,152
Finance - Credit Card — 0.5%
American Express Co.		300,400		15,500,640
Discover Financial Services		156,600		3,733,344
				19,233,984
Finance - Investment Banker/Broker — 0.2%
Charles Schwab Corp.		286,800		5,165,268
E*Trade Financial Corp.†#		72,300		1,143,063
				6,308,331
Finance - Other Services — 0.3%
CME Group, Inc.		19,200		5,486,592
IntercontinentalExchange, Inc.†		21,100		2,545,715
NASDAQ OMX Group, Inc.†		43,000		1,097,360
NYSE Euronext		75,000		2,730,750
				11,860,417
Food - Confectionery — 0.1%
Hershey Co.		44,400		2,474,412
J.M. Smucker Co.		34,200		2,711,376
				5,185,788
Food - Dairy Products — 0.0%
Dean Foods Co.†		52,600		730,088
Food - Meat Products — 0.1%
Hormel Foods Corp.#		39,800		1,167,334
Tyson Foods, Inc., Class A		85,600		1,628,112
				2,795,446
Food - Misc. — 1.2%
Campbell Soup Co.#		52,400		1,820,900
ConAgra Foods, Inc.		117,400		2,985,482
General Mills, Inc.		182,600		7,262,002

229

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Food - Misc. (continued)
H.J. Heinz Co.#		92,400	$	5,074,608
Kellogg Co.		72,300		4,120,377
Kraft Foods, Inc., Class A		502,200		17,561,934
McCormick & Co., Inc.#		38,200		1,917,258
Sara Lee Corp.		168,000		3,284,400
				44,026,961
Food - Retail — 0.3%
Kroger Co.		182,600		4,532,132
Safeway, Inc.#		105,700		2,610,790
SUPERVALU, Inc.#		60,900		624,834
Whole Foods Market, Inc.		42,400		2,593,184
				10,360,940
Food - Wholesale/Distribution — 0.1%
Sysco Corp.		167,300		5,388,733
Gas - Distribution — 0.2%
CenterPoint Energy, Inc.		122,000		2,358,260
Nicor, Inc.#		13,100		719,976
NiSource, Inc.#		80,200		1,628,060
Sempra Energy		69,100		3,812,247
				8,518,543
Gold Mining — 0.2%
Newmont Mining Corp.		141,700		8,015,969
Hazardous Waste Disposal — 0.1%
Stericycle, Inc.†#		24,500		2,182,705
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc.		83,500		1,487,135
Hotels/Motels — 0.2%
Marriott International, Inc., Class A		83,500		3,157,135
Starwood Hotels & Resorts Worldwide, Inc.		55,200		3,366,096
Wyndham Worldwide Corp.		49,800		1,733,538
				8,256,769
Human Resources — 0.0%
Monster Worldwide, Inc.†#		37,400		576,708
Robert Half International, Inc.#		42,000		1,157,940
				1,734,648
Independent Power Producers — 0.0%
NRG Energy, Inc.†#		71,100		1,760,436
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		40,900		3,399,199
Industrial Gases — 0.5%
Air Products & Chemicals, Inc.		61,700		5,867,053
Airgas, Inc.		20,400		1,409,232
Praxair, Inc.		87,100		9,218,664
				16,494,949
Instruments - Scientific — 0.3%
PerkinElmer, Inc.		32,600		902,694
Thermo Fisher Scientific, Inc.†		112,200		7,343,490
Waters Corp.†		26,200		2,582,272
				10,828,456
Insurance Brokers — 0.3%
AON Corp.		95,700		4,990,755
Marsh & McLennan Cos., Inc.		156,200		4,790,654
				9,781,409
Insurance - Life/Health — 0.7%
Aflac, Inc.		135,000		6,451,650

Security Description	Shares		Value (Note 2)
Insurance - Life/Health (continued)
Lincoln National Corp.		90,700	$	2,662,045
Principal Financial Group, Inc.		92,100		2,879,967
Prudential Financial, Inc.		139,600		8,903,688
Torchmark Corp.		22,400		1,485,120
Unum Group		88,900		2,338,959
				24,721,429
Insurance - Multi - line — 1.2%
ACE, Ltd.		96,400		6,634,248
Allstate Corp.		152,100		4,772,898
American International Group, Inc.†#(1)		125,000		3,562,500
Assurant, Inc.		28,700		1,061,613
Cincinnati Financial Corp.#		46,800		1,423,656
Genworth Financial, Inc., Class A†		140,700		1,563,177
Hartford Financial Services Group, Inc.		127,700		3,403,205
Loews Corp.		90,300		3,794,406
MetLife, Inc.		303,000		13,362,300
XL Group PLC		89,300		2,112,838
				41,690,841
Insurance - Property/Casualty — 0.5%
Chubb Corp.#		84,800		5,562,032
Progressive Corp.		189,500		4,102,675
Travelers Cos., Inc.		123,800		7,685,504
				17,350,211
Insurance - Reinsurance — 1.1%
Berkshire Hathaway, Inc., Class B†		497,100		39,305,697
Internet Infrastructure Software — 0.1%
Akamai Technologies, Inc.†		53,700		1,822,309
F5 Networks, Inc.†		23,200		2,635,056
				4,457,365
Internet Security — 0.2%
Symantec Corp.†		219,200		4,285,360
VeriSign, Inc.		49,800		1,743,996
				6,029,356
Investment Management/Advisor Services — 0.7%
Ameriprise Financial, Inc.		70,800		4,335,084
BlackRock, Inc.		27,500		5,652,900
Federated Investors, Inc., Class B#		26,600		681,758
Franklin Resources, Inc.		41,600		5,390,528
Invesco, Ltd.		132,200		3,261,374
Janus Capital Group, Inc.#		53,400		551,622
Legg Mason, Inc.		43,700		1,478,808
T. Rowe Price Group, Inc.#		74,400		4,709,520
				26,061,594
Linen Supply & Related Items — 0.0%
Cintas Corp.#		36,300		1,192,455
Machinery - Construction & Mining — 0.6%
Caterpillar, Inc.		183,500		19,414,300
Joy Global, Inc.		30,100		2,698,465
				22,112,765
Machinery - Farming — 0.3%
Deere & Co.		120,900		10,407,072
Machinery - General Industrial — 0.1%
Roper Industries, Inc.#		27,400		2,287,078
Machinery - Pumps — 0.1%
Flowserve Corp.		16,000		1,939,680
Medical Information Systems — 0.1%
Cerner Corp.†		20,600		2,474,060

230

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical Instruments — 0.8%
Boston Scientific Corp.†		437,500	$	3,141,250
Edwards Lifesciences Corp.†		33,000		2,928,090
Intuitive Surgical, Inc.†		11,200		3,908,800
Medtronic, Inc.		307,100		12,498,970
St. Jude Medical, Inc.		93,500		4,737,645
				27,214,755
Medical Labs & Testing Services — 0.2%
Laboratory Corp. of America Holdings†#		28,700		2,893,821
Quest Diagnostics, Inc.		44,700		2,611,374
				5,505,195
Medical Products — 2.6%
Baxter International, Inc.		166,400		9,904,128
Becton, Dickinson and Co.		63,500		5,559,425
CareFusion Corp.†		64,100		1,857,618
Covidien PLC		141,800		7,799,000
Hospira, Inc.†		47,900		2,648,391
Johnson & Johnson		785,500		52,856,295
Stryker Corp.		96,600		6,027,840
Varian Medical Systems, Inc.†		34,500		2,330,130
Zimmer Holdings, Inc.†		55,200		3,740,352
				92,723,179
Medical - Biomedical/Gene — 1.2%
Amgen, Inc.†		267,800		16,212,612
Biogen Idec, Inc.†		69,200		6,555,316
Celgene Corp.†		133,500		8,131,485
Gilead Sciences, Inc.†		228,400		9,533,416
Life Technologies Corp.†		51,700		2,686,849
				43,119,678
Medical - Drugs — 4.0%
Abbott Laboratories		444,400		23,219,900
Allergan, Inc.		87,800		7,263,694
Bristol - Myers Squibb Co.		488,900		14,060,764
Cephalon, Inc.†#		21,700		1,729,273
Eli Lilly & Co.		292,600		11,259,248
Forest Laboratories, Inc.†		82,200		2,960,844
Merck & Co., Inc.		885,400		32,538,450
Pfizer, Inc.		2,296,000		49,249,200
				142,281,373
Medical - Generic Drugs — 0.1%
Mylan, Inc.†		125,500		2,954,897
Watson Pharmaceuticals, Inc.†		36,100		2,323,035
				5,277,932
Medical - HMO — 1.1%
Aetna, Inc.		110,400		4,822,272
CIGNA Corp.		77,900		3,886,431
Coventry Health Care, Inc.†		43,000		1,512,740
Humana, Inc.†		48,400		3,897,652
UnitedHealth Group, Inc.		314,100		15,375,195
WellPoint, Inc.		107,800		8,426,726
				37,921,016
Medical - Hospitals — 0.0%
Tenet Healthcare Corp.†		139,500		890,010
Medical - Wholesale Drug Distribution — 0.4%
AmerisourceBergen Corp.		78,700		3,244,014
Cardinal Health, Inc.		100,400		4,560,168
McKesson Corp.		73,000		6,249,530
				14,053,712

Security Description	Shares		Value (Note 2)
Metal Processors & Fabrication — 0.2%
Precision Castparts Corp.		41,200	$	6,472,520
Metal - Aluminum — 0.1%
Alcoa, Inc.		305,200		5,130,412
Metal - Copper — 0.4%
Freeport - McMoRan Copper & Gold, Inc.		271,800		14,035,752
Metal - Iron — 0.1%
Cliffs Natural Resources, Inc.		38,900		3,528,230
Motorcycle/Motor Scooter — 0.1%
Harley - Davidson, Inc.		67,600		2,512,016
Multimedia — 1.6%
McGraw - Hill Cos., Inc.		88,100		3,741,607
News Corp., Class A		655,800		12,027,372
Time Warner, Inc.#		313,800		11,431,734
Viacom, Inc., Class B		171,400		8,640,274
Walt Disney Co.		545,400		22,705,002
				58,545,989
Networking Products — 0.9%
Cisco Systems, Inc.		1,587,500		26,670,000
Juniper Networks, Inc.†		153,600		5,623,296
				32,293,296
Non - Ferrous Metals — 0.0%
Titanium Metals Corp.#		25,900		485,107
Non - Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		88,200		2,780,064
Waste Management, Inc.#		136,500		5,307,120
				8,087,184
Office Automation & Equipment — 0.2%
Pitney Bowes, Inc.#		58,500		1,397,565
Xerox Corp.		401,900		4,103,399
				5,500,964
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		30,700		1,299,838
Oil & Gas Drilling — 0.3%
Diamond Offshore Drilling, Inc.#		20,000		1,473,400
Helmerich & Payne, Inc.		30,500		1,911,740
Nabors Industries, Ltd.†		82,200		2,292,558
Noble Corp.#		72,400		3,031,388
Rowan Cos., Inc.†		36,300		1,439,295
				10,148,381
Oil Companies - Exploration & Production — 2.8%
Anadarko Petroleum Corp.		142,500		11,331,600
Apache Corp.		109,900		13,693,540
Cabot Oil & Gas Corp.#		29,900		1,756,625
Chesapeake Energy Corp.		188,900		5,920,126
Denbury Resources, Inc.†		115,200		2,529,792
Devon Energy Corp.		122,600		10,306,982
EOG Resources, Inc.		76,900		8,392,866
EQT Corp.		42,800		2,318,904
Newfield Exploration Co.†		38,600		2,879,174
Noble Energy, Inc.		50,500		4,706,600
Occidental Petroleum Corp.		233,400		25,172,190
Pioneer Natural Resources Co.#		33,400		3,066,788
QEP Resources, Inc.		50,600		2,201,100
Range Resources Corp.		46,100		2,577,912
Southwestern Energy Co.†		99,900		4,372,623
				101,226,822

231

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Oil Companies - Integrated — 6.5%
Chevron Corp.		576,500	$	60,480,615
ConocoPhillips		410,600		30,064,132
Exxon Mobil Corp.		1,424,000		118,861,280
Hess Corp.		86,300		6,820,289
Marathon Oil Corp.		204,000		11,050,680
Murphy Oil Corp.		55,400		3,816,506
				231,093,502
Oil Field Machinery & Equipment — 0.4%
Cameron International Corp.†		70,300		3,350,498
FMC Technologies, Inc.†		69,000		3,079,470
National Oilwell Varco, Inc.		120,900		8,774,922
				15,204,890
Oil Refining & Marketing — 0.2%
Sunoco, Inc.		34,600		1,400,954
Tesoro Corp.†#		41,100		1,002,840
Valero Energy Corp.		163,400		4,493,500
				6,897,294
Oil - Field Services — 1.6%
Baker Hughes, Inc.		124,700		9,219,071
Halliburton Co.		262,300		13,154,345
Schlumberger, Ltd.		390,800		33,499,376
				55,872,792
Paper & Related Products — 0.2%
International Paper Co.		126,300		3,943,086
MeadWestvaco Corp.		48,400		1,646,568
				5,589,654
Pharmacy Services — 0.4%
Express Scripts, Inc.†#		151,700		9,035,252
Medco Health Solutions, Inc.†		116,100		6,949,746
				15,984,998
Pipelines — 0.5%
El Paso Corp.		219,800		4,626,790
Oneok, Inc.#		30,700		2,182,463
Spectra Energy Corp.		186,300		5,140,017
Williams Cos., Inc.		168,300		5,282,937
				17,232,207
Printing - Commercial — 0.0%
R.R. Donnelley & Sons Co.#		59,300		1,265,462
Publishing - Newspapers — 0.0%
Gannett Co., Inc.#		68,800		981,088
Washington Post Co., Class B#		1,500		615,885
				1,596,973
Quarrying — 0.0%
Vulcan Materials Co.#		37,100		1,502,179
Real Estate Investment Trusts — 1.6%
Apartment Investment & Management Co., Class A		33,900		906,147
AvalonBay Communities, Inc.#		24,700		3,286,829
Boston Properties, Inc.		41,000		4,442,350
Equity Residential		84,400		5,218,452
HCP, Inc.		115,200		4,370,688
Health Care REIT, Inc.		50,600		2,691,414
Host Hotels & Resorts, Inc.		195,400		3,435,132
Kimco Realty Corp.		116,700		2,276,817
Plum Creek Timber Co., Inc.#		46,500		1,884,180
ProLogis#		163,800		2,712,528
Public Storage		40,100		4,745,434
Simon Property Group, Inc.		85,300		10,070,518

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Ventas, Inc.		46,800	$	2,639,520
Vornado Realty Trust		46,900		4,614,022
Weyerhaeuser Co.		154,300		3,323,622
				56,617,653
Real Estate Management/Services — 0.1%
CB Richard Ellis Group, Inc., Class A†		83,600		2,209,548
Retail - Apparel/Shoe — 0.3%
Abercrombie & Fitch Co., Class A		25,100		1,901,827
Gap, Inc.		118,800		2,304,720
Limited Brands, Inc.		76,000		3,036,960
Ross Stores, Inc.		34,200		2,803,032
Urban Outfitters, Inc.†#		36,700		1,117,882
				11,164,421
Retail - Auto Parts — 0.1%
AutoZone, Inc.†		7,700		2,263,800
O’Reilly Automotive, Inc.†#		40,500		2,434,455
				4,698,255
Retail - Automobile — 0.1%
AutoNation, Inc.†#		18,400		645,840
CarMax, Inc.†#		64,800		1,921,968
				2,567,808
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.†		73,200		3,944,748
Retail - Building Products — 0.7%
Home Depot, Inc.		470,600		17,073,368
Lowe’s Cos., Inc.		396,300		9,566,682
				26,640,050
Retail - Computer Equipment — 0.0%
GameStop Corp., Class A†#		40,400		1,130,392
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.#		94,000		2,985,440
RadioShack Corp.#		30,400		479,104
				3,464,544
Retail - Discount — 1.5%
Big Lots, Inc.†		21,700		724,997
Costco Wholesale Corp.		125,400		10,342,992
Family Dollar Stores, Inc.		36,300		2,023,362
Target Corp.		203,300		10,069,449
Wal - Mart Stores, Inc.		562,600		31,066,772
				54,227,572
Retail - Drug Store — 0.8%
CVS Caremark Corp.		392,900		15,201,301
Walgreen Co.		264,900		11,557,587
				26,758,888
Retail - Jewelry — 0.1%
Tiffany & Co.		36,300		2,746,458
Retail - Major Department Stores — 0.3%
J.C. Penney Co., Inc.		68,000		2,409,240
Nordstrom, Inc.#		48,200		2,257,206
Sears Holdings Corp.†#		12,500		887,500
TJX Cos., Inc.		113,700		6,028,374
				11,582,320
Retail - Office Supplies — 0.1%
Staples, Inc.		206,600		3,475,012

232

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail - Regional Department Stores — 0.2%
Kohl’s Corp.		84,000	$	4,472,160
Macy’s, Inc.		121,600		3,511,808
				7,983,968
Retail - Restaurants — 1.2%
Chipotle Mexican Grill, Inc.†		8,900		2,572,723
Darden Restaurants, Inc.		39,700		2,010,805
McDonald’s Corp.		299,600		24,429,384
Starbucks Corp.		214,200		7,880,418
Yum! Brands, Inc.		134,200		7,423,944
				44,317,274
Rubber - Tires — 0.0%
Goodyear Tire & Rubber Co.†		69,800		1,237,554
Savings & Loans/Thrifts — 0.1%
Hudson City Bancorp, Inc.		151,300		1,381,369
People’s United Financial, Inc.#		104,000		1,388,400
				2,769,769
Schools — 0.1%
Apollo Group, Inc., Class A†		35,400		1,455,294
DeVry, Inc.		17,700		953,145
				2,408,439
Semiconductor Components - Integrated Circuits — 0.2%
Analog Devices, Inc.		86,000		3,540,620
Linear Technology Corp.#		65,100		2,251,809
				5,792,429
Semiconductor Equipment — 0.3%
Applied Materials, Inc.		378,900		5,221,242
KLA - Tencor Corp.		48,000		2,068,800
Novellus Systems, Inc.†		25,900		939,393
Teradyne, Inc.†#		53,200		851,732
				9,081,167
Steel - Producers — 0.2%
AK Steel Holding Corp.		31,700		485,010
Nucor Corp.#		90,700		3,840,238
United States Steel Corp.#		41,300		1,904,343
				6,229,591
Steel - Specialty — 0.1%
Allegheny Technologies, Inc.#		30,400		2,036,800
Telecom Equipment - Fiber Optics — 0.3%
Corning, Inc.		449,600		9,059,440
JDS Uniphase Corp.†		64,400		1,300,236
				10,359,676
Telecommunication Equipment — 0.1%
Harris Corp.#		36,700		1,814,448
Tellabs, Inc.		104,100		475,737
				2,290,185
Telephone - Integrated — 2.7%
AT&T, Inc.		1,697,600		53,576,256
CenturyLink, Inc.		171,000		7,385,490
Frontier Communications Corp.#		285,400		2,525,790
Verizon Communications, Inc.		812,100		29,990,853
Windstream Corp.		144,800		1,947,560
				95,425,949
Television — 0.1%
CBS Corp., Class B		193,100		5,397,145

Security Description	Shares/ Principal Amount		Value (Note 2)
Tobacco — 1.8%
Altria Group, Inc.		600,800	$	16,858,448
Lorillard, Inc.		41,800		4,818,704
Philip Morris International, Inc.		516,100		37,030,175
Reynolds American, Inc.#		97,100		3,862,638
				62,569,965
Tools - Hand Held — 0.1%
Snap - On, Inc.		16,700		1,007,344
Stanley Black & Decker, Inc.		48,000		3,546,240
				4,553,584
Toys — 0.1%
Hasbro, Inc.#		39,400		1,802,156
Mattel, Inc.		100,100		2,642,140
				4,444,296
Transport - Rail — 0.9%
CSX Corp.		106,400		8,437,520
Norfolk Southern Corp.		102,300		7,499,613
Union Pacific Corp.		141,000		14,800,770
				30,737,903
Transport - Services — 1.0%
C.H. Robinson Worldwide, Inc.#		47,700		3,826,494
Expeditors International of Washington, Inc.		60,900		3,216,738
FedEx Corp.		90,500		8,474,420
Ryder System, Inc.		14,700		808,500
United Parcel Service, Inc., Class B		283,500		20,834,415
				37,160,567
Vitamins & Nutrition Products — 0.1%
Mead Johnson Nutrition Co.		58,800		3,986,052
Web Portals/ISP — 1.2%
Google, Inc., Class A†		72,000		38,089,440
Yahoo!, Inc.†		376,000		6,222,800
				44,312,240
Wireless Equipment — 1.1%
American Tower Corp., Class A†		114,200		6,335,816
Motorola Mobility Holdings, Inc.†		84,500		2,124,330
Motorola Solutions, Inc.†		96,700		4,629,029
QUALCOMM, Inc.		472,000		27,654,480
				40,743,655
Total Common Stock
(cost $2,647,879,392)				3,523,447,471
WARRANTS — 0.0%
Insurance - Property/Casualty — 0.0%
American International Group, Inc.†(1) (cost $17)		1		9
Total Long-Term Investment Securities
(cost $2,647,879,409)				3,523,447,480
SHORT-TERM INVESTMENT SECURITIES — 4.7%
Collective Investment Pool — 4.6%
Securities Lending Quality Trust(2)(3)		164,135,066		163,768,441
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.08% due 06/16/11(4)	$	3,200,000		3,199,900
Total Short-Term Investment Securities
(cost $167,334,966)				166,968,341

233

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENT — 0.5%
State Street Bank & Trust Co. Joint Repurchase Agreement(5) (cost $18,043,000)	$	18,043,000		$	18,043,000
TOTAL INVESTMENTS
(cost $2,833,257,375)(6)		104.4	%		3,708,458,821
Liabilities in excess of other assets		(4.4	)		(156,851,425	)
NET ASSETS —		100.0	%	$	3,551,607,396

# The security or a portion thereof is out on loan (see Note 2)

† Non-income producing security

(1) Security represents an investment in an affiliated company (see Note 3).

(2) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(3) At May 31, 2011, the Fund had loaned securities with a total value of $166,649,548. This was secured by collateral of $164,135,066, which was received in cash and subsequently invested in short-term investments currently valued at $163,768,441 as reported in the portfolio of investments. The remaining collateral with a value of $4,880,367 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the short-term pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range
Federal Home Loan Bank	0.31% to 0.80%	11/28/11 to 12/01/11
Federal Home Loan Mtg. Corp.	0.29%	01/10/13
United States Treasury Bills	zero coupon	06/23/11
United States Treasury Notes/Bonds	0.75% to 4.25%	10/31/11 to 02/15/20

(4) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(5) See Note 2 for details of Joint Repurchase Agreements.

(6) See Note 5 for cost of investments on a tax basis.

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of May 31, 2011		Unrealized Appreciation (Depreciation)
	443	Long	S&P 500 E Mini Index		June 2011	$	29,476,219	$	29,767,385	$	291,166

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Oil Companies - Integrated	$	231,093,502	$	—	$	—	$	231,093,502
Other Industries*		3,292,353,969		—		—		3,292,353,969
Warrants		9		—		—		9
Short-Term Investment Securities:
Collective Investment Pool		—		163,768,441		—		163,768,441
U.S. Government Treasuries		—		3,199,900		—		3,199,900
Repurchase Agreement		—		18,043,000		—		18,043,000
Other Financial Instruments:+
Open Futures Contracts - Appreciation		291,166		—		—		291,166
Total	$	3,523,738,646	$	185,011,341	$	—	$	3,708,749,987

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

See Notes to Financial Statements

234

VALIC Company I Value Fund

PORTFOLIO PROFILE — May 31, 2011 (Unaudited)

Industry Allocation*

Diversified Manufacturing Operations	8.5	%
Oil Companies — Integrated	7.0
Diversified Banking Institutions	6.9
Banks — Super Regional	6.5
Oil Companies — Exploration & Production	4.8
Medical — Drugs	4.7
Medical Products	4.0
Electric — Integrated	3.2
Telephone — Integrated	3.0
Electronic Components — Semiconductors	2.8
Investment Management/Advisor Services	2.7
Chemicals — Diversified	2.4
Insurance — Multi-line	2.1
Food — Misc.	2.0
Cable/Satellite TV	2.0
Agricultural Chemicals	1.9
Semiconductor Components — Integrated Circuits	1.9
Tools — Hand Held	1.8
Insurance Brokers	1.6
Steel — Producers	1.6
Medical — HMO	1.4
Repurchase Agreements	1.4
Oil — Field Services	1.3
Tobacco	1.3
Medical — Hospitals	1.3
Insurance — Property/Casualty	1.3
Insurance — Life/Health	1.2
Medical — Generic Drugs	1.2
Applications Software	1.2
Retail — Building Products	1.2
Retail — Drug Store	1.1
Retail — Regional Department Stores	1.1
Beverages — Non-alcoholic	1.1
Aerospace/Defense	1.1
Medical — Biomedical/Gene	1.0
Brewery	1.0
Toys	1.0
Auto — Heavy Duty Trucks	0.9
Computers	0.9
Networking Products	0.8
Insurance — Reinsurance	0.8
Retail — Major Department Stores	0.7
Non — Hazardous Waste Disposal	0.7
Containers — Metal/Glass	0.6
Rubber — Tires	0.6
Food — Wholesale/Distribution	0.6
Retail — Office Supplies	0.5
Television	0.5
Auto — Cars/Light Trucks	0.4
Wireless Equipment	0.4
	100.0	%

* Calculated as a percentage of net assets

235

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011

Security Description	Shares		Value (Note 2)
COMMON STOCK — 98.6%
Aerospace/Defense — 1.1%
Boeing Co.		21,057	$	1,643,078
Agricultural Chemicals — 1.9%
CF Industries Holdings, Inc.		8,519		1,310,052
Mosaic Co.		22,694		1,607,870
				2,917,922
Applications Software — 1.2%
Microsoft Corp.		74,804		1,870,848
Auto - Cars/Light Trucks — 0.4%
General Motors Co.†		18,644		593,066
Auto - Heavy Duty Trucks — 0.9%
PACCAR, Inc.		28,520		1,426,000
Banks - Super Regional — 6.5%
PNC Financial Services Group, Inc.		48,768		3,044,098
US Bancorp		83,283		2,132,045
Wells Fargo & Co.		164,211		4,658,666
				9,834,809
Beverages - Non-alcoholic — 1.1%
PepsiCo, Inc.		23,582		1,677,152
Brewery — 1.0%
Molson Coors Brewing Co., Class B		32,134		1,499,051
Cable/Satellite TV — 2.0%
Comcast Corp., Class A		118,239		2,984,352
Chemicals - Diversified — 2.4%
Dow Chemical Co.		57,643		2,082,641
E.I. du Pont de Nemours & Co.		29,012		1,546,340
				3,628,981
Computers — 0.9%
Hewlett - Packard Co.		35,154		1,314,057
Containers - Metal/Glass — 0.6%
Rexam PLC ADR		27,308		909,356
Diversified Banking Institutions — 6.9%
Bank of America Corp.		184,762		2,170,953
Credit Suisse Group AG ADR		34,019		1,466,899
Goldman Sachs Group, Inc.		14,557		2,048,607
JPMorgan Chase & Co.		110,787		4,790,430
				10,476,889
Diversified Manufacturing Operations — 8.5%
3M Co.		15,040		1,419,475
General Electric Co.		172,869		3,395,147
Illinois Tool Works, Inc.		32,597		1,868,460
Ingersoll - Rand PLC		54,734		2,731,227
Textron, Inc.		55,725		1,274,988
Tyco International, Ltd.		46,690		2,304,152
				12,993,449
Electric - Integrated — 3.2%
Edison International		31,454		1,238,030
Entergy Corp.		18,895		1,287,694
NextEra Energy, Inc.		9,620		557,479
Northeast Utilities		38,074		1,341,728
PPL Corp.		17,600		496,144
				4,921,075
Electronic Components - Semiconductors — 2.8%
Intel Corp.		97,262		2,189,367
Xilinx, Inc.		60,001		2,140,836
				4,330,203

Security Description	Shares		Value (Note 2)
Food - Misc. — 2.0%
General Mills, Inc.		30,316	$	1,205,667
Kraft Foods, Inc., Class A		51,345		1,795,535
				3,001,202
Food - Wholesale/Distribution — 0.6%
Sysco Corp.		27,085		872,408
Insurance Brokers — 1.6%
Marsh & McLennan Cos., Inc.		81,545		2,500,985
Insurance - Life/Health — 1.2%
Principal Financial Group, Inc.		60,719		1,898,683
Insurance - Multi-line — 2.1%
ACE, Ltd.		46,854		3,224,492
Insurance - Property/Casualty — 1.3%
Chubb Corp.		29,108		1,909,194
Insurance - Reinsurance — 0.8%
Swiss Re Ltd.†		12,352		734,979
Swiss Reinsurance Co., Ltd.†(1)		7,796		465,386
				1,200,365
Investment Management/Advisor Services — 2.7%
Ameriprise Financial, Inc.		28,581		1,750,015
BlackRock, Inc.		11,658		2,396,418
				4,146,433
Medical Products — 4.0%
Baxter International, Inc.		25,230		1,501,690
Covidien PLC		35,962		1,977,910
Johnson & Johnson		23,473		1,579,498
Zimmer Holdings, Inc.†		15,583		1,055,904
				6,115,002
Medical - Biomedical/Gene — 1.0%
Amgen, Inc.†		26,256		1,589,538
Medical - Drugs — 4.7%
Abbott Laboratories		24,000		1,254,000
Merck & Co., Inc.		52,528		1,930,404
Pfizer, Inc.		182,934		3,923,934
				7,108,338
Medical - Generic Drugs — 1.2%
Teva Pharmaceutical Industries, Ltd. ADR		36,957		1,881,111
Medical - HMO — 1.4%
UnitedHealth Group, Inc.		43,135		2,111,458
Medical - Hospitals — 1.3%
HCA Holdings, Inc.†		55,200		1,925,928
Networking Products — 0.8%
Cisco Systems, Inc.		76,199		1,280,143
Non - Hazardous Waste Disposal — 0.7%
Republic Services, Inc.		34,400		1,084,288
Oil Companies - Exploration & Production — 4.8%
Apache Corp.		13,143		1,637,618
EOG Resources, Inc.		9,440		1,030,282
Occidental Petroleum Corp.		32,670		3,523,459
Southwestern Energy Co.†		27,189		1,190,062
				7,381,421
Oil Companies - Integrated — 7.0%
Chevron Corp.		46,626		4,891,534
Exxon Mobil Corp.		26,097		2,178,317
Marathon Oil Corp.		38,607		2,091,341

236

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2011 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Oil Companies - Integrated (continued)
Royal Dutch Shell PLC ADR		20,200	$	1,460,864
				10,622,056
Oil - Field Services — 1.3%
Baker Hughes, Inc.		27,570		2,038,250
Retail - Building Products — 1.2%
Home Depot, Inc.		48,594		1,762,990
Retail - Drug Store — 1.1%
CVS Caremark Corp.		45,094		1,744,687
Retail - Major Department Stores — 0.7%
Nordstrom, Inc.		23,575		1,104,017
Retail - Office Supplies — 0.5%
Staples, Inc.		47,539		799,606
Retail - Regional Department Stores — 1.1%
Kohl’s Corp.		32,233		1,716,085
Rubber - Tires — 0.6%
Goodyear Tire & Rubber Co.†		50,000		886,500
Semiconductor Components - Integrated Circuits — 1.9%
Analog Devices, Inc.		39,169		1,612,588
Maxim Integrated Products, Inc.		44,763		1,219,792
				2,832,380
Steel - Producers — 1.6%
Nucor Corp.		17,820		754,499
Steel Dynamics, Inc.		96,981		1,658,375
				2,412,874
Telephone - Integrated — 3.0%
AT&T, Inc.		145,088		4,578,977
Television — 0.5%
CBS Corp., Class B		27,625		772,119

Security Description	Shares/ Principal Amount			Value (Note 2)
Tobacco — 1.3%
Philip Morris International, Inc.		27,682		$	1,986,184
Tools - Hand Held — 1.8%
Stanley Black & Decker, Inc.		37,688			2,784,389
Toys — 1.0%
Mattel, Inc.		56,584			1,493,535
Wireless Equipment — 0.4%
Nokia Oyj ADR		79,696			559,466
Total Long - Term Investment Securities
(cost $140,484,178)					150,345,392
REPURCHASE AGREEMENT — 1.4%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 05/31/11, to be repurchased 06/01/11 in the amount of $2,061,001 and collateralized by $2,105,000 of United States Treasury Notes, bearing interest at 0.01%, due 06/06/11 and having an approximate value of $2,104,971 (cost $2,061,000)	$	2,061,000		$	2,061,000
TOTAL INVESTMENTS
(cost $142,545,178)(2)		100.0	%		152,406,392
Other assets less liabilities		0.0			50,238
NET ASSETS		100.0	%	$	152,456,630

† Non-income producing security

(1) Security was valued using fair value procedures at May 31, 2011. The aggregate value of these securities was $465,386 representing 0.3% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) See Note 5 for cost of investments on a tax basis.

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Banks - Super Regional	$	9,834,809	$	—	$	—	$	9,834,809
Diversified Banking Institutions		10,476,889		—		—		10,476,889
Diversified Manufacturing Operations		12,993,449		—		—		12,993,449
Oil Companies - Integrated		10,622,056		—		—		10,622,056
Other Industries*		105,952,803		465,386		—		106,418,189
Repurchase Agreement		—		2,061,000		—		2,061,000
Total	$	149,880,006	$	2,526,386	$	—	$	152,406,392

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.

See Notes to Financial Statements

237

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2011

	ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			BROAD CAP VALUE FUND			CAPITAL CONSERVATION FUND			CORE EQUITY FUND			DIVIDEND VALUE FUND			FOREIGN VALUE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	145,072,242		$	474,683,813		$	28,897,668		$	147,431,332		$	283,609,863		$	189,710,661		$	1,132,271,246
Investment securities, at value (affiliated)*†		–			–			–			–			–			–			–
Repurchase agreements (cost approximates value)		–			–			–			–			–			855,000			–
Total Investments		145,072,242			474,683,813			28,897,668			147,431,332			283,609,863			190,565,661			1,132,271,246
Cash		335,837			–			701			405,927			–			1,173			–
Foreign cash*		–			–			–			–			–			–			16,659
Receivable for:
Fund shares sold		71,101			412,913			5,223			45,493			14,154			160,646			360,200
Dividends and interest		631,711			453,466			66,983			930,638			506,613			627,043			7,224,143
Investments sold		602,292			2,093,075			278,789			1,335,696			5,125,958			206,846			7,445,306
Securities lending income		–			3,455			–			747			3,923			–			500,294
Prepaid expenses and other assets		21,447			9,215			4,113			9,376			14,314			6,051			10,584
Due from investment adviser for expense reimbursements/fee waivers		–			14,891			3,463			–			40,395			–			–
Variation margin on futures contracts		21,700			–			–			–			–			–			–
Unrealized appreciation on forward foreign currency contracts		–			–			–			–			–			–			–
TOTAL ASSETS		146,756,330			477,670,828			29,256,940			150,159,209			289,315,220			191,567,420			1,147,828,432
LIABILITIES:
Payable for:
Fund shares reacquired		93,079			42,887			9,746			153,564			87,111			19,726			108,424
Investments purchased		1,448,107			2,346,285			153,688			2,424,704			5,082,588			–			2,870,940
Accrued foreign tax on capital gains		–			–			–			–			–			–			–
Investment advisory and management fees		61,464			275,619			17,047			60,311			170,659			118,414			593,332
Administrative service fee		8,607			26,099			1,705			8,443			14,939			11,052			62,640
Transfer agent fees and expenses		221			448			156			204			317			221			250
Directors’ fees and expenses		3,688			5,420			2,269			2,773			13,642			4,642			12,869
Other accrued expenses		92,187			102,765			49,288			66,495			79,565			94,028			319,778
Line of credit		–			–			–			–			–			–			–
Collateral upon return of securities loaned		–			30,779,315			–			4,790,483			31,890,023			–			72,190,167
Due to custodian		–			–			–			–			14,597			–			4,093,120
Call and put options written, at value@		–			–			–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–			–			–			–
TOTAL LIABILITIES		1,707,353			33,578,838			233,899			7,506,977			37,353,441			248,083			80,251,520
NET ASSETS	$	145,048,977		$	444,091,990		$	29,023,041		$	142,652,232		$	251,961,779		$	191,319,337		$	1,067,576,912
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	131,290		$	397,068		$	27,081		$	145,994		$	187,427		$	205,594		$	1,048,828
Additional paid-in capital		134,788,512			359,509,129			27,947,602			137,213,331			323,584,527			195,567,081			1,045,020,981
Accumulated undistributed net investment income (loss)		3,413,867			42,552			137,190			4,918,501			2,484,503			3,921,915			24,838,257
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(4,689,020	)		(36,777,332	)		(2,912,300	)		(3,661,364	)		(109,784,098	)		(38,952,163	)		(102,724,572	)
Unrealized appreciation (depreciation) on investments		11,298,168			120,918,427			3,823,468			4,035,770			35,489,420			30,577,000			99,230,521
Unrealized appreciation (depreciation) on futures contracts and written options contracts		106,160			–			–			–			–			–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		–			2,146			–			–			–			(90	)		162,897
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
NET ASSETS	$	145,048,977		$	444,091,990		$	29,023,041		$	142,652,232		$	251,961,779		$	191,319,337		$	1,067,576,912
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		13,128,979			39,706,819			2,708,141			14,599,405			18,742,739			20,559,408			104,882,790
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	11.05		$	11.18		$	10.72		$	9.77		$	13.44		$	9.31		$	10.18
*   Cost
Investment securities (unaffiliated)	$	133,774,074		$	353,765,386		$	25,074,200		$	143,395,562		$	248,120,443		$	159,133,661		$	1,033,040,725
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–		$	–		$	–
Foreign cash	$	–		$	–		$	–		$	–		$	–		$	–		$	16,492
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–		$	–		$	–
†  Including securities on loan	$	–		$	30,309,407		$	–		$	7,426,152		$	31,427,274		$	–		$	72,440,618

See Notes to Financial Statements

238

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2011 — (continued)

