UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03738

VALIC Company I

(Exact name of registrant as specified in charter)

2929 Allen Parkway, Houston, TX 77019

(Address of principal executive offices) (Zip code)

Kurt W. Bernlohr

Senior Vice President

The Variable Annuity Life Insurance Company

2929 Allen Parkway

Houston, TX 77019

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2013

Item 1. Reports to Stockholders

VALIC Company I

Semi-Annual Report, November 30, 2013

SAVING : INVESTING : PLANNING

VALIC Company I

SEMI-ANNUAL REPORT NOVEMBER 30, 2013

TABLE OF CONTENTS

President’s Letter	1
Expense Example	2
Portfolio of Investments:
Asset Allocation Fund	4
Blue Chip Growth Fund	31
Broad Cap Value Income Fund	35
Capital Conservation Fund	38
Core Equity Fund	48
Dividend Value Fund	53
Dynamic Allocation Fund	57
Emerging Economies Fund	60
Foreign Value Fund	64
Global Real Estate Fund	68
Global Social Awareness Fund	71
Global Strategy Fund	80
Government Securities Fund	90
Growth Fund	94
Growth & Income Fund	100
Health Sciences Fund	105
Inflation Protected Fund	111
International Equities Fund	117
International Government Bond Fund	132
International Growth Fund	142
Large Cap Core Fund	148
Large Capital Growth Fund	151
Mid Cap Index Fund	154
Mid Cap Strategic Growth Fund	163
Money Market I Fund	168
Nasdaq-100® Index Fund	171
Science & Technology Fund	175
Small Cap Aggressive Growth Fund	180
Small Cap Fund	183
Small Cap Index Fund	195
Small Cap Special Values Fund	219
Small-Mid Growth Fund	224
Stock Index Fund	228
Value Fund	238
Statements of Assets and Liabilities	241
Statements of Operations	246
Statements of Changes in Net Assets	251
Notes to Financial Statements	260
Financial Highlights	308
Approval of Advisory Agreements	325
Supplements to the Prospectus	335

VALIC Company I

PRESIDENT’S LETTER (unaudited)

Dear Valued Investor:

We are pleased to provide you with the following Semi-Annual Report for VALIC Company I. The report contains the investment portfolio information and the financial statements of VALIC Company I for the six-month period ending November 30, 2013. We encourage you to carefully read this report and thank you for your investment with VALIC Company I.

Equity markets were generally positive during the reporting period, while fixed income returns did not fare as well. Equities increased amid signs that the economy, both domestically and internationally, was picking up steam. The total return for the S&P 500^® Index*, widely regarded as the best single gauge of the U.S. equity market, was up 11.91% for the six-month period. The MSCI EAFE Index (net)**, designed to measure the equity market performance of developed markets (Europe, Australasia, Far East), excluding the U.S. and Canada, posted a solid 12.07% gain. The Barclays U.S. Aggregate Bond Index***, a broad measure of the bond market, posted a total return of -0.56% for the reporting period.

In the US, the markets ended on a positive note as the economy appeared to gain momentum. Third quarter GDP came in at 4.1%, the fastest rate in over two years. Moreover, the U.S. economy added 203,000 jobs in November and the unemployment rate fell to 7% – the lowest it had been since November 2008. Healthier consumer spending, the smallest trade deficit in four years and low inflation were additional signs of stronger economic growth. Discussions of tapering and the rate of this tapering by the Federal Reserve created much consternation in the U.S. markets throughout the reporting period. Also, with the failure to pass a budget, the U.S. government entered a partial shutdown on October 1^st. Markets initially reacted adversely to the tapering news; however, the equity markets later accepted the initiation of tapering as a sign of economic strength and delivered strong returns. The challenge ahead is whether the Federal Reserve can successfully navigate tapering without damaging the economy or markets.

International equity markets fared slightly better relative to the U.S. Most notably, the European Central Bank (ECB) cut the key lending rate in November, signaling that inflation was not an issue and growth was a priority. European stocks experienced gains, while returns in Asia-Pacific developed markets and emerging markets were mixed for the reporting period.

Fixed income declines continued during the period as the gradual healing of the U.S. economy placed upward pressure on yields. Yields on 10-year Treasury notes, a benchmark that guides many other interest rates in the economy, climbed during the period to 2.74% by the end of November as compared to a low of 1.43% in July 2012.

Planning for your financial future should be a top priority. Your investment with VALIC Company I is an important step to help you reach your long-term financial goals. Another important step, we believe, is to meet with your financial advisor periodically to ensure that you maintain a diversified portfolio appropriate for your goals and risk tolerance.

We appreciate being part of your investment program and thank you for your ongoing confidence in us. We look forward to helping you meet your investment goals in the years ahead.

Sincerely,

Kurt W. Bernlohr, President

VALIC Company I

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

** The MSCI EAFE Index (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index consists of 22 developed market country indices. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

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

Indices are not managed and an investor cannot invest directly into an index. Past performance of an index does not guarantee the future performance of any investment.

1

VALIC Company I

EXPENSE EXAMPLE — November 30, 2013 (unaudited)

Disclosure of Fund Expenses in Shareholder Reports

As a shareholder of a Fund in VALIC Company I (“VC I”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at June 1, 2013 and held until November 30, 2013. Shares of VC I are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”), qualified retirement plans (the “Plans”) and Individual Retirement Accounts (“IRA”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC I, and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts, Plans and IRA’s are not included in these Examples, and had such fees and expenses been included your costs would have been higher. Please see your Variable Contract prospectus or Plan/IRA document for more details on the fees associated with the Variable Contract or Plans.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months Ended November 30, 2013” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended November 30, 2013” column and the “Expense Ratio as of November 30, 2013” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRA’s, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended November 30, 2013” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months Ended November 30, 2013” column and the “Expense Ratio as of November 30, 2013” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRA’s, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended November 30, 2013” column would have been higher and the “Ending Account Value” column would have been lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the Variable Contracts, Plans or IRA’s. Please refer to your Variable Contract prospectus or Plan/IRA document for more information. Therefore, the “hypothetical” example is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these fees and expenses were included, your costs would have been higher.

2

VALIC Company I

EXPENSE EXAMPLE — November 30, 2013 (unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at June 1, 2013		Ending Account Value Using Actual Return at November 30, 2013		Expenses Paid During the Six Months Ended November 30, 2013*		Beginning Account Value at June 1, 2013		Ending Account Value Using a Hypothetical 5% Assumed Return at November 30, 2013		Expenses Paid During the Six Months Ended November 30, 2013*		Expense Ratio as of November 30, 2013*
Asset Allocation	$	1,000.00	$	1,068.03	$	3.73	$	1,000.00	$	1,021.46	$	3.65		0.72	%
Blue Chip Growth	$	1,000.00	$	1,202.26	$	4.69	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Broad Cap Value Income#	$	1,000.00	$	1,135.18	$	4.55	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Capital Conservation	$	1,000.00	$	993.01	$	3.20	$	1,000.00	$	1,021.86	$	3.24		0.64	%
Core Equity#	$	1,000.00	$	1,132.61	$	4.28	$	1,000.00	$	1,021.06	$	4.05		0.80	%
Dividend Value#	$	1,000.00	$	1,107.57	$	4.33	$	1,000.00	$	1,020.96	$	4.15		0.82	%
Dynamic Allocation#	$	1,000.00	$	1,064.40	$	1.66	$	1,000.00	$	1,023.46	$	1.62		0.32	%
Emerging Economies	$	1,000.00	$	1,019.78	$	4.96	$	1,000.00	$	1,020.16	$	4.96		0.98	%
Foreign Value	$	1,000.00	$	1,162.33	$	4.39	$	1,000.00	$	1,021.01	$	4.10		0.81	%
Global Real Estate	$	1,000.00	$	1,001.12	$	4.36	$	1,000.00	$	1,020.71	$	4.41		0.87	%
Global Social Awareness	$	1,000.00	$	1,139.24	$	3.43	$	1,000.00	$	1,021.86	$	3.24		0.64	%
Global Strategy	$	1,000.00	$	1,092.42	$	3.41	$	1,000.00	$	1,021.81	$	3.29		0.65	%
Government Securities	$	1,000.00	$	982.65	$	3.23	$	1,000.00	$	1,021.81	$	3.29		0.65	%
Growth#	$	1,000.00	$	1,129.94	$	4.32	$	1,000.00	$	1,021.01	$	4.10		0.81	%
Growth & Income#	$	1,000.00	$	1,123.14	$	4.52	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Health Sciences	$	1,000.00	$	1,216.10	$	6.22	$	1,000.00	$	1,019.45	$	5.67		1.12	%
Inflation Protected	$	1,000.00	$	968.78	$	2.91	$	1,000.00	$	1,022.11	$	2.99		0.59	%
International Equities	$	1,000.00	$	1,117.47	$	2.60	$	1,000.00	$	1,022.61	$	2.48		0.49	%
International Government Bond	$	1,000.00	$	989.27	$	3.24	$	1,000.00	$	1,021.81	$	3.29		0.65	%
International Growth#	$	1,000.00	$	1,117.31	$	5.36	$	1,000.00	$	1,020.00	$	5.11		1.01	%
Large Cap Core	$	1,000.00	$	1,128.40	$	4.48	$	1,000.00	$	1,020.86	$	4.26		0.84	%
Large Capital Growth	$	1,000.00	$	1,137.24	$	4.07	$	1,000.00	$	1,021.26	$	3.85		0.76	%
Mid Cap Index	$	1,000.00	$	1,107.61	$	1.90	$	1,000.00	$	1,023.26	$	1.83		0.36	%
Mid Cap Strategic Growth	$	1,000.00	$	1,138.42	$	4.45	$	1,000.00	$	1,020.91	$	4.20		0.83	%
Money Market I#	$	1,000.00	$	1,000.05	$	0.85	$	1,000.00	$	1,024.22	$	0.86		0.17	%
Nasdaq-100® Index#	$	1,000.00	$	1,176.22	$	2.89	$	1,000.00	$	1,022.41	$	2.69		0.53	%
Science & Technology	$	1,000.00	$	1,189.16	$	5.49	$	1,000.00	$	1,020.05	$	5.06		1.00	%
Small Cap Aggressive Growth#	$	1,000.00	$	1,224.58	$	5.52	$	1,000.00	$	1,020.10	$	5.01		0.99	%
Small Cap#	$	1,000.00	$	1,171.62	$	5.06	$	1,000.00	$	1,020.41	$	4.71		0.93	%
Small Cap Index	$	1,000.00	$	1,168.78	$	2.23	$	1,000.00	$	1,023.01	$	2.08		0.41	%
Small Cap Special Values	$	1,000.00	$	1,185.51	$	4.88	$	1,000.00	$	1,020.61	$	4.51		0.89	%
Small-Mid Growth#	$	1,000.00	$	1,166.54	$	5.43	$	1,000.00	$	1,020.05	$	5.06		1.00	%
Stock Index	$	1,000.00	$	1,117.06	$	1.86	$	1,000.00	$	1,023.31	$	1.78		0.35	%
Value#	$	1,000.00	$	1,091.13	$	4.46	$	1,000.00	$	1,020.81	$	4.31		0.85	%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 365 days. These ratios do not reflect fees and expenses associated with the Variable Contracts, Plans or IRA’s. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details that apply to the Variable Contracts or your Plan/IRA document for details on the administrative fees charged by your Plan/IRA sponsor.

# During the stated period, the investment adviser waived a portion of or all fees and assumed a portion of or all expenses for the Fund. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Period November 30, 2013” and the “Expense Ratios” would have been higher.

3

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Exchange-Traded Funds	7.4	%
Federal National Mtg. Assoc.	5.8
Diversified Banking Institutions	4.3
Banks — Commercial	3.3
Medical — Drugs	3.0
Federal Home Loan Mtg. Corp.	2.8
Time Deposits	2.7
Oil Companies — Integrated	2.5
Telephone — Integrated	2.5
Oil Companies — Exploration & Production	2.4
Banks — Super Regional	2.3
Diversified Financial Services	2.0
Chemicals — Diversified	1.9
Diversified Manufacturing Operations	1.7
Auto — Cars/Light Trucks	1.5
Computers	1.5
Food — Misc./Diversified	1.5
Real Estate Investment Trusts	1.4
Aerospace/Defense	1.4
Electric — Integrated	1.2
Retail — Building Products	1.2
Computer Services	1.2
Semiconductor Components — Integrated Circuits	1.1
Tobacco	1.0
United States Treasury Notes	0.9
Transport — Rail	0.9
Electronic Components — Misc.	0.9
Building — Residential/Commercial	0.8
Investment Management/Advisor Services	0.8
Beverages — Non-alcoholic	0.8
Cable/Satellite TV	0.7
Medical Products	0.7
Import/Export	0.7
Applications Software	0.7
Electronic Components — Semiconductors	0.7
Insurance — Property/Casualty	0.7
Insurance — Multi-line	0.7
Auto/Truck Parts & Equipment — Original	0.6
Medical — Biomedical/Gene	0.6
Medical — HMO	0.6
Enterprise Software/Service	0.6
Engineering/R&D Services	0.6
Multimedia	0.6
Oil — Field Services	0.6
Computers — Memory Devices	0.6
Retail — Restaurants	0.5
Web Portals/ISP	0.5
Finance — Investment Banker/Broker	0.5
Paper & Related Products	0.5
Aerospace/Defense — Equipment	0.5
Cosmetics & Toiletries	0.5
Steel — Producers	0.5
Advertising Agencies	0.4
Retail — Apparel/Shoe	0.4
Insurance — Life/Health	0.4
Retail — Discount	0.4
Electric Products — Misc.	0.4
Agricultural Chemicals	0.4
Gas — Distribution	0.4
Commercial Services — Finance	0.4
Savings & Loans/Thrifts	0.4
Pipelines	0.4
Instruments — Scientific	0.4
Insurance — Reinsurance	0.4
Retail — Drug Store	0.4
Food — Meat Products	0.3
Retail — Regional Department Stores	0.3
Semiconductor Equipment	0.3
Oil & Gas Drilling	0.3

Brewery	0.3
Real Estate Management/Services	0.3
Transport — Services	0.3
Pharmacy Services	0.3
E-Commerce/Services	0.3
Consumer Products — Misc.	0.3
Audio/Video Products	0.3
Security Services	0.3
Distribution/Wholesale	0.3
Containers — Metal/Glass	0.3
Casino Hotels	0.3
Oil Refining & Marketing	0.3
Office Automation & Equipment	0.3
Finance — Consumer Loans	0.3
Retail — Automobile	0.3
Machinery — Farming	0.3
Medical Instruments	0.3
Real Estate Operations & Development	0.2
Finance — Leasing Companies	0.2
Food — Retail	0.2
Networking Products	0.2
Machinery — Electrical	0.2
Metal Processors & Fabrication	0.2
Finance — Other Services	0.2
Banks — Fiduciary	0.2
Internet Security	0.2
Machinery — General Industrial	0.2
Industrial Automated/Robotic	0.2
Diversified Minerals	0.2
Publishing — Newspapers	0.2
Telecom Services	0.2
Printing — Commercial	0.2
Medical — Wholesale Drug Distribution	0.2
Schools	0.2
Software Tools	0.2
Coal	0.2
Electronic Measurement Instruments	0.2
United States Treasury Bonds	0.2
Airlines	0.2
Diagnostic Equipment	0.2
Footwear & Related Apparel	0.2
Cellular Telecom	0.2
Insurance — Mutual	0.2
Building & Construction Products — Misc.	0.2
Chemicals — Specialty	0.1
Advertising Services	0.1
Machinery — Construction & Mining	0.1
Municipal Bonds	0.1
E-Commerce/Products	0.1
Medical — Generic Drugs	0.1
Broadcast Services/Program	0.1
Food — Confectionery	0.1
Data Processing/Management	0.1
Medical — Hospitals	0.1
Special Purpose Entities	0.1
Electronics — Military	0.1
Transport — Truck	0.1
Rubber — Tires	0.1
Finance — Commercial	0.1
Hotels/Motels	0.1
Banks — Money Center	0.1
Athletic Footwear	0.1
Finance — Auto Loans	0.1
Sovereign	0.1
Photo Equipment & Supplies	0.1
Independent Power Producers	0.1
Human Resources	0.1
Transport — Equipment & Leasing	0.1
Toys	0.1

4

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)

Industry Allocation* (continued)

Electric — Generation	0.1	%
Building Products — Doors & Windows	0.1
Textile — Products	0.1
Satellite Telecom	0.1
Medical Labs & Testing Services	0.1
Rental Auto/Equipment	0.1
Diversified Operations	0.1
SupraNational Banks	0.1
Tennessee Valley Authority	0.1
Office Supplies & Forms	0.1
Commercial Services	0.1
Metal — Copper	0.1
Cruise Lines	0.1
Telecommunication Equipment	0.1
Marine Services	0.1
Building Products — Wood	0.1
Tools — Hand Held	0.1
Food — Wholesale/Distribution	0.1
Retail — Auto Parts	0.1
Alternative Waste Technology	0.1
Publishing — Periodicals	0.1
Chemicals — Plastics	0.1
Medical — Outpatient/Home Medical	0.1
Food — Dairy Products	0.1
Entertainment Software	0.1
Home Furnishings	0.1
Medical Information Systems	0.1
Petrochemicals	0.1
Consulting Services	0.1
Storage/Warehousing	0.1
Retail — Pawn Shops	0.1
Electronic Connectors	0.1
MRI/Medical Diagnostic Imaging	0.1
Non-Hazardous Waste Disposal	0.1
Lasers — System/Components	0.1
Regional Authority	0.1
Leisure Products	0.1
Wire & Cable Products	0.1
Dental Supplies & Equipment	0.1
Music	0.1
Therapeutics	0.1
Computers — Periphery Equipment	0.1
Garden Products	0.1
Wireless Equipment	0.1
Batteries/Battery Systems	0.1
Miscellaneous Manufacturing	0.1
Computers — Integrated Systems	0.1
Government National Mtg. Assoc.	0.1
Investment Companies	0.1
Television	0.1
	100.3%

* Calculated as a percentage of net assets.

5

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 60.4%
Advertising Agencies — 0.4%
Omnicom Group, Inc.		10,390	$	742,365
Advertising Services — 0.1%
Dentsu, Inc.		4,600		191,320
Aerospace/Defense — 1.3%
Aerovironment, Inc.†		494		14,904
Boeing Co.		12,968		1,740,954
Cubic Corp.		526		29,477
Lockheed Martin Corp.		511		72,393
National Presto Industries, Inc.		122		9,347
Northrop Grumman Corp.		1,912		215,444
Raytheon Co.		541		47,976
Teledyne Technologies, Inc.†		929		86,146
				2,216,641
Aerospace/Defense - Equipment — 0.3%
AAR Corp.		948		29,597
Curtiss-Wright Corp.		1,164		61,424
GenCorp, Inc.†		1,466		26,886
IHI Corp.		44,000		183,861
Kaman Corp.		663		26,427
Moog, Inc., Class A†		1,110		76,224
Orbital Sciences Corp.†		1,458		34,234
				438,653
Agricultural Chemicals — 0.3%
CF Industries Holdings, Inc.		2,060		447,803
Agricultural Operations — 0.0%
Andersons, Inc.		434		36,920
Airlines — 0.1%
Allegiant Travel Co.†		370		40,959
SkyWest, Inc.		1,245		21,040
Southwest Airlines Co.		2,549		47,386
				109,385
Alternative Waste Technology — 0.1%
Calgon Carbon Corp.†		1,322		27,378
Darling International, Inc.†		2,938		60,905
				88,283
Apparel Manufacturers — 0.0%
Oxford Industries, Inc.		357		26,846
Quiksilver, Inc.†		3,154		28,071
				54,917
Appliances — 0.0%
iRobot Corp.†		710		23,579
Whirlpool Corp.		136		20,775
				44,354
Applications Software — 0.7%
Ebix, Inc.		799		11,130
Epiq Systems, Inc.		796		13,317
Intuit, Inc.		1,711		127,008
Microsoft Corp.		24,506		934,414
Progress Software Corp.†		1,319		34,742
Tangoe, Inc.†		805		12,671
				1,133,282
Athletic Footwear — 0.1%
NIKE, Inc., Class B		2,574		203,706
Audio/Video Products — 0.3%
Daktronics, Inc.		929		14,214
DTS, Inc.†		467		10,456

Security Description	Shares		Value (Note 2)
Audio/Video Products (continued)
Panasonic Corp.		22,600	$	259,263
Sony Corp.		10,800		196,862
Universal Electronics, Inc.†		385		14,634
VOXX International Corp.†		506		9,027
				504,456
Auto Repair Centers — 0.0%
Monro Muffler Brake, Inc.		731		38,787
Auto - Cars/Light Trucks — 1.4%
Fuji Heavy Industries, Ltd.		8,000		225,883
Honda Motor Co., Ltd.		12,400		524,208
Isuzu Motors, Ltd.		19,000		121,318
Nissan Motor Co., Ltd.		18,600		169,974
Suzuki Motor Corp.		5,500		141,225
Toyota Motor Corp.		20,900		1,301,850
				2,484,458
Auto/Truck Parts & Equipment - Original — 0.6%
Aisin Seiki Co., Ltd.		4,200		168,943
BorgWarner, Inc.		1,339		143,501
Delphi Automotive PLC		1,693		99,125
Denso Corp.		3,800		190,325
Spartan Motors, Inc.		786		5,431
Sumitomo Electric Industries, Ltd.		12,400		193,340
Superior Industries International, Inc.		579		11,429
Titan International, Inc.		1,334		23,011
Toyota Industries Corp.		4,400		191,379
				1,026,484
Auto/Truck Parts & Equipment - Replacement — 0.0%
Dorman Products, Inc.		752		37,435
Standard Motor Products, Inc.		527		18,297
				55,732
Banks - Commercial — 1.7%
Bank of Kyoto, Ltd.		19,000		163,056
Bank of the Ozarks, Inc.		776		43,572
Bank of Yokohama, Ltd.		23,000		125,975
Banner Corp.		483		20,991
BBCN Bancorp, Inc.		1,965		32,796
Cardinal Financial Corp.		752		13,333
Chiba Bank, Ltd.		19,000		132,077
City Holding Co.		389		19,143
Columbia Banking System, Inc.		1,261		34,955
Community Bank System, Inc.		988		38,394
CVB Financial Corp.		2,339		37,751
First BanCorp Puerto Rico†		2,353		15,012
First Commonwealth Financial Corp.		2,351		22,005
First Financial Bancorp		1,443		23,853
First Financial Bankshares, Inc.		747		49,586
First Midwest Bancorp, Inc.		1,869		34,315
FNB Corp.		3,844		48,857
Glacier Bancorp, Inc.		1,801		53,958
Hanmi Financial Corp.		748		15,379
Home BancShares, Inc.		1,169		42,271
Independent Bank Corp.		586		22,368
Joyo Bank, Ltd.		32,000		163,398
M&T Bank Corp.		263		30,340
MB Financial, Inc.		1,366		44,545
Mizuho Financial Group, Inc.		146,800		308,147
National Penn Bancshares, Inc.		2,823		31,872
NBT Bancorp, Inc.		1,044		27,071
Old National Bancorp		2,484		38,626
PacWest Bancorp		983		40,441
Pinnacle Financial Partners, Inc.		816		26,561

6

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
PrivateBancorp, Inc.		1,595	$	44,229
Regions Financial Corp.		7,504		73,014
S&T Bancorp, Inc.		743		19,548
Shizuoka Bank, Ltd.		11,000		124,471
Simmons First National Corp., Class A		386		13,649
Sumitomo Mitsui Financial Group, Inc.		9,300		460,346
Sumitomo Mitsui Trust Holdings, Inc.		30,000		147,327
Susquehanna Bancshares, Inc.		4,657		58,632
Taylor Capital Group, Inc.†		359		8,943
Texas Capital Bancshares, Inc.†		1,017		57,125
Tompkins Financial Corp.		288		14,429
TrustCo Bank Corp.		2,311		17,564
UMB Financial Corp.		925		59,311
Umpqua Holdings Corp.		2,795		51,456
United Bankshares, Inc.		1,142		37,058
United Community Banks, Inc.†		953		17,487
ViewPoint Financial Group, Inc.		889		22,563
Wilshire Bancorp, Inc.		1,488		15,728
Wintrust Financial Corp.		988		44,816
				2,988,344
Banks - Fiduciary — 0.0%
Boston Private Financial Holdings, Inc.		1,964		23,362
Banks - Super Regional — 2.2%
Capital One Financial Corp.		11,777		843,587
Comerica, Inc.		5,807		263,347
Fifth Third Bancorp		18,159		368,991
Huntington Bancshares, Inc.		4,385		40,254
KeyCorp		6,668		85,017
SunTrust Banks, Inc.		2,633		95,394
US Bancorp		2,282		89,500
Wells Fargo & Co.		46,042		2,026,769
				3,812,859
Batteries/Battery Systems — 0.1%
EnerSys, Inc.		1,173		83,694
Beverages - Non-alcoholic — 0.6%
Coca-Cola Co.		3,687		148,180
Coca-Cola Enterprises, Inc.		3,538		148,384
Dr Pepper Snapple Group, Inc.		5,810		280,391
Monster Beverage Corp.†		2,656		157,182
PepsiCo, Inc.		3,502		295,779
				1,029,916
Brewery — 0.2%
Asahi Group Holdings, Ltd.		6,100		166,995
Boston Beer Co., Inc., Class A†		216		52,877
Kirin Holdings Co., Ltd.		11,000		169,470
				389,342
Broadcast Services/Program — 0.0%
Digital Generation, Inc.†		493		5,822
Discovery Communications, Inc., Class A†		327		28,537
Scripps Networks Interactive, Inc., Class A		493		36,773
				71,132
Building & Construction Products - Misc. — 0.1%
Drew Industries, Inc.†		538		29,165
Gibraltar Industries, Inc.†		728		12,886
Quanex Building Products Corp.		923		16,466
Simpson Manufacturing Co., Inc.		1,005		36,481
				94,998
Building & Construction - Misc. — 0.0%
Aegion Corp.†		968		21,074

Security Description	Shares		Value (Note 2)
Building & Construction - Misc. (continued)
Dycom Industries, Inc.†		824	$	23,319
				44,393
Building Products - Air & Heating — 0.0%
AAON, Inc.		696		21,416
Comfort Systems USA, Inc.		951		19,495
				40,911
Building Products - Cement — 0.0%
Headwaters, Inc.†		1,784		17,234
Texas Industries, Inc.†		519		30,164
				47,398
Building Products - Doors & Windows — 0.1%
Apogee Enterprises, Inc.		711		25,468
Asahi Glass Co., Ltd.		19,000		122,617
Griffon Corp.		1,140		14,660
				162,745
Building Products - Wood — 0.1%
Masco Corp.		5,274		118,243
Universal Forest Products, Inc.		494		25,673
				143,916
Building - Heavy Construction — 0.0%
Orion Marine Group, Inc.†		630		7,478
Building - Maintenance & Services — 0.0%
ABM Industries, Inc.		1,265		35,180
Building - Mobile Home/Manufactured Housing — 0.0%
Winnebago Industries, Inc.†		702		21,734
Building - Residential/Commercial — 0.8%
D.R. Horton, Inc.		38,913		773,590
Daiwa House Industry Co., Ltd.		6,000		116,573
M/I Homes, Inc.†		594		13,050
Meritage Homes Corp.†		847		36,912
PulteGroup, Inc.		4,864		91,249
Ryland Group, Inc.		1,134		44,816
Sekisui Chemical Co., Ltd.		13,000		152,307
Sekisui House, Ltd.		11,000		151,750
Standard Pacific Corp.†		3,620		29,612
				1,409,859
Cable/Satellite TV — 0.4%
Cablevision Systems Corp., Class A		1,769		29,666
Comcast Corp., Class A		10,923		544,730
DIRECTV†		272		17,982
Time Warner Cable, Inc.		1,177		162,685
				755,063
Casino Hotels — 0.0%
Boyd Gaming Corp.†		1,869		21,400
Monarch Casino & Resort, Inc.†		224		3,976
				25,376
Casino Services — 0.0%
Multimedia Games Holding Co., Inc.†		706		20,474
Cellular Telecom — 0.1%
NTELOS Holdings Corp.		377		8,072
NTT DOCOMO, Inc.		9,100		146,595
				154,667
Chemicals - Diversified — 1.6%
Asahi Kasei Corp.		27,000		212,995
Dow Chemical Co.		13,920		543,715

7

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Chemicals - Diversified (continued)
E.I. du Pont de Nemours & Co.		19,430	$	1,192,613
Innophos Holdings, Inc.		545		26,149
Kuraray Co., Ltd.		13,300		165,300
LyondellBasell Industries NV, Class A		3,031		233,933
Mitsubishi Chemical Holdings Corp.		27,500		127,801
Nitto Denko Corp.		2,100		106,820
PPG Industries, Inc.		127		23,376
Shin-Etsu Chemical Co., Ltd.		3,200		184,955
				2,817,657
Chemicals - Other — 0.0%
American Vanguard Corp.		603		17,324
Chemicals - Plastics — 0.1%
A. Schulman, Inc.		734		25,103
PolyOne Corp.		2,398		77,839
				102,942
Chemicals - Specialty — 0.1%
Balchem Corp.		736		43,534
H.B. Fuller Co.		1,246		63,833
Hawkins, Inc.		244		9,213
Kraton Performance Polymers, Inc.†		805		18,748
OM Group, Inc.†		771		25,397
Quaker Chemical Corp.		326		26,419
Stepan Co.		471		29,890
Zep, Inc.		558		10,747
				227,781
Circuit Boards — 0.0%
Park Electrochemical Corp.		523		15,538
TTM Technologies, Inc.†		1,350		13,095
				28,633
Coal — 0.1%
Cloud Peak Energy, Inc.†		1,472		24,347
Peabody Energy Corp.		3,299		60,042
SunCoke Energy, Inc.†		1,756		39,808
				124,197
Commercial Services — 0.1%
ExlService Holdings, Inc.†		758		19,981
Healthcare Services Group, Inc.		1,705		49,428
Live Nation Entertainment, Inc.†		3,471		63,762
Medifast, Inc.†		317		8,587
TeleTech Holdings, Inc.†		482		12,378
				154,136
Commercial Services - Finance — 0.4%
Cardtronics, Inc.†		1,117		47,573
Green Dot Corp., Class A†		525		12,731
H&R Block, Inc.		1,930		53,828
Heartland Payment Systems, Inc.		920		41,317
MasterCard, Inc., Class A		603		458,769
McGraw Hill Financial, Inc.		90		6,705
				620,923
Communications Software — 0.0%
Digi International, Inc.†		686		7,889
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.		979		30,496
Computer Services — 1.0%
Accenture PLC, Class A		1,785		138,284
CACI International, Inc., Class A†		574		41,196
CIBER, Inc.†		1,552		6,146

Security Description	Shares		Value (Note 2)
Computer Services (continued)
Computer Sciences Corp.		1,683	$	88,559
iGATE Corp.†		716		23,972
Insight Enterprises, Inc.†		1,049		25,249
International Business Machines Corp.		6,919		1,243,206
j2 Global, Inc.		1,078		51,712
LivePerson, Inc.†		1,178		14,478
Manhattan Associates, Inc.†		477		57,364
Sykes Enterprises, Inc.†		972		21,520
Virtusa Corp.†		572		20,186
				1,731,872
Computer Software — 0.0%
Avid Technology, Inc.†		796		7,045
Blackbaud, Inc.		1,138		41,161
				48,206
Computers — 1.5%
Apple, Inc.		4,346		2,416,680
Hewlett-Packard Co.		7,483		204,660
				2,621,340
Computers - Integrated Systems — 0.1%
Agilysys, Inc.†		399		5,215
Mercury Systems, Inc.†		747		8,172
MTS Systems Corp.		393		27,404
Netscout Systems, Inc.†		940		28,604
Super Micro Computer, Inc.†		796		12,641
				82,036
Computers - Memory Devices — 0.4%
EMC Corp.		15,078		359,610
NetApp, Inc.		2,719		112,159
SanDisk Corp.		1,245		84,847
Western Digital Corp.		817		61,307
				617,923
Computers - Periphery Equipment — 0.1%
Electronics for Imaging, Inc.†		1,150		45,540
Synaptics, Inc.†		831		41,974
				87,514
Consulting Services — 0.1%
Forrester Research, Inc.		329		13,154
MAXIMUS, Inc.		1,674		76,167
Navigant Consulting, Inc.†		1,234		24,186
				113,507
Consumer Products - Misc. — 0.2%
Blyth, Inc.		233		2,910
Central Garden and Pet Co., Class A†		1,089		8,516
Clorox Co.		924		86,089
Helen of Troy, Ltd.†		742		36,143
Kimberly-Clark Corp.		1,097		119,749
Prestige Brands Holdings, Inc.†		1,274		44,896
WD-40 Co.		347		26,115
				324,418
Containers - Metal/Glass — 0.2%
Ball Corp.		4,550		227,409
Owens-Illinois, Inc.†		742		24,486
				251,895
Cosmetics & Toiletries — 0.4%
Avon Products, Inc.		3,073		54,792
Estee Lauder Cos., Inc., Class A		598		44,826
Inter Parfums, Inc.		405		14,742

8

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cosmetics & Toiletries (continued)
Kao Corp.		5,300	$	174,122
Procter & Gamble Co.		2,824		237,837
Shiseido Co., Ltd.		10,500		179,605
				705,924
Data Processing/Management — 0.1%
CSG Systems International, Inc.		840		24,251
Dun & Bradstreet Corp.		461		53,868
Fidelity National Information Services, Inc.		2,271		115,094
				193,213
Decision Support Software — 0.0%
Interactive Intelligence Group, Inc.†		391		25,431
Dental Supplies & Equipment — 0.1%
Align Technology, Inc.†		1,741		95,128
Diagnostic Equipment — 0.1%
Affymetrix, Inc.†		1,772		15,044
Life Technologies Corp.†		2,114		160,030
				175,074
Diagnostic Kits — 0.0%
Meridian Bioscience, Inc.		1,034		25,416
Direct Marketing — 0.0%
Harte-Hanks, Inc.		1,076		8,565
Disposable Medical Products — 0.0%
ICU Medical, Inc.†		318		20,888
Merit Medical Systems, Inc.†		1,032		16,894
				37,782
Distribution/Wholesale — 0.3%
Fossil Group, Inc.†		904		115,052
Genuine Parts Co.		2,118		175,455
MWI Veterinary Supply, Inc.†		316		57,566
Pool Corp.		1,158		64,894
ScanSource, Inc.†		695		29,183
United Stationers, Inc.		976		43,901
				486,051
Diversified Banking Institutions — 3.0%
Bank of America Corp.		69,681		1,102,353
Citigroup, Inc.		3,269		172,995
JPMorgan Chase & Co.		32,748		1,873,841
Mitsubishi UFJ Financial Group, Inc.		89,900		578,414
Morgan Stanley		44,622		1,396,669
				5,124,272
Diversified Manufacturing Operations — 1.4%
Actuant Corp., Class A		1,795		70,149
AZZ, Inc.		632		30,892
Barnes Group, Inc.		1,141		41,646
Danaher Corp.		2,738		204,802
Dover Corp.		10,598		961,663
EnPro Industries, Inc.†		517		29,262
Federal Signal Corp.†		1,579		24,680
General Electric Co.		11,493		306,403
Illinois Tool Works, Inc.		5,056		402,356
Koppers Holdings, Inc.		514		24,353
Leggett & Platt, Inc.		1,267		38,276
LSB Industries, Inc.†		470		15,078
Lydall, Inc.†		393		7,007
Parker Hannifin Corp.		595		70,115
Standex International Corp.		317		18,678
Textron, Inc.		5,012		166,549

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
Tredegar Corp.		600	$	15,708
				2,427,617
Diversified Minerals — 0.0%
AMCOL International Corp.		594		18,509
Diversified Operations/Commercial Services — 0.0%
Chemed Corp.		437		34,055
Viad Corp.		506		13,662
				47,717
E-Commerce/Products — 0.1%
Amazon.com, Inc.†		275		108,245
Blue Nile, Inc.†		312		14,371
eBay, Inc.†		1,600		80,832
FTD Cos., Inc.†		457		15,072
Stamps.com, Inc.†		350		16,125
				234,645
E-Commerce/Services — 0.2%
OpenTable, Inc.†		572		47,802
priceline.com, Inc.†		204		243,235
				291,037
E-Marketing/Info — 0.0%
comScore, Inc.†		809		22,013
Liquidity Services, Inc.†		648		15,014
QuinStreet, Inc.†		654		5,723
				42,750
E-Services/Consulting — 0.0%
Perficient, Inc.†		827		17,929
Electric Products - Misc. — 0.4%
Emerson Electric Co.		4,997		334,749
Hitachi, Ltd.		42,000		309,592
Littelfuse, Inc.		550		47,823
				692,164
Electric - Integrated — 0.8%
ALLETE, Inc.		887		43,711
Avista Corp.		1,475		40,194
Edison International		6,144		283,914
El Paso Electric Co.		1,003		36,138
Exelon Corp.		8,409		226,286
Kansai Electric Power Co., Inc.†		8,600		97,650
NorthWestern Corp.		960		42,221
Public Service Enterprise Group, Inc.		6,924		226,346
TECO Energy, Inc.		19,211		327,355
UIL Holdings Corp.		1,394		52,317
UNS Energy Corp.		1,032		49,412
				1,425,544
Electronic Components - Misc. — 0.9%
Bel Fuse, Inc., Class B		233		5,296
Benchmark Electronics, Inc.†		1,327		30,495
CTS Corp.		797		14,489
Hoya Corp.		8,200		221,842
Jabil Circuit, Inc.		25,155		509,892
Kyocera Corp.		3,400		179,917
Methode Electronics, Inc.		875		25,314
Murata Manufacturing Co., Ltd.		2,100		180,630
OSI Systems, Inc.†		470		36,049
Plexus Corp.†		833		33,628
Rogers Corp.†		423		26,569
Sanmina Corp.†		2,065		31,966
TE Connectivity, Ltd.		1,901		100,221

9

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components - Misc. (continued)
Toshiba Corp.		40,000	$	172,614
				1,568,922
Electronic Components - Semiconductors — 0.5%
Broadcom Corp., Class A		6,765		180,558
Ceva, Inc.†		519		8,299
Diodes, Inc.†		896		18,305
DSP Group, Inc.†		567		5,012
Entropic Communications, Inc.†		2,229		11,056
GT Advanced Technologies, Inc.†		2,997		29,401
Kopin Corp.†		1,543		6,295
LSI Corp.		2,064		16,656
Microsemi Corp.†		2,275		55,578
Monolithic Power Systems, Inc.		848		28,323
NVIDIA Corp.		3,016		47,050
QLogic Corp.†		2,104		26,111
Rubicon Technology, Inc.†		459		4,673
Supertex, Inc.		260		6,747
Texas Instruments, Inc.		9,844		423,292
				867,356
Electronic Connectors — 0.1%
Amphenol Corp., Class A		1,284		109,140
Electronic Measurement Instruments — 0.2%
Analogic Corp.		305		29,469
Badger Meter, Inc.		358		19,665
ESCO Technologies, Inc.		659		22,446
FARO Technologies, Inc.†		425		23,179
Keyence Corp.		400		160,703
Measurement Specialties, Inc.†		361		19,978
				275,440
Electronic Security Devices — 0.0%
American Science & Engineering, Inc.		182		13,042
Tyco International, Ltd.		1,218		46,455
				59,497
Electronics - Military — 0.0%
L-3 Communications Holdings, Inc.		602		62,283
Energy - Alternate Sources — 0.0%
FutureFuel Corp.		557		9,313
Engineering/R&D Services — 0.6%
EMCOR Group, Inc.		1,648		65,475
Engility Holdings, Inc.†		413		13,154
Exponent, Inc.		328		25,378
Fluor Corp.		1,351		105,121
Foster Wheeler AG†		24,748		750,607
				959,735
Engines - Internal Combustion — 0.0%
Briggs & Stratton Corp.		1,202		24,304
Cummins, Inc.		257		34,017
				58,321
Enterprise Software/Service — 0.5%
CA, Inc.		4,251		140,283
Digital River, Inc.†		722		12,902
MicroStrategy, Inc., Class A†		224		28,970
Omnicell, Inc.†		879		21,316
Oracle Corp.		14,746		520,386
SYNNEX Corp.†		640		42,342
Tyler Technologies, Inc.†		691		70,904
				837,103

Security Description	Shares		Value (Note 2)
Entertainment Software — 0.0%
Take-Two Interactive Software, Inc.†		2,185	$	35,747
Environmental Consulting & Engineering — 0.0%
Tetra Tech, Inc.†		1,568		44,829
Finance - Consumer Loans — 0.2%
Encore Capital Group, Inc.†		576		27,470
Portfolio Recovery Associates, Inc.†		1,246		72,766
SLM Corp.		5,845		155,769
World Acceptance Corp.†		274		25,296
				281,301
Finance - Investment Banker/Broker — 0.4%
Daiwa Securities Group, Inc.		19,000		184,574
Evercore Partners, Inc., Class A		778		42,673
FXCM, Inc., Class A		892		14,861
Interactive Brokers Group, Inc., Class A		1,236		29,973
Investment Technology Group, Inc.†		881		17,259
Nomura Holdings, Inc.		30,800		243,874
Piper Jaffray Cos.†		379		14,410
Stifel Financial Corp.†		1,450		64,916
SWS Group, Inc.†		706		4,561
				617,101
Finance - Leasing Companies — 0.1%
ORIX Corp.		11,800		214,860
Finance - Other Services — 0.1%
Higher One Holdings, Inc.†		718		7,065
IntercontinentalExchange Group, Inc.†		330		70,386
MarketAxess Holdings, Inc.		932		65,585
Outerwall Inc†		696		47,606
WageWorks, Inc.†		714		40,912
				231,554
Firearms & Ammunition — 0.0%
Sturm Ruger & Co., Inc.		481		37,003
Food - Canned — 0.0%
Seneca Foods Corp., Class A†		176		5,514
TreeHouse Foods, Inc.†		903		63,346
				68,860
Food - Confectionery — 0.1%
Hershey Co.		2,365		229,145
Food - Meat Products — 0.3%
Hormel Foods Corp.		10,678		480,724
Tyson Foods, Inc., Class A		3,467		109,869
				590,593
Food - Misc./Diversified — 1.4%
Ajinomoto Co., Inc.		11,000		156,798
Annie’s, Inc.†		416		19,115
B&G Foods, Inc.		1,319		45,677
Cal-Maine Foods, Inc.		373		20,496
Diamond Foods, Inc.†		511		12,642
General Mills, Inc.		3,248		163,797
Hain Celestial Group, Inc.†		1,178		97,409
J&J Snack Foods Corp.		357		30,674
Kellogg Co.		8,854		536,907
Kraft Foods Group, Inc.		10,635		564,931
Mondelez International, Inc., Class A		23,863		800,126
Snyders-Lance, Inc.		1,204		34,687
				2,483,259
Food - Retail — 0.2%
Kroger Co.		3,072		128,256

10

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Retail (continued)
Nutrisystem, Inc.		748	$	14,720
Seven & I Holdings Co., Ltd.		5,900		217,164
				360,140
Food - Wholesale/Distribution — 0.1%
Calavo Growers, Inc.		318		9,804
Spartan Stores, Inc.		901		20,903
Sysco Corp.		3,337		112,223
				142,930
Footwear & Related Apparel — 0.2%
Crocs, Inc.†		2,157		29,767
Iconix Brand Group, Inc.†		1,345		53,370
Skechers U.S.A., Inc., Class A†		960		32,275
Steven Madden, Ltd.†		1,490		58,050
Wolverine World Wide, Inc.		2,458		80,893
				254,355
Forestry — 0.0%
Deltic Timber Corp.		272		17,139
Gambling (Non-Hotel) — 0.0%
Pinnacle Entertainment, Inc.†		1,451		36,478
Garden Products — 0.1%
Toro Co.		1,405		86,703
Gas - Distribution — 0.4%
Laclede Group, Inc.		748		34,490
New Jersey Resources Corp.		1,016		46,421
Northwest Natural Gas Co.		672		28,580
Osaka Gas Co., Ltd.		44,000		177,847
Piedmont Natural Gas Co., Inc.		1,857		61,560
South Jersey Industries, Inc.		791		44,850
Southwest Gas Corp.		1,132		60,064
Tokyo Gas Co., Ltd.		32,000		159,336
				613,148
Golf — 0.0%
Callaway Golf Co.		1,780		14,418
Health Care Cost Containment — 0.0%
Corvel Corp.†		272		12,591
Home Furnishings — 0.1%
American Woodmark Corp.†		287		10,356
Ethan Allen Interiors, Inc.		648		20,023
La-Z-Boy, Inc.		1,306		38,214
Select Comfort Corp.†		1,391		29,364
				97,957
Hotels/Motels — 0.1%
Marcus Corp.		470		6,857
Starwood Hotels & Resorts Worldwide, Inc.		2,022		150,599
Wyndham Worldwide Corp.		674		48,332
				205,788
Human Resources — 0.1%
AMN Healthcare Services, Inc.†		1,164		16,156
CDI Corp.		347		5,444
Cross Country Healthcare, Inc.†		754		5,761
Heidrick & Struggles International, Inc.		383		6,986
Insperity, Inc.		551		19,423
Kelly Services, Inc., Class A		678		15,757
Korn/Ferry International†		1,213		28,093
Monster Worldwide, Inc.†		2,589		14,576
On Assignment, Inc.†		1,141		38,828
Resources Connection, Inc.		936		13,310

Security Description	Shares		Value (Note 2)
Human Resources (continued)
TrueBlue, Inc.†		1,013	$	25,872
				190,206
Identification Systems — 0.0%
Brady Corp., Class A		1,152		36,092
Checkpoint Systems, Inc.†		1,020		14,729
				50,821
Import/Export — 0.6%
ITOCHU Corp.		15,000		189,212
Marubeni Corp.		23,000		166,844
Mitsubishi Corp.		11,600		228,206
Mitsui & Co., Ltd.		15,000		207,811
Sumitomo Corp.		13,700		169,469
				961,542
Industrial Automated/Robotic — 0.2%
Cognex Corp.		2,048		67,482
FANUC Corp.		1,500		252,477
				319,959
Instruments - Controls — 0.0%
Watts Water Technologies, Inc., Class A		704		42,324
Instruments - Scientific — 0.4%
FEI Co.		1,026		93,417
PerkinElmer, Inc.		14,113		536,859
				630,276
Insurance Brokers — 0.0%
eHealth, Inc.†		443		20,072
Insurance - Life/Health — 0.3%
Aflac, Inc.		3,728		247,428
Dai-ichi Life Insurance Co., Ltd.		9,300		145,731
Unum Group		2,295		77,043
				470,202
Insurance - Multi-line — 0.4%
ACE, Ltd.		2,655		272,881
Allstate Corp.		4,333		235,152
Cincinnati Financial Corp.		165		8,648
Horace Mann Educators Corp.		988		30,351
MetLife, Inc.		1,075		56,104
United Fire Group, Inc.		542		16,125
				619,261
Insurance - Property/Casualty — 0.6%
AMERISAFE, Inc.		453		19,878
Employers Holdings, Inc.		768		25,067
HCI Group, Inc.		249		12,398
Infinity Property & Casualty Corp.		289		20,620
Meadowbrook Insurance Group, Inc.		1,194		8,824
MS&AD Insurance Group Holdings		5,500		148,045
Navigators Group, Inc.†		264		17,646
NKSJ Holdings, Inc.		5,500		152,448
ProAssurance Corp.		1,512		72,697
Progressive Corp.		6,582		183,835
RLI Corp.		426		42,979
Safety Insurance Group, Inc.		318		17,856
Selective Insurance Group, Inc.		1,361		38,366
Stewart Information Services Corp.		510		16,248
Tokio Marine Holdings, Inc.		5,900		195,851
Tower Group International Ltd		975		4,056
Travelers Cos., Inc.		542		49,181
				1,025,995

11

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Reinsurance — 0.4%
Berkshire Hathaway, Inc., Class B†		5,403	$	629,612
Internet Application Software — 0.0%
Dealertrack Technologies, Inc.†		1,074		44,893
Internet Connectivity Services — 0.0%
PC-Tel, Inc.		369		3,660
Internet Content - Information/News — 0.0%
Dice Holdings, Inc.†		993		7,229
HealthStream, Inc.†		493		16,585
XO Group, Inc.†		584		9,151
				32,965
Internet Security — 0.2%
Symantec Corp.		5,615		126,281
Trend Micro, Inc.		5,100		199,668
VASCO Data Security International, Inc.†		668		5,144
				331,093
Investment Companies — 0.1%
Prospect Capital Corp.		7,025		80,155
Investment Management/Advisor Services — 0.8%
BlackRock, Inc.		1,548		468,657
Calamos Asset Management, Inc., Class A		510		5,656
Financial Engines, Inc.		1,228		83,197
Legg Mason, Inc.		17,661		690,722
T. Rowe Price Group, Inc.		1,569		126,242
Virtus Investment Partners, Inc.†		172		35,741
				1,410,215
Lasers - System/Components — 0.1%
Coherent, Inc.		604		41,700
Electro Scientific Industries, Inc.		578		5,948
II-VI, Inc.†		1,350		22,073
Newport Corp.†		956		16,395
Rofin-Sinar Technologies, Inc.†		703		18,158
				104,274
Leisure Products — 0.1%
Brunswick Corp.		2,219		101,408
Linen Supply & Related Items — 0.0%
G&K Services, Inc., Class A		481		28,966
UniFirst Corp.		374		38,238
				67,204
Machinery - Construction & Mining — 0.1%
Astec Industries, Inc.		461		16,872
Joy Global, Inc.		400		22,624
Komatsu, Ltd.		8,400		174,602
				214,098
Machinery - Electrical — 0.2%
Franklin Electric Co., Inc.		965		42,943
Mitsubishi Electric Corp.		19,000		219,448
SMC Corp.		600		144,457
				406,848
Machinery - Farming — 0.2%
Kubota Corp.		13,000		222,241
Lindsay Corp.		321		24,521
				246,762
Machinery - General Industrial — 0.2%
Albany International Corp., Class A		687		25,254
Applied Industrial Technologies, Inc.		1,050		50,799
DXP Enterprises, Inc.†		260		25,475

Security Description	Shares		Value (Note 2)
Machinery - General Industrial (continued)
Intevac, Inc.†		596	$	3,946
Mitsubishi Heavy Industries, Ltd.		30,000		192,433
Tennant Co.		461		30,085
				327,992
Medical Information Systems — 0.1%
Computer Programs & Systems, Inc.		260		15,995
Medidata Solutions, Inc.†		619		73,605
Quality Systems, Inc.		1,077		25,159
				114,759
Medical Instruments — 0.2%
Abaxis, Inc.		518		18,638
CONMED Corp.		666		27,113
CryoLife, Inc.		688		7,602
Integra LifeSciences Holdings Corp.†		566		26,291
Medtronic, Inc.		1,594		91,368
Natus Medical, Inc.†		694		15,983
NuVasive, Inc.†		1,098		36,508
St Jude Medical, Inc.		85		4,966
SurModics, Inc.†		353		8,514
Symmetry Medical, Inc.†		936		9,182
				246,165
Medical Labs & Testing Services — 0.1%
Bio-Reference Labs, Inc.†		610		17,812
Quest Diagnostics, Inc.		2,355		143,514
				161,326
Medical Laser Systems — 0.0%
Cynosure, Inc., Class A†		461		11,935
Medical Products — 0.6%
ABIOMED, Inc.†		836		23,901
Cantel Medical Corp.		803		29,968
CareFusion Corp.†		1,636		65,195
Covidien PLC		6,100		416,386
Cyberonics, Inc.†		616		42,332
Greatbatch, Inc.†		592		24,053
Haemonetics Corp.†		1,259		53,205
Hanger, Inc.†		853		33,131
Invacare Corp.		728		16,307
Luminex Corp.†		888		17,378
Terumo Corp.		3,400		177,593
West Pharmaceutical Services, Inc.		1,712		85,463
Zimmer Holdings, Inc.		922		84,280
				1,069,192
Medical - Biomedical/Gene — 0.6%
Acorda Therapeutics, Inc.†		1,004		34,949
Amgen, Inc.		2,308		263,297
Arqule, Inc.†		1,326		3,222
Biogen Idec, Inc.†		1,772		515,599
Cambrex Corp.†		782		15,249
Celgene Corp.†		103		16,662
Emergent Biosolutions, Inc.†		708		15,895
Gilead Sciences, Inc.†		792		59,249
Ligand Pharmaceuticals, Inc., Class B†		504		28,063
Medicines Co.†		1,555		56,929
Momenta Pharmaceuticals, Inc.†		1,137		20,227
Spectrum Pharmaceuticals, Inc.		1,269		12,220
				1,041,561
Medical - Drugs — 2.9%
Abbott Laboratories		16,464		628,760
AbbVie, Inc.		10,728		519,772

12

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Akorn, Inc.†		1,769	$	45,552
Astellas Pharma, Inc.		3,800		225,199
Bristol-Myers Squibb Co.		13,301		683,405
Daiichi Sankyo Co., Ltd.		9,700		178,042
Eisai Co., Ltd.		4,200		164,022
Eli Lilly & Co.		13,552		680,581
Hi-Tech Pharmacal Co., Inc.		277		12,030
Johnson & Johnson		2,360		223,398
Merck & Co., Inc.		2,842		141,617
Ono Pharmaceutical Co., Ltd.		3,000		227,288
Pfizer, Inc.		24,542		778,718
PharMerica Corp.†		736		16,619
Santarus, Inc.†		1,507		48,495
Takeda Pharmaceutical Co., Ltd.		5,500		267,147
ViroPharma, Inc.†		1,627		80,553
				4,921,198
Medical - Generic Drugs — 0.0%
Impax Laboratories, Inc.†		1,563		37,575
Medical - HMO — 0.5%
Aetna, Inc.		1,193		82,234
Centene Corp.†		1,347		80,456
Cigna Corp.		1,816		158,809
Humana, Inc.		3,264		339,423
Magellan Health Services, Inc.†		654		40,025
Molina Healthcare, Inc.†		688		23,117
UnitedHealth Group, Inc.		255		18,992
WellPoint, Inc.		1,361		126,410
				869,466
Medical - Hospitals — 0.0%
Tenet Healthcare Corp.†		427		18,425
Medical - Nursing Homes — 0.0%
Ensign Group, Inc.		479		21,636
Kindred Healthcare, Inc.		1,370		23,071
				44,707
Medical - Outpatient/Home Medical — 0.1%
Air Methods Corp.		871		48,741
Almost Family, Inc.		206		5,747
Amedisys, Inc.†		797		12,975
Amsurg Corp.†		803		38,801
Gentiva Health Services, Inc.†		734		9,065
LHC Group, Inc.†		290		6,888
				122,217
Medical - Wholesale Drug Distribution — 0.2%
AmerisourceBergen Corp.		1,097		77,371
Cardinal Health, Inc.		2,770		178,942
McKesson Corp.		194		32,183
				288,496
Metal Processors & Fabrication — 0.2%
CIRCOR International, Inc.		437		34,667
Haynes International, Inc.		309		16,754
Mueller Industries, Inc.		702		42,878
NSK, Ltd.		17,000		200,830
RTI International Metals, Inc.†		759		26,467
				321,596
Metal Products - Distribution — 0.0%
A.M. Castle & Co.†		385		5,386
Olympic Steel, Inc.		230		6,456
				11,842

Security Description	Shares		Value (Note 2)
Metal - Aluminum — 0.0%
Century Aluminum Co.†		1,261	$	11,349
Kaiser Aluminum Corp.		461		31,035
				42,384
Metal - Copper — 0.1%
Freeport-McMoRan Copper & Gold, Inc.		4,399		152,601
Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc.		1,544		43,386
John Bean Technologies Corp.		664		19,628
Movado Group, Inc.		442		20,120
				83,134
Multimedia — 0.4%
EW Scripps Co., Class A†		762		15,445
Viacom, Inc., Class B		1,875		150,319
Walt Disney Co.		6,470		456,394
				622,158
Networking Products — 0.2%
Anixter International, Inc.		656		57,990
Black Box Corp.		406		11,372
Cisco Systems, Inc.		12,860		273,275
Ixia†		1,359		17,653
LogMeIn, Inc.†		558		19,251
NETGEAR, Inc.†		959		30,794
Procera Networks, Inc.†		473		7,223
				417,558
Non-Ferrous Metals — 0.0%
Globe Specialty Metals, Inc.		1,614		28,729
Materion Corp.		510		14,668
				43,397
Non-Hazardous Waste Disposal — 0.1%
Republic Services, Inc.		3,025		105,603
Office Automation & Equipment — 0.3%
Canon, Inc.		8,600		286,317
Xerox Corp.		11,998		136,537
				422,854
Office Furnishings - Original — 0.0%
Interface, Inc.		1,403		28,130
Office Supplies & Forms — 0.1%
Avery Dennison Corp.		3,182		155,600
Oil & Gas Drilling — 0.1%
Ensco PLC, Class A		2,762		163,179
Nabors Industries, Ltd.		4,005		66,283
				229,462
Oil Companies - Exploration & Production — 1.0%
Anadarko Petroleum Corp.		6,369		565,695
Approach Resources, Inc.†		867		18,372
Cabot Oil & Gas Corp.		1,254		43,200
Carrizo Oil & Gas, Inc.†		1,015		41,047
Chesapeake Energy Corp.		494		13,274
Comstock Resources, Inc.		1,121		18,979
ConocoPhillips		6,348		462,134
Contango Oil & Gas Co.†		363		17,101
Devon Energy Corp.		2,058		124,756
EOG Resources, Inc.		322		53,130
Forest Oil Corp.†		2,970		13,127
Noble Energy, Inc.		1,758		123,482
Northern Oil and Gas, Inc.†		1,475		23,526
Occidental Petroleum Corp.		1,270		120,599

13

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Exploration & Production (continued)
PDC Energy, Inc.†		887	$	52,253
Penn Virginia Corp.†		1,366		14,657
PetroQuest Energy, Inc.†		1,407		5,769
Stone Energy Corp.†		1,229		40,655
Swift Energy Co.†		1,073		14,282
				1,766,038
Oil Companies - Integrated — 2.1%
Chevron Corp.		11,613		1,421,896
Exxon Mobil Corp.		18,700		1,748,076
Hess Corp.		2,289		185,706
Marathon Oil Corp.		3,919		141,241
Phillips 66		2,642		183,910
				3,680,829
Oil Field Machinery & Equipment — 0.0%
Flotek Industries, Inc.†		1,094		22,908
Gulf Island Fabrication, Inc.		302		7,991
				30,899
Oil Refining & Marketing — 0.2%
JX Holdings, Inc.		37,800		196,704
Marathon Petroleum Corp.		2,062		170,610
Tesoro Corp.		94		5,511
				372,825
Oil - Field Services — 0.5%
Baker Hughes, Inc.		3,422		194,917
Basic Energy Services, Inc.†		636		9,025
C&J Energy Services, Inc.†		1,118		26,497
Exterran Holdings, Inc.†		1,455		47,317
Halliburton Co.		4,064		214,091
Hornbeck Offshore Services, Inc.†		796		40,301
Matrix Service Co.†		650		14,430
Newpark Resources, Inc.†		2,161		26,062
Pioneer Energy Services Corp.†		1,574		11,364
Schlumberger, Ltd.		1,617		142,975
SEACOR Holdings, Inc.		458		42,617
Tesco Corp.†		784		14,018
TETRA Technologies, Inc.†		1,944		23,989
				807,603
Paper & Related Products — 0.2%
Clearwater Paper Corp.†		551		29,176
International Paper Co.		2,036		94,979
KapStone Paper and Packaging Corp.†		999		53,227
Neenah Paper, Inc.		395		16,586
P.H. Glatfelter Co.		1,070		29,949
Schweitzer-Mauduit International, Inc.		783		40,411
Wausau Paper Corp.		1,188		14,422
				278,750
Pharmacy Services — 0.3%
Express Scripts Holding Co.†		7,857		529,169
Photo Equipment & Supplies — 0.1%
FUJIFILM Holdings Corp.		7,200		196,616
Physicians Practice Management — 0.0%
Healthways, Inc.†		867		12,146
IPC The Hospitalist Co., Inc.†		418		26,284
				38,430
Platinum — 0.0%
Stillwater Mining Co.†		2,977		33,432

Security Description	Shares		Value (Note 2)
Poultry — 0.0%
Sanderson Farms, Inc.		501	$	34,238
Power Converter/Supply Equipment — 0.0%
Advanced Energy Industries, Inc.†		880		20,962
Powell Industries, Inc.		226		15,501
Vicor Corp.†		483		5,221
				41,684
Printing - Commercial — 0.1%
Consolidated Graphics, Inc.†		204		13,139
Dai Nippon Printing Co., Ltd.		17,000		175,270
				188,409
Protection/Safety — 0.0%
Landauer, Inc.		236		12,508
Publishing - Newspapers — 0.0%
Gannett Co., Inc.		2,281		61,724
Real Estate Investment Trusts — 1.2%
Acadia Realty Trust		1,350		35,060
Agree Realty Corp.		374		10,958
American Assets Trust, Inc.		848		26,449
Apartment Investment & Management Co., Class A		10,254		257,478
Associated Estates Realty Corp.		1,428		22,720
Capstead Mortgage Corp.		2,408		28,968
Cedar Realty Trust, Inc.		1,579		9,158
CoreSite Realty Corp.		529		17,118
Cousins Properties, Inc.		4,406		47,188
DiamondRock Hospitality Co.		4,817		55,058
Digital Realty Trust, Inc.		8,838		417,507
EastGroup Properties, Inc.		747		45,261
EPR Properties		1,257		63,215
Franklin Street Properties Corp.		2,134		27,443
Geo Group, Inc.		1,771		58,089
Getty Realty Corp.		668		12,311
Government Properties Income Trust		1,326		32,898
Healthcare Realty Trust, Inc.		2,341		51,806
Host Hotels & Resorts, Inc.		1,571		28,922
Inland Real Estate Corp.		2,013		21,821
Kite Realty Group Trust		3,191		20,901
LaSalle Hotel Properties		2,550		79,866
Lexington Realty Trust		5,049		51,853
LTC Properties, Inc.		849		32,695
Medical Properties Trust, Inc.		3,909		51,638
Parkway Properties, Inc.		1,070		19,570
Pennsylvania Real Estate Investment Trust		1,704		30,655
Post Properties, Inc.		1,337		57,304
PS Business Parks, Inc.		490		38,377
Public Storage		1,244		189,959
Sabra Health Care REIT, Inc.		924		24,652
Saul Centers, Inc.		317		15,416
Sovran Self Storage, Inc.		778		51,924
Tanger Factory Outlet Centers		2,310		76,392
Universal Health Realty Income Trust		317		13,434
Urstadt Biddle Properties, Inc., Class A		642		12,237
				2,036,301
Real Estate Management/Services — 0.3%
CBRE Group, Inc., Class A†		1,335		32,360
Daito Trust Construction Co., Ltd.		1,500		142,348
HFF, Inc., Class A†		812		20,804
Mitsubishi Estate Co., Ltd.		11,000		305,433
				500,945
Real Estate Operations & Development — 0.2%
Forestar Group, Inc.†		869		16,824

14

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Operations & Development (continued)
Mitsui Fudosan Co., Ltd.		6,000	$	203,564
Sumitomo Realty & Development Co., Ltd.		4,000		189,602
				409,990
Recreational Vehicles — 0.0%
Arctic Cat, Inc.		329		18,513
Research & Development — 0.0%
PAREXEL International Corp.†		1,386		57,131
Resort/Theme Parks — 0.0%
Marriott Vacations Worldwide Corp.†		755		39,441
Retail - Apparel/Shoe — 0.4%
Aeropostale, Inc.†		1,938		20,000
Brown Shoe Co., Inc.		1,017		26,167
Buckle, Inc.		680		36,081
Cato Corp., Class A		672		22,875
Children’s Place Retail Stores, Inc.†		558		30,690
Christopher & Banks Corp.†		823		5,160
Fast Retailing Co., Ltd.		400		151,526
Fifth & Pacific Cos., Inc.†		3,038		99,221
Finish Line, Inc., Class A		1,188		31,375
Francesca’s Holdings Corp.†		1,093		21,445
Gap, Inc.		2,386		97,754
Genesco, Inc.†		583		43,673
Jos. A. Bank Clothiers, Inc.†		698		39,660
Men’s Wearhouse, Inc.		1,125		57,510
Stein Mart, Inc.		731		10,775
Urban Outfitters, Inc.†		1,330		51,897
				745,809
Retail - Auto Parts — 0.0%
Pep Boys-Manny Moe & Jack†		1,265		17,330
Retail - Automobile — 0.1%
Group 1 Automotive, Inc.		522		35,731
Lithia Motors, Inc., Class A		554		36,608
Sonic Automotive, Inc., Class A		860		20,399
				92,738
Retail - Bedding — 0.0%
Bed Bath & Beyond, Inc.†		371		28,949
Retail - Bookstores — 0.0%
Barnes & Noble, Inc.†		916		15,370
Retail - Building Products — 1.2%
Home Depot, Inc.		21,575		1,740,455
Lowe’s Cos., Inc.		4,752		225,625
Lumber Liquidators Holdings, Inc.†		676		68,067
				2,034,147
Retail - Computer Equipment — 0.0%
GameStop Corp., Class A		1,213		58,527
Retail - Consumer Electronics — 0.0%
Best Buy Co., Inc.		959		38,887
Retail - Convenience Store — 0.0%
Casey’s General Stores, Inc.		940		69,955
Retail - Discount — 0.4%
Fred’s, Inc., Class A		843		14,634
Target Corp.		2,362		151,003
Tuesday Morning Corp.†		908		12,576
Wal - Mart Stores, Inc.		5,808		470,506
				648,719

Security Description	Shares		Value (Note 2)
Retail - Drug Store — 0.3%
CVS Caremark Corp.		6,364	$	426,133
Retail - Home Furnishings — 0.0%
Haverty Furniture Cos., Inc.		494		14,079
Kirkland’s, Inc.†		375		9,607
				23,686
Retail - Jewelry — 0.0%
Zale Corp.†		801		11,815
Retail - Leisure Products — 0.0%
MarineMax, Inc.†		646		10,155
Retail - Pawn Shops — 0.1%
Cash America International, Inc.		692		26,026
Ezcorp, Inc., Class A†		1,350		15,768
First Cash Financial Services, Inc.†		718		45,651
				87,445
Retail - Pet Food & Supplies — 0.0%
PetMed Express, Inc.		499		7,874
Retail - Regional Department Stores — 0.3%
Isetan Mitsukoshi Holdings, Ltd.		10,800		155,318
Kohl’s Corp.		6,794		375,572
Macy’s, Inc.		409		21,783
Stage Stores, Inc.		796		16,724
				569,397
Retail - Restaurants — 0.4%
Biglari Holdings, Inc.†		36		17,462
BJ’s Restaurants, Inc.†		618		18,318
Buffalo Wild Wings, Inc.†		465		69,862
CEC Entertainment, Inc.		391		18,748
Chipotle Mexican Grill, Inc.†		108		56,577
Cracker Barrel Old Country Store, Inc.		592		64,226
DineEquity, Inc.		402		33,820
Jack in the Box, Inc.†		1,057		50,049
Papa John’s International, Inc.		398		33,780
Red Robin Gourmet Burgers, Inc.†		318		25,348
Ruby Tuesday, Inc.†		1,494		10,533
Ruth’s Hospitality Group, Inc.		924		13,287
Sonic Corp.†		1,262		24,975
Starbucks Corp.		2,904		236,560
Texas Roadhouse, Inc.		1,482		41,466
				715,011
Retail - Sporting Goods — 0.0%
Big 5 Sporting Goods Corp.		425		7,914
Hibbett Sports, Inc.†		644		41,583
Zumiez, Inc.†		555		15,412
				64,909
Retail - Vitamins & Nutrition Supplements — 0.0%
Vitamin Shoppe, Inc.†		754		40,920
Rubber - Tires — 0.1%
Bridgestone Corp.		5,700		208,689
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.		658		13,318
Savings & Loans/Thrifts — 0.1%
Bank Mutual Corp.		1,040		7,207
BofI Holding, Inc.†		304		24,916
Brookline Bancorp, Inc.		1,757		16,059
Dime Community Bancshares, Inc.		720		12,110
Northwest Bancshares, Inc.		2,337		34,915
Oritani Financial Corp.		972		15,834

15

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Savings & Loans/Thrifts (continued)
Provident Financial Services, Inc.		1,315	$	25,708
Sterling Bancorp		1,936		25,439
				162,188
Schools — 0.1%
American Public Education, Inc.†		443		20,019
Capella Education Co.†		278		18,270
Career Education Corp.†		1,520		7,676
ITT Educational Services, Inc.†		454		17,702
Lincoln Educational Services Corp.		614		3,285
Strayer Education, Inc.		269		9,993
Universal Technical Institute, Inc.		529		7,697
				84,642
Security Services — 0.1%
Secom Co., Ltd.		3,000		185,111
Seismic Data Collection — 0.0%
Geospace Technologies Corp.†		321		28,014
ION Geophysical Corp.†		3,054		11,788
				39,802
Semiconductor Components - Integrated Circuits — 1.1%
Cirrus Logic, Inc.†		14,684		296,323
Exar Corp.†		1,201		14,712
Hittite Microwave Corp.†		779		49,256
Micrel, Inc.		1,188		11,536
Pericom Semiconductor Corp.†		499		4,760
Power Integrations, Inc.		739		39,507
QUALCOMM, Inc.		20,222		1,487,935
Sigma Designs, Inc.†		728		4,084
TriQuint Semiconductor, Inc.†		3,861		30,425
				1,938,538
Semiconductor Equipment — 0.3%
Applied Materials, Inc.		5,493		95,029
ATMI, Inc.†		797		24,388
Brooks Automation, Inc.		1,671		17,663
Cabot Microelectronics Corp.†		582		26,231
Cohu, Inc.		527		5,223
KLA-Tencor Corp.		181		11,560
Kulicke & Soffa Industries, Inc.†		1,873		23,637
MKS Instruments, Inc.		1,313		39,088
Nanometrics, Inc.†		529		9,988
Rudolph Technologies, Inc.†		840		9,450
Tessera Technologies, Inc.		1,198		23,960
Tokyo Electron, Ltd.		3,200		173,395
Ultratech, Inc.†		679		17,966
Veeco Instruments, Inc.†		977		31,479
				509,057
Software Tools — 0.2%
VMware, Inc., Class A†		3,493		281,641
Steel - Producers — 0.3%
AK Steel Holding Corp.†		3,420		19,357
JFE Holdings, Inc.		7,200		161,820
Nippon Steel & Sumitomo Metal Corp.		76,000		246,346
				427,523
Storage/Warehousing — 0.0%
Mobile Mini, Inc.†		1,011		40,844
Telecom Equipment - Fiber Optics — 0.0%
Corning, Inc.		391		6,678
Harmonic, Inc.†		2,520		19,404

Security Description	Shares		Value (Note 2)
Telecom Equipment - Fiber Optics (continued)
Oplink Communications, Inc.†		443	$	7,186
				33,268
Telecom Services — 0.0%
Cbeyond, Inc.†		762		4,229
Lumos Networks Corp.		440		10,146
USA Mobility, Inc.		507		7,448
				21,823
Telecommunication Equipment — 0.1%
ARRIS Group, Inc.†		2,825		57,969
Comtech Telecommunications Corp.		385		12,374
Harris Corp.		1,201		77,477
Nortel Networks Corp.†		62		0
				147,820
Telephone - Integrated — 1.8%
AT&T, Inc.		45,447		1,600,189
Atlantic Tele-Network, Inc.		257		14,410
CenturyLink, Inc.		2,227		68,369
Cincinnati Bell, Inc.†		5,026		16,083
General Communication, Inc., Class A†		754		7,502
KDDI Corp.		4,000		251,111
Nippon Telegraph & Telephone Corp.		3,000		150,549
SoftBank Corp.		7,600		615,123
Verizon Communications, Inc.		6,174		306,354
				3,029,690
Textile - Apparel — 0.0%
Perry Ellis International, Inc.		330		5,125
Textile - Products — 0.1%
Toray Industries, Inc.		23,000		162,577
Therapeutics — 0.1%
Anika Therapeutics, Inc.†		283		9,721
Questcor Pharmaceuticals, Inc.		1,363		79,068
				88,789
Tobacco — 1.0%
Alliance One International, Inc.†		1,908		5,896
Altria Group, Inc.		9,467		350,090
Japan Tobacco, Inc.		7,800		263,490
Lorillard, Inc.		10,852		557,033
Philip Morris International, Inc.		5,672		485,183
Reynolds American, Inc.		1,305		65,837
				1,727,529
Toys — 0.1%
JAKKS Pacific, Inc.		517		3,340
Nintendo Co., Ltd.		1,300		166,649
				169,989
Transactional Software — 0.0%
Bottomline Technologies de, Inc.†		892		30,836
Synchronoss Technologies, Inc.†		746		23,671
				54,507
Transport - Air Freight — 0.0%
Atlas Air Worldwide Holdings, Inc.†		628		24,115
Transport - Rail — 0.9%
Central Japan Railway Co.		1,100		132,311
East Japan Railway Co.		2,300		188,401
Keikyu Corp.		17,000		142,573
Keio Corp.		23,000		152,473
Norfolk Southern Corp.		5,346		468,791

16

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Transport - Rail (continued)
Tobu Railway Co., Ltd.		34,000	$	165,975
Union Pacific Corp.		1,749		283,408
				1,533,932
Transport - Services — 0.3%
Bristow Group, Inc.		900		72,180
Era Group, Inc.†		449		14,651
Hub Group, Inc., Class A†		883		33,227
United Parcel Service, Inc., Class B		3,773		386,280
				506,338
Transport - Truck — 0.1%
Arkansas Best Corp.		596		19,394
Forward Air Corp.		738		31,882
Heartland Express, Inc.		1,144		20,969
Knight Transportation, Inc.		1,502		26,841
Old Dominion Freight Line, Inc.†		1,731		89,198
Saia, Inc.†		600		20,838
				209,122
Travel Services — 0.0%
Interval Leisure Group, Inc.		965		25,843
Veterinary Diagnostics — 0.0%
Neogen Corp.†		891		45,325
Water — 0.0%
American States Water Co.		961		28,042
Web Hosting/Design — 0.0%
NIC, Inc.		1,498		36,521
Web Portals/ISP — 0.5%
Blucora, Inc.†		1,020		29,662
Google, Inc., Class A†		799		846,612
				876,274
Wire & Cable Products — 0.1%
Belden, Inc.		1,081		75,691
Encore Wire Corp.		463		23,252
				98,943
Wireless Equipment — 0.1%
CalAmp Corp.†		800		19,952
ViaSat, Inc.†		1,034		62,216
				82,168
Total Common Stock
(cost $86,934,454)				104,306,375
EXCHANGE-TRADED FUNDS — 7.4%
iShares Core S&P Small-Cap ETF		9,440		1,019,520
iShares Europe ETF		162,427		7,526,867
SPDR S&P 500 ETF Trust, Series 1		3,804		688,524
Vanguard FTSE Emerging Markets ETF		61,909		3,551,101
Total Exchange-Traded Funds
(cost $11,933,256)				12,786,012
PREFERRED SECURITIES — 0.2%
Banks - Commercial — 0.1%
Zions Bancorporation FRS 6.30%		3,250		78,000
Electric - Integrated — 0.0%
Entergy Louisiana LLC 4.70%		3,650		69,496
Finance - Mortgage Loan/Banker — 0.0%
Federal Home Loan Mtg. Corp. FRS 0.00%†		2,200		18,326

Security Description	Shares/ Principal Amount		Value (Note 2)
Telecom Services — 0.1%
Qwest Corp. 6.13%		6,925	$	138,916
Total Preferred Securities
(cost $379,571)				304,738
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.7%
Banks - Commercial — 0.1%
Zions Bancorporation FRS Series I 5.80% due 06/15/2023(1)	$	136,000		121,720
Banks - Super Regional — 0.1%
Wells Fargo & Co. FRS Series K 7.98% due 03/15/2018(1)		50,000		56,125
Wells Fargo Capital X 5.95% due 12/01/2086		31,000		30,380
				86,505
Diversified Banking Institutions — 0.1%
BAC Capital Trust XIII FRS Series F 4.00% due 12/26/2013(1)		178,000		135,280
JPMorgan Chase & Co. FRS Series Q 5.15% due 05/01/2023(1)		219,000		197,100
JPMorgan Chase & Co. FRS Series 1 7.90% due 04/30/2018(1)		65,000		71,825
JPMorgan Chase Capital XXIII FRS 1.24% due 05/15/2077		23,000		17,049
				421,254
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(2)		45,000		5
Finance - Other Services — 0.1%
National Rural Utilities Cooperative Finance Corp. FRS 4.75% due 04/30/2043		110,000		102,437
Food - Dairy Products — 0.1%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		125,000		120,000
Insurance - Life/Health — 0.0%
Prudential Financial, Inc. FRS 5.63% due 06/15/2043		58,000		56,912
Insurance - Multi-line — 0.1%
MetLife, Inc. 6.40% due 12/15/2066		90,000		92,250
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. FRS 5.75% due 12/15/2053		142,000		145,905
Total Preferred Securities/Capital Securities
(cost $1,106,204)				1,146,988
WARRANTS† — 0.0%
Television — 0.0%
ION Media Networks, Inc. Expires 12/18/2016 (strike price $500.00)(2)(3)(4)		9		2,790
ION Media Networks, Inc. Expires 12/18/2016 (strike price $687.00)(2)(3)(4)		9		1,125
Total Warrants
(cost $0)				3,915

17

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 1.6%
Diversified Financial Services — 1.6%
Avis Budget Rental Car Funding AESOP LLC Series 2013-1A, Class A 1.92% due 09/20/2019*	$	65,000	$	64,466
Banc of America Funding Corp. FRS Series 2006-A, Class 1A1 2.63% due 02/20/2036(5)		202,211		199,816
Capital Auto Receivables Asset Trust Series 2013-2, Class A3 1.24% due 10/20/2017		93,000		93,620
Citibank Omni Master Trust Series 2009-A17, Class A17 4.90% due 11/15/2018*		100,000		104,073
Citigroup Commercial Mtg. Trust Series 2013-GC17, Class A2 2.96% due 11/10/2046(3)(6)		567,000		584,002
CKE Restaurant Holdings, Inc. Series 2013-1A, Class A2 4.47% due 03/20/2043*		40,693		41,393
Commercial Mtg. Trust Pass Through Certs. Series 2012-CR2, Class A2 2.03% due 08/15/2045(6)		47,768		48,375
Countrywide Asset-Backed Certs. FRS Series 2004-6, Class 1A2 0.54% due 12/25/2034		20,535		18,891
Discover Card Execution Note Trust Series 2007-A1, Class A1 5.65% due 03/16/2020		200,000		231,567
Dominos Pizza Master Issuer LLC Series 2012-1A, Class A2 5.22% due 01/25/2042*		185,986		201,433
Ford Credit Auto Owner Trust Series 2013-D, Class B 1.54% due 03/15/2019		42,000		42,032
GS Mtg. Securities Corp. II Series 2012-GCJ9, Class A2 1.76% due 11/10/2045(6)		66,000		66,193
Honda Auto Receivables Owner Trust Series 2013-3, Class A4 1.13% due 09/16/2019		33,000		33,295
Huntington Auto Trust Series 2012-2, Class B 1.07% due 02/15/2018		175,000		174,214
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class A2 1.97% due 08/15/2045(6)		100,000		102,300
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2013-C13, Class A2 2.94% due 11/15/2046(3)(6)		565,000		581,927
New Century Home Equity Loan Trust VRS Series 2004-A, Class AII9 4.62% due 08/25/2034		37,052		37,847
Wachovia Bank Commercial Mtg. Trust VRS Series 2006-C23, Class AM 5.47% due 01/15/2045(6)		84,000		91,062
Wachovia Bank Commercial Mtg. Trust VRS Series 2006-C26, Class AM 6.17% due 06/15/2045(6)		50,000		55,337
Wells Fargo Mtg. Backed Securities Trust FRS Series 2005-AR10, Class 2A16 2.63% due 06/25/2035(5)		15,886		15,922
WF-RBS Commercial Mtg. Trust Series 2012-C8, Class A2 1.88% due 08/15/2045(6)		38,154		38,426
Total Asset Backed Securities
(cost $2,826,269)				2,826,191

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 13.3%
Advanced Materials — 0.0%
Iracore International Holdings, Inc. Senior Sec. Notes 9.50% due 06/01/2018*	$	25,000	$	26,250
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc. Senior Notes 3.75% due 02/15/2023		48,000		45,238
Advertising Services — 0.0%
Visant Corp. Company Guar. Notes 10.00% due 10/01/2017		37,000		34,595
Aerospace/Defense — 0.1%
Boeing Co. Senior Notes 0.95% due 05/15/2018		101,000		98,034
Aerospace/Defense - Equipment — 0.2%
Alliant Techsystems, Inc. Senior Notes 5.25% due 10/01/2021*		68,000		68,340
Erickson Air-Crane, Inc. Sec. Notes 8.25% due 05/01/2020*		78,000		79,462
Exelis, Inc. Company Guar. Notes 5.55% due 10/01/2021		231,000		231,403
				379,205
Agricultural Chemicals — 0.1%
Mosaic Co. Senior Notes 4.25% due 11/15/2023		123,000		122,396
Mosaic Co. Senior Notes 5.45% due 11/15/2033		51,000		52,110
Mosaic Co. Senior Notes 5.63% due 11/15/2043		51,000		51,913
				226,419
Airlines — 0.0%
Atlas Air, Inc. Pass Through Certs. Series 1999-1, Class A-1 7.20% due 07/02/2020		31,058		33,077
Atlas Air, Inc. Pass Through Certs. Series 1999-1, Class B 7.63% due 07/02/2016		8,743		8,918
United Airlines Pass Through Trust Pass Through Certs. Series 2013-1, Class B 5.38% due 02/15/2023		15,000		15,113
				57,108
Alternative Waste Technology — 0.0%
ADS Waste Holdings, Inc. Company Guar. Notes 8.25% due 10/01/2020*		43,000		45,473
Auto - Cars/Light Trucks — 0.0%
Chrysler Group LLC/CG Co-Issuer, Inc. Sec. Notes 8.25% due 06/15/2021		50,000		56,875
Auto/Truck Parts & Equipment - Original — 0.0%
Affinia Group, Inc. Company Guar. Notes 7.75% due 05/01/2021*		47,000		49,115

18

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks - Commercial — 0.6%
CIT Group, Inc. Senior Notes 5.50% due 02/15/2019*	$	30,000	$	32,325
FirstMerit Corp. Sub. Notes 4.35% due 02/04/2023		38,000		37,882
KeyBank NA Senior Notes 1.10% due 11/25/2016		260,000		260,132
Union Bank NA Senior Notes 2.63% due 09/26/2018		259,000		265,825
Zions Bancorporation Senior Notes 4.00% due 06/20/2016		63,000		65,739
Zions Bancorporation Senior Notes 4.50% due 03/27/2017		143,000		153,404
Zions Bancorporation Senior Notes 4.50% due 06/13/2023		141,000		140,233
				955,540
Banks - Fiduciary — 0.2%
Bank of New York Mellon Corp. Senior Notes 1.20% due 02/20/2015		115,000		115,958
RBS Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*		207,000		201,604
				317,562
Banks - Super Regional — 0.0%
SunTrust Banks, Inc. Sub. Notes 6.00% due 02/15/2026		13,000		14,187
Beverages - Non-alcoholic — 0.0%
Innovation Ventures LLC/Innovation Ventures Finance Corp. Senior Sec. Notes 9.50% due 08/15/2019*		40,000		38,400
Brewery — 0.1%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 0.80% due 07/15/2015		179,000		179,895
Broadcast Services/Program — 0.1%
Nexstar Broadcasting, Inc. Company Guar. Notes 6.88% due 11/15/2020		150,000		158,625
Building & Construction Products - Misc. — 0.1%
Owens Corning, Inc. Company Guar. Notes 7.00% due 12/01/2036		70,000		76,703
Building & Construction - Misc. — 0.0%
Weekley Homes LLC/Weekley Finance Corp. Senior Notes 6.00% due 02/01/2023*		38,000		36,480
Building Products - Cement — 0.0%
Headwaters, Inc. Sec. Notes 7.63% due 04/01/2019		50,000		53,875
Building Products - Wood — 0.0%
Boise Cascade Co. Company Guar. Notes 6.38% due 11/01/2020		2,000		2,100

Security Description	Principal Amount		Value (Note 2)
Building - Residential/Commercial — 0.0%
Standard Pacific Corp. Company Guar. Notes 6.25% due 12/15/2021	$	37,000	$	37,925
Cable/Satellite TV — 0.3%
CCO Holdings LLC/CCO Holdings Capital Corp. Company Guar. Notes 5.25% due 03/15/2021*		199,000		192,035
CCO Holdings LLC/CCO Holdings Capital Corp. Company Guar. Notes 6.50% due 04/30/2021		54,000		56,362
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. Company Guar. Notes 3.80% due 03/15/2022		74,000		70,790
TCI Communications, Inc. Senior Notes 7.13% due 02/15/2028		55,000		68,889
WideOpenWest Finance LLC/WideOpenWest Capital Corp. Company Guar. Notes 10.25% due 07/15/2019		50,000		55,625
				443,701
Capacitors — 0.0%
Kemet Corp. Senior Sec. Notes 10.50% due 05/01/2018		50,000		48,625
Casino Hotels — 0.3%
Caesars Entertainment Operating Co., Inc. Company Guar. Notes 10.75% due 02/01/2016		10,000		8,050
Caesars Entertainment Resort Properties LLC Senior Sec. Notes 8.00% due 10/01/2020*		69,000		70,553
Caesars Entertainment Resort Properties LLC Sec. Notes 11.00% due 10/01/2021*		79,000		78,802
Downstream Development Authority of the Quapaw Tribe of Oklahoma Senior Sec. Notes 10.50% due 07/01/2019*		60,000		60,225
Eldorado Resorts LLC/Eldorado Capital Corp. Senior Sec. Notes 8.63% due 06/15/2019*		100,000		106,250
Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC Company Guar. Notes 5.88% due 05/15/2021*		125,000		122,500
				446,380
Cellular Telecom — 0.1%
Sprint Communications, Inc. Senior Notes 7.00% due 08/15/2020		17,000		18,275
T-Mobile USA, Inc. Company Guar. Notes 6.46% due 04/28/2019		38,000		40,470
T-Mobile USA, Inc. Company Guar. Notes 6.63% due 04/28/2021		34,000		35,615
				94,360
Chemicals - Diversified — 0.1%
Chemtura Corp. Company Guar. Notes 5.75% due 07/15/2021		40,000		40,500
Eagle Spinco, Inc. Company Guar. Notes 4.63% due 02/15/2021*		150,000		145,500
				186,000

19

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Chemicals - Other — 0.0%
Taminco Global Chemical Corp. Sec. Notes 9.75% due 03/31/2020*	$	32,000	$	36,400
Chemicals - Plastics — 0.0%
PolyOne Corp. Senior Notes 5.25% due 03/15/2023		20,000		19,500
Chemicals - Specialty — 0.0%
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034		51,000		61,859
Coal — 0.1%
CONSOL Energy, Inc. Company Guar. Notes 6.38% due 03/01/2021		34,000		35,275
Murray Energy Corp. Senior Sec. Notes 8.63% due 06/15/2021*		40,000		41,200
Peabody Energy Corp. Company Guar. Notes 6.25% due 11/15/2021		30,000		30,675
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.38% due 02/01/2020*		46,000		48,070
				155,220
Commercial Services - Finance — 0.0%
Harland Clarke Holdings Corp. Company Guar. Notes 9.50% due 05/15/2015		16,000		16,080
Harland Clarke Holdings Corp. Senior Sec. Notes 9.75% due 08/01/2018*		34,000		37,103
				53,183
Computer Services — 0.2%
International Business Machines Corp. Senior Notes 1.63% due 05/15/2020		189,000		177,685
International Business Machines Corp. Senior Notes 6.22% due 08/01/2027		56,000		68,049
				245,734
Computers - Memory Devices — 0.1%
EMC Corp. Senior Notes 2.65% due 06/01/2020		97,000		95,966
Consumer Products - Misc. — 0.1%
American Achievement Corp. Sec. Notes 10.88% due 04/15/2016*		42,000		44,572
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC Senior Sec. Notes 5.75% due 10/15/2020		135,000		138,375
				182,947
Containers - Metal/Glass — 0.1%
Crown Cork & Seal Co., Inc. Senior Notes 7.38% due 12/15/2026		189,000		207,900
Containers - Paper/Plastic — 0.0%
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. Company Guar. Notes 10.13% due 07/15/2020*		25,000		26,813

Security Description	Principal Amount		Value (Note 2)
Containers - Paper/Plastic (continued)
Tekni-Plex, Inc. Senior Sec. Notes 9.75% due 06/01/2019*	$	24,000	$	27,360
				54,173
Cosmetics & Toiletries — 0.1%
First Quality Finance Co., Inc. Senior Notes 4.63% due 05/15/2021*		113,000		106,502
Data Processing/Management — 0.0%
Audatex North America, Inc. Company Guar. Notes 6.00% due 06/15/2021*		19,000		19,855
Audatex North America, Inc. Company Guar. Notes 6.13% due 11/01/2023*		14,000		14,455
				34,310
Diagnostic Equipment — 0.1%
Life Technologies Corp. Senior Notes 5.00% due 01/15/2021		74,000		79,626
Direct Marketing — 0.0%
Catalina Marketing Corp. Company Guar. Notes 11.63% due 10/01/2017*		7,600		7,923
Diversified Banking Institutions — 0.9%
Ally Financial, Inc. Sub. Notes 8.00% due 12/31/2018		42,000		49,980
Bank of America Corp. Sub. Notes 5.49% due 03/15/2019		200,000		223,239
Bank of America Corp. Sub. Notes 7.25% due 10/15/2025		24,000		27,986
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		209,000		214,646
Goldman Sachs Group, Inc. FRS Senior Notes 1.84% due 11/29/2023		137,000		137,752
Goldman Sachs Group, Inc. Senior Notes 2.38% due 01/22/2018		103,000		104,003
Goldman Sachs Group, Inc. Senior Notes 5.25% due 07/27/2021		78,000		85,816
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		126,000		139,734
JPMorgan Chase & Co. Senior Notes 1.63% due 05/15/2018		31,000		30,563
JPMorgan Chase & Co. Senior Notes 6.30% due 04/23/2019		109,000		129,825
Morgan Stanley Senior Notes 4.75% due 03/22/2017		104,000		114,356
Morgan Stanley Sub. Notes 4.88% due 11/01/2022		203,000		208,515
Morgan Stanley Senior Notes 5.50% due 07/28/2021		96,000		108,023
				1,574,438

20

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S CORPORATE BONDS & NOTES (continued)
Diversified Financial Services — 0.3%
General Electric Capital Corp. Senior Notes 4.63% due 01/07/2021	$	96,000	$	105,762
General Electric Capital Corp. Senior Notes 5.55% due 05/04/2020		49,000		56,798
General Electric Capital Corp. Senior Notes 5.88% due 01/14/2038		166,000		187,923
General Electric Capital Corp. Senior Notes 6.75% due 03/15/2032		129,000		159,878
				510,361
Diversified Manufacturing Operations — 0.1%
JB Poindexter & Co., Inc. Senior Notes 9.00% due 04/01/2022*		41,000		43,870
Textron, Inc. Senior Notes 4.63% due 09/21/2016		110,000		118,932
				162,802
Diversified Operations — 0.1%
Leucadia National Corp. Senior Notes 5.50% due 10/18/2023		85,000		85,697
Leucadia National Corp. Senior Notes 6.63% due 10/23/2043		75,000		73,587
				159,284
E-Commerce/Services — 0.1%
Netflix, Inc. Senior Notes 5.38% due 02/01/2021*		224,000		227,920
Electric - Distribution — 0.0%
Oglethorpe Power Corp. 1st Mtg. Notes 4.20% due 12/01/2042		29,000		25,023
Electric - Generation — 0.1%
AES Corp. Senior Notes 4.88% due 05/15/2023		147,000		138,547
AES Corp. Senior Notes 8.00% due 10/15/2017		24,000		28,140
				166,687
Electric - Integrated — 0.4%
Dominion Gas Holdings LLC Senior Notes 4.80% due 11/01/2043*		35,000		34,119
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		75,000		80,130
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		134,000		141,738
Georgia Power Co. Senior Notes 3.00% due 04/15/2016		37,000		38,820
Great Plains Energy, Inc. Senior Notes 5.29% due 06/15/2022		35,000		37,662
MidAmerican Energy Holdings Co. Senior Notes 5.15% due 11/15/2043*		45,000		44,916

Security Description	Principal Amount		Value (Note 2)
Electric - Integrated (continued)
Nisource Finance Corp. Company Guar. Notes 5.65% due 02/01/2045	$	59,000	$	59,499
Pacific Gas & Electric Co. Senior Notes 5.80% due 03/01/2037		60,000		65,571
PPL Energy Supply LLC Senior Notes 4.60% due 12/15/2021		112,000		108,770
Puget Energy, Inc. Senior Sec. Notes 6.00% due 09/01/2021		105,000		115,884
				727,109
Electronic Components - Semiconductors — 0.2%
Amkor Technology, Inc. Senior Notes 6.38% due 10/01/2022		131,000		132,310
Intel Corp. Senior Notes 1.95% due 10/01/2016		120,000		123,941
				256,251
Electronics - Military — 0.1%
L-3 Communications Corp. Company Guar. Notes 4.95% due 02/15/2021		146,000		154,396
Enterprise Software/Service — 0.1%
BMC Software Finance, Inc. Senior Notes 8.13% due 07/15/2021*		133,000		140,980
Entertainment Software — 0.1%
Activision Blizzard, Inc. Company Guar. Notes 5.63% due 09/15/2021*		80,000		83,100
Finance - Auto Loans — 0.1%
American Honda Finance Corp. Notes 1.00% due 08/11/2015*		67,000		67,405
Ford Motor Credit Co. LLC Senior Notes 1.50% due 01/17/2017		58,000		57,994
General Motors Financial Co., Inc. Company Guar. Notes 4.75% due 08/15/2017*		42,000		44,520
General Motors Financial Co., Inc. Company Guar. Notes 6.75% due 06/01/2018		25,000		28,313
				198,232
Finance - Commercial — 0.1%
Jefferies Finance LLC/JFIN Co-Issuer Corp. Senior Notes 7.38% due 04/01/2020*		200,000		207,250
Finance - Consumer Loans — 0.1%
HSBC Finance Corp. Sub. Notes 6.68% due 01/15/2021		91,000		105,937
Finance - Investment Banker/Broker — 0.1%
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		44,000		9,295
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(2)		71,000		7

21

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S CORPORATE BONDS & NOTES (continued)
Finance - Investment Banker/Broker (continued)
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(2)	$	69,000	$	7
Merrill Lynch & Co., Inc. Sub. Notes 6.11% due 01/29/2037		216,000		229,825
				239,134
Finance - Leasing Companies — 0.1%
Air Lease Corp. Company Guar. Notes 4.75% due 03/01/2020		150,000		156,000
Air Lease Corp. Senior Notes 5.63% due 04/01/2017		12,000		13,170
				169,170
Finance - Other Services — 0.0%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 1.00% due 02/02/2015		19,000		19,141
Firearms & Ammunition — 0.0%
FGI Operating Co. LLC/FGI Finance, Inc. Sec. Notes 7.88% due 05/01/2020		39,000		41,633
Food - Meat Products — 0.0%
JBS USA LLC/JBS USA Finance, Inc. Company Guar. Notes 7.25% due 06/01/2021*		58,000		60,175
Food - Misc./Diversified — 0.1%
Mondelez International, Inc. Senior Notes 6.50% due 02/09/2040		95,000		111,302
Food - Retail — 0.0%
SUPERVALU, Inc. Senior Notes 6.75% due 06/01/2021*		60,000		58,875
Gas - Distribution — 0.0%
Sempra Energy Senior Notes 4.05% due 12/01/2023		61,000		61,044
Gold Mining — 0.0%
Newmont Mining Corp. Company Guar. Notes 3.50% due 03/15/2022		74,000		63,985
Home Furnishings — 0.0%
Norcraft Cos. LP/Norcraft Finance Corp. Sec. Notes 10.50% due 12/15/2015		20,000		20,590
Independent Power Producers — 0.1%
Calpine Corp. Senior Sec. Notes 6.00% due 01/15/2022*		37,000		38,018
Calpine Corp. Senior Sec. Notes 7.88% due 07/31/2020*		29,000		31,755
Calpine Corp. Senior Sec. Notes 7.88% due 01/15/2023*		10,000		10,950
GenOn Energy, Inc. Senior Notes 9.50% due 10/15/2018		55,000		63,387
NRG Energy, Inc. Company Guar. Notes 8.25% due 09/01/2020		45,000		50,062
				194,172

Security Description	Principal Amount		Value (Note 2)
Insurance - Life/Health — 0.1%
American Equity Investment Life Holding Co. Company Guar. Notes 6.63% due 07/15/2021	$	50,000	$	51,937
Pacific LifeCorp Senior Notes 6.00% due 02/10/2020*		50,000		56,181
Principal Financial Group, Inc. Company Guar. Notes 1.85% due 11/15/2017		33,000		33,016
Principal Life Global Funding II Sec. Notes 1.00% due 12/11/2015*		87,000		87,229
				228,363
Insurance - Multi-line — 0.1%
Metropolitan Life Global Funding I Senior Sec. Notes 2.50% due 09/29/2015*		101,000		104,302
Insurance - Mutual — 0.2%
Liberty Mutual Group, Inc. Senior Notes 5.75% due 03/15/2014*		60,000		60,739
New York Life Global Funding Sec. Notes 1.65% due 05/15/2017*		180,000		181,707
				242,446
Insurance - Property/Casualty — 0.1%
ProAssurance Corp. Senior Notes 5.30% due 11/15/2023		74,000		75,427
Investment Management/Advisor Services — 0.0%
Patriot Merger Corp. Senior Notes 9.00% due 07/15/2021*		35,000		36,663
Machinery - Construction & Mining — 0.0%
Caterpillar Financial Services Corp. Senior Notes 1.35% due 09/06/2016		59,000		59,685
Machinery - Farming — 0.1%
CNH Capital LLC Company Guar. Notes 3.25% due 02/01/2017*		107,000		108,070
Marine Services — 0.1%
Great Lakes Dredge & Dock Corp. Company Guar. Notes 7.38% due 02/01/2019		142,000		147,680
Medical Instruments — 0.1%
Accellent, Inc. Senior Sec. Notes 8.38% due 02/01/2017		66,000		69,300
Medical Products — 0.1%
Becton Dickinson and Co. Senior Notes 7.00% due 08/01/2027		60,000		74,612
Universal Hospital Services, Inc. Sec. Notes 7.63% due 08/15/2020		46,000		48,300
				122,912
Medical - Drugs — 0.1%
AbbVie, Inc. Senior Notes 1.75% due 11/06/2017		73,000		73,561
Endo Pharmaceuticals Holdings, Inc. Company Guar. Notes 7.00% due 07/15/2019		131,000		141,480
				215,041

22

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S CORPORATE BONDS & NOTES (continued)
Medical - Generic Drugs — 0.1%
Mylan, Inc. Company Guar. Notes 2.60% due 06/24/2018*	$	35,000	$	35,244
Mylan, Inc. Company Guar. Notes 7.88% due 07/15/2020*		141,000		160,196
				195,440
Medical - HMO — 0.1%
Cigna Corp. Senior Notes 4.38% due 12/15/2020		80,000		85,352
Cigna Corp. Senior Notes 6.15% due 11/15/2036		36,000		41,279
				126,631
Medical - Hospitals — 0.1%
Capella Healthcare, Inc. Company Guar. Notes 9.25% due 07/01/2017		32,000		34,320
HCA, Inc. Senior Sec. Notes 5.88% due 03/15/2022		48,000		49,800
IASIS Healthcare LLC/IASIS Capital Corp. Company Guar. Notes 8.38% due 05/15/2019		55,000		58,162
LifePoint Hospitals, Inc. Company Guar. Notes 5.50% due 12/01/2021*		35,000		35,175
Tenet Healthcare Corp. Senior Notes 6.88% due 11/15/2031		16,000		14,000
Tenet Healthcare Corp. Senior Notes 8.13% due 04/01/2022		15,000		16,275
				207,732
Metal Processors & Fabrication — 0.0%
Precision Castparts Corp. Senior Notes 1.25% due 01/15/2018		54,000		53,320
MRI/Medical Diagnostic Imaging — 0.1%
Radnet Management, Inc. Company Guar. Notes 10.38% due 04/01/2018		103,000		107,120
Multimedia — 0.2%
News America, Inc. Company Guar. Notes 5.40% due 10/01/2043*		100,000		101,001
Time Warner Cos., Inc. Company Guar. Notes 6.95% due 01/15/2028		59,000		71,343
Time Warner Entertainment Co. LP Company Guar. Notes 8.38% due 07/15/2033		59,000		64,174
Viacom, Inc. Senior Notes 5.85% due 09/01/2043		96,000		99,959
				336,477
Music — 0.1%
Gibson Brands, Inc. Senior Sec. Notes 8.88% due 08/01/2018*		35,000		35,787
WMG Acquisition Corp. Senior Sec. Notes 6.00% due 01/15/2021*		52,000		54,210
				89,997

Security Description	Principal Amount		Value (Note 2)
Oil & Gas Drilling — 0.0%
Hercules Offshore, Inc. Company Guar. Notes 7.50% due 10/01/2021*	$	50,000	$	52,500
Oil Companies - Exploration & Production — 1.2%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp. Company Guar. Notes 9.63% due 10/15/2018		30,000		32,100
Anadarko Holding Co. Senior Notes 7.15% due 05/15/2028		130,000		155,658
Atlas Energy Holdings Operating Co. LLC/Atlas Resource Finance Corp. Company Guar. Notes 7.75% due 01/15/2021*		85,000		80,325
Carrizo Oil & Gas, Inc. Company Guar. Notes 7.50% due 09/15/2020		20,000		21,900
Chaparral Energy, Inc. Company Guar. Notes 7.63% due 11/15/2022		100,000		108,250
Continental Resources, Inc. Company Guar. Notes 4.50% due 04/15/2023		95,000		94,050
Continental Resources, Inc. Company Guar. Notes 5.00% due 09/15/2022		65,000		66,950
EP Energy LLC/Everest Acquisition Finance, Inc. Company Guar. Notes 7.75% due 09/01/2022		49,000		55,125
EPL Oil & Gas, Inc. Company Guar. Notes 8.25% due 02/15/2018		137,000		147,104
EV Energy Partners LP/EV Energy Finance Corp. Company Guar. Notes 8.00% due 04/15/2019		170,000		172,125
Halcon Resources Corp. Company Guar. Notes 9.75% due 07/15/2020		100,000		106,000
Linn Energy LLC/Linn Energy Finance Corp. Company Guar. Notes 7.00% due 11/01/2019*		20,000		19,900
Linn Energy LLC/Linn Energy Finance Corp. Company Guar. Notes 8.63% due 04/15/2020		20,000		21,400
Memorial Production Partners LP/Memorial Production Finance Corp. Company Guar. Notes 7.63% due 05/01/2021		115,000		118,163
Midstates Petroleum Co., Inc. Company Guar. Notes 9.25% due 06/01/2021		75,000		78,281
Northern Oil and Gas, Inc. Company Guar. Notes 8.00% due 06/01/2020		100,000		104,750
Penn Virginia Corp. Company Guar. Notes 7.25% due 04/15/2019		20,000		20,450
Penn Virginia Corp. Company Guar. Notes 8.50% due 05/01/2020		20,000		21,525
Plains Exploration & Production Co. Company Guar. Notes 6.63% due 05/01/2021		73,000		79,836
Plains Exploration & Production Co. Company Guar. Notes 6.75% due 02/01/2022		114,000		124,556

23

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies - Exploration & Production (continued)
Plains Exploration & Production Co. Company Guar. Notes 6.88% due 02/15/2023	$	189,000	$	209,317
QEP Resources, Inc. Senior Notes 6.88% due 03/01/2021		14,000		14,875
Rosetta Resources, Inc. Company Guar. Notes 5.63% due 05/01/2021		75,000		75,281
Samson Investment Co. Company Guar. Notes 10.50% due 02/15/2020*		33,000		35,681
Stone Energy Corp. Company Guar. Notes 7.50% due 11/15/2022		55,000		57,475
Talos Production LLC/Talos Production Finance, Inc. Senior Notes 9.75% due 02/15/2018*		15,000		14,925
				2,036,002
Oil Companies - Integrated — 0.1%
Hess Corp. Senior Notes 5.60% due 02/15/2041		116,000		121,626
Hess Corp. Senior Notes 7.88% due 10/01/2029		32,000		40,383
				162,009
Oil Refining & Marketing — 0.1%
Murphy Oil USA, Inc. Company Guar. Notes 6.00% due 08/15/2023*		30,000		30,600
Valero Energy Corp. Company Guar. Notes 6.63% due 06/15/2037		51,000		58,211
				88,811
Oil - Field Services — 0.1%
Exterran Holdings, Inc. Company Guar. Notes 7.25% due 12/01/2018		30,000		31,725
Exterran Partners LP/EXLP Finance Corp. Company Guar. Notes 6.00% due 04/01/2021*		90,000		89,550
				121,275
Paper & Related Products — 0.3%
Clearwater Paper Corp. Company Guar. Notes 4.50% due 02/01/2023		67,000		60,467
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		191,000		193,929
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		120,000		116,712
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*		158,000		178,437
				549,545
Petrochemicals — 0.1%
PetroLogistics LP/PetroLogistics Finance Corp. Company Guar. Notes 6.25% due 04/01/2020*		114,000		114,427

Security Description	Principal Amount		Value (Note 2)
Pipelines — 0.4%
Access Midstream Partners LP/ACMP Finance Corp. Company Guar. Notes 4.88% due 05/15/2023	$	121,000	$	118,580
Access Midstream Partners LP/ACMP Finance Corp. Company Guar. Notes 6.13% due 07/15/2022		15,000		16,088
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp. Company Guar. Notes 5.88% due 08/01/2023*		7,000		6,790
El Paso Pipeline Partners Operating Co. LLC Company Guar. Notes 4.70% due 11/01/2042		27,000		23,671
Energy Transfer Equity LP Senior Sec. Notes 7.50% due 10/15/2020		36,000		41,040
Energy Transfer Partners LP Senior Notes 5.95% due 10/01/2043		62,000		63,454
Energy Transfer Partners LP Senior Notes 7.60% due 02/01/2024*		60,000		72,538
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 7.88% due 12/15/2018		30,000		32,325
Kinder Morgan, Inc. Senior Sec. Notes 5.00% due 02/15/2021*		64,000		63,465
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. Company Guar. Notes 4.50% due 07/15/2023		34,000		32,215
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. Company Guar. Notes 6.50% due 08/15/2021		42,000		45,360
Tesoro Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 6.13% due 10/15/2021		136,000		140,420
				655,946
Printing - Commercial — 0.1%
RR Donnelley & Sons Co. Senior Notes 8.25% due 03/15/2019		15,000		17,212
Valassis Communications, Inc. Company Guar. Notes 6.63% due 02/01/2021		96,000		95,760
				112,972
Publishing - Newspapers — 0.2%
Gannett Co., Inc. Company Guar. Notes 5.13% due 07/15/2020*		101,000		103,020
McClatchy Co. Senior Sec. Notes 9.00% due 12/15/2022		135,000		146,475
				249,495
Publishing - Periodicals — 0.1%
Expo Event Transco, Inc. Senior Notes 9.00% due 06/15/2021*		128,000		129,600
Racetracks — 0.0%
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 4.88% due 11/01/2020*		68,000		67,830

24

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Radio — 0.0%
Sirius XM Radio, Inc. Senior Notes 4.63% due 05/15/2023*	$	22,000	$	19,635
Real Estate Investment Trusts — 0.2%
Brandywine Operating Partnership LP Company Guar. Notes 4.95% due 04/15/2018		50,000		54,305
HCP, Inc. Senior Notes 3.75% due 02/01/2016		60,000		63,194
Omega Healthcare Investors, Inc. Company Guar. Notes 5.88% due 03/15/2024		19,000		19,190
Sabra Health Care LP/Sabra Capital Corp. Company Guar. Notes 8.13% due 11/01/2018		174,000		188,355
UDR, Inc. Company Guar. Notes 3.70% due 10/01/2020		35,000		35,662
				360,706
Real Estate Management/Services — 0.0%
Kennedy-Wilson, Inc. Company Guar. Notes 8.75% due 04/01/2019		40,000		43,900
Real Estate Operations & Development — 0.0%
First Industrial LP Senior Notes 5.75% due 01/15/2016		30,000		31,967
Recycling — 0.0%
Aleris International, Inc. Escrow Notes 9.00% due 12/15/2014†(2)(3)		60,000		2
Rental Auto/Equipment — 0.1%
H&E Equipment Services, Inc. Company Guar. Notes 7.00% due 09/01/2022		32,000		34,960
NES Rentals Holdings, Inc. Sec. Notes 7.88% due 05/01/2018*		119,000		124,652
				159,612
Retail - Apparel/Shoe — 0.0%
L Brands, Inc. Company Guar. Notes 5.63% due 10/15/2023		32,000		32,640
Retail - Auto Parts — 0.1%
Advance Auto Parts, Inc. Company Guar. Notes 4.50% due 12/01/2023		120,000		119,896
Retail - Automobile — 0.2%
AutoNation, Inc. Company Guar. Notes 5.50% due 02/01/2020		245,000		264,600
Retail - Discount — 0.0%
Dollar General Corp. Senior Notes 3.25% due 04/15/2023		61,000		55,834
Retail - Drug Store — 0.1%
CVS Pass-Through Trust Pass Through Certs. 5.77% due 01/10/2033*		39,081		41,969

Security Description	Principal Amount		Value (Note 2)
Retail - Drug Store (continued)
CVS Pass-Through Trust Pass Through Certs. 5.93% due 01/10/2034*	$	59,341	$	64,371
				106,340
Retail - Pawn Shops — 0.0%
Cash America International, Inc. Senior Notes 5.75% due 05/15/2018*		25,000		23,750
Retail - Pet Food & Supplies — 0.0%
Radio Systems Corp. Sec. Notes 8.38% due 11/01/2019*		19,000		20,805
Retail - Regional Department Stores — 0.0%
Bon-Ton Department Stores, Inc. Sec. Notes 8.00% due 06/15/2021		45,000		45,113
Retail - Restaurants — 0.1%
Dave & Buster’s, Inc. Company Guar. Notes 11.00% due 06/01/2018		35,000		38,588
Landry’s, Inc. Senior Notes 9.38% due 05/01/2020*		43,000		46,870
Wok Acquisition Corp. Company Guar. Notes 10.25% due 06/30/2020*		133,000		143,640
				229,098
Savings & Loans/Thrifts — 0.3%
Astoria Financial Corp. Senior Notes 5.00% due 06/19/2017		102,000		108,216
First Niagara Financial Group, Inc. Senior Notes 6.75% due 03/19/2020		190,000		219,471
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		111,000		129,824
Santander Holdings USA, Inc. Senior Notes 3.00% due 09/24/2015		45,000		46,476
				503,987
Schools — 0.1%
Northwestern University Bonds 4.20% due 12/01/2047		94,000		86,248
President and Fellows of Harvard College Bonds 3.62% due 10/01/2037		57,000		49,764
University of Pennsylvania Senior Notes 4.67% due 09/01/2112		71,000		61,362
				197,374
Security Services — 0.2%
ADT Corp. Senior Notes 3.50% due 07/15/2022		210,000		183,842
ADT Corp. Senior Notes 6.25% due 10/15/2021*		63,000		65,756
				249,598

25

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Semiconductor Equipment — 0.0%
Magnachip Semiconductor Corp. Senior Notes 6.63% due 07/15/2021	$	67,000	$	68,005
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. Company Guar. Notes 7.13% due 03/15/2021		32,000		34,880
Special Purpose Entity — 0.1%
MassMutual Global Funding II Senior Sec. Notes 2.00% due 04/05/2017*		215,000		217,870
Steel Pipe & Tube — 0.0%
JMC Steel Group, Inc. Senior Notes 8.25% due 03/15/2018*		30,000		29,850
Steel - Producers — 0.2%
AK Steel Corp. Company Guar. Notes 8.38% due 04/01/2022		75,000		70,687
AK Steel Corp. Senior Sec. Notes 8.75% due 12/01/2018		33,000		36,548
Nucor Corp. Senior Notes 4.00% due 08/01/2023		85,000		83,652
Ryerson, Inc./Joseph T. Ryerson & Son, Inc. Senior Sec. Notes 9.00% due 10/15/2017		69,000		72,622
				263,509
Storage/Warehousing — 0.1%
Mobile Mini, Inc. Company Guar. Notes 7.88% due 12/01/2020		65,000		71,663
Telecom Services — 0.0%
Qwest Corp. Senior Notes 7.50% due 10/01/2014		55,000		57,867
Telephone - Integrated — 0.6%
CenturyLink, Inc. Senior Notes 5.80% due 03/15/2022		194,000		191,575
Cincinnati Bell, Inc. Company Guar. Notes 8.38% due 10/15/2020		188,000		203,040
Frontier Communications Corp. Senior Notes 8.13% due 10/01/2018		10,000		11,550
Frontier Communications Corp. Senior Notes 8.25% due 04/15/2017		10,000		11,638
Frontier Communications Corp. Senior Notes 8.50% due 04/15/2020		43,000		49,235
Frontier Communications Corp. Senior Notes 9.25% due 07/01/2021		47,000		55,225
Sprint Capital Corp. Company Guar. Notes 8.75% due 03/15/2032		110,000		118,250
Verizon Communications, Inc. Senior Notes 3.65% due 09/14/2018		76,000		80,802

Security Description	Principal Amount		Value (Note 2)
Telephone - Integrated (continued)
Verizon Communications, Inc. Senior Notes 6.40% due 09/15/2033	$	236,000	$	263,463
Verizon Communications, Inc. Senior Notes 6.55% due 09/15/2043		103,000		117,220
				1,101,998
Television — 0.1%
Sinclair Television Group, Inc. Company Guar. Notes 6.38% due 11/01/2021*		70,000		71,925
Theaters — 0.0%
Regal Entertainment Group Senior Notes 5.75% due 06/15/2023		68,000		66,895
Transport - Equipment & Leasing — 0.1%
Aviation Capital Group Corp. Senior Notes 4.63% due 01/31/2018*		42,000		43,006
GATX Corp. Senior Notes 3.90% due 03/30/2023		138,000		131,838
				174,844
Transport - Rail — 0.0%
Norfolk Southern Corp. Senior Notes 6.00% due 05/23/2111		60,000		64,701
Transport - Services — 0.0%
Era Group, Inc. Company Guar. Notes 7.75% due 12/15/2022		36,000		36,900
Travel Services — 0.0%
Sabre, Inc. Senior Sec. Notes 8.50% due 05/15/2019*		50,000		55,313
Web Hosting/Design — 0.0%
Equinix, Inc. Senior Notes 4.88% due 04/01/2020		58,000		57,855
Wireless Equipment — 0.0%
Motorola Solutions, Inc. Senior Notes 6.63% due 11/15/2037		3,740		3,764
Total U.S. Corporate Bonds & Notes
(cost $22,911,419)				22,898,618
FOREIGN CORPORATE BONDS & NOTES — 3.8%
Advertising Services — 0.0%
WPP Finance 2010 Company Guar. Notes 5.63% due 11/15/2043		63,000		61,596
Airlines — 0.1%
Air Canada Senior Sec. Notes 6.75% due 10/01/2019*		100,000		103,750
Auto - Cars/Light Trucks — 0.1%
Volkswagen International Finance NV Company Guar. Notes 2.13% due 11/20/2018*		218,000		218,692

26

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks - Commercial — 0.8%
Bank of Nova Scotia Senior Notes 1.38% due 07/15/2016	$	78,000	$	79,031
BPCE SA Sub. Notes 5.70% due 10/22/2023*		210,000		216,611
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Bank Guar. Notes 4.63% due 12/01/2023		265,000		264,664
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Bank Guar. Notes 5.75% due 12/01/2043		264,000		270,027
ING Bank NV Notes 2.00% due 09/25/2015*		208,000		211,311
LBG Capital No.1 PLC Bank Guar. Notes 7.88% due 11/01/2020*		231,000		247,632
				1,289,276
Banks - Money Center — 0.1%
Lloyds Bank PLC Bank Guar. Notes 2.30% due 11/27/2018		204,000		204,983
Beverages - Non-alcoholic — 0.2%
Coca-Cola Femsa SAB de CV Company Guar. Notes 2.38% due 11/26/2018		164,000		164,135
Coca-Cola Femsa SAB de CV Company Guar. Notes 3.88% due 11/26/2023		160,000		158,096
				322,231
Chemicals - Diversified — 0.2%
LyondellBasell Industries NV Senior Notes 5.00% due 04/15/2019		205,000		230,163
NOVA Chemicals Corp. Senior Notes 5.25% due 08/01/2023*		41,000		42,230
				272,393
Computers - Memory Devices — 0.1%
Seagate HDD Cayman Company Guar. Notes 4.75% due 06/01/2023*		114,000		108,300
Containers - Metal/Glass — 0.0%
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc. Senior Notes 7.00% due 11/15/2020*		15,000		15,037
Cruise Lines — 0.1%
Royal Caribbean Cruises, Ltd. Senior Notes 5.25% due 11/15/2022		150,000		150,375
Diversified Banking Institutions — 0.3%
Royal Bank of Scotland Group PLC Senior Notes 2.55% due 09/18/2015		59,000		60,440
Royal Bank of Scotland Group PLC Sub. Notes 6.10% due 06/10/2023		69,000		69,989
Royal Bank of Scotland Group PLC Senior Notes 6.40% due 10/21/2019		102,000		118,965

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Societe Generale SA Senior Notes 5.20% due 04/15/2021*	$	212,000	$	234,760
				484,154
Diversified Financial Services — 0.1%
Hyundai Capital Services, Inc. Senior Notes 6.00% due 05/05/2015*		190,000		202,465
Diversified Manufacturing Operations — 0.2%
Bombardier, Inc. Senior Notes 6.13% due 01/15/2023*		80,000		79,600
Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 2.88% due 01/15/2019*		76,000		76,025
Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 4.25% due 06/15/2023*		115,000		113,748
Pentair Finance SA Company Guar. Notes 1.35% due 12/01/2015		50,000		50,326
				319,699
Diversified Minerals — 0.2%
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 6.88% due 04/01/2022*		170,000		183,600
Teck Resources, Ltd. Company Guar. Notes 6.00% due 08/15/2040		119,000		113,049
				296,649
Finance - Leasing Companies — 0.0%
Aircastle, Ltd. Senior Notes 6.25% due 12/01/2019		34,000		36,720
Milestone Aviation Group, Ltd. Senior Notes 8.63% due 12/15/2017*		18,000		19,170
				55,890
Hazardous Waste Disposal — 0.0%
Tervita Corp. Senior Sec. Notes 8.00% due 11/15/2018*		50,000		51,750
Import/Export — 0.1%
Svensk Exportkredit AB FRS Sub. Notes 2.88% due 11/14/2023*		213,000		210,930
Insurance - Multi-line — 0.1%
XLIT, Ltd. Company Guar. Notes 2.30% due 12/15/2018		143,000		142,949
Medical - Drugs — 0.0%
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.63% due 12/01/2021*		30,000		30,150
Oil & Gas Drilling — 0.2%
Pacific Drilling SA Senior Sec. Notes 5.38% due 06/01/2020*		50,000		50,500

27

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil & Gas Drilling (continued)
Transocean, Inc. Company Guar. Notes 6.38% due 12/15/2021	$	113,000	$	126,976
Transocean, Inc. Company Guar. Notes 6.80% due 03/15/2038		35,000		38,163
Transocean, Inc. Company Guar. Notes 7.50% due 04/15/2031		69,000		78,751
				294,390
Oil Companies - Exploration & Production — 0.2%
Anadarko Finance Co. Company Guar. Notes 7.50% due 05/01/2031		180,000		225,072
MEG Energy Corp. Company Guar. Notes 6.50% due 03/15/2021*		75,000		78,000
MEG Energy Corp. Company Guar. Notes 7.00% due 03/31/2024*		55,000		56,100
				359,172
Oil Companies - Integrated — 0.3%
BP Capital Markets PLC Company Guar. Notes 1.85% due 05/05/2017		210,000		214,195
BP Capital Markets PLC Company Guar. Notes 2.25% due 11/01/2016		114,000		118,427
Petroleos Mexicanos Company Guar. Notes 5.50% due 06/27/2044		84,000		74,395
Statoil ASA Company Guar. Notes 2.90% due 11/08/2020		99,000		99,743
Statoil ASA Company Guar. Notes 4.80% due 11/08/2043		63,000		63,277
				570,037
Real Estate Operations & Development — 0.0%
Mattamy Group Corp. Senior Notes 6.50% due 11/15/2020*		60,000		58,800
Satellite Telecom — 0.1%
Intelsat Luxembourg SA Company Guar. Notes 7.75% due 06/01/2021*		155,000		162,362
Security Services — 0.0%
Garda World Security Corp. Company Guar. Notes 7.25% due 11/15/2021*		56,000		56,840
Steel - Producers — 0.0%
ArcelorMittal Senior Notes 7.25% due 03/01/2041		75,000		71,250
SupraNational Banks — 0.1%
North American Development Bank Senior Notes 2.30% due 10/10/2018		157,000		157,385

Security Description	Principal Amount		Value (Note 2)
Telecom Services — 0.1%
UPCB Finance III, Ltd. Senior Sec. Notes 6.63% due 07/01/2020*	$	25,000	$	26,625
Wind Acquisition Finance SA Senior Sec. Notes 7.25% due 02/15/2018*		60,000		63,000
				89,625
Telephone - Integrated — 0.1%
Telecom Italia Capital SA Company Guar. Notes 7.18% due 06/18/2019		136,000		151,842
Total Foreign Corporate Bonds & Notes
(cost $6,481,647)				6,512,972
FOREIGN GOVERNMENT AGENCIES — 0.2%
Electric - Distribution — 0.0%
Hydro-Quebec Government Guar. Notes 1.38% due 06/19/2017		99,000		99,798
Regional Authority — 0.1%
Province of British Columbia Senior Notes 2.85% due 06/15/2015		98,000		101,807
Sovereign — 0.1%
Government of Canada Senior Notes 0.88% due 02/14/2017		100,000		100,704
United Mexican States Senior Bonds 4.75% due 03/08/2044		110,000		96,580
				197,284
Total Foreign Government Agencies
(cost $396,865)				398,889
MUNICIPAL BONDS & NOTES — 0.1%
Ohio State University Revenue Bonds Series A 4.80% due 06/01/2111		91,000		80,260
Port Authority of New York & New Jersey Revenue Bonds Series 168 4.93% due 10/01/2051		83,000		81,080
Port Authority of New York & New Jersey Revenue Bonds Series 174 4.46% due 10/01/2062		100,000		88,410
Total Municipal Bonds & Notes
(cost $273,103)				249,750
U.S. GOVERNMENT AGENCIES — 8.8%
Federal Home Loan Mtg. Corp. — 2.8%
2.50% due 01/01/2028		102,147		102,308
3.00% due 08/01/2027		415,560		427,743
3.00% due 10/01/2042		220,245		211,868
3.00% due 11/01/2042		920,430		885,420
3.00% due 04/01/2043		532,607		512,348
3.50% due 02/01/2042		247,736		249,553
3.50% due 03/01/2042		114,311		115,149
3.50% due 08/01/2042		628,466		633,225
3.50% due 09/01/2043		199,362		200,911
4.00% due 09/01/2040		92,569		96,266
4.50% due 01/01/2039		13,391		14,268

28

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
4.50% due 12/01/2039	$	776,156	$	836,286
5.00% due 10/01/2033		3,829		4,156
5.00% due 03/01/2038		59,079		63,769
5.50% due 09/01/2037		57,778		62,611
5.50% due 10/01/2037		78,325		84,876
5.50% due 01/01/2038		20,588		22,310
5.50% due 04/01/2038		31,574		34,215
5.50% due 06/01/2041		27,351		29,638
6.00% due 08/01/2036		110,816		121,613
6.00% due 03/01/2040		76,921		84,516
6.50% due 12/01/2028		86,808		96,407
6.50% due 05/01/2036		407		451
				4,889,907
Federal National Mtg. Assoc. — 5.8%
2.50% due 04/01/2028		536,909		536,778
3.00% due December TBA		575,000		554,583
3.00% due 10/01/2027		181,067		186,842
3.00% due 12/01/2027		189,420		195,578
3.00% due 01/01/2028		284,498		293,755
3.00% due 12/01/2042		68,808		66,459
3.00% due 05/01/2043		392,137		378,749
3.50% due December TBA		90,000		90,714
3.50% due 08/01/2027		46,118		48,640
3.50% due 08/01/2043		1,198,188		1,208,964
4.00% due December TBA		16,000		16,690
4.00% due 08/01/2026		381,284		406,142
4.00% due 09/01/2040		109,734		114,486
4.00% due 12/01/2040		1,149,037		1,199,177
4.00% due 11/01/2041		103,585		108,098
4.00% due 01/01/2042		135,744		141,665
4.50% due 10/01/2024		165,639		176,459
4.50% due 01/01/2025		656,492		716,262
4.50% due 03/01/2025		219,637		233,851
4.50% due 05/01/2025		163,563		174,139
4.50% due 01/01/2039		29,161		31,103
4.50% due 09/01/2040		906,568		968,002
4.50% due 11/01/2040		34,840		37,207
5.00% due December TBA		200,000		217,422
5.00% due 03/15/2016		74,000		81,643
5.00% due 11/01/2033		5,446		5,916
5.00% due 05/01/2040		79,573		86,678
5.00% due 07/01/2040		934,557		1,018,217
5.50% due 12/01/2029		39,911		43,766
5.50% due 05/01/2034		197,334		216,102
6.00% due 05/01/2017		17,102		17,955
6.00% due 12/01/2033		57,676		64,368
6.00% due 11/01/2038		164,621		181,194
6.00% due 06/01/2040		10,764		11,845
6.50% due 02/01/2017		12,935		13,582
6.50% due 08/01/2031		19,458		21,893
6.50% due 07/01/2032		32,136		36,292
6.50% due 07/01/2036		32,115		35,627
7.50% due 06/01/2015		2,107		2,130
Federal National Mtg. Assoc. REMIC Series 2011-117, Class MA 2.00% due 08/25/2040(5)		117,859		117,794
				10,056,767
Government National Mtg. Assoc. — 0.1%
6.00% due 02/15/2029		3,317		3,695
6.00% due 04/15/2029		20,485		22,712
6.00% due 06/15/2029		11,252		12,560
6.50% due 02/15/2029		36,153		41,300
				80,267

Security Description	Principal Amount			Value (Note 2)
Tennessee Valley Authority — 0.1%
1.75% due 10/15/2018	$	55,000		$	55,365
3.50% due 12/15/2042		127,000			101,981
					157,346
Total U.S. Government Agencies
(cost $15,269,253)					15,184,287
U.S. GOVERNMENT TREASURIES — 1.1%
United States Treasury Bonds — 0.2%
2.75% due 11/15/2042		70,000			56,700
2.88% due 05/15/2043		55,000			45,650
3.13% due 02/15/2042		128,000			113,000
3.13% due 02/15/2043		65,300			57,270
					272,620
United States Treasury Notes — 0.9%
0.13% due 04/15/2018 TIPS(7)		320,073			330,150
0.50% due 07/31/2017		10,000			9,873
0.75% due 10/31/2017		13,000			12,894
1.25% due 10/31/2015		16,000			16,298
1.38% due 06/30/2018		35,000			35,238
1.38% due 07/31/2018		267,000			268,564
1.50% due 08/31/2018		52,000			52,536
1.75% due 05/15/2022		30,000			28,350
1.75% due 05/15/2023		603,000			555,467
2.00% due 02/15/2022		265,000			257,050
2.50% due 08/15/2023		67,000			65,749
2.75% due 12/31/2017		14,000			14,975
					1,647,144
Total U.S. Government Treasuries
(cost $1,979,818)					1,919,764
Total Long-Term Investment Securities
(cost $150,491,859)					168,538,499
SHORT-TERM INVESTMENT SECURITIES — 2.7%
Time Deposits — 2.7%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013 (cost $4,644,000)		4,644,000			4,644,000
TOTAL INVESTMENTS
(cost $155,135,859)(8)		100.3	%		173,182,499
Liabilities in excess of other assets		(0.3	)		(515,821	)
NET ASSETS		100.0	%	$	172,666,678

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2013, the aggregate value of these securities was $9,508,989 representing 5.5% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

(2) Illiquid security. At November 30, 2013, the aggregate value of these securities was $3,936 representing 0.0% of net assets.

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

(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

29

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2013, the Asset Allocation Fund held the following restricted securities:

Name	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
ION Media Networks, Inc. Expires 12/18/2016 Strike Price $500.00 Warrant		03/01/2011		9	$	0	$	2,790	$	310.00		0.0	%
ION Media Networks, Inc. Expires 12/18/2016 Strike Price $687.00 Warrant		11/11/2010		9		0		1,125		125.00		0.0
							$	3,915				0.0	%

(5) Collateralized Mortgage Obligation

(6) Commercial Mortgage Backed Security

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

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

REMIC—Real Estate Mortgage Investment Conduit

TIPS—Treasury Inflation Protected Security

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of November 30, 2013 and unless noted otherwise, the dates shown are the original maturity dates.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks	$	104,306,375	$	—	$	—	$	104,306,375
Exchange Traded Funds		12,786,012		—		—		12,786,012
Preferred Securities		304,738		—		—		304,738
Preferred Securities/Capital Securities		—		1,146,988		—		1,146,988
Warrants		—		—		3,915		3,915
Asset Backed Securities:
Diversified Financial Services		—		1,660,262		1,165,929		2,826,191
U.S. Corporate Bonds & Notes:
Recycling		—		—		2		2
Other Industries*		—		22,898,616		—		22,898,616
Foreign Corporate Bonds & Notes		—		6,512,972		—		6,512,972
Foreign Government Agencies		—		398,889		—		398,889
Municipal Bonds & Notes		—		249,750		—		249,750
U.S. Government Agencies:
Federal National Mtg. Assoc.		—		10,056,767		—		10,056,767
Other Government Agencies*		—		5,127,520		—		5,127,520
U.S. Government Treasuries		—		1,919,764		—		1,919,764
Short-Term Investment Securities:
Time Deposits		—		4,644,000		—		4,644,000
Total	$	117,397,125	$	54,615,528	$	1,169,846	$	173,182,499

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $20,930,494 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.

See Notes to Financial Statements

30

VALIC Company I Blue Chip Growth Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	9.1	%
Web Portals/ISP	7.4
E-Commerce/Products	6.4
Registered Investment Companies	5.9
E-Commerce/Services	4.6
Commercial Services — Finance	3.7
Oil Companies — Exploration & Production	3.2
Finance — Credit Card	3.1
Retail — Restaurants	3.1
Diversified Manufacturing Operations	2.9
Investment Management/Advisor Services	2.5
Casino Hotels	2.4
Medical — Wholesale Drug Distribution	2.4
Metal Processors & Fabrication	2.2
Retail — Apparel/Shoe	2.1
Retail — Building Products	1.9
Transport — Rail	1.9
Real Estate Investment Trusts	1.8
Aerospace/Defense	1.7
Computers	1.7
Internet Content — Entertainment	1.5
Applications Software	1.5
Distribution/Wholesale	1.3
Broadcast Services/Program	1.3
Chemicals — Specialty	1.3
Hotels/Motels	1.3
Semiconductor Components — Integrated Circuits	1.2
Coatings/Paint	1.2
Industrial Gases	1.2
Computer Services	1.1
Instruments — Scientific	1.1
Banks — Fiduciary	1.1
Airlines	1.0
Diversified Banking Institutions	1.0
Retail — Auto Parts	0.9
Oil — Field Services	0.8
Internet Application Software	0.8
Multimedia	0.8
Food — Retail	0.8
Transport — Services	0.7
Retail — Discount	0.7
Internet Content — Information/News	0.7
Motorcycle/Motor Scooter	0.7
Medical Products	0.6
Apparel Manufacturers	0.6
Finance — Other Services	0.6
Instruments — Controls	0.6
Machinery — General Industrial	0.6
Medical — Drugs	0.6
Agricultural Chemicals	0.5
Data Processing/Management	0.5
Athletic Footwear	0.5
Retail — Gardening Products	0.5
Finance — Investment Banker/Broker	0.5
Aerospace/Defense — Equipment	0.5
Retail — Drug Store	0.5
Beverages — Non-alcoholic	0.4
Medical — HMO	0.4
Computer Software	0.4
Cosmetics & Toiletries	0.4
Machinery — Pumps	0.3
Coffee	0.3
Medical — Generic Drugs	0.3
Banks — Super Regional	0.3
Insurance Brokers	0.2
Telephone — Integrated	0.2
Auto — Cars/Light Trucks	0.2
Chemicals — Diversified	0.2
Pharmacy Services	0.2

Transport — Truck	0.1
Retail — Jewelry	0.1
Beverages — Wine/Spirits	0.1
Therapeutics	0.1
Cable/Satellite TV	0.1
	105.4	%

* Calculated as a percentage of net assets

31

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.5%
Aerospace/Defense — 1.7%
Boeing Co.		73,800	$	9,907,650
Aerospace/Defense-Equipment — 0.5%
United Technologies Corp.		23,600		2,616,296
Agricultural Chemicals — 0.5%
Monsanto Co.		27,500		3,116,575
Airlines — 1.0%
Delta Air Lines, Inc.		82,600		2,393,748
United Continental Holdings, Inc.†		90,800		3,563,900
				5,957,648
Apparel Manufacturers — 0.6%
Michael Kors Holdings, Ltd.†		8,600		701,330
Ralph Lauren Corp.		12,900		2,260,467
VF Corp.		2,600		609,908
				3,571,705
Applications Software — 1.5%
Citrix Systems, Inc.†		1,900		112,708
Intuit, Inc.		1,500		111,345
Red Hat, Inc.†		38,900		1,822,465
Salesforce.com, Inc.†#		120,800		6,292,472
				8,338,990
Athletic Footwear — 0.5%
NIKE, Inc., Class B		37,300		2,951,922
Auto - Cars/Light Trucks — 0.2%
Tesla Motors, Inc.†#		10,500		1,336,440
Auto/Truck Parts & Equipment - Original — 0.0%
Johnson Controls, Inc.#		4,000		202,040
Banks - Fiduciary — 1.1%
Northern Trust Corp.		20,300		1,197,497
State Street Corp.		66,100		4,799,521
				5,997,018
Banks - Super Regional — 0.3%
US Bancorp		38,200		1,498,204
Beverages - Non-alcoholic — 0.4%
Monster Beverage Corp.†		14,000		828,520
PepsiCo, Inc.		18,100		1,528,726
				2,357,246
Beverages - Wine/Spirits — 0.1%
Constellation Brands, Inc., Class A†		7,300		513,993
Broadcast Services/Program — 1.3%
Discovery Communications, Inc., Class C†		92,950		7,507,571
Building - Residential/Commercial — 0.0%
Lennar Corp., Class A		900		32,184
Cable/Satellite TV — 0.1%
Liberty Global PLC, Class A†		4,400		377,564
Casino Hotels — 2.4%
Las Vegas Sands Corp.		124,900		8,952,832
Wynn Macau, Ltd.		409,200		1,567,624
Wynn Resorts, Ltd.#		20,800		3,450,096
				13,970,552
Chemicals - Diversified — 0.2%
FMC Corp.		17,600		1,282,336
Chemicals - Specialty — 1.3%
Ecolab, Inc.		67,400		7,223,258

Security Description	Shares		Value (Note 2)
Coatings/Paint — 1.2%
Sherwin-Williams Co.		36,900	$	6,753,807
Coffee — 0.3%
Green Mountain Coffee Roasters, Inc.†#		26,200		1,765,356
Commercial Services - Finance — 3.7%
Alliance Data Systems Corp.†#		10,600		2,567,956
MasterCard, Inc., Class A		24,500		18,639,845
				21,207,801
Computer Aided Design — 0.0%
Autodesk, Inc.†		4,200		190,050
Computer Services — 1.1%
Accenture PLC, Class A		2,100		162,687
Cognizant Technology Solutions Corp., Class A†		55,200		5,182,728
IHS, Inc., Class A†		8,500		972,655
				6,318,070
Computer Software — 0.4%
Akamai Technologies, Inc.†		46,700		2,088,424
Computers — 1.7%
Apple, Inc.		17,100		9,508,797
Cosmetics & Toiletries — 0.4%
Procter & Gamble Co.		24,700		2,080,234
Cruise Lines — 0.0%
Carnival Corp.#		1,400		50,554
Data Processing/Management — 0.5%
Fiserv, Inc.†		28,000		3,076,920
Distribution/Wholesale — 1.3%
Fastenal Co.#		45,600		2,121,768
Fossil Group, Inc.†		35,200		4,479,904
WW Grainger, Inc.		4,200		1,083,264
				7,684,936
Diversified Banking Institutions — 1.0%
Citigroup, Inc.		22,000		1,164,240
Goldman Sachs Group, Inc.		800		135,152
JPMorgan Chase & Co.		1,000		57,220
Morgan Stanley		132,300		4,140,990
				5,497,602
Diversified Manufacturing Operations — 2.9%
3M Co.		5,100		680,901
Danaher Corp.		214,280		16,028,144
				16,709,045
E-Commerce/Products — 6.4%
Amazon.com, Inc.†		77,700		30,584,274
eBay, Inc.†		115,240		5,821,925
				36,406,199
E-Commerce/Services — 4.6%
Ctrip.com International, Ltd. ADR†		33,100		1,581,518
Netflix, Inc.†#		10,400		3,804,320
priceline.com, Inc.†		17,000		20,269,610
TripAdvisor, Inc.†#		10,200		900,864
				26,556,312
Electronic Measurement Instruments — 0.0%
Trimble Navigation, Ltd.†#		8,100		258,390
Entertainment Software — 0.0%
Electronic Arts, Inc.†#		2,100		46,578

32

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Credit Card — 3.1%
American Express Co.		78,000	$	6,692,400
Visa, Inc., Class A		55,300		11,251,338
				17,943,738
Finance - Investment Banker/Broker — 0.5%
TD Ameritrade Holding Corp.		94,300		2,713,954
Finance - Other Services — 0.6%
IntercontinentalExchange Group, Inc.		16,300		3,476,627
Food - Retail — 0.8%
Kroger Co.		6,900		288,075
Whole Foods Market, Inc.		70,800		4,007,280
				4,295,355
Hotels/Motels — 1.3%
Marriott International, Inc., Class A#		33,990		1,598,210
Starwood Hotels & Resorts Worldwide, Inc.		74,700		5,563,656
				7,161,866
Industrial Gases — 1.2%
Praxair, Inc.		51,900		6,552,894
Instruments - Controls — 0.6%
Honeywell International, Inc.		38,800		3,434,188
Instruments - Scientific — 1.1%
Thermo Fisher Scientific, Inc.#		59,800		6,030,830
Insurance Brokers — 0.2%
Marsh & McLennan Cos., Inc.		29,400		1,395,030
Internet Application Software — 0.8%
Tencent Holdings, Ltd.		75,000		4,337,871
Internet Content - Entertainment — 1.5%
Facebook, Inc., Class A†#		173,441		8,153,461
Twitter, Inc.†#		12,000		498,840
				8,652,301
Internet Content - Information/News — 0.7%
LinkedIn Corp., Class A†		18,200		4,077,346
Investment Management/Advisor Services — 2.5%
Ameriprise Financial, Inc.		25,440		2,753,880
Franklin Resources, Inc.		100,100		5,544,539
Invesco, Ltd.		166,300		5,795,555
				14,093,974
Machinery - General Industrial — 0.6%
Roper Industries, Inc.		19,900		2,581,030
Wabtec Corp.		12,200		841,800
				3,422,830
Machinery - Pumps — 0.3%
Flowserve Corp.		24,900		1,777,362
Medical Products — 0.6%
Becton Dickinson and Co.		3,700		401,783
Covidien PLC		19,900		1,358,374
Henry Schein, Inc.†#		1,300		148,200
Stryker Corp.		22,700		1,689,334
				3,597,691
Medical - Biomedical/Gene — 9.1%
Alexion Pharmaceuticals, Inc.†		43,400		5,403,300
Biogen Idec, Inc.†		43,000		12,511,710
Celgene Corp.†		65,600		10,612,112
Gilead Sciences, Inc.†		250,500		18,739,905
Regeneron Pharmaceuticals, Inc.†		15,800		4,642,988
Vertex Pharmaceuticals, Inc.†		600		41,652
				51,951,667

Security Description	Shares		Value (Note 2)
Medical - Drugs — 0.6%
Allergan, Inc.		9,700	$	941,385
Valeant Pharmaceuticals International, Inc.†		21,300		2,335,119
				3,276,504
Medical - Generic Drugs — 0.3%
Perrigo Co.†		10,200		1,590,078
Medical - HMO — 0.4%
Aetna, Inc.		3,300		227,469
UnitedHealth Group, Inc.		25,400		1,891,792
				2,119,261
Medical - Wholesale Drug Distribution — 2.4%
AmerisourceBergen Corp.		3,400		239,802
Cardinal Health, Inc.		8,400		542,640
McKesson Corp.		78,000		12,939,420
				13,721,862
Metal Processors & Fabrication — 2.2%
Precision Castparts Corp.		47,800		12,353,910
Motorcycle/Motor Scooter — 0.7%
Harley-Davidson, Inc.		55,400		3,712,908
Multimedia — 0.8%
Twenty-First Century Fox, Inc., Class A		71,500		2,394,535
Walt Disney Co.		27,500		1,939,850
				4,334,385
Oil Companies - Exploration & Production — 3.2%
Concho Resources, Inc.†#		20,300		2,109,779
EOG Resources, Inc.		10,900		1,798,500
EQT Corp.		39,200		3,336,312
Pioneer Natural Resources Co.		39,100		6,950,025
Range Resources Corp.#		52,900		4,107,685
				18,302,301
Oil Field Machinery & Equipment — 0.0%
Cameron International Corp.†		1,500		83,085
FMC Technologies, Inc.†		1,900		91,390
				174,475
Oil - Field Services — 0.8%
Schlumberger, Ltd.		53,700		4,748,154
Pharmacy Services — 0.2%
Express Scripts Holding Co.†		14,700		990,045
Real Estate Investment Trusts — 1.8%
American Tower Corp.		133,700		10,397,849
Retail - Apparel/Shoe — 2.1%
L Brands, Inc.		51,800		3,366,482
Lululemon Athletica, Inc.†#		34,200		2,384,424
PVH Corp.#		24,700		3,307,824
Ross Stores, Inc.		38,200		2,920,772
				11,979,502
Retail - Auto Parts — 0.9%
O’Reilly Automotive, Inc.†		39,500		4,935,920
Retail - Building Products — 1.9%
Home Depot, Inc.		70,700		5,703,369
Lowe’s Cos., Inc.		108,300		5,142,084
				10,845,453
Retail - Discount — 0.7%
Costco Wholesale Corp.		18,800		2,358,084
Dollar Tree, Inc.†#		31,300		1,741,845
				4,099,929

33

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Drug Store — 0.5%
CVS Caremark Corp.		38,400	$	2,571,264
Retail - Gardening Products — 0.5%
Tractor Supply Co.#		40,200		2,943,042
Retail - Jewelry — 0.1%
Tiffany & Co.		8,500		757,690
Retail - Restaurants — 3.1%
Chipotle Mexican Grill, Inc.†#		12,500		6,548,250
Starbucks Corp.		139,000		11,322,940
				17,871,190
Semiconductor Components - Integrated Circuits — 1.2%
QUALCOMM, Inc.		95,820		7,050,436
Telecommunication Equipment — 0.0%
Juniper Networks, Inc.†		2,470		50,067
Telephone - Integrated — 0.2%
SoftBank Corp.		16,900		1,367,840
Therapeutics — 0.1%
Pharmacyclics, Inc.†#		3,100		386,012
Transport - Rail — 1.9%
Canadian Pacific Railway, Ltd.		6,000		923,280
Kansas City Southern		37,700		4,562,454
Union Pacific Corp.		32,800		5,314,912
				10,800,646
Transport - Services — 0.7%
FedEx Corp.		30,200		4,188,740
Transport - Truck — 0.1%
J.B. Hunt Transport Services, Inc.#		10,800		812,052
Web Portals/ISP — 7.4%
Baidu, Inc. ADR†		48,400		8,061,988
Google, Inc., Class A†		31,100		32,953,249
NAVER Corp.		2,041		1,334,567
				42,349,804
Total Long-Term Investment Securities
(cost $334,828,408)				568,605,110

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 5.9%
Registered Investment Companies — 5.9%
State Street Navigator Securities Lending Prime Portfolio(1)		31,436,590		$	31,436,590
T. Rowe Price Reserve Investment Fund		2,244,499			2,244,499
Total Short-Term Investment Securities
(cost $33,681,089)					33,681,089
TOTAL INVESTMENTS
(cost $368,509,497)(2)		105.4	%		602,286,199
Liabilities in excess of other assets		(5.4	)		(30,739,675	)
NET ASSETS		100.0	%	$	571,546,524

† Non-income producing security

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

(1) At November 30, 2013, the Fund had loaned securities with a total value of $32,057,218. This was secured by $31,436,590, which was received in cash and subsequently invested in short-term investments currently valued at $31,436,590 as reported in the portfolio of investments. Additional collateral of $1,285,634 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Federal National Mortgage Association	3.00% to 4.00%	10/25/2029 to 05/25/2042	$1,285,634

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

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
E-Commerce/Products	$	36,406,199	$	—	$	—	$	36,406,199
Medical - Biomedical/Gene		51,951,667		—		—		51,951,667
Web Portals/ISP		42,349,804		—		—		42,349,804
Other Industries*		437,897,440		—		—		437,897,440
Short-Term Investment Securities:
Registered Investment Companies		33,681,089		—		—		33,681,089
Total	$	602,286,199	$	—	$	—	$	602,286,199

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.