	GLOBAL EQUITY FUND			GLOBAL REAL ESTATE FUND			GLOBAL SOCIAL AWARENESS FUND			GLOBAL STRATEGY FUND			GOVERNMENT SECURITIES FUND			GROWTH FUND			GROWTH & INCOME FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	276,597,351		$	313,418,733		$	298,813,723		$	564,062,110		$	114,383,587		$	882,412,172		$	94,173,515
Investment securities, at value (affiliated)*†		–			–			–			–			–			–			–
Repurchase agreements (cost approximates value)		–			–			–			–			19,980,000			–			2,145,000
Total Investments		276,597,351			313,418,733			298,813,723			564,062,110			134,363,587			882,412,172			96,318,515
Cash		686			232			122			102,583			614			1,607			611
Foreign cash*		1,595,382			267,130			1,278,286			512,170			–			262,738			–
Receivable for:
Fund shares sold		27,369			134,168			90,018			167,281			106,865			195,072			12,120
Dividends and interest		815,677			617,317			1,147,560			4,878,875			633,564			1,516,151			156,099
Investments sold		1,658,318			872,910			–			788,942			853			13,305,453			2,142,147
Securities lending income		28,156			–			750			77,038			504			23,469			591
Prepaid expenses and other assets		5,857			6,788			30,310			7,991			8,375			22,399			7,601
Due from investment adviser for expense reimbursements/fee waivers		–			–			–			–			1,916			48,697			22,137
Variation margin on futures contracts		–			–			113,400						–			–			–
Unrealized appreciation on forward foreign currency contracts		117,535			–			–			4,048,938			–			–			–
TOTAL ASSETS		280,846,331			315,317,278			301,474,169			574,645,928			135,116,278			897,787,758			98,659,821
LIABILITIES:
Payable for:
Fund shares reacquired		57,563			30,480			48,279			71,974			82,483			272,066			13,619
Investments purchased		1,452,420			1,176,611			–			400			20,398,750			14,793,287			2,557,740
Accrued foreign tax on capital gains		50,196			–			–			–			–			–			–
Investment advisory and management fees		175,542			192,959			123,431			228,221			46,797			477,637			57,918
Administrative service fee		15,191			18,234			17,280			32,145			6,552			47,240			5,406
Transfer agent fees and expenses		227			64			396			111			479			187			221
Directors’ fees and expenses		3,954			2,929			8,117			6,622			3,331			14,026			2,963
Other accrued expenses		99,332			114,965			118,802			182,436			61,474			177,697			64,703
Line of credit		–			–			–			–			–			–			–
Collateral upon return of securities loaned		21,183,126			–			8,923,707			24,602,250			3,398,004			81,962,917			4,842,955
Due to custodian		–			–			–			–			–			–			–
Call and put options written, at value@		–			–			–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		248,537			–						3,021,785			–			20,215			–
TOTAL LIABILITIES		23,286,088			1,536,242			9,240,012			28,145,944			23,997,870			97,765,272			7,545,525
NET ASSETS	$	257,560,243		$	313,781,036		$	292,234,157		$	546,499,984		$	111,118,408		$	800,022,486		$	91,114,296
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	301,871		$	348,691		$	185,061		$	448,181		$	103,889		$	674,857		$	71,185
Additional paid-in capital		329,381,085			246,182,494			418,446,220			496,944,869			106,584,768			794,196,186			110,210,920
Accumulated undistributed net investment income (loss)		2,727,191			(2,172,445	)		5,209,991			22,310,410			2,650,281			4,835,942			644,033
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(98,989,608	)		15,180,470			(151,965,722	)		(26,064,480	)		(2,089,214	)		(141,145,884	)		(27,895,986	)
Unrealized appreciation (depreciation) on investments		24,281,436			54,235,393			19,807,115			51,722,295			3,868,684			141,466,914			8,084,144
Unrealized appreciation (depreciation) on futures contracts and written options contracts		–			–			507,969			–			–			–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		(91,536	)		6,433			43,523			1,138,709			–			(5,529	)		–
Accrued capital gains tax on unrealized appreciation (depreciation)		(50,196	)		–			–			–			–			–			–
NET ASSETS	$	257,560,243		$	313,781,036		$	292,234,157		$	546,499,984		$	111,118,408		$	800,022,486		$	91,114,296
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		30,187,073			34,869,055			18,506,130			44,818,058			10,388,895			67,485,659			7,118,539
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	8.53		$	9.00		$	15.79		$	12.19		$	10.70		$	11.85		$	12.80
*   Cost
Investment securities (unaffiliated)	$	252,315,915		$	259,183,340		$	279,006,608		$	512,339,815		$	110,514,903		$	740,945,258		$	86,089,371
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–		$	–		$	–
Foreign cash	$	1,576,296		$	263,374		$	1,260,094		$	513,505		$	–		$	258,075		$	–
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–		$	–		$	–
†  Including securities on loan	$	21,280,806		$	–		$	8,785,982		$	24,978,789		$	5,629,037		$	81,012,317		$	4,772,227

See Notes to Financial Statements

239

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2011 — (continued)

	HEALTH SCIENCES FUND			INFLATION PROTECTED FUND			INTERNATIONAL EQUITIES FUND			INTERNATIONAL GOVERNMENT BOND FUND		INTERNATIONAL GROWTH I FUND			LARGE CAP CORE FUND		LARGE CAPITAL GROWTH FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	232,394,816		$	346,572,387		$	1,099,440,748		$	186,910,659	$	663,988,181		$	159,664,194	$	416,902,450
Investment securities, at value (affiliated)*†		–			–			–			–		–			–		–
Repurchase agreements (cost approximates value)		–			–			–			–		–			–		5,392,000
Total Investments		232,394,816			346,572,387			1,099,440,748			186,910,659		663,988,181			159,664,194		422,294,450
Cash		–			49,310			1,780			98,991		1,579			366		722
Foreign cash*		404,325			–			4,014,509			1,400,533		75,928			–		–
Receivable for:
Fund shares sold		326,416			541,697			805,822			136,179		266,244			73,101		116,196
Dividends and interest		150,873			1,628,156			5,014,671			2,169,306		2,232,919			300,057		359,199
Investments sold		193,009			967,525			71,672			3,969,733		2,582,280			–		3,285,824
Securities lending income		–			–			262,049			–		118,713			2,826		1,845
Prepaid expenses and other assets		7,240			5,400			26,675			7,602		17,952			4,806		16,826
Due from investment adviser for expense reimbursements/fee waivers		–			–			–			–		76,766			6,792		–
Variation margin on futures contracts		–			–			423,670			–		–			–		–
Unrealized appreciation on forward foreign currency contracts		–			–			–			12,903		–			–		–
TOTAL ASSETS		233,476,679			349,764,475			1,110,061,596			194,705,906		669,360,562			160,052,142		426,075,062
LIABILITIES:
Payable for:
Fund shares reacquired		57,324			32,979			106,478			485,971		225,142			35,356		145,372
Investments purchased		560,207			1,545,757			117,074			4,695,486		2,279,585			–		5,337,318
Accrued foreign tax on capital gains		52,717			–			–			–		–			–		–
Investment advisory and management fees		190,310			141,478			257,657			78,140		473,086			85,613		217,228
Administrative service fee		13,322			20,356			60,291			10,940		36,337			8,561		23,759
Transfer agent fees and expenses		382			74			1,407			219		348			111		210
Directors’ fees and expenses		3,592			2,228			16,602			3,536		11,218			1,614		5,799
Other accrued expenses		78,927			75,103			342,746			84,107		241,796			55,974		105,074
Line of credit		–			–			–			–		–			–		–
Collateral upon return of securities loaned		–			–			80,962,461			–		48,373,260			13,889,637		17,263,755
Due to custodian		–			–			–			–		–			–		–
Call and put options written, at value@		3,450,925			–			–			–		–			–		–
Unrealized depreciation on forward foreign currency contracts		–			–			–			38,182		–			–		–
TOTAL LIABILITIES		4,407,706			1,817,975			81,864,716			5,396,581		51,640,772			14,076,866		23,098,515
NET ASSETS	$	229,068,973		$	347,946,500		$	1,028,196,880		$	189,309,325	$	617,719,790		$	145,975,276	$	402,976,547
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	179,199		$	319,560		$	1,504,206		$	147,206	$	512,942		$	118,425	$	327,347
Additional paid-in capital		157,289,147			325,858,881			1,115,169,886			174,913,588		584,674,573			107,191,086		335,491,486
Accumulated undistributed net investment income (loss)		71,134			5,529,260			23,688,492			3,384,417		8,427,983			1,192,945		1,018,866
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		11,288,168			(3,580,357	)		(191,188,370	)		1,830,385		(81,804,133	)		3,235,017		(3,737,453	)
Unrealized appreciation (depreciation) on investments		59,072,592			19,817,010			78,296,851			9,015,136		105,786,736			34,237,372		69,872,705
Unrealized appreciation (depreciation) on futures contracts and written options contracts		1,212,804			–			532,101			–		–			–		–
Unrealized foreign exchange gain (loss) on other assets and liabilities		8,646			2,146			193,714			18,593		121,689			431		3,596
Accrued capital gains tax on unrealized appreciation (depreciation)		(52,717	)		–			–			–		–			–		–
NET ASSETS	$	229,068,973		$	347,946,500		$	1,028,196,880		$	189,309,325	$	617,719,790		$	145,975,276	$	402,976,547
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000		1,000,000,000			1,000,000,000		1,000,000,000
Outstanding		17,919,875			31,955,991			150,420,600			14,720,553		51,294,183			11,842,525		32,734,700
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	12.78		$	10.89		$	6.84		$	12.86	$	12.04		$	12.33	$	12.31
*   Cost
Investment securities (unaffiliated)	$	173,322,224		$	326,755,377		$	1,021,143,897		$	177,895,523	$	558,201,445		$	125,426,822	$	347,029,745
Investment securities (affiliated)	$	–		$	–		$	–		$	–	$	–		$	–	$	–
Foreign cash	$	406,045		$	–		$	3,955,833		$	1,377,839	$	71,523		$	–	$	–
@ Premiums received on options written	$	4,663,729		$	–		$	–		$	–	$	–		$	–	$	–
†   Including securities on loan	$	–		$	–		$	79,575,256		$	–	$	53,494,517		$	14,199,654	$	16,970,166

See Notes to Financial Statements

240

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2011 — (continued)

	MID CAP INDEX FUND			MID CAP STRATEGIC GROWTH FUND			MONEY MARKET I FUND			NASDAQ-100 INDEX FUND		SCIENCE & TECHNOLOGY FUND			SMALL CAP AGGRESSIVE GROWTH FUND			SMALL CAP FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	2,999,704,397		$	370,340,513		$	415,551,976		$	132,237,295	$	961,248,770		$	97,348,145		$	410,338,162
Investment securities, at value (affiliated)*†		–			–			–			–		–			–			–
Repurchase agreements (cost approximates value)		11,588,000			–			67,355,000			3,395,000		–			–			–
Total Investments		3,011,292,397			370,340,513			482,906,976			135,632,295		961,248,770			97,348,145			410,338,162
Cash		765			9,915			2,377			271		–			215			74,903
Foreign cash*		–			152,035			–			–		1,184,730			–			–
Receivable for:
Fund shares sold		427,651			85,010			1,840,369			41,897		74,383			33,050			60,306
Dividends and interest		2,548,091			180,379			50,789			173,383		952,309			20,040			144,221
Investments sold		16,096,307			3,168,042			–			–		8,152,622			–			2,550,969
Securities lending income		59,302			82,955			–			7,384		28,761			5,340			17,153
Prepaid expenses and other assets		48,970			30,314			17,481			5,063		33,858			7,424			15,756
Due from investment adviser for expense reimbursements/fee waivers		–			–			147,921			15,061		–			10,459			51,644
Variation margin on futures contracts		163,383			–			–			66,011		–			–			–
Unrealized appreciation on forward foreign currency contracts		–			–			–			–		–			–			–
TOTAL ASSETS		3,030,636,866			374,049,163			484,965,913			135,941,365		971,675,433			97,424,673			413,253,114
LIABILITIES:
Payable for:
Fund shares reacquired		471,829			197,236			178,555			299,669		542,624			49,984			345,023
Investments purchased		8,914,660			1,703,624			10,998,103			–		16,049,452			–			1,580,311
Accrued foreign tax on capital gains		–			–			–			–		–			–			–
Investment advisory and management fees		619,598			196,952			161,537			43,391		660,164			65,024			265,872
Administrative service fee		161,597			20,067			28,269			7,594		52,618			5,355			21,021
Transfer agent fees and expenses		1,688			392			1,782			1,345		1,215			111			221
Directors’ fees and expenses		48,450			4,205			12,397			2,154		23,267			1,112			12,143
Other accrued expenses		364,841			84,509			142,309			88,034		202,302			51,872			109,770
Line of credit		–			–			–			–		–			–			–
Collateral upon return of securities loaned		283,822,348			30,601,248			–			8,339,207		64,844,391			5,925,227			53,348,073
Due to custodian		–			–			–			–		381,493			–			–
Call and put options written, at value@		–			–			–			–		–			–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–		–			–			–
TOTAL LIABILITIES		294,405,011			32,808,233			11,522,952			8,781,394		82,757,526			6,098,685			55,682,434
NET ASSETS	$	2,736,231,855		$	341,240,930		$	473,442,961		$	127,159,971	$	888,917,907		$	91,325,988		$	357,570,680
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	1,204,744		$	250,521		$	4,742,847		$	197,130	$	505,821		$	72,303		$	318,572
Additional paid-in capital		2,147,956,431			288,327,547			469,540,756			79,975,720		1,033,495,356			68,825,222			307,366,082
Accumulated undistributed net investment income (loss)		22,361,173			341,436			1,134			509,103		232,642			(3,039	)		(6,336	)
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		100,262,031			(10,479,887	)		(841,776	)		15,688,326		(306,076,437	)		4,463,619			(41,759,676	)
Unrealized appreciation (depreciation) on investments		464,624,872			62,798,812			–			30,763,576		160,625,934			17,967,883			91,652,038
Unrealized appreciation (depreciation) on futures contracts and written options contracts		(177,396	)		–			–			26,116		–			–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		–			2,501			–			–		134,591			–			–
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–		–			–			–
NET ASSETS	$	2,736,231,855		$	341,240,930		$	473,442,961		$	127,159,971	$	888,917,907		$	91,325,988		$	357,570,680
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000		1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		120,474,420			25,052,056			474,284,739			19,713,023		50,582,059			7,230,255			31,857,190
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	22.71		$	13.62		$	1.00		$	6.45	$	17.57		$	12.63		$	11.22
*   Cost
Investment securities (unaffiliated)	$	2,535,079,525		$	307,541,701		$	415,551,976		$	101,473,719	$	800,622,836		$	79,380,262		$	318,686,124
Investment securities (affiliated)	$	–		$	–		$	–		$	–	$	–		$	–		$	–
Foreign cash	$	–		$	150,740		$	–		$	–	$	1,058,274		$	–		$	–
@ Premiums received on options written	$	–		$	–		$	–		$	–	$	–		$	–		$	–
†  Including securities on loan	$	279,710,478		$	30,532,105		$	–		$	8,444,329	$	64,079,787		$	5,854,270		$	52,935,156

See Notes to Financial Statements

241

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2011 — (continued)

	SMALL CAP INDEX FUND			SMALL CAP SPECIAL VALUES FUND			SMALL-MID GROWTH FUND			STOCK INDEX FUND		VALUE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	1,084,978,170		$	260,586,913		$	146,114,131		$	3,686,853,312	$	150,345,392
Investment securities, at value (affiliated)*†		–			–			–			3,562,509		–
Repurchase agreements (cost approximates value)		23,198,000			–			–			18,043,000		2,061,000
Total Investments		1,108,176,170			260,586,913			146,114,131			3,708,458,821		152,406,392
Cash		–			1,453			395			352		481
Foreign cash*		–			–			–			–		–
Receivable for:
Fund shares sold		392,084			15,376			56,571			1,390,213		135,984
Dividends and interest		563,865			217,969			50,412			7,630,545		432,158
Investments sold		950,392			1,511,244			893,740			–		–
Securities lending income		112,747			7,013			2,904			56,170		–
Prepaid expenses and other assets		16,818			7,051			9,106			146,350		5,165
Due from investment adviser for expense reimbursements/fee waivers		–			24,074			–			–		8,029
Variation margin on futures contracts		331,246			–			–			310,100		–
Unrealized appreciation on forward foreign currency contracts		–			–			–			–		–
TOTAL ASSETS		1,110,543,322			262,371,093			147,127,259			3,717,992,551		152,988,209
LIABILITIES:
Payable for:
Fund shares reacquired		268,294			111,682			35,426			689,634		33,320
Investments purchased		3,271,030			566,306			9,615,569			–		327,343
Accrued foreign tax on capital gains		–			–			–			–		–
Investment advisory and management fees		247,462			144,740			86,270			771,478		100,563
Administrative service fee		57,400			13,509			7,104			210,565		9,025
Transfer agent fees and expenses		1,407			250			111			1,844		331
Directors’ fees and expenses		17,827			3,367			1,576			88,864		2,458
Other accrued expenses		214,975			87,990			75,146			487,704		58,539
Line of credit		–			–			1,576,395			–		–
Collateral upon return of securities loaned		127,871,088			33,492,730			14,696,300			164,135,066		–
Due to custodian		1,860			–			–			–		–
Call and put options written, at value@		–			–			–			–		–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–		–
TOTAL LIABILITIES		131,951,343			34,420,574			26,093,897			166,385,155		531,579
NET ASSETS	$	978,591,979		$	227,950,519		$	121,033,362		$	3,551,607,396	$	152,456,630
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	627,497		$	235,694		$	103,288		$	1,329,740	$	148,249
Additional paid-in capital		880,311,131			250,242,082			106,869,261			2,529,658,355		195,410,668
Accumulated undistributed net investment income (loss)		8,861,548			1,573,892			33,956			55,407,970		1,597,417
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(50,395,788	)		(44,614,722	)		(10,790,253	)		89,718,719		(54,560,918	)
Unrealized appreciation (depreciation) on investments		138,888,436			20,513,573			24,817,110			875,201,446		9,861,214
Unrealized appreciation (depreciation) on futures contracts and written options contracts		299,155			–			–			291,166		–
Unrealized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–		–
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–		–
NET ASSETS	$	978,591,979		$	227,950,519		$	121,033,362		$	3,551,607,396	$	152,456,630
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000		1,000,000,000
Outstanding		62,749,736			23,569,388			10,328,813			132,973,992		14,824,872
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	15.60		$	9.67		$	11.72		$	26.71	$	10.28
*   Cost
Investment securities (unaffiliated)	$	946,089,734		$	240,073,340		$	121,297,021		$	2,778,569,747	$	140,484,178
Investment securities (affiliated)	$	–		$	–		$	–		$	36,644,628	$	–
Foreign cash	$	–		$	–		$	–		$	–	$	–
@ Premiums received on options written	$	–		$	–		$	–		$	–	$	–
†  Including securities on loan	$	125,902,536		$	32,955,370		$	14,422,940		$	166,649,548	$	–

See Notes to Financial Statements

242

VALIC Company I

STATEMENTS OF OPERATIONS — For the Period Ended May 31, 2011

	ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			BROAD CAP VALUE FUND			CAPITAL CONSERVATION FUND		CORE EQUITY FUND			DIVIDEND VALUE FUND			FOREIGN VALUE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	1,527,176		$	3,504,857		$	578,768		$	24,869	$	4,250,954		$	5,128,454		$	31,912,158
Dividends (affiliated)		–			–			–			–		–			–			–
Securities lending income		–			29,133			–			8,347		43,507			–			1,013,291
Interest (unaffiliated)		2,769,300			5,432			75			5,681,563		13,780			2,265			19,506
Total investment income*		4,296,476			3,539,422			578,843			5,714,779		4,308,241			5,130,719			32,944,955
EXPENSES:
Investment advisory and management fees		676,801			3,040,971			165,183			707,547		1,839,882			1,132,539			6,412,988
Administrative service fee		94,752			287,577			16,518			99,056		161,001			105,666			671,715
Transfer agent fees and expenses		1,255			2,101			994			1,224		1,575			1,255			1,591
Custodian fees		138,568			65,512			24,968			44,587		59,444			42,272			533,892
Reports to shareholders		31,778			106,468			4,834			33,312		53,669			88,459			223,739
Audit and tax fees		27,784			26,588			28,535			30,067		26,878			26,415			34,692
Legal fees		3,084			14,542			12,769			11,452		10,694			31,411			43,657
Directors’ fees and expenses		8,185			24,735			3,000			5,682		3,095			3,000			56,973
Interest expense		–			168			–			136		390			–			1,505
Other expenses		19,356			25,219			14,967			11,604		12,924			14,242			33,089
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		1,001,563			3,593,881			271,768			944,667		2,169,552			1,445,259			8,013,841
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			(101,881	)		(71,189	)		–		(329,545	)		(203,019	)		–
Fees paid indirectly (Note 7)		(4,981	)		(7,722	)		(1,748	)		–		(15,285	)		–			(4,705	)
Net expenses		996,582			3,484,278			198,831			944,667		1,824,722			1,242,240			8,009,136
Net investment income (loss)		3,299,894			55,144			380,012			4,770,112		2,483,519			3,888,479			24,935,819
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		12,804,829			42,595,722			360,444			3,880,394		23,492,484			(1,590,989	)		35,679,271
Net realized gain (loss) on investments (affiliated)		–			–			–			–		–			–			–
Net realized gain (loss) on futures contracts and written options contracts		119,876			–			–			–		–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			3,841			–			–		–			47,194			274,693
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–		–			–			–
Net increase from payment by affiliates (Note 3)		–			–			–			–		–			–			–
Net realized gain (loss) on investments and foreign currencies		12,924,705			42,599,563			360,444			3,880,394		23,492,484			(1,543,795	)		35,953,964
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		8,409,318			56,773,445			4,674,970			1,502,778		28,303,895			33,290,453			212,211,011
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–		–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		56,940			–			–			–		–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(2	)		2,425			–			–		–			(103	)		216,973
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–		–			–			–
Net unrealized gain (loss) on investments and foreign currencies		8,466,256			56,775,870			4,674,970			1,502,778		28,303,895			33,290,350			212,427,984
Net realized and unrealized gain (loss) on investments and foreign currencies		21,390,961			99,375,433			5,035,414			5,383,172		51,796,379			31,746,555			248,381,948
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	24,690,855		$	99,430,577		$	5,415,426		$	10,153,284	$	54,279,898		$	35,635,034		$	273,317,767
*   Net of foreign withholding taxes on interest and dividends of	$	158		$	818		$	(87	)	$	324	$	12,096		$	59,985		$	3,432,590
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–	$	–		$	–		$	–

See Notes to Financial Statements

243

VALIC Company I

STATEMENTS OF OPERATIONS — For the Period Ended May 31, 2011 — (continued)

	GLOBAL EQUITY FUND			GLOBAL REAL ESTATE FUND			GLOBAL SOCIAL AWARENESS FUND			GLOBAL STRATEGY FUND			GOVERNMENT SECURITIES FUND			GROWTH FUND			GROWTH & INCOME FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	5,014,280		$	8,093,086		$	6,800,992		$	7,833,168		$	–		$	10,858,226		$	1,355,842
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		82,783			–			11,169			181,577			10,495			109,680			7,114
Interest (unaffiliated)		740			65,859			8,536			10,611,760			3,380,436			3,821			4,086
Total investment income*		5,097,803			8,158,945			6,820,697			18,626,505			3,390,931			10,971,727			1,367,042
EXPENSES:
Investment advisory and management fees		1,976,527			2,143,457			1,414,460			2,361,312			590,656			5,134,468			636,654
Administrative service fee		170,944			201,846			198,024			331,244			82,692			505,094			59,421
Transfer agent fees and expenses		1,266			1,244			1,589			911			2,299			1,192			1,255
Custodian fees		116,282			160,558			132,780			287,333			13,119			200,245			45,299
Reports to shareholders		78,725			76,363			62,213			102,948			28,688			155,386			20,079
Audit and tax fees		36,351			30,646			31,143			34,202			29,550			27,824			26,799
Legal fees		17,446			3,403			20,866			25,328			7,919			57,091			7,695
Directors’ fees and expenses		14,829			17,430			17,287			27,816			6,895			42,883			5,317
Interest expense		130			631			–			712			545			247			–
Other expenses		23,851			15,565			29,460			29,682			10,597			27,653			14,252
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		2,436,351			2,651,143			1,907,822			3,201,488			772,960			6,152,083			816,771
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			–			–			–			(4,331	)		(307,427	)		(95,230	)
Fees paid indirectly (Note 7)		–			(6,038	)		(33,382	)		(2,735	)		–			–			(7,088	)
Net expenses		2,436,351			2,645,105			1,874,440			3,198,753			768,629			5,844,656			714,453
Net investment income (loss)		2,661,452			5,513,840			4,946,257			15,427,752			2,622,302			5,127,071			652,589
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		17,984,856			55,507,175			19,442,574			12,480,203			490,988			92,571,245			7,079,621
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		–			–			549,697			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		680,140			49,154			207,145			8,821,809			–			(226,614	)		–
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		(1,342	)		–			–			–			–			–			–
Net increase from payment by affiliates (Note 3)		1,342			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		18,664,996			55,556,329			20,199,416			21,302,012			490,988			92,344,631			7,079,621
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		33,128,656			16,846,426			42,856,757			71,147,561			624,131			88,980,304			10,198,659
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		–			–			1,161,024			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		1,472,516			10,143			59,947			(4,642,774	)		–			(4,125	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		(50,196	)		–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		34,550,976			16,856,569			44,077,728			66,504,787			624,131			88,976,179			10,198,659
Net realized and unrealized gain (loss) on investments and foreign currencies		53,215,972			72,412,898			64,277,144			87,806,799			1,115,119			181,320,810			17,278,280
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	55,877,424		$	77,926,738		$	69,223,401		$	103,234,551		$	3,737,421		$	186,447,881		$	17,930,869
*   Net of foreign withholding taxes on interest and dividends of	$	347,040		$	448,392		$	364,737		$	882,214		$	–		$	79,553		$	725
** Net of foreign withholding taxes on capital gains of	$	26,877		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

244

VALIC Company I

STATEMENTS OF OPERATIONS — For the Period Ended May 31, 2011 — (continued)

	HEALTH SCIENCES FUND			INFLATION PROTECTED FUND			INTERNATIONAL EQUITIES FUND			INTERNATIONAL GOVERNMENT BOND FUND		INTERNATIONAL GROWTH I FUND			LARGE CAP CORE FUND			LARGE CAPITAL GROWTH FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	2,186,770		$	185,695		$	26,768,213		$	–	$	13,790,325		$	2,298,316		$	3,841,903
Dividends (affiliated)		–			–			–			–		–			–			–
Securities lending income		–			–			761,271			–		338,797			38,243			23,609
Interest (unaffiliated)		4,061			10,338,013			1,580			6,538,173		4,863			477			1,131
Total investment income*		2,190,831			10,523,708			27,531,064			6,538,173		14,133,985			2,337,036			3,866,643
EXPENSES:
Investment advisory and management fees		1,856,424			1,329,491			2,792,325			816,005		5,100,001			961,904			2,399,328
Administrative service fee		129,950			187,609			641,916			114,241		389,294			96,191			262,427
Transfer agent fees and expenses		1,376			934			8,949			1,393		1,773			911			1,235
Custodian fees		95,107			36,852			524,663			67,236		482,100			24,516			82,084
Reports to shareholders		42,390			65,512			220,525			35,817		129,926			32,335			87,306
Audit and tax fees		27,238			29,994			39,618			28,530		35,160			27,047			26,698
Legal fees		4,743			5,360			31,827			3,998		32,270			9,090			13,937
Directors’ fees and expenses		10,967			15,258			54,580			9,658		32,917			8,291			22,531
Interest expense		–			–			44			–		2,122			424			–
Other expenses		11,724			10,783			39,367			10,546		31,154			14,109			20,651
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		2,179,919			1,681,793			4,353,814			1,087,424		6,236,717			1,174,818			2,916,197
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			–			–			–		(619,760	)		(6,792	)		–
Fees paid indirectly (Note 7)		(3,749	)		–			–			–		(1,692	)		(16,804	)		(52,575	)
Net expenses		2,176,170			1,681,793			4,353,814			1,087,424		5,615,265			1,151,222			2,863,622
Net investment income (loss)		14,661			8,841,915			23,177,250			5,450,749		8,518,720			1,185,814			1,003,021
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		10,346,991			2,299,335			13,369,192			6,737,499		32,651,816			8,692,825			45,620,367
Net realized gain (loss) on investments (affiliated)		–			–			–			–		–			–			–
Net realized gain (loss) on futures contracts and written options contracts		3,308,896			–			747,425			–		–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(3,098	)		(204,105	)		556,216			99,609		(28,411	)		12,872			31,227
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–		32,662			–			–
Net increase from payment by affiliates (Note 3)		–			–			–			–		–			–			–
Net realized gain (loss) on investments and foreign currencies		13,652,789			2,095,230			14,672,833			6,837,108		32,656,067			8,705,697			45,651,594
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		50,975,551			14,343,317			194,240,662			7,309,927		120,154,053			30,022,930			42,620,247
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–		–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		1,336,002			–			2,576,978			–		–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		11,209			17,880			(784,111	)		100,932		169,437			2,104			4,725
Change in accrued capital gains tax on unrealized appreciation (depreciation)		(52,717	)		–			–			–		–			–			–
Net unrealized gain (loss) on investments and foreign currencies		52,270,045			14,361,197			196,033,529			7,410,859		120,323,490			30,025,034			42,624,972
Net realized and unrealized gain (loss) on investments and foreign currencies		65,922,834			16,456,427			210,706,362			14,247,967		152,979,557			38,730,731			88,276,566
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	65,937,495		$	25,298,342		$	233,883,612		$	19,698,716	$	161,498,277		$	39,916,545		$	89,279,587
*   Net of foreign withholding taxes on interest and dividends of	$	58,997		$	931		$	2,099,960		$	10,176	$	1,260,975		$	18,173		$	7,623
** Net of foreign withholding taxes on capital gains of	$	75		$	–		$	–		$	–	$	–		$	–		$	–

See Notes to Financial Statements

245

VALIC Company I

STATEMENTS OF OPERATIONS — For the Period Ended May 31, 2011 — (continued)

	MID CAP INDEX FUND		MID CAP STRATEGIC GROWTH FUND			MONEY MARKET I FUND			NASDAQ-100 INDEX FUND			SCIENCE & TECHNOLOGY FUND			SMALL CAP AGGRESSIVE GROWTH FUND			SMALL CAP FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	30,560,056	$	2,420,805		$	–		$	1,043,853		$	5,699,270		$	246,549		$	2,939,371
Dividends (affiliated)		–		–			–			–			–			–			–
Securities lending income		900,677		312,685			–			69,909			592,437			82,840			125,865
Interest (unaffiliated)		25,387		720			1,226,843			1,275			66,230			180			11,841
Total investment income*		31,486,120		2,734,210			1,226,843			1,115,037			6,357,937			329,569			3,077,077
EXPENSES:
Investment advisory and management fees		6,456,396		2,012,351			1,993,301			463,887			7,065,501			755,195			2,781,136
Administrative service fee		1,667,791		203,331			348,827			81,180			561,277			62,193			218,741
Transfer agent fees and expenses		10,738		1,671			11,335			8,552			8,271			911			1,254
Custodian fees		248,910		77,963			45,041			18,667			176,496			37,301			123,501
Reports to shareholders		532,435		64,569			110,050			24,452			187,476			23,119			68,962
Audit and tax fees		27,104		27,275			27,110			25,888			27,629			26,683			27,927
Legal fees		62,444		15,958			9,598			19,529			38,762			9,568			12,719
Directors’ fees and expenses		140,351		17,132			31,273			6,897			47,749			5,483			3,178
Interest expense		–		313			–			–			162			372			118
Other expenses		107,085		16,387			14,894			84,113			34,299			14,731			52,414
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		9,253,254		2,436,950			2,591,429			733,165			8,147,622			935,556			3,289,950
Fees waived and expenses reimbursed by investment adviser (Note 3)		–		–			(1,415,791	)		(118,512	)		–			(55,977	)		(383,824	)
Fees paid indirectly (Note 7)		–		(51,907	)		–			–			(78,505	)		(33,380	)		(21,288	)
Net expenses		9,253,254		2,385,043			1,175,638			614,653			8,069,117			846,199			2,884,838
Net investment income (loss)		22,232,866		349,167			51,205			500,384			(1,711,180	)		(516,630	)		192,239
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		116,751,511		33,258,860			(1,181	)		18,668,798			156,137,593			9,881,623			25,053,199
Net realized gain (loss) on investments (affiliated)		–		–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		6,473,951		–			–			951,601			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–		(16,984	)		–			–			33,548			–			(651	)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		22,810		–			–			–			–			–			–
Net increase from payment by affiliates (Note 3)		–		–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		123,248,272		33,241,876			(1,181	)		19,620,399			156,171,141			9,881,623			25,052,548
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		532,236,756		58,185,921			–			8,369,856			88,571,791			12,848,410			70,272,928
Change in unrealized appreciation (depreciation) on investments (affiliated)		–		–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		227,977		–			–			71,864			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–		2,501			–			–			113,602			–			49
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–		–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		532,464,733		58,188,422			–			8,441,720			88,685,393			12,848,410			70,272,977
Net realized and unrealized gain (loss) on investments and foreign currencies		655,713,005		91,430,298			(1,181	)		28,062,119			244,856,534			22,730,033			95,325,525
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	677,945,871	$	91,779,465		$	50,024		$	28,562,503		$	243,145,354		$	22,213,403		$	95,517,764
*   Net of foreign withholding taxes on interest and dividends of	$	–	$	69,243		$	–		$	2,095		$	136,398		$	–		$	11,822
** Net of foreign withholding taxes on capital gains of	$	–	$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

246

VALIC Company I

STATEMENTS OF OPERATIONS — For the Period Ended May 31, 2011 — (continued)

	SMALL CAP INDEX FUND			SMALL CAP SPECIAL VALUES FUND			SMALL-MID GROWTH FUND			STOCK INDEX FUND			VALUE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	10,838,492		$	3,179,522		$	366,391		$	66,981,703		$	2,785,193
Dividends (affiliated)		–			–			–			343,048			–
Securities lending income		1,207,470			158,601			44,331			515,309			–
Interest (unaffiliated)		10,082			2,747			258			76,459			449
Total investment income*		12,056,044			3,340,870			410,980			67,916,519			2,785,642
EXPENSES:
Investment advisory and management fees		2,671,465			1,618,300			904,211			8,545,036			1,113,010
Administrative service fee		608,010			151,041			74,464			2,292,552			99,885
Transfer agent fees and expenses		8,949			1,591			911			11,732			1,741
Custodian fees		215,527			95,862			58,151			344,768			24,598
Reports to shareholders		199,202			45,242			127,901			730,524			34,612
Audit and tax fees		28,181			27,824			27,199			26,979			26,927
Legal fees		25,956			10,810			8,315			81,184			2,554
Directors’ fees and expenses		51,852			13,105			6,315			197,660			8,730
Interest expense		–			–			1,058			–			597
Other expenses		37,285			18,705			14,607			125,064			12,564
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		3,846,427			1,982,480			1,223,132			12,355,499			1,325,218
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			(40,522	)		(159,355	)		–			(112,324	)
Fees paid indirectly (Note 7)		–			(15,415	)		(18,048	)		–			–
Net expenses		3,846,427			1,926,543			1,045,729			12,355,499			1,212,894
Net investment income (loss)		8,209,617			1,414,327			(634,749	)		55,561,020			1,572,748
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		9,363,492			16,742,114			24,992,987			170,574,365			23,061,199
Net realized gain (loss) on investments (affiliated)		–			–			–			(1,130,454	)		–
Net realized gain (loss) on futures contracts and written options contracts		4,586,071			–			–			2,805,189			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			1,173
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–
Net increase from payment by affiliates (Note 3)		–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		13,949,563			16,742,114			24,992,987			172,249,100			23,062,372
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		205,117,507			22,304,486			9,678,253			515,979,676			6,502,293
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			819,055			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		(9,487	)		–			–			1,541,798			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		205,108,020			22,304,486			9,678,253			518,340,529			6,502,293
Net realized and unrealized gain (loss) on investments and foreign currencies		219,057,583			39,046,600			34,671,240			690,589,629			29,564,665
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	227,267,200		$	40,460,927		$	34,036,491		$	746,150,649		$	31,137,413
*   Net of foreign withholding taxes on interest and dividends of	$	760		$	226		$	324		$	145		$	21,548
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

247

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS

	ASSET ALLOCATION FUND						BLUE CHIP GROWTH FUND						BROAD CAP VALUE FUND						CAPITAL CONSERVATION FUND
	For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	3,299,894		$	2,722,947		$	55,144		$	53,436		$	380,012		$	378,535		$	4,770,112		$	4,393,083
Net realized gain (loss) on investments and foreign currencies		12,924,705			8,977,396			42,599,563			(2,303,741	)		360,444			(913,793	)		3,880,394			3,210,319
Net unrealized gain (loss) on investments and foreign currencies		8,466,256			9,644,066			56,775,870			78,010,153			4,674,970			4,589,304			1,502,778			5,586,483
Net increase (decrease) in net assets resulting from operations		24,690,855			21,344,409			99,430,577			75,759,848			5,415,426			4,054,046			10,153,284			13,189,885
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,715,898	)		(3,536,552	)		(164,917	)		(906,871	)		(389,897	)		(392,535	)		(4,468,964	)		(5,565,027	)
Net realized gain on securities		–			–			–			–			–			–			–			–
Total distributions to shareholders		(2,715,898	)		(3,536,552	)		(164,917	)		(906,871	)		(389,897	)		(392,535	)		(4,468,964	)		(5,565,027	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(4,055,265	)		(1,333,177	)		(80,139,859	)		(11,479,103	)		3,695,938			50,087			6,810,891			13,727,543
TOTAL INCREASE (DECREASE) IN NET ASSETS		17,919,692			16,474,680			19,125,801			63,373,874			8,721,467			3,711,598			12,495,211			21,352,401
NET ASSETS:
Beginning of period		127,129,285			110,654,605			424,966,189			361,592,315			20,301,574			16,589,976			130,157,021			108,804,620
End of period†	$	145,048,977		$	127,129,285		$	444,091,990		$	424,966,189		$	29,023,041		$	20,301,574		$	142,652,232		$	130,157,021
†  Includes accumulated undistributed net investment income (loss)	$	3,413,867		$	2,700,346		$	42,552		$	148,308		$	137,190		$	147,075		$	4,918,501		$	4,452,407

See Notes to Financial Statements

248

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	CORE EQUITY FUND						DIVIDEND VALUE FUND						FOREIGN VALUE FUND						GLOBAL EQUITY FUND
	For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,483,519		$	2,942,259		$	3,888,479		$	1,878,441		$	24,935,819		$	15,576,339		$	2,661,452		$	3,461,954
Net realized gain (loss) on investments and foreign currencies		23,492,484			171,194			(1,543,795	)		(2,227,212	)		35,953,964			(45,037,287	)		18,664,996			13,248,874
Net unrealized gain (loss) on investments and foreign currencies		28,303,895			34,333,404			33,290,350			18,155,146			212,427,984			90,640,025			34,550,976			8,754,052
Net increase (decrease) in net assets resulting from operations		54,279,898			37,446,857			35,635,034			17,806,375			273,317,767			61,179,077			55,877,424			25,464,880
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,827,908	)		(4,266,857	)		(1,825,993	)		(2,814,896	)		(15,826,838	)		(19,659,718	)		(4,203,630	)		(776,371	)
Net realized gain on securities		–			–			–			–			–			–			–			–
Total distributions to shareholders		(2,827,908	)		(4,266,857	)		(1,825,993	)		(2,814,896	)		(15,826,838	)		(19,659,718	)		(4,203,630	)		(776,371	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(19,662,215	)		(15,498,036	)		35,741,649			7,957,293			44,819,419			56,405,389			(15,315,026	)		(15,610,951	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		31,789,775			17,681,964			69,550,690			22,948,772			302,310,348			97,924,748			36,358,768			9,077,558
NET ASSETS:
Beginning of period		220,172,004			202,490,040			121,768,647			98,819,875			765,266,564			667,341,816			221,201,475			212,123,917
End of period†	$	251,961,779		$	220,172,004		$	191,319,337		$	121,768,647		$	1,067,576,912		$	765,266,564		$	257,560,243		$	221,201,475
†  Includes accumulated undistributed net investment income (loss)	$	2,484,503		$	2,828,892		$	3,921,915		$	1,811,738		$	24,838,257		$	15,491,167		$	2,727,191		$	3,643,948

See Notes to Financial Statements

249

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	GLOBAL REAL ESTATE FUND						GLOBAL SOCIAL AWARENESS FUND						GLOBAL STRATEGY FUND						GOVERNMENT SECURITIES FUND
	For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	5,513,840		$	7,345,682		$	4,946,257		$	4,526,241		$	15,427,752		$	13,759,098		$	2,622,302		$	3,438,497
Net realized gain (loss) on investments and foreign currencies		55,556,329			41,584,848			20,199,416			8,346,467			21,302,012			(6,766,138	)		490,988			843,975
Net unrealized gain (loss) on investments and foreign currencies		16,856,569			16,530,999			44,077,728			25,511,186			66,504,787			41,853,674			624,131			2,725,366
Net increase (decrease) in net assets resulting from operations		77,926,738			65,461,529			69,223,401			38,383,894			103,234,551			48,846,634			3,737,421			7,007,838
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(16,597,111	)		(29,386,642	)		(4,402,588	)		(6,920,505	)		(15,053,864	)		(37,023,590	)		(3,564,524	)		(4,944,289	)
Net realized gain on securities		(3,335,070	)		–			–			–			–			–			–			–
Total distributions to shareholders		(19,932,181	)		(29,386,642	)		(4,402,588	)		(6,920,505	)		(15,053,864	)		(37,023,590	)		(3,564,524	)		(4,944,289	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(20,901,235	)		12,023,263			(32,731,268	)		(46,612,262	)		63,771,084			25,187,180			(14,107,974	)		(21,803,410	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		37,093,322			48,098,150			32,089,545			(15,148,873	)		151,951,771			37,010,224			(13,935,077	)		(19,739,861	)
NET ASSETS:
Beginning of period		276,687,714			228,589,564			260,144,612			275,293,485			394,548,213			357,537,989			125,053,485			144,793,346
End of period†	$	313,781,036		$	276,687,714		$	292,234,157		$	260,144,612		$	546,499,984		$	394,548,213		$	111,118,408		$	125,053,485
†  Includes accumulated undistributed net investment income (loss)	$	(2,172,445	)	$	(4,007,445	)	$	5,209,991		$	4,312,564		$	22,310,410		$	9,845,638		$	2,650,281		$	3,527,204

See Notes to Financial Statements

250

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	GROWTH FUND						GROWTH & INCOME  FUND						HEALTH SCIENCES FUND						INFLATION PROTECTED FUND
	For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	5,127,071		$	4,418,375		$	652,589		$	998,621		$	14,661		$	(1,038,222	)	$	8,841,915		$	4,796,460
Net realized gain (loss) on investments and foreign currencies		92,344,631			38,471,980			7,079,621			8,099,550			13,652,789			4,892,029			2,095,230			128,640
Net unrealized gain (loss) on investments and foreign currencies		88,976,179			83,003,430			10,198,659			1,622,109			52,270,045			32,595,183			14,361,197			14,846,615
Net increase (decrease) in net assets resulting from operations		186,447,881			125,893,785			17,930,869			10,720,280			65,937,495			36,448,990			25,298,342			19,771,715
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(4,559,911	)		(5,393,175	)		(1,026,650	)		(1,839,824	)		–			–			(5,626,559	)		(1,609,469	)
Net realized gain on securities		–			–			–			–			–			–			–			–
Total distributions to shareholders		(4,559,911	)		(5,393,175	)		(1,026,650	)		(1,839,824	)		–			–			(5,626,559	)		(1,609,469	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(38,245,637	)		(40,622,008	)		(5,391,896	)		(2,786,464	)		(7,084,090	)		(7,703,526	)		97,736,511			63,198,343
TOTAL INCREASE (DECREASE) IN NET ASSETS		143,642,333			79,878,602			11,512,323			6,093,992			58,853,405			28,745,464			117,408,294			81,360,589
NET ASSETS:
Beginning of period		656,380,153			576,501,551			79,601,973			73,507,981			170,215,568			141,470,104			230,538,206			149,177,617
End of period†	$	800,022,486		$	656,380,153		$	91,114,296		$	79,601,973		$	229,068,973		$	170,215,568		$	347,946,500		$	230,538,206
†  Includes accumulated undistributed net investment income (loss)	$	4,835,942		$	4,387,861		$	644,033		$	1,021,824		$	71,134		$	(11,900	)	$	5,529,260		$	2,518,009

See Notes to Financial Statements

251

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	INTERNATIONAL EQUITIES FUND						INTERNATIONAL GOVERNMENT BOND FUND						INTERNATIONAL GROWTH I FUND						LARGE CAP CORE FUND
	For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	23,177,250		$	19,527,858		$	5,450,749		$	5,683,031		$	8,518,720		$	6,881,325		$	1,185,814		$	1,168,028
Net realized gain (loss) on investments and foreign currencies		14,672,833			8,482,570			6,837,108			7,992,157			32,656,067			12,790,685			8,705,697			1,595,800
Net unrealized gain (loss) on investments and foreign currencies		196,033,529			26,184,362			7,410,859			(2,966,201	)		120,323,490			30,542,019			30,025,034			15,384,015
Net increase (decrease) in net assets resulting from operations		233,883,612			54,194,790			19,698,716			10,708,987			161,498,277			50,214,029			39,916,545			18,147,843
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(21,806,627	)		(21,427,547	)		(7,384,808	)		(5,920,505	)		(7,823,021	)		(9,737,177	)		(1,344,726	)		(1,374,980	)
Net realized gain on securities		–			–			–			–			–			–			–			–
Total distributions to shareholders		(21,806,627	)		(21,427,547	)		(7,384,808	)		(5,920,505	)		(7,823,021	)		(9,737,177	)		(1,344,726	)		(1,374,980	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		32,280,461			22,288,377			29,063,386			(7,170,603	)		(7,719,280	)		(13,496,131	)		(8,823,763	)		1,973,936
TOTAL INCREASE (DECREASE) IN NET ASSETS		244,357,446			55,055,620			41,377,294			(2,382,121	)		145,955,976			26,980,721			29,748,056			18,746,799
NET ASSETS:
Beginning of period		783,839,434			728,783,814			147,932,031			150,314,152			471,763,814			444,783,093			116,227,220			97,480,421
End of period†	$	1,028,196,880		$	783,839,434		$	189,309,325		$	147,932,031		$	617,719,790		$	471,763,814		$	145,975,276		$	116,227,220
†  Includes accumulated undistributed net investment income (loss)	$	23,688,492		$	20,742,033		$	3,384,417		$	3,526,015		$	8,427,983		$	7,439,103		$	1,192,945		$	1,346,456

See Notes to Financial Statements

252

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	LARGE CAPITAL  GROWTH FUND						MID CAP INDEX FUND						MID CAP STRATEGIC GROWTH FUND						MONEY MARKET I FUND
	For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,003,021		$	1,482,263		$	22,232,866		$	23,100,096		$	349,167		$	(114,151	)	$	51,205		$	196,311
Net realized gain (loss) on investments and foreign currencies		45,651,594			5,450,731			123,248,272			52,517,677			33,241,876			36,600,653			(1,181	)		801,644
Net unrealized gain (loss) on investments and foreign currencies		42,624,972			53,079,186			532,464,733			486,974,916			58,188,422			19,499,698			–			–
Net increase (decrease) in net assets resulting from operations		89,279,587			60,012,180			677,945,871			562,592,689			91,779,465			55,986,200			50,024			997,955
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,510,142	)		(2,659,901	)		(23,994,410	)		(30,019,210	)		(170,688	)		(1,285,857	)		(49,917	)		(197,599	)
Net realized gain on securities		–			–			–			(43,546,065	)		–			–						(65,553	)
Total distributions to shareholders		(1,510,142	)		(2,659,901	)		(23,994,410	)		(73,565,275	)		(170,688	)		(1,285,857	)		(49,917	)		(263,152	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(32,524,355	)		(22,375,492	)		(19,360,540	)		(29,506,434	)		1,522,985			(11,061,050	)		(67,715,711	)		(70,932,381	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		55,245,090			34,976,787			634,590,921			459,520,980			93,131,762			43,639,293			(67,715,604	)		(70,197,578	)
NET ASSETS:
Beginning of period		347,731,457			312,754,670			2,101,640,934			1,642,119,954			248,109,168			204,469,875			541,158,565			611,356,143
End of period†	$	402,976,547		$	347,731,457		$	2,736,231,855		$	2,101,640,934		$	341,240,930		$	248,109,168		$	473,442,961		$	541,158,565
†  Includes accumulated undistributed net investment income (loss)	$	1,018,866		$	1,505,013		$	22,361,173		$	24,122,717		$	341,436		$	194,773		$	1,134		$	(154	)

See Notes to Financial Statements

253

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	NASDAQ-100 INDEX FUND						SCIENCE & TECHNOLOGY FUND						SMALL CAP AGGRESSIVE GROWTH FUND						SMALL CAP FUND
	For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	500,384		$	240,915		$	(1,711,180	)	$	(1,276,682	)	$	(516,630	)	$	(364,774	)	$	192,239		$	374,184
Net realized gain (loss) on investments and foreign currencies		19,620,399			1,887,777			156,171,141			101,499,573			9,881,623			5,312,747			25,052,548			(5,362,336	)
Net unrealized gain (loss) on investments and foreign currencies		8,441,720			20,958,844			88,685,393			67,149,026			12,848,410			14,635,807			70,272,977			75,951,141
Net increase (decrease) in net assets resulting from operations		28,562,503			23,087,536			243,145,354			167,371,917			22,213,403			19,583,780			95,517,764			70,962,989
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(280,420	)		(233,954	)		(20,804	)		(640,946	)		–			(6,652	)		(532,422	)		(1,281,689	)
Net realized gain on securities		–			–			–			–			–			–			–			–
Total distributions to shareholders		(280,420	)		(233,954	)		(20,804	)		(640,946	)		–			(6,652	)		(532,422	)		(1,281,689	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(3,824,815	)		6,327,643			(64,303,894	)		(20,243,339	)		(17,598,157	)		20,954,692			(24,202,691	)		(20,337,158	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		24,457,268			29,181,225			178,820,656			146,487,632			4,615,246			40,531,820			70,782,651			49,344,142
NET ASSETS:
Beginning of period		102,702,703			73,521,478			710,097,251			563,609,619			86,710,742			46,178,922			286,788,029			237,443,887
End of period†	$	127,159,971		$	102,702,703		$	888,917,907		$	710,097,251		$	91,325,988		$	86,710,742		$	357,570,680		$	286,788,029
†  Includes accumulated undistributed net investment income (loss)	$	509,103		$	292,889		$	232,642		$	385,610		$	(3,039	)	$	8,565		$	(6,336	)	$	337,297

See Notes to Financial Statements

254

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	SMALL CAP INDEX FUND						SMALL CAP SPECIAL VALUES FUND						SMALL-MID GROWTH FUND
	For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	8,209,617		$	7,469,987		$	1,414,327		$	1,404,099		$	(634,749	)	$	(538,315	)
Net realized gain (loss) on investments and foreign currencies		13,949,563			(24,066,544	)		16,742,114			18,317,193			24,992,987			7,241,171
Net unrealized gain (loss) on investments and foreign currencies		205,108,020			230,060,677			22,304,486			39,243,996			9,678,253			13,543,147
Net increase (decrease) in net assets resulting from operations		227,267,200			213,464,120			40,460,927			58,965,288			34,036,491			20,246,003
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(7,454,783	)		(11,860,350	)		(1,370,590	)		(3,330,142	)		(719	)		(189,800	)
Net realized gain on securities		–			(18,036,370	)		–			–			–			–
Total distributions to shareholders		(7,454,783	)		(29,896,720	)		(1,370,590	)		(3,330,142	)		(719	)		(189,800	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(50,238,624	)		(8,885,544	)		(20,260,747	)		(8,582,762	)		(8,321,449	)		(2,579,741	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		169,573,793			174,681,856			18,829,590			47,052,384			25,714,323			17,476,462
NET ASSETS:
Beginning of period		809,018,186			634,336,330			209,120,929			162,068,545			95,319,039			77,842,577
End of period†	$	978,591,979		$	809,018,186		$	227,950,519		$	209,120,929		$	121,033,362		$	95,319,039
†  Includes accumulated undistributed net investment income (loss)	$	8,861,548		$	8,097,615		$	1,573,892		$	1,535,172		$	33,956		$	64,331

See Notes to Financial Statements

255

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	STOCK INDEX FUND						VALUE FUND
	For the Year Ended May 31, 2011			For the Year Ended May 31, 2010			For the Year Ended May 31, 2011			For the Year Ended May 31, 2010
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	55,561,020		$	50,373,623		$	1,572,748		$	936,936
Net realized gain (loss) on investments and foreign currencies		172,249,100			23,187,928			23,062,372			13,917,853
Net unrealized gain (loss) on investments and foreign currencies		518,340,529			462,406,148			6,502,293			10,913,773
Net increase (decrease) in net assets resulting from operations		746,150,649			535,967,699			31,137,413			25,768,562
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(51,510,288	)		(65,547,002	)		(999,315	)		(3,379,457	)
Net realized gain on securities		(48,916,826	)		(88,792,364	)		–			–
Total distributions to shareholders		(100,427,114	)		(154,339,366	)		(999,315	)		(3,379,457	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(84,704,900	)		115,680,769			(32,716,079	)		(23,079,236	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		561,018,635			497,309,102			(2,577,981	)		(690,131	)
NET ASSETS:
Beginning of period		2,990,588,761			2,493,279,659			155,034,611			155,724,742
End of period†	$	3,551,607,396		$	2,990,588,761		$	152,456,630		$	155,034,611
†  Includes accumulated undistributed net investment income (loss)	$	55,407,970		$	51,350,920		$	1,597,417		$	837,444

See Notes to Financial Statements

256

VALIC Company I

NOTES TO FINANCIAL STATEMENTS

Note 1 — Organization

VALIC Company I (the “Series” or “VC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC”). VALIC, the investment adviser to the Series, is an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). The Series is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Series consists of 33 separate mutual funds (the “Funds”), each of which issues its own separate class of capital shares:

Asset Allocation Fund	International Growth I Fund
Blue Chip Growth Fund	International Government Bond Fund
Broad Cap Value Income Fund	Large Cap Core Fund
Capital Conservation Fund	Large Capital Growth Fund
Core Equity Fund	Mid Cap Index Fund
Dividend Value Fund	Mid Cap Strategic Growth Fund
Foreign Value Fund	Money Market I Fund
Global Equity Fund	Nasdaq-100® Index Fund
Global Real Estate Fund	Science & Technology Fund
Global Social Awareness Fund	Small Cap Aggressive Growth Fund
Global Strategy Fund	Small Cap Fund
Government Securities Fund	Small Cap Index Fund
Growth Fund	Small Cap Special Values Fund
Growth & Income Fund	Small-Mid Growth Fund
Health Sciences Fund	Stock Index Fund
Inflation Protected Fund	Value Fund
International Equities Fund

Each Fund is diversified with the exception of International Government Bond Fund, Nasdaq-100^® Index Fund, Inflation Protected Fund, Health Sciences Fund and Global Real Estate Fund, which are non-diversified as defined by the 1940 Act.

Indemnifications. Under the Funds’ organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business the Funds enter into contracts that may contain the obligation to indemnify others. The Funds’ maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.

Note 2 — Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates and those differences could be significant. The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements:

A. Security Valuation

Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges for which the securities are principally traded. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

As of the close of regular trading on the New York Stock Exchange, securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, a fund uses the exchange that is the primary market for the security. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price the Fund’s shares, and the Fund may determine that certain closing prices do not reflect the fair value of 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. The pricing services may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, and maturity date, option adjusted spreads models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a vendor quote is unavailable the securities may be priced at the mean of two independent quotes obtained from brokers.

Short-term securities with 60 days or less to maturity are amortized to maturity based on their cost to the Fund if acquired within 60 days of maturity or, if already held by the Fund on the 60th day, are amortized to maturity based on the value determined on the 61st day.

257

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade. Options traded on national securities exchanges are valued as of the close of the exchange upon which they trade. Forward contracts are valued at the 4:00 p.m. eastern time forward rate. Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) in what is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or over-the-counter market.

Investments in open end and closed end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open end and closed end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

For the Money Market I Fund, securities are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of any discount or premium. In accordance with rule 2a-7 under the 1940 Act, the Series’ Board of Directors (the “Board” or the “Directors”) has adopted procedures intended to stabilize the Money Market I Fund’s net asset value per share at $1.00. These procedures include the determination, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Money Market I Fund’s market-based net asset value per share deviates from the Fund’s amortized cost per share. The calculation of such deviation is referred to as “shadow pricing.” For purposes of these market-based valuations, securities for which market quotations are not readily available are fair valued, as determined pursuant to procedures adopted in good faith by the Board.

Securities for which market quotations are not readily available or if a development/significant event occurs that may significantly impact the value of the security, then these securities are valued, as determined pursuant to procedures adopted in good faith by the Board. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

The various inputs that may be used to determine the value of the Fund’s investments are summarized into three broad levels listed below:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, etc.)

Level 3 — Significant unobservable inputs (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of the inputs used to value the Fund’s net assets as of May 31, 2011 are reported on a schedule following the Portfolio of Investments.

B. Derivative Instruments

The following tables represent the value of derivatives held as of May 31, 2011, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the period ended May 31, 2011:

	Asset Allocation Fund
	Asset Derivatives 2011			Liability Derivatives 2011
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Interest rate contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	—
Equity contracts(3)(4)	Variation margin on futures contracts		21,700	Variation margin on futures contracts		—
		$	21,700		$	—

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Interest rate contracts(2)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	(69	)	$	—
Equity contracts(3)(4)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		119,945			56,940
		$	119,876		$	56,940

(1) The Fund’s derivative contracts held during the period ended May 31, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for interest rate futures contracts was $73,135.

(3) The average value outstanding for equity futures contracts was $1,112,164.

(4) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $106,160 as reported in the Portfolio of Investments.

258

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Global Equity Fund
	Asset Derivatives 2011			Liability Derivatives 2011
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Foreign exchange contracts(2)	Unrealized appreciation on forward foreign currency contracts	$	117,535	Unrealized depreciation on forward foreign currency contracts	$	248,537

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Foreign exchange contracts(2)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities	$	452,335	$	1,427,426

	Global Social Awareness Fund
	Asset Derivatives 2011			Liability Derivatives 2011
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(3)(4)	Variation margin on futures contracts	$	113,400	Variation margin on futures contracts	$	—

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(4)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	549,697	$	1,161,024

(1) The Fund’s derivative contracts held during the period ended May 31, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average notional amount outstanding for forward foreign currency contracts was $59,041,585.

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $507,969 as reported in the Portfolio of Investments.

(4) The average value outstanding for equity futures contracts was $10,648,800.

259

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Global Strategy Fund
	Asset Derivatives 2011			Liability Derivatives 2011
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Foreign exchange contracts(2)	Unrealized appreciation on forward foreign currency contracts	$	4,048,938	Unrealized depreciation on forward foreign currency contracts	$	3,021,785

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Foreign exchange contracts(2)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities	$	8,500,183	$	(4,892,097	)

	Growth Fund
	Asset Derivatives 2011			Liability Derivatives 2011
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Foreign exchange contracts(3)	Unrealized appreciation on forward foreign currency contracts	$	—	Unrealized depreciation on forward foreign currency contracts	$	20,215

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Foreign exchange contracts(3)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities	$	(224,327	)	$	(17,670	)

	Health Sciences Fund
	Asset Derivatives 2011			Liability Derivatives 2011
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(4)(5)	Call and put options written, at value	$	—	Call and put options written, at value	$	3,450,925
	Call and put options purchased, at value		—	Call and put options purchased, at value		—
		$	—		$	3,450,925

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(4)(5)(6)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	3,308,896		$	1,336,002
	Net realized gain (loss) on purchased options/Change in unrealized appreciation (depreciation) on purchased options		(11,648	)		—
		$	3,297,248		$	1,336,002

(1) The Fund’s derivative contracts held during the period ended May 31, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average notional amount outstanding for forward foreign currency contracts was $136,154,865.

(3) The average notional amount outstanding for forward foreign currency contracts was $1,442,071.

(4) The average value outstanding for equity written options contracts was $4,091,006.

(5) The average value outstanding for equity purchased options contracts was $971.

(6) The Put options purchased are included in net realized gain/(loss) on investments.

260

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	International Equities Fund
	Asset Derivatives 2011			Liability Derivatives 2011
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(2)(3)	Variation margin on futures contracts	$	423,670	Variation margin on futures contracts	$	—

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of  Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	747,425	$	2,576,978

	International Government Bond Fund
	Asset Derivatives 2011			Liability Derivatives 2011
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Foreign exchange contracts(4)	Unrealized appreciation on forward foreign currency contracts	$	12,903	Unrealized depreciation on forward foreign currency contracts	$	38,182

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Foreign exchange contracts(4)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities	$	(17,807	)	$	(15,738	)

	Mid Cap Index Fund
	Asset Derivatives 2011			Liability Derivatives 2011
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(5)(6)	Variation margin on futures contracts	$	163,383	Variation margin on futures contracts	$	—

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement  of Operations
Equity contracts(5)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	6,473,951	$	227,977

(1) The Fund’s derivative contracts held during the period ended May 31, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for equity futures contracts was $27,522,192.

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $532,101 as reported in the Portfolio of Investments.

(4) The average notional amount outstanding for forward foreign currency contracts was $1,793,066.

(5) The average value outstanding for equity futures contracts was $25,428,175.

(6) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $(177,396) as reported in the Portfolio of Investments.

261

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Nasdaq-100® Index Fund
	Asset Derivatives 2011			Liability Derivatives 2011
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(2)(3)	Variation margin on futures contracts	$	66,011	Variation margin on futures contracts	$	—

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement  of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	951,601	$	71,864

	Small Cap Index Fund
	Asset Derivatives 2011			Liability Derivatives 2011
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(4)(5)	Variation margin on futures contracts	$	331,246	Variation margin on futures contracts	$	—

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(4)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	4,586,071	$	(9,487	)

	Stock Index Fund
	Asset Derivatives 2011			Liability Derivatives 2011
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(6)(7)	Variation margin on futures contracts	$	310,100	Variation margin on futures contracts	$	—

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(6)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	2,805,189	$	1,541,798

(1) The Fund’s derivative contracts held during the period ended May 31, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for equity futures contracts was $4,135,113.

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $26,116 as reported in the Portfolio of Investments.

(4) The average value outstanding for equity futures contracts was $18,605,346.

(5) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $299,115 as reported in the Portfolio of Investments.

(6) The average value outstanding for equity futures contracts was $23,763,681.

(7) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $291,116 as reported in the Portfolio of Investments.

262

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for various purposes, including to facilitate settlement of foreign currency denominated Fund transactions, to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates, to hedge portfolio exposure to benchmark currency allocations or to enhance return. During the period ended May 31, 2011, the Global Equity Fund used Forward Currency Contracts to hedge portfolio exposure to benchmark currency allocations and enhance returns. The Growth Fund and International Government Bond Fund used Forward Foreign Currency Contracts to protect securities and related receivables and payables against changes in future foreign exchange rates. The Global Strategy Fund used Forward Contracts to protect securities and related receivables and payables against changes in future foreign exchange rates and to enhance return. As of May 31, 2011, the following Funds had open forward contracts: Global Equity Fund, Global Strategy Fund, Growth Fund and International Government Bond Fund, which are reported on a schedule following each Fund’s Portfolio of Investments.

A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by the Fund as unrealized appreciation or depreciation on the Statement of Assets and Liabilities. On the settlement date, the Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks to the Funds of entering into forward contracts include counterparty risk and market risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reflected on the Statement of Assets and Liabilities. Currency transactions are also subject to risks different from those of other Fund transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Futures Contracts. Certain of the Funds may enter into futures contracts for various purposes, including to increase or decrease exposure to equity or bond markets, or to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates, or to enhance income or total return. During the period ended May 31, 2011, the Asset Allocation Fund, Global Social Awareness Fund, International Equities Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund and Stock Index Fund, used futures contracts to increase exposure to equity or bond markets. As of May 31, 2011, the following Funds had open futures contracts: Asset Allocation Fund, Global Social Awareness Fund, International Equities Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund and Stock Index Fund, which are reported on a schedule following each Fund’s Portfolio of Investments.

A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the Futures Commission Merchant (the “broker”). Common futures contracts include interest rate futures, single stock futures, stock index futures and currency futures. An interest rate futures contract is a contract to buy or sell specified debt securities at a future time for a fixed price. A single stock futures contract is a contract to buy a single stock at a future time for a fixed price. A stock index futures contract is similar in economic effect to a single stock futures contract, except that rather than being based on a specific security it is based on a specified index of stocks and not the stocks themselves. A currency futures contract is a contract to buy or sell a specific foreign currency at a future time for a fixed price.

A Fund’s participation in the futures markets involves certain risks, including imperfect correlation between movements in the price of futures contracts and movements in the price of the securities hedged or used for cover. Pursuant to a contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Funds as unrealized appreciation or depreciation on the Statement of Assets and Liabilities. When a contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are generally conducted through regulated exchanges, which minimize counterparty credit risks.

The primary risk to the Funds of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security(ies). Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities.

Options. Certain Funds may enter into option contracts for various purposes, including to facilitate trading, increase or decrease a Fund’s market exposure, to seek higher investment returns, to seek protection against a decline in the value of a Fund’s securities or an increase in prices of securities that may be purchased, or to generate income. During the period ended May 31, 2011, the Health Sciences Fund used options contracts to generate income and seek protection against a decline in the value of the Fund’s securities or an increase in prices of securities that may be purchased. As of May 31, 2011, the Health Sciences Fund had open option contracts, which are reported on a schedule following the Fund’s Portfolio of Investments.

An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Fund writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Fund purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Fund’s Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which the Fund has written either expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which the Fund has written is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which the Fund has written is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchased upon exercise of the option. Options may be traded on a national securities exchange or in the over-the-counter (OTC) market.

Risks to the Funds of entering into option contracts include credit risk, market risk and, with respect to OTC options, illiquidity risk. Credit risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, the Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet

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received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

During the period ended May 31, 2011 the following Funds had options written:

	Written Options
	Health Sciences Fund
	Number of Contracts			Premiums Received
Options outstanding as of May 31, 2010		8,742		$	4,937,051
Options written		12,096			6,454,359
Options terminated in closing purchase transactions		(5,724	)		(2,734,059	)
Options exercised		(1,756	)		(1,347,253	)
Options expired		(5,851	)		(2,646,369	)
Options outstanding as of May 31, 2011		7,507		$	4,663,729

C. Repurchase Agreements

The Funds, along with other affiliated registered investment companies, pursuant to exemptive relief granted by the Securities and Exchange Commission, may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. For repurchase agreements and joint repurchase agreements, the Funds’ custodian takes possession of the collateral pledged for investments in such repurchase agreements. The underlying collateral is valued daily on a mark-to-market basis plus accrued interest, to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

As of May 31, 2011, the following funds held an undivided interest in the joint repurchase agreement with State Street Bank & Trust Co.:

Fund	Percentage Ownership			Principal Amount
Dividend Value		0.27	%	$	855,000
Government Securities		6.37	%		19,980,000
Growth & Income		0.68	%		2,145,000
Large Capital Growth		1.72	%		5,392,000
Mid Cap Index		3.70	%		11,588,000
Nasdaq-100® Index		1.08	%		3,395,000
Small Cap Index		7.40	%		23,198,000
Stock Index		5.76	%		18,043,000

As of such date, the repurchase agreement in that joint account and the collateral therefore were as follows:

State Street Bank & Trust Co., dated May 31, 2011, bearing interest at a rate of 0.01% per annum, with a principal amount of $313,497,000, a repurchase price of $313,497,087, and a maturity date of June 1, 2011. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		1.75	%		05/31/16	$	265,085,000	$	265,105,677
U.S. Treasury Notes		3.13	%		04/30/17		51,440,000		54,662,407

As of May 31, 2011, the following fund held an undivided interest in the joint repurchase agreement with UBS Securities, LLC:

Fund	Percentage Ownership			Principal Amount
Money Market I		33.68	%	$	67,355,000

As of such date, the repurchase agreement in that joint account and the collateral therefore were as follows:

UBS Securities, LLC, dated May 31, 2011, bearing interest at a rate of 0.09% per annum, with a principal amount of $200,000,000, a repurchase price of $200,000,500 and a maturity date of June 1, 2011. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Inflation Index Notes		0.63	%		01/15/15	$	56,000,700	$	71,750,897
U.S. Treasury Inflation Index Notes		2.00	%		01/15/14		100,000,000		132,250,000

264

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NOTES TO FINANCIAL STATEMENTS — (continued)

D. Foreign Currency Translation

The books and records of the Series are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

The Series does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Series does not isolate the effect of changes in foreign exchange rates from the changes in the market prices of fund securities sold during the period.

Realized foreign exchange gains and losses on other assets and liabilities and changes in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statement of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rate.

E. Investment Securities Loaned

To realize additional income, a Fund may lend portfolio securities with a value of up to 30% of its total assets. Any such loans will be continuously secured by collateral in an amount at least equal to the market value of the securities loaned. Such collateral will be cash, U.S. government securities, letters of credit, or other collateral as deemed appropriate. The Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund’s Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the Custodian to be creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily less than the value of the securities on loan. Each Fund receives income from the investment of cash collateral, in addition to lending fees and rebates paid by borrower, less expenses associated with the loan. The risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral.

F. Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders

Security transactions are recorded on a trade date basis. Realized gains and losses on securities sold are determined on the basis of identified cost. Dividend income and capital gains distributions received are recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Distributions received from Real Estate Investment Trusts (“REIT”) investments are recharacterized based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The amount recharacterized as ordinary income is recorded as dividend income and the amount recharacterized as capital gain is recorded as realized gain in the Statement of Operations. The amount recharacterized as return of capital is recorded as a reduction to the cost of investments in the Statement of Assets and Liabilities. These recharacterizations are reflected in the accompanying financial statements. Interest income is accrued daily except when collection is not expected. For financial statement purposes, VC I amortizes all premiums and accretes all discounts on fixed income securities. Funds which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends and capital gains at various rates. India, Thailand and certain other countries’ tax regulations require that taxes be paid on capital gains realized by the Fund. Common expenses incurred by VC I are allocated among the Funds based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Fund as incurred on a specific identification basis.

Dividends from net investment income, if any, are normally declared and paid annually, except for the Money Market I Fund, which declares daily and pays monthly. Distributions from net realized capital gains, if any, are normally declared and paid annually.

The Funds record dividends and distributions to their shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized gains are determined and presented in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net investment income (loss), net realized gain (loss) and net assets are not affected by these reclassifications.

Each Fund intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net realized gain on investments, to its shareholders. Therefore, no federal tax provision is required. Each Fund is considered a separate entity for tax purposes.

The Funds file U.S. federal and certain state income tax returns. With few exceptions, the Funds are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2007.

G. Mortgage-Backed Dollar Rolls

During the year ended May 31, 2011, the Government Securities Fund entered into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). The Fund accounts for the TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date into which the transaction is entered. The Government Securities Fund had TBA Rolls outstanding at year end, which are included in receivable for investments sold and payable for investments purchased in the Statements of Assets and Liabilities.

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

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VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. The return earned by the Fund with the proceeds of the dollar roll transaction may not exceed the transaction costs. For the year ended May 31, 2011, the Government Securities Fund had realized losses from mortgage-backed dollar rolls of $138,281.

Note 3 — Advisory Fees and Other Transactions with Affiliates

VALIC, an indirect wholly owned subsidiary of AIG, serves as investment adviser to VC I. Certain officers and directors of VC I are officers and directors of VALIC or affiliates of VALIC.

VALIC receives from VC I a monthly fee based on each fund’s average daily net asset value at the following annual rates.

International Equities Fund	0.35% on the first $500 million
	0.25% on the next $500 million
	0.24% on assets over $1 billion
Mid Cap Index Fund	0.35% on the first $500 million
Small Cap Index Fund	0.25% on the next $2.5 billion
Stock Index Fund	0.20% on the next $2 billion
	0.15% on assets over $5 billion
Blue Chip Growth Fund	0.75% on the first $250 million
	0.725% on the next $250 million
	0.70% on assets over $500 million
Core Equity Fund	0.80% on the first $250 million
	0.75% on the next $250 million
	0.70% on the next $500 million
	0.65% on assets over $1 billion
Growth & Income Fund@	0.75% on the first $500 million
	0.725% on assets over $500 million
Science & Technology Fund	0.90% on first $500 million
	0.85% on assets over $500 million
Small Cap Fund	0.90% on the first $250 million
	0.85% on the next $250 million
	0.80% on the next $500 million
	0.75% on assets over $1 billion
Health Sciences Fund	1.00% on first $500 million
	0.95% on assets over $500 million
Inflation Protected Fund	0.50% on the first $250 million
	0.45% on the next $250 million
	0.40% on assets over $500 million
International Growth I Fund	0.95% on the first $250 million
	0.90% on the next $250 million
	0.85% on the next $500 million
	0.80% on assets over $1 billion
Large Capital Growth Fund	0.64% on the first $750 million
	0.59% on assets over $750 million
Mid Cap Strategic Growth Fund	0.70% on the first $250 million
	0.65% on the next $250 million
	0.60% on assets over $500 million
Asset Allocation Fund	0.50% on first $300 million
	0.475% on next $200 million
	0.45% on assets over $500 million
Global Social Awareness Fund	0.50% on first $500 million
	0.475% on next $500 million
	0.45% on assets over $1 billion
Global Strategy Fund#	0.50% on the first $500 million
	0.46% on assets over $500 million

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VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Capital Conservation Fund	0.50% on the first $250 million
Government Securities Fund	0.45% on the next $250 million
International Government Bond Fund	0.40% on the next $500 million
	0.35% on assets over $1 billion
Money Market I Fund	0.40%
Nasdaq-100® Index Fund	0.40% on the first $250 million
	0.38% on the next $250 million
	0.36% on assets over $500 million
Dividend Value Fund*	0.75% on the first $250 million
	0.72% on the next $250 million
	0.67% on the next $500 million
	0.62% on assets over $1 billion
Value Fund	0.78% on the first $250 million
	0.73% on the next $250 million
	0.68% on the next $500 million
	0.63% on assets over $1 billion
Broad Cap Value Income Fund	0.70% on the first $250 million
Large Cap Core Fund	0.65% on the next $250 million
	0.60% on the next $500 million
	0.55% on assets over $1 billion
Foreign Value Fund	0.73% on the first $250 million
	0.68% on the next $250 million
	0.63% on the next $500 million
	0.58% on assets over $1 billion
Global Equity Fund	0.81% on the first $250 million
	0.76% on the next $250 million
	0.71% on the next $500 million
	0.66% on assets over $1 billion
Small Cap Aggressive Growth Fund	0.85% on the first $250 million
Small-Mid Growth Fund	0.75% on assets over $250 million
Small Cap Special Values Fund	0.75% on the first $500 million
	0.70% on assets over $500 million
Growth Fund	0.73% on the first $500 million
	0.67% on the next $500 million
	0.64% on the next $500 million
	0.61% on assets over $1.5 billion
Global Real Estate Fund	0.75% on the first $250 million
	0.70% on the next $250 million
	0.65% on assets over $500 million

@ Prior to June 1, 2010, the advisory fee for Growth & Income Fund was 0.75% on all assets.

# Prior to June 1, 2010, the advisory fee for Global Strategy Fund was 0.50% on all assets.

* Prior to June 7, 2010, the advisory fee for Dividend Value Fund was 0.77% on the first $250 million, 0.72% on the next $250 million, 0.67% on the next $500 million and 0.62% on assets over $1 billion.

VALIC contractually agreed to waive fees and/or reimburse expenses, if necessary, at or below the following percentages of each Fund’s average net assets through September 30, 2011. For the purposes of the waived fee and/or reimbursed expense calculations, annual fund operating expenses shall not include extraordinary expenses, as determined under generally accepted accounting principles, or acquired fund fees and expenses. The contractual expense waivers and fee reimbursements will continue indefinitely, subject to termination by the Board, including a majority of the Directors who are not deemed to be interested persons of the Series or VALIC as defined by Section 2(a)(19) of the 1940 Act (“the Disinterested Directors”).

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VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	Maximum Expense Limitation
Blue Chip Growth		0.85	%
Broad Cap Value Income		0.85	%
Core Equity		0.80	%
Dividend Value@		0.82	%
Global Real Estate		0.95	%
Government Securities†		0.67	%
Growth		0.81	%
Growth & Income		0.85	%
Inflation Protected		0.65	%
International Growth 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® Index		0.53	%
Small Cap Aggressive Growth		0.99	%
Small Cap		0.93	%
Small Cap Special Values		0.90	%
Small-Mid Growth		1.00	%
Value		0.85	%

@ Prior to October 1, 2010, the expense limitation for the Dividend Value Fund was 0.83%.

† Prior to October 1, 2010, the Government Securities Fund did not have an expense limitation.

For the period ended May 31, 2011, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:

Fund	Amount
Blue Chip Growth	$	101,881
Broad Cap Value Income		71,189
Core Equity		329,545
Dividend Value		203,019
Government Securities		4,331
Growth		307,427
Growth & Income		95,230
International Growth I		619,760
Large Cap Core		6,792
Nasdaq-100® Index		118,512
Small Cap Aggressive Growth		55,977
Small Cap		383,824
Small Cap Special Values		40,522
Small-Mid Growth		159,355
Value		112,324

VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the Money Market I Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Money Market I Fund will be able to avoid a negative yield. For the period ended May 31, 2011, VALIC voluntarily waived $1,415,791 of expenses for the Money Market I Fund (exclusive of investment advisory fees waived by VALIC).

VALIC has entered into sub-advisory agreements with the following:

American Century Investment Management, Inc. (“American Century”)†—subadviser for the Growth Fund and a portion of the International Growth I Fund.

Barrow, Hanley, Mewhinney & Strauss, LLC—subadviser for the Broad Cap Value Income Fund.

BlackRock Investment Management, LLC and BlackRock Financial Management, Inc. (collectively “BlackRock”)**—subadviser for the Core Equity Fund, the Global Equity Fund and a portion of the Dividend Value Fund.

Bridgeway Capital Management, Inc.—subadviser for a portion of the Small Cap Fund.

Century Capital Management, LLC (“Century Capital”)*—subadviser for a portion of the Small-Mid Growth Fund.

Dreman Value Management, LLC—subadviser for a portion of the Small Cap Special Values Fund.

Franklin Advisers, Inc.—subadviser for a portion of the Global Strategy Fund.

Goldman Sachs Asset Management, L.P.—subadviser for a portion of the Global Real Estate Fund.

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VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Invesco Advisers, Inc. (“Invesco”)—subadviser for a portion of the Large Capital Growth Fund, a portion of the International Growth I Fund, a portion of the Global Real Estate Fund, and 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.—subadviser for a portion of the Mid Cap Strategic Growth Fund.

PineBridge Investments, LLC (“PineBridge”)—subadviser for the Asset Allocation Fund, Capital Conservation Fund, Global Social Awareness Fund, Inflation Protected Fund, International Equities Fund, and International Government Bond Fund.

RCM Capital Management, LLC (“RCM”)@—subadviser for Mid Cap Strategic Growth Fund and a portion of the Science & Technology Fund.

SunAmerica Asset Management Corp. (“SunAmerica”)**—subadviser for the Government Securities Fund, the Growth & Income Fund, Money Market I Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund, Stock Index Fund, a portion of the Dividend Value Fund, and a portion of the Large Capital Growth Fund.

T. Rowe Price Associates, Inc.—subadviser for the Blue Chip Growth Fund, Health Sciences Fund, a portion of the Science & Technology Fund and a portion of the Small Cap Fund.

Templeton Global Advisors, Ltd.—subadviser for the Foreign Value Fund.

Templeton Investment Counsel, LLC—subadviser for a portion of the Global Strategy Fund.

Wellington Management Company, LLP#—subadviser for the Value Fund and a portion of the Science & Technology Fund.

Wells Capital Management, Inc. —subadviser for the Large Cap Core Fund, Small Cap Aggressive Growth Fund, a portion of the Small-Mid Growth Fund, and a portion of the Small Cap Special Values Fund.

† Effective July 16, 2010, with respect to the Growth and International Growth I Funds, American Century Global Investment Management, Inc. (“ACGIM”) was merged with and into American Century, an affiliated investment advisor.

* Effective August 9, 2010, Century Capital became a co-subadviser of the Small-Mid Growth Fund.

** Effective June 7, 2010, BlackRock and SunAmerica replaced American Century as co-subadvisers for the Dividend Value Fund.

@ Effective March 14, 2011, RCM replaced PineBridge as subadviser of the Mid Cap Strategic Growth Fund.

# Effective March 14, 2011, Wellington Management Company, LLP replaced OppenheimerFunds, Inc. as subadviser for the Value Fund.

The subadvisers are compensated for their services by VALIC.

VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica (“Administrator”). SunAmerica receives from each Fund, an annual fee of 0.07% based on the average daily net asset value of the Fund. Pursuant to the Administrative Services Agreement, SunAmerica provides administrative services to the Board, regulatory reporting, internal legal and compliance services, fund accounting and related portfolio accounting services, all necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Funds and other services. Without limiting the generality of the foregoing, the Administrator (or its appointed service provider): assists with the preparation of prospectuses, statements of additional information, registration statements, and proxy materials; develops and prepares communications to shareholders, including the annual and semi-annual reports to shareholders; coordinates and supervises the preparation and filing of Fund tax returns; assists with the design, development, and operation of the Funds; prepares the Funds’ financial statements; determines the net asset value of the Funds’ shares; supervises the Funds’ transfer agent with respect to the payment of dividends and other distributions to shareholders; and calculates performance data of the Funds. During the period ended May 31, 2011, VC I expensed $11,176,470 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 May 31, 2011, the Series expensed $103,978 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 May 31, 2011, certain directors of VC I have deferred $21,390 of director compensation.

On January 23, 2001, the Board of Directors approved a retirement plan for its independent directors who are not officers, directors, or employees of VALIC or an affiliate of VALIC. The Series and VALIC Company II are responsible for the payment of the retirement benefits, as well as all expenses of administration of the plan. Generally, benefits vested under the Retirement Plan are payable for a ten-year period. In the event of a Director’s death prior to complete distribution of benefits, the Director’s beneficiary or estate will be entitled to receive installments or a discounted lump-sum payment of the remaining benefits.