See Notes to Financial Statements

34

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Banks — Super Regional	6.8	%
Diversified Banking Institutions	6.5
Diversified Manufacturing Operations	5.8
Medical — Drugs	5.7
Time Deposits	4.7
Savings & Loans/Thrifts	3.9
Medical — HMO	3.7
Electronic Components — Semiconductors	3.6
Cruise Lines	2.8
Auto — Cars/Light Trucks	2.8
Aerospace/Defense	2.7
Chemicals — Diversified	2.7
Oil Companies — Exploration & Production	2.5
Oil Companies — Integrated	2.4
Oil & Gas Drilling	2.4
Finance — Credit Card	2.3
Finance — Consumer Loans	2.3
Tobacco	2.0
Medical — Wholesale Drug Distribution	1.7
Oil Field Machinery & Equipment	1.6
Auto/Truck Parts & Equipment — Original	1.6
Building Products — Cement	1.5
Apparel Manufacturers	1.5
Banks — Fiduciary	1.5
Pharmacy Services	1.5
Medical Instruments	1.5
Enterprise Software/Service	1.5
Cellular Telecom	1.4
Machinery — Construction & Mining	1.4
Applications Software	1.4
Engineering/R&D Services	1.4
Telephone — Integrated	1.4
Retail — Discount	1.4
Banks — Commercial	1.4
Electronic Security Devices	1.3
Casino Services	1.2
Tools — Hand Held	1.2
Investment Management/Advisor Services	1.1
Finance — Investment Banker/Broker	1.0
Retail — Drug Store	1.0
Electric Products — Misc.	1.0
Retail — Apparel/Shoe	1.0
Instruments — Controls	1.0
Insurance — Multi-line	0.4
	99.5	%

* Calculated as a percentage of net assets

35

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 94.8%
Aerospace/Defense — 2.7%
General Dynamics Corp.		5,400	$	494,964
Raytheon Co.		9,260		821,177
				1,316,141
Apparel Manufacturers — 1.5%
Hanesbrands, Inc.		10,300		722,030
Applications Software — 1.4%
Microsoft Corp.		17,835		680,048
Auto - Cars/Light Trucks — 2.8%
Daimler AG ADR		7,800		649,896
General Motors Co.†		17,400		673,902
				1,323,798
Auto/Truck Parts & Equipment - Original — 1.6%
Delphi Automotive PLC		13,000		761,150
Banks - Commercial — 1.4%
CIT Group, Inc.		12,900		651,192
Banks - Fiduciary — 1.5%
State Street Corp.		9,810		712,304
Banks - Super Regional — 6.8%
Capital One Financial Corp.		15,925		1,140,707
Fifth Third Bancorp		25,900		526,288
PNC Financial Services Group, Inc.		7,925		609,829
Wells Fargo & Co.		21,845		961,617
				3,238,441
Building Products - Cement — 1.5%
CRH PLC ADR		29,300		745,978
Casino Services — 1.2%
International Game Technology		33,500		585,915
Cellular Telecom — 1.4%
Vodafone Group PLC ADR		18,700		693,583
Chemicals - Diversified — 2.7%
E.I. du Pont de Nemours & Co.		11,300		693,594
Rockwood Holdings, Inc.		8,600		588,756
				1,282,350
Cruise Lines — 2.8%
Carnival Corp.		16,300		588,593
Royal Caribbean Cruises, Ltd.		16,900		744,445
				1,333,038
Diversified Banking Institutions — 6.5%
Bank of America Corp.		65,926		1,042,950
Citigroup, Inc.		21,410		1,133,017
JPMorgan Chase & Co.		16,305		932,972
				3,108,939
Diversified Manufacturing Operations — 5.8%
Eaton Corp. PLC		9,800		712,068
Illinois Tool Works, Inc.		5,600		445,648
ITT Corp.		5,400		220,428
Pentair, Ltd.		8,900		629,408
SPX Corp.		8,300		785,512
				2,793,064
Electric Products - Misc. — 1.0%
Emerson Electric Co.		6,940		464,911
Electronic Components - Semiconductors — 3.6%
Fairchild Semiconductor International, Inc.†		30,200		384,446
Microchip Technology, Inc.		15,900		688,311

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors (continued)
Texas Instruments, Inc.		14,820	$	637,260
				1,710,017
Electronic Security Devices — 1.3%
Tyco International, Ltd.		16,400		625,496
Engineering/R&D Services — 1.4%
KBR, Inc.		19,900		673,217
Enterprise Software/Service — 1.5%
CA, Inc.		21,400		706,200
Finance - Consumer Loans — 2.3%
SLM Corp.		41,405		1,103,443
Finance - Credit Card — 2.3%
American Express Co.		6,955		596,739
Discover Financial Services		10,000		533,000
				1,129,739
Finance - Investment Banker/Broker — 1.0%
E*TRADE Financial Corp.†		27,300		489,216
Instruments - Controls — 1.0%
Honeywell International, Inc.		5,200		460,252
Insurance - Multi-line — 0.4%
XL Group PLC		6,620		211,774
Investment Management/Advisor Services — 1.1%
Ameriprise Financial, Inc.		4,800		519,600
Machinery - Construction & Mining — 1.4%
Joy Global, Inc.		12,100		684,376
Medical Instruments — 1.5%
Medtronic, Inc.		12,330		706,756
Medical - Drugs — 5.7%
Johnson & Johnson		9,185		869,452
Merck & Co., Inc.		12,700		632,841
Pfizer, Inc.		23,941		759,648
Sanofi ADR		9,300		491,319
				2,753,260
Medical - HMO — 3.7%
Cigna Corp.		6,700		585,915
UnitedHealth Group, Inc.		8,020		597,330
WellPoint, Inc.		6,515		605,113
				1,788,358
Medical - Wholesale Drug Distribution — 1.7%
Cardinal Health, Inc.		12,300		794,580
Oil & Gas Drilling — 2.4%
Noble Corp. PLC		16,200		617,544
Seadrill, Ltd.		12,400		529,604
				1,147,148
Oil Companies - Exploration & Production — 2.5%
ConocoPhillips		8,165		594,412
Occidental Petroleum Corp.		6,165		585,428
				1,179,840
Oil Companies - Integrated — 2.4%
BP PLC ADR		13,135		617,476
Marathon Oil Corp.		15,065		542,943
				1,160,419
Oil Field Machinery & Equipment — 1.6%
National Oilwell Varco, Inc.		9,400		766,100

36

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Pharmacy Services — 1.5%
Omnicare, Inc.		12,400	$	710,272
Retail - Apparel/Shoe — 1.0%
Coach, Inc.		8,000		463,200
Retail - Discount — 1.4%
Target Corp.		10,300		658,479
Retail - Drug Store — 1.0%
Walgreen Co.		8,200		485,440
Savings & Loans/Thrifts — 3.9%
First Niagara Financial Group, Inc.		49,700		553,658
New York Community Bancorp, Inc.		39,300		649,236
People’s United Financial, Inc.		43,400		657,076
				1,859,970
Telephone - Integrated — 1.4%
Verizon Communications, Inc.		13,405		665,156
Tobacco — 2.0%
Altria Group, Inc.		14,170		524,007
Philip Morris International, Inc.		5,100		436,254
				960,261

Security Description	Shares/ Principal Amount			Value (Note 2)
Tools - Hand Held — 1.2%
Stanley Black & Decker, Inc.		6,960		$	566,474
Total Long-Term Investment Securities
(cost $32,955,717)					45,391,925
SHORT-TERM INVESTMENT SECURITIES — 4.7%
Time Deposits — 4.7%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013 (cost $2,242,000)	$	2,242,000			2,242,000
TOTAL INVESTMENTS
(cost $35,197,717)(1)		99.5	%		47,633,925
Other assets less liabilities		0.5			253,812
NET ASSETS		100.0	%	$	47,887,737

† Non-income producing security

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

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Banks - Super Regional	$	3,238,441	$	—	$	—	$	3,238,441
Diversified Banking Institutions		3,108,939		—		—		3,108,939
Diversified Manufacturing Operations		2,793,064		—		—		2,793,064
Medical - Drugs		2,753,260		—		—		2,753,260
Other Industries*		33,498,221		—		—		33,498,221
Short-Term Investment Securities:
Time Deposits		—		2,242,000		—		2,242,000
Total	$	45,391,925	$	2,242,000	$	—	$	47,633,925

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

37

VALIC Company I Capital Conservation Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

United States Treasury Notes	21.4	%
Federal National Mtg. Assoc.	21.4
Federal Home Loan Mtg. Corp.	11.4
Diversified Financial Services	7.7
Time Deposits	7.1
Banks — Commercial	3.9
Registered Investment Companies	3.6
Diversified Banking Institutions	3.2
United States Treasury Bonds	3.1
Electric — Integrated	1.0
Oil Companies — Integrated	0.9
Telephone — Integrated	0.9
Oil Companies — Exploration & Production	0.9
Savings & Loans/Thrifts	0.8
Paper & Related Products	0.8
Multimedia	0.6
Diversified Manufacturing Operations	0.6
Insurance — Multi-line	0.6
Insurance — Life/Health	0.4
Beverages — Non-alcoholic	0.4
Banks — Fiduciary	0.4
Sovereign	0.4
Special Purpose Entities	0.4
Security Services	0.4
Aerospace/Defense — Equipment	0.4
Auto — Cars/Light Trucks	0.4
Medical — Drugs	0.4
Municipal Bonds	0.4
Medical — Generic Drugs	0.3
Oil & Gas Drilling	0.3
Agricultural Chemicals	0.3
Computers — Memory Devices	0.3
Insurance — Mutual	0.3
Pipelines	0.3
Advertising Agencies	0.3
Finance — Investment Banker/Broker	0.3
Computer Services	0.3
Telecom Services	0.2
Brewery	0.2
Electronics — Military	0.2
Diversified Operations	0.2
Tennessee Valley Authority	0.2
Schools	0.2
Tools — Hand Held	0.2
Cable/Satellite TV	0.2
Electric — Distribution	0.2
Medical Products	0.2
Gas — Distribution	0.2
Medical — HMO	0.2
Electronic Components — Semiconductors	0.2
Finance — Other Services	0.2
Import/Export	0.2
Retail — Drug Store	0.2
Retail — Auto Parts	0.2
Transport — Rail	0.2
Food — Misc./Diversified	0.2
Banks — Super Regional	0.2
Chemicals — Diversified	0.2
Diversified Minerals	0.2
Federal Home Loan Bank	0.2
Real Estate Investment Trusts	0.1
Regional Authority	0.1
Aerospace/Defense	0.1
Banks — Money Center	0.1
SupraNational Banks	0.1
Chemicals —Specialty	0.1
Finance — Consumer Loans	0.1
Transport — Equipment & Leasing	0.1
Petrochemicals	0.1

Insurance — Property/Casualty	0.1	%
Steel — Producers	0.1
Metal Processors & Fabrication	0.1
Oil Refining & Marketing	0.1
Machinery — Construction & Mining	0.1
Gold Mining	0.1
Advertising Services	0.1
Finance — Auto Loans	0.1
Retail — Discount	0.1
Diagnostic Equipment	0.1
Building & Construction Products — Misc.	0.1
	103.2	%

Credit Quality+#

Aaa	66.6	%
Aa	4.6
A	6.5
Baa	17.5
Ba	2.2
Not Rated@	2.6
	100.0	%

* Calculated as a percentage of net assets

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

+ Source: Moody’s

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

38

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 6.8%
Diversified Financial Services — 6.8%
ABFC 2002-NC1 Trust FRS Series 2002-NC1, Class M1 1.19% due 03/25/2032	$	493,881	$	464,815
Avis Budget Rental Car Funding AESOP LLC Series 2013-1A, Class A 1.92% due 09/20/2019*		312,000		309,435
Bear Stearns Asset Backed Securities Trust FRS Series 2004-HE6, Class M1 1.02% due 08/25/2034		1,112,679		1,044,070
Cabela’s Master Credit Card Trust Series 2012-2A, Class A1 1.45% due 06/15/2020*		585,000		587,874
Capital Auto Receivables Asset Trust Series 2013-2, Class A3 1.24% due 10/20/2017		446,000		448,975
Capital One Multi-Asset Execution Trust Series 2005-B1, Class B1 4.90% due 12/15/2017		240,000		251,498
Chrysler Capital Auto Receivables Trust Series 2013-AA, Class A3 0.91% due 04/16/2018*		258,000		258,654
Citigroup Commercial Mtg. Trust Series 2013-GC17, Class A2 2.96% due 11/10/2046(1)(2)		216,000		222,477
CKE Restaurant Holdings, Inc. Series 2013-1A, Class A2 4.47% due 03/20/2043*		73,445		74,708
Countrywide Asset-Backed Certs. FRS Series 2004-6, Class 1A2 0.54% due 12/25/2034		354,283		325,917
Discover Card Execution Note Trust Series 2007-A1, Class A1 5.65% due 03/16/2020		200,000		231,567
Dominos Pizza Master Issuer LLC Series 2012-1A, Class A2 5.22% due 01/25/2042*		664,098		719,254
Ford Credit Auto Owner Trust Series 2012-C, Class B 1.27% due 12/15/2017		405,000		410,166
Ford Credit Auto Owner Trust Series 2013-D, Class B 1.54% due 03/15/2019		182,000		182,140
Ford Credit Floorplan Master Owner Trust Series 2013-1, Class C 1.37% due 01/15/2018		339,000		339,012
GS Mtg. Securities Corp. II Series 2012-GCJ9, Class A2 1.76% due 11/10/2045(1)		192,000		192,561
HLSS Servicer Advance Receivables Backed Notes Series 2013-T1, Class B2 1.74% due 01/16/2046*		192,000		190,387
Honda Auto Receivables Owner Trust Series 2013-3, Class A4 1.13% due 09/16/2019		163,000		164,455
Huntington Auto Trust Series 2012-2, Class B 1.07% due 02/15/2018		115,000		114,483
JPMBB Commercial Mtg. Securities Trust Series 2013-C15, Class A2 2.98% due 11/15/2045(1)		206,000		213,232
LB-UBS Commercial Mtg. Trust Series 2007-C1, Class A4 5.42% due 02/15/2040(1)		1,000,000		1,109,166
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class A2 1.97% due 08/15/2045(1)		245,871		251,527

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2013-C13, Class A2 2.94% due 11/15/2046(1)(2)	$	1,000,000	$	1,029,960
UBS-Barclays Commercial Mtg. Trust Series 2012-C2, Class A2 2.11% due 05/10/2063(1)		640,774		651,651
Wachovia Bank Commercial Mtg. Trust VRS Series 2006-C23, Class AM 5.47% due 01/15/2045(1)		1,000,000		1,084,075
Wachovia Bank Commercial Mtg. Trust VRS Series 2006-C26, Class AM 5.97% due 06/15/2045(1)		1,000,000		1,106,729
WaMu Mtg. Pass Through Certs. FRS Series 2003-AR9, Class 2A 2.44% due 09/25/2033(3)		1,078,954		1,082,262
WF-RBS Commercial Mtg. Trust Series 2012-C8, Class A2 1.88% due 08/15/2045(1)		385,768		388,522
Total Asset Backed Securities
(cost $13,389,336)				13,449,572
U.S. CORPORATE BONDS & NOTES — 18.1%
Advertising Agencies — 0.3%
Interpublic Group of Cos., Inc. Senior Notes 3.75% due 02/15/2023		620,000		584,328
Aerospace/Defense — 0.1%
Boeing Co. Senior Notes 0.95% due 05/15/2018		287,000		278,572
Aerospace/Defense - Equipment — 0.4%
Exelis, Inc. Company Guar. Notes 5.55% due 10/01/2021		731,000		732,275
Agricultural Chemicals — 0.3%
Mosaic Co. Senior Notes 4.25% due 11/15/2023#		346,000		344,301
Mosaic Co. Senior Notes 5.45% due 11/15/2033#		143,000		146,112
Mosaic Co. Senior Notes 5.63% due 11/15/2043		143,000		145,561
				635,974
Auto - Cars/Light Trucks — 0.2%
Daimler Finance North America LLC Company Guar. Notes 3.88% due 09/15/2021*		305,000		312,910
Banks - Commercial — 1.2%
FirstMerit Corp. Sub. Notes 4.35% due 02/04/2023		177,000		176,449
KeyBank NA Senior Notes 1.10% due 11/25/2016		390,000		390,198
Union Bank NA Senior Notes 1.50% due 09/26/2016#		279,000		283,181
Zions Bancorporation Senior Notes 4.00% due 06/20/2016		301,000		314,088

39

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks - Commercial (continued)
Zions Bancorporation Senior Notes 4.50% due 03/27/2017	$	542,000	$	581,432
Zions Bancorporation Senior Notes 4.50% due 06/13/2023		592,000		588,781
				2,334,129
Banks - Fiduciary — 0.4%
Bank of New York Mellon Corp. Senior Notes 1.20% due 02/20/2015		298,000		300,483
RBS Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*		540,000		525,923
				826,406
Banks - Super Regional — 0.0%
SunTrust Banks, Inc. Sub. Notes 6.00% due 02/15/2026		30,000		32,738
Brewery — 0.2%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 0.80% due 07/15/2015#		507,000		509,536
Building & Construction Products - Misc. — 0.1%
Owens Corning, Inc. Company Guar. Notes 7.00% due 12/01/2036		139,000		152,311
Cable/Satellite TV — 0.2%
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. Company Guar. Notes 3.80% due 03/15/2022#		207,000		198,019
TCI Communications, Inc. Senior Notes 7.13% due 02/15/2028		155,000		194,142
				392,161
Chemicals - Specialty — 0.1%
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034#		179,000		217,112
Computer Services — 0.3%
International Business Machines Corp. Senior Notes 1.63% due 05/15/2020		371,000		348,789
International Business Machines Corp. Senior Notes 6.22% due 08/01/2027		144,000		174,984
				523,773
Computers - Memory Devices — 0.1%
EMC Corp. Senior Notes 2.65% due 06/01/2020		271,000		268,111
Diagnostic Equipment — 0.1%
Life Technologies Corp. Senior Notes 5.00% due 01/15/2021		146,000		157,100
Diversified Banking Institutions — 2.6%
Bank of America Corp. Sub. Notes 5.49% due 03/15/2019#		800,000		892,958

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Bank of America Corp. Sub. Notes 7.25% due 10/15/2025	$	44,000	$	51,308
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		1,006,000		1,033,177
Goldman Sachs Group, Inc. FRS Senior Notes 1.84% due 11/29/2023		384,000		386,107
Goldman Sachs Group, Inc. Senior Notes 5.25% due 07/27/2021		497,000		546,805
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037#		501,000		555,607
JPMorgan Chase & Co. Senior Notes 6.30% due 04/23/2019		223,000		265,604
Morgan Stanley Senior Notes 4.75% due 03/22/2017#		423,000		465,119
Morgan Stanley Sub. Notes 4.88% due 11/01/2022		892,000		916,233
				5,112,918
Diversified Financial Services — 0.7%
General Electric Capital Corp. Senior Notes 4.63% due 01/07/2021		270,000		297,455
General Electric Capital Corp. Senior Notes 5.55% due 05/04/2020#		210,000		243,418
General Electric Capital Corp. Senior Notes 5.88% due 01/14/2038		461,000		521,884
General Electric Capital Corp. Senior Notes 6.75% due 03/15/2032		358,000		443,693
				1,506,450
Diversified Manufacturing Operations — 0.2%
Textron, Inc. Senior Notes 4.63% due 09/21/2016		305,000		329,766
Diversified Operations — 0.2%
Leucadia National Corp. Senior Notes 5.50% due 10/18/2023		263,000		265,156
Leucadia National Corp. Senior Notes 6.63% due 10/23/2043		216,000		211,931
				477,087
Electric - Distribution — 0.0%
Oglethorpe Power Corp. 1st Mtg. Notes 4.20% due 12/01/2042#		105,000		90,602
Electric - Integrated — 0.9%
Dominion Gas Holdings LLC Senior Notes 4.80% due 11/01/2043*		109,000		106,255
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		326,000		348,299

40

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric - Integrated (continued)
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031	$	262,000	$	277,130
Georgia Power Co. Senior Notes 3.00% due 04/15/2016		112,000		117,509
Great Plains Energy, Inc. Senior Notes 5.29% due 06/15/2022		141,000		151,723
MidAmerican Energy Holdings Co. Senior Notes 5.15% due 11/15/2043*#		125,000		124,765
Nisource Finance Corp. Company Guar. Notes 5.65% due 02/01/2045		190,000		191,608
Pacific Gas & Electric Co. Senior Notes 5.80% due 03/01/2037		193,000		210,920
PPL Energy Supply LLC Senior Notes 4.60% due 12/15/2021#		336,000		326,310
				1,854,519
Electronic Components-Semiconductors — 0.2%
Intel Corp. Senior Notes 1.95% due 10/01/2016#		343,000		354,266
Electronics - Military — 0.2%
L-3 Communications Corp. Company Guar. Notes 4.95% due 02/15/2021		468,000		494,914
Finance - Auto Loans — 0.1%
Ford Motor Credit Co. LLC Senior Notes 1.50% due 01/17/2017#		163,000		162,983
Finance - Consumer Loans — 0.1%
HSBC Finance Corp. Sub. Notes 6.68% due 01/15/2021		186,000		216,531
Finance - Investment Banker/Broker — 0.3%
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		89,000		18,801
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(4)		87,000		9
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(4)		112,000		11
Merrill Lynch & Co., Inc. Sub. Notes 6.11% due 01/29/2037		508,000		540,515
				559,336
Finance - Other Services — 0.1%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 1.00% due 02/02/2015		150,000		151,114
Food - Misc./Diversified — 0.2%
Mondelez International, Inc. Senior Notes 6.50% due 02/09/2040		276,000		323,360

Security Description	Principal Amount		Value (Note 2)
Gas - Distribution — 0.1%
Sempra Energy Senior Notes 4.05% due 12/01/2023	$	172,000	$	172,124
Gold Mining — 0.1%
Newmont Mining Corp. Company Guar. Notes 3.50% due 03/15/2022#		207,000		178,984
Insurance - Life/Health — 0.3%
Pacific LifeCorp Senior Notes 6.00% due 02/10/2020*		185,000		207,870
Principal Financial Group, Inc. Company Guar. Notes 1.85% due 11/15/2017		117,000		117,056
Principal Life Global Funding II Sec. Notes 1.00% due 12/11/2015*		313,000		313,822
				638,748
Insurance - Multi-line — 0.2%
Metropolitan Life Global Funding I Senior Sec. Notes 2.50% due 09/29/2015*		332,000		342,854
Insurance - Mutual — 0.3%
Liberty Mutual Group, Inc. Senior Notes 5.75% due 03/15/2014*		150,000		151,848
New York Life Global Funding Sec. Notes 1.65% due 05/15/2017*		453,000		457,296
				609,144
Insurance - Property/Casualty — 0.1%
ProAssurance Corp. Senior Notes 5.30% due 11/15/2023		207,000		210,991
Machinery - Construction & Mining — 0.1%
Caterpillar Financial Services Corp. Senior Notes 1.35% due 09/06/2016#		182,000		184,113
Medical Products — 0.2%
Becton Dickinson and Co. Senior Notes 3.13% due 11/08/2021		56,000		54,972
Becton Dickinson and Co. Senior Notes 7.00% due 08/01/2027		268,000		333,265
				388,237
Medical - Drugs — 0.2%
AbbVie, Inc. Company Guar. Notes 1.75% due 11/06/2017		315,000		317,419
Medical - Generic Drugs — 0.3%
Mylan, Inc. Senior Notes 2.60% due 06/24/2018*#		101,000		101,704
Mylan, Inc. Company Guar. Notes 7.88% due 07/15/2020*		519,000		589,657
				691,361

41

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical - HMO — 0.2%
Cigna Corp. Senior Notes 4.38% due 12/15/2020#	$	252,000	$	268,858
Cigna Corp. Senior Notes 6.15% due 11/15/2036		80,000		91,731
				360,589
Metal Processors & Fabrication — 0.1%
Precision Castparts Corp. Senior Notes 1.25% due 01/15/2018#		200,000		197,480
Multimedia — 0.6%
News America, Inc. Company Guar. Notes 5.40% due 10/01/2043*		290,000		292,903
Time Warner Cos., Inc. Company Guar. Notes 6.95% due 01/15/2028		298,000		360,345
Time Warner Entertainment Co. LP Company Guar. Notes 8.38% due 07/15/2033		159,000		172,944
Viacom, Inc. Senior Notes 5.85% due 09/01/2043		319,000		332,155
				1,158,347
Oil Companies - Exploration & Production — 0.7%
Anadarko Holding Co. Senior Notes 7.15% due 05/15/2028#		468,000		560,368
Continental Resources, Inc. Company Guar. Notes 4.50% due 04/15/2023		147,000		145,530
Continental Resources, Inc. Company Guar. Notes 5.00% due 09/15/2022#		206,000		212,180
Plains Exploration & Production Co. Company Guar. Notes 6.63% due 05/01/2021		194,000		212,167
Plains Exploration & Production Co. Company Guar. Notes 6.75% due 02/01/2022		323,000		352,908
				1,483,153
Oil Companies - Integrated — 0.2%
Hess Corp. Senior Notes 5.60% due 02/15/2041		238,000		249,543
Hess Corp. Senior Notes 7.88% due 10/01/2029		154,000		194,343
				443,886
Oil Refining & Marketing — 0.1%
Valero Energy Corp. Company Guar. Notes 6.63% due 06/15/2037#		172,000		196,320
Paper & Related Products — 0.8%
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		534,000		542,189

Security Description	Principal Amount		Value (Note 2)
Paper & Related Products (continued)
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*	$	343,000	$	333,601
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*		571,000		644,859
				1,520,649
Pipelines — 0.3%
El Paso Pipeline Partners Operating Co. LLC Company Guar. Notes 4.70% due 11/01/2042#		131,000		114,847
El Paso Pipeline Partners Operating Co. LLC Company Guar. Notes 5.00% due 10/01/2021#		50,000		52,935
Energy Transfer Partners LP Senior Notes 5.95% due 10/01/2043		195,000		199,574
Energy Transfer Partners LP Senior Notes 7.60% due 02/01/2024*		192,000		232,120
				599,476
Real Estate Investment Trusts — 0.1%
HCP, Inc. Senior Notes 3.75% due 02/01/2016		160,000		168,517
UDR, Inc. Company Guar. Notes 3.70% due 10/01/2020		114,000		116,156
				284,673
Retail - Auto Parts — 0.2%
Advance Auto Parts, Inc. Company Guar. Notes 4.50% due 12/01/2023		337,000		336,708
Retail - Discount — 0.1%
Dollar General Corp. Senior Notes 3.25% due 04/15/2023#		175,000		160,179
Retail - Drug Store — 0.2%
CVS Pass-Through Trust Pass Through Certs. 5.77% due 01/10/2033*		158,185		169,872
CVS Pass-Through Trust Pass Through Certs. 5.93% due 01/10/2034*		154,094		167,157
				337,029
Savings & Loans/Thrifts — 0.8%
Astoria Financial Corp. Senior Notes 5.00% due 06/19/2017		363,000		385,123
First Niagara Financial Group, Inc. Senior Notes 6.75% due 03/19/2020		494,000		570,624
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		400,000		467,833
Santander Holdings USA, Inc. Senior Notes 3.00% due 09/24/2015		145,000		149,756
				1,573,336

42

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Schools — 0.2%
Northwestern University Bonds 4.20% due 12/01/2047	$	225,000	$	206,446
President and Fellows of Harvard College Bonds 3.62% due 10/01/2037		113,000		98,654
University of Pennsylvania Senior Notes 4.67% due 09/01/2112		180,000		155,565
				460,665
Security Services — 0.4%
ADT Corp. Senior Notes 3.50% due 07/15/2022#		611,000		534,893
ADT Corp. Senior Notes 6.25% due 10/15/2021*		200,000		208,750
				743,643
Special Purpose Entities — 0.3%
MassMutual Global Funding II Senior Sec. Notes 2.00% due 04/05/2017*		435,000		440,807
MassMutual Global Funding II Sec. Notes 2.50% due 10/17/2022*		162,000		147,516
				588,323
Steel - Producers — 0.1%
Nucor Corp. Senior Notes 4.00% due 08/01/2023#		210,000		206,669
Telecom Services — 0.1%
Qwest Corp. Senior Notes 7.50% due 10/01/2014		250,000		263,032
Telephone - Integrated — 0.6%
Verizon Communications, Inc. Senior Notes 3.65% due 09/14/2018		239,000		254,101
Verizon Communications, Inc. Senior Notes 6.40% due 09/15/2033		657,000		733,455
Verizon Communications, Inc. Senior Notes 6.55% due 09/15/2043		244,000		277,686
				1,265,242
Transport - Equipment & Leasing — 0.1%
GATX Corp. Senior Notes 3.90% due 03/30/2023		225,000		214,953
Transport - Rail — 0.2%
Norfolk Southern Corp. Senior Notes 2.90% due 02/15/2023		95,000		89,205
Norfolk Southern Corp. Senior Notes 5.59% due 05/17/2025		21,000		23,347
Norfolk Southern Corp. Senior Notes 6.00% due 05/23/2111		197,000		212,433
				324,985

Security Description	Principal Amount		Value (Note 2)
Wireless Equipment — 0.0%
Motorola Solutions, Inc. Senior Notes 6.63% due 11/15/2037#	$	9,930	$	9,993
Total U.S. Corporate Bonds & Notes
(cost $35,990,762)				36,054,587
FOREIGN CORPORATE BONDS & NOTES — 7.6%
Advertising Services — 0.1%
WPP Finance 2010 Company Guar. Notes 5.63% due 11/15/2043		179,000		175,012
Auto - Cars/Light Trucks — 0.2%
Volkswagen International Finance NV Company Guar. Notes 2.13% due 11/20/2018*		411,000		412,304
Banks - Commercial — 2.7%
ANZ New Zealand Int’l, Ltd. Bank Guar. Notes 1.13% due 03/24/2016*		760,000		761,140
Bank of Nova Scotia Senior Notes 1.38% due 07/15/2016#		226,000		228,988
Banque Federative du Credit Mutuel SA Senior Notes 2.50% due 10/29/2018*		308,000		308,629
BPCE SA Sub. Notes 5.70% due 10/22/2023*		334,000		344,514
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Bank Guar. Notes 4.63% due 12/01/2023		464,000		463,411
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Bank Guar. Notes 5.75% due 12/01/2043		550,000		562,557
Credit Suisse AG Sub. Notes 6.50% due 08/08/2023#*		482,000		510,178
ING Bank NV Notes 2.00% due 09/25/2015*		572,000		581,106
LBG Capital No.1 PLC Bank Guar. Notes 7.88% due 11/01/2020*		402,000		430,944
National Australia Bank, Ltd. Senior Notes 1.60% due 08/07/2015		503,000		510,959
National Bank of Canada Bank Guar. Notes 1.45% due 11/07/2017#		650,000		640,992
				5,343,418
Banks - Money Center — 0.1%
Lloyds Bank PLC Bank Guar. Notes 2.30% due 11/27/2018#		275,000		276,325
Beverages - Non-alcoholic — 0.4%
Coca-Cola Femsa SAB de CV Company Guar. Notes 2.38% due 11/26/2018		410,000		410,337
Coca-Cola Femsa SAB de CV Company Guar. Notes 3.88% due 11/26/2023		254,000		250,977
Coca-Cola Femsa SAB de CV Company Guar. Notes 5.25% due 11/26/2043#		188,000		188,506
				849,820

43

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Chemicals - Diversified — 0.2%
LyondellBasell Industries NV Senior Notes 5.00% due 04/15/2019	$	277,000	$	311,000
Computers - Memory Devices — 0.2%
Seagate HDD Cayman Company Guar. Notes 4.75% due 06/01/2023*#		363,000		344,850
Diversified Banking Institutions — 0.4%
Royal Bank of Scotland Group PLC Sub. Notes 6.10% due 06/10/2023		196,000		198,808
Royal Bank of Scotland Group PLC Senior Notes 6.40% due 10/21/2019		259,000		302,078
Societe Generale SA Senior Notes 5.20% due 04/15/2021*		350,000		387,576
				888,462
Diversified Financial Services — 0.2%
Hyundai Capital Services, Inc. Senior Notes 6.00% due 05/05/2015*		373,000		397,471
Diversified Manufacturing Operations — 0.4%
Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 2.88% due 01/15/2019*		200,000		200,067
Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 4.25% due 06/15/2023*		386,000		381,797
Pentair Finance SA Company Guar. Notes 1.35% due 12/01/2015		207,000		208,350
				790,214
Diversified Minerals — 0.2%
Teck Resources, Ltd. Company Guar. Notes 6.00% due 08/15/2040#		321,000		304,946
Gas - Distribution — 0.1%
Centrica PLC Senior Notes 4.00% due 10/16/2023#*		219,000		215,989
Import/Export — 0.2%
Svensk Exportkredit AB FRS Sub. Notes 2.88% due 11/14/2023*		353,000		349,569
Insurance - Multi-line — 0.2%
XLIT, Ltd. Company Guar. Notes 2.30% due 12/15/2018		399,000		398,856
Medical - Drugs — 0.2%
Takeda Pharmaceutical Co., Ltd. Senior Notes 1.63% due 03/17/2017*		404,000		406,586
Oil & Gas Drilling — 0.3%
Transocean, Inc. Company Guar. Notes 6.38% due 12/15/2021#		325,000		365,198
Transocean, Inc. Company Guar. Notes 6.80% due 03/15/2038#		130,000		141,747

Security Description	Principal Amount		Value (Note 2)
Oil & Gas Drilling (continued)
Transocean, Inc. Company Guar. Notes 7.50% due 04/15/2031	$	157,000	$	179,188
				686,133
Oil Companies - Exploration & Production — 0.2%
Anadarko Finance Co. Company Guar. Notes 7.50% due 05/01/2031#		286,000		357,615
Oil Companies - Integrated — 0.7%
BP Capital Markets PLC Company Guar. Notes 1.38% due 11/06/2017#		350,000		348,771
BP Capital Markets PLC Company Guar. Notes 2.25% due 11/01/2016		350,000		363,592
Petroleos Mexicanos Company Guar. Notes 5.50% due 06/27/2044#		301,000		266,582
Statoil ASA Company Guar. Notes 2.90% due 11/08/2020#		272,000		274,041
Statoil ASA Company Guar. Notes 4.80% due 11/08/2043		179,000		179,787
				1,432,773
Petrochemicals — 0.1%
Mexichem SAB de CV Company Guar. Notes 6.75% due 09/19/2042#*		227,000		211,110
Special Purpose Entity — 0.1%
Perrigo Co., Ltd. Company Guar. Notes 2.30% due 11/08/2018*		201,000		201,583
SupraNational Banks — 0.1%
North American Development Bank Senior Notes 2.30% due 10/10/2018		257,000		257,630
Telephone - Integrated — 0.3%
Telecom Italia Capital SA Company Guar. Notes 7.18% due 06/18/2019#		391,000		436,545
Telefonica Emisiones SAU Company Guar. Notes 4.57% due 04/27/2023#		153,000		151,601
				588,146
Total Foreign Corporate Bonds & Notes
(cost $15,173,585)				15,199,812
FOREIGN GOVERNMENT AGENCIES — 0.7%
Electric - Distribution — 0.2%
Hydro-Quebec Government Guar. Notes 1.38% due 06/19/2017		298,000		300,401
Regional Authority — 0.1%
Province of British Columbia Senior Notes 2.85% due 06/15/2015		272,000		282,567
Sovereign — 0.4%
Federative Republic of Brazil Senior Notes 5.63% due 01/07/2041#		191,000		183,360

44

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN GOVERNMENT AGENCIES (continued)
Sovereign (continued)
Government of Canada Senior Notes 0.88% due 02/14/2017	$	308,000	$	310,169
United Mexican States Senior Bonds 4.75% due 03/08/2044#		365,000		320,470
				813,999
Total Foreign Government Agencies
(cost $1,392,662)				1,396,967
MUNICIPAL BONDS & NOTES — 0.4%
Ohio State University Revenue Bonds Series A 4.80% due 06/01/2111		241,000		212,557
Port Authority of New York & New Jersey Revenue Bonds Series 168 4.93% due 10/01/2051		216,000		211,004
Port Authority of New York & New Jersey Revenue Bonds Series 174 4.46% due 10/01/2062		335,000		296,174
Total Municipal Bonds & Notes
(cost $789,624)				719,735
U.S. GOVERNMENT AGENCIES — 33.2%
Federal Home Loan Bank — 0.2%
5.50% due 07/15/2036		250,000		297,299
Federal Home Loan Mtg. Corp. — 11.4%
2.50% due 01/01/2028		470,575		471,319
2.50% due 04/01/2028		943,170		944,696
3.00% due 08/01/2027		908,757		935,401
3.00% due 10/01/2042		887,514		853,756
3.00% due 11/01/2042		1,501,401		1,444,293
3.00% due 02/01/2043		485,877		467,396
3.00% due 04/01/2043		969,817		932,929
3.00% due 05/01/2043		1,500,879		1,443,791
3.50% due 11/01/2041		1,234,046		1,243,094
3.50% due 03/01/2042		343,684		346,204
3.50% due 04/01/2042		1,930,721		1,944,877
3.50% due 06/01/2042		2,608,373		2,627,498
3.50% due 08/01/2042		462,309		465,887
4.00% due 09/01/2040		185,631		193,044
4.50% due 01/01/2039		52,077		55,487
4.50% due 06/01/2040		1,361,607		1,465,493
4.50% due 06/01/2041		1,469,565		1,568,165
5.00% due 10/01/2033		3,410		3,702
5.00% due 03/01/2038		184,779		199,447
5.00% due 06/01/2039		886,456		964,931
5.00% due 07/01/2040		1,472,091		1,595,957
5.50% due 11/01/2018		86,996		92,988
5.50% due 02/01/2035		335,962		365,417
5.50% due 07/01/2036		239,481		259,616
5.50% due 09/01/2037		12,407		13,445
5.50% due 10/01/2037		13,320		14,435
5.50% due 01/01/2038		154,411		167,325
5.50% due 04/01/2038		71,845		77,854
5.50% due 06/01/2041		94,855		102,788
6.00% due 10/01/2033		262,789		289,947
6.00% due 03/01/2040		2,627		2,886
6.50% due 02/01/2035		15,686		17,392
6.50% due 01/01/2036		24,762		27,446
6.50% due 03/01/2036		81,273		90,421
6.75% due 09/15/2029#		500,000		671,095
6.75% due 03/15/2031		250,000		336,356
7.00% due 11/01/2016		7,139		7,508
				22,704,286

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. — 21.4%
2.50% due 04/01/2028	$	580,642	$	580,509
3.00% due 10/01/2027		226,334		233,552
3.00% due 12/01/2027		1,894,203		1,955,780
3.00% due 01/01/2028		1,896,653		1,958,368
3.00% due 03/01/2042		490,509		473,763
3.00% due 12/01/2042		1,442,443		1,393,197
3.00% due 02/01/2043		1,938,068		1,854,466
3.50% due 09/01/2026		119,723		126,300
3.50% due 08/01/2027		287,927		303,673
3.50% due 10/01/2041		984,730		993,769
3.50% due 12/01/2041		818,736		826,543
3.50% due 06/01/2042		547,260		552,182
3.50% due 07/01/2042		128,575		128,124
3.50% due 08/01/2042		781,180		778,435
3.50% due 09/01/2042		1,912,550		1,929,752
4.00% due 08/01/2026		1,525,135		1,624,567
4.00% due 07/01/2040		273,495		286,564
4.00% due 08/01/2040		57,993		60,500
4.00% due 09/01/2040		574,719		599,576
4.00% due 10/01/2040		220,208		229,656
4.00% due 12/01/2040		2,154,444		2,248,456
4.00% due 03/01/2041		361,441		377,067
4.00% due 10/01/2041		2,042,467		2,131,562
4.00% due 11/01/2041		2,199,849		2,296,066
4.00% due 01/01/2042		173,752		181,331
4.50% due 11/01/2022		357,862		381,688
4.50% due 10/01/2024		745,376		794,066
4.50% due 01/01/2039		108,177		115,382
4.50% due 09/01/2040		1,960,624		2,093,484
4.50% due 11/01/2040		447,462		477,860
4.50% due 12/01/2040		931,438		995,275
4.50% due 05/01/2041		1,926,219		2,056,553
5.00% due 03/15/2016#		1,140,000		1,257,742
5.00% due 05/11/2017		500,000		570,331
5.00% due 10/01/2033		10,233		11,153
5.00% due 03/01/2034		137,943		149,904
5.00% due 02/01/2036		46,428		50,433
5.00% due 05/01/2039		1,312,993		1,439,969
5.00% due 05/01/2040		277,254		302,010
5.00% due 07/01/2040		699,268		763,163
5.50% due 12/01/2029		229,602		251,777
5.50% due 04/01/2033		162,295		178,013
5.50% due 12/01/2033		157,960		172,867
5.50% due 05/01/2034		182,029		199,341
5.50% due 07/01/2037		1,201,072		1,311,585
5.50% due 06/01/2038		103,501		113,802
6.00% due 03/01/2016		416		417
6.00% due 12/01/2016		9,637		10,105
6.00% due 11/01/2017		27,404		29,012
6.00% due 12/01/2020		74,834		79,385
6.00% due 12/01/2033		130,901		146,087
6.00% due 12/01/2036		1,442,701		1,591,620
6.00% due 05/01/2038		302,382		332,869
6.00% due 11/01/2038		404,071		444,750
6.00% due 06/01/2040		322,905		355,358
6.50% due 03/01/2017		16,458		17,468
6.50% due 08/01/2031		11,310		12,725
6.50% due 07/01/2032		84,285		95,116
6.50% due 07/01/2036		51,950		57,633
6.50% due 09/01/2037		177,095		196,955
6.50% due 10/01/2037		259,805		288,614
6.50% due 10/01/2038		86,620		96,140
6.50% due 02/01/2039		69,910		77,518
7.50% due 08/01/2015		98		102

45

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc. REMIC Series 2011-117, Class MA 2.00% due 08/25/2040(3)	$	930,465	$	929,956
				42,571,986
Government National Mtg. Assoc. — 0.0%
6.00% due 04/15/2029		14,039		15,565
6.50% due 07/15/2032		30,092		33,582
6.50% due 09/15/2032		43,262		48,303
				97,450
Tennessee Valley Authority — 0.2%
1.75% due 10/15/2018		155,000		156,029
3.50% due 12/15/2042		387,000		310,760
				466,789
Total U.S. Government Agencies
(cost $66,803,354)				66,137,810
U.S. GOVERNMENT TREASURIES — 24.5%
United States Treasury Bonds — 3.1%
2.75% due 11/15/2042		423,000		342,630
3.13% due 11/15/2041		809,000		715,586
3.13% due 02/15/2042		408,000		360,187
3.88% due 08/15/2040		54,000		55,282
4.25% due 05/15/2039		267,000		291,489
4.38% due 02/15/2038#		483,000		538,017
4.38% due 11/15/2039		934,000		1,039,221
4.50% due 05/15/2038#		120,000		136,162
4.50% due 08/15/2039		972,000		1,103,220
4.75% due 02/15/2037#		587,000		690,276
4.75% due 02/15/2041		129,000		151,938
5.00% due 05/15/2037		159,000		193,359
5.25% due 11/15/2028		404,000		497,425
8.13% due 08/15/2019		92,000		124,911
				6,239,703
United States Treasury Notes — 21.4%
0.25% due 08/15/2015#		800,000		800,062
0.25% due 10/31/2015#		219,000		218,923
0.38% due 04/15/2015		540,000		541,329
0.38% due 11/15/2015		9,000		9,016
0.50% due 07/31/2017		3,000,000		2,961,798
0.63% due 05/31/2017		322,000		320,164
0.63% due 08/31/2017		2,261,000		2,239,274
0.75% due 06/15/2014		210,000		210,697
0.75% due 10/31/2017		99,000		98,196
0.75% due 12/31/2017		234,000		231,440
0.88% due 02/28/2017		2,600,000		2,616,250
1.00% due 08/31/2016		103,000		104,440
1.00% due 10/31/2016		1,369,000		1,386,648
1.00% due 03/31/2017		5,112,000		5,159,526
1.00% due 08/31/2019		229,000		220,412
1.25% due 10/31/2015		2,222,000		2,263,403
1.38% due 11/30/2015		53,000		54,143
1.38% due 06/30/2018		74,000		74,503
1.38% due 02/28/2019		510,000		507,928
1.50% due 12/31/2013		475,000		475,501
1.63% due 08/15/2022		1,000		929
1.63% due 11/15/2022		3,003,000		2,770,736
1.75% due 05/15/2022		1,640,000		1,549,800
2.00% due 02/15/2022		3,444,000		3,340,680
2.13% due 12/31/2015		150,000		155,672
2.38% due 08/31/2014		5,260,000		5,346,501
2.50% due 04/30/2015		500,000		516,172
2.75% due 12/31/2017		1,511,000		1,616,179

Security Description	Shares/ Principal Amount		Value (Note 2)
United States Treasury Notes (continued)
3.13% due 05/15/2019	$	11,000	$	11,925
3.63% due 08/15/2019		27,000		29,945
3.88% due 05/15/2018		4,109,000		4,595,662
4.00% due 08/15/2018		1,403,000		1,580,896
4.25% due 08/15/2015		538,000		574,651
				42,583,401
Total U.S. Government Treasuries
(cost $48,490,061)				48,823,104
PREFERRED SECURITIES — 0.2%
Electric - Integrated — 0.1%
Entergy Louisiana LLC 4.70%#		7,250		138,040
Telecom Services — 0.1%
Qwest Corp. 6.13%		13,750		275,825
Total Preferred Securities
(cost $524,956)				413,865
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.0%
Banks - Super Regional — 0.2%
Wells Fargo & Co. FRS Series K 7.98% due 03/15/2018(5)		165,000		185,212
Wells Fargo Capital X 5.95% due 12/01/2086		97,000		95,060
				280,272
Diversified Banking Institutions — 0.2%
JPMorgan Chase & Co. FRS Series Q 5.15% due 05/01/2023#(5)		230,000		207,000
JPMorgan Chase & Co. FRS Series 1 7.90% due 04/30/2018#(5)		160,000		176,800
JPMorgan Chase Capital XXIII FRS 1.24% due 05/15/2077		73,000		54,111
				437,911
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(4)		78,000		8
Finance - Other Services — 0.1%
National Rural Utilities Cooperative Finance Corp. FRS 4.75% due 04/30/2043		216,000		201,150
Insurance - Life/Health — 0.1%
Prudential Financial, Inc. FRS 5.63% due 06/15/2043		283,000		277,694
Insurance - Multi-line — 0.2%
MetLife, Inc. 6.40% due 12/15/2066#		284,000		291,100
Tools - Hand Held — 0.2%
Stanley Black & Decker, Inc. FRS 5.75% due 12/15/2053		396,000		406,890
Total Preferred Securities/Capital Securities
(cost $1,863,232)				1,895,025
Total Long-Term Investment Securities
(cost $184,417,572)				184,090,477

46

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 10.7%
Registered Investment Companies — 3.6%
State Street Navigator Securities Lending Prime Portfolio(6)	$	7,247,360		$	7,247,360
Time Deposits — 7.1%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013		14,109,000			14,109,000
Total Short-Term Investment Securities
(cost $21,356,360)					21,356,360
TOTAL INVESTMENTS
(cost $205,773,932)(7)		103.2	%		205,446,837
Liabilities in excess of other assets		(3.2	)		(6,297,557	)
NET ASSETS		100.0	%	$	199,149,280

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2013, the aggregate value of these securities was $14,458,214 representing 7.3% 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) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

(3) Collateralized Mortgage Obligation

(4) Illiquid security. At November 30, 2013, the aggregate value of these securities was $28 representing 0.0% of net assets.

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

(6) At November 30, 2013, the Fund had loaned securities with a total value of $7,527,004. This was secured by collateral of $7,247,360, which was received in cash and subsequently invested in short-term investments currently valued at $7,247,360 as reported in the portfolio of investments. Additional collateral of $437,102 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Federal Farm Credit Bank	0.15% to 5.63%	01/17/2014 to 04/12/2035	$40,974
Federal Home Loan Bank	0.50% to 3.30%	01/08/2016 to 11/26/2032	44,039
Federal Home Loan Mtg. Corp.	0.27% to 23.59%	11/15/2019 to 09/15/2043	6,694
Federal National Mtg. Assoc.	zero coupon to 38.36%	07/25/2018 to 07/25/2043	18,641
Government National Mtg. Assoc.	0.57% to 38.53%	11/20/2020 to 10/16/2052	18,776
United States Treasury Bonds/Notes	0.13% to 9.13%	01/31/2014 to 05/15/2043	307,978

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

REMIC—Real Estate Mortgage Investment Conduit

FRS—Floating Rate Security

VRS—Variable Rate Security

The rate shown on FRS and VRS are the current interest rate as of November 30, 2013 and unless notes otherwise, the date shown are the original maturity dates.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Long-Term Investment Securities:
Asset Backed Securities:
Diversified Financial Services	$	—	$	12,197,135	$	1,252,437	$	13,449,572
U.S. Corporate Bonds & Notes		—		36,054,587		—		36,054,587
Foreign Corporate Bonds & Notes		—		15,199,812		—		15,199,812
Foreign Government Agencies		—		1,396,967		—		1,396,967
Municipal Bonds & Notes		—		719,735		—		719,735
U.S. Government Agencies:
Federal Home Loan Mtg. Corp.		—		22,704,286		—		22,704,286
Federal National Mtg. Assoc.		—		42,571,986		—		42,571,986
Other Government Agencies**		—		861,538		—		861,538
U.S. Government Treasuries:
United States Treasury Bonds		—		6,239,703		—		6,239,703
United States Treasury Notes		—		42,583,401		—		42,583,401
Preferred Securities		413,865		—		—		413,865
Preferred Securities/Capital Securities		—		1,895,025		—		1,895,025
Short-Term Investment Securities:
Registered Investment Companies		7,247,360		—		—		7,247,360
Time Deposits		—		14,109,000		—		14,109,000
Total	$	7,661,225	$	196,533,175	$	1,252,437	$	205,446,837

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

At the end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.

See Notes to Financial Statements

47

VALIC Company I Core Equity Fund

PORTFOLIO PROFILE OF INVESTMENTS — November 30, 2013 (unaudited)

Industry Allocation*

Diversified Banking Institutions	9.7	%
Medical — Drugs	8.0
Registered Investment Companies	6.3
Oil Companies — Integrated	5.5
Banks — Super Regional	4.2
Diversified Manufacturing Operations	3.7
Web Portals/ISP	3.1
Oil Refining & Marketing	3.0
Aerospace/Defense	2.8
Oil — Field Services	2.6
Auto/Truck Parts & Equipment — Original	2.5
Medical Instruments	2.4
Insurance — Property/Casualty	2.2
Finance — Credit Card	2.2
Commercial Services — Finance	2.2
Retail — Drug Store	2.1
Cable/Satellite TV	2.1
Insurance — Multi — line	2.0
Computers — Memory Devices	2.0
Multimedia	2.0
Medical — Biomedical/Gene	1.8
Networking Products	1.8
Retail — Building Products	1.7
Airlines	1.6
Enterprise Software/Service	1.6
Computers	1.4
Insurance — Life/Health	1.3
Retail — Apparel/Shoe	1.3
Chemicals — Diversified	1.3
Engineering/R&D Services	1.2
Applications Software	1.1
Medical — Wholesale Drug Distribution	1.1
Paper & Related Products	1.1
Semiconductor Equipment	1.0
Retail — Regional Department Stores	1.0
Electronic Measurement Instruments	0.9
Repurchase Agreements	0.9
Oil Companies — Exploration & Production	0.9
Medical — HMO	0.9
Medical Products	0.8
Containers — Paper/Plastic	0.7
Auto — Cars/Light Trucks	0.7
Computers — Integrated Systems	0.7
Banks — Commercial	0.6
Food — Retail	0.6
Internet Security	0.5
Engines — Internal Combustion	0.5
Finance — Other Services	0.5
Electronic Components — Misc.	0.5
Electronic Security Devices	0.4
Batteries/Battery Systems	0.4
Home Decoration Products	0.4
Electric — Generation	0.4
Electronic Parts Distribution	0.4
Chemicals — Specialty	0.4
Instruments — Controls	0.3
Medical — Hospitals	0.3
Real Estate Management/Services	0.3
Gas — Distribution	0.2
Medical Labs & Testing Services	0.2
Entertainment Software	0.2
Medical — Generic Drugs	0.2
Retail — Major Department Stores	0.2
Office Automation & Equipment	0.2
Wireless Equipment	0.2
Retail — Discount	0.2
Banks — Fiduciary	0.1
Telecom Equipment — Fiber Optics	0.1
Consumer Products — Misc.	0.1

Steel — Producers	0.1
Insurance — Reinsurance	0.1
Electric — Integrated	0.1
Tobacco	0.1
	106.2	%

* Calculated as a percentage of net assets

48

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.0%
Aerospace/Defense — 2.8%
Boeing Co.		21,200	$	2,846,100
Northrop Grumman Corp.		10,700		1,205,676
Raytheon Co.		32,980		2,924,666
Rockwell Collins, Inc.#		7,100		516,383
				7,492,825
Airlines — 1.6%
Delta Air Lines, Inc.		11,735		340,080
United Continental Holdings, Inc.†#		99,742		3,914,874
				4,254,954
Applications Software — 1.1%
Microsoft Corp.		76,535		2,918,280
Auto - Cars/Light Trucks — 0.7%
Ford Motor Co.		30,755		525,296
General Motors Co.†		30,940		1,198,306
				1,723,602
Auto/Truck Parts & Equipment - Original — 2.5%
BorgWarner, Inc.		10,170		1,089,919
Lear Corp.		14,300		1,185,613
TRW Automotive Holdings Corp.†		42,116		3,268,202
WABCO Holdings, Inc.†		11,000		974,600
				6,518,334
Banks - Commercial — 0.6%
Regions Financial Corp.		167,900		1,633,667
Banks - Fiduciary — 0.1%
State Street Corp.		5,090		369,585
Banks - Super Regional — 4.2%
Capital One Financial Corp.		23,600		1,690,468
SunTrust Banks, Inc.		60,800		2,202,784
US Bancorp		127,981		5,019,415
Wells Fargo & Co.		47,745		2,101,735
				11,014,402
Batteries/Battery Systems — 0.4%
Energizer Holdings, Inc.		10,110		1,115,639
Cable/Satellite TV — 2.1%
Comcast Corp., Class A		98,300		4,902,221
Comcast Corp., Special Class A		13,415		645,932
				5,548,153
Chemicals - Diversified — 1.3%
Akzo Nobel NV ADR#		17,200		433,268
Celanese Corp., Series A		100		5,613
Dow Chemical Co.#		22,200		867,132
LyondellBasell Industries NV, Class A		7,600		586,568
PPG Industries, Inc.		8,150		1,500,089
				3,392,670
Chemicals - Specialty — 0.4%
Ashland, Inc.		4,200		382,536
Cabot Corp.#		13,012		634,986
				1,017,522
Commercial Services - Finance — 2.2%
MasterCard, Inc., Class A		6,570		4,998,522
Western Union Co.#		44,790		746,649
				5,745,171
Computers — 1.4%
Apple, Inc.		6,590		3,664,501

Security Description	Shares		Value (Note 2)
Computers - Integrated Systems — 0.7%
Brocade Communications Systems, Inc.†		80,500	$	707,595
Teradata Corp.†#		22,200		1,013,208
				1,720,803
Computers - Memory Devices — 2.0%
EMC Corp.		119,200		2,842,920
NetApp, Inc.		29,452		1,214,895
Western Digital Corp.		14,700		1,103,088
				5,160,903
Consumer Products - Misc. — 0.1%
Kimberly-Clark Corp.		2,600		283,816
Containers - Paper/Plastic — 0.7%
Packaging Corp. of America		31,505		1,929,996
Diversified Banking Institutions — 9.7%
Bank of America Corp.		337,854		5,344,850
Citigroup, Inc.		155,303		8,218,635
Goldman Sachs Group, Inc.		16,189		2,734,969
JPMorgan Chase & Co.		153,644		8,791,510
Morgan Stanley		16,500		516,450
				25,606,414
Diversified Manufacturing Operations — 3.7%
3M Co.		39,150		5,226,916
General Electric Co.		88,650		2,363,409
Ingersoll-Rand PLC		30,600		2,185,452
				9,775,777
Electric - Generation — 0.4%
AES Corp.		72,800		1,060,696
Electric - Integrated — 0.1%
Edison International		4,500		207,945
PPL Corp.		800		24,568
				232,513
Electronic Components - Misc. — 0.5%
Garmin, Ltd.#		6,590		320,010
TE Connectivity, Ltd.		18,900		996,408
				1,316,418
Electronic Measurement Instruments — 0.9%
Agilent Technologies, Inc.		45,960		2,462,077
Electronic Parts Distribution — 0.4%
Avnet, Inc.		26,500		1,057,350
Electronic Security Devices — 0.4%
Tyco International, Ltd.		29,450		1,123,223
Engineering/R&D Services — 1.2%
Fluor Corp.#		18,500		1,439,485
KBR, Inc.#		47,300		1,600,159
				3,039,644
Engines - Internal Combustion — 0.5%
Cummins, Inc.#		10,150		1,343,454
Enterprise Software/Service — 1.6%
CA, Inc.		18,975		626,175
Oracle Corp.		100,630		3,551,233
				4,177,408
Entertainment Software — 0.2%
Activision Blizzard, Inc.		30,000		516,300
Finance - Credit Card — 2.2%
Discover Financial Services		107,900		5,751,070

49

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Other Services — 0.5%
NASDAQ OMX Group, Inc.#		33,575	$	1,319,162
Food - Misc./Diversified — 0.0%
Unilever NV		790		31,015
Food - Retail — 0.6%
Kroger Co.		38,885		1,623,449
Gas - Distribution — 0.2%
UGI Corp.#		14,350		577,731
Home Decoration Products — 0.4%
Newell Rubbermaid, Inc.#		35,000		1,062,250
Instruments - Controls — 0.3%
Honeywell International, Inc.		9,845		871,381
Insurance Brokers — 0.0%
Willis Group Holdings PLC#		1,840		82,395
Insurance - Life/Health — 1.3%
Aflac, Inc.		15,480		1,027,407
Lincoln National Corp.		22,387		1,149,125
Prudential Financial, Inc.		15,125		1,342,495
				3,519,027
Insurance - Multi-line — 2.0%
ACE, Ltd.		11,555		1,187,623
American Financial Group, Inc.		8,600		495,876
Genworth Financial, Inc., Class A†		64,800		979,128
Hartford Financial Services Group, Inc.		36,119		1,286,920
MetLife, Inc.		11,355		592,618
XL Group PLC		24,770		792,392
				5,334,557
Insurance - Property/Casualty — 2.2%
Chubb Corp.		22,700		2,189,415
Travelers Cos., Inc.		40,615		3,685,405
				5,874,820
Insurance - Reinsurance — 0.1%
PartnerRe, Ltd.		2,300		236,670
Internet Security — 0.5%
Symantec Corp.#		64,200		1,443,858
Medical Instruments — 2.4%
Medtronic, Inc.		82,244		4,714,226
St Jude Medical, Inc.		28,600		1,670,812
				6,385,038
Medical Labs & Testing Services — 0.2%
Quest Diagnostics, Inc.#		9,000		548,460
Medical Products — 0.8%
Baxter International, Inc.		700		47,915
Hospira, Inc.†		6,500		255,515
Zimmer Holdings, Inc.#		19,000		1,736,790
				2,040,220
Medical - Biomedical/Gene — 1.8%
Amgen, Inc.		15,600		1,779,648
Biogen Idec, Inc.†		4,200		1,222,074
Celgene Corp.†		7,900		1,277,983
Gilead Sciences, Inc.†#		7,700		576,037
				4,855,742
Medical - Drugs — 8.0%
Abbott Laboratories		34,150		1,304,189
AbbVie, Inc.		34,150		1,654,567

Security Description	Shares		Value (Note 2)
Medical - Drugs (continued)
AstraZeneca PLC ADR#		24,400	$	1,395,436
Eli Lilly & Co.		58,500		2,937,870
Johnson & Johnson		16,275		1,540,592
Merck & Co., Inc.		83,940		4,182,730
Pfizer, Inc.		249,522		7,917,333
				20,932,717
Medical - Generic Drugs — 0.2%
Teva Pharmaceutical Industries, Ltd. ADR		12,400		505,424
Medical - HMO — 0.9%
Aetna, Inc.		32,700		2,254,011
Medical - Hospitals — 0.3%
Universal Health Services, Inc., Class B		9,500		783,085
Medical - Wholesale Drug Distribution — 1.1%
McKesson Corp.		16,900		2,803,541
Multimedia — 2.0%
Time Warner, Inc.		15,561		1,022,513
Twenty-First Century Fox, Inc., Class A#		69,003		2,310,911
Viacom, Inc., Class B		22,520		1,805,428
				5,138,852
Networking Products — 1.8%
Cisco Systems, Inc.		221,700		4,711,125
Office Automation & Equipment — 0.2%
Xerox Corp.		43,600		496,168
Oil Companies - Exploration & Production — 0.9%
Antero Resources Corp.†		3,100		170,190
Apache Corp.		8,450		773,091
Cobalt International Energy, Inc.†		28,200		626,886
Gulfport Energy Corp.†#		14,100		823,863
				2,394,030
Oil Companies - Integrated — 5.5%
Chevron Corp.		11,510		1,409,284
Exxon Mobil Corp.		51,020		4,769,350
Marathon Oil Corp.		75,904		2,735,580
Phillips 66		3,100		215,791
Suncor Energy, Inc.		124,780		4,327,371
Total SA ADR		18,800		1,134,016
				14,591,392
Oil Refining & Marketing — 3.0%
Marathon Petroleum Corp.		53,820		4,453,067
PBF Energy, Inc.#		40,031		1,154,894
Tesoro Corp.#		17,389		1,019,517
Valero Energy Corp.		25,800		1,179,576
				7,807,054
Oil - Field Services — 2.6%
Halliburton Co.		42,784		2,253,861
MRC Global, Inc.†		14,000		428,260
Oceaneering International, Inc.#		15,700		1,211,883
Schlumberger, Ltd.		33,000		2,917,860
				6,811,864
Paper & Related Products — 1.1%
Domtar Corp.		18,300		1,564,833
International Paper Co.		26,100		1,217,565
				2,782,398
Physicians Practice Management — 0.0%
Envision Healthcare Holdings, Inc.†		3,900		115,518

50

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Management/Services — 0.3%
CBRE Group, Inc., Class A†		4,900	$	118,776
Jones Lang LaSalle, Inc.		5,800		566,776
				685,552
Retail - Apparel/Shoe — 1.3%
Ross Stores, Inc.		45,800		3,501,868
Retail - Building Products — 1.7%
Lowe's Cos., Inc.		92,500		4,391,900
Retail - Discount — 0.2%
Target Corp.		1,900		121,467
Wal-Mart Stores, Inc.		4,500		364,545
				486,012
Retail - Drug Store — 2.1%
CVS Caremark Corp.		80,600		5,396,976
Walgreen Co.		2,835		167,832
				5,564,808
Retail - Major Department Stores — 0.2%
Nordstrom, Inc.#		8,100		503,901
Retail - Regional Department Stores — 1.0%
Dillard's, Inc., Class A		9,400		860,100
Kohl's Corp.#		8,700		480,936
Macy's, Inc.		22,100		1,177,046
				2,518,082
Semiconductor Equipment — 1.0%
Applied Materials, Inc.		126,080		2,181,184
KLA-Tencor Corp.		100		6,387
Teradyne, Inc.†#		31,237		531,966
				2,719,537
Steel - Producers — 0.1%
Reliance Steel & Aluminum Co.		3,600		264,708
Telecom Equipment - Fiber Optics — 0.1%
Corning, Inc.		18,760		320,421
Tobacco — 0.1%
Philip Morris International, Inc.		1,950		166,803
Web Portals/ISP — 3.1%
AOL, Inc.†#		20,500		913,890
Google, Inc., Class A†		6,050		6,410,519
Yahoo!, Inc.†		21,400		791,372
				8,115,781
Wireless Equipment — 0.2%
Telefonaktiebolaget LM Ericsson ADR#		39,500		494,145

Security Description	Shares/ Principal Amount			Value (Note 2)
X-Ray Equipment — 0.0%
Hologic, Inc.†#		4,600		$	102,994
Total Common Stocks
(cost $196,066,726)					260,736,633
CONVERTIBLE PREFERRED SECURITIES — 0.0%
Tools - Hand Held — 0.0%
Stanley Black & Decker, Inc. 6.25% due 11/17/2016 (cost $100,000)		1,000			102,000
Total Long-Term Investment Securities
(cost $196,166,726)					260,838,633
SHORT-TERM INVESTMENT SECURITIES — 7.2%
Registered Investment Companies — 6.3%
State Street Navigator Securities Lending Prime Portfolio(1) (cost $16,435,574)		16,435,574			16,435,574
REPURCHASE AGREEMENT — 0.9%
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/29/2013, to be repurchased 12/02/2013 in the amount of $2,445,000 and collateralized by $2,750,000 of Federal Home Loan Mortgage Corp. bearing interest at 2.00%, due 01/30/2023 and having an approximate value of $2,500,385 (cost $2,445,000)	$	2,445,000		$	2,445,000
TOTAL INVESTMENTS
(cost $215,047,300)(2)		106.2	%		279,719,207
Liabilities in excess of other assets		(6.2	)		(16,387,379	)
NET ASSETS —		100.0	%	$	263,331,828

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

† Non-income producing security

(1) At November 30, 2013, the Fund had loaned securities with a total value of $17,275,654. This was secured by collateral of $16,435,574, which was received in cash and subsequently invested in short-term investments currently valued at $16,435,574 as reported in the portfolio of investments. Additional collateral of $1,230,889 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund's assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30,  2013
Federal National Mtg. Assoc.	3.00% to 4.00%	10/25/2029 to 05/25/2042	$1,230,889

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

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Diversified Banking Institutions	$	25,606,414	$	—	$	—	$	25,606,414
Medical - Drugs		20,932,717		—		—		20,932,717
Oil Companies - Integrated		14,591,392		—		—		14,591,392
Other Industries*		199,606,110		—		—		199,606,110
Convertible Preferred Securities		102,000		—		—		102,000

51

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
Short-Term Investment Securities:
Registered Investment Companies	$	16,435,574	$	—	$	—	$	16,435,574
Repurchase Agreement		—		2,445,000		—		2,445,000
Total	$	277,274,207	$	2,445,000	$	—	$	279,719,207

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

52

VALIC Company I Dividend Value Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Medical — Drugs	9.2	%
Tobacco	6.9
Oil Companies — Integrated	6.1
Aerospace/Defense	4.6
Banks — Super Regional	4.5
Telephone — Integrated	4.4
Food — Misc./Diversified	3.1
Diversified Banking Institutions	2.8
Commercial Services — Finance	2.8
Electric — Integrated	2.6
Diversified Manufacturing Operations	2.5
Applications Software	2.3
Computer Services	2.3
Retail — Restaurants	2.2
Cosmetics & Toiletries	2.1
Oil Refining & Marketing	1.9
Electronic Components — Semiconductors	1.8
Insurance — Property/Casualty	1.5
Cable/Satellite TV	1.5
Consumer Products — Misc.	1.5
Retail — Building Products	1.5
Chemicals — Diversified	1.4
Pipelines	1.4
Enterprise Software/Service	1.3
Retail — Office Supplies	1.3
Toys	1.2
Internet Security	1.2
Insurance — Life/Health	1.2
Networking Products	1.2
Non — Hazardous Waste Disposal	1.1
Data Processing/Management	1.1
Retail — Apparel/Shoe	1.1
Aerospace/Defense — Equipment	1.1
Oil Companies — Exploration & Production	1.0
Insurance — Multi-line	1.0
Diversified Minerals	1.0
Machinery — Farming	0.9
Finance — Credit Card	0.9
Paper & Related Products	0.8
Banks — Commercial	0.8
Beverages — Wine/Spirits	0.7
Instruments — Controls	0.7
Beverages — Non-alcoholic	0.7
Transport — Services	0.7
Apparel Manufacturers	0.7
Time Deposits	0.6
Repurchase Agreements	0.6
Transport — Rail	0.5
Publishing — Newspapers	0.5
Wireless Equipment	0.5
Real Estate Investment Trusts	0.5
Industrial Gases	0.4
Water	0.4
Auto/Truck Parts & Equipment — Original	0.4
Retail — Discount	0.4
Oil — Field Services	0.3
Multimedia	0.3
Gas — Distribution	0.3
Medical Labs & Testing Services	0.3
Retail — Computer Equipment	0.3
Industrial Automated/Robotic	0.2
Gold Mining	0.2
Telecom Services	0.2
Electric — Transmission	0.2
Metal — Copper	0.1
	99.8%

* Calculated as a percentage of net assets

53

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.6%
Aerospace/Defense — 4.6%
Lockheed Martin Corp.		59,085	$	8,370,572
Northrop Grumman Corp.		44,675		5,033,979
Raytheon Co.		176,145		15,620,539
				29,025,090
Aerospace/Defense - Equipment — 1.1%
United Technologies Corp.		59,900		6,640,514
Apparel Manufacturers — 0.7%
VF Corp.		19,040		4,466,403
Applications Software — 2.3%
Microsoft Corp.		375,190		14,305,995
Auto/Truck Parts & Equipment - Original — 0.4%
Johnson Controls, Inc.		46,260		2,336,593
Banks - Commercial — 0.8%
M&T Bank Corp.		8,300		957,488
Toronto - Dominion Bank		42,350		3,858,990
				4,816,478
Banks - Super Regional — 4.5%
Fifth Third Bancorp		213,460		4,337,507
SunTrust Banks, Inc.		163,860		5,936,648
US Bancorp		152,380		5,976,343
Wells Fargo & Co.		280,745		12,358,395
				28,608,893
Beverages - Non-alcoholic — 0.7%
Coca-Cola Co.		113,025		4,542,475
Beverages - Wine/Spirits — 0.7%
Diageo PLC		146,615		4,670,001
Cable/Satellite TV — 1.5%
Comcast Corp., Special Class A		202,785		9,764,098
Chemicals - Diversified — 1.4%
Dow Chemical Co.		58,645		2,290,674
E.I. du Pont de Nemours & Co.		98,200		6,027,516
Olin Corp.		31,100		772,213
				9,090,403
Commercial Services - Finance — 2.8%
Automatic Data Processing, Inc.		121,094		9,689,942
H&R Block, Inc.		291,492		8,129,712
				17,819,654
Computer Services — 2.3%
Accenture PLC, Class A		107,345		8,316,017
International Business Machines Corp.		33,060		5,940,221
				14,256,238
Consumer Products - Misc. — 1.5%
Clorox Co.		64,701		6,028,192
Kimberly - Clark Corp.		32,210		3,516,044
				9,544,236
Cosmetics & Toiletries — 2.1%
Procter & Gamble Co.		157,286		13,246,627
Data Processing/Management — 1.1%
Paychex, Inc.		158,756		6,942,400
Diversified Banking Institutions — 2.8%
Citigroup, Inc.		93,160		4,930,027
JPMorgan Chase & Co.		225,665		12,912,551
				17,842,578

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations — 2.5%
3M Co.		30,935	$	4,130,132
General Electric Co.		444,165		11,841,439
				15,971,571
Diversified Minerals — 1.0%
BHP Billiton, Ltd.		177,100		6,032,760
Electric - Integrated — 2.6%
Dominion Resources, Inc.		61,110		3,966,650
Duke Energy Corp.		23,060		1,613,278
Edison International		32,040		1,480,568
NextEra Energy, Inc.		45,810		3,875,068
Northeast Utilities		35,805		1,470,869
Public Service Enterprise Group, Inc.		69,505		2,272,118
Wisconsin Energy Corp.		37,080		1,548,832
				16,227,383
Electric - Transmission — 0.2%
ITC Holdings Corp.		10,345		936,016
Electronic Components - Semiconductors — 1.8%
Intel Corp.		484,889		11,559,754
Enterprise Software/Service — 1.3%
CA, Inc.		252,523		8,333,259
Finance - Credit Card — 0.9%
American Express Co.		64,980		5,575,284
Food - Misc./Diversified — 3.1%
General Mills, Inc.		66,625		3,359,899
Kraft Foods Group, Inc.		189,441		10,063,106
Mondelez International, Inc., Class A		119,065		3,992,249
Unilever NV		55,295		2,170,882
				19,586,136
Gas - Distribution — 0.3%
Sempra Energy		21,795		1,927,550
Gold Mining — 0.2%
Newmont Mining Corp.		62,560		1,553,365
Industrial Automated/Robotic — 0.2%
Rockwell Automation, Inc.		13,680		1,553,774
Industrial Gases — 0.4%
Praxair, Inc.		21,855		2,759,412
Instruments - Controls — 0.7%
Honeywell International, Inc.		52,665		4,661,379
Insurance - Life/Health — 1.2%
Prudential Financial, Inc.		85,055		7,549,482
Insurance - Multi-line — 1.0%
ACE, Ltd.		42,395		4,357,358
MetLife, Inc.		34,220		1,785,942
				6,143,300
Insurance - Property/Casualty — 1.5%
Chubb Corp.		42,395		4,088,998
Travelers Cos., Inc.		62,830		5,701,194
				9,790,192
Internet Security — 1.2%
Symantec Corp.		349,137		7,852,091
Machinery - Farming — 0.9%
Deere & Co.		70,625		5,949,450
Medical Labs & Testing Services — 0.3%
Quest Diagnostics, Inc.		29,285		1,784,628

54

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs — 9.2%
Abbott Laboratories		35,185	$	1,343,715
AbbVie, Inc.		35,185		1,704,713
Bristol-Myers Squibb Co.		131,770		6,770,343
Eli Lilly & Co.		161,167		8,093,807
Johnson & Johnson		71,565		6,774,343
Merck & Co., Inc.		323,459		16,117,962
Pfizer, Inc.		557,789		17,698,645
				58,503,528
Metal - Copper — 0.1%
Southern Copper Corp.		35,535		891,929
Multimedia — 0.3%
Walt Disney Co.		30,245		2,133,482
Networking Products — 1.2%
Cisco Systems, Inc.		345,638		7,344,808
Non - Hazardous Waste Disposal — 1.1%
Waste Management, Inc.		156,055		7,128,592
Oil Companies - Exploration & Production — 1.0%
ConocoPhillips		30,170		2,196,376
Occidental Petroleum Corp.		42,050		3,993,068
				6,189,444
Oil Companies - Integrated — 6.1%
Chevron Corp.		162,302		19,872,257
Exxon Mobil Corp.		84,330		7,883,168
Marathon Oil Corp.		88,795		3,200,172
Phillips 66		19,460		1,354,610
Royal Dutch Shell PLC, Class A		28,650		960,396
Total SA ADR		95,065		5,734,321
				39,004,924
Oil Refining & Marketing — 1.9%
HollyFrontier Corp.		184,379		8,846,504
Marathon Petroleum Corp.		41,800		3,458,532
				12,305,036
Oil - Field Services — 0.3%
Schlumberger, Ltd.		24,335		2,151,701
Paper & Related Products — 0.8%
International Paper Co.		60,110		2,804,131
MeadWestvaco Corp.		68,960		2,421,186
				5,225,317
Pipelines — 1.4%
Enbridge, Inc.		114,660		4,718,754
Kinder Morgan, Inc.		71,940		2,556,748
Spectra Energy Corp.		50,250		1,685,887
				8,961,389
Publishing - Newspapers — 0.5%
Gannett Co., Inc.		123,190		3,333,521
Real Estate Investment Trusts — 0.5%
American Tower Corp.		18,160		1,412,303
Weyerhaeuser Co.		55,140		1,661,368
				3,073,671
Retail - Apparel/Shoe — 1.1%
Coach, Inc.		118,760		6,876,204
Retail - Building Products — 1.5%
Home Depot, Inc.		114,850		9,264,949
Retail - Computer Equipment — 0.3%
GameStop Corp., Class A		32,910		1,587,908

Security Description	Shares/ Principal Amount			Value (Note 2)
Retail - Discount — 0.4%
Wal - Mart Stores, Inc.		28,680		$	2,323,367
Retail - Office Supplies — 1.3%
Staples, Inc.		510,295			7,924,881
Retail - Restaurants — 2.2%
McDonald’s Corp.		139,944			13,626,347
Telecom Services — 0.2%
BCE, Inc.		26,960			1,191,362
Telephone - Integrated — 4.4%
AT&T, Inc.		359,730			12,666,093
Verizon Communications, Inc.		305,489			15,158,364
					27,824,457
Tobacco — 6.9%
Altria Group, Inc.		274,606			10,154,930
Lorillard, Inc.		226,339			11,617,981
Philip Morris International, Inc.		165,865			14,188,092
Reynolds American, Inc.		157,809			7,961,464
					43,922,467
Toys — 1.2%
Mattel, Inc.		169,973			7,864,651
Transport - Rail — 0.5%
Union Pacific Corp.		21,195			3,434,438
Transport - Services — 0.7%
United Parcel Service, Inc., Class B		43,655			4,469,399
Water — 0.4%
American Water Works Co., Inc.		59,600			2,524,060
Wireless Equipment — 0.5%
Motorola Solutions, Inc.		47,200			3,109,536
Total Long-Term Investment Securities
(cost $501,020,370)					625,856,830
SHORT-TERM INVESTMENT SECURITIES — 0.6%
Time Deposits — 0.6%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013 (cost $3,823,000)	$	3,823,000			3,823,000
REPURCHASE AGREEMENT — 0.6%
State Street Bank & Trust Co. Joint Repurchase Agreement(2) (cost $3,676,000)		3,676,000			3,676,000
TOTAL INVESTMENTS —
(cost $508,519,370)(1)		99.8	%		633,355,830
Other assets less liabilities		0.2			1,300,886
NET ASSETS —		100.0	%	$	634,656,716

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

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

ADR—American Depository Receipt

55

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Medical - Drugs	$	58,503,528	$	—	$	—	$	58,503,528
Oil Companies - Integrated		39,004,924		—		—		39,004,924
Tobacco		43,922,467		—		—		43,922,467
Other Industries*		484,425,911		—		—		484,425,911
Short-Term Investment Securities:
Time Deposits		—		3,823,000		—		3,823,000
Repurchase Agreement		—		3,676,000		—		3,676,000
Total	$	625,856,830	$	7,499,000	$	—	$	633,355,830

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $11,673,129 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

56

VALIC Company I Dynamic Allocation Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	49.8	%
Domestic Fixed Income Investment Companies	18.6
International Equity Investment Companies	12.2
United States Treasury Bonds	7.4
United States Treasury Notes	7.0
Registered Investment Companies	3.0
International Fixed Income Investment Companies	0.8
	98.8	%

* Calculated as a percentage of net assets

57

VALIC Company I Dynamic Allocation Fund@

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES# — 81.4%
Domestic Equity Investment Companies — 49.8%
VALIC Co. I Blue Chip Growth Fund		466,011	$	7,950,145
VALIC Co. I Broad Cap Value Income Fund		506,132		7,480,630
VALIC Co. I Dividend Value Fund		344,515		4,433,905
VALIC Co. I Growth & Income Fund		275,376		4,571,238
VALIC Co. I Growth Fund		484,378		7,624,105
VALIC Co. I Large Cap Core Fund		311,438		4,515,849
VALIC Co. I Stock Index Fund		674,741		22,664,538
VALIC Co. I Value Fund		544,734		7,370,246
VALIC Co. II Capital Appreciation Fund		320,569		4,657,868
VALIC Co. II Large Cap Value Fund		281,158		4,515,404
VALIC Co. II Mid Cap Growth Fund		421,304		4,512,174
VALIC Co. II Mid Cap Value Fund		186,464		4,501,256
VALIC Co. II Small Cap Growth Fund		170,186		3,054,832
VALIC Co. II Small Cap Value Fund		169,544		3,014,512
Total Domestic Equity Investment Companies
(cost $79,776,775)				90,866,702
Domestic Fixed Income Investment Companies — 18.6%
VALIC Co. I Capital Conservation Fund		997,069		9,910,870
VALIC Co. I Government Securities Fund		655,990		7,058,451
VALIC Co. I Inflation Protected Fund		251,239		2,806,336
VALIC Co. II Core Bond Fund		910,377		9,895,800
VALIC Co. II High Yield Bond Fund		181,193		1,427,797
VALIC Co. II Strategic Bond Fund		245,744		2,840,801
Total Domestic Fixed Income Investment Companies
(cost $34,029,295)				33,940,055
International Equity Investment Companies — 12.2%
VALIC Co. I Emerging Economies Fund		542,938		4,479,235
VALIC Co. I Foreign Value Fund		402,880		4,500,174
VALIC Co. I Global Real Estate Fund		319,598		2,860,406
VALIC Co. I International Equities Fund		821,944		5,942,653
VALIC Co. I International Growth Fund		322,593		4,455,013
Total International Equity Investment Companies
(cost $20,494,245)				22,237,481
International Fixed Income Investment Companies — 0.8%
VALIC Co. I International Government Bond Fund (cost $1,422,154)		117,186		1,405,056
Total Affiliated Registered Investment Companies
(cost $135,722,469)				148,449,294

Security Description	Shares/ Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES — 14.4%
United States Treasury Bonds — 7.4%
7.63% due 11/15/2022	$	8,366,500		$	11,849,708
7.88% due 02/15/2021		670,000			931,091
8.00% due 11/15/2021		490,000			695,532
					13,476,331
United States Treasury Notes — 7.0%
1.75% due 05/15/2023		3,550,000			3,270,161
2.00% due 11/15/2021		495,000			482,779
2.00% due 02/15/2022		475,000			460,750
2.00% due 02/15/2023		8,820,000			8,362,462
2.75% due 11/15/2023		265,000			265,083
					12,841,235
Total U.S. Government Treasuries
(cost $27,015,826)					26,317,566
Total Long-Term Investment Securities
(cost $162,738,295)					174,766,860
SHORT-TERM INVESTMENT SECURITIES — 3.0%
Registered Investment Companies — 3.0%
AllianceBernstein Government STIF Portfolio (cost $5,392,358)		5,392,358			5,392,358
TOTAL INVESTMENTS
(cost $168,130,653)(1)		98.8	%		180,159,218
Other assets less liabilities		1.2			2,266,156
NET ASSETS		100.0	%	$	182,425,374

# See Note 3

@ The Dynamic Allocation Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional information on the underlying funds including such funds’ prospectuses and shareholder reports are available at our website, www.valic.com.

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

STIF—Short Term Index Fund

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2013		Unrealized Appreciation (Depreciation)
	568	Long	S&P 500 E-Mini Index		December 2013	$	50,325,010	$	51,236,440	$	911,430

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Long-Term Investment Securities:
Affiliated Registered Investment Companies:
Domestic Equity Investment Companies	$	90,866,702	$	—	$	—	$	90,866,702
Domestic Fixed Income Investment Companies		33,940,055		—		—		33,940,055
International Equity Investment Companies		22,237,481		—		—		22,237,481
International Fixed Income Investment Companies		1,405,056		—		—		1,405,056
U.S. Government Treasuries:
United State Treasury Bonds		—		13,476,331		—		13,476,331
United State Treasury Notes		—		12,841,235		—		12,841,235

58

VALIC Company I Dynamic Allocation Fund@

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
Short-Term Investment Securities:
Registered Investment Companies	$	5,392,358	$	—	$	—	$	5,392,358
Other Financial Instruments:†
Open Futures Contracts - Appreciation		911,430		—		—		911,430
Total	$	154,753,082	$	26,317,566	$	—	$	181,070,648

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

59

VALIC Company I Emerging Economies Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Banks — Commercial	19.2	%
Auto — Cars/Light Trucks	6.9
Electronic Components — Semiconductors	6.8
Oil Companies — Integrated	6.2
Cellular Telecom	5.9
Semiconductor Components — Integrated Circuits	5.2
Oil Companies — Exploration & Production	4.2
Registered Investment Companies	3.2
Chemicals — Diversified	3.0
Diversified Financial Services	2.4
Casino Hotels	1.9
Insurance — Multi-line	1.9
Brewery	1.8
Metal — Diversified	1.7
Computer Services	1.6
Electronic Components — Misc.	1.5
Time Deposits	1.5
Food — Misc./Diversified	1.5
Internet Content — Entertainment	1.5
Food — Retail	1.4
Finance — Mortgage Loan/Banker	1.3
Tobacco	1.3
Computers — Periphery Equipment	1.2
Telecom Services	1.2
Diversified Operations	1.2
Insurance — Property/Casualty	1.1
Computers	1.1
Real Estate Operations & Development	1.0
Telephone — Integrated	1.0
Oil Refining & Marketing	0.9
Aerospace/Defense	0.9
Metal Processors & Fabrication	0.8
Metal — Iron	0.7
Rubber — Tires	0.7
Retail — Misc./Diversified	0.7
Applications Software	0.6
Public Thoroughfares	0.6
Auto/Truck Parts & Equipment — Original	0.5
Appliances	0.5
Athletic Footwear	0.5
Food — Flour & Grain	0.5
Investment Management/Advisor Services	0.4
Audio/Video Products	0.4
Petrochemicals	0.4
Research & Development	0.4
Airlines	0.4
Steel — Producers	0.4
Schools	0.3
Television	0.3
Gold Mining	0.3
Food — Meat Products	0.3
Engines — Internal Combustion	0.3
Metal Products — Distribution	0.3
Finance — Commercial	0.3
Banks — Super Regional	0.3
Airport Development/Maintenance	0.2
Building — Residential/Commercial	0.2
Coal	0.2
Retail — Apparel/Shoe	0.2
Wireless Equipment	0.2
Food — Wholesale/Distribution	0.2
Building — Heavy Construction	0.1
Footwear & Related Apparel	0.1
Building Products — Cement	0.1
	103.9	%

* Calculated as a percentage of net assets

Country Allocation*

South Korea	17.0	%
China	12.8
Taiwan	12.1
Brazil	11.8
Russia	8.3
India	7.3
Hong Kong	6.7
South Africa	5.0
Poland	3.7
Cayman Islands	3.3
Unknown	3.2
Turkey	3.0
United States	1.8
Mexico	1.7
Indonesia	1.3
Bermuda	1.2
Thailand	1.0
Hungary	0.9
Ireland	0.7
United Kingdom	0.4
Qatar	0.4
United Arab Emirates	0.3
	103.9	%

* Calculated as a percentage of net assets

60

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.0%
Bermuda — 1.2%
Shenzhen International Holdings, Ltd.		14,155,000	$	1,771,052
Skyworth Digital Holdings, Ltd.#		4,548,000		2,722,001
VimpelCom, Ltd. ADR		259,250		3,183,590
				7,676,643
Brazil — 8.6%
AMBEV SA ADR#		1,584,750		11,980,710
Arteris SA		234,410		1,966,712
Banco do Brasil SA		657,550		7,239,496
Companhia Brasileira de Distribuicao Grupo Pao de Acuca ADR#		119,920		5,645,834
Embraer SA		772,380		5,997,591
Even Construtora e Incorporadora SA		402,850		1,417,502
Ez Tec Empreendimentos e Participacoes SA		140,810		1,865,532
Grendene SA		131,350		1,028,377
JBS SA		550,120		1,978,087
Kroton Educacional SA		138,450		2,343,948
M. Dias Branco SA		66,750		3,062,768
Porto Seguro SA		190,840		2,412,356
Telefonica Brasil SA ADR#		329,110		6,404,481
Tim Participacoes SA		627,030		3,097,438
				56,440,832
Cayman Islands — 3.3%
ANTA Sports Products, Ltd.#		896,000		1,266,684
China Shanshui Cement Group, Ltd.		2,275,000		906,755
Dongyue Group, Ltd.#		3,761,000		1,804,663
Geely Automobile Holdings, Ltd.#		4,345,000		2,241,814
Giant Interactive Group, Inc. ADR		263,930		2,963,934
Lee & Man Paper Manufacturing, Ltd.		269,000		198,125
NetEase, Inc. ADR		74,130		5,323,275
Perfect World Co., Ltd. ADR		55,430		1,051,507
TPK Holding Co., Ltd.		365,000		2,041,208
Truly International Holdings, Ltd.#		2,624,000		1,540,015
WuXi PharmaTech Cayman, Inc. ADR†#		74,470		2,467,191
				21,805,171
China — 12.8%
Bank of China, Ltd., Class H		28,200,000		13,640,497
China Construction Bank Corp.		20,336,000		16,473,087
China Merchants Bank Co., Ltd., Class H#		2,578,419		5,507,616
China Petroleum & Chemical Corp., Class H		12,334,999		10,596,518
Dongfeng Motor Group Co., Ltd.		2,232,000		3,546,947
Great Wall Motor Co., Ltd., Class H#		1,113,000		6,797,747
Guangzhou R&F Properties Co., Ltd.#		1,708,000		2,753,897
Industrial & Commercial Bank of China, Ltd.#		21,451,000		15,411,771
Ping An Insurance Group Co. of China, Ltd.#		1,050,000		9,785,364
				84,513,444
Hong Kong — 6.7%
China Mobile, Ltd.		1,552,000		16,715,833
China Mobile, Ltd. ADR		18,500		1,003,440
CNOOC, Ltd.		6,126,000		12,563,885
Lenovo Group, Ltd.#		4,626,000		5,483,665
Shougang Fushan Resources Group, Ltd.#		4,004,000		1,409,959
SJM Holdings, Ltd.#		2,236,000		7,181,596
				44,358,378
Hungary — 0.9%
OTP Bank PLC		289,050		5,847,456
India — 7.3%
Cairn India, Ltd.		380,940		1,969,623
Canara Bank		259,250		1,033,432
HCL Technologies, Ltd.		222,140		3,843,637

Security Description	Shares		Value (Note 2)
India (continued)
Housing Development Finance Corp.		651,933	$	8,606,893
Infosys, Ltd. ADR		190,760		10,304,855
Oil & Natural Gas Corp., Ltd.		1,474,110		7,056,809
Oil India, Ltd.		189,730		1,467,075
Punjab National Bank, Ltd.		157,810		1,391,602
Rural Electrification Corp., Ltd.		485,060		1,767,842
State Bank of India		83,660		2,441,991
Tata Motors, Ltd. ADR		251,030		8,150,944
				48,034,703
Indonesia — 1.3%
Alam Sutera Realty Tbk PT		26,065,500		1,034,994
Bank Rakyat Indonesia Persero Tbk PT		5,110,500		3,182,714
Telekomunikasi Indonesia Persero Tbk PT		24,173,500		4,395,182
				8,612,890
Ireland — 0.7%
Dragon Oil PLC		477,890		4,450,778
Mexico — 1.7%
Compartamos SAB de CV#		1,728,230		3,267,629
Grupo Financiero Banorte SAB de CV, Class O#		1,193,240		8,147,646
				11,415,275
Poland — 3.7%
Eurocash SA		65,480		1,063,794
KGHM Polska Miedz SA		133,301		5,101,781
Polskie Gornictwo Naftowe I Gazownictwo SA		975,240		1,811,894
Powszechna Kasa Oszczednosci Bank Polski SA#		645,816		8,586,813
Powszechny Zaklad Ubezpieczen SA		50,010		7,594,656
				24,158,938
Qatar — 0.4%
Industries Qatar QSC		54,940		2,538,118
Russia — 8.3%
Lukoil OAO ADR		185,160		11,520,655
Magnit OJSC		12,580		3,476,470
MMC Norilsk Nickel OJSC ADR		398,063		6,002,790
Mobile Telesystems OJSC		6,750		63,750
Mobile Telesystems OJSC ADR		378,620		7,981,310
Rosneft OAO GDR		969,800		6,963,164
Sberbank of Russia ADR		975,351		12,152,873
Tatneft OAO ADR (LSE)		111,966		4,165,135
Tatneft OAO ADR (OTC)		67,710		2,518,812
				54,844,959
South Africa — 5.0%
AVI, Ltd.		296,070		1,672,922
Clicks Group, Ltd.		305,210		1,928,618
FirstRand, Ltd.		1,456,960		4,828,920
Imperial Holdings, Ltd.		279,320		5,781,631
MTN Group, Ltd.		316,610		6,154,047
Sasol, Ltd.		201,250		9,945,116
Tiger Brands, Ltd.		96,644		2,693,356
				33,004,610
South Korea — 17.0%
BS Financial Group, Inc.		167,770		2,584,003
Grand Korea Leisure Co., Ltd.		94,200		3,582,680
GS Home Shopping, Inc.		9,860		2,632,936
Halla Visteon Climate Control Corp.		88,590		3,206,082
Hankook Tire Co., Ltd.		55,860		3,298,923
Hyosung Corp.		27,150		1,849,679
Hyundai Motor Co.		54,191		12,903,838
Kangwon Land, Inc.		64,020		2,008,376
Kia Motors Corp.		154,190		8,800,034

61

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
South Korea (continued)
KT&G Corp.		111,772	$	8,290,751
Partron Co., Ltd.#		78,590		1,195,596
Samsung Electronics Co., Ltd.		26,298		37,124,834
SK Holdings Co., Ltd.		35,550		6,281,631
SK Hynix, Inc.†		233,480		7,809,876
SK Telecom Co., Ltd.		19,630		4,191,987
Woori Finance Holdings Co., Ltd.		530,990		6,346,994
				112,108,220
Taiwan — 12.1%
Advanced Semiconductor Engineering, Inc.		6,702,000		6,658,066
Catcher Technology Co., Ltd.		859,000		5,224,708
Chicony Electronics Co., Ltd.		1,197,616		2,994,647
Chipbond Technology Corp.		1,407,000		2,942,938
Fubon Financial Holding Co., Ltd.		4,785,000		6,839,410
Grand Pacific Petrochemical		1,661,000		1,299,323
Hon Hai Precision Industry Co., Ltd.		1,655,770		4,364,062
Hon Hai Precision Industry Co., Ltd. GDR		427,430		2,235,459
Huaku Development Co., Ltd.		712,000		2,208,610
Inventec Corp.		2,345,000		1,973,052
Kenda Rubber Industrial Co., Ltd.		747,362		1,618,771
Lite-On Technology Corp.		2,868,191		4,656,909
Pou Chen Corp.		2,426,000		3,156,079
Realtek Semiconductor Corp.		1,229,441		2,978,675
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,156,880		20,511,482
Teco Electric and Machinery Co., Ltd.		1,729,000		1,898,780
Uni-President Enterprises Corp.		3,894,840		6,948,961
Vanguard International Semiconductor Corp.		1,075,000		1,262,291
				79,772,223
Thailand — 1.0%
PTT Global Chemical PCL		2,691,500		6,391,370
Turkey — 3.0%
Arcelik AS		473,035		3,186,210
Eregli Demir ve Celik Fabrikalari TAS		1,796,280		2,384,246
Ford Otomotiv Sanayi AS		127,210		1,638,086
Koza Altin Isletmeleri AS		134,850		2,157,226
TAV Havalimanlari Holding AS		194,510		1,449,842
Tofas Turk Otomobil Fabrikasi AS		320,410		2,102,636
Turk Hava Yollari		656,894		2,433,543
Turkiye Is Bankasi, Class C		1,799,770		4,635,136
				19,986,925
United Arab Emirates — 0.3%
First Gulf Bank PJSC		393,160		1,819,690
United Kingdom — 0.4%
Old Mutual PLC		884,950		2,880,143

Security Description	Shares/ Principal Amount			Value (Note 2)
United States — 0.3%
CTC Media, Inc.		175,500		$	2,220,075
Total Common Stocks
(cost $582,001,551)					632,880,841
PREFERRED SECURITIES — 3.2%
Brazil — 3.2%
Banco do Estado do Rio Grande do Sul SA, Class B		292,900			1,705,167
Itau Unibanco Holding SA ADR		842,484			11,853,750
Petroleo Brasileiro SA ADR#		170,140			2,814,115
Vale SA ADR		351,960			4,937,999
Total Preferred Securities
(cost $25,757,630)					21,311,031
Total Long-Term Investment Securities
(cost $607,759,181)					654,191,872
SHORT-TERM INVESTMENT SECURITIES — 4.7%
Registered Investment Companies — 3.2%
State Street Navigator Securities Lending Prime Portfolio(1)		21,285,185			21,285,185
Time Deposit — 1.5%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013	$	9,917,000			9,917,000
Total Short-Term Investment Securities
(cost $31,202,185)					31,202,185
TOTAL INVESTMENTS —
(cost $638,961,366)(2)		103.9	%		685,394,057
Liabilities in excess of other assets		(3.9	)		(25,827,269	)
NET ASSETS —		100.0	%	$	659,566,788

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

† Non-income producing security

(1) At November 30, 2013, the Fund had loaned securities with a total value of $22,374,748. This was secured by $21,285,185, which was received in cash and subsequently invested in short-term investments currently valued at $21,285,185 as reported in the portfolio of investments. Additional collateral of $2,297,411 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
United States Treasury Notes/Bonds	0.13% to 2.75%	04/30/2015 to 05/15/2022	$2,297,411

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

ADR—American Depository Receipt

GDR—Global Depository Receipt

LSE—London Stock Exchange

OTC—Over the Counter US

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Brazil	$	56,440,832	$	—	$	—	$	56,440,832
China		84,513,444		—		—		84,513,444
Hong Kong		44,358,378		—		—		44,358,378
India		48,034,703		—		—		48,034,703
Russia		54,844,959		—		—		54,844,959
South Africa		33,004,610		—		—		33,004,610
South Korea		112,108,220		—		—		112,108,220

62

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
Taiwan	$	79,772,223	$	—	$	—	$	79,772,223
Other Countries*		119,803,472		—		—		119,803,472
Preferred Securities		21,311,031		—		—		21,311,031
Short-Term Investment Securities:
Registered Investment Companies		21,285,185		—		—		21,285,185
Time Deposits		—		9,917,000		—		9,917,000
Total	$	675,477,057	$	9,917,000	$	—	$	685,394,057

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $365,004,354 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

63

VALIC Company I Foreign Value Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Diversified Banking Institutions	10.0	%
Oil Companies — Integrated	9.4
Medical — Drugs	8.1
Insurance — Life/Health	5.7
Registered Investment Companies	5.3
Food — Retail	4.4
Diversified Financial Services	4.2
Insurance — Multi-line	4.1
Telecom Services	3.0
Oil — Field Services	2.6
Electronic Components — Semiconductors	2.4
Telephone — Integrated	2.2
Oil & Gas Drilling	2.1
Auto — Cars/Light Trucks	1.8
Cellular Telecom	1.8
Import/Export	1.7
Time Deposits	1.7
Chemicals — Diversified	1.6
Steel — Producers	1.5
Diversified Manufacturing Operations	1.5
Investment Management/Advisor Services	1.4
Aerospace/Defense	1.3
Insurance — Reinsurance	1.2
Electronic Components — Misc.	1.2
Toys	1.2
Coal	1.1
Distribution/Wholesale	1.1
Chemicals — Other	1.1
Oil Companies — Exploration & Production	1.1
Retail — Building Products	1.0
Auto/Truck Parts & Equipment — Original	1.0
Retail — Major Department Stores	1.0
Finance — Investment Banker/Broker	1.0
Airlines	0.9
Building Products — Cement	0.9
Containers — Metal/Glass	0.9
Machinery — General Industrial	0.9
Internet Security	0.8
Chemicals — Specialty	0.8
Building & Construction — Misc.	0.8
Metal — Diversified	0.7
Banks — Commercial	0.7
Rubber — Tires	0.7
Entertainment Software	0.7
Retail — Drug Store	0.6
Wireless Equipment	0.6
Medical — Generic Drugs	0.5
Computers	0.5
Medical Products	0.5
Building & Construction Products — Misc.	0.4
Medical Instruments	0.4
Medical — Biomedical/Gene	0.4
Energy — Alternate Sources	0.4
Metal — Iron	0.3
Food — Misc./Diversified	0.3
Metal Products — Distribution	0.3
E — Commerce/Products	0.3
Photo Equipment & Supplies	0.3
Rubber/Plastic Products	0.2
Electric — Integrated	0.1
Electric — Transmission	0.1
Apparel Manufacturers	0.1
	104.9	%

Country Allocation*

United Kingdom	19.9	%
France	15.0
South Korea	10.4
United States	8.3
Switzerland	8.2
Netherlands	7.4
Japan	6.5
Canada	5.7
Germany	5.0
China	3.3
Italy	3.0
Norway	2.6
Cayman Islands	1.5
Spain	1.5
Sweden	1.0
Ireland	0.9
Brazil	0.8
Hong Kong	0.8
Bermuda	0.7
Singapore	0.7
India	0.6
Israel	0.5
Taiwan	0.5
Australia	0.1
	104.9	%

* Calculated as a percentage of net assets

64

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.2%
Australia — 0.1%
Billabong International, Ltd.†#		1,777,803	$	526,392
Bermuda — 0.7%
Digital China Holdings, Ltd.		3,535,200		4,126,790
First Pacific Co., Ltd.#		2,621,250		2,999,037
Noble Group, Ltd.#		385,000		338,971
				7,464,798
Brazil — 0.1%
Centrais Eletricas Brasileiras SA		480,700		1,218,160
Centrais Eletricas Brasileiras SA ADR		7,500		19,200
				1,237,360
Canada — 5.7%
AGF Management, Ltd., Class B#		199,700		2,698,140
Ensign Energy Services, Inc.		718,600		10,980,960
HudBay Minerals, Inc.		1,031,800		7,431,758
Suncor Energy, Inc.#		376,900		12,924,111
Talisman Energy, Inc.		914,240		10,699,561
Trican Well Service, Ltd.#		1,059,900		12,573,901
				57,308,431
Cayman Islands — 1.5%
Kingboard Chemical Holdings, Ltd.		4,044,500		10,929,460
Trina Solar, Ltd. ADR†#		262,294		3,672,116
Value Partners Group, Ltd.#		474,000		314,261
				14,915,837
China — 3.3%
China Life Insurance Co., Ltd.		961,000		3,105,138
China Shenhua Energy Co., Ltd.		3,231,000		10,960,807
China Telecom Corp., Ltd.		17,883,823		9,665,497
Shanghai Electric Group Co., Ltd.#		7,680,000		2,773,761
Shanghai Pharmaceuticals Holding Co., Ltd.		2,801,900		6,541,556
				33,046,759
France — 15.0%
Alstom SA		153,170		5,623,401
AXA SA		811,362		21,256,607
BNP Paribas SA		420,550		31,565,274
Carrefour SA		195,490		7,690,999
Cie de St-Gobain		77,110		4,100,069
Cie Generale des Etablissements Michelin		65,370		7,099,971
Ipsen SA		88,550		4,168,228
Orange SA#		544,415		7,111,136
Sanofi		192,090		20,312,680
Societe Generale SA		206,673		11,886,198
Total SA		312,900		18,956,204
Vivendi SA		417,982		10,615,555
				150,386,322
Germany — 5.0%
Commerzbank AG†		273,600		4,066,240
Deutsche Lufthansa AG†		431,830		9,377,457
Gerresheimer AG		41,380		2,791,905
Kloeckner & Co. SE†		211,880		2,958,985
Metro AG#		173,577		8,698,823
Muenchener Rueckversicherungs AG		35,060		7,668,271
Siemens AG		112,625		14,871,703
				50,433,384
Hong Kong — 0.8%
China Mobile, Ltd.#		701,500		7,555,513
India — 0.6%
ICICI Bank, Ltd.		178,323		3,053,378
Jain Irrigation Systems, Ltd.		1,609,577		1,833,924

Security Description	Shares		Value (Note 2)
India (continued)
LIC Housing Finance, Ltd.		112,000	$	373,513
Power Grid Corp. of India, Ltd.		616,627		936,436
				6,197,251
Ireland — 0.9%
CRH PLC		352,760		8,942,329
Israel — 0.5%
Teva Pharmaceutical Industries, Ltd. ADR		126,438		5,153,613
Italy — 3.0%
Eni SpA		417,392		10,042,049
UniCredit SpA		2,772,333		20,111,585
				30,153,634
Japan — 6.5%
Capcom Co., Ltd.#		345,540		6,679,709
ITOCHU Corp.		1,386,200		17,485,676
Namco Bandai Holdings, Inc.		571,400		11,609,308
Nikon Corp.		137,300		2,603,238
Nissan Motor Co., Ltd.		671,000		6,131,862
Toyota Motor Corp.		196,200		12,221,196
Trend Micro, Inc.#		208,100		8,147,240
				64,878,229
Netherlands — 7.4%
Aegon NV		2,326,133		20,663,578
Akzo Nobel NV		208,310		15,686,088
Fugro NV CVA		26,600		1,617,632
ING Groep NV CVA†		2,403,274		31,205,415
Koninklijke Philips NV		145,330		5,201,314
				74,374,027
Norway — 2.6%
Statoil ASA		746,520		16,851,110
Telenor ASA		394,298		9,472,798
				26,323,908
Singapore — 0.7%
Flextronics International, Ltd.†		906,210		6,869,072
South Korea — 10.4%
Daum Communications Corp.		34,301		2,751,729
Hana Financial Group, Inc.		519,450		19,486,124
Hyundai Mobis		35,754		10,371,802
KB Financial Group, Inc.		622,023		23,333,944
KIWOOM Securities Co., Ltd.		89,050		4,602,698
Korea Investment Holdings Co., Ltd.		129,250		4,964,578
POSCO		48,515		15,013,382
Samsung Electronics Co., Ltd.		17,089		24,124,507
				104,648,764
Spain — 1.5%
Telefonica SA		891,361		14,664,168
Telefonica SA ADR		859		14,113
				14,678,281
Sweden — 1.0%
Getinge AB, Class B		126,014		3,940,310
Telefonaktiebolaget LM Ericsson, Class B		474,860		5,917,597
				9,857,907
Switzerland — 8.2%
Basilea Pharmaceutica		33,210		3,868,913
Credit Suisse Group AG		825,245		24,562,976
GAM Holding AG		186,050		3,417,433
Lonza Group AG		86,480		8,056,965

65

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Switzerland (continued)
Nobel Biocare Holding AG#		333,754	$	4,915,457
Novartis AG		166,100		13,129,312
Roche Holding AG		72,540		20,222,691
Swiss Re AG		53,270		4,739,617
				82,913,364
Taiwan — 0.5%
Compal Electronics, Inc.		6,663,528		5,032,434
United Kingdom — 19.9%
Aviva PLC		3,242,598		22,785,038
BAE Systems PLC		1,818,520		12,721,794
BP PLC#		2,091,682		16,502,071
BP PLC ADR		180		8,462
Carillion PLC#		1,538,340		7,586,601
GlaxoSmithKline PLC		907,881		24,051,235
HSBC Holdings PLC†		276,650		3,087,785
Kingfisher PLC		1,688,095		10,386,398
Lloyds Banking Group PLC†		7,356,990		9,320,450
Man Group PLC		5,614,260		8,151,019
Marks & Spencer Group PLC		1,280,880		10,210,174
Noble Corp. PLC#		261,360		9,963,043
Rexam PLC		734,643		6,007,510
Royal Dutch Shell PLC, Class A#		167,235		5,594,523
Royal Dutch Shell PLC, Class B		268,205		9,414,314
SIG PLC		1,935,564		6,808,316
Tesco PLC		4,675,850		26,630,122
Vodafone Group PLC		2,846,087		10,565,425
				199,794,280
United States — 1.3%
Baker Hughes, Inc.#		212,450		12,101,152
Total Common Stocks
(cost $805,336,330)				974,793,041

Security Description	Shares/ Principal Amount			Value (Note 2)
PREFERRED SECURITIES — 0.7%
Brazil — 0.7%
Petroleo Brasileiro SA ADR#		220,901		$	3,653,702
Vale SA ADR		240,654			3,376,376
Total Preferred Securities
(cost $7,949,546)					7,030,078
Total Long-Term Investment Securities
(cost $813,285,876)					981,823,119
SHORT-TERM INVESTMENT SECURITIES — 7.0%
Registered Investment Companies — 5.3%
State Street Navigator Securities Lending Prime Portfolio(2)		53,941,750			53,941,750
Time Deposits — 1.7%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013	$	17,009,000			17,009,000
Total Short-Term Investment Securities
(cost $70,950,750)					70,950,750
TOTAL INVESTMENTS
(cost $884,236,626)(1)		104.9	%		1,052,773,869
Liabilities in excess of other assets		(4.9	)		(49,647,713	)
NET ASSETS —		100.0	%	$	1,003,126,156

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

† Non-income producing security

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

(2) At November 30, 2013, the Fund had loaned securities with a total value of $51,537,330. This was secured by collateral of $53,941,750, which was received in cash and subsequently invested in short-term investments currently valued at $53,941,750 as reported in the portfolio of investments.

ADR—American Depository Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Canada	$	57,308,431	$	—	$	—	$	57,308,431
France		150,386,322		—		—		150,386,322
Germany		50,433,384		—		—		50,433,384
Japan		64,878,229		—		—		64,878,229
Netherlands		74,374,027		—		—		74,374,027
South Korea		104,648,764		—		—		104,648,764
Switzerland		82,913,364		—		—		82,913,364
United Kingdom		199,794,280		—		—		199,794,280
Other Countries*		190,056,240		—		—		190,056,240
Preferred Securities		7,030,078		—		—		7,030,078

66

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
Short-Term Investment Securities:
Registered Investment Companies	$	53,941,750	$	—	$	—	$	53,941,750
Time Deposits		—		17,009,000		—		17,009,000
Total	$	1,035,764,869	$	17,009,000	$	—	$	1,052,773,869

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $813,385,592 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.

See Notes to Financial Statements

67

VALIC Company I Global Real Estate Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	72.1	%
Real Estate Operations & Development	15.0
Real Estate Management/Services	9.2
Brewery	1.0
Registered Investment Companies	1.0
Time Deposits	0.8
Retirement/Aged Care	0.5
Transport — Services	0.1
	99.7	%

Country Allocation*

United States	40.7	%
Japan	16.4
United Kingdom	7.7
Australia	7.6
Hong Kong	6.3
France	4.9
Canada	4.6
Singapore	3.2
Bermuda	1.9
Germany	1.3
Cayman Islands	1.3
Switzerland	1.1
Sweden	0.9
Malaysia	0.7
Netherlands	0.6
Finland	0.5
	99.7	%

* Calculated as a percentage of net assets

68

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.9%
Australia — 7.6%
BGP Holdings PLC†(1)(2)		479,213	$	0
CFS Retail Property Trust Group		839,613		1,568,105
Charter Hall Group		203,450		695,074
GPT Group		1,504,708		4,907,692
Mirvac Group		4,132,324		6,400,079
Stockland		1,224,500		4,294,984
Westfield Group		593,996		5,628,063
Westfield Retail Trust		1,752,314		4,869,157
				28,363,154
Bermuda — 1.9%
Guangdong Land Holdings, Ltd.		10,796,000		2,464,825
Kerry Properties, Ltd.		1,181,000		4,661,451
				7,126,276
Canada — 4.6%
Allied Properties Real Estate Investment Trust		57,376		1,760,013
Boardwalk Real Estate Investment Trust		22,500		1,253,060
Brookfield Office Properties, Inc.		117,100		2,270,115
Calloway Real Estate Investment Trust		82,400		1,952,743
Canadian Apartment Properties REIT		42,397		818,321
Canadian Real Estate Investment Trust		30,000		1,200,734
Dundee Real Estate Investment Trust		74,298		1,958,708
H&R Real Estate Investment Trust		112,800		2,261,098
RioCan Real Estate Investment Trust		153,900		3,570,376
				17,045,168
Cayman Islands — 1.3%
Shimao Property Holdings, Ltd.		1,913,500		4,793,222
Finland — 0.5%
Citycon OYJ		482,540		1,724,045
France — 4.9%
Klepierre		117,532		5,455,829
Unibail-Rodamco SE (Euronext Paris)		4,592		1,200,548
Unibail-Rodamco SE (Euronext Amsterdam)		43,945		11,489,127
				18,145,504
Germany — 1.3%
Deutsche Wohnen AG		241,492		4,853,749
Hong Kong — 6.3%
Henderson Land Development Co., Ltd.		447,800		2,613,680
Kerry Logistics Network, Ltd.†(2)		590,500		502,706
Link REIT		1,642,850		8,041,916
Sun Hung Kai Properties, Ltd.		954,504		12,250,411
				23,408,713
Japan — 16.4%
Advance Residence Investment Corp.		1,553		3,367,550
Mitsubishi Estate Co., Ltd.		730,000		20,269,661
Mitsui Fudosan Co., Ltd.		405,000		13,740,542
Nippon Building Fund, Inc.		254		2,985,756
Nippon Prologis REIT, Inc.		136		1,314,523
Nomura Real Estate Office Fund, Inc.		1,158		5,488,982
Orix JREIT, Inc.		4,096		5,106,753
Sapporo Holdings, Ltd.		837,000		3,808,074
Tokyu Fudosan Holdings Corp.†		548,500		5,023,119
				61,104,960
Malaysia — 0.7%
UEM Land Holdings, Bhd		3,810,900		2,719,538
Netherlands — 0.6%
Corio NV		51,039		2,213,220

Security Description	Shares		Value (Note 2)
Singapore — 3.2%
Cache Logistics Trust		5,103,000	$	4,614,880
Fortune Real Estate Investment Trust		3,335,000		2,766,028
Keppel REIT		4,818,000		4,549,086
				11,929,994
Sweden — 0.9%
Fabege AB		150,579		1,734,080
Hufvudstaden AB		130,571		1,692,869
				3,426,949
Switzerland — 1.1%
PSP Swiss Property AG†		45,326		3,887,800
United Kingdom — 7.7%
Big Yellow Group PLC		269,072		2,108,718
British Land Co. PLC		735,677		7,357,396
Capital & Counties Properties PLC		536,098		2,900,967
Derwent London PLC		72,719		2,884,012
Great Portland Estates PLC		287,270		2,736,585
Hammerson PLC		628,830		5,254,420
Helical Bar PLC		171,191		931,683
Land Securities Group PLC		162,720		2,538,222
Unite Group PLC		277,603		1,807,072
				28,519,075
United States — 38.9%
Acadia Realty Trust		37,361		970,265
American Tower Corp.		110,397		8,585,575
AvalonBay Communities, Inc.		67,480		8,000,429
Boston Properties, Inc.		70,305		6,994,644
Brixmor Property Group, Inc.†		58,100		1,172,458
Brookdale Senior Living, Inc.†		58,332		1,700,961
Cousins Properties, Inc.		123,600		1,323,756
CubeSmart		133,200		2,160,504
DDR Corp.		449,815		7,192,542
EastGroup Properties, Inc.		22,700		1,375,393
Empire State Realty Trust, Inc.†		91,400		1,320,730
Essex Property Trust, Inc.		36,989		5,615,300
Federal Realty Investment Trust		25,400		2,629,408
General Growth Properties, Inc.		209,994		4,357,375
Health Care REIT, Inc.		121,157		6,783,580
Healthcare Realty Trust, Inc.		94,215		2,084,978
Healthcare Trust of America, Inc., Class A		240,676		2,442,861
Host Hotels & Resorts, Inc.		316,083		5,819,088
Hudson Pacific Properties, Inc.		92,951		1,927,804
LaSalle Hotel Properties		80,100		2,508,732
Macerich Co.		59,283		3,375,574
Mid-America Apartment Communities, Inc.		63,000		3,795,120
National Health Investors, Inc.		20,000		1,177,400
National Retail Properties, Inc.		77,479		2,459,958
Pebblebrook Hotel Trust		26,221		795,283
Piedmont Office Realty Trust, Inc.		197,900		3,241,602
Prologis, Inc.		203,815		7,730,703
Public Storage		41,600		6,352,320
Rayonier, Inc.		31,790		1,402,257
Retail Opportunity Investments Corp.		131,412		1,914,673
RLJ Lodging Trust		80,500		1,943,270
Senior Housing Properties Trust		72,781		1,648,490
Simon Property Group, Inc.		91,103		13,651,785
SL Green Realty Corp.		79,298		7,174,090
UDR, Inc.		204,706		4,763,509
Ventas, Inc.		20,104		1,142,510
Weyerhaeuser Co.		235,390		7,092,301
				144,627,228
Total Long-Term Investment Securities
(cost $335,522,471)				363,888,595

69

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.8%
Registered Investment Companies — 1.0%
SSgA U.S. Government Money Market Fund		3,555,683		$	3,555,683
Time Deposits — 0.8%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013	$	3,004,000			3,004,000
Total Short-Term Investment Securities
(cost $6,559,683)					6,559,683
TOTAL INVESTMENTS —
(cost $342,082,154)(3)		99.7	%		370,448,278
Other assets less liabilities		0.3			1,299,727
NET ASSETS —		100.0	%	$	371,748,005

† Non-income producing security

(1) Illiquid security. At November 30, 2013, the aggregate value of these securities was $0 representing 0.0% of net assets.

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

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

Euronext Amsterdam—Euronext Stock Exchange, Amsterdam

Euronext Paris—Euronext Stock Exchange, Paris

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Australia	$	28,363,154	$	—	$	0	$	28,363,154
Hong Kong		22,905,467		—		502,706		23,408,173
Japan		61,104,960		—		—		61,104,960
United Kingdom		28,519,075		—		—		28,519,075
United States		144,627,228		—		—		144,627,228
Other Countries*		77,866,005		—		—		77,866,005
Short-Term Investment Securities:
Registered Investment Companies		3,555,683		—		—		3,555,683
Time Deposits		—		3,004,000		—		3,004,000
Total	$	366,941,572	$	3,004,000	$	502,706	$	370,448,278

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $174,141,824 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.

See Notes to Financial Statements

70

VALIC Company I Global Social Awareness Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Medical — Drugs	6.3	%
Diversified Banking Institutions	6.3
Banks — Commercial	4.4
Insurance — Multi-line	3.0
Medical — HMO	2.9
Computers	2.8
Banks — Super Regional	2.8
Oil Companies — Exploration & Production	2.6
Telephone — Integrated	2.5
Multimedia	2.5
Beverages — Non-alcoholic	2.4
Cable/Satellite TV	2.1
Registered Investment Companies	2.1
Food — Misc./Diversified	2.0
Transport — Rail	1.9
Insurance — Property/Casualty	1.7
Auto — Cars/Light Trucks	1.7
Oil — Field Services	1.6
Web Portals/ISP	1.6
Insurance — Life/Health	1.5
Retail — Apparel/Shoe	1.4
Food — Retail	1.4
Oil Companies — Integrated	1.3
Retail — Building Products	1.3
Aerospace/Defense	1.3
Applications Software	1.3
Electric Products — Misc.	1.1
Semiconductor Components — Integrated Circuits	1.0
Diversified Minerals	1.0
Cellular Telecom	1.0
Building & Construction — Misc.	1.0
Oil Refining & Marketing	0.9
Chemicals — Diversified	0.9
Airlines	0.9
Diversified Manufacturing Operations	0.9
Computers — Memory Devices	0.9
E — Commerce/Services	0.9
Commercial Services — Finance	0.9
Athletic Footwear	0.8
Networking Products	0.8
Computer Services	0.8
Investment Management/Advisor Services	0.8
Insurance — Reinsurance	0.8
Electronic Components — Misc.	0.8
Retail — Discount	0.7
Medical Products	0.7
Food — Wholesale/Distribution	0.7
Real Estate Investment Trusts	0.6
Medical Instruments	0.6
Medical — Hospitals	0.6
Engineering/R&D Services	0.6
Electric — Integrated	0.6
Cosmetics & Toiletries	0.6
Auto/Truck Parts & Equipment — Original	0.6
Building & Construction Products — Misc.	0.6
Gas — Distribution	0.6
Real Estate Operations & Development	0.5
Retail — Regional Department Stores	0.5
Non — Hazardous Waste Disposal	0.5
Entertainment Software	0.5
Internet Security	0.5
Time Deposits	0.5
Consumer Products — Misc.	0.4
Retail — Jewelry	0.4
Industrial Gases	0.4
Semiconductor Equipment	0.4
Chemicals — Specialty	0.4
Metal Processors & Fabrication	0.4
Machinery — General Industrial	0.3

Apparel Manufacturers	0.3
Electronic Components — Semiconductors	0.3
Gas — Transportation	0.3
Airport Development/Maintenance	0.3
Filtration/Separation Products	0.3
Metal — Copper	0.3
Steel Pipe & Tube	0.3
Energy — Alternate Sources	0.3
Data Processing/Management	0.3
Food — Baking	0.3
Water	0.3
Diversified Operations	0.3
Finance — Investment Banker/Broker	0.3
Building — Residential/Commercial	0.3
Telecom Services	0.2
Medical — Biomedical/Gene	0.2
Food — Confectionery	0.2
Wire & Cable Products	0.2
Medical Labs & Testing Services	0.2
Sugar	0.2
U.S. Government Treasuries	0.2
Oil & Gas Drilling	0.2
Retail — Bedding	0.2
Agricultural Chemicals	0.2
Industrial Automated/Robotic	0.2
Office Automation & Equipment	0.2
Medical — Generic Drugs	0.2
Gold Mining	0.1
Real Estate Management/Services	0.1
Paper & Related Products	0.1
Retail — Major Department Stores	0.1
Retail — Restaurants	0.1
Finance — Leasing Companies	0.1
Audio/Video Products	0.1
Machinery — Electrical	0.1
Finance — Other Services	0.1
Photo Equipment & Supplies	0.1
Electronic Measurement Instruments	0.1
Pipelines	0.1
Retail — Drug Store	0.1
Building Products-Doors & Windows	0.1
Television	0.1
Metal — Diversified	0.1
Toys	0.1
Security Services	0.1
Resorts/Theme Parks	0.1
Recreational Vehicles	0.1
Diversified Operations/Commercial Services	0.1
Containers — Paper/Plastic	0.1
Textile — Products	0.1
Finance — Consumer Loans	0.1
Building — Heavy Construction	0.1
Silver Mining	0.1
E — Commerce/Products	0.1
Auto — Heavy Duty Trucks	0.1
Tools — Hand Held	0.1
Metal — Iron	0.1
	101.9	%

* Calculated as a percentage of net assets

71

VALIC Company I Global Social Awareness Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)

Country Allocation*

United States	51.9	%
Japan	8.6
United Kingdom	7.3
Switzerland	5.1
France	4.8
Germany	4.3
Canada	4.0
Australia	3.1
Ireland	1.8
Netherlands	1.7
Spain	1.6
Italy	1.2
Sweden	1.1
Hong Kong	0.9
Curacao	0.9
Singapore	0.6
Finland	0.5
Norway	0.3
Denmark	0.3
Portugal	0.3
Austria	0.3
Belgium	0.3
Luxembourg	0.3
Bermuda	0.3
Israel	0.2
Jersey	0.1
New Zealand	0.1
	101.9	%

* Calculated as a percentage of net assets

72

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.8%
Australia — 3.1%
AGL Energy, Ltd.		9,829	$	134,410
ALS, Ltd.		3,582		27,380
Alumina, Ltd.†		30,759		28,443
Amcor, Ltd.		23,746		238,837
AMP, Ltd.		41,827		177,576
APA Group		16,467		91,814
Asciano, Ltd.		12,141		63,822
ASX, Ltd.		982		33,192
Aurizon Holdings, Ltd.		30,931		131,599
Australia & New Zealand Banking Group, Ltd.		40,996		1,191,446
BGP Holdings PLC†(1)(2)		60,919		0
BHP Billiton, Ltd.		52,901		1,802,027
Boral, Ltd.		8,746		38,406
Brambles, Ltd.		29,370		254,464
Caltex Australia, Ltd.		3,039		52,743
Coca-Cola Amatil, Ltd.		16,977		186,995
Cochlear, Ltd.		542		28,877
Commonwealth Bank of Australia		24,469		1,734,800
Computershare, Ltd.		6,927		68,725
CSL, Ltd.		7,128		446,330
Dexus Property Group		63,535		60,488
Federation Centres, Ltd.		9,964		21,605
Flight Centre Travel Group, Ltd.		3,005		133,299
Fortescue Metals Group, Ltd.		32,558		168,480
Goodman Group		25,960		114,470
GPT Group		24,382		79,523
Harvey Norman Holdings, Ltd.		6,532		19,222
Iluka Resources, Ltd.		6,351		50,744
Incitec Pivot, Ltd.		21,309		50,281
Insurance Australia Group, Ltd.		30,856		170,074
Macquarie Group, Ltd.†		5,196		256,478
Mirvac Group		54,749		84,794
National Australia Bank, Ltd.		35,149		1,107,338
Orica, Ltd.		5,521		116,593
Origin Energy, Ltd.		21,342		271,239
QBE Insurance Group, Ltd.		17,042		242,984
Ramsay Health Care, Ltd.		2,613		92,223
Santos, Ltd.		19,280		245,911
Seek, Ltd.		4,789		58,334
Sonic Healthcare, Ltd.		6,460		97,639
SP AusNet		62,012		65,535
Stockland		35,117		123,174
Suncorp Group, Ltd.		22,482		270,160
Sydney Airport		8,277		29,409
Telstra Corp., Ltd.		81,338		374,961
Transurban Group		24,368		155,625
Westfield Group		35,720		338,444
Westfield Retail Trust		48,472		134,689
Westpac Banking Corp.		46,228		1,384,774
				13,050,376
Austria — 0.3%
OMV AG		24,744		1,211,811
Belgium — 0.3%
Colruyt SA		21,354		1,203,891
Bermuda — 0.3%
Cheung Kong Infrastructure Holdings, Ltd.		32,000		210,302
First Pacific Co., Ltd.		12,000		13,730
Li & Fung, Ltd.		92,000		125,315
Noble Group, Ltd.		281,000		247,404
NWS Holdings, Ltd.		315,000		471,323
Yue Yuen Industrial Holdings, Ltd.		11,500		35,675
				1,103,749

Security Description	Shares		Value (Note 2)
Canada — 4.0%
Agnico Eagle Mines, Ltd.		3,700	$	100,922
Agrium, Inc.		2,200		198,044
AltaGas, Ltd.		1,400		51,118
ARC Resources, Ltd.		4,300		115,587
ATCO, Ltd., Class I		400		18,303
Athabasca Oil Corp.†		1,800		10,982
Bank of Montreal		8,000		554,449
Bank of Nova Scotia		16,100		988,495
Baytex Energy Corp.		1,600		64,280
BCE, Inc.		3,500		154,552
BlackBerry, Ltd.†		5,500		34,747
Brookfield Asset Management, Inc., Class A		8,300		321,185
Brookfield Office Properties, Inc.		1,600		31,018
Canadian Imperial Bank of Commerce		4,500		385,938
Canadian National Railway Co.		6,200		697,639
Canadian Natural Resources, Ltd.		18,200		592,558
Canadian Oil Sands, Ltd.		8,400		157,149
Canadian Pacific Railway, Ltd.		2,400		365,819
Canadian Tire Corp., Ltd., Class A		900		84,492
Canadian Utilities, Ltd., Class A		1,200		40,753
Catamaran Corp.†		2,600		117,748
Cenovus Energy, Inc.		12,900		375,668
Crescent Point Energy Corp.		6,400		240,490
Dollarama, Inc.		700		56,482
Eldorado Gold Corp.		17,500		105,122
Empire Co., Ltd., Class A		3,700		263,400
Encana Corp.		11,700		223,843
Enerplus Corp.		1,900		34,598
First Quantum Minerals, Ltd.		9,200		153,492
Fortis, Inc.		4,200		123,181
Franco-Nevada Corp.		3,900		156,463
George Weston, Ltd.		5,300		396,614
Gildan Activewear, Inc.		1,500		72,507
Great-West Lifeco, Inc.		5,100		157,019
Imperial Oil, Ltd.		7,800		332,020
Keyera Corp.		1,000		57,829
Kinross Gold Corp.		26,200		123,094
Loblaw Cos., Ltd.		6,800		276,136
Magna International, Inc.		4,200		340,476
Manulife Financial Corp.		26,000		501,346
MEG Energy Corp.†		2,100		59,850
National Bank of Canada		300		26,116
New Gold, Inc.†		12,500		64,848
Open Text Corp.		500		42,388
Pacific Rubiales Energy Corp.		4,400		81,819
Pembina Pipeline Corp.		5,700		181,127
Pengrowth Energy Corp.		4,100		25,323
Penn West Petroleum, Ltd.		5,700		48,032
Peyto Exploration & Development Corp.		2,000		59,298
Potash Corp. of Saskatchewan, Inc.		12,100		379,143
Power Corp. of Canada		2,300		70,141
Power Financial Corp.		3,900		131,677
Rogers Communications, Inc., Class B		4,600		205,205
Royal Bank of Canada		19,900		1,319,797
Saputo, Inc.		2,100		95,737
Shaw Communications, Inc., Class B		5,200		119,755
Shoppers Drug Mart Corp.		5,600		307,602
Silver Wheaton Corp.		9,800		204,655
Sun Life Financial, Inc.		7,900		273,276
Suncor Energy, Inc.		24,700		846,977
Talisman Energy, Inc.		14,400		168,527
Teck Resources, Ltd., Class B		9,700		233,527
TELUS Corp.		5,000		177,502
Thomson Reuters Corp.		7,400		275,697

73

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Canada (continued)
Tim Hortons, Inc.		5,400	$	312,682
Toronto-Dominion Bank		12,700		1,157,241
Tourmaline Oil Corp.†		2,400		94,906
Turquoise Hill Resources, Ltd.†		5,100		20,840
Valeant Pharmaceuticals International, Inc.†		4,500		484,954
Vermilion Energy, Inc.		1,600		88,594
Yamana Gold, Inc.		20,500		183,942
				16,816,736
Cayman Islands — 0.0%
AAC Technologies Holdings, Inc.		11,500		52,215
ASM Pacific Technology, Ltd.		2,800		23,277
				75,492
Curacao — 0.9%
Schlumberger, Ltd.		44,016		3,891,895
Denmark — 0.3%
Novo Nordisk A/S, Class B		4,759		852,383
TDC A/S		49,625		445,093
				1,297,476
Finland — 0.5%
Kone Oyj, Class B		14,847		1,364,477
Neste Oil Oyj		49,245		940,604
				2,305,081
France — 4.8%
Aeroports de Paris		11,271		1,240,244
AXA SA		68,410		1,792,251
BNP Paribas SA		29,252		2,195,571
Casino Guichard Perrachon SA		10,889		1,217,588
CNP Assurances		39,822		760,891
Credit Agricole SA†		97,365		1,220,855
Danone SA		23,459		1,704,357
Imerys SA		14,835		1,199,124
Kering		1,678		372,139
L’Oreal SA		10,071		1,684,871
Legrand SA		20,319		1,121,387
Orange SA		111,982		1,462,706
Publicis Groupe SA		1,014		89,621
Renault SA		1,493		132,424
Sanofi		5,360		566,797
Societe Generale SA		27,919		1,605,680
Veolia Environnement SA		74,066		1,199,374
Vivendi SA		22,333		567,195
				20,133,075
Germany — 4.0%
Allianz SE		10,145		1,762,026
Bayer AG		20,163		2,689,839
Bayerische Motoren Werke AG		14,776		1,697,590
Brenntag AG		7,561		1,342,501
Deutsche Bank AG		38,182		1,840,875
Hochtief AG		13,111		1,158,090
Infineon Technologies AG		131,771		1,337,211
Linde AG		8,509		1,737,389
Merck KGaA		3,325		576,823
Muenchener Rueckversicherungs AG		7,027		1,536,935
Suedzucker AG		34,907		879,900
				16,559,179
Hong Kong — 0.9%
AIA Group, Ltd.		177,400		899,282
BOC Hong Kong Holdings, Ltd.		52,500		177,762
Cathay Pacific Airways, Ltd.		18,000		38,217

Security Description	Shares		Value (Note 2)
Hong Kong (continued)
Cheung Kong Holdings, Ltd.		25,000	$	395,026
Hang Lung Properties, Ltd.		30,000		100,611
Hang Seng Bank, Ltd.		9,400		153,259
Henderson Land Development Co., Ltd.		19,000		110,898
Hong Kong & China Gas Co., Ltd.		116,000		274,115
Hong Kong Exchanges and Clearing, Ltd.		13,500		237,170
Link REIT		31,000		151,748
MTR Corp., Ltd.		30,500		118,221
New World Development Co., Ltd.		57,000		77,052
Power Assets Holdings, Ltd.		38,500		312,861
Sino Land Co., Ltd.		26,000		35,549
Sun Hung Kai Properties, Ltd.		26,000		333,692
Swire Pacific, Ltd., Class A		12,000		144,802
Swire Properties, Ltd.		18,800		50,318
Wharf Holdings, Ltd.		26,000		215,978
Wheelock & Co., Ltd.		19,000		92,517
				3,919,078
Ireland — 1.8%
Accenture PLC, Class A		40,240		3,117,393
Covidien PLC		42,798		2,921,391
James Hardie Industries PLC CDI		6,110		69,804
Kerry Group PLC, Class A		19,661		1,260,687
				7,369,275
Israel — 0.2%
Bank Hapoalim BM		13,638		76,018
Bank Leumi Le-Israel BM†		7,906		32,153
Bezeq The Israeli Telecommunication Corp., Ltd.		28,152		47,060
Delek Group, Ltd.		191		72,259
Teva Pharmaceutical Industries, Ltd.		13,116		530,819
				758,309
Italy — 1.2%
Enel Green Power SpA		499,891		1,229,175
Prysmian SpA		31,145		813,207
Snam SpA		250,671		1,348,525
Telecom Italia SpA		1,262,943		1,231,878
Telecom Italia SpA RSP		384,305		295,235
				4,918,020
Japan — 8.6%
ABC-Mart, Inc.		300		13,678
ACOM Co., Ltd.†		3,700		13,727
Advantest Corp.		1,600		20,589
Aeon Co., Ltd.		26,900		361,906
AEON Financial Service Co., Ltd.		1,100		30,565
Aeon Mall Co., Ltd.		1,400		40,254
Air Water, Inc.		3,000		41,972
Aisin Seiki Co., Ltd.		4,400		176,988
Ajinomoto Co., Inc.		12,000		171,052
Alfresa Holdings Corp.		200		10,369
Amada Co., Ltd.		13,000		115,118
ANA Holdings, Inc.		21,000		42,441
Aozora Bank, Ltd.		13,000		37,442
Asahi Glass Co., Ltd.		45,000		290,408
Asics Corp.		2,000		33,019
Astellas Pharma, Inc.		6,900		408,914
Bank of Yokohama, Ltd.		12,000		65,726
Benesse Holdings, Inc.		1,100		42,314
Brother Industries, Ltd.		3,700		46,925
Calbee, Inc.		1,600		40,584
Canon, Inc.		17,700		589,280
Casio Computer Co., Ltd.		3,900		44,207
Central Japan Railway Co.		2,700		324,764

74

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Chiba Bank, Ltd.		3,000	$	20,854
Chugai Pharmaceutical Co., Ltd.		3,700		88,323
Citizen Holdings Co., Ltd.		4,000		30,735
Coca-Cola West Co., Ltd.		4,100		90,746
Cosmo Oil Co., Ltd.†		16,000		29,524
Credit Saison Co., Ltd.		2,000		56,080
Dai Nippon Printing Co., Ltd.		10,000		103,100
Dai-ichi Life Insurance Co., Ltd.		12,300		192,741
Daido Steel Co., Ltd.		8,000		43,583
Daihatsu Motor Co., Ltd.		20,400		373,245
Daiichi Sankyo Co., Ltd.		10,600		194,562
Dainippon Sumitomo Pharma Co., Ltd.		1,600		23,041
Daito Trust Construction Co., Ltd.		1,100		104,389
Daiwa House Industry Co., Ltd.		10,000		194,288
Daiwa Securities Group, Inc.		29,000		281,718
Dena Co., Ltd.		1,100		21,372
Denso Corp.		10,100		505,863
Dentsu, Inc.		3,600		149,729
Don Quijote Co., Ltd.		1,000		61,216
East Japan Railway Co.		5,900		483,290
Eisai Co., Ltd.		3,700		144,496
FANUC Corp.		3,600		605,946
Fast Retailing Co., Ltd.		800		303,051
FUJIFILM Holdings Corp.		8,900		243,039
Furukawa Electric Co., Ltd.		44,000		103,959
GungHo Online Entertainment, Inc.†		50		32,756
Hamamatsu Photonics KK		1,100		43,388
Hankyu Hanshin Holdings, Inc.		20,000		110,325
Hino Motors, Ltd.		12,000		185,931
Hirose Electric Co., Ltd.		600		91,735
Hisamitsu Pharmaceutical Co., Inc.		600		31,809
Hitachi Chemical Co., Ltd.		2,700		41,123
Hitachi Construction Machinery Co., Ltd.		4,600		98,445
Hitachi High-Technologies Corp.		1,300		30,411
Hitachi Metals, Ltd.		6,000		85,233
Honda Motor Co., Ltd.		38,600		1,631,809
Hulic Co., Ltd.		4,300		75,651
Ibiden Co., Ltd.		1,700		29,095
Idemitsu Kosan Co., Ltd.		1,100		98,804
Inpex Corp.		18,000		208,777
Isetan Mitsukoshi Holdings, Ltd.		6,100		87,726
Isuzu Motors, Ltd.		50,000		319,258
Japan Exchange Group, Inc.		3,300		88,118
Japan Petroleum Exploration Co.		800		30,774
JSR Corp.		3,200		58,829
JTEKT Corp.		9,100		140,642
Kajima Corp.		42,000		157,052
Kaneka Corp.		6,000		36,905
Kansai Paint Co., Ltd.		4,000		56,627
Kao Corp.		10,900		358,101
KDDI Corp.		8,300		521,054
Keikyu Corp.		4,000		33,547
Keio Corp.		4,000		26,517
Keyence Corp.		800		321,406
Kikkoman Corp.		4,000		76,700
Kinden Corp.		10,000		105,345
Kintetsu Corp.		26,000		91,130
Kobe Steel, Ltd.†		54,000		92,790
Koito Manufacturing Co., Ltd.		2,000		38,487
Konica Minolta, Inc.		10,000		100,854
Kuraray Co., Ltd.		5,900		73,329
Kurita Water Industries, Ltd.		5,400		115,618
Kyocera Corp.		5,900		312,209
LIXIL Group Corp.		10,200		264,000
M3, Inc.		8		20,878

Security Description	Shares		Value (Note 2)
Japan (continued)
Mabuchi Motor Co., Ltd.		4,100	$	246,580
Makita Corp.		3,600		179,605
Marui Group Co., Ltd.		3,500		35,982
Maruichi Steel Tube, Ltd.		1,800		44,286
Mazda Motor Corp.†		87,000		400,068
McDonald’s Holdings Co. Japan, Ltd.		3,800		104,549
MEIJI Holdings Co., Ltd.		1,600		89,353
Miraca Holdings, Inc.		400		18,589
Mitsubishi Chemical Holdings Corp.		28,500		132,448
Mitsubishi Estate Co., Ltd.		18,000		499,800
Mitsubishi Gas Chemical Co., Inc.		8,000		62,641
Mitsubishi Materials Corp.		29,000		109,007
Mitsubishi Motors Corp.†		19,300		209,158
Mitsubishi Tanabe Pharma Corp.		3,100		42,615
Mitsubishi UFJ Financial Group, Inc.		185,700		1,194,789
Mitsubishi UFJ Lease & Finance Co., Ltd.		7,800		46,606
Mitsui Chemicals, Inc.		13,000		31,731
Mitsui Fudosan Co., Ltd.		12,000		407,127
Mitsui OSK Lines, Ltd.		15,000		66,634
Mizuho Financial Group, Inc.		354,300		743,710
MS&AD Insurance Group Holdings		8,600		231,488
Murata Manufacturing Co., Ltd.		3,400		292,448
Nabtesco Corp.		4,100		95,510
Namco Bandai Holdings, Inc.		3,500		71,111
Nexon Co., Ltd.		1,800		16,765
NGK Insulators, Ltd.		10,000		183,061
NGK Spark Plug Co., Ltd.		4,000		92,868
NHK Spring Co., Ltd.		3,500		39,536
Nidec Corp.		3,000		289,675
Nintendo Co., Ltd.		1,600		205,106
Nippon Electric Glass Co., Ltd.		5,000		26,898
Nippon Express Co., Ltd.		9,000		46,395
Nippon Meat Packers, Inc.		4,000		64,594
Nippon Telegraph & Telephone Corp.		7,700		386,410
Nippon Yusen KK		29,000		89,753
Nissan Motor Co., Ltd.		87,100		795,954
Nisshin Seifun Group, Inc.		3,300		35,698
Nissin Foods Holdings Co., Ltd.		1,700		68,382
Nitori Holdings Co., Ltd.		600		55,592
Nitto Denko Corp.		2,900		147,513
NKSJ Holdings, Inc.		4,900		135,817
NOK Corp.		1,200		19,214
Nomura Holdings, Inc.		54,800		433,906
Nomura Real Estate Holdings, Inc.		2,200		51,851
Nomura Research Institute, Ltd.		2,000		65,609
NSK, Ltd.		16,000		189,016
NTT Data Corp.		2,400		86,346
NTT DOCOMO, Inc.		26,000		418,843
NTT Urban Development Corp.		1,700		19,568
Obayashi Corp.		32,000		172,770
Odakyu Electric Railway Co., Ltd.		8,000		71,155
OJI Holdings Corp.		15,000		70,588
Olympus Corp.†		3,700		124,447
Omron Corp.		3,900		160,493
Ono Pharmaceutical Co., Ltd.		1,100		83,339
Oracle Corp. Japan		700		27,610
Oriental Land Co., Ltd.		1,800		265,189
ORIX Corp.		20,200		367,811
Osaka Gas Co., Ltd.		39,000		157,637
Otsuka Corp.		200		25,560
Otsuka Holdings Co., Ltd.		6,500		189,876
Panasonic Corp.		32,900		377,422
Rakuten, Inc.		12,400		190,555
Resona Holdings, Inc.		31,300		155,239
Rinnai Corp.		600		45,340

75

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Rohm Co., Ltd.		1,400	$	60,825
Sanrio Co., Ltd.		800		36,632
Santen Pharmaceutical Co., Ltd.		500		23,798
SBI Holdings, Inc.		2,200		30,457
Secom Co., Ltd.		4,300		265,326
Sekisui Chemical Co., Ltd.		8,000		93,727
Sekisui House, Ltd.		12,000		165,546
Sharp Corp.†		11,000		35,978
Shimamura Co., Ltd.		300		30,784
Shimano, Inc.		1,500		133,268
Shimizu Corp.		41,000		191,740
Shin-Etsu Chemical Co., Ltd.		7,100		410,369
Shinsei Bank, Ltd.		23,000		56,812
Shionogi & Co., Ltd.		4,300		94,543
Shiseido Co., Ltd.		8,200		140,263
Shizuoka Bank, Ltd.		2,000		22,631
Showa Denko KK		18,000		27,942
Showa Shell Sekiyu KK		7,600		84,440
SMC Corp.		1,500		361,142
SoftBank Corp.		13,300		1,076,466
Sony Financial Holdings, Inc.		2,200		39,178
Stanley Electric Co., Ltd.		2,800		61,645
Sumitomo Chemical Co., Ltd.		29,000		116,651
Sumitomo Electric Industries, Ltd.		26,700		416,304
Sumitomo Metal Mining Co., Ltd.		11,000		146,380
Sumitomo Mitsui Financial Group, Inc.		19,100		945,443
Sumitomo Mitsui Trust Holdings, Inc.		49,000		240,635
Sumitomo Realty & Development Co., Ltd.		5,000		237,003
Sumitomo Rubber Industries, Ltd.		4,500		63,529
Suntory Beverage & Food, Ltd.†		3,000		94,606
Suzuken Co., Ltd.		300		10,193
Sysmex Corp.		1,200		78,028
T&D Holdings, Inc.		7,900		104,433
Taiheiyo Cement Corp.		21,000		84,882
Taisei Corp.		36,000		163,788
Taisho Pharmaceutical Holdings Co., Ltd.		200		13,747
Taiyo Nippon Sanso Corp.		3,000		19,888
Takashimaya Co., Ltd.		3,000		28,411
Takeda Pharmaceutical Co., Ltd.		12,200		592,580
TDK Corp.		1,900		88,670
Teijin, Ltd.		8,000		17,496
Terumo Corp.		2,700		141,030
THK Co., Ltd.		3,300		79,999
Tobu Railway Co., Ltd.		13,000		63,461
Toho Co., Ltd.		1,100		23,820
Toho Gas Co., Ltd.		3,000		14,528
Tokio Marine Holdings, Inc.		11,000		365,145
Tokyo Electron, Ltd.		2,500		135,465
Tokyo Gas Co., Ltd.		49,000		243,983
Tokyo Tatemono Co., Ltd.		5,000		49,402
Tokyu Corp.		19,000		127,996
Tokyu Fudosan Holdings Corp.†		7,900		72,348
TonenGeneral Sekiyu KK		10,000		96,656
Toppan Printing Co., Ltd.		12,000		97,008
Toray Industries, Inc.		30,000		212,058
TOTO, Ltd.		19,000		278,994
Toyo Seikan Group Holdings, Ltd.		3,000		63,207
Toyo Suisan Kaisha, Ltd.		2,000		58,267
Toyoda Gosei Co., Ltd.		1,700		41,793
Toyota Boshoku Corp.		1,100		15,143
Toyota Industries Corp.		5,100		221,826
Trend Micro, Inc.		1,600		62,641
Ube Industries, Ltd.		10,000		20,893
Unicharm Corp.		3,000		189,797
USS Co., Ltd.		4,300		59,069

Security Description	Shares		Value (Note 2)
Japan (continued)
West Japan Railway Co.		3,300	$	144,340
Yahoo Japan Corp.		26,500		127,811
Yakult Honsha Co., Ltd.		1,900		96,646
Yamada Denki Co., Ltd.		12,500		43,568
Yamaha Corp.		1,900		29,921
Yamaha Motor Co., Ltd.		16,600		264,822
Yamato Holdings Co., Ltd.		6,900		146,320
Yamato Kogyo Co., Ltd.		1,700		57,095
Yaskawa Electric Corp.		4,000		53,581
Yokohama Rubber Co., Ltd.		5,000		51,745
				36,196,113
Jersey — 0.1%
Glencore Xstrata PLC		52,691		267,229
Shire PLC		3,658		165,971
				433,200
Luxembourg — 0.3%
Tenaris SA		52,757		1,186,862
Mauritius — 0.0%
Golden Agri-Resources, Ltd.		130,000		59,559
Netherlands — 1.7%
Aegon NV		160,351		1,424,435
ASML Holding NV		17,446		1,632,720
ING Groep NV CVA†		67,204		872,613
LyondellBasell Industries NV, Class A		37,826		2,919,411
Wolters Kluwer NV		2,460		69,345
				6,918,524
New Zealand — 0.1%
Auckland International Airport, Ltd.		18,099		51,830
Contact Energy, Ltd.		18,039		70,443
Fletcher Building, Ltd.		16,009		118,910
Telecom Corp. of New Zealand, Ltd.		11,084		20,740
				261,923
Norway — 0.3%
Statoil ASA		63,074		1,423,762
Portugal — 0.3%
EDP - Energias de Portugal SA		328,971		1,244,636
Singapore — 0.6%
Ascendas Real Estate Investment Trust		9,000		15,920
CapitaLand, Ltd.		48,000		115,884
CapitaMalls Asia, Ltd.		11,000		17,880
City Developments, Ltd.		3,000		23,856
DBS Group Holdings, Ltd.		29,000		396,972
Global Logistic Properties, Ltd.		48,000		112,824
Jardine Cycle & Carriage, Ltd.		2,000		56,253
Olam International, Ltd.		121,000		148,472
Oversea-Chinese Banking Corp., Ltd.		41,000		341,054
Singapore Airlines, Ltd.		5,000		41,672
Singapore Press Holdings, Ltd.		10,000		33,943
Singapore Telecommunications, Ltd.		141,000		417,927
United Overseas Bank, Ltd.		21,000		350,042
Wilmar International, Ltd.		59,000		165,475
Yangzijiang Shipbuilding Holdings, Ltd.		146,000		135,524
				2,373,698
Spain — 1.6%
Banco Bilbao Vizcaya Argentaria SA		115,682		1,382,012
Banco Santander SA		20,701		184,005
Enagas SA		40,676		1,070,078
Ferrovial SA		63,263		1,197,183

76

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Spain (continued)
Inditex SA		10,032	$	1,599,301
Repsol SA		53,756		1,411,622
				6,844,201
Sweden — 1.1%
Alfa Laval AB		54,637		1,295,910
Assa Abloy AB, Class B		27,697		1,402,160
Svenska Cellulosa AB SCA, Class B		19,534		570,582
Swedbank AB, Class A		55,485		1,417,582
				4,686,234
Switzerland — 5.1%
ACE, Ltd.#		28,998		2,980,415
Actelion, Ltd.		5,885		490,173
Aryzta AG		16,186		1,206,205
Cie Financiere Richemont SA		18,232		1,852,465
Coca-Cola HBC AG		43,226		1,214,818
Credit Suisse Group AG		41,059		1,222,099
Givaudan SA		182		256,802
Lindt & Spruengli AG (Participation Certificate)		215		927,884
Novartis AG		45,700		3,612,339
Roche Holding AG		13,600		3,791,406
Swiss Re AG		17,361		1,544,668
TE Connectivity, Ltd.		39,465		2,080,595
				21,179,869
United Kingdom — 7.3%
Antofagasta PLC		85,775		1,114,749
Associated British Foods PLC		36,233		1,359,891
AstraZeneca PLC		38,476		2,212,716
Barclays PLC		485,817		2,160,519
BG Group PLC		100,794		2,059,771
BHP Billiton PLC		64,123		1,951,142
British Sky Broadcasting Group PLC		88,917		1,191,968
BT Group PLC		291,077		1,775,673
Burberry Group PLC		53,572		1,338,976
Croda International PLC		8,039		305,797
easyJet PLC		60,893		1,419,296
Ensco PLC, Class A		13,539		799,884
GlaxoSmithKline PLC		22,101		585,491
HSBC Holdings PLC		353,572		3,946,338
ITV PLC		93,373		290,383
Kingfisher PLC		202,266		1,244,489
Next PLC		11,354		1,021,204
Royal Bank of Scotland Group PLC†		246,311		1,319,146
Sage Group PLC		178,569		1,018,310
Vodafone Group PLC		930,339		3,453,664
				30,569,407
United States — 49.1%
AbbVie, Inc.		72,026		3,489,660
Activision Blizzard, Inc.		122,922		2,115,488
Aetna, Inc.		42,967		2,961,715
Affiliated Managers Group, Inc.†		1,426		285,557
Aflac, Inc.		38,011		2,522,790
Alliant Energy Corp.#		6,893		354,990
Allstate Corp.#		51,104		2,773,414
Amgen, Inc.		5,075		578,956
Anadarko Petroleum Corp.		33,260		2,954,153
Apple, Inc.		15,316		8,516,768
Bank of America Corp.		320,136		5,064,552
Bed Bath & Beyond, Inc.†#		10,082		786,698
BlackRock, Inc.#		9,718		2,942,125
CenturyLink, Inc.#		82,688		2,538,522
Cigna Corp.#		33,756		2,951,962

Security Description	Shares		Value (Note 2)
United States (continued)
Cisco Systems, Inc.		155,018	$	3,294,132
Citigroup, Inc.		91,023		4,816,937
Clorox Co.#		20,523		1,912,128
Coca-Cola Co.		101,961		4,097,813
Coca-Cola Enterprises, Inc.#		49,364		2,070,326
Comcast Corp., Class A		86,283		4,302,933
Costco Wholesale Corp.		20,312		2,547,734
CSX Corp.#		92,635		2,526,156
Danaher Corp.		16,459		1,231,133
Delta Air Lines, Inc.		75,999		2,202,451
Devon Energy Corp.#		31,550		1,912,561
Dover Corp.#		28,597		2,594,892
Dr Pepper Snapple Group, Inc.#		46,612		2,249,495
Dun & Bradstreet Corp.#		10,484		1,225,055
Emerson Electric Co.		36,289		2,431,000
EOG Resources, Inc.		4,364		720,060
Fifth Third Bancorp		136,273		2,769,067
Fluor Corp.		30,485		2,372,038
Gap, Inc.#		66,489		2,724,054
General Mills, Inc.		55,824		2,815,204
Google, Inc., Class A†		6,219		6,589,590
Halliburton Co.		55,597		2,928,850
HCA Holdings, Inc.†		53,477		2,482,402
Hewlett-Packard Co.		120,749		3,302,485
Home Depot, Inc.		51,084		4,120,946
Johnson & Johnson		58,315		5,520,098
Kroger Co.#		63,976		2,670,998
M&T Bank Corp.#		14,186		1,636,497
Macy’s, Inc.		42,611		2,269,462
Marathon Petroleum Corp.#		37,925		3,137,915
MasterCard, Inc., Class A		4,716		3,587,980
Medtronic, Inc.		42,759		2,450,946
MetLife, Inc.		13,356		697,050
Microsoft Corp.		105,833		4,035,412
NetApp, Inc.#		52,621		2,170,616
NIKE, Inc., Class B#		41,605		3,292,620
Northrop Grumman Corp.		24,957		2,812,155
priceline.com, Inc.†		3,026		3,607,991
Progressive Corp.#		98,093		2,739,737
Public Storage#		12,556		1,917,301
PulteGroup, Inc.#		24,933		467,743
QUALCOMM, Inc.		58,976		4,339,454
Quest Diagnostics, Inc.#		14,158		862,789
Republic Services, Inc.		64,612		2,255,605
Rockwell Collins, Inc.#		34,100		2,480,093
SanDisk Corp.		22,717		1,548,164
SLM Corp.		8,054		214,639
Southwest Airlines Co.		15,519		288,498
Symantec Corp.		90,413		2,033,388
Sysco Corp.#		79,533		2,674,695
Time Warner Cable, Inc.		23,964		3,312,304
Time Warner, Inc.		43,240		2,841,300
Travelers Cos., Inc.		32,294		2,930,358
Union Pacific Corp.		21,769		3,527,449
UnitedHealth Group, Inc.		47,986		3,573,997
US Bancorp#		88,597		3,474,774
Viacom, Inc., Class B		35,248		2,825,832
Walt Disney Co.		58,228		4,107,403
WellPoint, Inc.		31,501		2,925,813
Wells Fargo & Co.		123,601		5,440,916
				205,748,784
Total Common Stocks
(cost $356,271,705)				413,740,215

77

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
PREFERRED SECURITIES — 0.3%
Germany — 0.3%
Bayerische Motoren Werke AG (cost $800,622)		14,209		$	1,231,720
Total Long-Term Investment Securities
(cost $357,072,327)					414,971,935
SHORT-TERM INVESTMENT SECURITIES — 2.8%
Registered Investment Companies — 2.1%
State Street Navigator Securities Lending Prime Portfolio(3)		8,735,188			8,735,188
Time Deposits — 0.5%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013	$	2,063,000			2,063,000
U.S. Government Treasuries — 0.2%
United States Treasury Bills Disc. Notes 0.01% due 01/30/2014@		762,000			761,972
0.03% due 01/30/2014@		75,000			74,997
					836,969
Total Short-Term Investment Securities
(cost $11,635,178)					11,635,157
TOTAL INVESTMENTS —
(cost $368,707,505)(4)		101.9	%		426,607,092
Liabilities in excess of other assets		(1.9	)		(7,905,542	)
NET ASSETS —		100.0	%	$	418,701,550

† Non-income producing security

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

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

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

(2) Illiquid security. At November 30, 2013, the aggregate value of these securities was $0 representing 0.0% of net assets.

(3) At November 30, 2013, the Fund had loaned securities with a total value of $8,688,682. This was secured by collateral of $8,735,188, which was received in cash and subsequently invested in short-term investments currently valued at $8,735,188 as reported in the portfolio of investments. Additional collateral of $175,990 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Federal National Mtg. Assoc.	3.00% to 4.00%	10/25/2029 to 05/25/2042	$175,990

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

CVA—Certification Van Aandelen (Dutch Cert.)

RSP—Risparmio Savings Shares

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2013		Unrealized Appreciation (Depreciation)
	40	Long	S&P 500 E-Mini Index		December 2013	$	3,500,870	$	3,608,200	$	107,330

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Australia	$	13,050,376	$	—	$	0	$	13,050,376
Japan		36,196,113		—		—		36,196,113
Switzerland		21,179,869		—		—		21,179,869
United Kingdom		30,569,407		—		—		30,569,407
United States		205,748,784		—		—		205,748,784
Other Countries*		106,995,666				—		106,995,666
Preferred Securities		1,231,720		—		—		1,231,720

78

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
Short Term Investment Securities:
Registered Investment Companies	$	8,735,188	$	—	$	—	$	8,735,188
Time Deposits		—		2,063,000		—		2,063,000
U.S. Government Treasuries		—		836,969		—		836,969
Other Financial Instruments:†
Open Futures Contracts - Appreciation		107,330		—		—		107,330
Total	$	423,814,453	$	2,899,969	$	0	$	426,714,422

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $144,636,408 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.