Effective April 27, 2009, the Retirement Plan was terminated. As a result of terminating the retirement plan, (1) the Retirement Plan was frozen as to future accruals for active Participants as of December 31, 2008, and (2) permits active Participants to elect to receive a distribution of their entire Retirement Plan account balance in 2010. The freeze of future accruals does not apply to Directors that have commenced receiving benefits under the retirement plan on or before December 31, 2008. On May 24, 2010, VC I made lump-sum payments to the Directors in accordance with the terms of the Retirement Plan.

269

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

The following amounts for the Retirement Plan liability are included in the payable for Directors’ fees and expenses line on the Statement of Assets and Liabilities and the amounts for the Retirement Plan expenses are included in the Directors’ fees and expenses line on the Statement of Operations:

Fund	Retirement Plan Liability as of May 31, 2011		Retirement  Plan Expense		Retirement  Plan Payments
			For the period ended May 31, 2011
Asset Allocation	$	200	$	—	$	399
Blue Chip Growth		—		—		—
Broad Cap Value Income		—		—		—
Capital Conservation		193		—		385
Core Equity		355		—		710
Dividend Value		—		—		—
Foreign Value		—		—		—
Global Equity		—		—		—
Global Real Estate		—		—		—
Global Social Awareness		426		—		852
Global Strategy		—		—		—
Government Securities		206		—		412
Growth		—		—		—
Growth & Income		129		—		258
Health Sciences		—		—		—
Inflation Protected		—		—		—
International Equities		1,344		—		2,687
International Government Bond		245		—		489
International Growth I		—		—		—
Large Cap Core		—		—		—
Large Capital Growth		—		—		—
Mid Cap Index		3,187		—		6,374
Mid Cap Strategic Growth		—		—		—
Money Market I		951		—		1,901
Nasdaq-100® Index		—		—		—
Science & Technology		1,091		—		2,183
Small Cap Aggressive Growth		—		—		—
Small Cap		—		—		—
Small Cap Index		1,208		—		2,415
Small Cap Special Values		—		—		—
Small-Mid Growth		—		—		—
Stock Index		4,765		—		9,531
Value		—		—		—

At May 31, 2011, VALIC and American General Life Insurance Company (“AGL”), through their insurance company separate accounts, owned over five percent of the outstanding shares of the following Funds:

Fund	VALIC		AGL
Asset Allocation Fund		100.00%		—
Blue Chip Growth Fund		99.97%		*
Broad Cap Value Income Fund		100.00%		—
Capital Conservation Fund		100.00%		—
Core Equity Fund		100.00%		—
Dividend Value Fund		99.97%		*
Foreign Value Fund		100.00%		—
Global Equity Fund		100.00%		—
Global Real Estate Fund		100.00%		—
Global Social Awareness Fund		100.00%		—
Global Strategy Fund		100.00%		—
Government Securities Fund		96.61%		—
Growth Fund		100.00%		—
Growth & Income Fund		96.31%		—
Health Sciences Fund		99.96%		*

270

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	VALIC		AGL
Inflation Protected Fund		100.00%		—
International Equities Fund		97.91%		*
International Government Bond Fund		100.00%		—
International Growth I Fund		100.00%		—
Large Cap Core Fund		100.00%		—
Large Capital Growth Fund		100.00%		—
Mid Cap Index Fund		98.84%		*
Mid Cap Strategic Growth Fund		100.00%		—
Money Market I Fund		82.63%		16.32%
Nasdaq-100® Index Fund		99.81%		*
Science & Technology Fund		99.80%		*
Small Cap Aggressive Growth Fund		100.00%		—
Small Cap Fund		100.00%		—
Small Cap Index Fund		98.76%		*
Small Cap Special Values Fund		100.00%		—
Small-Mid Growth Fund		100.00%		—
Stock Index Fund		98.19%		*
Value Fund		100.00%		—

* Less than 5% ownership.

As disclosed in the Portfolio of Investments, certain funds own securities issued by AIG or an affiliate thereof. During the period ended May 31, 2011, the following Funds recorded realized gains (losses) and income on security transactions of AIG and subsidiaries of AIG as follows:

Fund	Security	Income		Market Value at 05/31/10		Purchases		Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Market Value at 05/31/11
Global Equity	AIA Group, Ltd.	$	—	$	—	$	1,047,954	$	1,046,612	$	(1,342	)	$	—		$	—
International Growth I	AIA Group, Ltd.		—		—		307,198		339,860		32,662			—			—
Stock Index	American International Group, Inc. Common Stock		373,048		1,432,890		2,555,339		136,726		(1,108,066	)		819,063			3,562,500
Stock Index	American International Group, Inc. Warrant		—		—		373,048		350,643		(22,388	)		(8	)		9

During the period, the following funds incurred brokerage commissions with brokers which are affiliates of a sub-adviser:

Affiliated Broker	Growth Fund		International Growth I Fund		Value Fund
J.P. Morgan Securities (Asia Pacific) Ltd.	$	—	$	5,784	$	—
J.P. Morgan Securities, Inc.		19,096		26,755		—
J.P. Morgan Securities, Ltd.		1,390		31,191		—
Oppenheimer & Co., Inc.		—		—		400
J.P. Morgan Clearing Corp.		339		6,257		—
J.P. Morgan Broking HK, Ltd.		86		2,942		—
J.P. Morgan Securities Australia, Ltd.		115		406		—

On October 22, 2010, the International Growth I Fund purchased 120,000 shares of AIA Group LTD. The Fund is prohibited from acquiring shares issued by AIA Group LTD, which is an affiliate of SunAmerica Asset Management Corp., the administrator of the VC I funds. On October 29, 2010, the 120,000 shares were sold to correct this error, resulting in a gain of $32,662 to the Fund.

On November 23, 2010, the Mid Cap Index Fund sold 140 Russell 2000 Mini futures contracts that the Fund did not own. The Fund has an investment restriction that prohibits it from engaging in short sales except to the extent the Fund contemporaneously owns, or has the right to obtain without payment, securities identical to those sold short (“short sales against the box”). The short position was closed on November 23, 2010, resulting in a gain of $22,810 to the Fund.

On January 5, 2011, the Global Equity Fund purchased 361,200 shares of AIA Group LTD. The Fund is prohibited from acquiring shares issued by AIA Group LTD, which is an affiliate of SunAmerica Asset Management Corp., the administrator of the VC I funds. On January 6, 2011, the 361,200 shares were sold to correct this error, resulting in a loss of $1,342 to the Fund.

As a result of losses on medium-term notes issued by Cheyne Finance LLC, that were previously held in the Money Market I Fund, VALIC made capital contributions to the Money Market I Fund in the amount of $0 and $761,000 for the periods ended May 31, 2011 and May 31, 2010, respectively.

On September 22, 2008, American International Group, Inc. (“AIG”), the ultimate parent of VALIC, the Funds’ investment adviser, American General Distributors, Inc., the Funds’ distributor and SunAmerica, the subadvisor to Government Securities Fund, Growth & Income Fund, Money Market I Fund, Mid Cap Index Fund, Nasdaq-100^® Index

271

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund, Small Cap Index Fund, Stock Index Fund, a portion of the Dividend Value Fund, and a portion of the Large Capital Growth Fund and the Funds’ administrator, entered into a revolving credit facility (“FRBNY Credit Facility”) with the Federal Reserve Bank of New York (“NY Fed”). In connection with the FRBNY Credit Facility, on March 4, 2009, AIG issued its Series C Perpetual, Convertible, Participating Preferred Stock (the “Series C Preferred Stock”) to the AIG Credit Facility Trust, a trust established for the sole benefit of the United States Treasury (the “Trust”). The Series C Preferred Stock was entitled to approximately 77.8% of the voting power of AIG’s outstanding stock.

On January 14, 2011, AIG completed a series of previously announced integrated transactions (the “Recapitalization”) to recapitalize AIG. In the Recapitalization, AIG repaid the NY Fed approximately $21 billion in cash, representing all amounts owing under the FRBNY Credit Facility and the facility was terminated. Also as part of the Recapitalization, (i) the Series C Preferred Stock was exchanged for shares of AIG Common Stock, which was then transferred to the U.S. Department of the Treasury, and the Trust, which had previously held all shares of the Series C Preferred Stock, was terminated, and, (ii) AIG’s Series E Preferred Shares and Series F Preferred Shares were exchanged for shares of AIG Common Stock and a new Series G Preferred Shares (which functions as a $2 billion commitment to provide funding that AIG will have the discretion and option to use). As a result of the Recapitalization, the United States Treasury held a majority of outstanding shares of AIG Common Stock.

Note 4 — Investment Activity

The cost of purchases and proceeds from sales and maturities of long-term investments, during the period ended May 31, 2011, were as follows:

Fund	Purchases of Investment Securities (Excluding  U.S. Government Securities)		Sales of Investment Securities (Excluding  U.S. Government Securities)		Purchase of U.S. Government Securities		Sales of U.S. Government Securities
Asset Allocation	$	152,042,548	$	154,860,897	$	18,644,433	$	25,688,563
Blue Chip Growth		156,585,566		236,471,126		–		–
Broad Cap Value Income		7,216,221		4,686,883		–		–
Capital Conservation		186,207,426		171,810,965		56,774,907		53,412,546
Core Equity		234,695,519		251,708,025		–		–
Dividend Value		134,323,554		101,519,450		–		–
Foreign Value		286,401,155		226,464,696		–		–
Global Equity		310,246,884		325,528,030		–		–
Global Real Estate		210,695,505		248,126,070		–		–
Global Social Awareness		321,332,136		347,354,184		–		–
Global Strategy		119,026,923		76,351,904		–		–
Government Securities		6,056,850		–		395,412,956		384,015,024
Growth		679,110,790		717,696,734		–		–
Growth & Income		136,807,872		141,678,470		–		–
Health Sciences		70,752,027		74,280,874		–		–
Inflation Protected		163,759,716		129,153,643		54,099,314		1,175,065
International Equities		528,986,753		496,740,210		–		–
International Government Bond		183,399,783		152,490,496		22,674,727		25,143,770
International Growth I		365,276,965		378,365,818		–		–
Large Cap Core		57,821,419		68,245,267		–		–
Large Capital Growth		468,839,853		492,568,561		–		–
Mid Cap Index		497,891,318		432,024,159		–		–
Mid Cap Strategic Growth		382,645,052		375,905,707		–		–
Nasdaq-100® Index		31,928,059		34,246,414		–		–
Science & Technology		855,298,908		907,681,668		–		–
Small Cap Aggressive Growth		36,420,770		50,661,650		–		–
Small Cap		116,712,411		138,597,548		–		–
Small Cap Index		108,085,408		120,505,612		–		–
Small Cap Special Values		83,910,850		104,479,459		–		–
Small-Mid Growth		162,637,878		162,013,227		–		–
Stock Index		352,965,927		466,588,616		–		–
Value		218,383,954		250,867,092		–		–

272

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Note 5 — Federal Income Taxes

The following tables detail the tax basis distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statements of Assets and Liabilities due to temporary book/tax differences primarily arising from wash sales, partnerships, post October losses, defaulted securities, deferred compensation, foreign taxes payable, investments in passive foreign investment companies, and derivative transactions.

The information in the following table is presented on the basis of cost for Federal Income Tax purposes at May 31, 2011.

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Asset Allocation	$	134,713,210	$	12,991,119	$	(2,632,087	)	$	10,359,032
Blue Chip Growth		355,080,928		122,062,811		(2,459,926	)		119,602,885
Broad Cap Value Income		25,257,531		4,719,601		(1,079,464	)		3,640,137
Capital Conservation		143,512,284		4,994,721		(1,075,673	)		3,919,048
Core Equity		252,357,463		38,003,330		(6,750,930	)		31,252,400
Dividend Value		162,670,644		32,437,939		(4,542,922	)		27,895,017
Foreign Value		1,033,540,351		160,743,023		(62,012,128	)		98,730,895
Global Equity		252,685,629		29,592,955		(5,681,233	)		23,911,722
Global Real Estate		272,641,971		56,774,681		(15,997,919	)		40,776,762
Global Social Awareness		281,531,514		33,201,890		(15,919,681	)		17,282,209
Global Strategy		512,295,285		74,772,557		(23,005,732	)		51,766,825
Government Securities		130,720,911		4,241,942		(599,266	)		3,642,676
Growth		750,157,444		147,320,861		(15,066,133	)		132,254,728
Growth & Income		89,923,424		9,486,945		(3,091,854	)		6,395,091
Health Sciences		176,099,946		65,601,683		(9,306,813	)		56,294,870
Inflation Protected		326,759,346		21,651,171		(1,838,130	)		19,813,041
International Equities		1,050,718,160		136,695,077		(87,972,489	)		48,722,588
International Government Bond*		178,276,732		9,799,665		(1,165,738	)		8,633,927
International Growth I		566,787,524		113,222,682		(16,022,025	)		97,200,657
Large Cap Core		126,524,035		35,946,701		(2,806,542	)		33,140,159
Large Capital Growth		354,192,690		73,524,828		(5,423,068	)		68,101,760
Mid Cap Index		2,589,729,339		637,588,559		(216,025,501	)		421,563,058
Mid Cap Strategic Growth		310,004,288		69,085,370		(8,749,145	)		60,336,225
Money Market I		482,906,976		—		—			—
Nasdaq-100® Index		105,987,477		35,405,452		(5,760,634	)		29,644,818
Science & Technology		820,036,974		175,988,119		(34,776,324	)		141,211,795
Small Cap Aggressive Growth		80,145,124		22,645,535		(5,442,514	)		17,203,021
Small Cap		320,607,099		102,360,937		(12,629,874	)		89,731,063
Small Cap Index		974,087,730		268,898,340		(134,809,900	)		134,088,440
Small Cap Special Values		243,850,036		35,760,481		(19,023,604	)		16,736,877
Small-Mid Growth		122,246,910		25,447,126		(1,579,905	)		23,867,221
Stock Index		2,931,903,742		1,148,245,319		(371,690,240	)		776,555,079
Value		143,683,671		12,454,475		(3,731,754	)		8,722,721

* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2010.

The tax basis distributable earnings at May 31, 2011 and the tax character of distributions paid during the year ended May 31, 2011 were as follows:

	Distributable Earnings							Tax Distributions
	For the year ended May 31, 2011
Fund	Ordinary Income		Long- Term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)†		Ordinary Income		Long-Term Capital Gains
Asset Allocation	$	3,429,852	$	(3,643,724	)	$	10,359,032	$	2,715,898	$	—
Blue Chip Growth		69,981		(35,487,093	)		119,605,031		164,917		—
Broad Cap Value		137,325		(2,728,968	)		3,640,137		389,897		—
Capital Conservation		4,938,015		(3,552,006	)		3,919,048		4,468,964		—
Core Equity		2,493,466		(105,544,814	)		31,252,400		2,827,908		—
Dividend Value		3,936,226		(36,270,182	)		27,894,927		1,825,993		—
Foreign Value		25,185,079		(102,303,188	)		98,893,792		15,826,838		—

273

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Distributable Earnings							Tax Distributions
	For the year ended May 31, 2011
Fund	Ordinary Income		Long- Term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)†		Ordinary Income		Long-Term Capital Gains
Global Equity	$	2,741,053	$	(98,747,255	)	$	23,900,930	$	4,203,630	$	—
Global Real Estate		9,971,969		16,495,424			40,783,195		16,597,111		3,335,070
Global Social Awareness		5,476,438		(149,127,957	)		17,325,732		4,402,588		—
Global Strategy		22,146,749		(26,119,523	)		53,597,138		15,053,864		—
Government Securities		3,795,043		—			3,642,676		3,564,524		—
Growth		5,228,447		(132,262,957	)		132,249,260		4,559,911		—
Growth & Income		649,859		(26,206,846	)		6,395,091		1,026,650		—
Health Sciences		4,686,128		9,542,159			57,463,603		—		—
Inflation Protected		5,725,808		(3,576,388	)		19,815,187		5,626,559		—
International Equities		27,457,051		(164,885,798	)		48,916,302		21,806,627		—
International Government Bond*		7,384,808		(1,822,287	)		13,222,834		7,384,808		—
International Growth I		8,988,884		(73,753,204	)		97,324,022		7,823,021		—
Large Cap Core		1,184,532		4,344,944			33,140,590		1,344,726		—
Large Capital Growth		1,035,533		(1,980,626	)		68,105,356		1,510,142		—
Mid Cap Index		29,971,390		135,307,414			421,563,059		23,994,410		—
Mid Cap Strategic Growth		1,341,519		(9,036,660	)		60,338,796		170,688		—
Money Market I		8,577		(840,492	)		—		49,917		—
Nasdaq-100® Index		518,181		16,828,508			29,644,818		280,420		—
Science & Technology		—		(286,688,971	)		141,346,386		20,804		—
Small Cap Aggressive Growth		—		5,225,815			17,203,021		—		—
Small Cap		413,165		(40,243,835	)		89,731,063		532,422		—
Small Cap Index		8,530,986		(45,475,869	)		134,088,440		7,454,783		—
Small Cap Special Values		1,537,790		(40,927,307	)		16,736,877		1,370,590		—
Small-Mid Growth		—		(9,843,000	)		23,867,221		719		—
Stock Index		59,349,036		185,980,211			776,555,079		57,526,788		42,900,326
Value		1,598,533		(53,422,423	)		8,722,721		999,315		—

* The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2010.

† Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

The tax character of distributions paid during the year ended May 31, 2010 were as follows:

	Tax Distributions
	Ordinary Income		Long-Term Capital Gains		Return of Capital
Asset Allocation	$	3,536,552	$	—	$	—
Blue Chip Growth		906,871		—		—
Broad Cap Value		392,535		—		—
Capital Conservation		5,565,027		—		—
Core Equity		4,266,857		—		—
Dividend Value		2,814,896		—		—
Foreign Value		19,659,718		—		—
Global Equity		776,371		—		—
Global Real Estate		29,386,642		—		—
Global Social Awareness		6,920,505		—		—
Global Strategy		37,023,590		—		—
Government Securities		4,944,289		—		—
Growth		5,393,175		—		—
Growth & Income		1,839,824		—		—
Health Sciences		—		—		—
Inflation Protected		1,609,469		—		192,210
International Equities		21,427,547		—		—
International Government Bond		5,920,505		—		—

274

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Tax Distributions
	Ordinary Income		Long-Term Capital Gains		Return of Capital
International Growth I	$	9,737,177	$	—	$	—
Large Cap Core		1,374,980		—		—
Large Capital Growth		2,659,901		—		—
Mid Cap Index		30,526,650		43,038,625		—
Mid Cap Strategic Growth		1,285,857		—		—
Money Market I		263,152		—		—
Nasdaq-100® Index		233,954		—		—
Science & Technology		640,946		—		—
Small Cap Aggressive Growth		6,652		—		—
Small Cap		1,281,689		—		—
Small Cap Index		14,099,262		15,797,458		—
Small Cap Special Values		3,330,142		—		—
Small-Mid Growth		189,800		—		—
Stock Index		65,614,118		88,725,248		—
Value		3,379,457		—		—

As of May 31, 2011, the Funds indicated below have capital loss carryforwards, which expire in the year indicated, and are available to offset future capital gains, if any:

	Capital Loss Carryforward
Fund	2012		2013		2014		2015		2016		2017		2018		2019
Asset Allocation	$	—	$	—	$	—	$	—	$	—	$	—	$	3,643,724	$	—
Blue Chip Growth		—		—		—		—		—		—		35,487,093		—
Broad Cap Value		—		—		—		—		—		953,767		1,775,201		—
Capital Conservation		—		—		—		—		—		3,552,006		—		—
Core Equity		32,639,490		—		—		—		—		24,335,917		48,569,407		—
Dividend Value		—		—		—		—		—		9,349,929		21,908,895		5,011,358
Foreign Value		—		—		—		—		—		—		102,303,188		—
Global Equity		—		—		—		—		—		26,872,567		71,874,688		—
Global Real Estate		—		—		—		—		—		—		—		—
Global Social Awareness		—		—		—		—		—		47,411,740		101,716,217		—
Global Strategy		—		—		—		—		—		—		26,119,523		—
Government Securities		—		—		—		—		—		—		—		—
Growth		—		—		—		—		—		32,339,809		99,923,148		—
Growth & Income		—		—		—		—		—		7,729,966		18,476,880		—
Health Sciences		—		—		—		—		—		—		—		—
Inflation Protected		—		—		—		—		—		288,881		3,287,507		—
International Equities		—		—		—		—		—		36,713,038		128,172,760		—
International Government Bond*		—		—		—		—		—		1,729,701		92,586		—
International Growth I		—		—		—		—		—		13,782,961		59,970,243		—
Large Cap Core		—		—		—		—		—		—		—		—
Large Capital Growth		—		—		—		—		—		—		1,980,626		—
Mid Cap Index		—		—		—		—		—		—		—		—
Mid Cap Strategic Growth		—		—		—		—		—		—		9,036,660		—
Money Market I		—		—		—		—		—		840,492		—		—
Nasdaq-100® Index		—		—		—		—		—		—		—		—
Science & Technology		171,964,888		—		—		—		—		38,732,224		75,991,859		—
Small Cap Aggressive Growth		—		—		—		—		—		—		—		—
Small Cap		—		—		—		—		—		10,977,204		29,266,631		—
Small Cap Index		—		—		—		—		—		—		45,475,869		—
Small Cap Special Values		—		—		—		—		—		2,847,582		38,079,725		—
Small-Mid Growth		—		—		—		—		—		2,088,621		7,754,379		—
Stock Index		—		—		—		—		—		—		—		—
Value		—		—		—		—		—		4,825,365		48,597,058		—

* The Capital Loss Carryforward for International Government Bond Fund are for the 12 months ended, September 30, 2010.

275

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

The Funds indicated below utilized capital loss carryforwards, which offset net taxable gains realized in the current year. Additionally, the Funds indicated the following capital

loss carrryforwards expired durring the current year.

Fund	Capital Loss Carryforward Utilized		Capital Loss Carryforward Expired
Asset Allocation	$	12,173,455	$	—
Blue Chip Growth		39,595,925		—
Broad Cap Value		336,586		—
Capital Conservation		3,728,437		—
Core Equity		16,226,094		56,908,667
Dividend Value		—		—
Foreign Value		31,654,325		—
Global Equity		16,708,698		—
Global Real Estate		12,850,339		—
Global Social Awareness		4,781,521		—
Global Strategy		6,890,102		—
Government Securities		1,708,493		—
Growth		85,071,189		—
Growth & Income		6,236,060		—
Health Sciences		—		—
Inflation Protected		1,476,852		—
International Equities		11,055,521		—
International Government Bond		—		—
International Growth I		30,014,263		—
Large Cap Core		4,824,943		—
Large Capital Growth		43,454,365		—
Mid Cap Index		6,610,260		—
Mid Cap Strategic Growth		31,046,929		—
Money Market I		549,739		—
Nasdaq-100 ® Index		2,812,188		—
Science & Technology		138,921,118		265,583,163
Small Cap Aggressive Growth		4,148,529		—
Small Cap		22,918,431		—
Small Cap Index		13,796,237		—
Small Cap Special Values		16,065,444		—
Small-Mid Growth		24,400,913		—
Stock Index		—		—
Value		20,426,559		—

Under the current tax law, capital losses related to securities and foreign currency losses realized after October 31 and prior to the Fund’s fiscal year end may be deferred as occurring on the first day of the following year. For the fiscal year ended May 31, 2011, the Funds elected to defer capital losses as follows:

Fund	Deferred Post-October Capital Loss		Deferred Post-October Currency Loss
Asset Allocation	$	—	$	—
Blue Chip Growth		—		—
Broad Cap Value		—		—
Capital Conservation		—		—
Core Equity		—		—
Dividend Value		—		—
Foreign Value		—		—
Global Equity		—		—
Global Real Estate		—		—
Global Social Awareness		—		—
Global Strategy		—		—
Government Securities		2,995,709		—
Growth		—		51,036
Growth & Income		—		—
Health Sciences		—		—

276

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	Deferred Post-October Capital Loss		Deferred Post-October Currency Loss
Inflation Protected	$	—	$	195,350
International Equities		—		—
International Government Bond*		—		—
International Growth I		—		95,203
Large Cap Core		—		3,672
Large Capital Growth		—		—
Mid Cap Index		—		—
Mid Cap Strategic Growth		—		17,301
Money Market I		1,282		—
Nasdaq-100® Index		—		—
Science & Technology		—		—
Small Cap Aggressive Growth		—		—
Small Cap		—		466
Small Cap Index		—		—
Small Cap Special Values		—		—
Small-Mid Growth		—		—
Stock Index		—		—
Value		—		—

* The deferred Post-October Capital Loss for International Government Bond Fund is for the tax year ended September 30, 2010.

For the period ended May 31, 2011, the reclassifications arising from permanent book/tax differences resulted in increases (decreases) that were primarily due to tax treatment of net investment losses, principal paydown adjustment, expiration of capital loss carryforwards, disposition of passive foreign investment companies securities, investments in partnerships, equalization, nondeductible expenses and treatment of foreign currency to the components of net assets as follows:

	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Asset Allocation	$	129,525		$	(129,525	)	$	—
Blue Chip Growth		4,017			(4,017	)		—
Broad Cap Value		—			—			—
Capital Conservation		164,946			(167,744	)		2,798
Core Equity		—			56,908,667			(56,908,667	)
Dividend Value		47,691			(47,691	)		—
Foreign Value		238,109			(274,693	)		36,584
Global Equity		625,421			(653,263	)		27,842
Global Real Estate		12,918,271			(12,918,271	)		—
Global Social Awareness		353,758			(359,269	)		5,511
Global Strategy		12,090,884			(12,101,607	)		10,723
Government Securities		65,299			(73,538	)		8,239
Growth		(119,079	)		119,079			—
Growth & Income		(3,730	)		—			3,730
Health Sciences		68,373			(68,373	)		—
Inflation Protected		(204,105	)		204,105			—
International Equities		1,575,836			(1,624,196	)		48,360
International Government Bond *		1,792,461			(1,792,461	)		—
International Growth I		293,181			(293,181	)		—
Large Cap Core		5,401			(12,872	)		7,471
Large Capital Growth		20,974			(31,227	)		10,253
Mid Cap Index		—			—			—
Mid Cap Strategic Growth		(31,816	)		16,984			14,832
Money Market I		—			—			—
Nasdaq-100 ® Index		(3,750	)		—			3,750
Science & Technology		1,579,016			265,536,686			(267,115,702	)
Small Cap Aggressive Growth		505,026			—			(505,026	)
Small Cap		(3,450	)		(14,412	)		17,862
Small Cap Index		9,099			(9,099	)		—

277

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Small Cap Special Values	$	(5,017	)	$	(8,313	)	$	13,330
Small-Mid Growth		605,093			—			(605,093	)
Stock Index		6,318			(6,318	)		—
Value		186,540			(186,540	)		—

Note 6 — Capital Share Transactions

Transactions in capital shares of each Fund were as follows:

	Asset Allocation												Blue Chip Growth
	For the year ended May 31, 2011						For the year ended May 31, 2010						For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,803,437		$	18,537,203			1,647,344		$	15,204,827			3,967,012		$	40,911,994			5,937,937		$	49,573,110
Reinvested dividends		262,152			2,715,898			380,684			3,536,552			15,842			164,917			102,125			906,871
Shares redeemed		(2,487,715	)		(25,308,366	)		(2,170,113	)		(20,074,556	)		(12,729,006	)		(121,216,770	)		(7,160,281	)		(61,959,084	)
Net increase (decrease)		(422,126	)	$	(4,055,265	)		(142,085	)	$	(1,333,177	)		(8,746,152	)	$	(80,139,859	)		(1,120,219	)	$	(11,479,103	)

	Broad Cap Value Income												Capital Conservation
	For the year ended May 31, 2011						For the year ended May 31, 2010						For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		679,149		$	6,608,810			333,019		$	2,840,535			3,623,815		$	34,775,098			3,082,722		$	28,557,117
Reinvested dividends		40,488			389,897			45,015			392,535			476,944			4,468,964			614,241			5,565,027
Shares redeemed		(348,546	)		(3,302,769	)		(371,172	)		(3,182,983	)		(3,372,395	)		(32,433,171	)		(2,212,449	)		(20,394,601	)
Net increase (decrease)		371,091		$	3,695,938			6,862		$	50,087			728,364		$	6,810,891			1,484,514		$	13,727,543
	Core Equity												Dividend Value
	For the year ended May 31, 2011						For the year ended May 31, 2010						For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		539,407		$	6,343,213			498,616		$	5,277,342			6,346,030		$	53,675,216			2,841,671		$	20,593,657
Reinvested dividends		234,876			2,827,908			390,738			4,266,857			215,329			1,825,993			371,358			2,814,896
Shares redeemed		(2,476,456	)		(28,833,336	)		(2,353,176	)		(25,042,235	)		(2,352,299	)		(19,759,560	)		(2,091,068	)		(15,451,260	)
Net increase (decrease)		(1,702,173	)	$	(19,662,215	)		(1,463,822	)	$	(15,498,036	)		4,209,060		$	35,741,649			1,121,961		$	7,957,293
	Foreign Value												Global Equity
	For the year ended May 31, 2011						For the year ended May 31, 2010						For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		15,818,648		$	133,779,124			14,254,969		$	116,684,981			1,972,015		$	15,218,930			2,164,619		$	15,714,941
Reinvested dividends		1,743,044			15,826,838			2,291,342			19,659,718			522,190			4,203,630			104,773			776,371
Shares redeemed		(11,551,550	)		(104,786,543	)		(9,597,863	)		(79,939,310	)		(4,459,765	)		(34,737,586	)		(4,489,509	)		(32,102,263	)
Net increase (decrease)		6,010,142		$	44,819,419			6,948,448		$	56,405,389			(1,965,560	)	$	(15,315,026	)		(2,220,117	)	$	(15,610,951	)

	Global Real Estate												Global Social Awareness
	For the year ended May 31, 2011						For the year ended May 31, 2010						For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,708,438		$	39,510,559			2,639,034		$	19,571,555			1,591,521		$	21,923,931			1,497,225		$	19,027,134
Reinvested dividends		2,488,412			19,932,181			3,955,134			29,386,642			302,583			4,402,588			522,302			6,920,505
Shares redeemed		(9,526,468	)		(80,343,975	)		(4,831,327	)		(36,934,934	)		(4,101,249	)		(59,057,787	)		(5,868,281	)		(72,559,901	)
Net increase (decrease)		(2,329,618	)	$	(20,901,235	)		1,762,841		$	12,023,263			(2,207,145	)	$	(32,731,268	)		(3,848,754	)	$	(46,612,262	)

278

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Global Strategy												Government Securities
	For the year ended May 31, 2011						For the year ended May 31, 2010						For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		7,819,489		$	88,143,514			2,455,952		$	26,016,480			1,246,712		$	13,454,267			1,794,178		$	19,051,830
Reinvested dividends		1,357,427			15,053,864			3,601,517			37,023,590			345,400			3,564,524			477,709			4,944,289
Shares redeemed		(3,527,982	)		(39,426,294	)		(3,585,244	)		(37,852,890	)		(2,923,820	)		(31,126,765	)		(4,339,793	)		(45,799,529	)
Net increase (decrease)		5,648,934		$	63,771,084			2,472,225		$	25,187,180			(1,331,708	)	$	(14,107,974	)		(2,067,906	)	$	(21,803,410	)
	Growth												Growth & Income
	For the year ended May 31, 2011						For the year ended May 31, 2010						For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,272,922		$	35,934,644			1,636,121		$	14,562,490			464,776		$	5,430,704			602,851		$	6,448,835
Reinvested dividends		415,671			4,559,911			581,161			5,393,175			85,984			1,026,650			168,946			1,839,824
Shares redeemed		(7,568,638	)		(78,740,192	)		(6,715,519	)		(60,577,673	)		(1,030,236	)		(11,849,250	)		(1,035,035	)		(11,075,123	)
Net increase (decrease)		(3,880,045	)	$	(38,245,637	)		(4,498,237	)	$	(40,622,008	)		(479,476	)	$	(5,391,896	)		(263,238	)	$	(2,786,464	)
	Health Sciences												Inflation Protected
	For the year ended May 31, 2011						For the year ended May 31, 2010						For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,708,528		$	18,668,858			1,322,475		$	11,980,833			11,885,599		$	125,547,162			7,833,099		$	76,797,761
Reinvested dividends		—			—			—			—			543,629			5,626,559			164,399			1,609,469
Shares redeemed		(2,564,590	)		(25,752,948	)		(2,245,318	)		(19,684,359	)		(3,146,565	)		(33,437,210	)		(1,543,211	)		(15,208,887	)
Net increase (decrease)		(856,062	)	$	(7,084,090	)		(922,843	)	$	(7,703,526	)		9,282,663		$	97,736,511			6,454,287		$	63,198,343
	International Equities												International Government Bond
	For the year ended May 31, 2011						For the year ended May 31, 2010						For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		19,835,124		$	126,182,913			14,956,126		$	85,257,456			4,962,751		$	62,894,888			2,171,142		$	26,496,357
Reinvested dividends		3,455,884			21,806,627			3,595,226			21,427,547			604,321			7,384,808			489,298			5,920,505
Shares redeemed		(18,663,416	)		(115,709,079	)		(14,250,721	)		(84,396,626	)		(3,255,665	)		(41,216,310	)		(3,267,466	)		(39,587,465	)
Net increase (decrease)		4,627,592		$	32,280,461			4,300,631		$	22,288,377			2,311,407		$	29,063,386			(607,026	)	$	(7,170,603	)
	International Growth I												Large Cap Core
	For the year ended May 31, 2011						For the year ended May 31, 2010						For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		7,338,854		$	79,914,358			4,705,647		$	44,658,359			3,995,492		$	39,914,483			2,281,757		$	21,668,794
Reinvested dividends		714,431			7,823,022			987,543			9,737,177			120,387			1,344,726			141,751			1,374,980
Shares redeemed		(8,966,485	)		(95,456,660	)		(7,134,548	)		(67,891,667	)		(4,679,519	)		(50,082,972	)		(2,329,624	)		(21,069,838	)
Net increase (decrease)		(913,200	)	$	(7,719,280	)		(1,441,358	)	$	(13,496,131	)		(563,640	)	$	(8,823,763	)		93,884		$	1,973,936
	Large Capital Growth												Mid Cap Index
	For the year ended May 31, 2011						For the year ended May 31, 2010						For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		878,422		$	9,616,180			1,062,143		$	10,120,144			9,424,919		$	185,485,284			5,224,687		$	83,782,005
Reinvested dividends		131,775			1,510,142			266,790			2,659,901			1,174,469			23,994,410			4,496,655			73,565,275
Shares redeemed		(4,011,224	)		(43,650,677	)		(3,611,699	)		(35,155,537	)		(11,583,528	)		(228,840,234	)		(11,541,589	)		(186,853,714	)
Net increase (decrease)		(3,001,027	)	$	(32,524,355	)		(2,282,766	)	$	(22,375,492	)		(984,140	)	$	(19,360,540	)		(1,820,247	)	$	(29,506,434	)

279

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Mid Cap Strategic Growth												Money Market I
	For the year ended May 31, 2011						For the year ended May 31, 2010						For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,121,922		$	37,079,109			1,701,894		$	15,696,112			251,095,249		$	251,095,246			532,624,636		$	532,624,636
Reinvested dividends		13,945			170,688			133,388			1,285,857			49,917			49,917			263,152			263,152
Shares redeemed		(3,092,830	)		(35,726,812	)		(2,950,929	)		(28,043,019	)		(318,860,874	)		(318,860,874	)		(603,820,169	)		(603,820,169	)
Net increase (decrease)		43,037		$	1,522,985			(1,115,647	)	$	(11,061,050	)		(67,715,708	)	$	(67,715,711	)		(70,932,381	)	$	(70,932,381	)
	Nasdaq-100® Index												Science & Technology
	For the year ended May 31, 2011						For the year ended May 31, 2010						For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,195,572		$	18,572,201			4,781,443		$	22,156,270			2,004,173		$	31,080,555			3,619,808		$	44,805,576
Reinvested dividends		46,504			280,420			47,168			233,954			1,299			20,804			49,647			640,946
Shares redeemed		(3,951,637	)		(22,677,436	)		(3,298,187	)		(16,062,581	)		(6,335,484	)		(95,405,253	)		(5,233,610	)		(65,689,861	)
Net increase (decrease)		(709,561	)	$	(3,824,815	)		1,530,424		$	6,327,643			(4,330,012	)	$	(64,303,894	)		(1,564,155	)	$	(20,243,339	)
	Small Cap Aggressive												Small Cap
	For the year ended May 31, 2011						For the year ended May 31, 2010						For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,850,476		$	18,640,333			3,000,874		$	27,703,994			1,903,287		$	17,266,173			1,165,502		$	8,716,814
Reinvested dividends		—			—			739			6,652			53,189			532,422			166,670			1,281,689
Shares redeemed		(3,429,156	)		(36,238,490	)		(745,517	)		(6,755,954	)		(4,608,226	)		(42,001,286	)		(3,975,307	)		(30,335,661	)
Net increase (decrease)		(1,578,680	)		(17,598,157	)		2,256,096		$	20,954,692			(2,651,750	)	$	(24,202,691	)		(2,643,135	)	$	(20,337,158	)
	Small Cap Index												Small Cap Special Values
	For the year ended May 31, 2011						For the year ended May 31, 2010						For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,274,051		$	43,537,191			3,827,930		$	42,877,305			1,439,048		$	12,268,556			1,881,779		$	13,237,277
Reinvested dividends		520,585			7,454,783			2,643,388			29,896,720			150,284			1,370,590			439,913			3,330,142
Shares redeemed		(7,648,768	)		(101,230,598	)		(7,167,309	)		(81,659,569	)		(3,887,179	)		(33,899,893	)		(3,311,954	)		(25,150,181	)
Net increase (decrease)		(3,854,132	)	$	(50,238,624	)		(695,991	)	$	(8,885,544	)		(2,297,847	)	$	(20,260,747	)		(990,262	)	$	(8,582,762	)
	Small-Mid Growth												Stock Index
	For the year ended May 31, 2011						For the year ended May 31, 2010						For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		740,318		$	7,191,329			767,420		$	6,207,689			8,875,956		$	213,232,632			11,224,448		$	240,781,531
Reinvested dividends		68			719			22,950			189,800			4,085,725			100,427,114			6,933,485			154,339,366
Shares redeemed		(1,576,981	)		(15,513,497	)		(1,089,247	)		(8,977,230	)		(16,368,264	)		(398,364,646	)		(12,560,079	)		(279,440,128	)
Net increase (decrease)		(836,595	)	$	(8,321,449	)		(298,877	)	$	(2,579,741	)		(3,406,583	)	$	(84,704,900	)		5,597,854		$	115,680,769
	Value
	For the year ended May 31, 2011						For the year ended May 31, 2010
	Shares			Amount			Shares			Amount
Shares sold		1,132,752		$	10,478,791			2,387,928		$	20,018,505
Reinvested dividends		104,860			999,315			398,521			3,379,457
Shares redeemed		(5,128,398	)		(44,194,185	)		(5,701,781	)		(46,477,198	)
Net increase (decrease)		(3,890,786	)	$	(32,716,079	)		(2,915,332	)	$	(23,079,236	)

280

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Note 7 — Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the Funds’ expenses have been reduced. For the period ended May 31, 2011, the amount of expense reductions received by each fund, used to offset the Funds’ non-affiliated expenses, were as follows:

Fund	Expense Reductions
Asset Allocation	$	4,981
Blue Chip Growth		7,722
Broad Cap Value Income		1,748
Core Equity		15,285
Foreign Value		4,705
Global Real Estate		6,038
Global Social Awareness		33,382
Global Strategy		2,735
Growth & Income		7,088
Health Sciences		3,749
International Growth I		1,692
Large Cap Core		16,804
Large Capital Growth		52,575
Mid Cap Strategic Growth		51,907
Science & Technology		78,505
Small Cap Aggressive Growth		33,380
Small Cap		21,288
Small Cap Special Values		15,415
Small-Mid Growth		18,048

Note 8 — Investment Concentration

The Funds may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the fund holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the Capital Conservation Fund, Government Securities Fund, and Money Market I Funds’ concentration in such investments, it may be subject to risks associated with the U.S. Government agencies or instrumentalities. At the end of the period, the Funds had 35.1%, 65.7% and 50.0%, respectively, of their total net assets invested in such securities.

Some of the Funds may invest internationally, including in “emerging market” countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. These investments are subject to various risk factors including market, credit, exchange rate and sovereign risk. The markets in which these securities trade can be volatile and at times illiquid. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the International Equities Fund , International Growth I Fund, Foreign Value Fund, Global Social Awareness Fund and the International Government Bond Fund. The International Equities Fund had 20.1% and 17.3% of its net assets invested in equity securities domiciled in United Kingdom and the Japan, respectively. The International Growth I Fund had 18.2%, 10.6%, 10.5% and 10.1% of its net assets invested in equity securities domiciled in the United Kingdom, Japan, France and Switzerland respectively. The Foreign Value had 21.0% and 11.2% of its net assets invested in equity securities domiciled in the United Kingdom and France, respectively. The Global Social Awareness Fund had 10.7% of its net assets invested in equity securities domiciled in the Japan. The International Government Bond Fund had 18.3% of its net assets invested in securities domiciled in Japan.

The Health Sciences Fund is concentrated in the health services industry and is less diversified than stock funds investing in a broader range of industries. The Fund may also invest a considerable portion of assets in companies in the same business, such as pharmaceuticals, or in related businesses, such as hospital management or managed care. Developments that could adversely affect the Fund include increased competition in the health care industry, changes in legislation or government regulations, reductions in government funding, product liability or other litigation, and obsolescence of popular products.

The Nasdaq-100^® Index Fund and Science & Technology Fund are concentrated in the technology sector. As a result, the Funds are subject to greater volatility than a fund that does not concentrate in a particular sector. Because the Nasdaq-100^® Index may invest in companies within relatively more concentrated industry sectors, the Fund’s performance may be more susceptible to developments which affect those sectors emphasized by the Index.

The Global Real Estate Fund invests primarily in the real estate industry. A Fund that invests primarily in the real estate industry is subject to the risks associated with the direct ownership of real estate. The Fund could also be subject to the risks of direct ownership as a result of a default on a debt security it may own. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. If the Fund has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company. As of May 31, 2011, the Global Real Estate Fund had 70.8% of its net assets invested in Real Estate Investment Trusts.

281

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Note 9 — Lines of Credit

The Series and VALIC Company II have established a $85 million committed and $40 million uncommitted line of credit with State Street Bank & Trust Company, the Funds’ custodian. Interest is currently payable at the greater of (i) Federal Funds Rate plus 125 basis points or (ii) overnight LIBOR plus 125 basis points on the committed line of credit. State Street’s discretionary bid rate is used on the uncommitted line of credit. There is also a commitment fee of 125 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 a Fund’s shortfall exceeds $100,000. For the period ended May 31, 2011, the following funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Blue Chip Growth		6	$	168	$	676,422		1.49	%
Capital Conservation		5		136		658,662		1.49	%
Core Equity		57		390		165,607		1.48	%
Foreign Value		3		1,505		11,945,144		1.50	%
Global Equity		3		130		1,122,131		1.39	%
Global Real Estate		25		631		609,718		1.49	%
Global Strategy		13		712		1,324,809		1.47	%
Government Securities		1		545		14,122,133		1.39	%
Growth		27		247		221,421		1.49	%
International Equities		3		44		359,798		1.46	%
International Growth I		78		2,122		658,571		1.49	%
Large Cap Core		15		424		686,717		1.49	%
Mid Cap Strategic Growth		4		313		1,889,030		1.49	%
Science & Technology		12		162		339,839		1.45	%
Small Cap Aggressive Growth		36		372		249,091		1.49	%
Small Cap		18		118		157,068		1.51	%
Small-Mid Growth		37		1,058		743,305		1.41	%
Value		18		597		781,386		1.53	%

As of May 31, 2011, the following fund had an outstanding borrowing:

Fund	Amount
Small-Mid Growth	$	1,576,395

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 May 31, 2011, none of the Funds participated in the program.

Note 11 — Security Transactions with Affiliated Portfolios

The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated Funds under certain conditions approved by the Board of Directors. The affiliated Funds involved in such transaction must have a common investment adviser or investment advisers which are affiliated persons of each other, common directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transaction. For the period May 31, 2011, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)
Blue Chip Growth	$	—	$	228,705	$	(19,633	)
Core Equity		590,688		67,850		17,198
Foreign Value		—		4,179,658		(135,441	)
Global Equity		88,452		492,379		92,303
Growth		479,567		913,988		105,171
Health Sciences		388,404		175,106		(48,333	)
International Growth I		534,656		477,477		107,185
Large Capital Growth		7,769,273		8,492,046		2,759,247
Mid Cap Strategic Growth		985,283		1,626,572		82,205
Science & Technology		16,080		549,592		304,779
Small Cap		103,321		4,439,350		640,528
Value		184,895		3,073,522		574,187

282

VALIC Company I

FINANCIAL HIGHLIGHTS

	Asset Allocation Fund															Blue Chip Growth Fund
	Year Ended May 31,															Year Ended May 31,
	2011			2010			2009			2008			2007			2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	9.38		$	8.08		$	10.68		$	12.16		$	12.01		$	8.77		$	7.29		$	10.54		$	10.80		$	8.92
Income (loss) from investment operations:
Net investment income (loss)(d)		0.25			0.20			0.25			0.31			0.34			0.00			0.00			0.02			0.03			0.03
Net realized and unrealized gain (loss) on investments and foreign currencies		1.63			1.36			(2.06	)		(0.75	)		1.71			2.41			1.50			(3.25	)		(0.23	)		1.87
Total income (loss) from investment operations		1.88			1.56			(1.81	)		(0.44	)		2.05			2.41			1.50			(3.23	)		(0.20	)		1.90
Distributions from:
Net investment income		(0.21	)		(0.26	)		(0.34	)		(0.35	)		(0.21	)		(0.00	)		(0.02	)		(0.01	)		(0.02	)		(0.02	)
Net realized gain on securities		–			–			(0.45	)		(0.69	)		(1.69	)		–			–			(0.01	)		(0.04	)		–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.21	)		(0.26	)		(0.79	)		(1.04	)		(1.90	)		(0.00	)		(0.02	)		(0.02	)		(0.06	)		(0.02	)
Net asset value at end of period	$	11.05		$	9.38		$	8.08		$	10.68		$	12.16		$	11.18		$	8.77		$	7.29		$	10.54		$	10.80
TOTAL RETURN(a)		20.16	%		19.38	%(e)		(16.41	)%		(3.84	)%(f)		18.14	%		27.53	%		20.54	%		(30.63	)%		(1.84	)%(g)		21.30	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.74	%		0.78	%		0.73	%		0.69	%		0.70	%		0.85	%		0.85	%		0.85	%		0.87	%		0.96	%
Ratio of expenses to average net assets(c)		0.74	%		0.78	%		0.73	%		0.69	%		0.70	%		0.87	%		0.88	%		0.89	%		0.91	%		0.99	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.02	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		2.43	%		2.18	%		2.88	%		2.71	%		2.87	%		0.01	%		0.01	%		0.29	%		0.31	%		0.35	%
Ratio of net investment income (loss) to average net assets(c)		2.43	%		2.18	%		2.88	%		2.71	%		2.87	%		(0.01	)%		(0.02	)%		0.25	%		0.27	%		0.32	%
Portfolio turnover rate		133	%		143	%		108	%		124	%		129	%		38	%		47	%		58	%		20	%		25	%
Number of shares outstanding at end of period (000’s)		13,129			13,551			13,693			14,626			14,567			39,707			48,453			49,573			39,703			10,495
Net assets at end of period (000’s)	$	145,049		$	127,129		$	110,655		$	156,260		$	177,095		$	444,092		$	424,966		$	361,592		$	418,429		$	113,352

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(f)  The Fund’s performance figure was increased by 0.17% from a reimbursement by an affiliate.

^(g)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate.

See Notes to Financial Statements

283

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Broad Cap Value Income Fund															Capital Conservation Fund
	Year Ended May  31,															Year Ended May 31,
	2011			2010			2009			2008			2007			2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	8.69		$	7.12		$	10.54		$	12.65		$	10.21		$	9.38		$	8.78		$	9.54		$	9.91		$	9.45
Income (loss) from investment operations:
Net investment income (loss)(d)		0.15			0.16			0.20			0.19			0.17			0.32			0.34			0.43			0.52			0.48
Net realized and unrealized gain (loss) on investments and foreign currencies		2.04			1.58			(3.41	)		(1.69	)		2.38			0.38			0.70			(0.46	)		(0.31	)		0.13
Total income (loss) from investment operations		2.19			1.74			(3.21	)		(1.50	)		2.55			0.70			1.04			(0.03	)		0.21			0.61
Distributions from:
Net investment income		(0.16	)		(0.17	)		(0.21	)		(0.19	)		(0.11	)		(0.31	)		(0.44	)		(0.73	)		(0.58	)		(0.15	)
Net realized gain on securities		–			–			(0.00	)		(0.42	)		–			–			–			–			–			–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.16	)		(0.17	)		(0.21	)		(0.61	)		(0.11	)		(0.31	)		(0.44	)		(0.73	)		(0.58	)		(0.15	)
Net asset value at end of period	$	10.72		$	8.69		$	7.12		$	10.54		$	12.65		$	9.77		$	9.38		$	8.78		$	9.54		$	9.91
TOTAL RETURN(a)		25.42	%		24.41	%		(30.34	)%		(12.08	)%		25.09	%		7.56	%		12.04	%(e)(f)		(0.06	)%		2.09	%		6.46	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.67	%		0.69	%		0.69	%		0.68	%		0.67	%
Ratio of expenses to average net assets(c)		1.15	%		1.14	%		1.26	%		1.03	%		1.05	%		0.67	%		0.69	%		0.69	%		0.68	%		0.67	%
Ratio of expense reductions to average net assets		0.01	%		0.01	%		0.01	%		0.01	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.60	%		1.90	%		2.57	%		1.65	%		1.50	%		3.37	%		3.71	%		4.83	%		5.27	%		4.89	%
Ratio of net investment income (loss) to average net assets(c)		1.30	%		1.61	%		2.16	%		1.47	%		1.30	%		3.37	%		3.71	%		4.83	%		5.27	%		4.89	%
Portfolio turnover rate		21	%		22	%		24	%		21	%		27	%		164	%		170	%		122	%		136	%		203	%
Number of shares outstanding at end of period (000’s)		2,708			2,337			2,330			2,481			2,582			14,599			13,871			12,387			13,389			17,897
Net assets at end of period (000’s)	$	29,023		$	20,302		$	16,590		$	26,151		$	32,646		$	142,652		$	130,157		$	108,805		$	127,695		$	177,290

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate.

^(f) The Fund’s performance was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

284

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Core Equity Fund															Dividend Value Fund
	Year Ended May 31,															Year Ended May 31,
	2011			2010			2009			2008			2007			2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	10.77		$	9.24		$	13.85		$	15.37		$	13.00		$	7.45		$	6.49		$	10.66		$	12.98		$	10.41
Income (loss) from investment operations:
Net investment income (loss)(d)		0.13			0.14			0.17			0.12			0.12			0.21			0.12			0.18			0.20			0.19
Net realized and unrealized gain (loss) on investments and foreign currencies		2.69			1.59			(4.66	)		(1.50	)		2.35			1.75			1.02			(3.64	)		(1.89	)		2.47
Total income (loss) from investment operations		2.82			1.73			(4.49	)		(1.38	)		2.47			1.96			1.14			(3.46	)		(1.69	)		2.66
Distributions from:
Net investment income		(0.15	)		(0.20	)		(0.12	)		(0.14	)		(0.10	)		(0.10	)		(0.18	)		(0.24	)		(0.22	)		(0.09	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.47	)		(0.41	)		–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.15	)		(0.20	)		(0.12	)		(0.14	)		(0.10	)		(0.10	)		(0.18	)		(0.71	)		(0.63	)		(0.09	)
Net asset value at end of period	$	13.44		$	10.77		$	9.24		$	13.85		$	15.37		$	9.31		$	7.45		$	6.49		$	10.66		$	12.98
TOTAL RETURN(a)		26.32	%		18.73	%(h)		(32.34	)%		(9.00	)%(f)		19.02	%(e)		26.50	%		17.49	%		(32.20	)%		(13.28	)%(g)		25.67	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.80	%		0.80	%		0.82	%		0.85	%		0.85	%		0.82	%		0.83	%		0.83	%		0.83	%		0.83	%
Ratio of expenses to average net assets(c)		0.94	%		0.95	%		0.95	%		0.91	%		0.90	%		0.96	%		1.00	%		0.97	%		0.92	%		0.92	%
Ratio of expense reductions to average net assets		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.07	%		1.30	%		1.65	%		0.84	%		0.85	%		2.58	%		1.60	%		2.35	%		1.75	%		1.61	%
Ratio of net investment income (loss) to average net assets(c)		0.93	%		1.16	%		1.52	%		0.78	%		0.79	%		2.44	%		1.43	%		2.21	%		1.65	%		1.51	%
Portfolio turnover rate		103	%		103	%		88	%		69	%		110	%		70	%		41	%		39	%		37	%		30	%
Number of shares outstanding at end of period (000’s)		18,743			20,445			21,909			25,275			29,484			20,559			16,350			15,228			16,855			19,083
Net assets at end of period (000’s)	$	251,962		$	220,172		$	202,490		$	349,995		$	453,147		$	191,319		$	121,769		$	98,820		$	179,697		$	247,711

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(f)  The Fund’s performance figure was increased by 0.66% from a reimbursement by an affiliate.

^(g)  The Fund’s performance figure was increased by 0.16% from a reimbursement by an affiliate.

^(h)  The Fund’s performance was increased by less than 0.01% from a reimbursement by an affiliate.

See Notes to Financial Statements

285

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Foreign Value Fund															Global Equity Fund
	Year Ended May 31,															Year Ended May 31,
	2011			2010			2009			2008			2007			2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	7.74		$	7.26		$	12.41		$	13.21		$	10.76		$	6.88		$	6.17		$	11.67		$	13.82		$	10.74
Income (loss) from investment operations:
Net investment income (loss)(d)		0.24			0.17			0.23			0.36			0.25			0.09			0.10			0.17			0.18			0.17
Net realized and unrealized gain (loss) on investments and foreign currencies		2.35			0.52			(4.23	)		(0.67	)		2.33			1.70			0.63			(4.85	)		(1.44	)		3.06
Total income (loss) from investment operations		2.59			0.69			(4.00	)		(0.31	)		2.58			1.79			0.73			(4.68	)		(1.26	)		3.23
Distributions from:
Net investment income		(0.15	)		(0.21	)		(0.36	)		(0.11	)		(0.13	)		(0.14	)		(0.02	)		(0.12	)		(0.23	)		(0.15	)
Net realized gain on securities		–			–			(0.79	)		(0.38	)		0.00			–			–			(0.70	)		(0.66	)		(0.00	)
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.15	)		(0.21	)		(1.15	)		(0.49	)		(0.13	)		(0.14	)		(0.02	)		(0.82	)		(0.89	)		(0.15	)
Net asset value at end of period	$	10.18		$	7.74		$	7.26		$	12.41		$	13.21		$	8.53		$	6.88		$	6.17		$	11.67		$	13.82
TOTAL RETURN(a)		33.69	%		9.23	%		(30.15	)%		(2.44	)%		24.08	%		26.09	%(f)		11.86	%(e)		(39.30	)%		(9.39	)%		30.35	%
RATIOS/ SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.84	%		0.84	%		0.94	%		0.86	%		0.86	%		1.00	%		1.02	%		1.01	%		0.97	%		0.95	%
Ratio of expenses to average net assets(c)		0.84	%		0.84	%		0.94	%		0.86	%		0.86	%		1.00	%		1.02	%		1.01	%		0.97	%		0.95	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		–			–			–			–			0.01	%		0.03	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		2.60	%		1.98	%		3.01	%		2.82	%		2.17	%		1.09	%		1.44	%		2.32	%		1.38	%		1.41	%
Ratio of net investment income (loss) to average net assets(c)		2.60	%		1.98	%		3.01	%		2.82	%		2.17	%		1.09	%		1.44	%		2.32	%		1.38	%		1.41	%
Portfolio turnover rate		25	%		28	%		22	%		34	%		31	%		131	%		236	%		109	%		93	%		86	%
Number of shares outstanding at end of period (000’s)		104,883			98,873			91,924			76,318			79,082			30,187			32,153			34,373			33,870			34,198
Net assets at end of period (000’s)	$	1,067,577		$	765,267		$	667,342		$	946,934		$	1,044,980		$	257,560		$	221,201		$	212,124		$	395,426		$	472,642

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate.

^(f) The Fund’s performance figure was increased by less than 0.01% from reimbursement for losses realized on the disposal of investments in violation of investment restrictions (Note 3).

See Notes to Financial Statements

286

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Real Estate Fund												Global Social Awareness Fund
	Year Ended May 31,									March 10, 2008* to May 31, 2008			Year Ended May 31,
	2011			2010			2009						2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	7.44		$	6.45		$	11.21		$	10.00		$	12.56		$	11.21		$	20.21		$	24.25		$	20.82
Income (loss) from investment operations:
Net investment income (loss)(d)		0.16			0.20			0.20			0.04			0.25			0.21			0.27			0.41			0.30
Net realized and unrealized gain (loss) on investments and foreign currencies		2.04			1.64			(4.87	)		1.17			3.21			1.48			(7.47	)		(1.71	)		4.25
Total income (loss) from investment operations		2.20			1.84			(4.67	)		1.21			3.46			1.69			(7.20	)		(1.30	)		4.55
Distributions from:
Net investment income		(0.53	)		(0.85	)		(0.09	)		–			(0.23	)		(0.34	)		(0.40	)		(0.29	)		(0.16	)
Net realized gain on securities		(0.11	)		–			–			–			–			–			(1.40	)		(2.45	)		(0.96	)
Return of capital		–			–			–			–			–			–			–			–			–
Total distributions		(0.64	)		(0.85	)		(0.09	)		–			(0.23	)		(0.34	)		(1.80	)		(2.74	)		(1.12	)
Net asset value at end of period	$	9.00		$	7.44		$	6.45		$	11.21		$	15.79		$	12.56		$	11.21		$	20.21		$	24.25
TOTAL RETURN(a)		30.56	%		28.56	%		(41.58	)%		12.10	%		27.71	%		14.88	%		(34.56	)%		(5.35	)%(e)		22.35	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.92	%		0.93	%		0.95	%		0.95	%@		0.67	%		0.69	%		0.72	%		0.65	%		0.62	%
Ratio of expenses to average net assets(c)		0.92	%		0.93	%		1.01	%		5.04	%@		0.67	%		0.69	%		0.72	%		0.65	%		0.62	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.01	%		–			0.01	%		0.01	%		0.01	%		0.01	%		0.02	%
Ratio of net investment income (loss) to average net assets(b)		1.88	%		2.68	%		3.54	%		2.22	%@		1.74	%		1.63	%		2.03	%		1.95	%		1.31	%
Ratio of net investment income (loss) to average net assets(c)		1.88	%		2.68	%		3.48	%		(1.87	)%@		1.74	%		1.63	%		2.03	%		1.95	%		1.31	%
Portfolio turnover rate		75	%		86	%		88	%		11	%		119	%		91	%		95	%		165	%		153	%
Number of shares outstanding at end of period (000’s)		34,869			37,199			35,436			2,599			18,506			20,713			24,562			27,983			19,308
Net assets at end of period (000’s)	$	313,781		$	276,688		$	228,590		$	29,131		$	292,234		$	260,145		$	275,293		$	565,483		$	468,159

@ Annualized

* Date Fund commenced operations.

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by 0.12% from a reimbursement by an affiliate.

See Notes to Financial Statements

287

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Strategy Fund															Government Securities Fund
	Year Ended May 31,															Year Ended May 31,
	2011			2010			2009			2008			2007			2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	10.07		$	9.74		$	12.77		$	13.08		$	10.92		$	10.67		$	10.50		$	10.42		$	10.12		$	9.86
Income (loss) from investment operations:
Net investment income (loss)(d)		0.36			0.37			0.32			0.41			0.31			0.24			0.28			0.28			0.40			0.43
Net realized and unrealized gain (loss) on investments and foreign currencies		2.11			0.99			(2.39	)		(0.33	)		2.05			0.12			0.29			0.05			0.36			0.07
Total income (loss) from investment operations		2.47			1.36			(2.07	)		0.08			2.36			0.36			0.57			0.33			0.76			0.50
Distributions from:
Net investment income		(0.35	)		(1.03	)		(0.71	)		(0.19	)		(0.16	)		(0.33	)		(0.40	)		(0.25	)		(0.46	)		(0.24	)
Net realized gain on securities		–			–			(0.25	)		(0.20	)		(0.04	)		–			–			–			–			–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.35	)		(1.03	)		(0.96	)		(0.39	)		(0.20	)		(0.33	)		(0.40	)		(0.25	)		(0.46	)		(0.24	)
Net asset value at end of period	$	12.19		$	10.07		$	9.74		$	12.77		$	13.08		$	10.70		$	10.67		$	10.50		$	10.42		$	10.12
TOTAL RETURN(a)		24.85	%		13.79	%(e)		(15.60	)%		0.63	%		21.86	%		3.45	%		5.56	%(e)		3.04	%		7.54	%		5.12	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.68	%		0.68	%		0.71	%		0.73	%		0.71	%		0.65	%		0.71	%		0.65	%		0.66	%		0.67	%
Ratio of expenses to average net assets(c)		0.68	%		0.68	%		0.71	%		0.73	%		0.71	%		0.65	%		0.71	%		0.65	%		0.66	%		0.67	%
Ratio of expense reductions to average net assets		0.00	%		–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		3.26	%		3.47	%		3.16	%		3.17	%		2.60	%		2.22	%		2.58	%		2.63	%		3.92	%		4.22	%
Ratio of net investment income (loss) to average net assets(c)		3.26	%		3.47	%		3.16	%		3.17	%		2.60	%		2.22	%		2.58	%		2.63	%		3.92	%		4.22	%
Portfolio turnover rate		17	%		20	%		25	%		25	%		31	%		353	%		216	%		126	%		67	%		141	%
Number of shares outstanding at end of period (000’s)		44,818			39,169			36,697			38,838			38,988			10,389			11,721			13,789			16,472			10,221
Net assets at end of period (000’s)	$	546,500		$	394,548		$	357,538		$	495,975		$	509,885		$	111,118		$	125,053		$	144,793		$	171,641		$	103,483

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate.

See Notes to Financial Statements

288

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Growth Fund															Growth & Income Fund
	Year Ended May 31,															Year Ended May 31,
	2011			2010			2009			2008			2007			2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	9.20		$	7.60		$	11.17		$	10.26		$	9.22		$	10.48		$	9.35		$	16.14		$	17.73		$	14.70
Income (loss) from investment operations:
Net investment income (loss)(d)		0.07			0.06			0.05			0.02			(0.01	)		0.09			0.13			0.24			0.26			0.19
Net realized and unrealized gain (loss) on investments and foreign currencies		2.65			1.61			(3.62	)		0.89			1.05			2.37			1.24			(5.79	)		(0.85	)		2.95
Total income (loss) from investment operations		2.72			1.67			(3.57	)		0.91			1.04			2.46			1.37			(5.55	)		(0.59	)		3.14
Distributions from:
Net investment income		(0.07	)		(0.07	)		0.00			–			0.00			(0.14	)		(0.24	)		(0.28	)		(0.22	)		(0.11	)
Net realized gain on securities		–			–			0.00			–			–			–			–			(0.96	)		(0.78	)		–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.07	)		(0.07	)		0.00			–			0.00			(0.14	)		(0.24	)		(1.24	)		(1.00	)		(0.11	)
Net asset value at end of period	$	11.85		$	9.20		$	7.60		$	11.17		$	10.26		$	12.80		$	10.48		$	9.35		$	16.14		$	17.73
TOTAL RETURN(a)		29.60	%		22.01	%(f)		(31.94	)%		8.87	%		11.29	%		23.60	%		14.58	%(f)		(33.90	)%		(3.44	)%(e)		21.40	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.81	%		0.85	%		0.94	%		0.95	%		0.94	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.85	%		0.88	%		0.94	%		0.95	%		0.94	%		0.96	%		0.95	%		0.95	%		0.89	%		0.89	%
Ratio of expense reductions to average net assets		–			–			–			–			–			0.01	%		0.01	%		0.02	%		0.03	%		0.02	%
Ratio of net investment income (loss) to average net assets(b)		0.71	%		0.67	%		0.64	%		0.22	%		(0.09	)%		0.76	%		1.21	%		2.15	%		1.53	%		1.18	%
Ratio of net investment income (loss) to average net assets(c)		0.67	%		0.64	%		0.64	%		0.22	%		(0.09	)%		0.65	%		1.11	%		2.05	%		1.49	%		1.13	%
Portfolio turnover rate		95	%		99	%		114	%		203	%		103	%		167	%		174	%		189	%		238	%		169	%
Number of shares outstanding at end of period (000’s)		67,486			71,366			75,864			86,259			99,984			7,119			7,598			7,861			8,034			8,422
Net assets at end of period (000’s)	$	800,022		$	656,380		$	576,502		$	963,368		$	1,025,501		$	91,114		$	79,602		$	73,508		$	129,657		$	149,283

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by 0.17% from a reimbursement by an affiliate.

^(f)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate.

See Notes to Financial Statements

289

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Health Sciences Fund															Inflation Protected Fund
	Year Ended May 31,															Year Ended May 31,
	2011			2010			2009			2008			2007			2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	9.07		$	7.18		$	10.56		$	11.53		$	10.64		$	10.17		$	9.20		$	10.01		$	9.59		$	9.60
Income (loss) from investment operations:
Net investment income (loss)(d)		0.00			(0.05	)		(0.04	)		(0.07	)		(0.06	)		0.34			0.24			0.20			0.49			0.39
Net realized and unrealized gain (loss) on investments and foreign currencies		3.71			1.94			(2.45	)		0.13			2.37			0.62			0.81			(0.61	)		0.29			(0.07	)
Total income (loss) from investment operations		3.71			1.89			(2.49	)		0.06			2.31			0.96			1.05			(0.41	)		0.78			0.32
Distributions from:
Net investment income		–			–			–			–			–			(0.24	)		(0.08	)		(0.39	)		(0.36	)		(0.33	)
Net realized gain on securities		–			–			(0.89	)		(1.03	)		(1.42	)		–			–			–			–			–
Return of capital		–			–			–			–			–			–			–			(0.01	)		–			–
Total distributions		–			–			(0.89	)		(1.03	)		(1.42	)		(0.24	)		(0.08	)		(0.40	)		(0.36	)		(0.33	)
Net asset value at end of period	$	12.78		$	9.07		$	7.18		$	10.56		$	11.53		$	10.89		$	10.17		$	9.20		$	10.01		$	9.59
TOTAL RETURN(a)		40.90	%		26.32	%		(23.05	)%		0.05	%		23.19	%		9.57	%		11.47	%		(4.08	)%		8.22	%		3.35	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.17	%		1.18	%		1.19	%		1.17	%		1.17	%		0.63	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of expenses to average net assets(c)		1.17	%		1.18	%		1.19	%		1.17	%		1.17	%		0.63	%		0.65	%		0.66	%		0.73	%		1.05	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.01	%		0.00	%		0.01	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.01	%		(0.62	)%		(0.55	)%		(0.63	)%		(0.57	)%		3.30	%		2.55	%		2.18	%		5.59	%		4.00	%
Ratio of net investment income (loss) to average net assets(c)		0.01	%		(0.62	)%		(0.55	)%		(0.63	)%		(0.57	)%		3.30	%		2.55	%		2.16	%		5.51	%		3.61	%
Portfolio turnover rate		38	%		38	%		43	%		44	%		47	%		49	%		48	%		39	%		70	%		37	%
Number of shares outstanding at end of period (000’s)		17,920			18,776			19,699			18,782			17,035			31,956			22,673			16,219			15,887			1,640
Net assets at end of period (000’s)	$	229,069		$	170,216		$	141,470		$	198,368		$	196,444		$	347,947		$	230,538		$	149,178		$	159,074		$	15,722

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

290

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Equities Fund															International Government Bond Fund
	Year Ended May 31,															Year Ended May 31,
	2011			2010			2009			2008			2007			2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	5.38		$	5.15		$	10.37		$	11.29		$	9.79		$	11.92		$	11.55		$	12.39		$	12.05		$	12.08
Income (loss) from investment operations:
Net investment income (loss)(d)		0.16			0.13			0.19			0.31			0.25			0.42			0.45			0.46			0.49			0.49
Net realized and unrealized gain (loss) on investments and foreign currencies		1.45			0.25			(4.18	)		(0.75	)		2.02			1.12			0.40			(0.56	)		0.57			0.42
Total income (loss) from investment operations		1.61			0.38			(3.99	)		(0.44	)		2.27			1.54			0.85			(0.10	)		1.06			0.91
Distributions from:
Net investment income		(0.15	)		(0.15	)		(0.28	)		(0.26	)		(0.16	)		(0.60	)		(0.48	)		(0.73	)		(0.63	)		(0.52	)
Net realized gain on securities		–			–			(0.95	)		(0.22	)		(0.61	)		–			–			(0.01	)		(0.09	)		(0.42	)
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.15	)		(0.15	)		(1.23	)		(0.48	)		(0.77	)		(0.60	)		(0.48	)		(0.74	)		(0.72	)		(0.94	)
Net asset value at end of period	$	6.84		$	5.38		$	5.15		$	10.37		$	11.29		$	12.86		$	11.92		$	11.55		$	12.39		$	12.05
TOTAL RETURN(a)		30.18	%		7.06	%		(37.10	)%		(3.91	)%		24.05	%		13.16	%		7.32	%		(0.70	)%		8.94	%		7.60	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.47	%		0.52	%		0.55	%		0.51	%		0.50	%		0.67	%		0.68	%		0.72	%		0.68	%		0.70	%
Ratio of expenses to average net assets(c)		0.47	%		0.52	%		0.55	%		0.51	%		0.50	%		0.67	%		0.68	%		0.72	%		0.68	%		0.70	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.53	%		2.29	%		3.18	%		2.87	%		2.45	%		3.34	%		3.70	%		3.96	%		4.07	%		4.04	%
Ratio of net investment income (loss) to average net assets(c)		2.53	%		2.29	%		3.18	%		2.87	%		2.45	%		3.34	%		3.70	%		3.96	%		4.07	%		4.04	%
Portfolio turnover rate		56	%		66	%		81	%		104	%		47	%		113	%		147	%		224	%		183	%		164	%
Number of shares outstanding at end of period (000’s)		150,421			145,793			141,492			106,313			97,164			14,721			12,409			13,016			14,457			11,264
Net assets at end of period (000’s)	$	1,028,197		$	783,839		$	728,784		$	1,102,850		$	1,097,046		$	189,309		$	147,932		$	150,314		$	179,191		$	135,777

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

291

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Growth I Fund															Large Cap Core Fund
	Year Ended May 31,															Year Ended May 31,
	2011			2010			2009			2008			2007			2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	9.04		$	8.29		$	13.15		$	12.91		$	10.30		$	9.37		$	7.92		$	10.78		$	11.91		$	10.10
Income (loss) from investment operations:
Net investment income (loss)(d)		0.17			0.13			0.18			0.20			0.14			0.09			0.10			0.13			0.11			0.13
Net realized and unrealized gain (loss) on investments and foreign currencies		2.98			0.80			(4.86	)		0.16			2.65			2.98			1.47			(2.51	)		(0.65	)		1.78
Total income (loss) from investment operations		3.15			0.93			(4.68	)		0.36			2.79			3.07			1.57			(2.38	)		(0.54	)		1.91
Distributions from:
Net investment income		(0.15	)		(0.18	)		(0.18	)		(0.12	)		(0.18	)		(0.11	)		(0.12	)		(0.04	)		(0.09	)		(0.10	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.44	)		(0.50	)		–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.15	)		(0.18	)		(0.18	)		(0.12	)		(0.18	)		(0.11	)		(0.12	)		(0.48	)		(0.59	)		(0.10	)
Net asset value at end of period	$	12.04		$	9.04		$	8.29		$	13.15		$	12.91		$	12.33		$	9.37		$	7.92		$	10.78		$	11.91
TOTAL RETURN(a)		35.00	%(e)		11.07	%		(35.39	)%		2.78	%		27.31	%		32.94	%		19.81	%		(21.36	)%		(4.73	)%		19.01	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.01	%		1.01	%		1.01	%		1.01	%		1.01	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		1.12	%		1.12	%		1.14	%		1.11	%		1.11	%		0.85	%		0.88	%		0.89	%		1.00	%		0.91	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%		0.01	%		0.02	%		0.02	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		1.53	%		1.35	%		2.11	%		1.56	%		1.19	%		0.85	%		1.08	%		1.60	%		0.96	%		1.15	%
Ratio of net investment income (loss) to average net assets(c)		1.42	%		1.24	%		1.97	%		1.46	%		1.09	%		0.85	%		1.05	%		1.56	%		0.81	%		1.09	%
Portfolio turnover rate		67	%		79	%		70	%		64	%		74	%		44	%		33	%		41	%		62	%		24	%
Number of shares outstanding at end of period (000’s)		51,294			52,207			53,649			55,226			51,765			11,843			12,406			12,312			7,869			7,405
Net assets at end of period (000’s)	$	617,720		$	471,764		$	444,783		$	726,258		$	668,274		$	145,975		$	116,227		$	97,480		$	84,844		$	88,186

^(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 (Note 3).

See Notes to Financial Statements

292

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Large Capital Growth Fund															Mid Cap Index Fund
	Year Ended May 31,															Year Ended May 31,
	2011			2010			2009			2008			2007			2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	9.73		$	8.23		$	12.45		$	12.38		$	10.43		$	17.30		$	13.32		$	23.88		$	26.62		$	23.72
Income (loss) from investment operations:
Net investment income (loss)(d)		0.03			0.04			0.06			0.03			0.05			0.18			0.19			0.25			0.26			0.30
Net realized and unrealized gain (loss) on investments and foreign currencies		2.59			1.53			(4.01	)		0.07			1.93			5.43			4.40			(8.65	)		(1.05	)		4.38
Total income (loss) from investment operations		2.62			1.57			(3.95	)		0.10			1.98			5.61			4.59			(8.40	)		(0.79	)		4.68
Distributions from:
Net investment income		(0.04	)		(0.07	)		(0.03	)		(0.03	)		(0.03	)		(0.20	)		(0.25	)		(0.27	)		(0.30	)		(0.12	)
Net realized gain on securities		–			–			(0.24	)		–			–			–			(0.36	)		(1.89	)		(1.65	)		(1.66	)
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.04	)		(0.07	)		(0.27	)		(0.03	)		(0.03	)		(0.20	)		(0.61	)		(2.16	)		(1.95	)		(1.78	)
Net asset value at end of period	$	12.31		$	9.73		$	8.23		$	12.45		$	12.38		$	22.71		$	17.30		$	13.32		$	23.88		$	26.62
TOTAL RETURN(a)		27.01	%		19.08	%(f)		(31.55	)%		0.78	%(e)		18.97	%		32.54	%(g)		34.73	%		(33.91	)%		(2.73	)%		20.77	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.78	%		0.78	%		0.79	%		0.78	%		0.76	%		0.39	%		0.39	%		0.40	%		0.38	%		0.38	%
Ratio of expenses to average net assets(c)		0.78	%		0.78	%		0.79	%		0.78	%		0.76	%		0.39	%		0.39	%		0.40	%		0.38	%		0.38	%
Ratio of expense reductions to average net assets		0.01	%		0.00	%		0.00	%		0.01	%		0.01	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.25	%		0.41	%		0.61	%		0.27	%		0.42	%		0.93	%		1.17	%		1.64	%		1.08	%		1.27	%
Ratio of net investment income (loss) to average net assets(c)		0.25	%		0.41	%		0.61	%		0.27	%		0.42	%		0.93	%		1.17	%		1.64	%		1.08	%		1.27	%
Portfolio turnover rate		129	%		59	%		49	%		49	%		78	%		18	%		12	%		22	%		21	%		14	%
Number of shares outstanding at end of period (000’s)		32,735			35,736			38,018			41,724			47,394			120,474			121,459			123,279			112,050			115,417
Net assets at end of period (000’s)	$	402,977		$	347,731		$	312,755		$	519,294		$	586,875		$	2,736,232		$	2,101,641		$	1,642,120		$	2,676,198		$	3,071,995

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(f)  The Fund’s performance figure was increased by less than 0.01% by a reimbursement by an affiliate.

^(g)  The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions (Note 3).

See Notes to Financial Statements

293

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Mid Cap Strategic Growth Fund															Money Market I Fund
	Year Ended May 31,															Year Ended May 31,
	2011			2010			2009			2008			2007			2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	9.92		$	7.83		$	15.03		$	14.14		$	11.76		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)(d)		0.01			(0.00	)		0.02			0.01			0.00			0.00			0.00			0.01			0.04			0.05
Net realized and unrealized gain (loss) on investments and foreign currencies		3.70			2.14			(5.95	)		1.23			2.39			(0.00	)		0.00			–			–			–
Total income (loss) from investment operations		3.71			2.14			(5.93	)		1.24			2.39			–			0.00			0.01			0.04			0.05
Distributions from:
Net investment income		(0.01	)		(0.05	)		–			–			(0.01	)		(0.00	)		(0.00	)		(0.01	)		(0.04	)		(0.05	)
Net realized gain on securities		–			–			(1.27	)		(0.35	)		–			–			(0.00	)		–			–			–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.01	)		(0.05	)		(1.27	)		(0.35	)		(0.01	)		(0.00	)		(0.00	)		(0.01	)		(0.04	)		(0.05	)
Net asset value at end of period	$	13.62		$	9.92		$	7.83		$	15.03		$	14.14		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN(a)		37.37	%		27.35	%(f)		(37.52	)%		8.71	%		20.30	%		0.01	%		0.04	%(e)		1.33	%		3.82	%		4.90	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.84	%		0.85	%		0.85	%		0.84	%		0.83	%		0.24	%		0.41	%		0.54	%		0.51	%		0.52	%
Ratio of expenses to average net assets(c)		0.84	%		0.86	%		0.87	%		0.84	%		0.83	%		0.52	%		0.55	%		0.59	%		0.51	%		0.52	%
Ratio of expense reductions to average net assets		0.02	%		0.04	%		0.04	%		0.01	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.10	%		(0.09	)%		0.21	%		0.03	%		0.00	%		0.01	%		0.03	%		1.31	%		3.72	%		4.80	%
Ratio of net investment income (loss) to average net assets(c)		0.10	%		(0.10	)%		0.19	%		0.03	%		0.00	%		(0.27	)%		(0.10	)%		1.26	%		3.72	%		4.80	%
Portfolio turnover rate		134	%		239	%		293	%		151	%		242	%		N/A			N/A			N/A			N/A			N/A
Number of shares outstanding at end of period (000’s)		25,052			25,009			26,125			24,438			23,317			474,285			542,000			612,933			572,369			516,352
Net assets at end of period (000’s)	$	341,241		$	248,109		$	204,470		$	367,295		$	329,635		$	473,443		$	541,159		$	611,356		$	572,434		$	516,352

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate.