See Notes to Financial Statements

79

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Sovereign	23.4	%
Medical — Drugs	7.7
Diversified Banking Institutions	7.3
U.S. Government Agencies	6.2
Oil Companies — Integrated	4.7
Registered Investment Companies	4.0
Time Deposits	2.5
Telecom Services	2.3
Foreign Government Treasuries	2.2
Insurance — Multi-line	1.8
Medical — Biomedical/Gene	1.8
Auto — Cars/Light Trucks	1.6
Transport — Services	1.6
Insurance — Life/Health	1.5
Applications Software	1.3
Cable/Satellite TV	1.3
Banks — Commercial	1.3
Retail — Drug Store	1.3
Medical — Generic Drugs	1.2
Medical Instruments	1.1
Oil — Field Services	1.1
Electronic Components — Semiconductors	1.1
Central Bank	1.0
Cellular Telecom	1.0
Building Products — Cement	1.0
Photo Equipment & Supplies	1.0
Internet Security	0.9
Engineering/R&D Services	0.9
Insurance — Reinsurance	0.8
Telephone — Integrated	0.8
Oil Companies — Exploration & Production	0.8
Networking Products	0.8
Retail — Regional Department Stores	0.8
Chemicals — Diversified	0.8
Building & Construction Products — Misc.	0.7
Semiconductor Equipment	0.7
Retail — Major Department Stores	0.7
Steel — Specialty	0.7
Steel — Producers	0.6
Food — Retail	0.6
Banks — Fiduciary	0.6
Diversified Manufacturing Operations	0.6
Consulting Services	0.6
Retail — Discount	0.5
Retail — Building Products	0.5
Finance — Credit Card	0.5
Publishing — Newspapers	0.5
Aerospace/Defense	0.5
Import/Export	0.5
Airlines	0.4
Rubber — Tires	0.4
Security Services	0.4
Beverages — Non-alcoholic	0.4
Publishing — Books	0.4
Auto/Truck Parts & Equipment — Original	0.4
Electronic Components — Misc.	0.3
Multimedia	0.3
Containers — Metal/Glass	0.3
Semiconductor Components — Integrated Circuits	0.3
Diversified Financial Services	0.3
Therapeutics	0.3
Medical Labs & Testing Services	0.2
Computers — Integrated Systems	0.2
Machinery — General Industrial	0.2
Metal — Iron	0.2
Coal	0.1
Diversified Operations	0.1
	102.9	%

* Calculated as a percentage of net assets

Country Allocation*

United States	34.9	%
United Kingdom	8.4
South Korea	6.9
France	6.0
Ireland	4.6
Japan	4.2
Poland	3.8
Switzerland	3.7
Netherlands	3.1
Mexico	3.0
Germany	2.7
Brazil	2.6
Hungary	2.4
Sweden	2.0
Italy	1.8
Singapore	1.6
Canada	1.4
Malaysia	1.2
Spain	1.2
Norway	1.1
Ukraine	1.0
Russia	1.0
China	0.7
Portugal	0.6
Israel	0.5
Indonesia	0.4
Jersey	0.4
Vietnam	0.3
Thailand	0.3
Taiwan	0.3
Philippines	0.3
Slovenia	0.2
Serbia	0.1
Iceland	0.1
Bermuda	0.1
	102.9	%

* Calculated as a percentage of net assets

80

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 63.2%
Bermuda — 0.1%
Noble Group, Ltd.#		335,600	$	295,477
Canada — 0.4%
Talisman Energy, Inc.		201,700		2,360,541
China — 0.7%
China Shenhua Energy Co., Ltd.		209,500		710,706
China Telecom Corp., Ltd.		6,174,000		3,336,802
				4,047,508
France — 6.0%
Alstom SA		27,330		1,003,379
AXA SA		149,285		3,911,069
BNP Paribas SA		84,970		6,377,604
Cie de St-Gobain		69,330		3,686,393
Cie Generale des Etablissements Michelin		21,300		2,313,437
Credit Agricole SA†		219,170		2,748,163
Sanofi		52,982		5,602,615
Total SA		59,540		3,607,071
Vivendi SA		104,737		2,660,022
				31,909,753
Germany — 2.7%
Deutsche Lufthansa AG†		110,760		2,405,223
Deutsche Post AG		61,437		2,172,520
HeidelbergCement AG		19,810		1,549,317
Merck KGaA		20,650		3,582,371
Muenchener Rueckversicherungs AG		8,250		1,804,428
Siemens AG ADR		24,050		3,177,486
				14,691,345
Ireland — 1.4%
Actavis PLC†#		23,620		3,851,713
CRH PLC		141,661		3,591,051
				7,442,764
Israel — 0.5%
Teva Pharmaceutical Industries, Ltd. ADR		68,525		2,793,079
Italy — 1.8%
Eni SpA		170,306		4,097,398
Intesa Sanpaolo SpA		739,614		1,788,483
UniCredit SpA		525,149		3,809,635
				9,695,516
Japan — 4.2%
ITOCHU Corp.		199,400		2,515,253
Konica Minolta, Inc.		258,000		2,602,040
Nikon Corp.		131,100		2,485,684
Nissan Motor Co., Ltd.		400,000		3,655,358
Suntory Beverage & Food, Ltd.		63,700		2,008,797
Toyota Motor Corp. ADR#		39,931		4,993,371
Trend Micro, Inc.#		100,100		3,918,975
				22,179,478
Jersey — 0.4%
Shire PLC		46,880		2,127,044
Netherlands — 3.1%
Akzo Nobel NV		52,880		3,981,952
Fugro NV CVA		10,900		662,864
ING Groep NV CVA†		346,531		4,499,547
Koninklijke Philips NV		46,506		1,664,435
Reed Elsevier NV		91,883		1,962,218
TNT Express NV		405,700		3,719,667
				16,490,683

Security Description	Shares		Value (Note 2)
Norway — 1.1%
Statoil ASA		105,020	$	2,370,604
Telenor ASA		150,072		3,605,400
				5,976,004
Portugal — 0.6%
Galp Energia SGPS SA		183,680		3,043,010
Singapore — 1.2%
DBS Group Holdings, Ltd.#		268,095		3,669,871
Singapore Telecommunications, Ltd.—10		955,000		2,815,426
				6,485,297
South Korea — 2.4%
Hyundai Mobis		6,574		1,907,038
KB Financial Group, Inc. ADR		38,625		1,439,940
POSCO ADR		44,000		3,409,560
Samsung Electronics Co., Ltd.		4,155		5,865,605
				12,622,143
Spain — 1.2%
Repsol SA		71,772		1,884,719
Telefonica SA ADR		264,201		4,340,822
				6,225,541
Sweden — 0.5%
Getinge AB, Class B		83,660		2,615,950
Switzerland — 3.7%
ABB, Ltd.		61,410		1,571,072
ACE, Ltd.		16,217		1,666,783
Credit Suisse Group AG		127,200		3,786,040
Foster Wheeler AG†		95,180		2,886,809
Novartis AG		27,090		2,141,319
Roche Holding AG		17,630		4,914,889
Swiss Re AG		29,710		2,643,402
				19,610,314
Taiwan — 0.3%
Taiwan Semiconductor Manufacturing Co., Ltd.		415,914		1,475,670
Thailand — 0.3%
Bangkok Bank PCL		263,300		1,553,888
United Kingdom — 8.4%
Aviva PLC		551,240		3,873,445
BAE Systems PLC		366,059		2,560,834
BP PLC		347,655		2,742,782
G4S PLC		507,383		2,169,226
GlaxoSmithKline PLC		186,576		4,942,700
HSBC Holdings PLC#		415,983		4,644,003
Kingfisher PLC		426,000		2,621,064
Lloyds Banking Group PLC†		3,489,880		4,421,272
Marks & Spencer Group PLC		446,100		3,555,961
Rexam PLC		194,214		1,588,176
Royal Dutch Shell PLC, Class B		87,186		3,060,332
Tesco PLC		593,260		3,378,762
Vodafone Group PLC ADR		143,890		5,336,880
				44,895,437
United States — 22.2%
Allegheny Technologies, Inc.#		105,840		3,516,005
American Express Co.#		30,540		2,620,332
Amgen, Inc.		43,190		4,927,115
Applied Materials, Inc.#		210,610		3,643,553
Baker Hughes, Inc.		82,400		4,693,504
Bank of New York Mellon Corp.		94,460		3,183,302
Brocade Communications Systems, Inc.†		118,910		1,045,219

81

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Chesapeake Energy Corp.#		69,530	$	1,868,271
Chevron Corp.		22,890		2,802,652
Cisco Systems, Inc.		198,760		4,223,650
Citigroup, Inc.		88,820		4,700,354
Comcast Corp., Special Class A		86,715		4,175,327
CVS Caremark Corp.		50,670		3,392,863
Forest Laboratories, Inc.†		74,910		3,843,632
Gilead Sciences, Inc.†#		61,790		4,622,510
Halliburton Co.		12,507		658,869
ING US, Inc.#		127,840		4,466,729
Isis Pharmaceuticals, Inc.†#		35,900		1,391,484
JPMorgan Chase & Co.		86,200		4,932,364
Leidos Holdings, Inc.#		39,167		1,904,691
Macy’s, Inc.		77,780		4,142,563
Medtronic, Inc.		59,860		3,431,175
Merck & Co., Inc.		76,130		3,793,558
Microsoft Corp.		186,974		7,129,319
Morgan Stanley#		111,880		3,501,844
News Corp., Class A†#		143,253		2,572,824
Pfizer, Inc.		168,809		5,356,309
Quest Diagnostics, Inc.#		21,270		1,296,194
Salix Pharmaceuticals, Ltd.†#		57,570		4,882,512
Science Applications International Corp.#		22,380		824,703
Symantec Corp.		57,220		1,286,878
Target Corp.#		42,683		2,728,724
Time Warner Cable, Inc.		21,008		2,903,726
Twenty-First Century Fox, Inc., Class A#		49,667		1,663,348
United Parcel Service, Inc., Class B		25,010		2,560,524
Walgreen Co.		60,910		3,605,872
				118,292,499
Total Common Stocks
(cost $254,906,319)				336,828,941
PREFERRED SECURITIES — 0.4%
Brazil — 0.4%
Petroleo Brasileiro SA ADR#		80,325		1,328,575
Vale SA ADR		67,817		951,473
Total Preferred Securities
(cost $3,661,496)				2,280,048
FOREIGN GOVERNMENT AGENCIES — 24.4%
Brazil — 2.2%
Brazil Notas do Tesouro Nacional Series B Notes 6.00% due 05/15/2015(1)	BRL	6,129,860		2,690,875
Brazil Notas do Tesouro Nacional Series B Notes 6.00% due 08/15/2016(1)	BRL	1,081,191		476,927
Brazil Notas do Tesouro Nacional Series B Bonds 6.00% due 08/15/2018(1)	BRL	1,027,481		447,560
Brazil Notas do Tesouro Nacional Series B Notes 6.00% due 05/15/2045(1)	BRL	11,092,128		4,456,169
Brazil Notas do Tesouro Nacional Series F Notes 10.00% due 01/01/2014	BRL	2,950,000		1,313,478

Security Description	Principal Amount		Value (Note 2)
Brazil (continued)
Brazil Notas do Tesouro Nacional Series F Notes 10.00% due 01/01/2017	BRL	5,200,000	$	2,190,963
				11,575,972
Canada — 0.9%
Government of Canada Bonds 1.00% due 11/01/2014	CAD	2,766,000		2,604,327
Government of Canada Bonds 1.00% due 02/01/2015	CAD	530,000		499,001
Government of Canada Bonds 2.25% due 08/01/2014	CAD	1,608,000		1,526,639
				4,629,967
Hungary — 2.4%
Republic of Hungary Senior Bonds 3.50% due 07/18/2016	EUR	135,000		187,029
Republic of Hungary Senior Bonds 3.88% due 02/24/2020	EUR	495,000		651,746
Republic of Hungary Senior Bonds 4.38% due 07/04/2017	EUR	685,000		951,436
Republic of Hungary Bonds 5.50% due 02/12/2016	HUF	164,800,000		769,141
Republic of Hungary Bonds 5.50% due 12/22/2016	HUF	465,190,000		2,170,825
Republic of Hungary Senior Bonds 5.75% due 06/11/2018	EUR	2,165,000		3,132,327
Republic of Hungary Senior Bonds 6.25% due 01/29/2020#		910,000		977,113
Republic of Hungary Senior Bonds 6.38% due 03/29/2021#		400,000		429,500
Republic of Hungary Bonds 6.50% due 06/24/2019	HUF	155,700,000		741,693
Republic of Hungary Bonds 6.75% due 02/24/2017	HUF	633,000,000		3,046,057
				13,056,867
Iceland — 0.1%
Republic of Iceland Bonds 5.88% due 05/11/2022*		500,000		515,000
Indonesia — 0.4%
Republic of Indonesia Senior Bonds 9.00% due 09/15/2018	IDR	2,780,000,000		240,527
Republic of Indonesia Senior Bonds 11.00% due 11/15/2020	IDR	13,282,000,000		1,262,414

82

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN GOVERNMENT AGENCIES (continued)
Indonesia (continued)
Republic of Indonesia Senior Bonds 12.80% due 06/15/2021	IDR	6,847,000,000	$	700,297
				2,203,238
Ireland — 3.2%
Republic of Ireland Bonds 4.40% due 06/18/2019	EUR	204,000		303,736
Republic of Ireland Notes 4.50% due 10/18/2018	EUR	159,000		238,822
Republic of Ireland Bonds 4.50% due 04/18/2020	EUR	701,000		1,035,769
Republic of Ireland Notes 5.00% due 10/18/2020	EUR	3,920,000		5,952,302
Republic of Ireland Notes 5.40% due 03/13/2025	EUR	4,011,220		6,165,436
Republic of Ireland Bonds 5.50% due 10/18/2017	EUR	1,686,800		2,603,004
Republic of Ireland Bonds 5.90% due 10/18/2019	EUR	581,000		923,758
				17,222,827
Malaysia — 0.5%
Government of Malaysia Senior Notes 3.20% due 10/15/2015	MYR	1,430,000		444,867
Government of Malaysia Senior Bonds 3.43% due 08/15/2014	MYR	1,035,000		322,059
Government of Malaysia Senior Bonds 3.74% due 02/27/2015	MYR	1,265,000		395,921
Government of Malaysia Senior Bonds 3.81% due 02/15/2017	MYR	3,115,000		981,477
Government of Malaysia Senior Notes 3.84% due 08/12/2015	MYR	1,045,000		328,191
Government of Malaysia Senior Notes 4.72% due 09/30/2015	MYR	1,342,000		429,330
				2,901,845
Mexico — 2.8%
United Mexican States Bonds 2.50% due 12/10/2020(1)	MXN	2,098,962		166,114
United Mexican States Bonds 3.50% due 12/14/2017(1)	MXN	4,027,195		334,967
United Mexican States Bonds 4.00% due 06/13/2019(1)	MXN	2,691,492		231,545
United Mexican States Bonds 4.50% due 12/18/2014(1)	MXN	1,656,071		132,639
United Mexican States Bonds 5.00% due 06/16/2016(1)	MXN	4,207,966		355,469

Security Description	Principal Amount		Value (Note 2)
Mexico (continued)
United Mexican States Bonds 6.00% due 06/18/2015	MXN	512,000	$	40,395
United Mexican States Bonds 6.25% due 06/16/2016	MXN	5,627,000		452,475
United Mexican States Bonds 7.00% due 06/19/2014	MXN	930,000		72,235
United Mexican States Bonds 7.25% due 12/15/2016	MXN	25,476,000		2,104,408
United Mexican States Bonds 7.75% due 12/14/2017	MXN	19,000,000		1,610,130
United Mexican States Bonds 8.00% due 12/19/2013	MXN	49,600,000		3,791,104
United Mexican States Bonds 8.00% due 12/17/2015	MXN	64,725,000		5,332,617
United Mexican States Bonds 9.50% due 12/18/2014	MXN	1,160,000		93,715
				14,717,813
Poland — 3.8%
Government of Poland Bonds zero coupon due 01/25/2014	PLN	14,650,000		4,716,369
Government of Poland Bonds zero coupon due 07/25/2014	PLN	240,000		76,376
Government of Poland Bonds zero coupon due 07/25/2015	PLN	1,271,000		392,401
Government of Poland Bonds zero coupon due 01/25/2016	PLN	11,932,000		3,615,956
Government of Poland FRS Bonds 2.71% due 01/25/2017	PLN	1,357,000		436,709
Government of Poland FRS Bonds 2.71% due 01/25/2021	PLN	1,376,000		434,021
Government of Poland Bonds 5.00% due 04/25/2016	PLN	4,475,000		1,508,825
Government of Poland Bonds 5.50% due 04/25/2015	PLN	3,325,000		1,114,636
Government of Poland Bonds 5.75% due 04/25/2014	PLN	10,640,000		3,481,232
Government of Poland Bonds 6.25% due 10/24/2015	PLN	12,572,000		4,311,990
				20,088,515
Russia — 1.0%
Russian Federation Senior Bonds 7.50% due 03/31/2030*(2)		4,473,040		5,233,457

83

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN GOVERNMENT AGENCIES (continued)
Serbia — 0.1%
Republic of Serbia Senior Notes 5.25% due 11/21/2017#*	$	270,000	$	269,041
Republic of Serbia Senior Notes 7.25% due 09/28/2021*		280,000		292,600
				561,641
Singapore — 0.3%
Republic of Singapore Senior Notes 0.25% due 02/01/2014	SGD	1,400,000		1,115,384
Republic of Singapore Senior Notes 1.13% due 04/01/2016	SGD	610,000		495,792
				1,611,176
Slovenia — 0.2%
Republic of Slovenia Senior Notes 5.50% due 10/26/2022*		690,000		682,237
Republic of Slovenia Bonds 5.85% due 05/10/2023*		240,000		241,800
				924,037
South Korea — 3.7%
Republic of South Korea Senior Notes 2.74% due 02/02/2015	KRW	1,100,820,000		1,040,196
Republic of South Korea Senior Notes 2.75% due 12/10/2015	KRW	1,530,800,000		1,441,621
Republic of South Korea Senior Notes 2.76% due 06/02/2015	KRW	376,900,000		355,846
Republic of South Korea Senior Notes 2.78% due 10/02/2014	KRW	1,056,600,000		999,415
Republic of South Korea Senior Notes 2.80% due 08/02/2015	KRW	2,887,440,000		2,724,810
Republic of South Korea Senior Notes 2.82% due 08/02/2014	KRW	265,000,000		250,740
Republic of South Korea Senior Notes 2.84% due 12/02/2014	KRW	376,570,000		356,301
Republic of South Korea Senior Notes 3.00% due 12/10/2013	KRW	6,027,200,000		5,695,593
Republic of South Korea Senior Notes 3.25% due 12/10/2014	KRW	199,730,000		189,729
Republic of South Korea Senior Notes 3.25% due 06/10/2015	KRW	314,300,000		298,827
Republic of South Korea Senior Notes 3.50% due 06/10/2014	KRW	6,610,230,000		6,274,697
				19,627,775
Sweden — 1.5%
Kingdom of Sweden Bonds 6.75% due 05/05/2014	SEK	49,670,000		7,761,825

Security Description	Principal Amount		Value (Note 2)
Ukraine — 1.0%
Government of Ukraine Bonds 7.50% due 04/17/2023#*	$	600,000	$	510,120
Government of Ukraine Senior Notes 7.80% due 11/28/2022*		1,280,000		1,101,056
Government of Ukraine Senior Notes 7.95% due 02/23/2021#*		770,000		677,600
Government of Ukraine Senior Notes 9.25% due 07/24/2017*		3,210,000		2,985,300
				5,274,076
Vietnam — 0.3%
Republic of Vietnam Senior Bonds 6.75% due 01/29/2020#*		1,695,000		1,826,362
Total Foreign Government Agencies
(cost $126,168,663)				129,732,393
FOREIGN GOVERNMENT TREASURIES — 0.4%
South Korea — 0.4%
Bank of Korea Senior Notes 2.47% due 04/02/2015	KRW	370,900,000		350,548
Bank of Korea Senior Notes 2.55% due 05/09/2014	KRW	118,700,000		112,141
Bank of Korea Senior Notes 2.81% due 10/02/2015	KRW	60,000,000		56,649
Bank of Korea Senior Notes 3.28% due 06/02/2014	KRW	518,420,000		491,510
Bank of Korea Senior Notes 3.47% due 02/02/2014	KRW	297,530,000		281,561
Bank of Korea Senior Notes 3.48% due 12/02/2013	KRW	216,400,000		204,479
Bank of Korea Senior Notes 3.59% due 04/02/2014	KRW	437,290,000		414,574
Total Foreign Government Treasuries
(cost $1,755,187)				1,911,462
Total Long-Term Investment Securities
(cost $386,491,665)				470,752,844
SHORT-TERM INVESTMENT SECURITIES — 14.5%
Foreign Government Treasuries — 1.8%
Bank Negara Malaysia Monetary Notes
2.83% due 04/15/2014	MYR	70,000		21,486
2.83% due 09/09/2014	MYR	915,000		277,509
2.83% due 09/18/2014	MYR	850,000		257,610
2.85% due 01/16/2014	MYR	40,000		12,367
2.85% due 02/06/2014	MYR	20,000		6,173
2.85% due 02/18/2014	MYR	320,000		98,666
2.85% due 02/20/2014	MYR	250,000		77,070
2.85% due 03/27/2014	MYR	10,000		3,074
2.85% due 05/15/2014	MYR	10,000		3,062
2.85% due 05/20/2014	MYR	165,000		50,501
2.85% due 05/27/2014	MYR	45,000		13,765
2.85% due 10/16/2014	MYR	80,000		24,191

84

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
Foreign Government Treasuries (continued)
Bank Negara Malaysia Monetary Notes (continued)
2.86% due 03/20/2014	MYR	100,000	$	30,759
2.86% due 03/27/2014	MYR	10,000		3,074
2.86% due 06/05/2014	MYR	20,000		6,113
2.86% due 07/08/2014	MYR	30,000		9,145
2.86% due 08/14/2014	MYR	90,000		27,353
2.86% due 11/06/2014	MYR	130,000		39,245
2.87% due 12/26/2013	MYR	50,000		15,483
2.87% due 03/27/2014	MYR	60,000		18,446
2.87% due 04/24/2014	MYR	260,000		79,747
2.87% due 06/03/2014	MYR	70,000		21,400
2.87% due 06/17/2014	MYR	50,000		15,268
2.87% due 07/15/2014	MYR	1,220,000		371,679
2.87% due 07/24/2014	MYR	1,830,000		557,115
2.87% due 08/21/2014	MYR	10,000		3,038
2.87% due 10/16/2014	MYR	240,000		72,574
2.88% due 01/09/2014	MYR	375,000		116,003
2.88% due 01/16/2014	MYR	1,090,000		337,000
2.88% due 01/09/2014	MYR	255,000		78,580
2.88% due 01/09/2014	MYR	700,000		211,321
2.89% due 08/05/2014	MYR	100,000		30,414
2.90% due 03/13/2014	MYR	20,000		6,155
2.90% due 04/03/2014	MYR	10,000		3,073
2.90% due 07/15/2014	MYR	310,000		94,443
2.90% due 07/24/2014	MYR	300,000		91,330
2.90% due 10/02/2014	MYR	685,000		207,371
2.90% due 10/16/2014	MYR	1,845,000		557,915
2.91% due 03/13/2014	MYR	70,000		21,544
2.91% due 05/15/2014	MYR	10,000		3,062
2.91% due 05/27/2014	MYR	5,000		1,529
2.92% due 12/05/2013	MYR	10,000		3,102
2.92% due 12/10/2013	MYR	20,000		6,201
2.92% due 12/31/2013	MYR	25,000		7,738
2.92% due 06/05/2014	MYR	110,000		33,622
2.93% due 12/19/2013	MYR	150,000		46,474
2.93% due 01/09/2014	MYR	30,000		9,280
2.93% due 01/30/2014	MYR	50,000		15,440
2.93% due 08/21/2014	MYR	50,000		15,188
2.94% due 06/12/2014	MYR	10,000		3,055
2.95% due 06/19/2014	MYR	60,000		18,318
2.95% due 10/28/2014	MYR	30,000		9,063
				4,043,134
Bank of Korea
2.57% due 06/06/2014	KRW	1,134,000,000		1,071,313
2.72% due 09/09/2014	KRW	1,119,000,000		1,058,988
				2,130,301
Government of Canada
0.07% due 02/01/2014	CAD	410,000		386,028
Government of Malaysia
2.90% due 05/30/2014	MYR	300,000		91,714
Republic of Singapore
0.29% due 04/04/2014	SGD	615,000		489,599
Republic of the Philippines
0.07% due 04/10/2014	PHP	6,300,000		143,918
0.30% due 04/10/2014	PHP	53,360,000		1,218,960
				1,362,878
United Mexican States
3.61% due 03/20/2014	MXN	11,710,000		88,419
3.77% due 01/09/2014	MXN	10,780,000		81,925

Security Description	Principal Amount			Value (Note 2)
Foreign Government Treasuries (continued)
United Mexican States (continued)
3.77% due 04/30/2014	MXN	10,770,000		$	80,961
3.80% due 04/03/2014	MXN	10,780,000			81,259
3.95% due 04/30/2014	MXN	24,890,000			187,104
4.00% due 04/30/2014	MXN	25,650,000			192,817
4.06% due 01/09/2014	MXN	44,301,000			336,583
					1,049,068
Total Foreign Government Treasuries
(cost $9,659,404)					9,552,722
Registered Investment Companies — 4.0%
State Street Navigator Securities Lending Prime Portfolio(3)
(cost $21,540,367)	$	21,540,367			21,540,367
Time Deposits — 2.5%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013
(cost $13,579,000)		13,579,000			13,579,000
U.S. Government Agencies — 6.2%
Federal Home Loan Bank 0.01% due 12/02/2013
(cost $32,750,000)		32,750,000			32,750,000
Total Short-Term Investment Securities
(cost $77,528,771)					77,422,089
TOTAL INVESTMENTS —
(cost $464,020,436)(4)		102.9	%		548,174,933
Liabilities in excess of other assets		(2.9	)		(15,675,366	)
NET ASSETS —		100.0	%	$	532,499,567

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2013, the aggregate value of these securities was $14,334,573 representing 2.7% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

(2) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2013.

(3) At November 30, 2013, the Fund had loaned securities with a total value of $22,580,902. This was secured by collateral of $21,540,367, which was received in cash and subsequently invested in short-term investments currently value at $21,540,367 as reported in the portfolio of investments. The remaining collateral of $1,673,489 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Federal National Mtg. Assoc.	3.00% to 4.00%	10/29/2029 to 05/25/2042	$1,673,489

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

ADR — American Depository Receipt

CVA — Certification Van Aandelen (Dutch Cert.)

BRL — Brazilian Real

CAD — Canadian Dollar

EUR — Euro Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

KRW — South Korean Won

85

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

MXN — Mexican Peso

MYR — Malaysian Ringgit

PLN — Polish Zloty

SEK — Swedish Krona

SGD — Singapore Dollar

FRS — Floating Rate Security

The rates shown on FRS are the current interest rates at November 30, 2013 and unless noted otherwise, the dates shown are the original maturity dates.

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Barclays Investments, Inc.		EUR	181,000		USD	237,897		01/21/2014	$	–	$	(7,996	)
		EUR	3,039,000		USD	4,105,993		02/11/2014		–		(22,732	)
		EUR	2,433,210		USD	3,243,733		02/26/2014		–		(62,069	)
		EUR	311,476		USD	416,053		02/27/2014		–		(7,124	)
		EUR	271,769		USD	355,593		03/07/2014		–		(13,643	)
		EUR	437,439		USD	569,869		03/10/2014		–		(24,456	)
		EUR	130,161		USD	169,375		03/17/2014		–		(7,470	)
		EUR	72,605		USD	94,285		03/21/2014		–		(4,362	)
		EUR	188,102		USD	242,097		04/07/2014		–		(13,480	)
		EUR	345,709		USD	451,565		04/25/2014		–		(18,169	)
		EUR	453,864		USD	601,570		05/05/2014		–		(15,132	)
		EUR	154,000		USD	201,340		07/16/2014		–		(7,948	)
		EUR	453,000		USD	600,787		08/05/2014		–		(14,878	)
		EUR	214,240		USD	287,208		08/25/2014		–		(3,978	)
		EUR	54,521		USD	72,840		09/19/2014		–		(1,268	)
		EUR	131,194		USD	177,605		09/24/2014		–		(725	)
		EUR	45,404		USD	62,513		10/27/2014		789		–
		JPY	22,560,000		USD	243,697		02/25/2014		23,316		–
		JPY	45,070,000		USD	487,325		02/27/2014		47,047		–
		JPY	40,123,600		USD	404,705		03/07/2014		12,728		–
		JPY	65,630,000		USD	674,400		06/10/2014		32,857		–
		JPY	557,000,000		USD	5,686,923		11/05/2014		234,895		–
		USD	156,934		CLP	77,400,000		02/11/2014		–		(12,768	)
		USD	1,039,369		SGD	1,318,751		02/12/2014		11,453		–
		USD	404,442		CLP	200,300,000		03/05/2014		–		(32,181	)
		USD	381,890		SGD	485,000		08/18/2014		4,725		–
										367,810		(270,379	)
Citibank N.A.		EUR	1,203,000		USD	1,578,035		01/10/2014		–		(56,238	)
		EUR	375,660		USD	499,628		01/14/2014		–		(10,709	)
		EUR	2,172,000		USD	2,941,257		02/10/2014		–		(9,573	)
		EUR	795,744		USD	1,039,600		03/10/2014		–		(41,535	)
		EUR	89,576		USD	116,286		03/18/2014		–		(5,418	)
		EUR	157,344		USD	204,657		03/26/2014		–		(9,124	)
		EUR	134,537		USD	178,171		07/28/2014		–		(4,672	)
		EUR	97,289		USD	129,521		08/08/2014		–		(2,704	)
		EUR	27,522		USD	36,673		08/11/2014		–		(733	)
		EUR	1,545,000		USD	2,092,788		10/15/2014		–		(7,467	)
		EUR	2,388,000		USD	3,215,979		11/07/2014		–		(30,500	)
		EUR	1,316,000		USD	1,769,652		11/17/2014		–		(19,509	)
		INR	4,668,000		USD	73,943		12/03/2013		–		(757	)
		JPY	90,060,000		USD	974,596		02/13/2014		94,889		–
		JPY	44,980,000		USD	487,332		02/19/2014		47,952		–
		JPY	32,100,000		USD	323,687		06/09/2014		9,907		–
		JPY	72,889,000		USD	732,654		07/24/2014		19,891		–
		JPY	80,345,200		USD	835,419		08/13/2014		49,612		–
		JPY	161,237,200		USD	1,631,589		11/12/2014		53,257		–
		USD	66,667		INR	4,668,000		12/03/2013		8,033		–
		USD	71,500		INR	4,623,000		01/06/2014		1,878		–
		USD	665,738		CLP	327,410,000		02/20/2014		–		(56,445	)
		USD	72,115		INR	4,668,000		03/03/2014		1,011		–
		USD	306,225		CLP	159,543,000		10/24/2014		–		(16,791	)
										286,430		(272,175	)
Deutsche Bank AG		EUR	1,428,000		USD	1,916,276		02/11/2014		–		(23,776	)
		EUR	1,270,000		USD	1,662,303		03/07/2014		–		(63,169	)
		EUR	2,751,814		SEK	23,782,000		03/24/2014		–		(119,352	)
		EUR	234,000		USD	304,025		03/26/2014		–		(13,908	)
		EUR	36,531		USD	47,104		03/31/2014		–		(2,531	)
		EUR	119,927		USD	154,124		04/03/2014		–		(8,821	)
		EUR	511,000		USD	657,734		04/04/2014		–		(36,565	)
		EUR	133,071		USD	174,157		04/11/2014		–		(6,650	)
		EUR	686,000		USD	910,747		04/30/2014		–		(21,368	)
		EUR	352,066		MYR	1,491,000		07/18/2014		–		(21,919	)
		EUR	394,284		MYR	1,683,000		07/22/2014		–		(20,612	)
		EUR	133,000		USD	174,472		07/22/2014		–		(6,279	)
		EUR	120,000		USD	157,682		07/23/2014		–		(5,402	)

86

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Open Forward Foreign Currency Contracts (continued)
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
		EUR	508,005		MYR	2,164,000		07/25/2014	$	–	$	(28,015	)
		EUR	316,000		USD	417,952		07/25/2014		–		(11,505	)
		EUR	797,552		SEK	6,934,000		07/29/2014		–		(31,239	)
		EUR	80,784		USD	107,879		08/29/2014		–		(1,920	)
		EUR	137,755		USD	185,542		11/19/2014		–		(1,743	)
		EUR	122,735		USD	166,306		11/28/2014		–		(564	)
		JPY	58,120,000		USD	655,624		01/17/2014		87,985		–
		JPY	23,100,000		USD	240,385		06/11/2014		14,577		–
		JPY	70,835,000		USD	712,999		11/14/2014		19,590		–
		JPY	691,920,000		USD	6,984,858		11/17/2014		211,401		–
		JPY	686,286,000		USD	6,865,606		11/19/2014		147,169		–
		USD	649,841		SGD	816,200		12/23/2013		499		–
		USD	248,118		INR	15,966,000		12/26/2013		5,973		–
		USD	40,740		INR	2,602,700		12/31/2013		631		–
		USD	86,309		INR	5,431,000		01/08/2014		–		(147	)
		USD	337,310		MYR	1,043,400		01/08/2014		–		(14,300	)
		USD	504,027		INR	31,543,000		01/15/2014		–		(4,451	)
		USD	814,632		INR	51,060,000		01/17/2014		–		(6,340	)
		USD	169,529		INR	10,622,000		01/22/2014		–		(1,583	)
		USD	490,127		SGD	624,000		02/07/2014		7,092		–
		USD	83,647		INR	5,308,000		02/10/2014		–		(97	)
		USD	129,602		CLP	63,890,000		02/14/2014		–		(10,635	)
		USD	222,014		INR	14,554,000		02/18/2014		6,654		–
		USD	205,982		INR	13,258,000		02/20/2014		2,229		–
		USD	275,131		CLP	136,080,000		02/25/2014		–		(22,020	)
		USD	315,980		CLP	156,410,000		02/26/2014		–		(25,083	)
		USD	249,107		INR	15,966,000		02/26/2014		1,290		–
		USD	483,846		CLP	239,310,000		02/27/2014		–		(38,813	)
		USD	483,712		INR	31,012,200		02/27/2014		2,547		–
		USD	184,157		SGD	235,500		02/27/2014		3,502		–
		USD	431,898		INR	27,597,000		02/28/2014		714		–
		USD	237,941		SGD	294,500		02/28/2014		–		(3,268	)
		USD	347,409		CLP	171,950,000		03/03/2014		–		(27,769	)
		USD	346,464		CLP	171,950,000		03/05/2014		–		(26,892	)
		USD	383,110		CLP	190,310,000		03/06/2014		–		(29,453	)
		USD	381,949		CLP	189,160,000		03/07/2014		–		(30,465	)
		USD	372,099		CLP	184,040,000		03/13/2014		–		(30,344	)
		USD	594,383		SGD	758,100		03/19/2014		9,740		–
		USD	386,189		CLP	190,700,000		04/04/2014		–		(32,883	)
		USD	122,931		MYR	394,093		04/16/2014		–		(1,653	)
		USD	286,649		SGD	363,500		05/19/2014		3,068		–
		USD	1,100,849		MYR	3,540,000		07/15/2014		–		(16,738	)
		USD	501,392		MYR	1,621,000		07/18/2014		–		(5,041	)
		USD	787,302		MYR	2,557,000		07/22/2014		–		(4,505	)
		USD	965,318		MYR	3,109,000		07/25/2014		–		(13,674	)
		USD	981,353		SGD	1,242,000		08/12/2014		8,691		–
		USD	286,717		SGD	363,500		08/19/2014		3,045		–
		USD	184,229		SGD	235,500		08/27/2014		3,501		–
		USD	342,865		CLP	179,490,000		09/30/2014		–		(16,472	)
		USD	390,933		MYR	1,259,000		10/24/2014		–		(7,413	)
		USD	248,614		MYR	810,160		11/19/2014		–		(2,175	)
										539,898		(797,552	)
Goldman Sachs International		EUR	849,000		USD	1,136,471		02/21/2014		–		(16,984	)
		EUR	316,000		USD	418,340		07/25/2014		–		(11,118	)
		JPY	45,170,000		USD	487,289		02/19/2014		46,054		–
										46,054		(28,102	)
HSBC Bank PLC		EUR	372,921		USD	490,504		12/09/2013		–		(16,109	)
		EUR	1,585,000		USD	2,143,475		02/10/2014		–		(9,871	)
		EUR	686,000		USD	909,245		08/04/2014		–		(23,083	)
		EUR	1,801,000		USD	2,445,812		10/20/2014		–		(2,489	)
		JPY	67,990,000		USD	730,981		02/12/2014		66,858		–
		JPY	48,100,000		USD	485,810		06/09/2014		15,629		–
		JPY	69,900,000		USD	722,615		06/10/2014		39,332		–
		USD	525,669		INR	33,693,000		01/06/2014		9,123		–
		USD	321,719		INR	20,286,000		01/29/2014		–		(1,516	)
		USD	504,405		SGD	624,000		02/07/2014		–		(7,187	)
		USD	1,977,993		KRW	2,228,406,400		02/10/2014		118,468		–
		USD	89,103		INR	5,733,000		02/12/2014		1,095		–
		USD	222,494		INR	14,470,000		02/13/2014		5,113		–
		USD	287,579		SGD	363,500		02/18/2014		2,072		–

87

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Open Forward Foreign Currency Contracts (continued)
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
		USD	292,141		INR	18,740,000		02/27/2014	$	1,694	$	–
		USD	325,868		INR	21,106,500		03/03/2014		4,773		–
		USD	1,130,429		MXN	14,850,450		03/10/2014		–		(5,628	)
		USD	844,291		SGD	1,053,000		03/14/2014		–		(5,176	)
		USD	694,962		SGD	867,000		03/19/2014		–		(4,057	)
		USD	517,871		SGD	652,000		06/20/2014		1,821		–
		USD	269,265		MYR	883,000		07/31/2014		935		–
		USD	546,830		MYR	1,800,000		08/12/2014		3,643		–
		USD	286,762		SGD	363,500		08/19/2014		3,000		–
		USD	523,821		MYR	1,680,000		10/22/2014		–		(11,998	)
		USD	259,534		MYR	840,371		10/24/2014		–		(3,538	)
		USD	148,342		MYR	483,000		11/20/2014		–		(1,428	)
										273,556		(92,080	)
JPMorgan Chase & Co.		EUR	548,072		USD	717,563		01/14/2014		–		(26,997	)
		EUR	375,660		USD	500,511		01/22/2014		–		(9,834	)
		EUR	2,128,000		USD	2,844,029		02/19/2014		–		(47,071	)
		EUR	729,000		USD	955,495		04/14/2014		–		(35,019	)
		EUR	502,065		MYR	2,164,000		07/30/2014		–		(20,116	)
		JPY	105,540,000		USD	1,191,958		01/17/2014		161,184		–
		JPY	67,952,000		USD	730,957		02/12/2014		67,205		–
		JPY	45,100,000		USD	487,320		02/13/2014		46,783		–
		JPY	45,120,000		USD	487,299		02/18/2014		46,554		–
		JPY	32,200,000		USD	323,407		06/09/2014		8,650		–
		JPY	47,400,000		USD	481,725		06/10/2014		18,383		–
		JPY	64,760,000		USD	674,418		06/11/2014		41,374		–
		JPY	27,300,000		USD	288,935		06/17/2014		22,058		–
		USD	783,872		MYR	2,432,356		12/17/2013		–		(29,846	)
		USD	68,437		MYR	210,000		01/16/2014		–		(3,459	)
		USD	81,474		INR	5,104,000		01/22/2014		–		(774	)
		USD	88,710		SGD	110,000		01/24/2014		–		(1,060	)
		USD	432,067		MYR	1,342,000		01/30/2014		–		(17,179	)
		USD	302,049		MYR	951,000		02/04/2014		–		(8,132	)
		USD	180,887		INR	11,460,000		02/06/2014		–		(339	)
		USD	248,258		INR	16,267,000		02/18/2014		7,323		–
		USD	380,752		INR	24,362,000		02/28/2014		1,147		–
		USD	82,732		SGD	106,000		03/19/2014		1,738		–
		USD	1,003,284		MYR	3,269,000		07/30/2014		–		(2,915	)
		USD	1,450,642		SGD	1,831,000		07/31/2014		8,889		–
		USD	59,554		MYR	200,000		08/27/2014		1,564		–
		USD	283,144		MYR	916,000		10/20/2014		–		(4,048	)
		USD	260,475		MYR	833,000		10/31/2014		–		(6,822	)
		EUR	686,000		USD	911,979		07/31/2014		–		(20,339	)
		EUR	112,835		USD	150,886		08/27/2014		–		(2,475	)
		EUR	701,089		USD	949,005		11/20/2014		–		(4,167	)
		JPY	112,000,000		USD	1,124,159		07/24/2014		28,940		–
		JPY	39,100,000		USD	394,451		07/25/2014		12,099		–
		JPY	99,670,000		USD	1,015,383		10/20/2014		39,947		–
		JPY	56,320,000		USD	569,522		11/13/2014		18,207		–
		USD	196,687		CLP	96,770,000		01/30/2014		–		(16,225	)
		USD	142,276		CLP	70,000,000		02/21/2014		–		(12,023	)
		USD	240,795		CLP	118,700,000		02/24/2014		–		(19,989	)
		USD	65,097		CLP	32,200,000		02/28/2014		–		(5,222	)
		USD	142,770		CLP	70,600,000		03/21/2014		–		(11,779	)
		USD	199,253		CLP	98,979,000		04/28/2014		–		(16,336	)
		USD	154,494		CLP	79,240,000		06/03/2014		–		(8,604	)
										532,045		(330,770	)
Morgan Stanley and Co., Inc.		EUR	146,136		SEK	1,283,353		07/16/2014		–		(3,717	)
		EUR	125,666		SEK	1,094,428		07/22/2014		–		(4,611	)
		USD	310,271		CLP	152,700,000		01/13/2014		–		(25,021	)
		USD	347,163		CLP	171,620,000		02/14/2014		–		(27,596	)
		USD	170,648		CLP	84,360,000		02/24/2014		–		(13,721	)
		USD	326,291		CLP	161,400,000		02/26/2014		–		(26,114	)
		USD	154,141		CLP	76,300,000		03/10/2014		–		(12,411	)
		USD	356,414		CLP	174,340,000		04/14/2014		–		(33,756	)
		USD	317,145		CLP	156,210,000		04/21/2014		–		(28,253	)
		USD	158,012		CLP	77,900,000		05/12/2014		–		(14,260	)
		USD	557,856		CLP	280,490,000		05/22/2014		–		(40,797	)
		USD	244,507		CLP	130,090,000		07/31/2014		–		(6,461	)
		USD	1,157,484		SGD	1,467,690		08/01/2014		12,446		–

88

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Open Forward Foreign Currency Contracts (continued)
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
		USD	122,179		CLP	65,020,000		08/20/2014	$	–	$	(3,452	)
										12,446		(240,170	)
UBS AG		EUR	195,111		USD	256,136		12/09/2013		–		(8,922	)
		EUR	3,447,257		USD	4,514,634		01/13/2014		–		(168,485	)
		EUR	664,629		USD	885,399		01/27/2014		–		(17,528	)
		EUR	177,000		USD	240,039		02/03/2014		–		(427	)
		EUR	1,629,000		USD	2,205,536		02/10/2014		–		(7,587	)
		EUR	1,210,000		USD	1,622,973		02/13/2014		–		(20,915	)
		EUR	1,333,312		USD	1,781,771		02/26/2014		–		(29,690	)
		EUR	214,699		USD	287,538		02/28/2014		–		(4,157	)
		EUR	1,053,932		SEK	9,282,820		07/16/2014		–		(22,663	)
		EUR	685,000		USD	911,667		08/01/2014		–		(19,295	)
		EUR	1,025,174		SEK	9,000,000		08/26/2014		–		(27,831	)
										–		(327,500	)
Net Unrealized Appreciation/(Depreciation)									$	2,058,239	$	(2,358,728	)

Currency Legend

CLP—Chilean Peso

EUR—Euro Dollar

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

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 November 30, 2013 (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 Stocks:
France	$	31,909,753	$	—	$	—	$	31,909,753
United Kingdom		44,895,437		—		—		44,895,437
United States		118,292,499		—		—		118,292,499
Other Countries*		141,731,252		—		—		141,731,252
Preferred Securities		2,280,048		—		—		2,280,048
Foreign Government Agencies		—		129,732,393		—		129,732,393
Foreign Government Treasuries		—		1,911,462		—		1,911,462
Short-Term Investment Securities:
Foreign Government Treasuries		—		9,552,722		—		9,552,722
Registered Investment Companies		21,540,367		—		—		21,540,367
Time Deposits		—		13,579,000		—		13,579,000
U.S. Government Agencies		—		32,750,000		—		32,750,000
Other Financial Instruments:+
Open Forward Foreign Currency Contracts - Appreciation		—		2,058,239		—		2,058,239
Total	$	360,649,356	$	189,583,816	$	—	$	550,233,172
LIABILITIES:
Other Financial Instruments:+
Open Forward Foreign Currency Contracts - Depreciation	$	—	$	2,358,728	$	—	$	2,358,728

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $169,626,839 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

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

See Notes to Financial Statements

89

VALIC Company I Government Securities Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	27.6	%
United States Treasury Notes	21.9
Federal Home Loan Mtg. Corp.	18.1
United States Treasury Bonds	8.0
Investment Companies	6.7
Repurchase Agreements	6.1
Government National Mtg. Assoc.	5.6
Federal Farm Credit Bank	3.0
Diversified Financial Services	0.8
Insurance — Reinsurance	0.8
Federal Home Loan Bank	0.7
Diversified Banking Institutions	0.4
Computers	0.3
Banks — Commercial	0.2
Chemicals — Diversified	0.2
Electric — Integrated	0.2
Multimedia	0.2
Banks — Super Regional	0.1
Cable/Satellite TV	0.1
Networking Products	0.1
Telephone — Integrated	0.1
Auto/Truck Parts & Equipment — Original	0.1
Real Estate Investment Trusts	0.1
Transport — Rail	0.1
	101.5	%

Credit Quality†#

Aaa	95.6	%
Aa	2.6
A	0.5
Baa	1.3
	100.0	%

* Calculated as a percentage of net assets.

† Source: Moody’s

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

90

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 0.8%
Diversified Financial Services — 0.8%
Commercial Mtg. Pass Through Certs. VRS Series 2012-CR2, Class XA 2.11% due 08/15/2045(1)	$	982,081	$	111,024
DBUBS Mtg. Trust Series 2011-LC2A, Class A1 3.53% due 07/10/2044*(1)		338,752		362,056
UBS-BAMLL Trust Series 2012-WRM, Class A 3.66% due 06/10/2030*(1)		217,000		209,720
Wells Fargo Re-REMIC Trust Series 2012-IO, Class A 1.75% due 08/20/2021*(1)		256,725		256,083
WF-RBS Commercial Mtg. Trust Series 2011-C3, Class A4 4.38% due 03/15/2044*(1)		310,000		330,822
Total Asset Backed Securities
(cost $1,258,590)				1,269,705
U.S. CORPORATE BONDS & NOTES — 2.6%
Auto/Truck Parts & Equipment - Original — 0.1%
Johnson Controls, Inc. Senior Notes 5.00% due 03/30/2020		200,000		218,761
Banks - Super Regional — 0.1%
Wells Fargo & Co. Senior Notes 1.50% due 07/01/2015		237,000		240,269
Cable/Satellite TV — 0.1%
Comcast Corp. Company Guar. Notes 5.70% due 05/15/2018		200,000		232,565
Chemicals - Diversified — 0.2%
Dow Chemical Co. Senior Notes 8.55% due 05/15/2019		200,000		258,808
Computers — 0.3%
Apple, Inc. Senior Notes 2.40% due 05/03/2023		227,000		205,734
Hewlett-Packard Co. Senior Notes 6.13% due 03/01/2014		200,000		202,598
				408,332
Diversified Banking Institutions — 0.4%
Citigroup, Inc. Senior Notes 4.50% due 01/14/2022		162,000		171,227
Goldman Sachs Group, Inc. Senior Notes 5.95% due 01/18/2018		200,000		229,334
Morgan Stanley Senior Notes 3.80% due 04/29/2016		200,000		211,924
				612,485
Electric - Integrated — 0.2%
San Diego Gas & Electric Co. 1st Mtg. Bonds 6.00% due 06/01/2026		200,000		242,527
Insurance - Reinsurance — 0.8%
Berkshire Hathaway Finance Corp. Company Guar. Notes 0.95% due 08/15/2016		1,250,000		1,256,586

Security Description	Principal Amount		Value (Note 2)
Networking Products — 0.1%
Cisco Systems, Inc. Senior Notes 4.95% due 02/15/2019	$	200,000	$	227,631
Real Estate Investment Trusts — 0.1%
CommonWealth REIT Senior Notes 5.75% due 11/01/2015		200,000		209,451
Telephone - Integrated — 0.1%
Verizon Communications, Inc. Senior Notes 2.50% due 09/15/2016		160,000		166,151
Transport - Rail — 0.1%
Norfolk Southern Corp. Senior Notes 2.90% due 02/15/2023		89,000		83,570
Norfolk Southern Corp. Senior Notes 5.59% due 05/17/2025		19,000		21,124
				104,694
Total U.S. Corporate Bonds & Notes
(cost $4,090,980)				4,178,260
FOREIGN CORPORATE BONDS & NOTES — 7.1%
Banks - Commercial — 0.2%
Australia & New Zealand Banking Group, Ltd. Bonds 2.40% due 11/23/2016*		250,000		260,525
Investment Companies — 6.7%
Temasek Financial I, Ltd. Company Guar. Notes 4.50% due 09/21/2015*		10,000,000		10,696,320
Multimedia — 0.2%
Thomson Reuters Corp. Company Guar. Notes 6.50% due 07/15/2018		200,000		235,536
Telephone - Integrated — 0.0%
Nippon Telegraph & Telephone Corp. Senior Notes 1.40% due 07/18/2017		60,000		60,026
Total Foreign Corporate Bonds & Notes
(cost $11,073,401)				11,252,407
U.S. GOVERNMENT AGENCIES — 55.0%
Federal Farm Credit Bank — 3.0%
3.35% due 10/21/2025		1,500,000		1,463,750
4.88% due 12/16/2015		2,000,000		2,183,196
4.88% due 01/17/2017		1,000,000		1,130,542
				4,777,488
Federal Home Loan Bank — 0.7%
Federal Home Loan Bank 4.75% due 09/11/2015		1,000,000		1,078,408
Federal Home Loan Mtg. Corp. — 18.1%
3.50% due 06/01/2033		2,898,411		2,980,056
4.50% due 09/01/2019		128,207		135,890
4.50% due 09/01/2039		1,699,591		1,814,653
4.50% due 11/01/2039		727,771		776,018
4.50% due 02/01/2040		1,075,787		1,147,072
4.50% due 04/01/2040		88,823		94,712
4.50% due 06/01/2040		316,215		337,183
4.50% due 08/01/2040		1,058,818		1,129,185
4.50% due 03/01/2041		3,032,682		3,233,613

91

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
4.50% due 04/01/2041	$	435,578	$	464,379
4.50% due 06/01/2041		794,619		847,843
4.75% due 11/17/2015		3,000,000		3,258,957
5.00% due 12/14/2018		1,000,000		1,152,002
5.00% due 10/01/2034		57,410		61,891
5.50% due 12/01/2036		39,115		42,386
6.00% due 11/01/2033		116,484		129,695
6.50% due 02/01/2032		77,123		87,949
7.50% due 09/01/2016		4,926		4,944
8.00% due 02/01/2030		3,859		4,061
8.00% due 08/01/2030		560		650
8.00% due 06/01/2031		2,793		3,249
Federal Home Loan Mtg. Corp. FRS 2.55% due 12/01/2035		29,228		31,272
Federal Home Loan Mtg. Corp. REMIC Series 4150, Class GE 2.00% due 01/15/2033		2,816,601		2,744,958
Series 4186, Class JE
2.00% due 03/15/2033		700,412		676,785
Series 3981, Class PA
3.00% due 04/15/2031		703,094		722,610
Series 4150, Class IG
3.00% due 01/15/2033(2)		9,392,336		1,275,436
Series 4057, Class WY
3.50% due 06/15/2027		1,000,000		981,631
Series 3813, Class D
4.00% due 02/15/2026		1,000,000		1,035,288
Series 3917, Class B
4.50% due 08/15/2026		465,000		498,166
Series 3927, Class AY
4.50% due 09/15/2026		1,494,968		1,604,491
Series 3786, Class PB
4.50% due 07/15/2040		1,000,000		1,095,802
Federal Home Loan Mtg. Corp. REMIC FRS Series 4039, Class SA 6.33% due 05/15/2042(2)		1,414,902		273,545
				28,646,372
Federal National Mtg. Assoc. — 27.6%
zero coupon due 10/09/2019		1,250,000		1,069,169
1.87% due 01/01/2036		19,369		20,593
4.00% due 09/01/2040		274,489		286,449
4.00% due 10/01/2040		258,218		269,399
4.00% due 12/01/2040		288,332		300,887
4.00% due 01/01/2041		692,835		723,000
4.00% due 02/01/2041		3,212,730		3,353,018
4.00% due 03/01/2041		4,110,359		4,291,110
4.00% due 06/01/2042		2,376,475		2,491,734
5.00% due 02/01/2019		176,609		189,251
5.00% due 12/01/2036		90,006		97,705
5.50% due 12/01/2033		100,064		109,547
5.50% due 10/01/2034		189,844		207,352
6.00% due 06/01/2035		13,347		14,682
6.00% due 08/25/2037(2)		792,146		132,342
6.50% due 02/01/2017		11,077		11,654
6.50% due 07/01/2032		15,411		17,392
7.00% due 09/01/2031		34,692		39,456
11.50% due 09/01/2019		20		21
12.00% due 01/15/2016		18		18
12.50% due 09/20/2015		5		5
13.00% due 11/15/2015		3		3
Federal National Mtg. Assoc. FRS
2.22% due 02/01/2035		9,295		9,836
2.26% due 11/01/2034		34,054		35,438

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc. REMIC
Series 2002-34, Class AO
zero coupon due 05/18/2032	$	766,832	$	718,905
Series 2013-15, Class DC
2.00% due 03/25/2033		1,904,933		1,849,837
Series 2011-126, Class EC
2.00% due 04/25/2040		1,242,765		1,247,031
Series 2012-38, Class PA
2.00% due 09/25/2041		4,449,453		4,280,672
Series 2013-23, Class KJ
2.25% due 05/25/2042		2,882,777		2,798,453
Series 2012-93, Class ME
2.50% due 01/25/2042		4,615,366		4,629,665
Series 2013-110, Class DE
3.00% due 11/25/2030		5,933,542		6,068,091
Series 2011-145, Class PB
3.50% due 01/25/2032		2,500,000		2,478,295
Series 2012-50, Class VB
4.00% due 01/25/2029		1,355,000		1,376,405
Series 2012-47, Class VB
4.00% due 04/25/2031		2,000,000		2,025,720
Series 2004-90, Class GC
4.35% due 11/25/2034		1,000,000		1,093,177
Series 2010-117, Class DY
4.50% due 10/25/2025		974,930		1,048,815
Series 2010-134, Class MB
4.50% due 12/25/2040		250,000		266,598
Series 2007-116, Class PB
5.50% due 08/25/2035		218,589		240,551
Federal National Mtg. Assoc. REMIC FRS Series 2010-28, Class SA 6.38% due 10/25/2027(2)		997,179		55,475
				43,847,751
Government National Mtg. Assoc. — 5.6%
4.50% due 02/20/2038		1,000,000		1,078,767
4.50% due 03/15/2038		170,696		183,559
4.50% due 03/15/2039		25,231		27,140
4.50% due 05/15/2039		611,838		658,473
4.50% due 06/15/2039		633,697		682,607
4.50% due 07/15/2039		782,831		842,430
4.50% due 09/15/2039		13,983		15,047
4.50% due 12/15/2039		270,835		291,888
4.50% due 04/15/2040		296,942		319,857
4.50% due 06/15/2040		1,050,396		1,131,989
4.50% due 08/15/2040		156,488		168,557
5.00% due 09/15/2035		4,475		4,902
5.00% due 02/15/2036		196,596		215,371
5.00% due 05/15/2036		15,960		17,352
6.00% due 01/15/2032		29,759		33,454
6.50% due 08/15/2031		66,841		74,559
7.50% due 02/15/2029		6,780		7,161
7.50% due 07/15/2030		451		516
7.50% due 01/15/2031		6,396		7,332
7.50% due 02/15/2031		1,612		1,627
Government National Mtg. Assoc. REMIC Series 2004-18, Class Z 4.50% due 03/16/2034		771,853		835,583
Series 2005-21, Class Z
5.00% due 03/20/2035		1,078,702		1,207,266
Series 2009-91, Class PR
5.00% due 09/20/2038		1,000,000		1,096,674
				8,902,111
Total U.S. Government Agencies
(cost $86,137,368)				87,252,130

92

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES — 29.9%
United States Treasury Bonds — 8.0%
zero coupon due 08/15/2024 STRIPS	$	2,040,000		$	1,463,963
2.00% due 01/15/2026 TIPS(3)		2,335,766			2,640,876
3.75% due 08/15/2041		6,000,000			5,987,814
3.88% due 08/15/2040		2,500,000			2,559,375
					12,652,028
United States Treasury Notes — 21.9%
0.63% due 10/15/2016		5,000,000			5,014,455
0.63% due 05/31/2017		4,000,000			3,977,188
1.75% due 05/15/2023		10,000,000			9,211,720
2.00% due 02/15/2022		5,000,000			4,850,000
2.50% due 08/15/2023		3,000,000			2,943,984
2.63% due 08/15/2020		3,250,000			3,383,809
4.00% due 02/15/2015		1,000,000			1,045,586
4.25% due 08/15/2015		4,000,000			4,272,500
					34,699,242
Total U.S. Government Treasuries
(cost $48,241,910)					47,351,270
Total Long-Term Investment Securities
(cost $150,802,249)					151,303,772
REPURCHASE AGREEMENT — 6.1%
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 11/30/2013, to be repurchased 12/02/2013 in the amount of $9,583,000 and collateralized by $10,860,000 of Federal Home Loan Mtg. Corp. Bonds, bearing interest at 2.00%, due 01/30/2023 and having an approximate value of $9,874,249 (cost $9,583,000)		9,583,000			9,583,000
TOTAL INVESTMENTS
(cost $160,385,249)(4)		101.5	%		160,886,772
Liabilities in excess of other assets		(1.5	)		(2,362,536	)
NET ASSETS		100.0	%	$	158,524,236

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2013, the aggregate value of these securities was $12,115,526 representing 7.6% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Commercial Mortgage Backed Security

(2) Interest Only

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

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

REMIC—Real Estate Mortgage Investment Conduit

STRIPS—Separate Trading of Registered Interest and Principal Securities

TIPS—Treasury Inflation Protected Security

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of November 30, 2013 and unless noted otherwise, the dates shown are the original maturity dates.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Asset Backed Securities:
Diversified Financial Services	$	—	$	1,269,705	$	—	$	1,269,705
U.S. Corporate Bonds & Notes		—		4,178,260		—		4,178,260
Foreign Corporate Bonds & Notes:
Investment Companies		—		10,696,320		—		10,696,320
Other Industries*		—		556,087		—		556,087
U.S. Government Agencies:
Federal Home Loan Mtg Corp.		—		28,646,372		—		28,646,372
Federal National Mtg. Assoc.		—		43,847,751		—		43,847,751
Government National Mtg. Assoc.		—		8,902,111		—		8,902,111
Other U.S. Government Agencies*		—		5,855,896				5,855,896
U.S. Government Treasuries:
United States Treasury Bonds		—		12,652,028		—		12,652,028
United States Treasury Notes		—		34,699,242		—		34,699,242
Repurchase Agreement		—		9,583,000		—		9,583,000
Total	$	—	$	160,886,772	$	—	$	160,886,772

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

93

VALIC Company I Growth Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Registered Investment Companies	7.0	%
Medical — Biomedical/Gene	5.0
Medical — Drugs	4.7
Computers	4.2
Web Portals/ISP	4.1
Beverages — Non-alcoholic	3.4
Oil — Field Services	3.0
Retail — Building Products	2.8
Semiconductor Components — Integrated Circuits	2.6
Applications Software	2.4
Time Deposits	2.2
Cable/Satellite TV	2.1
Oil Companies — Exploration & Production	2.0
Finance — Credit Card	2.0
Diversified Manufacturing Operations	1.9
Retail — Discount	1.9
Enterprise Software/Service	1.8
Tobacco	1.8
Cosmetics & Toiletries	1.7
Commercial Services — Finance	1.7
Aerospace/Defense	1.6
Chemicals — Diversified	1.5
Instruments — Controls	1.4
Retail — Restaurants	1.4
Agricultural Chemicals	1.4
Electronic Components — Semiconductors	1.3
Internet Content — Entertainment	1.2
Transport — Services	1.2
Computers — Memory Devices	1.2
Transport — Rail	1.2
Metal Processors & Fabrication	1.1
Aerospace/Defense — Equipment	1.1
Multimedia	1.1
Pharmacy Services	1.0
E-Commerce/Products	0.9
Retail — Apparel/Shoe	0.9
Casino Hotels	0.9
Exchange — Traded Funds	0.8
Vitamins & Nutrition Products	0.8
Broadcast Services/Program	0.8
Food — Retail	0.8
Industrial Automated/Robotic	0.8
Investment Management/Advisor Services	0.8
Motorcycle/Motor Scooter	0.8
Apparel Manufacturers	0.7
Banks — Commercial	0.7
Computer Services	0.7
Retail — Consumer Electronics	0.6
Television	0.6
Internet Content — Information/News	0.6
Textile — Home Furnishings	0.6
Airlines	0.6
Hotels/Motels	0.6
Chemicals — Specialty	0.5
Banks — Fiduciary	0.5
Banks — Super Regional	0.5
Insurance — Multi-line	0.5
Auto — Cars/Light Trucks	0.5
Entertainment Software	0.5
Electronic Security Devices	0.5
Medical Instruments	0.5
Retail — Vitamins & Nutrition Supplements	0.4
Beverages — Wine/Spirits	0.4
Instruments — Scientific	0.4
Insurance — Property/Casualty	0.4
Electronic Measurement Instruments	0.4
Food — Misc./Diversified	0.4
Auto/Truck Parts & Equipment — Original	0.4
Software Tools	0.4

Medical — Wholesale Drug Distribution	0.3
Retail — Drug Store	0.3
Food — Confectionery	0.3
Internet Infrastructure Software	0.3
Casino Services	0.3
Telecom Equipment — Fiber Optics	0.3
Paper & Related Products	0.3
E-Commerce/Services	0.3
Medical Products	0.3
Toys	0.3
Electric Products — Misc.	0.3
Dental Supplies & Equipment	0.3
Poultry	0.2
Internet Application Software	0.2
Human Resources	0.2
Telephone — Integrated	0.2
Diagnostic Kits	0.2
Data Processing/Management	0.2
Containers — Paper/Plastic	0.2
Machine Tools & Related Products	0.2
Finance — Other Services	0.2
Semiconductor Equipment	0.2
Electronic Components — Misc.	0.2
Diversified Banking Institutions	0.2
Real Estate Investment Trusts	0.2
Agricultural Operations	0.2
Retail — Auto Parts	0.2
Finance — Consumer Loans	0.2
Real Estate Management/Services	0.2
Tools — Hand Held	0.2
Coffee	0.2
Internet Security	0.2
Finance — Leasing Companies	0.1
Telecom Services	0.1
Retail — Pet Food & Supplies	0.1
Finance — Investment Banker/Broker	0.1
Insurance — Reinsurance	0.1
Building Products — Air & Heating	0.1
Retail — Gardening Products	0.1
Rental Auto/Equipment	0.1
Building & Construction Products — Misc.	0.1
Medical Information Systems	0.1
Retail — Regional Department Stores	0.1
Web Hosting/Design	0.1
Internet Incubators	0.1
Gas — Distribution	0.1
Theaters	0.1
Retail — Jewelry	0.1
Decision Support Software	0.1
Metal — Diversified	0.1
Electronic Parts Distribution	0.1
Food — Catering	0.1
Oil Refining & Marketing	0.1
Firearms & Ammunition	0.1
Consulting Services	0.1
	107.1	%

* Calculated as a percentage of net assets

94

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.0%
Aerospace/Defense — 1.6%
Boeing Co.		103,487	$	13,893,130
Rockwell Collins, Inc.		6,418		466,781
				14,359,911
Aerospace/Defense - Equipment — 1.1%
B/E Aerospace, Inc.†		16,040		1,395,480
United Technologies Corp.		75,999		8,425,249
				9,820,729
Agricultural Chemicals — 1.4%
Monsanto Co.		106,027		12,016,040
Syngenta AG		1,628		639,382
				12,655,422
Agricultural Operations — 0.2%
Archer-Daniels-Midland Co.		36,183		1,456,366
Airlines — 0.6%
Alaska Air Group, Inc.		34,075		2,648,990
Delta Air Lines, Inc.		58,107		1,683,941
Southwest Airlines Co.		51,859		964,059
				5,296,990
Apparel Manufacturers — 0.7%
Hanesbrands, Inc.		64,477		4,519,838
Michael Kors Holdings, Ltd.†		16,383		1,336,033
Prada SpA		64,300		621,631
				6,477,502
Applications Software — 2.4%
Check Point Software Technologies, Ltd.†#		23,207		1,435,585
Intuit, Inc.		27,515		2,042,439
Microsoft Corp.		428,338		16,332,528
NetSuite, Inc.†#		16,716		1,606,073
				21,416,625
Auto - Cars/Light Trucks — 0.5%
Tata Motors, Ltd. ADR		16,680		541,600
Tesla Motors, Inc.†#		18,039		2,296,004
Toyota Motor Corp.		24,500		1,526,092
				4,363,696
Auto/Truck Parts & Equipment - Original — 0.4%
BorgWarner, Inc.		10,662		1,142,646
WABCO Holdings, Inc.†		23,673		2,097,428
				3,240,074
Banks - Commercial — 0.6%
BOC Hong Kong Holdings, Ltd.		71,500		242,095
CIT Group, Inc.		26,681		1,346,857
Credicorp, Ltd.		4,967		638,259
Erste Group Bank AG		21,864		769,585
Hang Seng Bank, Ltd.		53,800		877,161
Sberbank of Russia ADR		43,031		536,166
Standard Chartered PLC		42,665		1,011,547
				5,421,670
Banks - Fiduciary — 0.5%
State Street Corp.		63,539		4,613,567
Banks - Super Regional — 0.5%
SunTrust Banks, Inc.		125,748		4,555,850
Beverages - Non-alcoholic — 3.4%
Coca-Cola Co.		323,404		12,997,607
PepsiCo, Inc.		204,894		17,305,347
				30,302,954

Security Description	Shares		Value (Note 2)
Beverages - Wine/Spirits — 0.4%
Beam, Inc.		30,121	$	2,034,071
Brown-Forman Corp., Class B		23,586		1,769,422
				3,803,493
Broadcast Services/Program — 0.8%
Discovery Communications, Inc., Class C†		42,032		3,394,925
Scripps Networks Interactive, Inc., Class A#		54,833		4,089,993
				7,484,918
Building & Construction Products - Misc. — 0.1%
Fortune Brands Home & Security, Inc.		24,642		1,074,391
Building Products - Air & Heating — 0.1%
Daikin Industries, Ltd.		19,000		1,205,760
Cable/Satellite TV — 2.1%
Comcast Corp., Class A		312,348		15,576,795
Liberty Global PLC, Class A†		16,547		1,419,898
Time Warner Cable, Inc.		15,124		2,090,439
				19,087,132
Casino Hotels — 0.9%
Las Vegas Sands Corp.		87,244		6,253,650
Sands China, Ltd.		189,600		1,435,576
				7,689,226
Casino Services — 0.3%
Bally Technologies, Inc.†#		20,253		1,510,266
International Game Technology		77,476		1,355,055
				2,865,321
Chemicals - Diversified — 1.5%
Dow Chemical Co.		40,130		1,567,478
Johnson Matthey PLC		20,260		1,051,222
Koninklijke DSM NV		9,180		720,451
LyondellBasell Industries NV, Class A		104,789		8,087,615
Olin Corp.#		37,849		939,791
PPG Industries, Inc.		6,173		1,136,202
				13,502,759
Chemicals - Specialty — 0.5%
Eastman Chemical Co.		14,598		1,124,484
NewMarket Corp.#		3,380		1,094,951
Sigma-Aldrich Corp.#		17,484		1,507,820
W.R. Grace & Co.†		10,882		1,044,999
				4,772,254
Coffee — 0.2%
Green Mountain Coffee Roasters, Inc.†#		20,551		1,384,726
Commercial Services - Finance — 1.7%
Alliance Data Systems Corp.†#		3,939		954,262
MasterCard, Inc., Class A		17,747		13,502,095
Moody’s Corp.		6,291		469,498
				14,925,855
Computer Services — 0.7%
Accenture PLC, Class A		18,960		1,468,831
Cognizant Technology Solutions Corp., Class A†		13,970		1,311,643
International Business Machines Corp.		19,623		3,525,861
				6,306,335
Computers — 4.2%
Apple, Inc.		68,624		38,159,748
Computers - Memory Devices — 1.2%
EMC Corp.		79,317		1,891,710
NetApp, Inc.		116,451		4,803,604

95

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers - Memory Devices (continued)
SanDisk Corp.		11,979	$	816,369
Seagate Technology PLC		70,478		3,456,241
				10,967,924
Consulting Services — 0.1%
Towers Watson & Co., Class A		5,610		631,686
Consumer Products - Misc. — 0.0%
Kimberly-Clark Corp.		3,933		429,326
Containers - Paper/Plastic — 0.2%
Packaging Corp. of America		29,155		1,786,035
Cosmetics & Toiletries — 1.7%
Avon Products, Inc.		72,013		1,283,992
Colgate-Palmolive Co.		52,918		3,482,534
Estee Lauder Cos., Inc., Class A		73,448		5,505,662
Procter & Gamble Co.		42,405		3,571,349
Unicharm Corp.		20,500		1,296,949
				15,140,486
Data Processing/Management — 0.2%
CommVault Systems, Inc.†#		25,871		1,936,444
Decision Support Software — 0.1%
MSCI, Inc.†		18,273		811,139
Dental Supplies & Equipment — 0.3%
DENTSPLY International, Inc.		48,256		2,295,055
Diagnostic Kits — 0.2%
IDEXX Laboratories, Inc.†#		18,948		1,973,624
Diversified Banking Institutions — 0.2%
Lloyds Banking Group PLC†		1,178,832		1,493,443
Diversified Manufacturing Operations — 1.9%
3M Co.		8,076		1,078,227
Crane Co.		13,829		861,685
Danaher Corp.		99,961		7,477,083
Dover Corp.		17,675		1,603,830
Ingersoll-Rand PLC		16,520		1,179,858
Parker Hannifin Corp.		38,402		4,525,292
Pentair, Ltd.		7,520		531,814
				17,257,789
E-Commerce/Products — 0.9%
Amazon.com, Inc.†		12,872		5,066,677
eBay, Inc.†		34,162		1,725,864
Rakuten, Inc.		83,958		1,290,211
				8,082,752
E-Commerce/Services — 0.3%
Ctrip.com International, Ltd. ADR†		5,940		283,813
priceline.com, Inc.†		1,910		2,277,351
				2,561,164
Electric Products - Misc. — 0.3%
Emerson Electric Co.		35,323		2,366,288
Electronic Components - Misc. — 0.2%
Gentex Corp.#		52,868		1,575,995
Electronic Components - Semiconductors — 1.3%
Altera Corp.		90,274		2,911,337
Broadcom Corp., Class A		56,951		1,520,022
Freescale Semiconductor, Ltd.†#		88,534		1,289,055
Intel Corp.		44,456		1,059,831
Microsemi Corp.†#		15,499		378,641
Skyworks Solutions, Inc.†		54,165		1,440,247
Texas Instruments, Inc.		56,985		2,450,355

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors (continued)
Xilinx, Inc.		11,239	$	499,349
				11,548,837
Electronic Measurement Instruments — 0.4%
Keyence Corp.		2,500		1,004,393
Trimble Navigation, Ltd.†#		78,671		2,509,605
				3,513,998
Electronic Parts Distribution — 0.1%
Rexel SA		27,400		694,393
Electronic Security Devices — 0.5%
Tyco International, Ltd.		109,823		4,188,649
Engineering/R&D Services — 0.0%
AECOM Technology Corp.†		7,052		204,931
Enterprise Software/Service — 1.8%
Oracle Corp.		423,845		14,957,490
Veeva Systems, Inc., Class A†#		38,859		1,573,401
				16,530,891
Entertainment Software — 0.5%
Electronic Arts, Inc.†		189,013		4,192,308
Finance - Auto Loans — 0.0%
Credit Acceptance Corp.†		1,087		140,386
Finance - Consumer Loans — 0.2%
Ocwen Financial Corp.†#		25,576		1,449,136
Finance - Credit Card — 2.0%
American Express Co.		99,925		8,573,565
Visa, Inc., Class A#		45,177		9,191,712
				17,765,277
Finance - Investment Banker/Broker — 0.1%
Charles Schwab Corp.		48,400		1,184,832
FXCM, Inc., Class A#		4,494		74,870
				1,259,702
Finance - Leasing Companies — 0.1%
ORIX Corp.		73,700		1,341,962
Finance - Other Services — 0.2%
IntercontinentalExchange Group, Inc.		8,173		1,743,219
Firearms & Ammunition — 0.1%
Sturm Ruger & Co., Inc.#		8,319		639,981
Food - Catering — 0.1%
Compass Group PLC		44,574		671,950
Food - Confectionery — 0.3%
Hershey Co.#		30,467		2,951,948
Food - Misc./Diversified — 0.4%
General Mills, Inc.		37,641		1,898,235
Mondelez International, Inc., Class A		40,326		1,352,131
				3,250,366
Food - Retail — 0.8%
Carrefour SA		33,830		1,330,945
Kroger Co.		46,018		1,921,251
Magnit OJSC GDR#		12,240		806,616
Whole Foods Market, Inc.		58,881		3,332,665
				7,391,477
Gas - Distribution — 0.1%
ENN Energy Holdings, Ltd.		130,000		918,073

96

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Hotels/Motels — 0.6%
Marriott International, Inc., Class A		89,908	$	4,227,474
Whitbread PLC		17,670		1,031,657
				5,259,131
Human Resources — 0.2%
Adecco SA		13,642		1,050,485
Capita PLC		68,266		1,114,026
				2,164,511
Industrial Automated/Robotic — 0.8%
Rockwell Automation, Inc.		64,668		7,344,991
Instruments - Controls — 1.4%
Honeywell International, Inc.		147,964		13,096,294
Instruments - Scientific — 0.4%
Waters Corp.†		38,027		3,784,827
Insurance - Multi-line — 0.5%
MetLife, Inc.		86,232		4,500,448
Insurance - Property/Casualty — 0.4%
Amtrust Financial Services, Inc.#		36,848		1,540,615
HCI Group, Inc.#		29,910		1,489,219
Universal Insurance Holdings, Inc.#		46,102		571,665
				3,601,499
Insurance - Reinsurance — 0.1%
Berkshire Hathaway, Inc., Class B†		10,410		1,213,077
Internet Application Software — 0.2%
Splunk, Inc.†		30,572		2,206,076
Internet Content - Entertainment — 1.2%
Facebook, Inc., Class A†#		237,654		11,172,115
Internet Content - Information/News — 0.6%
LinkedIn Corp., Class A†		24,410		5,468,572
Internet Incubators — 0.1%
HomeAway, Inc.†#		26,044		950,606
Internet Infrastructure Software — 0.3%
F5 Networks, Inc.†		35,325		2,905,835
Internet Security — 0.2%
Symantec Corp.		60,119		1,352,076
Investment Management/Advisor Services — 0.8%
Franklin Resources, Inc.		126,283		6,994,815
Machine Tools & Related Products — 0.2%
Lincoln Electric Holdings, Inc.		24,630		1,760,552
Medical Information Systems — 0.1%
Cerner Corp.†#		17,776		1,021,587
Medical Instruments — 0.5%
Intuitive Surgical, Inc.†		6,619		2,494,701
St Jude Medical, Inc.		28,322		1,654,571
				4,149,272
Medical Products — 0.3%
Becton Dickinson and Co.		15,821		1,718,002
CareFusion Corp.†		19,997		796,881
				2,514,883
Medical - Biomedical/Gene — 5.0%
Alexion Pharmaceuticals, Inc.†		42,185		5,252,032
Amgen, Inc.		103,831		11,845,040
Biogen Idec, Inc.†		14,765		4,296,172
Celgene Corp.†		17,389		2,813,019
CSL, Ltd.		9,237		578,388

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Gilead Sciences, Inc.†#		170,132	$	12,727,575
Regeneron Pharmaceuticals, Inc.†		15,930		4,681,190
United Therapeutics Corp.†#		17,770		1,640,349
Vertex Pharmaceuticals, Inc.†		22,268		1,545,845
				45,379,610
Medical - Drugs — 4.7%
AbbVie, Inc.		208,803		10,116,505
Allergan, Inc.		56,041		5,438,779
Bristol-Myers Squibb Co.		207,202		10,646,039
Eli Lilly & Co.		34,300		1,722,546
Endo Health Solutions, Inc.†		7,445		500,230
Grifols SA		21,400		978,415
Johnson & Johnson		22,281		2,109,119
Novo Nordisk A/S, Class B		5,614		1,005,521
Roche Holding AG		6,701		1,868,104
Salix Pharmaceuticals, Ltd.†		18,798		1,594,258
Sanofi		9,767		1,032,818
Zoetis, Inc.		189,512		5,903,299
				42,915,633
Medical - Wholesale Drug Distribution — 0.3%
Cardinal Health, Inc.		47,858		3,091,627
Metal Processors & Fabrication — 1.1%
Precision Castparts Corp.		35,179		9,092,013
SKF AB, Class B		46,144		1,259,167
				10,351,180
Metal - Diversified — 0.1%
Rio Tinto PLC		14,552		776,848
Motorcycle/Motor Scooter — 0.8%
Harley-Davidson, Inc.		103,234		6,918,743
Multimedia — 1.1%
Twenty-First Century Fox, Inc., Class A#		31,030		1,039,195
Viacom, Inc., Class B		105,819		8,483,509
Walt Disney Co.		1,962		138,399
				9,661,103
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		8,826		431,591
Oil Companies - Exploration & Production — 2.0%
Anadarko Petroleum Corp.		16,089		1,429,025
BG Group PLC		69,351		1,417,219
Continental Resources, Inc.†#		11,417		1,227,442
EOG Resources, Inc.		49,085		8,099,025
EQT Corp.		13,540		1,152,389
Noble Energy, Inc.		73,612		5,170,507
				18,495,607
Oil Refining & Marketing — 0.1%
Western Refining, Inc.#		16,977		663,291
Oil - Field Services — 3.0%
Baker Hughes, Inc.		4,076		232,169
Core Laboratories NV		11,939		2,174,570
Halliburton Co.		25,930		1,365,992
Oceaneering International, Inc.#		73,396		5,665,437
RPC, Inc.#		37,549		663,491
Schlumberger, Ltd.		190,228		16,819,960
				26,921,619
Paper & Related Products — 0.3%
Schweitzer-Mauduit International, Inc.		22,315		1,151,677
Svenska Cellulosa AB SCA, Class B		40,262		1,176,039

97

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Paper & Related Products (continued)
Xerium Technologies, Inc.†		18,093	$	238,647
				2,566,363
Pharmacy Services — 1.0%
Express Scripts Holding Co.†		132,617		8,931,755
Poultry — 0.2%
Pilgrim’s Pride Corp.†#		70,715		1,158,312
Sanderson Farms, Inc.#		16,038		1,096,037
				2,254,349
Real Estate Investment Trusts — 0.2%
American Tower Corp.		18,734		1,456,943
Real Estate Management/Services — 0.2%
Realogy Holdings Corp.†		29,932		1,418,478
Rental Auto/Equipment — 0.1%
United Rentals, Inc.†#		15,742		1,081,948
Retail - Apparel/Shoe — 0.9%
Foot Locker, Inc.		37,677		1,465,259
Gap, Inc.		43,049		1,763,717
Urban Outfitters, Inc.†		118,678		4,630,816
				7,859,792
Retail - Auto Parts — 0.2%
AutoZone, Inc.†#		3,150		1,454,040
Retail - Building Products — 2.8%
Home Depot, Inc.		191,330		15,434,591
Lowe’s Cos., Inc.		212,794		10,103,459
				25,538,050
Retail - Consumer Electronics — 0.6%
Best Buy Co., Inc.		143,007		5,798,934
Retail - Discount — 1.9%
Costco Wholesale Corp.		74,858		9,389,439
HSN, Inc.		7,098		407,425
Target Corp.		110,424		7,059,407
Wal-Mart Stores, Inc.		3,811		308,729
				17,165,000
Retail - Drug Store — 0.3%
Rite Aid Corp.†		193,275		1,144,188
Walgreen Co.		30,824		1,824,781
				2,968,969
Retail - Gardening Products — 0.1%
Tractor Supply Co.#		14,947		1,094,270
Retail - Jewelry — 0.1%
Pandora A/S		16,141		837,173
Retail - Pet Food & Supplies — 0.1%
PetMed Express, Inc.#		32,479		512,518
PetSmart, Inc.#		10,343		766,520
				1,279,038
Retail - Regional Department Stores — 0.1%
Dillard’s, Inc., Class A		10,905		997,808
Retail - Restaurants — 1.4%
Chipotle Mexican Grill, Inc.†#		8,181		4,285,698
McDonald’s Corp.		5,854		570,004
Starbucks Corp.		95,969		7,817,635
				12,673,337
Retail - Vitamins & Nutrition Supplements — 0.4%
GNC Holdings, Inc., Class A		65,857		3,963,274

Security Description	Shares		Value (Note 2)
Semiconductor Components - Integrated Circuits — 2.6%
Analog Devices, Inc.		4,973	$	239,798
Linear Technology Corp.#		134,670		5,730,209
QUALCOMM, Inc.		237,645		17,485,919
				23,455,926
Semiconductor Equipment — 0.2%
ASML Holding NV# (NY Registered Shares)		8,540		797,465
ASML Holding NV (Euronext Amsterdam)		8,538		799,047
				1,596,512
Software Tools — 0.4%
VMware, Inc., Class A†#		39,583		3,191,577
Telecom Equipment - Fiber Optics — 0.3%
Ciena Corp.†#		126,961		2,819,804
Telecom Services — 0.1%
NeuStar, Inc., Class A†		26,927		1,312,691
Telephone - Integrated — 0.2%
Verizon Communications, Inc.		42,420		2,104,880
Television — 0.6%
CBS Corp., Class B		97,849		5,730,037
Textile - Home Furnishings — 0.6%
Mohawk Industries, Inc.†		38,087		5,332,942
Theaters — 0.1%
Regal Entertainment Group, Class A#		45,322		882,873
Therapeutics — 0.0%
Questcor Pharmaceuticals, Inc.#		3,570		207,096
Tobacco — 1.8%
Altria Group, Inc.#		58,763		2,173,056
Philip Morris International, Inc.		165,946		14,195,021
				16,368,077
Tools - Hand Held — 0.2%
Snap-on, Inc.		13,329		1,414,873
Toys — 0.3%
Hasbro, Inc.#		12,461		670,651
Mattel, Inc.		38,007		1,758,584
				2,429,235
Transport - Rail — 1.2%
Canadian Pacific Railway, Ltd.		9,142		1,393,464
Union Pacific Corp.		57,129		9,257,183
				10,650,647
Transport - Services — 1.2%
FedEx Corp.		11,953		1,657,881
United Parcel Service, Inc., Class B		92,550		9,475,269
				11,133,150
Vitamins & Nutrition Products — 0.8%
Mead Johnson Nutrition Co.		74,681		6,311,291
USANA Health Sciences, Inc.†#		16,764		1,225,616
				7,536,907
Web Hosting/Design — 0.1%
Equinix, Inc.†#		5,960		957,772
Web Portals/ISP — 4.1%
Google, Inc., Class A†		34,800		36,873,732
Total Common Stocks
(cost $690,133,889)				876,356,179

98

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
EXCHANGE-TRADED FUNDS — 0.8%
iShares Russell 1000 Growth Index Fund# (cost $7,733,704)		92,750		$	7,780,798
PREFERRED SECURITIES — 0.1%
Banks - Commercial — 0.1%
Itau Unibanco Holding SA ADR (cost $1,046,737)		71,560			1,006,849
Total Long-Term Investment Securities
(cost $698,914,330)					885,143,826
SHORT-TERM INVESTMENT SECURITIES — 9.2%
Registered Investment Companies — 7.0%
State Street Navigator Securities Lending Prime Portfolio(1)		63,337,380			63,337,380
Time Deposits — 2.2%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013	$	19,508,000			19,508,000
Total Short-Term Investment Securities
(cost $82,845,380)					82,845,380
TOTAL INVESTMENTS
(cost $781,759,710)(2)		107.1	%		967,989,206
Liabilities in excess of other assets		(7.1	)		(64,306,672	)
NET ASSETS —		100.0	%	$	903,682,534

† Non-income producing security

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

(1) At November 30, 2013, the Fund had loaned securities with a total value of $65,252,422. This was secured by collateral of $63,337,380, which was received in cash and subsequently invested in short-term investments currently value at $63,337,380 as reported in the portfolio of investments. The remaining collateral of $3,349,364 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Fed. National Mtg. Assoc.	3.00% to 4.00%	10/25/2029 to 02/25/2042	$	2,627,105
United States Treasury Notes/Bonds	0.13% to 5.38%	07/15/2014 to 02/15/2031		722,259

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

ADR—American Depository Receipt

Euronext Amsterdam—Euronext Stock Exchange, Amsterdam

GDR—Global Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Medical-Biomedical/Gene	$	45,379,610	$	—	$	—	$	45,379,610
Other Industries*		830,976,569		—		—		830,976,569
Exchange-Traded Funds		7,780,798		—		—		7,780,798
Preferred Securities		1,006,849		—		—		1,006,849
Short-Term Investment Securities:
Registered Investment Companies		63,337,380		—		—		63,337,380
Time Deposits		—		19,508,000		—		19,508,000
Total	$	948,481,206	$	19,508,000	$	—	$	967,989,206

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $30,264,605 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

99

VALIC Company I Growth & Income Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Medical — Drugs	6.2	%
Diversified Banking Institutions	4.5
Registered Investment Companies	4.4
Oil Companies — Integrated	4.2
Banks — Super Regional	3.3
Computers	3.2
Medical — Biomedical/Gene	3.1
Transport — Rail	2.6
Web Portals/ISP	2.4
Insurance — Multi-line	2.4
Applications Software	2.4
Electric — Integrated	2.3
Beverages — Non-alcoholic	2.2
Cable/Satellite TV	2.1
Retail — Building Products	2.0
Food — Misc./Diversified	2.0
Real Estate Investment Trusts	2.0
Instruments — Controls	1.7
Oil — Field Services	1.6
Multimedia	1.6
Oil Companies — Exploration & Production	1.6
Aerospace/Defense — Equipment	1.6
Cosmetics & Toiletries	1.6
Medical — HMO	1.5
Tobacco	1.4
Telephone — Integrated	1.4
Enterprise Software/Service	1.4
E-Commerce/Products	1.4
Oil Refining & Marketing	1.3
Networking Products	1.2
Diversified Manufacturing Operations	1.2
Computer Services	1.2
Retail — Discount	1.1
Insurance — Reinsurance	1.1
Semiconductor Components — Integrated Circuits	1.1
Electric Products — Misc.	1.0
Electronic Components — Semiconductors	1.0
Engineering/R&D Services	1.0
Retail — Drug Store	1.0
Gas — Distribution	1.0
Semiconductor Equipment	0.9
Retail — Major Department Stores	0.9
Apparel Manufacturers	0.9
Auto — Cars/Light Trucks	0.9
Oil & Gas Drilling	0.8
Medical Products	0.8
Finance — Credit Card	0.8
Finance — Other Services	0.8
Auto — Heavy Duty Trucks	0.8
Chemicals — Diversified	0.7
Electronic Forms	0.6
Banks — Fiduciary	0.6
Agricultural Operations	0.6
Retail — Restaurants	0.6
Retail — Auto Parts	0.6
Investment Management/Advisor Services	0.5
Television	0.5
Agricultural Chemicals	0.5
Commercial Services — Finance	0.5
Computers — Memory Devices	0.5
Time Deposits	0.5
Medical — Wholesale Drug Distribution	0.4
Building Products — Wood	0.4
E-Commerce/Services	0.4
Metal — Aluminum	0.4
Aerospace/Defense	0.4
Metal — Copper	0.4
Hotels/Motels	0.3
Industrial Gases	0.3

Cruise Lines	0.3
Airlines	0.3
Distribution/Wholesale	0.3
Building — Residential/Commercial	0.3
Retail — Regional Department Stores	0.3
Insurance Brokers	0.3
Containers — Metal/Glass	0.3
Auto/Truck Parts & Equipment — Original	0.3
Medical — Generic Drugs	0.3
Insurance — Life/Health	0.3
Food — Retail	0.2
Machinery — Farming	0.2
Steel — Producers	0.2
Consumer Products — Misc.	0.2
Electronic Components — Misc.	0.2
Telecom Equipment — Fiber Optics	0.2
Machinery — Construction & Mining	0.1
Instruments — Scientific	0.1
Paper & Related Products	0.1
Beverages — Wine/Spirits	0.1
Retail — Apparel/Shoe	0.1
Medical Instruments	0.1
Oil Field Machinery & Equipment	0.1
Software Tools	0.1
Finance — Investment Banker/Broker	0.1
Banks — Commercial	0.1
Electronic Security Devices	0.1
Pipelines	0.1
Data Processing/Management	0.1
Advertising Agencies	0.1
Office Automation & Equipment	0.1
	104.3	%

* Calculated as a percentage of net assets

100

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.4%
Advertising Agencies — 0.1%
Omnicom Group, Inc.		800	$	57,160
Aerospace/Defense — 0.4%
General Dynamics Corp.		4,300		394,138
Aerospace/Defense - Equipment — 1.6%
United Technologies Corp.#		15,400		1,707,244
Agricultural Chemicals — 0.5%
Monsanto Co.		4,268		483,692
Mosaic Co.		1,800		86,220
				569,912
Agricultural Operations — 0.6%
Archer-Daniels-Midland Co.		16,100		648,025
Airlines — 0.3%
Delta Air Lines, Inc.#		7,500		217,350
Southwest Airlines Co.		6,500		120,835
				338,185
Apparel Manufacturers — 0.9%
VF Corp.		4,000		938,320
Applications Software — 2.4%
Citrix Systems, Inc.†		4,800		284,736
Microsoft Corp.		58,700		2,238,231
				2,522,967
Auto - Cars/Light Trucks — 0.9%
General Motors Co.†		23,600		914,028
Auto - Heavy Duty Trucks — 0.8%
PACCAR, Inc.		14,200		813,802
Auto/Truck Parts & Equipment - Original — 0.3%
Johnson Controls, Inc.		5,700		287,907
Banks - Commercial — 0.1%
Cullen/Frost Bankers, Inc.		700		50,274
SVB Financial Group†		500		50,620
				100,894
Banks - Fiduciary — 0.6%
Bank of New York Mellon Corp.		200		6,740
State Street Corp.		9,100		660,751
				667,491
Banks - Super Regional — 3.3%
Capital One Financial Corp.		8,500		608,855
Comerica, Inc.		4,600		208,610
PNC Financial Services Group, Inc.		3,400		261,630
Wells Fargo & Co.		56,100		2,469,522
				3,548,617
Beverages - Non-alcoholic — 2.2%
Coca-Cola Co.		19,500		783,705
Dr Pepper Snapple Group, Inc.		8,800		424,688
PepsiCo, Inc.		13,600		1,148,656
				2,357,049
Beverages - Wine/Spirits — 0.1%
Constellation Brands, Inc., Class A†		1,900		133,779
Building Products - Wood — 0.4%
Masco Corp.		20,100		450,642
Building - Residential/Commercial — 0.3%
Lennar Corp., Class A		1,000		35,760
PulteGroup, Inc.#		12,400		232,624

Security Description	Shares		Value (Note 2)
Building - Residential/Commercial (continued)
Toll Brothers, Inc.†		1,600	$	54,560
				322,944
Cable/Satellite TV — 2.1%
Comcast Corp., Class A#		30,200		1,506,074
DISH Network Corp., Class A		4,100		222,056
Time Warner Cable, Inc.		3,600		497,592
				2,225,722
Chemicals - Diversified — 0.7%
Axiall Corp.		3,900		176,670
Dow Chemical Co.		12,600		492,156
E.I. du Pont de Nemours & Co.#		900		55,242
				724,068
Commercial Services - Finance — 0.5%
Alliance Data Systems Corp.†#		700		169,582
MasterCard, Inc., Class A		500		380,405
				549,987
Computer Services — 1.2%
Cognizant Technology Solutions Corp., Class A†		7,100		666,619
International Business Machines Corp.		3,200		574,976
				1,241,595
Computers — 3.2%
Apple, Inc.		5,500		3,058,385
Hewlett-Packard Co.#		13,500		369,225
				3,427,610
Computers - Memory Devices — 0.5%
EMC Corp.		13,200		314,820
NetApp, Inc.#		2,300		94,875
SanDisk Corp.		1,500		102,225
				511,920
Consumer Products - Misc. — 0.2%
Kimberly-Clark Corp.		1,700		185,572
Containers - Metal/Glass — 0.3%
Crown Holdings, Inc.†		6,600		291,324
Cosmetics & Toiletries — 1.6%
Procter & Gamble Co.		20,200		1,701,244
Cruise Lines — 0.3%
Royal Caribbean Cruises, Ltd.		8,000		352,400
Data Processing/Management — 0.1%
Fidelity National Information Services, Inc.		1,800		91,224
Distribution/Wholesale — 0.3%
WW Grainger, Inc.		1,300		335,296
Diversified Banking Institutions — 4.5%
Bank of America Corp.		100,100		1,583,582
Citigroup, Inc.		32,400		1,714,608
Goldman Sachs Group, Inc.		4,500		760,230
Morgan Stanley		23,100		723,030
				4,781,450
Diversified Manufacturing Operations — 1.2%
Eaton Corp. PLC		1,500		108,990
General Electric Co.		35,200		938,432
SPX Corp.		2,500		236,600
				1,284,022
E-Commerce/Products — 1.4%
Amazon.com, Inc.†		2,500		984,050

101

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
E-Commerce/Products (continued)
eBay, Inc.†		9,500	$	479,940
				1,463,990
E-Commerce/Services — 0.4%
priceline.com, Inc.†		365		435,201
Electric Products - Misc. — 1.0%
Emerson Electric Co.		16,600		1,112,034
Electric - Integrated — 2.3%
American Electric Power Co., Inc.		7,800		367,068
CMS Energy Corp.		12,400		329,096
DTE Energy Co.		1,000		66,740
Edison International#		10,800		499,068
National Fuel Gas Co.		700		47,236
NextEra Energy, Inc.		10,099		854,274
SCANA Corp.		600		28,302
Xcel Energy, Inc.		8,000		224,160
				2,415,944
Electronic Components - Misc. — 0.2%
TE Connectivity, Ltd.		3,500		184,520
Electronic Components - Semiconductors — 1.0%
Avago Technologies, Ltd.		8,600		384,678
Broadcom Corp., Class A		2,000		53,380
Xilinx, Inc.		15,100		670,893
				1,108,951
Electronic Forms — 0.6%
Adobe Systems, Inc.†#		11,800		670,004
Electronic Security Devices — 0.1%
Tyco International, Ltd.		2,600		99,164
Engineering/R&D Services — 1.0%
Fluor Corp.#		14,200		1,104,902
Enterprise Software/Service — 1.4%
CA, Inc.		2,200		72,600
Oracle Corp.#		40,300		1,422,187
				1,494,787
Finance - Consumer Loans — 0.0%
SLM Corp.		1,600		42,640
Finance - Credit Card — 0.8%
Visa, Inc., Class A#		4,300		874,878
Finance - Investment Banker/Broker — 0.1%
TD Ameritrade Holding Corp.		3,600		103,608
Finance - Other Services — 0.8%
IntercontinentalExchange Group, Inc.		4,073		868,730
Food - Misc./Diversified — 2.0%
General Mills, Inc.		18,000		907,740
Kellogg Co.		5,900		357,776
Mondelez International, Inc., Class A		26,100		875,133
				2,140,649
Food - Retail — 0.2%
Kroger Co.		5,600		233,800
Gas - Distribution — 1.0%
NiSource, Inc.		13,300		420,546
Questar Corp.		7,300		164,396
Sempra Energy		5,100		451,044
				1,035,986
Hotels/Motels — 0.3%
Marriott International, Inc., Class A		1,400		65,828

Security Description	Shares		Value (Note 2)
Hotels/Motels (continued)
Starwood Hotels & Resorts Worldwide, Inc.#		4,000	$	297,920
				363,748
Industrial Gases — 0.3%
Air Products & Chemicals, Inc.		3,250		353,698
Instruments - Controls — 1.7%
Honeywell International, Inc.		15,800		1,398,458
Mettler-Toledo International, Inc.†		1,600		394,512
				1,792,970
Instruments - Scientific — 0.1%
Thermo Fisher Scientific, Inc.		1,400		141,190
Insurance Brokers — 0.3%
Marsh & McLennan Cos., Inc.		6,600		313,170
Insurance - Life/Health — 0.3%
Aflac, Inc.		600		39,822
Prudential Financial, Inc.		2,600		230,776
				270,598
Insurance - Multi-line — 2.4%
ACE, Ltd.		12,400		1,274,472
Hartford Financial Services Group, Inc.#		4,800		171,024
MetLife, Inc.		18,800		981,172
XL Group PLC		3,300		105,567
				2,532,235
Insurance - Reinsurance — 1.1%
Axis Capital Holdings, Ltd.		100		4,913
Berkshire Hathaway, Inc., Class B†		8,000		932,240
Everest Re Group, Ltd.		400		62,732
RenaissanceRe Holdings, Ltd.		2,000		189,400
				1,189,285
Internet Content - Information/News — 0.0%
LinkedIn Corp., Class A†		200		44,806
Investment Management/Advisor Services — 0.5%
Invesco, Ltd.		16,800		585,480
Machinery - Construction & Mining — 0.1%
Caterpillar, Inc.		1,800		152,280
Machinery - Farming — 0.2%
Deere & Co.#		2,600		219,024
Medical Instruments — 0.1%
Intuitive Surgical, Inc.†#		300		113,070
Medical Products — 0.8%
Baxter International, Inc.#		7,000		479,150
Stryker Corp.#		5,600		416,752
				895,902
Medical - Biomedical/Gene — 3.1%
Alexion Pharmaceuticals, Inc.†		2,900		361,050
Biogen Idec, Inc.†		4,000		1,163,880
Celgene Corp.†		8,500		1,375,045
Gilead Sciences, Inc.†#		3,200		239,392
Vertex Pharmaceuticals, Inc.†		3,100		215,202
				3,354,569
Medical - Drugs — 6.2%
Abbott Laboratories#		13,200		504,108
Allergan, Inc.		5,300		514,365
Bristol-Myers Squibb Co.		30,400		1,561,952
Johnson & Johnson		29,900		2,830,334
Merck & Co., Inc.		13,100		652,773

102

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Pfizer, Inc.		9,300	$	295,089
Valeant Pharmaceuticals International, Inc.†		2,400		263,112
				6,621,733
Medical - Generic Drugs — 0.3%
Actavis PLC†		1,700		277,219
Medical - HMO — 1.5%
Humana, Inc.		6,100		634,339
UnitedHealth Group, Inc.		12,800		953,344
				1,587,683
Medical - Wholesale Drug Distribution — 0.4%
McKesson Corp.		2,900		481,081
Metal - Aluminum — 0.4%
Alcoa, Inc.		41,200		395,932
Metal - Copper — 0.4%
Freeport-McMoRan Copper & Gold, Inc.		11,300		391,997
Multimedia — 1.6%
Time Warner, Inc.		21,000		1,379,910
Walt Disney Co.		5,300		373,862
				1,753,772
Networking Products — 1.2%
Cisco Systems, Inc.		62,400		1,326,000
Office Automation & Equipment — 0.1%
Xerox Corp.		4,900		55,762
Oil & Gas Drilling — 0.8%
Ensco PLC, Class A#		11,000		649,880
Noble Corp. PLC		6,700		255,404
				905,284
Oil Companies - Exploration & Production — 1.6%
Anadarko Petroleum Corp.		7,300		648,386
EOG Resources, Inc.		1,300		214,500
Occidental Petroleum Corp.		8,400		797,664
Range Resources Corp.		1,100		85,415
				1,745,965
Oil Companies - Integrated — 4.2%
Chevron Corp.		16,100		1,971,284
Exxon Mobil Corp.		22,200		2,075,256
Marathon Oil Corp.		9,100		327,964
Phillips 66		2,000		139,220
				4,513,724
Oil Field Machinery & Equipment — 0.1%
Cameron International Corp.†		2,000		110,780
Oil Refining & Marketing — 1.3%
Cheniere Energy, Inc.†		3,000		118,770
Marathon Petroleum Corp.		9,400		777,756
Valero Energy Corp.		10,000		457,200
				1,353,726
Oil - Field Services — 1.6%
Baker Hughes, Inc.#		1,900		108,224
Halliburton Co.		4,100		215,988
Schlumberger, Ltd.		16,200		1,432,404
				1,756,616
Paper & Related Products — 0.1%
International Paper Co.		2,900		135,285

Security Description	Shares		Value (Note 2)
Pipelines — 0.1%
Williams Cos., Inc.		2,700	$	95,094
Real Estate Investment Trusts — 2.0%
American Campus Communities, Inc.		2,100		68,103
American Tower Corp.		400		31,108
Apartment Investment & Management Co., Class A		1,500		37,665
AvalonBay Communities, Inc.		1,300		154,128
Boston Properties, Inc.		900		89,541
Brandywine Realty Trust		7,000		92,960
Camden Property Trust		1,500		86,880
CBL & Associates Properties, Inc.		10,300		186,018
Digital Realty Trust, Inc.		1,600		75,584
Excel Trust, Inc.		2,300		26,956
HCP, Inc.		5,300		194,881
Highwoods Properties, Inc.		3,600		129,312
Host Hotels & Resorts, Inc.		2,000		36,820
Kimco Realty Corp.		6,900		142,278
Post Properties, Inc.		1,500		64,290
Prologis, Inc.		500		18,965
Simon Property Group, Inc.		2,800		419,580
Ventas, Inc.		4,500		255,735
				2,110,804
Retail - Apparel/Shoe — 0.1%
Gap, Inc.		900		36,873
Lululemon Athletica, Inc.†#		1,300		90,636
				127,509
Retail - Auto Parts — 0.6%
AutoZone, Inc.†		1,300		600,080
Retail - Building Products — 2.0%
Home Depot, Inc.		16,900		1,363,323
Lowe’s Cos., Inc.#		17,400		826,152
				2,189,475
Retail - Discount — 1.1%
Costco Wholesale Corp.		3,300		413,919
Target Corp.#		7,500		479,475
Wal-Mart Stores, Inc.#		4,200		340,242
				1,233,636
Retail - Drug Store — 1.0%
CVS Caremark Corp.		16,300		1,091,448
Retail - Major Department Stores — 0.9%
Nordstrom, Inc.#		2,900		180,409
TJX Cos., Inc.		12,100		760,848
				941,257
Retail - Regional Department Stores — 0.3%
Macy’s, Inc.		6,000		319,560
Retail - Restaurants — 0.6%
McDonald’s Corp.#		800		77,896
Starbucks Corp.		3,700		301,402
Yum! Brands, Inc.		3,300		256,344
				635,642
Semiconductor Components - Integrated Circuits — 1.1%
QUALCOMM, Inc.		15,900		1,169,922
Semiconductor Equipment — 0.9%
Applied Materials, Inc.#		26,800		463,640
KLA-Tencor Corp.		4,100		261,867
Lam Research Corp.†#		4,600		239,706
Teradyne, Inc.†		3,200		54,496
				1,019,709

103

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Software Tools — 0.1%
VMware, Inc., Class A†#		1,300	$	104,819
Steel-Producers — 0.2%
United States Steel Corp.		7,300		195,713
Telecom Equipment - Fiber Optics — 0.2%
Corning, Inc.#		9,600		163,968
Telephone - Integrated — 1.4%
AT&T, Inc.#		5,300		186,613
Verizon Communications, Inc.		26,900		1,334,778
				1,521,391
Television — 0.5%
CBS Corp., Class B		9,900		579,744
Tobacco — 1.4%
Philip Morris International, Inc.		17,800		1,522,612
Transport - Rail — 2.6%
CSX Corp.#		45,400		1,238,058
Norfolk Southern Corp.		2,100		184,149
Union Pacific Corp.#		8,500		1,377,340
				2,799,547
Web Portals/ISP — 2.4%
Google, Inc., Class A†		2,400		2,543,016
Total Long-Term Investment Securities
(cost $99,144,515)				106,565,856
SHORT-TERM INVESTMENT SECURITIES — 4.9%
Registered Investment Companies — 4.4%
State Street Navigator Securities Lending Prime Portfolio(1)		4,735,624		4,735,624

Security Description	Principal Amount			Value (Note 2)
Time Deposits — 0.5%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013	$	502,000		$	502,000
Total Short-Term Investment Securities
(cost $5,237,624)					5,237,624
TOTAL INVESTMENTS
(cost $104,382,139)(2)		104.3	%		111,803,480
Liabilities in excess of other assets		(4.3	)		(4,608,269	)
NET ASSETS —		100.0	%	$	107,195,211

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

† Non-income producing security

(1) At November 30, 2013, the Fund had loaned securities with a total value of $4,713,892. This was secured by collateral of $4,735,624, which was received in cash and subsequently invested in short-term investments currently valued at $4,735,624 as reported in the portfolio of investments. Additional collateral of $109,638 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Federal National Mtg. Assoc.	3.00% to 4.00%	10/25/2029 to 05/25/2042	$109,638

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

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2013		Unrealized Appreciation (Depreciation)
	5	Long	S&P 500 E-Mini Index		December 2013	$	442,297	$	451,025	$	8,728

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Medical - Drugs	$	6,621,733	$	—	$	—	$	6,621,733
Other Industries*		99,944,123		—		—		99,944,123
Short-Term Investment Securities:
Registered Investment Companies		4,735,624		—		—		4,735,624
Time Deposits		—		502,000		—		502,000
Other Financial Instruments:†
Open Futures Contracts - Appreciation		8,728		—		—		8,728
Total	$	111,310,208	$	502,000	$	—	$	111,812,208

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

104

VALIC Company I Health Sciences Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	30.2	%
Medical — Drugs	17.0
Medical — HMO	10.1
Medical Products	6.4
Therapeutics	5.9
Medical — Wholesale Drug Distribution	3.7
Registered Investment Companies	3.2
Medical — Hospitals	2.6
Medical Instruments	2.5
Electronic Measurement Instruments	2.1
Medical — Generic Drugs	2.0
Instruments — Scientific	1.9
Pharmacy Services	1.8
Medical Labs & Testing Services	1.6
Medical Information Systems	1.0
Medical — Outpatient/Home Medical	0.9
Dental Supplies & Equipment	0.9
Diagnostic Kits	0.8
Consulting Services	0.7
Physicians Practice Management	0.7
Retail — Drug Store	0.6
Commercial Services	0.5
Patient Monitoring Equipment	0.4
Heart Monitors	0.3
Disposable Medical Products	0.3
Distribution/Wholesale	0.3
Instruments — Controls	0.2
Human Resources	0.2
Diagnostic Equipment	0.2
Insurance Brokers	0.2
Hazardous Waste Disposal	0.2
Agricultural Chemicals	0.1
Medical Laser Systems	0.1
Insurance — Life/Health	0.1
Retail — Convenience Store	0.1
Drug Delivery Systems	0.1
Dialysis Centers	0.1
Decision Support Software	0.1
Enterprise Software/Service	0.1
	100.2	%

* Calculated as a percentage of net assets

105

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.9%
Agricultural Chemicals — 0.1%
Monsanto Co.		6,600	$	747,978
Commercial Services — 0.5%
HMS Holdings Corp.†		117,500		2,691,925
Consulting Services — 0.7%
Advisory Board Co.†		60,400		3,909,088
Dental Supplies & Equipment — 0.9%
DENTSPLY International, Inc.		94,800		4,508,688
Diagnostic Equipment — 0.2%
GenMark Diagnostics, Inc.†		61,500		731,850
Oxford Immunotec Global PLC†		20,500		324,720
				1,056,570
Diagnostic Kits — 0.8%
IDEXX Laboratories, Inc.†		37,800		3,937,248
Meridian Bioscience, Inc.		3,700		90,946
				4,028,194
Dialysis Centers — 0.1%
DaVita HealthCare Partners, Inc.†		6,400		381,120
Disposable Medical Products — 0.3%
Shandong Weigao Group Medical Polymer Co., Ltd.		1,028,000		1,405,558
Utah Medical Products, Inc.		2,300		122,383
				1,527,941
Distribution/Wholesale — 0.3%
MWI Veterinary Supply, Inc.†		7,400		1,348,058
Drug Delivery Systems — 0.1%
Depomed, Inc.†		32,600		287,532
Nektar Therapeutics†		24,800		311,488
				599,020
Electronic Measurement Instruments — 2.1%
Agilent Technologies, Inc.		205,200		10,992,564
Enterprise Software/Service — 0.1%
Veeva Systems, Inc., Class A†		6,700		271,283
Hazardous Waste Disposal — 0.2%
Stericycle, Inc.†		7,300		857,604
Heart Monitors — 0.3%
HeartWare International, Inc.†		15,625		1,506,250
Human Resources — 0.2%
Team Health Holdings, Inc.†		23,100		1,079,463
Instruments - Controls — 0.2%
Mettler-Toledo International, Inc.†		5,000		1,232,850
Instruments - Scientific — 1.9%
FEI Co.		42,900		3,906,045
Thermo Fisher Scientific, Inc.		60,000		6,051,000
				9,957,045
Insurance Brokers — 0.2%
eHealth, Inc.†		19,000		860,890
Insurance - Life/Health — 0.1%
Odontoprev SA		159,400		648,217
Medical Information Systems — 1.0%
athenahealth, Inc.†		29,000		3,803,930
Cerner Corp.†		28,900		1,660,883
				5,464,813

Security Description	Shares		Value (Note 2)
Medical Instruments — 2.5%
ArthroCare Corp.†		13,687	$	516,274
Bruker Corp.†		79,800		1,543,332
Intuitive Surgical, Inc.†		11,160		4,206,204
St Jude Medical, Inc.		43,400		2,535,428
Thoratec Corp.†		50,000		1,968,500
Urologix, Inc.†		52,400		10,349
Volcano Corp.†		94,400		2,149,488
				12,929,575
Medical Labs & Testing Services — 1.6%
Covance, Inc.†		38,300		3,231,754
Laboratory Corp. of America Holdings†		40,100		4,084,185
Quest Diagnostics, Inc.		20,100		1,224,894
				8,540,833
Medical Laser Systems — 0.1%
Cynosure, Inc., Class A†		16,600		429,774
LCA-Vision, Inc.†		70,700		267,246
				697,020
Medical Products — 6.4%
Aspen Pharmacare Holdings, Ltd.		67,415		1,735,634
Becton Dickinson and Co.		61,100		6,634,849
China Medical System Holdings, Ltd.		1,940,500		1,802,171
Cooper Cos., Inc.		28,100		3,701,894
Covidien PLC		78,200		5,337,932
EnteroMedics, Inc.†		105,150		139,850
Henry Schein, Inc.†		43,600		4,970,400
Hospira, Inc.†		11,800		463,858
NanoString Technologies, Inc.†		26,600		314,146
Nobel Biocare Holding AG		11,273		166,026
Sirona Dental Systems, Inc.†		27,800		1,912,084
Sonova Holding AG		8,308		1,157,593
Stryker Corp.		35,100		2,612,142
Tornier NV†		77,200		1,396,548
Wright Medical Group, Inc. CVR†		14,500		5,510
Zimmer Holdings, Inc.		14,100		1,288,881
				33,639,518
Medical - Biomedical/Gene — 30.2%
Abcam PLC		66,011		514,303
Acceleron Pharma, Inc.†		12,200		265,594
Acorda Therapeutics, Inc.†		10,075		350,711
Aegerion Pharmaceuticals, Inc.†		92,500		6,561,025
Alexion Pharmaceuticals, Inc.†		181,340		22,576,830
Alnylam Pharmaceuticals, Inc.†		46,000		2,815,200
AMAG Pharmaceuticals, Inc.†		35,900		880,627
Amgen, Inc.		70,875		8,085,420
Biogen Idec, Inc.†		59,600		17,341,812
Celgene Corp.†		43,040		6,962,581
China Biologic Products, Inc.†(1)(3)		5,300		156,827
Exelixis, Inc.†		222,200		1,295,426
Gilead Sciences, Inc.†		538,800		40,307,628
Illumina, Inc.†		9,100		891,800
Incyte Corp., Ltd.†		309,300		14,413,380
InterMune, Inc.†		222,400		3,075,792
Intrexon Corp.†		9,500		217,455
Lexicon Pharmaceuticals, Inc.†		44,400		106,560
Medicines Co.†		165,250		6,049,802
Momenta Pharmaceuticals, Inc.†		27,300		485,667
Novavax, Inc.†		201,700		750,324
Prothena Corp. PLC†		34,287		967,922
Puma Biotechnology, Inc.†		51,824		2,580,317
Regeneron Pharmaceuticals, Inc.†		35,900		10,549,574

106

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Rigel Pharmaceuticals, Inc.†		30,800	$	81,928
Seattle Genetics, Inc.†		23,500		965,615
Sophiris Bio, Inc.†(OTC)		71,200		305,448
Sophiris Bio, Inc.†(TSX)		7,028		30,163
Stemline Therapeutics, Inc.†		22,500		464,850
Sunesis Pharmaceuticals, Inc.†		123,700		624,685
United Therapeutics Corp.†		3,800		350,778
Vertex Pharmaceuticals, Inc.†		103,394		7,177,611
Zeneca, Inc. CVR(1)(2)(3)		23,110		13,866
				158,217,521
Medical - Drugs — 17.0%
AbbVie, Inc.		230,800		11,182,260
ACADIA Pharmaceuticals, Inc.†		47,600		1,108,604
Alkermes PLC†		208,800		8,431,344
Allergan, Inc.		6,600		640,530
Array BioPharma, Inc.†		422,800		2,418,416
Bayer AG		17,365		2,316,573
Bayer AG ADR		600		80,100
Bristol-Myers Squibb Co.		118,700		6,098,806
Cadence Pharmaceuticals, Inc.†		156,300		1,409,826
Chimerix, Inc.†		23,100		370,062
Clovis Oncology, Inc.†		18,400		1,109,152
Endocyte, Inc.†		15,300		176,562
Forest Laboratories, Inc.†		70,600		3,622,486
Idenix Pharmaceuticals, Inc.†		210,900		1,132,533
Ironwood Pharmaceuticals, Inc.†		23,900		272,938
Jazz Pharmaceuticals PLC†		37,400		4,372,808
Mallinckrodt PLC†		9,544		495,906
Merck & Co., Inc.		52,400		2,611,092
Natco Pharma, Ltd.		9,801		122,422
Novartis AG		25,432		2,010,263
Ophthotech Corp.†		19,400		548,050
Pacira Pharmaceuticals, Inc.†		75,900		4,188,921
Pfizer, Inc.		157,200		4,987,956
Roche Holding AG		14,263		3,976,237
Shire PLC		21,714		985,210
Shire PLC ADR		12,032		1,634,066
Supernus Pharmaceuticals, Inc.†		131,200		948,576
Takeda Pharmaceutical Co., Ltd.		31,500		1,530,022
TESARO, Inc.†		60,472		2,358,408
UCB SA (BSE)		24,402		1,637,450
UCB SA (FSE)		9,588		645,938
Valeant Pharmaceuticals International, Inc.†		134,033		14,694,038
Vanda Pharmaceuticals, Inc.†		60,300		707,922
Vectura Group PLC†		82,423		155,146
				88,980,623
Medical - Generic Drugs — 2.0%
Actavis PLC†		59,480		9,699,403
Simcere Pharmaceutical Group ADR†(1)(3)		18,600		177,816
Towa Pharmaceutical Co., Ltd.		16,100		785,941
				10,663,160
Medical - HMO — 10.1%
Aetna, Inc.		166,500		11,476,845
Cigna Corp.		67,900		5,937,855
Humana, Inc.		95,800		9,962,242
UnitedHealth Group, Inc.		210,300		15,663,144
WellCare Health Plans, Inc.†		50,758		3,771,319
WellPoint, Inc.		64,100		5,953,608
				52,765,013

Security Description	Shares		Value (Note 2)
Medical - Hospitals — 2.6%
Acadia Healthcare Co., Inc.†		31,380	$	1,449,756
Bumrungrad Hospital PCL(1)(3)		62,700		175,740
Community Health Systems, Inc.†		8,000		330,000
HCA Holdings, Inc.†		73,400		3,407,228
Life Healthcare Group Holdings, Ltd. Bonds		175,369		704,845
Mediclinic International, Ltd.		108,168		774,068
Select Medical Holdings Corp.		47,403		410,510
Universal Health Services, Inc., Class B		76,400		6,297,652
				13,549,799
Medical - Outpatient/Home Medical — 0.9%
Air Methods Corp.		83,300		4,661,468
Medical - Wholesale Drug Distribution — 3.7%
AmerisourceBergen Corp.		32,900		2,320,437
Cardinal Health, Inc.		104,900		6,776,540
McKesson Corp.		60,700		10,069,523
				19,166,500
Patient Monitoring Equipment — 0.4%
Insulet Corp.†		31,700		1,173,534
Mindray Medical International, Ltd. ADR		29,900		1,190,319
				2,363,853
Pharmacy Services — 1.8%
Catamaran Corp.†		101,740		4,642,396
Express Scripts Holding Co.†		68,967		4,644,928
				9,287,324
Physicians Practice Management — 0.7%
Envision Healthcare Holdings, Inc.†		27,500		814,550
MEDNAX, Inc.†		27,600		3,058,080
				3,872,630
Retail - Convenience Store — 0.1%
CP ALL PCL		494,800		627,938
Retail - Drug Store — 0.6%
Raia Drogasil SA		84,342		610,154
Shanghai Pharmaceuticals Holding Co., Ltd.		31,200		72,842
Walgreen Co.		43,800		2,592,960
				3,275,956
Therapeutics — 5.9%
Agios Pharmaceuticals, Inc.†		5,000		87,750
AVANIR Pharmaceuticals, Inc., Class A†		531,011		2,357,689
BioMarin Pharmaceutical, Inc.†		69,100		4,863,258
Isis Pharmaceuticals, Inc.†		78,300		3,034,908
Neurocrine Biosciences, Inc.†		223,635		2,196,096
Pharmacyclics, Inc.†		127,500		15,876,300
Portola Pharmaceuticals, Inc.†		13,300		332,500
Questcor Pharmaceuticals, Inc.		37,900		2,198,579
				30,947,080
Total Common Stocks
(cost $315,782,247)				507,855,372
CONVERTIBLE PREFERRED SECURITIES — 0.1%
Decision Support Software — 0.1%
Castlight Health, Inc. Series D(1)(2)(3)		42,238		280,460
Medical - Biomedical/Gene — 0.0%
Calithera Biosciences, Inc. Series D(1)(2)(3)		676,756		118,568

107

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES (continued)
Therapeutics — 0.0%
Ultragenyx Pharmaceutical, Inc., Series B(1)(2)(3)	$	75,017		$	207,752
Total Convertible Preferred Securities
(cost $581,292)					606,780
WARRANTS — 0.0%
Medical Products — 0.0%
EnteroMedics, Inc. Expires 06/13/16 (Strike price $2.19)		42,300			17,406
EnteroMedics, Inc. Expires 09/28/16 (Strike price $1.90)		6,300			3,125
					20,531
Medical - Drugs — 0.0%
Alexza Pharmaceuticals, Inc. Expires 10/05/16 (Strike price $27.70)(1)(2)(3)		1,305			0
Cadence Pharmaceuticals, Inc. Expires 02/18/14 (Strike price $7.84)(1)(3)		9,484			18,813
					18,813
Total Warrants
(cost $2,817)					39,344
CONVERTIBLE BONDS & NOTES — 0.0%
Patient Monitoring Equipment — 0.0%
Insulet Corp. Senior Notes 3.75% due 06/15/2016 (cost $68,000)		68,000			100,003
U.S. CORPORATE BONDS & NOTES — 0.0%
Heart Monitors — 0.0%
HeartWare International, Inc. Senior Notes 3.50% due 12/15/2017 (cost $69,501)		71,000			85,688
PUT OPTIONS - PURCHASED — 0.0%
Medical - HMO — 0.0%
Wellpoint, Inc.(5) (cost $6,536)		28			980
Total Long-Term Investment Securities
(cost $316,510,393)					508,688,167
SHORT-TERM INVESTMENT SECURITIES — 3.2%
Registered Investment Companies — 3.2%
T. Rowe Price Reserve Investment Fund (cost $16,456,060)	$	16,456,060		$	16,456,060
TOTAL INVESTMENTS
(cost $332,966,453)(4)		100.2	%		525,144,227
Liabilities in excess of other assets		(0.2	)		(1,252,750	)
NET ASSETS		100.0	%	$	523,891,477

† Non-income producing security

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

In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2013, the Health Sciences Fund held the following restricted securities:

Name	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Alexza Pharmaceuticals, Inc. Expires 10/05/2016 Strike price $27.70 Warrant		10/05/2009		1,305	$	1,631	$	0	$	0.00		0.0	%
Bumrungrad Hospital PCL Common Stock		04/04/2012		1,000		1,783
		04/05/2012		14,600		25,962
		04/05/2012		4,500		8,005
		04/10/2012		2,400		4,201
		04/10/2012		16,500		28,899
		04/11/2012		1,100		1,928
		04/12/2012		1,100		1,939
		04/17/2012		1,600		2,839
		04/18/2012		2,200		3,916
		04/19/2012		1,300		2,297
		05/02/2012		800		1,582
		05/04/2012		3,200		6,304
		05/08/2012		1,200		2,363
		05/09/2012		5,800		11,355
		06/18/2012		2,000		3,872
		06/19/2012		2,100		4,162
		06/21/2012		1,300		2,592
				62,700		113,999		175,740		9.40		0.1	%
Cadence Pharmaceuticals, Inc. Expires 02/18/2014 Strike Price $7.84 Warrant		02/18/2009		9,484		1,186		18,813		1.98		0.0	%
Calithera Biosciences, Inc. Series D Convertible Preferred Securities		10/7/2013		676,756		118,568		118,568		0.18		0.0	%
Castlight Health, Inc. Series D Convertible Preferred Securities		04/26/2012		42,238		254,972		280,460		6.64		0.1	%
China Biologic Products, Inc. Common Stock		12/18/2012		1,300		20,153
		12/20/2012		200		3,072
		12/20/2012		1,900		29,341
		12/24/2012		600		9,286
		12/26/2012		100		1,551
		12/27/2012		100		1,558
		12/31/2012		200		3,051
		01/02/2013		100		1,511
		01/02/2013		800		12,115
				5,300		81,638		156,827		29.59		0.0	%
Simcere Pharmaceutical Group ADR Common Stock		03/17/2008		2,600		28,054
		04/30/2009		3,100		21,763
		05/21/2009		4,100		25,067
		01/08/2010		3,800		36,700
		03/02/2010		200		1,773
		03/03/2010		2,500		22,036
		03/04/2010		1,000		8,784
		03/05/2010		700		6,245
		03/08/2010		600		5,339
				18,600		155,761		177,816		9.56		0.0	%
Ultragenyx Pharmaceutical, Inc. Convertible Preferred Securities		12/19/2012		75,017		207,752		207,752		2.77		0.0	%
Zeneca, Inc. CVR Common Stock		07/19/2013		23,110		—		13,866		0.60		0.0	%
							$	1,149,842				0.2	%

108

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

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

(3) Illiquid security. At November 30, 2013, the aggregate value of these securities was $1,149,842 representing 0.2% of net assets.

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

(5) Options Purchased

Put Options - Purchased
Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Paid		Value at November 30, 2013		Unrealized Appreciation (Depreciation)
Wellpoint, Inc.		Jan-14	$	80.00		28	$	6,536	$	980	$	(5,556	)

ADR—American Depository Receipt

BSE—Brussels Stock Exchange

CVR—Contingent Value Right

FSE—Frankfurt Stock Exchange

OTC—Over The Counter US

TSX—Toronto Stock Exchange

Open call option contracts written at November 30, 2013 for the Health Sciences Fund were as follows:
Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Received		Value at November 30, 2013		Unrealized Appreciation (Depreciation)
Alexion Pharmaceuticals, Inc.		Jan-14	$	110.00		9	$	9,333	$	14,580	$	(5,247	)
Alexion Pharmaceuticals, Inc.		Jan-14		115.00		9		7,758		10,890		(3,132	)
athenahealth, Inc.		Jan-14		130.00		41		25,634		40,180		(14,546	)
Incyte Corp.		Dec-13		40.00		76		22,150		59,280		(37,130	)
Incyte Corp.		Jan-14		40.00		68		15,520		54,400		(38,880	)
Intuitive Surgical, Inc.		Jan-14		690.00		12		30,323		120		30,203
Regeneron Pharmaceuticals, Inc.		Jan-14		330.00		33		32,323		18,810		13,513
Valeant Pharmaceuticals International, Inc.		Jan-14		120.00		43		18,368		6,665		11,703
						291	$	161,409	$	204,925	$	(43,516	)

Open put option contracts written at November 30, 2013 for the Health Sciences Fund were as follows:
Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Received		Value at November 30, 2013		Unrealized Appreciation (Depreciation)
Agilent Technologies, Inc.		Jan-14	$	45.00		95	$	76,660	$	950	$	75,710
Alexion Pharmaceuticals, Inc.		Jan-14		110.00		19		47,442		2,755		44,687
Alexion Pharmaceuticals, Inc.		Jan-14		115.00		19		47,252		4,560		42,692
AmerisourceBergen Corp.		Jan-14		45.00		16		7,518		400		7,118
Bristol Myers Squibb Co.		Jan-14		35.00		126		45,926		378		45,548
Centene Corp.		Jan-14		40.00		32		21,664		1,120		20,544
Eli Lilly & Co.		Jan-14		55.00		63		40,761		31,500		9,261
Express Scripts Holding Co.		Jan-14		55.00		6		4,302		78		4,224
Forest Laboratories, Inc.		Jan-14		40.00		195		96,973		1,950		95,023
Gilead Sciences, Inc.		Jan-14		35.00		32		18,992		128		18,864
Gilead Sciences, Inc.		Jan-14		42.50		126		80,690		630		80,060
Humana, Inc.		Jan-14		80.00		12		18,384		120		18,264
Medivation, Inc.		Jan-14		55.00		108		125,102		14,688		110,414
Merck & Co., Inc.		Jan-14		45.00		79		41,947		1,501		40,446
Pfizer, Inc.		Jan-14		27.00		220		55,120		1,100		54,020
Pharmacyclics, Inc.(2)		Jan-14		50.00		10		11,972		200		11,772
St. Jude Medical, Inc.		Jan-14		30.00		19		7,163		95		7,068
St. Jude Medical, Inc.		Jan-14		45.00		22		23,088		220		22,868
Stryker Corp.		Jan-14		60.00		32		24,303		320		23,983
Teva Pharmaceutical Industries, Ltd. ADR		Jan-14		45.00		31		24,706		14,570		10,136
UnitedHealth Group, Inc.		Jan-14		60.00		54		50,169		756		49,413
Vertex Pharmaceuticals, Inc.		Jan-14		60.00		63		106,121		9,135		96,986
ViroPharma, Inc.		Jan-14		30.00		10		8,175		50		8,125
WellPoint, Inc.		Jan-14		70.00		47		52,028		611		51,417
						1,436	$	1,036,458	$	87,815	$	948,643

109

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Medical Products	$	33,639,518	$	—	$	—	$	33,639,518
Medical - Biomedical/Gene		158,173,492		30,163		13,866		158,217,521
Medical - Drugs		88,980,623		—		—		88,980,623
Medical - HMO		52,765,013		—		—		52,765,013
Therapeutics		30,947,080		—		—		30,947,080
Other Industries*		143,305,617		—		—		143,305,617
Convertible Preferred Securities		—		—		606,780		606,780
Warrants:
Medical Products		—		20,531		—		20,531
Medical-Drugs		—		18,813		0		18,813
Convertible Bonds & Notes		—		100,003		—		100,003
U.S. Corporate Bonds & Notes		—		85,688		—		85,688
Put Option Purchased		980		—		—		980
Short-Term Investment Securities:
Registered Investment Companies		16,456,060		—		—		16,456,060
Other Financial Instruments:+
Call Option Contracts Written - Appreciation		55,419		—		—		55,419
Put Option Contracts Written - Appreciation		936,871		—		11,772		948,643
Total	$	525,260,673	$	255,198	$	632,418	$	526,148,289
LIABILITIES:
Other Financial Instruments:+
Call Option Contracts Written - Depreciation		98,935		—		—		98,935
Total	$	98,935	$	—	$	—	$	98,935

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $15,743,411 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities and other financial instruments were not considered a material portion of the Fund.

See Notes to Financial Statements

110

VALIC Company I Inflation Protected Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

United States Treasury Notes	30.5	%
United States Treasury Bonds	23.4
Sovereign	13.4
Diversified Banking Institutions	10.5
Time Deposits	3.9
Insurance — Life/Health	2.2
Banks — Super Regional	1.8
Diversified Financial Services	1.6
Federal National Mtg. Assoc.	1.6
Banks — Commercial	1.4
Insurance — Multi-line	1.3
Federal Home Loan Mtg. Corp.	1.2
Finance — Consumer Loans	1.2
Electric — Integrated	0.8
Telephone — Integrated	0.7
Cellular Telecom	0.5
Telecom Services	0.5
Special Purpose Entities	0.3
Gold Mining	0.3
Metal — Diversified	0.3
Aerospace/Defense — Equipment	0.2
Oil Companies — Integrated	0.2
Insurance — Reinsurance	0.2
Diversified Manufacturing Operations	0.2
Oil Companies — Exploration & Production	0.2
Government National Mtg. Assoc.	0.2
Electronics — Military	0.2
Diversified Minerals	0.2
Finance — Auto Loans	0.1
Retail — Auto Parts	0.1
SupraNational Banks	0.1
Finance — Investment Banker/Broker	0.1
Banks — Money Center	0.1
	99.5	%

Credit Quality†#

Aaa	71.9	%
Aa	5.3
A	7.4
Baa	10.9
Ba	1.9
B	0.7
Not Rated@	1.9
	100.0	%

* Calculated as a percentage of net assets.

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

† Source: Moody’s

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

111

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Principal Amount(1)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 12.9%
Aerospace/Defense-Equipment — 0.2%
Exelis, Inc. Company Guar. Notes 5.55% due 10/01/2021	$	1,000,000	$	1,001,744
Banks-Commercial — 0.2%
BNP Paribas LLC FRS Bank Guar. Notes 2.94% due 04/03/2017		674,000		671,196
Banks-Super Regional — 0.9%
Bank of America NA FRS Sub. Notes 0.55% due 06/15/2017		2,000,000		1,954,452
Wells Fargo & Co. FRS Senior Notes 3.46% due 03/31/2021		2,000,000		2,045,284
				3,999,736
Diversified Banking Institutions — 6.1%
Bank of America Corp. FRS Senior Notes 1.28% due 01/15/2019		1,425,000		1,429,237
Citigroup, Inc. FRS Senior Notes 0.92% due 11/15/2016		1,000,000		1,001,255
Citigroup, Inc. FRS Company Guar. Notes 3.68% due 03/30/2020		3,000,000		3,242,460
Goldman Sachs Group, Inc. FRS Senior Notes 1.34% due 11/15/2018		2,000,000		1,995,236
Goldman Sachs Group, Inc. FRS Notes 4.00% due 08/30/2023		4,000,000		3,917,932
JPMorgan Chase & Co. FRS Senior Notes 1.68% due 06/23/2016		2,000,000		2,032,400
JPMorgan Chase & Co. FRS Senior Notes 3.26% due 04/28/2020		2,000,000		2,116,600
JPMorgan Chase & Co. FRS Senior Notes 3.65% due 02/25/2021		1,000,000		1,019,900
Morgan Stanley FRS Senior Notes 1.49% due 02/25/2016		1,400,000		1,418,652
Morgan Stanley FRS Senior Notes 3.07% due 08/24/2023		468,000		437,870
Morgan Stanley FRS Senior Notes 3.52% due 12/15/2019		1,813,000		1,831,130
Morgan Stanley FRS Senior Notes 3.52% due 01/24/2020(2)		2,203,000		2,253,030
Morgan Stanley FRS Senior Notes 3.52% due 04/25/2023		2,588,000		2,544,496
Morgan Stanley FRS Senior Notes 3.52% due 06/09/2023		664,000		664,000
Morgan Stanley Senior Notes 5.40% due 05/15/2015*(2)	BRL	1,632,500		702,308
				26,606,506

Security Description	Principal Amount(1)		Value (Note 2)
Diversified Financial Services — 0.6%
General Electric Capital Corp. Senior Notes 5.55% due 05/04/2020	$	500,000	$	579,568
Morgan Stanley & Co. LLC FRS Senior Notes 3.52% due 02/11/2020		2,000,000		2,018,940
				2,598,508
Electronics-Military — 0.2%
L-3 Communications Corp. Company Guar. Notes 4.95% due 02/15/2021		800,000		846,006
Finance-Auto Loans — 0.1%
Ford Motor Credit Co. LLC FRS Senior Notes 0.99% due 01/17/2017		500,000		501,691
Finance-Consumer Loans — 0.7%
SLM Corp. FRS Senior Notes 3.07% due 04/01/2014		1,000,000		991,260
SLM Corp. FRS Senior Notes 3.32% due 06/15/2015		424,000		417,089
SLM Corp. FRS Senior Notes 3.67% due 12/15/2020		1,317,000		1,214,590
SLM Corp. FRS Senior Notes 3.77% due 05/03/2019		400,000		384,836
				3,007,775
Finance-Investment Banker/Broker — 0.1%
Lehman Brothers Holdings, Inc. Escrow Notes 0.00% due 04/14/2011†		400,000		80,500
Lehman Brothers Holdings, Inc. FRS Escrow Notes 0.00% due 06/10/2014†		578,000		122,103
Lehman Brothers Holdings, Inc. FRS Escrow Notes 0.00% due 11/01/2014†		1,000,000		201,250
				403,853
Gold Mining — 0.3%
Newmont Mining Corp. Company Guar. Notes 3.50% due 03/15/2022		1,460,000		1,262,399
Insurance-Life/Health — 1.4%
Pacific Life Global Funding FRS Senior Notes 3.31% due 06/02/2018*		300,000		297,120
Pacific Life Global Funding FRS Bonds 3.70% due 02/06/2016*		3,300,000		3,416,754
Pacific LifeCorp Senior Notes 6.00% due 02/10/2020*		307,000		344,951
Prudential Financial, Inc. FRS Senior Notes 3.93% due 05/23/2018(2)		2,000,000		2,126,000
				6,184,825

112

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Multi-line — 1.3%
Monumental Global Funding III FRS Senior Sec. Notes 3.70% due 05/22/2018*	$	5,000,000	$	5,508,790
Machinery-Farming — 0.0%
CNH Capital LLC Company Guar. Notes 3.25% due 02/01/2017*		190,000		191,900
Oil Companies-Exploration & Production — 0.2%
Plains Exploration & Production Co. Company Guar. Notes 6.75% due 02/01/2022		900,000		983,334
Retail-Auto Parts — 0.1%
Advance Auto Parts, Inc. Company Guar. Notes 4.50% due 12/01/2023		475,000		474,588
Savings & Loans/Thrifts — 0.0%
Santander Holdings USA, Inc. Senior Notes 3.00% due 09/24/2015		140,000		144,592
Telecom Services — 0.5%
Qwest Corp. Senior Notes 7.20% due 11/10/2026		2,000,000		2,012,794
Total U.S. Corporate Bonds & Notes (cost $55,391,061)				56,400,237
FOREIGN CORPORATE BONDS & NOTES — 6.2%
Banks-Commercial — 0.9%
Banco Bradesco SA FRS Senior Notes 2.34% due 05/16/2014*		1,500,000		1,501,738
Barclays Bank PLC FRS Senior Notes 1.78% due 03/10/2017		2,165,000		2,175,825
				3,677,563
Cellular Telecom — 0.5%
America Movil SAB de CV FRS Senior Notes 1.26% due 09/12/2016		2,000,000		2,019,704
Diversified Banking Institutions — 3.1%
Royal Bank of Scotland Group PLC Senior Notes 6.40% due 10/21/2019		300,000		349,898
Royal Bank of Scotland PLC FRS Company Guar. Notes 3.27% due 03/31/2018		2,000,000		2,048,200
Societe Generale SA FRS Bank Guar. Notes 3.60% due 05/03/2023(2)		10,000,000		9,150,000
UBS AG FRS Notes 3.28% due 04/09/2020		2,000,000		2,042,300
				13,590,398
Diversified Manufacturing Operations — 0.2%
Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 4.25% due 06/15/2023*		1,000,000		989,111
Diversified Minerals — 0.2%
Teck Resources, Ltd. Company Guar. Notes 3.15% due 01/15/2017		800,000		829,169

Security Description	Principal Amount(1)		Value (Note 2)
Metal-Diversified — 0.3%
Noranda, Inc. Company Guar. Notes 5.50% due 06/15/2017	$	1,000,000	$	1,097,665
Oil Companies-Integrated — 0.2%
BP Capital Markets PLC FRS Company Guar. Notes 0.88% due 09/26/2018		1,000,000		1,001,421
SupraNational Banks — 0.1%
North American Development Bank Senior Notes 2.30% due 10/10/2018		450,000		451,103
Telephone-Integrated — 0.7%
Telecom Italia Capital SA Company Guar. Notes 7.18% due 06/18/2019		1,500,000		1,674,727
Telefonica Emisiones SAU Company Guar. Notes 4.95% due 01/15/2015		1,500,000		1,563,069
				3,237,796
Total Foreign Corporate Bonds & Notes (cost $27,542,637)				26,893,930
FOREIGN GOVERNMENT AGENCIES — 12.4%
Sovereign — 12.4%
Brazil Notas do Tesouro Nacional Notes 6.00% due 08/15/2014(3)	BRL	6,071,481		2,686,495
Brazil Notas do Tesouro Nacional Notes 6.00% due 05/15/2015(3)	BRL	9,585,934		4,208,016
Brazil Notas do Tesouro Nacional Notes 6.00% due 05/15/2017(3)	BRL	8,406,665		3,637,344
Federative Republic of Brazil Senior Notes 5.63% due 01/07/2041		236,000		226,560
Government of Australia Bonds 2.71% due 09/20/2030(3)	AUD	2,978,800		2,900,461
Government of Australia Bonds 3.33% due 09/20/2025(3)	AUD	15,541,400		15,940,308
Government of Canada Bonds 4.25% due 12/01/2021(3)	CAD	20,183,488		24,563,577
Total Foreign Government Agencies
(cost $58,009,086)				54,162,761
U.S. GOVERNMENT AGENCIES — 3.0%
Federal Home Loan Mtg. Corp. — 1.2%
Federal Home Loan Mtg. Corp. REMIC FRS
Series 4012, Class NF
0.62% due 12/15/2038		1,711,653		1,720,204
Series 3925, Class FL
0.62% due 01/15/2041		1,638,532		1,644,125
Series 4001, Class FM
0.67% due 02/15/2042		821,040		819,893
Series 3355, Class BF
0.87% due 08/15/2037		1,131,461		1,135,227
				5,319,449

113

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. — 1.6%
Federal National Mtg. Assoc. REMIC FRS
Series 2012-93, Class BF
0.57% due 09/25/2042	$	2,474,561	$	2,466,603
Series 2011-103, Class FD
0.62% due 05/25/2040		4,188,256		4,201,934
				6,668,537
Government National Mtg. Assoc. — 0.2%
Government National Mtg. Assoc. REMIC FRS Series 2010-14, Class FN 0.72% due 02/16/2040		902,155		912,333
Total U.S. Government Agencies
(cost $12,881,666)				12,900,319
U.S. GOVERNMENT TREASURIES — 53.9%
United States Treasury Bonds TIPS(3) — 23.4%
0.63% due 02/15/2043		3,666,204		2,890,285
0.75% due 02/15/2042		870,408		716,863
1.75% due 01/15/2028		17,770,317		19,437,670
2.00% due 01/15/2026		9,449,237		10,683,543
2.13% due 02/15/2040		2,599,872		2,981,120
2.13% due 02/15/2041		6,062,251		6,957,851
2.38% due 01/15/2025		3,726,420		4,371,557
2.50% due 01/15/2029		9,269,675		11,122,164
3.63% due 04/15/2028		13,028,670		17,583,610
3.88% due 04/15/2029		18,159,443		25,406,186
				102,150,849
United States Treasury Notes TIPS(3) — 30.5%
0.13% due 04/15/2016		10,925,725		11,208,253
0.13% due 04/15/2017		10,808,567		11,153,933
0.13% due 04/15/2018		9,926,322		10,238,842
0.13% due 01/15/2023		8,622,145		8,286,692
0.50% due 04/15/2015		2,160,840		2,200,850
0.63% due 07/15/2021		1,038,850		1,073,911
1.13% due 01/15/2021		4,816,530		5,151,428
1.25% due 04/15/2014		13,829,375		13,872,592
1.38% due 07/15/2018		9,120,636		10,011,321
1.38% due 01/15/2020		6,496,500		7,091,333
1.63% due 01/15/2015		6,388,606		6,564,293
1.88% due 07/15/2015		15,648,620		16,449,391
1.88% due 07/15/2019		1,644,870		1,857,547
2.00% due 07/15/2014		6,210,700		6,330,064
2.00% due 01/15/2016		5,898,400		6,284,562
2.38% due 01/15/2017		4,644,160		5,137,602
2.63% due 07/15/2017		9,037,680		10,233,763
				133,146,377
Total U.S. Government Treasuries
(cost $220,267,026)				235,297,226
FOREIGN GOVERNMENT TREASURIES — 1.0%
Sovereign — 1.0%
United Kingdom Gilt Treasury Bonds 0.13% due 03/22/2029(3) (cost $4,150,455)	GBP	2,662,759		4,424,957
PREFERRED SECURITIES — 2.6%
Banks-Money Center — 0.1%
UBS Preferred Funding Trust IV FRS 0.87%		20,000		295,400
Banks-Super Regional — 0.3%
US Bancorp FRS 3.50%		1,802		1,317,262

Security Description	Principal Amount(1)		Value (Note 2)
Diversified Financial Services — 0.4%
Citigroup Capital XIII FRS 7.88%		$60,000	$	1,643,400
Electric-Integrated — 0.5%
Entergy Louisiana LLC 4.70%		32,000		609,280
Southern California Edison Co. FRS 5.07%		10,000		1,011,200
Southern California Edison Co. 6.50%		9,000		873,000
				2,493,480
Finance-Consumer Loans — 0.5%
SLM Corp. FRS 3.52%		53,000		1,259,280
SLM Corp. FRS 3.57%		33,871		799,356
				2,058,636
Insurance-Life/Health — 0.8%
Prudential Financial, Inc. FRS 3.92%		138,486		3,636,642
Total Preferred Securities
(cost $11,790,050)				11,444,820
PREFERRED SECURITIES/CAPITAL SECURITIES — 3.6%
Banks-Commercial — 0.3%
Mizuho Capital Investment USD 2, Ltd. FRS 14.95% due 06/30/2014*(4)		1,000,000		1,070,920
Zions Bancorporation FRS Series I 5.80% due 06/15/2023(4)		500,000		447,500
				1,518,420
Banks-Super Regional — 0.6%
Wachovia Capital Trust III FRS 5.57% due 01/09/2014(4)		3,049,000		2,837,400
Diversified Banking Institutions — 1.3%
BAC Capital Trust XIV FRS 4.00% due 12/26/2013(4)		1,000,000		760,000
Barclays PLC VRS 8.25% due 12/15/2018(4)		1,400,000		1,447,600
Goldman Sachs Capital II FRS 4.00% due 01/09/2014(4)		1,250,000		912,500
JPMorgan Chase & Co. FRS Series Q 5.15% due 05/01/2023(4)		500,000		450,000
Royal Bank of Scotland Group PLC FRS 7.64% due 09/30/2017(4)		2,000,000		1,905,000
				5,475,100
Diversified Financial Services — 0.6%
General Electric Capital Corp. FRS Series C 5.25% due 06/15/2023(4)		500,000		472,500
ZFS Finance USA Trust V FRS 6.50% due 05/09/2067*		2,000,000		2,120,000
				2,592,500
Electric-Integrated — 0.3%
Dominion Resources, Inc. FRS 2.55% due 09/30/2066		1,200,000		1,117,477
Insurance-Reinsurance — 0.2%
Reinsurance Group of America, Inc. FRS 6.75% due 12/15/2065		1,000,000		990,000

114

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount(1)			Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Special Purpose Entity — 0.3%
Goldman Sachs Capital III FRS 4.00% due 01/09/2014(4)	$	2,000,000		$	1,422,000
Total Preferred Securities/Capital Securities
(cost $16,666,812)					15,952,897
Total Long-Term Investment Securities
(cost $406,698,793)					417,477,147
SHORT-TERM INVESTMENT SECURITIES — 3.9%
Time Deposits — 3.9%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013 (cost $17,091,000)	$	17,091,000			17,091,000
TOTAL INVESTMENTS
(cost $423,789,793)(5)		99.5	%		434,568,147
Other assets less liabilities		0.5			2,327,063
NET ASSETS		100.0	%	$	436,895,210

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2013, the aggregate value of these securities was $16,143,592 representing 3.7% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Denominated in United States dollars unless otherwise indicated.

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

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

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

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

AUD—Australian Dollar

BRL—Brazilian Dollar

CAD—Canadian Dollar

GBP—British Pound

REMIC—Real Estate Mortgage Investment Conduit

TIPS—Treasury Inflation Protected Security

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of November 30, 2013 and unless noted otherwise, the dates shown are the original maturity dates.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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:
Diversified Banking Institutions	$	—	$	23,409,068	$	3,197,438	$	26,606,506
Insurance - Life/Health		—		4,058,825		2,126,000		6,184,825
Other Industries*		—		23,608,906		—		23,608,906
Foreign Corporate Bonds & Notes:
Diversified Banking Institutions		—		4,440,398		9,150,000		13,590,398
Other Industries*		—		13,303,532		—		13,303,532
Foreign Government Agencies:
Sovereign		—		54,162,761		—		54,162,761
U.S. Government Agencies		—		12,900,319		—		12,900,319
U.S. Government Treasuries:
United States Treasury Bonds		—		102,150,849		—		102,150,849
United States Treasury Notes		—		133,146,377		—		133,146,377
Foreign Government Treasuries		—		4,424,957		—		4,424,957
Preferred Securities		11,444,820		—		—		11,444,820
Preferred Securities/Capital Securities		—		15,952,897		—		15,952,897
Short-Term Investment Securities:
Time Deposits		—		17,091,000		—		17,091,000
Total	$	11,444,820	$	408,649,889	$	14,473,438	$	434,568,147

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.

115

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

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 5/31/2013	$	1,012,110		$	9,605,000
Accrued discounts		3,297			—
Accrued premiums		(245	)		—
Realized gain		—			—
Realized loss		—			—
Change in unrealized appreciation(1)		—			—
Change in unrealized depreciation(1)		(63,201	)		(455,000	)
Net purchases		2,543,169			—
Net sales		(1,000,000	)		—
Transfers into Level 3		2,828,308			—
Transfers out of Level 3		—			—
Balance as of 11/30/2013	$	5,323,438		$	9,150,000

(1) The total change in unrealized appreciation (depreciation) included in the operations attributable to level 3 investments still held at November 30, 2013 includes:

U.S. Corporate Bonds & Notes			Foreign Corporate Bonds & Notes
$	(47,794	)	$	(455,000	)

The Fund’s other securities classified as Level 3, with a fair value of $14,473,438 at November 30, 2013, are attributable to valuations from a single broker which were deemed to be indicative quotes (which do not necessarily represent prices the broker may be willing to trade on).

See Notes to Financial Statements

116

VALIC Company I International Equities Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Banks — Commercial	9.5	%
Medical — Drugs	7.9
Diversified Banking Institutions	5.5
Oil Companies — Integrated	4.7
Auto — Cars/Light Trucks	4.3
Registered Investment Companies	3.6
Telephone — Integrated	3.3
Food — Misc./Diversified	3.0
Insurance — Multi-line	2.4
Electric — Integrated	1.8
Chemicals — Diversified	1.8
Insurance — Life/Health	1.8
Food — Retail	1.7
Diversified Minerals	1.6
Cellular Telecom	1.5
Oil Companies — Exploration & Production	1.5
Brewery	1.4
Gas — Distribution	1.3
Real Estate Investment Trusts	1.0
Real Estate Operations & Development	1.0
Retail — Apparel/Shoe	1.0
Aerospace/Defense	0.9
Tobacco	0.9
Insurance — Property/Casualty	0.9
Time Deposits	0.8
Import/Export	0.8
Building — Heavy Construction	0.8
Electronic Components — Misc.	0.8
Electric Products — Misc.	0.8
Building Products — Cement	0.8
Transport — Rail	0.7
Diversified Operations	0.7
Rubber — Tires	0.7
Investment Management/Advisor Services	0.7
Soap & Cleaning Preparation	0.7
Power Converter/Supply Equipment	0.7
Electronic Components — Semiconductors	0.6
Insurance — Reinsurance	0.6
Metal — Diversified	0.6
Machinery — Construction & Mining	0.6
Auto/Truck Parts & Equipment — Original	0.6
Telecom Services	0.5
Apparel Manufacturers	0.5
Cosmetics & Toiletries	0.5
Aerospace/Defense — Equipment	0.5
Steel — Producers	0.5
Real Estate Management/Services	0.5
Building & Construction Products — Misc.	0.5
Diversified Financial Services	0.5
Retail — Major Department Stores	0.5
Machinery — General Industrial	0.5
Industrial Gases	0.5
Transport — Services	0.4
Diversified Manufacturing Operations	0.4
Finance — Investment Banker/Broker	0.4
Airport Development/Maintenance	0.4
Engineering/R&D Services	0.4
Casino Hotels	0.4
Semiconductor Equipment	0.4
Exchange — Traded Funds	0.4
Office Automation & Equipment	0.4
Beverages — Wine/Spirits	0.4
Cable/Satellite TV	0.4
Building — Maintenance & Services	0.4
Chemicals — Specialty	0.4
Beverages — Non-alcoholic	0.4
Transport — Marine	0.3
Industrial Automated/Robotic	0.3
Finance — Other Services	0.3

Metal — Copper	0.3
Transactional Software	0.3
Retail — Misc./Diversified	0.3
Photo Equipment & Supplies	0.3
Retail — Jewelry	0.3
Enterprise Software/Service	0.3
Wireless Equipment	0.3
Advertising Services	0.3
Food — Confectionery	0.3
Food — Baking	0.3
Auto — Heavy Duty Trucks	0.3
Cruise Lines	0.3
Computer Aided Design	0.3
Machinery — Electrical	0.3
Metal Processors & Fabrication	0.3
Metal — Iron	0.3
Building & Construction — Misc.	0.2
Medical — Generic Drugs	0.2
Agricultural Chemicals	0.2
Semiconductor Components — Integrated Circuits	0.2
Building — Residential/Commercial	0.2
Chemicals — Plastics	0.2
Oil — Field Services	0.2
Medical — Biomedical/Gene	0.2
Oil Refining & Marketing	0.2
Audio/Video Products	0.2
Retail — Discount	0.2
Medical Products	0.2
Athletic Footwear	0.2
Toys	0.2
Commercial Services	0.2
Textile — Apparel	0.2
Multimedia	0.2
Computers	0.2
Distribution/Wholesale	0.2
Dialysis Centers	0.2
Coal	0.2
Applications Software	0.2
Publishing — Periodicals	0.2
Oil & Gas Drilling	0.2
Machinery — Farming	0.2
Broadcast Services/Program	0.2
Hotels/Motels	0.1
Airlines	0.1
Retail — Convenience Store	0.1
Investment Companies	0.1
Water	0.1
Television	0.1
Public Thoroughfares	0.1
Diversified Operations/Commercial Services	0.1
Electric — Generation	0.1
Paper & Related Products	0.1
Medical — Wholesale Drug Distribution	0.1
Machine Tools & Related Products	0.1
Steel — Specialty	0.1
Steel Pipe & Tube	0.1
Filtration/Separation Products	0.1
Optical Supplies	0.1
Advertising Agencies	0.1
Building Products — Doors & Windows	0.1
Finance — Leasing Companies	0.1
Gambling (Non-Hotel)	0.1
Food — Catering	0.1
Internet Application Software	0.1
Non — Ferrous Metals	0.1
Commercial Services — Finance	0.1
Lottery Services	0.1
Containers — Paper/Plastic	0.1
U.S. Government Treasuries	0.1

117

VALIC Company I International Equities Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)

Industry Allocation* (continued)

Finance — Credit Card	0.1	%
Internet Content — Entertainment	0.1
Retail — Building Products	0.1
Food — Dairy Products	0.1
Food — Wholesale/Distribution	0.1
Electronic Measurement Instruments	0.1
Security Services	0.1
Food — Meat Products	0.1
Electric — Distribution	0.1
Electronics — Military	0.1
Sugar	0.1
Finance — Consumer Loans	0.1
Building Products — Air & Heating	0.1
Mining Services	0.1
Publishing — Books	0.1
Computers — Memory Devices	0.1
Computer Data Security	0.1
E-Commerce/Services	0.1
Wire & Cable Products	0.1
MRI/Medical Diagnostic Imaging	0.1
Publishing — Newspapers	0.1
Gas — Transportation	0.1
	103.2%

Country Allocation*

Japan	18.7	%
United Kingdom	17.6
France	9.3
Germany	8.7
Switzerland	7.9
Australia	6.8
United States	4.9
Hong Kong	2.8
Netherlands	2.7
Italy	2.5
Spain	2.5
Sweden	2.5
Denmark	1.7
South Korea	1.5
China	1.2
Singapore	1.2
Taiwan	1.2
Brazil	1.1
Belgium	0.8
South Africa	0.7
Jersey	0.7
Russia	0.5
Mexico	0.5
Finland	0.5
India	0.5
Norway	0.5
Israel	0.4
Austria	0.4
Cayman Islands	0.4
Malaysia	0.3
Bermuda	0.3
Luxembourg	0.2
Ireland	0.2
Thailand	0.2
Portugal	0.2
Turkey	0.2
Philippines	0.2
Poland	0.2

Colombia	0.2
Indonesia	0.1
New Zealand	0.1
Isle of Man	0.1
	103.2%

* Calculated as a percentage of net assets

118

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.6%
Australia — 6.8%
AGL Energy, Ltd.		40,329	$	551,493
ALS, Ltd.#		28,602		218,625
Alumina, Ltd.†#		181,047		167,417
Amcor, Ltd.		88,206		887,175
AMP, Ltd.		214,727		911,622
APA Group(1)		61,452		342,633
Asciano, Ltd.		71,395		375,306
ASX, Ltd.		14,071		475,599
Aurizon Holdings, Ltd.		151,488		644,521
Australia & New Zealand Banking Group, Ltd.		200,516		5,827,493
Bank of Queensland, Ltd.		23,194		257,163
Bendigo and Adelaide Bank, Ltd.#		29,914		306,870
BGP Holdings PLC(2)(3)		835,027		0
BHP Billiton, Ltd.		234,941		8,003,065
Boral, Ltd.		57,762		253,648
Brambles, Ltd.		114,121		988,754
Caltex Australia, Ltd.		10,098		175,256
CFS Retail Property Trust Group(1)		152,094		284,059
Coca-Cola Amatil, Ltd.#		41,961		462,183
Cochlear, Ltd.#		4,113		219,133
Commonwealth Bank of Australia		117,825		8,353,543
Computershare, Ltd.		34,225		339,557
Crown Resorts, Ltd.		29,524		454,573
CSL, Ltd.		35,665		2,233,215
Dexus Property Group(1)		336,017		319,904
Echo Entertainment Group, Ltd.		57,140		131,185
Federation Centres, Ltd.		103,244		223,864
Flight Centre Travel Group, Ltd.		4,139		183,602
Fortescue Metals Group, Ltd.#		114,837		594,254
Goodman Group(1)		126,682		558,602
GPT Group(1)		127,111		414,580
Harvey Norman Holdings, Ltd.#		40,125		118,075
Iluka Resources, Ltd.#		30,037		239,993
Incitec Pivot, Ltd.		121,756		287,298
Insurance Australia Group, Ltd.		151,819		836,804
Leighton Holdings, Ltd.#		12,188		180,549
Lend Lease Group(1)		40,186		404,556
Macquarie Group, Ltd.†		22,325		1,101,977
Metcash, Ltd.#		63,648		176,859
Mirvac Group(1)		264,163		409,131
National Australia Bank, Ltd.		171,655		5,407,836
Newcrest Mining, Ltd.		56,406		395,179
Orica, Ltd.#		26,858		567,191
Origin Energy, Ltd.		80,332		1,020,951
Qantas Airways, Ltd.†		83,074		92,335
QBE Insurance Group, Ltd.		89,196		1,271,750
Ramsay Health Care, Ltd.		9,798		345,811
REA Group, Ltd.		3,895		143,751
Rio Tinto, Ltd.		31,858		1,917,340
Santos, Ltd.		70,936		904,767
Seek, Ltd.#		23,365		284,603
Sonic Healthcare, Ltd.		27,902		421,720
SP AusNet#(1)		126,376		133,556
Stockland(1)		168,551		591,200
Suncorp Group, Ltd.		94,023		1,129,850
Sydney Airport(1)		63,848		226,858
Tabcorp Holdings, Ltd.#		53,244		171,233
Tatts Group, Ltd.		103,547		291,500
Telstra Corp., Ltd.		320,305		1,476,578
Toll Holdings, Ltd.#		49,950		260,300
Transurban Group(1)		105,010		670,642
Treasury Wine Estates, Ltd.#		47,370		211,898
Wesfarmers, Ltd.		72,738		2,844,220
Westfield Group(1)		150,498		1,425,956
Westfield Retail Trust(1)		219,895		611,022

Security Description	Shares		Value (Note 2)
Australia (continued)
Westpac Banking Corp.		226,869	$	6,795,932
Woodside Petroleum, Ltd.		48,319		1,646,386
Woolworths, Ltd.		91,517		2,808,955
WorleyParsons, Ltd.		14,848		221,171
				73,204,627
Austria — 0.4%
Andritz AG		9,076		575,368
Erste Group Bank AG		9,161		322,456
Immoeast AG†(2)(3)		13,480		0
IMMOFINANZ AG		86,368		413,474
OMV AG		49,517		2,425,042
Raiffeisen Bank International AG		1,585		58,374
Telekom Austria AG		6,886		58,541
Vienna Insurance Group AG Wiener Versicherung Gruppe		1,113		58,394
Voestalpine AG		4,387		218,156
				4,129,805
Belgium — 0.8%
Ageas		7,952		335,427
Anheuser-Busch InBev NV		40,168		4,100,802
Belgacom SA#		18,566		551,603
Colruyt SA		24,147		1,361,353
Delhaize Group SA		3,783		220,446
Groupe Bruxelles Lambert SA		3,090		273,107
KBC Groep NV		15,510		884,954
Solvay SA		2,212		336,861
Telenet Group Holding NV		1,748		96,174
UCB SA		3,781		253,717
Umicore SA		3,791		169,463
				8,583,907
Bermuda — 0.3%
Cheung Kong Infrastructure Holdings, Ltd.#		46,000		302,310
Credicorp, Ltd.		700		89,950
First Pacific Co., Ltd.#		176,000		201,366
GOME Electrical Appliances Holdings, Ltd.		143,000		24,901
Haier Electronics Group Co., Ltd.		100,000		236,048
Kerry Properties, Ltd.		47,000		185,511
Li & Fung, Ltd.#		428,000		582,985
Noble Group, Ltd.		323,000		284,383
NWS Holdings, Ltd.		110,000		164,589
Seadrill, Ltd.#		13,904		591,877
Shangri-La Asia, Ltd.#		116,000		222,045
Yue Yuen Industrial Holdings, Ltd.		55,500		172,170
				3,058,135
Brazil — 0.6%
AMBEV SA		137,600		1,034,312
America Latina Logistica SA		27,100		90,484
Anhanguera Educacional Participacoes SA		16,900		114,736
Arteris SA		9,500		79,705
Banco Bradesco SA		20,500		301,169
Banco do Brasil SA		18,700		205,883
Banco Santander Brasil SA(1)		40,500		258,315
BB Seguridade Participacoes SA		22,900		248,988
BM&FBovespa SA		44,500		224,586
BR Malls Participacoes SA		9,300		76,236
BRF SA		12,200		266,916
CCR SA		2,900		22,966
Centrais Eletricas Brasileiras SA		23,800		60,312
CETIP SA - Mercados Organizados		14,800		161,551
Cia de Saneamento Basico do Estado de Sao Paulo		6,400		66,737
Cia de Saneamento de Minas Gerais-COPASA		5,200		85,053
Cia Hering		5,000		66,350
Cia Siderurgica Nacional SA		11,500		58,630

119

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Brazil (continued)
Cielo SA		8,500	$	246,511
Cosan SA Industria e Comercio		1,400		25,769
CPFL Energia SA		8,700		72,398
Cyrela Brazil Realty SA Empreendimentos e Participacoes		24,600		166,380
EDP - Energias do Brasil SA		14,900		76,219
Embraer SA		23,100		179,373
Estacio Participacoes SA		4,400		37,688
Fibria Celulose SA†		5,000		59,479
Hypermarcas SA		6,600		53,820
JBS SA		31,500		113,266
Kroton Educacional SA		3,300		55,869
Localiza Rent a Car SA		8,900		128,732
Lojas Americanas SA		23,700		139,597
Lojas Renner SA		300		8,026
M. Dias Branco SA		1,300		59,649
MRV Engenharia e Participacoes SA		9,300		36,824
Petroleo Brasileiro SA		106,200		832,834
Porto Seguro SA		1,000		12,641
Souza Cruz SA		15,800		158,940
Tim Participacoes SA		7,300		36,061
Totvs SA		4,500		70,984
Ultrapar Participacoes SA		4,600		114,267
Vale SA		46,400		712,456
				6,820,712
Cayman Islands — 0.4%
ANTA Sports Products, Ltd.		346,000		489,144
ASM Pacific Technology, Ltd.#		17,500		145,482
Belle International Holdings, Ltd.		208,000		255,954
MGM China Holdings, Ltd.		70,800		251,140
Sands China, Ltd.		176,800		1,338,660
Tencent Holdings, Ltd.		16,300		942,764
Wynn Macau, Ltd.#		115,600		442,857
				3,866,001
China — 1.2%
Agricultural Bank of China, Ltd., Class H		700,000		359,361
Anhui Conch Cement Co., Ltd., Class H		217,000		848,110
Bank of China, Ltd., Class H		1,919,000		928,231
Bank of Communications Co., Ltd., Class H		632,000		472,004
BBMG Corp.		49,000		43,421
Beijing Capital International Airport Co., Ltd., Class H		910,000		710,144
China BlueChemical, Ltd., Class H		1,040,000		708,300
China Construction Bank Corp.		2,658,302		2,153,346
China Merchants Bank Co., Ltd., Class H		240,500		513,718
China Oilfield Services, Ltd., Class H		254,000		766,654
China Pacific Insurance Group Co., Ltd. Class H		14,600		61,770
China Petroleum & Chemical Corp., Class H		1,452,000		1,247,357
China Railway Construction Corp., Ltd., Class H		590,500		661,896
China Railway Group, Ltd., Class H		364,000		209,405
China Vanke Co., Ltd., Class B		363,700		668,510
Chongqing Rural Commercial Bank, Class H		404,000		211,571
Great Wall Motor Co., Ltd., Class H		81,500		497,768
Industrial & Commercial Bank of China, Ltd.		2,885,000		2,072,769
Jiangsu Expressway Co., Ltd., Class H		216,000		286,416
PetroChina Co., Ltd., Class H		44,000		52,044
				13,472,795
Colombia — 0.1%
Bancolombia SA		3,833		48,216
Cementos Argos SA		17,542		84,725
Ecopetrol SA		87,421		178,078
Grupo Argos SA		21,588		223,507
Interconexion Electrica SA ESP		8,420		37,572
				572,098

Security Description	Shares		Value (Note 2)
Czech Republic — 0.0%
CEZ AS		7,384	$	204,950
Komercni Banka AS		591		135,778
Telefonica Czech Republic AS		6,211		91,562
				432,290
Denmark — 1.7%
AP Moeller - Maersk A/S, Series A		38		362,627
AP Moeller - Maersk A/S, Series B		311		3,154,715
Carlsberg A/S, Class B		39,788		4,358,453
Coloplast A/S, Class B		4,155		272,710
Danske Bank A/S†		23,916		543,560
DSV A/S		6,223		190,394
Novo Nordisk A/S, Class B		40,379		7,232,268
Novozymes A/S, Class B		8,297		320,786
TDC A/S		236,463		2,120,870
Tryg A/S		829		74,898
William Demant Holding A/S†#		770		71,937
				18,703,218
Egypt — 0.0%
Commercial International Bank Egypt SAE		30,687		191,735
Global Telecom Holding†		18,986		12,660
				204,395
Finland — 0.5%
Elisa Oyj		22,377		562,992
Fortum Oyj		16,605		379,875
Kone Oyj, Class B#		7,032		646,259
Metso Oyj		4,701		190,184
Neste Oil Oyj#		8,605		164,360
Nokia Oyj†#		185,739		1,503,866
Nokian Renkaat Oyj#		3,888		192,312
Orion Oyj, Class B#		3,324		87,559
Pohjola Bank PLC, Class A		5,841		110,296
Sampo, Class A		15,045		701,454
Stora Enso OYJ, Class R		21,126		208,647
UPM-Kymmene Oyj		18,487		307,151
Wartsila Oyj Abp#		6,262		306,334
				5,361,289
France — 9.3%
Accor SA		5,595		245,430
Aeroports de Paris		22,571		2,483,679
Air Liquide SA		19,361		2,698,577
Alcatel-Lucent†		100,639		425,877
Alstom SA		7,711		283,098
Arkema SA		2,383		272,355
AtoS		2,518		213,110
AXA SA		237,461		6,221,163
BNP Paribas SA		113,197		8,496,241
Bouygues SA		25,367		956,639
Bureau Veritas SA		7,692		228,428
Cap Gemini SA		5,112		333,343
Carrefour SA		123,330		4,852,069
Casino Guichard Perrachon SA		1,919		214,579
CGG SA†		5,095		105,415
Christian Dior SA#		18,270		3,562,882
Cie de St-Gobain		15,131		804,541
Cie Generale des Etablissements Michelin		11,328		1,230,358
CNP Assurances		25,762		492,242
Credit Agricole SA†		228,016		2,859,082
Danone		79,742		5,793,462
Dassault Systemes SA		23,202		2,662,487
Edenred		7,453		268,816
Electricite de France#		9,037		336,383

120

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
France (continued)
Essilor International SA		7,318	$	767,583
Eurazeo SA		986		72,600
Eutelsat Communications SA#		5,063		148,979
Fonciere Des Regions		1,101		93,631
GDF Suez		179,787		4,169,188
Gecina SA		20,014		2,628,634
Groupe Eurotunnel SA		21,116		207,458
ICADE		1,306		119,776
Iliad SA		867		205,176
Imerys SA		34,074		2,754,227
JCDecaux SA		5,321		209,376
Kering		2,743		608,329
Klepierre		3,387		157,224
L’Oreal SA		12,755		2,133,902
Lafarge SA		6,751		479,289
Lagardere SCA		3,702		125,427
Legrand SA		9,853		543,778
LVMH Moet Hennessy Louis Vuitton SA#		9,193		1,732,806
Natixis		35,856		197,959
Orange SA#		161,091		2,104,167
Pernod Ricard SA#		8,603		975,061
Publicis Groupe SA#		8,470		748,613
Remy Cointreau SA#		893		76,125
Renault SA		6,984		619,456
Rexel SA		7,748		196,356
Safran SA		9,644		634,827
Sanofi		58,171		6,151,330
Schneider Electric SA		65,087		5,509,493
SCOR SE		5,605		196,109
Societe BIC SA		980		120,113
Societe Generale SA		88,475		5,088,383
Sodexo		3,516		353,173
Suez Environnement Co.		11,006		189,138
Technip SA		3,723		372,651
Thales SA		3,521		214,889
Total SA		104,354		6,322,006
Unibail-Rodamco SE		3,509		917,405
Valeo SA		2,762		293,645
Vallourec SA		4,036		229,240
Veolia Environnement SA		13,914		225,314
Vinci SA		63,816		4,102,795
Vivendi SA		43,586		1,106,961
Wendel SA		1,209		167,528
Zodiac Aerospace		1,143		193,863
				100,504,239
Germany — 7.7%
Adidas AG		13,869		1,686,650
Allianz SE		44,703		7,764,206
Axel Springer SE#		3,533		212,381
BASF SE		45,253		4,832,029
Bayer AG		79,115		10,554,313
Bayerische Motoren Werke AG		48,495		5,571,510
Beiersdorf AG		3,450		350,246
Brenntag AG		4,610		818,533
Celesio AG#		2,816		90,283
Commerzbank AG†		144,066		2,141,107
Continental AG		13,272		2,771,213
Daimler AG		77,262		6,402,586
Deutsche Bank AG		116,456		5,614,712
Deutsche Boerse AG		7,012		542,209
Deutsche Lufthansa AG†		9,183		199,414
Deutsche Post AG		101,750		3,598,059
Deutsche Telekom AG		401,938		6,380,393
Deutsche Wohnen AG		10,819		217,451

Security Description	Shares		Value (Note 2)
Germany (continued)
E.ON SE		64,917	$	1,248,767
Fraport AG Frankfurt Airport Services Worldwide#		1,503		110,626
Fresenius Medical Care AG & Co. KGaA		7,604		531,377
Fresenius SE & Co. KGaA		7,623		1,079,079
GEA Group AG		6,736		313,920
Hannover Rueck SE		1,945		161,945
HeidelbergCement AG		5,203		406,921
Henkel AG & Co. KGaA		4,809		476,454
Hochtief AG#		960		84,796
Hugo Boss AG		3,327		446,549
Infineon Technologies AG		97,905		993,539
K+S AG#		6,474		181,088
Kabel Deutschland Holding AG		807		105,246
LANXESS AG#		7,034		465,314
Linde AG		8,796		1,795,990
MAN SE		1,227		149,136
Merck KGaA		13,618		2,362,457
Metro AG#		4,472		224,114
Muenchener Rueckversicherungs AG		10,616		2,321,916
OSRAM Licht AG†		2,951		174,749
ProSiebenSat.1 Media AG		6,708		301,771
RWE AG		17,605		675,877
SAP AG		33,257		2,753,699
Siemens AG		33,690		4,448,636
Sky Deutschland AG†		15,824		162,302
Suedzucker AG#		22,414		564,989
Telefonica Deutschland Holding AG		9,800		79,880
ThyssenKrupp AG†		14,384		376,451
United Internet AG		3,985		160,054
Volkswagen AG		1,017		264,783
				83,169,720
Greece — 0.0%
OPAP SA		7,460		99,216
Guernsey — 0.0%
Resolution, Ltd.		48,974		274,230
Hong Kong — 2.8%
AIA Group, Ltd.		881,000		4,465,996
Bank of East Asia, Ltd.		109,600		487,023
BOC Hong Kong Holdings, Ltd.		271,000		917,589
Cathay Pacific Airways, Ltd.		88,000		186,837
Cheung Kong Holdings, Ltd.		102,000		1,611,707
China Mobile, Ltd.		220,000		2,369,512
China Overseas Land & Investment, Ltd.		308,000		959,440
China Resources Power Holdings Co., Ltd.		144,000		348,454
CLP Holdings, Ltd.		130,500		1,069,734
CNOOC, Ltd.		792,000		1,624,322
Galaxy Entertainment Group, Ltd.†		154,000		1,207,742
Guangdong Investment, Ltd.		782,000		725,246
Hang Lung Properties, Ltd.		163,000		546,652
Hang Seng Bank, Ltd.#		56,100		914,660
Henderson Land Development Co., Ltd.		79,000		461,100
HKT Trust/HKT, Ltd.(1)		12,086		10,601
Hong Kong & China Gas Co., Ltd.		423,000		999,576
Hong Kong Exchanges and Clearing, Ltd.		80,000		1,405,455
Hopewell Holdings, Ltd.		42,500		142,532
Hutchison Whampoa, Ltd.		156,000		1,987,062
Hysan Development Co., Ltd.		47,000		218,854
Kerry Logistics Network, Ltd.(2)		23,500		20,006
Link REIT		169,000		827,272
MTR Corp., Ltd.		111,500		432,184
New World Development Co., Ltd.		273,000		369,040
PCCW, Ltd.		278,000		120,127
Power Assets Holdings, Ltd.		102,500		832,941

121

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Hong Kong (continued)
Shougang Fushan Resources Group, Ltd.		1,908,000	$	671,879
Sino Land Co., Ltd.#		218,000		298,066
SJM Holdings, Ltd.		144,000		462,500
Sun Hung Kai Properties, Ltd.		117,000		1,501,616
Swire Pacific, Ltd., Class A		50,000		603,342
Swire Properties, Ltd.		85,000		227,503
Wharf Holdings, Ltd.		111,000		922,059
Wheelock & Co., Ltd.		66,000		321,374
				30,270,003
Hungary — 0.0%
Magyar Telekom Telecommunications PLC		57,982		76,038
MOL Hungarian Oil & Gas PLC		1,086		68,616
OTP Bank PLC		1,902		38,477
				183,131
India — 0.5%
Bajaj Auto, Ltd.		1,597		50,524
Bharat Heavy Electricals, Ltd.		290,337		727,817
Cipla, Ltd.		100,374		627,880
Coal India, Ltd.		154,559		672,625
Dabur India, Ltd.		13,916		36,766
Divi’s Laboratories, Ltd.		1,591		29,483
GlaxoSmithKline Consumer Healthcare, Ltd.		9,080		642,974
HCL Technologies, Ltd.		40,049		692,959
Infosys, Ltd.		1,430		76,776
Lupin, Ltd.		35,999		491,969
Ranbaxy Laboratories, Ltd.†		100,414		675,613
Sesa Sterlite, Ltd.		37,972		111,261
Tata Consultancy Services, Ltd.		4,006		128,536
				4,965,183
Indonesia — 0.1%
Bank Negara Indonesia Persero Tbk PT		1,038,000		355,762
Indocement Tunggal Prakarsa Tbk PT		354,500		558,606
Telekomunikasi Indonesia Persero Tbk PT		2,854,000		518,909
				1,433,277
Ireland — 0.2%
Bank of Ireland†		1,201,766		465,291
CRH PLC		26,652		675,618
Elan Corp. PLC (ISE)†		17,325		313,382
Elan Corp. PLC (LSE)†		377		6,658
James Hardie Industries PLC CDI		32,844		375,228
Kerry Group PLC, Class A		10,283		659,358
				2,495,535
Isle of Man — 0.1%
Genting Singapore PLC#		449,000		525,899
Israel — 0.4%
Bank Hapoalim BM		77,807		433,696
Bank Leumi Le-Israel BM†		92,394		375,764
Bezeq The Israeli Telecommunication Corp., Ltd.		140,797		235,361
Delek Group, Ltd.		302		114,252
Israel Chemicals, Ltd.		32,857		279,940
Israel Corp., Ltd.†		199		102,282
Mizrahi Tefahot Bank, Ltd.		9,286		117,541
NICE Systems, Ltd.		4,237		165,704
Teva Pharmaceutical Industries, Ltd.		62,693		2,537,256
				4,361,796
Italy — 2.5%
Assicurazioni Generali SpA		43,769		1,003,688
Atlantia SpA#		11,424		254,985
Banca Monte dei Paschi di Siena SpA†#		685,625		173,989

Security Description	Shares		Value (Note 2)
Italy (continued)
Enel Green Power SpA		125,314	$	308,133
Enel SpA		989,096		4,498,664
Eni SpA		315,459		7,589,639
Exor SpA		6,219		243,571
Fiat SpA†#		174,966		1,388,117
Finmeccanica SpA†		12,630		91,966
Intesa Sanpaolo SpA		1,777,213		4,297,532
Luxottica Group SpA		6,225		329,641
Mediobanca SpA†		18,220		155,813
Pirelli & C. SpA#		16,460		253,573
Prysmian SpA		15,150		395,572
Saipem SpA		16,409		368,258
Snam SpA		72,787		391,569
Telecom Italia SpA		2,628,226		2,563,579
Telecom Italia SpA RSP		233,946		179,725
Terna Rete Elettrica Nazionale SpA		53,068		256,218
UniCredit SpA		157,397		1,141,819
Unione di Banche Italiane SCPA		212,355		1,437,806
				27,323,857
Japan — 18.7%
ABC-Mart, Inc.		800		36,475
ACOM Co., Ltd.†		154,500		573,200
Advantest Corp.#		5,100		65,627
Aeon Co., Ltd.		123,400		1,660,192
AEON Financial Service Co., Ltd.		2,300		63,908
Aeon Mall Co., Ltd.		42,700		1,227,742
Air Water, Inc.		5,000		69,954
Aisin Seiki Co., Ltd.		15,100		607,391
Ajinomoto Co., Inc.		114,000		1,624,994
Alfresa Holdings Corp.		23,000		1,192,385
Amada Co., Ltd.		17,000		150,539
ANA Holdings, Inc.#		508,000		1,026,663
Aozora Bank, Ltd.		36,000		103,686
Asahi Glass Co., Ltd.#		159,000		1,026,107
Asahi Group Holdings, Ltd.		12,700		347,677
Asahi Kasei Corp.		235,000		1,853,844
Asics Corp.		7,700		127,124
Astellas Pharma, Inc.		14,300		847,459
Bank of Kyoto, Ltd.#		136,000		1,167,137
Bank of Yokohama, Ltd.		277,000		1,517,178
Benesse Holdings, Inc.		2,400		92,321
Bridgestone Corp.		70,400		2,577,496
Brother Industries, Ltd.		8,100		102,728
Calbee, Inc.		4,100		103,996
Canon, Inc.		116,500		3,878,594
Casio Computer Co., Ltd.#		129,200		1,464,498
Central Japan Railway Co.		19,000		2,285,380
Chiba Bank, Ltd.		24,000		166,834
Chiyoda Corp.		5,000		68,392
Chubu Electric Power Co., Inc.		21,200		286,461
Chugai Pharmaceutical Co., Ltd.		63,300		1,511,042
Chugoku Bank, Ltd.		72,100		976,351
Chugoku Electric Power Co., Inc.		66,700		974,207
Citizen Holdings Co., Ltd.		9,100		69,921
Coca-Cola West Co., Ltd.		30,200		668,425
Credit Saison Co., Ltd.		27,400		768,297
Dai Nippon Printing Co., Ltd.		18,000		185,580
Dai-ichi Life Insurance Co., Ltd.		111,800		1,751,906
Daicel Corp.		49,000		388,460
Daido Steel Co., Ltd.		10,000		54,479
Daihatsu Motor Co., Ltd.#		70,300		1,286,231
Daiichi Sankyo Co., Ltd.		95,500		1,752,892
Daikin Industries, Ltd.		7,700		488,650
Dainippon Sumitomo Pharma Co., Ltd.		91,100		1,311,911

122

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Daito Trust Construction Co., Ltd.		7,400	$	702,250
Daiwa House Industry Co., Ltd.		99,000		1,923,456
Daiwa Securities Group, Inc.		243,000		2,360,605
Dena Co., Ltd.#		25,800		501,264
Denso Corp.		58,200		2,914,972
Dentsu, Inc.		43,100		1,792,590
Don Quijote Holdings Co., Ltd.		1,800		110,188
East Japan Railway Co.		12,000		982,963
Eisai Co., Ltd.		8,300		324,140
Electric Power Development Co., Ltd.		3,700		109,275
FamilyMart Co., Ltd.#		28,800		1,315,929
FANUC Corp.		21,100		3,551,516
Fast Retailing Co., Ltd.#		6,700		2,538,052
Fuji Electric Co., Ltd.		208,000		942,270
Fuji Heavy Industries, Ltd.		32,100		906,353
FUJIFILM Holdings Corp.		78,600		2,146,392
Fujitsu, Ltd.†		82,000		381,879
Fukuoka Financial Group, Inc.		183,000		820,083
Furukawa Electric Co., Ltd.		19,000		44,891
Gree, Inc.#		3,300		30,124
GungHo Online Entertainment, Inc.†#		112		73,373
Gunma Bank, Ltd.		54,000		305,785
Hachijuni Bank, Ltd.		140,000		829,680
Hakuhodo DY Holdings, Inc.		41,000		326,239
Hamamatsu Photonics KK		2,400		94,664
Hankyu Hanshin Holdings, Inc.		283,000		1,561,094
Hino Motors, Ltd.		93,000		1,440,967
Hirose Electric Co., Ltd.		1,000		152,892
Hiroshima Bank, Ltd.		17,000		69,876
Hisamitsu Pharmaceutical Co., Inc.		2,800		148,440
Hitachi Chemical Co., Ltd.		6,400		97,476
Hitachi Construction Machinery Co., Ltd.#		5,700		121,986
Hitachi High-Technologies Corp.		2,000		46,785
Hitachi Metals, Ltd.		84,000		1,193,263
Hitachi, Ltd.		512,000		3,774,079
Hokkaido Electric Power Co., Inc.†#		6,300		74,241
Hokuhoku Financial Group, Inc.		275,000		563,827
Hokuriku Electric Power Co.		8,300		110,289
Honda Motor Co., Ltd.		130,900		5,533,776
Hoya Corp.		16,100		435,568
Hulic Co., Ltd.		9,000		158,340
Ibiden Co., Ltd.		3,600		61,614
Idemitsu Kosan Co., Ltd.		5,100		458,091
IHI Corp.		55,000		229,827
Iida Group Holdings Co., Ltd.†		4,400		88,537
Inpex Corp.		154,900		1,796,643
Isetan Mitsukoshi Holdings, Ltd.		11,500		165,384
Isuzu Motors, Ltd.		234,000		1,494,127
ITOCHU Corp.		197,600		2,492,548
ITOCHU Techno-Solutions Corp.#		8,200		313,029
Iyo Bank, Ltd.		8,100		81,929
J. Front Retailing Co., Ltd.		16,000		124,970
Japan Airlines Co., Ltd.		4,800		244,159
Japan Exchange Group, Inc.		8,100		216,290
Japan Petroleum Exploration Co.		3,600		138,482
Japan Prime Realty Investment Corp.		25		83,720
Japan Real Estate Investment Corp.		20		211,277
Japan Retail Fund Investment Corp.#		539		1,063,002
Japan Steel Works, Ltd.		176,000		939,927
Japan Tobacco, Inc.		51,700		1,746,468
JFE Holdings, Inc.		16,200		364,095
JGC Corp.		44,000		1,638,858
Joyo Bank, Ltd.		22,000		112,336
JSR Corp.		6,100		112,144
JTEKT Corp.		6,700		103,550

Security Description	Shares		Value (Note 2)
Japan (continued)
JX Holdings, Inc.		96,400	$	501,647
Kajima Corp.		68,000		254,274
Kakaku.com, Inc.		4,800		87,822
Kamigumi Co., Ltd.		8,000		72,092
Kaneka Corp.		9,000		55,358
Kansai Electric Power Co., Inc.†		23,100		262,292
Kansai Paint Co., Ltd.#		7,000		99,097
Kao Corp.		71,100		2,335,870
Kawasaki Heavy Industries, Ltd.		47,000		192,726
KDDI Corp.		19,400		1,217,886
Keikyu Corp.#		15,000		125,799
Keio Corp.#		19,000		125,956
Keisei Electric Railway Co., Ltd.		9,000		87,430
Keyence Corp.		1,500		602,636
Kikkoman Corp.		5,000		95,875
Kinden Corp.		4,000		42,138
Kintetsu Corp.#		227,000		795,636
Kirin Holdings Co., Ltd.		96,000		1,479,014
Kobe Steel, Ltd.†		81,000		139,185
Koito Manufacturing Co., Ltd.		3,000		57,730
Komatsu, Ltd.		104,800		2,178,367
Konami Corp.#		3,300		85,798
Konica Minolta, Inc.		64,500		650,510
Kubota Corp.		35,000		598,340
Kuraray Co., Ltd.		11,600		144,172
Kurita Water Industries, Ltd.#		3,700		79,220
Kyocera Corp.		11,600		613,835
Kyowa Hakko Kirin Co., Ltd.		7,000		81,533
Kyushu Electric Power Co., Inc.†		13,900		180,086
Lawson, Inc.#		2,200		161,308
LIXIL Group Corp.		8,700		225,176
M3, Inc.		23		60,023
Mabuchi Motor Co., Ltd.		800		48,113
Makita Corp.		3,600		179,605
Marubeni Corp.		259,000		1,878,809
Marui Group Co., Ltd.		84,700		870,775
Maruichi Steel Tube, Ltd.		1,700		41,826
Mazda Motor Corp.†		89,000		409,265
McDonald’s Holdings Co. Japan, Ltd.#		2,200		60,528
Medipal Holdings Corp.		4,400		58,681
MEIJI Holdings Co., Ltd.		2,000		111,692
Miraca Holdings, Inc.		3,000		139,419
Mitsubishi Chemical Holdings Corp.#		319,500		1,484,813
Mitsubishi Corp.		50,700		997,418
Mitsubishi Electric Corp.		64,000		739,195
Mitsubishi Estate Co., Ltd.		55,000		1,527,166
Mitsubishi Gas Chemical Co., Inc.		38,000		297,545
Mitsubishi Heavy Industries, Ltd.		241,000		1,545,882
Mitsubishi Logistics Corp.		7,000		110,715
Mitsubishi Materials Corp.		142,000		533,756
Mitsubishi Motors Corp.†		14,500		157,139
Mitsubishi Tanabe Pharma Corp.		7,700		105,849
Mitsubishi UFJ Financial Group, Inc.		1,105,200		7,110,830
Mitsubishi UFJ Lease & Finance Co., Ltd.		27,500		164,315
Mitsui & Co., Ltd.		123,600		1,712,359
Mitsui Chemicals, Inc.		25,000		61,020
Mitsui Fudosan Co., Ltd.		28,000		949,963
Mitsui OSK Lines, Ltd.		47,000		208,787
Mizuho Financial Group, Inc.		1,179,100		2,475,045
MS&AD Insurance Group Holdings		16,700		449,518
Murata Manufacturing Co., Ltd.		6,700		576,295
Nabtesco Corp.		3,400		79,203
Namco Bandai Holdings, Inc.		67,500		1,371,418
NEC Corp.		545,000		1,202,538
Nexon Co., Ltd.		56,800		529,043

123

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
NGK Insulators, Ltd.		9,000	$	164,755
NGK Spark Plug Co., Ltd.		6,000		139,302
NHK Spring Co., Ltd.		5,600		63,258
Nidec Corp.#		3,300		318,643
Nikon Corp.		11,200		212,354
Nintendo Co., Ltd.		3,500		448,670
Nippon Building Fund, Inc.		23		270,364
Nippon Electric Glass Co., Ltd.		162,000		871,486
Nippon Express Co., Ltd.		276,000		1,422,778
Nippon Meat Packers, Inc.		23,000		371,413
Nippon Paint Co., Ltd.		6,000		97,242
Nippon Prologis REIT, Inc.		8		77,325
Nippon Steel & Sumitomo Metal Corp.		250,000		810,349
Nippon Telegraph & Telephone Corp.		20,300		1,018,716
Nippon Yusen KK		52,000		160,937
Nishi-Nippon City Bank, Ltd.		39,000		101,665
Nissan Motor Co., Ltd.		81,900		748,434
Nisshin Seifun Group, Inc.#		6,500		70,315
Nissin Foods Holdings Co., Ltd.#		2,000		80,449
Nitori Holdings Co., Ltd.		1,150		106,551
Nitto Denko Corp.		5,400		274,679
NKSJ Holdings, Inc.		10,900		302,125
NOK Corp.		2,900		46,434
Nomura Holdings, Inc.		125,500		993,708
Nomura Real Estate Holdings, Inc.		3,900		91,917
Nomura Real Estate Office Fund, Inc.		73		346,024
Nomura Research Institute, Ltd.		3,400		111,535
NSK, Ltd.		15,000		177,203
NTT Data Corp.		4,200		151,106
NTT DOCOMO, Inc.		78,200		1,259,751
NTT Urban Development Corp.		20,200		232,519
Obayashi Corp.		22,000		118,780
Odakyu Electric Railway Co., Ltd.		21,000		186,781
OJI Holdings Corp.#		71,000		334,118
Olympus Corp.†		7,900		265,712
Omron Corp.		6,700		275,719
Ono Pharmaceutical Co., Ltd.		2,700		204,559
Oracle Corp. Japan		1,300		51,277
Oriental Land Co., Ltd.		1,600		235,724
ORIX Corp.		46,800		852,155
Osaka Gas Co., Ltd.		62,000		250,603
Otsuka Corp.		500		63,900
Otsuka Holdings Co., Ltd.		11,900		347,618
Panasonic Corp.		111,200		1,275,665
Park24 Co., Ltd.#		3,300		62,311
Rakuten, Inc.		23,800		365,743
Resona Holdings, Inc.		61,200		303,535
Ricoh Co., Ltd.		22,000		252,380
Rinnai Corp.		1,100		83,124
Rohm Co., Ltd.		3,100		134,684
Sankyo Co., Ltd.		1,700		77,925
Sanrio Co., Ltd.#		1,500		68,684
Santen Pharmaceutical Co., Ltd.		2,500		118,990
SBI Holdings, Inc.		6,800		94,141
Secom Co., Ltd.		6,900		425,755
Sega Sammy Holdings, Inc.		6,100		160,741
Sekisui Chemical Co., Ltd.		14,000		164,022
Sekisui House, Ltd.		18,000		248,318
Seven & I Holdings Co., Ltd.		26,000		956,993
Seven Bank, Ltd.#		18,500		63,939
Sharp Corp.†#		47,000		153,722
Shikoku Electric Power Co., Inc.†		5,800		91,792
Shimadzu Corp.		8,000		74,357
Shimamura Co., Ltd.		700		71,828
Shimano, Inc.		2,600		230,998

Security Description	Shares		Value (Note 2)
Japan (continued)
Shimizu Corp.		20,000	$	93,532
Shin-Etsu Chemical Co., Ltd.		38,900		2,248,357
Shinsei Bank, Ltd.		55,000		135,856
Shionogi & Co., Ltd.		10,000		219,868
Shiseido Co., Ltd.#		11,700		200,131
Shizuoka Bank, Ltd.		19,000		214,996
Showa Denko KK#		79,000		122,636
Showa Shell Sekiyu KK		6,500		72,219
SMC Corp.		1,700		409,295
SoftBank Corp.		84,400		6,831,106
Sojitz Corp.		42,200		77,870
Sony Corp.#		33,400		608,814
Sony Financial Holdings, Inc.		5,500		97,945
Stanley Electric Co., Ltd.		4,900		107,879
Sumco Corp.		3,800		36,878
Sumitomo Chemical Co., Ltd.		49,000		197,100
Sumitomo Corp.		37,100		458,928
Sumitomo Electric Industries, Ltd.		24,900		388,238
Sumitomo Heavy Industries, Ltd.		18,000		86,639
Sumitomo Metal Mining Co., Ltd.		17,000		226,224
Sumitomo Mitsui Financial Group, Inc.		71,600		3,544,174
Sumitomo Mitsui Trust Holdings, Inc.		109,000		535,289
Sumitomo Realty & Development Co., Ltd.		12,000		568,806
Sumitomo Rubber Industries, Ltd.		5,300		74,824
Suntory Beverage & Food, Ltd.†		4,000		126,141
Suruga Bank, Ltd.		6,000		99,995
Suzuken Co., Ltd.		2,300		78,145
Suzuki Motor Corp.		69,600		1,787,142
Sysmex Corp.		2,400		156,056
T&D Holdings, Inc.		18,900		249,847
Taiheiyo Cement Corp.#		343,000		1,386,400
Taisei Corp.#		31,000		141,040
Taisho Pharmaceutical Holdings Co., Ltd.		1,100		75,607
Taiyo Nippon Sanso Corp.		8,000		53,034
Takashimaya Co., Ltd.#		9,000		85,233
Takeda Pharmaceutical Co., Ltd.		35,600		1,729,168
TDK Corp.		11,200		522,685
Teijin, Ltd.		31,000		67,796
Terumo Corp.		5,000		261,167
THK Co., Ltd.		3,600		87,272
Tobu Railway Co., Ltd.		34,000		165,975
Toho Co., Ltd.		3,800		82,289
Toho Gas Co., Ltd.#		14,000		67,796
Tohoku Electric Power Co., Inc.†		15,200		167,545
Tokio Marine Holdings, Inc.		83,800		2,781,743
Tokyo Electric Power Co., Inc.†		47,400		252,677
Tokyo Electron, Ltd.		5,700		308,860
Tokyo Gas Co., Ltd.		282,000		1,404,149
Tokyo Tatemono Co., Ltd.		14,000		138,326
Tokyu Corp.		37,000		249,256
Tokyu Fudosan Holdings Corp.†		17,000		155,685
TonenGeneral Sekiyu KK		9,000		86,991
Toppan Printing Co., Ltd.		18,000		145,511
Toray Industries, Inc.		48,000		339,292
Toshiba Corp.		133,000		573,942
TOTO, Ltd.		9,000		132,155
Toyo Seikan Group Holdings, Ltd.		5,500		115,880
Toyo Suisan Kaisha, Ltd.		3,000		87,401
Toyoda Gosei Co., Ltd.		2,300		56,543
Toyota Boshoku Corp.#		2,000		27,532
Toyota Industries Corp.		5,400		234,874
Toyota Motor Corp.		186,600		11,623,217
Toyota Tsusho Corp.		6,900		177,780
Trend Micro, Inc.#		3,400		133,112
Tsumura & Co.		2,000		54,264

124

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Ube Industries, Ltd.		55,000	$	114,913
Unicharm Corp.		3,800		240,410
United Urban Investment Corp.		78		111,869
USS Co., Ltd.		7,400		101,653
West Japan Railway Co.		5,500		240,566
Yahoo Japan Corp.		47,400		228,612
Yakult Honsha Co., Ltd.#		2,900		147,513
Yamada Denki Co., Ltd.#		28,900		100,730
Yamaguchi Financial Group, Inc.		7,000		64,652
Yamaha Corp.		4,900		77,166
Yamaha Motor Co., Ltd.		9,500		151,555
Yamato Holdings Co., Ltd.		12,100		256,590
Yamato Kogyo Co., Ltd.		1,400		47,020
Yamazaki Baking Co., Ltd.#		8,000		82,402
Yaskawa Electric Corp.		7,000		93,766
Yokogawa Electric Corp.		7,000		105,931
Yokohama Rubber Co., Ltd.		7,000		72,443
				202,648,047
Jersey — 0.7%
Experian PLC		36,057		665,134
Glencore Xstrata PLC		438,364		2,223,218
Petrofac, Ltd.#		9,987		206,950
Randgold Resources, Ltd.#		4,105		292,011
Shire PLC		44,476		2,017,970
Wolseley PLC		9,897		534,095
WPP PLC		47,894		1,059,088
				6,998,466
Luxembourg — 0.2%
ArcelorMittal		35,806		616,786
Millicom International Cellular SA SDR		2,525		226,655
RTL Group SA†		1,463		175,992
SES SA FDR		11,282		334,197
Subsea 7 SA		9,446		183,797
Tenaris SA#		43,271		973,457
				2,510,884
Malaysia — 0.3%
AMMB Holdings Bhd		220,500		506,267
Astro Malaysia Holdings Bhd		716,200		648,869
Berjaya Sports Toto Bhd		493,500		598,692
British American Tobacco Malaysia Bhd		34,900		681,108
Genting Bhd		23,200		73,566
Malayan Banking Bhd		143,800		436,353
Public Bank Bhd		89,400		508,717
				3,453,572
Mauritius — 0.0%
Golden Agri-Resources, Ltd.#		538,000		246,484
Mexico — 0.5%
Alfa SAB de CV, Class A		116,000		340,671
America Movil SAB de CV, Series L		1,152,400		1,336,524
Cemex SAB de CV CPO†(1)		309,600		341,349
Coca-Cola Femsa SAB de CV, Series L		17,400		212,289
Compartamos SAB de CV		55,400		104,747
Controladora Comercial Mexicana SAB de CV		29,900		122,055
El Puerto de Liverpool SAB de CV, Class C1		8,900		101,848
Fomento Economico Mexicano SAB de CV(1)		60,700		584,908
Genomma Lab Internacional SAB de CV†		14,500		42,783
Grupo Aeroportuario del Pacifico SAB de CV, Class B		26,300		137,661
Grupo Aeroportuario del Sureste SAB de CV		10,200		135,411
Grupo Bimbo SAB de CV, Class A		1,300		4,067
Grupo Carso SAB de CV, Class A1		39,600		211,416
Grupo Financiero Banorte SAB de CV, Class O		58,000		396,034

Security Description	Shares		Value (Note 2)
Mexico (continued)
Grupo Financiero Inbursa SAB de CV, Class O		90,300	$	241,080
Grupo Financiero Santander Mexico SAB de CV, Class B		29,800		84,903
Grupo Mexico SAB de CV, Class B		103,800		308,248
Grupo Televisa SAB CPO		66,500		405,109
Industrias Penoles SAB de CV		2,955		75,870
Kimberly-Clark de Mexico SAB de CV, Class A		48,800		144,769
Mexichem SAB de CV		4,700		19,867
OHL Mexico SAB de CV†		5,900		15,193
Wal-Mart de Mexico SAB de CV, Series V		76,100		201,834
				5,568,636
Morocco — 0.0%
Attijariwafa Bank		2,212		83,276
Douja Promotion Groupe Addoha SA		9,487		62,141
				145,417
Netherlands — 2.7%
Aegon NV		282,074		2,505,729
Akzo Nobel NV		8,714		656,179
ASML Holding NV		41,747		3,906,979
CNH Industrial NV†		54,099		618,448
Corio NV		2,669		115,737
Delta Lloyd NV		6,782		164,827
European Aeronautic Defence and Space Co. NV		67,906		4,821,001
Fugro NV CVA		2,766		168,209
Gemalto NV#		4,449		502,374
Heineken Holding NV		5,395		339,631
Heineken NV		8,549		581,039
ING Groep NV CVA†		169,379		2,199,309
Koninklijke Ahold NV		220,160		4,007,771
Koninklijke Boskalis Westminster NV		3,147		156,921
Koninklijke DSM NV		5,669		444,906
Koninklijke KPN NV†		138,799		451,409
Koninklijke Philips NV		56,472		2,021,115
Koninklijke Vopak NV#		2,610		156,205
OCI†		3,420		137,988
QIAGEN NV†		8,911		207,914
Randstad Holding NV		4,565		284,403
Reed Elsevier NV		25,425		542,967
STMicroelectronics NV†		24,258		190,806
TNT Express NV		14,275		130,881
Unilever NV CVA		61,951		2,440,652
Wolters Kluwer NV		25,854		728,795
Ziggo NV		5,582		239,172
				28,721,367
New Zealand — 0.1%
Auckland International Airport, Ltd.		80,685		231,057
Contact Energy, Ltd.		27,031		105,557
Fletcher Building, Ltd.		50,311		373,696
Ryman Healthcare, Ltd.		26,922		169,743
Telecom Corp. of New Zealand, Ltd.		136,727		255,839
				1,135,892
Norway — 0.5%
Aker Solutions ASA		6,724		119,318
DNB ASA		35,518		627,955
Gjensidige Forsikring ASA		6,723		120,946
Norsk Hydro ASA#		46,286		197,638
Orkla ASA		29,696		230,933
Statoil ASA		119,784		2,703,870
Telenor ASA		24,456		587,542
Yara International ASA#		6,927		301,992
				4,890,194

125

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Peru — 0.0%
Cia de Minas Buenaventura SA ADR		6,900	$	81,420
Philippines — 0.2%
Aboitiz Power Corp.		826,000		627,401
Alliance Global Group, Inc.		1,057,700		613,720
Bank of the Philippine Islands		23,390		49,158
BDO Unibank, Inc.		279,439		497,596
				1,787,875
Poland — 0.2%
Alior Bank SA†		2,152		52,150
Bank Handlowy w Warszawie SA		5,109		198,094
Bank Millennium SA†		58,027		141,369
Bank Pekao SA		1,433		87,210
Bank Zachodni WBK SA		350		45,925
Cyfrowy Polsat SA†		9,955		64,171
Eurocash SA		2,075		33,711
Grupa Lotos SA†		1,533		19,734
KGHM Polska Miedz SA		3,480		133,189
mBank		791		142,359
PGE SA		23,166		140,123
Polski Koncern Naftowy Orlen SA		9,018		139,572
Polskie Gornictwo Naftowe I Gazownictwo SA		18,110		33,646
Powszechna Kasa Oszczednosci Bank Polski SA		19,937		265,084
Powszechny Zaklad Ubezpieczen SA		1,369		207,900
Synthos SA		26,039		45,433
Telekomunikacja Polska SA		1,728		5,779
				1,755,449
Portugal — 0.2%
Banco Espirito Santo SA†#		58,486		81,837
EDP - Energias de Portugal SA		107,141		405,359
Galp Energia SGPS SA		12,524		207,484
Jeronimo Martins SGPS SA#		9,775		201,846
Portugal Telecom SGPS SA#		244,405		1,098,004
				1,994,530
Russia — 0.5%
Federal Grid Co. Unified Energy System JSC†		9,970,000		23,988
Gazprom OAO		359,080		1,550,219
LSR Group OJSC GDR		2,621		9,897
Lukoil OAO		16,778		1,034,019
Magnit OJSC GDR		8,230		542,357
MegaFon OAO GDR		2,764		89,167
MMC Norilsk Nickel OJSC		579		87,060
Mobile Telesystems OJSC ADR		16,300		343,604
NovaTek OAO GDR		1,772		233,018
Rosneft OAO		31,430		226,140
Rostelecom OJSC		16,780		53,929
Sberbank of Russia		257,520		800,766
Severstal OAO		12,790		116,492
Sistema JSFC GDR		5,424		148,780
Surgutneftegas OAO		76,500		63,233
Tatneft OAO		47,580		291,525
Uralkali OJSC		27,210		135,432
				5,749,626
Singapore — 1.2%
Ascendas Real Estate Investment Trust		151,000		267,097
CapitaCommercial Trust#		152,000		179,849
CapitaLand, Ltd.#		191,000		461,121
CapitaMall Trust		181,000		280,503
CapitaMalls Asia, Ltd.		104,000		169,045
City Developments, Ltd.		30,000		238,556
ComfortDelGro Corp., Ltd.		159,000		248,942
DBS Group Holdings, Ltd.		126,000		1,724,776

Security Description	Shares		Value (Note 2)
Singapore (continued)
Global Logistic Properties, Ltd.#		227,000	$	533,564
Jardine Cycle & Carriage, Ltd.#		8,000		225,011
Keppel Corp., Ltd.		107,000		964,241
Keppel Land, Ltd.		54,000		151,452
Olam International, Ltd.#		107,000		131,294
Oversea-Chinese Banking Corp., Ltd.		189,000		1,572,176
SembCorp Industries, Ltd.		75,000		322,696
SembCorp Marine, Ltd.#		65,000		229,951
Singapore Airlines, Ltd.#		40,000		333,373
Singapore Exchange, Ltd.#		64,000		368,687
Singapore Press Holdings, Ltd.#		124,000		420,892
Singapore Technologies Engineering, Ltd.		117,000		376,623
Singapore Telecommunications, Ltd.		588,000		1,742,847
StarHub, Ltd.		51,000		172,702
United Overseas Bank, Ltd.		93,000		1,550,185
UOL Group, Ltd.		35,000		173,180
Wilmar International, Ltd.		143,000		401,068
Yangzijiang Shipbuilding Holdings, Ltd.#		141,000		130,883
				13,370,714
South Africa — 0.7%
African Bank Investments, Ltd.		37,589		45,913
African Rainbow Minerals, Ltd.		4,072		74,818
Anglo American Platinum, Ltd.†		1,268		50,094
AngloGold Ashanti, Ltd.		11,625		154,438
Aspen Pharmacare Holdings, Ltd.		7,627		196,361
Assore, Ltd.		3,279		123,497
Barclays Africa Group, Ltd.		21,786		290,452
Barloworld, Ltd.		13,648		126,807
Bidvest Group, Ltd.		13,585		341,323
Discovery, Ltd.		13,688		109,346
FirstRand, Ltd.		140,322		465,081
Foschini Group, Ltd.		4,203		41,820
Gold Fields, Ltd.		37,325		148,993
Growthpoint Properties, Ltd.		24,422		57,554
Harmony Gold Mining Co., Ltd.		10,400		30,055
Impala Platinum Holdings, Ltd.		9,422		109,220
Imperial Holdings, Ltd.		11,328		234,478
Investec, Ltd.		8,872		61,924
Kumba Iron Ore, Ltd.		1,046		40,800
Liberty Holdings, Ltd.		17,765		214,726
Life Healthcare Group Holdings, Ltd.		31,928		128,325
Mediclinic International, Ltd.		2,439		17,454
MMI Holdings, Ltd.		54,805		139,524
Mr. Price Group, Ltd.		4,015		61,006
MTN Group, Ltd.		54,399		1,057,370
Naspers, Ltd., Class N		9,605		916,039
Nedbank Group, Ltd.		430		8,882
PPC, Ltd.		15,720		48,234
Redefine Properties, Ltd.		33,570		31,757
Remgro, Ltd.		3,844		73,311
Reunert, Ltd.		17,519		118,036
RMB Holdings, Ltd.		1,071		4,952
Sanlam, Ltd.		81,292		410,962
Sappi, Ltd.†		5,585		16,868
Sasol, Ltd.		13,660		675,032
Shoprite Holdings, Ltd.		3,820		66,963
Spar Group, Ltd.		1,561		19,893
Standard Bank Group, Ltd.		27,645		326,965
Steinhoff International Holdings, Ltd.		19,094		75,657
Tiger Brands, Ltd.		2,608		72,682
Truworths International, Ltd.		7,350		58,369
Vodacom Group, Ltd.		7,537		90,007
Woolworths Holdings, Ltd.		15,328		111,207
				7,447,195

126

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
South Korea — 1.4%
AMOREPACIFIC Group		1,861	$	764,060
CJ Corp.		1,463		143,770
Daelim Industrial Co., Ltd.		6,185		587,350
DGB Financial Group, Inc.		34,680		557,082
Dongbu Insurance Co., Ltd.		10,610		537,367
Hanwha Corp.		6,430		240,905
Hanwha Life Insurance Co., Ltd.		100,870		691,021
Hyundai Engineering & Construction Co., Ltd.		13,507		802,788
Hyundai Marine & Fire Insurance Co., Ltd.		24,240		731,804
Hyundai Mobis		3,726		1,080,867
Hyundai Motor Co.		6,765		1,610,866
Hyundai Steel Co.		9,452		737,726
KB Financial Group, Inc.		26,760		1,003,848
Korea Aerospace Industries, Ltd.		7,370		194,992
KT&G Corp.		3,451		255,980
NAVER Corp.		157		102,659
NHN Entertainment Corp.†		2,825		255,192
Samsung Electronics Co., Ltd.		3,504		4,946,590
				15,244,867
Spain — 2.5%
Abertis Infraestructuras SA#		14,057		298,859
Acciona SA#		3,235		197,742
ACS Actividades de Construccion y Servicios SA		10,853		350,608
Amadeus IT Holding SA, Class A		85,880		3,215,953
Banco Bilbao Vizcaya Argentaria SA		294,348		3,516,472
Banco de Sabadell SA#		236,648		609,859
Banco Popular Espanol SA†		62,605		363,754
Banco Santander SA		538,273		4,784,529
Bankia SA†#		227,386		299,946
CaixaBank SA		63,383		320,658
Cemex Latam Holdings SA†		12,412		92,010
Distribuidora Internacional de Alimentacion SA		22,890		209,867
Enagas SA		25,811		679,019
Ferrovial SA		70,021		1,325,071
Gas Natural SDG SA		108,943		2,711,343
Grifols SA#		5,156		235,734
Iberdrola SA		170,810		1,087,829
Inditex SA		10,095		1,609,345
International Consolidated Airlines Group SA†		37,452		224,680
Mapfre SA#		373,581		1,483,451
Red Electrica Corp. SA		3,686		236,251
Repsol SA		30,806		808,959
Telefonica SA		148,585		2,444,436
Zardoya Otis SA#		5,153		88,414
				27,194,789
Sweden — 2.5%
Alfa Laval AB		48,223		1,143,780
Assa Abloy AB, Class B		21,154		1,070,921
Atlas Copco AB, Class A		144,795		4,035,059
Atlas Copco AB, Class B		14,387		363,403
Boliden AB		19,742		288,931
Electrolux AB, Series B		9,283		225,985
Elekta AB, Series B		12,285		184,199
Getinge AB, Class B		7,426		232,202
Hennes & Mauritz AB, Class B		45,656		1,935,978
Hexagon AB, Class B		24,548		754,856
Husqvarna AB, Class B		17,218		103,397
Industrivarden AB, Class C		5,276		95,122
Investment AB Kinnevik, Class B		8,004		314,859
Investor AB, Class B		16,565		541,466
Lundin Petroleum AB†		7,462		155,248
Nordea Bank AB		109,736		1,418,556
Ratos AB, Class B		7,267		65,066

Security Description	Shares		Value (Note 2)
Sweden (continued)
Sandvik AB		94,734	$	1,324,330
Scania AB, Class B		30,548		606,203
Securitas AB, Class B		10,163		104,714
Skandinaviska Enskilda Banken AB, Class A		54,717		664,344
Skanska AB, Class B		13,928		265,556
SKF AB, Class B		14,509		395,918
Svenska Cellulosa AB SCA, Class B		21,160		618,076
Svenska Handelsbanken AB, Class A		18,112		842,052
Swedbank AB, Class A		169,749		4,336,904
Swedish Match AB		6,874		213,684
Tele2 AB, Series B		102,574		1,250,874
Telefonaktiebolaget LM Ericsson, Class B		109,703		1,367,094
TeliaSonera AB		117,762		961,883
Volvo AB, Class B		54,254		714,995
				26,595,655
Switzerland — 7.9%
ABB, Ltd.		79,554		2,035,255
Actelion, Ltd.		34,684		2,888,898
Adecco SA		4,998		384,864
Aryzta AG		37,253		2,776,149
Baloise Holding AG		28,968		3,419,467
Barry Callebaut AG		83		94,679
Cie Financiere Richemont SA		18,890		1,919,322
Coca-Cola HBC AG		30,145		847,191
Credit Suisse Group AG		69,309		2,062,945
EMS-Chemie Holding AG		6,768		2,389,277
Geberit AG		1,330		390,732
Givaudan SA		538		759,117
Holcim, Ltd.		8,255		598,782
Julius Baer Group, Ltd.		8,182		383,442
Kuehne & Nagel International AG		1,837		237,921
Lindt & Spruengli AG		3		153,914
Lindt & Spruengli AG (Participation Certificate)		628		2,710,283
Lonza Group AG		8,233		767,033
Nestle SA		193,383		14,123,178
Novartis AG		153,139		12,104,815
Pargesa Holding SA (BR)		1,144		88,534
Partners Group Holding AG		8,240		2,051,705
Roche Holding AG		62,602		17,452,177
Schindler Holding AG		735		102,249
Schindler Holding AG (Participation Certificate)		1,617		222,985
SGS SA		195		439,500
Sika AG (BR)		77		252,887
Sonova Holding AG		3,752		522,784
Sulzer AG		931		144,819
Swatch Group AG		1,443		161,262
Swatch Group AG (BR)		1,134		743,114
Swiss Life Holding AG		4,188		866,754
Swiss Prime Site AG		1,850		141,640
Swiss Re AG		53,531		4,762,839
Swisscom AG		857		437,931
Syngenta AG		3,363		1,320,788
Transocean, Ltd.†		12,863		647,939
UBS AG		132,642		2,528,605
Zurich Insurance Group AG		5,392		1,504,371
				85,440,147
Taiwan — 1.2%
Advanced Semiconductor Engineering, Inc.		790,000		784,821
Advantech Co., Ltd.		108,000		667,838
Asustek Computer, Inc.		97,000		853,839
AU Optronics Corp.†		1,464,000		456,603
Catcher Technology Co., Ltd.		126,000		766,372
Chang Hwa Commercial Bank		1,194,000		732,280

127

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Taiwan (continued)
Cheng Shin Rubber Industry Co., Ltd.		216,200	$	566,910
China Life Insurance Co., Ltd.		580,260		558,810
CTBC Financial Holding Co., Ltd.		897,730		586,980
Delta Electronics, Inc.		115,000		613,976
Feng Hsin Iron & Steel Co.		365,000		666,013
First Financial Holding Co., Ltd.		1,207,000		732,096
Formosa Taffeta Co., Ltd.		365,000		462,509
Foxconn Technology Co., Ltd.		66,000		156,559
Fubon Financial Holding Co., Ltd.		617,000		881,905
Hermes Microvision Inc		20,000		622,423
Hon Hai Precision Industry Co., Ltd.		59,400		156,559
Hua Nan Financial Holdings Co., Ltd.		957,000		556,207
Powertech Technology, Inc.		28,000		43,286
President Chain Store Corp.		66,000		468,338
Taiwan Semiconductor Manufacturing Co., Ltd.		499,000		1,770,460
Vanguard International Semiconductor Corp.		209,000		245,413
				13,350,197
Thailand — 0.2%
Advanced Info Service PCL		115,200		817,988
Airports of Thailand PCL		109,100		637,068
Bank of Ayudhya PCL		308,100		371,812
Banpu PCL		232,000		222,174
BEC World PCL		109,000		179,913
Central Pattana PCL		179,400		241,639
				2,470,594
Turkey — 0.2%
Akbank TAS		76,917		281,901
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,666		18,895
Arcelik AS		6,131		41,296
BIM Birlesik Magazalar AS		8,655		195,467
Coca-Cola Icecek AS		2,654		76,238
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		91,662		119,849
Enka Insaat ve Sanayi AS		32,180		106,783
Eregli Demir ve Celik Fabrikalari TAS		52,564		69,770
Ford Otomotiv Sanayi AS		1,815		23,372
Haci Omer Sabanci Holding AS		34,048		155,477
KOC Holding AS		13,205		62,392
Koza Altin Isletmeleri AS		3,230		51,671
TAV Havalimanlari Holding AS		7,266		54,159
Turk Hava Yollari		21,357		79,120
Turkcell Iletisim Hizmetleri AS†		7,427		45,060
Turkiye Garanti Bankasi AS		34,001		128,318
Turkiye Halk Bankasi AS		33,912		260,332
Turkiye Is Bankasi, Class C		37,201		95,808
				1,865,908
United Kingdom — 17.6%
3i Group PLC		65,609		397,339
Aberdeen Asset Management PLC#		381,231		3,071,948
Admiral Group PLC		29,095		591,950
Aggreko PLC#		22,981		603,726
AMEC PLC		10,558		195,625
Anglo American PLC		50,253		1,109,608
Antofagasta PLC		254,829		3,311,808
ARM Holdings PLC		73,488		1,224,503
Associated British Foods PLC		113,285		4,251,794
AstraZeneca PLC		138,127		7,943,544
Aviva PLC		128,977		906,294
Babcock International Group PLC		180,838		3,877,544
BAE Systems PLC		557,668		3,901,270
Barclays PLC		820,220		3,647,672
BG Group PLC		369,541		7,551,738
BHP Billiton PLC		256,967		7,819,023

Security Description	Shares		Value (Note 2)
United Kingdom (continued)
BP PLC		1,375,294	$	10,850,215
British American Tobacco PLC		96,869		5,170,486
British Land Co. PLC		35,096		350,990
British Sky Broadcasting Group PLC		283,881		3,805,537
BT Group PLC		950,975		5,801,286
Bunzl PLC		11,403		259,062
Burberry Group PLC		87,652		2,190,769
Capita PLC		24,481		399,503
Carnival PLC		73,729		2,694,777
Centrica PLC		859,166		4,757,456
Cobham PLC		41,406		179,125
Compass Group PLC		65,687		990,227
Croda International PLC		85,188		3,240,487
Diageo PLC		93,717		2,985,087
Direct Line Insurance Group PLC		41,266		158,864
easyJet PLC		6,024		140,408
Fresnillo PLC		9,020		122,984
G4S PLC		54,432		232,714
GKN PLC		57,260		355,305
GlaxoSmithKline PLC		240,016		6,358,412
Hammerson PLC		24,225		202,421
Hargreaves Lansdown PLC#		7,881		156,343
HSBC Holdings PLC		1,361,392		15,194,963
ICAP PLC#		21,229		143,890
IMI PLC		11,158		268,107
Imperial Tobacco Group PLC		36,308		1,381,129
Inmarsat PLC		17,362		197,222
InterContinental Hotels Group PLC		48,319		1,505,055
Intertek Group PLC		6,032		299,848
Intu Properties PLC		24,988		131,413
Invensys PLC#		25,206		206,492
Investec PLC		21,220		149,942
ITV PLC		337,252		1,048,827
J Sainsbury PLC		42,426		282,910
Johnson Matthey PLC		7,194		373,272
Kingfisher PLC		87,399		537,743
Land Securities Group PLC		28,848		449,992
Legal & General Group PLC		217,964		763,117
Lloyds Banking Group PLC†		2,610,636		3,307,372
London Stock Exchange Group PLC		6,899		183,725
Marks & Spencer Group PLC		401,581		3,201,090
Meggitt PLC		153,559		1,254,465
Melrose Industries PLC		46,334		221,527
National Grid PLC		135,759		1,722,131
Next PLC#		38,533		3,465,742
Old Mutual PLC		248,858		810,996
Pearson PLC		29,571		653,425
Persimmon PLC		11,216		212,957
Prudential PLC		92,653		1,982,124
Reckitt Benckiser Group PLC		23,466		1,885,506
Reed Elsevier PLC		42,112		609,332
Rexam PLC		26,540		217,030
Rio Tinto PLC		45,915		2,451,138
Rolls-Royce Holdings PLC		197,592		3,994,221
Royal Bank of Scotland Group PLC†		469,655		2,515,290
Royal Dutch Shell PLC, Class A		240,777		8,071,248
Royal Dutch Shell PLC, Class B		96,208		3,377,015
RSA Insurance Group PLC		136,684		238,043
SABMiller PLC		34,819		1,796,950
Sage Group PLC		150,496		858,220
Schroders PLC		26,272		1,060,430
Segro PLC		25,401		139,073
Serco Group PLC		18,802		140,181
Severn Trent PLC		8,195		236,884
Smith & Nephew PLC		33,276		444,172

128

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Smiths Group PLC		14,866	$	334,331
SSE PLC		34,684		753,348
Standard Chartered PLC		87,893		2,083,860
Standard Life PLC		104,073		598,598
Tate & Lyle PLC		48,959		629,068
Tesco PLC		292,994		1,668,673
Travis Perkins PLC		9,000		264,572
TUI Travel PLC		18,855		113,356
Tullow Oil PLC		33,142		471,676
Unilever PLC		62,470		2,524,575
United Utilities Group PLC		25,731		277,337
Vodafone Group PLC		2,707,150		10,049,654
Weir Group PLC		8,078		283,217
Whitbread PLC		6,267		365,897
William Hill PLC		31,354		197,891
WM Morrison Supermarkets PLC		78,047		339,169
				190,747,275
United States — 0.0%
Southern Copper Corp.		2,100		52,710
Total Common Stocks
(cost $886,734,084)				1,045,483,268
EXCHANGE-TRADED FUNDS — 0.4%
United States — 0.4%
iShares MSCI Chile Investable Market Index Fund		32,805		1,557,909
iShares MSCI Emerging Markets Index Fund		63,550		2,691,343
Total Exchange-Traded Funds
(cost $4,650,192)				4,249,252
PREFERRED SECURITIES — 1.7%
Brazil — 0.5%
AES Tiete SA		13,200		113,517
Banco Bradesco SA		65,900		874,492
Banco do Estado do Rio Grande do Sul SA, Class B		6,500		37,841
Bradespar SA		14,500		157,718
Braskem SA, Class A†		4,900		43,628
Cia Brasileira de Distribuicao Grupo Pao de Acucar		5,200		241,736
Cia Energetica de Minas Gerais		24,489		205,779
Cia Energetica de Sao Paulo, Class B		12,300		123,679
Cia Paranaense de Energia, Class B		8,800		118,283
Gerdau SA		26,300		202,645
Itau Unibanco Holding SA		65,800		928,371
Itausa - Investimentos Itau SA		91,000		362,270
Klabin SA		5,000		25,898
Metalurgica Gerdau SA		4,800		46,642
Oi SA		27,600		42,178
Petroleo Brasileiro SA		92,100		753,800
Suzano Papel e Celulose SA		2,900		10,552
Telefonica Brasil SA		4,900		94,199
Usinas Siderurgicas de Minas Gerais SA, Class A†		1,900		10,126
Vale SA		46,300		649,877
				5,043,231
Colombia — 0.1%
Bancolombia SA		21,135		270,896
Grupo Argos SA		2,063		21,359
Grupo Aval Acciones y Valores Senior Notes		31,006		20,545
Grupo de Inversiones Suramericana SA		13,372		247,123
				559,923
Germany — 1.0%
Bayerische Motoren Werke AG		28,351		2,457,631
Fuchs Petrolub SE#		9,872		933,145
Henkel AG & Co. KGaA		41,603		4,716,400

Security Description	Shares/ Principal Amount(6)			Value (Note 2)
Germany (continued)
Porsche Automobil Holding SE		5,534		$	563,094
RWE AG#		21,411			735,606
Volkswagen AG		5,277			1,400,068
					10,805,944
Russia — 0.0%
AK Transneft OAO		55			140,380
Surgutneftegas OAO		377,000			268,227
					408,607
South Korea — 0.1%
Hyundai Motor Co.		6,196			720,125
LG Chem, Ltd.		210			28,276
Samsung Electronics Co., Ltd.		458			434,068
					1,182,469
Total Preferred Securities
(cost $16,374,648)					18,000,174
RIGHTS† — 0.0%
Brazil — 0.0%
Klabin SA Expires 12/23/2013 (Strike price 62.50 BRL)		153			1,050
Spain — 0.0%
CaixaBank SA Expires 12/16/2013		47,839			3,509
Total Rights
(cost $3,229)					4,559
FOREIGN CORPORATE BONDS & NOTES — 0.0%
United Kingdom — 0.0%
National Grid Gas PLC Senior Bonds 4.19% due 12/16/2024	GBP	5,000			16,262
National Grid Gas PLC Senior Bonds 7.00% due 12/14/2022	GBP	5,000			10,512
Total Foreign Corporate Bonds & Notes
(cost $15,705)					26,774
Total Long-Term Investment Securities
(cost $907,777,858)					1,067,764,027
SHORT-TERM INVESTMENT SECURITIES — 4.5%
Registered Investment Companies — 3.6%
State Street Navigator Securities Lending Prime Portfolio(4)		39,502,304			39,502,304
Time Deposits — 0.8%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013	$	8,630,000			8,630,000
U.S. Government Treasuries — 0.1%
United States Treasury Bills
Disc. Notes
0.00% due 12/26/2013@		80,000			80,000
0.01% due 01/30/2014@		420,000			419,984
0.05% due 03/06/2014@		350,000			349,927
					849,911
Total Short-Term Investment Securities
(cost $48,982,259)					48,982,215
TOTAL INVESTMENTS —
(cost $956,760,117)(5)		103.2	%		1,116,746,242
Liabilities in excess of other assets		(3.2	)		(35,074,147	)
NET ASSETS —		100.0	%	$	1,081,672,095

129

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

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

† Non-income producing security

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

(1) Consists of more than one type of securities traded together as a unit.

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

(3) Illiquid security. At November 30, 2013, the aggregate value of these securities was $0 representing 0.0% of net assets.

(4) At November 30, 2013, the Fund had loaned securities with a total value of $39,162,054. This was secured by collateral of $39,502,304, which was received in cash and subsequently invested in short-term investments currently valued at $39,502,304 as reported in the portfolio of investments. Additional collateral of $1,892,708 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Federal National Mtg. Assoc.	3.50% to 4.00%	08/25/2039 to 07/25/2041	$	154,321
United States Treasury Notes/Bonds	0.13% to 5.25%	01/31/2014 to 08/15/2039		1,738,387

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

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

ADR—American Depository Receipt

BR—Bearer Shares

BRL—Brazilian Real

CDI—Chess Depository Interest

CPO—Certification de Participacion Ordinario

CVA—Certification Van Aandelen (Dutch Cert.)

FDR—Federal Depository Receipt

GBP—Pound Sterling

GDR—Global Depository Receipt

ISE—Irish Stock Exchange

LSE—London Stock Exchange

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 November 30, 2013		Unrealized Appreciation (Depreciation)
	100	Long	E-Mini MSCI EAFE		December 2013	$	9,493,549	$	9,366,000	$	(127,549	)
	10	Long	Nikkei 225 Index		December 2013		709,530		785,500		75,970
	5	Long	SPI 200 Index		December 2013		615,141		606,873		(8,268	)
										$	(59,847	)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Australia	$	73,204,627	$	—	$	0	$	73,204,627
France		100,504,239		—		—		100,504,239
Germany		83,169,720		—		—		83,169,720
Hong Kong		30,249,997		—		20,006		30,270,003
Japan		202,648,047		—		—		202,648,047
Switzerland		85,440,147		—		—		85,440,147
United Kingdom		190,747,275		—		—		190,747,275
Other Countries*		279,499,210		—		—		279,499,210
Exchange-Traded Funds		4,249,252		—		—		4,249,252
Preferred Securities		18,000,174		—		—		18,000,174
Rights		4,559		—		—		4,559
Foreign Corporate Bonds & Notes		—		26,774		—		26,774

130

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
Short-Term Investment Securities:
Registered Investment Companies	$	39,502,304	$		$	—	$	39,502,304
Time Deposits		—		8,630,000		—		8,630,000
U.S. Government Treasuries		—		849,911		—		849,911
Other Financial Instruments:+
Open Futures Contracts - Appreciation		75,970		—		—		75,970
Total	$	1,107,295,521	$	9,506,685	$	20,006	$	1,116,822,212
LIABILITIES:
Other Financial Instruments:+
Open Futures Contracts - Depreciation	$	135,817	$	—	$	—	$	135,817

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $1,017,090,907 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.

See Notes to Financial Statements

131

VALIC Company I International Government Bond Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Sovereign	66.8	%
United States Treasury Notes	12.7
Banks — Commercial	3.2
Time Deposits	2.2
United States Treasury Bonds	1.5
Oil Companies — Integrated	1.0
Banks — Special Purpose	0.8
Brewery	0.6
Real Estate Operations & Development	0.6
Auto — Cars/Light Trucks	0.6
Oil Companies — Exploration & Production	0.6
Food — Meat Products	0.4
Gold Mining	0.4
Oil Refining & Marketing	0.4
Sovereign Agency	0.4
Special Purpose Entities	0.4
Municipal Bonds	0.4
Electric — Integrated	0.3
Coal	0.3
Finance — Auto Loans	0.3
Industrial Gases	0.3
Independent Power Producers	0.3
Metal — Iron	0.2
Import/Export	0.2
Building Products — Cement	0.2
Cellular Telecom	0.2
Steel — Producers	0.2
Electric — Transmission	0.2
Sugar	0.2
Petrochemicals	0.2
Diversified Operations	0.2
Diversified Financial Services	0.2
Transport — Services	0.2
Pastoral & Agricultural	0.2
Diversified Minerals	0.1
Retail — Major Department Stores	0.1
Electric — Generation	0.1
Appliances	0.1
Pipelines	0.1
Banks — Super Regional	0.1
Building — Heavy Construction	0.1
Telephone — Integrated	0.1
Metal — Diversified	0.1
Transport — Rail	0.1
SupraNational Banks	0.1
Gas — Transportation	0.1
Television	0.1
Food — Misc./Diversified	0.1
	98.3	%

Country Allocation*

United States	17.1	%
Japan	13.3
Italy	5.9
United Kingdom	5.6
Spain	3.7
Mexico	3.5
Netherlands	3.1
Brazil	2.5
Turkey	2.4
Belgium	2.3
Indonesia	2.3
Colombia	2.2
South Africa	2.1
Peru	1.8
Venezuela	1.8
Poland	1.7
New Zealand	1.7
Germany	1.7
Ireland	1.7
Canada	1.4
Austria	1.3
France	1.2
Lithuania	1.1
Slovenia	1.0
Luxembourg	1.0
El Salvador	1.0
Australia	1.0
Philippines	0.9
Sweden	0.8
Malaysia	0.8
Lebanon	0.8
Russia	0.7
Cayman Islands	0.7
Norway	0.6
Uruguay	0.6
Latvia	0.6
Kazakhstan	0.6
Sri Lanka	0.5
Denmark	0.5
Singapore	0.5
Morocco	0.5
Nigeria	0.4
Thailand	0.4
British Virgin Islands	0.4
Ukraine	0.4
Hungary	0.3
Jersey	0.3
Ivory Coast	0.3
Dominican Republic	0.2
Belarus	0.2
Costa Rica	0.2
Egypt	0.2
Finland	0.2
United Arab Emirates	0.1
SupraNational	0.1
Chile	0.1
	98.3	%

* Calculated as a percentage of net assets

132

VALIC Company I International Government Bond Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)

Credit Quality Allocation†#

Aaa	23.9	%
Aa	22.0
A	4.4
Baa	34.2
Ba	6.0
B	1.7
Caa	1.2
Not Rated@	6.6
	100.0	%

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

† Source: Moody’s

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

133

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Principal Amount(2)		Value (Note 2)
CORPORATE BONDS & NOTES — 14.8%
Australia — 0.4%
Australia & New Zealand Banking Group, Ltd. Senior Notes 2.13% due 01/10/2014*	$	400,000	$	400,680
Westpac Banking Corp. Senior Notes 1.13% due 09/25/2015		270,000		272,797
				673,477
Austria — 0.1%
ESAL GmbH Company Guar. Notes 6.25% due 02/05/2023*		200,000		181,000
Belgium — 0.3%
Anheuser-Busch InBev NV Company Guar. Notes 2.00% due 12/16/2019	EUR	400,000		552,475
Brazil — 0.8%
Banco ABC Brasil SA Senior Notes 8.50% due 03/28/2016*	BRL	1,600,000		628,398
BRF SA Senior Notes 3.95% due 05/22/2023*		200,000		177,500
BRF SA Senior Notes 7.75% due 05/22/2018*	BRL	500,000		174,693
Oi SA Senior Notes 9.75% due 09/15/2016*	BRL	500,000		191,558
Samarco Mineracao SA Senior Notes 4.13% due 11/01/2022*		250,000		223,750
				1,395,899
British Virgin Islands — 0.4%
Gold Fields Orogen Holding BVI, Ltd. Company Guar. Notes 4.88% due 10/07/2020*		520,000		437,451
LS Finance 2022, Ltd. Company Guar. Notes 4.25% due 10/16/2022		250,000		228,945
				666,396
Cayman Islands — 0.7%
Agile Property Holdings, Ltd. Company Guar. Notes 9.88% due 03/20/2017		300,000		327,750
Cementos Progreso Trust Company Guar. Notes 7.13% due 11/06/2023*		200,000		201,500
Country Garden Holdings Co., Ltd. Company Guar. Notes 7.25% due 04/04/2021*		200,000		198,000
Country Garden Holdings Co., Ltd. Company Guar. Notes 7.50% due 01/10/2023*		200,000		193,500
Country Garden Holdings Co., Ltd. Company Guar. Notes 11.13% due 02/23/2018		300,000		334,875
				1,255,625

Security Description	Principal Amount(2)		Value (Note 2)
Chile — 0.1%
Automotores Gildemeister SA Company Guar. Notes 6.75% due 01/15/2023*	$	150,000	$	114,375
Colombia — 0.5%
Banco de Bogota SA Senior Notes 5.00% due 01/15/2017*		260,000		271,700
Empresa de Energia de Bogota SA Senior Notes 6.13% due 11/10/2021*		330,000		340,725
Empresas Publicas de Medellin ESP Senior Notes 8.38% due 02/01/2021	COP	80,000,000		42,656
Transportadora de Gas Internacional SA ESP Senior Notes 5.70% due 03/20/2022*		200,000		205,500
				860,581
Germany — 0.1%
Rearden G Holdings EINS GmbH Company Guar. Notes 7.88% due 03/30/2020		200,000		208,750
Indonesia — 0.9%
Adaro Indonesia PT Company Guar. Notes 7.63% due 10/22/2019		225,000		236,531
Pertamina Persero PT Senior Notes 4.88% due 05/03/2022*		318,000		289,778
Perusahaan Listrik Negara PT Senior Notes 5.50% due 11/22/2021*		480,000		463,200
Perusahaan Penerbit SBSN Senior Notes 3.30% due 11/21/2022*		600,000		498,000
				1,487,509
Ireland — 0.9%
Federal Grid Co. OJS via Federal Grid Finance, Ltd. Notes 8.45% due 03/13/2019	RUB	15,000,000		452,591
OJSC Novolipetsk Steel via Steel Funding, Ltd. Senior Notes 4.95% due 09/26/2019*		200,000		197,250
Rosneft Oil Co via Rosneft International Finance, Ltd. Senior Notes 4.20% due 03/06/2022*		200,000		183,000
Russian Railways via RZD Capital PLC Senior Notes 8.30% due 04/02/2019	RUB	6,000,000		181,174
Sibur Securities, Ltd. Company Guar. Notes 3.91% due 01/31/2018*		200,000		193,750
Vnesheconombank Via VEB Finance PLC Senior Notes 6.03% due 07/05/2022*		260,000		266,175
				1,473,940
Jersey — 0.3%
Burgan Finance No. 1, Ltd. Bank Guar. Notes 7.88% due 09/29/2020		300,000		328,500

134

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount(2)		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Jersey (continued)
Polyus Gold International, Ltd. Company Guar. Notes 5.63% due 04/29/2020*	$	250,000	$	245,000
				573,500
Kazakhstan — 0.6%
Development Bank of Kazakhstan JSC Senior Notes 4.13% due 12/10/2022*		400,000		357,020
Development Bank of Kazakhstan JSC Senior Notes 5.50% due 12/20/2015		310,000		327,050
KazMunayGas National Co. JSC Senior Notes 6.38% due 04/09/2021*		250,000		271,875
				955,945
Luxembourg — 1.0%
Andrade Gutierrez International SA Company Guar. Notes 4.00% due 04/30/2018*		200,000		193,500
Cosan Luxembourg SA Company Guar. Notes 9.50% due 03/14/2018*	BRL	825,000		305,477
Gazprom Neft OAO Via GPN Capital SA Senior Notes 4.38% due 09/19/2022*		200,000		183,750
Gazprom OAO Via Gaz Capital SA Senior Notes 6.00% due 01/23/2021*		240,000		252,000
MHP SA Company Guar. Notes 8.25% due 04/02/2020*		325,000		270,563
Minerva Luxembourg SA Company Guar. Notes 7.75% due 01/31/2023*		200,000		196,500
Severstal OAO Via Steel Capital SA Senior Notes 4.45% due 03/19/2018*		350,000		344,750
				1,746,540
Mexico — 0.3%
Alpek SA de CV Company Guar. Notes 5.38% due 08/08/2023*		310,000		304,962
Cemex SAB de CV Senior Sec. Notes 5.88% due 03/25/2019*		200,000		196,000
				500,962
Netherlands — 2.4%
BMW Finance NV Company Guar. Notes 2.13% due 01/13/2015	EUR	400,000		553,235
Daimler International Finance BV Company Guar. Notes 3.50% due 06/06/2019	GBP	200,000		343,033
Enel Finance International NV Company Guar. Notes 4.88% due 03/11/2020	EUR	350,000		534,577
Indo Energy Finance II BV Senior Sec. Notes 6.38% due 01/24/2023*		400,000		334,000

Security Description	Principal Amount(2)		Value (Note 2)
Netherlands (continued)
Linde Finance BV Company Guar. Notes 1.75% due 06/11/2019	EUR	350,000	$	482,765
Myriad International Holdings BV Company Guar. Notes 6.38% due 07/28/2017		150,000		165,187
Petrobras Global Finance BV Company Guar. Notes 3.25% due 04/01/2019	EUR	400,000		550,736
Petrobras Global Finance BV Company Guar. Notes 4.38% due 05/20/2023		120,000		109,060
Rabobank Nederland NV Senior Notes 4.20% due 05/13/2014*		700,000		712,040
VimpelCom Holdings BV Company Guar. Notes 9.00% due 02/13/2018*	RUB	12,000,000		362,978
				4,147,611
New Zealand — 0.5%
Westpac Securities New Zealand, Ltd. Government Guar. Notes 3.45% due 07/28/2014*		800,000		816,808
Peru — 0.3%
Alicorp SAA Senior Notes 3.88% due 03/20/2023*		150,000		136,875
Transportadora de Gas del Peru SA Senior Notes 4.25% due 04/30/2028*		200,000		175,000
Volcan Cia Minera SAA Company Guar. Notes 5.38% due 02/02/2022*		310,000		289,850
				601,725
South Africa — 0.2%
Transnet SOC, Ltd. Senior Notes 4.00% due 07/26/2022*		320,000		280,800
SupraNational — 0.1%
Eurasian Development Bank Senior Notes 8.00% due 10/05/2017		RUB 6,000,000		179,210
Sweden — 0.4%
PKO Finance AB Senior Notes 4.63% due 09/26/2022*		305,000		302,331
Svensk Exportkredit AB Senior Notes 1.75% due 05/30/2017		400,000		410,076
				712,407
Thailand — 0.4%
Bangkok Bank PCL Senior Notes 2.75% due 03/27/2018*		500,000		499,235
Thai Oil PCL Senior Notes 3.63% due 01/23/2023*		200,000		182,623
				681,858

135

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount(2)		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Turkey — 0.9%
Akbank TAS Senior Notes 7.50% due 02/05/2018*	TRY	1,336,000	$	593,660
Arcelik AS Senior Notes 5.00% due 04/03/2023*		250,000		221,250
KOC Holding AS Senior Notes 3.50% due 04/24/2020*		330,000		289,988
Turkiye Halk Bankasi AS Senior Notes 3.88% due 02/05/2020*		200,000		183,500
Turkiye Is Bankasi Senior Notes 5.50% due 04/21/2019*		310,000		313,487
				1,601,885
United Arab Emirates — 0.1%
Abu Dhabi National Energy Co. Senior Notes 5.88% due 12/13/2021*		200,000		222,800
United Kingdom — 1.0%
City of Kyiv Via Kyiv Finance PLC Senior Notes 9.38% due 07/11/2016*		750,000		641,085
DTEK Finance PLC Company Guar. Notes 7.88% due 04/04/2018*		325,000		283,140
SABMiller PLC Senior Notes 4.50% due 01/20/2015	EUR	400,000		567,412
Vedanta Resources PLC Senior Notes 7.13% due 05/31/2023*		200,000		184,250
				1,675,887
United States — 0.7%
Fifth Third Bancorp Senior Notes 3.50% due 03/15/2022		200,000		197,289
Reliance Holdings USA, Inc. Company Guar. Notes 4.50% due 10/19/2020		500,000		494,422
Toyota Motor Credit Corp. Senior Notes 1.75% due 05/22/2017		500,000		506,796
				1,198,507
Venezuela — 0.4%
Petroleos de Venezuela SA Company Guar. Notes 5.38% due 04/12/2027		300,000		162,000
Petroleos de Venezuela SA Company Guar. Notes 8.50% due 11/02/2017		700,000		556,500
				718,500
Total Corporate Bonds & Notes
(cost $26,676,158)				25,484,972
GOVERNMENT AGENCIES — 56.4%
Australia — 0.6%
Government of Australia Senior Bonds 4.75% due 06/15/2016	AUD	350,000		333,312

Security Description	Principal Amount(2)		Value (Note 2)
Australia (continued)
Government of Australia Senior Notes 5.75% due 05/15/2021	AUD	625,000	$	636,533
				969,845
Austria — 1.2%
Republic of Austria Senior Notes 3.40% due 11/22/2022*	EUR	500,000		763,387
Republic of Austria Senior Notes 4.15% due 03/15/2037*	EUR	740,000		1,232,908
				1,996,295
Belarus — 0.2%
Republic of Belarus Senior Notes 8.75% due 08/03/2015		400,000		398,400
Belgium — 2.0%
Kingdom of Belgium Bonds 2.25% due 06/22/2023	EUR	1,735,000		2,337,481
Kingdom of Belgium Senior Bonds 3.25% due 09/28/2016*	EUR	725,000		1,062,061
				3,399,542
Brazil — 1.5%
Federative Republic of Brazil Senior Notes 4.88% due 01/22/2021		580,000		614,800
Federative Republic of Brazil Senior Notes 5.63% due 01/07/2041		396,000		380,160
Federative Republic of Brazil Senior Bonds 7.13% due 01/20/2037		300,000		341,250
Federative Republic of Brazil Senior Notes 8.75% due 02/04/2025		554,000		743,745
Federative Republic of Brazil Senior Bonds 12.50% due 01/05/2022	BRL	1,100,000		532,083
				2,612,038
Canada — 1.4%
Government of Canada Bonds 1.50% due 09/01/2017	CAD	885,000		834,213
Government of Canada Bonds 3.75% due 06/01/2019	CAD	1,085,000		1,122,410
Government of Canada Bonds 5.00% due 06/01/2037	CAD	410,000		507,657
				2,464,280
Colombia — 1.7%
Republic of Colombia Senior Notes 2.63% due 03/15/2023		420,000		369,600
Republic of Colombia Senior Notes 6.13% due 01/18/2041		904,000		955,980

136

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount(2)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Colombia (continued)
Republic of Colombia Senior Notes 7.38% due 03/18/2019	$	580,000	$	700,350
Republic of Colombia Senior Notes 7.38% due 09/18/2037		270,000		328,725
Republic of Colombia Senior Bonds 9.85% due 06/28/2027	COP	900,000,000		582,327
				2,936,982
Costa Rica — 0.2%
Republic of Costa Rica Senior Bonds 4.38% due 04/30/2025*		200,000		180,000
Republic of Costa Rica Senior Bonds 5.63% due 04/30/2043*		200,000		171,000
				351,000
Denmark — 0.5%
Kingdom of Denmark Bonds 3.00% due 11/15/2021	DKK	4,100,000		837,763
Dominican Republic — 0.2%
Dominican Republic Senior Notes 7.50% due 05/06/2021		390,000		419,250
Egypt — 0.2%
Arab Republic of Egypt Senior Notes 6.88% due 04/30/2040		400,000		329,000
El Salvador — 1.0%
Republic of El Salvador Senior Notes 5.88% due 01/30/2025*		225,000		213,750
Republic of El Salvador Senior Notes 7.63% due 02/01/2041		1,120,000		1,117,200
Republic of El Salvador Senior Bonds 8.25% due 04/10/2032		340,000		374,000
				1,704,950
Finland — 0.2%
Government of Finland Senior Bonds 2.63% due 07/04/2042*	EUR	240,000		317,630
France — 1.2%
Government of France Bonds 3.50% due 04/25/2026	EUR	400,000		593,534
Government of France Bonds 4.00% due 04/25/2060	EUR	350,000		540,450
Government of France Bonds 4.50% due 04/25/2041	EUR	600,000		997,308
Government of France Bonds 5.50% due 04/25/2029	EUR	347		626
				2,131,918

Security Description	Principal Amount(2)		Value (Note 2)
Germany — 1.6%
Federal Republic of Germany Bonds 3.50% due 07/04/2019	EUR	720,000	$	1,123,420
Federal Republic of Germany Bonds 4.00% due 01/04/2037	EUR	950,000		1,598,377
				2,721,797
Hungary — 0.3%
Republic of Hungary Senior Notes 5.75% due 11/22/2023		308,000		304,920
Republic of Hungary Bonds 6.00% due 11/24/2023	HUF	65,000,000		290,984
				595,904
Indonesia — 1.4%
Republic of Indonesia Senior Notes 4.63% due 04/15/2043*		330,000		254,925
Republic of Indonesia Senior Bonds 8.50% due 10/12/2035		830,000		1,013,638
Republic of Indonesia Senior Notes 11.63% due 03/04/2019		790,000		1,060,575
				2,329,138
Ireland — 0.8%
Republic of Ireland Bonds 4.50% due 04/18/2020	EUR	270,000		398,941
Republic of Ireland Bonds 4.60% due 04/18/2016	EUR	620,000		913,526
				1,312,467
Ivory Coast — 0.3%
Republic of Ivory Coast Senior Notes 5.75% due 12/31/2032		560,000		499,800
Japan — 13.3%
Government of Japan Senior Bonds 0.90% due 03/20/2022	JPY	115,000,000		1,159,889
Government of Japan Senior Bonds 1.00% due 09/20/2020	JPY	185,000,000		1,885,241
Government of Japan Senior Notes 1.10% due 06/20/2020	JPY	132,000,000		1,353,776
Government of Japan Senior Bonds 1.10% due 03/20/2021	JPY	180,000,000		1,845,929
Government of Japan Senior Bonds 1.30% due 12/20/2019	JPY	254,000,000		2,633,478
Government of Japan Senior Bonds 1.50% due 09/20/2018	JPY	190,000,000		1,970,938
Government of Japan Senior Bonds 1.70% due 12/20/2016	JPY	240,000,000		2,455,550

137

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount(2)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Japan (continued)
Government of Japan Senior Bonds 1.70% due 03/20/2018	JPY	110,000,000	$	1,144,274
Government of Japan Senior Notes 1.80% due 12/20/2031	JPY	53,000,000		553,237
Government of Japan Senior Notes 1.80% due 03/20/2043	JPY	225,000,000		2,264,538
Government of Japan Senior Bonds 2.00% due 03/20/2025	JPY	182,700,000		2,035,835
Government of Japan Senior Bonds 2.00% due 09/20/2040	JPY	170,000,000		1,790,842
Government of Japan Senior Bonds 2.10% due 09/20/2029	JPY	128,000,000		1,422,556
Government of Japan Senior Notes 2.20% due 03/20/2051	JPY	33,000,000		363,089
				22,879,172
Latvia — 0.6%
Republic of Latvia Senior Notes 2.75% due 01/12/2020*		670,000		639,515
Republic of Latvia Senior Notes 5.25% due 06/16/2021		350,000		378,875
				1,018,390
Lebanon — 0.8%
Lebanese Republic Senior Notes 5.00% due 10/12/2017		1,330,000		1,309,557
Lithuania — 1.1%
Republic of Lithuania Senior Notes 6.63% due 02/01/2022		600,000		703,500
Republic of Lithuania Senior Notes 6.75% due 01/15/2015		350,000		371,301
Republic of Lithuania Senior Notes 7.38% due 02/11/2020		600,000		726,000
				1,800,801
Malaysia — 0.8%
Government of Malaysia Senior Notes 3.31% due 10/31/2017	MYR	1,550,000		476,615
Government of Malaysia Senior Bonds 4.16% due 07/15/2021	MYR	2,940,000		912,587
				1,389,202
Mexico — 3.2%
United Mexican States Senior Notes 2.75% due 04/22/2023	EUR	400,000		522,914
United Mexican States Senior Notes 3.63% due 03/15/2022		1,180,000		1,169,380

Security Description	Principal Amount(2)		Value (Note 2)
Mexico (continued)
United Mexican States Series A Senior Notes 6.05% due 01/11/2040	$	610,000	$	651,175
United Mexican States Series A Senior Notes 6.75% due 09/27/2034		600,000		693,900
United Mexican States Bonds 7.25% due 12/15/2016	MXN	13,500,000		1,115,148
United Mexican States Bonds 7.75% due 11/13/2042	MXN	2,900,000		223,821
United Mexican States Bonds 8.50% due 05/31/2029	MXN	2,900,000		251,000
United Mexican States Bonds 10.00% due 12/05/2024	MXN	6,000,000		595,481
United Mexican States Bonds 10.00% due 11/20/2036	MXN	3,000,000		289,031
				5,511,850
Morocco — 0.5%
Kingdom of Morocco Senior Notes 4.25% due 12/11/2022		400,000		368,000
Kingdom of Morocco Senior Notes 5.50% due 12/11/2042*		500,000		418,750
				786,750
Netherlands — 0.7%
Government of Netherlands Bonds 2.25% due 07/15/2022*	EUR	885,000		1,243,693
New Zealand — 1.2%
Government of New Zealand Senior Notes 6.00% due 04/15/2015	NZD	2,505,000		2,115,058
Nigeria — 0.4%
Federal Republic of Nigeria Bonds 6.75% due 01/28/2021		670,000		725,275
Norway — 0.6%
Kingdom of Norway Bonds 3.75% due 05/25/2021	NOK	1,300,000		229,167
Kingdom of Norway Bonds 4.25% due 05/19/2017	NOK	3,240,000		571,582
Kingdom of Norway Bonds 5.00% due 05/15/2015	NOK	1,800,000		308,157
				1,108,906
Peru — 1.5%
Republic of Peru Senior Notes 5.63% due 11/18/2050		300,000		296,250

138

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount(2)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Peru (continued)
Republic of Peru Senior Notes 6.55% due 03/14/2037	$	300,000	$	339,000
Republic of Peru Senior Notes 7.13% due 03/30/2019		600,000		718,500
Republic of Peru Senior Notes 8.20% due 08/12/2026	PEN	1,200,000		512,671
Republic of Peru Senior Notes 8.75% due 11/21/2033		490,000		683,550
				2,549,971
Philippines — 0.9%
Republic of the Philippines Senior Notes 9.88% due 01/15/2019		270,000		358,425
Republic of the Philippines Senior Notes 10.63% due 03/16/2025		710,000		1,100,500
				1,458,925
Poland — 1.7%
Republic of Poland Senior Notes 3.00% due 03/17/2023		1,650,000		1,507,687
Republic of Poland Bonds 5.25% due 10/25/2020	PLN	4,250,000		1,459,054
				2,966,741
Russia — 0.7%
Russian Federation Senior Notes 5.63% due 04/04/2042*		800,000		791,000
Russian Federation Senior Notes 7.50% due 03/31/2030		403,975		472,651
				1,263,651
Singapore — 0.5%
Republic of Singapore Senior Notes 2.38% due 04/01/2017	SGD	970,000		822,042
Slovenia — 1.0%
Republic of Slovenia Senior Bonds 4.75% due 05/10/2018*		420,000		422,100
Republic of Slovenia Senior Notes 5.50% due 10/26/2022*		1,060,000		1,048,075
Republic of Slovenia Bonds 5.85% due 05/10/2023*		320,000		322,400
				1,792,575
South Africa — 1.9%
Republic of South Africa Senior Notes 4.67% due 01/17/2024		960,000		921,600
Republic of South Africa Senior Notes 5.88% due 09/16/2025		500,000		520,000

Security Description	Principal Amount(2)		Value (Note 2)
South Africa (continued)
Republic of South Africa Senior Notes 6.75% due 03/31/2021	ZAR	1,900,000	$	175,975
Republic of South Africa Bonds 7.25% due 01/15/2020	ZAR	7,500,000		723,826
Republic of South Africa Bonds 10.50% due 12/21/2026	ZAR	5,000,000		573,816
Republic of South Africa Bonds 13.50% due 09/15/2015	ZAR	2,700,000		296,786
				3,212,003
Spain — 3.7%
Kingdom of Spain Senior Bonds 4.00% due 04/30/2020	EUR	1,000,000		1,415,557
Kingdom of Spain Senior Bonds 4.10% due 07/30/2018	EUR	2,200,000		3,194,920
Kingdom of Spain Senior Bonds 4.60% due 07/30/2019	EUR	1,150,000		1,698,068
				6,308,545
Sri Lanka — 0.5%
Republic of Sri Lanka Senior Notes 5.88% due 07/25/2022*		320,000		296,000
Republic of Sri Lanka Senior Notes 6.25% due 07/27/2021		670,000		641,525
				937,525
Sweden — 0.4%
Kingdom of Sweden Bonds 3.50% due 06/01/2022	SEK	4,340,000		734,773
Turkey — 1.5%
Republic of Turkey Bonds 6.00% due 01/14/2041		630,000		588,262
Republic of Turkey Senior Notes 7.00% due 06/05/2020		650,000		729,625
Republic of Turkey Senior Notes 7.50% due 11/07/2019		310,000		356,500
Republic of Turkey Bonds 9.00% due 01/27/2016	TRY	1,200,000		595,513
Republic of Turkey Senior Notes 11.88% due 01/15/2030		228,000		355,395
				2,625,295
Ukraine — 0.4%
Financing of Infrastructural Projects State Enterprise Government Guar. Bonds 7.40% due 04/20/2018		810,000		660,150

139

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount(2)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Uruguay — 0.6%
Republic of Uruguay Senior Notes 4.50% due 08/14/2024	$	113,000	$	112,153
Republic of Uruguay Bonds 8.00% due 11/18/2022		771,809		949,325
				1,061,478
Venezuela — 1.4%
Republic of Venezuela Senior Bonds 7.75% due 10/13/2019		800,000		592,000
Republic of Venezuela Senior Bonds 9.00% due 05/07/2023		870,000		622,050
Republic of Venezuela Senior Notes 11.75% due 10/21/2026		330,000		271,425
Republic of Venezuela Senior Notes 12.75% due 08/23/2022		1,000,000		910,000
				2,395,475
Total Government Agencies
(cost $101,592,489)				97,005,802
GOVERNMENT TREASURIES — 24.7%
Italy — 5.9%
Republic of Italy Bonds 3.50% due 11/01/2017	EUR	270,000		384,071
Republic of Italy Bonds 4.25% due 03/01/2020	EUR	1,800,000		2,611,581
Republic of Italy Senior Notes 4.50% due 06/08/2015	JPY	110,000,000		1,117,123
Republic of Italy Bonds 4.50% due 02/01/2018	EUR	450,000		663,659
Republic of Italy Bonds 4.75% due 05/01/2017	EUR	1,840,000		2,719,858
Republic of Italy Bonds 4.75% due 09/01/2021	EUR	100,000		147,535
Republic of Italy Bonds 5.00% due 03/01/2025*	EUR	1,020,000		1,492,588
Republic of Italy Bonds 9.00% due 11/01/2023	EUR	532,912		1,024,645
				10,161,060
United Kingdom — 4.6%
United Kingdom Gilt Treasury Bonds 1.25% due 07/22/2018	GBP	1,640,000		2,649,188
United Kingdom Gilt Treasury Bonds 3.75% due 09/07/2020	GBP	1,165,000		2,105,142
United Kingdom Gilt Treasury Bonds 4.00% due 09/07/2016	GBP	535,000		953,843

Security Description	Principal Amount(2)			Value (Note 2)
United Kingdom (continued)
United Kingdom Gilt Treasury Bonds 4.25% due 03/07/2036	GBP	410,000		$	749,850
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2040	GBP	450,000			826,251
United Kingdom Gilt Treasury Bonds 4.50% due 09/07/2034	GBP	290,000			547,740
					7,832,014
United States — 14.2%
United States Treasury Bonds
3.00% due 05/15/2042	$	1,270,000			1,091,009
4.38% due 02/15/2038		110,000			122,530
5.38% due 02/15/2031		700,000			878,282
5.50% due 08/15/2028		380,000			478,859
United States Treasury Notes
0.25% due 12/15/2014		2,700,000			2,702,848
1.25% due 09/30/2015		4,300,000			4,377,602
1.75% due 05/15/2022		490,000			463,050
1.88% due 08/31/2017		1,155,000			1,196,959
2.00% due 02/15/2022		400,000			388,000
2.13% due 12/31/2015		1,450,000			1,504,827
2.38% due 03/31/2016		1,388,000			1,453,171
2.75% due 11/30/2016		2,370,000			2,522,384
2.75% due 12/31/2017		2,150,000			2,299,659
2.75% due 02/28/2018		1,320,000			1,411,575
3.13% due 05/15/2021		3,260,000			3,472,155
					24,362,910
Total Government Treasuries
(cost $41,615,612)					42,355,984
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.2%
Brazil — 0.2%
Banco do Brasil SA Sub. Notes 5.88% due 01/26/2022* cost ($370,999)		375,000			364,688
Total Long-Term Investment Securities
(cost $170,255,258)					165,211,446
SHORT-TERM INVESTMENT SECURITIES — 2.2%
Time Deposits — 2.2%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013 (cost $3,819,000)		3,819,000			3,819,000
TOTAL INVESTMENTS —
(cost $174,074,258)(1)		98.3	%		169,030,446
Other assets less liabilities		1.7			2,866,739
NET ASSETS —		100.0	%	$	171,897,185

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2013, the aggregate value of these securities was $26,622,050 representing 15.5% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

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

140

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

COP—Colombian Peso

DKK—Danish Krone

EUR—Euro Dollar

GBP—British Pound

HUF—Hungarian Forint

JPY—Japanese Yen

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

TRY—Turkish Lira

ZAR—South African Rand

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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	$	—	$	25,484,972	$	—	$	25,484,972
Government Agencies:
Japan		—		22,879,172		—		22,879,172
Other Countries*		—		74,126,630		—		74,126,630
Government Treasuries:
Italy		—		10,161,060		—		10,161,060
United Kingdom		—		7,832,014		—		7,832,014
United States		—		24,362,910		—		24,362,910
Preferred Securities/Capital Securities		—		364,688				364,688
Short-Term Investment Securities:
Time Deposits		—		3,819,000		—		3,819,000
Total Assets	$	—	$	169,030,446	$	—	$	169,030,446

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements.

141

VALIC Company I International Growth Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Medical — Drugs	7.7	%
Banks — Commercial	5.2
Diversified Banking Institutions	4.6
Registered Investment Companies	4.5
Auto — Cars/Light Trucks	3.5
Food — Misc./Diversified	3.2
Chemicals — Diversified	2.3
Tobacco	2.0
Oil Companies — Integrated	1.9
Human Resources	1.9
Time Deposits	1.8
Auto/Truck Parts & Equipment — Original	1.8
Brewery	1.7
Oil Companies — Exploration & Production	1.7
Insurance — Life/Health	1.7
Electronic Components — Misc.	1.7
Food — Catering	1.6
Industrial Gases	1.4
Power Converter/Supply Equipment	1.3
Soap & Cleaning Preparation	1.3
Electronic Components — Semiconductors	1.3
Retail — Apparel/Shoe	1.3
Beverages — Wine/Spirits	1.3
Insurance — Multi-line	1.3
Telephone — Integrated	1.3
Rubber — Tires	1.3
Food — Retail	1.2
Transport — Rail	1.2
Advertising Agencies	1.2
Hotels/Motels	1.1
Cosmetics & Toiletries	1.1
Semiconductor Components — Integrated Circuits	1.0
Enterprise Software/Service	1.0
Web Portals/ISP	1.0
Metal — Diversified	1.0
Aerospace/Defense — Equipment	1.0
Wireless Equipment	1.0
Finance — Leasing Companies	0.9
Advertising Services	0.9
Medical — Biomedical/Gene	0.9
Industrial Automated/Robotic	0.9
Finance — Other Services	0.9
Diversified Operations	0.9
Transactional Software	0.9
Cellular Telecom	0.9
Cable/Satellite TV	0.8
Casino Hotels	0.8
Athletic Footwear	0.8
Agricultural Chemicals	0.8
Electronic Measurement Instruments	0.7
Semiconductor Equipment	0.7
Publishing — Periodicals	0.7
Building Products — Air & Heating	0.7
Diversified Financial Services	0.7
Electric Products — Misc.	0.6
Paper & Related Products	0.6
E — Commerce/Products	0.6
Retail — Jewelry	0.6
Investment Management/Advisor Services	0.6
Real Estate Management/Services	0.6
Apparel Manufacturers	0.5
Machinery — Farming	0.5
Diversified Minerals	0.5
Investment Companies	0.5
Textile — Apparel	0.5
Medical Products	0.5
Retail — Building Products	0.5
Optical Supplies	0.5
Rental Auto/Equipment	0.5

Transport — Services	0.5
Diversified Manufacturing Operations	0.4
Medical — Generic Drugs	0.4
Engineering/R&D Services	0.4
Computers — Integrated Systems	0.4
Distribution/Wholesale	0.4
Internet Application Software	0.4
Aerospace/Defense	0.4
Insurance — Property/Casualty	0.3
Broadcast Services/Program	0.3
Gas — Distribution	0.3
Electronic Parts Distribution	0.3
Building Products — Cement	0.3
Chemicals — Specialty	0.3
Diversified Operations/Commercial Services	0.3
Computer Services	0.3
Airlines	0.3
Metal Processors & Fabrication	0.3
Television	0.3
Insurance — Reinsurance	0.2
Multimedia	0.2
Building & Construction Products — Misc.	0.2
Appliances	0.2
Finance — Mortgage Loan/Banker	0.2
Oil Refining & Marketing	0.2
Electric — Integrated	0.2
Retail — Convenience Store	0.2
Computer Aided Design	0.2
Publishing — Newspapers	0.2
Containers — Paper/Plastic	0.2
Applications Software	0.2
Machinery — Construction & Mining	0.2
Retail — Drug Store	0.1
Commercial Services — Finance	0.1
Oil — Field Services	0.1
Office Automation & Equipment	0.1
Resorts/Theme Parks	0.1
Beverages — Non-alcoholic	0.1
Import/Export	0.1
Telecom Services	0.1
	104.4	%

* Calculated as a percentage of net assets

142

VALIC Company I International Growth Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)

Country Allocation*

United Kingdom	18.5	%
Japan	13.4
France	11.1
Germany	9.1
Switzerland	9.0
United States	6.3
Netherlands	5.6
Canada	3.2
Australia	2.5
Sweden	2.5
Hong Kong	2.2
Jersey	2.1
Spain	2.1
Cayman Islands	1.8
Denmark	1.7
Singapore	1.6
India	1.5
Brazil	1.4
Taiwan	1.2
South Korea	1.2
Italy	1.0
Belgium	0.8
Mexico	0.8
Bermuda	0.6
Israel	0.6
Russia	0.5
Norway	0.5
Ireland	0.4
Finland	0.4
China	0.3
Turkey	0.2
Austria	0.2
Czech Republic	0.1
	104.4	%

* Calculated as a percentage of net assets

143

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.6%
Australia — 2.5%
Amcor, Ltd.		103,705	$	1,043,064
BHP Billiton, Ltd.		98,354		3,350,345
Brambles, Ltd.		219,109		1,898,378
Commonwealth Bank of Australia		39,213		2,780,119
CSL, Ltd.		87,173		5,458,463
QBE Insurance Group, Ltd.		64,399		918,196
				15,448,565
Austria — 0.2%
Erste Group Bank AG		41,342		1,455,186
Belgium — 0.8%
Anheuser-Busch InBev NV		51,719		5,280,059
Bermuda — 0.6%
Haier Electronics Group Co., Ltd.		581,000		1,371,441
Li & Fung, Ltd.#		1,694,800		2,308,512
				3,679,953
Brazil — 0.6%
BM&FBovespa SA		717,500		3,621,131
Canada — 3.2%
Agrium, Inc.#		11,994		1,079,697
Canadian National Railway Co. (NYSE)		32,110		3,612,375
Canadian National Railway Co. (TSX)		12,181		1,370,635
Canadian Pacific Railway, Ltd.		14,289		2,177,993
Cenovus Energy, Inc.#		48,141		1,401,940
CGI Group, Inc. Class A†		63,885		2,370,500
Encana Corp.		37,497		717,389
Fairfax Financial Holdings, Ltd.		3,617		1,405,832
Shoppers Drug Mart Corp.		16,300		895,341
Suncor Energy, Inc.		90,567		3,105,593
Valeant Pharmaceuticals International, Inc.†		14,570		1,597,309
				19,734,604
Cayman Islands — 1.8%
Baidu, Inc. ADR†		25,917		4,316,995
Belle International Holdings, Ltd.#		975,000		1,199,783
ENN Energy Holdings, Ltd.		83,578		590,236
Sands China, Ltd.		356,400		2,698,520
Tencent Holdings, Ltd.		37,700		2,180,504
				10,986,038
China — 0.3%
Industrial & Commercial Bank of China, Ltd.		2,521,000		1,811,248
Czech Republic — 0.1%
Komercni Banka AS		1,360		312,451
Denmark — 1.7%
Carlsberg A/S, Class B		22,992		2,518,587
GN Store Nord A/S		92,940		2,218,963
Novo Nordisk A/S, Class B		21,246		3,805,363
Pandora A/S		36,090		1,871,852
				10,414,765
Finland — 0.4%
Sampo, Class A		55,624		2,593,398
France — 11.1%
Accor SA		47,480		2,082,756
Air Liquide SA		37,024		5,160,483
AXA SA		106,130		2,780,465
BNP Paribas SA		71,985		5,402,987
Carrefour SA		101,012		3,974,030
Danone SA		82,692		6,007,787
Dassault Systemes SA		10,703		1,228,196

Security Description	Shares		Value (Note 2)
France (continued)
Essilor International SA		11,642	$	1,221,127
GDF Suez#		55,367		1,283,938
Iliad SA		3,310		783,314
L’Oreal SA		14,284		2,389,703
Legrand SA		37,946		2,094,204
LVMH Moet Hennessy Louis Vuitton SA#		17,439		3,287,110
Pernod Ricard SA		26,746		3,031,382
Publicis Groupe SA#		63,498		5,612,208
Rexel SA		80,120		2,030,467
Sanofi		34,264		3,623,269
Schneider Electric SA		95,191		8,057,741
Total SA		78,169		4,735,658
Valeo SA		26,150		2,780,169
Zodiac Aerospace		6,180		1,048,182
				68,615,176
Germany — 8.4%
Adidas AG		40,519		4,927,634
Allianz SE		13,259		2,302,879
Bayer AG		94,272		12,576,328
Beiersdorf AG		25,379		2,576,494
Brenntag AG		4,380		777,695
Continental AG		22,315		4,659,404
Daimler AG		33,840		2,804,270
Deutsche Boerse AG		23,056		1,782,824
Deutsche Post AG		46,320		1,637,956
Deutsche Telekom AG		114,497		1,817,534
Linde AG		19,244		3,929,289
Merck KGaA		15,338		2,660,843
SAP AG		74,627		6,179,158
Siemens AG		5,600		739,459
Sky Deutschland AG†		272,888		2,798,924
				52,170,691
Hong Kong — 2.2%
AIA Group, Ltd.		806,600		4,088,844
China Mobile, Ltd.		102,500		1,103,977
China Unicom Hong Kong, Ltd.#		778,000		1,234,339
CNOOC, Ltd.		1,227,000		2,516,469
Galaxy Entertainment Group, Ltd.†#		304,000		2,384,114
Hutchison Whampoa, Ltd.		184,000		2,343,715
				13,671,458
India — 1.5%
Housing Development Finance Corp.		102,901		1,358,511
ICICI Bank, Ltd. ADR#		31,590		1,132,817
Idea Cellular, Ltd.†		538,397		1,512,061
Reliance Industries, Ltd.		94,245		1,284,953
Tata Consultancy Services, Ltd.		55,110		1,768,256
Tata Motors, Ltd. ADR		62,280		2,022,232
				9,078,830
Ireland — 0.4%
Bank of Ireland†#		4,350,984		1,690,492
James Hardie Industries PLC CDI		79,170		904,483
				2,594,975
Israel — 0.6%
Check Point Software Technologies, Ltd.†#		16,260		1,005,844
Teva Pharmaceutical Industries, Ltd. ADR		60,929		2,483,466
				3,489,310
Italy — 1.0%
Luxottica Group SpA		34,375		1,820,305
Prada SpA#		132,400		1,279,999

144

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Italy (continued)
Saipem SpA		37,282	$	836,698
UniCredit SpA		333,120		2,416,582
				6,353,584
Japan — 13.4%
Bridgestone Corp.		76,400		2,797,169
Canon, Inc.#		24,500		815,670
Daikin Industries, Ltd.		65,000		4,124,970
Denso Corp.		95,000		4,758,116
FANUC Corp.		32,300		5,436,681
Fuji Heavy Industries, Ltd.		92,000		2,597,647
Honda Motor Co., Ltd.		95,200		4,024,564
Hoya Corp.		85,700		2,318,523
Inpex Corp.		126,311		1,465,047
Japan Tobacco, Inc.		121,900		4,117,881
KDDI Corp.#		55,880		3,508,015
Keyence Corp.		11,500		4,620,210
Komatsu, Ltd.		45,600		947,839
Kubota Corp.		198,000		3,384,896
Kyocera Corp.		31,700		1,677,462
Lawson, Inc.#		17,100		1,253,805
Mitsubishi Corp.		37,900		745,604
Mitsubishi Estate Co., Ltd.		125,000		3,470,832
Murata Manufacturing Co., Ltd.		26,500		2,279,375
Nidec Corp.#		20,200		1,950,481
Omron Corp.		18,400		757,198
Oriental Land Co., Ltd.		5,400		795,567
ORIX Corp.		319,700		5,821,240
Panasonic Corp.		25,700		294,825
Rakuten, Inc.		248,943		3,825,592
Rinnai Corp.		500		37,784
Shin - Etsu Chemical Co., Ltd.		65,800		3,803,134
Toshiba Corp.		223,000		962,324
Toyota Motor Corp.		129,775		8,083,617
Unicharm Corp.		32,700		2,068,792
				82,744,860
Jersey — 2.1%
Delphi Automotive PLC#		12,870		753,538
Experian PLC		48,302		891,015
Informa PLC		155,754		1,421,281
Shire PLC		67,736		3,073,325
WPP PLC		323,763		7,159,428
				13,298,587
Mexico — 0.8%
America Movil SAB de CV, Series L ADR#		40,692		945,682
Cemex SAB de CV ADR#		100,590		1,099,449
Fomento Economico Mexicano SAB de CV ADR		7,918		751,814
Grupo Televisa SAB ADR		68,762		2,097,929
				4,894,874
Netherlands — 5.6%
Akzo Nobel NV		70,006		5,271,610
ASML Holding NV		47,667		4,461,015
European Aeronautic Defence and Space Co. NV		68,879		4,890,079
Heineken NV		49,336		3,353,158
ING Groep NV CVA†		509,754		6,618,923
Koninklijke DSM NV		31,519		2,473,628
Koninklijke Philips NV		17,040		609,856
Randstad Holding NV		60,892		3,793,621
Unilever NV CVA		46,875		1,846,711
Yandex NV, Class A†#		26,520		1,054,170
				34,372,771

Security Description	Shares		Value (Note 2)
Norway — 0.5%
DNB ASA		103,010	$	1,821,208
Schibsted ASA		17,210		1,110,984
				2,932,192
Russia — 0.5%
Magnit OJSC GDR		35,486		2,338,527
Sberbank of Russia ADR (OTC US)		247		3,078
Sberbank of Russia ADR (LSE)		59,199		737,620
				3,079,225
Singapore — 1.6%
Avago Technologies, Ltd.#		52,475		2,347,207
DBS Group Holdings, Ltd.#		161,000		2,203,880
Keppel Corp., Ltd.		336,757		3,034,717
Singapore Telecommunications, Ltd.		220,950		654,901
United Overseas Bank, Ltd.		105,077		1,751,493
				9,992,198
South Korea — 1.2%
Hyundai Mobis		8,982		2,605,569
Samsung Electronics Co., Ltd.		2,118		2,989,977
Samsung Electronics Co., Ltd. GDR (LSE)		2,110		1,493,880
Samsung Electronics Co., Ltd. GDR (OTC US)*		411		290,988
				7,380,414
Spain — 2.1%
Amadeus IT Holding SA, Class A		139,940		5,240,341
Banco Popular Espanol SA†		329,550		1,914,786
Banco Santander SA		100,927		897,106
Inditex SA		18,364		2,927,588
International Consolidated Airlines Group SA†		292,400		1,753,114
				12,732,935
Sweden — 2.5%
Hennes & Mauritz AB, Class B		39,230		1,663,493
Investment AB Kinnevik, Class B		35,374		1,391,532
Investor AB, Class B		58,731		1,919,762
SKF AB, Class B		61,931		1,689,959
Svenska Cellulosa AB SCA, Class B		131,453		3,839,698
Swedbank AB, Class A		54,360		1,388,839
Telefonaktiebolaget LM Ericsson, Class B		274,894		3,425,666
				15,318,949
Switzerland — 9.0%
ABB, Ltd.		92,837		2,375,079
Adecco SA		40,106		3,088,310
Cie Financiere Richemont SA		18,859		1,916,172
Givaudan SA		860		1,213,459
Julius Baer Group, Ltd.		87,581		4,104,408
Kuehne & Nagel International AG		7,100		919,565
Nestle SA		102,540		7,488,718
Novartis AG		86,641		6,848,505
Roche Holding AG		49,116		13,692,551
Sika AG		430		1,412,223
Sonova Holding AG		9,227		1,285,642
Swiss Re AG		17,078		1,519,489
Syngenta AG		9,086		3,568,444
UBS AG		322,923		6,156,004
				55,588,569
Taiwan — 1.2%
Hon Hai Precision Industry Co., Ltd.		465,431		1,226,722
Taiwan Semiconductor Manufacturing Co., Ltd.		558,269		1,980,747
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		248,531		4,406,455
				7,613,924

145

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Turkey — 0.2%
Akbank TAS		402,129	$	1,473,802
United Kingdom — 18.5%
Aberdeen Asset Management PLC		469,419		3,782,564
ARM Holdings PLC		49,500		824,800
Ashtead Group PLC		247,481		2,817,311
Associated British Foods PLC		84,057		3,154,814
Barclays PLC		590,020		2,623,929
BG Group PLC		298,946		6,109,097
British American Tobacco PLC		101,558		5,420,766
British Sky Broadcasting Group PLC		205,809		2,758,951
BT Group PLC		371,300		2,265,062
Burberry Group PLC		85,163		2,128,559
Capita PLC		222,633		3,633,126
Centrica PLC		270,027		1,495,219
Compass Group PLC		650,621		9,808,068
Diageo PLC		151,345		4,820,662
Hays PLC		462,800		939,314
HSBC Holdings PLC†		680,317		7,593,251
Imperial Tobacco Group PLC		56,641		2,154,581
ITV PLC		493,950		1,536,145
J Sainsbury PLC		226,140		1,507,975
Johnson Matthey PLC		44,999		2,334,844
Kingfisher PLC		334,035		2,055,228
Lloyds Banking Group PLC†		3,500,504		4,434,731
Next PLC		23,356		2,100,690
Reckitt Benckiser Group PLC		67,293		5,407,029
Reed Elsevier PLC		306,448		4,434,093
Rio Tinto PLC		113,108		6,038,186
Rolls-Royce Holdings PLC(1)		105,975		2,142,230
Royal Dutch Shell PLC, Class B		66,233		2,324,857
Smith & Nephew PLC		136,709		1,824,807
Smiths Group PLC		83,378		1,875,141
Standard Chartered PLC		263,580		6,249,233
Travis Perkins PLC		35,550		1,045,061
Unilever PLC		29,350		1,186,110
Whitbread PLC		89,580		5,230,099
				114,056,533
Total Common Stocks
(cost $462,965,005)				596,791,255
PREFERRED SECURITIES — 1.5%
Brazil — 0.8%
Banco Bradesco SA ADR#		164,965		2,189,085
Itau Unibanco Holding SA		91,100		1,285,328
Itau Unibanco Holding SA ADR		103,866		1,461,395
				4,935,808

Security Description	Shares/ Principal Amount			Value (Note 2)
Germany — 0.7%
Henkel AG & Co. KGaA		22,449		$	2,544,972
Volkswagen AG		7,094			1,882,145
					4,427,117
Total Preferred Securities
(cost $8,338,532)					9,362,925
Total Long-Term Investment Securities
(cost $471,303,537)					606,154,180
SHORT-TERM INVESTMENT SECURITIES — 6.3%
Registered Investment Companies — 4.5%
State Street Navigator Securities Lending Prime Portfolio(2)		27,851,193			27,851,193
Time Deposits — 1.8%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013	$	10,898,000			10,898,000
Total Short-Term Investment Securities
(cost $38,749,193)					38,749,193
TOTAL INVESTMENTS —
(cost $510,052,730)(3)		104.4	%		644,903,373
Liabilities in excess of other assets		(4.4	)		(27,300,175	)
NET ASSETS —		100.0	%	$	617,603,198

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2013, the aggregate value of these securities was $290,988 representing 0.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Illiquid security. At November 30, 2013, the aggregate value of these securities was $2,142,230 representing 0.4% of net assets.

(2) At November 30, 2014, the Fund had loaned securities with a total value of $26,735,490. This was secured by collateral of $27,851,193, which was received in cash and subsequently invested in short-term investments currently valued at $27,851,193 as reported in the portfolio of investments.

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

ADR — American Depository Receipt

CVA — Certification Van Aandelen (Dutch Cert.)

GDR — Global Depository Receipt

LSE — London Stock Exchange

NYSE — New York Stock Exchange

OTC — Over The Counter US

TSX — Toronto Stock Exchange

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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	$	68,615,176	$	—	$	—	$	68,615,176
Germany		52,170,691		—		—		52,170,691
Japan		82,744,860		—		—		82,744,860
Netherlands		34,372,771		—		—		34,372,771
Switzerland		55,588,569		—		—		55,588,569
United Kingdom		114,056,533		—		—		114,056,533
Other Countries*		189,242,655		—		—		189,242,655
Preferred Securities		9,362,925		—		—		9,362,925

146

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
Short-Term Investment Securities:
Registered Investment Companies	$	27,851,193	$	—	$	—	$	27,851,193
Time Deposits		—		10,898,000		—		10,898,000
Total	$	634,005,373	$	10,898,000	$	—	$	644,903,373

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $487,228,412 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

At the beginning of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 investments at the end of the reporting period.

See Notes to Financial Statements

147

VALIC Company I Large Cap Core Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Diversified Banking Institutions	8.9	%
Medical — Drugs	5.6
Diversified Manufacturing Operations	4.3
Oil Companies — Exploration & Production	4.2
Computers	4.1
Registered Investment Companies	3.5
Web Portals/ISP	3.5
Oil Companies — Integrated	3.4
Applications Software	3.1
Cable/Satellite TV	3.0
Retail — Drug Store	2.5
Tobacco	2.5
Medical — Wholesale Drug Distribution	2.3
Medical Products	2.2
Chemicals — Diversified	2.0
Insurance — Reinsurance	2.0
Beverages — Non-alcoholic	2.0
Telephone — Integrated	1.9
Auto — Cars/Light Trucks	1.9
Investment Management/Advisor Services	1.9
Oil — Field Services	1.9
Instruments — Controls	1.8
Cosmetics & Toiletries	1.8
Multimedia	1.7
Aerospace/Defense — Equipment	1.6
Insurance Brokers	1.6
Repurchase Agreements	1.6
Semiconductor Components — Integrated Circuits	1.5
Commercial Services — Finance	1.5
Banks — Super Regional	1.4
Electronic Security Devices	1.3
Publishing — Periodicals	1.3
Electronic Components — Semiconductors	1.3
Beverages — Wine/Spirits	1.1
Banks — Fiduciary	1.1
Retail — Building Products	1.1
Computers — Memory Devices	1.1
Oil Field Machinery & Equipment	1.1
Transport — Services	1.0
Auto/Truck Parts & Equipment — Original	0.9
Broadcast Services/Program	0.9
Medical — HMO	0.9
Cellular Telecom	0.9
Casino Hotels	0.9
Pharmacy Services	0.8
Retail — Jewelry	0.8
E — Commerce/Products	0.7
Retail — Sporting Goods	0.7
Retail — Restaurants	0.7
Entertainment Software	0.7
Real Estate Management/Services	0.6
Web Hosting/Design	0.6
Medical — Biomedical/Gene	0.5
Retail — Perfume & Cosmetics	0.4
Computer Services	0.4
Transport — Rail	0.3
Internet Content — Entertainment	0.2
	103.5	%

* Calculated as a percentage of net assets

148

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.4%
Aerospace/Defense - Equipment — 1.6%
United Technologies Corp.		24,797	$	2,748,995
Applications Software — 3.1%
Intuit, Inc.#		34,895		2,590,256
Microsoft Corp.		70,850		2,701,510
				5,291,766
Auto - Cars/Light Trucks — 1.9%
General Motors Co.†		85,655		3,317,418
Auto/Truck Parts & Equipment - Original — 0.9%
Delphi Automotive PLC		27,254		1,595,722
Banks - Fiduciary — 1.1%
State Street Corp.		25,644		1,862,011
Banks - Super Regional — 1.4%
Wells Fargo & Co.		55,761		2,454,599
Beverages - Non-alcoholic — 2.0%
PepsiCo, Inc.		39,647		3,348,586
Beverages - Wine/Spirits — 1.1%
Diageo PLC ADR		15,266		1,949,010
Broadcast Services/Program — 0.9%
Discovery Communications, Inc., Class A†		18,230		1,590,932
Cable/Satellite TV — 3.0%
Comcast Corp., Class A		63,380		3,160,761
DIRECTV†		28,609		1,891,341
				5,052,102
Casino Hotels — 0.9%
Wynn Resorts, Ltd.		9,210		1,527,663
Cellular Telecom — 0.9%
Vodafone Group PLC ADR		41,272		1,530,779
Chemicals - Diversified — 2.0%
Celanese Corp., Series A		22,593		1,268,145
Dow Chemical Co.		56,793		2,218,335
				3,486,480
Commercial Services - Finance — 1.5%
MasterCard, Inc., Class A		3,290		2,503,065
Computer Services — 0.4%
International Business Machines Corp.		3,730		670,206
Computers — 4.1%
Apple, Inc.		10,922		6,073,397
Hewlett-Packard Co.		32,560		890,516
				6,963,913
Computers - Memory Devices — 1.1%
EMC Corp.		75,863		1,809,333
Cosmetics & Toiletries — 1.8%
Procter & Gamble Co.		36,490		3,073,188
Diversified Banking Institutions — 8.9%
Bank of America Corp.		152,880		2,418,561
Citigroup, Inc.		118,167		6,253,398
JPMorgan Chase & Co.		94,243		5,392,584
Morgan Stanley		39,399		1,233,189
				15,297,732
Diversified Manufacturing Operations — 4.3%
Eaton Corp. PLC		41,839		3,040,022
General Electric Co.		161,225		4,298,258
				7,338,280

Security Description	Shares		Value (Note 2)
E-Commerce/Products — 0.7%
eBay, Inc.†		25,427	$	1,284,572
Electronic Components - Semiconductors — 1.3%
Broadcom Corp., Class A		48,455		1,293,264
Skyworks Solutions, Inc.†#		34,099		906,692
				2,199,956
Electronic Security Devices — 1.3%
Tyco International, Ltd.		58,628		2,236,072
Entertainment Software — 0.7%
Electronic Arts, Inc.†#		51,620		1,144,932
Instruments - Controls — 1.8%
Honeywell International, Inc.		35,023		3,099,886
Insurance Brokers — 1.6%
Aon PLC		33,299		2,718,530
Insurance - Reinsurance — 2.0%
Berkshire Hathaway, Inc., Class B†		29,686		3,459,310
Internet Content - Entertainment — 0.2%
Facebook, Inc., Class A†#		8,984		422,338
Investment Management/Advisor Services — 1.9%
BlackRock, Inc.		6,773		2,050,526
Invesco, Ltd.		35,083		1,222,642
				3,273,168
Medical Products — 2.2%
Baxter International, Inc.		10,241		700,996
Covidien PLC		44,283		3,022,758
				3,723,754
Medical - Biomedical/Gene — 0.5%
Celgene Corp.†		5,266		851,881
Medical - Drugs — 5.6%
Abbott Laboratories		43,784		1,672,111
Johnson & Johnson		40,229		3,808,077
Pfizer, Inc.		80,371		2,550,172
Salix Pharmaceuticals, Ltd.†#		18,375		1,558,384
				9,588,744
Medical - HMO — 0.9%
Cigna Corp.		17,834		1,559,583
Medical - Wholesale Drug Distribution — 2.3%
Cardinal Health, Inc.		60,299		3,895,315
Multimedia — 1.7%
Viacom, Inc., Class B		36,853		2,954,505
Oil Companies - Exploration & Production — 4.2%
Anadarko Petroleum Corp.		17,520		1,556,126
Antero Resources Corp.†		8,988		493,441
Canadian Natural Resources, Ltd.		44,860		1,476,791
ConocoPhillips		23,093		1,681,171
Newfield Exploration Co.†#		22,660		636,746
Noble Energy, Inc.		19,884		1,396,652
				7,240,927
Oil Companies - Integrated — 3.4%
Chevron Corp.		33,376		4,086,557
Exxon Mobil Corp.		17,675		1,652,259
				5,738,816
Oil Field Machinery & Equipment — 1.1%
Cameron International Corp.†		32,595		1,805,437

149

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil - Field Services — 1.9%
Halliburton Co.#		60,216	$	3,172,179
Pharmacy Services — 0.8%
Express Scripts Holding Co.†		21,082		1,419,873
Publishing - Periodicals — 1.3%
Nielsen Holdings NV		51,305		2,214,324
Real Estate Management/Services — 0.6%
Realogy Holdings Corp.†		21,955		1,040,447
Retail - Building Products — 1.1%
Lowe’s Cos., Inc.		38,311		1,819,006
Retail - Drug Store — 2.5%
CVS Caremark Corp.		42,331		2,834,484
Walgreen Co.		25,380		1,502,496
				4,336,980
Retail - Jewelry — 0.8%
Tiffany & Co.		15,915		1,418,663
Retail - Perfume & Cosmetics — 0.4%
Ulta Salon Cosmetics & Fragrance, Inc.†		5,305		673,417
Retail - Restaurants — 0.7%
Yum! Brands, Inc.		15,055		1,169,472
Retail - Sporting Goods — 0.7%
Dick’s Sporting Goods, Inc.#		21,375		1,208,115
Semiconductor Components - Integrated Circuits — 1.5%
QUALCOMM, Inc.		35,617		2,620,699
Telephone - Integrated — 1.9%
AT&T, Inc.		94,685		3,333,859
Tobacco — 2.5%
Philip Morris International, Inc.		49,386		4,224,478
Transport - Marine — 0.0%
Tidewater, Inc.#		330		18,823
Transport - Rail — 0.3%
Union Pacific Corp.		3,239		524,848
Transport - Services — 1.0%
FedEx Corp.		12,229		1,696,162
Web Hosting/Design — 0.6%
Equinix, Inc.†#		6,040		970,628

Security Description	Shares/ Principal Amount			Value (Note 2)
Web Portals/ISP — 3.5%
Baidu, Inc. ADR†		4,985		$	830,351
Google, Inc., Class A†		4,810			5,096,628
					5,926,979
Total Long-Term Investment Securities
(cost $128,825,569)					168,398,458
SHORT-TERM INVESTMENT SECURITIES — 3.5%
Registered Investment Companies — 3.5%
State Street Navigator Securities Lending Prime Portfolio(1) (cost $6,018,450)		6,018,450			6,018,450
REPURCHASE AGREEMENT — 1.6%
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/29/2013, to be repurchased 12/02/2013 in the amount of $2,702,000 and collateralized by $3,035,000 of Federal Home Loan Mtg. Corp. Bonds, bearing interest at 2.00% due 01/30/2023 and having approximate value of $2,759,516 (cost $2,702,000)	$	2,702,000			2,702,000
TOTAL INVESTMENTS
(cost $137,546,019)(2)		103.5	%		177,118,908
Liabilities in excess of other assets		(3.5	)		(5,930,613	)
NET ASSETS		100.0	%	$	171,188,295

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

† Non-income producing security

(1) At November 30, 2013, the Fund had loaned securities with a total value of $7,341,863. This was secured by collateral of $6,018,450, which was received in cash and subsequently invested in short-term investments currently valued at $6,018,450 as reported in the portfolio of investments. Additional collateral of $1,481,223 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Federal National Mtg. Assoc.	3.00 to 4.00%	10/25/2029 to 05/25/2042	$1,481,223

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

ADR — American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Diversified Banking Institutions	$	15,297,732	$	—	$	—	$	15,297,732
Medical - Drugs		9,588,744		—		—		9,588,744
Other Industries*		143,511,982		—		—		143,511,982
Short-Term Investment Securities:
Registered Investment Companies		6,018,450		—		—		6,018,450
Repurchase Agreement		—		2,702,000		—		2,702,000
Total Assets	$	174,416,908	$	2,702,000	$	—	$	177,118,908

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

150

VALIC Company I Large Capital Growth Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Cosmetics & Toiletries	6.3	%
Computer Services	6.0
Medical — Drugs	5.1
Multimedia	4.9
Web Portals/ISP	4.4
Instruments — Scientific	4.3
Registered Investment Companies	4.2
Instruments — Controls	3.6
Diversified Manufacturing Operations	3.4
Finance — Credit Card	3.2
Aerospace/Defense — Equipment	3.0
Transport — Services	3.0
Enterprise Software/Service	2.7
Dental Supplies & Equipment	2.7
Computers — Memory Devices	2.6
Retail — Drug Store	2.6
Pharmacy Services	2.5
Oil — Field Services	2.4
Electronic Components — Semiconductors	2.3
Investment Management/Advisor Services	2.1
Food — Misc./Diversified	2.0
Textile — Apparel	2.0
Beverages — Wine/Spirits	1.8
Retail — Restaurants	1.8
Vitamins & Nutrition Products	1.8
Commercial Services — Finance	1.6
Distribution/Wholesale	1.4
Industrial Gases	1.4
Semiconductor Components — Integrated Circuits	1.3
Athletic Footwear	1.1
Advertising Agencies	1.1
Metal Processors & Fabrication	1.1
Auto/Truck Parts & Equipment — Original	1.1
Computers	1.1
Beverages — Non-alcoholic	1.0
Agricultural Chemicals	0.9
Oil Companies — Exploration & Production	0.9
Broadcast Services/Program	0.8
Retail — Apparel/Shoe	0.8
E — Commerce/Products	0.7
Medical Instruments	0.7
Electronic Connectors	0.7
Finance — Investment Banker/Broker	0.7
Soap & Cleaning Preparation	0.6
Retail — Discount	0.6
Computer Aided Design	0.6
Decision Support Software	0.6
Finance — Other Services	0.6
Retail — Regional Department Stores	0.6
Commercial Paper	0.6
Metal — Diversified	0.5
Consulting Services	0.5
	104.3%

* Calculated as a percentage of net assets

151

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.5%
Advertising Agencies — 1.1%
Omnicom Group, Inc.		63,430	$	4,532,074
Aerospace/Defense - Equipment — 3.0%
United Technologies Corp.		108,600		12,039,396
Agricultural Chemicals — 0.9%
Monsanto Co.		31,302		3,547,456
Athletic Footwear — 1.1%
NIKE, Inc., Class B		57,580		4,556,881
Auto/Truck Parts & Equipment-Original — 1.1%
Johnson Controls, Inc.#		84,420		4,264,054
Beverages - Non-alcoholic — 1.0%
PepsiCo, Inc.		48,650		4,108,979
Beverages - Wine/Spirits — 1.8%
Beam, Inc.		29,450		1,988,759
Pernod Ricard SA		45,703		5,179,962
				7,168,721
Broadcast Services/Program — 0.8%
Discovery Communications, Inc., Class A†#		35,470		3,095,467
Commercial Services - Finance — 1.6%
MasterCard, Inc., Class A		8,472		6,445,582
Computer Aided Design — 0.6%
Autodesk, Inc.†		51,920		2,349,380
Computer Services — 6.0%
Accenture PLC, Class A#		200,120		15,503,297
Cognizant Technology Solutions Corp., Class A†		40,880		3,838,223
International Business Machines Corp.		25,019		4,495,414
				23,836,934
Computers — 1.1%
Apple, Inc.		7,527		4,185,539
Computers - Memory Devices — 2.6%
EMC Corp.		426,730		10,177,510
Consulting Services — 0.5%
Verisk Analytics, Inc., Class A†		28,180		1,834,800
Cosmetics & Toiletries — 6.3%
Colgate - Palmolive Co.		193,157		12,711,662
Procter & Gamble Co.		145,480		12,252,326
				24,963,988
Decision Support Software — 0.6%
MSCI, Inc.†#		52,860		2,346,455
Dental Supplies & Equipment — 2.7%
DENTSPLY International, Inc.		181,140		8,615,018
Patterson Cos., Inc.		46,590		1,933,019
				10,548,037
Distribution/Wholesale — 1.4%
WW Grainger, Inc.		21,965		5,665,213
Diversified Manufacturing Operations — 3.4%
Danaher Corp.		177,890		13,306,172
E-Commerce/Products — 0.7%
eBay, Inc.†		58,410		2,950,873
Electronic Components - Semiconductors — 2.3%
Microchip Technology, Inc.#		207,350		8,976,181
Electronic Connectors — 0.7%
Amphenol Corp., Class A#		33,790		2,872,150

Security Description	Shares		Value (Note 2)
Enterprise Software/Service — 2.7%
Oracle Corp.		303,870	$	10,723,572
Finance - Credit Card — 3.2%
Visa, Inc., Class A#		62,744		12,765,894
Finance - Investment Banker/Broker — 0.7%
Charles Schwab Corp.		106,480		2,606,630
Finance - Other Services — 0.6%
CME Group, Inc.		28,370		2,324,922
Food - Misc./Diversified — 2.0%
Danone SA		111,304		8,086,523
Industrial Gases — 1.4%
Praxair, Inc.#		43,438		5,484,482
Instruments - Controls — 3.6%
Mettler - Toledo International, Inc.†#		24,132		5,950,227
Sensata Technologies Holding NV†		214,380		8,356,533
				14,306,760
Instruments - Scientific — 4.3%
Thermo Fisher Scientific, Inc.#		123,710		12,476,154
Waters Corp.†		47,280		4,705,778
				17,181,932
Investment Management/Advisor Services — 2.1%
Franklin Resources, Inc.#		153,461		8,500,205
Medical Instruments — 0.7%
St Jude Medical, Inc.		49,450		2,888,869
Medical - Drugs — 5.1%
Abbott Laboratories		110,350		4,214,267
Allergan, Inc.		25,413		2,466,332
Johnson & Johnson		85,190		8,064,085
Zoetis, Inc.		173,830		5,414,804
				20,159,488
Metal Processors & Fabrication — 1.1%
Precision Castparts Corp.		17,397		4,496,255
Metal - Diversified — 0.5%
Rio Tinto PLC		35,170		1,877,524
Multimedia — 4.9%
Time Warner, Inc.#		112,920		7,419,973
Viacom, Inc., Class B		34,870		2,795,528
Walt Disney Co.		129,920		9,164,557
				19,380,058
Oil Companies - Exploration & Production — 0.9%
Occidental Petroleum Corp.		36,840		3,498,326
Oil - Field Services — 2.4%
Schlumberger, Ltd.		108,740		9,614,791
Pharmacy Services — 2.5%
Express Scripts Holding Co.†		147,600		9,940,860
Retail - Apparel/Shoe — 0.8%
Inditex SA		19,207		3,061,979
Retail - Discount — 0.6%
Target Corp.#		38,410		2,455,551
Retail - Drug Store — 2.6%
CVS Caremark Corp.		151,850		10,167,876
Retail - Regional Department Stores — 0.6%
Kohl’s Corp.#		39,600		2,189,088

152

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Retail-Restaurants — 1.8%
McDonald’s Corp.		73,086		$	7,116,384
Semiconductor Components - Integrated Circuits — 1.3%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		294,410			5,219,889
Soap & Cleaning Preparation — 0.6%
Church & Dwight Co., Inc.		38,310			2,499,728
Textile - Apparel — 2.0%
LVMH Moet Hennessy Louis Vuitton SA		42,847			8,076,311
Transport - Services — 3.0%
Expeditors International of Washington, Inc.#		138,150			6,001,236
Kuehne & Nagel International AG		44,030			5,702,600
					11,703,836
Vitamins & Nutrition Products — 1.8%
Mead Johnson Nutrition Co.		82,490			6,971,230
Web Portals/ISP — 4.4%
Google, Inc., Class A†		16,574			17,561,645
Total Long-Term Investment Securities
(cost $367,819,217)					394,632,450
SHORT-TERM INVESTMENT SECURITIES — 4.8%
Commercial Paper — 0.6%
HSBC Americas, Inc. 0.05% due 12/02/2013	$	2,122,000			2,121,997
Registered Investment Companies — 4.2%
State Street Navigator Securities Lending Prime Portfolio(2)		16,797,488			16,797,488
Total Short-Term Investment Securities
(cost $18,919,485)					18,919,485
TOTAL INVESTMENTS
(cost $386,738,702)(1)		104.3	%		413,551,935
Liabilities in excess of other assets		(4.3	)		(16,872,859	)
NET ASSETS		100.0	%	$	396,679,076

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

† Non-income producing security

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

(2) At November 30, 2013, the Fund had loaned securities with a total value of $16,866,246. This was secured by collateral of $16,797,488, which was received in cash and subsequently invested in short-term investments currently valued at $16,797,488 as reported in the portfolio of investments. Additional collateral of $484,239 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities (see Note 2).