^(f) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

294

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Nasdaq-100® Index Fund															Science & Technology Fund
	Year Ended May 31,															Year Ended May 31,
	2011			2010			2009			2008			2007			2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	5.03		$	3.89		$	5.62		$	5.34		$	4.38		$	12.93		$	9.98		$	14.41		$	13.67		$	11.50
Income (loss) from investment operations:
Net investment income (loss)(d)		0.02			0.01			0.01			0.01			0.00			(0.03	)		(0.02	)		0.01			(0.01	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currencies		1.41			1.14			(1.68	)		0.27			0.96			4.67			2.98			(4.44	)		0.75			2.22
Total income (loss) from investment operations		1.43			1.15			(1.67	)		0.28			0.96			4.64			2.96			(4.43	)		0.74			2.17
Distributions from:
Net investment income		(0.01	)		(0.01	)		(0.01	)		–			(0.00	)		(0.00	)		(0.01	)		–			–			–
Net realized gain on securities		–			–			(0.05	)		–			–			–			–			–			–			–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.01	)		(0.01	)		(0.06	)		–			(0.00	)		(0.00	)		(0.01	)		–			–			–
Net asset value at end of period	$	6.45		$	5.03		$	3.89		$	5.62		$	5.34		$	17.57		$	12.93		$	9.98		$	14.41		$	13.67
TOTAL RETURN(a)		28.53	%		29.60	%(f)		(29.36	)%		5.32	%		22.01	%		35.89	%		29.67	%(f)		(30.74	)%(e)		5.41	%		18.87	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.53	%		0.54	%		0.55	%		0.56	%		0.63	%		1.02	%		1.02	%		1.06	%		1.00	%		1.03	%
Ratio of expenses to average net assets(c)		0.63	%		0.60	%		0.66	%		0.60	%		0.63	%		1.02	%		1.02	%		1.06	%		1.00	%		1.03	%
Ratio of expense reductions to average net assets		–			–			–			–			–			0.01	%		0.02	%		0.01	%		0.01	%		0.02	%
Ratio of net investment income (loss) to average net assets(b)		0.43	%		0.25	%		0.35	%		0.27	%		0.08	%		(0.22	)%		(0.20	)%		0.09	%		(0.11	)%		(0.39	)%
Ratio of net investment income (loss) to average net assets(c)		0.33	%		0.18	%		0.24	%		0.23	%		0.08	%		(0.22	)%		(0.20	)%		0.09	%		(0.11	)%		(0.39	)%
Portfolio turnover rate		29	%		6	%		9	%		8	%		5	%		111	%		138	%		150	%		145	%		163	%
Number of shares outstanding at end of period (000’s)		19,713			20,423			18,892			17,471			15,678			50,582			54,912			56,476			63,061			70,630
Net assets at end of period (000’s)	$	127,160		$	102,703		$	73,521		$	98,269		$	83,647		$	888,918		$	710,097		$	563,610		$	908,590		$	965,650

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by 0.07% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

^(f)  The Fund’s performance figure was increased by less than 0.01% by a reimbursement by an affiliate.

See Notes to Financial Statements

295

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Aggressive Growth Fund															Small Cap Fund
	Year Ended May 31,															Year Ended May 31,
	2011			2010			2009			2008			2007			2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	9.84		$	7.05		$	11.17		$	11.71		$	10.22		$	8.31		$	6.39		$	9.82		$	13.22		$	12.64
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.06	)		(0.05	)		(0.03	)		(0.05	)		(0.08	)		0.01			0.01			0.03			0.04			0.01
Net realized and unrealized gain (loss) on investments and foreign currencies		2.85			2.84			(3.17	)		(0.49	)		1.58			2.92			1.95			(2.98	)		(2.04	)		1.58
Total income (loss) from investment operations		2.79			2.79			(3.20	)		(0.54	)		1.50			2.93			1.96			(2.95	)		(2.00	)		1.59
Distributions from:
Net investment income		–			(0.00	)		–			–			–			(0.02	)		(0.04	)		(0.04	)		–			–
Net realized gain on securities		–			–			(0.92	)		–			(0.01	)		–			–			(0.44	)		(1.40	)		(1.01	)
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.00	)		(0.92	)		–			(0.01	)		(0.02	)		(0.04	)		(0.48	)		(1.40	)		(1.01	)
Net asset value at end of period	$	12.63		$	9.84		$	7.05		$	11.17		$	11.71		$	11.22		$	8.31		$	6.39		$	9.82		$	13.22
TOTAL RETURN(a)		28.35	%		39.59	%(e)		(26.42	)%		(4.59	)%		14.70	%		35.24	%		30.65	%		(29.56	)%		(15.29	)%		13.29	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.99	%		0.99	%		0.99	%		1.00	%		1.00	%		0.93	%		0.94	%		0.95	%		0.95	%		0.95	%
Ratio of expenses to average net assets(c)		1.05	%		1.10	%		1.12	%		1.14	%		1.15	%		1.05	%		1.06	%		1.07	%		1.05	%		1.02	%
Ratio of expense reductions to average net assets		0.04	%		0.02	%		0.01	%		0.03	%		0.02	%		0.01	%		0.01	%		0.01	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		(0.62	)%		(0.56	)%		(0.37	)%		(0.52	)%		(0.83	)%		0.05	%		0.13	%		0.40	%		0.31	%		0.04	%
Ratio of net investment income (loss) to average net assets(c)		(0.68	)%		(0.66	)%		(0.50	)%		(0.66	)%		(0.98	)%		(0.07	)%		0.00	%		0.28	%		0.21	%		(0.03	)%
Portfolio turnover rate		42	%		73	%		74	%		98	%		192	%		38	%		37	%		40	%		119	%		87	%
Number of shares outstanding at end of period (000’s)		7,230			8,809			6,553			5,823			4,434			31,857			34,509			37,152			39,852			41,863
Net assets at end of period (000’s)	$	91,326		$	86,711		$	46,179		$	65,033		$	51,911		$	357,571		$	286,788		$	237,444		$	391,306		$	553,319

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% by a reimbursement by an affiliate.

See Notes to Financial Statements

296

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Index Fund															Small Cap Special Values Fund
	Year Ended May 31,															Year Ended May 31,
	2011			2010			2009			2008			2007			2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	12.15		$	9.43		$	15.80		$	19.41		$	17.24		$	8.08		$	6.03		$	9.73		$	12.62		$	10.59
Income (loss) from investment operations:
Net investment income (loss)(d)		0.13			0.11			0.18			0.23			0.21			0.06			0.05			0.10			0.12			0.13
Net realized and unrealized gain (loss) on investments and foreign currencies		3.44			3.06			(5.35	)		(2.27	)		2.93			1.59			2.12			(3.43	)		(2.31	)		2.01
Total income (loss) from investment operations		3.57			3.17			(5.17	)		(2.04	)		3.14			1.65			2.17			(3.33	)		(2.19	)		2.14
Distributions from:
Net investment income		(0.12	)		(0.18	)		(0.23	)		(0.20	)		(0.07	)		(0.06	)		(0.12	)		(0.10	)		(0.09	)		(0.06	)
Net realized gain on securities		–			(0.27	)		(0.97	)		(1.37	)		(0.90	)		–			–			(0.27	)		(0.61	)		(0.05	)
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.12	)		(0.45	)		(1.20	)		(1.57	)		(0.97	)		(0.06	)		(0.12	)		(0.37	)		(0.70	)		(0.11	)
Net asset value at end of period	$	15.60		$	12.15		$	9.43		$	15.80		$	19.41		$	9.67		$	8.08		$	6.03		$	9.73		$	12.62
TOTAL RETURN(a)		29.44	%		34.01	%		(32.19	)%		(10.71	)%		18.66	%		20.40	%		36.20	%(e)		(33.97	)%		(17.39	)%		20.30	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.44	%		0.46	%		0.47	%		0.42	%		0.43	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of expenses to average net assets(c)		0.44	%		0.46	%		0.47	%		0.42	%		0.43	%		0.92	%		0.98	%		0.96	%		0.92	%		0.90	%
Ratio of expense reductions to average net assets		–			–			–			–			–			0.01	%		0.01	%		0.04	%		0.03	%		0.02	%
Ratio of net investment income (loss) to average net assets(b)		0.95	%		0.98	%		1.65	%		1.34	%		1.20	%		0.65	%		0.69	%		1.48	%		1.09	%		1.10	%
Ratio of net investment income (loss) to average net assets(c)		0.95	%		0.98	%		1.65	%		1.34	%		1.20	%		0.63	%		0.61	%		1.42	%		1.07	%		1.10	%
Portfolio turnover rate		13	%		15	%		24	%		20	%		18	%		41	%		98	%		67	%		51	%		64	%
Number of shares outstanding at end of period (000’s)		62,750			66,604			67,300			62,690			62,786			23,569			25,867			26,857			26,379			30,647
Net assets at end of period (000’s)	$	978,592		$	809,018		$	634,336		$	990,398		$	1,218,827		$	227,951		$	209,121		$	162,069		$	256,767		$	386,817

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursements, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate.

See Notes to Financial Statements

297

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small-Mid Growth Fund															Stock Index Fund
	Year Ended May 31,															Year Ended May 31,
	2011			2010			2009			2008			2007			2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	8.54		$	6.79		$	10.05		$	11.65		$	10.33		$	21.93		$	19.06		$	34.60		$	39.80		$	33.87
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.06	)		(0.05	)		0.01			(0.03	)		(0.02	)		0.41			0.37			0.53			0.60			0.58
Net realized and unrealized gain (loss) on investments and foreign currencies		3.24			1.82			(2.98	)		(1.57	)		1.34			5.12			3.66			(12.20	)		(3.30	)		6.86
Total income (loss) from investment operations		3.18			1.77			(2.97	)		(1.60	)		1.32			5.53			4.03			(11.67	)		(2.70	)		7.44
Distributions from:
Net investment income		(0.00	)		(0.02	)		(0.01	)		–			–			(0.43	)		(0.49	)		(0.70	)		(0.61	)		(0.31	)
Net realized gain on securities		–			–			(0.28	)		–			–			(0.32	)		(0.67	)		(3.17	)		(1.89	)		(1.20	)
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.00	)		(0.02	)		(0.29	)		–			–			(0.75	)		(1.16	)		(3.87	)		(2.50	)		(1.51	)
Net asset value at end of period	$	11.72		$	8.54		$	6.79		$	10.05		$	11.65		$	26.71		$	21.93		$	19.06		$	34.60		$	39.80
TOTAL RETURN(a)		37.24	%		26.03	%(e)		(29.01	)%		(13.73	)%		12.78	%		25.55	%		21.06	%		(32.99	)%		(6.98	)%		22.37	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		0.38	%		0.38	%		0.39	%		0.35	%		0.35	%
Ratio of expenses to average net assets(c)		1.15	%		1.09	%		1.15	%		1.03	%		1.01	%		0.38	%		0.38	%		0.39	%		0.35	%		0.35	%
Ratio of expense reductions to average net assets		0.02	%		0.04	%		0.06	%		0.01	%		0.01	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.61	)%		(0.63	)%		0.01	%		(0.33	)%		(0.20	)%		1.70	%		1.70	%		2.31	%		1.64	%		1.58	%
Ratio of net investment income (loss) to average net assets(c)		(0.76	)%		(0.72	)%		(0.14	)%		(0.36	)%		(0.21	)%		1.70	%		1.70	%		2.31	%		1.64	%		1.58	%
Portfolio turnover rate		155	%		74	%		91	%		196	%		83	%		11	%		7	%		7	%		5	%		4	%
Number of shares outstanding at end of period (000’s)		10,329			11,165			11,464			11,803			13,987			132,974			136,381			130,783			124,600			133,576
Net assets at end of period (000’s)	$	121,033		$	95,319		$	77,843		$	118,628		$	162,946		$	3,551,607		$	2,990,589		$	2,493,280		$	4,311,083		$	5,316,922

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement from an affiliate.

See Notes to Financial Statements

298

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Value Fund
	Year Ended May 31,
	2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	8.28		$	7.20		$	11.01		$	13.41		$	12.19
Income (loss) from investment operations:
Net investment income (loss)(d)		0.10			0.05			0.15			0.15			0.08
Net realized and unrealized gain (loss) on investments and foreign currencies		1.97			1.20			(3.76	)		(1.65	)		3.10
Total income (loss) from investment operations		2.07			1.25			(3.61	)		(1.50	)		3.18
Distributions from:
Net investment income		(0.07	)		(0.17	)		(0.09	)		(0.04	)		(0.24	)
Net realized gain on securities		–			–			(0.11	)		(0.86	)		(1.72	)
Return of capital		–			–			–			–			–
Total distributions		(0.07	)		(0.17	)		(0.20	)		(0.90	)		(1.96	)
Net asset value at end of period	$	10.28		$	8.28		$	7.20		$	11.01		$	13.41
TOTAL RETURN(a)		25.03	%		17.30	%		(32.55	)%(e)		(11.44	)%		28.42	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%		0.85	%		0.85	%		0.88	%		1.03	%
Ratio of expenses to average net assets(c)		0.93	%		0.94	%		0.94	%		0.93	%		1.03	%
Ratio of expense reductions to average net assets		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.10	%		0.56	%		1.89	%		1.39	%		0.65	%
Ratio of net investment income (loss) to average net assets(c)		1.02	%		0.47	%		1.79	%		1.34	%		0.64	%
Portfolio turnover rate		157	%		105	%		173	%		142	%		116	%
Number of shares outstanding at end of period (000’s)		14,825			18,716			21,631			25,199			6,691
Net assets at end of period (000’s)	$	152,457		$	155,035		$	155,725		$	277,346		$	89,740

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

299

VALIC Company I

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of VALIC Company I:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the thirty-three portfolios constituting VALIC Company I (the “Series”) at May 31, 2011, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Series’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2011 by correspondence with the custodian and brokers and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for the opinion expressed above. The financial highlights for the period ending May 31, 2007 were audited by another independent registered public accounting firm whose report, dated July 25, 2007, expressed an unqualified opinion on those financial highlights.

PricewaterhouseCoopers LLP

Houston, Texas

July 28, 2011

300

VALIC Company I

APPROVAL OF ADVISORY CONTRACTS (Unaudited)

Approval at January 2011 Meeting

At an in-person meeting held on January 24-25, 2011, the Board of Directors (the “Board”), including the Directors that are not interested persons of VC I, as such term is defined in section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved an investment sub-advisory agreement between The Variable Annuity Life Insurance Company (“VALIC”) and each of the following sub-advisers: RCM Capital Management, LLC (“RCM”) with respect to the Mid Cap Strategic Growth Fund (“Mid Cap Strategic Growth”), and Wellington Management Company, LLP (“Wellington Management”) with respect to the Value Fund (“Value”) (each, a “Sub-Advisory Agreement,” and collectively, the “Sub-Advisory Agreements”).

RCM and Wellington Management are collectively referred to as the “Sub-advisers” and each individually as a “Sub-adviser.” Mid Cap Strategic Growth and Value are collectively referred to as the “Funds,” and each individually as a “Fund.”

In connection with the approval of the Sub-Advisory Agreements with RCM and Wellington Management, the Board approved the termination of PineBridge Investments, LLC (“PineBridge”) as a co-sub-adviser of Mid Cap Strategic Growth and the termination of OppenheimerFunds, Inc. (“Oppenheimer”) as the sub-adviser of Value, respectively. Management noted that Morgan Stanley Investment Management, Inc. (“MSIM”) will continue to serve as a co-sub-adviser of Mid Cap Strategic Growth.

The Board received materials relating to certain factors the Board considered in determining to approve the Sub-Advisory Agreements. Those factors included: (1) the nature, extent and quality of services to be provided by the Sub-advisers; (2) each Sub-adviser’s sub-advisory fee rate compared to the sub-advisory fee rates of a peer group of funds with similar investment objectives (“Subadvisory Expense Group”), as selected by Lipper, Inc., an independent third-party provider of investment company data; (3) the investment performance of each Fund compared to performance of comparable funds in its Morningstar category (“Performance Group”) and against each Fund’s benchmark (the “Benchmark”), and the investment performance of a comparable fund managed by each Sub-adviser against the relevant Fund’s Performance Group, Benchmark and the Fund’s performance; (4) the costs of services and the benefits potentially to be derived by the Sub-advisers, (5) whether the Funds would benefit from possible economies of scale by engaging the Sub-advisers; (6) the profitability of the Sub-advisers; and (7) the terms of the Sub-Advisory Agreements.

In considering whether to approve the Sub-Advisory Agreements, the Board also took into account presentations made at the January 2011 meeting by members of management as well as presentations made by representatives from each of the Sub-advisers who responded to questions posed by the Board and management. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of the approval of the Sub-Advisory Agreements. The matters discussed below were also considered separately by the Independent Directors in executive session.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Funds by the Sub-advisers. The Board also considered that each Sub-adviser’s management of a Fund is subject to the oversight of VALIC and the Board, and each Fund must be managed in accordance with its investment objective, policies and restrictions as set forth in the Fund’s prospectus and statement of additional information. The Board considered information provided to it regarding the services to be provided by the Sub-advisers. The Board considered the qualifications, background and responsibilities of the Sub-advisers’ investment and compliance personnel who would be responsible for providing investment management services to the Funds. The Board considered the investment strategies, investment style and investment processes that would be implemented by the Sub-advisers’ portfolio teams. The Board took into account the financial condition of the Sub-advisers.

The Board, including a majority of the Independent Directors, concluded that the scope and quality of advisory services to be provided by the Sub-advisers under their respective Sub-Advisory Agreements would be satisfactory.

Fees and Expenses; Investment Performance. The Board received and reviewed each Fund’s sub-advisory fee rates compared against the relevant Subadvisory Expense Group/Universe. The Board also considered that VALIC negotiated the sub-advisory fee rates at arms-length and that the sub-advisory fees are paid by VALIC out of the advisory fees it receives from the Funds. The Board considered that the subadvisory fee rate payable to each Sub-adviser contains breakpoints. The Sub-advisers provided and the Board also considered expense information of comparable accounts managed by the Sub-advisers.

It was noted that the Board reviews regularly detailed performance information about each Fund. The Board received and reviewed information prepared by management regarding the Funds’ investment performance compared against their Benchmarks and their respective Performance Groups. It was noted that all performance information presented was as of the period ended November 30, 2010.

Mid Cap Strategic Growth. The Board noted that the sub-advisory fee payable to RCM is equal to the sub-advisory fee payable to PineBridge except that subadvisory fee payable to RCM would be lower than the subadvisory fee payable to PineBridge once the Fund’s assets exceeded $500 million. It was noted that the Fund’s total assets as of December 31, 2010 were approximately $241 million. Therefore, the advisory fees retained by VALIC after payment of sub-advisory fees would not have changed, although if the Fund’s assets increase in the future, VALIC could retain a greater percentage of its advisory fees. The Board also considered that the sub-advisory fee rate payable to RCM was equal to the median of the Subadvisor Expense Group and higher than the median of its Subadvisor Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, and noted that the Fund’s advisory fee rate would remain the same.

With respect to the Fund’s performance, the Board considered management has closely monitored the Fund’s performance for the past two years and that the Fund’s underperformance relative to its Performance Group and Benchmark since September 2009 was attributable to the portion of the Fund managed by PineBridge. The Board considered the performance of another Fund managed by RCM with a similar investment objective and investment style. The Board noted that the similar fund managed by RCM underperformed the Benchmark for the 1- year period and outperformed the Benchmark for the 3- and 5- year periods. The Board also noted that the similar fund managed by RCM outperformed the Performance Group for the 1-, 3- and 5- year periods. The Board also considered information presented by management regarding the hypothetical performance of the Fund had it been sub-advised by RCM with the proposed allocation between RCM and the Fund’s current sub-adviser, Morgan Stanley Investment Management.

Value. The Board noted that the sub-advisory fee payable to Wellington Management is lower than the sub-advisory fee payable to Oppenheimer. The Board also considered that the sub-advisory fee payable to Wellington Management was equal to the median of the Fund’s Subadvisor Expense Group and above the median of its Subadvisor

301

VALIC Company I

APPROVAL OF ADVISORY CONTRACTS (Unaudited) — (continued)

Expense Universe. As a result of the lower sub-advisory fee rate payable to Wellington Management, the advisory fees retained by VALIC after the payment of subadvisory fees would increase. It was noted that if Wellington Management had served as sub-adviser for the fiscal year ended May 31, 2010, VALIC would have retained $637,377, which is approximately $83,866, or 15.15% more than the amount actually retained during the fiscal year ($553,511). The Board took into account management’s discussion of the Fund’s expenses, and noted that the Fund’s advisory fee rate would remain the same.

With respect to the Fund’s performance, the Board considered management has closely monitored the Fund’s performance for more than a year and that the Fund’s performance has experienced cyclical periods of over and under performance under Oppenheimer’s management. The Board considered the performance of another fund managed by Wellington Management with a similar investment objective and investment style. The Board noted that the similar fund managed by Wellington Management underperformed the Benchmark and Performance Group for the 1- year period and outperformed the Benchmark and Performance Group for the 3- and 5- year periods.

Cost of Services and Benefits Derived and Profitability/Economies of Scale. The Board was provided information related to the cost of services and benefits derived in connection with the Sub-Advisory Agreements. Management reported that it believed that any indirect costs are inconsequential to the analysis of the adequacy of the advisory and sub-advisory fees and that any collateral benefits derived as a result of providing advisory services to the Funds are de minimis. Because sub-advisory fees are paid by VALIC and not by the Funds, the Board determined that the costs of the services to be provided by each Sub-adviser and the profitability to each Sub-adviser from its relationship with the respective Fund was not a material factor in its deliberations with respect to consideration of approval of the Sub-Advisory Agreements. For similar reasons, the Board also concluded that the potential for economies of scale in the Sub-advisers’ management of the Funds was not a material factor in approving the Sub-Advisory Agreements although the Board noted that each proposed sub-advisory fee schedule contained breakpoints.

Terms of the Sub-Advisory Agreements. The Board reviewed the terms of the Sub-Advisory Agreements, including the duties and responsibilities undertaken by the Sub-advisers. The Board also reviewed the terms of payment for services to be rendered by the Sub-advisers and noted that VALIC would compensate the Sub-advisers out of the advisory fees it receives from the Funds. The Board noted that the Sub-Advisory Agreements provide that each Sub-adviser will pay all of its own expenses in connection with the performance of their respective duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Sub-Advisory Agreements and other terms contained therein. The Board concluded that the terms of the Sub-Advisory Agreements were reasonable.

Conclusions. In reaching its decision to approve the Sub-Advisory Agreements, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials it reviewed, the representations made to it, the considerations described above, and its deliberations, the Board, including a majority of the Independent Directors, concluded that it was in the best interests of each Fund and its shareholders to approve the respective Sub-Advisory Agreements.

Approval at April 2011 Meeting

At an in-person meeting held on April 18-19, 2011, the Board, including the Independent Directors, approved an investment sub-advisory agreement between VALIC and J.P. Morgan Investment Management Inc. (“JPMIM”) with respect to the Global Equity Fund (the “Fund”) (the “Sub-Advisory Agreement”). In connection with the approval of the Sub-Advisory Agreement, the Board approved the termination of BlackRock Financial Management, Inc. (“BlackRock”) as the sub-adviser of the Fund.

The Board received materials relating to certain factors the Board considered in determining to approve the Sub-Advisory Agreement Those factors included: (1) the nature, extent and quality of services to be provided by JPMIM; (2) JPMIM’s sub-advisory fee rate compared to the Fund’s Subadvisory Expense Group; (3) the investment performance of the Fund compared to the performance of comparable funds selected by Lipper (the “Lipper Peer Group”), and against the Fund’s benchmark, and the investment performance of a comparable fund managed by JPMIM against comparable funds selected by Morningstar (the “Performance Group”) and the Fund’s new benchmark, the MSCI Emerging Markets Index (the “Benchmark”); (4) the costs of services and the benefits potentially to be derived by JPMIM, (5) whether the Fund would benefit from possible economies of scale by engaging JPMIM; (6) the profitability of JPMIM; and (7) the terms of the Sub-Advisory Agreement.

In considering whether to approve the Sub-Advisory Agreement, the Board also took into account presentations made at the April 2011 meeting by members of management as well as presentations made by representatives of JPMIM who responded to questions posed by the Board and management. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of the approval of the Sub-Advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive session.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Fund by JPMIM. The Board also considered that JPMIM’s management of the Fund is subject to the oversight of VALIC and the Board, and the Fund must be managed in accordance with its investment objective, policies and restrictions as set forth in the Fund’s prospectus and statement of additional information. The Board considered information provided to it regarding the services to be provided by JPMIM. The Board considered the qualifications, background and responsibilities of JPMIM’s investment and compliance personnel who would be responsible for providing investment management services to the Fund. The Board considered the investment strategies, investment style and investment processes that would be implemented by JPMIM’s portfolio management team. The Board took into account the financial condition of JPMIM. In addition, the Board noted that JPMIM currently sub-advises a portion of the VALIC Company II (“VC II”) Small Cap Value Fund and the VC II Small Cap Growth Fund and that management is familiar with JPMIM’s business, legal, operations and compliance staff.

The Board, including a majority of the Independent Directors, concluded that the scope and quality of advisory services to be provided by JPMIM under the Sub-Advisory Agreement would be satisfactory.

Fees and Expenses; Investment Performance. The Board received and reviewed the Fund’s sub-advisory fee rates compared against the Subadvisory Expense Group/Universe. The Board also considered that VALIC negotiated the sub-advisory fee rates at arms-length and that the sub-advisory fees are paid by VALIC out of the advisory fees it receives from the Fund. The Board considered that the subadvisory fee rate payable to JPMIM contains breakpoints. JPMIM provided and the Board also considered expense information of comparable accounts managed by JPMIM.

302

VALIC Company I

APPROVAL OF ADVISORY CONTRACTS (Unaudited) — (continued)

It was noted that the Board reviews regularly detailed performance information about the Fund. The Board received and reviewed information prepared by management regarding the Fund’s investment performance compared against its benchmark and Lipper Peer Group.

The Board noted that the sub-advisory fee payable to JPMIM is equal to the sub-advisory fee payable to BlackRock based on the Fund’s current assets but that once the Fund’s assets exceed $300 million the subadvisory fee payable to JPMIM would be higher than the subadvisory fee payable to BlackRock. It was noted that once the Fund’s assets exceed $300 million, VALIC could retain a lesser percentage of its advisory fees. The Board also considered that the sub-advisory fee rate payable to JPMIM was equal to the median of the Subadvisor Expense Universe and was the lowest in the Subadvisor Expense Group (which consisted of only two other funds). The Board took into account management’s discussion of the Fund’s expenses, and noted that the Fund’s advisory fee rate would remain the same.

With respect to the Fund’s performance, the Board considered that management has closely monitored the Fund’s performance since BlackRock assumed sub-advisory responsibilities in September 2009. The Board considered the performance of another Fund managed by JPMIM with a similar investment objective and investment style as the Fund (the “Comparable Fund”). The Board noted that the Comparable Fund outperformed the Benchmark for the year-to-date, one- and three-year periods ended February 28, 2011 and was in line with the Benchmark for the five-year period ended February 28, 2011. The Board also noted that the Comparable Fund outperformed its Performance Group for year-to-date, one-, three- and five-year periods ended February 28, 2011.

The Board concluded that the sub-advisory fees payable to JPMIM are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered. The Board also took into account management’s discussion of the Fund’s past performance and the performance of the Comparable Fund.

Cost of Services and Benefits Derived and Profitability/Economies of Scale. The Board was provided information related to the cost of services provided and benefits derived in connection with the Sub-Advisory Agreement. Management reported that it believed that any indirect costs are inconsequential to the analysis of the adequacy of the sub-advisory fees and that any collateral benefits derived as a result of providing advisory services to the Fund are de minimis. Because sub-advisory fees are paid by VALIC and not by the Fund, the Board concluded that the costs of the services to be provided by JPMIM and the profitability to JPMIM from its relationship with the Fund was not a material factor in its deliberations with respect to consideration of approval of the Sub-Advisory Agreement. For similar reasons, the Board also concluded that the potential for economies of scale in JPMIM’s management of the Fund was not a material factor in approving the Sub-Advisory Agreement although the Board noted that the proposed sub-advisory fee schedule contained breakpoints.

Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the Sub-Advisory Agreement, including the duties and responsibilities undertaken by JPMIM. The Board also reviewed the terms of payment for services to be rendered by JPMIM and noted that VALIC would compensate JPMIM out of the advisory fees it receives from the Fund. The Board noted that the Sub-Advisory Agreement provide that JPMIM will pay all of its own expenses in connection with the performance of its duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Sub-Advisory Agreement and other terms contained therein. The Board concluded that the terms of the Sub-Advisory Agreement were reasonable.

Conclusions. In reaching its decision to approve the Sub-Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials it reviewed, the representations made to it, the considerations described above, and its deliberations, the Board, including a majority of the Independent Directors, concluded that it was in the best interests of the Fund and its shareholders to approve the Sub-Advisory Agreement.

303

VALIC Company I

DIRECTOR AND OFFICER INFORMATION — May 31, 2011 (Unaudited)

Name, Age and Address*	Position Held With VALIC Complex	Term of Office and Length of Time Served(4)		Principal Occupations During Past Five Years	Number of Funds in Fund Complex Overseen by Director(2)		Other Directorships Held by Director(3)
Independent Directors
Thomas J. Brown Age: 65	Director		2005- Present	Retired.		48	Trustee, Virtas Series Fund (2011-Present).
Dr. Judith L. Craven Age: 65	Director		1998- Present	Retired Administrator.		78	Director, Belo Corporation, a media company (1992-Present); Director SYSCO Corporation, a food marketing and distribution company (1996-Present); Director, Luby’s, Inc., a restaurant chain (1998-Present).
William F. Devin Age: 72	Chairman and Director(5)		2001- Present	Retired.		78	None.
Dr. Timothy J. Ebner Age: 61	Director		1998- Present	Professor and Head, Department of Neuroscience (1980-Present), and Visscher Chair of Physiology, University of Minnesota (1999-Present); and Scientific Director, Society for Research on the Cerebellum (2008-Present).		48	Trustee, Minnesota Medical Foundation (2003-Present).
Judge Gustavo E. Gonzales, Jr. Age: 70	Director		1998- Present	Attorney At Law, Criminal Defense and General Practice (2005-Present). Formerly, Municipal Court Judge, Dallas, TX (1995-2004).		48	None.
Dr. John Wm. Lancaster Age: 87	Director		1984- Present	Pastor Emeritus (1990-Present) and formerly Director of Planned Giving (1997-2005), First Presbyterian Church, Houston, TX.		48	None.
Kenneth J. Lavery Age: 61	Director		2001- Present	Vice President, Massachusetts Capital Resources Co. (1982-Present).		48	None.
Dr. John E. Maupin, Jr. Age: 64	Director		1998- Present	President, Morehouse School of Medicine, Atlanta, Georgia (2006-Present). Formerly, President, Meharry Medical College, Nashville, Tennessee (1994-2006).		48	Director, LifePoint Hospitals, Inc., hospital management (1999-Present); Director, HealthSouth Corp. rehabilitation health care (2004-Present); and Director, Regions, Inc. bank holding company. (2007-Present).
Interested Directors
Peter A. Harbeck(1) Age: 57	Director		2001- Present	President, CEO and Director, SAAMCo (1995-Present); Director, SunAmerica Capital Services, Inc. (“SACS”) (1993-Present); President and CEO, AIG Advisor Group, Inc. (2004-Present)		87	None.
Officers
Kurt Bernlohr Age: 50	President and Principal Executive Officer		2009- Present	President, VALIC Financial Advisors, Inc. (2009-Present); President, VALIC Retirement Services Company (2009-Present); Senior Vice President (2009-Present); and formerly Vice President (2004-2009), VALIC		N/A	N/A

304

VALIC Company I

DIRECTOR AND OFFICER INFORMATION — May 31, 2011 (Unaudited) — (continued)

Name, Age and Address*	Position Held With VALIC Complex	Term of Office and Length of Time Served(4)		Principal Occupations During Past Five Years	Number of Funds in Fund Complex Overseen by Director(2)		Other Directorships Held by Director(3)
Officers
John Packs Age: 55	Vice President and Senior Investment Officer		2001- Present	Senior Investment Officer, VALIC (2001-Present).		N/A	N/A
Gregory R. Kingston Age: 45	Treasurer and Principal Financial Officer		2000- Present	Vice President, SAAMCo (2001-Present).		N/A	N/A
Nori L. Gabert Age: 57	Vice President, Chief Legal Officer and Secretary		2000- Present	Vice President and Deputy General Counsel, SAAMCo (2005-Present).		N/A	N/A
Gregory N. Bressler Age: 44	Vice President		2005- Present	Senior Vice President and General Counsel, SAAMCo (2005-Present).		N/A	N/A
Katherine Stoner Age: 54	Chief Compliance Officer		May 2011 to Present	Vice President, SAAMCo (May 2011 to Present); Vice President, The Variable Annuity Life Insurance Company (“VALIC”) and Western National Life Insurance Company (“WNL”) (2006 to Present); Deputy General Counsel and Secretary, VALIC and WNL (2007 to Present); Vice President, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company (2010 to Present).		N/A	N/A
Matthew J. Hackethal Age: 39	Anti-Money Laundering (“AML”) Compliance Officer		2007- Present	Chief Compliance Officer, SAAMCo (2006-Present); AML Compliance officer, SunAmerica Fund Complex (2006-Present).		N/A	N/A
Donna M. Handel Age: 45	Vice President and Assistant Treasurer		2001- Present	Senior Vice President, SAAMCo (2004-Present).		N/A	N/A
Thomas M. Ward Age: 44	Vice President		2008- Present	Vice President (2009-Present) and Director (2005-2009), VALIC; Vice President (2009-Present), VALIC Financial Advisors, Inc.

* The business address for each Director and Officer is, 2929 Allen Parkway, Houston, TX, 77019.

(1) Interested Director, as defined within the Investment Company Act of 1940 (the “1940 Act”), because of current employment with SAAMCo, an affiliated company with VALIC.

(2) The “Fund Complex” consists of all registered investment company portfolios for which VALIC or an affiliated person of VALIC serves as investment adviser or administrator. The “Fund Complex” includes the SunAmerica Speciality Series (3 funds), SunAmerica Equity Funds (3 funds), SunAmerica Income Funds (5 funds), SunAmerica Money Market Funds, Inc. (2 funds), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Focused Series, Inc. (14 portfolios), SunAmerica Focused Alpha Growth Fund, Inc. (1 Fund), SunAmerica Focused Alpha Large-Cap Fund, Inc. (1 fund), Anchor Series Trust (9 portfolios), Seasons Series Trust (21 portfolios), SunAmerica Series Trust (35 portfolios), VALIC Company I (33 funds) and VALIC Company II (15 funds).

(3) Directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e. “public companies”) or other investment companies registered under the 1940 Act.

(4) Directors serve until their successors are duly elected and qualified.

(5) Effective July 27, 2005, Mr. Devin became Chairman of the Board.

Additional Information concerning the Directors and Officers is contained in the Statement of Additional Information and is available without charge by calling 1-800-448-2542.

305

VALIC Company I

SHAREHOLDER TAX INFORMATION (Unaudited)

Certain tax information regarding the VALIC Company I Series is required to be provided to the shareholders based upon each Fund’s income and distributions for the year ended May 31, 2011.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2011, which will be made available after the end of the calendar year.

During the year ended May 31, 2011 the Funds paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the 70% dividends received deductions for corporations:

Fund	Net Long-term Capital Gains		Foreign Tax Credit*		Foreign Source Income		Qualifying % for the 70% Dividends Received Deduction
Asset Allocation	$	—	$	—	$	—		42.19	%
Blue Chip Growth		—		—		—		100.00
Broad Cap Value		—		—		—		100.00
Capital Conservation		—		—		—		0.00
Core Equity		—		—		—		100.00
Dividend Value		—		—		—		100.00
Foreign Value		—		1,299,913		24,408,121		0.00
Global Equity		—		182,055		2,618,620		45.40
Global Real Estate		3,335,070		—		—		0.07
Global Social Awareness		—		298,191		4,778,864		43.86
Global Strategy		—		551,929		15,471,875		6.77
Government Securities		—		—		—		0.00
Growth		—		—		—		100.00
Growth & Income		—		—		—		100.00
Health Sciences		—		—		—		0.00
Inflation Protected		—		—		—		1.71
International Equities		—		966,715		17,896,968		0.12
International Government Bond		—		—		—		0.00
International Growth I		—		711,120		9,617,911		0.36
Large Cap Core		—		—		—		100.00
Large Capital Growth		—		—		—		100.00
Mid Cap Index		—		—		—		86.16
Mid Cap Strategic Growth		—		—		—		100.00
Money Market I		—		—		—		0.00
Nasdaq-100® Index		—		—		—		100.00
Science & Technology		—		—		—		0.00
Small Cap Aggressive Growth		—		—		—		0.00
Small Cap		—		—		—		100.00
Small Cap Index		—		—		—		70.29
Small Cap Special Values		—		—		—		100.00
Small-Mid Growth		—		—		—		0.00
Stock Index		42,900,326		—		—		89.70
Value		—		—		—		100.00

* The Funds make an election under the Internal Revenue Code Section 853 to pass through foreign taxes paid and foreign source income to shareholders.

306

VALIC Company I

COMPARISONS: FUNDS VS. INDEXES (Unaudited)

In the following pages, we have included graphs that compare the Fund’s performance with certain market indices. These graphs show the hypothetical growth of a $10,000 investment in each Fund versus the same $10,000 investment in comparable market indices. Descriptions of these market indices are provided below the individual graphs. It is important to note that the VC I Funds are professionally managed mutual funds while the indices are not available for investment and are unmanaged.

Please note that the graphs and tables that accompany the following investment comments include all fund expenses, but do not reflect the charges imposed by the variable annuity contract or variable life insurance policy (collectively, the “Contracts”), a qualifying employer-sponsored retirement plan (the “Plans”), or Individual Retirement Accounts (“IRAs”). All dividends are assumed to be reinvested. No expenses are deducted from the performance of the indices.

Investments in stocks and bonds are subject to risk, including stock market and interest rate fluctuations. Investments in non-U.S. stocks are subject to additional risks, including political and social instability, differing securities regulations and accounting standards, and limited public information. Mortgage-backed securities are subject to prepayment, which can result in reinvestment of principal at lower yields. Money market instruments generally offer stability and income, but an investment in these securities, like investments in other portfolios, are not guaranteed by the U.S. government or any other federal government entity. Lower rated high yield, high-risk securities generally involve more credit risk. These securities may also be subject to greater market price fluctuations than lower yielding, higher rated debt securities. The common stocks of medium-sized companies may be more volatile than those of larger, more established companies. Investing in real estate involves special risks, which may not be associated with investing in stocks, including possible declines in real estate values, adverse economic conditions, and changes in interest rates. Investments in small capitalization and emerging growth companies involve greater than average risk. Such securities may have limited marketability and the issuers may have limited product lines, markets and financial resources. The value of such investments may fluctuate more widely than investments in larger, more established companies. The technology industry can be significantly affected by obsolescence, short product cycles, falling prices and profits, and competition from new market participants. Funding choices that primarily invest in one sector are more volatile than those that diversify across many industry sectors and companies.

307

VALIC Company I Asset Allocation Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with Pinebridge Investments, LLC

The Asset Allocation Fund posted a return of 20.16% for the twelve-month period ending May 31, 2011, compared to a return of 25.95% for the S&P 500^® Index and 16.21% for the Blended Index.

The Fund consists of four equity components (Index, Growth, Value, and Research Enhanced), a fixed income component, and a cash component. All components of the Fund contributed to outperformance as each of the four equity components outpaced the S&P 500^® Index. Likewise the fixed income component beat the Barclays Capital Aggregate U.S. Bond Index return of 5.84% for the year.

The Fund entered the year neutral to its blended index with a 55% weight in equity overall. Through the summer as markets rallied, this was increased gradually, making a significant move in September up to 60%, with more gradual increases alongside market appreciation in the winter months. In the new year this was gradually drawn down, making a larger move down to 56% in March in response to the disasters in Japan. This shift from stocks to bonds was also accompanied by a de-risking within the bond portfolio, shifting out of higher yielding bonds into inflation protected bonds. The Fund ended the year by returning to a neutral weight of 55% equity, taking a cautionary view and maintaining a de-risked posture.

For the year ended May 31, 2011, the Asset Allocation Fund returned 20.16% compared to 25.95% for the S&P 500^® Index and 16.21% for the Blended Index.

* The S&P 500^® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value.

** The Blended Index for Asset Allocation Fund consists of the S&P 500^® Index (55%), the Barclays Capital U.S. Aggregate Bond Index (35%), and the T-Bill 3 Month Index (10%).

*** The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index that is composed of securities from Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index, and the Asset-Backed Securities Index.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
20.16%	6.38%	5.05%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

308

VALIC Company I Blue Chip Growth Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with T. Rowe Price Associates, Inc.

The Blue Chip Growth Fund posted a return of 27.53% for the twelve-month period ended May 31, 2011, compared to a return of 25.95% for the S&P 500^® Index.

Overall, stock selection drove the outperformance, while sector allocation detracted somewhat. Information technology and financials boosted relative results, and energy dragged.

The information technology sector was the primary contributor to relative outperformance, due to stock choices that included Baidu, Inc. and Apple, Inc.

Financials was another area of relative strength, both in terms of relative sector weighting and stock selection. Franklin Resources was the top contributor for the sector and one of the top contributors overall. A holding company for various mutual fund managers, Franklin Resources outpaced expectations as a strong equity market led to higher fees. Wells Fargo and Morgan Stanley were notable detractors.

Energy was the greatest detractor from both a sector and stock selection basis. An underweight in this high-performing benchmark sector proved detrimental. Natural gas and oil company EOG Resources suffered from falling natural gas prices and announced that it is shifting its focus to the more lucrative oil industry.