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
United States Treasury Notes/Bonds	0.25% to 4.50%	08/31/2014 to 01/31/2020	$484,239

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Computer Services	$	23,836,934	$	—	$	—	$	23,836,934
Cosmetics & Toiletries		24,963,988		—		—		24,963,988
Medical — Drugs		20,159,488		—		—		20,159,488
Other Industries*		325,672,040		—		—		325,672,040
Short-Term Investment Securities:
Commercial Paper		—		2,121,997		—		2,121,997
Registered Investment Companies		16,797,488		—		—		16,797,488
Total	$	411,429,938	$	2,121,997	$	—	$	413,551,935

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

153

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Registered Investment Companies	10.0	%
Real Estate Investment Trusts	8.3
Banks — Commercial	4.3
Electric — Integrated	2.8
Oil Companies — Exploration & Production	2.0
Insurance — Property/Casualty	2.0
Commercial Services — Finance	1.9
Electronic Components — Semiconductors	1.8
Computers — Integrated Systems	1.8
Chemicals — Specialty	1.7
Diversified Manufacturing Operations	1.7
Consulting Services	1.7
Investment Management/Advisor Services	1.7
Distribution/Wholesale	1.6
Gas — Distribution	1.5
U.S. Government Treasuries	1.5
Medical Products	1.5
Oil — Field Services	1.5
Aerospace/Defense — Equipment	1.3
Retail — Restaurants	1.2
Retail — Apparel/Shoe	1.2
Apparel Manufacturers	1.1
Medical — Hospitals	1.1
Containers — Paper/Plastic	1.1
Medical — Drugs	1.0
Insurance — Reinsurance	1.0
Steel — Producers	1.0
Machinery — General Industrial	1.0
Savings & Loans/Thrifts	1.0
Medical — Biomedical/Gene	0.9
Consumer Products — Misc.	0.9
Electronic Measurement Instruments	0.8
Transport — Truck	0.8
Data Processing/Management	0.8
Web Hosting/Design	0.8
Building — Residential/Commercial	0.8
Engineering/R&D Services	0.8
Oil Refining & Marketing	0.8
Electronic Design Automation	0.8
Coatings/Paint	0.7
Enterprise Software/Service	0.7
Rental Auto/Equipment	0.7
Insurance — Multi-line	0.7
Retail — Gardening Products	0.7
Instruments — Controls	0.7
Transactional Software	0.6
Insurance Brokers	0.6
Machine Tools & Related Products	0.6
Building & Construction Products — Misc.	0.6
Soap & Cleaning Preparation	0.6
Insurance — Life/Health	0.6
Coffee	0.6
Oil Field Machinery & Equipment	0.6
Filtration/Separation Products	0.6
Retail — Sporting Goods	0.6
Recreational Vehicles	0.6
Textile — Home Furnishings	0.6
Building Products — Cement	0.5
Transport — Marine	0.5
Computer Aided Design	0.5
Electronic Parts Distribution	0.5
Airlines	0.5
Retail — Auto Parts	0.5
Finance — Investment Banker/Broker	0.5
Telecom Services	0.5
Food — Misc./Diversified	0.5
Printing — Commercial	0.5
Respiratory Products	0.5
Batteries/Battery Systems	0.4

Multimedia	0.4
Oil & Gas Drilling	0.4
Metal Processors & Fabrication	0.4
Human Resources	0.4
Applications Software	0.4
Retail — Jewelry	0.4
X-Ray Equipment	0.4
Electronic Components — Misc.	0.4
Semiconductor Components — Integrated Circuits	0.4
Pharmacy Services	0.4
Power Converter/Supply Equipment	0.4
Medical — HMO	0.4
Physicians Practice Management	0.4
Diagnostic Kits	0.4
Non-Hazardous Waste Disposal	0.4
Food — Dairy Products	0.4
Repurchase Agreements	0.4
Decision Support Software	0.3
Machinery — Farming	0.3
Retail — Mail Order	0.3
Medical Instruments	0.3
Funeral Services & Related Items	0.3
Transport — Rail	0.3
Machinery — Pumps	0.3
Medical Labs & Testing Services	0.3
Schools	0.3
Finance — Other Services	0.3
Lighting Products & Systems	0.3
Industrial Automated/Robotic	0.3
Real Estate Management/Services	0.3
Miscellaneous Manufacturing	0.3
Water	0.3
Auto — Heavy Duty Trucks	0.3
Retail — Discount	0.3
Commercial Services	0.3
Food — Meat Products	0.3
Shipbuilding	0.3
Machinery — Construction & Mining	0.3
Steel Pipe & Tube	0.3
Retail — Automobile	0.3
Television	0.2
Food — Baking	0.2
Building Products — Air & Heating	0.2
Casino Services	0.2
Containers — Metal/Glass	0.2
Food — Retail	0.2
Retail — Catalog Shopping	0.2
Internet Infrastructure Software	0.2
Office Furnishings — Original	0.2
Auction Houses/Art Dealers	0.2
Telecommunication Equipment	0.2
Theaters	0.2
Web Portals/ISP	0.2
Food — Wholesale/Distribution	0.2
Machinery — Electrical	0.2
Advertising Sales	0.2
Publishing — Books	0.2
Retail — Major Department Stores	0.2
Home Furnishings	0.2
Gold Mining	0.2
Hazardous Waste Disposal	0.2
Wireless Equipment	0.2
Footwear & Related Apparel	0.2
Retail — Petroleum Products	0.2
Paper & Related Products	0.2
Aerospace/Defense	0.2
Telephone — Integrated	0.2
Medical Sterilization Products	0.2
Computer Services	0.2

154

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)

Industry Allocation* (continued)

Veterinary Diagnostics	0.2	%
Retail — Office Supplies	0.2
Transport — Services	0.2
Retail — Misc./Diversified	0.2
Building — Mobile Home/Manufactured Housing	0.2
Quarrying	0.2
Medical Information Systems	0.2
Coal	0.2
Transport — Equipment & Leasing	0.1
Telecom Equipment — Fiber Optics	0.1
Motion Pictures & Services	0.1
Computers — Periphery Equipment	0.1
Communications Software	0.1
Investment Companies	0.1
Chemicals — Diversified	0.1
Recreational Centers	0.1
Building — Maintenance & Services	0.1
Publishing — Newspapers	0.1
Food — Flour & Grain	0.1
Security Services	0.1
Real Estate Operations & Development	0.1
Environmental Monitoring & Detection	0.1
Networking Products	0.1
Patient Monitoring Equipment	0.1
Wire & Cable Products	0.1
E-Marketing/Info	0.1
Tobacco	0.1
Building — Heavy Construction	0.1
Racetracks	0.1
Agricultural Chemicals	0.1
	110.1	%

* Calculated as a percentage of net assets

155

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.2%
Advertising Sales — 0.2%
Lamar Advertising Co., Class A†		131,768	$	6,577,859
Aerospace/Defense — 0.2%
Esterline Technologies Corp.†		63,408		5,581,172
Aerospace/Defense - Equipment — 1.3%
Alliant Techsystems, Inc.		64,721		7,846,127
B/E Aerospace, Inc.†		199,071		17,319,177
Exelis, Inc.		380,571		6,724,689
Triumph Group, Inc.		105,118		7,772,425
				39,662,418
Agricultural Chemicals — 0.1%
Intrepid Potash, Inc.†#		112,333		1,735,545
Airlines — 0.5%
Alaska Air Group, Inc.		141,088		10,968,181
JetBlue Airways Corp.†#		439,343		3,905,759
				14,873,940
Apparel Manufacturers — 1.1%
Carter’s, Inc.#		110,195		7,787,481
Hanesbrands, Inc.		200,082		14,025,748
Under Armour, Inc., Class A†#		162,020		13,075,014
				34,888,243
Applications Software — 0.4%
Compuware Corp.		433,800		4,767,462
PTC, Inc.†		241,613		7,862,087
				12,629,549
Auction House/Art Dealers — 0.2%
Sotheby’s		138,107		7,079,365
Auto - Heavy Duty Trucks — 0.3%
Oshkosh Corp.		175,788		8,569,665
Banks - Commercial — 4.3%
Associated Banc-Corp.		335,374		5,781,848
BancorpSouth, Inc.		169,300		4,047,963
Bank of Hawaii Corp.		90,119		5,330,539
Cathay General Bancorp		148,272		4,096,755
City National Corp.		95,590		7,299,252
Commerce Bancshares, Inc.		163,593		7,381,323
Cullen/Frost Bankers, Inc.#		105,909		7,606,384
East West Bancorp, Inc.		278,298		9,540,055
First Horizon National Corp.		486,155		5,449,798
FirstMerit Corp.		333,547		7,658,239
Fulton Financial Corp.		391,695		5,119,454
Hancock Holding Co.		165,895		5,839,504
International Bancshares Corp.		115,434		3,011,673
Prosperity Bancshares, Inc.#		114,562		7,346,861
Signature Bank†		95,517		10,148,681
SVB Financial Group†		92,057		9,319,851
Synovus Financial Corp.		1,977,107		6,900,103
TCF Financial Corp.		332,455		5,209,570
Trustmark Corp.#		135,771		3,808,377
Valley National Bancorp.#		403,081		4,091,272
Webster Financial Corp.		182,443		5,378,420
Westamerica Bancorporation#		54,105		2,996,335
				133,362,257
Batteries/Battery Systems — 0.4%
Energizer Holdings, Inc.		125,850		13,887,547
Building & Construction Products - Misc. — 0.6%
Fortune Brands Home & Security, Inc.		335,493		14,627,495
Louisiana-Pacific Corp.†		283,566		4,650,482
				19,277,977

Security Description	Shares		Value (Note 2)
Building Products - Air & Heating — 0.2%
Lennox International, Inc.		92,833	$	7,649,439
Building Products - Cement — 0.5%
Eagle Materials, Inc.		100,175		7,813,650
Martin Marietta Materials, Inc.#		93,451		9,023,629
				16,837,279
Building - Heavy Construction — 0.1%
Granite Construction, Inc.		72,795		2,274,844
Building - Maintenance & Services — 0.1%
Rollins, Inc.		129,897		3,654,003
Building - Mobile Home/Manufactured Housing — 0.2%
Thor Industries, Inc.		90,056		4,869,328
Building - Residential/Commercial — 0.8%
KB Home#		167,660		2,939,080
MDC Holdings, Inc.		79,012		2,387,743
NVR, Inc.†		8,615		8,356,378
Toll Brothers, Inc.†		307,186		10,475,042
				24,158,243
Casino Services — 0.2%
Bally Technologies, Inc.†#		78,596		5,860,904
Scientific Games Corp., Class A†		98,015		1,759,369
				7,620,273
Chemicals - Diversified — 0.1%
Olin Corp.#		162,082		4,024,496
Chemicals - Specialty — 1.7%
Albemarle Corp.		164,454		11,299,634
Ashland, Inc.		145,393		13,242,395
Cabot Corp.		120,028		5,857,366
Cytec Industries, Inc.		73,739		6,598,166
Minerals Technologies, Inc.		70,053		4,161,148
NewMarket Corp.#		23,136		7,494,907
Sensient Technologies Corp.		101,136		4,969,823
				53,623,439
Coal — 0.2%
Alpha Natural Resources, Inc.†#		447,629		2,990,162
Arch Coal, Inc.#		428,933		1,750,046
				4,740,208
Coatings/Paint — 0.7%
RPM International, Inc.		268,506		10,632,838
Valspar Corp.		162,914		11,503,357
				22,136,195
Coffee — 0.6%
Green Mountain Coffee Roasters, Inc.†#		265,036		17,858,126
Commercial Services — 0.3%
Convergys Corp.		209,662		4,302,264
HMS Holdings Corp.†#		177,455		4,065,494
				8,367,758
Commercial Services - Finance — 1.9%
Alliance Data Systems Corp.†#		98,508		23,864,548
Global Payments, Inc.		152,743		9,630,446
Lender Processing Services, Inc.		172,409		6,053,280
SEI Investments Co.		292,675		9,828,027
WEX, Inc.†		78,519		7,793,796
				57,170,097
Communications Software — 0.1%
SolarWinds, Inc.†		132,594		4,433,943

156

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Aided Design — 0.5%
ANSYS, Inc.†		186,813	$	16,004,270
Computer Services — 0.2%
DST Systems, Inc.		60,873		5,375,086
Computers - Integrated Systems — 1.8%
3D Systems Corp.†#		190,980		14,354,057
Diebold, Inc.#		129,052		4,404,544
Jack Henry & Associates, Inc.		172,326		9,782,947
MICROS Systems, Inc.†#		154,828		8,317,360
NCR Corp.†		335,482		11,725,096
Riverbed Technology, Inc.†		331,956		5,742,839
				54,326,843
Computers - Periphery Equipment — 0.1%
Lexmark International, Inc., Class A#		126,502		4,474,376
Consulting Services — 1.7%
CoreLogic, Inc.†		193,221		6,807,176
Corporate Executive Board Co.		67,888		4,998,594
FTI Consulting, Inc.†		82,365		3,699,012
Gartner, Inc.†		188,271		12,171,720
Leidos Holdings, Inc.#		147,187		7,157,704
Science Applications International Corp.#		84,106		3,099,306
Towers Watson & Co., Class A		130,069		14,645,769
				52,579,281
Consumer Products - Misc. — 0.9%
Jarden Corp.†		238,934		13,437,648
Scotts Miracle-Gro Co., Class A		88,791		5,201,377
Tupperware Brands Corp.		104,506		9,545,578
				28,184,603
Containers - Metal/Glass — 0.2%
Greif, Inc., Class A		61,537		3,381,458
Silgan Holdings, Inc.		88,410		4,133,168
				7,514,626
Containers - Paper/Plastic — 1.1%
Packaging Corp. of America		198,655		12,169,605
Rock Tenn Co., Class A		145,445		13,732,917
Sonoco Products Co.		202,939		8,129,737
				34,032,259
Data Processing/Management — 0.8%
Acxiom Corp.†		149,673		4,981,117
Broadridge Financial Solutions, Inc.		240,631		9,180,073
CommVault Systems, Inc.†		88,777		6,644,959
Fair Isaac Corp.		71,140		4,197,971
				25,004,120
Decision Support Software — 0.3%
MSCI, Inc.†		244,471		10,852,068
Diagnostic Kits — 0.4%
IDEXX Laboratories, Inc.†#		106,188		11,060,542
Distribution/Wholesale — 1.6%
Arrow Electronics, Inc.†		202,467		10,394,656
Ingram Micro, Inc., Class A†		308,713		7,236,233
LKQ Corp.†		606,535		20,106,635
Owens & Minor, Inc.#		127,913		4,882,439
Watsco, Inc.		54,417		5,221,855
				47,841,818
Diversified Manufacturing Operations — 1.7%
A.O. Smith Corp.		157,055		8,504,528
Carlisle Cos., Inc.		128,939		9,478,306
Crane Co.		98,590		6,143,143

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
Harsco Corp.		163,026	$	4,263,130
ITT Corp.		182,494		7,449,405
SPX Corp.		91,610		8,669,971
Trinity Industries, Inc.		158,863		8,246,578
				52,755,061
E-Marketing/Info — 0.1%
ValueClick, Inc.†#		126,819		2,713,927
Electric - Integrated — 2.8%
Alliant Energy Corp.		224,215		11,547,072
Black Hills Corp.		89,969		4,522,742
Cleco Corp.		122,167		5,584,254
Great Plains Energy, Inc.		310,770		7,377,680
Hawaiian Electric Industries, Inc.#		200,334		5,070,453
IDACORP, Inc.		101,517		5,246,399
MDU Resources Group, Inc.		381,622		11,322,725
NV Energy, Inc.		476,102		11,259,812
OGE Energy Corp.		400,868		13,797,876
PNM Resources, Inc.		160,978		3,745,958
Westar Energy, Inc.#		256,708		8,050,363
				87,525,334
Electronic Components - Misc. — 0.4%
Gentex Corp.		291,545		8,690,957
Vishay Intertechnology, Inc.†#		267,010		3,452,439
				12,143,396
Electronic Components - Semiconductors — 1.8%
Advanced Micro Devices, Inc.†#		1,236,862		4,502,178
Cree, Inc.†#		242,730		13,544,334
Fairchild Semiconductor International, Inc.†		257,884		3,282,863
International Rectifier Corp.†		143,054		3,424,713
Intersil Corp., Class A		257,274		2,706,522
Rovi Corp.†		205,377		3,778,937
Semtech Corp.†		137,533		4,087,481
Silicon Laboratories, Inc.†		79,417		3,101,234
Skyworks Solutions, Inc.†		379,413		10,088,592
SunEdison, Inc.†		487,061		6,190,545
				54,707,399
Electronic Design Automation — 0.8%
Cadence Design Systems, Inc.†		573,837		7,603,340
Mentor Graphics Corp.		194,597		4,383,297
Synopsys, Inc.†		312,055		11,430,575
				23,417,212
Electronic Measurement Instruments — 0.8%
Itron, Inc.†#		79,044		3,347,513
National Instruments Corp.		196,728		6,149,717
Trimble Navigation, Ltd.†		518,826		16,550,550
				26,047,780
Electronic Parts Distribution — 0.5%
Avnet, Inc.		277,182		11,059,562
Tech Data Corp.†		76,313		3,956,066
				15,015,628
Engineering/R&D Services — 0.8%
AECOM Technology Corp.†		203,722		5,920,161
KBR, Inc.		299,091		10,118,248
URS Corp.		151,349		7,865,608
				23,904,017
Enterprise Software/Service — 0.7%
Advent Software, Inc.		83,430		2,932,565

157

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service (continued)
Concur Technologies, Inc.†#		95,113	$	9,234,521
Informatica Corp.†		218,743		8,489,416
ManTech International Corp., Class A#		48,059		1,382,657
				22,039,159
Environmental Monitoring & Detection — 0.1%
Mine Safety Appliances Co.		63,847		3,180,858
Filtration/Separation Products — 0.6%
CLARCOR, Inc.		100,842		6,103,966
Donaldson Co., Inc.		273,223		11,401,596
				17,505,562
Finance - Investment Banker/Broker — 0.5%
Greenhill & Co., Inc.		52,710		2,883,764
Raymond James Financial, Inc.		248,712		11,982,944
				14,866,708
Finance - Other Services — 0.3%
CBOE Holdings, Inc.		177,241		9,266,159
Food - Baking — 0.2%
Flowers Foods, Inc.		353,649		7,684,793
Food - Confectionery — 0.0%
Tootsie Roll Industries, Inc.#		40,944		1,312,255
Food - Dairy Products — 0.4%
Dean Foods Co.†		189,870		3,413,863
WhiteWave Foods Co., Class A†		349,812		7,440,501
				10,854,364
Food - Flour & Grain — 0.1%
Post Holdings, Inc.†		66,063		3,346,091
Food - Meat Products — 0.3%
Hillshire Brands Co.		248,727		8,312,456
Food - Misc./Diversified — 0.5%
Ingredion, Inc.		156,702		10,837,510
Lancaster Colony Corp.		39,206		3,397,592
				14,235,102
Food - Retail — 0.2%
Harris Teeter Supermarkets, Inc.		99,947		4,935,383
SUPERVALU, Inc.†		396,969		2,560,450
				7,495,833
Food - Wholesale/Distribution — 0.2%
United Natural Foods, Inc.†		99,664		6,861,866
Footwear & Related Apparel — 0.2%
Deckers Outdoor Corp.†#		69,709		5,760,752
Funeral Services & Related Items — 0.3%
Matthews International Corp., Class A#		55,445		2,338,670
Service Corp. International		428,343		7,740,158
				10,078,828
Gas - Distribution — 1.5%
Atmos Energy Corp.		183,181		8,142,396
National Fuel Gas Co.		168,990		11,403,445
Questar Corp.		353,860		7,968,927
UGI Corp.		230,589		9,283,513
Vectren Corp.		166,358		5,769,295
WGL Holdings, Inc.		104,566		4,166,955
				46,734,531
Gold Mining — 0.2%
Royal Gold, Inc.		131,454		5,927,261

Security Description	Shares		Value (Note 2)
Hazardous Waste Disposal — 0.2%
Clean Harbors, Inc.†#		111,457	$	5,881,586
Home Furnishings — 0.2%
Tempur-Pedic International, Inc.†#		122,165		6,232,858
Human Resources — 0.4%
Manpowergroup, Inc.		158,219		12,646,445
Industrial Automated/Robotic — 0.3%
Nordson Corp.		122,006		8,799,073
Instruments - Controls — 0.7%
Mettler-Toledo International, Inc.†		60,518		14,921,923
Woodward, Inc.		122,377		5,249,974
				20,171,897
Insurance Brokers — 0.6%
Arthur J. Gallagher & Co.		258,074		12,010,764
Brown & Brown, Inc.		240,128		7,592,847
				19,603,611
Insurance - Life/Health — 0.6%
Primerica, Inc.		110,520		4,755,676
Protective Life Corp.		158,630		7,611,067
StanCorp Financial Group, Inc.		89,753		5,754,065
				18,120,808
Insurance - Multi-line — 0.7%
American Financial Group, Inc.		143,842		8,293,930
Kemper Corp.		105,821		3,970,404
Old Republic International Corp.		488,301		8,398,777
				20,663,111
Insurance - Property/Casualty — 2.0%
Alleghany Corp.†		34,007		13,402,159
Fidelity National Financial, Inc., Class A		494,372		14,371,394
First American Financial Corp.		216,125		5,718,668
Hanover Insurance Group, Inc.		88,519		5,338,581
HCC Insurance Holdings, Inc.		202,299		9,301,708
Mercury General Corp.		73,306		3,523,819
WR Berkley Corp.		221,513		9,700,054
				61,356,383
Insurance - Reinsurance — 1.0%
Aspen Insurance Holdings, Ltd.		136,449		5,515,269
Everest Re Group, Ltd.		98,269		15,411,527
Reinsurance Group of America, Inc.		143,456		10,756,331
				31,683,127
Internet Infrastructure Software — 0.2%
TIBCO Software, Inc.†		308,724		7,461,859
Investment Companies — 0.1%
Apollo Investment Corp.		454,195		4,096,839
Investment Management/Advisor Services — 1.7%
Affiliated Managers Group, Inc.†		106,812		21,389,103
Eaton Vance Corp.#		245,220		10,252,648
Federated Investors, Inc., Class B#		190,326		5,193,996
Janus Capital Group, Inc.#		302,533		3,291,559
Waddell & Reed Financial, Inc., Class A		173,201		11,038,100
				51,165,406
Lighting Products & Systems — 0.3%
Acuity Brands, Inc.		86,558		8,874,792
Machine Tools & Related Products — 0.6%
Kennametal, Inc.		157,328		7,469,934
Lincoln Electric Holdings, Inc.		166,132		11,875,115
				19,345,049

158

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery - Construction & Mining — 0.3%
Terex Corp.†		224,934	$	8,169,603
Machinery - Electrical — 0.2%
Regal-Beloit Corp.		91,062		6,700,342
Machinery - Farming — 0.3%
AGCO Corp.		182,958		10,662,792
Machinery - General Industrial — 1.0%
IDEX Corp.		165,236		11,786,284
Wabtec Corp.		194,561		13,424,709
Zebra Technologies Corp., Class A†		102,603		5,318,939
				30,529,932
Machinery - Pumps — 0.3%
Graco, Inc.		124,015		9,577,678
Medical Information Systems — 0.2%
Allscripts Healthcare Solutions, Inc.†		320,275		4,784,908
Medical Instruments — 0.3%
Techne Corp.		67,016		5,732,549
Thoratec Corp.†		116,262		4,577,235
				10,309,784
Medical Labs & Testing Services — 0.3%
Covance, Inc.†		112,972		9,532,577
Medical Products — 1.5%
Cooper Cos., Inc.		98,922		13,031,984
Henry Schein, Inc.†		174,795		19,926,630
Hill-Rom Holdings, Inc.		118,566		4,909,818
Teleflex, Inc.		83,114		8,170,938
				46,039,370
Medical Sterilization Products — 0.2%
STERIS Corp.		119,411		5,509,624
Medical - Biomedical/Gene — 0.9%
Bio-Rad Laboratories, Inc., Class A†		40,447		4,959,611
Charles River Laboratories International, Inc.†		99,151		5,172,708
Cubist Pharmaceuticals, Inc.†		149,675		10,254,234
United Therapeutics Corp.†#		92,823		8,568,491
				28,955,044
Medical - Drugs — 1.0%
Endo Health Solutions, Inc.†		230,805		15,507,788
Mallinckrodt PLC†		116,603		6,058,692
Salix Pharmaceuticals, Ltd.†		124,643		10,570,973
				32,137,453
Medical - HMO — 0.4%
Health Net, Inc.†		160,461		4,902,084
WellCare Health Plans, Inc.†		88,015		6,539,514
				11,441,598
Medical - Hospitals — 1.1%
Community Health Systems, Inc.†		191,588		7,903,005
Health Management Associates, Inc., Class A†		525,888		6,883,874
LifePoint Hospitals, Inc.†		96,073		4,921,820
Universal Health Services, Inc., Class B		180,589		14,885,951
				34,594,650
Metal Processors & Fabrication — 0.4%
Timken Co.		161,283		8,348,008
Worthington Industries, Inc.		106,801		4,478,166
				12,826,174

Security Description	Shares		Value (Note 2)
Miscellaneous Manufacturing — 0.3%
Aptargroup, Inc.		133,955	$	8,696,359
Motion Pictures & Services — 0.1%
DreamWorks Animation SKG, Inc., Class A†		143,911		4,585,004
Multimedia — 0.4%
FactSet Research Systems, Inc.#		81,483		9,207,579
Meredith Corp.		74,781		3,988,819
				13,196,398
Networking Products — 0.1%
Polycom, Inc.†		287,257		3,088,013
Non-Hazardous Waste Disposal — 0.4%
Waste Connections, Inc.#		249,560		10,965,666
Office Furnishings - Original — 0.2%
Herman Miller, Inc.		118,594		3,784,334
HNI Corp.		91,729		3,636,138
				7,420,472
Oil & Gas Drilling — 0.4%
Atwood Oceanics, Inc.†		116,342		6,114,936
Patterson-UTI Energy, Inc.		297,772		6,941,065
				13,056,001
Oil Companies - Exploration & Production — 2.0%
Bill Barrett Corp.†#		98,568		2,650,493
Cimarex Energy Co.		174,820		16,534,476
Energen Corp.		145,962		10,534,077
Gulfport Energy Corp.†		169,858		9,924,803
Rosetta Resources, Inc.†		123,510		6,245,901
SM Energy Co.		135,261		11,921,904
Unit Corp.†		88,323		4,253,636
				62,065,290
Oil Field Machinery & Equipment — 0.6%
Dresser-Rand Group, Inc.†		154,123		8,698,702
Dril-Quip, Inc.†		82,026		8,904,743
				17,603,445
Oil Refining & Marketing — 0.8%
HollyFrontier Corp.		403,905		19,379,362
Murphy USA, Inc.†		89,712		4,059,468
				23,438,830
Oil - Field Services — 1.5%
CARBO Ceramics, Inc.#		40,117		4,935,594
Helix Energy Solutions Group, Inc.†		198,765		4,414,571
Oceaneering International, Inc.		218,663		16,878,597
Oil States International, Inc.†		111,464		11,408,340
Superior Energy Services, Inc.†		322,460		8,216,281
				45,853,383
Paper & Related Products — 0.2%
Domtar Corp.		65,970		5,641,095
Patient Monitoring Equipment — 0.1%
Masimo Corp.†		103,859		2,973,483
Pharmacy Services — 0.4%
Omnicare, Inc.		209,099		11,977,191
Physicians Practice Management — 0.4%
MEDNAX, Inc.†		102,317		11,336,724
Power Converter/Supply Equipment — 0.4%
Hubbell, Inc., Class B		109,081		11,770,931
Printing - Commercial — 0.5%
Deluxe Corp.		101,838		5,060,330

159

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Printing - Commercial (continued)
R.R. Donnelley & Sons Co.		367,211	$	6,793,404
Valassis Communications, Inc.#		76,343		2,241,430
				14,095,164
Publishing - Books — 0.2%
John Wiley & Sons, Inc., Class A		93,620		4,770,875
Scholastic Corp.		52,148		1,592,600
				6,363,475
Publishing - Newspapers — 0.1%
New York Times Co., Class A#		253,712		3,541,820
Quarrying — 0.2%
Compass Minerals International, Inc.		67,614		4,837,782
Racetracks — 0.1%
International Speedway Corp., Class A		56,380		1,935,525
Real Estate Investment Trusts — 8.3%
Alexandria Real Estate Equities, Inc.		144,376		9,133,226
American Campus Communities, Inc.		211,759		6,867,344
BioMed Realty Trust, Inc.		388,287		7,214,372
BRE Properties, Inc.		155,948		7,989,216
Camden Property Trust		172,310		9,980,195
Corporate Office Properties Trust		176,545		3,924,595
Corrections Corp. of America		233,830		7,798,231
Duke Realty Corp.		656,888		9,971,560
Equity One, Inc.		127,838		2,863,571
Essex Property Trust, Inc.		76,863		11,668,572
Extra Space Storage, Inc.		214,388		8,987,145
Federal Realty Investment Trust		132,767		13,744,040
Highwoods Properties, Inc.		181,574		6,522,138
Home Properties, Inc.		114,924		6,042,704
Hospitality Properties Trust		299,603		8,140,214
Kilroy Realty Corp.		164,124		8,263,643
Liberty Property Trust		288,740		9,352,289
Mack-Cali Realty Corp.		177,866		3,621,352
Mid-America Apartment Communities, Inc.#		150,995		9,095,939
National Retail Properties, Inc.#		244,924		7,776,337
Omega Healthcare Investors, Inc.		236,766		7,739,881
Potlatch Corp.		81,907		3,263,994
Rayonier, Inc.		254,885		11,242,977
Realty Income Corp.#		396,451		15,108,748
Regency Centers Corp.		186,517		8,736,456
Senior Housing Properties Trust		380,116		8,609,627
SL Green Realty Corp.		185,883		16,816,835
Taubman Centers, Inc.		129,014		8,434,935
UDR, Inc.		506,742		11,791,886
Weingarten Realty Investors		226,707		6,470,218
				257,172,240
Real Estate Management/Services — 0.3%
Jones Lang LaSalle, Inc.		89,800		8,775,256
Real Estate Operations & Development — 0.1%
Alexander & Baldwin, Inc.		86,235		3,258,821
Recreational Centers — 0.1%
Life Time Fitness, Inc.†#		79,698		3,866,150
Recreational Vehicles — 0.6%
Polaris Industries, Inc.#		129,417		17,273,287
Rental Auto/Equipment — 0.7%
Aaron’s, Inc.		153,566		4,398,130
Rent-A-Center, Inc.		107,895		3,674,904
United Rentals, Inc.†#		188,526		12,957,392
				21,030,426

Security Description	Shares		Value (Note 2)
Respiratory Products — 0.5%
ResMed, Inc.#		287,087	$	14,012,716
Retail - Apparel/Shoe — 1.2%
American Eagle Outfitters, Inc.		342,758		5,576,673
ANN, Inc.†		92,627		3,304,005
Ascena Retail Group, Inc.†		257,359		5,481,747
Chico’s FAS, Inc.		325,007		6,074,381
Foot Locker, Inc.		300,104		11,671,044
Guess?, Inc.		120,096		4,114,489
				36,222,339
Retail - Auto Parts — 0.5%
Advance Auto Parts, Inc.		147,201		14,868,773
Retail - Automobile — 0.3%
Copart, Inc.†		225,632		7,768,510
Retail - Catalog Shopping — 0.2%
MSC Industrial Direct Co., Class A		97,362		7,482,270
Retail - Discount — 0.3%
Big Lots, Inc.†		117,800		4,515,274
HSN, Inc.		67,761		3,889,481
				8,404,755
Retail - Gardening Products — 0.7%
Tractor Supply Co.		282,163		20,657,153
Retail - Hair Salons — 0.0%
Regis Corp.#		88,120		1,409,039
Retail - Jewelry — 0.4%
Signet Jewelers, Ltd.		162,747		12,505,479
Retail - Mail Order — 0.3%
Williams-Sonoma, Inc.		179,876		10,634,269
Retail - Major Department Stores — 0.2%
J.C. Penney Co., Inc.†		615,514		6,272,088
Retail - Misc./Diversified — 0.2%
CST Brands, Inc.		152,778		5,024,868
Retail - Office Supplies — 0.2%
Office Depot, Inc.†		962,202		5,234,379
Retail - Petroleum Products — 0.2%
World Fuel Services Corp.#		147,073		5,647,603
Retail - Restaurants — 1.2%
Bob Evans Farms, Inc.		55,125		3,064,399
Brinker International, Inc.		133,838		6,294,401
Cheesecake Factory, Inc.		100,247		4,887,041
Domino’s Pizza, Inc.		112,470		7,775,051
Panera Bread Co., Class A†		56,636		10,018,342
Wendy’s Co.#		572,302		4,927,520
				36,966,754
Retail - Sporting Goods — 0.6%
Cabela’s, Inc.†		94,129		5,765,401
Dick’s Sporting Goods, Inc.		205,458		11,612,486
				17,377,887
Savings & Loans/Thrifts — 1.0%
Astoria Financial Corp.		169,055		2,363,389
First Niagara Financial Group, Inc.		715,414		7,969,712
New York Community Bancorp, Inc.#		890,993		14,719,204
Washington Federal, Inc.		209,176		4,892,627
				29,944,932
Schools — 0.3%
Apollo Education Group, Inc., Class A†		200,672		5,275,667

160

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Schools (continued)
DeVry Education Group, Inc.#		114,549	$	4,071,071
				9,346,738
Security Services — 0.1%
Brink’s Co.		97,463		3,267,934
Semiconductor Components - Integrated Circuits — 0.4%
Atmel Corp.†		864,120		6,610,518
Cypress Semiconductor Corp.#		277,527		2,689,237
Integrated Device Technology, Inc.†		275,634		2,734,289
				12,034,044
Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc.		100,605		8,272,749
Soap & Cleaning Preparation — 0.6%
Church & Dwight Co., Inc.		280,036		18,272,349
Steel Pipe & Tube — 0.3%
Valmont Industries, Inc.#		54,105		7,829,535
Steel - Producers — 1.0%
Carpenter Technology Corp.		106,868		6,443,072
Commercial Metals Co.		236,419		4,591,257
Reliance Steel & Aluminum Co.		155,602		11,441,415
Steel Dynamics, Inc.		446,221		8,130,146
				30,605,890
Telecom Equipment - Fiber Optics — 0.1%
Ciena Corp.†		208,447		4,629,608
Telecom Services — 0.5%
NeuStar, Inc., Class A†		130,075		6,341,156
tw telecom, Inc.†		294,389		8,337,097
				14,678,253
Telecommunication Equipment — 0.2%
ADTRAN, Inc.		117,656		3,021,406
Plantronics, Inc.		88,632		3,964,509
				6,985,915
Telephone - Integrated — 0.2%
Telephone & Data Systems, Inc.		199,153		5,538,445
Television — 0.2%
AMC Networks, Inc., Class A†		119,774		7,688,293
Textile - Home Furnishings — 0.7%
Mohawk Industries, Inc.†		123,104		17,237,022
Theaters — 0.2%
Cinemark Holdings, Inc.		209,803		6,921,401
Tobacco — 0.1%
Universal Corp.		46,870		2,444,739
Transactional Software — 0.6%
ACI Worldwide, Inc.†		79,917		5,157,044
Solera Holdings, Inc.		139,054		9,281,854
VeriFone Systems, Inc.†		220,765		5,653,792
				20,092,690
Transport - Equipment & Leasing — 0.1%
GATX Corp.		93,368		4,684,273
Transport - Marine — 0.5%
Kirby Corp.†#		114,726		10,835,871
Tidewater, Inc.		100,009		5,704,513
				16,540,384
Transport - Rail — 0.3%
Genesee & Wyoming, Inc., Class A†		102,530		9,863,386

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Services — 0.2%
Matson, Inc.		86,340		$	2,161,090
UTi Worldwide, Inc.		184,177			2,911,839
					5,072,929
Transport - Truck — 0.8%
Con-way, Inc.		114,175			4,725,703
J.B. Hunt Transport Services, Inc.		184,539			13,875,487
Landstar System, Inc.		92,358			5,184,055
Werner Enterprises, Inc.#		92,588			2,228,593
					26,013,838
Veterinary Diagnostics — 0.2%
VCA Antech, Inc.†		179,094			5,363,865
Water — 0.3%
Aqua America, Inc.		356,628			8,584,036
Web Hosting/Design — 0.8%
Equinix, Inc.†#		99,742			16,028,539
Rackspace Hosting, Inc.†#		230,248			8,797,776
					24,826,315
Web Portals/ISP — 0.2%
AOL, Inc.†		155,160			6,917,033
Wire & Cable Products — 0.1%
General Cable Corp.		100,561			2,930,348
Wireless Equipment — 0.2%
InterDigital, Inc.		83,230			2,820,665
RF Micro Devices, Inc.†		568,522			3,001,796
					5,822,461
X-Ray Equipment — 0.4%
Hologic, Inc.†		546,556			12,237,389
Total Long-Term Investment Securities
(cost $2,126,049,018)					3,027,313,712
SHORT-TERM INVESTMENT SECURITIES — 11.5%
Registered Investment Companies — 10.0%
State Street Navigator Securities Lending Prime Portfolio(1)		309,388,283			309,388,283
U.S. Government Treasuries — 1.5%
United States Treasury Bills Disc. Notes 0.02% due 12/05/2013	$	42,000,000			41,999,906
0.02% due 12/12/2013(2)		4,300,000			4,299,974
					46,299,880
Total Short-Term Investment Securities
(cost $355,688,163)					355,688,163
REPURCHASE AGREEMENT — 0.4%
State Street Bank & Trust Co. Joint Repurchase Agreement(3) (cost $10,687,000)		10,687,000			10,687,000
TOTAL INVESTMENTS
(cost $2,492,424,181)(4)		110.1	%		3,393,688,875
Liabilities in excess of other assets		(10.1	)		(311,887,910	)
NET ASSETS —		100.0	%	$	3,081,800,965

† Non-income producing security

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

(1) At November 30, 2013, the Fund had loaned securities with a total value of $306,303,160. This was secured by collateral of $309,388,283 which was received in cash and subsequently invested in short-term investments currently valued at $309,388,283 as reported in the portfolio of investments. Additional collateral of $4,128,920 was received

161

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Federal National Mtg. Assoc.	3.00% to 4.00%	10/25/2029 to 05/25/2042	$2,749,858
United States Treasury Notes/Bonds	0.13% to 5.38%	04/30/2015 to 02/15/2031	1,379,062

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

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

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

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2013		Unrealized Appreciation (Depreciation)
	438	Long	S&P Midcap 400 E-mini Index		December 2013	$	56,577,058	$	57,075,780	$	498,722

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Real Estate Investment Trusts	$	257,172,240	$	—	$	—	$	257,172,240
Other Industries*		2,770,141,472		—		—		2,770,141,472
Short-Term Investment Securities:
Registered Investment Companies		309,388,283		—		—		309,388,283
U.S. Government Treasuries		—		46,299,880		—		46,299,880
Repurchase Agreement		—		10,687,000		—		10,687,000
Other Financial Instruments:†
Open Futures Contracts - Appreciation		498,722		—		—		498,722
Total	$	3,337,200,717	$	56,986,880	$	—	$	3,394,187,597

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

162

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Registered Investment Companies	13.7	%
Consulting Services	4.0
Commercial Services	3.6
Medical — Biomedical/Gene	3.6
Insurance — Property/Casualty	3.3
Commercial Services — Finance	3.3
Retail — Restaurants	3.1
Time Deposits	2.9
Apparel Manufacturers	2.6
Wireless Equipment	2.5
Medical — Drugs	2.5
Web Portals/ISP	2.4
Medical Information Systems	2.4
Retail — Discount	2.2
Internet Content — Information/News	2.1
Transactional Software	2.1
Computer Software	2.0
E-Commerce/Services	1.9
Internet Content — Entertainment	1.9
Vitamins & Nutrition Products	1.9
Oil Companies — Exploration & Production	1.8
Applications Software	1.7
Decision Support Software	1.7
Medical Instruments	1.7
Diversified Manufacturing Operations	1.6
Electronic Components — Semiconductors	1.6
Computer Services	1.5
Medical Products	1.3
Food — Misc./Diversified	1.3
Internet Security	1.2
Auto — Cars/Light Trucks	1.2
Internet Application Software	1.1
Cable/Satellite TV	1.1
Auto/Truck Parts & Equipment — Original	1.1
Hazardous Waste Disposal	1.0
Electric Products — Misc.	1.0
E-Commerce/Products	0.9
Food — Confectionery	0.8
Retail — Apparel/Shoe	0.8
Retail — Gardening Products	0.8
Banks — Commercial	0.8
Data Processing/Management	0.8
Coatings/Paint	0.7
Retail — Perfume & Cosmetics	0.7
Food — Retail	0.7
Aerospace/Defense — Equipment	0.7
Enterprise Software/Service	0.7
Semiconductor Components — Integrated Circuits	0.6
Publishing — Periodicals	0.6
Beverages — Non-alcoholic	0.6
Chemicals — Specialty	0.6
Advertising Services	0.6
Broadcast Services/Program	0.6
Building Products — Cement	0.6
Building & Construction Products — Misc.	0.6
Hotels/Motels	0.6
Industrial Gases	0.6
Computers — Integrated Systems	0.6
Electric — Transmission	0.6
Human Resources	0.6
Coffee	0.5
Appliances	0.5
Transport — Rail	0.5
Television	0.5
Casino Hotels	0.5
Electronic Measurement Instruments	0.5
Distribution/Wholesale	0.5
Medical — Generic Drugs	0.5
Semiconductor Equipment	0.4

Instruments — Scientific	0.4
Chemicals — Diversified	0.4
Private Equity	0.4
Medical — Wholesale Drug Distribution	0.4
Insurance — Life/Health	0.4
Computers — Memory Devices	0.4
Steel — Producers	0.4
Computer Graphics	0.4
Machinery — General Industrial	0.4
Home Decoration Products	0.4
Motorcycle/Motor Scooter	0.3
Transport — Truck	0.3
Non-Hazardous Waste Disposal	0.3
Computers — Periphery Equipment	0.3
Retail — Misc./Diversified	0.3
Internet Infrastructure Software	0.3
Therapeutics	0.2
Transport — Services	0.2
Medical — Hospitals	0.2
Real Estate Management/Services	0.2
Auto — Heavy Duty Trucks	0.2
Patient Monitoring Equipment	0.2
	113.5	%

* Calculated as a percentage of net assets

163

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.6%
Advertising Services — 0.6%
Aimia, Inc.		105,099	$	1,855,387
Aerospace/Defense - Equipment — 0.7%
B/E Aerospace, Inc.†#		21,885		1,903,995
Apparel Manufacturers — 2.6%
Carter’s, Inc.#		60,076		4,245,571
Michael Kors Holdings, Ltd.†		9,711		791,932
VF Corp.#		10,445		2,450,188
				7,487,691
Appliances — 0.5%
Whirlpool Corp.		10,240		1,564,262
Applications Software — 1.7%
NetSuite, Inc.†#		16,757		1,610,012
Salesforce.com, Inc.†#		28,075		1,462,427
ServiceNow, Inc.†#		35,488		1,884,768
				4,957,207
Auto - Cars/Light Trucks — 1.2%
Tesla Motors, Inc.†#		26,688		3,396,849
Auto - Heavy Duty Trucks — 0.2%
Oshkosh Corp.#		13,290		647,888
Auto/Truck Parts & Equipment - Original — 1.1%
BorgWarner, Inc.#		14,440		1,547,535
Delphi Automotive PLC		27,870		1,631,788
				3,179,323
Banks - Commercial — 0.8%
First Republic Bank		27,070		1,383,277
Zions Bancorporation#		31,415		921,402
				2,304,679
Beverages - Non-alcoholic — 0.6%
Monster Beverage Corp.†#		31,746		1,878,728
Broadcast Services/Program — 0.6%
Scripps Networks Interactive, Inc., Class A#		24,060		1,794,635
Building & Construction Products - Misc. — 0.6%
Fortune Brands Home & Security, Inc.		39,715		1,731,574
Building Products - Cement — 0.6%
Martin Marietta Materials, Inc.#		17,959		1,734,121
Cable/Satellite TV — 1.1%
Charter Communications, Inc., Class A†#		23,698		3,201,600
Casino Hotels — 0.5%
Wynn Resorts, Ltd.#		8,820		1,462,973
Chemicals - Diversified — 0.4%
Celanese Corp., Series A		9,550		536,042
PPG Industries, Inc.		3,820		703,109
				1,239,151
Chemicals - Specialty — 0.6%
International Flavors & Fragrances, Inc.		21,185		1,871,695
Coatings/Paint — 0.7%
Sherwin-Williams Co.		11,405		2,087,457
Coffee — 0.5%
Green Mountain Coffee Roasters, Inc.†#		23,485		1,582,419
Commercial Services — 3.6%
Edenred		165,448		5,967,407
Intertek Group PLC		89,381		4,443,097
				10,410,504
Commercial Services - Finance — 3.3%
FleetCor Technologies, Inc.†		26,666		3,247,385

Security Description	Shares		Value (Note 2)
Commercial Services - Finance (continued)
McGraw Hill Financial, Inc.		29,015	$	2,161,618
Morningstar, Inc.#		29,968		2,499,631
SEI Investments Co.		46,255		1,553,243
				9,461,877
Computer Graphics — 0.4%
Tableau Software, Inc., Class A†#		17,005		1,114,508
Computer Services — 1.5%
IHS, Inc., Class A†		37,948		4,342,390
Computer Software — 2.0%
Akamai Technologies, Inc.†#		131,380		5,875,314
Computers - Integrated Systems — 0.6%
3D Systems Corp.†#		22,110		1,661,788
Computers - Memory Devices — 0.4%
Western Digital Corp.		14,985		1,124,474
Computers - Periphery Equipment — 0.3%
Stratasys, Ltd.†		7,408		872,440
Consulting Services — 4.0%
Gartner, Inc.†		73,940		4,780,221
Qualicorp SA†		152,805		1,425,291
Towers Watson & Co., Class A		9,795		1,102,917
Verisk Analytics, Inc., Class A†		65,748		4,280,852
				11,589,281
Data Processing/Management — 0.6%
Fidelity National Information Services, Inc.		33,675		1,706,649
Decision Support Software — 1.7%
MSCI, Inc.†		110,272		4,894,974
Distribution/Wholesale — 0.5%
Fastenal Co.#		14,085		655,375
Fossil Group, Inc.†		5,510		701,258
				1,356,633
Diversified Manufacturing Operations — 1.6%
Colfax Corp.†#		56,309		3,270,427
Eaton Corp. PLC		20,280		1,473,545
				4,743,972
E-Commerce/Products — 0.8%
MercadoLibre, Inc.#		12,322		1,364,168
zulily, Inc., Class A†		27,613		966,179
				2,330,347
E-Commerce/Services — 1.9%
Groupon, Inc.†#		503,599		4,557,571
TripAdvisor, Inc.†#		11,651		1,029,016
				5,586,587
Electric Products - Misc. — 1.0%
AMETEK, Inc.#		59,039		2,905,900
Electric - Transmission — 0.6%
Brookfield Infrastructure Partners LP		42,348		1,621,081
Electronic Components - Semiconductors — 1.6%
Avago Technologies, Ltd.		14,840		663,793
First Solar, Inc.†#		41,716		2,495,451
Microchip Technology, Inc.#		33,075		1,431,817
				4,591,061
Electronic Measurement Instruments — 0.5%
Agilent Technologies, Inc.		26,910		1,441,569

164

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service — 0.7%
Workday, Inc., Class A†#		23,040	$	1,897,344
Food - Confectionery — 0.8%
Hershey Co.		25,550		2,475,539
Food - Misc./Diversified — 1.3%
McCormick & Co., Inc.#		55,117		3,803,073
Food - Retail — 0.7%
Whole Foods Market, Inc.		35,225		1,993,735
Hazardous Waste Disposal — 1.0%
Stericycle, Inc.†		24,883		2,923,255
Home Decoration Products — 0.4%
Newell Rubbermaid, Inc.#		34,600		1,050,110
Hotel/Motels — 0.6%
Starwood Hotels & Resorts Worldwide, Inc.		22,355		1,665,000
Human Resources — 0.6%
Team Health Holdings, Inc.†		34,595		1,616,624
Industrial Gases — 0.6%
Airgas, Inc.#		15,315		1,663,668
Instruments - Scientific — 0.4%
PerkinElmer, Inc.#		32,685		1,243,337
Insurance - Life/Health — 0.4%
Lincoln National Corp.#		22,190		1,139,013
Insurance - Property/Casualty — 3.3%
Arch Capital Group, Ltd.†		83,706		4,924,424
Progressive Corp.#		164,503		4,594,569
				9,518,993
Internet Application Software — 1.1%
Splunk, Inc.†#		29,230		2,109,237
Zynga, Inc., Class A†#		260,268		1,132,166
				3,241,403
Internet Content - Entertainment — 1.9%
Twitter, Inc.†#		73,532		3,056,725
Youku Todou, Inc. ADR†#		87,852		2,475,670
				5,532,395
Internet Content - Information/News — 2.1%
LinkedIn Corp., Class A†#		20,870		4,675,506
Yelp, Inc.†#		25,787		1,565,013
				6,240,519
Internet Infrastructure Software — 0.3%
TIBCO Software, Inc.†#		30,985		748,907
Internet Security — 1.2%
FireEye, Inc.†#		9,247		354,808
Qihoo 360 Technology Co., Ltd. ADR†		38,543		3,142,025
				3,496,833
Machinery - General Industrial — 0.4%
Roper Industries, Inc.		8,225		1,066,783
Medical Information Systems — 2.4%
Allscripts Healthcare Solutions, Inc.†#		92,815		1,386,656
athenahealth, Inc.†#		41,890		5,494,711
				6,881,367
Medical Instruments — 1.7%
Intuitive Surgical, Inc.†#		12,879		4,854,095
Medical Products — 1.3%
CareFusion Corp.†		15,110		602,134

Security Description	Shares		Value (Note 2)
Medical Products (continued)
Cooper Cos., Inc.		16,000	$	2,107,840
Sirona Dental Systems, Inc.†		16,475		1,133,150
				3,843,124
Medical - Biomedical/Gene — 3.6%
Alexion Pharmaceuticals, Inc.†		11,510		1,432,995
Alnylam Pharmaceuticals, Inc.†#		6,781		414,997
Illumina, Inc.†#		84,054		8,237,292
Vertex Pharmaceuticals, Inc.†		4,625		321,068
				10,406,352
Medical - Drugs — 2.5%
Endo Health Solutions, Inc.†#		82,764		5,560,913
Ironwood Pharmaceuticals, Inc.†#		88,076		1,005,828
Quintiles Transnational Holdings, Inc.†		13,680		590,839
				7,157,580
Medical - Generic Drugs — 0.5%
Mylan, Inc.†#		30,390		1,341,111
Medical - Hospitals — 0.2%
Community Health Systems, Inc.†		16,700		688,875
Medical - Wholesale Drug Distribution — 0.4%
Cardinal Health, Inc.		17,935		1,158,601
Motorcycle/Motor Scooter — 0.3%
Harley-Davidson, Inc.		13,485		903,765
Non-Hazardous Waste Disposal — 0.3%
Republic Services, Inc.		25,370		885,667
Oil Companies - Exploration & Production — 1.8%
Cabot Oil & Gas Corp.		42,675		1,470,154
Pioneer Natural Resources Co.		10,985		1,952,584
Range Resources Corp.#		22,221		1,725,460
				5,148,198
Patient Monitoring Equipment — 0.2%
Insulet Corp.†#		15,645		579,178
Private Equity — 0.4%
KKR & Co. LP		49,200		1,167,516
Publishing - Periodicals — 0.6%
Nielsen Holdings NV#		43,570		1,880,481
Real Estate Management/Services — 0.2%
CBRE Group, Inc., Class A†		27,615		669,388
Retail - Apparel/Shoe — 0.8%
Burlington Stores, Inc.†#		33,862		963,035
Fifth & Pacific Cos., Inc.†		23,880		779,921
Urban Outfitters, Inc.†#		18,215		710,749
				2,453,705
Retail - Discount — 2.2%
Dollar Tree, Inc.†#		114,684		6,382,165
Retail - Gardening Products — 0.8%
Tractor Supply Co.		31,545		2,309,409
Retail - Misc./Diversified — 0.3%
Sally Beauty Holdings, Inc.†		26,783		753,674
Retail - Perfume & Cosmetics — 0.7%
Ulta Salon Cosmetics & Fragrance, Inc.†#		16,231		2,060,363
Retail - Restaurants — 3.1%
Dunkin’ Brands Group, Inc.#		100,017		4,898,833
Panera Bread Co., Class A†#		23,987		4,243,060
				9,141,893

165

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Semiconductor Components - Integrated Circuits — 0.6%
Analog Devices, Inc.#		11,710	$	564,656
NXP Semiconductor NV†		31,230		1,327,275
				1,891,931
Semiconductor Equipment — 0.4%
Lam Research Corp.†		25,150		1,310,567
Steel - Producers — 0.4%
Carpenter Technology Corp.#		18,605		1,121,695
Television — 0.5%
CBS Corp., Class B		25,160		1,473,370
Therapeutics — 0.2%
Pharmacyclics, Inc.†#		5,770		718,480
Transactional Software — 2.1%
Solera Holdings, Inc.#		92,427		6,169,502
Transport - Rail — 0.5%
Genesee & Wyoming, Inc., Class A†#		15,475		1,488,695
Transport - Services — 0.2%
Expeditors International of Washington, Inc.		16,125		700,470
Transport - Truck — 0.3%
J.B. Hunt Transport Services, Inc.#		11,855		891,377
Vitamins & Nutrition Products — 1.9%
Mead Johnson Nutrition Co.#		65,205		5,510,475
Web Portals/ISP — 2.4%
Dropbox, Inc.†(1)(2)(3)		89,561		978,156
SINA Corp.†		12,632		973,548
Yandex NV, Class A†#		128,347		5,101,793
				7,053,497
Wireless Equipment — 2.5%
Crown Castle International Corp.†		17,850		1,325,005
Motorola Solutions, Inc.		89,625		5,904,495
				7,229,500
Total Common Stocks
(cost $207,617,495)				281,055,580
CONVERTIBLE PREFERRED SECURITIES — 0.3%
Auto - Cars/Light Trucks — 0.0%
Better Place LLC Series B†(1)(2)(3)		314,973		0
Data Processing/Management — 0.2%
Palantir Technologies, Inc. Series G†(1)(2)(3)		89,856		315,395
Palantir Technologies, Inc. Series H-1†(1)(2)(3)		24,065		84,468
Palantir Technologies, Inc. Series H†(1)(2)(3)		24,065		84,468
				484,331
E-Commerce/Products — 0.1%
Flipkart Online Services Pvt., Ltd. Series D†(1)(2)(3)		13,407		307,650
Peixe Urbano, Inc. Series C†(1)(2)(3)		14,214		17,199
				324,849
Web Portals/ISP — 0.0%
Dropbox, Inc. Series A†(1)(2)(3)		8,758		93,163
Total Convertible Preferred Securities
(cost $2,086,265)				902,343
Total Long-Term Investment Securities
(cost $209,703,760)				281,957,923

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 16.6%
Registered Investment Companies — 13.7%
State Street Navigator Securities Lending Prime Portfolio(4)		40,060,047		$	40,060,047
Time Deposits — 2.9%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/13	$	8,417,000			8,417,000
Total Short-Term Investment Securities
(cost $48,477,047)					48,477,047
TOTAL INVESTMENTS
(cost $258,180,807)(5)		113.5	%		330,434,970
Liabilities in excess of other assets		(13.5	)		(39,356,482	)
NET ASSETS —		100.0	%	$	291,078,488

† Non-income producing security

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

(1) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2013, the Mid Cap Strategic Growth Fund held the following restricted securities:

Name	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Better Place LLC, Series B Convertible Preferred Securities		01/25/2010		262,477	$	787,431
		11/30/2011		52,496		—
				314,973		787,431	$	0	$	0.00		0.0	%
Dropbox, Inc. Common Stock		05/01/2012		89,561		810,680		978,156		10.92		0.3
Dropbox, Inc., Series A Convertible Preferred Securities		05/25/2012		8,758		79,351		93,163		10.64		0.0
Palantir Technologies, Inc., Series G Convertible Preferred Securities		07/19/2012		89,856		274,959		315,395		3.51		0.2
Palantir Technologies, Inc., Series H-1 Convertible Preferred Securities		10/25/2013		24,065		84,468		84,468		3.51		0.0
Palantir Technologies, Inc., Series H Convertible Preferred Securities		10/25/2013		24,065		84,468		84,468		3.51		0.0
Flipkart Online Services Pvt., Ltd., Series D Convertible Preferred Securities		10/04/2013		13,407		307,650		307,650		22.95		0.1
Peixe Urbano, Inc., Series C Convertible Preferred Securities		12/02/2011		14,214		467,938		17,199		1.21		0.0
							$	1,880,499				0.6	%

166

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

(2) Illiquid security. At November 30, 2013, the aggregate value of these securities was $1,880,499 representing 0.6% of net assets.

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

(4) At November 30, 2013, the Fund had loaned securities with a total value of $40,204,007. This was secured by collateral of $40,060,047, which was received in cash and subsequently invested in short-term investments currently valued at $40,060,047 as reported in the portfolio of investments. Additional collateral of $1,268,833 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Federal National Mtg. Assoc.	3.00% to 4.00%	10/25/2029 to 05/25/2042	$840,112
U.S. Treasury Notes/Bonds	0.25% to 4.50%	08/31/2014 to 08/15/2022	428,721

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

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Web Portals/ISP	$	6,075,341	$	—	$	978,156	$	7,053,497
Other Industries*		274,002,083		—		—		274,002,083
Convertible Preferred Securities		—		—		902,343		902,343
Short-Term Investment Securities:
Registered Investment Companies		40,060,047		—		—		40,060,047
Time Deposits		—		8,417,000		—		8,417,000
Total	$	320,137,471	$	8,417,000	$	1,880,499	$	330,434,970

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $10,410,504 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.

See Notes to Financial Statements

167

VALIC Company I Money Market I Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

U.S. Government Agencies	28.0	%
Foreign Bank	20.7
Money Center Banks	15.8
U.S. Government Treasuries	12.5
Commercial Banks — Canadian	4.8
Commercial Banks	3.9
Domestic Bank	3.9
Diversified Financial Services	3.2
Super — Regional Banks — US	2.1
Repurchase Agreement	2.0
Cosmetics — Toiletries	2.0
Finance	1.1
	100.0	%
Weighted Average Days to Maturity	46.4

Credit Quality@#

A-1 100.0 % 

* Calculated as a percentage of net assets.

@ Source: Standard & Poors.

# Calculated as a percentage of total debt issues.

168

VALIC Company I Money Market I Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 98.0%
Certificates of Deposit — 28.2%
Citibank NA 0.20% due 03/19/2014	$	9,500,000	$	9,500,000
Deutsche Bank AG NY FRS 0.30% due 12/02/2013		7,400,000		7,400,000
Nordea Bank Finland PLC NY 0.22% due 03/12/2014		7,000,000		7,000,000
Nordea Bank Finland PLC NY FRS 0.71% due 01/27/2014		7,500,000		7,506,411
Rabobank Nederland NV NY FRS 0.30% due 01/31/2014		7,250,000		7,250,000
Rabobank Nederland NV NY FRS 0.30% due 09/03/2014		2,750,000		2,750,000
Rabobank Nederland NV NY FRS 0.32% due 12/23/2014(3)		7,500,000		7,500,000
Royal Bank of Canada NY FRS 0.27% due 10/17/2014		3,000,000		3,000,000
Royal Bank of Canada NY FRS 0.29% due 06/17/2014		7,350,000		7,350,809
Royal Bank of Canada NY FRS 0.33% due 01/06/2014		7,700,000		7,700,000
Svenska Handelsbanken NY 0.21% due 05/27/2014		9,150,000		9,150,225
Svenska Handelsbanken NY FRS 0.41% due 11/17/2014		8,000,000		8,013,406
UBS AG Stamford CT FRS 0.32% due 01/21/2014		7,550,000		7,550,000
Wells Fargo Bank NA 0.18% due 01/15/2014		7,500,000		7,500,000
Wells Fargo Bank NA FRS 0.18% due 03/11/2014		7,150,000		7,150,000
Total Certificates of Deposit
(amortized cost $106,320,851)				106,320,851
Commercial Paper — 18.8%
Barclays U.S. Funding Corp. 0.07% due 12/02/2013		9,000,000		8,999,982
BNP Paribas Finance, Inc. 0.10% due 12/05/2013		7,300,000		7,299,919
Credit Agricole North America, Inc. 0.11% due 12/02/2013		8,000,000		7,999,975
Credit Agricole North America, Inc. 0.11% due 12/04/2013		8,500,000		8,499,922
JPMorgan Chase & Co. FRS 0.22% due 03/04/2014		7,250,000		7,250,000
Lloyds Bank PLC 0.07% due 12/04/2013		8,000,000		7,999,957
Lloyds Bank PLC 0.08% due 12/03/2013		8,000,000		7,999,967
State Street Corp. 0.15% due 02/04/2014		7,750,000		7,747,901
State Street Corp. 0.16% due 01/09/2014		7,150,000		7,148,761
Total Commercial Paper
(amortized cost $70,946,384)				70,946,384
Medium Term Notes — 3.9%
Bank of America NA 0.23% due 01/24/2014		8,000,000		8,000,000
Barclays Bank PLC FRS 1.11% due 01/13/2014		1,500,000		1,501,406
JPMorgan Chase & Co. FRS 1.00% due 05/02/2014		3,950,000		3,961,299

Security Description	Principal Amount		Value (Note 2)
Medium Term Notes (continued)
UBS AG Stamford CT 2.25% due 01/28/2014	$	1,423,000	$	1,427,324
Total Medium Term Notes
(amortized cost $14,890,029)				14,890,029
U.S. Corporate Bonds & Notes — 6.6%
Barclays Bank PLC 2.38% due 01/13/2014		4,610,000		4,620,448
Citigroup, Inc. FRS 0.38% due 03/07/2014		2,500,000		2,498,874
General Electric Capital Corp. FRS 1.09% due 01/07/2014		4,300,000		4,303,965
JPMorgan Chase Bank NA FRS 0.34% due 12/07/2014(3)		5,900,000		5,900,000
Procter & Gamble Co. FRS 0.16% due 02/06/2014		7,400,000		7,399,780
Total U.S. Corporate Bonds & Notes
(amortized cost $24,723,067)				24,723,067
U.S. Government Agencies — 28.0%
Federal Farm Credit Bank 0.09% due 03/24/2014		4,000,000		3,998,870
0.14% due 02/10/2014		3,000,000		2,999,172
Federal Farm Credit Bank FRS 0.07% due 05/13/2014		3,000,000		2,999,451
0.09% due 07/01/2014		2,950,000		2,949,564
0.11% due 02/19/2014		3,200,000		3,200,000
0.12% due 12/06/2013		5,500,000		5,500,000
0.14% due 03/18/2014		3,000,000		3,000,096
0.20% due 09/29/2014		5,270,000		5,273,537
0.21% due 03/26/2014		8,100,000		8,100,894
0.27% due 07/14/2014		750,000		750,703
Federal Home Loan Bank 0.05% due 01/06/2014		4,750,000		4,749,762
0.12% due 04/29/2014		7,250,000		7,246,399
0.14% due 01/21/2014		7,750,000		7,748,463
0.18% due 06/19/2014		3,300,000		3,296,700
0.18% due 06/26/2014		2,250,000		2,247,671
0.20% due 07/29/2014		2,300,000		2,300,000
Federal Home Loan Bank FRS 0.09% due 01/16/2014		500,000		500,000
0.10% due 09/02/2014		5,750,000		5,749,783
0.11% due 06/06/2014		500,000		499,990
0.12% due 04/01/2014		2,250,000		2,250,151
Federal Home Loan Mtg. Corp. 0.10% due 02/18/2014		3,000,000		2,999,342
0.17% due 02/24/2014		3,000,000		2,998,796
0.18% due 02/24/2014		2,600,000		2,598,895
1.38% due 02/25/2014		700,000		701,990
Federal National Mtg. Assoc. 0.16% due 02/03/2014		9,000,000		8,997,440
1.25% due 02/27/2014		5,100,000		5,113,449
2.50% due 05/15/2014		1,300,000		1,313,592
Federal National Mtg. Assoc. FRS 0.29% due 03/04/2014		900,000		900,347
0.36% due 06/23/2014		4,810,000		4,816,777
Total U.S. Government Agencies
(amortized cost $105,801,834)				105,801,834
U.S. Government Treasuries — 12.5%
United States Treasury Bills 0.02% due 12/05/2013		10,000,000		9,999,978
0.03% due 12/05/2013		8,000,000		7,999,978
0.04% due 12/19/2013		3,600,000		3,599,928
0.06% due 12/05/2013		4,750,000		4,749,968
0.08% due 03/06/2014		11,100,000		11,097,704

169

VALIC Company I Money Market I Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
U.S. Government Treasuries (continued)
United States Treasury Notes 0.25% due 01/31/2014	$	1,000,000		$	1,000,122
1.00% due 01/15/2014		3,650,000			3,653,694
1.00% due 05/15/2014		5,100,000			5,119,020
Total U.S. Government Treasuries
(amortized cost $47,220,392)					47,220,392
Total Short-Term Investment Securities — 98.0%
(amortized cost $369,902,557)					369,902,557
REPURCHASE AGREEMENT — 2.0%
State Street Bank & Trust Co. Joint Repurchase Agreement(1) (amortized cost $7,547,000)		7,547,000			7,547,000
TOTAL INVESTMENTS —
(amortized cost $377,449,557)(2)		100.0	%		377,449,557
Other assets less liabilities		0.0			9,157
NET ASSETS		100.0	%	$	377,458,714

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

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

(3) The security’s effective maturity date is less than one year.

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates as of November 30, 2013 and unless noted otherwise, the dates shown are the original maturity dates.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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	$	—	$	106,320,851	$	—	$	106,320,851
Commercial Paper		—		70,946,384		—		70,946,384
Medium Term Notes		—		14,890,029		—		14,890,029
U.S. Corporate Bonds & Notes		—		24,723,067		—		24,723,067
U.S. Government Agencies		—		105,801,834		—		105,801,834
U.S. Government Treasuries		—		47,220,392		—		47,220,392
Repurchase Agreement		—		7,547,000		—		7,547,000
Total	$	—	$	377,449,557	$	—	$	377,449,557

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

170

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Computers	12.6	%
Medical — Biomedical/Gene	10.1
Web Portals/ISP	9.3
Applications Software	9.2
Electronic Components — Semiconductors	6.3
E-Commerce/Products	6.1
Cable/Satellite TV	4.4
Semiconductor Components — Integrated Circuits	4.0
Registered Investment Companies	3.6
Networking Products	2.8
E-Commerce/Services	2.6
Food — Misc./Diversified	2.3
Internet Content — Entertainment	2.1
Multimedia	2.1
Retail — Discount	1.7
Computers — Memory Devices	1.6
Pharmacy Services	1.6
Retail — Restaurants	1.5
Repurchase Agreements	1.3
Commercial Services — Finance	1.0
Cellular Telecom	0.9
Broadcast Services/Program	0.9
Semiconductor Equipment	0.8
Data Processing/Management	0.8
U.S. Government Treasuries	0.7
Electronic Forms	0.7
Computer Services	0.7
Food — Retail	0.5
Distribution/Wholesale	0.5
Telecom Services	0.5
Auto — Heavy Duty Trucks	0.5
Medical Information Systems	0.5
Transport — Services	0.5
Retail — Bedding	0.4
Television	0.4
Medical — Generic Drugs	0.4
Casino Hotels	0.4
Retail — Apparel/Shoe	0.4
Toys	0.4
Internet Security	0.4
Auto — Cars/Light Trucks	0.4
Enterprise Software/Service	0.4
Medical Instruments	0.4
Hotels/Motels	0.4
Retail — Auto Parts	0.3
Entertainment Software	0.3
Consulting Services	0.3
Wireless Equipment	0.3
Chemicals — Specialty	0.3
Retail — Office Supplies	0.3
Coffee	0.3
Hazardous Waste Disposal	0.3
Computer Aided Design	0.3
Beverages — Non-alcoholic	0.2
Medical Products	0.2
Electronic Components — Misc.	0.2
Computer Software	0.2
Web Hosting/Design	0.2
Dental Supplies & Equipment	0.2
Retail — Major Department Stores	0.2
Internet Infrastructure Software	0.2
	103.4%

* Calculated as a percentage of net assets

171

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.8%
Applications Software — 9.2%
Check Point Software Technologies, Ltd.†#		11,497	$	711,204
Citrix Systems, Inc.†		10,967		650,563
Intuit, Inc.#		17,379		1,290,043
Microsoft Corp.		487,548		18,590,205
Nuance Communications, Inc.†#		18,163		245,564
				21,487,579
Auto - Cars/Light Trucks — 0.4%
Tesla Motors, Inc.†#		7,108		904,706
Auto - Heavy Duty Trucks — 0.5%
PACCAR, Inc.#		20,718		1,187,349
Beverages — Non-alcoholic — 0.2%
Monster Beverage Corp.†		9,798		579,846
Broadcast Services/Program — 0.9%
Discovery Communications, Inc., Class A†#		8,617		752,006
Sirius Xm Holdings Inc†#		363,425		1,370,112
				2,122,118
Cable/Satellite TV — 4.4%
Charter Communications, Inc., Class A†		5,937		802,089
Comcast Corp., Class A		124,879		6,227,716
DIRECTV†		32,132		2,124,246
Liberty Global PLC, Class A†#		13,069		1,121,451
				10,275,502
Casino Hotels — 0.4%
Wynn Resorts, Ltd.#		5,917		981,453
Cellular Telecom — 0.9%
Vodafone Group PLC ADR		58,955		2,186,641
Chemicals - Specialty — 0.3%
Sigma-Aldrich Corp.#		7,038		606,957
Coffee — 0.3%
Green Mountain Coffee Roasters, Inc.†#		8,823		594,494
Commercial Services - Finance — 1.0%
Automatic Data Processing, Inc.		28,259		2,261,285
Computer Aided Design — 0.3%
Autodesk, Inc.†		13,023		589,291
Computer Services — 0.7%
Cognizant Technology Solutions Corp., Class A†		17,639		1,656,126
Computer Software — 0.2%
Akamai Technologies, Inc.†		10,428		466,340
Computers — 12.6%
Apple, Inc.		53,174		29,568,466
Computers - Memory Devices — 1.6%
NetApp, Inc.		19,906		821,123
SanDisk Corp.		14,070		958,870
Seagate Technology PLC#		20,884		1,024,151
Western Digital Corp.		13,871		1,040,880
				3,845,024
Consulting Services — 0.3%
Verisk Analytics, Inc., Class A†		9,828		639,901
Data Processing/Management — 0.8%
Fiserv, Inc.†		7,614		836,702
Paychex, Inc.#		21,394		935,560
				1,772,262
Dental Supplies & Equipment — 0.2%
DENTSPLY International, Inc.		8,328		396,080

Security Description	Shares		Value (Note 2)
Distribution/Wholesale — 0.5%
Fastenal Co.#		17,376	$	808,505
Fossil Group, Inc.†		3,305		420,628
				1,229,133
E-Commerce/Products — 6.1%
Amazon.com, Inc.†		26,741		10,525,793
eBay, Inc.†		75,768		3,827,799
				14,353,592
E-Commerce/Services — 2.6%
Expedia, Inc.#		7,210		459,205
Liberty Interactive Corp., Class A†		28,768		807,805
Netflix, Inc.†#		3,449		1,261,644
priceline.com, Inc.†		3,014		3,593,683
				6,122,337
Electronic Components - Misc. — 0.2%
Garmin, Ltd.#		11,432		555,138
Electronic Components - Semiconductors — 6.3%
Altera Corp.#		18,699		603,042
Avago Technologies, Ltd.		14,452		646,438
Broadcom Corp., Class A		30,962		826,376
Intel Corp.#		291,594		6,951,601
Microchip Technology, Inc.#		11,548		499,913
Micron Technology, Inc.†#		60,781		1,282,479
NVIDIA Corp.#		33,865		528,294
Texas Instruments, Inc.		64,451		2,771,393
Xilinx, Inc.#		15,586		692,486
				14,802,022
Electronic Forms — 0.7%
Adobe Systems, Inc.†		29,397		1,669,162
Enterprise Software/Service — 0.4%
CA, Inc.		26,668		880,044
Entertainment Software — 0.3%
Activision Blizzard, Inc.		40,695		700,361
Food - Misc./Diversified — 2.3%
Kraft Foods Group, Inc.		34,858		1,851,657
Mondelez International, Inc., Class A		104,221		3,494,530
				5,346,187
Food - Retail — 0.5%
Whole Foods Market, Inc.		21,803		1,234,050
Hazardous Waste Disposal — 0.3%
Stericycle, Inc.†		5,027		590,572
Hotel/Motels — 0.4%
Marriott International, Inc., Class A#		18,468		868,365
Internet Content - Entertainment — 2.1%
Facebook, Inc., Class A†#		106,378		5,000,830
Internet Infrastructure Software — 0.2%
F5 Networks, Inc.†		4,583		376,998
Internet Security — 0.4%
Symantec Corp.		40,935		920,628
Medical Information Systems — 0.5%
Cerner Corp.†#		20,082		1,154,112
Medical Instruments — 0.4%
Intuitive Surgical, Inc.†		2,324		875,916
Medical Products — 0.2%
Henry Schein, Inc.†		5,062		577,068

172

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene — 10.1%
Alexion Pharmaceuticals, Inc.†		11,446	$	1,425,027
Amgen, Inc.		44,094		5,030,244
Biogen Idec, Inc.†		13,911		4,047,684
Celgene Corp.†		24,072		3,894,127
Gilead Sciences, Inc.†#		89,587		6,702,003
Regeneron Pharmaceuticals, Inc.†		5,660		1,663,248
Vertex Pharmaceuticals, Inc.†		13,626		945,917
				23,708,250
Medical - Generic Drugs — 0.4%
Mylan, Inc.†		22,347		986,173
Multimedia — 2.1%
Twenty-First Century Fox, Inc., Class A#		88,839		2,975,218
Viacom, Inc., Class B		24,921		1,997,917
				4,973,135
Networking Products — 2.8%
Cisco Systems, Inc.		312,801		6,647,021
Pharmacy Services — 1.6%
Catamaran Corp.†		12,065		550,526
Express Scripts Holding Co.†		47,655		3,209,564
				3,760,090
Retail - Apparel/Shoe — 0.4%
Ross Stores, Inc.#		12,799		978,611
Retail - Auto Parts — 0.3%
O’Reilly Automotive, Inc.†		6,354		793,996
Retail - Bedding — 0.4%
Bed Bath & Beyond, Inc.†		12,746		994,570
Retail - Discount — 1.7%
Costco Wholesale Corp.		25,559		3,205,865
Dollar Tree, Inc.†#		13,053		726,400
				3,932,265
Retail - Major Department Stores — 0.2%
Sears Holdings Corp.†#		6,232		395,919
Retail - Office Supplies — 0.3%
Staples, Inc.#		38,658		600,359
Retail - Restaurants — 1.5%
Starbucks Corp.		43,979		3,582,529
Semiconductor Components - Integrated Circuits — 4.0%
Analog Devices, Inc.		18,185		876,881
Linear Technology Corp.#		13,649		580,765
Maxim Integrated Products, Inc.#		16,674		474,875
QUALCOMM, Inc.		100,403		7,387,653
				9,320,174
Semiconductor Equipment — 0.8%
Applied Materials, Inc.#		70,401		1,217,937
KLA-Tencor Corp.		9,700		619,539
				1,837,476
Telecom Services — 0.5%
VimpelCom, Ltd. ADR		96,696		1,187,427
Television — 0.4%
Liberty Media Corp.†		6,476		993,807
Toys — 0.4%
Mattel, Inc.#		20,167		933,127
Transport - Services — 0.5%
C.H. Robinson Worldwide, Inc.#		9,326		546,783

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Services (continued)
Expeditors International of Washington, Inc.		12,081		$	524,799
					1,071,582
Web Hosting/Design — 0.2%
Equinix, Inc.†#		2,892			464,744
Web Portals/ISP — 9.3%
Baidu, Inc. ADR†		16,079			2,678,279
Google, Inc., Class A†		16,033			16,988,406
Yahoo!, Inc.†		59,719			2,208,409
					21,875,094
Wireless Equipment — 0.3%
SBA Communications Corp., Class A†#		7,479			636,986
Total Long-Term Investment Securities
(cost $130,587,798)					229,051,270
SHORT-TERM INVESTMENT SECURITIES — 4.3%
Registered Investment Companies — 3.6%
State Street Navigator Securities Lending Prime Portfolio(1)		8,272,875			8,272,875
U.S. Government Treasuries — 0.7%
United States Treasury Bills Disc. Notes
0.02% due 12/12/2013(2)	$	700,000			699,996
0.03% due 03/20/2014		1,000,000			999,768
					1,699,764
Total Short-Term Investment Securities
(cost $9,972,780)					9,972,639
REPURCHASE AGREEMENT — 1.3%
State Street Bank & Trust Co. Joint Repurchase Agreement(3) (cost $3,129,000)		3,129,000			3,129,000
TOTAL INVESTMENTS
(cost $143,689,578)(4)		103.4	%		242,152,909
Liabilities in excess of other assets		(3.4	)		(7,923,917	)
NET ASSETS		100.0	%	$	234,228,992

† Non-income producing security

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

(1) At November 30, 2013, the Fund had loaned securities with a total value of $8,336,168. This was secured by $8,272,875, which was received in cash and subsequently invested in short-term investments currently valued at $8,272,875 as reported in the portfolio of investments, Additional collateral of $251,867 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Federal National Mtg. Assoc.	3.50% to 4.00%	10/25/2029 to 05/25/2042	$109,641
United States Treasury Notes/Bonds	0.25% to 5.38%	08/31/2014 to 02/15/2031	142,226

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

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

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

ADR—American Depository Receipt

173

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Open Future Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2013		Unrealized Appreciation (Depreciation)
	73	Long	Nasdaq 100 E-Mini Index		December 2013	$	4,817,966	$	5,091,750	$	273,785

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Applications Software	$	21,487,579	$	—	$	—	$	21,487,579
Computers		29,568,466		—		—		29,568,466
E-Commerce/Products		14,353,592		—		—		14,353,592
Electronic Components - Semiconductors		14,802,022		—		—		14,802,022
Medical - Biomedical/Gene		23,708,250		—		—		23,708,250
Web Portals/ISP		21,875,094		—		—		21,875,094
Other Industries*		103,256,267		—		—		103,256,267
Short-Term Investment Securities:
Registered Investment Companies		8,272,875		—		—		8,272,875
U.S. Government Treasuries		—		1,699,764		—		1,699,764
Repurchase Agreement		—		3,129,000		—		3,129,000
Other Financial Instruments:†
Open Futures Contracts - Appreciation		273,785		—		—		273,785
Total	$	237,597,930	$	4,828,764	$	—	$	242,426,694

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

174

VALIC Company I Science & Technology Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Registered Investment Companies	9.8	%
Web Portals/ISP	9.6
Electronic Components — Semiconductors	9.2
Applications Software	8.6
Semiconductor Components — Integrated Circuits	7.9
E-Commerce/Products	6.4
Computers	6.1
Internet Content — Entertainment	5.7
Computers — Memory Devices	4.0
E-Commerce/Services	3.5
Commercial Services — Finance	2.9
Semiconductor Equipment	2.5
Computer Services	2.3
Internet Content — Information/News	2.2
Computer Aided Design	2.2
Networking Products	2.1
Finance — Credit Card	1.9
Telecommunication Equipment	1.8
Internet Security	1.6
Time Deposits	1.6
Enterprise Software/Service	1.2
Auto — Cars/Light Trucks	1.2
Electronic Measurement Instruments	1.0
Telecom Equipment — Fiber Optics	1.0
Repurchase Agreement	0.9
Wireless Equipment	0.9
Internet Application Software	0.8
Cellular Telecom	0.8
Computer Software	0.8
Consulting Services	0.7
Electronic Components — Misc.	0.7
Power Converter/Supply Equipment	0.7
Entertainment Software	0.6
Medical Products	0.6
Web Hosting/Design	0.5
Internet Infrastructure Software	0.5
Security Services	0.4
Electronic Forms	0.4
Virtual Reality Products	0.3
Multimedia	0.3
Electronic Connectors	0.3
Appliances	0.3
Computers — Integrated Systems	0.3
Data Processing/Management	0.2
Electronic Design Automation	0.2
Computers — Periphery Equipment	0.2
Commercial Services	0.1
Toys	0.1
Advanced Materials	0.1
Photo Equipment & Supplies	0.1
Audio/Video Products	0.1
	108.2	%

* Calculated as a percentage of net assets

175

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.7%
Advanced Materials — 0.1%
STR Holdings, Inc.†#		274,600	$	505,264
Appliances — 0.3%
iRobot Corp.†#		67,855		2,253,465
Applications Software — 8.6%
Check Point Software Technologies, Ltd.†#		88,100		5,449,866
Citrix Systems, Inc.†		98,600		5,848,952
Intuit, Inc.#		26,050		1,933,691
Microsoft Corp.		859,825		32,785,127
Red Hat, Inc.†		238,342		11,166,323
Salesforce.com, Inc.†#		223,985		11,667,379
ServiceNow, Inc.†#		131,360		6,976,530
				75,827,868
Audio/Video Products — 0.1%
Harman International Industries, Inc.		5,999		486,159
Auto-Cars/Light Trucks — 1.2%
Tesla Motors, Inc.†#		78,592		10,003,190
Toyota Motor Corp. ADR		1,139		142,432
				10,145,622
Cellular Telecom — 0.8%
China Unicom Hong Kong, Ltd.		1,238,000		1,964,154
T-Mobile US, Inc.#		200,335		5,210,714
				7,174,868
Commercial Services — 0.1%
Quanta Services, Inc.†#		39,735		1,176,553
RPX Corp.†		2,100		34,692
				1,211,245
Commercial Services - Finance — 2.9%
Alliance Data Systems Corp.†#		21,403		5,185,091
Automatic Data Processing, Inc.		50,635		4,051,813
Equifax, Inc.		20,010		1,347,273
Heartland Payment Systems, Inc.#		66,090		2,968,102
MasterCard, Inc., Class A		11,675		8,882,457
Western Union Co.#		120,295		2,005,317
WEX, Inc.†		7,515		745,939
				25,185,992
Computer Aided Design — 2.2%
Aspen Technology, Inc.†		152,115		6,013,106
Autodesk, Inc.†		291,110		13,172,727
				19,185,833
Computer Services — 2.3%
Accenture PLC, Class A#		106,798		8,273,641
Cognizant Technology Solutions Corp., Class A†		86,142		8,087,872
Computer Sciences Corp.		30,265		1,592,544
SCSK Corp.		84,200		2,120,106
				20,074,163
Computer Software — 0.8%
Akamai Technologies, Inc.†#		156,580		7,002,258
Computers — 6.1%
Advantech Co., Ltd.		239,000		1,477,901
Apple, Inc.		87,791		48,817,941
Lenovo Group, Ltd.#		2,593,000		3,073,745
				53,369,587
Computers - Integrated Systems — 0.3%
Teradata Corp.†		48,702		2,222,759

Security Description	Shares		Value (Note 2)
Computers - Memory Devices — 4.0%
EMC Corp.		214,800	$	5,122,980
SanDisk Corp.		126,430		8,616,204
Seagate Technology PLC		153,140		7,509,986
Western Digital Corp.		187,000		14,032,480
				35,281,650
Computers - Periphery Equipment — 0.2%
Stratasys, Ltd.†		11,485		1,352,588
Consulting Services — 0.7%
Genpact, Ltd.†		186,912		3,345,725
Huron Consulting Group, Inc.†		52,200		3,102,768
				6,448,493
Data Processing/Management — 0.2%
Fiserv, Inc.†		18,040		1,982,416
E-Commerce/Products — 6.4%
Amazon.com, Inc.†#		96,890		38,137,842
eBay, Inc.†		137,240		6,933,365
Rakuten, Inc.		470,900		7,236,481
Vipshop Holdings, Ltd. ADR†#		44,665		3,712,108
zulily, Inc., Class A†		12,410		434,226
				56,454,022
E-Commerce/Services — 3.5%
Angie’s List, Inc.†#		13,132		170,979
Ctrip.com International, Ltd. ADR†		45,990		2,197,402
Netflix, Inc.†#		15,705		5,744,889
priceline.com, Inc.†		19,030		22,690,040
QIWI PLC ADR#		6,100		285,358
				31,088,668
Electronic Components - Misc. — 0.7%
AAC Technologies Holdings, Inc.#		446,500		2,027,281
Jabil Circuit, Inc.		82,100		1,664,167
Murata Manufacturing Co., Ltd.		12,600		1,083,778
NEC Corp.		26,000		57,369
Omron Corp.		38,300		1,576,124
				6,408,719
Electronic Components - Semiconductors — 9.2%
Altera Corp.#		233,500		7,530,375
ARM Holdings PLC ADR#		91,000		4,540,900
Avago Technologies, Ltd.		209,685		9,379,210
Broadcom Corp., Class A		137,030		3,657,331
First Solar, Inc.†#		31,400		1,878,348
Infineon Technologies AG		244,620		2,482,403
Intel Corp.#		271,210		6,465,646
International Rectifier Corp.†		20,135		482,032
Intersil Corp., Class A#		90,600		953,112
MediaTek, Inc.		493,000		7,263,229
Mellanox Technologies, Ltd.†#		148,300		5,774,802
Micron Technology, Inc.†#		415,675		8,770,742
ON Semiconductor Corp.†#		762,600		5,406,834
Samsung Electronics Co., Ltd.		3,980		5,618,558
Semtech Corp.†		69,800		2,074,456
Silicon Laboratories, Inc.†		27,100		1,058,255
SK Hynix, Inc.†		78,600		2,629,160
Texas Instruments, Inc.		109,255		4,697,965
				80,663,358
Electronic Connectors — 0.3%
Hirose Electric Co., Ltd.		15,200		2,323,964
Electronic Design Automation — 0.2%
Cadence Design Systems, Inc.†#		148,300		1,964,975

176

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Forms — 0.4%
Adobe Systems, Inc.†		60,310	$	3,424,402
Electronic Measurement Instruments — 1.0%
Agilent Technologies, Inc.		27,100		1,451,747
Keyence Corp.		4,900		1,968,611
National Instruments Corp.#		62,600		1,956,876
Trimble Navigation, Ltd.†#		113,700		3,627,030
				9,004,264
Enterprise Software/Service — 1.2%
Oracle Corp.		205,380		7,247,860
Veeva Systems, Inc., Class A†#		3,800		153,862
Workday, Inc., Class A†#		36,520		3,007,422
				10,409,144
Entertainment Software — 0.6%
Activision Blizzard, Inc.		272,916		4,696,884
Electronic Arts, Inc.†#		33,076		733,626
				5,430,510
Finance - Credit Card — 1.9%
Visa, Inc., Class A#		83,171		16,921,972
Food - Misc./Diversified — 0.0%
Grubhub Seamless, Inc.†(1)(2)(3)		27,325		233,301
Internet Application Software — 0.8%
Bazaarvoice, Inc.†#		16,955		133,945
RealNetworks, Inc.†#		81,724		636,630
Tencent Holdings, Ltd.		114,400		6,616,700
				7,387,275
Internet Content - Entertainment — 5.7%
Facebook, Inc., Class A†		539,212		25,348,356
NetEase, Inc. ADR		81,645		5,862,927
Pandora Media, Inc.†#		386,165		10,967,086
Renren, Inc. ADR†#		1,156		3,445
Twitter, Inc.†#		8,900		369,973
Twitter, Inc.†(1)(3)(4)		184,162		7,272,834
Youku.com, Inc. Class A(1)(3)		16		25
				49,824,646
Internet Content - Information/News — 2.2%
Kakaku.com, Inc.		230,700		4,220,960
LinkedIn Corp., Class A†#		16,540		3,705,456
M3, Inc.		1,111		2,899,393
SouFun Holdings, Ltd. ADR		82,375		5,350,256
Yelp, Inc.†		49,625		3,011,741
				19,187,806
Internet Infrastructure Software — 0.5%
F5 Networks, Inc.†#		37,150		3,055,959
Mavenir Systems, Inc.†#		120,658		1,278,975
				4,334,934
Internet Security — 1.6%
FireEye, Inc.†(1)(3)(4)		249,937		9,540,170
FireEye, Inc.†#		3,300		126,621
VeriSign, Inc.†#		85,000		4,833,100
				14,499,891
Medical Products — 0.6%
Hospira, Inc.†#		78,900		3,101,559
Stryker Corp.		29,400		2,187,948
				5,289,507
Multimedia — 0.3%
Twenty-First Century Fox, Inc., Class A#		73,600		2,464,864

Security Description	Shares		Value (Note 2)
Networking Products — 2.1%
Calix, Inc.†#		110,380	$	1,130,291
Cisco Systems, Inc.		680,480		14,460,200
Palo Alto Networks, Inc.†#		52,675		2,631,116
				18,221,607
Photo Equipment & Supplies — 0.1%
Sunny Optical Technology Group Co., Ltd.		517,000		487,481
Power Converter/Supply Equipment — 0.7%
Delta Electronics, Inc.		277,000		1,478,881
SunPower Corp.†#		161,780		4,908,405
				6,387,286
Security Services — 0.4%
ADT Corp.#		96,730		3,923,369
Semiconductor Components - Integrated Circuits — 7.9%
Analog Devices, Inc.		24,130		1,163,548
Atmel Corp.†#		528,400		4,042,260
Marvell Technology Group, Ltd.#		130,000		1,849,900
Maxim Integrated Products, Inc.		40,735		1,160,133
NXP Semiconductor NV†		389,725		16,563,312
QUALCOMM, Inc.#		416,360		30,635,769
Taiwan Semiconductor Manufacturing Co., Ltd.		3,516,000		12,474,826
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		111,675		1,979,998
				69,869,746
Semiconductor Equipment — 2.5%
Applied Materials, Inc.#		660,375		11,424,487
ASM Pacific Technology, Ltd.#		98,200		816,365
ASML Holding NV#		30,309		2,830,254
Lam Research Corp.†#		131,815		6,868,880
Montage Technology Group, Ltd.†#		13,000		235,300
				22,175,286
Telecom Equipment - Fiber Optics — 1.0%
IPG Photonics Corp.†#		89,700		6,505,044
JDS Uniphase Corp.†#		159,700		1,938,758
				8,443,802
Telecommunication Equipment — 1.8%
Alcatel-Lucent ADR†		2,391,087		10,305,585
Juniper Networks, Inc.†#		276,735		5,609,418
				15,915,003
Toys — 0.1%
Nintendo Co., Ltd.		6,700		858,882
Virtual Reality Products — 0.3%
RealD, Inc.†#		312,500		2,800,000
Web Hosting/Design — 0.5%
Equinix, Inc.†#		30,000		4,821,000
Web Portals/ISP — 9.4%
Baidu, Inc. ADR†		56,100		9,344,577
Dropbox, Inc.†(1)(2)(3)		151,803		1,657,942
Google, Inc., Class A†		49,521		52,471,956
NAVER Corp.		1,766		1,154,750
SINA Corp.†#		101,930		7,855,745
Yahoo!, Inc.†		231,425		8,558,097
Yandex NV, Class A†		39,635		1,575,491
				82,618,558
Wireless Equipment — 0.9%
Aruba Networks, Inc.†#		430,640		7,682,618
Total Common Stocks
(cost $665,461,154)				841,231,090

177

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES — 0.2%
E-Commerce/Services — 0.0%
Coupons.com, Inc.†(1)(2)(3)		108,436		$	388,201
Web Portals/ISP — 0.2%
Dropbox, Inc. Class A-1†(1)(2)(3)		119,521			1,168,318
Dropbox, Inc., Series A†(1)(2)(3)		12,378			131,671
					1,299,989
Total Convertible Preferred Securities
(cost $1,789,244)					1,688,190
Total Long-Term Investment Securities
(cost $667,250,398)					842,919,280
SHORT-TERM INVESTMENT SECURITIES — 11.4%
Registered Investment Companies — 9.8%
State Street Navigator Securities Lending Prime Portfolio(5)		63,996,576			63,996,576
T. Rowe Price Reserve Investment Fund		22,594,254			22,594,254
					86,590,830
Time Deposits — 1.6%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013	$	13,814,000			13,814,000
Total Short-Term Investment Securities
(cost $100,404,830)					100,404,830
REPURCHASE AGREEMENT — 0.9%
Repurchase Agreement — 0.9%
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/29/2013, to be repurchased 12/02/2013 in the amount of $8,023,000 and collateralized by $9,500,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00%, due 01/30/2023 and having an approximate value of $8,187,625
(cost $8,023,000)		8,023,000			8,023,000
TOTAL INVESTMENTS
(cost $775,678,228)(6)		108.2	%		951,347,110
Liabilities in excess of other assets		(8.2	)		(72,316,536	)
NET ASSETS		100.0	%	$	879,030,574

† Non-income producing security

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

(1) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2013, the Science & Technology Fund held the following restricted securities:

Name	Acquisition Date		Shares		Acqu isition Cost		Value		Value Per Share		Value as a % of Net Assets
Coupons.com, Inc. Convertible Preferred Securities		06/1/2011		54,218	$	595,677
		08/18/2011		54,218		—
				108,436		595,677	$	388,201	$	3.58		0.04	%
Dropbox, Inc.
Common Stock		05/1/2012		151,803		1,374,071		1,657,942		10.92		0.19
Dropbox, Inc. Class A-1 Convertible Preferred Securities		05/1/2012		60,803		550,212
		05/29/2012		58,718		531,345
				119,521		1,081,557		1,168,318		9.78		0.13
Dropbox, Inc. Series A Convertible Preferred Securities		05/1/2012		12,378		112,010		131,671		10.64		0.01
Fireeye, Inc. Common Stock		12/27/2012		249,937		2,631,687		9,540,170		38.17		1.09
Grubhub Seamless, Inc. Common Stock		08/13/2013		27,325		233,301		233,301		8.54		0.03
Twitter, Inc. Common Stock		09/24/2009		23,021		367,920
		01/11/2011		46,040		—
		08/22/2011		115,101		—
				184,162		367,920		7,272,834		18.18		0.38
Youku.Com, Inc. Class A Common Stock		07/11/2011		16		—		25		1.56		0.00
							$	20,392,462				2.32	%

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

(3) Illiquid security. At November 30, 2013, the aggregate value of these securities was $20,392,462 representing 2.3% of net assets.

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

(5) At November 30, 2013, the Fund had loaned securities with a total value of $63,573,095. This was secured by collateral of $63,996,576, which was received in cash and subsequently invested in short-term investments currently value at $63,996,576 as reported in the portfolio of investments. The remaining collateral of $1,066,653 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Fed. National Mtg. Assoc.	3.00% to 4.00%	10/25/2029 to 05/25/2042	$590,346
United States Treasury Notes/Bonds	0.25% to 5.38%	08/31/2014 to 02/15/2031	476,307

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

ADR—American Depository Receipt

178

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Applications Software	$	75,827,868	$	—	$	—	$	75,827,868
Computers		53,369,587		—		—		53,369,587
E-Commerce/Products		56,454,022		—		—		56,454,022
Electronic Components - Semiconductors		80,663,358		—		—		80,663,358
Food - Misc./Diversified		—		—		233,301		233,301
Internet Content - Entertainment		42,551,787		7,272,859		—		49,824,646
Internet Security		4,959,721		9,540,170		—		14,499,891
Semiconductor Components - Integrated Circuits		69,869,746		—		—		69,869,746
Web Portals/ISP		80,960,616		—		1,657,942		82,618,558
Other Industries*		357,870,113		—		—		357,870,113
Convertible Preferred Securities		—		—		1,688,190		1,688,190
Short-Term Investment Securities:
Registered Investment Companies		86,590,830		—		—		86,590,830
Time Deposits		—		13,814,000		—		13,814,000
Repurchase Agreement		—		8,023,000		—		8,023,000
Total	$	909,117,648	$	38,650,029	$	3,579,433	$	951,347,110

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $63,532,064 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities.

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

	Common Stocks			Convertible Preferred Securities
Balance as of 5/31/2013	$	1,378,279		$	7,508,094
Accrued discounts		—			—
Accrued premiums		—			—
Realized Gain		14,800			—
Realized Loss		—			—
Change in unrealized appreciation(1)		338,392			365,870
Change in unrealized depreciation(1)		—			(3,186,167	)
Net Purchases		233,301			—
Net Sales		(73,529	)		(2,999,607	)
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Balance as of 11/30/2013	$	1,891,243		$	1,688,190

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2013 includes:

Common Stocks		Convertible Preferred Securities
$	338,391	$	365,870

At the end of the reporting period, Level 3 investment in securities were not considered a material portion of the Fund.

179

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Registered Investment Companies	7.0	%
Medical — Drugs	5.7
Medical — Biomedical/Gene	5.4
Medical Products	5.3
Enterprise Software/Service	4.4
Transport — Truck	3.0
Chemicals — Specialty	3.0
Wireless Equipment	2.9
Finance — Consumer Loans	2.8
Applications Software	2.8
Oil Companies — Exploration & Production	2.6
Schools	2.4
Retail — Apparel/Shoe	2.3
Retail — Restaurants	2.3
Human Resources	2.1
Food — Misc./Diversified	2.0
Industrial Audio & Video Products	2.0
Medical Instruments	1.9
Finance — Other Services	1.8
Electronic Components — Semiconductors	1.8
Aerospace/Defense	1.8
Consulting Services	1.8
Office Furnishings — Original	1.6
Instruments — Scientific	1.6
Advanced Materials	1.6
Electronic Components — Misc.	1.6
Medical — Hospitals	1.5
Aerospace/Defense — Equipment	1.5
Retail — Vitamins & Nutrition Supplements	1.5
Repurchase Agreements	1.5
Networking Products	1.5
B2B/E-Commerce	1.4
E-Commerce/Products	1.4
Medical Labs & Testing Services	1.4
Auto/Truck Parts & Equipment — Replacement	1.4
Oil — Field Services	1.3
Health Care Cost Containment	1.2
Hazardous Waste Disposal	1.1
Finance — Investment Banker/Broker	1.1
Building & Construction Products — Misc.	1.1
Retail — Sporting Goods	1.1
Investment Management/Advisor Services	1.1
Food — Dairy Products	1.0
Casino Services	1.0
Banks — Commercial	1.0
Oil Field Machinery & Equipment	1.0
Seismic Data Collection	0.9
Machinery — General Industrial	0.9
Computer Aided Design	0.9
Retail — Home Furnishings	0.9
Vitamins & Nutrition Products	0.8
Computers	0.8
Commercial Services — Finance	0.7
Insurance — Property/Casualty	0.7
MRI/Medical Diagnostic Imaging	0.6
Electric Products — Misc.	0.5
Telecom Services	0.5
	106.8	%

* Calculated as a percentage of net assets

180

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.3%
Advanced Materials — 1.6%
Hexcel Corp.†		39,163	$	1,720,431
Aerospace/Defense — 1.8%
Teledyne Technologies, Inc.†		20,700		1,919,511
Aerospace/Defense - Equipment — 1.5%
HEICO Corp., Class A		39,622		1,642,332
Applications Software — 2.8%
Infoblox, Inc.†		46,710		1,484,444
InterXion Holding NV†		66,980		1,507,720
				2,992,164
Auto/Truck Parts & Equipment-Replacement — 1.4%
Dorman Products, Inc.†#		29,100		1,448,598
B2B/E-Commerce — 1.4%
SPS Commerce, Inc.†		23,300		1,532,441
Banks - Commercial — 1.0%
Signature Bank†		9,824		1,043,800
Building & Construction Products - Misc. — 1.1%
Drew Industries, Inc.†		21,700		1,176,357
Casino Services — 1.0%
Multimedia Games Holding Co., Inc.†		37,300		1,081,700
Chemicals - Specialty — 3.0%
Cytec Industries, Inc.		16,300		1,458,524
Quaker Chemical Corp.		21,100		1,709,944
				3,168,468
Commercial Services - Finance — 0.7%
Heartland Payment Systems, Inc.#		16,850		756,734
Computer Aided Design — 0.9%
Aspen Technology, Inc.†		24,472		967,378
Computers — 0.8%
Silicon Graphics International Corp.†#		61,300		816,516
Consulting Services — 1.8%
Huron Consulting Group, Inc.†		32,100		1,908,024
E-Commerce/Products — 1.4%
Shutterfly, Inc.†#		31,859		1,504,701
Electric Products - Misc. — 0.5%
GrafTech International, Ltd.†		50,500		581,760
Electronic Components - Misc. — 1.6%
InvenSense, Inc.†#		98,800		1,708,252
Electronic Components - Semiconductors — 1.8%
Microsemi Corp.†		79,795		1,949,392
Enterprise Software/Service — 4.4%
Proofpoint, Inc.†#		72,790		2,220,095
Qlik Technologies, Inc.†		40,200		1,008,216
Ultimate Software Group, Inc.†#		9,533		1,493,726
				4,722,037
Finance - Consumer Loans — 2.8%
Portfolio Recovery Associates, Inc.†#		36,768		2,147,251
Regional Management Corp.†		26,900		904,647
				3,051,898
Finance - Investment Banker/Broker — 1.1%
FXCM, Inc., Class A#		71,900		1,197,854
Finance - Other Services — 1.8%
MarketAxess Holdings, Inc.		13,504		950,276
WageWorks, Inc.†		17,900		1,025,670
				1,975,946

Security Description	Shares		Value (Note 2)
Food - Dairy Products — 1.0%
WhiteWave Foods Co., Class A†#		52,400	$	1,114,548
Food - Misc./Diversified — 2.0%
Hain Celestial Group, Inc.†#		25,453		2,104,709
Hazardous Waste Disposal — 1.1%
Clean Harbors, Inc.†#		23,100		1,218,987
Health Care Cost Containment — 1.2%
ExamWorks Group, Inc.†#		42,100		1,242,371
Human Resources — 2.1%
AMN Healthcare Services, Inc.†		84,837		1,177,537
Team Health Holdings, Inc.†		23,323		1,089,884
				2,267,421
Industrial Audio & Video Products — 2.0%
Imax Corp.†#		67,800		2,090,274
Instruments - Scientific — 1.6%
FEI Co.		9,990		909,589
Fluidigm Corp.†#		25,600		813,568
				1,723,157
Insurance - Property/Casualty — 0.7%
Amtrust Financial Services, Inc.#		17,959		750,866
Investment Management/Advisor Services — 1.1%
WisdomTree Investments, Inc.†#		73,800		1,130,616
Machinery - General Industrial — 0.9%
Middleby Corp.†		4,433		978,984
Medical Instruments — 1.9%
DexCom, Inc.†		36,975		1,223,503
Techne Corp.		10,100		863,954
				2,087,457
Medical Labs & Testing Services — 1.4%
ICON PLC†		38,800		1,479,832
Medical Products — 5.3%
Cyberonics, Inc.†		25,232		1,733,943
Globus Medical, Inc., Class A†#		75,500		1,454,130
West Pharmaceutical Services, Inc.		23,778		1,186,998
Zeltiq Aesthetics, Inc.†		75,800		1,329,532
				5,704,603
Medical - Biomedical/Gene — 5.4%
Aegerion Pharmaceuticals, Inc.†#		18,275		1,296,246
Bluebird Bio, Inc.†#		23,300		475,786
KYTHERA Biopharmaceuticals, Inc.†#		18,800		732,824
Ligand Pharmaceuticals, Inc., Class B†#		36,957		2,057,766
NPS Pharmaceuticals, Inc.†		48,018		1,268,155
				5,830,777
Medical - Drugs — 5.7%
Amicus Therapeutics, Inc.†#		219,020		536,599
Chimerix, Inc.†		35,000		560,700
Endocyte, Inc.†#		39,500		455,830
Jazz Pharmaceuticals PLC†#		13,420		1,569,066
Orexigen Therapeutics, Inc.†#		149,400		1,020,402
Pacira Pharmaceuticals, Inc.†		25,200		1,390,788
Receptos, Inc.†#		26,900		622,466
				6,155,851
Medical - Hospitals — 1.5%
Acadia Healthcare Co., Inc.†#		35,900		1,658,580
MRI/Medical Diagnostic Imaging — 0.6%
Surgical Care Affiliates, Inc.†		20,200		614,888

181

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Networking Products — 1.5%
LogMeIn, Inc.†		45,500	$	1,569,750
Office Furnishings - Original — 1.6%
Steelcase, Inc., Class A		106,300		1,735,879
Oil Companies - Exploration & Production — 2.6%
Carrizo Oil & Gas, Inc.†		28,300		1,144,452
Diamondback Energy, Inc.†#		12,900		641,646
Rosetta Resources, Inc.†		18,950		958,301
				2,744,399
Oil Field Machinery & Equipment — 1.0%
Dril-Quip, Inc.†		9,595		1,041,633
Oil - Field Services — 1.3%
MRC Global, Inc.†		46,900		1,434,671
Retail - Apparel/Shoe — 2.3%
Burlington Stores, Inc.†		20,500		583,020
DSW, Inc., Class A#		42,060		1,885,550
				2,468,570
Retail - Home Furnishings — 0.9%
Restoration Hardware Holdings, Inc.†		12,100		913,550
Retail - Restaurants — 2.3%
Bloomin’ Brands, Inc.†#		57,300		1,501,260
Noodles & Co.†#		23,100		938,553
				2,439,813
Retail - Sporting Goods — 1.1%
Cabela’s, Inc.†#		19,180		1,174,775
Retail - Vitamins & Nutrition Supplements — 1.5%
Vitamin Shoppe, Inc.†		29,685		1,611,005
Schools — 2.4%
Capella Education Co.†#		14,200		933,224
Grand Canyon Education, Inc.†#		36,410		1,658,111
				2,591,335
Seismic Data Collection — 0.9%
Geospace Technologies Corp.†#		11,525		1,005,787
Telecom Services — 0.5%
RigNet, Inc.†		12,728		540,685
Transport - Truck — 3.0%
Old Dominion Freight Line, Inc.†#		25,131		1,295,000
Roadrunner Transportation Systems, Inc.†		69,889		1,913,561
				3,208,561

Security Description	Shares/ Principal Amount			Value (Note 2)
Vitamins & Nutrition Products — 0.8%
Natural Grocers by Vitamin Cottage, Inc.†#		24,080		$	885,662
Wireless Equipment — 2.9%
Aruba Networks, Inc.†#		78,589			1,402,028
Ubiquiti Networks, Inc.#		44,600			1,757,240
					3,159,268
Total Long-Term Investment Securities
(cost $83,753,526)					105,545,558
SHORT-TERM INVESTMENT SECURITIES — 7.0%
Registered Investment Companies — 7.0%
State Street Navigator Securities Lending Prime Portfolio (cost $7,568,058)(1)		7,568,058			7,568,058
REPURCHASE AGREEMENT — 1.5%
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/29/2013, to be repurchased 12/02/2013 in the amount of $1,576,000 and collateralized by $1,770,000 of Federal Home Loan Mtg. Corp., bearing interest at 2.00% due 01/30/2023 and having approximate value of $1,609,339 (cost $1,576,000)	$	1,576,000			1,576,000
TOTAL INVESTMENTS
(cost $92,897,584)(2)		106.8	%		114,689,616
Liabilities in excess of other assets		(6.8	)		(7,305,602	)
NET ASSETS		100.0	%	$	107,384,014

† Non-income producing security

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

(1) At November 30, 2013, the Fund had loaned securities with a total value of $7,508,160. This was secured by $7,568,058, which was received in cash and subsequently invested in short-term investments currently valued at $ 7,568,058 as reported in the portfolio of investments. Additional collateral of $ 108,982 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Federal National Mtg. Assoc.	3.00% to 3.13%	10/25/2029 to 05/25/2042	$	7,115
United States Treasury Notes/Bonds	0.13% to 5.38%	04/30/2015 to 11/15/2022		101,867

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Medical Products	$	5,704,603	$	—	$	—	$	5,704,603
Medical - Biomedical/Gene		5,830,777		—		—		5,830,777
Medical - Drugs		6,155,851		—		—		6,155,851
Other Industries*		87,854,327		—		—		87,854,327
Short-Term Investment Securities:
Registered Investment Companies		7,568,058		—		—		7,568,058
Repurchase Agreement		—		1,576,000		—		1,576,000
Total Assets	$	113,113,616	$	1,576,000	$	—	$	114,689,616

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

182

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Registered Investment Companies	14.0	%
Banks — Commercial	9.1
Retail — Restaurants	3.9
Real Estate Investment Trusts	3.4
Oil — Field Services	3.3
Medical — Biomedical/Gene	3.2
Oil Companies — Exploration & Production	2.9
Medical Products	2.7
Transport — Truck	2.1
Medical — Drugs	2.0
Finance — Investment Banker/Broker	2.0
Computers — Integrated Systems	1.9
Electronic Components — Semiconductors	1.7
Retail — Apparel/Shoe	1.5
Investment Management/Advisor Services	1.4
Medical — Hospitals	1.4
Auto/Truck Parts & Equipment — Original	1.3
Enterprise Software/Service	1.3
Metal Processors & Fabrication	1.2
Time Deposits	1.1
Medical — Outpatient/Home Medical	1.1
Computer Software	1.1
Building & Construction Products — Misc.	1.1
Commercial Services	1.0
Telecommunication Equipment	0.9
Instruments — Controls	0.9
Wire & Cable Products	0.9
Containers — Paper/Plastic	0.9
Semiconductor Components — Integrated Circuits	0.9
Insurance — Property/Casualty	0.9
Chemicals — Diversified	0.9
Batteries/Battery Systems	0.9
Home Furnishings	0.9
Non — Hazardous Waste Disposal	0.9
Miscellaneous Manufacturing	0.8
Broadcast Services/Program	0.8
Oil Field Machinery & Equipment	0.8
Electronic Components — Misc.	0.8
Office Furnishings — Original	0.8
Chemicals — Specialty	0.8
Consulting Services	0.8
Gas — Distribution	0.8
Insurance — Multi-line	0.7
Casino Services	0.7
Aerospace/Defense — Equipment	0.7
Engineering/R&D Services	0.7
Steel Pipe & Tube	0.7
Building Products — Cement	0.7
Savings & Loans/Thrifts	0.7
Distribution/Wholesale	0.7
Building — Mobile Home/Manufactured Housing	0.7
Diversified Manufacturing Operations	0.7
Food — Canned	0.7
E-Marketing/Info	0.7
Retail — Automobile	0.7
Retail — Vitamins & Nutrition Supplements	0.7
Electric — Integrated	0.7
Retail — Home Furnishings	0.6
Advertising Agencies	0.6
Banks — Fiduciary	0.6
Insurance Brokers	0.6
Insurance — Life/Health	0.6
Physicians Practice Management	0.6
Food — Wholesale/Distribution	0.6
Real Estate Management/Services	0.6
Applications Software	0.6
Electronic Design Automation	0.6
Paper & Related Products	0.6
Leisure Products	0.5

Telecom Equipment — Fiber Optics	0.5
Instruments — Scientific	0.5
Semiconductor Equipment	0.5
Electronic Measurement Instruments	0.4
Building Products — Air & Heating	0.4
Therapeutics	0.4
Food — Misc./Diversified	0.3
Medical Instruments	0.3
Financial Guarantee Insurance	0.3
Telecom Services	0.3
Medical — HMO	0.3
Lighting Products & Systems	0.3
Retail — Sporting Goods	0.3
Independent Power Producers	0.3
Advanced Materials	0.2
Aerospace/Defense	0.2
Wireless Equipment	0.2
Consumer Products — Misc.	0.2
Machinery — General Industrial	0.2
Human Resources	0.2
Machinery — Pumps	0.2
Retail — Discount	0.2
Coal	0.2
Apparel Manufacturers	0.2
Garden Products	0.2
Metal — Diversified	0.2
Building Products — Doors & Windows	0.2
Computer Services	0.2
Airlines	0.2
Transport — Services	0.2
Rental Auto/Equipment	0.2
Building — Residential/Commercial	0.2
Printing — Commercial	0.2
Auto Repair Centers	0.2
Environmental Monitoring & Detection	0.2
Telephone — Integrated	0.2
E-Commerce/Services	0.1
Decision Support Software	0.1
Real Estate Operations & Development	0.1
Lasers — System/Components	0.1
Medical Sterilization Products	0.1
Diagnostic Kits	0.1
Transactional Software	0.1
Food — Retail	0.1
Retail — Misc./Diversified	0.1
Publishing — Newspapers	0.1
Seismic Data Collection	0.1
Energy — Alternate Sources	0.1
Internet Infrastructure Software	0.1
Internet Content — Entertainment	0.1
Steel — Producers	0.1
Industrial Automated/Robotic	0.1
Power Converter/Supply Equipment	0.1
Electronic Security Devices	0.1
Internet Application Software	0.1
Data Processing/Management	0.1
Diversified Minerals	0.1
Retail — Leisure Products	0.1
Diagnostic Equipment	0.1
Gambling (Non — Hotel)	0.1
Computers — Memory Devices	0.1
Publishing — Books	0.1
Diversified Operations	0.1
Investment Companies	0.1
Retail — Regional Department Stores	0.1
Quarrying	0.1
Internet Content — Information/News	0.1
Professional Sports	0.1
Brewery	0.1

183

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)

Industry Allocation* (continued)

Gold Mining	0.1	%
Vitamins & Nutrition Products	0.1
Food — Baking	0.1
Internet Security	0.1
Finance — Leasing Companies	0.1
E-Services/Consulting	0.1
Filtration/Separation Products	0.1
Textile — Products	0.1
Heart Monitors	0.1
Pharmacy Services	0.1
Storage/Warehousing	0.1
Industrial Audio & Video Products	0.1
Electric Products — Misc.	0.1
Internet Connectivity Services	0.1
Networking Products	0.1
Pollution Control	0.1
Radio	0.1
Building — Heavy Construction	0.1
Retail — Convenience Store	0.1
Internet Telephone	0.1
Footwear & Related Apparel	0.1
Transport — Equipment & Leasing	0.1
	113.7%

* Calculated as a percentage of net assets

184

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.5%
Advanced Materials — 0.2%
Core Molding Technologies, Inc.†		25,700	$	296,578
Hexcel Corp.†		12,900		566,697
STR Holdings, Inc.†#		24,600		45,264
				908,539
Advertising Agencies — 0.6%
Interpublic Group of Cos., Inc.		136,795		2,380,233
Advertising Services — 0.0%
Marchex, Inc., Class B		13,500		126,630
Aerospace/Defense — 0.2%
Teledyne Technologies, Inc.†		9,500		880,935
Aerospace/Defense - Equipment — 0.7%
Ducommun, Inc.†		6,400		162,176
LMI Aerospace, Inc.†		6,100		77,409
Moog, Inc., Class A†		6,000		412,020
Triumph Group, Inc.#		28,835		2,132,060
				2,783,665
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†#		3,900		60,255
Agricultural Operations — 0.0%
Cadiz, Inc.†		14,400		85,104
MGP Ingredients, Inc.		13,100		65,631
				150,735
Airlines — 0.2%
Allegiant Travel Co.		5,900		653,130
Apparel Manufacturers — 0.2%
Quiksilver, Inc.†#		77,300		687,970
Applications Software — 0.6%
Actuate Corp.†		116,796		918,017
Bsquare Corp.†		13,900		45,453
Callidus Software, Inc.†		19,500		212,940
Cvent, Inc.†#		1,600		52,112
PDF Solutions, Inc.†		9,100		211,120
Progress Software Corp.†		12,950		341,103
Tangoe, Inc.†#		22,500		354,150
				2,134,895
Audio/Video Products — 0.0%
VOXX International Corp.†		5,000		89,200
Auto Repair Centers — 0.2%
Monro Muffler Brake, Inc.#		9,825		521,314
TravelCenters of America LLC†		9,000		95,670
				616,984
Auto/Truck Parts & Equipment - Original — 1.3%
Accuride Corp.†		20,000		70,200
Dana Holding Corp.		94,438		1,915,203
Miller Industries, Inc.		10,000		190,200
SORL Auto Parts, Inc.†		15,300		63,036
Spartan Motors, Inc.		21,600		149,256
Strattec Security Corp.#		7,600		341,012
TRW Automotive Holdings Corp.†		30,447		2,362,687
				5,091,594
Auto/Truck Parts & Equipment - Replacement — 0.0%
Commercial Vehicle Group, Inc.†		6,700		50,987
Banks - Commercial — 9.1%
1st United Bancorp, Inc.		14,300		116,545
American National Bankshares, Inc.		5,900		153,164
American River Bankshares†		19,500		179,595

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
BancorpSouth, Inc.#		93,245	$	2,229,488
BankUnited, Inc.		16,300		526,164
Berkshire Bancorp, Inc.		6,500		46,735
Bridge Capital Holdings†		7,200		137,520
Capital Bank Financial Corp., Class A†#		17,400		406,116
Capital City Bank Group, Inc.†		9,600		114,816
Citizens Holding Co.		4,500		81,000
CNB Financial Corp.		8,500		170,000
CVB Financial Corp.#		149,316		2,409,960
East West Bancorp, Inc.#		87,397		2,995,969
Enterprise Bancorp, Inc.		6,821		139,558
Enterprise Financial Services Corp.		10,000		195,600
Farmers Capital Bank Corp.†		7,900		174,590
First Bancorp		9,000		153,720
First Bancorp, Inc.		7,165		128,612
First Horizon National Corp.#		44,400		497,724
Glacier Bancorp, Inc.#		117,301		3,514,338
Hampton Roads Bankshares, Inc.†		85,000		136,850
Heritage Commerce Corp.		13,500		111,510
Heritage Financial Corp.		8,300		142,760
Independent Bank Corp.†		14,000		166,320
LNB Bancorp, Inc.		16,300		160,718
Merchants Bancshares, Inc.		4,600		145,820
Metro Bancorp, Inc.†		10,500		235,200
MetroCorp Bancshares, Inc.		8,000		114,640
MidWestOne Financial Group, Inc.		5,400		151,146
Northrim BanCorp, Inc.		7,100		186,375
Ohio Valley Banc Corp.		6,400		138,240
Pacific Continental Corp.		13,000		187,720
PacWest Bancorp#		61,870		2,545,332
Park Sterling Corp.		25,200		178,668
Peoples Bancorp of North Carolina, Inc.		5,500		74,635
Peoples Bancorp, Inc.		6,300		150,948
Pinnacle Financial Partners, Inc.#		5,500		179,025
Preferred Bank†		3,320		67,529
Prosperity Bancshares, Inc.#		9,600		615,648
Seacoast Banking Corp. of Florida†		65,500		148,030
Sierra Bancorp		9,400		166,380
Signature Bank†#		9,800		1,041,250
Southcoast Financial Corp.†		5,000		29,950
Southern National Bancorp of Virginia, Inc.		15,000		146,400
Southwest Bancorp, Inc.†		13,500		231,795
Suffolk Bancorp†		9,100		185,458
Synovus Financial Corp.#		108,736		379,489
TCF Financial Corp.#		17,200		269,524
Texas Capital Bancshares, Inc.†#		54,957		3,086,935
United Security Bancshares		20,324		96,742
Valley National Bancorp.#		23,572		239,256
Washington Banking Co.		8,500		152,490
Washington Trust Bancorp, Inc.		6,500		238,290
Webster Financial Corp.#		71,226		2,099,742
West Bancorporation, Inc.		14,344		231,225
Westamerica Bancorporation#		7,400		409,812
Western Alliance Bancorp†		120,430		2,796,384
Wintrust Financial Corp.#		52,126		2,364,435
Zions Bancorporation#		12,800		375,424
				34,749,309
Banks - Fiduciary — 0.6%
Boston Private Financial Holdings, Inc.#		195,472		2,325,139
Banks - Mortgage — 0.0%
Walker & Dunlop, Inc.†#		4,100		66,502
Batteries/Battery Systems — 0.9%
EnerSys, Inc.#		46,291		3,302,863

185

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Beverages - Non-alcoholic — 0.0%
Primo Water Corp.†		21,600	$	66,312
Brewery — 0.1%
Craft Brew Alliance, Inc.†		18,800		333,700
Broadcast Services/Program — 0.8%
Nexstar Broadcasting Group, Inc., Class A#		63,792		3,168,549
Building & Construction Products - Misc. — 1.1%
Gibraltar Industries, Inc.†#		5,550		98,235
Louisiana - Pacific Corp.†#		32,900		539,560
Quanex Building Products Corp.#		14,700		262,248
Simpson Manufacturing Co., Inc.#		4,400		159,720
Trex Co., Inc.†		44,309		3,207,529
				4,267,292
Building Products - Air & Heating — 0.4%
AAON, Inc.		9,750		300,007
Lennox International, Inc.#		13,000		1,071,200
				1,371,207
Building Products - Cement — 0.7%
Eagle Materials, Inc.#		32,539		2,538,042
Martin Marietta Materials, Inc.#		2,100		202,776
				2,740,818
Building Products - Doors & Windows — 0.2%
Apogee Enterprises, Inc.#		18,544		664,246
Building Products - Light Fixtures — 0.0%
LSI Industries, Inc.		18,400		159,896
Building - Heavy Construction — 0.1%
Orion Marine Group, Inc.†		16,100		191,107
Building - Mobile Home/Manufactured Housing — 0.7%
Thor Industries, Inc.#		48,678		2,632,019
Building - Residential/Commercial — 0.2%
Meritage Homes Corp.†#		11,100		483,738
Standard Pacific Corp.†#		18,100		148,058
				631,796
Casino Hotels — 0.0%
Monarch Casino & Resort, Inc.†		7,500		133,125
Casino Services — 0.7%
Bally Technologies, Inc.†#		37,342		2,784,593
Chemicals - Diversified — 0.9%
FMC Corp.#		31,063		2,263,250
Rockwood Holdings, Inc.#		15,500		1,061,130
				3,324,380
Chemicals - Plastics — 0.0%
Landec Corp.†		14,800		173,752
Chemicals - Specialty — 0.8%
KMG Chemicals, Inc.		7,800		141,804
Minerals Technologies, Inc.		43,271		2,570,297
Oil-Dri Corp. of America		4,900		197,078
				2,909,179
Circuit Boards — 0.0%
UQM Technologies, Inc.†		57,300		114,027
Coal — 0.2%
Cloud Peak Energy, Inc.†#		21,600		357,264
James River Coal Co.†		43,200		61,776
Westmoreland Coal Co.†		18,500		276,760
				695,800

Security Description	Shares		Value (Note 2)
Commercial Services — 1.0%
Collectors Universe		7,200	$	119,448
HMS Holdings Corp.†#		19,300		442,163
Intersections, Inc.		12,500		96,750
Mac-Gray Corp.		10,700		227,910
Providence Service Corp.†		7,700		211,134
Quanta Services, Inc.†		6,617		195,929
RPX Corp.†		1,000		16,520
Team, Inc.†#		60,844		2,489,737
				3,799,591
Commercial Services - Finance — 0.0%
Xoom Corp.†		3,100		85,669
Communications Software — 0.0%
Digi International, Inc.†		13,300		152,950
Computer Data Security — 0.0%
Fortinet, Inc.†#		6,000		102,600
Qualys, Inc.†#		2,300		56,856
				159,456
Computer Services — 0.2%
Dynamics Research Corp.†		10,000		72,400
FleetMatics Group PLC†#		11,600		448,920
LivePerson, Inc.†#		10,900		133,961
				655,281
Computer Software — 1.1%
Computer Modelling Group, Ltd.		3,100		78,981
SS&C Technologies Holdings, Inc.†#		97,680		4,210,985
				4,289,966
Computers - Integrated Systems — 1.8%
Agilysys, Inc.†		13,000		169,910
Cray, Inc.†#		136,227		3,243,565
Jack Henry & Associates, Inc.#		58,263		3,307,590
				6,721,065
Computers - Memory Devices — 0.1%
Datalink Corp.†		11,100		116,217
Dot Hill Systems Corp.†		87,300		223,488
Netlist, Inc.†		37,900		26,530
				366,235
Computers - Periphery Equipment — 0.0%
Synaptics, Inc.†#		800		40,408
Consulting Services — 0.8%
CRA International, Inc.†		7,700		142,219
Hackett Group, Inc.		27,900		174,375
Information Services Group, Inc.†		42,400		173,840
MAXIMUS, Inc.		51,759		2,355,034
PDI, Inc.†		9,800		50,176
				2,895,644
Consumer Products - Misc. — 0.2%
Costa, Inc.†		13,000		284,700
Kid Brands, Inc.†		18,000		19,080
Tumi Holdings, Inc.†#		21,300		511,200
				814,980
Containers - Paper/Plastic — 0.9%
Berry Plastics Group, Inc.†		22,000		471,900
Graphic Packaging Holding Co.†		324,070		2,910,149
				3,382,049
Cosmetics & Toiletries — 0.0%
CCA Industries, Inc.		3,421		10,776

186

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Data Processing/Management — 0.1%
CommVault Systems, Inc.†#		4,400	$	329,340
Innodata, Inc.†		25,000		64,250
				393,590
Decision Support Software — 0.1%
Interactive Intelligence Group, Inc.†		8,500		552,840
Diagnostic Equipment — 0.1%
BioTelemetry, Inc.†		36,900		387,081
Diagnostic Kits — 0.1%
Meridian Bioscience, Inc.#		21,200		521,096
Diamonds/Precious Stones — 0.0%
Petra Diamonds, Ltd.†		35,600		63,281
Direct Marketing — 0.0%
ValueVision Media, Inc., Class A†		18,400		105,984
Distribution/Wholesale — 0.7%
Beacon Roofing Supply, Inc.†#		51,343		1,908,933
Core-Mark Holding Co., Inc.		3,400		250,988
Pool Corp.#		9,711		544,204
				2,704,125
Diversified Manufacturing Operations — 0.7%
AZZ, Inc.		10,900		532,792
Chase Corp.		7,100		226,206
EnPro Industries, Inc.†#		10,200		577,320
Fabrinet†#		12,000		237,600
Harsco Corp.		15,400		402,710
Koppers Holdings, Inc.#		10,100		478,538
Lydall, Inc.†		7,000		124,810
Standex International Corp.		400		23,568
				2,603,544
Diversified Minerals — 0.1%
AMCOL International Corp.#		7,800		243,048
United States Lime & Minerals, Inc.†		2,600		150,046
				393,094
Diversified Operations — 0.1%
Horizon Pharma, Inc.†		27,700		199,994
Resource America, Inc., Class A		17,400		163,734
				363,728
E-Commerce/Products — 0.0%
1-800-FLOWERS.COM, Inc., Class A†		20,600		104,854
E-Commerce/Services — 0.1%
Angie’s List, Inc.†#		8,600		111,972
OpenTable, Inc.†#		4,600		384,422
Zillow, Inc., Class A†#		300		23,586
				519,980
E-Marketing/Info — 0.7%
Marketo, Inc.†#		11,500		334,650
ValueClick, Inc.†#		105,234		2,252,008
				2,586,658
E-Services/Consulting — 0.1%
Sapient Corp.†		18,000		283,140
Electric Products - Misc. — 0.1%
Graham Corp.		5,800		216,804
Electric - Integrated — 0.7%
Cleco Corp.		2,900		132,559
El Paso Electric Co.		10,800		389,124
Empire District Electric Co.		5,000		113,500

Security Description	Shares		Value (Note 2)
Electric - Integrated (continued)
NorthWestern Corp.#		4,300	$	189,114
OGE Energy Corp.		16,900		581,698
PNM Resources, Inc.		26,200		609,674
UNS Energy Corp.		10,000		478,800
				2,494,469
Electronic Components - Misc. — 0.8%
CTS Corp.		11,600		210,888
Gentex Corp.#		6,000		178,860
Pulse Electronics Corp.†		3,040		10,305
Sanmina Corp.†#		149,460		2,313,641
Viasystems Group, Inc.†		11,000		163,350
Vishay Precision Group, Inc.†		8,800		149,600
				3,026,644
Electronic Components - Semiconductors — 1.7%
AXT, Inc.†		21,202		50,037
Cavium, Inc.†#		8,600		311,320
Diodes, Inc.†		11,350		231,880
Fairchild Semiconductor International, Inc.†#		139,867		1,780,507
GSI Technology, Inc.†		19,800		137,016
GT Advanced Technologies, Inc.†#		11,300		110,853
Intersil Corp., Class A		2,900		30,508
Kopin Corp.†#		56,300		229,704
Mellanox Technologies, Ltd.†#		5,100		198,594
Mindspeed Technologies, Inc.†		2,902		14,597
Pixelworks, Inc.†		36,900		156,456
PLX Technology, Inc.†		18,300		123,342
PMC - Sierra, Inc.†#		66,700		400,200
Rubicon Technology, Inc.†		11,000		111,980
Semtech Corp.†#		74,385		2,210,722
Silicon Laboratories, Inc.†#		7,500		292,875
				6,390,591
Electronic Design Automation — 0.6%
Cadence Design Systems, Inc.†#		160,985		2,133,051
Electronic Measurement Instruments — 0.4%
Analogic Corp.		3,800		367,156
CyberOptics Corp.†		18,900		96,768
ESCO Technologies, Inc.#		11,500		391,690
FARO Technologies, Inc.†		5,500		299,970
National Instruments Corp.#		14,200		443,892
Orbotech, Ltd.†		5,900		82,541
				1,682,017
Electronic Security Devices — 0.1%
American Science & Engineering, Inc.#		5,700		408,462
Electronics - Military — 0.0%
M/A - COM Technology Solutions Holdings, Inc.†		9,700		155,200
Energy - Alternate Sources — 0.1%
Amyris, Inc.†		50,800		141,224
Ocean Power Technologies, Inc.†		17,900		34,547
REX American Resources Corp.†		4,600		150,604
Saratoga Resources, Inc.†		17,300		23,874
Solazyme, Inc.†#		9,600		86,016
				436,265
Engineering/R&D Services — 0.7%
Foster Wheeler AG†		85,292		2,586,906
VSE Corp.		3,700		189,514
				2,776,420

187

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service — 1.3%
American Software, Inc., Class A		11,600	$	111,940
Concur Technologies, Inc.†#		3,100		300,979
Guidewire Software, Inc.†		7,400		353,202
Informatica Corp.†#		53,620		2,080,992
MicroStrategy, Inc., Class A†#		12,304		1,591,277
Proofpoint, Inc.†#		4,700		143,350
PROS Holdings, Inc.†		9,600		369,984
				4,951,724
Environmental Monitoring & Detection — 0.2%
Mine Safety Appliances Co.		12,100		602,822
Filtration/Separation Products — 0.1%
CLARCOR, Inc.#		4,500		272,385
Finance - Consumer Loans — 0.0%
Asta Funding, Inc.		13,200		112,464
Finance - Investment Banker/Broker — 2.0%
Diamond Hill Investment Group, Inc.		1,700		211,225
E*TRADE Financial Corp.†#		231,270		4,144,358
Evercore Partners, Inc., Class A#		45,314		2,485,473
FBR & Co.†		9,750		274,073
JMP Group, Inc.		16,300		106,928
Piper Jaffray Cos.†#		4,000		152,080
SWS Group, Inc.†		21,300		137,598
				7,511,735
Finance - Leasing Companies — 0.1%
California First National Bancorp		6,000		98,220
Marlin Business Services Corp.		7,500		186,375
				284,595
Finance - Mortgage Loan/Banker — 0.0%
Arlington Asset Investment Corp., Class A		3,000		80,130
PennyMac Financial Services, Inc., Class A†#		2,800		50,120
				130,250
Financial Guarantee Insurance — 0.3%
Assured Guaranty, Ltd.#		27,677		649,856
MGIC Investment Corp.†#		12,400		100,564
Radian Group, Inc.#		28,400		404,984
				1,155,404
Food - Baking — 0.1%
Flowers Foods, Inc.#		14,400		312,912
Food - Canned — 0.7%
Seneca Foods Corp., Class B†#		200		5,764
TreeHouse Foods, Inc.†#		37,012		2,596,392
				2,602,156
Food - Misc./Diversified — 0.3%
Annie’s, Inc.†#		4,200		192,990
Grubhub Seamless, Inc.†(1)(2)(3)		10,533		89,931
Inventure Foods, Inc.†		17,900		228,941
John B. Sanfilippo & Son, Inc.		6,600		168,234
Pinnacle Foods, Inc.#		12,600		347,634
Senomyx, Inc.†#		47,700		200,817
				1,228,547
Food - Retail — 0.1%
Fresh Market, Inc.†#		12,200		496,662
Food - Wholesale/Distribution — 0.6%
Spartan Stores, Inc.#		7,560		175,392
United Natural Foods, Inc.†#		28,713		1,976,890
				2,152,282

Security Description	Shares		Value (Note 2)
Footwear & Related Apparel — 0.1%
R.G. Barry Corp.		9,700	$	186,240
Gambling (Non-Hotel) — 0.1%
Dover Downs Gaming & Entertainment, Inc.†		43,334		63,701
Isle of Capri Casinos, Inc.†		23,400		190,242
Lakes Entertainment, Inc.†		30,400		120,080
				374,023
Garden Products — 0.2%
Toro Co.		11,100		684,981
Gas - Distribution — 0.8%
Chesapeake Utilities Corp.#		2,400		139,632
Delta Natural Gas Co., Inc.		3,800		84,474
Southwest Gas Corp.		10,700		567,742
UGI Corp.#		51,642		2,079,107
				2,870,955
Gold Mining — 0.1%
Franco-Nevada Corp.		8,300		332,985
Healthcare Safety Devices — 0.0%
Alpha PRO Tech, Ltd.†		30,000		59,400
Harvard Apparatus Regenerative Technology, Inc.†		7,500		38,025
				97,425
Heart Monitors — 0.1%
HeartWare International, Inc.†#		2,500		241,000
Home Furnishings — 0.9%
Ethan Allen Interiors, Inc.#		2,700		83,430
Hooker Furniture Corp.		9,100		155,428
La-Z-Boy, Inc.#		104,592		3,060,362
				3,299,220
Hotel/Motels — 0.0%
Morgans Hotel Group Co.†		19,000		152,950
Housewares — 0.0%
Lifetime Brands, Inc.		8,000		116,960
Human Resources — 0.2%
Cross Country Healthcare, Inc.†		20,000		152,800
CTPartners Executive Search, Inc.†		3,400		22,440
Kforce, Inc.		18,900		381,402
Team Health Holdings, Inc.†		4,100		191,593
				748,235
Independent Power Producers — 0.3%
Dynegy, Inc.†#		17,500		374,675
NRG Energy, Inc.#		16,228		429,393
NRG Yield, Inc.		3,700		133,755
Synthesis Energy Systems, Inc.†#		4,300		2,924
				940,747
Industrial Audio & Video Products — 0.1%
Ballantyne Strong, Inc.†		14,000		65,100
Iteris, Inc.†		76,210		163,852
				228,952
Industrial Automated/Robotic — 0.1%
Adept Technology, Inc.†		23,000		280,370
Hurco Cos., Inc.		5,000		132,400
				412,770
Instruments - Controls — 0.9%
Control4 Corp.†#		5,100		89,097
Watts Water Technologies, Inc., Class A#		52,458		3,153,775
Woodward, Inc.		4,500		193,050
				3,435,922

188

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Instruments - Scientific — 0.5%
FEI Co.		20,438	$	1,860,880
Insurance Brokers — 0.6%
Arthur J. Gallagher & Co.		45,646		2,124,365
Brown & Brown, Inc.		4,900		154,938
				2,279,303
Insurance - Life/Health — 0.6%
Independence Holding Co.		10,460		147,591
StanCorp Financial Group, Inc.		31,810		2,039,339
				2,186,930
Insurance - Multi-line — 0.7%
American Financial Group, Inc.		41,473		2,391,333
Fortegra Financial Corp.†		22,600		165,432
Kemper Corp.		6,600		247,632
				2,804,397
Insurance - Property/Casualty — 0.9%
Enstar Group, Ltd.†#		1,800		250,758
Hallmark Financial Services, Inc.†		13,000		123,500
HCC Insurance Holdings, Inc.		11,100		510,378
Infinity Property & Casualty Corp.		10,600		756,310
Markel Corp.†		200		111,456
RLI Corp.#		4,400		443,916
Selective Insurance Group, Inc.#		22,600		637,094
State Auto Financial Corp.#		6,450		145,641
Universal Insurance Holdings, Inc.		28,300		350,920
				3,329,973
Insurance - Reinsurance — 0.0%
Essent Group, Ltd.†		3,800		82,612
Internet Application Software — 0.1%
Bazaarvoice, Inc.†#		17,300		136,670
Lionbridge Technologies, Inc.†		36,800		209,392
Splunk, Inc.†#		800		57,728
				403,790
Internet Connectivity Services — 0.1%
PC-Tel, Inc.		21,200		210,304
Internet Content - Entertainment — 0.1%
Pandora Media, Inc.†#		15,000		426,000
Internet Content - Information/News — 0.1%
Bankrate, Inc.†#		6,500		121,810
Harris Interactive, Inc.†		40,000		80,400
Reis, Inc.†		8,000		142,960
				345,170
Internet Financial Services — 0.0%
TheStreet, Inc.		48,200		106,040
Internet Infrastructure Software — 0.1%
Barracuda Networks, Inc.†		3,000		62,100
support.com, Inc.†		31,500		126,000
TeleCommunication Systems, Inc., Class A†		28,000		64,680
Unwired Planet, Inc.†		65,400		99,408
				352,188
Internet Security — 0.1%
FireEye, Inc.†#		800		30,696
iPass, Inc.†		49,900		86,327
Zix Corp.†		41,500		192,145
				309,168
Internet Telephone — 0.1%
RingCentral, Inc.†#		11,800		187,266

Security Description	Shares		Value (Note 2)
Investment Companies — 0.1%
Gladstone Capital Corp.		12,000	$	117,120
KCAP Financial, Inc.		16,700		140,447
NGP Capital Resources Co.		13,000		101,140
				358,707
Investment Management/Advisor Services — 1.4%
Affiliated Managers Group, Inc.†#		12,236		2,450,259
Artisan Partners Asset Management, Inc.# Class A		11,693		721,692
Cohen & Steers, Inc.#		9,600		385,056
Financial Engines, Inc.#		16,200		1,097,550
Manning & Napier, Inc.		8,400		153,468
Pzena Investment Management, Inc., Class A#		3,700		34,817
Waddell & Reed Financial, Inc., Class A#		9,500		605,435
				5,448,277
Lasers - System/Components — 0.1%
Coherent, Inc.†		2,571		177,502
Newport Corp.†#		8,000		137,200
Rofin-Sinar Technologies, Inc.†		8,800		227,304
				542,006
Leisure Products — 0.5%
Brunswick Corp.#		40,100		1,832,570
Johnson Outdoors, Inc., Class A		3,400		97,376
Marine Products Corp.		12,100		116,523
				2,046,469
Lighting Products & Systems — 0.3%
Acuity Brands, Inc.#		10,000		1,025,300
Linen Supply & Related Items — 0.0%
G&K Services, Inc., Class A		2,000		120,440
Machine Tools & Related Products — 0.0%
Hardinge, Inc.		11,000		170,390
Machinery - Construction & Mining — 0.0%
Terex Corp.#		1,100		39,952
Machinery - General Industrial — 0.2%
Albany International Corp., Class A		11,700		430,092
IDEX Corp.#		300		21,399
Manitowoc Co., Inc.#		16,900		347,971
				799,462
Machinery - Pumps — 0.2%
Graco, Inc.		9,300		718,239
Medical Instruments — 0.3%
Baxano Surgical, Inc.†		40,300		41,106
Bruker Corp.†#		17,400		336,516
CryoLife, Inc.		17,000		187,850
Edwards Lifesciences Corp.†#		1,200		78,636
Thoratec Corp.†#		4,400		173,228
Vascular Solutions, Inc.†		7,500		156,375
Volcano Corp.†#		9,100		207,207
				1,180,918
Medical Laser Systems — 0.0%
LCA - Vision, Inc.†		18,900		71,442
Medical Products — 2.7%
Accuray, Inc.†#		3,537		28,225
Cardica, Inc.†		33,400		34,736
Chindex International, Inc.†		7,100		121,339
Cooper Cos., Inc.		4,600		606,004
Haemonetics Corp.†#		43,398		1,833,999
Span - America Medical Systems, Inc.		3,100		61,566
Teleflex, Inc.#		21,542		2,117,794
Tornier NV†		9,700		175,473

189

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products (continued)
West Pharmaceutical Services, Inc.		51,080	$	2,549,914
Wright Medical Group, Inc.†#		96,375		2,872,939
				10,401,989
Medical Sterilization Products — 0.1%
STERIS Corp.		11,500		530,610
Medical - Biomedical/Gene — 3.2%
AMAG Pharmaceuticals, Inc.†#		4,700		115,291
Arqule, Inc.†		55,000		133,650
Bio-Rad Laboratories, Inc., Class A†		13,833		1,696,203
Charles River Laboratories International, Inc.†		38,714		2,019,709
Cubist Pharmaceuticals, Inc.†#		43,571		2,985,049
Enzo Biochem, Inc.†		33,500		82,410
Exelixis, Inc.†#		24,400		142,252
GTx, Inc.†		20,200		34,138
Harvard Bioscience, Inc.†		30,000		136,800
Incyte Corp., Ltd.†#		30,500		1,421,300
Medicines Co.†#		70,891		2,595,320
Nanosphere, Inc.†		35,000		80,500
Pacific Biosciences of California, Inc.†		26,700		112,941
PharmAthene, Inc.†		68,300		128,404
Regeneron Pharmaceuticals, Inc.†#		200		58,772
Repligen Corp.†		17,000		228,990
Rigel Pharmaceuticals, Inc.†#		4,700		12,502
Seattle Genetics, Inc.†#		5,900		242,431
				12,226,662
Medical - Drugs — 2.0%
AcelRx Pharmaceuticals, Inc.†		14,800		144,744
Alimera Sciences, Inc.†		25,025		63,063
Alkermes PLC†		15,300		617,814
Anacor Pharmaceuticals, Inc.†		17,800		249,200
Auxilium Pharmaceuticals, Inc.†#		58,879		1,201,721
BioSpecifics Technologies Corp.†		5,200		115,388
Cempra, Inc.†		15,000		193,950
Cumberland Pharmaceuticals, Inc.†		12,800		63,744
Cytori Therapeutics, Inc.†		17,000		46,240
Endo Health Solutions, Inc.†#		43,280		2,907,983
Idenix Pharmaceuticals, Inc.†#		16,100		86,457
Pacira Pharmaceuticals, Inc.†#		13,900		767,141
Pain Therapeutics, Inc.†		40,000		183,200
Pozen, Inc.		15,600		123,240
SIGA Technologies, Inc.†		19,900		70,247
Sucampo Pharmaceuticals, Inc., Class A†		23,000		171,120
Vanda Pharmaceuticals, Inc.†		16,600		194,884
XenoPort, Inc.†#		25,000		133,500
Zogenix, Inc.†		72,200		233,206
				7,566,842
Medical - HMO — 0.3%
Centene Corp.†#		6,100		364,353
WellCare Health Plans, Inc.†#		9,100		676,130
				1,040,483
Medical - Hospitals — 1.4%
Acadia Healthcare Co., Inc.†#		11,300		522,060
Community Health Systems, Inc.†		54,656		2,254,560
LifePoint Hospitals, Inc.†		50,906		2,607,914
				5,384,534
Medical - Outpatient/Home Medical — 1.1%
Amsurg Corp.†		58,970		2,849,431
Premier, Inc.†		45,863		1,509,351
				4,358,782

Security Description	Shares		Value (Note 2)
Metal Processors & Fabrication — 1.2%
Ampco - Pittsburgh Corp.		6,500	$	119,210
Dynamic Materials Corp.		8,100		181,521
Haynes International, Inc.		47,961		2,600,445
NN, Inc.		14,900		297,255
RBC Bearings, Inc.†#		9,400		642,866
Rexnord Corp.†#		11,600		281,996
Sun Hydraulics Corp.#		6,800		292,196
				4,415,489
Metal Products - Distribution — 0.0%
Olympic Steel, Inc.		5,500		154,385
Metal - Diversified — 0.2%
Constellium NV, Class A†		19,000		410,780
Luxfer Holdings PLC ADR		14,200		266,534
				677,314
Miscellaneous Manufacturing — 0.8%
John Bean Technologies Corp.		13,400		396,104
Trimas Corp.†#		76,996		2,816,514
				3,212,618
MRI/Medical Diagnostic Imaging — 0.0%
RadNet, Inc.†		36,000		72,000
Networking Products — 0.1%
Ixia†#		5,900		76,641
NeoPhotonics Corp.†		22,000		130,240
				206,881
Non - Hazardous Waste Disposal — 0.9%
Casella Waste Systems, Inc., Class A†		32,900		196,413
Waste Connections, Inc.#		70,103		3,080,326
				3,276,739
Office Automation & Equipment — 0.0%
voxeljet AG ADR†#		1,500		61,500
Office Furnishings - Original — 0.8%
Interface, Inc.		130,409		2,614,700
Knoll, Inc.#		20,400		362,100
				2,976,800
Oil Companies - Exploration & Production — 2.9%
Approach Resources, Inc.†#		5,000		105,950
Athlon Energy, Inc.†#		5,400		176,148
Bill Barrett Corp.†#		19,900		535,111
Bonanza Creek Energy, Inc.†#		7,000		321,090
Callon Petroleum Co.†		13,100		87,115
Clayton Williams Energy, Inc.†		4,900		354,760
Contango Oil & Gas Co.†		7,700		362,747
Diamondback Energy, Inc.†#		7,800		387,972
Double Eagle Petroleum Co.†		11,000		24,860
Emerald Oil, Inc.†		21,500		156,090
Energen Corp.		28,677		2,069,619
Energy XXI Bermuda, Ltd.#		10,900		296,044
EPL Oil & Gas, Inc.†#		6,300		180,495
Evolution Petroleum Corp.		10,600		131,016
FieldPoint Petroleum Corp.†		31,900		128,876
GeoMet, Inc.†#		12,500		875
Matador Resources Co.†#		17,500		381,325
Miller Energy Resources, Inc.†		23,400		195,156
Oasis Petroleum, Inc.†#		18,800		867,244
Panhandle Oil and Gas, Inc., Class A		5,400		178,740
PostRock Energy Corp.†		24,600		37,638
Rosetta Resources, Inc.†#		36,504		1,846,008
Ultra Petroleum Corp.†#		100,043		2,047,880
Warren Resources, Inc.†		34,500		112,125
				10,984,884

190

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Field Machinery & Equipment — 0.8%
Bolt Technology Corp.		12,800	$	258,432
Dresser - Rand Group, Inc.†#		29,807		1,682,307
Flotek Industries, Inc.†#		9,500		198,930
Forum Energy Technologies, Inc.†#		7,900		213,379
Gulf Island Fabrication, Inc.		9,000		238,140
Mitcham Industries, Inc.†		6,900		120,750
Natural Gas Services Group, Inc.†		7,400		219,484
Thermon Group Holdings, Inc.†		6,600		190,080
				3,121,502
Oil Refining & Marketing — 0.0%
Adams Resources & Energy, Inc.		214		12,245
Oil - Field Services — 3.3%
C&J Energy Services, Inc.†#		12,200		289,140
Cal Dive International, Inc.†		66,800		123,580
Forbes Energy Services, Ltd.†		17,200		63,296
Helix Energy Solutions Group, Inc.†#		88,892		1,974,291
Key Energy Services, Inc.†#		21,800		170,912
MRC Global, Inc.†#		64,864		1,984,190
Oceaneering International, Inc.#		27,212		2,100,494
Oil States International, Inc.†		21,206		2,170,434
SEACOR Holdings, Inc.†#		9,400		874,670
Superior Energy Services, Inc.		4,677		119,170
Targa Resources Corp.		31,144		2,525,467
TETRA Technologies, Inc.†		3,500		43,190
				12,438,834
Optical Recognition Equipment — 0.0%
Digimarc Corp.		3,100		58,063
Paper & Related Products — 0.6%
Schweitzer - Mauduit International, Inc.#		36,964		1,907,712
Xerium Technologies, Inc.†		15,000		197,850
				2,105,562
Patient Monitoring Equipment — 0.0%
Masimo Corp.†#		500		14,315
Pharmacy Services — 0.1%
Catamaran Corp.†#		5,068		231,253
Physicians Practice Management — 0.6%
Healthways, Inc.†#		5,200		72,852
IPC The Hospitalist Co., Inc.†#		33,387		2,099,375
				2,172,227
Pollution Control — 0.1%
CECO Environmental Corp.		12,700		202,311
Power Converter/Supply Equipment — 0.1%
Advanced Energy Industries, Inc.†		7,900		188,178
PowerSecure International, Inc.†		12,700		223,139
				411,317
Printing - Commercial — 0.2%
ARC Document Solutions, Inc.†		15,200		130,872
Consolidated Graphics, Inc.†		1,600		103,056
Multi-Color Corp.#		10,150		384,786
				618,714
Professional Sports — 0.1%
Madison Square Garden, Co., Class A†		6,000		338,160
Publishing - Books — 0.1%
Courier Corp.		7,700		144,144
Scholastic Corp.#		7,249		221,384
				365,528

Security Description	Shares		Value (Note 2)
Publishing - Newspapers — 0.1%
AH Belo Corp., Class A		18,221	$	141,031
Lee Enterprises, Inc.†		86,500		307,940
				448,971
Quarrying — 0.1%
Compass Minerals International, Inc.#		4,900		350,595
Radio — 0.1%
Emmis Communications Corp., Class A†		40,500		107,325
Salem Communications Corp., Class A		10,000		89,900
				197,225
Real Estate Investment Trusts — 3.4%
Acadia Realty Trust		7,200		186,984
CBL & Associates Properties, Inc.#		25,100		453,306
Chesapeake Lodging Trust#		16,600		396,242
Colony Financial, Inc.#		6,400		129,408
Cousins Properties, Inc.		19,635		210,291
DCT Industrial Trust, Inc.#		251,500		1,876,190
DiamondRock Hospitality Co.		57,608		658,459
Douglas Emmett, Inc.		69,900		1,606,302
EastGroup Properties, Inc.#		9,800		593,782
Equity One, Inc.		13,800		309,120
First Potomac Realty Trust#		10,900		130,800
Kilroy Realty Corp.#		7,400		372,590
LaSalle Hotel Properties#		79,240		2,481,797
Lexington Realty Trust		167,400		1,719,198
Mid-America Apartment Communities, Inc.#		13,100		789,144
Pebblebrook Hotel Trust#		5,100		154,683
PS Business Parks, Inc.		8,300		650,056
Starwood Property Trust, Inc.		5,000		139,350
				12,857,702
Real Estate Management/Services — 0.6%
Jones Lang LaSalle, Inc.		21,085		2,060,426
RE/MAX Holdings, Inc., Class A†#		2,700		82,026
				2,142,452
Real Estate Operations & Development — 0.1%
Alexander & Baldwin, Inc.		4,800		181,392
AV Homes, Inc.†		11,400		229,938
Consolidated-Tomoka Land Co.		3,100		114,173
St. Joe Co.†		1,400		24,836
				550,339
Recycling — 0.0%
Metalico, Inc.†		31,700		55,792
Rental Auto/Equipment — 0.2%
Electro Rent Corp.#		5,600		119,392
H&E Equipment Services, Inc.†		18,000		513,540
				632,932
Research & Development — 0.0%
Albany Molecular Research, Inc.†		12,900		155,832
Retail - Apparel/Shoe — 1.5%
American Eagle Outfitters, Inc.#		9,900		161,073
ANN, Inc.†#		19,850		708,049
bebe stores, Inc.#		172,404		1,015,460
Burlington Stores, Inc.†#		2,400		68,256
Chico’s FAS, Inc.#		37,400		699,006
Christopher & Banks Corp.†		29,300		183,711
dELiA*s, Inc.†		39,400		47,280
Express, Inc.†		22,200		546,342
Francesca’s Holdings Corp.†#		13,100		257,022
Pacific Sunwear of California, Inc.†		37,200		108,252
PVH Corp.		15,145		2,028,218
				5,822,669

191

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Appliances — 0.0%
hhgregg, Inc.†#		4,300	$	64,070
Retail - Automobile — 0.7%
Penske Automotive Group, Inc.		58,187		2,584,667
Retail - Building Products — 0.0%
Tile Shop Holdings, Inc.†#		10,000		167,500
Retail - Convenience Store — 0.1%
Pantry, Inc.†		13,200		189,948
Retail - Discount — 0.2%
Citi Trends, Inc.†		7,300		120,523
HSN, Inc.		10,200		585,480
				706,003
Retail - Home Furnishings — 0.6%
Kirkland’s, Inc.†		9,700		248,514
Pier 1 Imports, Inc.#		98,461		2,194,696
				2,443,210
Retail - Jewelry — 0.0%
Zale Corp.†		9,900		146,025
Retail - Leisure Products — 0.1%
MarineMax, Inc.†		18,300		287,676
West Marine, Inc.†		7,632		103,337
				391,013
Retail - Misc./Diversified — 0.1%
Five Below, Inc.†#		7,000		372,120
Gaiam, Inc.† Class A		17,400		109,794
				481,914
Retail - Regional Department Stores — 0.1%
Stage Stores, Inc.#		16,800		352,968
Retail - Restaurants — 3.9%
BJ’s Restaurants, Inc.†#		11,100		329,004
Bloomin’ Brands, Inc.†#		21,600		565,920
Brinker International, Inc.#		10,900		512,627
Carrols Restaurant Group, Inc.†		15,000		100,500
Cheesecake Factory, Inc.#		9,700		472,875
Cracker Barrel Old Country Store, Inc.#		20,891		2,266,464
Denny’s Corp.†#		8,400		60,480
DineEquity, Inc.#		24,575		2,067,495
Famous Dave’s Of America, Inc.†		10,500		210,735
Jack in the Box, Inc.†		21,300		1,008,555
Jamba, Inc.†		520		6,136
Krispy Kreme Doughnuts, Inc.†#		23,300		591,354
Noodles & Co.†#		1,100		44,693
Papa John’s International, Inc.		30,136		2,557,793
Red Robin Gourmet Burgers, Inc.†#		44,335		3,533,943
Sonic Corp.†#		28,362		561,284
				14,889,858
Retail - Sporting Goods — 0.3%
Hibbett Sports, Inc.†#		8,400		542,388
Zumiez, Inc.†#		16,300		452,651
				995,039
Retail - Toy Stores — 0.0%
Build-A-Bear Workshop, Inc.†		16,500		152,955
Retail - Vitamins & Nutrition Supplements — 0.7%
GNC Holdings, Inc., Class A		42,590		2,563,066
Retirement/Aged Care — 0.0%
Five Star Quality Care, Inc.†		24,000		118,320

Security Description	Shares		Value (Note 2)
Savings & Loans/Thrifts — 0.7%
Banc of California, Inc.		10,000	$	128,200
Bank Mutual Corp.		26,600		184,338
BankFinancial Corp.		12,568		122,412
Capitol Federal Financial, Inc.#		38,940		469,616
ESSA Bancorp, Inc.		9,000		104,220
First Defiance Financial Corp.		5,800		156,600
Fox Chase Bancorp, Inc.		5,000		88,350
Hampden Bancorp, Inc.		7,500		122,100
Home Bancorp, Inc.†		6,600		125,268
Louisiana Bancorp, Inc.†		5,700		100,263
Meta Financial Group, Inc.		5,200		201,760
Naugatuck Valley Financial Corp.†		9,500		70,205
Oneida Financial Corp.		6,000		77,100
Pacific Premier Bancorp, Inc.†		12,600		183,204
Territorial Bancorp, Inc.		4,000		95,560
United Community Financial Corp.†		26,500		99,640
United Financial Bancorp, Inc.		8,687		171,395
Waterstone Financial, Inc.†		10,061		113,891
Westfield Financial, Inc.		16,000		118,240
				2,732,362
Schools — 0.0%
Learning Tree International, Inc.†		14,700		41,307
Lincoln Educational Services Corp.		20,000		107,000
				148,307
Seismic Data Collection — 0.1%
Dawson Geophysical Co.†		5,100		164,832
Global Geophysical Services, Inc.†		30,000		45,600
ION Geophysical Corp.†#		23,300		89,938
TGC Industries, Inc.		20,065		144,468
				444,838
Semiconductor Components - Integrated Circuits — 0.9%
Hittite Microwave Corp.†#		30,366		1,920,042
Pericom Semiconductor Corp.†		14,100		134,514
Power Integrations, Inc.#		20,977		1,121,431
Sigma Designs, Inc.†		23,500		131,835
TriQuint Semiconductor, Inc.†#		4,600		36,248
				3,344,070
Semiconductor Equipment — 0.5%
Amtech Systems, Inc.†		6,100		46,604
Mattson Technology, Inc.†		34,500		92,460
Ultra Clean Holdings, Inc.†		14,700		146,412
Veeco Instruments, Inc.†#		47,046		1,515,822
				1,801,298
Steel Pipe & Tube — 0.7%
Mueller Water Products, Inc., Class A		22,400		192,864
Valmont Industries, Inc.#		17,692		2,560,209
				2,753,073
Steel - Producers — 0.1%
Friedman Industries, Inc.		10,000		85,200
Schnitzer Steel Industries, Inc., Class A#		10,700		327,795
				412,995
Storage/Warehousing — 0.1%
Mobile Mini, Inc.		5,700		230,280
Telecom Equipment - Fiber Optics — 0.5%
Finisar Corp.†#		15,774		326,364
JDS Uniphase Corp.†#		122,953		1,492,649
KVH Industries, Inc.†		14,357		203,008
				2,022,021

192

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Telecom Services — 0.3%
Allot Communications, Ltd.†#		13,000	$	169,520
Aviat Networks, Inc.†		46,800		118,404
Hawaiian Telcom Holdco, Inc.†		5,000		151,650
Premiere Global Services, Inc.†		19,400		181,002
Straight Path Communications, Inc., Class B		5,950		47,005
tw telecom, Inc.†#		16,800		475,776
				1,143,357
Telecommunication Equipment — 0.9%
ADTRAN, Inc.#		20,100		516,168
ARRIS Group, Inc.†#		115,599		2,372,091
Aware, Inc.†		14,500		85,840
ShoreTel, Inc.†		38,000		307,040
Westell Technologies, Inc.† Class A		41,700		173,889
				3,455,028
Telephone - Integrated — 0.2%
Alaska Communications Systems Group, Inc.†		77,000		170,170
HickoryTech Corp.		9,800		134,162
IDT Corp., Class B		11,900		264,299
				568,631
Textile - Apparel — 0.0%
Cherokee, Inc.		6,400		91,648
Textile - Products — 0.1%
Culp, Inc.		12,300		248,829
Therapeutics — 0.4%
Anika Therapeutics, Inc.†		8,000		274,800
AVANIR Pharmaceuticals, Inc., Class A†#		42,600		189,144
BioMarin Pharmaceutical, Inc.†		6,400		450,432
Isis Pharmaceuticals, Inc.†		8,800		341,088
Theravance, Inc.†#		2,300		86,848
				1,342,312
Transactional Software — 0.1%
Bottomline Technologies de, Inc.†#		15,000		518,550
Transport - Equipment & Leasing — 0.1%
Willis Lease Finance Corp.†		10,000		182,400
Transport - Marine — 0.0%
Navigator Holdings, Ltd.#		1,800		38,070
Transport - Services — 0.2%
Horizon North Logistics, Inc.		18,800		159,484
Matson, Inc.#		1,400		35,042
Pacer International, Inc.†		30,000		272,400
UTi Worldwide, Inc.#		11,600		183,396
				650,322
Transport - Truck — 2.1%
Celadon Group, Inc.#		121,689		2,534,782
Covenant Transportation Group, Inc., Class A†		14,200		116,724
Heartland Express, Inc.#		665		12,190
Knight Transportation, Inc.#		27,175		485,617
Landstar System, Inc.#		34,200		1,919,646
Old Dominion Freight Line, Inc.†		56,017		2,886,556
				7,955,515
Virtual Reality Products — 0.0%
RealD, Inc.†#		1,100		9,856
Vitamins & Nutrition Products — 0.1%
Nutraceutical International Corp.†		8,200		209,920
Omega Protein Corp.†		9,000		121,950
				331,870

Security Description	Shares/ Principal Amount		Value (Note 2)
Water — 0.0%
York Water Co.		7,000	$	153,230
Wire & Cable Products — 0.9%
Belden, Inc.		39,279		2,750,316
Encore Wire Corp.#		3,900		195,858
General Cable Corp.#		15,000		437,100
				3,383,274
Wireless Equipment — 0.2%
Aruba Networks, Inc.†#		23,400		417,456
ID Systems, Inc.†		22,000		136,840
RF Micro Devices, Inc.†#		13,600		71,808
Tessco Technologies, Inc.		5,900		232,519
				858,623
Total Common Stocks
(cost $250,458,606)				375,361,644
CONVERTIBLE PREFERRED SECURITIES — 0.1%
Computers - Integrated Systems — 0.1%
Apptio Inc. Series D†(1)(2)(3)		5,641		128,020
E-Commerce/Services — 0.0%
Coupons.com, Inc.†(1)(2)(3)		16,166		57,874
Internet Infrastructure Software — 0.0%
MongoDB, Inc. Series F(1)(2)(3)		4,475		74,841
Oil Companies - Exploration & Production — 0.0%
GeoMet, Inc. Series A 8.00%(4)		3,941		30,346
Total Convertible Preferred Securities
(cost $291,802)				291,081
RIGHTS †— 0.0%
Medical - Biomedical/Gene — 0.0%
Cubist Pharmaceuticals, Inc. Expires 12/31/2013 (Subscription price $2.22) (cost $6,446)		2,900		4,785
WARRANTS †— 0.0%
Oil Companies - Exploration & Production — 0.0%
FieldPoint Petroleum Corp. Expires 03/23/2013 (Strike Price $4.00) (cost $19,492)		31,900		16,269
CONVERTIBLE BONDS & NOTES — 0.0%
Machinery - Construction & Mining — 0.0%
Terex Corp. 4.00% due 06/01/2015 (cost $36,000)	$	36,000		82,057
Total Long - Term Investment Securities
(cost $250,812,346)				375,755,836

193

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 15.1%
Registered Investment Companies — 14.0%
State Street Navigator Securities Lending Prime Portfolio(5)		51,691,305			51,691,305
T. Rowe Price Reserve Investment Fund		1,684,367			1,684,367
					53,375,672
Time Deposits — 1.1%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013	$	4,411,000			4,411,000
Total Short-Term Investment Securities
(cost $57,786,672)					57,786,672
TOTAL INVESTMENTS —
(cost $308,599,018)(6)		113.7	%		433,542,508
Liabilities in excess of other assets		(13.7	)		(52,336,698	)
NET ASSETS —		100.0	%	$	381,205,810

† Non-income producing security

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

(1) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2013, the Small Cap Fund held the following restricted securities:

Name	Acquisition Date		Shares		Acquisition Cost		Value		Value per Share		Value as a % of Net Assets
Apptio, Inc Series D Convertible Preferred Securities		03/09/2012		5,641	$	101,069	$	128,020	$	22.69		0.0	%
Coupons.com, Inc. Convertible Preferred Securities		06/01/2011		8,083		88,806
		08/18/2011		8,083		—
				16,166	$	88,806		57,874		3.58		0.0	%
Grubhub Seamless, Inc. Common Stocks		08/13/2013		10,533		89,931		89,931		8.54		0.0	%
MongoDB, Inc. Convertible Preferred Securities		10/02/2013		4,475		74,841		74,841		16.72		0.0	%
							$	350,666				0.0	%

(2) Illiquid security. At November 30, 2013, the aggregate value of these securities was $350,666 representing 0.10% of net assets.

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

(4) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2013.

(5) At November 30, 2013, the Fund had loaned securities with a total value of $52,332,603. This was secured by collateral of $51,691,305, which was received in cash and subsequently invested in short-term investments currently valued at $51,691,305 as reported in the portfolio of investments. Additional collateral of $1,899,130 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Federal National Mtg. Assoc.	3.00% to 4.00%	10/25/2029 to 05/25/2042	$	595,982
United States Treasury Notes/Bonds	0.25% to 5.38%	11/15/2014 to 05/25/2042		1,303,148

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

ADR — American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Bank - Commercial	$	34,749,309	$	—	$	—	$	34,749,309
Food - Misc./Diversified		1,138,616		—		89,931		1,228,547
Other Industries*		339,383,788		—		—		339,383,788
Convertible Preferred Securities
Oil Companies - Exploration & Production		30,346		—		—		30,346
Other Industries*		—		—		260,735		260,735
Rights		4,785		—		—		4,785
Warrants		16,269		—		—		16,269
Convertible Bonds & Notes		—		82,057		—		82,057
Short-Term Investment Securities:
Registered Investment Companies		53,375,672		—		—		53,375,672
Time Deposits		—		4,411,000		—		4,411,000
Total	$	428,698,785	$	4,493,057	$	350,666	$	433,542,508

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfer between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.