For the year ended May 31, 2011, the Blue Chip Growth Fund returned 27.53% compared to 25.95% for the S&P 500^® Index.

* The S&P 500^® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
27.53%	4.89%	2.88%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

309

VALIC Company I Broad Cap Value Income Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with Barrow, Hanley, MeWhinney & Strauss, LLC

The Broad Cap Value Income Fund posted a return of 25.42% for the twelve-month period ending May 31, 2011, compared to a return of 24.23% for the Russell 1000^® Value Index.

The Fund outperformed the index for the annual period ended May 31, 2011. The outperformance was mainly attributable to stock selection within financials. Four significant contributors were Sallie Mae Corp., Capital One Financial, American Express and Ameriprise Financial. Additional benefits were achieved by having an underweight position to this sector. Stock selections within consumer staples were additive as well. Notable performers were Philip Morris International, Imperial Tobacco Group ADS and Lorillard. Continued confidence in health care has been paying off as stock selection versus the index provided formidable benefits mainly due to gains by holding positions in UnitedHealth Group, Coventry Health Care and Pfizer. An overweight to the strong industrials and health care sectors added to the Fund’s gains.

The primary area of detraction in performance was stock selection and allocation within the energy sector, the best performing sector in the index. Also detracting from relative performance during the period was stock selection and overweighting within information technology as holdings such as Hewlett-Packard and Computer Sciences Corp. were large individual detractors.

For the year ended May 31, 2011, the Broad Cap Value Income Fund returned 25.42% compared to 24.23% for the Russell 1000^® Value Index.

* The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	Since Inception*
25.42%	3.63%	3.73%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

310

VALIC Company I Capital Conservation Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The Capital Conservation Fund posted a return of 7.56% for the twelve-month period ended May 31, 2011, compared to a return of 5.84% for the Barclays Capital U.S. Aggregate Bond Index.

The higher yielding nature of the Fund and an overweight in credit exposure helped boost the return on the fund versus the benchmark.

Security selection was also a source of relative outperformance versus the benchmark. Many of the top performing securities were in securitized products. Commercial mortgage backed issues by Morgan Stanley and JP Morgan Chase were among the top performers in the Fund. In addition, given the decline in interest rates experienced in early 2011, Treasuries have performed strongly as well. Notably the US Treasury Note 3.88% due 5/15/2018 was among the top performers in the Fund.

During the fiscal year ending May 31, 2011, an underweight in the mortgage-backed security sector detracted from relative performance. Individual detractors included Federal Home Loan Bank 5.25% due 07/18/2011, US Treasury Note 2.38% due 08/31/2014, and Bank of America 5.23% due 01/15/2049.

For the year ended May 31, 2011, the Capital Conservation Fund returned 7.56% compared to 5.84% for the Barclays Capital U.S. Aggregate Bond Index.

* The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index that is composed of securities from Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index, and the Asset-Backed Securities Index.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
7.56%	5.53%	4.97%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

311

VALIC Company I Core Equity Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with BlackRock Investment Management, LLC

The Core Equity Fund posted a return of 26.32% for the twelve-month period ending May 31, 2011, compared to a return of 26.81% for the Fund’s benchmark, the Russell 1000^® Index.

The strongest contribution to performance was in the consumer discretionary sector, where overweights to automotive-related and media stocks had a positive impact. The Fund also benefited from an underweight in financials, the lowest performing sector of the index, especially to banks. An overweight in the health care sector, especially the providers and services subsector helped returns. In energy, an underweight detracted from returns as the escalating turmoil in the Middle East and North Africa prompted a rapid run-up in oil prices. An overweight in information technology also had a negative impact on returns, especially within the semiconductors & semiconductor equipment industry.

Notable individual contributors included CBS, a media company that outperformed on strong advertising trends, and Marathon Oil, a diversified oil company that performed well during the period due to its downstream operations. Additionally, the Fund’s longstanding overweight in UnitedHealth Group had a positive impact.

The largest relative detractors were Raytheon Co., Tellabs, Inc. and Anadarko Petroleum Corp. The continued lack of clarity concerning the US Defense budget and appropriations impacted defense companies during the period, including Raytheon Corp. Tellabs suffered earnings misses and revenue declines during the period. The Fund’s underweight to Anadarko Petroleum detracted as the stock performed particularly well on rising oil prices.

For the year ended May 31, 2011, the Core Equity Fund returned 26.32% compared to 26.81% for the Russell 1000^® Index.

* The Russell 1000^® Index is a market capitalization-weighted benchmark index made up of the 1,000 largest U.S. stocks in the Russell 3000^® Index.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
26.32%	1.91%	1.12%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

312

VALIC Company I Dividend Value Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Dividend Value Fund posted a return of 26.50% for the twelve-month period ending May 31, 2011, compared to a return of 24.23% for the Russell 1000^® Value Index, a return of 25.95% for the S&P 500^® Index, and a return of 25.09% for the Blended Index.

A discussion with Blackrock Investment Management, LLC — regarding their portion of the Fund (the “portfolio”)

Sector allocation was strongly positive, accounting for a majority of the portfolio’s outperformance for the period. The biggest contributors from a sector allocation standpoint included an underweight in financials and overweights in materials and industrials. The portfolio saw marginal relative underperformance resulting from an underweight in health care and an overweight in consumer staples.

Security selection was also strong during the period with the most notable contributions coming from the financials and consumer staples sectors. Within financials, the portfolio saw strong performance including contribution from National Bank of Canada and Bank of Nova Scotia. Within consumer staples, Philip Morris and Lorillard, Inc. made significant contributions to relative total returns. Selection among energy and health care stocks was weaker during the period. Within energy, ownership in BP weighed heavily on returns. Weaker performance from Merck, Raytheon and Hewlett-Packard also hurt performance.

A discussion with SunAmerica Asset Management Corp. — regarding their portion of the Fund (the “portfolio”)

The primary driver of outperformance during the period was limited exposure to the financial sector, which was the worst performing Russell 1000^® Value industry group. Overweight allocations to the materials, telecommunication services, health care, and industrial sectors also helped relative performance. At a sector level, an underweight to energy and overweight to information technology detracted from returns.

Security selection within consumer staples and materials was positive, while selection among consumer discretionary, industrial, and health care sectors detracted. Philip Morris International Inc., E.I. DuPont de Nemours & Co., Reynolds American Inc., Huntsman Corp., and Lorillard Inc. were leading contributors during the period. Strayer Education Inc., Barnes & Noble Inc., Hillenbrand Inc., Microsoft Corp., and Freeport-McMoRan Copper & Gold Inc. were leading detractors.

For the year ended May 31, 2011, the Dividend Value Fund returned 26.50% compared to 24.23% for the Russell 1000^® Value Index, a return of 25.95% for the S&P 500^® Index and a return of 25.09% for the Blended Index.

* Effective October 1, 2010, the Fund determined to use the Russell 1000^® Value Index as its sole broad-based index because the new sub-advisers’ investment style and the Fund’s new investment strategy are more consistent with the characteristics of the Russell 1000^® Value Index. The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forcasted growth values.

** The S&P 500^® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value.

*** The Blended Index for Dividend Value Fund consists of the S&P^® 500 Index (50%) and the Russell 1000^® Value Index (50%).

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
26.50%	1.89%	2.46%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

313

VALIC Company I Foreign Value Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with Templeton Global Advisors Ltd.

The Foreign Value Fund posted a return of 33.69% for the twelve-month period ending May 31, 2011, compared to a return of 30.69% for the Morgan Stanley Capital International Europe, Australasia and the Far East (“MSCI EAFE”) Index (net).

The Fund outperformed its benchmark, with all sectors and regions delivering double-digit absolute gains. Stock selection and an overweight position in the health care sector provided strong contributions to performance. Several of the Fund’s top contributors were pharmaceuticals stocks such as Biovail Corporation and France’s Sanofi. The financials and industrial sectors were also positive contributors where Dutch financial services conglomerate ING Groep NV and German industrial firm Siemens were both up strongly during the period.

An underweight position in materials detracted from relative returns as this was a high returning sector. The energy sector also detracted from returns where Reliance Industries and Talisman Energy, which are not index components, underperformed. The information technology sector’s performance was also somewhat soft during the year, especially the software and services sub-sector where Cap Gemini detracted from performance and Japanese video game manufacturer Nintendo was the Fund’s biggest detractor for the year.

From a regional standpoint, the Fund’s significantly underweighted Japanese position was the biggest relative contributor. Stock selection in Hong Kong and an allocation to Taiwan, which is not part of the MSCI EAFE Index (net), also aided relative performance. The Fund’s overweighted European holdings outperformed the overall index, due in large part to stock selection in the U.K. and the Netherlands. An underweight allocation and below par stock selection in Australia were detractors, as was the Fund’s allocation to South Korea, which is not part of the index and underperformed during the period.

For the year ended May 31, 2011, the Foreign Value Fund returned 33.69% compared to 30.69% for the MSCI EAFE Index (net).

* The MSCI EAFE Index (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. As of May 30, 2011 the MSCI EAFE Index (net) consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	Since Inception*
33.69%	4.31%	5.32%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

314

VALIC Company I Global Equity Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Global Equity Fund posted a return of 26.09% for the twelve-month period ending May 31, 2011, compared to a return of 29.82% for the S&P Global Broad Market Index (“S&P Global BMI”).

A discussion with BlackRock Financial Management, Inc. — regarding their portion of the Fund (the “portfolio”)

During the period, the Fund lagged its benchmark despite posting positive returns. Stock selection was the primary driver of the underperformance for the Fund overall.

On an individual-security level, holdings that contributed to performance during the one-year period included several automobile manufacturers, namely Volkswagen AG, BMW and Kia Motors Corp.; cable satellite operators Kabel Deutschland Holding AG and Liberty Global, Inc.; and coal miner Arch Coal, Inc.. Conversely, detractors included Textron, Inc., General Electric Co., American Airlines and F5 Networks, Inc.. Regionally, positive contributors in developed Europe were offset by detractors in North America and the emerging markets.

The Fund’s underweight exposure to integrated oil companies and refiners hurt in light of the violence in the Middle East, North Africa and the sharp increase in energy. In financials, the Fund’s exposure to banks in the emerging markets where central banks are tightening (i.e., Brazil, India and China) was a drag on performance. Additionally in the fourth quarter of 2010, the Fund moved to an overweight in Japanese industrials versus their United States and European counterparts, placing the Fund at a slight overweight position in Japan, which detracted from performance given the natural disasters impacting Japan during the period.

For the year ended May 31, 2011, the Global Equity Fund returned 26.09% compared to 29.82% for the S&P Global BMI.

* The S&P Global BMI Index is a comprehensive, rules-based index designed to measure global stock market performance. The index covers all publicly listed equities with float-adjusted market values of US$100 million or more and annual dollar value traded of at least US$50 million in all included countries. The index is composed of the S&P Developed BMI (25 markets) and the S&P Emerging BMI (21 markets).

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	Since Inception*
26.09%	0.22%	1.53%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

315

VALIC Company I Global Real Estate Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Global Real Estate Fund posted a return of 30.56% for the twelve-month period ended May 31, 2011, compared to a return of 34.10% for the Financial Times Stock Exchange European Public Real Estate Association/National Association of Real Estate Investment Trusts (“FTSE EPRA/NAREIT”) Developed Index.

A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)

The portfolio underperformed the Index during the fiscal year ended May 31, 2011. This portfolio has a US focus, which caused a large portion of the underperformance as the US REIT market lagged versus the non-US market as measured by the Fund’s benchmark.

Stock selection in lodging-resorts and specialty property REITs detracted from the portfolio’s relative performance during the fiscal year. The portfolio was also negatively impacted from a benchmark-relative underweight exposure to timber REITs and a small allocation to cash. Conversely, security selection in office, regional malls and diversified REITs positively impacted relative performance.

Top individual contributors during the fiscal year included Simon Property Group and Equity Residential. Simon Property Group, a REIT which offers an attractive portfolio of top-tier U.S. regional malls, benefited from improvement in regional mall fundamentals. Equity Residential owns and manages one of the largest, most diversified apartment portfolios in the U.S. and has been a beneficiary of positive fundamentals within the apartment REIT sector this fiscal year.

Digital Realty Trust, Mack-Cali Realty Corp, and Weyerhaeuser Co., however, were top detractors from Fund performance during the fiscal year.

The portfolio maintained a bias toward companies with higher quality assets and tenant rosters and flexible balance sheets.

A discussion with Goldman Sachs Asset Management, L.P. — regarding their portion of the Fund (the “portfolio”)

The portfolio underperformed the Index during the fiscal year ended May 31, 2011. The largest detractors from performance were stock selection in the Pacific region and in Europe. The portfolio does not invest in the US market, which slightly added to relative performance during the period relative to the index.

For the one-year period ended May 31, 2011, stock selection contributed positively to returns in Hong Kong Avoiding New World Development Co. was additive to portfolio performance. From a country allocation perspective, a slight underweight to Hong Kong contributed to performance. Conversely, stock selection in Australia was the largest detractor from returns, driven by an underweight to Westfield Group Australia. From a country perspective, an underweight to Australia and overweight to Continental Europe were top detractors from performance.

For the year ended May 31, 2011, the Global Real Estate Fund returned 30.56% compared to 34.10% for the FTSE EPRA/NAREIT Developed Index.

* The FTSE EPRA/NAREIT Developed Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets.

Average Annual Total Returns as of May 31, 2011
1 Year	Since Inception*
30.56%	2.98%

* Inception date of Fund: March 10, 2008

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

316

VALIC Company I Global Social Awareness Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The Global Social Awareness Fund posted a return of 27.71% for the twelve-month period ending May 31, 2011, compared to a return of 28.07% for the Morgan Stanley Capital International (MSCI) World Index (net).

The Fund’s underperformance was due to conflicting factors — stock selection and currency translation were positive while country weights cost the fund relative performance. For country allocation, the overweighting of Japan was a negative as the country relatively underperformed others with a 9.06% return for the year. Greece was also once again a significant detractor as the country continued to experience the negative impact from its sovereign debt crisis.

In terms of stock selection, overweight positions in Caterpillar Inc (CAT) and UnitedHealth Group (UNH) were two of the greatest contributors as these companies performed well due to their relative out-performance versus their respective sectors. Cisco Systems Inc, Hewlett Packard Co. and Microsoft Corp were the largest detractors from performance for the period.

For the year ended May 31, 2011, the Global Social Awareness Fund returned 27.71% compared to 28.07% for MSCI World Index (net).

* The MSCI World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. As of May 30, 2011 the MSCI World Index (net) consisted of the following 24 developed market country Indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
27.71%	2.14%	1.98%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

317

VALIC Company I Global Strategy Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Global Strategy Fund posted a return of 24.85% for the twelve-month period ending May 31, 2011, compared to a return of 28.15% for the Morgan Stanley Capital International All Country (“MSCI AC”) World Index (net).

A discussion with Franklin Advisers, Inc. — regarding their portion of the Fund (the “portfolio”) (Fixed Income)

The portfolio’s holdings included investment-grade and below investment-grade global government bonds, sovereign debt, supranational bonds and cash. Duration, currency and sovereign credit exposure each contributed to relative performance during the period.

The portfolio was significantly underweighted in long-duration bonds in the G-3 (U.S., Eurozone and Japan). The underweight U.S. and Japanese duration exposure was largely neutral while the underweight in the Eurozone contributed to relative performance. The portfolio’s Mexican exposure and long-term government bond positions in Brazil and Indonesia were some of the largest sources of outperformance from interest rates.

The portfolio’s overall currency strategy contributed to performance despite large underweighted euro and yen exposures. The portfolio used derivatives in the form of forward currency exchange contracts in order to execute their underweight positions in the euro and yen. During the period these significantly detracted from performance. Exposure to stronger performing European currencies such as the Swedish krona, Norwegian krone and Polish zloty was not enough to offset the detraction from the underweighted euro, which appreciated 16.58% against the U.S. dollar. The Japanese yen also appreciated 11.94% against the dollar, but the negative impact was more than offset by overweighted exposure to other Asian currencies. Overweight exposure to Latin American currencies such as the Brazilian real and Mexican peso was also beneficial to performance.

A discussion with Templeton Investment Counsel, LLC — regarding their portion of the Fund (the “portfolio”) (Equity)

Relative to the MSCI AC World Index (net), stock selection overall was a slight detractor for performance. Stock selection in the consumer staples sector hurt relative results. Stock selection and an underweight to the materials sector, where Irish building materials company CRH PLC. underperformed, also detracted from performance. In the information technology sector, U.S. company, Cisco Systems, Inc., lost value and hindered relative results.

In contrast, stock selection in diversified financial services and insurance industries was a strong positive with U.K based Aviva PLC and Dutch ING Groep NV contributing to relative results. An overweight in telecommunication services also added to relative results, particularly from U.K. company Vodafone. German automobile company BMW in the consumer discretionary sector was also a leading contributor to relative performance.

From a geographic perspective, an underweight allocation to Asia, especially to Japan and China contributed to performance. An overweight to Europe, especially in Germany and Norway boosted returns. Underexposure to Latin America and no exposure to Australia and New Zealand detracted from relative results.

318

VALIC Company I Global Strategy Fund

COMPARISON: FUND VS. INDEX (Unaudited) — (continued)

For the year ended May 31, 2011, the Global Strategy Fund returned 24.85% compared to 28.15% for the MSCI AC World Index (net).

* The MSCI AC World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of May 30, 2011 the Index consisted of 45 country indices comprising 24 developed and 21 emerging market country indices. The developed market country indices included are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	Since Inception*
24.85%	8.03%	9.03%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

319

VALIC Company I Government Securities Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management Corp.

The Government Securities Fund posted a return of 3.45% for the twelve-month period ending May 31, 2011, compared to a return of 4.31% for the Barclays Capital U.S. Government Bond Index.

The yield on the 10-year U.S. Treasury note began the annual period at 3.29%, fell below 3.00% by the end of June 2010 and then dropped to 2.39% by early October. The 10-year U.S. Treasury yield returned to the 3.29% level by the end of December 2010 and closed the annual period at 3.06% on May 31, 2011, 23 basis points lower than the prior one-year level.

During the annual period, the Fund’s performance was primarily impacted by fluctuations in underlying U.S. Treasury security performance. When U.S. Treasury yields declined with intensifying investor concerns regarding the economy during the early months of the annual period, the Fund delivered positive returns. However, when U.S. Treasury yields rose as improving economic data encouraged investors to take on more risk and move their assets both to non-Treasury sectors and the equity market, the Fund lost ground.

The Fund’s performance was also hindered by its duration positioning. The Fund held a longer duration position than the Index through much of the annual period. While this positioning helped during the first half of the annual period when interest rates decreased, such positive contribution was more than offset by the detracting impact of increasing interest rates overall during the second half of the annual period.

For the year ended May 31, 2011, the Government Securities Fund returned 3.45% compared to 4.31% for the Barclays Capital U.S. Government Bond Index.

* The Barclays Capital U.S. Government Bond Index is a market-value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
3.45%	4.93%	4.71%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

320

VALIC Company I Growth Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with American Century Investment Management, Inc. (“American Century”)

The Growth Fund posted a return of 29.60% for the twelve-month period ending May 31, 2011, compared to a return of 29.43% for the Russell 1000^® Growth Index.

For the 12 months ended May 31, 2011, the Index posted a return of more than 29.43%, reflecting a strong rally in the U.S. stock market. Stocks rose for much of the 12-month period as evidence of improving economic activity emerged. Most notably, employment data turned positive as the economy added jobs in eight consecutive months. In addition, the Federal Reserve implemented a second round of quantitative easing measures to further stimulate economic activity.

The Fund outperformed the Index for the 12-month period. This outperformance was driven entirely by stock selection, which added value in six of ten market sectors.

Stock selection was most successful in the information technology sector, led by computer hardware makers and communications equipment manufacturers. The Fund benefited from underweight positions in diversified technology firm Hewlett-Packard, which faced uncertainty surrounding the company’s strategic direction under its new CEO, and networking equipment maker Cisco Systems, which struggled with new products and increased competition.

Stock selection also added value in the health care and industrials sectors of the Fund. Stock choices among health care equipment makers contributed virtually all of the outperformance in the health care sector. One of the top contributors in this sector was Edwards Lifesciences, which makes medical devices for cardiac surgery.

In the industrials sector, security selection among electrical equipment manufacturers and an underweight position in airlines delivered the bulk of the outperformance. The leading contributor was electrical equipment maker Rockwell Automation.

On the downside, the Fund’s financials and energy holdings underperformed. An overweight position in commercial banks and stock choices among diversified financial services firms had the biggest negative impact in the information technology sector. The most significant individual detractor was commercial bank Wells Fargo. In the energy sector, stock selection and an underweight position in energy producers weighed on results. An underweight position in energy giant Exxon Mobil, which enjoyed higher refining profit margins as oil prices rose, detracted the most.

For the period ended May 31, 2011, the Growth Fund returned 29.60% compared to 29.43% for the Russell 1000^® Growth Index.

* The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	Since Inception*
29.60%	5.47%	3.43%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

321

VALIC Company I Growth & Income Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Growth & Income Fund posted a return of 23.60% for the twelve-month period ending May 31, 2011, compared to a return of 25.95% for the S&P 500^® Index.

A discussion with SunAmerica Asset Management Corp. — regarding the “value” oriented portion of the Fund (the “portfolio”)

Stock selection among information technology companies was the largest relative detractor to performance for the period. Despite strong stock selection among the financial sector, an overweight to this underperforming sector also hurt performance. Underweight exposure to the information technology and utility sectors boosted returns, as did overweight allocations to the energy and telecommunication services sectors.

The portfolio benefitted from stock selection within the health care and material sectors during the period. Chevron Corp., UnitedHealth Group, Inc., Pfizer, Inc., ConocoPhillips, and Verizon Communications, Inc. were the top-performing holdings during the period, while Bank of America Corp., Cisco Systems, Inc., Hewlett-Packard Co., Morgan Stanley, and Raytheon Co. were the leading detractors.

A discussion with SunAmerica Asset Management Corp. — regarding the “growth” oriented portion of the Fund (the “portfolio”)

For the portfolio as a whole, an underweight to financials, the poorest performing category in the S&P 500, helped relative performance. Security selection in the information technology and industrial sectors was also beneficial. Stock selection and underweight exposure to both the consumer staples and energy sectors detracted from portfolio returns. An overweight allocation to information technology hurt performance relative to other categories although stock selection within the information technology companies was positive. Stock selection among health care companies was a detractor.

The top contributors to portfolio performance for the period were Apple, Inc., QUALCOMM, Inc., Schlumberger Ltd., Amazon.com, and Oracle Corp, but gains were limited by positions in Cisco Systems, Inc., Bank of America Corp., Hewlett-Packard Co., CVS Caremark Corp., and J.C. Penney Co., Inc.

For the year ended May 31, 2011, the Growth & Income Fund returned 23.60% compared to 25.95% for the S&P 500^® Index.

* The S&P 500^® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
23.60%	1.87%	1.39%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

322

VALIC Company I Health Sciences Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with T. Rowe Price Associates, Inc.

The Health Sciences Fund posted a return of 40.90% for the twelve-month period ending May 31, 2011, compared to a return of 27.84% for the S&P 500^® Health Care Index.

Broadly speaking, positive stock selection drove the outperformance, while group weightings were also beneficial. In aggregate, the options strategy, which is used to generate income and seek protection against a decline in the value of the Fund’s securities or an increase in prices of securities that may be purchased, had a positive impact on performance for the 12-month period.

Advantageous stock selection among biotechnology stocks was the greatest contributor to relative returns,. Alexion Pharmaceutical was the top absolute contributor in the portfolio. Pharmasset and Medicines Company also turned in strong performances and were among the fund’s top five absolute contributors. Biotechnology remains the largest allocation in the portfolio.

Stock choices in the pharmaceuticals space also boosted relative results, and an underweight to the sector helped as well. Non-benchmark holding Valeant Pharmaceuticals was a standout performer. The portfolio has a sizable position in pharmaceuticals but is underweight relative to the benchmark.

Some individual stock positions weighed down results. Notably, Community Health Systems, United Health and Teva Pharmaceuticals were among the greatest detractors.

For the year ended May 31, 2011, the Health Sciences Fund returned 40.90% compared to 27.84% for the S&P 500^® Health Care Index.

* The S&P 500^® Health Care Index is an unmanaged, market-capitalization weighted index consisting of healthcare companies in the S&P 500^® Index and is designed to measure the performance of the healthcare sector.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
40.90%	11.04%	8.19%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

323

VALIC Company I Inflation Protected Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The Inflation Protected Fund posted a return of 9.57% for the twelve-month period ending May 31, 2011, compared to a return of 8.40% for the Barclays Capital U.S. Treasury Inflation-Protected (“TIPS”) Index.

Sector selection added to performance versus the benchmark. Security selection was positive as well . Specific securities that helped returns were Australian dollar (Australian Government Bonds 3.00% due 09/20/25) and Canadian dollar (Canadian Government Bonds 4.25% due 12/01/21) inflation-linked government bonds. Specific securities that hurt performance were Monumental Global Funding III 4.29% due 5/22/18 and Principal Life Income Funding Trusts 3.51% due 3/01/12.

Currency was a positive contributor to performance while duration was a detractor from performance.

For the year ended May 31, 2011, the Inflation Protected Fund returned 9.57% compared to 8.40% for the Barclays Capital U.S. TIPS Index.

* The Barclays Capital U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation, as measured by the Consumer Price Index for All Urban Consumers.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	Since Inception*
9.57%	5.55%	4.36%

* Inception date of Fund: December 20, 2004

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

324

VALIC Company I International Equities Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The International Equities Fund posted a return of 30.18% for the twelve-month period ending May 31, 2011, compared to a return of 30.69% in U.S. dollars for the Morgan Stanley Capital International Europe, Australasia and the Far East (“MSCI EAFE”) Index (net).

The Fund’s baseline allocation is regionally neutral versus the MSCI EAFE Index (net) with a portion of its Japan exposure actively managed and half of its Europe exposure managed in two research enhanced index funds. The balance of the Japan and Europe allocation and all of the Asia ex-Japan allocation are indexed to the appropriate EAFE sub-indices. During the course of the year, minor (+/-1%) over/underweights were made in the Japan and Asia ex-Japan regions. The actively managed component of the Japan allocation made a positive contribution versus the benchmark.

The best performing countries were Norway, Sweden and Chile. The worst performing countries were Greece and Ireland which continued to feel the negative impact from their sovereign debt concerns, and Japan.

For the year ended May 31, 2011, the International Equities Fund returned 30.18% compared to 30.69% for the MSCI EAFE Index (net).

* The MSCI EAFE Index (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. As of May 30, 2011 the MSCI EAFE Index (net) consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
30.18%	0.88%	3.73%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

325

VALIC Company I International Government Bond Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The International Government Bond Fund posted a return of 13.16% for the twelve-month period ending May 31, 2011, compared to a return of 12.20% for the Citigroup World Government Bond Index (“WGBI”) (unhedged), a return of 12.54% for the JP Morgan Emerging Markets Bond Index Plus (“EMBI+”), and a return of 12.32% for the Blended Index.

The Fund’s interest rate exposure emphasized an overweight position in the US versus the Eurozone, in light of an expectation that the U.S. was on a sounder growth footing and likely to see yields rise, which ultimately contributed to performance. Investment grade corporate credits enhanced Fund yield which assisted total returns particularly in the US market.

An underweight in foreign currencies relative to the benchmark detracted from performance. Specifically the Japanese yen and the Euro were the primary detractors.

There were positive contributions from allocations to Turkey and Venezuela. The emerging market corporate allocation remains a strategic allocation as it continues to provide attractive risk-reward opportunities in comparison with the sovereign universe.

For the year ended May 31, 2011, the International Government Bond Fund returned 13.16% compared to 12.54% for the JP Morgan EMBI+ Index, 12.20% for the Citigroup WGBI Index (unhedged) and 12.32% for the Blended Index.

* The Citigroup WGBI Index (unhedged) is an unmanaged index of debt securities of major foreign government bond markets.

** The JP Morgan EMBI+ Index tracks total returns for traded external debt instruments in the emerging markets. The instruments include external-currency-denominated Brady bonds, loans and Eurobonds, as well as U.S. dollar local market instruments.

*** The Blended Index is comprised of the Citigroup WGBI Index (unhedged) (70%) and the JPMorgan EMBI+ Index (30%).

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
13.16%	7.17%	8.72%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

326

VALIC Company I International Growth I Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The International Growth I Fund posted a return of 35.00% for the twelve-month period ending May 31, 2011, compared to a return of 30.69% for the Morgan Stanley Capital International Europe, Australasia, Far East (“MSCI EAFE”) Index (net).

A discussion with American Century Investment Management, Inc. — regarding their portion of the Fund (the “portfolio”)

Stock selection in the information technology and industrials sectors aided the portfolio’s relative returns. Conversely, ineffective stock selection and an underweight position in the materials sector diminished relative gains, as did laggards in the health care sector.

Overall, effective stock selection contributed significantly to outperformance. Leading individual contributors included Taiwan-based cellular handset maker HTC. United Kingdom-based ARM Holdings, which develops and licenses semiconductor chip technology, surged as it maintained a competitive edge in the smartphone market and established a dominant position in the burgeoning tablet computer market.

Prominent individual detractors included U.K.-based miner Rio Tinto, which said spring storms halted operations at many of its Australian coal and iron ore mines. Mortgage lender Lloyds Banking Group, also of the U.K., retreated as it contended with a fragile domestic economy and the impact of troubled European debt on its books.

From a geographic perspective, effective investments and an underweight position, relative to the benchmark, in the slumping Japanese market enhanced relative gains, as did rising holdings in Taiwan. Alternatively, exposure in Switzerland and Australia weighed on relative returns.

A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)

After rallying for much of 2009 on prospects of improving global economic conditions, global equity markets faced headwinds in early 2010. Notably, several southern European economies, including Greece, Spain, Portugal and Italy, faced solvency concerns amid massive fiscal deficits. But, not all news was bad. Equity markets seemed to shrug off some of the macroeconomic burdens that pulled them into double-digit losses in the first half of 2010, ending the year with strong positive gains. Within this environment, the portfolio outperformed the MSCI EAFE Index (net).

In terms of sectors, solid stock selection across the energy, financials, consumer discretionary and utilities sectors were the largest positive contributors to relative outperformance.

An overweight exposure to the strong performing energy sector combined with an underweight to the weaker financials sector was supportive as well.

From a geographic perspective, performance was lead by the portfolio’s exposure in the Asia/Pacific region.

Strong stock selection across South Korea, Japan, Singapore and India led to double digit gains in each of these markets.

Hyundia Mobis, BMW and International Power Plc were top individual contributors. Conversely, Teva Pharmaceutical, Mediatek Inc., and Esprit Holdings were the largest detractors.

A discussion with Massachusetts Financial Services Company — regarding their portion of the Fund (the “portfolio”)

For the twelve month period ended May 31, 2011, the portfolio outperformed the Fund’s benchmark.

Positive stock selection in the retailing sector was a primary contributor to the portfolio’s relative outperformance, led by our holdings of luxury goods companies LMVH Moet Hennessy (France), Compagnie Financiere Richemont (Switzerland), and Burberry (United Kingdom).

Strong stock selection and, to a lesser extent, an underweight allocation in the financial services sector was also a positive factor. Swiss private bank Julius Baer was among the top relative contributors for the reporting period within this sector.

Stock selection in the industrial goods and services sector also benefited relative performance, led by Schneider Electric.

Stocks in other sectors that contributed to relative performance included the industrial and medical gases producer Linde (Germany), medical device manufacturer Synthes (Switzerland), and Hong Kong-based telecommunications service provider China Unicom Hong Kong. Not holding shares of electric power company Tokyo Electric Power (Japan) and integrated oil company BP (United Kingdom) also helped.

The portfolio’s underweight allocation in the autos & housing sector held back relative performance. Hoya Corp, Espirit Holdings and Shin-Etsu Chemical were the three greatest individual detractors overall.

Stocks in other sectors that negatively impacted relative performance included the portfolio’s holdings of optical glass maker Hoya (Japan), Hong Kong-headquartered retailer Esprit, specialty chemicals manufacturer Shin-Etsu Chemical (Japan), copy machine manufacturer Konica Minolta (Japan), oil and gas exploration company INPEX (Japan), and technology consulting firm Infosys Technologies Limited (India). The timing of the portfolio’s ownership in shares of mining operator Rio Tinto (Australia) and Swiss pharmaceutical and diagnostic company Roche Holding, and not holding shares of strong-performing Australian mining company BHP Billiton, also dampened relative results.

327

VALIC Company I International Growth I Fund

COMPARISON: FUND VS. INDEX (Unaudited) — (continued)

For the year ended May 31, 2011, the International Growth I Fund returned 35.00% compared to 30.69% for the MSCI EAFE Index (net).

* MSCI EAFE Index (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. As of May 30, 2011 the MSCI EAFE Index (net) consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
35.00%	4.86%	5.08%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

328

VALIC Company I Large Cap Core Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with Wells Capital Management, Incorporated

The Large Cap Core Fund posted a return of 32.94% for the twelve-month period ending May 31, 2011, compared to a return of 25.95% for the S&P 500^® Index.

The majority of outperformance came from security selection, while sector allocation slightly detracted from overall performance. The portfolio carried an overweight in consumer discretionary, financials, health care and energy and an underweight in consumer staples, technology, industrials, materials, telecommunication services and utilities.

Consumer discretionary, technology, financials and consumer staples were the strong contributors for the period with the majority of the outperformance coming from security selection. In consumer discretionary, a relative overweight in CBS Corp. proved beneficial as it was among the strongest performers in the sector and also among the top ten contributors for the Fund. QUALCOMM, Inc. and Ancestry.com Inc. were the top performing stocks in technology. Despite an overweight in financials, the worst performing sector for the Index, strong stock selection offset the detraction. Moody’s Corp. was the best performing stock in financials and the largest contributor to the Fund during the year.

Energy, telecommunication services and industrials detracted from performance. Although overweight energy, the strongest sector in the index, stock selection detracted from overall performance. Despite a positive absolute return, Ultra Petroleum Corp.’s performance was well below that of the majority of the index’s energy holdings. The Fund underperformed in telecommunication services for not holding Verizon Communications Inc. and AT&T Inc., which were strong performers in the S&P 500^®. A similar situation occurred in industrials where not owning Caterpillar Inc. contributed to the sector’s underperformance in the portfolio.

For the year ended May 31, 2011, the Large Cap Core Fund returned 32.94% compared to 25.95% for the S&P 500^® Index.

* The S&P 500^® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	Since Inception*
32.94%	7.27%	6.81%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

329

VALIC Company I Large Capital Growth Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Large Capital Growth Fund posted a return of 27.01% for the twelve-month period ending May 31, 2011, compared to a return of 29.43% for the Russell 1000^® Growth Index.

A discussion with SunAmerica Asset Management Corp. — regarding their portion of the Fund (the “portfolio”)

Stock selection in the information technology, industrials, materials and consumer discretionary groups contributed to performance during the period. Conversely, factors that detracted from performance included stock selection in the consumer staples, energy and health care sectors.

Several individual stocks assisted the portfolio’s performance, particularly Apple Inc., Qualcomm, Schlumberger Ltd., Amazon.com Inc., and Oracle Corp. Stocks hindering performance included Cisco Systems, Bank of America, Hewlett-Packard, CVS Caremark, and J.C. Penney Co., Inc.

A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)

After a volatile start to 2010, the stock market began to rally in November, 2010. This rally generally persisted through the early part of 2011 until the market reversed direction during May of 2011, as investors grew pessimistic about the sustainability of the economic recovery. In this volatile environment, the portfolio had positive returns and outperformed the Index.

The portfolio outperformed by the widest margin in the information technology sector, driven by stock selection. Within this sector, significant contributors to performance included consumer electronics and computer maker Apple Inc., Chinese internet search engine provider Baidu, Inc. and storage solutions hardware maker EMC Corp. The portfolio also outperformed in the consumer discretionary, industrials and materials sectors, driven primarily by stock selection.

Some of this outperformance was offset by underperformance in other sectors. The portfolio underperformed by the widest margin in the health care sector, driven by stock selection and an overweight position. In the health care sector, Express Scripts Inc. was a key detractor to performance. The portfolio also underperformed in other sectors, including energy, financials and consumer staples.

The portfolio’s largest overweight sectors at the close of the reporting period were information technology, health care, telecommunication services and materials. The portfolio’s largest underweight position was in the consumer staples sector.

For the period ended May 31, 2011, the Large Capital Growth Fund returned 27.01% compared to 29.43% for the Russell 1000^® Growth Index.

* The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	Since Inception*
27.01%	4.42%	4.12%

* Inception date of Fund: December 20, 2004

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

330

VALIC Company I Mid Cap Index Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management Corp.

The Mid Cap Index Fund posted a return of 32.54% for the twelve-month period ending May 31, 2011, compared to a return of 32.95% for the S&P MidCap 400^® Index.

The Fund is passively managed to track the S&P MidCap 400^® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.

During the period, all ten S&P MidCap 400^® Index sectors posted sizeable gains, led higher by the consumer staples and energy groups which appreciated more than 66% and 49%, respectively. The telecommunications services and financial sectors gained more than 19% and 20% during the period, respectively, however they were the lowest performing sectors on a relative basis.

The top-contributing stock selections during the period were F5 Networks Inc., Green Mountain Coffee Roasters Inc., Joy Global Inc., Atmel Corp., and BorgWarner Inc. The positions which detracted most significantly included Cree Inc., Strayer Education Inc., ITT Educational Services Inc., Wilmington Trust, and Community Health Systems Inc.

For the year ended May 31, 2011, the Mid Cap Index Fund returned 32.54% compared to 32.95% for the S&P MidCap 400^® Index.

* The S&P MidCap 400^® Index is an index of the stocks of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value.

“Standard & Poor’s^®, “S&P^®,” and “S&P MidCap 400^®,” are trademarks of S&P.

The Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
32.54%	6.75%	7.78%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

331

VALIC Company I Mid Cap Strategic Growth Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Mid Cap Strategic Growth Fund posted a return of 37.37% for the twelve-month period ending May 31, 2011, compared to a return of 36.31% for the Russell Midcap^® Growth Index.

Effective March 2011, RCM Capital Management, LLC replaced PineBridge.

A discussion with PineBridge Investments, LLC (“PineBridge”) — regarding their portion of the Fund (the ”portfolio”).

Security selection detracted from performance during the period. Worst performing sectors were information technology, consumer discretionary, health care and financials. Best performing sectors were materials, consumer staples, and energy.

Major individual detractors from performance included Sketchers USA, ReneSola Ltd and Career Education Corp. Driving outperformance in the best performing sectors were Rockwood Holdings Inc, FMC Technologies, Oil States Intl Inc and Coca-Cola Enterprises Inc.

A discussion with RCM Capital Management, LLC (“RCM Capital”) regarding their portion of the Fund (the “portfolio”).

The portfolio underperformed the Index during the fiscal quarter ended May 31, 2011. Adverse stock selection in energy and industrials — along with an underweight exposure to consumer staples — contributed to the performance shortfall. Conversely, strong stock selection in technology, consumer discretionary and financial services — along with an underweight exposure to the financials sector — positively contributed to relative returns.

Sprint Nextel Corp was the top contributor to relative returns during the period. Technology investments Netflix Inc. and Citrix Systems Inc. were also among the top performers.

Consumer stocks Hansen Natural Corp. and CBS Corp. also outperformed.

Conversely, some energy and industrial sector investments closely tied to economic growth underperformed as investors worried about the health of the global economic recovery. Investments in oilfield equipment maker Cameron International Corp. underperformed in this environment.

In industrials, Terex Corp. and Rockwell Automation were among the top detractors from relative returns.

A discussion with Morgan Stanley Investment Management, Inc — regarding their portion of the Fund (the ”portfolio”)

The portfolio outperformed the Index during the 12-month period ended May 31, 2011. Relative outperformance was driven primarily by stock selection. Conversely, sector allocation detracted slightly from relative returns.

The main contributor to the portfolio’s relative performance was stock selection in the consumer discretionary sector. Within the sector, a holding in online travel booking provider Priceline.com contributed the most to performance. Stock selection in health care and technology also bolstered returns. In health care, a position in life science tools and diagnostics company Illumina was especially beneficial to performance, while a position in computer services company Salesforce.com led performance in the technology sector.

Detractors from performance included stock selection in energy. A holding in energy equipment company First Solar was a drag on performance. Additionally, a lack of exposure to other stronger-performing energy stocks further hurt performance.

Stock selection and an overweight in financial services also hampered performance. The lack of exposure to industries that performed well during the period — real estate, in particular — was disadvantageous.

332

VALIC Company I Mid Cap Strategic Growth Fund

COMPARISON: FUND VS. INDEX (Unaudited) — (continued)

For the year ended May 31, 2011, the Mid Cap Strategic Growth Fund returned 37.37% compared to 36.31% for the Russell Midcap Growth Index.

* The Russell Midcap^® Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and high forecasted growth values. The stocks are also members of the Russell 1000^® Growth Index.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	Since Inception*
37.37%	7.41%	8.40%

* Inception date of Fund: December 20, 2004

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

333

VALIC Company I Money Market I Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management Corp.

The Money Market I Fund posted a return of 0.01% for the twelve-month period ending May 31, 2011, compared to a return of 0.12% for the T-Bill Three-Month Index.

Fund performance was affected most by historically low interest rates that persisted throughout 2010 and into 2011. Yields on money market securities decreased steadily throughout the period, with one-month certificates of deposit (CDs) yielding roughly 0.31% at the start of the fiscal year down to approximately 0.10% at the end of the period.

While money market yields were low throughout the annual period, the Fund’s investment strategy helped it provide current income while meeting its two primary objectives — liquidity and capital preservation. More specifically, given the low yield environment that existed throughout the year, the Fund employed a barbell investment strategy, with greater weightings in fixed-rate securities at the short-term end of the yield curve and in longer-dated floating-rate securities. This strategy provided a cushion of liquidity in the near term, i.e. one to seven days, and helped to garner the relatively higher yield available from investments with longer-dated maturities, i.e. more than 30 days.

Throughout the period, the Fund was focused primarily on investments in government agency securities and U.S. Treasury securities, with lesser allocations to shorter-term repurchase agreements, commercial paper and certificates of deposit.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
0.01%	2.00%	1.87%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

334

VALIC Company I Nasdaq-100^® Index Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management Corp.

The Nasdaq-100^® Index Fund posted a return of 28.53% for the twelve-month period ending May 31, 2011, compared to a return of 29.09% for the Nasdaq-100^® Index.

The Fund is passively managed to track the Nasdaq-100^® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.

Stock performance leaders during the period included several technology and internet companies such as Apple Inc., QUALCOMM Inc., Oracle Corp., Amazon.com Inc. and priceline.com Inc. Not all technology stocks fared well, however, as Cisco Systems Inc. and Research in Motion Ltd., were the two most prominent laggards for the Fund. Other stocks which hindered Fund performance included retailer Sears Holdings, drug manufacturer Teva Pharmaceutical Industries Ltd., and Apollo Group Inc., a provider of education and training services.

For the year ended May 31, 2011, the Nasdaq-100^® Index Fund returned 28.53% compared to 29.09% for the Nasdaq-100^® Index.

* The Nasdaq-100^® Index includes 10 of the largest domestic and international non-financial securities listed on The NASDAQ Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies.

The Nasdaq-100^®, Nasdaq-100 Index^®, and Nasdaq^® are trade or service marks of The Nasdaq Stock Market, Inc. (which with its affiliates are the Corporations) and are licensed for use by VALIC Company I. The product(s) have not been passed on by the Corporations as to their legality or suitability. The product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
28.53%	8.62%	2.74%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

335

VALIC Company I Science & Technology Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Science & Technology Fund posted a return of 35.89% for the twelve-month period ending May 31, 2011, compared to a return of 24.27% for the S&P North American Technology Sector Index.

A discussion with RCM Capital Management, LLC — regarding their portion of the Fund (the “portfolio”)

For the fiscal year ending May 31, 2011, the portfolio significantly outperformed the Index.

Technology stocks rose throughout the fiscal year, as fears of a decline in the economy in 2011 began to dissipate after second and third quarter earnings reports indicated that technology spending was improving, led by expenditures on “cloud computing.” Much of this increase was a result of the very high returns available from implementing new technology associated with data center consolidation.

Attribution of performance associated with allocation between the six major technology industries was slightly negative. However, this was more than made up for by the stock picking within the sectors, as stock picking within the internet, software, services, and communications subsectors contributed to performance. Among the top contributors were Netflix, Riverbed, Tibco, and Sina, all of which more than doubled. In addition, the portfolio was underweight in many poor-performing stocks such as Cisco, Hewlett-Packard, and Microsoft. The portfolio was positioned with many of the cloud computing leaders noted above. Top detractors include underweights in Qualcomm, Oracle, International Business Machines and priceline.com.

A discussion with T. Rowe Price Associates, Inc. — regarding their portion of the Fund (the “portfolio”)

The portfolio significantly outperformed the Index during the period. Stock selection was the predominant factor in the outperformance, and group weightings had a positive impact on relative results as well.

The greatest contribution to relative returns came from the telecommunications equipment sector, thanks to advantageous stock selection and a beneficial underweight. Limiting exposure to global networking company Cisco Systems helped results.

Semiconductor companies also contributed to relative results, backed by strong stock selection and an overweight to the group. National Semiconductor, ON Semiconductor and graphics chipmaker NVIDIA were also positive contributors.

Stock selection was beneficial in the hardware sector. A limited position in Hewlett- Packard helped as large tech companies continued to suffer from large valuation discounts.

Telecommunication services names boosted relative returns as well, namely China Unicom Hong Kong.

Adverse stock selection in the media sector dragged down relative returns slightly. Avoiding priceline.com was harmful as the company saw robust growth and added to a string of strong quarterly results.

A discussion with Wellington Management Company, LLP — regarding their portion of the Fund (the “portfolio”)

For the twelve month period ending May 31, 2011, the portfolio outperformed the Index. All industries within the Index posted positive returns. The internet & catalog retail and IT services industries rose the most, while the communications equipment and life sciences tools & services industries rose the least.

Security selection was the primary driver of outperformance. Strong stock selection in the communications equipment, computers and peripherals, semiconductors and semiconductor equipment, and software industries was partially offset by weak stock selection within the electronic equipment and instruments industry. From a regional perspective, the portfolio’s exposure to Hong Kong, Israel, and Taiwan helped relative performance, while exposure to China and India detracted.

Over the twelve month period Apple, Oracle, and Qualcomm contributed most on an absolute basis, while Research in Motion, Strayer Education, and Cisco Systems were the top absolute detractors.

336

VALIC Company I Science & Technology Fund

COMPARISON: FUND VS. INDEX (Unaudited) — (continued)

For the year ended May 31, 2011, the Science & Technology Fund returned 35.89% compared to 24.27% for the S&P North American Technology Sector Index.

* The S&P North American Technology Sector Index measures the performance of U.S.-traded stocks of technology related companies in the U.S. and Canada. The Index includes companies in the following categories: producers of sophisticated computer-related devices; communications equipment and internet services; producers of computer and internet software; consultants for information technology; providers of computer services; and semiconductor equipment manufacturers.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
35.89%	8.87%	0.78%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

337

VALIC Company I Small Cap Aggressive Growth Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with Wells Capital Management Incorporated

The Small Cap Aggressive Growth Fund posted a return of 28.35% for the twelve-month period ending May 31, 2011, compared to a return of 36.79% for the Russell 2000^® Growth Index.

Sectors that contributed positively to relative performance include health care, industrials and consumer staples. Information technology, telecommunication, consumer discretionary and energy detracted from performance.

Health care as a group was slightly underweight compared to the benchmark for the period but strong stock selection led to outperformance of the sector. Onyx Pharmaceuticals, Viro Pharmaceuticals and Quality Systems were the three strongest holdings in the sector.

The portfolio was overweight industrials. Chart Industries, Gardner Denver and Robbins & Myers were the three strongest performers within this sector.

Most of the overall underperformance relative to the Index was within the information technology sector. Results within technology were driven not by what the Fund owned as much as what the Fund did not own. “Cloud computing” dominated the sector with several benchmark issues (which the Fund did not own), up more than 100% for the period. As a sector, IT was the second best performing sector in the benchmark but our poor stock selection coupled with our underweight in “cloud” related stocks caused our holdings to underperform.

For the year ended May 31, 2011, the Small Cap Aggressive Growth Fund returned 28.35% compared to 36.79% for the Russell 2000^® Growth Index.

* The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	Since Inception*
28.35%	7.61%	7.33%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

338

VALIC Company I Small Cap Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Small Cap Fund posted a return of 35.24% for the twelve-month period ending May 31, 2011, compared to a return of 29.75% for the Russell 2000^® Index.

A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)

The portfolio outperformed the Russell 2000^® Index by the widest margin in the industrials sector, driven by stock selection. Within this sector, one of the leading contributors to performance was industrial wheel and tire manufacturer Titan International Inc. The portfolio also outperformed in other sectors such as consumer discretionary, health care and consumer staples where it was driven primarily by stock selection. Outperformance in the energy sector was driven by both stock selection and a beneficial overweight position, as the energy sector was the top performing sector in the Index during the period. Some of this outperformance was offset by underperformance in other sectors, including telecommunication services and materials, driven primarily by stock selection.

The most significant changes to positioning during the period included a decrease in exposure to the financials, telecom and industrials sectors. In contrast, exposure was increased in the materials, energy and consumer staples sectors.

A discussion with T. Rowe Price Associates, Inc — regarding their portion of the Fund (the “portfolio”)

Broadly speaking, stock selection accounted for the majority of the portfolio’s outperformance. Nearly every sector boosted relative results, led by consumer discretionary, health care, information technology, and industrials. Only the telecommunications sector which had the smallest weight in the portfolio, marginally detracted from relative returns.

Consumer discretionary contributed the most to the portfolio’s relative outperformance, due to stock selection including automotive safety product supplier TRW Automotive Holdings. In addition, restaurant holding, BJ’s Restaurants proved particularly resilient amid a weak consumer spending environment. Health care was another area of relative strength, as biotechnology names Regeneron Pharmaceuticals and Pharmasset both reported progress on new therapies they are developing. The stocks which detracted the most from the portfolio were Wilmington Trust Co., Radian Group, Medassets and Dynavox Inc.

A discussion with Bridgeway Capital Management, Inc. — regarding their portion of the Fund (the “portfolio”)

The portfolio underperformed the Russell 2000^® Index which was up 29.75%. The portfolio is concentrated in “the smallest of the small” companies with a maximum market capitalization of approximately $300 million, which is substantially smaller than the Russell 2000 Index and the “size effect” hurt the portfolio this period.

By design, the portfolio is more passively managed with industry and sector representation benchmarked to the underlying index. Investing in a broad list of well diversified ultra-small cap stocks, offering exposure to an often neglected area of the overall market is the primary goal of this portfolio. Some contributing performance did come from a few stock selections though — primarily from health care and information technology sector stocks. The best performing stocks for the period were Zale Corp, and Approach Resources, Inc. The worst performers were Radio One and Capitol Bancorp Ltd.

For the year ended May 31, 2011, the Small Cap Fund returned 35.24% compared to 29.75% for the Russell 2000^® Index.

* The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® Index.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
35.24%	3.62%	5.20%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

339

VALIC Company I Small Cap Index Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management Corp.

The Small Cap Index Fund posted a return of 29.44% for the twelve-month period ending May 31, 2011, compared to a return of 29.75% for the Russell 2000^® Index.

The Fund is passively managed to track the Russell 2000^® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.

During the past twelve-months, all ten Russell 2000^® Index sectors appreciated, led higher by the energy sector which advanced more than 68%, while the financials sector was the principal laggard, returning a more modest 16%. The eight other sectors each posted gains in excess of 20.0%.

Several individual stocks contributed to the Fund’s performance during the period, particularly Riverbed Technology, TIBCO Software Inc., VeriFone Systems Inc., and Rackspace Hosting Inc. On the negative side, investments in Dex One Corp, Corinthian Colleges Inc., Amedisys Inc, and Skechers USA Inc. were a drag on performance.

For the year ended May 31, 2011, the Small Cap Index Fund returned 29.44% compared to 29.75% for the Russell 2000^® Index.

* The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® Index.

The Russell 2000^® Index is a trademark/service mark of the Frank Russell Trust Company. The Small Cap Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Frank Russell Company. Frank Russell Company is not responsible for and has not reviewed the Fund or any associated literature or publications and makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
29.44%	4.50%	6.55%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

340

VALIC Company I Small Cap Special Values Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Small Cap Special Values Fund posted a return of 20.40% for the twelve-month period ending May 31, 2011, compared to a return of 22.91% for the Russell 2000^® Value Index.

A discussion with Dreman Value Management, LLC — regarding their portion of the Fund (“the portfolio”)

The portfolio slightly outpaced the Russell 2000^® Value Index during the period as sector allocation was positive enough to offset the negative impact from stock selection. An underweight in the financial sector, which lagged most sectors, benefited the portfolio. This coupled with an overweight in strong performing health care, energy, industrials, and information technology sectors benefited performance. The portfolio’s overweight in the poorest performing sector, consumer discretionary, and a modest cash position hurt performance.

Stock selection in consumer discretionary, consumer staples, health care, and information technology were negative compared to the Index while stock selection in energy, financials, industrials, and materials outpaced the index. In the consumer staples sector Central European Distribution, a spirits distributor, was down significantly for the year due to production problems and increased marketing expenses. In health care, Amedisys, was punished due to a Government investigation into its Medicare reimbursement practices and the portfolio used the weakness to add to its position. Finally, Bancorp South was also a detractor for the year. On the heels of improving oil prices, many of the portfolio’s energy stocks posted strong returns including W&T Offshore, Tesoro, and SM Energy. In the materials sector, the portfolio’s precious metal stocks including Cour d’Alene Mines and New Gold also posted strong returns as gold moved to record highs. Lastly, Health Spring, a managed care organization that focuses on supplemental Medicare plans, was a strong contributor.

A discussion with Wells Capital Management, Incorporated — regarding their portion of the Fund (the “portfolio”)

The portfolio underperformed the Russell 2000^® Value Index for the period.

An underweight to the lagging financials sector was a strong positive, although it was largely offset by the underperformance of the actual financial securities that were owned. The largest detractor within bank stocks was First Citizens Bancshares, Inc., a Raleigh-based financial holding company. Additionally, Knight Capital Group, Inc., a wholesale market maker in U.S. equity securities, underperformed the benchmark and detracted. Stock selection in consumer staples helped relative performance, while selection in materials, health care and information technology hurt relative performance.

Stone Energy Corp., an independent oil and gas company, was a strong contributor to the portfolio benefiting from long-term rising oil and gas prices. In addition, the company has been successful in navigating a challenging regulatory environment in the Gulf of Mexico. ACI Worldwide, Inc., a provider of payment software and service solutions, also contributed during the fiscal year.

For the year ended May 31, 2011, the Small Cap Special Values Fund returned 20.40% compared to 22.91% for the Russell 2000^® Value Index.

* The Russell 2000^® Value Index measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	Since Inception*
20.40%	1.46%	2.43%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

341

VALIC Company I Small-Mid Growth Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Small-Mid Growth Fund posted a return of 37.24% for the twelve-month period ending May 31, 2011, compared to a return of 36.79% for the Russell 2000^® Growth Index.

A discussion with Wells Capital Management, Incorporated (“Wells Capital”) — regarding their portion of the Fund (“the portfolio” or “small growth portfolio”)

The outperformance in the fiscal year was driven by stock selection with particular overall strength in industrials along with consumer staples, consumer discretionary and materials. In industrials, stand-out performers included Polypore International, Inc., Argon ST Inc., and Titan International, Inc. Outperformance in consumer staples was the result of holdings in Elizabeth Arden, Inc. and Diamond Foods, Inc. Among consumer discretionary holdings, leading performers included SodaStream International Ltd., IMAX Corp., and Ulta Salon Cosmetics & Fragrance, Inc. Strong stock selection in materials from positions in Rockwood Holdings, Inc. and Materion Corp. also contributed to performance.

The largest performance detractors were energy and information technology. Although energy returns were solid on an absolute basis, the portfolio failed to keep pace with the Index where energy was the top performing group for the period with a return of 74%. In general, the market favored stocks of oil producers versus natural gas producers. Information technology was the second best group in the Index. There were some problem holdings such as Lionbridge Technologies, Inc., a provider of language, development and testing services, which detracted from performance.

A discussion with Wells Capital — regarding their portion of the Fund (“the portfolio” or “Small-Mid Growth portfolio”)

The best performing sectors in the Small-Mid Growth portfolio were health care, consumer discretionary and energy. Despite an underweight in health care, which performed well as a sector, stock selection enhanced performance. Individual top performing stocks in the portfolio included priceline.com Inc., F5 Networks, Inc., InterOil Corp. and Biovail Corp.

The worst performing sectors in the portfolio were industrials and information technology. Among the worst performing stocks were Quantum Corp, General Cable Corp. and VistaPrint NV.

Effective August 9, 2010, Wells Capital was replaced by Century Capital Management, LLC as sub-adviser to the Small-Mid Growth portfolio of the Fund.

A discussion with Century Capital Management, LLC — regarding their portion of the Fund (“the portfolio”)

For the partial fiscal period ending May 31, 2011, the Small-Mid Growth portfolio slightly underperformed the Russell 2000 Growth^® index.

Overall, sector allocation contributed to performance during the period, whereas security selection detracted.

Security selection was most successful in the consumer discretionary and consumer staples sectors of the portfolio. Within the consumer discretionary sector, Lululemon Athletica Inc., an athletic apparel company, was the top performing holding. Within the consumer staples sector, Diamond Foods, Inc., a packaged food company, also contributed. The information technology sector contributed resulting from favorable security selection. Sensata Technologies Holdings NV was the top performer within the sector.

On the downside, security selection within the materials and telecommunications sector detracted from performance. STR Holdings, Inc., which manufactures encapsulants used in the production of solar modules, was the biggest individual detractor. Finisar Corp., an optical networking company, was also a drag on performance. TrueBlue, Inc., a provider of temporary staffing services, detracted as well.

342

VALIC Company I Small-Mid Growth Fund

COMPARISON: FUND VS. INDEX (Unaudited) — (continued)

For the year ended May 31, 2011, the Small-Mid Growth Fund returned 37.24% compared to 36.79% for the Russell 2000^® Growth Index.

* The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	Since Inception*
37.24%	3.60%	3.91%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

343

VALIC Company I Stock Index Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management Corp.

The Stock Index Fund posted a return of 25.55% for the twelve-month period ending May 31, 2011, compared to a return of 25.95% for the S&P 500^® Index.

The Fund is passively managed to track the S&P 500^® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.

During the past twelve-months, all ten S&P 500^® Index sectors appreciated, led higher by the energy sector which advanced more than 45%, while the financials sector was the principal laggard, returning a more modest 9.5%. The eight other sectors each posted gains in excess of 20.0%.

In terms of contribution, Exxon Mobil Corp., Apple Inc., Chevron Corp., Philip Morris International Inc., and AT&T Inc. were the most additive positions during the period. At the other end of the spectrum, Bank of America Corp., Cisco Systems Inc., Hewlett-Packard Co., Morgan Stanley and Best Buy Co Inc. detracted the most from performance.

For the year ended May 31, 2011, the Stock Index Fund returned
25.55% compared to 25.95% for the S&P 500^® Index.

* The S&P 500^® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value.

“Standard & Poor’s^®,” “S&P^®,” and “S&P 500^®,” are trademarks of S&P. The Stock Index Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	10 Years
25.55%	3.00%	2.30%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

344

VALIC Company I Value Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Value Fund posted a return of 25.03% for the twelve-month period ending May 31, 2011, compared to a return of 24.23% for the Russell 1000^® Value Index.

Effective March 14, 2011, Wellington Management Company LLP replaced OppenheimerFunds, Inc. as sub-adviser of the Fund.

A discussion with Wellington Management Company, LLP

For the partial fiscal quarter ending May 31, 2011, the portfolio slightly underperformed the benchmark.

Stock selection was positive overall, primarily due to strong stock selection in the energy and financials sectors. Sector allocation was negative during the period. While the Fund benefited from an underweight to the lagging financials sector, underweight positioning to the consumer staples, utilities, and information technology sectors along with an overweight to energy hurt relative results.

The top contributors to relative performance included ACE, Philip Morris, and Xlinix. Not holding underperforming benchmark components Berkshire Hathaway and Citigroup also helped relative results. The top detractors from relative performance included Wells Fargo, Hewlett-Packard, and Textron. Not holding strong performing benchmark component Procter & Gamble hurt relative results.

A discussion with OppenheimerFunds, Inc.

Overall, the Fund outperformed during the period primarily in the materials and consumer staples sectors, as a result of superior relative stock selection. The Fund also outperformed in the financials, health care and consumer discretionary sectors. The Fund underperformed within the energy and industrials sectors due to poor stock selection.

The top individual contributors to performance during the period were Potash Corp. of Saskatchewan, Inc. in the materials sector and Halliburton Co. in the energy sector. Other top contributors included pharmaceuticals firm Valeant Pharmaceuticals International, Inc. in the health care sector, chemicals company Celanese Corp. in materials, brewer Molson Coors Brewing Co., and auto parts manufacturer Lear Corp. in consumer discretionary.

The top detractors to Fund performance during the period were Genworth Financial, Inc. and Wells Fargo & Co. in financials, communications equipment company Harris Corp. in information technology, electric utilities firm Entergy Corp. and electrical components and equipment provider General Cable Corp. in industrials.

For the year ended May 31, 2011, the Value Fund returned 25.03% compared to 24.23% for the Russell 1000^® Value Index.

* The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Average Annual Total Returns as of May 31, 2011
1 Year	5 Years	Since Inception*
25.03%	2.39%	4.14%

* Inception date of Fund: December 31, 2001

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

345

VALIC Company I

SUPPLEMENT TO PROSPECTUS & STATEMENT OF ADDITIONAL INFORMATION

Supplement to the Prospectus dated October 1, 2010

This supplement supersedes the supplement dated December 30, 2010

Global Strategy Fund. On the Fund Summary in the section titled “Investment Adviser,” the disclosure with respect to Tina Sadler as a portfolio manager of the Fund is deleted effective January 3, 2010. Peter A. Nori and Gary Motyl of Templeton Investments, LLC maintain primary portfolio management responsibilities for the equity portion of the Fund. In addition, all other references to Ms. Sadler as a portfolio manager of the Fund are deleted from the Prospectus.

Large Cap Core Fund. On the Fund Summary in the section titled “Investment Adviser,” the disclosure with respect to Walter McCormick and Emory Sanders are deleted in their entirety. Effective January 18, 2011, the Fund is managed by a team of portfolio managers including W. Shannon Reid, CFA, Senior Portfolio Manager (lead manager), David M. Chow, CFA, Portfolio Manager and Jay Zelko, Portfolio Manager.

Additionally, in the section titled “About VC I’s Management – Investment Sub-Advisers – Wells Capital Management Incorporated (“Wells Capital”)” the disclosure is amended to delete references to Messrs. McCormick and Mr. Sanders and add references to Messrs. Reid, Chow and Zelko as the new portfolio manager of the Fund, as follows: “The Fund is managed by a team of portfolio managers led by W. Shannon Reid, CFA. David M. Chow, CFA and Jay Zelko are team members. Mr. Reid joined Wells Capital (or one of its predecessor firms) in 1988 and is currently a Managing Director, Senior Portfolio Manager, and the head of Wells Capital’s Large Cap Growth team. Mr. Chow joined Wells Capital (or one of its predecessor firms) in 1993 and is currently a Managing Director and Portfolio Manager. Mr. Zelko joined Wells Capital (or one of its predecessor firms) in 1993 and is currently a Managing Director and Portfolio Manager.”

In the section titled “Additional Information About the Funds’ Principal Investment Strategies and Principal Risks,” the first two paragraphs of the Large Cap Core Fund shall remain unchanged.

Date: January 21, 2011

Supplement to the Prospectus dated October 1, 2010

Foreign Value Fund. On the Fund Summary in the section titled “Investment Adviser,” the disclosure is amended to add Norm Boersma, CFA and Lisa Myers, CFA as secondary portfolio managers of the Fund. Mr. Boersma is the president of Templeton Global Advisors, Ltd. (“Templeton Global”). Ms. Myers is an Executive Vice President and portfolio manager of Templeton Global. Tucker Scott continues to serve as the lead portfolio manager of the Fund.

Additionally, in the section titled “About VC I’s Management – Investment Sub-Advisers – Templeton Global Advisors, Ltd. (“Templeton Global”)” the disclosure is amended to delete references to Cindy Sweeting and to add Mr. Boersma as a secondary portfolio manager. Effective March 1, 2011, Mr. Boersma became the president of Templeton Global. He has over 24 years of industry experience, 19 of which have been with Franklin Templeton. He was previously the director of research of Templeton Global Equity Group from 2000 to mid-2003 and, most recently, from December 2007 to December 2010. The disclosure with respect to Mr. Scott and Ms. Myers and their respective role with the Fund has not changed.

Date: March 1, 2011

Supplement to the Prospectus dated October 1, 2010

Global Real Estate Fund. On the Fund Summary in the section titled “Investment Adviser,” the disclosure with respect to James Trowbridge as a portfolio manager of the Fund is deleted effective April 29, 2011. Joe V. Rodriguez, Jr. (lead manager), Mark Blackburn, Paul S. Curbo, Ping-Pang Wang and Darin Turner of Invesco Advisers, Inc. maintain portfolio management responsibilities for the Fund. In addition, all other references to James Trowbridge as a portfolio manager of the Fund are deleted from the Prospectus.

Value Fund. On the Fund Summary in the section titled “Investment Adviser,” the disclosure with respect to John Damian as a portfolio manager of the Fund is deleted effective February 28, 2011. Mitchell Williams of Oppenheimer Funds, Inc. maintains portfolio management responsibilities for the Fund. In addition, all other references to Mr. Damian as a portfolio manager of the Fund are deleted from the Prospectus.

Date: March 8, 2011

Supplement to the Prospectus dated October 1, 2010

Supplement to the Summary Prospectus dated October 1, 2010

Global Equity Fund. At a meeting held on April 19, 2011, the Board of Directors (the “Board”) of VALIC Company I (“VC I”) approved the termination of BlackRock Financial Management, Inc. as the sub-adviser to the Global Equity Fund (the “Fund”) and approved the appointment of J.P. Morgan Investment Management, Inc. (“JPMIM”) as the sub-adviser to the Fund. The Board approved a new investment sub-advisory agreement between The Variable Annuity Life Insurance Company (“VALIC”) and JPMIM (the “JPMIM Sub-advisory Agreement”). The effective date of the JPMIM Sub-advisory Agreement will be on or about October 1, 2011.

The Board also approved changes to the Fund’s name, principal investment strategies and principal investment risks, which changes will become effective on or about October 1, 2011.

• Name Change. The Fund’s name will change from the “Global Equity Fund” to the “Emerging Economies Fund.”

VALIC Company I

SUPPLEMENT TO PROSPECTUS & STATEMENT OF ADDITIONAL INFORMATION — (continued)

• Principal Investment Strategies. The Fund currently invests at least 80% of its net assets in equity investments with a focus on developed global equity securities of any market capitalization with up to 25% of the Fund’s assets invested in issuers located in emerging markets. In addition, at least 40% of the Fund’s assets are invested in issuers located outside the United States.

On or about October 1, 2011, the Fund’s investment strategy will change such that it will invest at least 80% of its net assets in equity securities of emerging markets companies and other investments that are tied economically to emerging markets. Emerging markets include most countries in the world except Australia, Canada, Japan, New Zealand, Hong Kong, the United Kingdom, the United States, and most of the countries of Western Europe.

• Principal Investment Risks. The Fund is currently subject to the following principal investment risks: Active Management Risk, Convertible Securities Risk, Depositary Receipts Risk, Derivatives Risk, Emerging Markets Risk, Foreign Investment Risk, Market Risk and Small Company Risk.

Upon the change of the Fund’s principal investment strategy, Small Company Risk, Depositary Receipts Risk and Convertible Securities Risk will no longer be principal investment risks, Currency Risk will become a principal investment risk and the Fund’s exposure to Emerging Markets Risk will be greater.

With respect to the JPMIM Sub-advisory Agreement, the Board has authority, pursuant to an exemptive order granted by the Securities and Exchange Commission, to enter into sub-advisory agreements without a shareholder vote; however, an information statement explaining the sub-adviser change will be mailed to the shareholders of the Fund within 90 days of the change.

Date: April 25, 2011

Supplement to the Prospectus dated October 1, 2010

In the Fund Summary section titled “Investment Adviser,” Thomas C. Ognar, CFA, a portfolio manager with Wells Capital Management Incorporated will act as the sole portfolio manager of the Small Cap Aggressive Growth Fund (the “Fund”). Mr. Ognar began managing the Fund on March 12, 2011.

Additionally, in the section titled “About VC I’s Management – Investment Sub-Advisers – Wells Capital Management Incorporated (“Wells Capital”),” the disclosure with respect to Wells Capital’s management of the Fund is deleted and replaced with the following: “Mr. Ognar joined Wells Capital in 2005 as a portfolio manager. Prior to joining Wells Capital, Mr. Ognar was a portfolio manager with Strong Capital Management, Inc. since May 2002.”

Date: May 10, 2011

Supplement to the Prospectus dated October 1, 2010

Supplement to the Summary Prospectus dated October 1, 2010

International Equities Fund. On the Fund Summary in the section titled “Investment Adviser,” the disclosure with respect to Akihiro Sekiya as a portfolio manager of the Fund is deleted effective May 19, 2011. Lan Cai, Timothy Campion and Michael Kelly of PineBridge Investments, LLC maintain primary portfolio management responsibilities for the Fund. In addition, all other references to Mr. Sekiya as a portfolio manager of the Fund are deleted from the Prospectus.

Date: June 17, 2011

Supplement to the Prospectus dated October 1, 2010

International Growth I Fund. Effective August 31, 2011,the section of theFund Summary titled “Investment Adviser” is amended to reflect that Barrett K. Sides of Invesco Advisers, Inc. (“Invesco”) will retire as a portfolio manager of the Fund. Clas G. Olsson, currently a portfolio manager of the Fund, will assume lead portfolio manager responsibilities for Invesco. Additionally, Mark Jason, a portfolio manager with Invesco, will become a portfolio manager of the Fund. Effective August 31, 2011, the “Portfolio Managers” table with respect to Invesco is deleted and replaced with the following:

Name	Portfolio Manager of the Fund Since		Title
Invesco
Clas G. Olsson		2005	Portfolio Manager (lead manager)
Mark Jason		2011	Portfolio Manager
Jason T. Holzer		2005	Portfolio Manager
Shuxin (Steve) Cao		2005	Portfolio Manager
Matthew W. Dennis		2005	Portfolio Manager

There are no changes with respect to the other sub-advisers American Century Investment Management, Inc. or Massachusetts Financial Services Company.

Additionally, in the section titled “About VC I’s Management – Investment Sub-Advisers – Invesco Advisers” the disclosure is amended effective August 31, 2011 to delete references to Mr. Sides and to add Mr. Jason as a portfolio manager. Mr. Jason, Portfolio Manager, has been with Invesco and/ or its affiliates since 2001.

Date: July 25, 2011

VALIC Company I

SUPPLEMENT TO PROSPECTUS & STATEMENT OF ADDITIONAL INFORMATION — (continued)

Supplement to the Summary Prospectus dated October 1, 2010

This supplement supersedes the supplement filed on January 21, 2011

Large Cap Core Fund. On the Fund Summary in the section titled “Investment Adviser,” the disclosure with respect to Walter McCormick and Emory Sanders are deleted in their entirety. Effective immediately, Joseph M. Eberhardy, CFA, CPA, Thomas C. Ognar, CFA and Bruce C. Olson, CFA will act as co-Portfolio Managers of the Fund.

Date: July 26, 2011

Supplement to the Statement of Additional Information dated October 1, 2010

In the section titled “Portfolio Managers” under the heading “Other Accounts,” beginning on page 46, the chart is amended to include Thomas C. Ognar as a portfolio manager of the Small Cap Aggressive Growth Fund and delete references to Jerome “Cam” Philpott and Stuart Roberts.

Other Accounts

(As of March 31, 2011)

Registered Investment Companies

Pooled Investment Vehicles

Other Accounts

Fund

Advisers/ Sub-adviser

Portfolio Manager

No. of Accounts

Assets ($  millions)

No. of Accounts

Assets ($  millions)

No. of Accounts

Assets ($  millions)

Small Cap Aggressive Growth Fund

Wells Capital

Thomas C. Ognar

8

$

5,284

1

$

49

33

$

586

Date: May 10, 2011

VALIC Company I

BOARD OF DIRECTORS

Thomas J. Brown

Judith L. Craven

William F. Devin

Timothy J. Ebner

Gustavo E. Gonzales, Jr.

Peter A. Harbeck

John W. Lancaster

Kenneth J. Lavery

John E. Maupin, Jr.

CUSTODIAN

State Street Bank and Trust Company

225 Franklin Street

Boston, Massachusetts 02110

INVESTMENT ADVISER

The Variable Annuity

Life Insurance Company (VALIC)

2929 Allen Parkway

Houston, Texas 77019

INVESTMENT SUB-ADVISERS

American Century Investment Management, Inc.

4500 Main Street

Kansas City, MO 64111

Barrow, Hanley, Mewhinney & Strauss, LLC

2200 Ross Avenue, 31st Floor

Dallas, TX 75201-2761

BlackRock Financial Management, Inc.

40 East 52nd Street

New York, NY 10022

BlackRock Investment Management, LLC

800 Scudders Mill Rd.

Plainsboro, NJ 08536

Bridgeway Capital Management, Inc.

5615 Kirby Drive

Suite 518

Houston, TX 77005-2448

Century Capital Management, LLC

100 Federal Street

Boston, MA 02110

Dreman Value Management, LLC

Harborside Financial Center

Plaza 10, Suite 800

Jersey City, NJ 07311

Franklin Advisers, Inc.

One Franklin Parkway

San Mateo, CA 94403-1906

Goldman Sachs

Asset Management, LP

200 West Street

New York, NY 10282

Invesco Advisers, Inc.

1555 Peachtree St. NE

Atlanta, GA 30309

Massachusetts Financial Services Company

500 Boylston Street

Boston, MA 02116

Morgan Stanley Investment Management, Inc.

522 Fifth Avenue

New York, NY 10036

Pinebridge Investments, LLC

70 Pine Street

New York, NY 10270

RCM Capital Management, LLC

555 Mission St. Suite 1700

San Francisco, CA 94105

SunAmerica Asset Management Corp.

Harborside Financial Center

3200 Plaza 5

Jersey City, NJ 07311

T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, MD 21202

Templeton Global Advisors Ltd.

Lyford Cay

Nassau, Bahamas

Templeton Investment Counsel, LLC

Broward Financial Centre, Suite 2100

Ft. Lauderdale, FL 33394

Wellington Management Company, LLP

280 Congress Street

Boston, MA 02210

Wells Capital Management, Inc.

525 Market St.

10th Floor

San Francisco, CA 94105

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

1201 Louisiana Street, Suite 2900

Houston, TX 77002

TRANSFER AND SHAREHOLDER SERVICE AGENT

The Variable Annuity

Life Insurance Company (VALIC)

2929 Allen Parkway

Houston, Texas 77019

OFFICERS

Kurt W. Bernlohr,

President and Principal Executive Officer

John Packs,

Vice President and Senior Investment Officer

Gregory R. Kingston,

Treasurer and Principal Financial Officer

Nori L. Gabert,

Vice President, Chief Legal Officer and Secretary

Gregory N. Bressler,

Vice President

Katherine Stoner,

Vice President and Chief Compliance Officer

Donna Handel,

Vice President and Assistant Treasurer

Diedre L. Shepherd,

Assistant Treasurer

Mark Matthes,

Assistant Secretary

Matthew J. Hackethal,

Anti-Money Laundering

Compliance Officer

Thomas M. Ward,

Vice President

349

VALIC Company I

DISCLOSURE OF QUARTERLY FUND HOLDINGS

VC I is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for its first and third fiscal quarters on Form N-Q. VC I’s Forms N-Q are available on the U.S. Securities and Exchange Commission’s website at www.sec.gov. You can also review and obtain copies of Forms N-Q at the U.S. Securities and Exchange Commission’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330).

VOTING PROXIES ON VALIC COMPANY I PORTFOLIO SECURITIES

A description of the policies and procedures that VC I uses to determine how to vote proxies related to securities held in the Fund’s portfolios which is available in VC I’s Statement of Additional Information, may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES

Information regarding how VC I voted proxies relating to securities held in the VC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

This report is for the information of the shareholders and variable contract owners participating in VC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.

If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.

350

Go paperless

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Sign up for Personal Deliver-e^® to get:

Go paperless Sign up for Personal Deliver-e today! CLICK VALIC.com CALL 1-800-448-2542 VISIT your VALIC financial advisor

Convenience. See your account statements, certain regulatory documents and transaction confirmations online, print as you wish. Days faster than paper delivery through the mail. Security. Password-protected documents online are more secure than paper. Eco-friendly delivery. Less paper, less waste. One more way that together we can make a difference. Ready to go paperless? >  Visit our website at VALIC.com >  Select “Access Your Account” under Links to Login >  Follow the registration instructions >  You can also enroll by contacting our Client Care Center at 1-800-448-2542 We know privacy is important to you, so please be assured that your e-mail address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information. Securities and investment advisory services are offered by VALIC Financial Advisors, Inc., member FINRA and an SEC-registered investment advisor. VALIC represents The Variable Annuity Life Insurance Company and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company.

Copyright © The Variable Annuity Life Insurance Company. All rights reserved. VC 10855 (05/2011) 79619 EE

VALIC Online — Account Access

You will need to create an online security profile with a unique user ID and password. With your PIN, you can also access your account via the 24-hour VALIC automated phone line at 1-800-448-2542. Account access Manage your VALIC account online today CLICK VALIC.com CALL 1-800-448-2542 VISIT your VALIC financial advisor

Manage your account online! Enjoy quick, easy and secure access — now or anytime. Powerful features: You’ll find a long list of powerful features to track and analyze your portfolio values with graphs and charts. You can print and download account transaction confirmations and tax statements, view transaction history and download it to Quicken using Direct ConnectSM. The Account Aggregation Feature allows you to display information from other accounts in addition to your VALIC accounts. Account information is also available for viewing on your cell phone or mobile device. You can easily manage your personal profile to update your contact information (phone, address, e-mail), reset your password and more. Your financial advisor’s contact information is also readily accessible. You can also request forms for a variety of services. With VALIC Online you can initiate account transactions including: •  Allocation changes •  Transfer money among investment options •  Rebalance account to your desired allocation mix •  Change contributions Personal Deliver-e® is an electronic document delivery service with these attractive features: •  Elect to receive notification when account statements, certain regulatory documents and transaction confirmations are available for viewing and printing •  Select which notifications you want to receive electronically •  Days faster than paper delivery •  Less paper, less waste Start exploring VALIC Online today! >   Go to VALIC.com and click on Access Your Account in the “Links to Login” section >   Click “Register Now” to begin the registration process >   Enter the information to set up your security profile >   Click “I Agree” to accept the VALIC access agreement (required) >   Verify and/or update your address, e-mail and telephone number >   Click “Continue” to update your record and proceed to the Summary screen Copyright © The Variable Annuity Life Insurance Company. All rights reserved. VC 23800 (12/2010) J80543 EE

VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765

VC 9530 (05/2011) J74462

Item 2. Code of Ethics.

VALIC Company I (“the registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. During the fiscal year 2011, there were no reportable amendments, waivers, or implicit waivers to a provision of the code of ethics that applies to the registrant’s Principle Executive and Principal Accounting Officers.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Thomas J. Brown qualifies as an audit committee financial expert, as defined in instructions to Item 3(a) of Form N-CSR. Mr. Brown is considered to be “independent” for purposes of Item 3(a)(2) of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) - (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:

	2011		2010
(a) Audit Fees	$	681,435	$	641,750
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	0	$	0

Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.

Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:

	2011		2010
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	145,000	$	126,566

In addition, Ernst & Young, LLP is performing tax services for the Series. For the fiscal years ended 2011 and 2010, the fees for these tax services were $320,145 and $309,767, respectively.

(e)    (1) The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the

registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant's audit committee charter.

(2) No services included in (b) - (d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provides ongoing services to the registrant for 2011 and 2010 were $238,270 and $594,850, respectively.

(h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406.Code of Ethics.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(b) Certification pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VALIC Company I
By:	/s/ Kurt W. Bernlohr
	Kurt W. Bernlohr
	President

Date: August 8, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Kurt W. Bernlohr
	Kurt W. Bernlohr
	President

Date: August 8, 2011

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: August 8, 2011