See Notes to Financial Statements     

194

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Registered Investment Companies	11.2	%
Banks — Commercial	7.0
Real Estate Investment Trusts	6.7
Medical — Biomedical/Gene	2.3
Oil Companies — Exploration & Production	2.3
U.S. Government Treasuries	1.9
Medical — Drugs	1.8
Retail — Restaurants	1.7
Electric — Integrated	1.6
Electronic Components — Semiconductors	1.6
Retail — Apparel/Shoe	1.5
Enterprise Software/Service	1.3
Commercial Services	1.3
Savings & Loans/Thrifts	1.3
Medical Products	1.3
Oil — Field Services	1.2
Insurance — Property/Casualty	1.2
Medical Instruments	1.1
Repurchase Agreements	1.0
Distribution/Wholesale	1.0
Chemicals — Specialty	1.0
Investment Companies	1.0
Aerospace/Defense — Equipment	0.9
Diversified Manufacturing Operations	0.9
Computer Services	0.9
Applications Software	0.9
Consulting Services	0.9
Machinery — General Industrial	0.9
Gas — Distribution	0.8
Food — Misc./Diversified	0.8
Therapeutics	0.8
Commercial Services — Finance	0.8
Auto/Truck Parts & Equipment — Original	0.8
Airlines	0.7
Human Resources	0.7
Metal Processors & Fabrication	0.7
Semiconductor Equipment	0.7
Building & Construction Products — Misc.	0.7
Semiconductor Components — Integrated Circuits	0.7
Finance — Investment Banker/Broker	0.7
Electronic Components — Misc.	0.7
Insurance — Life/Health	0.7
Footwear & Related Apparel	0.7
Chemicals — Diversified	0.6
Investment Management/Advisor Services	0.6
Telecommunication Equipment	0.6
Data Processing/Management	0.6
Wireless Equipment	0.6
Transport — Truck	0.6
Medical — HMO	0.6
Medical Information Systems	0.6
Building — Residential/Commercial	0.6
Transport — Services	0.6
Paper & Related Products	0.5
Retail — Automobile	0.5
Networking Products	0.5
Computer Software	0.5
Aerospace/Defense	0.5
Printing — Commercial	0.5
Consumer Products — Misc.	0.5
Schools	0.4
Finance — Other Services	0.4
Office Furnishings — Original	0.4
Electronic Measurement Instruments	0.4
Power Converter/Supply Equipment	0.4
Insurance — Reinsurance	0.4
Finance — Consumer Loans	0.4
Transport — Marine	0.4
Wire & Cable Products	0.4

Coal	0.4
Food — Wholesale/Distribution	0.4
Lighting Products & Systems	0.4
Food — Retail	0.4
Telecom Equipment — Fiber Optics	0.3
Internet Content — Information/News	0.3
Telecom Services	0.3
E — Commerce/Services	0.3
Miscellaneous Manufacturing	0.3
Medical — Outpatient/Home Medical	0.3
Apparel Manufacturers	0.3
Pipelines	0.3
Transactional Software	0.3
Financial Guarantee Insurance	0.3
Engineering/R&D Services	0.3
Filtration/Separation Products	0.3
Home Furnishings	0.3
Internet Application Software	0.3
Instruments — Controls	0.3
E — Marketing/Info	0.3
Finance — Mortgage Loan/Banker	0.3
Computers — Integrated Systems	0.3
Water	0.3
Chemicals — Plastics	0.3
Building & Construction — Misc.	0.3
Television	0.3
Diagnostic Equipment	0.3
Leisure Products	0.3
Satellite Telecom	0.3
Retail — Home Furnishings	0.3
Retail — Convenience Store	0.3
Retail — Drug Store	0.3
Instruments — Scientific	0.3
Resorts/Theme Parks	0.3
Rental Auto/Equipment	0.3
Lasers — System/Components	0.3
E — Commerce/Products	0.3
Computers — Periphery Equipment	0.2
Retail — Misc./Diversified	0.2
Dental Supplies & Equipment	0.2
Multimedia	0.2
Oil Field Machinery & Equipment	0.2
Steel — Producers	0.2
Oil Refining & Marketing	0.2
Security Services	0.2
Computer Aided Design	0.2
Electric Products — Misc.	0.2
Audio/Video Products	0.2
Alternative Waste Technology	0.2
Physical Therapy/Rehabilitation Centers	0.2
Retail — Pawn Shops	0.2
Retail — Discount	0.2
Auction Houses/Art Dealers	0.2
Containers — Paper/Plastic	0.2
Transport — Equipment & Leasing	0.2
Batteries/Battery Systems	0.2
Patient Monitoring Equipment	0.2
Retail — Building Products	0.2
Industrial Automated/Robotic	0.2
Energy — Alternate Sources	0.2
Real Estate Operations & Development	0.2
Auto/Truck Parts & Equipment — Replacement	0.2
Food — Canned	0.2
Web Hosting/Design	0.2
Research & Development	0.2
Medical Sterilization Products	0.2
Non — Ferrous Metals	0.2
Linen Supply & Related Items	0.2
Building — Heavy Construction	0.2

195

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)

Industry Allocation* (continued)

Telephone — Integrated	0.2	%
Cellular Telecom	0.2
Retail — Office Supplies	0.2
Independent Power Producers	0.2
Retail — Sporting Goods	0.2
Poultry	0.2
Internet Connectivity Services	0.2
Agricultural Operations	0.2
Drug Delivery Systems	0.2
Tobacco	0.2
Medical — Nursing Homes	0.2
E — Services/Consulting	0.1
Racetracks	0.1
Funeral Services & Related Items	0.1
Insurance — Multi — line	0.1
Recreational Centers	0.1
Storage/Warehousing	0.1
Broadcast Services/Program	0.1
Oil & Gas Drilling	0.1
Web Portals/ISP	0.1
Building Products — Cement	0.1
Publishing — Newspapers	0.1
Firearms & Ammunition	0.1
Steel Pipe & Tube	0.1
Brewery	0.1
Electronic Design Automation	0.1
Machinery — Electrical	0.1
Medical — Hospitals	0.1
Diagnostic Kits	0.1
Vitamins & Nutrition Products	0.1
Seismic Data Collection	0.1
Identification Systems	0.1
Diversified Operations/Commercial Services	0.1
Computers — Memory Devices	0.1
Environmental Consulting & Engineering	0.1
Real Estate Management/Services	0.1
Building Products — Doors & Windows	0.1
Cosmetics & Toiletries	0.1
Hotels/Motels	0.1
Disposable Medical Products	0.1
Rubber/Plastic Products	0.1
Metal — Aluminum	0.1
Veterinary Diagnostics	0.1
Diversified Minerals	0.1
Retirement/Aged Care	0.1
Casino Services	0.1
Medical — Generic Drugs	0.1
Auto Repair Centers	0.1
Food — Flour & Grain	0.1
Retail — Vitamins & Nutrition Supplements	0.1
Gambling (Non — Hotel)	0.1
Building Products — Air & Heating	0.1
Machinery — Construction & Mining	0.1
Theaters	0.1
Building — Maintenance & Services	0.1
Heart Monitors	0.1
Rubber — Tires	0.1
Casino Hotels	0.1
Retail — Appliances	0.1
Physicians Practice Management	0.1
Entertainment Software	0.1
Finance — Leasing Companies	0.1
Electronic Security Devices	0.1
B2B/E — Commerce	0.1
Health Care Cost Containment	0.1
Environmental Monitoring & Detection	0.1
Machinery — Farming	0.1
Transport — Air Freight	0.1
Building Products — Wood	0.1

Building — Mobile Home/Manufactured Housing	0.1
Platinum	0.1
Communications Software	0.1
Precious Metals	0.1
Circuit Boards	0.1
Venture Capital	0.1
Agricultural Chemicals	0.1
Finance — Auto Loans	0.1
Computer Graphics	0.1
Internet Incubators	0.1
Chemicals — Other	0.1
Radio	0.1
Insurance Brokers	0.1
Engines — Internal Combustion	0.1
Decision Support Software	0.1
Specified Purpose Acquisitions	0.1
Internet Infrastructure Software	0.1
Travel Services	0.1
Publishing — Books	0.1
Pollution Control	0.1
Internet Content — Entertainment	0.1
Silver Mining	0.1
Banks — Super Regional	0.1
Internet Telephone	0.1
Banks — Fiduciary	0.1
Appliances	0.1
Retail — Regional Department Stores	0.1
Diversified Operations	0.1
Hazardous Waste Disposal	0.1
Finance — Commercial	0.1
Medical Laser Systems	0.1
Advertising Agencies	0.1
Machinery — Material Handling	0.1
Auto — Truck Trailers	0.1
	111.1	%

* Calculated as a percentage of net assets

196

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.0%
Advertising Agencies — 0.1%
MDC Partners, Inc., Class A		25,373	$	577,478
Advertising Services — 0.0%
Marchex, Inc., Class B		15,205		142,623
Marin Software, Inc.†		6,152		54,015
Millennial Media, Inc.†#		23,654		150,439
				347,077
Aerospace/Defense — 0.5%
Aerovironment, Inc.†		12,415		374,561
Cubic Corp.		13,302		745,444
Esterline Technologies Corp.†		20,968		1,845,603
Kratos Defense & Security Solutions, Inc.†		29,456		197,061
National Presto Industries, Inc.		3,232		247,603
Teledyne Technologies, Inc.†		25,048		2,322,701
				5,732,973
Aerospace/Defense - Equipment — 0.9%
AAR Corp.		26,634		831,513
Astronics Corp.†		8,419		440,230
Astronics Corp., Class B†		1,683		87,583
Curtiss-Wright Corp.		31,386		1,656,239
Ducommun, Inc.†		7,108		180,117
Erickson Air-Crane, Inc.†#		2,526		47,767
GenCorp, Inc.†#		40,554		743,760
HEICO Corp.		44,470		2,538,348
Innovative Solutions & Support, Inc.		8,435		64,949
Kaman Corp.		18,121		722,303
LMI Aerospace, Inc.†#		6,951		88,208
Moog, Inc., Class A†		30,376		2,085,920
Orbital Sciences Corp.†		40,212		944,178
				10,431,115
Agricultural Chemicals — 0.1%
Intrepid Potash, Inc.†#		36,678		566,675
Rentech, Inc.#		151,419		274,068
				840,743
Agricultural Operations — 0.2%
Alico, Inc.#		1,935		75,426
Andersons, Inc.		12,535		1,066,352
Griffin Land & Nurseries, Inc.		1,760		58,080
Limoneira Co.#		6,710		176,809
Tejon Ranch Co.†		9,238		329,520
				1,706,187
Airlines — 0.7%
Allegiant Travel Co.		10,047		1,112,203
Hawaiian Holdings, Inc.†#		34,804		317,412
JetBlue Airways Corp.†#		155,842		1,385,435
Republic Airways Holdings, Inc.†		32,936		370,859
SkyWest, Inc.		34,774		587,681
Spirit Airlines, Inc.†		40,417		1,853,928
US Airways Group, Inc.†#		109,774		2,577,494
				8,205,012
Alternative Waste Technology — 0.2%
Calgon Carbon Corp.†		36,260		750,944
Darling International, Inc.†		79,230		1,642,438
				2,393,382
Apparel Manufacturers — 0.3%
American Apparel, Inc.†#		38,849		46,230
Columbia Sportswear Co.		8,660		600,917
G-III Apparel Group, Ltd.†		11,250		677,813
Jones Group, Inc.		53,687		753,766

Security Description	Shares		Value (Note 2)
Apparel Manufacturers (continued)
Oxford Industries, Inc.		9,018	$	678,154
Quiksilver, Inc.†		88,857		790,827
				3,547,707
Appliances — 0.1%
iRobot Corp.†#		18,945		629,163
Applications Software — 0.9%
Actuate Corp.†		31,723		249,343
Callidus Software, Inc.†		25,176		274,922
Demandware, Inc.†		10,779		610,846
Ebix, Inc.#		20,840		290,301
Epiq Systems, Inc.		21,082		352,702
Imperva, Inc.†		13,535		608,804
inContact, Inc.†		35,770		268,275
Infoblox, Inc.†		33,567		1,066,759
Model N, Inc.†		5,440		44,663
PDF Solutions, Inc.†		16,845		390,804
Progress Software Corp.†		36,959		973,500
PTC, Inc.†		80,184		2,609,187
RealPage, Inc.†		31,199		699,170
Tangoe, Inc.†		20,764		326,825
Verint Systems, Inc.†		35,318		1,339,259
				10,105,360
Athletic Equipment — 0.0%
Black Diamond, Inc.†		15,195		202,853
Nautilus, Inc.†		20,797		157,434
				360,287
Auction House/Art Dealers — 0.2%
Sotheby's		45,770		2,346,170
Audio/Video Products — 0.2%
Daktronics, Inc.		24,489		374,682
DTS, Inc.†		12,242		274,098
Skullcandy, Inc.†		12,085		73,356
TiVo, Inc.†		84,856		1,088,702
Universal Electronics, Inc.†		10,051		382,039
VOXX International Corp.†		12,518		223,321
				2,416,198
Auto Repair Centers — 0.1%
Monro Muffler Brake, Inc.		20,959		1,112,085
Auto - Truck Trailers — 0.1%
Wabash National Corp.†		45,901		557,238
Auto/Truck Parts & Equipment - Original — 0.8%
Accuride Corp.†#		26,865		94,296
American Axle & Manufacturing Holdings, Inc.†		45,061		901,220
Dana Holding Corp.		98,427		1,996,100
Federal-Mogul Corp.†		12,373		253,894
Fuel Systems Solutions, Inc.†		9,415		128,609
Gentherm, Inc.†		22,406		541,329
Meritor, Inc.†		65,320		520,600
Miller Industries, Inc.		7,530		143,221
Modine Manufacturing Co.†		31,650		420,312
Spartan Motors, Inc.		22,865		157,997
Superior Industries International, Inc.		15,576		307,470
Tenneco, Inc.†		40,777		2,340,600
Titan International, Inc.		35,877		618,878
Tower International, Inc.†		4,088		87,851
				8,512,377
Auto/Truck Parts & Equipment - Replacement — 0.2%
Commercial Vehicle Group, Inc.†		16,066		122,262
Dorman Products, Inc.†		16,909		841,730

197

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Auto/Truck Parts & Equipment - Replacement (continued)
Douglas Dynamics, Inc.		14,898	$	237,474
Remy International, Inc.		9,390		218,130
Standard Motor Products, Inc.		13,284		461,221
				1,880,817
B2B/E-Commerce — 0.1%
ePlus, Inc.†		2,523		136,293
Global Sources, Ltd.†		12,681		97,771
SPS Commerce, Inc.†		10,064		661,909
TechTarget, Inc.†#		9,482		57,271
				953,244
Banks - Commercial — 7.0%
1st Source Corp.		10,113		323,110
1st United Bancorp, Inc.		20,032		163,261
Access National Corp.		4,898		77,192
American National Bankshares, Inc.		5,271		136,835
Ameris Bancorp†		16,005		327,622
Ames National Corp.		6,241		142,919
Arrow Financial Corp.#		7,136		199,808
Bancfirst Corp.#		4,751		264,773
Bancorp, Inc.†		22,019		402,948
BancorpSouth, Inc.		63,802		1,525,506
Bank of Kentucky Financial Corp.		4,115		139,210
Bank of Marin Bancorp		3,648		167,772
Bank of the Ozarks, Inc.		20,846		1,170,503
Banner Corp.		13,046		566,979
Bar Harbor Bankshares		2,633		104,004
BBCN Bancorp, Inc.		52,942		883,602
BNC Bancorp		12,279		187,009
Bridge Bancorp, Inc.		6,015		149,713
Bridge Capital Holdings†		6,451		123,214
Bryn Mawr Bank Corp.		9,057		274,246
C&F Financial Corp.		2,191		117,766
Camden National Corp.		5,119		222,881
Capital Bank Financial Corp., Class A†		16,621		387,934
Capital City Bank Group, Inc.†		8,364		100,033
Cardinal Financial Corp.		20,287		359,689
Cascade Bancorp†		4,094		20,798
Cass Information Systems, Inc.		6,904		433,226
Cathay General Bancorp		52,865		1,460,660
Center Bancorp, Inc.		7,896		129,731
Centerstate Banks, Inc.		20,174		213,037
Central Pacific Financial Corp.		14,631		290,864
Century Bancorp, Inc., Class A		2,278		79,981
Chemical Financial Corp.		18,457		590,993
Chemung Financial Corp.#		2,415		80,033
Citizens & Northern Corp.		8,267		170,962
City Holding Co.		10,497		516,557
CNB Financial Corp.		8,386		167,720
CoBiz Financial, Inc.		23,761		281,568
Columbia Banking System, Inc.		34,204		948,135
Community Bank System, Inc.#		26,815		1,042,031
Community Trust Bancorp, Inc.		9,396		429,679
CommunityOne Bancorp†		7,051		83,836
ConnectOne Bancorp, Inc.†#		1,172		45,028
CU Bancorp†#		6,299		111,492
Customers Bancorp, Inc.†		13,386		233,452
CVB Financial Corp.		61,559		993,562
Eagle Bancorp, Inc.†		14,953		487,617
Enterprise Bancorp, Inc.		4,853		99,292
Enterprise Financial Services Corp.		12,137		237,400
Farmers Capital Bank Corp.†		5,009		110,699
Fidelity Southern Corp.		6,981		124,750
Financial Institutions, Inc.		9,247		237,648

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
First Bancorp		13,184	$	225,183
First BanCorp Puerto Rico†		48,327		308,326
First Bancorp, Inc.		6,404		114,952
First Busey Corp.		48,568		291,408
First Commonwealth Financial Corp.		65,623		614,231
First Community Bancshares, Inc.		12,007		209,282
First Connecticut Bancorp, Inc.		11,385		193,431
First Financial Bancorp		38,779		641,017
First Financial Bankshares, Inc.#		21,137		1,403,074
First Financial Corp.		7,524		276,206
First Financial Holdings, Inc.		16,109		1,061,100
First Interstate Bancsystem, Inc.		11,757		329,196
First Merchants Corp.		19,293		408,819
First Midwest Bancorp, Inc.		50,321		923,894
First NBC Bank Holding Co.†		2,793		80,662
First of Long Island Corp.		5,294		225,789
First Security Group, Inc.†#		41,843		87,452
FirstMerit Corp.		111,097		2,550,787
FNB Corp.#		97,209		1,235,526
Franklin Financial Corp.†		7,209		145,478
German American Bancorp, Inc.		8,490		253,766
Glacier Bancorp, Inc.		48,280		1,446,469
Great Southern Bancorp, Inc.		6,904		204,980
Guaranty Bancorp		9,861		152,057
Hampton Roads Bankshares, Inc.†		22,610		36,402
Hancock Holding Co.		56,899		2,002,845
Hanmi Financial Corp.		21,175		435,358
Heartland Financial USA, Inc.		9,939		296,282
Heritage Commerce Corp.		13,959		115,301
Heritage Financial Corp.		10,155		174,666
Heritage Oaks Bancorp†		13,525		108,065
Home BancShares, Inc.		30,320		1,096,371
Horizon Bancorp		5,828		137,075
Hudson Valley Holding Corp.		11,014		230,853
Iberiabank Corp.		19,902		1,247,855
Independent Bank Corp.		15,338		585,451
International Bancshares Corp.		35,784		933,605
Intervest Bancshares Corp.†		12,001		89,287
Lakeland Bancorp, Inc.		20,018		252,427
Lakeland Financial Corp.		11,009		422,195
LCNB Corp.		4,061		73,098
Macatawa Bank Corp.†		15,909		81,613
MainSource Financial Group, Inc.		13,659		245,589
MB Financial, Inc.		36,733		1,197,863
Mercantile Bank Corp.		5,835		130,004
Merchants Bancshares, Inc.		3,758		119,129
Metro Bancorp, Inc.†		9,476		212,262
MetroCorp Bancshares, Inc.		10,686		153,130
Middleburg Financial Corp.		3,565		74,651
MidSouth Bancorp, Inc.		5,515		98,222
MidWestOne Financial Group, Inc.		4,538		127,019
National Bankshares, Inc.		4,657		176,873
National Penn Bancshares, Inc.		78,445		885,644
NBT Bancorp, Inc.		29,357		761,227
NewBridge Bancorp†		16,930		126,806
Northrim BanCorp, Inc.		4,366		114,608
OFG Bancorp		30,585		526,062
Old National Bancorp		67,948		1,056,591
OmniAmerican Bancorp, Inc.†		7,671		168,992
Pacific Continental Corp.		11,991		173,150
PacWest Bancorp#		25,414		1,045,532
Palmetto Bancshares, Inc.†		2,986		40,102
Park National Corp.		7,718		651,708
Park Sterling Corp.		29,975		212,523
Peapack Gladstone Financial Corp.		6,029		110,512

198

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
Penns Woods Bancorp, Inc.		2,573	$	133,642
Peoples Bancorp, Inc.		7,239		173,446
Pinnacle Financial Partners, Inc.		23,481		764,307
Preferred Bank†		7,817		158,998
PrivateBancorp, Inc.		43,506		1,206,421
Prosperity Bancshares, Inc.		40,403		2,591,044
Renasant Corp.		20,480		630,784
Republic Bancorp, Inc., Class A		6,499		161,305
S&T Bancorp, Inc.		19,922		524,148
S.Y. Bancorp, Inc.		9,357		315,986
Sandy Spring Bancorp, Inc.		16,732		488,240
Seacoast Banking Corp. of Florida		49,164		111,111
Sierra Bancorp		8,164		144,503
Simmons First National Corp., Class A#		11,067		391,329
Southside Bancshares, Inc.#		11,960		341,578
Southwest Bancorp, Inc.†		13,200		226,644
State Bank Financial Corp.		21,396		376,142
StellarOne Corp.		15,225		383,975
Sterling Financial Corp.		22,776		743,636
Suffolk Bancorp†		7,753		158,006
Sun Bancorp, Inc.†		27,109		99,490
Susquehanna Bancshares, Inc.		124,989		1,573,612
Taylor Capital Group, Inc.†		11,580		288,458
Texas Capital Bancshares, Inc.†		27,336		1,535,463
Tompkins Financial Corp.		9,689		485,419
TowneBank		17,644		268,189
TriCo Bancshares		10,736		296,206
Tristate Capital Holdings, Inc.†#		4,395		53,399
TrustCo Bank Corp.		63,147		479,917
Trustmark Corp.		45,021		1,262,839
UMB Financial Corp.#		21,752		1,394,738
Umpqua Holdings Corp.		75,049		1,381,652
Union First Market Bankshares Corp.		13,550		349,726
United Bankshares, Inc.#		33,745		1,095,025
United Community Banks, Inc.†		28,870		529,764
Univest Corp. of Pennsylvania		11,190		234,542
VantageSouth Bancshares, Inc.†		8,076		42,803
ViewPoint Financial Group, Inc.		26,778		679,626
Virginia Commerce Bancorp, Inc.†		18,077		316,348
Washington Banking Co.		10,397		186,522
Washington Trust Bancorp, Inc.		9,701		355,639
Webster Financial Corp.		60,501		1,783,569
WesBanco, Inc.		17,369		547,123
West Bancorporation, Inc.		10,466		168,712
Westamerica Bancorporation#		18,086		1,001,603
Western Alliance Bancorp†		49,648		1,152,827
Wilshire Bancorp, Inc.		41,511		438,771
Wintrust Financial Corp.		24,828		1,126,198
Yadkin Financial Corp.†		9,642		173,074
				77,575,812
Banks - Fiduciary — 0.1%
Boston Private Financial Holdings, Inc.		53,426		635,502
Banks - Mortgage — 0.0%
Walker & Dunlop, Inc.†		11,035		178,988
Banks - Super Regional — 0.1%
Banco Latinoamericano de Comercio Exterior SA, Class E		19,620		528,563
Independent Bank Group, Inc.		2,542		121,711
				650,274
Batteries/Battery Systems — 0.2%
EnerSys, Inc.		32,257		2,301,537

Security Description	Shares		Value (Note 2)
Beverages - Non-alcoholic — 0.0%
Coca-Cola Bottling Co. Consolidated		3,121	$	211,916
National Beverage Corp.†		7,601		160,533
				372,449
Brewery — 0.1%
Boston Beer Co., Inc., Class A†		5,526		1,352,765
Craft Brew Alliance, Inc.†		7,081		125,688
				1,478,453
Broadcast Services/Program — 0.1%
Crown Media Holdings, Inc., Class A†		23,229		77,817
Digital Generation, Inc.†#		16,222		191,582
Hemisphere Media Group, Inc.†#		5,767		64,302
Nexstar Broadcasting Group, Inc., Class A		19,680		977,506
World Wrestling Entertainment, Inc., Class A		19,279		295,161
				1,606,368
Building & Construction Products - Misc. — 0.7%
Builders FirstSource, Inc.†		29,940		211,077
Drew Industries, Inc.†		15,357		832,503
Gibraltar Industries, Inc.†		20,566		364,018
Louisiana-Pacific Corp.†		93,416		1,532,022
NCI Building Systems, Inc.†#		13,875		234,904
Nortek, Inc.†		6,036		440,870
Patrick Industries, Inc.†		4,469		139,656
Ply Gem Holdings, Inc.†#		10,584		185,643
Quanex Building Products Corp.		24,842		443,181
Simpson Manufacturing Co., Inc.#		27,171		986,307
Trex Co., Inc.†		11,519		833,861
USG Corp.†#		51,390		1,407,572
				7,611,614
Building & Construction - Misc. — 0.3%
Aegion Corp.†#		26,225		570,919
Dycom Industries, Inc.†		22,163		627,213
Layne Christensen Co.†#		13,288		221,245
MasTec, Inc.†		39,823		1,260,398
MYR Group, Inc.†		14,064		357,366
				3,037,141
Building Products - Air & Heating — 0.1%
AAON, Inc.		18,814		578,907
Comfort Systems USA, Inc.		24,934		511,147
				1,090,054
Building Products - Cement — 0.1%
Headwaters, Inc.†		48,990		473,243
Texas Industries, Inc.†		14,585		847,680
US Concrete, Inc.†		9,018		209,849
				1,530,772
Building Products - Doors & Windows — 0.1%
Apogee Enterprises, Inc.		19,264		690,037
Griffon Corp.		29,907		384,604
PGT, Inc.†		22,237		222,370
				1,297,011
Building Products - Light Fixtures — 0.0%
LSI Industries, Inc.		14,483		125,857
Building Products - Wood — 0.1%
Boise Cascade Co.†		9,069		232,711
Universal Forest Products, Inc.		13,319		692,188
				924,899
Building - Heavy Construction — 0.2%
Granite Construction, Inc.		26,018		813,062
Orion Marine Group, Inc.†		18,263		216,782

199

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building - Heavy Construction (continued)
Sterling Construction Co., Inc.†		11,135	$	135,513
Tutor Perini Corp.†		24,853		608,650
				1,774,007
Building - Maintenance & Services — 0.1%
ABM Industries, Inc.		36,632		1,018,736
Swisher Hygiene, Inc.†#		76,284		40,202
				1,058,938
Building - Mobile Home/Manufactured Housing — 0.1%
Cavco Industries, Inc.†		4,671		315,152
Winnebago Industries, Inc.†		18,812		582,420
				897,572
Building - Residential/Commercial — 0.6%
Beazer Homes USA, Inc.†#		16,818		349,982
Hovnanian Enterprises, Inc., Class A†#		75,852		389,121
KB Home#		56,003		981,733
M/I Homes, Inc.†		16,204		356,002
MDC Holdings, Inc.		26,186		791,341
Meritage Homes Corp.†		24,231		1,055,987
Ryland Group, Inc.#		30,916		1,221,800
Standard Pacific Corp.†		99,346		812,650
TRI Pointe Homes, Inc.†		9,909		196,694
William Lyon Homes, Class A†		9,222		200,578
				6,355,888
Capacitors — 0.0%
Kemet Corp.†		30,112		180,672
Casino Hotels — 0.1%
Boyd Gaming Corp.†#		37,921		434,195
Caesars Entertainment Corp.†#		24,774		506,381
Monarch Casino & Resort, Inc.†		5,755		102,151
				1,042,727
Casino Services — 0.1%
Multimedia Games Holding Co., Inc.†		19,351		561,179
Scientific Games Corp., Class A†		32,004		574,472
				1,135,651
Cellular Telecom — 0.2%
Comverse, Inc.†		14,874		498,279
Leap Wireless International, Inc.†		36,186		601,050
NII Holdings, Inc.†#		115,308		292,882
NTELOS Holdings Corp.		10,245		219,345
Vringo, Inc.†#		44,943		143,368
				1,754,924
Chemicals - Diversified — 0.6%
Aceto Corp.		18,362		395,334
Axiall Corp.		46,790		2,119,587
Chemtura Corp.†		65,897		1,739,681
Innophos Holdings, Inc.		14,718		706,169
Innospec, Inc.		15,752		767,280
Olin Corp.#		53,823		1,336,425
				7,064,476
Chemicals - Fibers — 0.0%
Zoltek Cos., Inc.†		18,439		308,484
Chemicals - Other — 0.1%
American Vanguard Corp.		19,187		551,242
Taminco Corp.†		10,584		227,768
				779,010
Chemicals - Plastics — 0.3%
A. Schulman, Inc.		19,723		674,527
Landec Corp.†		17,381		204,053

Security Description	Shares		Value (Note 2)
Chemicals - Plastics (continued)
PolyOne Corp.		66,607	$	2,162,063
				3,040,643
Chemicals - Specialty — 1.0%
American Pacific Corp.†		3,961		163,787
Balchem Corp.		19,892		1,176,612
Ferro Corp.†		48,557		676,399
H.B. Fuller Co.		33,724		1,727,680
Hawkins, Inc.		6,314		238,417
KMG Chemicals, Inc.		5,487		99,754
Kraton Performance Polymers, Inc.†		21,804		507,815
Minerals Technologies, Inc.		23,369		1,388,119
Oil-Dri Corp. of America		3,235		130,112
OM Group, Inc.†		21,431		705,937
OMNOVA Solutions, Inc.†		31,544		276,325
Penford Corp.†		6,442		79,172
Quaker Chemical Corp.		8,808		713,800
Sensient Technologies Corp.		33,545		1,648,401
Stepan Co.		12,636		801,881
Zep, Inc.		15,177		292,309
				10,626,520
Circuit Boards — 0.1%
Multi-Fineline Electronix, Inc.†		5,883		83,068
Park Electrochemical Corp.		13,967		414,960
TTM Technologies, Inc.†		35,483		344,185
				842,213
Coal — 0.4%
Alpha Natural Resources, Inc.†#		148,008		988,694
Arch Coal, Inc.#		142,273		580,474
Cloud Peak Energy, Inc.†		40,773		674,385
Hallador Energy Co.		5,823		46,060
L&L Energy, Inc.†#(7)		20,146		33,845
SunCoke Energy, Inc.†		46,908		1,063,404
Walter Energy, Inc.#		41,943		596,849
Westmoreland Coal Co.†		7,887		117,990
				4,101,701
Coffee — 0.0%
Farmer Bros. Co.†		3,964		80,866
Commercial Services — 1.3%
Acacia Research Corp.#		32,976		490,683
Convergys Corp.		70,426		1,445,142
CoStar Group, Inc.†		19,132		3,563,144
ExlService Holdings, Inc.†		21,872		576,546
Healthcare Services Group, Inc.		45,866		1,329,655
HMS Holdings Corp.†		58,790		1,346,879
Intersections, Inc.		6,340		49,072
Live Nation Entertainment, Inc.†		94,338		1,732,989
Mac-Gray Corp.		8,114		172,828
Medifast, Inc.†		9,256		250,745
National Research Corp., Class A†		6,579		120,461
Performant Financial Corp.†		14,975		157,088
PHH Corp.†#		38,274		920,107
Providence Service Corp.†		7,109		194,929
RPX Corp.†		21,716		358,748
ServiceSource International, Inc.†#		40,937		397,498
SP Plus Corp.†		10,330		252,465
Steiner Leisure, Ltd.†		9,834		581,779
Team, Inc.†		13,801		564,737
TeleTech Holdings, Inc.†		13,350		342,828
				14,848,323

200

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Commercial Services - Finance — 0.8%
Cardtronics, Inc.†		30,069	$	1,280,639
CBIZ, Inc.†#		25,501		228,489
Euronet Worldwide, Inc.†		33,413		1,618,860
EVERTEC, Inc.		19,778		436,500
Global Cash Access Holdings, Inc.†		44,387		432,773
Green Dot Corp., Class A†#		17,293		419,355
Heartland Payment Systems, Inc.		24,353		1,093,693
JTH Holding, Inc.†		3,073		74,828
MoneyGram International, Inc.†		14,354		302,726
PRGX Global, Inc.†		19,337		127,237
Tree.com, Inc.†		4,305		129,882
WEX, Inc.†		26,008		2,581,554
Xoom Corp.†		4,902		135,467
				8,862,003
Communications Software — 0.1%
Audience, Inc.†#		6,450		65,145
Digi International, Inc.†		17,327		199,261
Jive Software, Inc.†		26,537		294,295
Seachange International, Inc.†		21,948		325,708
				884,409
Computer Aided Design — 0.2%
Aspen Technology, Inc.†		62,815		2,483,077
Computer Data Security — 0.0%
Qualys, Inc.†		9,984		246,804
Computer Graphics — 0.1%
Monotype Imaging Holdings, Inc.		25,623		798,156
Computer Services — 0.9%
Acorn Energy, Inc.#		12,127		46,325
CACI International, Inc., Class A†#		15,463		1,109,779
Carbonite, Inc.†		8,114		100,614
CIBER, Inc.†		50,007		198,028
Computer Task Group, Inc.		10,377		197,578
FleetMatics Group PLC†#		10,956		423,997
iGATE Corp.†		23,347		781,658
Insight Enterprises, Inc.†		29,172		702,170
j2 Global, Inc.		30,788		1,476,900
KEYW Holding Corp.†#		21,368		264,750
LivePerson, Inc.†#		36,920		453,747
Manhattan Associates, Inc.†		13,046		1,568,912
Sykes Enterprises, Inc.†		26,324		582,813
Syntel, Inc.		10,347		914,364
Unisys Corp.†		29,584		812,672
Virtusa Corp.†		13,706		483,685
				10,117,992
Computer Software — 0.5%
Accelrys, Inc.†		37,435		364,242
AVG Technologies NV†#		16,045		277,258
Avid Technology, Inc.†		20,835		184,390
Blackbaud, Inc.		30,598		1,106,730
Cornerstone OnDemand, Inc.†		27,058		1,364,264
Envestnet, Inc.†		15,137		601,696
Guidance Software, Inc.†#		11,248		104,044
Planet Payment, Inc.†		28,492		66,956
SS&C Technologies Holdings, Inc.†		39,049		1,683,402
				5,752,982
Computers — 0.0%
Silicon Graphics International Corp.†#		22,671		301,978
Computers - Integrated Systems — 0.3%
Agilysys, Inc.†		9,531		124,570
Cray, Inc.†		26,561		632,417

Security Description	Shares		Value (Note 2)
Computers - Integrated Systems (continued)
Maxwell Technologies, Inc.†#		19,562	$	155,518
Mercury Systems, Inc.†		21,669		237,059
MTS Systems Corp.		10,597		738,929
Netscout Systems, Inc.†		24,266		738,414
Radisys Corp.†		15,596		34,935
Silver Spring Networks, Inc.†		3,970		82,139
Super Micro Computer, Inc.†		21,354		339,102
				3,083,083
Computers - Memory Devices — 0.1%
Datalink Corp.†		10,564		110,605
Fusion-io, Inc.†#		50,975		511,789
Hutchinson Technology, Inc.†		15,691		47,858
Imation Corp.†		22,736		99,356
Quantum Corp.†#		142,311		177,889
Spansion, Inc., Class A†		31,695		392,701
				1,340,198
Computers - Periphery Equipment — 0.2%
Electronics for Imaging, Inc.†		31,118		1,232,273
Immersion Corp.†		18,701		229,275
Mitek Systems, Inc.†#		14,898		104,137
Synaptics, Inc.†#		21,775		1,099,855
Uni-Pixel, Inc.†#		6,775		87,194
				2,752,734
Computers - Voice Recognition — 0.0%
Vocera Communications, Inc.†		14,132		251,126
Consulting Services — 0.9%
Accretive Health, Inc.†#		39,414		334,231
Advisory Board Co.†		23,796		1,540,077
Corporate Executive Board Co.		22,531		1,658,958
CRA International, Inc.†		6,821		125,984
Forrester Research, Inc.		8,417		336,512
Franklin Covey Co.†		6,099		124,115
FTI Consulting, Inc.†		27,019		1,213,423
Hackett Group, Inc.		17,409		108,806
Huron Consulting Group, Inc.†		15,604		927,502
ICF International, Inc.†		13,217		478,191
MAXIMUS, Inc.		45,790		2,083,445
Navigant Consulting, Inc.†		33,809		662,656
Pendrell Corp.†		108,559		232,316
				9,826,216
Consumer Products - Misc. — 0.5%
Blyth, Inc.#		6,236		77,888
Central Garden and Pet Co., Class A†		28,060		219,429
Costa, Inc.†		6,383		139,788
CSS Industries, Inc.		5,678		176,813
Helen of Troy, Ltd.†		21,384		1,041,615
Prestige Brands Holdings, Inc.†		34,285		1,208,203
Spectrum Brands Holdings, Inc.		14,413		1,017,269
Tumi Holdings, Inc.†		32,094		770,256
WD-40 Co.		10,368		780,296
				5,431,557
Containers - Paper/Plastic — 0.2%
AEP Industries, Inc.†		2,924		150,761
Berry Plastics Group, Inc.†		37,113		796,074
Graphic Packaging Holding Co.†		140,720		1,263,666
UFP Technologies, Inc.†		3,737		95,667
				2,306,168
Cosmetics & Toiletries — 0.1%
Elizabeth Arden, Inc.†		17,180		679,126
Inter Parfums, Inc.		10,995		400,218
Revlon, Inc., Class A†		7,601		200,666
				1,280,010

201

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Data Processing/Management — 0.6%
Acxiom Corp.†		49,545	$	1,648,858
CommVault Systems, Inc.†		31,157		2,332,101
CSG Systems International, Inc.		22,714		655,753
Fair Isaac Corp.		24,046		1,418,955
Pegasystems, Inc.#		11,658		586,980
Schawk, Inc.		9,033		135,314
				6,777,961
Decision Support Software — 0.1%
Interactive Intelligence Group, Inc.†		10,383		675,310
QAD, Inc.		3,946		67,398
				742,708
Dental Supplies & Equipment — 0.2%
Align Technology, Inc.†		49,025		2,678,726
Diagnostic Equipment — 0.3%
Accelerate Diagnostics, Inc.†#		6,965		94,306
Affymetrix, Inc.†#		47,658		404,617
Cepheid, Inc.†#		44,982		2,043,083
GenMark Diagnostics, Inc.†#		19,516		232,240
TearLab Corp.†#		17,136		160,564
				2,934,810
Diagnostic Kits — 0.1%
Meridian Bioscience, Inc.#		27,796		683,226
OraSure Technologies, Inc.†		37,223		228,921
Quidel Corp.†		18,824		473,612
				1,385,759
Direct Marketing — 0.0%
Harte-Hanks, Inc.		28,813		229,351
ValueVision Media, Inc., Class A†		26,331		151,667
				381,018
Disposable Medical Products — 0.1%
ICU Medical, Inc.†		8,680		570,146
Medical Action Industries, Inc.†		9,752		83,867
Merit Medical Systems, Inc.†		28,523		466,922
Utah Medical Products, Inc.		2,219		118,073
				1,239,008
Distribution/Wholesale — 1.0%
Beacon Roofing Supply, Inc.†		32,632		1,213,258
BlueLinx Holdings, Inc.†		22,645		40,308
Core-Mark Holding Co., Inc.		7,692		567,824
Houston Wire & Cable Co.		12,006		162,081
MWI Veterinary Supply, Inc.†		8,581		1,563,201
Owens & Minor, Inc.#		42,449		1,620,278
Pool Corp.		31,227		1,749,961
Rentrak Corp.†		7,003		279,420
ScanSource, Inc.†		18,690		784,793
Speed Commerce, Inc.†		26,845		105,769
Titan Machinery, Inc.†#		11,536		205,456
United Stationers, Inc.		27,187		1,222,871
Watsco, Inc.		17,215		1,651,951
				11,167,171
Diversified Financial Services — 0.0%
DFC Global Corp.†		27,142		271,691
Diversified Manufacturing Operations — 0.9%
Actuant Corp., Class A		49,058		1,917,187
AZZ, Inc.		17,075		834,626
Barnes Group, Inc.		36,027		1,314,985
Blount International, Inc.†		32,993		478,069
Chase Corp.		4,318		137,571

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
EnPro Industries, Inc.†#		13,997	$	792,230
Fabrinet†		19,005		376,299
Federal Signal Corp.†		41,851		654,131
GP Strategies Corp.†		9,840		293,527
Handy & Harman, Ltd.†		3,658		89,731
Koppers Holdings, Inc.		13,887		657,966
LSB Industries, Inc.†		12,816		411,137
Lydall, Inc.†		11,420		203,619
NL Industries, Inc.		4,527		52,830
Park-Ohio Holdings Corp.†		5,808		247,305
Raven Industries, Inc.		24,374		978,616
Standex International Corp.		8,514		501,645
Tredegar Corp.		16,501		431,996
				10,373,470
Diversified Minerals — 0.1%
AMCOL International Corp.		18,663		581,539
General Moly, Inc.†#		38,496		46,580
United States Lime & Minerals, Inc.†		1,303		75,196
US Silica Holdings, Inc.		14,375		496,082
				1,199,397
Diversified Operations — 0.1%
Harbinger Group, Inc.†#		22,134		265,608
Horizon Pharma, Inc.†#		34,539		249,372
Resource America, Inc., Class A		8,149		76,682
				591,662
Diversified Operations/Commercial Services — 0.1%
Chemed Corp.#		12,648		985,659
Viad Corp.		13,624		367,848
				1,353,507
Drug Delivery Systems — 0.2%
Antares Pharma, Inc.†#		75,564		297,722
BioDelivery Sciences International, Inc.†#		20,055		96,264
Depomed, Inc.†		37,876		334,066
Nektar Therapeutics†		77,419		972,383
				1,700,435
E-Commerce/Products — 0.3%
1-800-FLOWERS.COM, Inc., Class A†		17,279		87,950
Blue Nile, Inc.†#		8,307		382,621
FTD Cos., Inc.†		12,402		409,018
Net Element, Inc.†#		1,502		4,025
Overstock.com, Inc.†		7,496		209,888
Shutterfly, Inc.†		25,453		1,202,145
Stamps.com, Inc.†		8,752		403,205
Vitacost.com, Inc.†#		14,734		84,573
				2,783,425
E-Commerce/Services — 0.3%
Angie's List, Inc.†#		28,317		368,687
ChannelAdvisor Corp.†		4,017		137,904
Move, Inc.†		26,726		412,917
OpenTable, Inc.†#		15,272		1,276,281
Orbitz Worldwide, Inc.†		16,081		111,280
Spark Networks, Inc.†#		11,783		65,985
United Online, Inc.		8,858		140,222
Zillow, Inc., Class A†#		13,961		1,097,614
				3,610,890
E-Marketing/Info — 0.3%
comScore, Inc.†		23,929		651,108
Constant Contact, Inc.†		20,585		563,411
Liquidity Services, Inc.†#		16,659		385,989
Marketo, Inc.†		4,671		135,926

202

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
E-Marketing/Info (continued)
QuinStreet, Inc.†		21,012	$	183,855
ReachLocal, Inc.†#		6,967		88,133
ValueClick, Inc.†#		51,088		1,093,283
				3,101,705
E-Services/Consulting — 0.1%
Perficient, Inc.†		22,453		486,781
Sapient Corp.†		73,973		1,163,595
				1,650,376
Educational Software — 0.0%
Rosetta Stone, Inc.†		7,766		89,309
Electric Products - Misc. — 0.2%
GrafTech International, Ltd.†#		78,329		902,350
Graham Corp.		6,705		250,633
Littelfuse, Inc.		14,818		1,288,425
				2,441,408
Electric - Distribution — 0.0%
EnerNOC, Inc.†		17,603		301,892
Genie Energy, Ltd.†		8,653		145,370
				447,262
Electric - Generation — 0.0%
Atlantic Power Corp.#		80,315		297,166
Electric - Integrated — 1.6%
ALLETE, Inc.		26,760		1,318,733
Ameresco, Inc., Class A†		13,107		120,322
Avista Corp.		40,165		1,094,496
Black Hills Corp.		29,791		1,497,594
Cleco Corp.		40,517		1,852,032
El Paso Electric Co.		26,955		971,189
Empire District Electric Co.		28,601		649,243
IDACORP, Inc.		33,672		1,740,169
MGE Energy, Inc.		15,494		866,889
NorthWestern Corp.		25,395		1,116,872
Otter Tail Corp.		24,311		718,633
Pike Corp.†		17,388		182,748
PNM Resources, Inc.		53,394		1,242,478
Portland General Electric Co.		50,728		1,512,202
UIL Holdings Corp.		33,984		1,275,420
Unitil Corp.		9,259		280,177
UNS Energy Corp.		27,791		1,330,633
				17,769,830
Electronic Components - Misc. — 0.7%
Bel Fuse, Inc., Class B		6,611		150,268
Benchmark Electronics, Inc.†		36,443		837,460
CTS Corp.		22,470		408,505
GSI Group, Inc.†		20,345		223,388
InvenSense, Inc.†#		38,049		657,867
Methode Electronics, Inc.		24,842		718,679
NVE Corp.†		3,259		185,731
OSI Systems, Inc.†		13,364		1,025,019
Plexus Corp.†		22,860		922,858
Rogers Corp.†		11,443		718,735
Sanmina Corp.†		55,492		859,016
Sparton Corp†		6,853		176,533
Stoneridge, Inc.†		19,097		246,542
Viasystems Group, Inc.†		2,444		36,293
Vishay Precision Group, Inc.†		8,286		140,862
Zagg, Inc.†		20,608		87,378
				7,395,134

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors — 1.6%
Alpha & Omega Semiconductor, Ltd.†		11,632	$	90,148
Ambarella, Inc.†#		12,401		307,545
Amkor Technology, Inc.†#		42,994		257,964
Applied Micro Circuits Corp.†		45,362		569,293
Cavium, Inc.†		34,413		1,245,751
Ceva, Inc.†		14,838		237,260
Diodes, Inc.†		24,055		491,444
DSP Group, Inc.†		13,255		117,174
Entropic Communications, Inc.†		60,041		297,803
GSI Technology, Inc.†		13,761		95,226
GT Advanced Technologies, Inc.†#		80,040		785,192
Inphi Corp.†		17,472		218,400
Integrated Silicon Solution, Inc.†		18,848		223,160
International Rectifier Corp.†		46,552		1,114,455
Intersil Corp., Class A		85,254		896,872
IXYS Corp.		16,210		199,545
Kopin Corp.†		44,453		181,368
Lattice Semiconductor Corp.†		77,514		431,753
Microsemi Corp.†		62,282		1,521,549
Mindspeed Technologies, Inc.†#		28,991		145,825
Monolithic Power Systems, Inc.		24,652		823,377
MoSys, Inc.†		31,520		148,459
OmniVision Technologies, Inc.†		36,180		579,965
Peregrine Semiconductor Corp.†#		17,719		163,546
PLX Technology, Inc.†		30,545		205,873
PMC-Sierra, Inc.†		136,765		820,590
QLogic Corp.†		59,686		740,703
Rambus, Inc.†		74,835		642,833
Richardson Electronics, Ltd.		8,150		91,525
Rubicon Technology, Inc.†#		11,859		120,725
Semtech Corp.†		45,154		1,341,977
Silicon Image, Inc.†		51,740		280,431
SunEdison, Inc.†		155,389		1,974,994
Supertex, Inc.†		6,604		171,374
				17,534,099
Electronic Design Automation — 0.1%
Mentor Graphics Corp.		63,926		1,439,933
Electronic Measurement Instruments — 0.4%
Analogic Corp.		8,205		792,767
Badger Meter, Inc.		9,628		528,866
ESCO Technologies, Inc.		17,721		603,577
FARO Technologies, Inc.†		11,456		624,810
Itron, Inc.†		26,500		1,122,275
Measurement Specialties, Inc.†		10,348		572,659
Mesa Laboratories, Inc.		1,775		146,899
Zygo Corp.†		11,153		175,883
				4,567,736
Electronic Security Devices — 0.1%
American Science & Engineering, Inc.		5,467		391,765
Taser International, Inc.†		34,327		590,081
				981,846
Electronics - Military — 0.0%
API Technologies Corp.†		21,635		82,213
M/A-COM Technology Solutions Holdings, Inc.†		7,087		113,392
				195,605
Energy - Alternate Sources — 0.2%
Amyris, Inc.†#		17,569		48,842
Clean Energy Fuels Corp.†#		45,659		570,281
Enphase Energy, Inc.†#		10,698		77,560
FuelCell Energy, Inc.†#		106,375		146,797
FutureFuel Corp.		14,569		243,594

203

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Energy - Alternate Sources (continued)
Green Plains Renewable Energy, Inc.#		16,949	$	292,879
KiOR, Inc., Class A†#		29,416		69,422
Renewable Energy Group, Inc.†		14,178		161,204
REX American Resources Corp.†		3,667		120,057
Solazyme, Inc.†#		32,053		287,195
				2,017,831
Engineering/R&D Services — 0.3%
Argan, Inc.		9,367		219,656
EMCOR Group, Inc.		44,988		1,787,373
Engility Holdings, Inc.†		11,507		366,498
Exponent, Inc.		8,838		683,796
Mistras Group, Inc.†		10,655		213,633
VSE Corp.#		2,765		141,623
				3,412,579
Engines - Internal Combustion — 0.1%
Briggs & Stratton Corp.#		32,288		652,863
Power Solutions International, Inc.†#		1,292		96,642
				749,505
Enterprise Software/Service — 1.3%
Advent Software, Inc.		21,883		769,187
American Software, Inc., Class A		16,084		155,211
Digital River, Inc.†		23,641		422,465
E2open, Inc.†#		9,893		220,416
Guidewire Software, Inc.†		28,110		1,341,690
ManTech International Corp., Class A#		15,978		459,687
MedAssets, Inc.†		40,837		879,629
MicroStrategy, Inc., Class A†		6,069		784,904
Omnicell, Inc.†		23,013		558,065
Proofpoint, Inc.†		14,624		446,032
PROS Holdings, Inc.†		15,069		580,759
Qlik Technologies, Inc.†		58,331		1,462,942
Rally Software Development Corp.†		4,625		113,775
Sapiens International Corp. NV		11,365		80,237
SciQuest, Inc.†		15,266		426,837
SYNNEX Corp.†		17,694		1,170,635
Tyler Technologies, Inc.†		21,118		2,166,918
Ultimate Software Group, Inc.†		18,532		2,903,779
				14,943,168
Entertainment Software — 0.1%
Glu Mobile, Inc.†#		37,968		139,722
Take - Two Interactive Software, Inc.†		54,283		888,070
				1,027,792
Environmental Consulting & Engineering — 0.1%
Tetra Tech, Inc.†		43,522		1,244,294
TRC Cos., Inc.†		10,846		84,816
				1,329,110
Environmental Monitoring & Detection — 0.1%
Mine Safety Appliances Co.		18,975		945,335
Female Health Care Products — 0.0%
Female Health Co.		14,571		133,470
Filtration/Separation Products — 0.3%
CLARCOR, Inc.		33,304		2,015,891
PMFG, Inc.†		14,023		107,556
Polypore International, Inc.†#		31,269		1,187,597
				3,311,044
Finance - Auto Loans — 0.1%
Consumer Portfolio Services, Inc.†		11,381		83,878
Credit Acceptance Corp.†		4,763		615,141
Nicholas Financial, Inc.		6,891		110,325
				809,344

Security Description	Shares		Value (Note 2)
Finance - Commercial — 0.1%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		9,878	$	122,487
Horizon Technology Finance Corp.		5,515		78,313
NewStar Financial, Inc.†		17,593		307,878
WhiteHorse Finance, Inc.#		4,628		71,595
				580,273
Finance - Consumer Loans — 0.4%
Encore Capital Group, Inc.†#		15,643		746,015
First Marblehead Corp.		61,221		50,201
Nelnet, Inc., Class A		15,335		690,075
Portfolio Recovery Associates, Inc.†		33,993		1,985,191
Regional Management Corp.†		3,596		120,933
World Acceptance Corp.†#		6,231		575,246
				4,167,661
Finance - Credit Card — 0.0%
Blackhawk Network Holdings, Inc.†#		7,707		175,643
Finance - Investment Banker/Broker — 0.7%
Cowen Group, Inc., Class A†		65,461		264,462
Diamond Hill Investment Group, Inc.#		1,894		235,330
Evercore Partners, Inc., Class A		21,194		1,162,491
FBR & Co.†		5,861		164,753
FXCM, Inc., Class A#		24,520		408,503
Gain Capital Holdings, Inc.#		7,378		67,140
GFI Group, Inc.		46,668		176,405
Greenhill & Co., Inc.		18,894		1,033,691
INTL. FCStone, Inc.†		9,441		196,278
Investment Technology Group, Inc.†		24,945		488,673
JMP Group, Inc.		10,525		69,044
KCG Holdings, Inc.†		38,112		455,438
Ladenburg Thalmann Financial Services, Inc.†		69,027		206,391
Oppenheimer Holdings, Inc., Class A		6,644		154,340
Piper Jaffray Cos.†		11,569		439,853
Stifel Financial Corp.†		42,613		1,907,784
SWS Group, Inc.†		19,401		125,330
				7,555,906
Finance - Leasing Companies — 0.1%
Aircastle, Ltd.		45,890		859,061
California First National Bancorp		1,554		25,439
Marlin Business Services Corp.		5,528		137,371
				1,021,871
Finance - Mortgage Loan/Banker — 0.3%
Arlington Asset Investment Corp., Class A#		10,730		286,598
Doral Financial Corp.†#		4,377		82,463
Ellie Mae, Inc.†#		17,637		497,363
Federal Agricultural Mtg. Corp., Class C		6,908		241,849
Home Loan Servicing Solutions, Ltd.		38,111		886,843
PennyMac Financial Services, Inc., Class A†		8,565		153,314
Walter Investment Management Corp.†#		24,726		942,802
				3,091,232
Finance - Other Services — 0.4%
BGC Partners, Inc., Class A#		85,166		502,479
Higher One Holdings, Inc.†		21,022		206,857
Imperial Holdings, Inc.†		11,565		73,785
MarketAxess Holdings, Inc.		25,141		1,769,172
Outerwall Inc†#		18,851		1,289,408
WageWorks, Inc.†		16,729		958,572
				4,800,273
Financial Guarantee Insurance — 0.3%
MGIC Investment Corp.†		217,336		1,762,595
Radian Group, Inc.#		115,876		1,652,392
				3,414,987

204

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Firearms & Ammunition — 0.1%
Smith & Wesson Holding Corp.†#		43,008	$	508,355
Sturm Ruger & Co., Inc.#		12,951		996,320
				1,504,675
Food - Canned — 0.2%
Seneca Foods Corp., Class A†		5,460		171,062
TreeHouse Foods, Inc.†		24,294		1,704,224
				1,875,286
Food - Confectionery — 0.0%
Tootsie Roll Industries, Inc.#		13,123		420,592
Food - Dairy Products — 0.0%
Lifeway Foods, Inc.#		3,088		46,691
Food - Flour & Grain — 0.1%
Post Holdings, Inc.†		21,900		1,109,235
Food - Misc./Diversified — 0.8%
Annie's, Inc.†		9,177		421,683
B&G Foods, Inc.		35,432		1,227,010
Boulder Brands, Inc.†		39,887		610,670
Cal-Maine Foods, Inc.		9,951		546,808
Chiquita Brands International, Inc.†		31,144		329,192
Diamond Foods, Inc.†#		14,920		369,121
Hain Celestial Group, Inc.†		25,742		2,128,606
Inventure Foods, Inc.†		9,423		120,520
J&J Snack Foods Corp.		10,015		860,489
John B. Sanfilippo & Son, Inc.		5,484		139,787
Lancaster Colony Corp.		12,408		1,075,277
Seaboard Corp.		197		556,525
Snyders-Lance, Inc.		31,868		918,117
				9,303,805
Food - Retail — 0.4%
Arden Group, Inc., Class A		788		102,432
Fairway Group Holdings Corp.†#		10,523		199,832
Harris Teeter Supermarkets, Inc.		33,157		1,637,293
Ingles Markets, Inc., Class A		8,450		221,981
Nutrisystem, Inc.#		19,191		377,679
SUPERVALU, Inc.†		136,073		877,671
Village Super Market, Inc., Class A		4,244		164,370
Weis Markets, Inc.		7,380		376,601
				3,957,859
Food - Wholesale/Distribution — 0.4%
Calavo Growers, Inc.		8,196		252,683
Chefs' Warehouse, Inc.†		9,379		240,665
Fresh Del Monte Produce, Inc.		25,380		710,894
Spartan Stores, Inc.		24,551		569,574
United Natural Foods, Inc.†		33,056		2,275,905
				4,049,721
Footwear & Related Apparel — 0.7%
Crocs, Inc.†		59,066		815,111
Iconix Brand Group, Inc.†		38,223		1,516,689
R.G. Barry Corp.		6,685		128,352
Skechers U.S.A., Inc., Class A†		25,923		871,531
Steven Madden, Ltd.†		40,323		1,570,984
Weyco Group, Inc.		4,366		128,142
Wolverine World Wide, Inc.		67,268		2,213,790
				7,244,599
Forestry — 0.0%
Deltic Timber Corp.		7,465		470,370

Security Description	Shares		Value (Note 2)
Funeral Services & Related Items — 0.1%
Carriage Services, Inc.		10,531	$	197,667
Matthews International Corp., Class A		18,507		780,625
Stewart Enterprises, Inc., Class A#		48,567		643,513
				1,621,805
Gambling (Non-Hotel) — 0.1%
Isle of Capri Casinos, Inc.†		14,190		115,365
Pinnacle Entertainment, Inc.†		39,135		983,854
				1,099,219
Gas - Distribution — 0.8%
Chesapeake Utilities Corp.		6,445		374,970
Delta Natural Gas Co., Inc.		4,596		102,169
Laclede Group, Inc.		21,885		1,009,118
New Jersey Resources Corp.		28,004		1,279,503
Northwest Natural Gas Co.#		18,064		768,262
Piedmont Natural Gas Co., Inc.		50,622		1,678,119
South Jersey Industries, Inc.		21,423		1,214,684
Southwest Gas Corp.		31,055		1,647,778
WGL Holdings, Inc.		34,659		1,381,161
				9,455,764
Gold Mining — 0.0%
Allied Nevada Gold Corp.†#		69,638		231,198
Gold Resource Corp.#		22,230		114,707
Midway Gold Corp.†#		75,218		67,696
				413,601
Golf — 0.0%
Callaway Golf Co.#		47,652		385,981
Hazardous Waste Disposal — 0.1%
Heritage-Crystal Clean, Inc.†		5,922		110,208
US Ecology, Inc.		12,341		474,882
				585,090
Health Care Cost Containment — 0.1%
Corvel Corp.†		7,647		353,979
ExamWorks Group, Inc.†		20,284		598,581
				952,560
Healthcare Safety Devices — 0.0%
Harvard Apparatus Regenerative Technology, Inc.†		4,274		21,669
Unilife Corp.†#		61,152		272,127
				293,796
Heart Monitors — 0.1%
HeartWare International, Inc.†		10,957		1,056,255
Home Furnishings — 0.3%
American Woodmark Corp.†		6,658		240,254
Bassett Furniture Industries, Inc.		7,272		114,679
Ethan Allen Interiors, Inc.		16,638		514,114
Flexsteel Industries, Inc.		3,286		90,891
Hooker Furniture Corp.		7,203		123,027
Kimball International, Inc., Class B		21,740		323,709
La-Z-Boy, Inc.		35,094		1,026,851
Select Comfort Corp.†		37,303		787,466
				3,220,991
Hotels/Motels — 0.1%
Marcus Corp.		12,410		181,062
Morgans Hotel Group Co.†#		17,853		143,716
Orient-Express Hotels, Ltd., Class A†		64,216		945,902
				1,270,680
Housewares — 0.0%
EveryWare Global, Inc.†		6,554		53,481
Libbey, Inc.†		14,075		323,725

205

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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Housewares (continued)
Lifetime Brands, Inc.		6,846	$	100,088
				477,294
Human Resources — 0.7%
AMN Healthcare Services, Inc.†		30,860		428,337
Barrett Business Services, Inc.		4,722		399,103
CDI Corp.		9,456		148,365
Cross Country Healthcare, Inc.†		18,184		138,926
Heidrick & Struggles International, Inc.		12,105		220,795
Insperity, Inc.		15,054		530,653
Kelly Services, Inc., Class A		18,052		419,528
Kforce, Inc.		18,148		366,227
Korn/Ferry International†		32,632		755,757
Monster Worldwide, Inc.†#		78,117		439,799
On Assignment, Inc.†		30,654		1,043,156
Resources Connection, Inc.		27,346		388,860
Team Health Holdings, Inc.†		46,043		2,151,589
TrueBlue, Inc.†		27,274		696,578
				8,127,673
Identification Systems — 0.1%
Brady Corp., Class A		30,969		970,259
Checkpoint Systems, Inc.†		27,498		397,071
				1,367,330
Independent Power Producers — 0.2%
Dynegy, Inc.†#		67,031		1,435,134
Ormat Technologies, Inc.		11,841		296,972
				1,732,106
Industrial Automated/Robotic — 0.2%
Cognex Corp.		58,254		1,919,469
Hurco Cos., Inc.		4,322		114,447
				2,033,916
Instruments - Controls — 0.3%
Watts Water Technologies, Inc., Class A		19,125		1,149,795
Woodward, Inc.		46,090		1,977,261
				3,127,056
Instruments - Scientific — 0.3%
FEI Co.		25,854		2,354,007
Fluidigm Corp.†		17,040		541,531
				2,895,538
Insurance Brokers — 0.1%
Crawford & Co., Class B		17,598		181,963
eHealth, Inc.†		13,050		591,296
				773,259
Insurance - Life/Health — 0.7%
American Equity Investment Life Holding Co.#		42,913		1,017,467
CNO Financial Group, Inc.		148,924		2,519,794
FBL Financial Group, Inc., Class A		5,952		273,256
Health Insurance Innovations, Inc.†		3,089		37,006
Independence Holding Co.		5,283		74,543
Kansas City Life Insurance Co.		2,644		132,068
National Western Life Insurance Co., Class A		1,468		314,035
Phoenix Cos., Inc.†		3,888		225,076
Primerica, Inc.		38,199		1,643,703
Symetra Financial Corp.		54,620		1,047,066
				7,284,014
Insurance - Multi-line — 0.1%
Citizens, Inc.†		29,117		256,521
Eastern Insurance Holdings, Inc.		4,313		105,625

Security Description	Shares		Value (Note 2)
Insurance - Multi-line (continued)
Fortegra Financial Corp.†		4,305	$	31,513
Horace Mann Educators Corp.		26,604		817,275
United Fire Group, Inc.		13,791		410,282
				1,621,216
Insurance - Property/Casualty — 1.2%
Ambac Financial Group, Inc.†		30,164		713,379
AMERISAFE, Inc.		12,326		540,865
Amtrust Financial Services, Inc.#		20,787		869,105
Baldwin & Lyons, Inc., Class B		6,188		172,769
Donegal Group, Inc., Class A		4,967		80,167
EMC Insurance Group, Inc.		3,018		94,101
Employers Holdings, Inc.		20,746		677,149
Enstar Group, Ltd.†		6,385		889,494
First American Financial Corp.		72,516		1,918,773
Global Indemnity PLC†		6,296		167,725
Hallmark Financial Services, Inc.†		9,519		90,431
HCI Group, Inc.#		6,224		309,893
Hilltop Holdings, Inc.†		41,595		986,217
Infinity Property & Casualty Corp.		7,724		551,107
Investors Title Co.		885		69,915
Meadowbrook Insurance Group, Inc.		33,440		247,122
National Interstate Corp.		4,450		127,893
Navigators Group, Inc.†		6,943		464,070
OneBeacon Insurance Group, Ltd., Class A		15,165		241,124
RLI Corp.		14,267		1,439,398
Safety Insurance Group, Inc.		8,634		484,799
Selective Insurance Group, Inc.		37,223		1,049,316
State Auto Financial Corp.		10,022		226,297
Stewart Information Services Corp.		14,281		454,993
Tower Group International Ltd#		38,498		160,152
Universal Insurance Holdings, Inc.		19,670		243,908
				13,270,162
Insurance - Reinsurance — 0.4%
Argo Group International Holdings, Ltd.		18,220		861,624
Greenlight Capital Re, Ltd., Class A†		18,907		643,027
Maiden Holdings, Ltd.		33,404		422,894
Montpelier Re Holdings, Ltd.		31,018		901,383
Platinum Underwriters Holdings, Ltd.		21,287		1,349,596
				4,178,524
Internet Application Software — 0.3%
Bazaarvoice, Inc.†#		32,216		254,506
Brightcove, Inc.†		18,851		268,250
Dealertrack Technologies, Inc.†		29,151		1,218,512
eGain Corp.†		8,762		100,851
IntraLinks Holdings, Inc.†		25,737		280,791
Lionbridge Technologies, Inc.†		39,029		222,075
RealNetworks, Inc.†		15,055		117,278
VirnetX Holding Corp.†#		28,291		566,386
Vocus, Inc.†		12,596		125,456
				3,154,105
Internet Connectivity Services — 0.2%
Boingo Wireless, Inc.†#		12,440		81,233
Cogent Communications Group, Inc.		31,645		1,234,472
Internap Network Services Corp.†		35,922		276,240
PC-Tel, Inc.		12,375		122,760
				1,714,705
Internet Content - Entertainment — 0.1%
Global Eagle Entertainment, Inc.†		14,391		220,902
Limelight Networks, Inc.†		35,808		73,406

206

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Content - Entertainment (continued)
Shutterstock, Inc.†		4,969	$	367,607
				661,915
Internet Content - Information/News — 0.3%
Bankrate, Inc.†#		30,998		580,902
Dice Holdings, Inc.†		27,214		198,118
HealthStream, Inc.†		13,496		454,005
Reis, Inc.†		5,586		99,822
Travelzoo, Inc.†#		5,316		114,188
WebMD Health Corp.†#		23,525		909,712
XO Group, Inc.†		17,949		281,261
Yelp, Inc.†		19,952		1,210,887
				3,848,895
Internet Incubators — 0.1%
ICG Group, Inc.†		25,474		437,898
ModusLink Global Solutions, Inc.†		24,798		96,464
Safeguard Scientifics, Inc.†		14,061		262,238
				796,600
Internet Infrastructure Software — 0.1%
Responsys, Inc.†		24,671		417,187
support.com, Inc.†		33,690		134,760
TeleCommunication Systems, Inc., Class A†		31,888		73,661
Unwired Planet, Inc.†		61,614		93,653
				719,261
Internet Security — 0.0%
VASCO Data Security International, Inc.†		19,385		149,264
Zix Corp.†		41,476		192,034
				341,298
Internet Telephone — 0.1%
BroadSoft, Inc.†		18,795		499,383
magicJack VocalTec, Ltd.†		12,436		142,641
				642,024
Investment Companies — 1.0%
Apollo Investment Corp.		150,648		1,358,845
BlackRock Kelso Capital Corp.		49,669		491,226
Capital Southwest Corp.		9,020		309,476
Fifth Street Finance Corp.		80,945		773,834
Garrison Capital, Inc.		4,026		58,780
Gladstone Capital Corp.		14,077		137,392
Golub Capital BDC, Inc.#		23,231		436,975
KCAP Financial, Inc.#		18,951		159,378
Main Street Capital Corp.		23,309		768,032
MCG Capital Corp.		47,735		229,605
Medallion Financial Corp.		12,483		221,448
MVC Capital, Inc.		16,032		232,785
New Mountain Finance Corp.		20,998		316,440
NGP Capital Resources Co.		14,090		109,620
PennantPark Floating Rate Capital, Ltd.		6,906		95,579
PennantPark Investment Corp.		44,543		542,088
Prospect Capital Corp.		163,050		1,860,401
Solar Capital, Ltd.		30,168		698,389
Solar Senior Capital, Ltd.		7,719		140,563
Stellus Capital Investment Corp.#		8,077		124,709
TCP Capital Corp.#		17,414		301,262
THL Credit, Inc.		17,639		299,334
TICC Capital Corp.#		35,220		380,728
Triangle Capital Corp.		18,476		549,846
				10,596,735

Security Description	Shares		Value (Note 2)
Investment Management/Advisor Services — 0.6%
Calamos Asset Management, Inc., Class A		13,307	$	147,575
CIFC Corp.#		4,587		36,558
Cohen & Steers, Inc.#		12,614		505,947
Financial Engines, Inc.		32,783		2,221,048
GAMCO Investors, Inc., Class A		4,039		340,084
Janus Capital Group, Inc.#		100,020		1,088,218
Manning & Napier, Inc.		9,106		166,367
Medley Capital Corp.#		19,240		275,709
Pzena Investment Management, Inc., Class A		7,609		71,601
Virtus Investment Partners, Inc.†		3,883		806,887
Westwood Holdings Group, Inc.		4,674		267,727
WisdomTree Investments, Inc.†		67,338		1,031,618
				6,959,339
Lasers - System/Components — 0.3%
Coherent, Inc.†		16,316		1,126,457
Electro Scientific Industries, Inc.		15,973		164,362
II-VI, Inc.†		34,226		559,595
Newport Corp.†		26,196		449,261
Rofin-Sinar Technologies, Inc.†		18,953		489,556
				2,789,231
Leisure Products — 0.3%
Brunswick Corp.		60,634		2,770,974
Johnson Outdoors, Inc., Class A		3,321		95,113
Marine Products Corp.		7,048		67,872
				2,933,959
Lighting Products & Systems — 0.4%
Acuity Brands, Inc.		28,714		2,944,046
Revolution Lighting Technologies, Inc.†#		19,883		56,667
Universal Display Corp.†#		26,962		973,598
				3,974,311
Linen Supply & Related Items — 0.2%
G&K Services, Inc., Class A		13,107		789,304
UniFirst Corp.		9,813		1,003,281
				1,792,585
Machine Tools & Related Products — 0.0%
Hardinge, Inc.		7,882		122,092
Machinery - Construction & Mining — 0.1%
Astec Industries, Inc.		13,656		499,809
Hyster-Yale Materials Handling, Inc.		7,058		588,355
				1,088,164
Machinery - Electrical — 0.1%
Franklin Electric Co., Inc.		31,784		1,414,388
Machinery - Farming — 0.1%
Alamo Group, Inc.		4,745		278,579
Lindsay Corp.#		8,617		658,253
				936,832
Machinery - General Industrial — 0.9%
Albany International Corp., Class A		18,739		688,846
Altra Industrial Motion Corp.		18,099		549,848
Applied Industrial Technologies, Inc.		28,247		1,366,590
Chart Industries, Inc.†		20,323		1,977,428
DXP Enterprises, Inc.†		6,351		622,271
Flow International Corp.†		32,459		130,485
Kadant, Inc.		7,512		311,147
Manitex International, Inc.†		8,242		109,783
Middleby Corp.†		12,598		2,782,142
Tennant Co.		12,335		804,982
Twin Disc, Inc.		5,576		160,199
				9,503,721

207

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery - Material Handling — 0.1%
Columbus McKinnon Corp.†		13,077	$	362,233
NACCO Industries, Inc., Class A		3,320		214,970
				577,203
Machinery - Print Trade — 0.0%
ExOne Co.†#		4,086		218,192
Machinery - Pumps — 0.0%
Gorman-Rupp Co.		10,107		425,201
Tecumseh Products Co., Class A†#		12,387		108,139
				533,340
Machinery - Thermal Process — 0.0%
Global Power Equipment Group, Inc.		11,405		222,740
Marine Services — 0.0%
Great Lakes Dredge & Dock Corp.		39,810		354,707
Odyssey Marine Exploration, Inc.†#		52,869		108,382
				463,089
Medical Imaging Systems — 0.0%
Merge Healthcare, Inc.†		43,769		102,419
Medical Information Systems — 0.6%
athenahealth, Inc.†		24,628		3,230,455
Computer Programs & Systems, Inc.		7,427		456,909
Medidata Solutions, Inc.†		17,823		2,119,333
Quality Systems, Inc.		26,749		624,856
				6,431,553
Medical Instruments — 1.1%
Abaxis, Inc.†		14,815		533,044
AngioDynamics, Inc.†		16,510		255,080
ArthroCare Corp.†		18,902		712,983
AtriCure, Inc.†		14,031		219,725
Cardiovascular Systems, Inc.†		14,022		465,530
CONMED Corp.		18,589		756,758
CryoLife, Inc.		18,414		203,475
DexCom, Inc.†		47,391		1,568,168
Endologix, Inc.†		42,095		752,238
Genomic Health, Inc.†#		11,214		394,509
Integra LifeSciences Holdings Corp.†		13,406		622,709
MAKO Surgical Corp.†		28,190		844,572
Natus Medical, Inc.†		20,369		469,098
Navidea Biopharmaceuticals, Inc.†#		80,163		129,864
NuVasive, Inc.†		29,648		985,796
Solta Medical, Inc.†		47,554		95,108
Spectranetics Corp.†		27,047		629,113
SurModics, Inc.†		9,720		234,446
Symmetry Medical, Inc.†		24,987		245,123
Thoratec Corp.†		38,429		1,512,950
Vascular Solutions, Inc.†		11,066		230,726
Volcano Corp.†#		36,559		832,448
				12,693,463
Medical Labs & Testing Services — 0.0%
Bio-Reference Labs, Inc.†#		16,392		478,646
Medical Laser Systems — 0.1%
Biolase, Inc.†#		21,379		38,055
Cutera, Inc.†		9,837		92,960
Cynosure, Inc., Class A†		12,839		332,402
PhotoMedex, Inc.†#		9,403		114,528
				577,945
Medical Products — 1.3%
ABIOMED, Inc.†		25,965		742,339
Accuray, Inc.†#		49,681		396,454

Security Description	Shares		Value (Note 2)
Medical Products (continued)
Alphatec Holdings, Inc.†		41,556	$	82,696
Atrion Corp.		1,048		294,991
Cantel Medical Corp.		21,972		819,995
Cerus Corp.†#		46,732		312,637
Chindex International, Inc.†		7,973		136,259
Cyberonics, Inc.†		18,525		1,273,038
Exactech, Inc.†		6,264		155,848
Globus Medical, Inc., Class A†		36,616		705,224
Greatbatch, Inc.†		16,021		650,933
Haemonetics Corp.†		34,238		1,446,898
Hanger, Inc.†		23,239		902,603
Invacare Corp.		21,454		480,570
Luminex Corp.†		25,037		489,974
MiMedx Group, Inc.†#		56,447		355,616
NxStage Medical, Inc.†		40,043		408,839
Orthofix International NV†		13,040		282,055
Rockwell Medical, Inc.†#		26,314		384,974
Tornier NV†		17,432		315,345
West Pharmaceutical Services, Inc.		46,364		2,314,491
Wright Medical Group, Inc.†		27,073		807,046
Zeltiq Aesthetics, Inc.†		11,849		207,832
				13,966,657
Medical Sterilization Products — 0.2%
STERIS Corp.		39,512		1,823,084
Medical - Biomedical/Gene — 2.3%
Acorda Therapeutics, Inc.†		27,192		946,554
Aegerion Pharmaceuticals, Inc.†#		19,318		1,370,226
Alnylam Pharmaceuticals, Inc.†		38,957		2,384,168
AMAG Pharmaceuticals, Inc.†		14,462		354,753
Arena Pharmaceuticals, Inc.†#		145,980		951,790
Arqule, Inc.†		39,775		96,653
BioTime, Inc.†#		24,754		98,768
Cambrex Corp.†		20,131		392,555
Cell Therapeutics, Inc.†#		75,501		146,472
Celldex Therapeutics, Inc.†#		54,209		1,504,842
Chelsea Therapeutics International, Ltd.†		44,968		174,026
Coronado Biosciences, Inc.†#		14,785		24,247
Cubist Pharmaceuticals, Inc. CVR†		32,659		53,887
Curis, Inc.†#		53,986		172,755
Cytokinetics, Inc.†		16,603		107,754
Dendreon Corp.†#		105,642		313,757
Dynavax Technologies Corp.†#		122,595		216,993
Emergent Biosolutions, Inc.†		18,394		412,945
Enzon Pharmaceuticals, Inc.		25,183		41,804
Epizyme, Inc.†#		3,964		83,006
Exact Sciences Corp.†#		42,964		527,598
Exelixis, Inc.†#		123,206		718,291
Fibrocell Science, Inc.†		11,301		46,334
Galena Biopharma, Inc.†#		55,951		224,923
Geron Corp.†#		87,430		469,499
GTx, Inc.†#		17,581		29,712
Halozyme Therapeutics, Inc.†#		59,549		878,943
Harvard Bioscience, Inc.†		17,098		77,967
ImmunoGen, Inc.†#		56,665		823,342
Immunomedics, Inc.†#		49,140		212,285
Insmed, Inc.†		18,936		306,763
Intercept Pharmaceuticals, Inc.†		4,209		220,425
InterMune, Inc.†#		54,711		756,653
KYTHERA Biopharmaceuticals, Inc.†#		6,835		266,428
Lexicon Pharmaceuticals, Inc.†#		152,377		365,705
Ligand Pharmaceuticals, Inc., Class B†#		11,942		664,931
Medicines Co.†		37,534		1,374,120
MEI Pharma, Inc.†#		6,440		51,005
Merrimack Pharmaceuticals, Inc.†#		60,910		239,985

208

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Momenta Pharmaceuticals, Inc.†		31,650	$	563,054
Nanosphere, Inc.†		28,149		64,743
NeoGenomics, Inc.†		22,043		77,151
NewLink Genetics Corp.†#		11,318		254,655
Novavax, Inc.†		90,499		336,656
NPS Pharmaceuticals, Inc.†		67,255		1,776,205
Omeros Corp.†#		19,984		157,674
OncoGenex Pharmaceutical, Inc.†		9,834		84,474
OvaScience, Inc.†#		6,011		57,525
Pacific Biosciences of California, Inc.†		29,885		126,414
PDL BioPharma, Inc.#		93,842		916,836
Peregrine Pharmaceuticals, Inc.†#		91,908		125,914
Prothena Corp. PLC†#		7,961		224,739
Puma Biotechnology, Inc.†		14,846		739,182
Repligen Corp.†#		21,077		283,907
Rigel Pharmaceuticals, Inc.†		58,412		155,376
RTI Surgical, Inc.†		37,719		116,175
Sangamo Biosciences, Inc.†#		36,028		439,902
Sequenom, Inc.†#		77,188		203,004
Spectrum Pharmaceuticals, Inc.		40,237		387,482
Stemline Therapeutics, Inc.†#		6,132		126,687
Sunesis Pharmaceuticals, Inc.†		21,687		109,519
Trius Therapeutics, Inc. CVR(1)(2)		24,953		0
Verastem, Inc.†#		9,673		102,340
Vical, Inc.†#		50,918		59,065
XOMA Corp.†#		41,973		200,631
Zeneca, Inc. CVR(1)(2)		3,950		2,370
ZIOPHARM Oncology, Inc.†#		44,999		188,096
				25,982,640
Medical - Drugs — 1.8%
ACADIA Pharmaceuticals, Inc.†#		46,973		1,094,001
AcelRx Pharmaceuticals, Inc.†#		14,000		136,920
Achillion Pharmaceuticals, Inc.†#		64,724		223,945
Akorn, Inc.†#		39,015		1,004,636
Alimera Sciences, Inc.†		11,362		28,632
Amicus Therapeutics, Inc.†		20,378		49,926
Ampio Pharmaceuticals, Inc.†#		18,532		146,959
Anacor Pharmaceuticals, Inc.†#		16,985		237,790
Array BioPharma, Inc.†#		78,277		447,744
Auxilium Pharmaceuticals, Inc.†		33,051		674,571
Cadence Pharmaceuticals, Inc.†		41,349		372,968
Cempra, Inc.†#		9,939		128,511
ChemoCentryx, Inc.†#		16,478		85,191
Chimerix, Inc.†		5,690		91,154
Clovis Oncology, Inc.†		9,317		561,629
Corcept Therapeutics, Inc.†#		35,678		76,708
Cytori Therapeutics, Inc.†#		42,343		115,173
Durata Therapeutics, Inc.†#		8,766		107,997
Enanta Pharmaceuticals, Inc.†		2,440		65,953
Endocyte, Inc.†#		20,423		235,681
Furiex Pharmaceuticals, Inc.†		4,456		200,520
Hi-Tech Pharmacal Co., Inc.†		7,455		323,771
Idenix Pharmaceuticals, Inc.†#		66,880		359,146
Infinity Pharmaceuticals, Inc.†		32,093		468,879
Insys Therapeutics, Inc.†#		3,394		149,675
Ironwood Pharmaceuticals, Inc.†#		62,374		712,311
Keryx Biopharmaceuticals, Inc.†#		54,777		760,853
Lannett Co., Inc.†		10,946		323,345
Opko Health, Inc.†#		95,302		1,004,483
Orexigen Therapeutics, Inc.†		63,440		433,295
Pacira Pharmaceuticals, Inc.†		18,473		1,019,525
Pernix Therapeutics Holdings†#		11,743		32,528
PharMerica Corp.†		19,906		449,478
Pozen, Inc.†		18,085		142,872

Security Description	Shares		Value (Note 2)
Medical - Drugs (continued)
Progenics Pharmaceuticals, Inc.†		34,212	$	175,165
Raptor Pharmaceutical Corp.†#		37,157		516,111
Receptos, Inc.†#		3,874		89,644
Regulus Therapeutics, Inc.†#		5,991		37,683
Repros Therapeutics, Inc.†#		12,497		214,324
Sagent Pharmaceuticals, Inc.†		11,185		254,011
Santarus, Inc.†#		37,148		1,195,423
Sciclone Pharmaceuticals, Inc.†		36,249		176,895
SIGA Technologies, Inc.†#		24,644		86,993
Sucampo Pharmaceuticals, Inc., Class A†		9,181		68,307
Supernus Pharmaceuticals, Inc.†#		9,980		72,155
Synergy Pharmaceuticals, Inc.†#		53,999		247,855
Synta Pharmaceuticals Corp.†#		27,186		137,833
Targacept, Inc.†		18,710		107,583
TESARO, Inc.†		8,968		349,752
Tetraphase Pharmaceuticals, Inc.†		7,721		90,799
TG Therapeutics, Inc.†		8,563		37,763
TherapeuticsMD, Inc.†		52,323		255,859
Vanda Pharmaceuticals, Inc.†#		19,002		223,084
ViroPharma, Inc.†		43,779		2,167,498
Vivus, Inc.†#		67,478		676,130
XenoPort, Inc.†#		29,072		155,244
Zogenix, Inc.†#		48,063		155,244
				19,758,125
Medical - Generic Drugs — 0.1%
Impax Laboratories, Inc.†		45,901		1,103,460
KaloBios Pharmaceuticals, Inc.†		5,877		24,919
				1,128,379
Medical - HMO — 0.6%
Centene Corp.†		36,479		2,178,891
Magellan Health Services, Inc.†		18,147		1,110,596
Molina Healthcare, Inc.†		18,995		638,232
Triple-S Management Corp., Class B†		15,874		321,607
Universal American Corp.		25,750		199,048
WellCare Health Plans, Inc.†		29,134		2,164,656
				6,613,030
Medical - Hospitals — 0.1%
Acadia Healthcare Co., Inc.†		23,741		1,096,834
Select Medical Holdings Corp.		32,614		282,437
USMD Holdings, Inc.†#		725		18,176
				1,397,447
Medical - Nursing Homes — 0.2%
Ensign Group, Inc.		13,032		588,655
Kindred Healthcare, Inc.		36,223		609,995
National Healthcare Corp.#		7,210		402,318
Skilled Healthcare Group, Inc., Class A†		13,290		68,311
				1,669,279
Medical - Outpatient/Home Medical — 0.3%
Addus HomeCare Corp.†		3,663		106,227
Air Methods Corp.#		26,063		1,458,486
Almost Family, Inc.		5,541		154,594
Amedisys, Inc.†#		21,092		343,378
Amsurg Corp.†		21,445		1,036,222
Gentiva Health Services, Inc.†		20,988		259,202
LHC Group, Inc.†		8,083		191,971
				3,550,080
Metal Processors & Fabrication — 0.7%
Ampco-Pittsburgh Corp.		5,666		103,914
CIRCOR International, Inc.		11,771		933,793
Dynamic Materials Corp.		9,172		205,544

209

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Metal Processors & Fabrication (continued)
Global Brass & Copper Holdings, Inc.		5,396	$	89,034
Haynes International, Inc.		8,267		448,237
LB Foster Co., Class A		6,815		319,419
Mueller Industries, Inc.		18,847		1,151,175
NN, Inc.		11,468		228,787
RBC Bearings, Inc.†		15,412		1,054,027
Rexnord Corp.†		20,305		493,615
RTI International Metals, Inc.†		21,002		732,340
Sun Hydraulics Corp.		14,386		618,166
Worthington Industries, Inc.		35,440		1,485,999
				7,864,050
Metal Products - Distribution — 0.0%
A.M. Castle & Co.†#		11,733		164,145
Olympic Steel, Inc.		6,076		170,553
				334,698
Metal - Aluminum — 0.1%
Century Aluminum Co.†		34,468		310,212
Kaiser Aluminum Corp.		12,671		853,012
Noranda Aluminum Holding Corp.		22,602		63,511
				1,226,735
Metal - Diversified — 0.0%
Molycorp, Inc.†#		83,125		397,338
Miscellaneous Manufacturing — 0.3%
American Railcar Industries, Inc.#		6,335		274,939
FreightCar America, Inc.		8,061		187,660
Hillenbrand, Inc.		36,839		1,035,176
John Bean Technologies Corp.		19,391		573,198
Movado Group, Inc.		11,845		539,184
Trimas Corp.†		26,608		973,321
				3,583,478
MRI/Medical Diagnostic Imaging — 0.0%
Alliance HealthCare Services, Inc.†		3,339		96,430
Multimedia — 0.2%
Demand Media, Inc.†#		24,261		133,678
Entravision Communications Corp., Class A		36,961		244,312
EW Scripps Co., Class A†		20,959		424,839
Journal Communications, Inc., Class A†		29,563		285,579
Martha Stewart Living Omnimedia, Inc., Class A†		19,473		71,855
Media General, Inc., Class A†#		13,138		237,798
Meredith Corp.		23,942		1,277,066
				2,675,127
Networking Products — 0.5%
Anixter International, Inc.		18,166		1,605,874
Black Box Corp.		10,814		302,900
Calix, Inc.†		26,836		274,801
Cyan, Inc.†#		5,363		23,758
Extreme Networks, Inc.†		62,333		433,214
Infinera Corp.†#		77,676		722,387
Ixia†		37,856		491,749
LogMeIn, Inc.†		16,297		562,247
NeoPhotonics Corp.†		13,529		80,092
NETGEAR, Inc.†		25,823		829,177
Parkervision, Inc.†#		59,341		248,045
Procera Networks, Inc.†#		13,774		210,329
				5,784,573
Non - Ferrous Metals — 0.2%
Globe Specialty Metals, Inc.		43,217		769,263
Horsehead Holding Corp.†		29,564		442,573
Materion Corp.		13,766		395,910

Security Description	Shares		Value (Note 2)
Non - Ferrous Metals (continued)
Ur-Energy, Inc.†#		81,356	$	95,187
Uranium Energy Corp.†#		57,309		111,179
				1,814,112
Non - Hazardous Waste Disposal — 0.0%
Casella Waste Systems, Inc., Class A†		25,899		154,617
Office Furnishings - Original — 0.4%
CompX International, Inc.		774		10,062
Herman Miller, Inc.		39,293		1,253,840
HNI Corp.		30,471		1,207,870
Interface, Inc.		39,767		797,328
Knoll, Inc.		32,297		573,272
Steelcase, Inc., Class A		56,519		922,955
				4,765,327
Office Supplies & Forms — 0.0%
ACCO Brands Corp.†		76,103		458,140
Oil & Gas Drilling — 0.1%
Hercules Offshore, Inc.†		106,902		683,104
Parker Drilling Co.†		79,848		633,195
Vantage Drilling Co.†#		134,727		251,939
				1,568,238
Oil Companies - Exploration & Production — 2.3%
Abraxas Petroleum Corp.†#		55,058		198,209
Apco Oil and Gas International, Inc.†		6,125		96,346
Approach Resources, Inc.†#		23,377		495,359
Berry Petroleum Co., Class A		35,304		1,776,497
Bill Barrett Corp.†#		32,681		878,792
Bonanza Creek Energy, Inc.†		19,728		904,923
BPZ Resources, Inc.†#		78,972		165,841
Callon Petroleum Co.†		26,724		177,715
Carrizo Oil & Gas, Inc.†		27,071		1,094,751
Clayton Williams Energy, Inc.†		3,947		285,763
Comstock Resources, Inc.#		32,372		548,058
Contango Oil & Gas Co.†		9,936		468,085
Diamondback Energy, Inc.†		11,954		594,592
DLB Oil & Gas, Inc.(1)(2)		3,000		0
Emerald Oil, Inc.†		24,505		177,906
Endeavour International Corp.†#		31,572		152,808
Energy XXI Bermuda, Ltd.#		53,206		1,445,075
EPL Oil & Gas, Inc.†		20,032		573,917
Equal Energy, Ltd.		23,865		120,518
Evolution Petroleum Corp.		11,365		140,471
EXCO Resources, Inc.#		90,974		481,252
Forest Oil Corp.†		79,964		353,441
FX Energy, Inc.†#		35,806		122,457
Gastar Exploration, Inc.†		41,287		243,180
Goodrich Petroleum Corp.†		17,690		340,356
Halcon Resources Corp.†#		138,723		556,279
Isramco, Inc.†		619		77,994
Kodiak Oil & Gas Corp.†		177,924		2,017,658
Magnum Hunter Resources Corp.†#		115,226		834,236
Matador Resources Co.†		33,200		723,428
Midstates Petroleum Co., Inc.†#		22,250		133,722
Miller Energy Resources, Inc.†#		20,456		170,603
Northern Oil and Gas, Inc.†#		42,756		681,958
Panhandle Oil and Gas, Inc., Class A#		4,673		154,676
PDC Energy, Inc.†		20,338		1,198,112
Penn Virginia Corp.†		37,014		397,160
PetroQuest Energy, Inc.†		38,239		156,780
Quicksilver Resources, Inc.†#		83,513		243,858
Resolute Energy Corp.†#		45,383		408,901
Rex Energy Corp.†		30,304		581,231
Rosetta Resources, Inc.†		40,949		2,070,791

210

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Exploration & Production (continued)
Sanchez Energy Corp.†#		19,058	$	489,219
Stone Energy Corp.†		33,494		1,107,982
Swift Energy Co.†#		29,064		386,842
Synergy Resources Corp.†		27,252		257,259
Triangle Petroleum Corp.†		30,901		328,169
Vaalco Energy, Inc.†		38,818		234,849
W&T Offshore, Inc.#		23,306		400,863
Warren Resources, Inc.†		48,843		158,740
ZaZa Energy Corp.†#		24,846		26,337
				25,633,959
Oil Field Machinery & Equipment — 0.2%
Bolt Technology Corp.		5,782		116,738
Flotek Industries, Inc.†		31,988		669,829
Forum Energy Technologies, Inc.†		26,370		712,254
Gulf Island Fabrication, Inc.		9,691		256,424
Mitcham Industries, Inc.†		8,606		150,605
Natural Gas Services Group, Inc.†		8,290		245,881
Thermon Group Holdings, Inc.†		18,172		523,354
				2,675,085
Oil Refining & Marketing — 0.2%
Adams Resources & Energy, Inc.		1,409		80,623
Alon USA Energy, Inc.		15,600		215,280
Arabian American Development Co.†		13,325		137,514
Delek US Holdings, Inc.		24,891		753,202
Western Refining, Inc.#		36,294		1,418,006
				2,604,625
Oil - Field Services — 1.2%
Basic Energy Services, Inc.†		20,049		284,495
C&J Energy Services, Inc.†#		30,197		715,669
Cal Dive International, Inc.†#		65,642		121,438
CARBO Ceramics, Inc.		13,268		1,632,362
Exterran Holdings, Inc.†		38,592		1,255,012
Helix Energy Solutions Group, Inc.†		71,011		1,577,154
Hornbeck Offshore Services, Inc.†		23,991		1,214,664
Key Energy Services, Inc.†		102,096		800,433
Matrix Service Co.†		17,476		387,967
Newpark Resources, Inc.†		57,752		696,489
Pioneer Energy Services Corp.†		41,677		300,908
SEACOR Holdings, Inc.†		13,480		1,254,314
Targa Resources Corp.		22,054		1,788,359
Tesco Corp.†		20,251		362,088
TETRA Technologies, Inc.†		52,466		647,431
Willbros Group, Inc.†		26,799		235,027
				13,273,810
Optical Recognition Equipment — 0.0%
Digimarc Corp.		4,202		78,703
Optical Supplies — 0.0%
Staar Surgical Co.†		24,632		310,856
Paper & Related Products — 0.5%
Clearwater Paper Corp.†		14,884		788,108
KapStone Paper and Packaging Corp.†		27,370		1,458,274
Neenah Paper, Inc.		10,712		449,797
Orchids Paper Products Co.#		4,007		131,189
P.H. Glatfelter Co.		28,769		805,244
Resolute Forest Products, Inc.†		46,796		758,095
Schweitzer-Mauduit International, Inc.		21,031		1,085,410
Wausau Paper Corp.		33,116		402,028
Xerium Technologies, Inc.†		7,313		96,459
				5,974,604

Security Description	Shares		Value (Note 2)
Patient Monitoring Equipment — 0.2%
Insulet Corp.†		35,818	$	1,325,982
Masimo Corp.†		32,652		934,827
				2,260,809
Pharmacy Services — 0.0%
BioScrip, Inc.†		39,080		266,135
Physical Therapy/Rehabilitation Centers — 0.2%
HealthSouth Corp.		58,466		2,092,498
U.S. Physical Therapy, Inc.		8,090		273,119
				2,365,617
Physicians Practice Management — 0.1%
Healthways, Inc.†#		22,924		321,165
IPC The Hospitalist Co., Inc.†		11,238		706,646
				1,027,811
Pipelines — 0.3%
Crosstex Energy, Inc.		31,907		1,036,977
Primoris Services Corp.		23,649		680,145
SemGroup Corp., Class A		28,186		1,730,057
				3,447,179
Platinum — 0.1%
Stillwater Mining Co.†		79,162		888,989
Pollution Control — 0.1%
Advanced Emissions Solutions, Inc.†		6,746		391,200
CECO Environmental Corp.		17,483		278,504
GSE Holding, Inc.†		5,352		11,079
				680,783
Poultry — 0.2%
Pilgrim's Pride Corp.†		40,623		665,405
Sanderson Farms, Inc.		15,427		1,054,281
				1,719,686
Power Converter/Supply Equipment — 0.4%
Advanced Energy Industries, Inc.†		26,315		626,823
Capstone Turbine Corp.†#		204,156		242,946
Generac Holdings, Inc.		34,552		1,840,240
Powell Industries, Inc.		6,172		423,337
PowerSecure International, Inc.†		12,710		223,315
SunPower Corp.†#		27,634		838,416
Vicor Corp.†		11,851		128,109
				4,323,186
Precious Metals — 0.1%
Coeur Mining, Inc.†		68,022		749,602
Paramount Gold and Silver Corp.†#		92,423		107,211
				856,813
Printing - Commercial — 0.5%
ARC Document Solutions, Inc.†		25,256		217,454
Cenveo, Inc.†#		36,116		123,878
Consolidated Graphics, Inc.†		4,851		312,453
Deluxe Corp.		34,094		1,694,131
Ennis, Inc.		17,536		325,117
Multi - Color Corp.		8,213		311,355
Quad/Graphics, Inc.		16,749		436,311
Valassis Communications, Inc.#		26,026		764,123
VistaPrint NV†#		21,882		1,254,605
				5,439,427
Private Equity — 0.0%
Fidus Investment Corp.#		9,183		199,363
Gladstone Investment Corp.#		17,747		134,700
				334,063

211

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Protection/Safety — 0.0%
Landauer, Inc.		6,385	$	338,405
Publishing - Books — 0.1%
Courier Corp.		7,674		143,657
Scholastic Corp.		17,722		541,230
				684,887
Publishing - Newspapers — 0.1%
AH Belo Corp., Class A		12,661		97,996
Daily Journal Corp.†#		613		89,498
McClatchy Co., Class A†#		40,739		127,920
New York Times Co., Class A#		86,478		1,207,233
				1,522,647
Publishing - Periodicals — 0.0%
Dex Media, Inc.†		11,484		83,374
Racetracks — 0.1%
Churchill Downs, Inc.		9,216		828,058
International Speedway Corp., Class A		18,661		640,632
Speedway Motorsports, Inc.		7,801		157,034
				1,625,724
Radio — 0.1%
Beasley Broadcasting Group, Inc., Class A		2,936		26,982
Cumulus Media, Inc., Class A†		50,475		352,315
Entercom Communications Corp., Class A†#		16,029		167,824
Saga Communications, Inc., Class A		3,241		167,236
Salem Communications Corp., Class A		6,961		62,579
				776,936
Real Estate Investment Trusts — 6.7%
Acadia Realty Trust		36,918		958,760
AG Mortgage Investment Trust, Inc.#		18,725		296,604
Agree Realty Corp.		8,876		260,067
Alexander's, Inc.		1,408		453,714
Altisource Residential Corp.		16,799		467,852
American Assets Trust, Inc.		22,521		702,430
American Capital Mortgage Investment Corp.		39,530		746,722
American Realty Capital Properties, Inc.#		103,248		1,353,581
American Residential Properties, Inc.†#		9,184		161,271
AmREIT, Inc., Class B		10,839		188,707
Anworth Mtg. Asset Corp.		97,105		432,117
Apollo Commercial Real Estate Finance, Inc.		24,721		411,110
Apollo Residential Mortgage, Inc.		21,474		324,687
Ares Commercial Real Estate Corp.		4,769		62,569
Armada Hoffler Properties, Inc.#		12,739		130,447
ARMOUR Residential REIT, Inc.		250,779		980,546
Ashford Hospitality Prime, Inc.†		6,983		142,872
Ashford Hospitality Trust, Inc.		34,919		286,685
Associated Estates Realty Corp.		33,763		537,169
Aviv REIT, Inc.		7,709		198,121
Campus Crest Communities, Inc.#		43,271		430,546
Capstead Mortgage Corp.#		64,056		770,594
Cedar Realty Trust, Inc.		48,467		281,109
Chambers Street Properties#		166,875		1,380,056
Chatham Lodging Trust		11,786		242,674
Chesapeake Lodging Trust		32,557		777,136
Colony Financial, Inc.		43,301		875,546
CoreSite Realty Corp.		13,906		449,998
Cousins Properties, Inc.		71,669		767,575
CubeSmart		89,297		1,448,397
CyrusOne, Inc.		12,855		262,628
CYS Investments, Inc.#		117,044		936,352
DCT Industrial Trust, Inc.		194,869		1,453,723
DiamondRock Hospitality Co.		131,014		1,497,490
DuPont Fabros Technology, Inc.		41,837		981,914

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Dynex Capital, Inc.		36,827	$	308,979
EastGroup Properties, Inc.		20,281		1,228,826
Education Realty Trust, Inc.		76,430		664,941
Ellington Residential Mortgage REIT		4,324		70,179
EPR Properties		31,532		1,585,744
Equity One, Inc.		40,358		904,019
Excel Trust, Inc.		32,064		375,790
FelCor Lodging Trust, Inc.†		83,201		609,031
First Industrial Realty Trust, Inc.		72,050		1,257,993
First Potomac Realty Trust		39,376		472,512
Franklin Street Properties Corp.		60,338		775,947
Geo Group, Inc.		47,992		1,574,138
Getty Realty Corp.		17,166		316,369
Gladstone Commercial Corp.#		8,401		151,134
Glimcher Realty Trust		96,860		940,511
Government Properties Income Trust#		36,642		909,088
Gramercy Property Trust, Inc.†		39,801		214,129
Healthcare Realty Trust, Inc.		60,598		1,341,034
Hersha Hospitality Trust		135,776		777,997
Highwoods Properties, Inc.		55,061		1,977,791
Hudson Pacific Properties, Inc.		29,048		602,456
Inland Real Estate Corp.		57,183		619,864
Invesco Mortgage Capital, Inc.		90,634		1,368,573
Investors Real Estate Trust		67,615		595,688
iStar Financial, Inc.†#		57,013		734,327
JAVELIN Mortgage Investment Corp.#		9,049		111,665
Kite Realty Group Trust		61,315		401,613
LaSalle Hotel Properties		64,040		2,005,733
Lexington Realty Trust		113,123		1,161,773
LTC Properties, Inc.		23,286		896,744
Medical Properties Trust, Inc.		100,592		1,328,820
Monmouth Real Estate Investment Corp., Class A		28,449		273,679
National Health Investors, Inc.		16,491		970,825
New Residential Investment Corp.		169,608		1,024,432
New York Mortgage Trust, Inc.#		42,720		299,467
NorthStar Realty Finance Corp.#		132,899		1,313,042
One Liberty Properties, Inc.		7,874		162,283
Parkway Properties, Inc.		29,199		534,050
Pebblebrook Hotel Trust		41,166		1,248,565
Pennsylvania Real Estate Investment Trust		45,586		820,092
PennyMac Mortgage Investment Trust		39,543		892,881
Potlatch Corp.		27,141		1,081,569
PS Business Parks, Inc.		12,235		958,245
RAIT Financial Trust#		46,895		385,008
Ramco-Gershenson Properties Trust		40,007		640,112
Redwood Trust, Inc.#		55,050		1,022,829
Resource Capital Corp.		85,114		512,386
Retail Opportunity Investments Corp.		44,529		648,788
RLJ Lodging Trust		82,902		2,001,254
Rouse Properties, Inc.#		15,032		366,631
Ryman Hospitality Properties, Inc.#		29,570		1,238,096
Sabra Health Care REIT, Inc.		25,026		667,694
Saul Centers, Inc.		5,263		255,940
Select Income REIT		11,574		317,591
Silver Bay Realty Trust Corp.		10,212		163,494
Sovran Self Storage, Inc.		21,052		1,405,011
STAG Industrial, Inc.		28,041		607,929
Strategic Hotels & Resorts, Inc.†		121,527		1,085,236
Summit Hotel Properties, Inc.		44,195		401,291
Sun Communities, Inc.		24,035		980,628
Sunstone Hotel Investors, Inc.		109,143		1,426,499
Terreno Realty Corp.		12,888		228,246
UMH Properties, Inc.		10,135		97,499
Universal Health Realty Income Trust		7,978		338,108
Urstadt Biddle Properties, Inc., Class A		16,708		318,454

212

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Washington Real Estate Investment Trust#		44,576	$	1,058,234
Western Asset Mortgage Capital Corp.#		16,292		264,419
Whitestone REIT, Class B		11,427		153,008
Winthrop Realty Trust		19,511		225,547
ZAIS Financial Corp.#		3,787		64,720
				74,388,959
Real Estate Management/Services — 0.1%
HFF, Inc., Class A†		22,182		568,303
Kennedy-Wilson Holdings, Inc.		35,126		723,244
				1,291,547
Real Estate Operations & Development — 0.2%
Alexander & Baldwin, Inc.		28,857		1,090,506
AV Homes, Inc.†		6,328		127,636
Consolidated-Tomoka Land Co.		3,921		144,410
Forestar Group, Inc.†		23,227		449,675
Thomas Properties Group, Inc.		20,269		140,059
				1,952,286
Recreational Centers — 0.1%
Life Time Fitness, Inc.†#		28,856		1,399,805
Town Sports International Holdings, Inc.		16,100		221,375
				1,621,180
Recreational Vehicles — 0.0%
Arctic Cat, Inc.		8,835		497,145
Rental Auto/Equipment — 0.3%
Electro Rent Corp.		12,585		268,312
H&E Equipment Services, Inc.†		19,910		568,032
McGrath RentCorp		16,886		656,697
Rent-A-Center, Inc.		38,765		1,320,336
				2,813,377
Research & Development — 0.2%
Albany Molecular Research, Inc.†		15,594		188,375
AVEO Pharmaceuticals, Inc.†		34,780		73,734
PAREXEL International Corp.†		38,107		1,570,771
				1,832,880
Resorts/Theme Parks — 0.3%
Marriott Vacations Worldwide Corp.†		19,540		1,020,770
Vail Resorts, Inc.		24,070		1,824,265
				2,845,035
Retail - Apparel/Shoe — 1.5%
Aeropostale, Inc.†#		52,599		542,822
ANN, Inc.†		31,624		1,128,028
bebe stores, Inc.		23,322		137,366
Body Central Corp.†#		11,079		43,430
Brown Shoe Co., Inc.		28,989		745,887
Buckle, Inc.#		18,727		993,655
Cato Corp., Class A		18,463		628,480
Children's Place Retail Stores, Inc.†		15,490		851,950
Christopher & Banks Corp.†		24,345		152,643
Destination Maternity Corp.		9,073		277,089
Destination XL Group, Inc.†		28,222		198,401
Express, Inc.†		57,216		1,408,086
Fifth & Pacific Cos., Inc.†		80,407		2,626,093
Finish Line, Inc., Class A		33,008		871,741
Francesca's Holdings Corp.†#		29,509		578,966
Genesco, Inc.†		16,098		1,205,901
Jos. A. Bank Clothiers, Inc.†		18,743		1,064,977
Men's Wearhouse, Inc.		33,699		1,722,693
New York & Co., Inc.†		19,292		98,968

Security Description	Shares		Value (Note 2)
Retail - Apparel/Shoe (continued)
Pacific Sunwear of California, Inc.†		30,947	$	90,056
Shoe Carnival, Inc.		10,058		290,978
Stein Mart, Inc.		18,550		273,427
Tilly's, Inc.†		6,633		79,861
Vera Bradley, Inc.†#		14,506		364,391
Wet Seal, Inc., Class A†		59,642		198,608
Winmark Corp.		1,504		128,818
				16,703,315
Retail - Appliances — 0.1%
Conn's, Inc.†		15,045		907,665
hhgregg, Inc.†#		8,605		128,214
				1,035,879
Retail - Auto Parts — 0.0%
Pep Boys-Manny Moe & Jack†		35,645		488,337
Retail - Automobile — 0.5%
America's Car-Mart, Inc.†		5,396		226,794
Asbury Automotive Group, Inc.†		20,892		1,084,713
Group 1 Automotive, Inc.		14,581		998,069
Lithia Motors, Inc., Class A		14,881		983,336
Penske Automotive Group, Inc.		28,316		1,257,797
Rush Enterprises, Inc., Class A†		23,254		679,714
Sonic Automotive, Inc., Class A		26,104		619,187
				5,849,610
Retail - Bedding — 0.0%
Mattress Firm Holding Corp.†#		9,005		334,356
Retail - Bookstores — 0.0%
Barnes & Noble, Inc.†#		27,083		454,453
Retail - Building Products — 0.2%
Lumber Liquidators Holdings, Inc.†#		18,413		1,854,005
Tile Shop Holdings, Inc.†#		12,372		207,231
				2,061,236
Retail - Computer Equipment — 0.0%
PC Connection, Inc.		6,255		135,921
Systemax, Inc.†		7,304		83,777
				219,698
Retail - Consumer Electronics — 0.0%
RadioShack Corp.†#		66,820		194,446
Retail - Convenience Store — 0.3%
Casey's General Stores, Inc.		25,693		1,912,073
Pantry, Inc.†		15,784		227,132
Susser Holdings Corp.†#		12,095		774,322
				2,913,527
Retail - Discount — 0.2%
Citi Trends, Inc.†		10,360		171,044
Fred's, Inc., Class A		24,616		427,334
Gordmans Stores, Inc.		5,949		62,167
HSN, Inc.		22,671		1,301,315
Tuesday Morning Corp.†		28,711		397,647
				2,359,507
Retail - Drug Store — 0.3%
Rite Aid Corp.†		489,453		2,897,562
Retail - Hair Salons — 0.0%
Regis Corp.#		31,851		509,297
Retail - Home Furnishings — 0.3%
Haverty Furniture Cos., Inc.		13,238		377,283
Kirkland's, Inc.†		9,344		239,393

213

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Home Furnishings (continued)
Pier 1 Imports, Inc.		63,536	$	1,416,218
Restoration Hardware Holdings, Inc.†		11,854		894,977
				2,927,871
Retail - Hypermarkets — 0.0%
Roundy's, Inc.		16,881		147,034
Retail - Jewelry — 0.0%
Zale Corp.†		21,768		321,078
Retail - Leisure Products — 0.0%
MarineMax, Inc.†		15,651		246,034
West Marine, Inc.†		11,382		154,112
				400,146
Retail - Major Department Stores — 0.0%
Sears Hometown and Outlet Stores, Inc.†		5,801		185,516
Retail - Misc./Diversified — 0.2%
Five Below, Inc.†		21,981		1,168,510
PriceSmart, Inc.		12,650		1,578,593
				2,747,103
Retail - Music Store — 0.0%
Trans World Entertainment Corp.†		7,097		30,872
Retail - Office Supplies — 0.2%
Office Depot, Inc.†		321,826		1,750,733
Retail - Pawn Shops — 0.2%
Cash America International, Inc.#		19,126		719,329
Ezcorp, Inc., Class A†		34,216		399,643
First Cash Financial Services, Inc.†		19,562		1,243,752
				2,362,724
Retail - Pet Food & Supplies — 0.0%
PetMed Express, Inc.#		13,479		212,699
Retail - Regional Department Stores — 0.1%
Bon - Ton Stores, Inc.#		9,057		161,034
Stage Stores, Inc.#		21,928		460,707
				621,741
Retail - Restaurants — 1.7%
AFC Enterprises, Inc.†		16,006		697,702
Biglari Holdings, Inc.†		973		471,963
BJ's Restaurants, Inc.†#		16,533		490,038
Bloomin' Brands, Inc.†#		37,075		971,365
Bob Evans Farms, Inc.		18,688		1,038,866
Bravo Brio Restaurant Group, Inc.†		13,125		209,606
Buffalo Wild Wings, Inc.†		12,573		1,888,968
Carrols Restaurant Group, Inc.†		15,866		106,302
CEC Entertainment, Inc.		11,918		571,468
Cheesecake Factory, Inc.		35,744		1,742,520
Chuy's Holdings, Inc.†		10,879		379,024
Cracker Barrel Old Country Store, Inc.		13,169		1,428,705
Del Frisco's Restaurant Group, Inc.†		7,168		151,747
Denny's Corp.†		61,518		442,930
DineEquity, Inc.		11,084		932,497
Diversified Restaurant Holdings, Inc.†		7,187		40,678
Einstein Noah Restaurant Group, Inc.		4,334		69,301
Fiesta Restaurant Group, Inc.†		13,288		650,713
Ignite Restaurant Group, Inc.†#		4,830		59,650
Jack in the Box, Inc.†		29,816		1,411,788
Jamba, Inc.†#		11,195		132,101
Krispy Kreme Doughnuts, Inc.†		43,892		1,113,979
Luby's, Inc.†		13,372		120,081
Nathan's Famous, Inc.†		1,824		96,198
Papa John's International, Inc.		10,738		911,388

Security Description	Shares		Value (Note 2)
Retail - Restaurants (continued)
Red Robin Gourmet Burgers, Inc.†		9,490	$	756,448
Ruby Tuesday, Inc.†		40,849		287,985
Ruth's Hospitality Group, Inc.		24,016		345,350
Sonic Corp.†		37,642		744,935
Texas Roadhouse, Inc.		41,843		1,170,767
				19,435,063
Retail - Sporting Goods — 0.2%
Big 5 Sporting Goods Corp.		11,267		209,792
Hibbett Sports, Inc.†#		17,422		1,124,939
Zumiez, Inc.†		14,150		392,945
				1,727,676
Retail - Vitamins & Nutrition Supplements — 0.1%
Vitamin Shoppe, Inc.†		20,343		1,104,015
Retirement/Aged Care — 0.1%
Capital Senior Living Corp.†		19,203		428,803
Emeritus Corp.†		27,016		608,130
Five Star Quality Care, Inc.†		28,724		141,609
				1,178,542
Rubber - Tires — 0.1%
Cooper Tire & Rubber Co.#		42,459		1,044,491
Rubber/Plastic Products — 0.1%
Myers Industries, Inc.		18,900		382,536
Proto Labs, Inc.†#		11,440		849,992
				1,232,528
Satellite Telecom — 0.3%
DigitalGlobe, Inc.†		49,929		1,977,188
Iridium Communications, Inc.†#		43,030		264,635
Loral Space & Communications, Inc.†		8,730		689,059
				2,930,882
Savings & Loans/Thrifts — 1.3%
Astoria Financial Corp.		59,196		827,560
Banc of California, Inc.		7,295		93,522
Bank Mutual Corp.		31,116		215,634
BankFinancial Corp.		14,126		137,587
BBX Capital Corp.†		4,836		65,625
Beneficial Mutual Bancorp, Inc.†		21,431		225,026
Berkshire Hills Bancorp, Inc.		16,810		459,585
BofI Holding, Inc.†		8,108		664,532
Brookline Bancorp, Inc.		46,986		429,452
Capitol Federal Financial, Inc.		99,849		1,204,179
Charter Financial Corp.		15,251		162,881
Clifton Savings Bancorp, Inc.		5,757		73,056
Dime Community Bancshares, Inc.		21,346		359,040
ESB Financial Corp.		8,603		123,453
ESSA Bancorp, Inc.		6,022		69,735
EverBank Financial Corp.#		53,953		920,978
First Defiance Financial Corp.		6,551		176,877
First Federal Bancshares of Arkansas, Inc.†		1,947		17,990
First Financial Northwest, Inc.		11,099		118,981
Flagstar Bancorp, Inc.†		13,305		244,147
Flushing Financial Corp.		20,669		446,657
Fox Chase Bancorp, Inc.		8,165		144,276
Hingham Institution for Savings		859		67,938
Home Bancorp, Inc.†		4,343		82,430
Home Federal Bancorp, Inc.		9,714		148,430
HomeStreet, Inc.#		8,686		183,796
HomeTrust Bancshares, Inc.†		13,959		230,603
Investors Bancorp, Inc.		31,221		751,490
Kearny Financial Corp.†		9,612		100,349
Meridian Interstate Bancorp, Inc.†		5,586		123,562

214

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Savings & Loans/Thrifts (continued)
Meta Financial Group, Inc.		3,685	$	142,978
NASB Financial, Inc.†		2,811		84,330
Northfield Bancorp, Inc.		39,016		507,208
Northwest Bancshares, Inc.		62,832		938,710
OceanFirst Financial Corp.		9,229		171,659
Oritani Financial Corp.		30,413		495,428
Pacific Premier Bancorp, Inc.†		10,348		150,460
Provident Financial Holdings, Inc.		6,149		90,513
Provident Financial Services, Inc.		40,004		782,078
Rockville Financial, Inc.		18,383		274,274
Roma Financial Corp.†#		4,895		97,166
Sterling Bancorp		55,927		734,881
Territorial Bancorp, Inc.		7,121		170,121
United Community Financial Corp.†		26,553		99,839
United Financial Bancorp, Inc.		13,189		260,219
Waterstone Financial, Inc.†		4,932		55,830
Westfield Financial, Inc.		12,814		94,695
WSFS Financial Corp.		5,261		399,520
				14,419,280
Schools — 0.4%
American Public Education, Inc.†#		11,801		533,287
Bridgepoint Education, Inc.†#		12,285		227,273
Bright Horizons Family Solutions, Inc.†		7,945		276,883
Capella Education Co.†		7,408		486,854
Career Education Corp.†		36,987		186,784
Corinthian Colleges, Inc.†#		53,131		89,260
Education Management Corp.†#		16,189		186,983
Grand Canyon Education, Inc.†		30,435		1,386,010
ITT Educational Services, Inc.†#		15,660		610,583
K12, Inc.†		18,208		383,096
Lincoln Educational Services Corp.		16,089		86,076
Strayer Education, Inc.		7,247		269,226
Universal Technical Institute, Inc.		14,221		206,916
				4,929,231
Security Services — 0.2%
Ascent Capital Group, Inc., Class A†		9,474		814,575
Brink's Co.		32,146		1,077,855
LifeLock, Inc.†#		40,675		700,423
				2,592,853
Seismic Data Collection — 0.1%
Dawson Geophysical Co.†		5,398		174,463
Geospace Technologies Corp.†#		8,654		755,234
Global Geophysical Services, Inc.†#		15,302		23,259
ION Geophysical Corp.†#		89,260		344,544
TGC Industries, Inc.		10,124		72,893
				1,370,393
Semiconductor Components - Integrated Circuits — 0.7%
Aeroflex Holding Corp.†		13,138		88,682
ANADIGICS, Inc.†		55,160		105,907
Cirrus Logic, Inc.†#		42,483		857,307
Cypress Semiconductor Corp.#		98,563		955,075
Emulex Corp.†		60,904		454,344
Exar Corp.†		25,650		314,212
Hittite Microwave Corp.†		21,132		1,336,176
Integrated Device Technology, Inc.†		88,353		876,462
MaxLinear, Inc., Class A†		15,501		131,759
Micrel, Inc.		31,211		303,059
Pericom Semiconductor Corp.†		15,378		146,706
Power Integrations, Inc.		19,427		1,038,567
Sigma Designs, Inc.†		20,531		115,179
TriQuint Semiconductor, Inc.†		109,441		862,395
				7,585,830

Security Description	Shares		Value (Note 2)
Semiconductor Equipment — 0.7%
ATMI, Inc.†		21,403	$	654,932
Axcelis Technologies, Inc.†		72,603		161,905
Brooks Automation, Inc.		44,570		471,105
Cabot Microelectronics Corp.†		15,600		703,092
Cohu, Inc.		16,566		164,169
Entegris, Inc.†		93,390		1,025,422
FormFactor, Inc.†		36,158		195,976
Intermolecular, Inc.†		11,560		65,892
LTX-Credence Corp.†		31,874		230,130
MKS Instruments, Inc.		35,532		1,057,788
Nanometrics, Inc.†		15,492		292,489
Photronics, Inc.†		40,740		351,994
Rudolph Technologies, Inc.†		21,892		246,285
Tessera Technologies, Inc.		35,367		707,340
Ultra Clean Holdings, Inc.†		16,008		159,440
Ultratech, Inc.†		18,587		491,812
Veeco Instruments, Inc.†		26,248		845,710
				7,825,481
Silver Mining — 0.1%
Hecla Mining Co.#		223,099		658,142
Software Tools — 0.0%
EPAM Systems, Inc.†		14,652		519,706
Specified Purpose Acquisitions — 0.1%
National Bank Holdings Corp., Class A		35,035		742,041
Steel Pipe & Tube — 0.1%
Furmanite Corp.†		25,064		283,223
Mueller Water Products, Inc., Class A		105,826		911,162
Northwest Pipe Co.†		6,326		246,588
Omega Flex, Inc.		1,846		38,009
				1,478,982
Steel - Producers — 0.2%
AK Steel Holding Corp.†#		91,371		517,160
Commercial Metals Co.		78,345		1,521,460
Schnitzer Steel Industries, Inc., Class A#		17,253		528,546
Shiloh Industries, Inc.		4,086		94,713
				2,661,879
Steel - Specialty — 0.0%
Universal Stainless & Alloy Products, Inc.†		4,642		168,737
Storage/Warehousing — 0.1%
Mobile Mini, Inc.†#		25,707		1,038,563
Wesco Aircraft Holdings, Inc.†		27,601		576,309
				1,614,872
Superconductor Product & Systems — 0.0%
American Superconductor Corp.†#		29,864		48,678
Telecom Equipment - Fiber Optics — 0.3%
Alliance Fiber Optic Products, Inc.#		7,714		113,781
Ciena Corp.†		68,055		1,511,502
Finisar Corp.†		62,628		1,295,773
Harmonic, Inc.†		75,922		584,599
KVH Industries, Inc.†		10,397		147,014
Oplink Communications, Inc.†		12,763		207,016
				3,859,685
Telecom Services — 0.3%
Aviat Networks, Inc.†		41,052		103,862
Cbeyond, Inc.†		17,977		99,772
Consolidated Communications Holdings, Inc.		26,888		519,611
EarthLink, Inc.		69,084		376,508
Fairpoint Communications, Inc.†#		13,908		129,344

215

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Telecom Services (continued)
Hawaiian Telcom Holdco, Inc.†#		6,928	$	210,126
Inteliquent, Inc.		21,807		252,743
Lumos Networks Corp.		10,352		238,717
ORBCOMM, Inc.†		24,288		151,071
Premiere Global Services, Inc.†		32,249		300,883
PTGi Holding, Inc.		8,229		22,301
RigNet, Inc.†		7,937		337,164
Straight Path Communications, Inc., Class B†		5,154		40,717
USA Mobility, Inc.		14,509		213,137
Vonage Holdings Corp.†		104,128		344,664
West Corp.		14,280		328,868
				3,669,488
Telecommunication Equipment — 0.6%
8x8, Inc.†		48,356		503,870
ADTRAN, Inc.		39,732		1,020,318
Anaren, Inc.†		7,779		216,956
ARRIS Group, Inc.†		78,096		1,602,530
Comtech Telecommunications Corp.		11,275		362,379
Neonode, Inc.†#		16,842		106,610
Numerex Corp., Class A†#		9,374		126,455
Plantronics, Inc.		29,015		1,297,841
Preformed Line Products Co.		1,729		121,808
ShoreTel, Inc.†		39,454		318,788
Sonus Networks, Inc.†		144,629		420,870
Tellabs, Inc.		238,352		583,963
Westell Technologies, Inc.† Class A		29,802		124,274
				6,806,662
Telephone - Integrated — 0.2%
Atlantic Tele-Network, Inc.		6,154		345,055
Cincinnati Bell, Inc.†		139,379		446,013
General Communication, Inc., Class A†		21,090		209,846
HickoryTech Corp.		9,112		124,743
IDT Corp., Class B		10,309		228,963
Shenandoah Telecommunications Co.		16,080		401,678
				1,756,298
Television — 0.3%
Belo Corp., Class A		69,560		955,059
Central European Media Enterprises, Ltd., Class A†#		51,324		128,310
Gray Television, Inc.†		33,711		412,959
Sinclair Broadcast Group, Inc., Class A#		45,862		1,505,191
				3,001,519
Textile - Apparel — 0.0%
Perry Ellis International, Inc.		8,263		128,325
Unifi, Inc.†		10,007		277,594
				405,919
Textile - Products — 0.0%
Culp, Inc.		5,468		110,618
Theaters — 0.1%
Carmike Cinemas, Inc.†		11,960		286,322
National CineMedia, Inc.		38,132		711,162
Reading International, Inc.†		11,687		85,198
				1,082,682
Therapeutics — 0.8%
Anika Therapeutics, Inc.†		8,053		276,621
AVANIR Pharmaceuticals, Inc., Class A†#		97,269		431,874
Cornerstone Therapeutics, Inc.†		5,944		56,409
Dyax Corp.†		73,185		622,072
Hyperion Therapeutics, Inc.†		5,629		143,765
Isis Pharmaceuticals, Inc.†#		75,285		2,918,047

Security Description	Shares		Value (Note 2)
Therapeutics (continued)
MannKind Corp.†#		99,706	$	497,533
Neurocrine Biosciences, Inc.†		44,732		439,268
Osiris Therapeutics, Inc.†		11,113		195,422
Portola Pharmaceuticals, Inc.†#		6,493		162,325
Questcor Pharmaceuticals, Inc.#		34,779		2,017,530
Sarepta Therapeutics, Inc.†#		21,390		398,710
Synageva BioPharma Corp.†#		11,452		691,815
Threshold Pharmaceuticals, Inc.†		31,565		155,615
				9,007,006
Tobacco — 0.2%
Alliance One International, Inc.†		58,747		181,528
Universal Corp.#		15,645		816,043
Vector Group, Ltd.#		42,367		693,972
				1,691,543
Toys — 0.0%
JAKKS Pacific, Inc.#		12,879		83,198
LeapFrog Enterprises, Inc.†#		42,717		367,794
				450,992
Transactional Software — 0.3%
ACI Worldwide, Inc.†		26,712		1,723,726
Bottomline Technologies de, Inc.†		25,355		876,522
InnerWorkings, Inc.†#		29,717		204,453
Synchronoss Technologies, Inc.†		19,525		619,528
				3,424,229
Transport - Air Freight — 0.1%
Air Transport Services Group, Inc.†		34,760		270,433
Atlas Air Worldwide Holdings, Inc.†		17,314		664,857
				935,290
Transport - Equipment & Leasing — 0.2%
Greenbrier Cos., Inc.†		16,382		511,937
TAL International Group, Inc.#		22,686		1,239,563
Textainer Group Holdings, Ltd.#		14,278		554,415
				2,305,915
Transport - Marine — 0.4%
CAI International, Inc.†		11,510		264,730
Frontline, Ltd.†#		34,536		103,608
GasLog, Ltd.		17,103		272,451
Gulfmark Offshore, Inc., Class A		17,897		883,396
International Shipholding Corp.		3,745		106,021
Knightsbridge Tankers, Ltd.		16,404		128,115
Nordic American Tankers, Ltd.#		44,266		358,555
Scorpio Tankers, Inc.		108,878		1,249,919
Ship Finance International, Ltd.#		34,283		579,383
Teekay Tankers, Ltd., Class A#		41,711		123,464
Ultrapetrol Bahamas, Ltd.†		14,323		48,555
				4,118,197
Transport - Services — 0.6%
Bristow Group, Inc.		24,233		1,943,486
Echo Global Logistics, Inc.†#		11,938		245,684
Era Group, Inc.†		13,490		440,179
Hub Group, Inc., Class A†		24,792		932,923
Matson, Inc.		28,609		716,083
Pacer International, Inc.†		23,673		214,951
PHI, Inc.†		8,432		358,107
Universal Truckload Services, Inc.		3,616		104,105
UTi Worldwide, Inc.		60,823		961,612
XPO Logistics, Inc.†#		12,197		280,043
				6,197,173

216

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Transport - Truck — 0.6%
Arkansas Best Corp.		17,234	$	560,794
Celadon Group, Inc.		13,468		280,539
Forward Air Corp.		20,231		873,979
Heartland Express, Inc.#		30,812		564,784
Knight Transportation, Inc.		39,366		703,470
Marten Transport, Ltd.		15,694		304,934
Patriot Transportation Holding, Inc.†#		4,391		187,759
Quality Distribution, Inc.†		14,106		172,516
Roadrunner Transportation Systems, Inc.†		11,825		323,769
Saia, Inc.†		16,275		565,231
Swift Transportation Co.†#		56,197		1,300,961
Werner Enterprises, Inc.#		30,653		737,818
YRC Worldwide, Inc.†#		6,299		56,691
				6,633,245
Travel Services — 0.1%
Interval Leisure Group, Inc.		26,392		706,778
Venture Capital — 0.1%
GSV Capital Corp.†#		12,951		137,799
Hercules Technology Growth Capital, Inc.#		41,261		704,325
				842,124
Veterinary Diagnostics — 0.1%
Neogen Corp.†		24,052		1,223,525
Virtual Reality Products — 0.0%
RealD, Inc.†#		27,124		243,031
Vitamins & Nutrition Products — 0.1%
Lifevantage Corp.†#		76,097		146,106
Natural Grocers by Vitamin Cottage, Inc.†#		5,940		218,473
Nature's Sunshine Products, Inc.		7,310		140,279
Nutraceutical International Corp.		5,737		146,867
Omega Protein Corp.†		13,350		180,893
Star Scientific, Inc.†#		111,603		145,084
Synutra International, Inc.†		11,594		103,882
USANA Health Sciences, Inc.†		4,023		294,122
				1,375,706
Water — 0.3%
American States Water Co.		25,854		754,420
Artesian Resources Corp., Class A		5,082		120,443
California Water Service Group		31,994		731,383
Connecticut Water Service, Inc.#		7,248		251,868
Consolidated Water Co., Ltd.		9,809		123,299
Middlesex Water Co.#		10,604		233,076
PICO Holdings, Inc.†		15,239		369,241
SJW Corp.#		10,372		284,815
York Water Co.		8,669		189,765
				3,058,310
Water Treatment Systems — 0.0%
Energy Recovery, Inc.†		29,615		146,594
Nuverra Environmental Solutions, Inc.#		95,613		164,454
Pure Cycle Corp.†#		11,542		81,487
				392,535
Web Hosting/Design — 0.2%
NIC, Inc.		43,475		1,059,920
Web.com Group, Inc.†		28,100		802,255
				1,862,175
Web Portals/ISP — 0.1%
Blucora, Inc.†		27,476		799,002
Towerstream Corp.†#		44,504		104,139
Trulia, Inc.†#		18,559		637,316
				1,540,457

Security Description	Shares/ Principal Amount		Value (Note 2)
Wire & Cable Products — 0.4%
Belden, Inc.		29,514	$	2,066,570
Coleman Cable, Inc.		5,753		141,236
Encore Wire Corp.		13,853		695,698
General Cable Corp.		33,354		971,935
Insteel Industries, Inc.		12,079		240,010
				4,115,449
Wireless Equipment — 0.6%
Aruba Networks, Inc.†		76,380		1,362,619
CalAmp Corp.†		23,496		585,990
Globecomm Systems, Inc.†		15,856		223,728
InterDigital, Inc.		27,584		934,822
RF Micro Devices, Inc.†		188,530		995,438
Ruckus Wireless, Inc.†		29,182		380,533
Telenav, Inc.†		11,891		83,713
Tessco Technologies, Inc.		3,669		144,595
Ubiquiti Networks, Inc.#		8,442		332,615
ViaSat, Inc.†#		26,520		1,595,709
				6,639,762
Wound, Burn & Skin Care — 0.0%
Derma Sciences, Inc.†#		9,188		106,581
Total Common Stocks
(cost $772,976,031)				1,082,396,978
REGISTERED INVESTMENT COMPANIES — 0.0%
Firsthand Technology Value Fund, Inc. (cost $109,205)		5,735		121,295
RIGHTS† — 0.0%
Banks - Commercial — 0.0%
Peapack Gladstone Financial Corp. Expires 12/09/2013 (subscription price $17.00)		6,029		2,182
Oil Companies - Exploration & Production — 0.0%
Magnum Hunter Resources Corp. Expires 04/15/2016#		11,522		0
Total Rights
(cost $0)				2,182
WARRANTS† — 0.0%
Real Estate Management/Services — 0.0%
Tejon Ranch Co. Expires 08/31/2016 (strike price $40.00) (cost $9,886)		1,364		7,775
Total Long-Term Investment Securities
(cost $773,095,122)				1,082,528,230
SHORT-TERM INVESTMENT SECURITIES — 13.1%
Registered Investment Companies — 11.2%
State Street Navigator Securities Lending Prime Portfolio(3)		124,974,628		124,974,628
U.S. Government Treasuries — 1.9%
United States Treasury Bills Disc. Notes
0.02% due 12/05/2013	$	12,000,000		11,999,973
0.02% due 12/12/2013(4)		3,500,000		3,499,979
0.03% due 03/20/2014		5,000,000		4,998,840
				20,498,792
Total Short-Term Investment Securities
(cost $145,474,126)				145,473,420

217

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENT — 1.0%
State Street Bank & Trust Co. Joint Repurchase Agreement(5) (cost $11,449,000)	$	11,449,000		$	11,449,000
TOTAL INVESTMENTS
(cost $930,018,248)(6)		111.1	%		1,239,450,650
Liabilities in excess of other assets		(11.1	)		(123,869,592	)
NET ASSETS —		100.0	%	$	1,115,581,058

† Non-income producing security

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

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

(2) Illiquid security. At November 30, 2013, the aggregate value of these securities was $2,370 representing 0.0% of net assets.

(3) At November 30, 2013, the Fund had loaned securities with a total value of $124,777,466. This was secured by collateral of $124,974,628, which was received in cash and subsequently invested in short-term investments currently value at $124,974,628 as

reported in the portfolio of investments. The remaining collateral of $2,925,438 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund's assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Federal National Mtg. Assoc.	1.00% to 4.00%	03/31/2017 to 05/25/2042	$   903,976
United States Treasury Notes/Bonds	zero coupon to 5.38%	01/15/2014 to 02/15/2043	2,021,462

(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.

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

CVR—Contingent Value Rights

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2013		Unrealized Appreciation (Depreciation)
	281	Long	Russell 2000 Mini Index		December 2013	$	30,419,883	$	32,081,770	$	1,661,887

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Banks - Commercial	$	77,575,812	$	—	$	0	$	77,575,812
Coal		4,067,856		33,845		—		4,101,701
Medical - Biomedical/Gene		25,980,270		—		2,370		25,982,640
Oil Companies - Exploration & Production		25,633,959		—		0		25,633,959
Real Estate Investment Trusts		74,388,959		—		—		74,388,959
Other Industries*		874,713,907		—		—		874,713,907
Registered Investment Companies		121,295		—		—		121,295
Rights:
Banks - Commercial		2,182		—		—		2,182
Oil Companies - Exploration & Production		—		0		—		0
Warrants		7,775		—		—		7,775
Short-Term Investment Securities:
Registered Investment Companies		124,974,628		—		—		124,974,628
U.S. Government Treasuries		—		20,498,792		—		20,498,792
Repurchase Agreement		—		11,449,000		—		11,449,000
Other Financial Instruments:†
Open Futures Contracts - Appreciation		1,661,887		—		—		1,661,887
Total	$	1,209,128,530	$	31,981,637	$	2,370	$	1,241,112,537

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.

See Notes to Financial Statements

218

VALIC Company I Small Cap Special Values Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Registered Investment Companies	13.1	%
Banks — Commercial	9.7
Real Estate Investment Trusts	3.9
Electronic Components — Semiconductors	2.7
Oil Companies — Exploration & Production	2.6
Diversified Manufacturing Operations	2.4
Retail — Restaurants	2.3
Machinery — General Industrial	2.3
Exchange — Traded Funds	2.0
Electronic Components — Misc.	1.9
Investment Management/Advisor Services	1.9
Consumer Products — Misc.	1.9
Insurance — Reinsurance	1.9
Time Deposits	1.8
Metal Processors & Fabrication	1.8
Oil — Field Services	1.8
Semiconductor Equipment	1.8
Medical Products	1.8
Machinery — Electrical	1.7
Building & Construction Products — Misc.	1.5
Electric — Integrated	1.5
Medical — Biomedical/Gene	1.4
Telecommunication Equipment	1.3
Aerospace/Defense — Equipment	1.3
Computers — Integrated Systems	1.3
Paper & Related Products	1.3
Transport — Truck	1.2
Food — Canned	1.2
Funeral Services & Related Items	1.2
Computer Services	1.2
Savings & Loans/Thrifts	1.2
Diversified Operations/Commercial Services	1.2
Retail — Apparel/Shoe	1.1
Engineering/R&D Services	1.1
Transactional Software	1.1
Oil & Gas Drilling	1.1
Chemicals — Diversified	1.1
Chemicals — Specialty	1.1
Human Resources	1.1
Computers — Memory Devices	1.0
Insurance Brokers	0.9
Chemicals — Plastics	0.9
Auto/Truck Parts & Equipment — Original	0.8
Electronic Measurement Instruments	0.8
Apparel Manufacturers	0.8
Miscellaneous Manufacturing	0.8
Commercial Services	0.8
Distribution/Wholesale	0.8
Applications Software	0.8
Auto/Truck Parts & Equipment — Replacement	0.7
Insurance — Life/Health	0.7
Enterprise Software/Service	0.7
Publishing — Newspapers	0.7
Medical — Hospitals	0.7
Networking Products	0.7
Hazardous Waste Disposal	0.6
Transport — Services	0.5
Insurance — Property/Casualty	0.5
Medical Sterilization Products	0.5
Finance — Investment Banker/Broker	0.5
Building Products — Cement	0.5
Finance — Leasing Companies	0.5
Publishing — Books	0.5
Disposable Medical Products	0.5
Textile — Products	0.5
Internet Infrastructure Software	0.5
Building — Mobile Home/Manufactured Housing	0.5
Semiconductor Components — Integrated Circuits	0.5
Security Services	0.5

Multimedia	0.4
Aerospace/Defense	0.4
Research & Development	0.4
Batteries/Battery Systems	0.4
Steel — Producers	0.4
Printing — Commercial	0.4
Retail — Discount	0.4
Building — Heavy Construction	0.4
Office Supplies & Forms	0.4
Telecom Services	0.4
Investment Companies	0.3
Electronic Design Automation	0.3
Finance — Consumer Loans	0.3
Wire & Cable Products	0.3
Footwear & Related Apparel	0.3
Commercial Services — Finance	0.3
Rental Auto/Equipment	0.3
Food — Retail	0.3
Dental Supplies & Equipment	0.3
Building — Maintenance & Services	0.2
Medical Instruments	0.2
Rubber — Tires	0.2
Medical — Nursing Homes	0.2
Finance — Other Services	0.2
Electronic Parts Distribution	0.2
Identification Systems	0.2
Silver Mining	0.2
Insurance — Multi-line	0.2
Data Processing/Management	0.2
Precious Metals	0.1
Building & Construction — Misc.	0.1
Finance — Mortgage Loan/Banker	0.1
Diversified Minerals	0.1
Machinery — Construction & Mining	0.1
Medical — HMO	0.1
Consulting Services	0.1
Circuit Boards	0.1
Medical — Outpatient/Home Medical	0.1
	113.1	%

* Calculated as a percentage of net assets.

219

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.2%
Aerospace/Defense — 0.4%
Esterline Technologies Corp.†		11,756	$	1,034,763
Aerospace/Defense - Equipment — 1.3%
AAR Corp.#		17,991		561,679
Alliant Techsystems, Inc.#		11,335		1,374,142
Curtiss-Wright Corp.		24,611		1,298,723
				3,234,544
Apparel Manufacturers — 0.8%
Delta Apparel, Inc.†		64,775		1,081,742
Jones Group, Inc.		63,442		890,726
				1,972,468
Applications Software — 0.8%
Epiq Systems, Inc.		13,487		225,637
Progress Software Corp.†		64,250		1,692,345
				1,917,982
Auto/Truck Parts & Equipment - Original — 0.8%
American Axle & Manufacturing Holdings, Inc.†#		69,153		1,383,060
Modine Manufacturing Co.†#		52,308		694,650
				2,077,710
Auto/Truck Parts & Equipment - Replacement — 0.7%
Commercial Vehicle Group, Inc.†#		42,435		322,931
Douglas Dynamics, Inc.#		96,530		1,538,688
				1,861,619
Banks - Commercial — 9.7%
Associated Banc-Corp.#		72,660		1,252,658
BancorpSouth, Inc.#		45,459		1,086,925
BBCN Bancorp, Inc.		49,496		826,088
Chemical Financial Corp.		6,569		210,339
City National Corp.		7,365		562,391
East West Bancorp, Inc.#		31,310		1,073,307
First Citizens BancShares, Inc., Class A		27,644		6,210,225
First Horizon National Corp.#		82,770		927,852
First Midwest Bancorp, Inc.#		24,460		449,086
FirstMerit Corp.#		43,090		989,346
Fulton Financial Corp.		76,440		999,071
Hancock Holding Co.#		31,435		1,106,512
Independent Bank Corp.#		6,260		238,944
International Bancshares Corp.		11,542		301,131
Lakeland Financial Corp.#		6,830		261,930
NBT Bancorp, Inc.#		10,352		268,427
Prosperity Bancshares, Inc.#		14,227		912,378
TCF Financial Corp.#		118,477		1,856,535
UMB Financial Corp.#		40,447		2,593,462
Umpqua Holdings Corp.#		23,625		434,936
Webster Financial Corp. #		21,050		620,554
WesBanco, Inc.#		10,516		331,254
Wintrust Financial Corp.#		21,879		992,431
				24,505,782
Batteries/Battery Systems — 0.4%
EnerSys, Inc.#		14,335		1,022,802
Building & Construction Products - Misc. — 1.5%
Quanex Building Products Corp.		70,658		1,260,539
Simpson Manufacturing Co., Inc.#		69,592		2,526,189
				3,786,728
Building & Construction - Misc. — 0.1%
Aegion Corp.†#		15,318		333,473
Building Products - Cement — 0.5%
Eagle Materials, Inc.#		16,349		1,275,222

Security Description	Shares		Value (Note 2)
Building - Heavy Construction — 0.4%
Tutor Perini Corp.†		37,893	$	928,000
Building - Maintenance & Services — 0.2%
ABM Industries, Inc.		22,740		632,399
Building - Mobile Home/Manufactured Housing — 0.5%
Cavco Industries, Inc.†#		17,670		1,192,195
Chemicals - Diversified — 1.1%
Huntsman Corp.#		13,193		302,515
Innospec, Inc.		29,776		1,450,389
Olin Corp.#		41,285		1,025,107
				2,778,011
Chemicals - Plastics — 0.9%
A. Schulman, Inc.		67,684		2,314,793
Chemicals - Specialty — 1.1%
American Pacific Corp.†		11,842		489,667
Cabot Corp.#		22,934		1,119,179
Sensient Technologies Corp.		22,362		1,098,869
				2,707,715
Circuit Boards — 0.1%
TTM Technologies, Inc.†#		19,751		191,585
Commercial Services — 0.8%
Macquarie Infrastructure Co. LLC		35,819		1,953,210
Commercial Services - Finance — 0.3%
Global Payments, Inc.#		12,575		792,854
Computer Services — 1.2%
DST Systems, Inc.#		13,485		1,190,725
Sykes Enterprises, Inc.†		86,707		1,919,693
				3,110,418
Computers - Integrated Systems — 1.3%
Brocade Communications Systems, Inc.†		143,648		1,262,666
Netscout Systems, Inc.†		63,890		1,944,173
				3,206,839
Computers - Memory Devices — 1.0%
Imation Corp.†		584,198		2,552,945
Consulting Services — 0.1%
Navigant Consulting, Inc.†		12,876		252,370
Consumer Products - Misc. — 1.9%
Central Garden & Pet Co.†#		43,336		336,721
Central Garden & Pet Co., Class A†		42,427		331,779
Helen of Troy, Ltd.†		17,272		841,319
Spectrum Brands Holdings, Inc.		9,503		670,722
WD-40 Co.#		34,132		2,568,774
				4,749,315
Data Processing/Management — 0.2%
CSG Systems International, Inc.#		14,710		424,678
Dental Supplies & Equipment — 0.3%
Patterson Cos., Inc.		15,710		651,808
Disposable Medical Products — 0.5%
ICU Medical, Inc.†#		18,795		1,234,550
Distribution/Wholesale — 0.8%
Ingram Micro, Inc., Class A†		39,339		922,106
Owens & Minor, Inc.#		26,534		1,012,803
				1,934,909
Diversified Manufacturing Operations — 2.4%
Barnes Group, Inc.#		15,681		572,357
Carlisle Cos., Inc.#		13,392		984,446

220

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Manufacturing Operations (continued)
Crane Co.		15,338	$	955,711
ITT Corp.		25,945		1,059,075
Koppers Holdings, Inc.		5,897		279,400
LSB Industries, Inc.†		5,566		178,557
SPX Corp.		7,569		716,330
Trinity Industries, Inc.		25,230		1,309,689
				6,055,565
Diversified Minerals — 0.1%
AMCOL International Corp.#		10,520		327,803
Diversified Operations/Commercial Services — 1.2%
Viad Corp.#		112,540		3,038,580
Electric - Integrated — 1.5%
ALLETE, Inc.		19,230		947,654
IDACORP, Inc.		20,145		1,041,094
Portland General Electric Co.#		33,195		989,543
TECO Energy, Inc.#		42,220		719,429
				3,697,720
Electronic Components - Misc. — 1.9%
AVX Corp.		72,287		991,778
Celestica, Inc.†		27,430		277,043
GSI Group, Inc.†		46,301		508,385
Sanmina Corp.†#		28,277		437,728
Vishay Intertechnology, Inc.†#		206,527		2,670,394
				4,885,328
Electronic Components - Semiconductors — 2.7%
DSP Group, Inc.†		130,942		1,157,527
Lattice Semiconductor Corp.†#		316,748		1,764,286
Microsemi Corp.†#		41,080		1,003,585
PMC — Sierra, Inc.†#		143,165		858,990
QLogic Corp.†		84,180		1,044,674
SunEdison, Inc.†#		72,280		918,679
				6,747,741
Electronic Design Automation — 0.3%
Mentor Graphics Corp.		37,920		854,148
Electronic Measurement Instruments — 0.8%
Itron, Inc.†#		13,895		588,453
Orbotech, Ltd.†		100,593		1,407,296
				1,995,749
Electronic Parts Distribution — 0.2%
Tech Data Corp.†		9,255		479,779
Engineering/R&D Services — 1.1%
EMCOR Group, Inc.		52,906		2,101,955
URS Corp.		14,710		764,479
				2,866,434
Enterprise Software/Service — 0.7%
ManTech International Corp., Class A#		13,340		383,792
Omnicell, Inc.†		56,354		1,366,584
				1,750,376
Finance - Consumer Loans — 0.3%
Nelnet, Inc., Class A		7,667		345,015
Springleaf Holdings, Inc.†		23,524		495,886
				840,901
Finance - Investment Banker/Broker — 0.5%
Investment Technology Group, Inc.†		67,843		1,329,044
Finance - Leasing Companies — 0.5%
Aircastle, Ltd.		67,578		1,265,060

Security Description	Shares		Value (Note 2)
Finance - Mortgage Loan/Banker — 0.1%
PennyMac Financial Services, Inc., Class A†#		18,604	$	333,012
Finance - Other Services — 0.2%
JGWPT Holdings, Inc., Class A†#		30,126		487,137
Food - Canned — 1.2%
TreeHouse Foods, Inc.†#		44,777		3,141,107
Food - Retail — 0.3%
SUPERVALU, Inc.†#		102,683		662,305
Footwear & Related Apparel — 0.3%
Crocs, Inc.†#		59,082		815,332
Funeral Services & Related Items — 1.2%
Matthews International Corp., Class A#		73,748		3,110,691
Hazardous Waste Disposal — 0.6%
Clean Harbors, Inc.†#		27,306		1,440,938
Human Resources — 1.1%
Insperity, Inc.		31,271		1,102,303
Korn/Ferry International†		67,442		1,561,956
				2,664,259
Identification Systems — 0.2%
Brady Corp., Class A		14,893		466,598
Insurance Brokers — 0.9%
Brown & Brown, Inc.		75,267		2,379,943
Insurance - Life/Health — 0.7%
Protective Life Corp.#		25,135		1,205,977
Symetra Financial Corp.		28,585		547,975
				1,753,952
Insurance - Multi-line — 0.2%
Fortegra Financial Corp.†		59,438		435,086
Insurance - Property/Casualty — 0.5%
Hanover Insurance Group, Inc.#		22,685		1,368,132
Insurance - Reinsurance — 1.9%
Aspen Insurance Holdings, Ltd.		22,205		897,526
Endurance Specialty Holdings, Ltd.#		16,517		939,817
Montpelier Re Holdings, Ltd.#		16,510		479,781
Platinum Underwriters Holdings, Ltd.		10,188		645,919
Validus Holdings, Ltd.		42,997		1,722,030
				4,685,073
Internet Infrastructure Software — 0.5%
TIBCO Software, Inc.†#		49,734		1,202,071
Investment Companies — 0.3%
KKR Financial Holdings LLC		53,517		512,693
Prospect Capital Corp.		32,350		369,113
				881,806
Investment Management/Advisor Services — 1.9%
CIFC Corp.#		49,377		393,535
Federated Investors, Inc., Class B#		15,654		427,198
Janus Capital Group, Inc.#		74,830		814,150
Virtus Investment Partners, Inc.†		4,997		1,038,376
Westwood Holdings Group, Inc.		37,313		2,137,289
				4,810,548
Machinery - Construction & Mining — 0.1%
Hyster-Yale Materials Handling, Inc.		3,639		303,347
Machinery - Electrical — 1.7%
Franklin Electric Co., Inc.		78,327		3,485,551
Regal-Beloit Corp.		10,536		775,239
				4,260,790

221

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery - General Industrial — 2.3%
Kadant, Inc.		137,854	$	5,709,913
Medical Instruments — 0.2%
Integra LifeSciences Holdings Corp.†#		12,630		586,663
Medical Products — 1.8%
Haemonetics Corp.†#		44,555		1,882,894
Hill-Rom Holdings, Inc.#		21,254		880,128
West Pharmaceutical Services, Inc.		33,691		1,681,855
				4,444,877
Medical Sterilization Products — 0.5%
STERIS Corp.		29,499		1,361,084
Medical-Biomedical/Gene — 1.4%
Bio-Rad Laboratories, Inc., Class A†		10,314		1,264,703
Cambrex Corp.†		51,950		1,013,025
Charles River Laboratories International, Inc.†#		23,570		1,229,647
				3,507,375
Medical - HMO — 0.1%
Triple-S Management Corp., Class B†		14,413		292,007
Medical - Hospitals — 0.7%
LifePoint Hospitals, Inc.†		22,205		1,137,562
Select Medical Holdings Corp.		66,100		572,426
				1,709,988
Medical - Nursing Homes — 0.2%
Kindred Healthcare, Inc.#		28,940		487,350
Medical - Outpatient/Home Medical — 0.1%
Gentiva Health Services, Inc.†		14,727		181,878
Metal Processors & Fabrication — 1.8%
LB Foster Co., Class A		3,910		183,262
Mueller Industries, Inc.		58,254		3,558,154
Worthington Industries, Inc.#		20,482		858,810
				4,600,226
Miscellaneous Manufacturing — 0.8%
Hillenbrand, Inc.#		69,588		1,955,423
Multimedia — 0.4%
Meredith Corp.		20,433		1,089,896
Networking Products — 0.7%
Ixia†		59,006		766,488
NETGEAR, Inc.†#		29,240		938,896
				1,705,384
Office Supplies & Forms — 0.4%
ACCO Brands Corp.†#		152,926		920,615
Oil & Gas Drilling — 1.1%
Atwood Oceanics, Inc.†#		37,577		1,975,047
Patterson-UTI Energy, Inc.#		36,615		853,496
				2,828,543
Oil Companies - Exploration & Production — 2.6%
Comstock Resources, Inc.#		71,733		1,214,440
Energy XXI Bermuda, Ltd.#		16,825		456,967
Penn Virginia Corp.†#		141,689		1,520,323
Stone Energy Corp.†#		46,030		1,522,672
Ultra Petroleum Corp.†#		42,940		878,982
Unit Corp.†		22,823		1,099,156
				6,692,540
Oil - Field Services — 1.8%
C&J Energy Services, Inc.†#		22,346		529,600
Cal Dive International, Inc.†#		85,328		157,857

Security Description	Shares		Value (Note 2)
Oil - Field Services (continued)
CARBO Ceramics, Inc.#		7,411	$	911,775
MRC Global, Inc.†		25,069		766,861
Steel Excel, Inc.†		44,075		1,245,119
Superior Energy Services, Inc.†		34,312		874,270
				4,485,482
Paper & Related Products — 1.3%
Neenah Paper, Inc.		75,888		3,186,537
Precious Metals — 0.1%
Coeur Mining, Inc.†		34,703		382,427
Printing - Commercial — 0.4%
Valassis Communications, Inc.#		34,085		1,000,736
Publishing - Books — 0.5%
Courier Corp.#		39,344		736,520
John Wiley & Sons, Inc., Class A		10,292		524,480
				1,261,000
Publishing - Newspapers — 0.7%
AH Belo Corp., Class A#		221,300		1,712,862
Real Estate Investment Trusts — 3.9%
Ashford Hospitality Prime, Inc.†		7,022		143,670
Ashford Hospitality Trust, Inc.		35,110		288,253
Associated Estates Realty Corp.#		28,441		452,496
Brandywine Realty Trust#		80,175		1,064,724
CBL & Associates Properties, Inc.		37,910		684,655
Hatteras Financial Corp.#		89,511		1,495,729
Hospitality Properties Trust		37,349		1,014,772
Mack-Cali Realty Corp.		38,067		775,044
New Residential Investment Corp.		65,300		394,412
Omega Healthcare Investors, Inc.#		32,275		1,055,070
Pennsylvania Real Estate Investment Trust		39,350		707,906
Post Properties, Inc.		39,766		1,704,371
				9,781,102
Rental Auto/Equipment — 0.3%
Aaron’s, Inc.#		25,870		740,917
Research & Development — 0.4%
PAREXEL International Corp.†#		25,091		1,034,251
Retail - Apparel/Shoe — 1.1%
Abercrombie & Fitch Co., Class A#		15,531		532,403
Christopher & Banks Corp.†#		161,054		1,009,808
Guess?, Inc.#		39,773		1,362,623
				2,904,834
Retail - Discount — 0.4%
Big Lots, Inc.†		25,370		972,432
Retail - Restaurants — 2.3%
Brinker International, Inc.#		25,665		1,207,025
CEC Entertainment, Inc.#		7,466		357,995
Denny’s Corp.†#		263,656		1,898,323
DineEquity, Inc.		27,105		2,280,343
				5,743,686
Rubber - Tires — 0.2%
Cooper Tire & Rubber Co.		20,280		498,888
Savings & Loans/Thrifts — 1.2%
First Niagara Financial Group, Inc.#		90,823		1,011,768
Sterling Bancorp		78,497		1,031,451
Washington Federal, Inc.		43,355		1,014,073
				3,057,292
Security Services — 0.5%
Brink’s Co.		34,770		1,165,838

222

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Semiconductor Components - Integrated Circuits — 0.5%
Exar Corp.†#		96,961	$	1,187,772
Semiconductor Equipment — 1.8%
ATMI, Inc.†		121,584		3,720,470
Kulicke & Soffa Industries, Inc.†		58,372		736,655
				4,457,125
Silver Mining — 0.2%
Pan American Silver Corp.		43,204		466,171
Steel - Producers — 0.4%
Steel Dynamics, Inc.		55,797		1,016,621
Telecom Services — 0.4%
Aviat Networks, Inc.†#		232,164		587,375
EarthLink, Inc.#		58,942		321,234
				908,609
Telecommunication Equipment — 1.3%
ARRIS Group, Inc.†#		54,711		1,122,670
CommScope Holding Co., Inc.†		71,384		1,148,568
Plantronics, Inc.#		23,385		1,046,011
				3,317,249
Textile - Products — 0.5%
Dixie Group, Inc.†		94,631		1,228,310
Transactional Software — 1.1%
ACI Worldwide, Inc.†#		44,204		2,852,484
Transport - Services — 0.5%
Ryder System, Inc.		19,895		1,389,467
Transport - Truck — 1.2%
Arkansas Best Corp.#		17,556		571,272
Forward Air Corp.#		59,732		2,580,423
				3,151,695
Wire & Cable Products — 0.3%
General Cable Corp.#		28,857		840,893
Total Common Stocks
(cost $189,751,125)				242,786,484
EXCHANGE-TRADED FUNDS — 2.0%
iShares Russell 2000 ETF#		37,352		4,239,826
iShares Russell 2000 Value ETF#		7,822		767,729
Total Exchange-Traded Funds
(cost $4,392,381)				5,007,555

Security Description	Shares/ Principal Amount			Value (Note 2)
WARRANTS — 0.0%
Rubber/Plastic Products — 0.0%
Plastec Technologies, Ltd.† Expires 11/18/14 (Strike price $11.50)(1) (cost $0)		19,280		$	983
Total Long-Term Investment Securities
(cost $194,143,506)					247,795,022
SHORT-TERM INVESTMENT SECURITIES — 14.9%
Registered Investment Companies — 13.1%
State Street Navigator Securities Lending Prime Portfolio(3)		32,973,687			32,973,687
Time Deposits — 1.8%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013 (cost $4,716,000)	$	4,716,000			4,716,000
Total Short-Term Investment Securities
(cost $37,689,687)					37,689,687
TOTAL INVESTMENTS
(cost $231,833,193)(2)		113.1	%		285,484,709
Liabilities in excess of other assets		(13.1	)		(33,041,814	)
NET ASSETS		100.0	%	$	252,442,895

† Non-income producing security

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

(1) Illiquid security. At November 30, 2013, the aggregate value of these securities was $983 representing 0.0% of net assets.

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

(3) At November 30, 2013, the Fund had loaned securities with a total value of $32,653,677. This was secured by collateral of $32,973,687, which was received in cash and subsequently invested in short-term investments currently valued at $32,973,687 as reported in the portfolio of investments. Additional collateral of $470,811 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Federal National Mtg. Assoc.	3.00% to 4.00%	10/25/2029 to 05/25/2042	$47,036
United States Treasury Notes/Bonds	2.13% to 5.38%	05/31/2015 to 02/15/2031	423,775

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Banks - Commercial	$	24,505,782	$	—	$	—	$	24,505,782
Other Industries*		218,280,702		—		—		218,280,702
Exchange Traded Funds		5,007,555		—		—		5,007,555
Warrants		983		—		—		983
Short-Term Investment Securities:
Registered Investment Companies		32,973,687		—		—		32,973,687
Time Deposits		—		4,716,000		—		4,716,000
Total	$	280,768,709	$	4,716,000	$	—	$	285,484,709

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

223

VALIC Company I Small-Mid Growth Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Registered Investment Companies	14.5	%
Retail — Apparel/Shoe	4.6
Commercial Services	4.0
Retail — Restaurants	3.5
Medical Products	3.2
Applications Software	3.0
Oil Companies — Exploration & Production	2.9
Real Estate Management/Services	2.9
Medical — Drugs	2.8
Decision Support Software	2.4
Commercial Services — Finance	2.4
Instruments — Controls	2.4
Apparel Manufacturers	2.4
Wireless Equipment	2.4
Banks — Commercial	2.3
Oil Field Machinery & Equipment	1.9
Machinery — Pumps	1.9
Therapeutics	1.7
Food — Misc./Diversified	1.7
Footwear & Related Apparel	1.7
Machinery — General Industrial	1.6
Medical — Biomedical/Gene	1.6
Power Converter/Supply Equipment	1.5
Diagnostic Equipment	1.4
Internet Content — Entertainment	1.4
Semiconductor Components — Integrated Circuits	1.4
Retail — Pet Food & Supplies	1.4
Industrial Gases	1.4
Electronic Components — Semiconductors	1.3
Machine Tools & Related Products	1.3
Building — Residential/Commercial	1.3
Web Hosting/Design	1.3
Telecom Services	1.3
Finance — Consumer Loans	1.3
Telecom Equipment — Fiber Optics	1.2
Chemicals — Specialty	1.2
Electronic Connectors	1.2
Food — Canned	1.2
Physicians Practice Management	1.1
Transport — Truck	1.1
Finance — Investment Banker/Broker	1.0
Retail — Home Furnishings	1.0
Health Care Cost Containment	1.0
Instruments — Scientific	1.0
Oil — Field Services	0.9
Soap & Cleaning Preparation	0.9
Enterprise Software/Service	0.9
Retail — Sporting Goods	0.9
Seismic Data Collection	0.8
Medical — Hospitals	0.8
MRI/Medical Diagnostic Imaging	0.8
Auto/Truck Parts & Equipment — Original	0.8
Computers — Integrated Systems	0.8
Banks — Super Regional	0.8
Semiconductor Equipment	0.8
Financial Guarantee Insurance	0.8
Consulting Services	0.7
Athletic Equipment	0.7
Aerospace/Defense	0.7
Networking Products	0.7
Retail — Misc./Diversified	0.6
Medical Instruments	0.6
Cruise Lines	0.5
Office Supplies & Forms	0.5
Data Processing/Management	0.5
Hazardous Waste Disposal	0.4
Communications Software	0.3
Healthcare Safety Devices	0.3

Internet Infrastructure Software	0.3
Medical Imaging Systems	0.2
	112.1%

* Calculated as a percentage of net assets

224

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.6%
Aerospace/Defense — 0.7%
Aerovironment, Inc.†#		27,286	$	823,219
Apparel Manufacturers — 2.4%
Carter’s, Inc.#		21,366		1,509,935
Under Armour, Inc., Class A†#		17,985		1,451,390
				2,961,325
Applications Software — 3.0%
InterXion Holding NV†		59,310		1,335,068
NetSuite, Inc.†#		15,999		1,537,184
ServiceNow, Inc.†#		15,294		812,264
				3,684,516
Athletic Equipment — 0.7%
Black Diamond, Inc.†#		62,612		835,870
Auto/Truck Parts & Equipment - Original — 0.8%
Gentherm, Inc.†		41,078		992,445
Banks - Commercial — 2.3%
Eagle Bancorp, Inc.†		49,836		1,625,152
First Republic Bank		25,580		1,307,138
				2,932,290
Banks - Super Regional — 0.8%
Independent Bank Group, Inc.		20,138		964,207
Building - Residential/Commercial — 1.3%
M/I Homes, Inc.†		74,629		1,639,599
Chemicals - Specialty — 1.2%
International Flavors & Fragrances, Inc.		16,627		1,468,995
Commercial Services — 4.0%
Healthcare Services Group, Inc.#		99,050		2,871,460
HMS Holdings Corp.†		46,259		1,059,794
Quanta Services, Inc.†#		35,468		1,050,207
				4,981,461
Commercial Services - Finance — 2.4%
EVERTEC, Inc.		52,728		1,163,707
FleetCor Technologies, Inc.†		15,232		1,854,953
				3,018,660
Communications Software — 0.3%
SolarWinds, Inc.†#		12,461		416,696
Computers - Integrated Systems — 0.8%
MICROS Systems, Inc.†#		18,245		980,121
Consulting Services — 0.7%
Genpact, Ltd.†		49,314		882,721
Cruise Lines — 0.5%
Norwegian Cruise Line Holdings, Ltd.†#		19,280		657,448
Data Processing/Management — 0.5%
CommVault Systems, Inc.†		8,059		603,216
Decision Support Software — 2.4%
MSCI, Inc.†#		68,116		3,023,669
Diagnostic Equipment — 1.4%
Cepheid, Inc.†#		39,511		1,794,590
Electronic Components - Semiconductors — 1.3%
Xilinx, Inc.#		37,761		1,677,721
Electronic Connectors — 1.2%
Amphenol Corp., Class A#		17,095		1,453,075
Enterprise Software/Service — 0.9%
Guidewire Software, Inc.†		24,164		1,153,348

Security Description	Shares		Value (Note 2)
Finance - Consumer Loans — 1.3%
SLM Corp.		59,941	$	1,597,428
Finance - Investment Banker/Broker — 1.0%
Lazard, Ltd., Class A		30,941		1,291,168
Financial Guarantee Insurance — 0.8%
MGIC Investment Corp.†#		116,019		940,914
Food - Canned — 1.2%
TreeHouse Foods, Inc.†#		20,695		1,451,754
Food-Misc./Diversified — 1.7%
Hain Celestial Group, Inc.†#		25,597		2,116,616
Footwear & Related Apparel — 1.7%
Deckers Outdoor Corp.†#		25,529		2,109,717
Hazardous Waste Disposal — 0.4%
Stericycle, Inc.†#		4,386		515,267
Health Care Cost Containment — 1.0%
ExamWorks Group, Inc.†		41,751		1,232,072
Healthcare Safety Devices — 0.3%
Tandem Diabetes Care, Inc.†		17,740		390,457
Industrial Gases — 1.4%
Airgas, Inc.#		15,872		1,724,175
Instruments - Controls — 2.4%
Mettler-Toledo International, Inc.†#		2,544		627,274
Sensata Technologies Holding NV†		60,349		2,352,404
				2,979,678
Instruments - Scientific — 1.0%
PerkinElmer, Inc.		31,539		1,199,744
Internet Content - Entertainment — 1.4%
Pandora Media, Inc.†#		62,510		1,775,284
Internet Infrastructure Software — 0.3%
Mavenir Systems, Inc.†		30,567		324,010
Machine Tools & Related Products — 1.3%
Kennametal, Inc.#		34,759		1,650,357
Machinery - General Industrial — 1.6%
IDEX Corp.		19,006		1,355,698
Roper Industries, Inc.#		5,120		664,064
				2,019,762
Machinery - Pumps — 1.9%
Graco, Inc.		30,053		2,320,993
Medical Imaging Systems — 0.2%
Given Imaging, Ltd.†#		8,353		195,460
Medical Instruments — 0.6%
DexCom, Inc.†		22,923		758,522
Medical Products — 3.2%
CareFusion Corp.†		30,786		1,226,822
Henry Schein, Inc.†		14,687		1,674,318
Teleflex, Inc.#		4,903		482,014
Tornier NV†		33,529		606,540
				3,989,694
Medical - Biomedical/Gene — 1.6%
Five Prime Therapeutics, Inc.†#		28,121		284,022
Foundation Medicine, Inc.†#		9,694		242,738
Incyte Corp., Ltd.†#		11,605		540,793
Stemline Therapeutics, Inc.†#		11,593		239,511
Vertex Pharmaceuticals, Inc.†		9,702		673,513
				1,980,577

225

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs — 2.8%
Achillion Pharmaceuticals, Inc.†#		100,463	$	347,602
Clovis Oncology, Inc.†		6,770		408,095
Medivation, Inc.†#		17,394		1,095,996
Regulus Therapeutics, Inc.†#		54,921		345,453
Sagent Pharmaceuticals, Inc.†#		32,180		730,808
Swedish Orphan Biovitrum AB ADR†(1)		55,993		578,968
				3,506,922
Medical - Hospitals — 0.8%
Acadia Healthcare Co., Inc.†#		22,064		1,019,357
MRI/Medical Diagnostic Imaging — 0.8%
Surgical Care Affiliates, Inc.†		33,147		1,008,995
Multimedia — 0.0%
RLJ Entertainment, Inc.†#		11,320		48,110
Networking Products — 0.7%
Calix, Inc.†#		80,369		822,979
Office Supplies & Forms — 0.5%
Avery Dennison Corp.		13,263		648,561
Oil Companies - Exploration & Production — 2.9%
Laredo Petroleum Holdings, Inc.†		32,968		889,806
Rex Energy Corp.†		28,380		544,329
Rosetta Resources, Inc.†		10,118		511,667
Whiting Petroleum Corp.†#		28,634		1,729,494
				3,675,296
Oil Field Machinery & Equipment — 1.9%
Dril-Quip, Inc.†		22,249		2,415,351
Oil - Field Services — 0.9%
Core Laboratories NV		6,468		1,178,082
Physicians Practice Management — 1.1%
MEDNAX, Inc.†		12,320		1,365,056
Power Converter/Supply Equipment — 1.5%
Hubbell, Inc., Class B#		17,596		1,898,784
Real Estate Management/Services — 2.9%
CBRE Group, Inc., Class A†		105,727		2,562,822
HFF, Inc., Class A†		39,493		1,011,811
				3,574,633
Retail - Apparel/Shoe — 4.6%
Burlington Stores, Inc.†#		36,851		1,048,043
Fifth & Pacific Cos., Inc.†		72,105		2,354,949
PVH Corp.		17,021		2,279,452
				5,682,444
Retail - Home Furnishings — 1.0%
Restoration Hardware Holdings, Inc.†		16,914		1,277,007
Retail - Misc./Diversified — 0.6%
Five Below, Inc.†		15,062		800,696
Retail - Pet Food & Supplies — 1.4%
PetSmart, Inc.		23,275		1,724,910
Retail - Restaurants — 3.5%
Bloomin’ Brands, Inc.†#		38,990		1,021,538
Chuy’s Holdings, Inc.†#		18,457		643,042
Jack in the Box, Inc.†		16,961		803,103
Panera Bread Co., Class A†#		6,970		1,232,923
Tim Hortons, Inc.		12,274		715,943
				4,416,549

Security Description	Shares			Value (Note 2)
Retail - Sporting Goods — 0.9%
Dick’s Sporting Goods, Inc.#		19,862		$	1,122,600
Seismic Data Collection — 0.8%
Geospace Technologies Corp.†#		11,766			1,026,819
Semiconductor Components-Integrated Circuits — 1.4%
Hittite Microwave Corp.†		16,314			1,031,534
Linear Technology Corp.#		16,367			696,416
					1,727,950
Semiconductor Equipment — 0.8%
Intermolecular, Inc.†#		29,140			166,098
Ultratech, Inc.†#		29,755			787,317
					953,415
Soap & Cleaning Preparation — 0.9%
Church & Dwight Co., Inc.#		17,887			1,167,127
Telecom Equipment - Fiber Optics — 1.2%
IPG Photonics Corp.†#		20,297			1,471,938
Telecom Services — 1.3%
tw telecom, Inc.†#		57,146			1,618,375
Therapeutics — 1.7%
BioMarin Pharmaceutical, Inc.†		4,360			306,857
Neurocrine Biosciences, Inc.†		22,985			225,713
Pharmacyclics, Inc.†		8,956			1,115,201
Synageva BioPharma Corp.†#		8,933			539,642
					2,187,413
Transport - Truck — 1.1%
Roadrunner Transportation Systems, Inc.†		48,441			1,326,315
Web Hosting/Design — 1.3%
Equinix, Inc.†#		10,104			1,623,713
Wireless Equipment — 2.4%
SBA Communications Corp., Class A†#		34,484			2,937,002
Total Long-Term Investment Securities
(cost $109,556,215)					121,735,240
SHORT-TERM INVESTMENT SECURITIES — 14.5%
Registered Investment Companies — 14.5%
SSgA U.S. Government Money Market Fund		3,445,397			3,445,397
State Street Navigator Securities Lending Prime Portfolio(2)		14,681,748			14,681,748
Total Short-Term Investment Securities
(cost $18,127,145)					18,127,145
TOTAL INVESTMENTS —
(cost $127,683,360)(3)		112.1	%		139,862,385
Liabilities in excess of other assets		(12.1	)		(15,114,113	)
NET ASSETS —		100.0	%	$	124,748,272

† Non-income producing security

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

(1) Illiquid security. At November 30, 2013, the aggregate value of these securities was $578,968 representing 0.5% of net assets.

(2) At November 30, 2013, the Fund had loaned securities with a total value of $14,325,614. This was secured by collateral of $14,681,748, which was received in cash and subsequently invested in short-term investments currently valued at $14,681,748 as reported in the portfolio of investments.

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

ADR—American Depository Receipt

226

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks	$	121,735,240	$	—	$	—	$	121,735,240
Short-Term Investment Securities:
Registered Investment Companies		18,127,145		—		—		18,127,145
Total	$	139,862,385	$	—	$	—	$	139,862,385

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

227

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Medical — Drugs	5.8	%
Oil Companies — Integrated	4.6
Registered Investment Companies	4.5
Diversified Banking Institutions	4.0
Computers	3.4
Diversified Manufacturing Operations	3.4
Oil Companies — Exploration & Production	2.8
Banks — Super Regional	2.6
Electric — Integrated	2.5
Medical — Biomedical/Gene	2.4
Applications Software	2.2
Telephone — Integrated	2.2
Web Portals/ISP	2.0
Cosmetics & Toiletries	1.9
Beverages — Non-alcoholic	1.9
Real Estate Investment Trusts	1.8
Multimedia	1.7
Computer Services	1.6
Retail — Discount	1.6
Insurance — Multi-line	1.5
Electronic Components — Semiconductors	1.5
Tobacco	1.5
U.S. Government Treasuries	1.4
Aerospace/Defense	1.4
Retail — Restaurants	1.3
Finance — Credit Card	1.3
Insurance — Reinsurance	1.3
Cable/Satellite TV	1.3
E-Commerce/Products	1.2
Oil — Field Services	1.1
Commercial Services — Finance	1.1
Chemicals — Diversified	1.1
Medical — HMO	1.0
Food — Misc./Diversified	1.0
Retail — Building Products	1.0
Semiconductor Components — Integrated Circuits	0.9
Medical Products	0.9
Transport — Rail	0.9
Transport — Services	0.8
Enterprise Software/Service	0.8
Retail — Drug Store	0.8
Investment Management/Advisor Services	0.7
Insurance — Life/Health	0.7
Networking Products	0.7
Medical Instruments	0.7
Computers — Memory Devices	0.7
Auto — Cars/Light Trucks	0.6
E-Commerce/Services	0.6
Aerospace/Defense — Equipment	0.6
Agricultural Chemicals	0.5
Banks — Fiduciary	0.5
Pipelines	0.5
Retail — Apparel/Shoe	0.5
Medical — Wholesale Drug Distribution	0.5
Insurance — Property/Casualty	0.4
Instruments — Controls	0.4
Industrial Gases	0.4
Electric Products — Misc.	0.4
Auto/Truck Parts & Equipment — Original	0.4
Oil & Gas Drilling	0.4
Oil Field Machinery & Equipment	0.4
Machinery — Construction & Mining	0.4
Medical — Generic Drugs	0.4
Athletic Footwear	0.4
Oil Refining & Marketing	0.4
Chemicals — Specialty	0.4
Banks — Commercial	0.4
Pharmacy Services	0.3
Finance — Other Services	0.3

Consumer Products — Misc.	0.3
Retail — Major Department Stores	0.3
Insurance Brokers	0.3
Food — Retail	0.3
Instruments — Scientific	0.3
Data Processing/Management	0.3
Distribution/Wholesale	0.3
Apparel Manufacturers	0.3
Gas — Distribution	0.3
Semiconductor Equipment	0.3
Wireless Equipment	0.2
Airlines	0.2
Repurchase Agreements	0.2
Metal Processors & Fabrication	0.2
Metal — Copper	0.2
Beverages — Wine/Spirits	0.2
Hotels/Motels	0.2
Finance — Investment Banker/Broker	0.2
Television	0.2
Machinery — Farming	0.2
Electronic Components — Misc.	0.2
Retail — Regional Department Stores	0.2
Retail — Auto Parts	0.2
Non-Hazardous Waste Disposal	0.2
Broadcast Services/Program	0.2
Telecom Equipment — Fiber Optics	0.2
Paper & Related Products	0.2
Agricultural Operations	0.2
Electronic Forms	0.2
Advertising Agencies	0.2
Food — Confectionery	0.2
Internet Security	0.1
Engines — Internal Combustion	0.1
Toys	0.1
Electronic Measurement Instruments	0.1
Engineering/R&D Services	0.1
Auto — Heavy Duty Trucks	0.1
Steel — Producers	0.1
Food — Wholesale/Distribution	0.1
Tools — Hand Held	0.1
Medical Labs & Testing Services	0.1
Publishing — Newspapers	0.1
Building — Residential/Commercial	0.1
Office Automation & Equipment	0.1
Electronic Security Devices	0.1
Telecommunication Equipment	0.1
Vitamins & Nutrition Products	0.1
Retail — Bedding	0.1
Medical Information Systems	0.1
Commercial Services	0.1
Machinery — Pumps	0.1
Coatings/Paint	0.1
Cruise Lines	0.1
Industrial Automated/Robotic	0.1
Motorcycle/Motor Scooter	0.1
Food — Meat Products	0.1
Retail — Automobile	0.1
Electronic Connectors	0.1
Casino Hotels	0.1
Diagnostic Equipment	0.1
Coal	0.1
Machinery — General Industrial	0.1
Containers — Metal/Glass	0.1
Gold Mining	0.1
Appliances	0.1
Finance — Consumer Loans	0.1
Disposable Medical Products	0.1
Retail — Consumer Electronics	0.1
Publishing — Periodicals	0.1

228

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)

Industry Allocation* (continued)

Dialysis Centers	0.1	%
Containers — Paper/Plastic	0.1
Metal — Aluminum	0.1
Retail — Office Supplies	0.1
Dental Supplies & Equipment	0.1
Computer Aided Design	0.1
Hazardous Waste Disposal	0.1
Retail — Jewelry	0.1
Filtration/Separation Products	0.1
Savings & Loans/Thrifts	0.1
Electronics — Military	0.1
Diversified Operations	0.1
Electric — Generation	0.1
Home Decoration Products	0.1
Independent Power Producers	0.1
Brewery	0.1
	104.2	%

* Calculated as a percentage of net assets

229

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Advertising Agencies — 0.2%
Interpublic Group of Cos., Inc.		112,100	$	1,950,540
Omnicom Group, Inc.		68,300		4,880,035
				6,830,575
Aerospace/Defense — 1.4%
Boeing Co.		184,200		24,728,850
General Dynamics Corp.		88,200		8,084,412
Lockheed Martin Corp.		71,600		10,143,572
Northrop Grumman Corp.		61,100		6,884,748
Raytheon Co.		85,600		7,591,008
Rockwell Collins, Inc.		35,800		2,603,734
				60,036,324
Aerospace/Defense - Equipment — 0.6%
United Technologies Corp.		224,100		24,843,726
Agricultural Chemicals — 0.5%
CF Industries Holdings, Inc.		15,200		3,304,176
Monsanto Co.		141,500		16,036,195
Mosaic Co.		90,400		4,330,160
				23,670,531
Agricultural Operations — 0.2%
Archer-Daniels-Midland Co.		175,000		7,043,750
Airlines — 0.2%
Delta Air Lines, Inc.		227,700		6,598,746
Southwest Airlines Co.		187,500		3,485,625
				10,084,371
Apparel Manufacturers — 0.3%
Michael Kors Holdings, Ltd.†		47,400		3,865,470
Ralph Lauren Corp.		16,100		2,821,203
VF Corp.		23,300		5,465,714
				12,152,387
Appliances — 0.1%
Whirlpool Corp.		21,000		3,207,960
Applications Software — 2.2%
Citrix Systems, Inc.†		49,700		2,948,204
Intuit, Inc.		78,800		5,849,324
Microsoft Corp.		2,012,000		76,717,560
Red Hat, Inc.†		50,200		2,351,870
Salesforce.com, Inc.†		145,500		7,579,095
				95,446,053
Athletic Footwear — 0.4%
NIKE, Inc., Class B		198,500		15,709,290
Audio/Video Products — 0.0%
Harman International Industries, Inc.#		18,100		1,466,824
Auto - Cars/Light Trucks — 0.6%
Ford Motor Co.		1,045,700		17,860,556
General Motors Co.†		249,800		9,674,754
				27,535,310
Auto - Heavy Duty Trucks — 0.1%
PACCAR, Inc.		94,000		5,387,140
Auto/Truck Parts & Equipment - Original — 0.4%
BorgWarner, Inc.		30,400		3,257,968
Delphi Automotive PLC		74,900		4,385,395
Johnson Controls, Inc.		181,600		9,172,616
				16,815,979

Security Description	Shares		Value (Note 2)
Banks - Commercial — 0.4%
BB&T Corp.		186,800	$	6,489,432
M&T Bank Corp.#		34,500		3,979,920
Regions Financial Corp.		370,500		3,604,965
Zions Bancorporation#		49,000		1,437,170
				15,511,487
Banks - Fiduciary — 0.5%
Bank of New York Mellon Corp.		305,400		10,291,980
Northern Trust Corp.		59,900		3,533,501
State Street Corp.		118,400		8,597,024
				22,422,505
Banks - Super Regional — 2.6%
Capital One Financial Corp.		155,400		11,131,302
Comerica, Inc.#		49,100		2,226,685
Fifth Third Bancorp		235,400		4,783,328
Huntington Bancshares, Inc.		220,200		2,021,436
KeyCorp		241,900		3,084,225
PNC Financial Services Group, Inc.		141,100		10,857,645
SunTrust Banks, Inc.		143,100		5,184,513
US Bancorp		488,200		19,147,204
Wells Fargo & Co.		1,282,500		56,455,650
				114,891,988
Beverages - Non-alcoholic — 1.9%
Coca-Cola Co.		1,012,000		40,672,280
Coca-Cola Enterprises, Inc.		66,000		2,768,040
Dr Pepper Snapple Group, Inc.		54,000		2,606,040
Monster Beverage Corp.†		36,000		2,130,480
PepsiCo, Inc.		409,400		34,577,924
				82,754,764
Beverages - Wine/Spirits — 0.2%
Beam, Inc.		43,000		2,903,790
Brown-Forman Corp., Class B#		43,100		3,233,362
Constellation Brands, Inc., Class A†		44,000		3,098,040
				9,235,192
Brewery — 0.1%
Molson Coors Brewing Co., Class B#		41,900		2,206,873
Broadcast Services/Program — 0.2%
Discovery Communications, Inc., Class A†		61,300		5,349,651
Scripps Networks Interactive, Inc., Class A#		29,000		2,163,110
				7,512,761
Building Products - Cement — 0.0%
Vulcan Materials Co.#		34,500		1,944,765
Building Products - Wood — 0.0%
Masco Corp.		94,700		2,123,174
Building - Residential/Commercial — 0.1%
D.R. Horton, Inc.#		75,400		1,498,952
Lennar Corp., Class A#		44,100		1,577,016
PulteGroup, Inc.		92,800		1,740,928
				4,816,896
Cable/Satellite TV — 1.3%
Cablevision Systems Corp., Class A#		56,800		952,536
Comcast Corp., Class A		694,200		34,619,754
DIRECTV†		135,500		8,957,905
Time Warner Cable, Inc.		75,900		10,490,898
				55,021,093
Casino Hotels — 0.1%
Wynn Resorts, Ltd.#		21,500		3,566,205

230

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Casino Services — 0.0%
International Game Technology		69,200	$	1,210,308
Chemicals - Diversified — 1.1%
Dow Chemical Co.		321,200		12,546,072
E.I. du Pont de Nemours & Co.		245,100		15,044,238
FMC Corp.		36,200		2,637,532
LyondellBasell Industries NV, Class A		118,900		9,176,702
PPG Industries, Inc.		37,900		6,975,874
				46,380,418
Chemicals - Specialty — 0.4%
Eastman Chemical Co.		40,900		3,150,527
Ecolab, Inc.		72,000		7,716,240
International Flavors & Fragrances, Inc.		21,700		1,917,195
Sigma-Aldrich Corp.#		31,900		2,751,056
				15,535,018
Coal — 0.1%
CONSOL Energy, Inc.#		60,700		2,159,706
Peabody Energy Corp.		71,600		1,303,120
				3,462,826
Coatings/Paint — 0.1%
Sherwin-Williams Co.		23,200		4,246,296
Commercial Services — 0.1%
Cintas Corp.#		27,300		1,515,150
Iron Mountain, Inc.#		45,100		1,268,212
Quanta Services, Inc.†		56,700		1,678,887
				4,462,249
Commercial Services - Finance — 1.1%
Automatic Data Processing, Inc.		128,200		10,258,564
Equifax, Inc.		32,200		2,168,026
H&R Block, Inc.		72,700		2,027,603
MasterCard, Inc., Class A		27,500		20,922,275
McGraw Hill Financial, Inc.		73,000		5,438,500
Moody’s Corp.		51,500		3,843,445
Total System Services, Inc.		44,200		1,372,410
Western Union Co.#		146,500		2,442,155
				48,472,978
Computer Aided Design — 0.1%
Autodesk, Inc.†		59,200		2,678,800
Computer Services — 1.6%
Accenture PLC, Class A		171,200		13,262,864
Cognizant Technology Solutions Corp., Class A†		80,000		7,511,200
Computer Sciences Corp.		39,200		2,062,704
International Business Machines Corp.		273,300		49,106,544
				71,943,312
Computer Software — 0.0%
Akamai Technologies, Inc.†		47,300		2,115,256
Computers — 3.4%
Apple, Inc.		241,100		134,068,477
Hewlett-Packard Co.		510,100		13,951,235
				148,019,712
Computers - Integrated Systems — 0.0%
Teradata Corp.†		43,300		1,976,212
Computers - Memory Devices — 0.7%
EMC Corp.		552,300		13,172,355
NetApp, Inc.		90,300		3,724,875
SanDisk Corp.		60,000		4,089,000
Seagate Technology PLC		86,000		4,217,440
Western Digital Corp.		56,000		4,202,240
				29,405,910

Security Description	Shares		Value (Note 2)
Consumer Products - Misc. — 0.3%
Clorox Co.#		34,600	$	3,223,682
Kimberly-Clark Corp.		101,700		11,101,572
				14,325,254
Containers - Metal/Glass — 0.1%
Ball Corp.		38,500		1,924,230
Owens-Illinois, Inc.†		43,600		1,438,800
				3,363,030
Containers - Paper/Plastic — 0.1%
Bemis Co., Inc.#		27,300		1,065,519
Sealed Air Corp.		52,000		1,669,720
				2,735,239
Cosmetics & Toiletries — 1.9%
Avon Products, Inc.		115,100		2,052,233
Colgate-Palmolive Co.		233,900		15,392,959
Estee Lauder Cos., Inc., Class A		67,900		5,089,784
Procter & Gamble Co.		727,000		61,227,940
				83,762,916
Cruise Lines — 0.1%
Carnival Corp.#		116,200		4,195,982
Data Processing/Management — 0.3%
Dun & Bradstreet Corp.#		10,300		1,203,555
Fidelity National Information Services, Inc.		77,500		3,927,700
Fiserv, Inc.†		34,500		3,791,205
Paychex, Inc.#		86,400		3,778,272
				12,700,732
Dental Supplies & Equipment — 0.1%
DENTSPLY International, Inc.		37,800		1,797,768
Patterson Cos., Inc.		22,100		916,929
				2,714,697
Diagnostic Equipment — 0.1%
Life Technologies Corp.†		45,800		3,467,060
Dialysis Centers — 0.1%
DaVita HealthCare Partners, Inc.†		46,800		2,786,940
Disposable Medical Products — 0.1%
C.R. Bard, Inc.		21,000		2,916,480
Distribution/Wholesale — 0.3%
Fastenal Co.#		72,500		3,373,425
Fossil Group, Inc.†		13,300		1,692,691
Genuine Parts Co.#		41,100		3,404,724
WW Grainger, Inc.		16,400		4,229,888
				12,700,728
Diversified Banking Institutions — 4.0%
Bank of America Corp.		2,851,600		45,112,312
Citigroup, Inc.		807,200		42,717,024
Goldman Sachs Group, Inc.		110,900		18,735,446
JPMorgan Chase & Co.		999,100		57,168,502
Morgan Stanley		369,100		11,552,830
				175,286,114
Diversified Manufacturing Operations — 3.4%
3M Co.		172,300		23,003,773
Danaher Corp.		158,800		11,878,240
Dover Corp.		45,300		4,110,522
Eaton Corp. PLC		125,800		9,140,628
General Electric Co.		2,703,100		72,064,646
Illinois Tool Works, Inc.		109,400		8,706,052
Ingersoll-Rand PLC		71,800		5,127,956

231

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Manufacturing Operations (continued)
Leggett & Platt, Inc.#		37,700	$	1,138,917
Parker Hannifin Corp.		39,600		4,666,464
Pentair, Ltd.		52,900		3,741,088
Textron, Inc.		74,500		2,475,635
				146,053,921
Diversified Operations — 0.1%
Leucadia National Corp.		83,200		2,384,512
E-Commerce/Products — 1.2%
Amazon.com, Inc.†		98,200		38,653,484
eBay, Inc.†		309,200		15,620,784
				54,274,268
E-Commerce/Services — 0.6%
Expedia, Inc.#		28,500		1,815,165
Netflix, Inc.†#		15,600		5,706,480
priceline.com, Inc.†		13,700		16,334,921
TripAdvisor, Inc.†#		29,600		2,614,272
				26,470,838
Electric Products - Misc. — 0.4%
AMETEK, Inc.		64,800		3,189,456
Emerson Electric Co.		189,700		12,708,003
Molex, Inc.		36,400		1,406,496
				17,303,955
Electric - Generation — 0.1%
AES Corp.		163,400		2,380,738
Electric - Integrated — 2.5%
Ameren Corp.		64,400		2,308,740
American Electric Power Co., Inc.		129,200		6,080,152
CMS Energy Corp.		70,600		1,873,724
Consolidated Edison, Inc.#		77,700		4,289,817
Dominion Resources, Inc.		153,700		9,976,667
DTE Energy Co.		46,400		3,096,736
Duke Energy Corp.		187,400		13,110,504
Edison International		86,500		3,997,165
Entergy Corp.#		47,300		2,927,397
Exelon Corp.		227,400		6,119,334
FirstEnergy Corp.		111,000		3,621,930
Integrys Energy Group, Inc.		21,100		1,133,914
NextEra Energy, Inc.		112,700		9,533,293
Northeast Utilities		83,500		3,430,180
Pepco Holdings, Inc.#		66,100		1,261,188
PG&E Corp.		118,200		4,771,734
Pinnacle West Capital Corp.		29,200		1,558,112
PPL Corp.		167,700		5,150,067
Public Service Enterprise Group, Inc.		134,300		4,390,267
SCANA Corp.		37,200		1,754,724
Southern Co.#		232,000		9,426,160
TECO Energy, Inc.#		54,200		923,568
Wisconsin Energy Corp.#		60,400		2,522,908
Xcel Energy, Inc.#		132,100		3,701,442
				106,959,723
Electronic Components - Misc. — 0.2%
Garmin, Ltd.#		32,700		1,587,912
Jabil Circuit, Inc.		49,000		993,230
TE Connectivity, Ltd.		109,800		5,788,656
				8,369,798
Electronic Components - Semiconductors — 1.5%
Altera Corp.		84,800		2,734,800
Broadcom Corp., Class A		146,000		3,896,740
First Solar, Inc.†#		18,400		1,100,688

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors (continued)
Intel Corp.#		1,322,400	$	31,526,016
LSI Corp.		145,200		1,171,764
Microchip Technology, Inc.#		52,400		2,268,396
Micron Technology, Inc.†#		275,600		5,815,160
NVIDIA Corp.#		153,600		2,396,160
Texas Instruments, Inc.		292,300		12,568,900
Xilinx, Inc.		70,700		3,141,201
				66,619,825
Electronic Connectors — 0.1%
Amphenol Corp., Class A		42,200		3,587,000
Electronic Forms — 0.2%
Adobe Systems, Inc.†		124,000		7,040,720
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		87,800		4,703,446
FLIR Systems, Inc.		37,700		1,118,559
				5,822,005
Electronic Security Devices — 0.1%
Tyco International, Ltd.		122,700		4,679,778
Electronics - Military — 0.1%
L-3 Communications Holdings, Inc.		23,800		2,462,348
Engineering/R&D Services — 0.1%
Fluor Corp.		43,300		3,369,173
Jacobs Engineering Group, Inc.†		34,900		2,085,973
				5,455,146
Engines - Internal Combustion — 0.1%
Cummins, Inc.		46,200		6,115,032
Enterprise Software/Service — 0.8%
CA, Inc.		87,100		2,874,300
Oracle Corp.		946,500		33,401,985
				36,276,285
Entertainment Software — 0.0%
Electronic Arts, Inc.†#		81,400		1,805,452
Filtration/Separation Products — 0.1%
Pall Corp.		29,700		2,485,890
Finance - Consumer Loans — 0.1%
SLM Corp.		115,800		3,086,070
Finance - Credit Card — 1.3%
American Express Co.		246,300		21,132,540
Discover Financial Services		128,400		6,843,720
Visa, Inc., Class A		137,000		27,874,020
				55,850,280
Finance - Investment Banker/Broker — 0.2%
Charles Schwab Corp.		306,900		7,512,912
E*TRADE Financial Corp.†		76,200		1,365,504
				8,878,416
Finance - Other Services — 0.3%
CME Group, Inc.		83,400		6,834,630
IntercontinentalExchange Group, Inc.		30,283		6,459,349
NASDAQ OMX Group, Inc.		30,600		1,202,274
				14,496,253
Food - Confectionery — 0.2%
Hershey Co.#		39,700		3,846,533
J.M. Smucker Co.		27,900		2,908,296
				6,754,829

232

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Meat Products — 0.1%
Hormel Foods Corp.		35,700	$	1,607,214
Tyson Foods, Inc., Class A#		73,900		2,341,891
				3,949,105
Food - Misc./Diversified — 1.0%
Campbell Soup Co.#		47,400		1,835,802
ConAgra Foods, Inc.		112,000		3,694,880
General Mills, Inc.		170,300		8,588,229
Kellogg Co.		68,300		4,141,712
Kraft Foods Group, Inc.		158,100		8,398,272
McCormick & Co., Inc.#		35,000		2,415,000
Mondelez International, Inc., Class A		472,600		15,846,278
				44,920,173
Food - Retail — 0.3%
Kroger Co.		137,600		5,744,800
Safeway, Inc.		64,000		2,238,080
Whole Foods Market, Inc.#		98,900		5,597,740
				13,580,620
Food - Wholesale/Distribution — 0.1%
Sysco Corp.#		156,200		5,253,006
Gas - Distribution — 0.3%
AGL Resources, Inc.		31,500		1,466,010
CenterPoint Energy, Inc.		113,800		2,666,334
NiSource, Inc.		83,000		2,624,460
Sempra Energy		60,300		5,332,932
				12,089,736
Gold Mining — 0.1%
Newmont Mining Corp.		132,100		3,280,043
Hazardous Waste Disposal — 0.1%
Stericycle, Inc.†		22,800		2,678,544
Home Decoration Products — 0.1%
Newell Rubbermaid, Inc.		76,400		2,318,740
Hotels/Motels — 0.2%
Marriott International, Inc., Class A		60,400		2,840,008
Starwood Hotels & Resorts Worldwide, Inc.		51,700		3,850,616
Wyndham Worldwide Corp.		35,300		2,531,363
				9,221,987
Human Resources — 0.0%
Robert Half International, Inc.		36,900		1,425,447
Independent Power Producers — 0.1%
NRG Energy, Inc.		85,700		2,267,622
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		36,800		4,179,744
Industrial Gases — 0.4%
Air Products & Chemicals, Inc.		55,600		6,050,948
Airgas, Inc.		17,600		1,911,888
Praxair, Inc.		78,300		9,886,158
				17,848,994
Instruments - Controls — 0.4%
Honeywell International, Inc.		208,300		18,436,633
Instruments - Scientific — 0.3%
PerkinElmer, Inc.#		29,700		1,129,788
Thermo Fisher Scientific, Inc.#		95,700		9,651,345
Waters Corp.†		22,600		2,249,378
				13,030,511

Security Description	Shares		Value (Note 2)
Insurance Brokers — 0.3%
Aon PLC		81,600	$	6,661,824
Marsh & McLennan Cos., Inc.		145,900		6,922,955
				13,584,779
Insurance - Life/Health — 0.7%
Aflac, Inc.		123,500		8,196,695
Lincoln National Corp.		70,200		3,603,366
Principal Financial Group, Inc.		72,700		3,680,801
Prudential Financial, Inc.		123,400		10,952,984
Torchmark Corp.		24,300		1,846,800
Unum Group		70,000		2,349,900
				30,630,546
Insurance - Multi-line — 1.5%
ACE, Ltd.		90,300		9,281,034
Allstate Corp.		123,000		6,675,210
American International Group, Inc.(1)		391,900		19,497,025
Assurant, Inc.#		19,900		1,292,306
Cincinnati Financial Corp.		39,100		2,049,231
Genworth Financial, Inc., Class A†		131,100		1,980,921
Hartford Financial Services Group, Inc.#		120,800		4,304,104
Loews Corp.		81,200		3,844,820
MetLife, Inc.		297,200		15,510,868
XL Group PLC		76,000		2,431,240
				66,866,759
Insurance - Property/Casualty — 0.4%
Chubb Corp.		67,800		6,539,310
Progressive Corp.		146,800		4,100,124
Travelers Cos., Inc.		99,100		8,992,334
				19,631,768
Insurance - Reinsurance — 1.3%
Berkshire Hathaway, Inc., Class B†		477,800		55,678,034
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†#		20,800		1,711,008
Internet Security — 0.1%
Symantec Corp.		185,400		4,169,646
VeriSign, Inc.†#		35,800		2,035,588
				6,205,234
Investment Management/Advisor Services — 0.7%
Ameriprise Financial, Inc.		52,500		5,683,125
BlackRock, Inc.		33,400		10,111,850
Franklin Resources, Inc.#		107,900		5,976,581
Invesco, Ltd.		117,500		4,094,875
Legg Mason, Inc.#		28,800		1,126,368
T. Rowe Price Group, Inc.		69,000		5,551,740
				32,544,539
Machinery - Construction & Mining — 0.4%
Caterpillar, Inc.		168,900		14,288,940
Joy Global, Inc.#		28,200		1,594,992
				15,883,932
Machinery - Farming — 0.2%
Deere & Co.		101,600		8,558,784
Machinery - General Industrial — 0.1%
Roper Industries, Inc.		26,300		3,411,110
Machinery - Pumps — 0.1%
Flowserve Corp.		37,300		2,662,474
Xylem, Inc.		49,200		1,700,352
				4,362,826

233

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Information Systems — 0.1%
Cerner Corp.†		78,300	$	4,499,901
Medical Instruments — 0.7%
Boston Scientific Corp.†		356,400		4,127,112
Edwards Lifesciences Corp.†		29,800		1,952,794
Intuitive Surgical, Inc.†		10,500		3,957,450
Medtronic, Inc.		264,800		15,178,336
St Jude Medical, Inc.		76,200		4,451,604
				29,667,296
Medical Labs & Testing Services — 0.1%
Laboratory Corp. of America Holdings†#		23,900		2,434,215
Quest Diagnostics, Inc.#		40,300		2,455,882
				4,890,097
Medical Products — 0.9%
Baxter International, Inc.		144,100		9,863,645
Becton Dickinson and Co.		51,600		5,603,244
CareFusion Corp.†		56,900		2,267,465
Covidien PLC		122,100		8,334,546
Hospira, Inc.†		44,000		1,729,640
Stryker Corp.		78,300		5,827,086
Varian Medical Systems, Inc.†		28,600		2,232,230
Zimmer Holdings, Inc.		45,000		4,113,450
				39,971,306
Medical - Biomedical/Gene — 2.4%
Alexion Pharmaceuticals, Inc.†		51,900		6,461,550
Amgen, Inc.		200,000		22,816,000
Biogen Idec, Inc.†		63,100		18,360,207
Celgene Corp.†		109,200		17,665,284
Gilead Sciences, Inc.†#		406,300		30,395,303
Regeneron Pharmaceuticals, Inc.†		20,700		6,082,902
Vertex Pharmaceuticals, Inc.†		61,800		4,290,156
				106,071,402
Medical - Drugs — 5.8%
Abbott Laboratories		412,500		15,753,375
AbbVie, Inc.		420,800		20,387,760
Allergan, Inc.		78,800		7,647,540
Bristol-Myers Squibb Co.		437,000		22,453,060
Eli Lilly & Co.		263,200		13,217,904
Forest Laboratories, Inc.†		62,700		3,217,137
Johnson & Johnson		748,000		70,805,680
Merck & Co., Inc.		776,800		38,707,944
Pfizer, Inc.		1,757,200		55,755,956
Zoetis, Inc.		132,700		4,133,605
				252,079,961
Medical - Generic Drugs — 0.4%
Actavis PLC†		46,000		7,501,220
Mylan, Inc.†#		101,300		4,470,369
Perrigo Co plc.†#		25,000		3,897,250
				15,868,839
Medical - HMO — 1.0%
Aetna, Inc.		98,800		6,810,284
Cigna Corp.		75,100		6,567,495
Humana, Inc.		41,500		4,315,585
UnitedHealth Group, Inc.		269,900		20,102,152
WellPoint, Inc.		79,400		7,374,672
				45,170,188
Medical - Hospitals — 0.0%
Tenet Healthcare Corp.†#		27,000		1,165,050

Security Description	Shares		Value (Note 2)
Medical - Wholesale Drug Distribution — 0.5%
AmerisourceBergen Corp.		61,300	$	4,323,489
Cardinal Health, Inc.		90,100		5,820,460
McKesson Corp.		60,700		10,069,523
				20,213,472
Metal Processors & Fabrication — 0.2%
Precision Castparts Corp.		38,600		9,976,170
Metal - Aluminum — 0.1%
Alcoa, Inc.#		283,900		2,728,279
Metal - Copper — 0.2%
Freeport-McMoRan Copper & Gold, Inc.		275,500		9,557,095
Metal - Iron — 0.0%
Cliffs Natural Resources, Inc.#		40,600		1,015,406
Motorcycle/Motor Scooter — 0.1%
Harley-Davidson, Inc.		59,200		3,967,584
Multimedia — 1.7%
Time Warner, Inc.		244,200		16,046,382
Twenty-First Century Fox, Inc., Class A		527,200		17,655,928
Viacom, Inc., Class B		107,700		8,634,309
Walt Disney Co.		441,000		31,108,140
				73,444,759
Networking Products — 0.7%
Cisco Systems, Inc.		1,423,100		30,240,875
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		72,100		2,517,011
Waste Management, Inc.		115,700		5,285,176
				7,802,187
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.#		53,600		1,241,912
Xerox Corp.		307,500		3,499,350
				4,741,262
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		26,000		1,271,400
Oil & Gas Drilling — 0.4%
Diamond Offshore Drilling, Inc.#		18,500		1,110,925
Ensco PLC, Class A		62,000		3,662,960
Helmerich & Payne, Inc.#		28,300		2,179,100
Nabors Industries, Ltd.		68,900		1,140,295
Noble Corp. PLC		67,300		2,565,476
Rowan Cos. PLC, Class A†		33,000		1,142,460
Transocean, Ltd.		89,900		4,529,162
				16,330,378
Oil Companies - Exploration & Production — 2.8%
Anadarko Petroleum Corp.		133,400		11,848,588
Apache Corp.		107,200		9,807,728
Cabot Oil & Gas Corp.		111,700		3,848,065
Chesapeake Energy Corp.#		134,500		3,614,015
ConocoPhillips		324,600		23,630,880
Denbury Resources, Inc.†		99,000		1,651,320
Devon Energy Corp.		101,300		6,140,806
EOG Resources, Inc.		72,300		11,929,500
EQT Corp.		40,000		3,404,400
Newfield Exploration Co.†#		36,000		1,011,600
Noble Energy, Inc.		95,300		6,693,872
Occidental Petroleum Corp.		213,900		20,311,944
Pioneer Natural Resources Co.		36,800		6,541,200
QEP Resources, Inc.		47,600		1,524,152
Range Resources Corp.#		43,400		3,370,010

234

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Exploration & Production (continued)
Southwestern Energy Co.†		93,300	$	3,606,978
WPX Energy, Inc.†#		53,200		988,988
				119,924,046
Oil Companies - Integrated — 4.6%
Chevron Corp.		512,800		62,787,232
Exxon Mobil Corp.		1,168,300		109,212,684
Hess Corp.		76,600		6,214,558
Marathon Oil Corp.		188,400		6,789,936
Murphy Oil Corp.#		46,600		3,025,738
Phillips 66		162,200		11,290,742
				199,320,890
Oil Field Machinery & Equipment — 0.4%
Cameron International Corp.†		65,300		3,616,967
FMC Technologies, Inc.†		62,900		3,025,490
National Oilwell Varco, Inc.		113,500		9,250,250
				15,892,707
Oil Refining & Marketing — 0.4%
Marathon Petroleum Corp.		83,100		6,875,694
Tesoro Corp.#		35,900		2,104,817
Valero Energy Corp.		143,900		6,579,108
				15,559,619
Oil - Field Services — 1.1%
Baker Hughes, Inc.		117,600		6,698,496
Halliburton Co.		224,400		11,821,392
Schlumberger, Ltd.		351,200		31,053,104
				49,572,992
Paper & Related Products — 0.2%
International Paper Co.		118,400		5,523,360
MeadWestvaco Corp.		47,100		1,653,681
				7,177,041
Pharmacy Services — 0.3%
Express Scripts Holding Co.†		216,100		14,554,335
Pipelines — 0.5%
Kinder Morgan, Inc.		178,700		6,350,998
ONEOK, Inc.		54,700		3,176,429
Spectra Energy Corp.		177,700		5,961,835
Williams Cos., Inc.		181,300		6,385,386
				21,874,648
Publishing - Newspapers — 0.1%
Gannett Co., Inc.		60,800		1,645,248
Graham Holdings, Co., Class B#		1,200		808,200
News Corp., Class A†		132,200		2,374,312
				4,827,760
Publishing - Periodicals — 0.1%
Nielsen Holdings NV		67,100		2,896,036
Real Estate Investment Trusts — 1.8%
American Tower Corp.		104,800		8,150,296
Apartment Investment & Management Co., Class A		38,700		971,757
AvalonBay Communities, Inc.		32,300		3,829,488
Boston Properties, Inc.		40,400		4,019,396
Equity Residential		88,900		4,581,906
HCP, Inc.		120,800		4,441,816
Health Care REIT, Inc.		76,100		4,260,839
Host Hotels & Resorts, Inc.		199,100		3,665,431
Kimco Realty Corp.		108,700		2,241,394
Macerich Co.		37,300		2,123,862
Plum Creek Timber Co., Inc.		46,500		2,033,910

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Prologis, Inc.		132,300	$	5,018,139
Public Storage		38,400		5,863,680
Simon Property Group, Inc.		82,400		12,347,640
Ventas, Inc.		77,800		4,421,374
Vornado Realty Trust		46,200		4,062,366
Weyerhaeuser Co.		155,000		4,670,150
				76,703,444
Real Estate Management/Services — 0.0%
CBRE Group, Inc., Class A†		73,600		1,784,064
Retail - Apparel/Shoe — 0.5%
Abercrombie & Fitch Co., Class A#		20,300		695,884
Coach, Inc.		74,800		4,330,920
Gap, Inc.		73,200		2,999,004
L Brands, Inc.		64,600		4,198,354
PVH Corp.		21,700		2,906,064
Ross Stores, Inc.		57,500		4,396,450
Urban Outfitters, Inc.†		28,900		1,127,678
				20,654,354
Retail - Auto Parts — 0.2%
AutoZone, Inc.†#		9,400		4,339,040
O’Reilly Automotive, Inc.†		28,800		3,598,848
				7,937,888
Retail - Automobile — 0.1%
AutoNation, Inc.†		17,100		838,584
CarMax, Inc.†		59,300		2,985,755
				3,824,339
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.†		57,800		4,510,134
Retail - Building Products — 1.0%
Home Depot, Inc.		380,200		30,670,734
Lowe’s Cos., Inc.		279,200		13,256,416
				43,927,150
Retail - Computer Equipment — 0.0%
GameStop Corp., Class A#		31,000		1,495,750
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		71,600		2,903,380
Retail - Discount — 1.6%
Costco Wholesale Corp.		115,900		14,537,337
Dollar General Corp.†		79,000		4,498,260
Dollar Tree, Inc.†		55,200		3,071,880
Family Dollar Stores, Inc.		25,600		1,786,112
Target Corp.		167,500		10,708,275
Wal-Mart Stores, Inc.		432,100		35,004,421
				69,606,285
Retail - Drug Store — 0.8%
CVS Caremark Corp.		326,000		21,828,960
Walgreen Co.		230,800		13,663,360
				35,492,320
Retail - Jewelry — 0.1%
Tiffany & Co.		29,200		2,602,888
Retail - Major Department Stores — 0.3%
Nordstrom, Inc.#		38,300		2,382,643
TJX Cos., Inc.		189,800		11,934,624
				14,317,267
Retail - Office Supplies — 0.1%
Staples, Inc.#		175,300		2,722,409

235

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Pet Food & Supplies — 0.0%
PetSmart, Inc.#		27,600		2,045,436
Retail - Regional Department Stores — 0.2%
Kohl’s Corp.#		54,200		2,996,176
Macy’s, Inc.		99,900		5,320,674
				8,316,850
Retail - Restaurants — 1.3%
Chipotle Mexican Grill, Inc.†#		8,200		4,295,652
Darden Restaurants, Inc.#		34,600		1,845,218
McDonald’s Corp.		265,300		25,832,261
Starbucks Corp.		199,400		16,243,124
Yum! Brands, Inc.		118,400		9,197,312
				57,413,567
Rubber - Tires — 0.0%
Goodyear Tire & Rubber Co.		65,300		1,453,578
Savings & Loans/Thrifts — 0.1%
Hudson City Bancorp, Inc.		126,200		1,178,708
People’s United Financial, Inc.#		85,200		1,289,928
				2,468,636
Security Services — 0.0%
ADT Corp.#		53,100		2,153,736
Semiconductor Components - Integrated Circuits — 0.9%
Analog Devices, Inc.		82,500		3,978,150
Linear Technology Corp.#		61,900		2,633,845
QUALCOMM, Inc.		455,300		33,500,974
				40,112,969
Semiconductor Equipment — 0.3%
Applied Materials, Inc.		319,300		5,523,890
KLA-Tencor Corp.		44,000		2,810,280
Lam Research Corp.†		43,300		2,256,363
Teradyne, Inc.†#		50,800		865,124
				11,455,657
Steel - Producers — 0.1%
Nucor Corp.		84,500		4,314,570
United States Steel Corp.#		38,400		1,029,504
				5,344,074
Steel - Specialty — 0.0%
Allegheny Technologies, Inc.#		28,700		953,414
Telecom Equipment - Fiber Optics — 0.2%
Corning, Inc.		387,600		6,620,208
JDS Uniphase Corp.†#		63,000		764,820
				7,385,028
Telecommunication Equipment — 0.1%
Harris Corp.		28,400		1,832,084
Juniper Networks, Inc.†		134,500		2,726,315
				4,558,399
Telephone - Integrated — 2.2%
AT&T, Inc.		1,409,700		49,635,537
CenturyLink, Inc.#		159,400		4,893,580
Frontier Communications Corp.#		265,400		1,242,072
Verizon Communications, Inc.		759,600		37,691,352
Windstream Holdings, Inc.#		157,400		1,270,218
				94,732,759
Television — 0.2%
CBS Corp., Class B		149,300		8,743,008

Security Description	Shares/ Principal amount		Value (Note 2)
Tobacco — 1.5%
Altria Group, Inc.		532,000		19,673,360
Lorillard, Inc.#		99,200		5,091,936
Philip Morris International, Inc.		429,600		36,747,984
Reynolds American, Inc.#		84,000		4,237,800
				65,751,080
Tools - Hand Held — 0.1%
Snap-on, Inc.		15,400		1,634,710
Stanley Black & Decker, Inc.		42,500		3,459,075
				5,093,785
Toys — 0.1%
Hasbro, Inc.#		30,600		1,646,892
Mattel, Inc.		91,500		4,233,705
				5,880,597
Transport - Rail — 0.9%
CSX Corp.		270,400		7,373,808
Kansas City Southern#		29,300		3,545,886
Norfolk Southern Corp.		82,800		7,260,732
Union Pacific Corp.		123,100		19,947,124
				38,127,550
Transport - Services — 0.8%
C.H. Robinson Worldwide, Inc.#		42,300		2,480,049
Expeditors International of Washington, Inc.		54,800		2,380,512
FedEx Corp.		78,900		10,943,430
Ryder System, Inc.		13,900		970,776
United Parcel Service, Inc., Class B#		191,800		19,636,484
				36,411,251
Vitamins & Nutrition Products — 0.1%
Mead Johnson Nutrition Co.		53,700		4,538,187
Web Portals/ISP — 2.0%
Google, Inc., Class A†		74,300		78,727,537
Yahoo!, Inc.†		251,900		9,315,262
				88,042,799
Wireless Equipment — 0.2%
Crown Castle International Corp.†		87,400		6,487,702
Motorola Solutions, Inc.		62,800		4,137,264
				10,624,966
Total Long-Term Investment Securities
(cost $2,495,795,074)				4,264,627,675
SHORT-TERM INVESTMENT SECURITIES — 5.9%
Registered Investment Companies — 4.5%
State Street Navigator Securities Lending Prime Portfolio(2)		195,620,256		195,620,256
U.S. Government Treasuries — 1.4%
United States Treasury Bills Disc. Notes
0.00% due 12/19/2013	$	8,000,000		8,000,000
0.02% due 12/05/2013		24,000,000		23,999,947
0.02% due 12/12/2013(3)		4,500,000		4,499,972
0.03% due 03/20/2014		25,000,000		24,994,200
				61,494,119
Total Short-Term Investment Securities
(cost $257,117,904)				257,114,375

236

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Principal amount			Value (Note 2)
REPURCHASE AGREEMENT — 0.2%
State Street Bank and Trust Co. Joint Repurchase Agreement(4) (cost $10,025,000)	$	10,025,000		$	10,025,000
TOTAL INVESTMENTS
(cost $2,762,937,978)(5)		104.2	%		4,531,767,050
Liabilities in excess of other assets		(4.2	)		(183,166,019	)
NET ASSETS		100.0	%	$	4,348,601,031

† Non-income producing security

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

(1) Security represents an investment in an affiliated company; see Note 3

(2) At November 30, 2013, the Fund had loaned securities with a total value of $222,547,187. This was secured by collateral of $195,620,256, which was received in cash and subsequently invested in short-term investments currently valued at $195,620,256 as reported in the portfolio of investments. Additional collateral of $32,436,246 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2013
Federal National Mtg. Assoc.	3.00% to 4.00%	10/25/2029 to 05/25/2042	$31,556,907
United States Treasury Notes/Bonds	0.25% to 5.38%	01/31/2014 to 02/15/2031	699,203
United States Treasury Bills	2.13%	12/31/2015	180,136

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

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

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

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2013		Unrealized Appreciation (Depreciation)
	893	Long	S&P 500 E-Mini Index		December 2013	$	77,066,354	$	80,553,065	$	3,486,711

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Medical - Drugs	$	252,079,961	$	—	$	—	$	252,079,961
Other Industries*		4,012,547,714		—		—		4,012,547,714
Short-Term Investment Securities:
Registered Investment Companies		195,620,256		—		—		195,620,256
U.S. Government Treasuries		—		61,494,119		—		61,494,119
Repurchase Agreement		—		10,025,000		—		10,025,000
Other Financial Instruments:†
Open Futures Contracts - Appreciation		3,486,711		—		—		3,486,711
Total	$	4,463,734,642	$	71,519,119	$	—	$	4,535,253,761

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

237

VALIC Company I Value Fund

PORTFOLIO PROFILE — November 30, 2013 (unaudited)

Industry Allocation*

Diversified Banking Institutions	7.7	%
Medical — Drugs	6.9
Diversified Manufacturing Operations	6.5
Banks — Super Regional	6.2
Oil Companies — Integrated	6.0
Oil Companies — Exploration & Production	4.2
Investment Management/Advisor Services	3.1
Electronic Components — Semiconductors	2.9
Electric — Integrated	2.6
Medical Products	2.6
Networking Products	2.5
Retail — Building Products	2.2
Insurance — Multi — line	2.0
Medical — HMO	1.9
Telephone — Integrated	1.9
Insurance Brokers	1.9
Semiconductor Components — Integrated Circuits	1.9
Aerospace/Defense	1.7
Chemicals — Diversified	1.7
Computers — Memory Devices	1.7
Oil — Field Services	1.5
Applications Software	1.5
Internet Security	1.4
Cable/Satellite TV	1.3
Finance — Other Services	1.3
Aerospace/Defense — Equipment	1.3
Insurance — Life/Health	1.3
Steel — Producers	1.3
Retail — Drug Store	1.3
Retail — Auto Parts	1.2
Medical — Biomedical/Gene	1.2
Brewery	1.2
Banks — Commercial	1.1
Retail — Apparel/Shoe	1.1
Tools — Hand Held	1.1
Repurchase Agreements	1.1
Beverages — Wine/Spirits	1.1
Multimedia	1.0
Home Decoration Products	1.0
Paper & Related Products	0.9
Insurance — Property/Casualty	0.9
Tobacco	0.9
Building — Residential/Commercial	0.8
Television	0.8
Advertising Agencies	0.7
Retail — Major Department Stores	0.7
Auto — Heavy Duty Trucks	0.7
Food — Misc./Diversified	0.7
Retail — Regional Department Stores	0.6
Auto — Cars/Light Trucks	0.4
	99.5	%

* Calculated as a percentage of net assets

238

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.4%
Advertising Agencies — 0.7%
Interpublic Group of Cos., Inc.		50,400	$	876,960
Aerospace/Defense — 1.7%
Boeing Co.		6,267		841,345
Spirit Aerosystems Holdings, Inc., Class A†		36,800		1,201,152
				2,042,497
Aerospace/Defense-Equipment — 1.3%
United Technologies Corp.		14,300		1,585,298
Applications Software — 1.5%
Microsoft Corp.		45,494		1,734,686
Auto-Cars/Light Trucks — 0.4%
General Motors Co.†		11,614		449,810
Auto-Heavy Duty Trucks — 0.7%
PACCAR, Inc.		14,920		855,065
Banks-Commercial — 1.1%
BB&T Corp.		39,060		1,356,944
Banks-Super Regional — 6.2%
PNC Financial Services Group, Inc.		35,138		2,703,869
Wells Fargo & Co.		105,021		4,623,024
				7,326,893
Beverages-Wine/Spirits — 1.1%
Diageo PLC ADR		10,000		1,276,700
Brewery — 1.2%
Anheuser-Busch InBev NV ADR		13,550		1,383,590
Building-Residential/Commercial — 0.8%
PulteGroup, Inc.		52,500		984,900
Cable/Satellite TV — 1.3%
Comcast Corp., Class A		32,149		1,603,271
Chemicals-Diversified — 1.7%
Dow Chemical Co.		32,353		1,263,708
E.I. du Pont de Nemours & Co.		12,162		746,504
				2,010,212
Computers-Memory Devices — 1.7%
EMC Corp.		83,000		1,979,550
Diversified Banking Institutions — 7.7%
Citigroup, Inc.		41,670		2,205,176
Credit Suisse Group AG ADR		21,638		646,976
Goldman Sachs Group, Inc.		10,937		1,847,697
JPMorgan Chase & Co.		78,327		4,481,871
				9,181,720
Diversified Manufacturing Operations — 6.5%
3M Co.		9,060		1,209,601
Eaton Corp. PLC		23,670		1,719,862
General Electric Co.		91,349		2,435,364
Illinois Tool Works, Inc.		12,957		1,031,118
Ingersoll-Rand PLC		19,214		1,372,264
				7,768,209
Electric-Integrated — 2.6%
Edison International		19,044		880,023
Entergy Corp.		11,465		709,569
NextEra Energy, Inc.		7,220		610,740
Northeast Utilities		22,774		935,556
				3,135,888
Electronic Components-Semiconductors — 2.9%
Intel Corp.		82,612		1,969,470

Security Description	Shares		Value (Note 2)
Electronic Components-Semiconductors (continued)
Xilinx, Inc.		32,891	$	1,461,347
				3,430,817
Finance-Other Services — 1.3%
IntercontinentalExchange Group, Inc.		7,500		1,599,675
Food-Misc./Diversified — 0.7%
Kraft Foods Group, Inc.		15,511		823,944
Home Decoration Products — 1.0%
Newell Rubbermaid, Inc.		38,000		1,153,300
Insurance Brokers — 1.9%
Marsh & McLennan Cos., Inc.		47,585		2,257,908
Insurance-Life/Health — 1.3%
Principal Financial Group, Inc.		31,219		1,580,618
Insurance-Multi-line — 2.0%
ACE, Ltd.		22,664		2,329,406
Insurance-Property/Casualty — 0.9%
Chubb Corp.		11,128		1,073,296
Internet Security — 1.4%
Symantec Corp.		71,710		1,612,758
Investment Management/Advisor Services — 3.1%
Ameriprise Financial, Inc.		13,771		1,490,711
BlackRock, Inc.		7,108		2,151,947
				3,642,658
Medical Products — 2.6%
Baxter International, Inc.		20,120		1,377,214
Covidien PLC		24,492		1,671,824
				3,049,038
Medical-Biomedical/Gene — 1.2%
Amgen, Inc.		12,296		1,402,728
Medical-Drugs — 6.9%
Johnson & Johnson		14,073		1,332,150
Merck & Co., Inc.		60,898		3,034,547
Pfizer, Inc.		49,874		1,582,502
Roche Holding AG		6,324		1,763,004
Zoetis, Inc.		15,676		488,308
				8,200,511
Medical-HMO — 1.9%
UnitedHealth Group, Inc.		30,635		2,281,695
Multimedia — 1.0%
Thomson Reuters Corp.		32,430		1,212,233
Networking Products — 2.5%
Cisco Systems, Inc.		141,999		3,017,479
Oil Companies-Exploration & Production — 4.2%
Anadarko Petroleum Corp.		13,260		1,177,753
EOG Resources, Inc.		6,700		1,105,500
Occidental Petroleum Corp.		16,500		1,566,840
Southwestern Energy Co.†		29,379		1,135,792
				4,985,885
Oil Companies-Integrated — 6.0%
Chevron Corp.		30,986		3,793,926
Exxon Mobil Corp.		24,337		2,275,023
Marathon Oil Corp.		31,307		1,128,304
				7,197,253
Oil-Field Services — 1.5%
Halliburton Co.		34,500		1,817,460

239

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Paper & Related Products — 0.9%
International Paper Co.		23,660	$	1,103,739
Retail-Apparel/Shoe — 1.1%
PVH Corp.		10,000		1,339,200
Retail-Auto Parts — 1.2%
AutoZone, Inc.†		3,200		1,477,120
Retail-Building Products — 2.2%
Home Depot, Inc.		14,834		1,196,659
Lowe’s Cos., Inc.		30,770		1,460,959
				2,657,618
Retail-Drug Store — 1.3%
CVS Caremark Corp.		23,234		1,555,749
Retail-Major Department Stores — 0.7%
Nordstrom, Inc.		14,055		874,362
Retail-Regional Department Stores — 0.6%
Kohl’s Corp.		13,153		727,098
Semiconductor Components-Integrated Circuits — 1.9%
Analog Devices, Inc.		23,419		1,129,264
Maxim Integrated Products, Inc.		38,510		1,096,765
				2,226,029
Steel-Producers — 1.3%
Nucor Corp.		13,480		688,289
Steel Dynamics, Inc.		48,911		891,158
				1,579,447
Telephone-Integrated — 1.9%
AT&T, Inc.		36,378		1,280,869
Verizon Communications, Inc.		20,000		992,400
				2,273,269

Security Description	Shares/ Principal Amount			Value (Note 2)
Television — 0.8%
CBS Corp., Class B		16,485		$	965,362
Tobacco — 0.9%
Philip Morris International, Inc.		11,852			1,013,820
Tools-Hand Held — 1.1%
Stanley Black & Decker, Inc.		15,838			1,289,055
Total Long-Term Investment Securities
(cost $87,090,771)					117,302,723
REPURCHASE AGREEMENT — 1.1%
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/29/2013, to be repurchased 12/02/2013 in the amount of $1,280,000 and collateralized by $1,440,000 of Federal Home Loan Mtg. Corp. Notes bearing interest at 2.00%, due 01/30/2023 and having an approximate value of $1,309,293 (cost $1,280,000)	$	1,280,000		$	1,280,000
TOTAL INVESTMENTS
(cost $88,370,771)(1)		99.5	%		118,582,723
Other assets less liabilities		0.5			599,688
NET ASSETS		100.0	%	$	119,182,411

† Non-income producing security

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

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks:
Banks — Super Regional	$	7,326,893	$	—	$	—	$	7,326,893
Diversified Banking Institutions		9,181,720		—		—		9,181,720
Diversified Manufacturing Operations		7,768,209		—		—		7,768,209
Medical — Drugs		8,200,511		—		—		8,200,511
Oil Companies-Integrated		7,197,253		—		—		7,197,253
Other Industries*		77,628,137		—		—		77,628,137
Repurchase Agreement		—		1,280,000		—		1,280,000
Total	$	117,302,723	$	1,280,000	$	—	$	118,582,723

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $1,766,316 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

240

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2013 (unaudited)

	ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			BROAD CAP VALUE INCOME FUND		CAPITAL CONSERVATION FUND			CORE EQUITY FUND			DIVIDEND VALUE FUND			DYNAMIC ALLOCATION FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	173,182,499		$	602,286,199		$	47,633,925	$	205,446,837		$	277,274,207		$	629,679,830		$	31,709,924
Investment securities, at value (affiliated)*		–			–			–		–			–			–			148,449,294
Repurchase agreements (cost approximates value)		–			–			–		–			2,445,000			3,676,000			–
Total Investments		173,182,499			602,286,199			47,633,925		205,446,837			279,719,207			633,355,830			180,159,218
Cash		222,718			6,122			623		6,001			3,150			997			1,311,761
Foreign cash*		71,373			–			–		–			–			–			–
Due from broker		–			–			–		–			–			–			921,699
Receivable for:
Fund shares sold		1,051,594			213,097			156,591		80,931			23,616			316,506			1,296,876
Dividends and interest		720,042			375,871			90,909		989,506			453,155			1,979,661			104,297
Investments sold		1,976,116			1,319,156			129,222		4,502,907			803,193			6,350,391			–
Securities lending income		–			4,248			–		887			2,809			–			–
Prepaid expenses and other assets		19,768			7,589			3,847		8,124			11,536			6,813			3,629
Due from investment adviser for expense reimbursements/fee waivers		–			–			9,549		–			37,213			21,208			8,232
Deferred offering costs		–			–			–		–			–			–			21,058
Variation margin on futures contracts		–			–			–		–			–			–			–
Unrealized appreciation on forward foreign currency contracts		–			–			–		–			–			–			–
TOTAL ASSETS		177,244,110			604,212,282			48,024,666		211,035,193			281,053,879			642,031,406			183,826,770
LIABILITIES:
Payable for:
Fund shares reacquired		15,068			36,002			7,905		108,614			29,361			55,022			13,518
Investments purchased		4,397,579			759,378			70,022		4,380,619			1,016,097			6,841,652			1,291,874
Accrued foreign tax on capital gains		–			–			–		–			–			–			–
Investment advisory and management fees		69,820			336,857			26,663		82,070			169,585			374,096			35,764
Administrative service fee		9,073			29,850			2,479		10,641			13,808			33,699			1,728
Transfer agent fees and expenses		358			519			280		554			316			519			98
Directors’ fees and expenses		3,789			5,085			367		3,088			9,588			5,351			507
Other accrued expenses		81,745			61,477			29,213		52,967			47,722			64,351			47,638
Variation margin on futures contracts		–			–			–		–			–			–			10,269
Collateral upon return of securities loaned		–			31,436,590			–		7,247,360			16,435,574			–			–
Due to custodian		–			–			–		–			–			–			–
Due to broker		–			–			–		–			–			–			–
Call and put options written, at value@		–			–			–		–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–		–			–			–			–
TOTAL LIABILITIES		4,577,432			32,665,758			136,929		11,885,913			17,722,051			7,374,690			1,401,396
NET ASSETS	$	172,666,678		$	571,546,524		$	47,887,737	$	199,149,280		$	263,331,828		$	634,656,716		$	182,425,374
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	132,528		$	335,110		$	32,397	$	200,351		$	148,956		$	493,024		$	157,618
Additional paid-in capital		135,752,253			286,485,660			34,228,941		190,852,691			246,824,824			468,685,979			169,211,614
Accumulated undistributed net investment income (loss)		4,541,672			670,149			988,380		7,561,948			4,308,275			19,009,221			(15,087	)
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		14,198,216			50,278,953			201,811		861,385			(52,622,134	)		21,632,394			131,234
Unrealized appreciation (depreciation) on investments		18,046,640			233,776,702			12,436,208		(327,095	)		64,671,907			124,836,460			12,028,565
Unrealized appreciation (depreciation) on futures contracts and written options contracts		–			–			–		–			–			–			911,430
Unrealized foreign exchange gain (loss) on other assets and liabilities		(4,631	)		(50	)		–		–			–			(362	)		–
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–		–			–			–			–
NET ASSETS	$	172,666,678		$	571,546,524		$	47,887,737	$	199,149,280		$	263,331,828		$	634,656,716		$	182,425,374
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		13,252,783			33,510,965			3,239,729		20,035,085			14,895,647			49,302,413			15,761,816
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	13.03		$	17.06		$	14.78	$	9.94		$	17.68		$	12.87		$	11.57
*   Cost
Investment securities (unaffiliated)	$	155,135,859		$	368,509,497		$	35,197,717	$	205,773,932		$	212,602,300		$	504,843,370		$	32,408,184
Investment securities (affiliated)	$	–		$	–		$	–	$	–		$	–		$	–		$	135,722,469
Foreign cash	$	72,464		$	–		$	–	$	–		$	–		$	–		$	–
@ Premiums received on options written	$	–		$	–		$	–	$	–		$	–		$	–		$	–
†   Including securities on loan	$	–		$	32,057,218		$	–	$	7,527,004		$	17,275,654		$	–		$	–

See Notes to Financial Statements

241

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2013 (unaudited) — (continued)

	EMERGING ECONOMIES FUND			FOREIGN VALUE FUND			GLOBAL REAL ESTATE FUND			GLOBAL SOCIAL AWARENESS FUND			GLOBAL STRATEGY FUND			GOVERNMENT SECURITIES FUND			GROWTH FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	685,394,057		$	1,052,773,869		$	370,448,278		$	426,607,092		$	548,174,933		$	151,303,772		$	967,989,206
Investment securities, at value (affiliated)*		–			–			–			–			–			–			–
Repurchase agreements (cost approximates value)		–			–			–			–			–			9,583,000			–
Total Investments		685,394,057			1,052,773,869			370,448,278			426,607,092			548,174,933			160,886,772			967,989,206
Cash		519			46,896			–			5,080			50,876			619			1,334
Foreign cash*		1,757,875			3,150,539			558,070			168,794			4,270,916			–			25,810
Due from broker		–			–			–			–			–			–			–
Receivable for:
Fund shares sold		34,040			44,677			77,901			10,189			8,183			64,294			52,631
Dividends and interest		486,595			2,406,668			946,013			990,930			3,077,422			749,937			1,224,341
Investments sold		193,406			25,064			3,244,358			–			384,360			–			5,550,778
Securities lending income		25,901			16,406			–			1,012			3,050			–			37,296
Prepaid expenses and other assets		6,343			15,318			3,734			11,771			7,557			6,834			16,198
Due from investment adviser for expense reimbursements/fee waivers		–			–			–			–			–			–			12,105
Deferred offering costs		–			–			–			–			–			–			–
Variation margin on futures contracts		–			–			–			–			–			–			–
Unrealized appreciation on forward foreign currency contracts		–			–			–			–			2,058,239			–			–
TOTAL ASSETS		687,898,736			1,058,479,437			375,278,354			427,794,868			558,035,536			161,708,456			974,909,699
LIABILITIES:
Payable for:
Fund shares reacquired		146,884			130,985			25,083			85,681			82,163			76,449			158,817
Investments purchased		6,172,573			311,169			–			–			1,132,712			2,993,163			7,057,731
Accrued foreign tax on capital gains		–			160,804			–			–			57,784			–			–
Investment advisory and management fees		408,228			547,333			230,794			169,453			215,799			64,786			513,496
Administrative service fee		34,498			53,222			20,438			22,068			28,172			8,429			47,414
Transfer agent fees and expenses		477			428			428			498			232			610			309
Directors’ fees and expenses		5,200			11,089			2,459			8,306			5,895			3,462			14,777
Other accrued expenses		278,903			196,501			75,662			71,724			114,117			37,321			97,241
Variation margin on futures contracts		–			–			–			400			–			–			–
Collateral upon return of securities loaned		21,285,185			53,941,750			–			8,735,188			21,540,367			–			63,337,380
Due to custodian		–			–			3,175,485			–			–			–			–
Due to broker		–			–			–			–			–			–			–
Call and put options written, at value@		–			–			–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–			2,358,728			–			–
TOTAL LIABILITIES		28,331,948			55,353,281			3,530,349			9,093,318			25,535,969			3,184,220			71,227,165
NET ASSETS	$	659,566,788		$	1,003,126,156		$	371,748,005		$	418,701,550		$	532,499,567		$	158,524,236		$	903,682,534
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	799,775		$	897,815		$	414,896		$	211,502		$	385,062		$	147,287		$	574,253
Additional paid-in capital		719,099,702			902,422,622			292,690,656			470,985,632			425,100,324			153,367,464			667,167,321
Accumulated undistributed net investment income (loss)		18,500,930			23,517,706			15,689,864			7,827,113			15,378,696			5,187,218			10,711,427
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(125,258,836	)		(92,106,142	)		34,595,171			(118,322,924	)		7,788,506			(679,256	)		39,001,963
Unrealized appreciation (depreciation) on investments		46,432,691			168,537,243			28,366,124			57,899,587			84,154,497			501,523			186,229,496
Unrealized appreciation (depreciation) on futures contracts and written options contracts		–			–			–			107,330			–			–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		(7,474	)		17,716			(8,706	)		(6,690	)		(249,734	)		–			(1,926	)
Accrued capital gains tax on unrealized appreciation (depreciation)		–			(160,804	)		–			–			(57,784	)		–			–
NET ASSETS	$	659,566,788		$	1,003,126,156		$	371,748,005		$	418,701,550		$	532,499,567		$	158,524,236		$	903,682,534
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		79,977,459			89,781,498			41,489,596			21,150,180			38,506,154			14,728,698			57,425,305
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	8.25		$	11.17		$	8.96		$	19.80		$	13.83		$	10.76		$	15.74
*   Cost
Investment securities (unaffiliated)	$	638,961,366		$	884,236,626		$	342,082,154		$	368,707,505		$	464,020,436		$	150,802,249		$	781,759,710
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–		$	–		$	–
Foreign cash	$	1,758,658		$	3,155,155		$	561,207		$	171,025		$	4,233,808		$	–		$	25,997
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–		$	–		$	–
†  Including securities on loan	$	22,374,748		$	51,537,330		$	–		$	8,688,682		$	22,580,902		$	–		$	65,252,422

See Notes to Financial Statements

242

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2013 (unaudited) — (continued)

	GROWTH & INCOME FUND			HEALTH SCIENCES FUND			INFLATION PROTECTED FUND			INTERNATIONAL EQUITIES FUND			INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH FUND			LARGE CAP CORE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	111,803,480		$	525,144,227		$	434,568,147		$	1,116,746,242		$	169,030,446		$	644,903,373		$	174,416,908
Investment securities, at value (affiliated)*		–			–			–			–			–			–			–
Repurchase agreements (cost approximates value)		–			–			–			–			–			–			2,702,000
Total Investments		111,803,480			525,144,227			434,568,147			1,116,746,242			169,030,446			644,903,373			177,118,908
Cash		56,008			629,916			1,888,302			220,904			260			1,445,353			911
Foreign cash*		–			364,006			234,338			1,596,954			863,743			342,130			–
Due from broker		–			–			–			–			–			–			–
Receivable for:
Fund shares sold		36,600			54,797			70,539			273,979			11,923			144,659			64,710
Dividends and interest		217,462			181,782			2,195,992			3,339,237			1,956,831			955,129			286,289
Investments sold		303,509			5,422,302			623,636			143,759			3,624,442			6,848,261			130,931
Securities lending income		830			–			–			42,503			–			12,754			1,238
Prepaid expenses and other assets		4,445			7,047			4,531			30,307			6,390			13,462			6,386
Due from investment adviser for expense reimbursements/fee waivers		10,403			–			–			–			–			43,211			–
Deferred offering costs		–			–			–			–			–			–			–
Variation margin on futures contracts		–			–			–			2,500			–			–			–
Unrealized appreciation on forward foreign currency contracts		–			–			–			–			–			–			–
TOTAL ASSETS		112,432,737			531,804,077			439,585,485			1,122,396,385			175,494,035			654,708,332			177,609,373
LIABILITIES:
Payable for:
Fund shares reacquired		33,480			130,192			28,955			119,357			25,155			2,096,931			11,677
Investments purchased		357,956			6,866,079			2,401,459			338,598			3,434,905			6,433,984			251,077
Accrued foreign tax on capital gains		–			122,079			–			23,147			–			55,184			–
Investment advisory and management fees		64,880			411,887			172,613			262,888			70,120			457,825			97,146
Administrative service fee		5,625			26,789			23,418			57,782			9,100			32,597			9,018
Transfer agent fees and expenses		336			534			421			2,403			365			428			280
Directors’ fees and expenses		3,118			4,407			3,332			14,242			3,805			11,355			1,524
Other accrued expenses		36,082			57,893			60,077			337,563			53,400			165,637			31,906
Variation margin on futures contracts		425			–			–			65,982			–			–			–
Collateral upon return of securities loaned		4,735,624			–			–			39,502,304			–			27,851,193			6,018,450
Due to custodian		–			–			–			–			–			–			–
Due to broker		–			–			–			24			–			–			–
Call and put options written, at value@		–			292,740			–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–			–			–			–
TOTAL LIABILITIES		5,237,526			7,912,600			2,690,275			40,724,290			3,596,850			37,105,134			6,421,078
NET ASSETS	$	107,195,211		$	523,891,477		$	436,895,210		$	1,081,672,095		$	171,897,185		$	617,603,198		$	171,188,295
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	64,569		$	260,790		$	391,296		$	1,495,320		$	143,418		$	447,067		$	118,037
Additional paid-in capital		101,994,326			271,109,440			410,325,464			1,105,929,761			170,719,387			499,197,880			103,373,163
Accumulated undistributed net investment income (loss)		1,447,913			(3,015,276	)		12,718,466			34,053,034			5,923,482			9,898,425			2,473,612
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(3,741,666	)		62,569,774			2,694,204			(219,659,331	)		162,525			(26,722,157	)		25,650,594
Unrealized appreciation (depreciation) on investments		7,421,341			192,177,774			10,778,354			159,986,125			(5,043,812	)		134,850,643			39,572,889
Unrealized appreciation (depreciation) on futures contracts and written options contracts		8,728			905,127			–			(59,847	)		–			–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		–			(994	)		(12,574	)		(49,820	)		(7,815	)		5,657			–
Accrued capital gains tax on unrealized appreciation (depreciation)		–			(115,158	)		–			(23,147	)		–			(74,317	)		–
NET ASSETS	$	107,195,211		$	523,891,477		$	436,895,210		$	1,081,672,095		$	171,897,185		$	617,603,198		$	171,188,295
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		6,456,919			26,079,006			39,129,553			149,531,956			14,341,791			44,706,712			11,803,711
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	16.60		$	20.09		$	11.17		$	7.23		$	11.99		$	13.81		$	14.50
*   Cost
Investment securities (unaffiliated)	$	104,382,139		$	332,966,453		$	423,789,793		$	956,760,117		$	174,074,258		$	510,052,730		$	134,844,019
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–		$	–		$	–
Foreign cash	$	–		$	364,145		$	237,737		$	1,624,414		$	874,506		$	344,196		$	–
@ Premiums received on options written	$	–		$	1,197,867		$	–		$	–		$	–		$	–		$	–
†  Including securities on loan	$	4,713,892		$	–		$	–		$	39,162,054		$	–		$	26,735,490		$	7,341,863

See Notes to Financial Statements

243

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2013 (unaudited) — (continued)

	LARGE CAPITAL GROWTH FUND		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
ASSETS:
Investment securities, at value (unaffiliated)*†	$	413,551,935	$	3,383,001,875	$	330,434,970	$	369,902,557		$	239,023,909	$	943,324,110		$	113,113,616
Investment securities, at value (affiliated)*		–		–		–		–			–		–			–
Repurchase agreements (cost approximates value)		–		10,687,000		–		7,547,000			3,129,000		8,023,000			1,576,000
Total Investments		413,551,935		3,393,688,875		330,434,970		377,449,557			242,152,909		951,347,110			114,689,616
Cash		1,033		2,308		1,355		163			1,000		39,374			862
Foreign cash*		33		–		–		–			–		1,229,284			–
Due from broker		–		–		–		–			–		–			–
Receivable for:
Fund shares sold		2,413		97,273		2,348		89,653			36,330		5,698			64,154
Dividends and interest		503,338		3,504,340		176,213		158,729			408,342		766,672			1,285
Investments sold		–		1,636,930		2,615,990		–			–		6,819,791			754,942
Securities lending income		2,387		126,409		9,074		–			5,055		56,464			19,211
Prepaid expenses and other assets		8,147		61,345		6,925		17,581			3,681		38,688			2,206
Due from investment adviser for expense reimbursements/fee waivers		–		–		–		117,481			21,658		–			9,483
Deferred offering costs		–		–		–		–			–		–			–
Variation margin on futures contracts		–		–		–		–			27,740		–			–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–			–		–			–
TOTAL ASSETS		414,069,286		3,399,117,480		333,246,875		377,833,164			242,656,715		960,303,081			115,541,759
LIABILITIES:
Payable for:
Fund shares reacquired		324,556		367,069		54,605		130,089			17,260		352,632			7,374
Investments purchased		–		6,272,088		1,821,524		–			–		16,104,799			468,266
Accrued foreign tax on capital gains		–		–		–		–			–		–			–
Investment advisory and management fees		207,177		668,673		164,384		125,328			74,830		622,480			74,259
Administrative service fee		21,035		163,777		15,401		20,323			12,164		45,987			5,677
Transfer agent fees and expenses		281		2,930		421		3,001			2,305		2,192			232
Directors’ fees and expenses		5,325		46,285		3,579		11,807			2,330		23,498			929
Other accrued expenses		34,348		219,070		48,426		83,902			45,959		124,343			32,950
Variation margin on futures contracts		–		188,340		–		–			–		–			–
Collateral upon return of securities loaned		16,797,488		309,388,283		40,060,047		–			8,272,875		63,996,576			7,568,058
Due to custodian		–		–		–		–			–		–			–
Due to broker		–		–		–		–			–		–			–
Call and put options written, at value@		–		–		–		–			–		–			–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–			–		–			–
TOTAL LIABILITIES		17,390,210		317,316,515		42,168,387		374,450			8,427,723		81,272,507			8,157,745
NET ASSETS	$	396,679,076	$	3,081,800,965	$	291,078,488	$	377,458,714		$	234,228,992	$	879,030,574		$	107,384,014
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	280,021	$	1,138,394	$	180,604	$	3,780,965		$	285,257	$	385,199		$	66,552
Additional paid-in capital		276,104,770		1,961,668,551		201,110,319		374,314,393			130,971,200		723,196,709			63,032,261
Accumulated undistributed net investment income (loss)		2,869,118		52,037,491		1,501,338		1,129			3,062,942		952,923			(584,832	)
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		90,611,737		165,193,113		16,032,064		(637,773	)		1,172,477		(21,165,268	)		23,078,001
Unrealized appreciation (depreciation) on investments		26,813,233		901,264,694		72,254,163		–			98,463,331		175,668,882			21,792,032
Unrealized appreciation (depreciation) on futures contracts and written options contracts		–		498,722		–		–			273,785		–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		197		–		–		–			–		(7,871	)		–
Accrued capital gains tax on unrealized appreciation (depreciation)		–		–		–		–			–		–			–
NET ASSETS	$	396,679,076	$	3,081,800,965	$	291,078,488	$	377,458,714		$	234,228,992	$	879,030,574		$	107,384,014
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		28,002,094		113,839,392		18,060,406		378,096,498			28,525,741		38,519,859			6,655,238
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	14.17	$	27.07	$	16.12	$	1.00		$	8.21	$	22.82		$	16.14
*   Cost
Investment securities (unaffiliated)	$	386,738,702	$	2,481,737,181	$	258,180,807	$	369,902,557		$	140,560,578	$	767,655,228		$	91,321,584
Investment securities (affiliated)	$	–	$	–	$	–	$	–		$	–	$	–		$	–
Foreign cash	$	33	$	–	$	–	$	–		$	–	$	1,236,584		$	–
@ Premiums received on options written	$	–	$	–	$	–	$	–		$	–	$	–		$	–
†  Including securities on loan	$	16,866,246	$	306,303,160	$	40,204,007	$	–		$	8,336,168	$	63,573,095		$	7,508,160

See Notes to Financial Statements

244

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2013 (unaudited) — (continued)

	SMALL CAP FUND			SMALL CAP INDEX FUND			SMALL CAP SPECIAL VALUES FUND			SMALL-MID GROWTH FUND			STOCK INDEX FUND		VALUE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	433,542,508		$	1,228,001,650		$	285,484,709		$	139,862,385		$	4,502,245,025	$	117,302,723
Investment securities, at value (affiliated)*		–			–			–			–			19,497,025		–
Repurchase agreements (cost approximates value)		–			11,449,000			–			–			10,025,000		1,280,000
Total Investments		433,542,508			1,239,450,650			285,484,709			139,862,385			4,531,767,050		118,582,723
Cash		255,958			17,216			1,247			–			795		7,566
Foreign cash*		1,541			–			–			–			–		–
Due from broker		–			–			–			–			–		–
Receivable for:
Fund shares sold		161,226			14,095			2,531			5,244			3,475,197		72,025
Dividends and interest		255,909			1,008,591			227,692			43,673			9,170,249		273,662
Investments sold		192,916			636,602			416,020			364,081			4,441,946		351,117
Securities lending income		9,844			176,171			6,513			6,502			28,904		–
Prepaid expenses and other assets		14,184			19,560			4,647			2,740			169,650		3,517
Due from investment adviser for expense reimbursements/fee waivers		39,737			–			–			12,980			–		16,929
Deferred offering costs		–			–			–			–			–		–
Variation margin on futures contracts		–			33,720			–			–			–		–
Unrealized appreciation on forward foreign currency contracts		–			–			–			–			–		–
TOTAL ASSETS		434,473,823			1,241,356,605			286,143,359			140,297,605			4,549,053,791		119,307,539
LIABILITIES:
Payable for:
Fund shares reacquired		20,384			179,687			50,152			8,197			410,801		11,128
Investments purchased		1,179,970			149,087			460,608			697,369			2,970,485		–
Accrued foreign tax on capital gains		–			–			–			–			–		–
Investment advisory and management fees		270,882			263,361			152,066			85,748			867,627		75,743
Administrative service fee		19,915			57,747			13,177			6,551			228,592		6,310
Transfer agent fees and expenses		316			2,470			378			232			3,168		428
Directors’ fees and expenses		10,706			16,385			2,954			1,422			90,482		2,169
Other accrued expenses		74,535			132,182			47,442			30,123			252,419		29,350
Variation margin on futures contracts		–			–			–			–			8,930		–
Collateral upon return of securities loaned		51,691,305			124,974,628			32,973,687			14,681,748			195,620,256		–
Due to custodian		–			–			–			37,943			–		–
Due to broker		–			–			–			–			–		–
Call and put options written, at value@		–			–			–			–			–		–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–			–		–
TOTAL LIABILITIES		53,268,013			125,775,547			33,700,464			15,549,333			200,452,760		125,128
NET ASSETS	$	381,205,810		$	1,115,581,058		$	252,442,895		$	124,748,272		$	4,348,601,031	$	119,182,411
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	241,681		$	526,561		$	188,092		$	84,392		$	1,294,623	$	88,107
Additional paid-in capital		217,032,342			723,066,939			203,160,409			85,329,067			2,384,593,914		136,609,549
Accumulated undistributed net investment income (loss)		834,600			20,116,408			2,730,518			(503,614	)		107,331,205		2,715,673
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		38,153,710			60,776,872			(7,287,640	)		27,659,425			83,065,506		(50,443,294	)
Unrealized appreciation (depreciation) on investments		124,943,490			309,432,402			53,651,516			12,179,025			1,768,829,072		30,211,952
Unrealized appreciation (depreciation) on futures contracts and written options contracts		–			1,661,887			–			–			3,486,711		–
Unrealized foreign exchange gain (loss) on other assets and liabilities		(13	)		(11	)		–			(23	)		–		424
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–		–
NET ASSETS	$	381,205,810		$	1,115,581,058		$	252,442,895		$	124,748,272		$	4,348,601,031	$	119,182,411
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
Outstanding		24,168,090			52,656,121			18,809,205			8,439,153			129,462,270		8,810,650
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	15.77		$	21.19		$	13.42		$	14.78		$	33.59	$	13.53
*   Cost
Investment securities (unaffiliated)	$	308,599,018		$	918,569,248		$	231,833,193		$	127,683,360		$	2,729,949,692	$	87,090,771
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	22,963,286	$	–
Foreign cash	$	1,554		$	–		$	–		$	–		$	–	$	–
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–	$	–
†  Including securities on loan	$	52,332,603		$	124,777,466		$	32,653,677		$	14,325,614		$	222,547,187	$	–

See Notes to Financial Statements

245

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2013 (unaudited)

	ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			BROAD CAP VALUE INCOME FUND			CAPITAL CONSERVATION FUND			CORE EQUITY FUND			DIVIDEND VALUE FUND			DYNAMIC ALLOCATION FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	1,111,586		$	1,954,933		$	515,215		$	15,960		$	2,179,880		$	9,103,754		$	–
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		–			26,702			–			6,065			17,699			–			–
Interest (unaffiliated)		1,005,444			500			79			2,669,356			84			398			210,648
Total investment income*		2,117,030			1,982,135			515,294			2,691,381			2,197,663			9,104,152			210,648
EXPENSES:
Investment advisory and management fees		412,819			1,923,560			155,149			541,820			991,590			2,181,176			170,855
Administrative service fee		57,093			180,691			15,327			75,006			85,743			208,265			8,850
Transfer agent fees and expenses		769			1,475			764			1,423			713			1,475			326
Custodian fees		81,782			31,108			11,756			30,002			31,170			29,181			8,560
Reports to shareholders		9,067			27,441			2,283			12,416			13,427			32,383			5,104
Audit and tax fees		18,994			14,840			14,817			20,507			14,882			14,781			14,834
Legal fees		4,972			7,853			3,801			5,649			5,644			8,472			25,612
Directors’ fees and expenses		3,759			11,408			1,012			5,214			5,545			13,274			3,029
Interest expense		–			–			176			19			–			35			–
Other expenses		8,066			11,443			6,923			6,802			8,569			12,048			6,031
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		597,321			2,209,819			212,008			698,858			1,157,283			2,501,090			243,201
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			–			(23,613	)		–			(165,240	)		(31,016	)		(24,628	)
Fees paid indirectly (Note 7)		(50	)		(3,252	)		(3,121	)		–			(1,941	)		–			–
Net expenses		597,271			2,206,567			185,274			698,858			990,102			2,470,074			218,573
Net investment income (loss)		1,519,759			(224,432	)		330,020			1,992,523			1,207,561			6,634,078			(7,925	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		5,542,411			28,690,971			1,710,147			(1,721,020	)		11,087,383			48,330,916			(121,982	)
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			396,322
Net realized gain (loss) on futures contracts and written options contracts		(989,155	)		–			–			–			–			–			(717,706	)
Net realized foreign exchange gain (loss) on other assets and liabilities		139,140			(4,329	)		–			–			428			13,024			–
Net realized gain (loss) on investments and foreign currencies		4,692,396			28,686,642			1,710,147			(1,721,020	)		11,087,811			48,343,940			(443,366	)
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		4,199,960			68,848,480			3,564,923			(2,289,382	)		18,987,092			6,261,970			(435,829	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			10,347,392
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		477,120			–			–			–			–			–			892,346
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(4,948	)		(26	)		–			–			–			291			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		4,672,132			68,848,454			3,564,923			(2,289,382	)		18,987,092			6,262,261			10,803,909
Net realized and unrealized gain (loss) on investments and foreign currencies		9,364,528			97,535,096			5,275,070			(4,010,402	)		30,074,903			54,606,201			10,360,543
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	10,884,287		$	97,310,664		$	5,605,090		$	(2,017,879	)	$	31,282,464		$	61,240,279		$	10,352,618
*   Net of foreign withholding taxes on interest and dividends of	$	12,863		$	170		$	16		$	(248	)	$	14,247		$	66,489		$	–
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–			–

See Notes to Financial Statements

246

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2013 (unaudited) — (continued)

	EMERGING ECONOMIES FUND			FOREIGN VALUE FUND			GLOBAL REAL ESTATE FUND			GLOBAL SOCIAL AWARENESS FUND			GLOBAL STRATEGY FUND			GOVERNMENT SECURITIES FUND			GROWTH FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	12,288,222		$	8,544,807		$	7,233,066		$	3,228,979		$	3,087,531		$	–		$	6,352,057
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		89,902			350,903			–			7,831			55,533			1,297			136,178
Interest (unaffiliated)		2,085			1,955			261			1,213			3,455,581			2,018,024			616
Total investment income*		12,380,209			8,897,665			7,233,327			3,238,023			6,598,645			2,019,321			6,488,851
EXPENSES:
Investment advisory and management fees		2,545,511			3,184,062			1,401,124			855,949			1,213,918			349,616			2,988,803
Administrative service fee		229,718			328,765			132,231			118,177			167,959			48,306			292,890
Transfer agent fees and expenses		1,419			1,255			1,255			1,152			602			1,694			874
Custodian fees		375,474			213,248			68,788			61,502			120,442			16,065			65,426
Reports to shareholders		39,360			50,979			22,637			17,085			25,970			8,254			45,475
Audit and tax fees		18,760			19,050			15,209			15,411			19,990			17,488			15,072
Legal fees		13,940			11,685			7,077			6,217			7,749			4,816			11,111
Directors’ fees and expenses		15,839			21,081			9,048			7,025			10,713			3,116			18,972
Interest expense		587			–			–			–			–			1,033			65
Other expenses		13,810			15,506			10,809			17,743			12,476			5,704			16,336
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		3,254,418			3,845,631			1,668,178			1,100,261			1,579,819			456,092			3,455,024
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			–			–			–			–			–			(23,536	)
Fees paid indirectly (Note 7)		–			(3,519	)		(1,559	)		(2,773	)		(2,224	)		–			–
Net expenses		3,254,418			3,842,112			1,666,619			1,097,488			1,577,595			456,092			3,431,488
Net investment income (loss)		9,125,791			5,055,553			5,566,708			2,140,535			5,021,050			1,563,229			3,057,363
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		(106,347	)		1,118,389			11,539,450			20,345,557			13,738,100			(939,938	)		52,004,759
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		(1,581,895	)		–			–			465,986			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(124,226	)		(79,447	)		5,289			(24,918	)		2,575,710			–			(2,507	)
Net realized gain (loss) on investments and foreign currencies		(1,812,468	)		1,038,942			11,544,739			20,786,625			16,313,810			(939,938	)		52,002,252
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		5,173,235			138,057,952			(16,429,798	)		23,394,999			27,124,165			(2,767,554	)		49,265,919
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		–			–			–			150,541			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		14,043			118,323			8,400			40,024			(4,922,170	)		–			2,384
Change in accrued capital gains tax on unrealized appreciation (depreciation)		541,293			(160,804	)		–			–			27,011			–			744
Net unrealized gain (loss) on investments and foreign currencies		5,728,571			138,015,471			(16,421,398	)		23,585,564			22,229,006			(2,767,554	)		49,269,047
Net realized and unrealized gain (loss) on investments and foreign currencies		3,916,103			139,054,413			(4,876,659	)		44,372,189			38,542,816			(3,707,492	)		101,271,299
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	13,041,894		$	144,109,966		$	690,049		$	46,512,724		$	43,563,866		$	(2,144,263	)	$	104,328,662
*   Net of foreign withholding taxes on interest and dividends of	$	1,720,130		$	714,618		$	237,529		$	87,766		$	186,783		$	–		$	11,597
** Net of foreign withholding taxes on capital gains of	$	103,238		$	–		$	–		$	–		$	4,146		$	–		$	–

See Notes to Financial Statements

247

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2013 (unaudited) — (continued)

	GROWTH & INCOME FUND			HEALTH SCIENCES FUND			INFLATION PROTECTED FUND			INTERNATIONAL EQUITIES FUND			INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH FUND			LARGE CAP CORE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	985,092		$	1,125,897		$	398,678		$	11,738,173		$	–		$	4,190,870		$	1,540,768
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		4,649			–			–			261,556			–			85,541			6,195
Interest (unaffiliated)		68			5,445			5,076,931			4,202			3,004,767			1,236			26
Total investment income*		989,809			1,131,342			5,475,609			12,003,931			3,004,767			4,277,647			1,546,989
EXPENSES:
Investment advisory and management fees		373,194			2,298,361			1,046,529			1,550,560			435,675			2,773,817			575,679
Administrative service fee		34,400			158,842			151,210			360,040			60,278			210,381			56,871
Transfer agent fees and expenses		1,036			1,100			1,147			4,355			876			1,255			764
Custodian fees		19,807			40,499			30,967			463,815			23,496			202,226			13,172
Reports to shareholders		5,723			23,478			24,562			56,766			10,101			34,448			8,849
Audit and tax fees		14,847			14,531			18,346			25,145			19,408			19,228			14,886
Legal fees		4,297			10,970			7,705			16,042			5,267			12,296			4,849
Directors’ fees and expenses		2,180			10,101			10,170			23,295			4,192			14,021			3,666
Interest expense		–			–			–			1,292			30			3,448			6
Other expenses		9,115			13,427			7,923			36,466			7,122			15,025			9,191
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		464,599			2,571,309			1,298,559			2,537,776			566,445			3,286,145			687,933
Fees waived and expenses reimbursed by investment adviser (Note 3)		(41,646	)		–			–			–			–			(213,600	)		–
Fees paid indirectly (Note 7)		–			(3,918	)		–			–			–			(1,041	)		(6,690	)
Net expenses		422,953			2,567,391			1,298,559			2,537,776			566,445			3,071,504			681,243
Net investment income (loss)		566,856			(1,436,049	)		4,177,050			9,466,155			2,438,322			1,206,143			865,746
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		10,672,011			43,933,266			488,710			21,776,048			(1,066,708	)		27,540,170			14,247,481
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		26,840			168,803			–			1,428,586			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			11,261			(51,677	)		(570,828	)		(71,910	)		(137,212	)		(2	)
Net realized gain (loss) on investments and foreign currencies		10,698,851			44,113,330			437,033			22,633,806			(1,138,618	)		27,402,958			14,247,479
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		483,439			47,481,371			(18,871,504	)		84,650,220			(3,507,104	)		39,183,894			4,822,922
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		8,728			689,184			–			65,808			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			2,573			10,023			121,664			46,314			72,985			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			10,385			–			89,718			–			14,663			–
Net unrealized gain (loss) on investments and foreign currencies		492,167			48,183,513			(18,861,481	)		84,927,410			(3,460,790	)		39,271,542			4,822,922
Net realized and unrealized gain (loss) on investments and foreign currencies		11,191,018			92,296,843			(18,424,448	)		107,561,216			(4,599,408	)		66,674,500			19,070,401
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	11,757,874		$	90,860,794		$	(14,247,398	)	$	117,027,371		$	(2,161,086	)	$	67,880,643		$	19,936,147
*   Net of foreign withholding taxes on interest and dividends of	$	–		$	5,307		$	274		$	789,603		$	(781	)	$	270,143		$	5,659
** Net of foreign withholding taxes on capital gains of	$	–		$	23,471		$	–		$	56,108		$	–		$	49,780		$	–

See Notes to Financial Statements

248

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2013 (unaudited) — (continued)

	LARGE CAPITAL GROWTH FUND			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
INVESTMENT INCOME:
Dividends (unaffiliated)	$	2,209,421		$	21,859,882		$	906,375		$	–		$	1,649,064		$	3,644,217		$	84,260
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		14,860			715,412			60,606			–			19,155			166,843			46,751
Interest (unaffiliated)		314			5,236			385			338,756			300			5,255			51
Total investment income*		2,224,595			22,580,530			967,366			338,756			1,668,519			3,816,315			131,062
EXPENSES:
Investment advisory and management fees		1,211,075			3,974,498			951,474			770,482			424,818			3,606,312			408,467
Administrative service fee		130,837			1,031,362			94,522			133,225			73,411			283,084			33,200
Transfer agent fees and expenses		766			5,348			1,148			5,244			4,029			4,078			602
Custodian fees		32,883			105,379			30,589			16,112			11,605			76,291			17,897
Reports to shareholders		20,415			161,003			14,844			20,514			11,194			43,225			4,535
Audit and tax fees		14,837			14,864			14,980			17,488			14,851			14,547			14,821
Legal fees		6,829			30,182			5,797			7,162			5,250			10,438			4,193
Directors’ fees and expenses		8,485			66,847			5,991			8,718			4,651			17,812			2,014
Interest expense		80			–			–			–			–			126			–
Other expenses		12,901			52,301			9,485			7,466			49,211			20,324			7,359
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		1,439,108			5,441,784			1,128,830			986,411			599,020			4,076,237			493,088
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			–			–			(666,948	)		(36,136	)		–			(17,344	)
Fees paid indirectly (Note 7)		(6,958	)		–			(8,051	)		–			–			(31,047	)		–
Net expenses		1,432,150			5,441,784			1,120,779			319,463			562,884			4,045,190			475,744
Net investment income (loss)		792,445			17,138,746			(153,413	)		19,293			1,105,635			(228,875	)		(344,682	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		65,596,642			65,250,803			14,915,358			4,574			2,265,659			67,436,825			13,675,809
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		–			6,579,259			–			–			1,020,256			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		27,896			–			(2,091	)		–			–			1,931			–
Net realized gain (loss) on investments and foreign currencies		65,624,538			71,830,062			14,913,267			4,574			3,285,915			67,438,756			13,675,809
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(17,798,418	)		219,126,655			20,767,154			–			30,579,082			74,777,089			5,606,656
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		–			(2,382,411	)		–			–			58,405			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(1,586	)		–			1,316			–			–			(1,868	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(17,800,004	)		216,744,244			20,768,470			–			30,637,487			74,775,221			5,606,656
Net realized and unrealized gain (loss) on investments and foreign currencies		47,824,534			288,574,306			35,681,737			4,574			33,923,402			142,213,977			19,282,465
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	48,616,979		$	305,713,052		$	35,528,324		$	23,867		$	35,029,037		$	141,985,102		$	18,937,783
*   Net of foreign withholding taxes on interest and dividends of	$	21,851		$	–		$	19,367		$	–		$	6,527		$	86,833		$	–
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

249

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2013 (unaudited) — (continued)

	SMALL CAP FUND			SMALL CAP INDEX FUND			SMALL CAP SPECIAL VALUES FUND			SMALL-MID GROWTH FUND			STOCK INDEX FUND			VALUE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	1,710,092		$	7,548,292		$	2,124,259		$	207,835		$	42,980,666		$	1,292,575
Dividends (affiliated)		–			–			–			–			–			–
Securities lending income		73,418			1,088,455			65,142			18,985			166,255			–
Interest (unaffiliated)		1,229			2,074			451			48			5,336			25
Total investment income*		1,784,739			8,638,821			2,189,852			226,868			43,152,257			1,292,600
EXPENSES:
Investment advisory and management fees		1,609,309			1,547,490			884,876			500,066			5,089,149			447,624
Administrative service fee		125,822			358,619			81,573			40,671			1,412,701			39,684
Transfer agent fees and expenses		713			4,751			1,093			602			6,057			1,255
Custodian fees		60,000			86,513			30,819			22,652			145,067			9,830
Reports to shareholders		19,426			54,145			12,270			10,746			218,850			6,118
Audit and tax fees		14,756			14,536			14,763			14,715			14,920			14,888
Legal fees		6,607			12,050			5,480			10,005			41,804			4,429
Directors’ fees and expenses		8,089			22,652			5,196			2,565			91,175			2,551
Interest expense		175			–			10			–			157			–
Other expenses		17,945			13,211			10,856			6,582			66,869			7,942
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		1,862,842			2,113,967			1,046,936			608,604			7,086,749			534,321
Fees waived and expenses reimbursed by investment adviser (Note 3)		(170,639	)		–			–			(20,291	)		–			(46,526	)
Fees paid indirectly (Note 7)		(4,943	)		–			(877	)		(976	)		–			(120	)
Net expenses		1,687,260			2,113,967			1,046,059			587,337			7,086,749			487,675
Net investment income (loss)		97,479			6,524,854			1,143,793			(360,469	)		36,065,508			804,925
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		22,392,253			37,237,152			17,540,445			24,025,564			63,175,662			800,440
Net realized gain (loss) on investments (affiliated)		–			–			–			–			(10,447,310	)		–
Net realized gain (loss) on futures contracts and written options contracts		–			3,856,446			–			–			3,318,625			–
Net realized foreign exchange gain (loss) on other assets and liabilities		95			284			–			–			–			(26	)
Net realized gain (loss) on investments and foreign currencies		22,392,348			41,093,882			17,540,445			24,025,564			56,046,977			800,414
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		35,387,186			114,679,197			21,769,010			(5,617,565	)		350,425,972			8,442,371
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			12,538,092			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		–			377,727			–			–			2,329,389			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(13	)		(18	)		–			(23	)		–			583
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		35,387,173			115,056,906			21,769,010			(5,617,588	)		365,293,453			8,442,954
Net realized and unrealized gain (loss) on investments and foreign currencies		57,779,521			156,150,788			39,309,455			18,407,976			421,340,430			9,243,368
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	57,877,000		$	162,675,642		$	40,453,248		$	18,047,507		$	457,405,938		$	10,048,293
*   Net of foreign withholding taxes on interest and dividends of	$	746		$	4,536		$	1,613		$	2,487		$	6,663		$	5,042
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

250

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS

	ASSET ALLOCATION FUND						BLUE CHIP GROWTH FUND						BROAD CAP VALUE INCOME FUND					CAPITAL CONSERVATION FUND
	For the Six Months Ended November 30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November 30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November 30, 2013 (Unaudited)		For the Year Ended May 31, 2013			For the Six Months Ended November 30, 2013 (Unaudited)			For the Year Ended May 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,519,759		$	2,800,764		$	(224,432	)	$	948,231		$	330,020	$	658,450		$	1,992,523		$	4,036,777
Net realized gain (loss) on investments and foreign currencies		4,692,396			10,398,535			28,686,642			38,177,384			1,710,147		1,473,982			(1,721,020	)		5,814,565
Net unrealized gain (loss) on investments and foreign currencies		4,672,132			8,472,957			68,848,454			51,009,724			3,564,923		7,080,789			(2,289,382	)		(6,586,307	)
Net increase (decrease) in net assets resulting from operations		10,884,287			21,672,256			97,310,664			90,135,339			5,605,090		9,213,221			(2,017,879	)		3,265,035
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(3,231,904	)		–			(224,987	)		–		(209,946	)		–			(5,162,897	)
Net realized gain on securities		–			(651,012	)		–			–			–		–			–			–
Total distributions to shareholders		–			(3,882,916	)		–			(224,987	)		–		(209,946	)		–			(5,162,897	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(2,005,687	)		1,144,350			(20,989,850	)		669,780			381,544		4,422,227			(28,851,111	)		(1,073,543	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		8,878,600			18,933,690			76,320,814			90,580,132			5,986,634		13,425,502			(30,868,990	)		(2,971,405	)
NET ASSETS:
Beginning of period		163,788,078			144,854,388			495,225,710			404,645,578			41,901,103		28,475,601			230,018,270			232,989,675
End of period†	$	172,666,678		$	163,788,078		$	571,546,524		$	495,225,710		$	47,887,737	$	41,901,103		$	199,149,280		$	230,018,270
†   Includes accumulated undistributed net investment income (loss)	$	4,541,672		$	3,021,913		$	670,149		$	894,581		$	988,380	$	658,360		$	7,561,948		$	5,569,425

See Notes to Financial Statements

251

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	CORE EQUITY FUND						DIVIDEND VALUE FUND					DYNAMIC ALLOCATION FUND						EMERGING ECONOMIESFUND
	For the Six Months Ended November 30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November 30, 2013 (Unaudited)		For the Year Ended May 31, 2013			For the Six Months Ended November 30, 2013 (Unaudited)			For the Period Ended December 19,2012# - May 31,2013			For the Six Months Ended November 30, 2013 (Unaudited)			For the Year Ended May 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,207,561		$	3,117,416		$	6,634,078	$	12,392,478		$	(7,925	)	$	(7,830	)	$	9,125,791		$	10,805,815
Net realized gain (loss) on investments and foreign currencies		11,087,811			13,851,336			48,343,940		10,133,966			(443,366	)		574,789			(1,812,468	)		1,867,115
Net unrealized gain (loss) on investments and foreign currencies		18,987,092			40,945,387			6,262,261		87,263,946			10,803,909			2,136,086			5,728,571			66,716,593
Net increase (decrease) in net assets resulting from operations		31,282,464			57,914,139			61,240,279		109,790,390			10,352,618			2,703,045			13,041,894			79,389,523
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(3,330,758	)		–		(7,071,676	)		–			–			–			(4,045,089	)
Net realized gain on securities		–			–			–		–						–			–			–
Total distributions to shareholders		–			(3,330,758	)		–		(7,071,676	)		–			–			–			(4,045,089	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(10,317,873	)		(23,205,206	)		5,917,136		118,348,241			85,168,951			84,200,760			(51,954,820	)		121,818,078
TOTAL INCREASE (DECREASE) IN NET ASSETS		20,964,591			31,378,175			67,157,415		221,066,955			95,521,569			86,903,805			(38,912,926	)		197,162,512
NET ASSETS:
Beginning of period		242,367,237			210,989,062			567,499,301		346,432,346			86,903,805			–			698,479,714			501,317,202
End of period†	$	263,331,828		$	242,367,237		$	634,656,716	$	567,499,301		$	182,425,374		$	86,903,805		$	659,566,788		$	698,479,714
† Includes accumulated undistributed net investment income (loss)	$	4,308,275		$	3,100,714		$	19,009,221	$	12,375,143		$	(15,087	)	$	(7,162	)	$	18,500,930		$	9,375,139

# Commencement of operations

See Notes to Financial Statements

252

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	FOREIGN VALUE FUND						GLOBAL REAL ESTATE FUND						GLOBAL SOCIAL AWARENESS FUND					GLOBAL STRATEGY FUND
	For the Six Months Ended November 30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November 30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November 30, 2013 (Unaudited)		For the Year Ended May 31, 2013			For the Six Months Ended November 30, 2013 (Unaudited)		For the Year Ended May 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	5,055,553		$	19,917,745		$	5,566,708		$	6,441,100		$	2,140,535	$	5,791,683		$	5,021,050	$	12,986,856
Net realized gain (loss) on investments and foreign currencies		1,038,942			(379,496	)		11,544,739			33,641,391			20,786,625		17,929,647			16,313,810		6,912,109
Net unrealized gain (loss) on investments and foreign currencies		138,015,471			237,574,077			(16,421,398	)		36,198,991			23,585,564		46,328,495			22,229,006		98,286,241
Net increase (decrease) in net assets resulting from operations		144,109,966			257,112,326			690,049			76,281,482			46,512,724		70,049,825			43,563,866		118,185,206
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(26,987,749	)		–			(5,610,988	)		–		(5,032,332	)		–		(26,416,216	)
Net realized gain on securities		–			–			–			(10,219,178	)		–		–			–		–
Total distributions to shareholders		–			(26,987,749	)		–			(15,830,166	)		–		(5,032,332	)		–		(26,416,216	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(54,008,872	)		(75,193,163	)		(13,485,015	)		42,452,241			71,643,796		(5,753,556	)		23,875,528		(66,593,056	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		90,101,094			154,931,414			(12,794,966	)		102,903,557			118,156,520		59,263,937			67,439,394		25,175,934
NET ASSETS:
Beginning of period		913,025,062			758,093,648			384,542,971			281,639,414			300,545,030		241,281,093			465,060,173		439,884,239
End of period†	$	1,003,126,156		$	913,025,062		$	371,748,005		$	384,542,971		$	418,701,550	$	300,545,030		$	532,499,567	$	465,060,173
† Includes accumulated undistributed net investment income (loss)	$	23,517,706		$	18,462,153		$	15,689,864		$	10,123,156		$	7,827,113	$	5,686,578		$	15,378,696	$	10,357,646

See Notes to Financial Statements

253

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	GOVERNMENT SECURITIES FUND						GROWTH FUND						GROWTH & INCOME FUND						HEALTH SCIENCES FUND
	For the Six Months Ended November 30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November 30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November 30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November 30, 2013 (Unaudited)			For the Year Ended May 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,563,229		$	3,071,794		$	3,057,363		$	7,640,559		$	566,856		$	875,242		$	(1,436,049	)	$	(1,589,840	)
Net realized gain (loss) on investments and foreign currencies		(939,938	)		855,822			52,002,252			83,739,345			10,698,851			10,648,542			44,113,330			21,189,628
Net unrealized gain (loss) on investments and foreign currencies		(2,767,554	)		(4,579,312	)		49,269,047			55,868,878			492,167			7,243,990			48,183,513			89,196,870
Net increase (decrease) in net assets resulting from operations		(2,144,263	)		(651,696	)		104,328,662			147,248,782			11,757,874			18,767,774			90,860,794			108,796,658
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(3,575,957	)		–			(5,671,417	)		–			(767,908	)		–			–
Net realized gain on securities		–			(754,395	)		–			–			–			–			–			(18,519,035	)
Total distributions to shareholders		–			(4,330,352	)		–			(5,671,417	)		–			(767,908	)		–			(18,519,035	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		23,882,396			(4,160,924	)		(24,187,071	)		(83,551,486	)		(229,296	)		(3,390,268	)		20,932,871			61,165,792
TOTAL INCREASE (DECREASE) IN NET ASSETS		21,738,133			(9,142,972	)		80,141,591			58,025,879			11,528,578			14,609,598			111,793,665			151,443,415
NET ASSETS:
Beginning of period		136,786,103			145,929,075			823,540,943			765,515,064			95,666,633			81,057,035			412,097,812			260,654,397
End of period†	$	158,524,236		$	136,786,103		$	903,682,534		$	823,540,943		$	107,195,211		$	95,666,633		$	523,891,477		$	412,097,812
† Includes accumulated undistributed net investment income (loss)	$	5,187,218		$	3,623,989		$	10,711,427		$	7,654,064		$	1,447,913		$	881,057		$	(3,015,276	)	$	(1,579,227	)

See Notes to Financial Statements

254

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	INFLATION PROTECTED FUND						INTERNATIONAL EQUITIES FUND						INTERNATIONAL GOVERNMENT BOND FUND						INTERNATIONAL GROWTH FUND
	For the Six Months Ended November 30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November 30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November 30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November 30, 2013 (Unaudited)			For the Year Ended May 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	4,177,050		$	8,507,330		$	9,466,155		$	24,633,247		$	2,438,322		$	5,245,339		$	1,206,143		$	8,608,611
Net realized gain (loss) on investments and foreign currencies		437,033			4,991,083			22,633,806			8,699,013			(1,138,618	)		2,894,605			27,402,958			26,674,905
Net unrealized gain (loss) on investments and foreign currencies		(18,861,481	)		(12,991,606	)		84,927,410			165,017,377			(3,460,790	)		(4,157,904	)		39,271,542			101,712,051
Net increase (decrease) in net assets resulting from operations		(14,247,398	)		506,807			117,027,371			198,349,637			(2,161,086	)		3,982,040			67,880,643			136,995,567
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(11,468,245	)		–			(23,116,984	)		–			(6,321,232	)		–			(8,748,947	)
Net realized gain on securities		–			–			–			–			–			(4,789,535	)		–			–
Total distributions to shareholders		–			(11,468,245	)		–			(23,116,984	)		–			(11,110,767	)		–			(8,748,947	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		4,826,084			43,460,085			(36,305,283	)		135,877,424			(10,532,013	)		(3,775,055	)		(53,363,650	)		(10,999,285	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(9,421,314	)		32,498,647			80,722,088			311,110,077			(12,693,099	)		(10,903,782	)		14,516,993			117,247,335
NET ASSETS:
Beginning of period		446,316,524			413,817,877			1,000,950,007			689,839,930			184,590,284			195,494,066			603,086,205			485,838,870
End of period†	$	436,895,210		$	446,316,524		$	1,081,672,095		$	1,000,950,007		$	171,897,185		$	184,590,284		$	617,603,198		$	603,086,205
† Includes accumulated undistributed net investment income (loss)	$	12,718,466		$	8,541,416		$	34,053,034		$	24,586,879		$	5,923,482		$	3,485,160		$	9,898,425		$	8,692,282

See Notes to Financial Statements

255

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	LARGE CAP CORE FUND						LARGE CAPITAL GROWTH FUND						MID CAP INDEX FUND						MID CAP STRATEGIC GROWTH FUND
	For the Six Months Ended November  30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November  30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November  30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November  30, 2013 (Unaudited)			For the Year Ended May 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	865,746		$	1,607,927		$	792,445		$	2,079,320		$	17,138,746		$	34,674,029		$	(153,413	)	$	1,570,418
Net realized gain (loss) on investments and foreign currencies		14,247,479			11,995,134			65,624,538			27,629,318			71,830,062			128,193,742			14,913,267			4,590,171
Net unrealized gain (loss) on investments and foreign currencies		4,822,922			25,234,105			(17,800,004	)		31,006,367			216,744,244			517,919,773			20,768,470			44,260,607
Net increase (decrease) in net assets resulting from operations		19,936,147			38,837,166			48,616,979			60,715,005			305,713,052			680,787,544			35,528,324			50,421,196
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(1,347,765	)		–			(739,174	)		–			(25,086,430	)		–			–
Net realized gain on securities		–			(16,063,573	)		–			(28,422,069	)		–			(87,788,582	)		–			(5,866,213	)
Total distributions to shareholders		–			(17,411,338	)		–			(29,161,243	)		–			(112,875,012	)		–			(5,866,213	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(9,364,674	)		13,909,909			(19,465,119	)		(7,997,307	)		(149,219,912	)		(58,068,883	)		(4,587,613	)		(30,454,634	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		10,571,473			35,335,737			29,151,860			23,556,455			156,493,140			509,843,649			30,940,711			14,100,349
NET ASSETS:
Beginning of period		160,616,822			125,281,085			367,527,216			343,970,761			2,925,307,825			2,415,464,176			260,137,777			246,037,428
End of period†	$	171,188,295		$	160,616,822		$	396,679,076		$	367,527,216		$	3,081,800,965		$	2,925,307,825		$	291,078,488		$	260,137,777
† Includes accumulated undistributed net investment income (loss)	$	2,473,612		$	1,607,866		$	2,869,118		$	2,076,673		$	52,037,491		$	34,898,745		$	1,501,338		$	1,654,751

See Notes to Financial Statements

256

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	MONEY MARKET I FUND						NASDAQ-100® INDEX FUND						SCIENCE & TECHNOLOGY FUND						SMALL CAP AGGRESSIVE GROWTH FUND
	For the Six Months Ended November  30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November  30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November  30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November  30, 2013 (Unaudited)			For the Year Ended May 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	19,293		$	39,082		$	1,105,635		$	1,956,998		$	(228,875	)	$	1,128,596		$	(344,682	)	$	(461,727	)
Net realized gain (loss) on investments and foreign currencies		4,574			17,162			3,285,915			(874,788	)		67,438,756			47,881,619			13,675,809			10,050,352
Net unrealized gain (loss) on investments and foreign currencies		–			–			30,637,487			31,348,634			74,775,221			92,538,877			5,606,656			10,150,381
Net increase (decrease) in net assets resulting from operations		23,867			56,244			35,029,037			32,430,844			141,985,102			141,549,092			18,937,783			19,739,006
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(19,293	)		(39,087	)		–			(846,374	)		–			–			–			–
Net realized gain on securities		–			–			–			(4,326,723	)		–			–			–			(1,041,533	)
Total distributions to shareholders		(19,293	)		(39,087	)		–			(5,173,097	)		–			–			–			(1,041,533	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(632,087	)		(30,418,197	)		(3,394,682	)		12,354,293			(35,568,265	)		(83,053,460	)		6,223,764			(8,699,269	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(627,513	)		(30,401,040	)		31,634,355			39,612,040			106,416,837			58,495,632			25,161,547			9,998,204
NET ASSETS:
Beginning of period		378,086,227			408,487,267			202,594,637			162,982,597			772,613,737			714,118,105			82,222,467			72,224,263
End of period†	$	377,458,714		$	378,086,227		$	234,228,992		$	202,594,637		$	879,030,574		$	772,613,737		$	107,384,014		$	82,222,467
† Includes accumulated undistributed net investment income (loss)	$	1,129		$	1,129		$	3,062,942		$	1,957,307		$	952,923		$	1,181,798		$	(584,832	)	$	(240,150	)

See Notes to Financial Statements

257

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	SMALL CAP FUND						SMALL CAP INDEX FUND						SMALL CAP SPECIAL VALUES FUND						SMALL-MID GROWTH FUND
	For the Six Months Ended November  30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November  30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November  30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November  30, 2013 (Unaudited)			For the Year Ended May 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	97,479		$	1,136,172		$	6,524,854		$	13,275,709		$	1,143,793		$	1,503,889		$	(360,469	)	$	39,382
Net realized gain (loss) on investments and foreign currencies		22,392,348			31,107,450			41,093,882			23,827,570			17,540,445			10,742,051			24,025,564			8,657,131
Net unrealized gain (loss) on investments and foreign currencies		35,387,173			53,153,238			115,056,906			200,876,154			21,769,010			36,161,405			(5,617,588	)		10,471,627
Net increase (decrease) in net assets resulting from operations		57,877,000			85,396,860			162,675,642			237,979,433			40,453,248			48,407,345			18,047,507			19,168,140
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(224,117	)		–			(10,815,364	)		–			(1,204,354	)		–			–
Net realized gain on securities		–			–			–			–			–			–			–			–
Total distributions to shareholders		–			(224,117	)		–			(10,815,364	)		–			(1,204,354	)		–			–
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(27,516,329	)		(33,472,859	)		(31,451,850	)		(48,590,387	)		(14,150,225	)		(2,439,128	)		(2,581,888	)		(11,017,111	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		30,360,671			51,699,884			131,223,792			178,573,682			26,303,023			44,763,863			15,465,619			8,151,029
NET ASSETS:
Beginning of period		350,845,139			299,145,255			984,357,266			805,783,584			226,139,872			181,376,009			109,282,653			101,131,624
End of period†	$	381,205,810		$	350,845,139		$	1,115,581,058		$	984,357,266		$	252,442,895		$	226,139,872		$	124,748,272		$	109,282,653
† Includes accumulated undistributed net investment income (loss)	$	834,600		$	737,121		$	20,116,408		$	13,591,554		$	2,730,518		$	1,586,725		$	(503,614	)	$	(143,145	)

See Notes to Financial Statements

258

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	STOCK INDEX FUND						VALUE FUND
	For the Six Months Ended November  30, 2013 (Unaudited)			For the Year Ended May 31, 2013			For the Six Months Ended November  30, 2013 (Unaudited)			For the Year Ended May 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	36,065,508		$	71,207,339		$	804,925		$	1,911,428
Net realized gain (loss) on investments and foreign currencies		56,046,977			118,853,048			800,414			4,882,432
Net unrealized gain (loss) on investments and foreign currencies		365,293,453			687,301,881			8,442,954			21,878,618
Net increase (decrease) in net assets resulting from operations		457,405,938			877,362,268			10,048,293			28,672,478
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(61,450,683	)		–			(2,211,912	)
Net realized gain on securities		–			(54,568,138	)		–			–
Total distributions to shareholders		–			(116,018,821	)		–			(2,211,912	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(83,335,661	)		(180,478,280	)		(2,168,490	)		(15,978,360	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		374,070,277			580,865,167			7,879,803			10,482,206
NET ASSETS:
Beginning of period		3,974,530,754			3,393,665,587			111,302,608			100,820,402
End of period†	$	4,348,601,031		$	3,974,530,754		$	119,182,411		$	111,302,608
† Includes accumulated undistributed net investment income (loss)	$	107,331,205		$	71,265,697		$	2,715,673		$	1,910,748

See Notes to Financial Statements

259

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited)

Note 1 — Organization

VALIC Company I (the “Series” or “VC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC”). VALIC, the investment adviser to the Series, is an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). The Series is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Series consists of 34 separate mutual funds (the “Funds”), each of which issues its own separate class of capital shares:

Asset Allocation Fund	International Equities Fund
Blue Chip Growth Fund	International Government Bond Fund
Broad Cap Value Income Fund	International Growth Fund
Capital Conservation Fund	Large Cap Core Fund
Core Equity Fund	Large Capital Growth Fund
Dividend Value Fund	Mid Cap Index Fund
Dynamic Allocation Fund*	Mid Cap Strategic Growth Fund
Emerging Economies Fund	Money Market I Fund
Foreign Value Fund	Nasdaq-100® Index Fund
Global Real Estate Fund	Science & Technology Fund
Global Social Awareness Fund	Small Cap Aggressive Growth Fund
Global Strategy Fund	Small Cap Fund
Government Securities Fund	Small Cap Index Fund
Growth Fund	Small Cap Special Values Fund
Growth & Income Fund	Small-Mid Growth Fund
Health Sciences Fund	Stock Index Fund
Inflation Protected Fund	Value Fund

* Effective December 19, 2012, the Dynamic Allocation Fund commenced operations. The Fund invests under normal conditions approximately 70% to 90% of its assets in shares of the Underlying Funds, which are funds of VC I and VALIC Company II (“VC II”), (collectively, the “Underlying Companies”) (the “Fund-of-Funds Component”) and 10% to 30% of its assets in a portfolio of derivative instruments, exchange traded funds (“ETFs”), fixed income securities and short-term investments (the “Overlay Component”).

Each Fund is diversified with the exception of International Government Bond Fund and Nasdaq-100^® Index Fund, which are non-diversified as defined by the 1940 Act.

Indemnifications. Under the Funds’ organizational documents, its officers and directors are indemnified against certain liability arising out of the performance of their duties to the Funds. In addition, in the normal course of business the Funds enter into contracts that may contain the obligation to indemnify others. The Funds’ maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.

Note 2 — Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The following is a summary of significant accounting policies consistently followed by the Trust/Fund in the preparation of its financial statements:

Security Valuation

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, the Funds disclose the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP established a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Directors (“the Board”), etc.).

Level 3 — Significant unobservable inputs (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances.)

260

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The summary of inputs used to value the Funds’ net assets as of November 30, 2013 are reported on a schedule following the Portfolio of Investments.

Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

As of the close of regular trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, the Funds use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price the Fund’s shares, and the Fund may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but a Fund is open. For foreign equity securities and foreign equity futures contracts, the Funds use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities and futures are generally categorized as Level 2.

Bonds and debentures, other long-term debt securities, and short term debt securities with maturities in excess of 60 days, are valued at bid prices obtained for the day of valuation from a bond pricing service, when such prices are available and are generally categorized as Level 2. The pricing services may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, and maturity date, option adjusted spreads models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a vendor quote is unavailable, the securities may be priced at the mean of two independent quotes obtained from brokers.

Short-term securities with 60 days or less to maturity are amortized to maturity based on their cost to the Fund if acquired within 60 days of maturity or, if already held by the Fund on the 60th day, are amortized to maturity based on the value determined on the 61st day, and are generally categorized as Level 2.

Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Registered investment companies are generally categorized as Level 1.

Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade and are generally categorized as Level 1. Options traded on national securities exchanges are valued as of the close of the exchange upon which they trade and are generally categorized as Level 1. Options and swap contracts traded on over-the-counter markets are marked-to-market daily based upon quotations received from an approved outside pricing service or market makers and are generally categorized as Level 2. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.

For the Money Market I Fund, securities are valued at amortized cost, which approximates market value and are generally categorized as Level 2. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of any discount or premium. In accordance with rule 2a-7 under the 1940 Act, the Series’ Board of Directors (the “Board” or the “Directors”) has adopted procedures intended to stabilize the Money Market I Fund net asset value per share at $1.00. These procedures include the determination, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Money Market I Fund’s market-based net asset value per share deviates from the Fund’s amortized cost per share. The calculation of such deviation is referred to as “shadow pricing.” For purposes of these market-based valuations, securities for which market quotations are not readily available are fair valued, as determined pursuant to procedures adopted in good faith by the Board.

Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or over-the-counter market and are generally categorized as Level 1 or Level 2.

The Board is responsible for the share valuation process and has adopted policies and procedures (the “PRC Procedures”) for valuing the securities and other assets held by the Funds, including procedures for the fair valuation of securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among other things, making certain determinations in connection with the Fund’s fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

261

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Derivative Instruments

Forward Foreign Currency Contracts: Certain Funds may enter into forward contracts for various purposes, including to facilitate settlement of foreign currency denominated Fund transactions, to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates, to hedge portfolio exposure to benchmark currency allocations, to manage and/or gain exposure to certain foreign currencies or to enhance return. During the six months ended November 30, 2013, the Global Strategy Fund used Forward Contracts to attempt protect securities and related receivables and payables against changes in future foreign exchange rates and to enhance return. As of November 30, 2013, the Global Strategy Fund had open forward contracts, 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 settlement date, the Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks to the Funds of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, the Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum risk due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other Fund transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Futures: Certain of the Funds may enter into futures contracts for various purposes, including to increase or decrease exposure to equity or bond markets, or to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates, to manage duration and yield curve positioning, or to enhance income or total return. During the period ended November 30, 2013, the Asset Allocation Fund, Dynamic Allocation Fund, Emerging Economies Fund, Global Social Awareness Fund, Growth & Income Fund, International Equities Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund and Stock Index Fund, used futures contracts to increase or decrease exposure to equity or bond markets or to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates. As of November 30, 2013, the following Funds had open futures contracts: Dynamic Allocation Fund, Global Social Awareness Fund, Growth & Income Fund, International Equities Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund and Stock Index Fund, which are reported on a schedule following each Fund’s Portfolio of Investments.

Common futures contracts include interest rate futures, single stock futures, stock index futures and currency futures. An interest rate futures contract is a contract to buy or sell specified debt securities at a future time for a fixed price. A single stock futures contract is a contract to buy a single stock at a future time for a fixed price. A stock index futures contract is similar in economic effect to a single stock futures contract, except that rather than being based on a specific security it is based on a specified index of stocks and not the stocks themselves. A currency futures contract is a contract to buy or sell a specific foreign currency at a future time for a fixed price.

A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the Futures Commission Merchant (the “broker”). Subsequent payments are made or received by the Fund as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. Such receipts or payments are recorded in the Statement of Assets and Liabilities as variation margin for changes in the value of the contracts and as due to/from broker for the changes in the value of the initial margin requirement. When a contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The primary risk to the Funds of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security(ies). Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While the Funds will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, a Fund may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty risk to the Funds since the futures contracts are generally exchange-traded.

Options: Certain Funds may enter into option contracts for various purposes, including to facilitate trading, increase or decrease a Fund’s market exposure, to seek higher investment returns, to seek protection against a decline in the value of a Fund’s securities or an increase in prices of securities that may be purchased, or to generate income. During the six months ended November 30, 2013, the Health Sciences Fund used options contracts to facilitate trading, increase market exposure, generate income and seek protection against a decline in the value of the Fund’s securities or an increase in prices of securities that may be purchased. As of November 30, 2013, 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.

262

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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Risks to the Funds of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, the Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby. Transactions in options written during the period ended November 30, 2013 are summarized as follows:

	Written Options
	Health Sciences
	Number of Contracts			Premiums Received
Options Outstanding as of May 31, 2013		2,369			1,536,253
Options Written		702			213,503
Options terminated in closing purchase transactions		(641	)		(332,402	)
Options exercised		(272	)		(88,812	)
Options expired		(431	)		(130,675	)
Options Outstanding as of November 30, 2013		1,727			1,197,867

Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swap and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by the Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when a Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to instruments subject to Master Agreements that are in a net liability position could be material to the Fund’s financial statements. See additional information on specific types of derivative instruments and other financial instruments as disclosed in the Notes to the Financial Statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Asset and Liabilities.

The following tables represent the value of derivatives held as of November 30, 2013, 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 November 30, 2013. For a detailed presentation of derivatives held as of November 30, 2013, please refer to the Portfolio of Investments:

	Asset Allocation Fund
	Asset Derivatives 2013			Liability Derivatives 2013
Derivative Contracts(1)	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Equity contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	—

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of  Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized In Statement  of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	(989,155	)	$	477,120

(1) The Fund’s derivative contracts held during the period ended November 30, 2013, 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 $0.

263

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Dynamic Allocation Fund
	Asset Derivatives 2013			Liability Derivatives 2013
Derivative Contracts(1)	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Equity contracts(2)(3)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	10,269

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	$	(717,706	)	$	892,346

(1) The Fund’s derivative contracts held during the period ended November 30, 2013, 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 $22,561,818

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $911,430 as reported in the Portfolio of Investments.

	Emerging Economies Fund
	Asset Derivatives 2013			Liability Derivatives 2013
Derivative Contracts(1)	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Equity contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	—

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized In Statement of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	(1,581,895	)	$	—

(1) The Fund’s derivative contracts held during the period ended November 30, 2013, 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 $10,564,025

	Global Social Awareness Fund
	Asset Derivatives 2013			Liability Derivatives 2013
Derivative Contracts(1)	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Equity contracts(2)(3)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	400

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	$	465,986	$	150,541

(1) The Fund’s derivative contracts held during the period ended November 30, 2013, 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 $13,185,679

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $107,330 as reported in the Portfolio of Investments.

264

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Global Strategy Fund
	Asset Derivatives 2013			Liability Derivatives 2013
Derivative Contracts(1)
Foreign exchange contracts(2)	Unrealized appreciation on forward foreign currency contracts	$	2,058,239	Unrealized depreciation on forward foreign currency contracts	$	2,358,728

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	$	2,383,083	$	(5,049,166	)

(1) The Fund’s derivative contracts held during the period ended November 30, 2013, 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 $147,933,590

	Growth & Income Fund
	Asset Derivatives 2013			Liability Derivatives 2013
Derivative Contracts(1)	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Equity contracts(2)(3)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	425

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	$	26,840	$	8,728

(1) The Fund’s derivative contracts held during the period ended November 30, 2013, 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 $162,721

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $8,728 as reported in the Portfolio of Investments.

265

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Health Sciences Fund
	Asset Derivatives 2013			Liability Derivatives 2013
Derivative Contracts(1)	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Equity contracts(2)(3)(5)	Call and put options purchased, at value	$	980	Call and put options purchased, at value	$	—
	Call and put options written, at value		—	Call and put options written, at value		292,740
		$	980		$	292,740

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)(3)(4)(6)	Net realized gain (loss) on purchased options/Change in unrealized appreciation (depreciation) on purchased options	$	—	$	980
	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		168,803		689,184
		$	168,803	$	690,164

(1) The Fund’s derivative contracts held during the period ended November 30, 2013, 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 purchased options contracts was $999

(3) The average value outstanding for equity written options contracts was $665,242

(4) The realized gain (loss) on options purchased are included in net realized gain (loss) on investments.

(5) Purchased options contracts are included in investments at value (unaffiliated).

(6) The change in unrealized appreciation (depreciation) on purchased options contracts is included in change in unrealized appreciation (depreciation) on investments (unaffiliated)

	International Equities Fund
	Asset Derivatives 2013			Liability Derivatives 2013
Derivative Contracts(1)	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Equity contracts(2)(3)	Variation margin on futures contracts	$	2,500	Variation margin on futures contracts	$	65,982

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	$	1,428,586	$	65,808

(1) The Fund’s derivative contracts held during the period ended November 30, 2013, 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 $13,136,115

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $(59,847) as reported in the Portfolio of Investments.

	Mid Cap Index Fund
	Asset Derivatives 2013			Liability Derivatives 2013
Derivative Contracts(1)	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Equity contracts(2)(3)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	188,340

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	$	6,579,259	$	(2,382,411	)

(1) The Fund’s derivative contracts held during the period ended November 30, 2013, 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 $65,679,477

(3) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $498,722 as reported in the Portfolio of Investments.

266

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	NASDAQ-100® Index Fund
	Asset Derivatives 2013			Liability Derivatives 2013
Derivative Contracts(1)	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Equity contracts(2)(3)	Variation margin on futures contracts	$	27,740	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	$	1,020,256	$	58,405

(1) The Fund’s derivative contracts held during the period ended November 30, 2013, 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 $6,585,447

(3) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $273,785 as reported in the Portfolio of Investments.

	Small Cap Index Fund
	Asset Derivatives 2013			Liability Derivatives 2013
Derivative Contracts(1)	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Equity contracts(2)(3)	Variation margin on futures contracts	$	33,720	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	$	3,856,446	$	377,727

(1) The Fund’s derivative contracts held during the period ended November 30, 2013, 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 $26,673,335

(3) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $1,661,887 as reported in the Portfolio of Investments.

	Stock Index Fund
	Asset Derivatives 2013			Liability Derivatives 2013
Derivative Contracts(1)	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Equity contracts(2)(3)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	8,930

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		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	$	3,318,625	$	2,329,389

(1) The Fund’s derivative contracts held during the period ended November 30, 2013, 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 $67,979,043

(3) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $3,486,711 as reported in the Portfolio of Investments.

267

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

As of November 30, 2013, the following tables represent derivative and financial assets and liabilities (by type) on a gross basis and related collateral pledged for derivatives and financial instruments subject to master netting arrangements. If a Fund does not have a derivative or financial asset or liability, a table will not be presented. Futures contracts are presented at the variation margin receivable or payable:

	Blue Chip Growth Fund
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—	$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—		—
Total derivatives		—		—		—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		31,436,590		—		31,436,590
Total	$	31,436,590	$	—	$	31,436,590
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial Instruments@		Collateral Pledged@		Net Amount#
State Street Global Markets	$	31,436,590	$	(30,801,151)	$	—	$	635,439

	Capital Conservation Fund
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		7,247,360		—			7,247,360
Total	$	7,247,360	$	—		$	7,247,360
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Pledged@		Net Amount#
State Street Global Markets	$	7,247,360	$	(7,098,863	)	$	—	$	148,497

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

268

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Core Equity Fund
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Assets:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Repurchase Agreements subject to a master netting arrangement or similar arrangement		2,445,000		—			2,445,000
Total	$	2,445,000	$	—		$	2,445,000
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Assets in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Received@		Net Amount#
State Street Bank and Trust Co.	$	2,445,000	$	(2,445,000	)	$	—	$	—
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		16,435,574		—			16,435,574
Total	$	16,435,574	$	—		$	16,435,574
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Pledged@		Net Amount#
State Street Global Markets	$	16,435,574		$(16,063,771)		$	—	$	371,803

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

269

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Dividend Value Fund
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in  the Statement of Assets and Liabilities
Assets:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Repurchase Agreements subject to a master netting arrangement or similar arrangement		3,676,000		—			3,676,000
Total	$	3,676,000	$	—		$	3,676,000
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Assets in the Statement of Assets and Liabilities		Financial     Instruments@			Collateral     Received@			Net Amount#
State Street Bank and Trust Co.	$	3,676,000	$	(3,676,000	)	$	—		$	—
	Dynamic Allocation Fund
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and  Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Equity contracts
Over the counter	$	—	$	—		$	—
Exchange traded		10,269		—			10,269
Centrally cleared		—		—			—
Total derivatives, subject to a master netting arrangement or similar arrangement		10,269		—			10,269
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives	$	10,269	$	—		$	10,269
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial     Instruments@			Collateral     Pledged@			Net Amount#
Goldman Sachs & Co.*	$	10,269	$	—		$	(10,269	)	$	—

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

* Exchange Traded Futures — Goldman Sachs & Co. as Futures Commission Merchant

270

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Emerging Economies Fund
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—	$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—		—
Total derivatives		—		—		—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		21,285,185		—		21,285,185
Total	$	21,285,185	$	—	$	21,285,185
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial   Instruments@		Collateral   Pledged@		Net Amount#
State Street Global Markets	$	21,285,185	$	(20,189,996)	$	—	$	1,095,189

	Foreign Value Fund
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		53,941,750		—			53,941,750
Total	$	53,941,750	$	—		$	53,941,750
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial   Instruments@			Collateral   Pledged@		Net Amount#
State Street Global Markets	$	53,941,750	$	(51,537,330	)	$	—	$	2,404,420

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

271

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Global Social Awareness Fund
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement		$—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		400		—			400
Total derivatives		400		—			400
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		8,735,188		—			8,735,188
Total	$	8,735,588	$	—		$	8,735,588
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial   Instruments@			Collateral   Pledged@		Net Amount#
State Street Global Markets	$	8,735,188	$	(8,516,479	)	$	—	$	218,708

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

272

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Global Strategy Fund
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Assets:
Description
Derivatives:
Foreign Exchange Contracts
Over the Counter	$	2,058,239	$	—		$	2,058,239
Exchange traded		—		—			—
Centrally cleared		—		—			—
Total derivatives, subject to a master netting arrangement or similar arrangement		2,058,239		—			2,058,239
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives	$	2,058,239	$	—		$	2,058,239
	Gross Amounts Not Offset in the Statement of Assets and  Liabilities
Counterparty	Net Amount of Assets in the Statement of Assets and Liabilities		Financial   Instruments@			Collateral   Received@		Net Amount#
Barclays Investments, Inc.	$	367,810	$	(270,379	)	$	—	$	97,431
Citibank N.A		286,430		(272,175	)		—		14,255
Deutsche Bank AG		539,898		(539,898	)		—		—
Goldman Sachs International		46,054		(28,102	)		—		17,952
HSBC Bank PLC		273,556		(92,080	)		—		181,476
JPMorgan Chase & Co		532,045		(330,770	)		—		201,275
Morgan Stanley & Co., Inc		12,446		(12,446	)		—		—
	$	2,058,239	$	(1,545,850	)	$	—	$	512,389

@ For each respective counterparty, the collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

273

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Global Strategy Fund (continued)
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and  Liabilities
Liabilities:
Description
Derivatives:
Equity contracts
Over the counter	$	2,358,727	$	—		$	2,358,727
Exchange traded		—		—			—
Centrally cleared		—		—			—
Total derivatives, subject to a master netting arrangement or similar arrangement		2,358,727		—			2,358,727
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		2,358,727		—			2,358,727
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		21,540,367		—			21,540,367
Total	$	23,899,094	$	—		$	23,899,094
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial   Instruments@			Collateral   Received@		Net Amount#
Barclays Investments, Inc	$	270,378	$	(270,379	)	$	—	$	—
Citibank N.A		272,175		(272,175	)		—		—
Deutsche Bank AG		797,552		(539,898	)		—		257,654
Goldman Sachs International		28,102		(28,102	)		—		—
HSBC Bank PLC		92,080		(92,080	)		—		—
JPMorgan Chase & Co		330,770		(330,770	)		—		—
Morgan Stanley & Co., Inc		240,170		(12,446	)		—		227,724
State Street Global Markets		21,540,367		(20,947,109	)		—		593,258
UBS AG		327,500		—			—		327,500
	$	23,899,094	$	(22,498,893	)	$	—	$	1,400,202

@ For each respective counterparty, the collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

274

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Government Securities Fund
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Assets:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Repurchase Agreements subject to a master netting arrangement or similar arrangement		9,583,000		—			9,583,000
Total	$	9,583,000	$	—		$	9,583,000
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Assets in the Statement of Assets and Liabilities		Financial   Instruments@			Collateral   Received@		Net Amount#
State Street Bank and Trust Co.	$	9,583,000	$	(9,583,000	)	$	—	$	—

	Growth Fund
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		63,337,380		—			63,337,380
Total	$	63,337,380	$	—		$	63,337,380
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial   Instruments@			Collateral   Pledged@		Net Amount#
State Street Global Markets	$	63,337,380	$	(61,968,120	)	$	—	$	1,369,260

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

275

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Growth & Income Fund
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Equity contracts
Over the counter	$	—	$	—		$	—
Exchange traded		425		—			425
Centrally cleared		—		—			—
Total derivatives, subject to a master netting arrangement or similar arrangement		425		—			425
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		425		—			425
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		4,735,624		—			4,735,624
Total	$	4,736,049	$	—		$	4,736,049
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial   Instruments@			Collateral   Pledged@			Net Amount#
Goldman Sachs & Co.*	$	425	$	—		$	(425	)	$	—
State Street Global Markets		4,735,624		(4,607,093	)		—			128,531
	$	4,736,049	$	(4,607,093	)	$	(425	)	$	128,531

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

* Exchange Traded Futures — Goldman Sachs & Co. as Futures Commission Merchant

276

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Health Sciences Fund
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and  Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Assets:
Description
Derivatives:
Equity contracts
Over the counter	$	—	$	—	$	—
Exchange traded		980		—		980
Centrally cleared		—		—		—
Total derivatives, subject to a master netting arrangement or similar arrangement		980		—		980
Total derivatives, not subject to a master netting arrangement or similar  arrangement		—		—		—
Total derivatives	$	980	$	—	$	980
	Gross Amounts Not Offset in the Statement of Assets and  Liabilities
Counterparty	Net Amount of Assets in the Statement of Assets and Liabilities		Financial   Instruments@		Collateral   Received@		Net Amount#
Morgan Stanley & Co. LLC	$	980	$	—	$	—	$	980
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Equity contracts
Over the counter	$	292,740	$	—	$	292,740
Exchange traded		—		—		—
Centrally cleared		—		—		—
Total derivatives, subject to a master netting arrangement or similar arrangement		292,740		—		292,740
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—		—
Total derivatives	$	292,740	$	—	$	292,740
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial   Instruments@		Collateral   Pledged@		Net Amount#
Citigroup Global Markets, Inc.	$	204,925	$	—	$	—	$	204,925
JPMorgan Clearing Corp.		4,560		—		—		4,560
Merrill Lynch Pierce Fenner & Smith		6,326		—		—		6,326
Morgan Stanley & Co. LLC		76,929		—		—		76,929
	$	292,740	$	—	$	—	$	292,740

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

277

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	International Equities Fund
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Assets:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—	$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		2,500		—		2,500
Total derivatives	$	2,500	$	—	$	2,500
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement		$          —	$	—	$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		65,982		—		65,982
Total derivatives		65,982		—		65,982
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		39,502,304		—		39,502,304
Total	$	39,568,286	$	—	$	39,568,286
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial   Instruments@		Collateral   Pledged@		Net Amount#
State Street Global Markets	$	39,502,304	$	(37,396,689)	$	—	$	2,105,615

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

278

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	International Growth Fund
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		27,851,193		—			27,851,193
Total	$	27,851,193	$	—		$	27,851,193
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial   Instruments@			Collateral    Pledged@		Net Amount#
State Street Global Markets	$	27,851,193	$	(26,735,490	)	$	—	$	1,115,703

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

279

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Large Cap Core Fund
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Assets:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Repurchase Agreements subject to a master netting arrangement or similar arrangement		2,702,000		—			2,702,000
Total	$	2,702,000	$	—		$	2,702,000
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Assets in the Statement of Assets and Liabilities		Financial   Instruments@			Collateral   Received@		Net Amount#
State Street Bank and Trust Co.	$	2,702,000	$	(2,702,000	)	$	—	$	—
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		6,018,450		—			6,018,450
Total	$	6,018,450	$	—		$	6,018,450
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial   Instruments@			Collateral   Pledged@		Net Amount#
State Street Global Markets	$	6,018,450	$	(5,880,126	)	$	—	$	138,324

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

280

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Large Capital Growth Fund
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		16,797,488		—			16,797,488
Total	$	16,797,488	$	—		$	16,797,488
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets  and Liabilities		Financial   Instruments@			Collateral   Pledged@		Net Amount#
State Street Global Markets	$	16,797,488	$	(16,392,740	)	$	—	$	404,748

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

281

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Mid Cap Index Fund
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Assets:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Repurchase Agreements subject to a master netting arrangement or similar arrangement		10,687,000		—			10,687,000
Total	$	10,687,000	$	—		$	10,687,000
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Assets in the Statement of Assets  and Liabilities		Financial   Instruments@			Collateral   Received@		Net Amount#
State Street Bank and Trust Co.	$	10,687,000	$	(10,687,000	)	$	—	$	—
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Equity contracts
Over the counter	$	—	$	—		$	—
Exchange traded		188,340					188,340
Centrally cleared		—		—			—
Total derivatives, subject to a master netting arrangement or similar arrangement		188,340		—			188,340
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		188,340		—			188,340
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		309,388,283		—			309,388,283
Total	$	309,576,623	$	—		$	309,576,623
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial   Instruments@			Collateral   Pledged@		Net Amount#
Citigroup Global Markets, Inc.*	$	188,340	$	(188,340	)	$	—	$	—
State Street Global Markets		309,388,283		(302,255,323	)		—		7,132,960
	$	309,576,623	$	(302,443,663	)	$	—	$	7,132,960

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

* Exchange Traded Futures — Citigroup Global Markets, Inc. as Futures Commission Merchant

282

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Mid Cap Strategic Growth Fund
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and  Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		40,060,047		—			40,060,047
Total	$	40,060,047	$	—		$	40,060,047
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Pledged@		Net Amount#
State Street Global Markets	$	40,060,047	$	(38,961,639	)	$	—	$	1,098,408

	Money Market I Fund
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Assets:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Repurchase Agreements subject to a master netting arrangement or similar arrangement		7,547,000		—			7,547,000
Total	$	7,547,000	$	—		$	7,547,000
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Assets in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Received@		Net Amount#
State Street Bank and Trust Co.	$	7,547,000	$	(7,547,000	)	$	—	$	—

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

283

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Nasdaq-100® Index Fund
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Assets:
Description
Derivatives:
Equity contracts
Over the counter	$	—	$	—		$	—
Exchange traded		27,740		—			27,740
Centrally cleared		—		—			—
Total derivatives, subject to a master netting arrangement or similar arrangement		27,740		—			27,740
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		27,740		—			27,740
Repurchase Agreements subject to a master netting arrangement or similar arrangement		3,129,000		—			3,129,000
Total	$	3,156,740	$	—		$	3,156,740
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Assets in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Received@		Net Amount#
Citigroup Global Markets, Inc.*		27,740		(27,740	)		—		—
State Street Bank and Trust Co.		3,129,000		(3,129,000	)		—		—
	$	3,156,740	$	(3,156,740	)	$	—	$	—
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		8,272,875		—			8,272,875
Total	$	8,272,875	$	—		$	8,272,875
	Gross Amounts Not Offset in the Statement of Assets and  Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Pledged@		Net Amount#
State Street Global Markets	$	8,272,875	$	(8,089,003	)	$	—	$	183,872

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

* Exchange Traded Futures — Citigroup Global Markets, Inc. as Futures Commission Merchant

284

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Science & Technology Fund
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Assets:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Repurchase Agreements subject to a master netting arrangement or similar arrangement		8,023,000		—			8,023,000
Total	$	8,023,000	$	—		$	8,023,000
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Assets in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Received@		Net Amount#
State Street Bank and Trust Co.	$	8,023,000	$	(8,023,000	)	$	—	$	—
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		63,996,576		—			63,996,576
Total	$	63,996,576	$	—		$	63,996,576
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Pledged@		Net Amount#
State Street Global Markets	$	63,996,576	$	(62,524,601	)	$	—	$	1,471,975

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

285

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Small Cap Aggressive Fund
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Assets:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Repurchase Agreements subject to a master netting arrangement or similar arrangement		1,576,000		—			1,576,000
Total	$	1,576,000	$	—		$	1,576,000
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Assets in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Received@		Net Amount#
State Street Bank and Trust Co.	$	1,576,000	$	(1,576,000	)	$	—	$	—
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and  Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		7,568,058		—			7,568,058
Total	$	7,568,058	$	—		$	7,568,058
.	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Pledged@		Net Amount#
State Street Global Markets	$	7,568,058	$	(7,402,621	)	$	—	$	165,437

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

286

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Small Cap Fund
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and  Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		51,691,305		—			51,691,305
Total	$	51,691,305	$	—		$	51,691,305
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Pledged@		Net Amount#
State Street Global Markets	$	51,691,305	$	(50,471,337	)	$	—	$	1,219,968

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

287

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Small Cap Index Fund
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Assets:
Description
Derivatives:
Equity contracts
Over the counter	$	—	$	—		$	—
Exchange traded		33,720		—			33,720
Centrally cleared		—		—			—
Total derivatives, subject to a master netting arrangement or similar arrangement		33,720		—			33,720
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		33,720		—			33,720
Repurchase Agreements subject to a master netting arrangement or similar arrangement		11,449,000		—			11,449,000
Total	$	11,482,720	$	—		$	11,482,720
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Assets in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Received@		Net Amount#
Citigroup Global Markets, Inc.*	$	33,720	$	(33,720	)	$	—	$	—
State Street Bank and Trust Co.		11,449,000		(11,449,000	)		—		—
	$	11,482,720	$	(11,482,720	)	$	—	$	—
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and  Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		124,974,628		—			124,974,628
Total	$	124,974,628	$	—		$	124,974,628
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets  and Liabilities		Financial Instruments@			Collateral Pledged@		Net Amount#
State Street Global Markets	$	124,974,628	$	(121,919,250	)	$	—	$	3,055,378

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

* Exchange Traded Futures — Citigroup Global Markets, Inc. as Futures Commission Merchant

288

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Small Cap Special Values Fund
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and  Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		32,973,687		—			32,973,687
Total	$	32,973,687	$	—		$	32,973,687
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Pledged@		Net Amount#
State Street Global Markets	$	32,973,687	$	(32,191,983	)	$	—	$	781,704

	Small-Mid Growth Fund
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		14,681,748		—			14,681,748
Total	$	14,681,748	$	—		$	14,681,748
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Pledged@		Net Amount#
State Street Global Markets	$	14,681,748	$	(14,325,614	)	$	—	$	356,134

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

289

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Stock Index Fund
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Assets:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Repurchase Agreements subject to a master netting arrangement or similar arrangement		10,025,000		—			10,025,000
Total	$	10,025,000	$	—		$	10,025,000
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Assets in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Received@		Net Amount#
State Street Bank and Trust Co.	$	10,025,000	$	(10,025,000)		$	—	$	—
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Liabilities:
Description
Derivatives:
Equity contracts
Over the counter	$	—	$	—		$	—
Exchange traded		8,930		—			8,930
Centrally cleared		—		—			—
Total derivatives, subject to a master netting arrangement or similar arrangement		8,930		—			8,930
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		8,930		—			8,930
Securities borrowings on loan subject to a master netting arrangement or similar arrangement		195,620,256		—			195,620,256
Total	$	195,629,186	$	—		$	195,629,186
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Liabilities in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Pledged@		Net Amount#
Citigroup Global Markets, Inc.*	$	8,930	$	(8,930	)	$	—	$	—
State Street Global Markets		195,620,256		(190,883,879	)		—		4,736,377
	$	195,629,186	$	(190,892,809	)	$	—	$	4,736,377

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

* Exchange Traded Futures — Citigroup Global Markets, Inc. as Futures Commission Merchant

290

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Value Fund
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Assets:
Description
Derivatives:
Total derivatives, subject to a master netting arrangement or similar arrangement	$	—	$	—		$	—
Total derivatives, not subject to a master netting arrangement or similar arrangement		—		—			—
Total derivatives		—		—			—
Repurchase Agreements subject to a master netting arrangement or similar arrangement		1,280,000		—			1,280,000
Total	$	1,280,000	$	—		$	1,280,000
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amount of Assets in the Statement of Assets and Liabilities		Financial Instruments@			Collateral Received@		Net Amount#
State Street Bank and Trust Co.	$	1,280,000	$	(1,280,000	)	$	—	$	—

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

Inflation-Indexed Bonds: Certain Funds may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Two structures are common. The U.S. Treasury and certain other issuers use a structure that reflects inflation in the principal value of the bond. Other issuers pay out any inflation related accruals as part of a semiannual coupon. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates (i.e., stated interest rates) and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates (i.e., nominal interest rates minus inflation) might decline, leading to an increase in value of inflation- indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in nominal interest rates, and short-term increases in inflation may lead to a decline in their value. Coupon payments received from inflation-indexed bonds are recorded in the Statement of Operations as interest income. In addition, any increase or decrease in the principal amount of an inflation-indexed bond will be recorded in the Statement of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.

Repurchase Agreements: The Funds, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission (“SEC”), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Fund’s custodian takes possession of the collateral pledged for investments in such repurchase agreements (“repo” or collectively “repos”). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

As of November 30, 2013, the following funds held an undivided interest in a joint repurchase agreement with State Street Bank & Trust Co.:

Fund	Percentage Ownership			Principal Amount
Dividend Value		1.99	%	$	3,676,000
Mid Cap Index		5.79	%		10,687,000
Money Market I		4.09	%		7,547,000
Nasdaq-100® Index		1.69	%		3,129,000
Small Cap Index		6.20	%		11,449,000
Stock Index		5.43	%		10,025,000

291

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

State Street Bank & Trust Co., dated November 29, 2013, bearing interest at a rate of 0.00% per annum, with a principal amount of $184,677,000, a repurchase price of $184,677,000, and a maturity date of December 2, 2013. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		0.63	%		7/15/2016	$	380,000	$	382,576
U.S. Treasury Notes		2.13	%		12/31/2015		179,635,000		187,990,183

Mortgage-Backed Dollar Rolls: During the six months ended November 30, 2013, the Asset Allocation Fund and Capital Conservation entered into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Fund’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. The Asset Allocation Fund had TBA Rolls outstanding at period end, which are included in receivable for investments sold and payable for investments purchased in the Statement 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 proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. The return earned by the Fund with the proceeds of the dollar roll transaction may not exceed the transaction costs. For the six months ended November 30, 2013, the Asset Allocation Fund and Capital Conservation Fund had realized gains (losses) from mortgage-backed dollar rolls of $(10,526) and $21,126 respectively.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.

Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statement of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates and realized gains and losses on forward foreign currency contracts.

Investment Securities Loaned: To realize additional income, a Fund, except for the Money Market I Fund, may lend portfolio securities with a value of up to 33 1/3% of its total assets. Securities lending arrangements are generally governed by master securities lending authorization agreements which typically provide the Custodian with the right to make loans of the Fund’s available securities to an approved list of borrowers. These master securities lending agreements are considered to be Master Agreements as discussed in the Notes to the Financial Statements. Loans made pursuant to these agreements will be continuously secured by collateral in an amount at least equal to the market value of the securities loaned. Such collateral will be cash, U.S. government securities, or other collateral as deemed appropriate. The Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund’s Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the Custodian to be creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily more or less than the value of the securities on loan. Each Fund receives income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower, less expenses associated with the loan. In the event of a borrower default, including if the borrower fails to maintain the requisite amount of collateral, the Custodian will terminate all outstanding loans to that particular borrower and the lending Fund is permitted to use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. The risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral. Income and fees are recorded in the Statement of Operations as Securities lending income.

Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities.

Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statement of Operations. For the Dynamic Allocation Fund, distributions from income from the underlying Funds, if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from the underlying Funds, if any, are recorded to realized gains on the ex-dividend date.

Funds which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of foreign securities at various rates. India, Thailand, and certain other countries’ tax regulations require that taxes be paid on capital gains realized by the Fund.

292

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Distributions received from Real Estate Investment Trusts (“REIT”) investments are recharacterized based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The amount recharacterized as ordinary income is recorded as dividend income and the amount recharacterized as capital gain is recorded as realized gain in the Statement of Operations. The amount recharacterized as return of capital is recorded as a reduction to the cost of investments in the Statement of Assets and Liabilities. These recharacterizations are reflected in the accompanying financial statements.

Expenses common to all Funds, not directly related to individual Funds are allocated among the Funds based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Fund as incurred on a specific identification basis. For the Dynamic Allocation Fund, the expenses included in the accompanying financial statements reflect the expenses of the Dynamic Allocation Fund and do not include any expenses associated with the underlying Funds.

Dividends from net investment income, if any, are paid annually, except for the Money Market I Fund, which declares daily and pays monthly. Distributions from net realized capital gains, if any, are paid annually.

The amount of dividends and distributions from net investment income and net realized capital gains are determined and presented in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.

Each Fund is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that each Fund will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2009 — 2011 or expected to be taken in each Fund’s 2012 tax return. The Funds are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds file U.S. federal and certain state income tax returns. With few exceptions, the Funds are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2009.

Organization and Offering Costs: Organizational costs incurred in connection with the commencement of the Dynamic Allocation Fund are expensed, while offering costs are reflected as “Deferred offering costs” in the Statement of Assets and Liabilities of the Fund, and amortized over a 12-month period.

New Accounting Pronouncements

In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11, “Disclosures about Offsetting Assets and Liabilities”, which was subsequently clarified in ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” which was issued in January 2013. The amended Standard requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The new and revised disclosures are effective for annual reporting periods beginning after January 1, 2013. All required changes to accounting policies have been made in accordance with ASU No. 2011-11 and 2013-01.

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

293

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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 Fund	0.95% on the first $250 million
	0.90% on the next $250 million
	0.85% on the next $500 million
	0.80% on assets over $1 billion
Large Capital Growth Fund	0.64% on the first $750 million
	0.59% on assets over $750 million
Mid Cap Strategic Growth Fund	0.70% on the first $250 million
	0.65% on the next $250 million
	0.60% on assets over $500 million
Asset Allocation Fund	0.50% on first $300 million
	0.475% on next $200 million
	0.45% on assets over $500 million
Global Social Awareness Fund	0.50% on first $500 million
	0.475% on next $500 million
	0.45% on assets over $1 billion
Global Strategy Fund	0.50% on the first $500 million
	0.46% on assets over $500 million
Capital Conservation Fund	0.50% on the first $250 million
Government Securities Fund	0.45% on the next $250 million
International Government Bond Fund	0.40% on the next $500 million
	0.35% on assets over $1 billion
Money Market I Fund	0.40%
Nasdaq-100® Index Fund	0.40% on the first $250 million
	0.38% on the next $250 million
	0.36% on assets over $500 million
Dividend Value Fund	0.75% on the first $250 million
	0.72% on the next $250 million
	0.67% on the next $500 million
	0.62% on assets over $1 billion
Value Fund	0.78% on the first $250 million
	0.73% on the next $250 million
	0.68% on the next $500 million
	0.63% on assets over $1 billion
Broad Cap Value Income Fund	0.70% on the first $250 million
Large Cap Core Fund	0.65% on the next $250 million
	0.60% on the next $500 million
	0.55% on assets over $1 billion
Foreign Value Fund	0.73% on the first $250 million
	0.68% on the next $250 million
	0.63% on the next $500 million
	0.58% on assets over $1 billion

294

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Emerging Economies Fund	0.81% on the first $250 million
	0.76% on the next $250 million
	0.71% on the next $500 million
	0.66% on assets over $1 billion
Small Cap Aggressive Growth Fund	0.85% on the first $250 million
Small-Mid Growth Fund	0.75% on assets over $250 million
Small Cap Special Values Fund	0.75% on the first $500 million
	0.70% on assets over $500 million
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
Dynamic Allocation Fund	0.25% on the first $1 billion
	0.22% on the next $1 billion
	0.20% on assets over $2 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, 2014. For the purposes of the waived fee and/or reimbursed expense calculations, annual fund operating expenses shall not include extraordinary expenses, as determined under generally accepted accounting principles, or acquired fund fees and expenses. The contractual expense waivers and fee reimbursements will continue indefinitely, subject to termination by the Board, including a majority of the Directors who are not deemed to be interested persons of the Series or VALIC as defined by Section 2(a)(19) of the 1940 Act (“the Disinterested Directors”).

Fund	Maximum Expense Limitation
Blue Chip Growth		0.85	%
Broad Cap Value Income		0.85	%
Core Equity		0.80	%
Dividend Value		0.82	%
Dynamic Allocation		0.32	%
Global Real Estate		0.95	%
Government Securities		0.67	%
Growth		0.81	%
Growth & Income		0.85	%
Inflation Protected		0.65	%
International Growth		1.01	%
Large Cap Core		0.85	%
Large Capital Growth		0.80	%
Mid Cap Strategic Growth		0.85	%
Money Market I		0.55	%
Nasdaq-100® Index		0.53	%
Small Cap Aggressive Growth		0.99	%
Small Cap		0.93	%
Small Cap Special Values		0.90	%
Small-Mid Growth		1.00	%
Value		0.85	%

Any contractual waivers and/or reimbursements made by VALIC with respect to the Dynamic Allocation Fund are subject to recoupment from the Fund within two years after the occurrence of the waiver and/or reimbursement, provided that the Fund is able to effect such payment to VALIC and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made.

For the period ended November 30, 2013, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:

Fund	Amount
Broad Cap Value Income	$	23,613
Core Equity		165,240
Dividend Value		31,016

295

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	Amount
Dynamic Allocation	$	24,628
Growth		23,536
Growth & Income		41,646
International Growth		213,600
Nasdaq-100® Index		36,136
Small Cap Aggressive Growth		17,344
Small Cap		170,639
Small-Mid Growth		20,291
Value		46,526

VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the Money Market I Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Money Market I Fund will be able to avoid a negative yield. For the six months ended November 30, 2013, VALIC voluntarily waived $666,948 of expenses for the Money Market I Fund.

At November 30, 2013, expenses previously waived and/or reimbursed by VALIC that are subject to recoupment and expire during the time period indicated are as follows:

	Expenses Reimbursed
Fund	May 31, 2015		November 30, 2015
Dynamic Allocation	$	53,576	$	24,628

VALIC has entered into sub-advisory agreements with the following:

AllianceBernstein L.P. (“AllianceBernstein”)—subadviser for a portion of the Dynamic Allocation Fund.

Allianz Global Investors U.S. LLC (“AGI US”)—subadviser for a portion of the Mid Cap Strategic Growth Fund and a portion of the Science & Technology Fund.

American Century Investment Management, Inc. (“American Century”)—subadviser for the Growth Fund and a portion of the International Growth Fund.

Barrow, Hanley, Mewhinney & Strauss, LLC—subadviser for the Broad Cap Value Income Fund.

BlackRock Investment Management, LLC (“BlackRock”)—subadviser for the Core Equity Fund and a portion of the Dividend Value Fund.

Bridgeway Capital Management, Inc.—subadviser for a portion of the Small Cap Fund.

Columbia Management Investment Advisers, LLC (“Columbia”)—subadviser for the Large Cap Core Fund.

Dreman Value Management, LLC—subadviser for a portion of the Small Cap Special Values Fund.

Franklin Advisers, Inc.—subadviser for a portion of the Global Strategy Fund.

Goldman Sachs Asset Management, L.P.@—subadviser for the Small-Mid Growth Fund and a portion of the Global Real Estate Fund.

Invesco Advisers, Inc. (“Invesco”)—subadviser for a portion of the International Growth Fund, a portion of the Global Real Estate Fund, and a portion of the Small Cap Fund.

J.P. Morgan Investment Management, Inc. (“JPMIM”)†#—subadviser for the Emerging Economies Fund, Growth & Income Fund and Government Securities Fund.

Massachusetts Financial Services Company (“MFS”)*—subadviser for the Large Capital Growth Fund and a portion of the International Growth Fund.

Morgan Stanley Investment Management, Inc.—subadviser for a portion of the Mid Cap Strategic Growth Fund.

PineBridge Investments, LLC (“PineBridge”)—subadviser for the Asset Allocation Fund, Capital Conservation Fund, Global Social Awareness Fund, Inflation Protected Fund, International Equities Fund, and International Government Bond Fund.

RS Investment Management Co. LLC (“RS Investments”)—subadviser for the Small Cap Aggressive Growth Fund

SunAmerica Asset Management Corp. (“SunAmerica”)—subadviser for the 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 Dynamic Allocation Fund.

T. Rowe Price Associates, Inc.—subadviser for the Blue Chip Growth Fund, Health Sciences Fund, a portion of the Science & Technology Fund and a portion of the Small Cap Fund.

Templeton Global Advisors, Ltd.—subadviser for the Foreign Value Fund.

Templeton Investment Counsel, LLC—subadviser for a portion of the Global Strategy Fund.

Wellington Management Company, LLP—subadviser for the Value Fund and a portion of the Science & Technology Fund.

Wells Capital Management, Inc.—subadviser for a portion of the Small Cap Special Values Fund.

† Effective September 16, 2013, JPMIM replaced SunAmerica as subadviser of the Growth & Income Fund.

* Effective September 16, 2013, MFS replaced Invesco and SunAmerica as subadviser for the Large Capital Growth Fund.

@ Effective August 19, 2013, Goldman Sachs Asset Management, L.P. replaced Wells Capital Management, Inc. and Century Capital Management, LLC as subadviser of the Small-Mid Growth Fund.

# Effective August 5, 2013, JPMIM assumed responsibility for 100% of the Government Securities Fund.

296

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica (“Administrator”), an affiliate of the Adviser. SunAmerica receives from each Fund, other than the “fund-of-funds component” of the Dynamic Allocation Fund, an annual fee of 0.06% based upon each Fund’s average daily net assets, plus the following Accounting Basis Point Fee†: 0.75% on the first $75 billion; 0.60% on the next $25 billion; and 0.50% in excess of $100 billion. 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 November 30, 2013, VC I expensed $6,819,754 for administrative services.

VC I, on behalf of each Fund has entered into a Transfer Agency and Services Agreement with VALIC. Under this agreement, VALIC provides services which include the issuance and redemption of shares, payment of dividends between the Series and their “institutional” shareholders and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. For the period ended November 30, 2013, the Series expensed $61,415 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 three different investment options that are specified in the plan as selected by the directors. For the period ended November 30, 2013, certain directors of VC I have deferred $6,082 of director compensation.

At November 30, 2013, VALIC, through their insurance company separate accounts, owned over five percent of the outstanding shares of the following Funds:

Fund	VALIC
Asset Allocation . . . . . . . . . . . . .		100.00%
Blue Chip Growth . . . . . . . . . . . .		99.98%
Broad Cap Value Income . . . . . . .		100.00%
Capital Conservation . . . . . . . . . .		100.00%
Core Equity . . . . . . . . . . . . . . . . .		100.00%
Dividend Value . . . . . . . . . . . . . .		99.99%
Dynamic Allocation . . . . . . . . . . .		100.00%
Emerging Economies . . . . . . . . . .		100.00%
Foreign Value . . . . . . . . . . . . . . .		100.00%
Global Real Estate . . . . . . . . . . . .		100.00%
Global Social Awareness . . . . . . .		100.00%
Global Strategy . . . . . . . . . . . . . .		100.00%
Government Securities . . . . . . . . .		98.69%
Growth . . . . . . . . . . . . . . . . . . . .		100.00%
Growth & Income . . . . . . . . . . . .		96.97%
Health Sciences . . . . . . . . . . . . .		99.97%
Inflation Protected . . . . . . . . . . . .		100.00%
International Equities . . . . . . . . . .		99.60%
International Government Bond . .		100.00%
International Growth . . . . . . . . . .		100.00%
Large Cap Core . . . . . . . . . . . . . .		100.00%
Large Capital Growth . . . . . . . . . .		100.00%
Mid Cap Index . . . . . . . . . . . . . .		99.44%
Mid Cap Strategic Growth . . . . . .		100.00%
Money Market I . . . . . . . . . . . . . .		94.94%
Nasdaq-100® Index . . . . . . . . . .		97.84%
Science & Technology . . . . . . . . .		99.78%
Small Cap Aggressive Growth . . .		100.00%
Small Cap . . . . . . . . . . . . . . . . . .		100.00%
Small Cap Index . . . . . . . . . . . . .		98.93%
Small Cap Special Values . . . . . .		100.00%
Small-Mid Growth . . . . . . . . . . . .		100.00%
Stock Index . . . . . . . . . . . . . . . . .		96.48%
Value . . . . . . . . . . . . . . . . . . . . .		100.00%

† Accounting Basis Point Fee is calculated based upon all assets in all registered management investment companies managed and/or administered by the Administrator and VALIC, other than “funds-of-funds” and “feeder funds.” In addition, the Dynamic Allocation Fund shall pay SAAMCo an Accounting Basis Point Fee solely with respect the Overlay Component and no fee with respect to the Fund-of-Funds Component.

297

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

As disclosed in the Portfolio of Investments, certain funds owned shares of various VCI or VALIC Co. II Funds and securities issued by AIG or an affiliate thereof. For the six months ended November 30, 2013, transactions in these securities were as follows:

Dynamic Allocation Fund

Security	Market Value at 05/31/13		Income		Capital Gain Distribution Received		Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Market Value at  11/30/13
VALIC Co. I Blue Chip Growth Fund	$	3,568,511	$	—	$	—	$	3,472,824	$	243,608	$	38,255		$	1,114,163		$	7,950,145
VALIC Co. I Broad Cap Value Income Fund		3,629,052		—		—		3,472,824		366,376		65,723			679,407			7,480,630
VALIC Co. I Capital Conservation Fund		4,666,730		—		—		5,328,185		103,100		(3,658	)		22,713			9,910,870
VALIC Co. I Dividend Value Fund		2,135,458		—		—		2,083,694		137,156		19,656			332,253			4,433,905
VALIC Co. I Emerging Economies Fund		1,968,745		—		—		2,348,824		44,186		(1,995	)		207,847			4,479,235
VALIC Co. I Foreign Value Fund		2,101,586		—		—		2,083,694		229,720		25,361			519,253			4,500,174
VALIC Co. I Global Real Estate Fund		1,332,625		—		—		1,541,242		29,457		1,217			14,779			2,860,406
VALIC Co. I Government Securities Fund		4,654,592		—		—		4,244,654		1,737,810		(78,803	)		(24,182	)		7,058,451
VALIC Co. I Growth & Income Fund		2,148,938		—		—		2,083,694		100,935		14,117			425,424			4,571,238
VALIC Co. I Growth Fund		3,531,405		—		—		3,472,824		135,753		18,196			737,433			7,624,105
VALIC Co. I Inflation Protected Fund		1,312,207		—		—		1,565,426		29,457		(2,257	)		(39,583	)		2,806,336
VALIC Co. I International Equities Fund		2,716,150		—		—		2,778,260		92,767		7,756			533,254			5,942,653
VALIC Co. I International Government Bond Fund		656,281		—		—		764,650		14,729		(1,193	)		47			1,405,056
VALIC Co. I International Growth Fund		2,055,005		—		—		2,083,694		86,689		7,636			395,367			4,455,013
VALIC Co. I Large Cap Core Fund		2,157,554		—		—		2,083,694		164,816		28,209			411,208			4,515,849
VALIC Co. I Stock Index Fund		10,688,915		—		—		10,418,474		491,690		71,370			1,977,469			22,664,538
VALIC Co. I Value Fund		3,594,601		—		—		3,472,825		213,204		33,035			482,989			7,370,246
VALIC Co. II Capital Appreciation Fund		2,119,252		—		—		2,083,695		121,463		17,389			558,995			4,657,868
VALIC Co. II Core Bond Fund		4,011,309		—		—		5,950,335		103,100		(3,295	)		40,551			9,895,800
VALIC Co. II High Yield Bond Fund		679,509		—		—		734,242		14,729		274			28,501			1,427,797
VALIC Co. II Large Cap Value Fund		2,159,594		—		—		2,083,694		145,056		24,389			392,783			4,515,404
VALIC Co. II Mid Cap Growth Fund		2,119,288		—		—		2,083,695		133,213		19,722			422,682			4,512,174
VALIC Co. II Mid Cap Value Fund		2,141,128		—		—		2,083,695		167,995		26,895			417,533			4,501,256
VALIC Co. II Small Cap Growth Fund		1,460,614		—		—		1,389,130		213,093		48,309			369,872			3,054,832
VALIC Co. II Small Cap Value Fund		1,442,536		—		—		1,389,129		114,312		20,789			276,370			3,014,512
VALIC Co. II Strategic Bond Fund		670,371		—		—		2,150,398		29,457		(775	)		50,264			2,840,801
	$	69,721,956	$	—	$	—	$	73,247,495	$	5,263,871	$	396,322		$	10,347,392		$	148,449,294

Stock Index Fund

Security	Market Value at 05/31/13		Income		Capital Gain Distribution Received		Purchases		Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)		Market Value at 11/30/2013
American International Group, Inc.
Common Stock		$17,778,576	$	39,186	$	—	$	2,860	$	375,193	$	(10,447,310	)	$	12,538,092	$	19,497,025

During the period, the following funds incurred brokerage commissions with brokers which are affiliates of a sub-adviser:

Affiliated Broker	Emerging Economies Fund		Growth & Income Fund		Small-Mid Growth Fund
Goldman Sachs International	$	—	$	—	$	323
JP Morgan Clearing Corp.		5,353		3		—

298

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Note 4 — Purchases and Sales of Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the period ended November 30, 2013 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	$	76,338,594	$	77,008,355	$	12,507,658	$	14,145,389
Blue Chip Growth		74,120,181		94,697,277		—		—
Broad Cap Value Income		6,351,427		6,856,860		—		—
Capital Conservation		96,600,138		96,830,738		26,433,803		58,879,484
Core Equity		43,849,254		48,547,163		—		—
Dividend Value		177,794,877		152,903,178		—		—
Dynamic Allocation		73,247,499		5,263,872		16,164,130		2,802,303
Emerging Economies		175,631,260		207,262,761		—		—
Foreign Value		128,076,228		140,308,352		—		—
Global Real Estate		89,783,345		96,322,562		—		—
Global Social Awareness		237,159,474		162,666,619		—		—
Global Strategy		62,501,360		71,000,383		—		—
Government Securities		29,279,239		2,881,579		34,476,917		34,001,534
Growth		331,204,692		361,481,595		—		—
Growth & Income		152,480,591		146,290,808		—		—
Health Sciences		152,417,239		130,583,142		—		—
Inflation Protected		97,078,248		99,815,753		20,063,447		14,143,640
International Equities		319,617,658		348,680,492		—		—
International Government Bond		32,277,211		37,228,685		2,171,127		4,198,457
International Growth		164,171,084		211,666,713		—		—
Large Cap Core		56,749,283		65,620,793		—		—
Large Capital Growth		469,346,517		478,890,934		—		—
Mid Cap Index		139,286,484		198,050,756		—		—
Mid Cap Strategic Growth		67,984,942		75,615,168		—		—
Nasdaq-100® Index		13,266,505		15,579,873		—		—
Science & Technology		393,408,136		424,570,523		—		—
Small Cap Aggressive Growth		59,116,331		53,306,628		—		—
Small Cap		43,146,565		69,324,837		—		—
Small Cap Index		86,852,007		91,715,433		—		—
Small Cap Special Values		69,915,282		78,099,690		—		—
Small-Mid Growth		150,839,639		154,669,648		—		—
Stock Index		64,516,958		159,306,417		—		—
Value		8,605,656		10,075,247		—		—

Note 5 — Federal Income Taxes

The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October loss deferrals, late year ordinary loss deferrals, investments in passive foreign investment companies, deferred compensation payments, investments in regulated investment companies, investments in partnerships, inflation-linked securities, straddle loss deferrals, foreign taxes payable and derivative transactions.

The information in the following table is presented on the basis of cost for Federal Income Tax purposes at November 30, 2013.

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Asset Allocation	$	155,471,030	$	20,394,951	$	(2,683,482	)	$	17,711,469
Blue Chip Growth		369,388,027		234,275,217		(1,377,045	)		232,898,172
Broad Cap Value Income		35,440,025		12,462,778		(268,878	)		12,193,900
Capital Conservation		205,904,717		2,719,183		(3,177,063	)		(457,880	)
Core Equity		217,158,881		66,156,146		(3,595,820	)		62,560,326
Dividend Value		510,792,918		127,486,645		(4,923,733	)		122,562,912
Dynamic Allocation		168,131,805		12,962,941		(935,528	)		12,027,413
Emerging Economies		639,524,541		74,225,005		(28,355,489	)		45,869,516

299

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Foreign Value	$	885,541,263	$	214,149,087	$	(46,916,481	)	$	167,232,606
Global Real Estate		353,671,237		43,454,207		(26,677,166	)		16,777,041
Global Social Awareness		369,722,643		65,029,767		(8,145,318	)		56,884,449
Global Strategy		465,205,281		96,225,046		(13,255,394	)		82,969,652
Government Securities		160,446,734		3,224,481		(2,784,443	)		440,038
Growth		785,347,174		189,357,080		(6,715,048	)		182,642,032
Growth & Income		106,031,722		8,119,929		(2,348,171	)		5,771,758
Health Sciences		334,120,598		194,642,530		(3,618,901	)		191,023,629
Inflation Protected		423,793,762		20,855,688		(10,081,303	)		10,774,385
International Equities		981,606,391		185,317,836		(50,177,985	)		135,139,851
International Government Bond*		174,166,631		3,895,185		(9,031,370	)		(5,136,185	)
International Growth		519,855,139		139,954,669		(14,906,435	)		125,048,234
Large Cap Core		137,960,159		39,923,030		(764,281	)		39,158,749
Large Capital Growth		391,424,923		29,927,880		(7,800,868	)		22,127,012
Mid Cap Index		2,526,451,717		1,008,824,999		(141,587,841	)		867,237,158
Mid Cap Strategic Growth		260,474,913		76,556,217		(6,596,160	)		69,960,057
Money Market I		377,449,557		—		—			—
Nasdaq-100® Index		145,281,230		99,806,138		(2,934,459	)		96,871,679
Science & Technology		795,170,390		185,617,685		(29,440,965	)		156,176,720
Small Cap Aggressive Growth		93,258,863		23,248,770		(1,818,017	)		21,430,753
Small Cap		310,046,849		132,106,504		(8,610,844	)		123,495,660
Small Cap Index		935,418,410		392,633,727		(88,601,487	)		304,032,240
Small Cap Special Values		235,087,647		63,013,679		(12,616,617	)		50,397,062
Small-Mid Growth		128,251,599		14,210,833		(2,600,047	)		11,610,786
Stock Index		2,833,439,007		1,876,283,167		(177,955,124	)		1,698,328,043
Value		88,687,156		30,768,072		(872,505	)		29,895,567

* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2013.

The tax basis distributable earnings at May 31, 2013 and the tax character of distributions paid during the period ended May 31, 2013 were as follows:

	Distributable Earnings								Tax Distributions
	For the period ended May 31, 2013
Fund	Ordinary Income		Long- Term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Asset Allocation	$	7,547,795	$	4,956,536		$	13,511,826		$	3,231,904	$	651,012
Blue Chip Growth		1,020,429		22,993,791			164,049,668			224,987		—
Broad Cap Value Income		658,578		(1,266,028	)		8,628,978			209,946		—
Capital Conservation		6,589,241		1,707,327			1,831,502			5,162,897		—
Core Equity		3,126,657		(61,598,367	)		43,573,234			3,330,758		—
Dividend Value		12,390,438		(21,996,720	)		116,300,290			7,071,676		—
Dynamic Allocation		237,825		357,011			2,115,850			—		—
Emerging Economies		9,729,373		(123,008,179	)		40,133,472			4,045,089		—
Foreign Value		19,579,170		(92,925,773	)		29,073,982			26,987,749		—
Global Real Estate		22,364,744		22,459,267			33,189,733			5,610,988		10,219,178
Global Social Awareness		6,058,947		(138,504,220	)		33,442,736			5,032,332		—
Global Strategy		17,489,875		(7,340,460	)		55,139,195			26,416,216		—
Government Securities		3,859,116		372,547			3,207,592			3,928,811		401,541
Growth		8,021,572		(9,765,875	)		133,371,059			5,671,417		—
Growth & Income		842,484		(12,746,337	)		5,288,319			767,908		—
Health Sciences		3,499,705		16,138,679			143,629,091			449,757		18,069,278
Inflation Protected		10,529,835		272,023			29,619,088			11,468,245		—
International Equities		27,134,165		(219,852,313	)		50,205,282			23,116,984		—
International Government Bond*		4,487,082		618,611			(4,159,363	)		8,644,850		2,465,917
International Growth		10,866,892		(46,443,341	)		85,707,482			8,748,947		—
Large Cap Core		6,103,448		7,322,679			34,335,827			2,082,655		15,328,683

300

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Distributable Earnings							Tax Distributions
	For the period ended May 31, 2013
Fund	Ordinary Income		Long- Term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)@		Ordinary Income		Long-Term Capital Gains
Large Capital Growth	$	16,441,860	$	15,311,798		$	39,927,213	$	739,174	$	28,422,069
Mid Cap Index		42,879,409		122,236,308			648,110,503		25,086,430		87,788,582
Mid Cap Strategic Growth		1,496,140		3,561,209			49,191,587		—		5,866,213
Money Market I		8,832		(642,345	)		—		39,087		—
Nasdaq-100® Index		2,645,521		575,512			66,292,598		907,749		4,265,348
Science & Technology		1,174,500		(69,176,724	)		81,389,752		—		—
Small Cap Aggressive Growth		2,503,260		7,260,207			15,824,097		1,041,533		—
Small Cap		1,201,353		16,963,418			88,108,474		224,117		—
Small Cap Index		16,056,809		23,735,605			189,353,050		10,815,364		—
Small Cap Special Values		1,802,415		(21,829,617	)		28,628,052		1,204,354		—
Small-Mid Growth		41,716		4,202,101			17,228,351		—		—
Stock Index		74,753,175		96,505,149			1,335,363,979		62,350,013		53,668,808
Value		1,912,183		(50,927,321	)		21,453,037		2,211,912		—

* The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2013.

@ Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

As of May 31, 2013, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which expire in the year indicated, which are available to offset future capital gains, if any:

	Capital Loss Carryforward†						Unlimited†
Fund	2017		2018		2019		ST		LT
Asset Allocation	$	—	$	—	$	—	$	—	$	—
Blue Chip Growth		—		—		—		—		—
Broad Cap Value Income		—		1,266,028		—		—		—
Capital Conservation		—		—		—		—		—
Core Equity		13,028,960		48,569,407		—		—		—
Dividend Value		—		16,985,362		5,011,358		—		—
Dynamic Allocation		—		—		—		—		—
Emerging Economies		26,872,567		71,874,688		—		24,260,924		—
Foreign Value		—		92,545,601		—		—		380,172
Global Real Estate		—		—		—		—		—
Global Social Awareness		36,788,003		101,716,217		—		—		—
Global Strategy		—		7,340,460		—		—		—
Government Securities		—		—		—		—		—
Growth		—		9,765,875		—		—		—
Growth & Income		—		12,746,337		—		—		—
Health Sciences		—		—		—		—		—
Inflation Protected		—		—		—		—		—
International Equities		36,713,038		128,172,760		—		10,192,364		44,774,151
International Government Bond		—		—		—		—		—
International Growth		—		46,443,341		—		—		—
Large Cap Core		—		—		—		—		—
Large Capital Growth		—		—		—		—		—
Mid Cap Index		—		—		—		—		—
Mid Cap Strategic Growth		—		—		—		—		—
Money Market I		642,345		—		—		—		—
Nasdaq-100® Index		—		—		—		—		—
Science & Technology		—		69,176,724		—		—		—
Small Cap Aggressive Growth		—		—		—		—		—
Small Cap		—		—		—		—		—
Small Cap Index		—		—		—		—		—
Small Cap Special Values		—		21,829,617		—		—		—

301

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Capital Loss Carryforward†						Unlimited†
Fund	2017		2018		2019		ST		LT
Small-Mid Growth	$	—	$	—	$	—	$	—	$	—
Stock Index		—		—		—		—		—
Value		2,330,263		48,597,058		—		—		—

† On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term losses rather than being considered all short-term as under previous law.

Under the current tax law, capital losses realized after October 31 and late year ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended May 31, 2013, the Funds elected to defer late year ordinary losses and post October capital losses as follows:

Fund	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term Capital  Loss		Deferred Post-October Long-Term Capital  Loss
Asset Allocation	$	—	$	—	$	—
Blue Chip Growth		122,538		522,950		—
Broad Cap Value Income		—		—		—
Capital Conservation		—		—		—
Core Equity		—		—		—
Dividend Value		—		2,441,281		—
Dynamic Allocation		3,724		—		—
Emerging Economies		—		—		—
Foreign Value		—		—		—
Global Real Estate		—		—		—
Global Social Awareness		—		—		—
Global Strategy		—		—		—
Government Securities		—		—		273,066
Growth		—		—		—
Growth & Income		—		—		—
Health Sciences		1,521,650		—		—
Inflation Protected		—		—		—
International Equities		—		—		101,547
International Government Bond		—		—		—
International Growth		—		—		—
Large Cap Core		—		—		—
Large Capital Growth		—		—		—
Mid Cap Index		—		—		—
Mid Cap Strategic Growth		—		—		—
Money Market I		—		—		—
Nasdaq-100® Index		—		—		1,565,297
Science & Technology		—		—		—
Small Cap Aggressive Growth		239,556		—		—
Small Cap		186,656		—		—
Small Cap Index		—		—		—
Small Cap Special Values		—		—		—
Small-Mid Growth		196,324		—		—
Stock Index		—		—		—
Value		—		—		—

302

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Note 6 — Capital Share Transactions

Transactions in capital shares of each class of each Fund were as follows:

	Asset Allocation												Blue Chip Growth
	For the six months ended November 30, 2013  (unaudited)						For the year ended May 31, 2013						For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,153,492		$	14,430,390			1,992,393		$	22,984,543			543,217		$	8,309,070			2,756,324		$	34,677,691
Reinvested dividends		—			—			343,317			3,882,916			—			—			18,262			224,987
Shares redeemed		(1,321,786	)		(16,436,077	)		(2,216,744	)		(25,723,109	)		(1,920,619	)		(29,298,920	)		(2,675,323	)		(34,232,898	)
Net increase (decrease)		(168,294	)	$	(2,005,687	)		118,966		$	1,144,350			(1,377,402	)	$	(20,989,850	)		99,263		$	669,780
	Broad Cap Value Income												Capital Conservation
	For the six months ended November 30, 2013  (unaudited)						For the year ended May 31, 2013						For the six months ended November 30, 2013  (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		485,819		$	6,707,746			809,714		$	9,300,238			1,725,724		$	16,988,997			6,175,305		$	62,964,168
Reinvested dividends		—			—			19,103			209,946			—			—			509,664			5,162,897
Shares redeemed		(463,321	)		(6,326,202	)		(452,290	)		(5,087,957	)		(4,658,689	)		(45,840,108	)		(6,765,822	)		(69,200,608	)
Net increase (decrease)		22,498		$	381,544			376,527		$	4,422,227			(2,932,965	)	$	(28,851,111	)		(80,853	)	$	(1,073,543	)
	Core Equity												Dividend Value
	For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013						For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		128,846		$	2,147,574			166,768		$	2,251,040			5,473,174		$	66,283,303			16,119,756		$	165,779,178
Reinvested dividends		—			—			250,057			3,330,758			—			—			699,473			7,071,676
Shares redeemed		(764,092	)		(12,465,447	)		(2,085,969	)		(28,787,004	)		(5,005,622	)		(60,366,167	)		(5,095,556	)		(54,502,613	)
Net increase (decrease)		(635,246	)	$	(10,317,873	)		(1,669,144	)	$	(23,205,206	)		467,552		$	5,917,136			11,723,673		$	118,348,241
	Dynamic Allocation												Emerging Economies
	For the six months ended November 30, 2013 (unaudited)						For the period December 19, 2012* to May 31, 2013						For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		9,275,704		$	101,855,294			8,279,283		$	87,229,191			7,429,694		$	57,544,245			21,834,719		$	171,325,642
Reinvested dividends		—			—			—			—			—			—			500,630			4,045,089
Shares redeemed		(1,510,207	)		(16,686,343	)		(282,964	)		(3,028,431	)		(13,798,430	)		(109,499,065	)		(6,649,457	)		(53,552,653	)
Net increase (decrease)		7,765,497		$	85,168,951			7,996,319		$	84,200,760			(6,368,736	)	$	(51,954,820	)		15,685,892		$	121,818,078
	Foreign Value												Global Real Estate
	For the six months ended November 30, 2013  (unaudited)						For the year ended May 31, 2013						For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,014,343		$	31,407,622			4,804,636		$	41,512,429			2,085,035		$	18,424,116			8,679,499		$	74,860,996
Reinvested dividends		—			—			3,130,829			26,987,749			—			—			1,895,828			15,830,166
Shares redeemed		(8,230,767	)		(85,416,494	)		(16,818,258	)		(143,693,341	)		(3,564,116	)		(31,909,131	)		(5,335,057	)		(48,238,921	)
Net increase (decrease)		(5,216,424	)	$	(54,008,872	)		(8,882,793	)	$	(75,193,163	)		(1,479,081	)	$	(13,485,015	)		5,240,270		$	42,452,241
	Global Social Awareness												Global Strategy
	For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013						For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,625,108		$	85,748,928			1,808,636		$	27,787,985			2,892,907		$	38,193,604			1,101,997		$	13,158,503
Reinvested dividends		—			—			326,987			5,032,332			—			—			2,289,100			26,416,216
Shares redeemed		(769,859	)		(14,105,132	)		(2,430,270	)		(38,573,873	)		(1,108,962	)		(14,318,076	)		(8,911,696	)		(106,167,775	)
Net increase (decrease)		3,855,249		$	71,643,796			(294,647	)	$	(5,753,556	)		1,783,945		$	23,875,528			(5,520,599	)	$	(66,593,056	)

* Commencement of operations

303

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Government Securities												Growth
	For the six months ended November 30, 2013  (unaudited)						For the year ended May 31, 2013						For the six months ended November 30, 2013  (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,852,381		$	41,212,449			4,184,602		$	47,330,908			931,299		$	13,982,777			2,444,267		$	30,795,182
Reinvested dividends		—			—			387,677			4,330,352			—			—			460,342			5,671,417
Shares redeemed		(1,615,243	)		(17,330,053	)		(4,946,768	)		(55,822,184	)		(2,636,856	)		(38,169,848	)		(9,369,315	)		(120,018,085	)
Net increase (decrease)		2,237,138		$	23,882,396			(374,489	)	$	(4,160,924	)		(1,705,557	)	$	(24,187,071	)		(6,464,706	)	$	(83,551,486	)
	Growth & Income												Health Sciences
	For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013						For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		489,483		$	7,501,734			553,850		$	7,440,555			1,796,500		$	32,785,883			4,342,117		$	63,166,195
Reinvested dividends		—			—			60,040			767,908			—			—			1,365,711			18,519,035
Shares redeemed		(503,500	)		(7,731,030	)		(879,638	)		(11,598,731	)		(666,346	)		(11,853,012	)		(1,426,555	)		(20,519,438	)
Net increase (decrease)		(14,017	)	$	(229,296	)		(265,748	)	$	(3,390,268	)		1,130,154		$	20,932,871			4,281,273		$	61,165,792
	Inflation Protected												International Equities
	For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013						For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,430,846		$	27,256,878			7,839,922		$	93,598,266			11,631,568		$	77,986,735			33,207,759		$	202,826,265
Reinvested dividends		—			—			956,417			11,468,245			—			—			3,865,716			23,116,984
Shares redeemed		(2,012,372	)		(22,430,794	)		(5,178,384	)		(61,606,426	)		(16,731,274	)		(114,292,018	)		(14,720,333	)		(90,065,825	)
Net increase (decrease)		418,474		$	4,826,084			3,617,955		$	43,460,085			(5,099,706	)	$	(36,305,283	)		22,353,142		$	135,877,424

	International Government Bond												International Growth
	For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013						For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,233,473		$	14,766,455			2,763,774		$	34,997,349			2,050,754		$	26,702,283			4,682,479		$	51,258,631
Reinvested dividends		—			—			876,935			11,110,767			—			—			766,779			8,748,947
Shares redeemed		(2,127,062	)		(25,298,468	)		(3,898,960	)		(49,883,171	)		(6,141,148	)		(80,065,933	)		(6,184,322	)		(71,006,863	)
Net increase (decrease)		(893,589	)	$	(10,532,013	)		(258,251	)	$	(3,775,055	)		(4,090,394	)	$	(53,363,650	)		(735,064	)	$	(10,999,285	)
	Large Cap Core												Large Capital Growth
	For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013						For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		550,060		$	7,380,688			1,345,642		$	16,178,069			89,537		$	1,178,551			340,688		$	3,992,507
Reinvested dividends		—			—			1,607,695			17,411,338			—			—			2,643,812			29,161,243
Shares redeemed		(1,246,901	)		(16,745,362	)		(1,622,375	)		(19,679,498	)		(1,575,994	)		(20,643,670	)		(3,461,409	)		(41,151,057	)
Net increase (decrease)		(696,841	)	$	(9,364,674	)		1,330,962		$	13,909,909			(1,486,457	)	$	(19,465,119	)		(476,909	)	$	(7,997,307	)
	Mid Cap Index												Mid Cap Strategic Growth
	For the six months ended November 30, 2013  (unaudited)						For the year ended May 31, 2013						For the six months ended November 30, 2013  (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		855,573		$	21,794,477			4,785,036		$	109,635,697			745,998		$	11,428,194			574,663		$	7,069,535
Reinvested dividends		—			—			5,460,813			112,875,012			—			—			492,959			5,866,213
Shares redeemed		(6,719,352	)		(171,014,389	)		(12,877,205	)		(280,579,592	)		(1,063,097	)		(16,015,807	)		(3,489,765	)		(43,390,382	)
Net increase (decrease)		(5,863,779	)	$	(149,219,912	)		(2,631,356	)	$	(58,068,883	)		(317,099	)	$	(4,587,613	)		(2,422,143	)	$	(30,454,634	)

304

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Money Market I												Nasdaq-100®Index
	For the six months ended November 30, 2013  (unaudited)						For the year ended May 31, 2013						For the six months ended November 30, 2013  (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		62,920,479		$	62,920,479			115,071,461		$	115,071,461			1,273,215		$	9,621,524			4,894,381		$	31,459,509
Reinvested dividends		19,293			19,293			39,087			39,087			—			—			837,071			5,173,097
Shares redeemed		(63,571,859	)		(63,571,859	)		(145,528,745	)		(145,528,745	)		(1,758,229	)		(13,016,206	)		(3,748,854	)		(24,278,313	)
Net increase (decrease)		(632,087	)	$	(632,087	)		(30,418,197	)	$	(30,418,197	)		(485,014	)	$	(3,394,682	)		1,982,598		$	12,354,293
	Science & Technology												Small Cap Aggressive
	For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013						For the six months ended November 30, 2013  (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		243,580		$	5,168,975			903,369		$	15,409,716			858,650		$	12,944,049			282,006		$	3,199,343
Reinvested dividends		—			—			—			—			—			—			95,729			1,041,533
Shares redeemed		(1,976,237	)		(40,737,240	)		(5,742,440	)		(98,463,176	)		(442,946	)		(6,720,285	)		(1,131,731	)		(12,940,145	)
Net increase (decrease)		(1,732,657	)	$	(35,568,265	)		(4,839,071	)	$	(83,053,460	)		415,704		$	6,223,764			(753,996	)	$	(8,699,269	)
	Small Cap												Small Cap Index
	For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013						For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		117,068		$	1,704,492			548,258		$	6,469,223			1,010,490		$	19,737,023			2,413,345		$	40,226,379
Reinvested dividends		—			—			19,904			224,117			—			—			714,829			10,815,364
Shares redeemed		(2,020,069	)		(29,220,821	)		(3,460,783	)		(40,166,199	)		(2,651,299	)		(51,188,873	)		(6,258,512	)		(99,632,130	)
Net increase (decrease)		(1,903,001	)	$	(27,516,329	)		(2,892,621	)	$	(33,472,859	)		(1,640,809	)	$	(31,451,850	)		(3,130,338	)	$	(48,590,387	)
	Small Cap Special Values												Small-Mid Growth
	For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013						For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		238,355		$	2,913,923			1,822,151		$	17,704,889			305,703		$	4,173,288			244,047		$	2,776,815
Reinvested dividends		—			—			124,674			1,204,354			—			—			—			—
Shares redeemed		(1,404,973	)		(17,064,148	)		(2,138,037	)		(21,348,371	)		(491,649	)		(6,755,176	)		(1,200,202	)		(13,793,926	)
Net increase (decrease)		(1,166,618	)	$	(14,150,225	)		(191,212	)	$	(2,439,128	)		(185,946	)	$	(2,581,888	)		(956,155	)	$	(11,017,111	)
	Stock Index												Value
	For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013						For the six months ended November 30, 2013 (unaudited)						For the year ended May 31, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,255,051		$	102,663,801			8,404,424		$	228,769,062			400,773		$	5,136,434			1,029,625		$	11,323,102
Reinvested dividends		—			—			4,474,309			116,018,821			—			—			210,859			2,211,912
Shares redeemed		(5,983,427	)		(185,999,462	)		(19,195,217	)		(525,266,163	)		(568,038	)		(7,304,924	)		(2,731,437	)		(29,513,374	)
Net increase (decrease)		(2,728,376	)	$	(83,335,661	)		(6,316,484	)	$	(180,478,280	)		(167,265	)	$	(2,168,490	)		(1,490,953	)	$	(15,978,360	)

Note 7 — Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of the Funds set forth below have been reduced. For the six months ended November 30, 2013, the amount of expense reductions received by each Fund used to offset the Fund’s non-affiliated expenses were as follows:

Fund	Expense Reductions
Asset Allocation	$	50
Blue Chip Growth		3,252
Broad Cap Value Income		3,121
Core Equity		1,941
Foreign Value		3,519
Global Real Estate		1,559
Global Social Awareness		2,773

305

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	Expense Reductions
Global Strategy	$	2,224
Health Sciences		3,918
International Growth		1,041
Large Cap Core		6,690
Large Capital Growth		6,958
Mid Cap Strategic Growth		8,051
Science & Technology		31,047
Small Cap		4,943
Small Cap Special Values		877
Small-Mid Growth		976
Value		120

Note 8 — Investment Concentration

Some of the Funds may invest internationally, including in “emerging market” countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. The markets of emerging market countries are typically more volatile and potentially less liquid than more developed markets. Emerging market countries may have relatively unstable government and may present the risk of nationalization of businesses, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the Emerging Economies Fund, the Foreign Value Fund, the Global Real Estate Fund, the International Equities Fund, the International Government Bond Fund and the International Growth Fund. At November 30, 2013, the Emerging Economies Fund had 17.0% and 12.8% of its net assets invested in equity securities domiciled in South Korea and China, respectively. The Foreign Value Fund had 19.9%, 15.0% and, 10.4% of its net assets invested in equity securities domiciled in the United Kingdom, France and South Korea, respectively. The Global Real Estate Fund had 16.4% of its net assets invested in equity securities domiciled in Japan. The International Equities Fund had 18.7% and 17.6% of its net assets invested in equity securities domiciled in the Japan and United Kingdom, respectively. The International Government Bond Fund had 13.3% of its net assets invested in fixed income securities domiciled in Japan. The International Growth Fund had 18.5% and 13.4% of its net assets invested in equity securities domiciled in the United Kingdom and Japan, respectively.

The Funds may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaulted, the fund holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the Capital Conservation Fund, the Government Securities Fund and the Money Market I Funds’ concentration in such investments, it may be subject to risks associated with the U.S. Government agencies or instrumentalities. At November 30, 2013, the Funds had 33.2%, 55.0% and 28.0%, respectively, of their total net assets invested in such securities.

The Health Sciences Fund is concentrated in the health services industry and is less diversified than stock funds investing in a broader range of industries. The Fund may also invest a considerable portion of assets in companies in the same business, such as pharmaceuticals, or in related businesses, such as hospital management or managed care. Developments that could adversely affect the Fund include increased competition in the health care industry, changes in legislation or government regulations, reductions in government funding, product liability or other litigation, and obsolescence of popular products.

The Nasdaq-100^® Index Fund and Science & Technology Fund are concentrated in the technology sector. As a result, the Funds are subject to greater volatility than a fund that does not concentrate in a particular sector. Because the Nasdaq-100^® Index may invest in companies within relatively more concentrated industry sectors, the Fund’s performance may be more susceptible to developments which affect those sectors emphasized by the Index.

The Global Real Estate Fund invests primarily in the real estate industry. A Fund that invests primarily in the real estate industry is subject to the risks associated with the direct ownership of real estate. The Fund could also be subject to the risks of direct ownership as a result of a default on a debt security it may own. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. If the Fund has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company. As of November 30, 2013, the Global Real Estate Fund had 72.1% of its net assets invested in Real Estate Investment Trusts.

Note 9 — Line 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 and Trust Company, the Funds’ custodian. Interest is currently payable at the higher of the Federal Funds Rate plus 125 basis points or the London Interbank Offered Rate plus 125 basis points on the committed line and State Street Bank and Trust Company’s discretionary bid rate on the uncommitted line of credit. There is also a commitment fee of 10 basis points per annum on the daily

306

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

unused portion of the committed line of credit which is included in other expenses on the Statement of Operations. Borrowings under the line of credit will commence when the respective Fund’s cash shortfall exceeds $100,000. For the six months ended November 30, 2013, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Broad Cap Value Income		3	$	176	$	1,546,901		1.36	%
Capital Conservation		1		19		515,668		1.36	%
Dividend Value		2		35		470,552		1.36	%
Emerging Economies		4		587		3,898,985		1.35	%
Government Securities		24		1,033		1,126,334		1.38	%
Growth		12		65		142,913		1.37	%
International Equities		7		1,292		4,871,213		1.36	%
International Government Bond		4		30		197,730		1.37	%
International Growth		86		3,448		1,059,456		1.36	%
Large Cap Core		1		6		164,890		1.37	%
Large Capital Growth		1		80		2,134,055		1.36	%
Science & Technology		5		126		664,028		1.37	%
Small Cap		47		175		98,613		1.36	%
Small Cap Special Values		1		10		255,300		1.35	%
Stock Index		1		157		4,122,329		1.37	%

At November 30, 2013, there were no borrowings outstanding.

Note 10 — Interfund Lending Agreement

Pursuant to the exemptive relief granted by the Securities and Exchange Commission, the Funds are permitted to participate in an interfund lending program among investment companies advised by VALIC or an affiliate. The interfund lending program allows the participating Funds to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction.

For the six months ended November 30, 2013, none of the Funds participated in this program.

Note 11 — Security Transactions with Affiliated Portfolios

The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board of Directors. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the six months ended November 30, 2013, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain/ (Loss)
Blue Chip	$	—	$	135,314	$	(37,689	)
Growth		2,500,259		2,648,210		131,056
Health Sciences		888,071		—		—
International Growth		—		106,660		13,976
Large Cap Growth		127,035		35,213		3,134
Mid Cap Strategic Growth		836,794		872,194		445,400
Small Cap		—		25,156,481		9,096,487
Science & Technology		396,610		—		—

307

VALIC Company I

FINANCIAL HIGHLIGHTS

	Asset Allocation Fund																		Blue Chip Growth Fund
	Six Months Ended November 30, 2013#			Year Ended May 31,															Six Months Ended November 30, 2013#			Year Ended May 31,
				2013			2012			2011			2010			2009						2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	12.20		$	10.89		$	11.05		$	9.38		$	8.08		$	10.68		$	14.19		$	11.63		$	11.18		$	8.77		$	7.29		$	10.54
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.21			0.23			0.25			0.20			0.25			(0.01	)		0.03			0.00			0.00			0.00			0.02
Net realized and unrealized gain (loss) on investments and foreign currencies		0.72			1.39			(0.12	)		1.63			1.36			(2.06	)		2.88			2.54			0.45			2.41			1.50			(3.25	)
Total income (loss) from investment operations		0.83			1.60			0.11			1.88			1.56			(1.81	)		2.87			2.57			0.45			2.41			1.50			(3.23	)
Distributions from:
Net investment income		–			(0.24	)		(0.27	)		(0.21	)		(0.26	)		(0.34	)		–			(0.01	)		(0.00	)		(0.00	)		(0.02	)		(0.01	)
Net realized gain on securities		–			(0.05	)		–			–			–			(0.45	)		–			–			–			–			–			(0.01	)
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.29	)		(0.27	)		(0.21	)		(0.26	)		(0.79	)		–			(0.01	)		(0.00	)		(0.00	)		(0.02	)		(0.02	)
Net asset value at end of period	$	13.03		$	12.20		$	10.89		$	11.05		$	9.38		$	8.08		$	17.06		$	14.19		$	11.63		$	11.18		$	8.77		$	7.29
TOTAL RETURN(a)		6.80	%		14.93	%		1.10	%		20.16	%		19.38	%(e)		(16.41	)%		20.23	%		22.08	%		4.04	%		27.53	%		20.54	%		(30.63	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.72	%@		0.75	%		0.75	%		0.74	%		0.78	%		0.73	%		0.85	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.72	%@		0.75	%		0.75	%		0.74	%		0.78	%		0.73	%		0.85	%@		0.86	%		0.86	%		0.87	%		0.88	%		0.89	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.02	%		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.84	%@		1.79	%		2.16	%		2.43	%		2.18	%		2.88	%		(0.09	)%@		0.21	%		0.04	%		0.01	%		0.01	%		0.29	%
Ratio of net investment income (loss) to average net assets(c)		1.84	%@		1.79	%		2.16	%		2.43	%		2.18	%		2.88	%		(0.09	)%@		0.20	%		0.02	%		(0.01	)%		(0.02	)%		0.25	%
Portfolio turnover rate		56	%		119	%		115	%		133	%		143	%		108	%		14	%		32	%		25	%		38	%		47	%		58	%
Number of shares outstanding at end of period (000’s)		13,253			13,421			13,302			13,129			13,551			13,693			33,511			34,888			34,789			39,707			48,453			49,573
Net assets at end of period (000’s)	$	172,667		$	163,788		$	144,854		$	145,049		$	127,129		$	110,655		$	571,547		$	495,226		$	404,646		$	444,092		$	424,966		$	361,592

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

308

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Broad Cap Value Income Fund																		Capital Conservation Fund
	Six Months Ended November 30, 2013#			Year Ended May  31,															Six Months Ended November 30, 2013#			Year Ended May 31,
				2013			2012			2011			2010			2009						2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	13.02		$	10.02		$	10.72		$	8.69		$	7.12		$	10.54		$	10.01		$	10.11		$	9.77		$	9.38		$	8.78		$	9.54
Income (loss) from investment operations:
Net investment income (loss)(d)		0.10			0.22			0.20			0.15			0.16			0.20			0.09			0.18			0.27			0.32			0.34			0.43
Net realized and unrealized gain (loss) on investments and foreign currencies		1.66			2.85			(0.73	)		2.04			1.58			(3.41	)		(0.16	)		(0.05	)		0.38			0.38			0.70			(0.46	)
Total income (loss) from investment operations		1.76			3.07			(0.53	)		2.19			1.74			(3.21	)		(0.07	)		0.13			0.65			0.70			1.04			(0.03	)
Distributions from:
Net investment income		–			(0.07	)		(0.17	)		(0.16	)		(0.17	)		(0.21	)		–			(0.23	)		(0.31	)		(0.31	)		(0.44	)		(0.73	)
Net realized gain on securities		–			–			–			–			–			(0.00	)		–			–			–			–			–			–
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.07	)		(0.17	)		(0.16	)		(0.17	)		(0.21	)		–			(0.23	)		(0.31	)		(0.31	)		(0.44	)		(0.73	)
Net asset value at end of period	$	14.78		$	13.02		$	10.02		$	10.72		$	8.69		$	7.12		$	9.94		$	10.01		$	10.11		$	9.77		$	9.38		$	8.78
TOTAL RETURN(a)		13.52	%		30.82	%		(4.87	)%		25.42	%		24.41	%		(30.34	)%		(0.70	)%		1.28	%		6.81	%		7.56	%		12.04	%(e)(f)		(0.06	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.64	%@		0.66	%		0.66	%		0.67	%		0.69	%		0.69	%
Ratio of expenses to average net assets(c)		0.96	%@		1.01	%		1.06	%		1.15	%		1.14	%		1.26	%		0.64	%@		0.66	%		0.66	%		0.67	%		0.69	%		0.69	%
Ratio of expense reductions to average net assets		0.01	%@		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.47	%@		1.96	%		1.97	%		1.60	%		1.90	%		2.57	%		1.84	%@		1.73	%		2.79	%		3.37	%		3.71	%		4.83	%
Ratio of net investment income (loss) to average net assets(c)		1.37	%@		1.80	%		1.76	%		1.30	%		1.61	%		2.16	%		1.84	%@		1.73	%		2.79	%		3.37	%		3.71	%		4.83	%
Portfolio turnover rate		15	%		34	%		18	%		21	%		22	%		24	%		58	%		149	%		141	%		164	%		170	%		122	%
Number of shares outstanding at end of period (000’s)		3,240			3,217			2,841			2,708			2,337			2,330			20,035			22,968			23,049			14,599			13,871			12,387
Net assets at end of period (000’s)	$	47,888		$	41,901		$	28,476		$	29,023		$	20,302		$	16,590		$	199,149		$	230,018		$	232,990		$	142,652		$	130,157		$	108,805

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate.

^(f) The Fund’s performance was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

309

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Core Equity Fund																		Dividend Value Fund
	Six Months Ended November 30, 2013#			Year Ended May 31,															Six Months Ended November 30, 2013#			Year Ended May 31,
				2013			2012			2011			2010			2009						2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	15.61		$	12.27		$	13.44		$	10.77		$	9.24		$	13.85		$	11.62		$	9.33		$	9.31		$	7.45		$	6.49		$	10.66
Income (loss) from investment operations:
Net investment income (loss)(d)		0.08			0.19			0.18			0.13			0.14			0.17			0.13			0.27			0.23			0.21			0.12			0.18
Net realized and unrealized gain (loss) on investments and foreign currencies		1.99			3.36			(1.21	)		2.69			1.59			(4.66	)		1.12			2.17			(0.08	)		1.75			1.02			(3.64	)
Total income (loss) from investment operations		2.07			3.55			(1.03	)		2.82			1.73			(4.49	)		1.25			2.44			0.15			1.96			1.14			(3.46	)
Distributions from:
Net investment income		–			(0.21	)		(0.14	)		(0.15	)		(0.20	)		(0.12	)		–			(0.15	)		(0.13	)		(0.10	)		(0.18	)		(0.24	)
Net realized gain on securities		–			–			–			–			–			–			–			–			–			–			–			(0.47	)
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.21	)		(0.14	)		(0.15	)		(0.20	)		(0.12	)		–			(0.15	)		(0.13	)		(0.10	)		(0.18	)		(0.71	)
Net asset value at end of period	$	17.68		$	15.61		$	12.27		$	13.44		$	10.77		$	9.24		$	12.87		$	11.62		$	9.33		$	9.31		$	7.45		$	6.49
TOTAL RETURN(a)		13.26	%		29.19	%		(7.63	)%		26.32	%		18.73	%(e)		(32.34	)%		10.76	%		26.34	%		1.62	%		26.50	%		17.49	%		(32.20	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.80	%@		0.80	%		0.80	%		0.80	%		0.80	%		0.82	%		0.82	%@		0.82	%		0.82	%		0.82	%		0.83	%		0.83	%
Ratio of expenses to average net assets(c)		0.93	%@		0.95	%		0.94	%		0.94	%		0.95	%		0.95	%		0.83	%@		0.86	%		0.89	%		0.96	%		1.00	%		0.97	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.01	%		0.00	%		0.00	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.97	%@		1.38	%		1.48	%		1.07	%		1.30	%		1.65	%		2.20	%@		2.62	%		2.58	%		2.58	%		1.60	%		2.35	%
Ratio of net investment income (loss) to average net assets(c)		0.84	%@		1.23	%		1.34	%		0.93	%		1.16	%		1.52	%		2.19	%@		2.58	%		2.52	%		2.44	%		1.43	%		2.21	%
Portfolio turnover rate		18	%		72	%		81	%		103	%		103	%		88	%		26	%		27	%		12	%		70	%		41	%		39	%
Number of shares outstanding at end of period (000’s)		14,896			15,531			17,200			18,743			20,445			21,909			49,302			48,835			37,111			20,559			16,350			15,228
Net assets at end of period (000’s)	$	263,332		$	242,367		$	210,989		$	251,962		$	220,172		$	202,490		$	634,657		$	567,499		$	346,432		$	191,319		$	121,769		$	98,820

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance was increased by less than 0.01% from a reimbursement by an affiliate.

See Notes to Financial Statements

310

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Dynamic Allocation Fund						Emerging Economies Fund
	Six Months Ended November 30, 2013#			December 19, 2012* to May 31, 2013			Six Months Ended November 30, 2013#			Year Ended May 31,
										2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	10.87		$	10.00		$	8.09		$	7.09		$	8.53		$	6.88		$	6.17		$	11.67
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.00	)		(0.00	)		0.11			0.13			0.11			0.09			0.10			0.17
Net realized and unrealized gain (loss) on investments and foreign currencies		0.70			0.87			0.05			0.92			(1.47	)		1.70			0.63			(4.85	)
Total income (loss) from investment operations		0.70			0.87			0.16			1.05			(1.36	)		1.79			0.73			(4.68	)
Distributions from:
Net investment income		–			–			–			(0.05	)		(0.08	)		(0.14	)		(0.02	)		(0.12	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.70	)
Return of capital		–			–			–			–			–			–			–			–
Total distributions		–			–			–			(0.05	)		(0.08	)		(0.14	)		(0.02	)		(0.82	)
Net asset value at end of period	$	11.57		$	10.87		$	8.25		$	8.09		$	7.09		$	8.53		$	6.88		$	6.17
TOTAL RETURN(a)		6.44	%		8.70	%		1.98	%		14.79	%		(15.99	)%		26.09	%(f)		11.86	%(e)		(39.30	)%
RATIOS/ SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.32	%@		0.32	%@		0.98	%@		0.98	%		1.04	%		1.00	%		1.02	%		1.01	%
Ratio of expenses to average net assets(c)		0.36	%@		0.63	%@		0.98	%@		0.98	%		1.04	%		1.00	%		1.02	%		1.01	%
Ratio of expense reductions to average net assets		–			–			–			0.00	%		–			–			0.01	%		0.03	%
Ratio of net investment income (loss) to average net assets(b)		(0.01	)%@		(0.04	)%@		2.75	%@		1.71	%		1.50	%		1.09	%		1.44	%		2.32	%
Ratio of net investment income (loss) to average net assets(c)		(0.05	)%@		(0.35	)%@		2.75	%@		1.71	%		1.50	%		1.09	%		1.44	%		2.32	%
Portfolio turnover rate		6	%		2	%		27	%		53	%		108	%		131	%		236	%		109	%
Number of shares outstanding at end of period (000’s)		15,762			7,996			79,977			86,346			70,660			30,187			32,153			34,373
Net assets at end of period (000’s)	$	182,425		$	86,904		$	659,567		$	698,480		$	501,317		$	257,560		$	221,201		$	212,124

# Unaudited

@ Annualized

* Commencement of operations.

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate.

^(f) The Fund’s performance figure was increased by less than 0.01% from a reimbursement for losses realized on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

311

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Foreign Value Fund																		Global Real Estate Fund
	Six Months Ended November 30, 2013#			Year Ended May 31,															Six Months Ended November 30, 2013#			Year Ended May 31,
				2013			2012			2011			2010			2009						2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	9.61		$	7.30		$	10.18		$	7.74		$	7.26		$	12.41		$	8.95		$	7.46		$	9.00		$	7.44		$	6.45		$	11.21
Income (loss) from investment operations:
Net investment income (loss)(d)		0.05			0.20			0.25			0.24			0.17			0.23			0.13			0.15			0.17			0.16			0.20			0.20
Net realized and unrealized gain (loss) on investments and foreign currencies		1.51			2.39			(2.89	)		2.35			0.52			(4.23	)		(0.12	)		1.72			(0.95	)		2.04			1.64			(4.87	)
Total income (loss) from investment operations		1.56			2.59			(2.64	)		2.59			0.69			(4.00	)		0.01			1.87			(0.78	)		2.20			1.84			(4.67	)
Distributions from:
Net investment income		–			(0.28	)		(0.24	)		(0.15	)		(0.21	)		(0.36	)		–			(0.13	)		(0.29	)		(0.53	)		(0.85	)		(0.09	)
Net realized gain on securities		–			–			–			–			–			(0.79	)		–			(0.25	)		(0.47	)		(0.11	)		–			–
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.28	)		(0.24	)		(0.15	)		(0.21	)		(1.15	)		–			(0.38	)		(0.76	)		(0.64	)		(0.85	)		(0.09	)
Net asset value at end of period	$	11.17		$	9.61		$	7.30		$	10.18		$	7.74		$	7.26		$	8.96		$	8.95		$	7.46		$	9.00		$	7.44		$	6.45
TOTAL RETURN(a)		16.23	%		35.97	%		(26.11	)%		33.69	%		9.23	%		(30.15	)%		0.11	%		25.49	%		(7.94	)%		30.56	%		28.56	%		(41.58	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.81	%@		0.83	%		0.83	%		0.84	%		0.84	%		0.94	%		0.87	%@		0.89	%		0.92	%		0.92	%		0.93	%		0.95	%
Ratio of expenses to average net assets(c)		0.81	%@		0.83	%		0.83	%		0.84	%		0.84	%		0.94	%		0.87	%@		0.89	%		0.92	%		0.92	%		0.93	%		1.01	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		–			0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		1.06	%@		2.33	%		2.94	%		2.60	%		1.98	%		3.01	%		2.91	%@		1.79	%		2.25	%		1.88	%		2.68	%		3.54	%
Ratio of net investment income (loss) to average net assets(c)		1.06	%@		2.33	%		2.94	%		2.60	%		1.98	%		3.01	%		2.91	%@		1.79	%		2.25	%		1.88	%		2.68	%		3.48	%
Portfolio turnover rate		14	%		23	%		25	%		25	%		28	%		22	%		24	%		52	%		88	%		75	%		86	%		88	%
Number of shares outstanding at end of period (000’s)		89,781			94,998			103,881			104,883			98,873			91,924			41,490			42,969			37,728			34,869			37,199			35,436
Net assets at end of period (000’s)	$	1,003,126		$	913,025		$	758,094		$	1,067,577		$	765,267		$	667,342		$	371,748		$	384,543		$	281,639		$	313,781		$	276,688		$	228,590

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

312

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Social Awareness Fund																		Global Strategy Fund
	Six Months Ended November 30, 2013#			Year Ended May 31,															Six Months Ended November 30, 2013#			Year Ended May 31,
				2013			2012			2011			2010			2009						2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	17.38		$	13.72		$	15.79		$	12.56		$	11.21		$	20.21		$	12.66		$	10.41		$	12.19		$	10.07		$	9.74		$	12.77
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.33			0.29			0.25			0.21			0.27			0.13			0.34			0.41			0.36			0.37			0.32
Net realized and unrealized gain (loss) on investments and foreign currencies		2.31			3.61			(2.06	)		3.21			1.48			(7.47	)		1.04			2.65			(1.66	)		2.11			0.99			(2.39	)
Total income (loss) from investment operations		2.42			3.94			(1.77	)		3.46			1.69			(7.20	)		1.17			2.99			(1.25	)		2.47			1.36			(2.07	)
Distributions from:
Net investment income		–			(0.28	)		(0.30	)		(0.23	)		(0.34	)		(0.40	)		–			(0.74	)		(0.53	)		(0.35	)		(1.03	)		(0.71	)
Net realized gain on securities		–			–			–			–			–			(1.40	)		–			–			–			–			–			(0.25	)
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.28	)		(0.30	)		(0.23	)		(0.34	)		(1.80	)		–			(0.74	)		(0.53	)		(0.35	)		(1.03	)		(0.96	)
Net asset value at end of period	$	19.80		$	17.38		$	13.72		$	15.79		$	12.56		$	11.21		$	13.83		$	12.66		$	10.41		$	12.19		$	10.07		$	9.74
TOTAL RETURN(a)		13.92	%		28.99	%		(11.20	)%		27.71	%		14.88	%		(34.56	)%		9.24	%		29.44	%		(10.28	)%		24.85	%		13.79	%(e)		(15.60	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.64	%@		0.68	%		0.68	%		0.67	%		0.69	%		0.72	%		0.65	%@		0.67	%		0.67	%		0.68	%		0.68	%		0.71	%
Ratio of expenses to average net assets(c)		0.64	%@		0.68	%		0.68	%		0.67	%		0.69	%		0.72	%		0.65	%@		0.67	%		0.67	%		0.68	%		0.68	%		0.71	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%@		0.00	%		0.00	%		0.00	%		–			–
Ratio of net investment income (loss) to average net assets(b)		1.25	%@		2.07	%		1.98	%		1.74	%		1.63	%		2.03	%		2.07	%@		2.84	%		3.65	%		3.26	%		3.47	%		3.16	%
Ratio of net investment income (loss) to average net assets(c)		1.25	%@		2.07	%		1.98	%		1.74	%		1.63	%		2.03	%		2.07	%@		2.84	%		3.65	%		3.26	%		3.47	%		3.16	%
Portfolio turnover rate		49	%		101	%		102	%		119	%		91	%		95	%		14	%		23	%		28	%		17	%		20	%		25	%
Number of shares outstanding at end of period (000’s)		21,150			17,295			17,590			18,506			20,713			24,562			38,506			36,722			42,243			44,818			39,169			36,697
Net assets at end of period (000’s)	$	418,702		$	300,545		$	241,281		$	292,234		$	260,145		$	275,293		$	532,500		$	465,060		$	439,884		$	546,500		$	394,548		$	357,538

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate.

See Notes to Financial Statements

313

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Government Securities Fund																		Growth Fund
	Six Months Ended November 30, 2013#			Year Ended May 31,															Six Months Ended November 30, 2013#			Year Ended May 31,
				2013			2012			2011			2010			2009						2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	10.95		$	11.34		$	10.70		$	10.67		$	10.50		$	10.42		$	13.93		$	11.67		$	11.85		$	9.20		$	7.60		$	11.17
Income (loss) from investment operations:
Net investment income (loss)(d)		0.12			0.23			0.27			0.24			0.28			0.28			0.05			0.12			0.09			0.07			0.06			0.05
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.31	)		(0.28	)		0.70			0.12			0.29			0.05			1.76			2.23			(0.19	)		2.65			1.61			(3.62	)
Total income (loss) from investment operations		(0.19	)		(0.05	)		0.97			0.36			0.57			0.33			1.81			2.35			(0.10	)		2.72			1.67			(3.57	)
Distributions from:
Net investment income		–			(0.28	)		(0.33	)		(0.33	)		(0.40	)		(0.25	)		–			(0.09	)		(0.08	)		(0.07	)		(0.07	)		0.00
Net realized gain on securities		–			(0.06	)		–			–			–			–			–			–			–			–			–			0.00
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.34	)		(0.33	)		(0.33	)		(0.40	)		(0.25	)		–			(0.09	)		(0.08	)		(0.07	)		(0.07	)		0.00
Net asset value at end of period	$	10.76		$	10.95		$	11.34		$	10.70		$	10.67		$	10.50		$	15.74		$	13.93		$	11.67		$	11.85		$	9.20		$	7.60
TOTAL RETURN(a)		(1.74	)%		(0.49	)%		9.19	%(f)		3.45	%		5.56	%(e)		3.04	%		12.99	%		20.22	%		(0.78	)%		29.60	%		22.01	%(e)		(31.94	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.65	%@		0.66	%		0.67	%		0.65	%		0.71	%		0.65	%		0.81	%@		0.81	%		0.81	%		0.81	%		0.85	%		0.94	%
Ratio of expenses to average net assets(c)		0.65	%@		0.66	%		0.69	%		0.65	%		0.71	%		0.65	%		0.82	%@		0.83	%		0.84	%		0.85	%		0.88	%		0.94	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.24	%@		2.04	%		2.51	%		2.22	%		2.58	%		2.63	%		0.72	%@		0.95	%		0.77	%		0.71	%		0.67	%		0.64	%
Ratio of net investment income (loss) to average net assets(c)		2.24	%@		2.04	%		2.49	%		2.22	%		2.58	%		2.63	%		0.72	%@		0.93	%		0.74	%		0.67	%		0.64	%		0.64	%
Portfolio turnover rate		27	%		64	%		230	%		353	%		216	%		126	%		40	%		81	%		87	%		95	%		99	%		114	%
Number of shares outstanding at end of period (000’s)		14,729			12,492			12,866			10,389			11,721			13,789			57,425			59,131			65,596			67,486			71,366			75,864
Net assets at end of period (000’s)	$	158,524		$	136,786		$	145,929		$	111,118		$	125,053		$	144,793		$	903,683		$	823,541		$	765,515		$	800,022		$	656,380		$	576,502

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate.

^(f)  The Fund’s performance was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

314

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Growth & Income Fund																		Health Sciences Fund
	Six Months Ended November 30, 2013#			Year Ended May 31,															Six Months Ended November 30, 2013#			Year Ended May 31,
				2013			2012			2011			2010			2009						2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	14.78		$	12.03		$	12.80		$	10.48		$	9.35		$	16.14		$	16.52		$	12.61		$	12.78		$	9.07		$	7.18		$	10.56
Income (loss) from investment operations:
Net investment income (loss)(d)		0.09			0.13			0.11			0.09			0.13			0.24			(0.06	)		(0.07	)		(0.07	)		0.00			(0.05	)		(0.04	)
Net realized and unrealized gain (loss) on investments and foreign currencies		1.73			2.74			(0.79	)		2.37			1.24			(5.79	)		3.63			4.82			0.68			3.71			1.94			(2.45	)
Total income (loss) from investment operations		1.82			2.87			(0.68	)		2.46			1.37			(5.55	)		3.57			4.75			0.61			3.71			1.89			(2.49	)
Distributions from:
Net investment income		–			(0.12	)		(0.09	)		(0.14	)		(0.24	)		(0.28	)		–			–			(0.26	)		–			–			–
Net realized gain on securities		–			–			–			–			–			(0.96	)		–			(0.84	)		(0.52	)		–			–			(0.89	)
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.12	)		(0.09	)		(0.14	)		(0.24	)		(1.24	)		–			(0.84	)		(0.78	)		–			–			(0.89	)
Net asset value at end of period	$	16.60		$	14.78		$	12.03		$	12.80		$	10.48		$	9.35		$	20.09		$	16.52		$	12.61		$	12.78		$	9.07		$	7.18
TOTAL RETURN(a)		12.31	%		24.00	%		(5.23	)%		23.60	%		14.58	%(e)		(33.90	)%		21.61	%		39.14	%		5.81	%		40.90	%		26.32	%		(23.05	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		1.12	%@		1.15	%		1.16	%		1.17	%		1.18	%		1.19	%
Ratio of expenses to average net assets(c)		0.93	%@		0.96	%		0.98	%		0.96	%		0.95	%		0.95	%		1.12	%@		1.15	%		1.16	%		1.17	%		1.18	%		1.19	%
Ratio of expense reductions to average net assets		–			0.01	%		0.01	%		0.01	%		0.01	%		0.02	%		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		1.14	%@		1.01	%		0.92	%		0.76	%		1.21	%		2.15	%		(0.63	)%@		(0.48	)%		(0.60	)%		0.01	%		(0.62	)%		(0.55	)%
Ratio of net investment income (loss) to average net assets(c)		1.06	%@		0.90	%		0.79	%		0.65	%		1.11	%		2.05	%		(0.63	)%@		(0.48	)%		(0.60	)%		0.01	%		(0.62	)%		(0.55	)%
Portfolio turnover rate		152	%		299	%		227	%		167	%		174	%		189	%		29	%		16	%		21	%		38	%		38	%		43	%
Number of shares outstanding at end of period (000’s)		6,457			6,471			6,737			7,119			7,598			7,861			26,079			24,949			20,668			17,920			18,776			19,699
Net assets at end of period (000’s)	$	107,195		$	95,667		$	81,057		$	91,114		$	79,602		$	73,508		$	523,891		$	412,098		$	260,654		$	229,069		$	170,216		$	141,470

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance was increased by less than 0.01% from a reimbursement by an affiliate.

See Notes to Financial Statements

315

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Inflation Protected Fund																		International Equities Fund
	Six Months Ended November 30, 2013#			Year Ended May 31,															Six Months Ended November 30, 2013#			Year Ended May 31,
				2013			2012			2011			2010			2009						2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	11.53		$	11.79		$	10.89		$	10.17		$	9.20		$	10.01		$	6.47		$	5.22		$	6.84		$	5.38		$	5.15		$	10.37
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.23			0.37			0.34			0.24			0.20			0.06			0.17			0.16			0.16			0.13			0.19
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.47	)		(0.18	)		0.70			0.62			0.81			(0.61	)		0.70			1.25			(1.60	)		1.45			0.25			(4.18	)
Total income (loss) from investment operations		(0.36	)		0.05			1.07			0.96			1.05			(0.41	)		0.76			1.42			(1.44	)		1.61			0.38			(3.99	)
Distributions from:
Net investment income		–			(0.31	)		(0.17	)		(0.24	)		(0.08	)		(0.39	)		–			(0.17	)		(0.18	)		(0.15	)		(0.15	)		(0.28	)
Net realized gain on securities		–			–			–			–			–			–			–			–			–			–			–			(0.95	)
Return of capital		–			–			–			–			–			(0.01	)		–			–			–			–			–			–
Total distributions		–			(0.31	)		(0.17	)		(0.24	)		(0.08	)		(0.40	)		–			(0.17	)		(0.18	)		(0.15	)		(0.15	)		(1.23	)
Net asset value at end of period	$	11.17		$	11.53		$	11.79		$	10.89		$	10.17		$	9.20		$	7.23		$	6.47		$	5.22		$	6.84		$	5.38		$	5.15
TOTAL RETURN(a)		(3.12	)%		0.32	%		9.93	%		9.57	%		11.47	%		(4.08	)%		11.75	%		27.39	%		(21.18	)%		30.18	%		7.06	%		(37.10	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.59	%@		0.60	%		0.61	%		0.63	%		0.65	%		0.65	%		0.49	%@		0.53	%		0.52	%		0.47	%		0.52	%		0.55	%
Ratio of expenses to average net assets(c)		0.59	%@		0.60	%		0.61	%		0.63	%		0.65	%		0.66	%		0.49	%@		0.53	%		0.52	%		0.47	%		0.52	%		0.55	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.91	%@		1.94	%		3.22	%		3.30	%		2.55	%		2.18	%		1.82	%@		2.85	%		2.78	%		2.53	%		2.29	%		3.18	%
Ratio of net investment income (loss) to average net assets(c)		1.91	%@		1.94	%		3.22	%		3.30	%		2.55	%		2.16	%		1.82	%@		2.85	%		2.78	%		2.53	%		2.29	%		3.18	%
Portfolio turnover rate		27	%		60	%		52	%		49	%		48	%		39	%		31	%		51	%		99	%		56	%		66	%		81	%
Number of shares outstanding at end of period (000’s)		39,130			38,711			35,093			31,956			22,673			16,219			149,532			154,632			132,279			150,421			145,793			141,492
Net assets at end of period (000’s)	$	436,895		$	446,317		$	413,818		$	347,947		$	230,538		$	149,178		$	1,081,672		$	1,000,950		$	689,840		$	1,028,197		$	783,839		$	728,784

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

316

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Government Bond Fund																		International Growth Fund
	Six Months Ended November 30, 2013#			Year Ended May 31,															Six Months Ended November 30, 2013#			Year Ended May 31,
				2013			2012			2011			2010			2009						2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	12.12		$	12.62		$	12.86		$	11.92		$	11.55		$	12.39		$	12.36		$	9.81		$	12.04		$	9.04		$	8.29		$	13.15
Income (loss) from investment operations:
Net investment income (loss)(d)		0.17			0.35			0.39			0.42			0.45			0.46			0.03			0.17			0.18			0.17			0.13			0.18
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.30	)		(0.06	)		(0.03	)		1.12			0.40			(0.56	)		1.42			2.55			(2.22	)		2.98			0.80			(4.86	)
Total income (loss) from investment operations		(0.13	)		0.29			0.36			1.54			0.85			(0.10	)		1.45			2.72			(2.04	)		3.15			0.93			(4.68	)
Distributions from:
Net investment income		–			(0.45	)		(0.46	)		(0.60	)		(0.48	)		(0.73	)		–			(0.17	)		(0.19	)		(0.15	)		(0.18	)		(0.18	)
Net realized gain on securities		–			(0.34	)		(0.14	)		–			–			(0.01	)		–			–			–			–			–			–
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.79	)		(0.60	)		(0.60	)		(0.48	)		(0.74	)		–			(0.17	)		(0.19	)		(0.15	)		(0.18	)		(0.18	)
Net asset value at end of period	$	11.99		$	12.12		$	12.62		$	12.86		$	11.92		$	11.55		$	13.81		$	12.36		$	9.81		$	12.04		$	9.04		$	8.29
TOTAL RETURN(a)		(1.07	)%		2.03	%		2.86	%		13.16	%		7.32	%		(0.70	)%		11.73	%		27.92	%		(16.96	)%		35.00	%(e)		11.07	%		(35.39	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.65	%@		0.66	%		0.67	%		0.67	%		0.68	%		0.72	%		1.01	%@		1.01	%		1.01	%		1.01	%		1.01	%		1.01	%
Ratio of expenses to average net assets(c)		0.65	%@		0.66	%		0.67	%		0.67	%		0.68	%		0.72	%		1.08	%@		1.10	%		1.11	%		1.12	%		1.12	%		1.14	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		2.80	%@		2.75	%		3.08	%		3.34	%		3.70	%		3.96	%		0.40	%@		1.51	%		1.72	%		1.53	%		1.35	%		2.11	%
Ratio of net investment income (loss) to average net assets(c)		2.80	%@		2.75	%		3.08	%		3.34	%		3.70	%		3.96	%		0.33	%@		1.42	%		1.62	%		1.42	%		1.24	%		1.97	%
Portfolio turnover rate		20	%		74	%		126	%		113	%		147	%		224	%		28	%		55	%		53	%		67	%		79	%		70	%
Number of shares outstanding at end of period (000’s)		14,342			15,235			15,494			14,721			12,409			13,016			44,707			48,797			49,532			51,294			52,207			53,649
Net assets at end of period (000’s)	$	171,897		$	184,590		$	195,494		$	189,309		$	147,932		$	150,314		$	617,603		$	603,086		$	485,839		$	617,720		$	471,764		$	444,783

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

317

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Large Cap Core Fund																		Large Capital Growth Fund
	Six Months Ended November 30, 2013#			Year Ended May 31,															Six Months Ended November 30, 2013#			Year Ended May 31,
				2013			2012			2011			2010			2009						2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	12.85		$	11.22		$	12.33		$	9.37		$	7.92		$	10.78		$	12.46		$	11.48		$	12.31		$	9.73		$	8.23		$	12.45
Income (loss) from investment operations:
Net investment income (loss)(d)		0.07			0.14			0.12			0.09			0.10			0.13			0.03			0.07			0.02			0.03			0.04			0.06
Net realized and unrealized gain (loss) on investments and foreign currencies		1.58			3.10			(0.73	)		2.98			1.47			(2.51	)		1.68			1.94			(0.82	)		2.59			1.53			(4.01	)
Total income (loss) from investment operations		1.65			3.24			(0.61	)		3.07			1.57			(2.38	)		1.71			2.01			(0.80	)		2.62			1.57			(3.95	)
Distributions from:
Net investment income		–			(0.12	)		(0.11	)		(0.11	)		(0.12	)		(0.04	)		–			(0.03	)		(0.03	)		(0.04	)		(0.07	)		(0.03	)
Net realized gain on securities		–			(1.49	)		(0.39	)		–			–			(0.44	)		–			(1.00	)		–			–			–			(0.24	)
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(1.61	)		(0.50	)		(0.11	)		(0.12	)		(0.48	)		–			(1.03	)		(0.03	)		(0.04	)		(0.07	)		(0.27	)
Net asset value at end of period	$	14.50		$	12.85		$	11.22		$	12.33		$	9.37		$	7.92		$	14.17		$	12.46		$	11.48		$	12.31		$	9.73		$	8.23
TOTAL RETURN(a)		12.84	%		31.57	%		(4.78	)%		32.94	%		19.81	%		(21.36	)%		13.72	%		18.63	%		(6.45	)%		27.01	%		19.08	%(e)		(31.55	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.84	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.76	%@		0.77	%		0.78	%		0.78	%		0.78	%		0.79	%
Ratio of expenses to average net assets(c)		0.84	%@		0.85	%		0.89	%		0.85	%		0.88	%		0.89	%		0.76	%@		0.77	%		0.78	%		0.78	%		0.78	%		0.79	%
Ratio of expense reductions to average net assets		0.01	%@		0.01	%		–			0.01	%		0.01	%		0.02	%		0.00	%@		0.01	%		0.01	%		0.01	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.04	%@		1.14	%		1.04	%		0.85	%		1.08	%		1.60	%		0.42	%@		0.58	%		0.19	%		0.25	%		0.41	%		0.61	%
Ratio of net investment income (loss) to average net assets(c)		1.04	%@		1.14	%		0.99	%		0.85	%		1.05	%		1.56	%		0.42	%@		0.58	%		0.19	%		0.25	%		0.41	%		0.61	%
Portfolio turnover rate		35	%		64	%		106	%		44	%		33	%		41	%		126	%		195	%		173	%		129	%		59	%		49	%
Number of shares outstanding at end of period (000’s)		11,804			12,501			11,170			11,843			12,406			12,312			28,002			29,489			29,965			32,735			35,736			38,018
Net assets at end of period (000’s)	$	171,188		$	160,617		$	125,281		$	145,975		$	116,227		$	97,480		$	396,679		$	367,527		$	343,971		$	402,977		$	347,731		$	312,755

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% by a reimbursement by an affiliate.

See Notes to Financial Statements

318

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Mid Cap Index Fund																		Mid Cap Strategic Growth Fund
	Six Months Ended November 30, 2013#			Year Ended May 31,															Six Months Ended November 30, 2013#			Year Ended May 31,
				2013			2012			2011			2010			2009						2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	24.44		$	19.74		$	22.71		$	17.30		$	13.32		$	23.88		$	14.16		$	11.83		$	13.62		$	9.92		$	7.83		$	15.03
Income (loss) from investment operations:
Net investment income (loss)(d)		0.15			0.29			0.21			0.18			0.19			0.25			(0.01	)		0.08			0.01			0.01			(0.00	)		0.02
Net realized and unrealized gain (loss) on investments and foreign currencies		2.48			5.38			(1.74	)		5.43			4.40			(8.65	)		1.97			2.55			(1.74	)		3.70			2.14			(5.95	)
Total income (loss) from investment operations		2.63			5.67			(1.53	)		5.61			4.59			(8.40	)		1.96			2.63			(1.73	)		3.71			2.14			(5.93	)
Distributions from:
Net investment income		–			(0.22	)		(0.26	)		(0.20	)		(0.25	)		(0.27	)		–			–			(0.06	)		(0.01	)		(0.05	)		–
Net realized gain on securities		–			(0.75	)		(1.18	)		–			(0.36	)		(1.89	)		–			(0.30	)		–			–			–			(1.27	)
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.97	)		(1.44	)		(0.20	)		(0.61	)		(2.16	)		–			(0.30	)		(0.06	)		(0.01	)		(0.05	)		(1.27	)
Net asset value at end of period	$	27.07		$	24.44		$	19.74		$	22.71		$	17.30		$	13.32		$	16.12		$	14.16		$	11.83		$	13.62		$	9.92		$	7.83
TOTAL RETURN(a)		10.76	%		29.61	%		(6.38	)%		32.54	%(e)		34.73	%		(33.91	)%		13.84	%		22.76	%		(12.67	)%		37.37	%		27.35	%(e)		(37.52	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.36	%@		0.38	%		0.38	%		0.39	%		0.39	%		0.40	%		0.83	%@		0.85	%		0.85	%		0.84	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.36	%@		0.38	%		0.38	%		0.39	%		0.39	%		0.40	%		0.83	%@		0.86	%		0.86	%		0.84	%		0.86	%		0.87	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			0.01	%@		0.01	%		0.01	%		0.02	%		0.04	%		0.04	%
Ratio of net investment income (loss) to average net assets(b)		1.15	%@		1.33	%		1.02	%		0.93	%		1.17	%		1.64	%		(0.12	)%@		0.63	%		0.09	%		0.10	%		(0.09	)%		0.21	%
Ratio of net investment income (loss) to average net assets(c)		1.15	%@		1.33	%		1.02	%		0.93	%		1.17	%		1.64	%		(0.12	)%@		0.62	%		0.08	%		0.10	%		(0.10	)%		0.19	%
Portfolio turnover rate		5	%		8	%		11	%		18	%		12	%		22	%		26	%		61	%		62	%		134	%		239	%		293	%
Number of shares outstanding at end of period (000’s)		113,839			119,703			122,335			120,474			121,459			123,279			18,060			18,378			20,800			25,052			25,009			26,125
Net assets at end of period (000’s)	$	3,081,801		$	2,925,308		$	2,415,464		$	2,736,232		$	2,101,641		$	1,642,120		$	291,078		$	260,138		$	246,037		$	341,241		$	248,109		$	204,470

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

319

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Money Market I Fund																		Nasdaq-100® Index Fund
	Six Months Ended November 30, 2013#			Year Ended May 31,															Six Months Ended November 30, 2013#			Year Ended May 31,
				2013			2012			2011			2010			2009						2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	6.98		$	6.03		$	6.45		$	5.03		$	3.89		$	5.62
Income (loss) from investment operations:
Net investment income (loss)(d)		0.00			0.00			0.00			0.00			0.00			0.01			0.04			0.07			0.04			0.02			0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currencies		0.00			0.00			0.00			(0.00	)		0.00			–			1.19			1.06			0.31			1.41			1.14			(1.68	)
Total income (loss) from investment operations		0.00			0.00			0.00			0.00			0.00			0.01			1.23			1.13			0.35			1.43			1.15			(1.67	)
Distributions from:
Net investment income		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.01	)		–			(0.03	)		(0.02	)		(0.01	)		(0.01	)		(0.01	)
Net realized gain on securities		–			–			–			–			(0.00	)		–			–			(0.15	)		(0.75	)		–			–			(0.05	)
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.01	)		–			(0.18	)		(0.77	)		(0.01	)		(0.01	)		(0.06	)
Net asset value at end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	8.21		$	6.98		$	6.03		$	6.45		$	5.03		$	3.89
TOTAL RETURN(a)		0.01	%		0.01	%		0.01	%(e)		0.01	%		0.04	%(e)		1.33	%		17.62	%		19.16	%		6.91	%		28.53	%		29.60	%(f)		(29.36	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.17	%@		0.21	%		0.17	%		0.24	%		0.41	%		0.54	%		0.53	%@		0.53	%		0.53	%		0.53	%		0.54	%		0.55	%
Ratio of expenses to average net assets(c)		0.51	%@		0.52	%		0.52	%		0.52	%		0.55	%		0.59	%		0.56	%@		0.57	%		0.59	%		0.63	%		0.60	%		0.66	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.01	%@		0.01	%		0.01	%		0.01	%		0.03	%		1.31	%		1.04	%@		1.06	%		0.59	%		0.43	%		0.25	%		0.35	%
Ratio of net investment income (loss) to average net assets(c)		(0.34	)%@		(0.30	)%		(0.33	)%		(0.27	)%		(0.10	)%		1.26	%		1.01	%@		1.02	%		0.52	%		0.33	%		0.18	%		0.24	%
Portfolio turnover rate		N/A			N/A			N/A			N/A			N/A			N/A			6	%		5	%		12	%		29	%		6	%		9	%
Number of shares outstanding at end of period (000’s)		378,096			378,729			409,147			474,285			542,000			612,933			28,526			29,011			27,028			19,713			20,423			18,892
Net assets at end of period (000’s)	$	377,459		$	378,086		$	408,487		$	473,443		$	541,159		$	611,356		$	234,229		$	202,595		$	162,983		$	127,160		$	102,703		$	73,521

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate.

^(f)  The Fund’s performance figure was increased by less than 0.01% by a reimbursement by an affiliate.

See Notes to Financial Statements

320

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Science & Technology Fund																		Small Cap Aggressive Growth Fund
	Six Months Ended November 30, 2013#			Year Ended May 31,															Six Months Ended November 30, 2013#			Year Ended May 31,
				2013			2012			2011			2010			2009						2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	19.19		$	15.84		$	17.57		$	12.93		$	9.98		$	14.41		$	13.18		$	10.33		$	12.63		$	9.84		$	7.05		$	11.17
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.01	)		0.03			(0.01	)		(0.03	)		(0.02	)		0.01			(0.05	)		(0.07	)		(0.06	)		(0.06	)		(0.05	)		(0.03	)
Net realized and unrealized gain (loss) on investments and foreign currencies		3.64			3.32			(1.72	)		4.67			2.98			(4.44	)		3.01			3.08			(1.46	)		2.85			2.84			(3.17	)
Total income (loss) from investment operations		3.63			3.35			(1.73	)		4.64			2.96			(4.43	)		2.96			3.01			(1.52	)		2.79			2.79			(3.20	)
Distributions from:
Net investment income		–			–			–			(0.00	)		(0.01	)		–			–			–			–			–			(0.00	)		–
Net realized gain on securities		–			–			–			–			–			–			–			(0.16	)		(0.78	)		–			–			(0.92	)
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			–			–			(0.00	)		(0.01	)		–			–			(0.16	)		(0.78	)		–			(0.00	)		(0.92	)
Net asset value at end of period	$	22.82		$	19.19		$	15.84		$	17.57		$	12.93		$	9.98		$	16.14		$	13.18		$	10.33		$	12.63		$	9.84		$	7.05
TOTAL RETURN(a)		18.92	%		21.15	%		(9.85	)%		35.89	%		29.67	%(f)		(30.74	)%(e)		22.46	%		29.43	%		(11.72	)%		28.35	%		39.59	%(f)		(26.42	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.00	%@		1.02	%		1.02	%		1.02	%		1.02	%		1.06	%		0.99	%@		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Ratio of expenses to average net assets(c)		1.00	%@		1.02	%		1.02	%		1.02	%		1.02	%		1.06	%		1.03	%@		1.05	%		1.10	%		1.05	%		1.10	%		1.12	%
Ratio of expense reductions to average net assets		0.01	%@		0.01	%		0.01	%		0.01	%		0.02	%		0.01	%		–			–			–			0.04	%		0.02	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		(0.06	)%@		0.15	%		(0.10	)%		(0.22	)%		(0.20	)%		0.09	%		(0.72	)%@		(0.61	)%		(0.59	)%		(0.62	)%		(0.56	)%		(0.37	)%
Ratio of net investment income (loss) to average net assets(c)		(0.06	)%@		0.15	%		(0.10	)%		(0.22	)%		(0.20	)%		0.09	%		(0.75	)%@		(0.67	)%		(0.70	)%		(0.68	)%		(0.66	)%		(0.50	)%
Portfolio turnover rate		51	%		99	%		113	%		111	%		138	%		150	%		57	%		97	%		169	%		42	%		73	%		74	%
Number of shares outstanding at end of period (000’s)		38,520			40,253			45,092			50,582			54,912			56,476			6,655			6,240			6,994			7,230			8,809			6,553
Net assets at end of period (000’s)	$	879,031		$	772,614		$	714,118		$	888,918		$	710,097		$	563,610		$	107,384		$	82,222		$	72,224		$	91,326		$	86,711		$	46,179

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by 0.07% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

^(f)  The Fund’s performance figure was increased by less than 0.01% by a reimbursement by an affiliate.

See Notes to Financial Statements

321

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Fund																		Small Cap Index Fund
	Six Months Ended November 30, 2013#			Year Ended May 31,															Six Months Ended November 30, 2013#			Year Ended May 31,
				2013			2012			2011			2010			2009						2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	13.46		$	10.33		$	11.22		$	8.31		$	6.39		$	9.82		$	18.13		$	14.03		$	15.60		$	12.15		$	9.43		$	15.80
Income (loss) from investment operations:
Net investment income (loss)(d)		0.00			0.04			0.00			0.01			0.01			0.03			0.12			0.24			0.18			0.13			0.11			0.18
Net realized and unrealized gain (loss) on investments and foreign currencies		2.31			3.10			(0.88	)		2.92			1.95			(2.98	)		2.94			4.06			(1.61	)		3.44			3.06			(5.35	)
Total income (loss) from investment operations		2.31			3.14			(0.88	)		2.93			1.96			(2.95	)		3.06			4.30			(1.43	)		3.57			3.17			(5.17	)
Distributions from:
Net investment income		–			(0.01	)		(0.01	)		(0.02	)		(0.04	)		(0.04	)		–			(0.20	)		(0.14	)		(0.12	)		(0.18	)		(0.23	)
Net realized gain on securities		–			–			–			–			–			(0.44	)		–			–			–			–			(0.27	)		(0.97	)
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.01	)		(0.01	)		(0.02	)		(0.04	)		(0.48	)		–			(0.20	)		(0.14	)		(0.12	)		(0.45	)		(1.20	)
Net asset value at end of period	$	15.77		$	13.46		$	10.33		$	11.22		$	8.31		$	6.39		$	21.19		$	18.13		$	14.03		$	15.60		$	12.15		$	9.43
TOTAL RETURN(a)		17.16	%		30.40	%		(7.81	)%		35.24	%		30.65	%		(29.56	)%		16.88	%		30.91	%		(9.13	)%		29.44	%		34.01	%		(32.19	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.93	%@		0.93	%		0.93	%		0.93	%		0.94	%		0.95	%		0.41	%@		0.44	%		0.44	%		0.44	%		0.46	%		0.47	%
Ratio of expenses to average net assets(c)		1.02	%@		1.04	%		1.05	%		1.05	%		1.06	%		1.07	%		0.41	%@		0.44	%		0.44	%		0.44	%		0.46	%		0.47	%
Ratio of expense reductions to average net assets		0.00	%@		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.05	%@		0.35	%		0.01	%		0.05	%		0.13	%		0.40	%		1.26	%@		1.51	%		1.26	%		0.95	%		0.98	%		1.65	%
Ratio of net investment income (loss) to average net assets(c)		(0.04	)%@		0.24	%		(0.11	)%		(0.07	)%		0.00	%		0.28	%		1.26	%@		1.51	%		1.26	%		0.95	%		0.98	%		1.65	%
Portfolio turnover rate		12	%		27	%		39	%		38	%		37	%		40	%		9	%		12	%		14	%		13	%		15	%		24	%
Number of shares outstanding at end of period (000’s)		24,168			26,071			28,964			31,857			34,509			37,152			52,656			54,297			57,427			62,750			66,604			67,300
Net assets at end of period (000’s)	$	381,206		$	350,845		$	299,145		$	357,571		$	286,788		$	237,444		$	1,115,581		$	984,357		$	805,784		$	978,592		$	809,018		$	634,336

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursements, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

322

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Special Values Fund																		Small-Mid Growth Fund
	Six Months Ended November 30, 2013#			Year Ended May 31,															Six Months Ended November 30, 2013#			Year Ended May 31,
				2013			2012			2011			2010			2009						2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	11.32		$	8.99		$	9.67		$	8.08		$	6.03		$	9.73		$	12.67		$	10.56		$	11.72		$	8.54		$	6.79		$	10.05
Income (loss) from investment operations:
Net investment income (loss)(d)		0.06			0.07			0.05			0.06			0.05			0.10			(0.04	)		0.00			(0.05	)		(0.06	)		(0.05	)		0.01
Net realized and unrealized gain (loss) on investments and foreign currencies		2.04			2.32			(0.66	)		1.59			2.12			(3.43	)		2.15			2.11			(1.11	)		3.24			1.82			(2.98	)
Total income (loss) from investment operations		2.10			2.39			(0.61	)		1.65			2.17			(3.33	)		2.11			2.11			(1.16	)		3.18			1.77			(2.97	)
Distributions from:
Net investment income		–			(0.06	)		(0.07	)		(0.06	)		(0.12	)		(0.10	)		–			–			–			(0.00	)		(0.02	)		(0.01	)
Net realized gain on securities		–			–			–			–			–			(0.27	)		–			–			–			–			–			(0.28	)
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.06	)		(0.07	)		(0.06	)		(0.12	)		(0.37	)		–			–			–			(0.00	)		(0.02	)		(0.29	)
Net asset value at end of period	$	13.42		$	11.32		$	8.99		$	9.67		$	8.08		$	6.03		$	14.78		$	12.67		$	10.56		$	11.72		$	8.54		$	6.79
TOTAL RETURN(a)		18.55	%		26.67	%		(6.27	)%		20.40	%		36.20	%(e)		(33.97	)%		16.65	%		19.98	%		(9.90	)%(f)		37.24	%		26.03	%(e)		(29.01	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.89	%@		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		1.00	%@		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of expenses to average net assets(c)		0.89	%@		0.92	%		0.93	%		0.92	%		0.98	%		0.96	%		1.03	%@		1.05	%		1.06	%		1.15	%		1.09	%		1.15	%
Ratio of expense reductions to average net assets		0.00	%@		0.01	%		0.01	%		0.01	%		0.01	%		0.04	%		0.00	%@		0.01	%		0.02	%		0.02	%		0.04	%		0.06	%
Ratio of net investment income (loss) to average net assets(b)		0.97	%@		0.74	%		0.59	%		0.65	%		0.69	%		1.48	%		(0.61	)%@		0.03	%		(0.52	)%		(0.61	)%		(0.63	)%		0.01	%
Ratio of net investment income (loss) to average net assets(c)		0.97	%@		0.72	%		0.57	%		0.63	%		0.61	%		1.42	%		(0.65	)%@		(0.02	)%		(0.58	)%		(0.76	)%		(0.72	)%		(0.14	)%
Portfolio turnover rate		31	%		58	%		60	%		41	%		98	%		67	%		131	%		107	%		120	%		155	%		74	%		91	%
Number of shares outstanding at end of period (000’s)		18,809			19,976			20,167			23,569			25,867			26,857			8,439			8,625			9,581			10,329			11,165			11,464
Net assets at end of period (000’s)	$	252,443		$	226,140		$	181,376		$	227,951		$	209,121		$	162,069		$	124,748		$	109,283		$	101,132		$	121,033		$	95,319		$	77,843

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement by affiliate.

^(f)  The Fund’s performance was increased by 0.26% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

323

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Stock Index Fund																		Value Fund
	Six Months Ended November 30, 2013#			Year Ended May 31,															Six Months Ended November 30, 2013#			Year Ended May 31,
				2013			2012			2011			2010			2009						2013			2012			2011			2010			2009
PER SHARE DATA
Net asset value at beginning of period	$	30.07		$	24.50		$	26.71		$	21.93		$	19.06		$	34.60		$	12.40		$	9.63		$	10.28		$	8.28		$	7.20		$	11.01
Income (loss) from investment operations:
Net investment income (loss)(d)		0.28			0.53			0.45			0.41			0.37			0.53			0.09			0.20			0.18			0.10			0.05			0.15
Net realized and unrealized gain (loss) on investments and foreign currencies		3.24			5.91			(0.76	)		5.12			3.66			(12.20	)		1.04			2.83			(0.70	)		1.97			1.20			(3.76	)
Total income (loss) from investment operations		3.52			6.44			(0.31	)		5.53			4.03			(11.67	)		1.13			3.03			(0.52	)		2.07			1.25			(3.61	)
Distributions from:
Net investment income		–			(0.46	)		(0.46	)		(0.43	)		(0.49	)		(0.70	)		–			(0.26	)		(0.13	)		(0.07	)		(0.17	)		(0.09	)
Net realized gain on securities		–			(0.41	)		(1.44	)		(0.32	)		(0.67	)		(3.17	)		–			–			–			–			–			(0.11	)
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.87	)		(1.90	)		(0.75	)		(1.16	)		(3.87	)		–			(0.26	)		(0.13	)		(0.07	)		(0.17	)		(0.20	)
Net asset value at end of period	$	33.59		$	30.07		$	24.50		$	26.71		$	21.93		$	19.06		$	13.53		$	12.40		$	9.63		$	10.28		$	8.28		$	7.20
TOTAL RETURN(a)		11.71	%		26.86	%		(0.76	)%		25.55	%		21.06	%		(32.99	)%		9.11	%		31.97	%		(5.00	)%		25.03	%		17.30	%		(32.55	)%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.35	%@		0.36	%		0.37	%		0.38	%		0.38	%		0.39	%		0.85	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.35	%@		0.36	%		0.37	%		0.38	%		0.38	%		0.39	%		0.93	%@		0.95	%		0.97	%		0.93	%		0.94	%		0.94	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			0.00	%@		0.00	%		0.00	%		–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.77	%@		1.94	%		1.83	%		1.70	%		1.70	%		2.31	%		1.40	%@		1.87	%		1.87	%		1.10	%		0.56	%		1.89	%
Ratio of net investment income (loss) to average net assets(c)		1.77	%@		1.94	%		1.83	%		1.70	%		1.70	%		2.31	%		1.32	%@		1.77	%		1.75	%		1.02	%		0.47	%		1.79	%
Portfolio turnover rate		2	%		3	%		3	%		11	%		7	%		7	%		8	%		23	%		13	%		157	%		105	%		173	%
Number of shares outstanding at end of period (000’s)		129,462			132,191			138,507			132,974			136,381			130,783			8,811			8,978			10,469			14,825			18,716			21,631
Net assets at end of period (000’s)	$	4,348,601		$	3,974,531		$	3,393,666		$	3,551,607		$	2,990,589		$	2,493,280		$	119,182		$	111,303		$	100,820		$	152,457		$	155,035		$	155,725

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

324

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited)

Approval of the GSAM Sub-Advisory Agreement (the “Sub-Advisory Agreement”) with respect to the Small-Mid Growth Fund (the “Fund”)

At an in-person meeting (the “Meeting”) held on July 16, 2013, the Board of Directors (the “Board”), including the Directors that are not interested persons of VALIC Company I (“VC I”), as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”) approved an Investment Sub-Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”) and Goldman Sachs Asset Management, L.P. (“GSAM” or the “Sub-adviser”) with respect to the VC I Small-Mid Growth Fund (the “Sub-Advisory Agreement”) (the “Fund”) pursuant to which GSAM will assume responsibility for the day-to-day management of the Fund. The Board also approved the termination of Century Capital Management, LLC and Wells Capital Management Incorporated as the sub-advisers of the Fund.

In connection with the approval of the Sub-Advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by the Sub-adviser; (2) the sub-advisory fees proposed to be charged in connection with the Sub-adviser’s management of the Fund, compared to sub-advisory fee rates of a group of funds with similar investment objectives (respectively, the “Subadvisory Expense Group/Universe”), as selected by an independent third-party provider of investment company data; (3) the investment performance of the Fund compared to the performance of comparable funds in its Morningstar category (“Performance Group”), and against the Fund’s benchmark (“Benchmark”), and the performance of a comparable fund managed by the Sub-adviser against the Fund’s Performance Group and Benchmark; (4) the costs of services and the benefits potentially to be derived by the Sub-adviser; (5) whether the Fund will benefit from possible economies of scale from engaging the Sub-adviser; (6) the anticipated profitability of the Sub-adviser and its affiliates; and (7) the terms of the proposed Sub-Advisory Agreement.

In considering whether to approve the Sub-Advisory Agreement, the Board also took into account a presentation made at an in-person meeting held on July 16, 2013 (the “Meeting”) by members of management as well as presentations made by representatives from the Sub-adviser 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 approval of the Sub-Advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services. The Board considered the nature, quality and extent of services to be provided to the Fund by the Sub-adviser. The Board reviewed information provided by the Sub-adviser relating to its operations and personnel. The Board also took into account their knowledge of the Sub-Adviser’s management, operations and the quality of their performance based on the Board’s experiences with the Sub-adviser, which also manages the VC I Global Real Estate Fund. The Board also noted that the Sub-adviser’s management of the Fund will be subject to the oversight of the VALIC and the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information.

The Board considered information provided to them regarding the services to be provided by the Sub-adviser. The Board noted that the Sub-adviser will (i) determine the securities to be purchased or sold on behalf of the Fund; (ii) provide VALIC with records concerning its activities, which VALIC or the Fund is required to maintain; and (iii) render regular reports to VALIC and to officers and Directors of the Fund concerning its discharge of the foregoing responsibilities. The Board reviewed the Sub-adviser’s history and investment experience as well as information regarding the qualifications, background and responsibilities of the Sub-adviser’s investment and compliance personnel who would provide services to the Fund. The Board also took into account the financial condition of the Sub-adviser. The Board also reviewed the Sub-adviser’s brokerage practices. The Board also considered the Sub-adviser’s risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.

The Board concluded that the scope and quality of the advisory services to be provided by the Sub-adviser were expected to be satisfactory and that there was a reasonable basis to conclude that the Sub-adviser would provide a high quality of investment services to the Fund.

Fees and Expenses; Investment Performance. The Board received and reviewed information regarding the fees proposed to be charged to the Fund for sub-advisory services compared against the fees of the funds in its Sub-advisory Expense Group/Universe. The Board noted that VALIC negotiated the sub-advisory fee with the Sub-adviser at arm’s length. The Board also considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board also considered expense information of comparable funds or accounts managed by the Sub-advisers that have comparable investment objectives and strategies to the Funds, to the extent applicable. The Board also considered that the sub-advisory fee rate payable to the Sub-adviser contains breakpoints.

The Board considered that the Fund’s proposed sub-advisory fees are above the medians of the Fund’s Subadvisory Expense Group/Universe. The Board further noted that the current sub-advisory fees were higher than the proposed sub-advisory fees, and that consequently, under the proposed sub-advisory fee schedule, VALIC would retain more of its advisory fee. The Board also took account of management’s discussion of the Fund’s proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.

The Board also received and reviewed information prepared by management regarding the Fund’s investment performance compared against the Benchmark and Performance Group as of the period ended April 30, 2013. The Board considered that management has closely monitored the Fund’s performance for more than two years, and that performance has been inconsistent with periods of underperformance outweighing stronger periods. The Board also considered the performance of another Fund managed by GSAM with a similar investment strategy as the Fund (the “Comparable Fund”). The Board noted that the Comparable Fund outperformed the Fund’s Performance Group for the year-to-date, 1-, 3- and 5- year periods ended April 30, 2013. The Board also noted that the Comparable Fund underperformed the Fund’s Benchmark for the year-to-date and 3- year periods ended April 30, 2013, and outperformed the Fund’s Benchmark for the 1- and 5- year periods ended April 30, 2013.

Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the Sub-Advisory Agreement. The Board was apprised that VALIC reviewed a number of factors in determining appropriate sub-advisory fee levels for the Fund. Such factors included a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) clone fund analysis; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.

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The Board considered that VALIC will receive a benefit under the Sub-Advisory Agreement since the proposed sub-advisory fees are expected to be less than the sub-advisory fees VALIC currently pays, and as a result, VALIC will retain a greater portion of its advisory fee. The Board was apprised that the sub-advisory fees were negotiated with the Sub-adviser at arm’s length. In considering the anticipated profitability to the Sub-adviser in connection with their relationship to the Fund, the Directors noted that the fees under the Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Fund.

In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of the Sub-adviser from its relationship with the Fund was not material to their deliberations with respect to consideration of approval of the Sub-Advisory Agreement.

Economies of Scale. For similar reasons as stated above with respect to the Sub-adviser’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in the Sub-adviser’s management of the Fund are not a material factor to the approval of the Sub-advisory Agreement, although the Board noted that the Fund has breakpoints at the sub-advisory fee level.

Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the Sub-Advisory Agreement including the duties and responsibilities to be undertaken. The Board also reviewed the terms of payment for services rendered by the Sub-adviser and noted that VALIC would compensate the Sub-adviser out of the advisory fees it receives from the Fund. The Board noted that the Sub-Advisory Agreement provides that the Sub-adviser 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 reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that the Sub-adviser possesses the capability and resources to perform the duties required of them under the Sub-Advisory Agreement.

Approval of the JPMIM and MFS Sub-Advisory Agreements

At an in-person meeting (the “Meeting”) held on August 5-6, 2013, the Board of Directors (the “Board”), including the Directors that are not interested persons of VALIC Company I (“VC I”), as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”) approved Investment Sub-Advisory Agreements between The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”) and each of (1) J.P. Morgan Investment Management, Inc. (“JPMIM”) with respect to the VC I Growth & Income Fund (the “JPMIM Sub-Advisory Agreement”); and (2) Massachusetts Financial Services Company (“MFS”) with respect to the VC I Large Capital Growth Fund (the “MFS Sub-Advisory Agreement”) (collectively, the “Sub-Advisory Agreements”) pursuant to which JPMIM and MFS will assume responsibility for the day-to-day management of the Growth & Income Fund and the Large Capital Growth Fund, respectively. JPMIM and MFS are each a “Sub-adviser” and collectively the “Sub-advisers.” The VC I Growth and Income Fund and Large Capital Growth Fund are referred to individually as a “Fund” and collectively as the “Funds.” The Board also approved the termination of SunAmerica Asset Management Corp. with respect to the Funds and the termination of Invesco Advisers, Inc. with respect to the VC I Large Capital Growth Fund.

In connection with the approval of the Sub-Advisory Agreements, the Board received materials relating to certain factors the Board considered in determining whether to approve the Sub-Advisory Agreements. Those factors included: (1) the nature, extent and quality of the services to be provided to each Fund by their respective Sub-advisers; (2) the sub-advisory fees proposed to be charged in connection with the Sub-advisers’ management of the Funds, compared to sub-advisory fee rates of a group of funds with similar investment objectives (respectively, the “Subadvisory Expense Group/Universe”), as selected by an independent third-party provider of investment company data; (3) the fees and performance of comparable funds or accounts managed by the Sub-advisers as compared to appropriate indices; (4) the costs of services and the benefits potentially to be derived by the Sub-advisers; (5) whether the Fund will benefit from possible economies of scale from engaging the Sub-advisers; (6) the anticipated profitability of the Sub-advisers and their respective affiliates; and (7) the terms of the proposed Sub-Advisory Agreements.

In considering whether to approve the Sub-Advisory Agreements, the Board also took into account presentations made at the Meeting by members of management as well as presentations made by representatives from 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 approval of the Sub-Advisory Agreements. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services. The Board considered the nature, quality and extent of services to be provided to the Fund by the Sub-advisers. The Board reviewed information provided by the Sub-advisers relating to their operations and personnel. The Board also took into account their knowledge of each Sub-adviser’s management, operations and the quality of their performance based on the Board’s experiences with the Sub-advisers, which also manage other funds overseen by the Directors. The Board also noted that the Sub-advisers’ management of the Funds will be subject to the oversight of the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in each Fund’s prospectus and statement of additional information.

The Board considered information provided to them regarding the services to be provided by each Sub-adviser. The Board noted that each Sub-adviser will (i) determine the securities to be purchased or sold on behalf of the Fund; (ii) provide VALIC with records concerning its activities, which VALIC or the Fund are required to maintain; and (iii) render regular reports to VALIC and to officers and Directors of the Fund concerning its discharge of the foregoing responsibilities. The Board reviewed each Sub-adviser’s history and investment experience as well as information regarding the qualifications, background and responsibilities of each Sub-adviser’s investment and compliance personnel who would provide services to the Fund. The Board also took into account the financial condition of each Sub-adviser. The Board also reviewed each Sub-adviser’s brokerage practices. The Board also considered each Sub-adviser’s risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect their ability to service the Funds.

The Board concluded that the scope and quality of the advisory services to be provided by the Sub-advisers were expected to be satisfactory and that there was a reasonable basis to conclude that each would provide a high quality of investment services to the Funds.

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Fees and Expenses; Investment Performance. The Board received and reviewed information regarding the fees proposed to be charged to the Fund for sub-advisory services compared against the fees of the funds in its Sub-advisory Expense Group/Universe. The Board noted that VALIC negotiated the sub-advisory fees with each Sub-adviser at arm’s length. The Board also considered that the sub-advisory fees will be paid by VALIC out of its advisory fees it receives from the Funds and that such fees are not paid by the Funds, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board also considered expense information of comparable funds or accounts managed by the Sub-advisers that have comparable investment objectives and strategies to the Funds, to the extent applicable. The Board also considered that the sub-advisory fee rates payable to each Sub-adviser contain breakpoints.

• Growth and Income Fund. The Board considered that the Fund’s proposed sub-advisory fees were below the medians of the Fund’s Subadvisory Expense Group/Universe. The Board noted that the proposed sub-advisory fees were identical to the current sub-advisory fees and that VALIC would retain the same amount of its advisory fee under the proposed sub-advisory fee schedule. The Board also considered the favorable performance, relative to the benchmark, of a comparable strategy managed by JPMIM.

• Large Capital Growth Fund. The Board considered that the Fund’s proposed sub-advisory fees were below the median of the Fund’s Subadvisory Expense Group and at the median of the Fund’s Subadvisory Expense Universe. The Board also noted that the current sub-advisory fees are higher than the proposed sub-advisory fees, and that consequently, VALIC would retain more of its advisory fees under the proposed fee sub-advisory schedule. The Board also considered the favorable composite performance of a comparable strategy managed by MFS.

The Board took account of management’s discussion of the Funds’ proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.

Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the Sub-Advisory Agreements. The Board was apprised that VALIC reviewed a number of factors in determining appropriate sub-advisory fee levels for the Funds. Such factors included a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) clone fund analysis; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.

The Board considered that VALIC will receive a benefit with respect to the Large Capital Growth Fund since the proposed sub-advisory fees are expected to be less than the sub-advisory fees VALIC currently pays, and as a result, VALIC will retain a greater portion of its advisory fee. The Board was apprised that the sub-advisory fees were negotiated with the Sub-advisers at arm’s length. In considering the anticipated profitability to the Sub-advisers in connection with their relationship to the Funds, the Directors noted that the fees under the Sub-Advisory Agreements will be paid by VALIC out of the advisory fees that VALIC will receive from the Funds.

In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of the Sub-advisers from their relationship with the Funds was not material to their deliberations with respect to consideration of approval of the Sub-Advisory Agreements.

Economies of Scale. For similar reasons as stated above with respect to the Sub-advisers’ anticipated profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the Sub-advisers’ management of the Fund are not a material factor to the approval of the Sub-advisory Agreements, although the Board noted that the Fund has breakpoints at the sub-advisory fee level.

Terms of the Sub-Advisory Agreements. The Board reviewed the terms of the Sub-Advisory Agreements including the duties and responsibilities to be undertaken. The Board also reviewed the terms of payment for services 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 each 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 reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that each Sub-adviser possesses the capability and resources to perform the duties required of them under their respective Sub-Advisory Agreements.

Approval of Advisory and Sub-Advisory Agreements

At an in-person meeting held on August 5-6, 2013, the Board of Directors (the “Board”), including the Directors that are not interested persons of VALIC Company I (“VC I”), as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved with respect to each Fund the Investment Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and VC I (the “Advisory Agreement”) and the Investment Sub-Advisory Agreements between VALIC and each of the following sub-advisers of VC I (collectively, the “Sub-advisory Agreements”): Allianz Global Investors US, LLC (“Allianz”) (formerly RCM Capital Management LLC), American Century Investment Management, Inc. (“American Century”), Barrow, Hanley, Mewhinney & Strauss, Inc. (“Barrow Hanley”), BlackRock Investment Management, LLC (“BlackRock”), Bridgeway Capital Management, Inc. (“Bridgeway”), Columbia Management Investment Advisers, LLC (“Columbia”), Dreman Value Management, LLC (“Dreman”), Franklin Advisers, Inc. (“Franklin”), Goldman Sachs Asset Management, L.P. (“GSAM”), Invesco Advisers, Inc. (“Invesco Advisers”), J.P. Morgan Investment Management Inc. (“JPMIM”), Massachusetts Financial Services Company (“MFS”), Metropolitan West Capital Management, LLC (“Metropolitan West”), Morgan Stanley Investment Management, Inc. (“MSIM”), PineBridge Investments, LLC (“PineBridge”), RS Investment Management Co., LLC (“RS Investments”), SunAmerica Asset Management Corp. (“SAAMCo”), T. Rowe Price Associates, Inc. (“T. Rowe Price”), Templeton Global Advisors Limited (“Templeton Global”), Templeton Investment Counsel, LLC (“Templeton Investment”), The Boston Company Asset Management, LLC (“The Boston Company”), Tocqueville Asset Management, LP (“Tocqueville”), UBS Global Asset Management (Americas) Inc. (“UBS”), Wellington Management Company, LLP (“Wellington”) and Wells Capital Management Incorporated (“Wells Capital”) (each a “Sub-adviser,” and collectively, the “Sub-advisers”). The Investment Advisory Agreement and Sub-advisory Agreements are collectively referred to as the “Advisory Contracts.”

In connection with the approval of the Advisory Contracts, the Board received materials relating to certain factors the Board considered in determining to renew such Advisory Contracts. Those factors included: (1) the nature, extent and quality of services provided by VALIC and the Sub-advisers; (2) the advisory fee and sub-advisory fees charged in

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connection with VALIC’s and the Sub-advisers’ management of each series of VC I (each a “Fund,” and collectively, the “Funds”), compared to advisory fee rates and sub-advisory fee rates of a group of funds with similar investment objectives (respectively, the “Expense Group/Universe” and the “Sub-Adviser Expense Group/Universe”), as selected by an independent third-party provider of investment company data; (3) the investment performance of the Funds compared to performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group/Universe”) and against each Fund’s benchmarks; (4) the costs of services and the benefits potentially derived by VALIC and the Sub-advisers; (5) a comparison of advisory fee schedules and performance with respect to other mutual funds and accounts with similar investment strategies to the Funds and which are advised or managed by VALIC or SAAMCo, an affiliated Sub-Adviser; (6) whether the Funds will benefit from possible economies of scale from engaging VALIC and the Sub-advisers; (7) the profitability of VALIC, the Sub-advisers and their respective affiliates; (8) the terms of the Advisory Contracts; and (9) information regarding VALIC’s and the Sub-advisers’ compliance and regulatory history.

The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Directors in executive sessions held at a July 15, 2013 special meeting and executive sessions held during the August 2013 meeting during which such independent counsel provided guidance to the Independent Directors. The continuation of all Advisory Contracts was approved at the August 2013 meeting for a one-year term beginning September 1, 2013 and ending August 31, 2014.

Nature, Extent and Quality of Services. The Board considered the nature, quality and extent of services to be provided to the Funds by VALIC and the Sub-advisers. The Board reviewed information provided by VALIC relating to its operations and personnel. The Board also took into account their knowledge of VALIC’s management and the quality of the performance of VALIC’s duties, through Board meetings, discussions and reports during the preceding year and through VALIC’s long history of service to VC I. The Board considered that VALIC is responsible for the management of the day-to-day operations of VC I, including but not limited to, general supervision of and coordination of the services provided by the Sub-advisers, and is also responsible for monitoring and reviewing the activities of the Sub-advisers and other third-party service providers. The Board also noted that VALIC’s and the Sub-advisers’ management of VC I is subject to the oversight of the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in VC I’s prospectus and statement of additional information.

The Board noted that VALIC personnel meet on a regular basis to discuss the performance of VC I, as well as the positioning of the insurance products, employer-sponsored retirement plans and the Funds generally vis-à-vis competitors. The Board also considered VALIC’s financial condition and whether it had the financial wherewithal to provide the services under the Investment Advisory Agreement with respect to each Fund. The Board also considered VALIC’s risk management processes.

With respect to the services provided by the Sub-advisers, the Board considered information provided to them regarding the services provided by each Sub-adviser, including information presented throughout the previous year. The Board noted that each Sub-adviser (i) determines the securities to be purchased or sold on behalf of the Fund(s) it manages as may be necessary in connection therewith; (ii) provides VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and (iii) renders regular reports to VALIC and to officers and Directors of the Funds concerning its discharge of the foregoing responsibilities. The Board reviewed each Sub-adviser’s history and investment experience as well as information regarding the qualifications, background and responsibilities of the Sub-adviser’s investment and compliance personnel who provide services to the Funds. The Board also took into account the financial condition of each Sub-adviser. The Board also reviewed each Sub-adviser’s brokerage practices. The Board also considered each Sub-adviser’s risk management processes.

The Board reviewed VALIC’s and SAAMCo’s compliance program and personnel. The Board noted that SAAMCo is an affiliated company of VALIC and serves as the administrator to the Funds, as well as sub-advises certain VC I Funds and VALIC Company II Funds. The Board also considered VALIC’s and each Sub-adviser’s regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation.

The Board concluded that the scope and quality of the advisory services provided by VALIC and Sub-advisers were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Funds.

Fees and Expenses; Investment Performance. The Board received and reviewed information regarding each Fund’s total expenses, advisory and sub-advisory fees, and other expenses compared against the expenses and fees of the funds in its Expense Group, Expense Universe and Subadvisor Expense Universe and, in some cases as noted below, the Subadvisor Expense Group. It was noted that VALIC negotiates the sub-advisory fees with each of the unaffiliated Sub-advisers at arms-length. The Board also considered that the sub-advisory fees are paid by VALIC out of its advisory fees it receives from the Funds and is not paid by the Funds, and that sub-advisory fees may vary widely within the Subadvisor Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board noted the affiliation of SAAMCo with VALIC, noting any potential conflicts of interest. The Board also noted that VALIC annually waives a portion of its advisory fee and/or reimburses the expenses of certain of the Funds.

The Sub-advisers provided and the Board also considered expense information of comparable accounts managed by the Sub-advisers, as applicable, which accounts may have included one or more of the following types of accounts: retail mutual funds, mutual funds sold through variable annuity and variable insurance products, and other institutional-type accounts.

The total expense information, advisory fee information, and sub-advisory fee information considered by the Board, among other fee and expense data, is summarized below.

The Board received and reviewed information prepared by management and by an independent third-party regarding each Funds’ investment performance compared against its benchmarks and Performance Group/Universe. The Board noted that performance information provided by the independent third-party was for the period ended April 30, 2013 and that benchmark information presented by management was through the period ended June 30, 2013.

• Asset Allocation Fund (sub-advised by PineBridge). The Board considered that actual management fees were below the medians of its Expense Group/Universe. The Board also considered that total net expenses were above the medians of the Fund’s Expense Group/Universe. The Board also considered that actual subadvisory fees were below the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

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The Board considered that the Fund outperformed its Lipper peer index for the one-, three-, and five-year periods and also considered that the Fund’s performance was below the median of the Fund’s Performance Group for the one-year period and above the median of its Performance Group for the three- and five-year periods. The Board considered that the Fund’s performance was above the median of its Performance Universe for the one-, three-, and five-year periods. The Board also noted that the Fund outperformed its benchmark for the three- and five-year periods and underperformed its benchmark for the one-year period. The Board concluded the Fund’s performance was satisfactory.

• Blue Chip Growth Fund (sub-advised by T. Rowe Price). The Board noted that management fees and total net expenses were above the medians of their respective Expense Group/Universe. The Board also noted that actual subadvisory fees were above the medians of its Subadvisory Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board considered that the Fund’s performance was below the median of its Performance Group/Universe for the one-year period and was above the median of its Performance Group/Universe for the three- and five-year periods. The Board considered that the Fund underperformed its Lipper peer index for the one-year period and outperformed its Lipper peer index for the three- and five-year periods. The Board also noted that the Fund outperformed its benchmark for the three- and five-year periods and underperformed its benchmark for the one-year period. The Board concluded that the Fund’s performance was satisfactory.

• Broad Cap Value Income Fund (sub-advised by Barrow Hanley). The Board considered that the actual management fees were above the medians of its Expense Group/Universe. The Board also considered that total net expenses were below the median of the Fund’s Expense Group and above the median of its Expense Universe. The Board noted that actual subadvisory fees were above the medians of its Subadvisory Expense/Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board considered that the Fund outperformed its Lipper peer index and performed above the median of its Performance Group for the one-, three-, and five-year periods. The Board considered that the Fund performed below the median of its Performance Universe for the one-year period and outperformed the median of its Performance Universe for the three-, and five-year periods. The Board also noted that the Fund underperformed its benchmark for the one- and three-year periods and outperformed for the five-year period. The Board concluded that the Fund’s performance was satisfactory.

• Capital Conservation Fund (sub-advised by PineBridge). The Board considered that actual management fees and total net expenses were above the medians of their respective Expense Group/Universe. The Board also noted that actual subadvisory fees were above the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

The Board considered that the Fund’s performance was below its Lipper peer index and below the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also noted that the Fund outperformed its benchmark for the one- and three-year periods and underperformed its benchmark for the five-year period. The Board considered management’s discussion of the Fund’s performance and concluded that performance is being addressed.

• Core Equity Fund (sub-advised by BlackRock). The Board considered that actual management fees were above the medians of its Expense Group/Universe. The Board also considered that the total net expenses were below the median of its Expense Group and above the median of its Expense Universe. The Board noted that actual subadvisory fees were below the medians of its Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board considered that the Fund’s performance was below its Lipper peer index for the one- and three-year periods and above its Lipper peer index for the five-year period. The Board considered that the Fund’s performance was below the median of its Performance Group for the one-, three-, and five-year periods. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the three-year period and below the median of its Performance Universe for the one- and five-year periods. The Board also noted that the Fund underperformed its benchmark for the three- and five-year periods and outperformed its benchmark for the one-year period. The Board considered management’s discussion of the Fund’s performance and that management is closely monitoring the Fund. The Board concluded that the Fund’s performance is being addressed.

• Dividend Value Fund (sub-advised by BlackRock and SAAMCo). The Board considered that actual management fees and total net expenses were above the medians of its Expense Group/Universe. The Board also noted that actual subadvisory fees were above the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board considered that the Fund outperformed its Lipper peer index and performed above the medians of its Performance Group/Universe for the one-, three-, and five year periods. The Board also noted that the Fund outperformed its benchmark for the three- and five-year periods and underperformed its benchmark for the one-year period. The Board concluded that the Fund’s performance was satisfactory.

• Emerging Economies Fund (sub-advised by JPMIM). The Board considered that actual management fees and total net expenses were below the medians of their respective Expense Group/Universe. The Board also considered that actual subadvisory fees were below the median of its Subadvisory Expense Universe.

The Board considered that the Fund outperformed its Lipper peer index for the three-year period and underperformed its Lipper peer index for the one- and five-year periods. The Board considered that the Fund’s performance was above the medians of its Performance Group/Universe for the three-year period and below the medians of its Performance Group/Universe for the one- and five-year periods. The Board also noted that the Fund outperformed its benchmark for the one- and three-year periods and underperformed for the five-year period. The Board considered management’s discussion of the Fund’s performance and concluded that performance is being addressed.

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• Foreign Value Fund (sub-advised by Templeton Global). The Board noted that actual management fees and total net expenses were below the medians of their respective Expense Group/Universe. The Board also noted that actual subadvisory fees were at the median of its Subadvisory Expense Group and below the median of its Subadvisory Expense Universe.

The Board considered that the Fund outperformed its Lipper peer index for the five-year period and underperformed its Lipper peer index for the one- and three-year periods. The Board also considered that the Fund’s performance was above the median of its Performance Group for the one- and five-year periods and below the median of its Performance Group for the three-year period. The Board also considered that the Fund’s performance was below the median of its Performance Universe for the one- and three-year periods and above the median of its Performance Universe for the five-year period. The Board also noted that the Fund outperformed its benchmark for the one- and five-year periods and underperformed its benchmark for the three-year period. The Board considered management’s discussion of the Fund’s performance and concluded that performance was satisfactory.

• Global Real Estate Fund (sub-advised by GSAM and Invesco). The Board considered that actual management fees were below the medians of its Expense Group/Universe. The Board also noted that total net expenses were below the median of its Expense Group and equal to the median of its Expense Universe. The Board further noted that actual subadvisory fees were above the medians of its Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board considered that the Fund outperformed its Lipper peer index and performed above the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also noted that the Fund outperformed its benchmark for the one-year period, underperformed for the three-year period, and equaled the benchmark for the five-year period. The Board concluded that performance was satisfactory.

• Global Social Awareness Fund (sub-advised by PineBridge). The Board considered that actual management fees and total net expenses were below the medians of their respective Expense Group/Universe. The Board also considered that actual subadvisory fees were also below the medians of its Subadvisory Expense Group/Universe.

The Board considered that the Fund’s performance was below its Lipper peer index for the one-, three-, and five-year periods. The Board noted that the Fund performed below the median of its Performance Group for the one-, three-, and five-year periods. The Board further noted that the Fund performed above the median of its Performance Universe for the one-year period and performed below the median of its Performance Universe for the three- and five-year periods. The Board also noted that the Fund outperformed its benchmark for the one-, three- and five-year periods. The Board also noted management’s discussion of the Fund’s performance and concluded that the Fund’s performance was being addressed.

• Global Strategy Fund (sub-advised by Franklin and Templeton Investment). The Board considered that actual management fees and total net expenses were below the medians of their respective Expense Group/Universe. The Board also noted that actual subadvisory fees were above the median of its Subadvisory Expense Universe.

The Board considered that the Fund’s performance was above its Lipper peer index for the one- and three-year periods. The Fund also considered that the Fund performed above the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also noted that the Fund outperformed its benchmark for the one-, three- and five-year periods. The Board considered management’s discussion of the Fund’s performance and concluded performance was satisfactory.

• Government Securities Fund (sub-advised by JPMIM). The Board noted that actual management fees were equal to the median of its Expense Group and above the median of its Expense Universe. The Board further noted that total net expenses were above the medians of its Expense Group/Universe. The Board noted that actual subadvisory fees were equal to the median of its Subadvisory Expense Group and above the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board considered that the Fund outperformed its Lipper peer index for the one- and three-year periods and underperformed its Lipper peer index for the five-year period. The Board also considered that the Fund’s performance was above the medians of its Performance Group/Universe for the one- and three-year periods and below the medians of its Performance Group/Universe for the five-year period. The Board also noted that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board concluded that the Fund’s performance is satisfactory.

• Growth & Income Fund (sub-advised by SAAMCo). The Board noted that actual management fees were above the medians of the Fund’s Expense Group/Universe. The Board also noted that total net expenses were above the median of the Fund’s Expense Universe and equal to the median of its Expense Group. The Board further noted that actual subadvisory fees were below the medians of the Fund’s Subadvisory Expense Group/Universe.

The Board considered that the Fund underperformed its Lipper peer index and its benchmark for the one-, three- and five-year periods. The Board further considered that performance was below the medians of the Fund’s Performance Group/Universe for the one-, three-, and five-year periods. The Board noted management’s discussion and concluded that performance was being addressed.

• Growth Fund (sub-advised by American Century). The Board considered that actual management fees, total net expenses, and actual subadvisory fees were above the medians of their respective Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board noted that the Fund outperformed its Lipper peer index for the three- and five-year periods and underperformed its Lipper peer index for the one-year period. The Board further noted that the Fund’s performance was below its Performance Group/Universe for the one-year period and above its Performance Group/Universe for the three- and five-year periods. The Board also noted that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board concluded that the Fund’s performance was satisfactory.

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• Health Sciences Fund (sub-advised by T. Rowe Price). The Board noted that actual management fees and actual total net expenses were above the medians of their respective Expense Group/Universe. The Board also noted that actual subadvisory fees were equal to the median of its Subadvisory Expense Group and above the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

The Board considered that the Fund outperformed its Lipper peer index for the one-, three-, and five-year periods. The Board further considered that the Fund’s performance was below the median of its Performance Group for the one-year period and above the median of its Performance Group for the three- and five-year periods. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the one-, three-, and five-year periods. The Board also noted that the Fund outperformed its benchmark for the three- and five-year periods and underperformed for the one-year period. The Board concluded that the Fund’s performance was satisfactory.

• Inflation Protected Fund (sub-advised by PineBridge). The Board noted that actual management fees were below the medians of its Expense Group/Universe. The Board also noted that total net expenses were equal to the median of its Expense Group and above the median of its Expense Universe. The Board further noted that actual subdvisory fees were at the medians of its Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board considered that the Fund underperformed its Lipper peer index for the one-, three-, and five-year periods. The Board also considered that the Fund’s performance was equal to the median of its Performance Group for the one- and five-year periods and below the median of its Performance Group for the three-year period. The Board further considered that the Fund’s performance was below its Performance Universe for the one-, three-, and five-year periods. The Board also noted that the Fund outperformed its benchmark for the one- and three-year periods and underperformed for the five-year period. The Board took into account management’s discussion of the Fund’s performance. The Board also noted management’s continued monitoring of the Fund’s performance and concluded that the Fund’s performance was being addressed.

• International Equities Fund (sub-advised by PineBridge). The Board noted that actual management fees, total net expenses, and actual subadvisory fees were below the medians of their respective Expense Group/Universe.

The Board considered that the Fund outperformed its Lipper peer index for the one-year period and underperformed its Lipper peer index for the three- and five-year periods. The Board further considered that the Fund’s performance was below the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also noted that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board noted management’s continued monitoring of the Fund and concluded that the Fund’s performance is being addressed.

• International Government Bond Fund (sub-advised by PineBridge). The Board considered that actual management fees, total net expenses, and actual subadvisory fees were below the medians of their respective Expense Group/Universe.

The Board considered that the Fund outperformed its Lipper peer index for the one-, three-, and five-year periods. The Board considered that the Fund’s performance was below the median of its Performance Group for the one-, three-and five-year periods. The Board also noted that the Fund’s performance was above the median of its Performance Universe for the one-year period and below the median of its Performance Universe for the three- and five-year periods. The Board also noted that the Fund underperformed its benchmark for the three- and five-year periods and outperformed for the one-year period. The Board took into account management’s discussion of the Fund’s performance and concluded that the Fund’s performance was being addressed.

• International Growth Fund (sub-advised by American Century, Invesco, and MFS). The Board considered that actual management fees and total net expenses were above the medians of their respective Expense Group/Universe. The Board further considered that actual subadvisory fees were above the medians of its Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board considered that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board further noted that the Fund’s performance was above the median of its Performance Group for the one- and three-year periods and equal to the median of its Performance Group for the five-year period. The Board also noted that the Fund’s performance was above the median of its Performance Universe for the one-, three-, and five-year periods. The Board also noted that the Fund outperformed its benchmark for the three- and five-year period and underperformed for the one-year period. The Board concluded that performance was satisfactory in light of all the factors considered.

• Large Cap Core Fund (sub-advised by Columbia). The Board noted that actual management fees, total net expenses, and actual subadvisory fees were above the medians of their respective Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board considered that the Fund outperformed its Lipper peer index and performed above the medians of its Performance Group/Universe for the one-, three-, and five-year periods. It was also noted that the Fund outperformed its benchmark for these same periods. The Board concluded that performance was satisfactory.

• Large Capital Growth Fund (sub-advised by SAAMCo and Invesco). The Board noted that actual management fees and total net expenses were below the medians of the Fund’s Expense Group/Universe. The Board also noted that actual subadvisory fees were above the medians of the Fund’s Subadvisory Expense Group/Universe.

The Board noted that the Fund underperformed its Lipper peer index and benchmark for the one-, three-, and five-year periods. The Board further noted that performance was below the medians of the Fund’s Performance Group/Universe for the one-, three- and five-year periods. The Board considered management’s discussion and concluded that performance was being addressed.

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• Mid Cap Index Fund (sub-advised by SAAMCo). The Board noted that actual management fees, total net expenses, and actual subadvisory fees were below the medians of their respective Expense Group/Universe.

The Board considered that the Fund outperformed its Lipper peer index for the one-, three-, and five-year periods. The Board further considered that the Fund performed above the median of its Performance Group for the three- and five-year periods and below the median of its Performance Group for the one-year period. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the one-, three-, and five-year periods. It was also noted that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board concluded that the Fund’s performance was satisfactory.

• Mid Cap Strategic Growth Fund (sub-advised by Allianz and MSIM). The Board considered that actual management fees and total net expenses were below the medians of their respective Expense Group/Universe. The Board also noted that actual subadvisory fees were at the median of its Subadvisory Expense Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board considered that the Fund performed below its Lipper peer index and below the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also noted that the Fund underperformed its benchmark for these same periods. The Board noted management’s discussion of the Fund’s performance and concluded that the Fund’s performance was being addressed.

• Money Market I Fund (sub-advised by SAAMCo). The Board considered that actual management fees and actual subadvisory fees were above the medians of their respective Expense Group/Universe. The Board also considered that total net expenses were at the median of its Expense Group and below the median of its Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board noted that the Fund’s performance was above its Lipper peer index for the one-year period and equal to its Lipper peer index for the three- and five-year periods. The Board also noted that the Fund’s performance equaled the median of its Performance Group for the one-, three-, and five-year periods. The Board further noted that the median of its Performance Universe for the three-year period and was above the median of its Performance Universe for the one- and five-year periods. It was also noted that the Fund underperformed its benchmark for the one- and three-year periods and outperformed for the five-year period. The Board concluded that the Fund’s performance was satisfactory.

• Nasdaq-100 Index Fund (sub-advised by SAAMCo). The Board considered that actual management fees and actual subadvisory fees were equal to the medians of their respective Expense Group/Universe. The Board also considered that total net expenses were above the medians of their Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board noted that the Fund underperformed its Lipper peer index for the one-year period and outperformed its Lipper peer index for the three- and five-year periods. The Board considered that the Fund’s performance was above the median of its Performance Group for the one- and five-year periods and equal to the median of its Performance Group for the three-year period. The Board further considered that the Fund’s performance was below the median of its Performance Universe for the one-year period and above the median of its Performance Universe for the three- and five-year periods. It was also noted that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board concluded that the Fund’s performance was satisfactory.

• Science & Technology Fund (sub-advised by T. Rowe Price, Allianz, and Wellington). The Board considered that actual management fees and total net expenses were above the medians of their respective Expense Group/Universe and that actual subadvisory fees were above the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

The Board considered that the Fund performed below its Lipper peer index for the one-, three-, and five-year periods. The Board further considered that the Fund performed above the median of its Performance Group for the one- and three-year periods and below the median of its Performance Group for the five-year period. The Board also considered that the Fund performed above the median of its Performance Universe for the one-, three-, and five-year periods. The Board also noted that the Fund underperformed its benchmark for the three- and five-year periods and outperformed for the one-year period. The Board considered management’s discussion of the Fund’s performance, including management’s continued monitoring of the Fund, and concluded that the Fund’s overall performance was satisfactory.

• Small Cap Fund (sub-advised by Invesco, Bridgeway, and T. Rowe Price). The Board noted that actual management fees and total net expenses were above the medians of their respective Expense Group/Universe. The Board further noted that actual subadvisory fees were below the median of its Subadvisory Expense Group and above the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board considered that the Fund performed above its Lipper peer index for the one-, three-, and five-year periods. The Board also considered that the Fund’s performance was below the medians of its Performance Group/Universe for the one-year period and above the medians of its Performance Group/Universe for the three- and five-year periods. The Board also noted that the Fund outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance and concluded that Fund’s performance was satisfactory.

• Small Cap Index Fund (sub-advised by SAAMCo). The Board considered that actual management fees and actual subadvisory fees were below the medians of their respective Expense Group/Universe. The Board also considered that total net expenses were equal to the median of its Expense Group and below the median of its Expense Universe.

The Board considered that the Fund outperformed its Lipper peer index for the one- and five-year periods and underperformed its Lipper peer index for the three-year period. The Board considered that the Fund’s performance was above the median of its Performance Group for the one- and five-year periods and below the median of its

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Performance Group for the three-year period. The Board also considered that the Fund performed above the median of its Performance Universe for the one-, three-, and five-year periods. It was also noted that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board concluded that the Fund’s performance was satisfactory in light of all the factors considered.

• Small Cap Aggressive Growth Fund (sub-advised by R.S. Investments). The Board considered that actual management fees and actual subadvisory fees were at the median of their respective Expense Group and above the median of their respective Expense Universe. The Board also noted that total net expenses were below the median of its Expense Group and above the median of its Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board considered that the Fund underperformed its Lipper peer index for the one- and three-year periods and outperformed its Lipper peer index for the five-year period. The Board also considered that the Fund’s performance was below the median of its Performance Group for the one-, three-, and five-year periods. The Board further considered that the Fund’s performance was below the median of its Performance Universe for the one- and three-year periods and above the median of its Performance Universe for the five-year period. The Board also noted that the Fund outperformed its benchmark for the one- and five-year periods and underperformed for the three-year period. The Board considered management’s discussion of the Fund’s performance and concluded performance was being addressed.

• Small Cap Special Values Fund (sub-advised by Wells Capital and Dreman). The Board considered that actual management fees were equal to the medians of its Expense Group/Universe. The Board further considered that total net expenses were above the medians of its Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of its Subadvisory Expense Group and above the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board considered that the Fund’s performance was below its Lipper peer index and below the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also noted that the Fund underperformed its benchmark for the same periods. The Board considered management’s discussion of the Fund’s performance and concluded that performance was being addressed.

• Small-Mid Growth Fund (sub-advised by Wells Capital and Century Capital Management, LLC). The Board noted that actual management fees were equal to the median of the Fund’s Expense Group and above the median of its Expense Universe. The Board also considered that total net expenses were above the medians of the Fund’s Expense Group/Universe and that actual subadvisory fees were above the medians of the Fund’s Subadvisory Expense Group/Universe.

The Board noted that the Fund underperformed its Lipper peer index and benchmark for the one-, three- and five-year periods. The Board also noted that performance was below the medians of its Performance Universe/Group for the one-, three-, and five-year periods. The Board considered management’s discussion and concluded that performance was being addressed.

• Stock Index Fund (sub-advised by SAAMCo). The Board considered that actual management fees and total net expenses were above the medians of their respective Expense Group/Universe. The Board also considered that actual subadvisory fees were below the medians of its Subadvisory Expense Group/Universe.

The Board considered that the Fund equaled its Lipper peer index for the three-year period and underperformed its Lipper peer index for the one- and five-year periods. The Board further considered that the Fund’s performance was below the median of its Performance Group for the one-, three-, and five-year periods. The Board also noted that the Fund’s performance was above the median of its Performance Universe for the one- and three-year periods and equal to the median of its Performance Universe for the five-year period. The Board also considered that the Fund underperformed its benchmark for the one- three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance and concluded that the Fund’s overall performance has been satisfactory in light of all factors considered.

• Value Fund (sub-advised by Wellington). The Board considered that actual management fees, total net expenses, and actual subadvisory fees were above the medians of their respective Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014.

The Board considered that the Fund outperformed its Lipper peer index for the three-year period and underperformed its Lipper peer index for the one- and five-year periods. The Board also considered that the Fund’s performance was below the median of its Performance Group for the one-year period and above the median of its Performance Group for the three- and five-year periods. The Board further considered that the Fund’s performance was below the median of its Performance Universe for the one- and five-year periods and above the median of its Performance Universe for the three-year period. The Board also noted that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board concluded that performance has been satisfactory in light of all the factors considered.

The Board concluded that the advisory fee and sub-advisory fee for each Fund are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

Cost of Services and Indirect Benefits/Profitability. The Board was provided information related to the cost of services and profits realized in connection with the Advisory Agreement. The Board considered the costs that are borne by the Funds. For its services, VALIC receives a fee, payable monthly from each Fund in an amount that is calculated as a percentage of the average daily net assets of the respective Fund.

It was noted that VALIC reviewed a number of factors in determining appropriate fee levels for the Funds as well as the fee VALIC pays each Sub-adviser. Such factors include review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) clone fund analysis; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.

The Board considered that VALIC will receive benefits in addition to the advisory fee to be paid by the Funds, which include transfer agency fees paid or to be paid by the Funds. The Board considered that the Funds also pay VALIC a fee for the provision of recordkeeping and shareholder services to contract owners and participants, which is

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provided at cost. Such payment is allocated to each Fund based on the number of accounts serviced. Finally, it was noted that the Funds pay SAAMCo, an affiliate of VALIC, an annual fee of approximately 0.07% based on each Fund’s average daily net assets, for the provision of certain accounting and administrative services. Out of the fee SAAMCo receives from the Funds, SAAMCo compensates VALIC for certain administrative services (0.02% of daily net assets), and the Funds’ custodian, State Street Bank and Trust Company for calculation of the daily net asset value (0.01% of daily net assets). It was also noted that SAAMCo receives sub-advisory fees for those Funds for which it serves as sub-adviser. The Board also considered that VC II pays VALIC an annual fee of 0.25% on average daily net assets of each Fund (other than the Lifestyle Funds) pursuant to a Shareholder Services Agreement.

The Board also considered that VALIC may exclude from its taxable income a portion of the ordinary dividends paid by underlying U.S. equities in the Funds to the same extent the Funds receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, it was noted that VALIC may receive foreign tax credits with respect to certain foreign securities held or to be held in certain Funds that benefit VALIC. These benefits can be material.

In considering the profitability to VALIC and its affiliates in connection with their relationship with the Funds, the Board reviewed information provided by VALIC setting forth the revenues and other benefits, both direct and indirect, received by VALIC and its affiliates attributable to managing each Fund, the cost of providing such services and the resulting profitability to VALIC and its affiliates from these relationships. The Board also reviewed VALIC’s profitability on a Fund-by-Fund basis. The Board received and reviewed information prepared by VALIC that reflects an allocation of costs that result in a reasonable determination of profitability of VALIC, as adviser, transfer agent and as shareholder servicing agent. In addition, the Board considered the profitability of SAAMCo in its role as the administrator of the Funds and as sub-adviser to certain Funds. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Funds were reasonable.

In considering the profitability to the Sub-advisers in connection with their relationship to the Funds, the Directors noted that the fees under the Sub-Advisory Agreements are paid by VALIC out of the advisory fees that VALIC receives under the Advisory Agreement. With respect to the unaffiliated Sub-advisers, the Board also relied on the ability of VALIC to negotiate the Sub-Advisory Agreements and the fees thereunder at arm’s length.

For each of the above reasons, the Directors determined that the profitability to the Sub-advisers from their relationship with the Funds was not a material factor in their deliberations with respect to consideration of approval of the Sub-Advisory Agreements.

Economies of Scale. The Board noted that the advisory fee rate and sub-advisory fee rates payable to VALIC and each of the Sub-advisers with respect to most of the Funds contain breakpoints, which allows the Funds to participate in any economies of scale. The Board also took into account management’s discussion of the Funds’ advisory fee and sub-advisory fee structure, including with respect to the Funds that do not currently have breakpoints. The Board also considered the effect of each Fund’s growth and size on its performance and fees, noting that if the Funds’ assets increase over time, the Funds may realize other economies of scale if assets increase proportionally more than expenses. The Board concluded that no changes to the advisory fee structure of the Funds were necessary.

For similar reasons as stated above with respect to the Sub-advisers’ profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the Sub-advisers’ management of the Funds are not a material factor to the approval of the Sub-advisory Agreements, although it was noted that most of the Funds have breakpoints at the sub-advisory fee level.

Terms of the Advisory Contracts. The Board reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken. The Board also reviewed the terms of payment for services rendered by VALIC and the Sub-advisers and noted that VALIC would compensate the Sub-advisers out of the advisory fees it receives from the Funds. The Board noted that the Sub-Advisory Agreements provide that each Sub-adviser will pay all of its own expenses in connection with the performance of their respective duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Advisory Contracts and other terms contained therein. The Board concluded that the terms of each of the Advisory Contracts were reasonable.

Compliance. The Board reviewed VALIC’s and the Sub-advisers’ compliance personnel and regulatory history, including information whether it was currently involved in any regulatory actions or investigations. In addition, the Board reviewed information concerning each entities’ compliance staff that would be responsible for providing compliance functions on behalf of the Funds and concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Funds.

Conclusions. In reaching its decision to approve the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that VALIC and each Sub-adviser possess the capability and resources to perform the duties required of them under their respective Advisory Contracts.

Further, based upon its review of the Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Contracts are reasonable, fair and in the best interests of each of the Funds and its respective shareholders, and (2) the fee rates payable under the Advisory Contracts are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.

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SUPPLEMENTS TO THE PROSPECTUS

Supplement to the Prospectus dated October 1, 2012

Government Securities Fund

(the “Fund”)

Effective immediately, J.P. Morgan Investment Management Inc. assumes management of 100% of the Fund and in the Fund Summary under the heading Investment Adviser, the portfolio manager disclosure for SunAmerica Asset Management Corp. (“SAAMCo”), is deleted in its entirety.

In the Management section under Investment Sub-Advisers with respect to SAAMCo, all reference to the Fund is deleted in its entirety.

Dated: August 5, 2013

Growth & Income Fund

(the “Fund”)

Supplement to the Prospectus dated October 1, 2012, as supplemented to date

Effective immediately, Jay Merchant serves as a portfolio manager of the Fund, replacing Steven Neimeth. Accordingly, under Investment Adviser, the portfolio management disclosure pertaining to Mr. Neimeth is hereby deleted in its entirety and replaced with the following:

Name	Portfolio Manager of the Fund Since		Title
Jay Merchant, CFA		2013	Vice President

In addition, under the Management section, under Investment Sub-Advisers, all references to Mr. Neimeth with respect to the Fund are deleted in their entirety and replaced with the following:

Jay Merchant, Vice President, is a portfolio manager of the Growth & Income Fund. Mr. Merchant joined SAAMCo in July 2007, as a vice president and senior research analyst specializing in Global Resources (Energy and Materials) companies. He has 14 years of investment experience focusing primarily on Energy, Materials, and Technology sectors. Prior to joining SAAMCo, Mr. Merchant was a research analyst at Swergold Captial, a long/short technology hedge fund. Prior to that, he held equity research positions at C.E. Unterberg, Towbin and Citigroup Asset Management covering the Technology and Global telecommunications sectors, respectively. Mr. Merchant received a B.S. in Economics from the Wharton School, University of Pennsylvania. He holds a CFA Charter designation and is a current member of the New York Society of Security Analysts (NYSSA).

Date: August 16, 2013

Dividend Value Fund

(the “Fund”)

Supplement to the Prospectus dated October 1, 2012, as supplemented to date

Effective October 18, 2013, a team consisting of Timothy Pettee, Andrew Sheridan and Timothy Campion will serve as a portfolio managers of the Fund, replacing Brendan Voege. Accordingly, in the Fund Summary, under Investment Adviser, the portfolio management disclosure pertaining to Mr. Voege is hereby deleted in its entirety and replaced with the following:

Name	Portfolio Manager of the Fund Since		Title
Timothy Pettee		2013	Lead Portfolio Manager and Chief Investment Officer
Andrew Sheridan		2013	Co-Portfolio Manager and Vice President
Timothy Campion		2013	Co-Portfolio Manager and Vice President

In addition, under the Management section, under Investment Sub-Advisers, all references to Mr. Voege with respect to the Fund are deleted in their entirety and replaced with the following:

The Dividend Value Fund is managed by a team consisting of Timothy Pettee, Andrew Sheridan and Timothy Campion, with Mr. Pettee serving as team leader. Mr. Pettee, Senior Vice President and Chief Investment Officer, joined SAAMCo in 2003. Mr. Sheridan, Vice President, Portfolio Manager and Senior Research Analyst, joined SAAMCo in 2003. In addition to his portfolio management responsibilities, Mr. Sheridan is a member of the SAAMCo research team, covering the technology industry. Mr. Campion is a Vice President, Portfolio Manager and Quantitative Analyst at SAAMCo. He is responsible for the management and trading of a wide variety of domestic equity index funds. Mr. Campion joined SAAMCo in 2012. Prior to joining SAAMCo, he was Vice President and Portfolio Manager at PineBridge Investments LLC since 1999.

Date: October 7, 2013

VALIC COMPANY I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

Small Cap Special Values Fund

(the “Fund”)

Supplement to the Prospectus dated October 1, 2013, as supplemented to date

In the Fund Summary, in the Investment Adviser section, the chart is supplemented with respect to Dreman Value Management, LLC to insert the following information for one new portfolio manager as follows:

Name	Portfolio Manager of the Fund Since		Title
Nelson Woodard		2013	Co-Chief Investment Officer, Managing Director and Portfolio Manager

In the Management section under Investment Sub-Advisers – Dreman Value Management, LLC, the portfolio manager information with respect to the Fund is supplemented with the following:

“Mr. Woodard, Co-Chief Investment Officer, Managing Director and Portfolio Manager, rejoined Dreman Value Management, L.L.C. in 2013 after having been employed with them previously.”

In the Fund Summary, in the Investment Adviser section, the chart is supplemented with respect to Wells Capital Management Incorporated to insert the following information for one new portfolio manager as follows:

Name	Portfolio Manager of the Fund Since		Title
Bryant VanCronkhite		2013	Portfolio Manager

In the Management section under Investment Sub-Advisers – Wells Capital Management Incorporated, the portfolio manager information with respect to the Fund is supplemented with the following:

“Mr. VanCronkhite, Portfolio Manager and Senior Analyst, joined Wells Capital Management in 2004.”

All changes reflected herein are effective immediately.

Date: December 12, 2013

VALIC COMPANY I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

Supplement to the Prospectus dated October 1, 2013, as supplemented to date

At a meeting held on January 27-28, 2014, the Board of Directors (the “Board”) of VALIC Company I (“VC I”), including a majority of the directors who are not interested persons of VC I (the “Independent Directors”), as defined in the Investment Company Act of 1940, as amended, approved an Investment Sub-Advisory Agreement (the “SAAMCo Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and SunAmerica Asset Management, LLC (“SAAMCo”) with respect to the Global Social Awareness Fund and the International Equities Fund (each a “Fund,” and collectively, the “Funds”).

In accordance with VALIC’s manager-of-managers exemptive order granted by the Securities and Exchange Commission, the SAAMCo Sub-Advisory Agreement is subject to shareholder approval with respect to each of the Funds. The Board has called a special meeting of the Funds’ shareholders to be held on or about May 13, 2014 to consider the proposals to approve the SAAMCo Sub-Advisory Agreement. Shareholders of record on the record date, entitled to notice of and to vote at the special meeting, will receive proxy materials describing the proposal in more detail.

If the Funds’ shareholders approve the SAAMCo Sub-Advisory Agreement, PineBridge Investments, LLC (“PineBridge”) will cease to sub-advise the Funds and the following changes to each Fund’s prospectus will become effective once SAAMCo commences managing the Funds:

Global Social Awareness Fund.

In the Fund Summary, the Fund’s Investment Objective will be deleted in its entirety and replaced with the following:

The Fund seeks to obtain growth of capital through investment, primarily in equity securities of companies which meet the social criteria established for the Fund.

The Principal Investment Strategies of the Fund will be deleted in its entirety and replaced with the following:

The Fund invests in domestic and foreign companies that meet the Fund’s social criteria. The Fund will generally invest in the equity securities of large- and mid-cap companies domiciled in the U.S., Europe, Japan and other developed markets. The Fund does not invest in companies that are significantly engaged in:

• the production of nuclear energy;

• the manufacture of military weapons or delivery systems;

• the manufacture of alcoholic beverages or tobacco products;

• the operation of gambling casinos;

• business practices or the production of products that have a severe impact on the environment;

• labor relations disputes or breach of core international labor standards; or

• companies that have operations in countries that pose significant human rights concerns.

Under normal circumstances, the Fund will invest at least 80% of net assets in the equity securities of companies located in at least three different countries, with at least 40% of net assets in foreign securities, or if conditions are unfavorable, at least 30% of net assets in foreign securities. The sub-adviser may change the allocation between U.S. and foreign securities provided that the Fund’s investments in foreign securities do not exceed 75% of net assets.

In addition, the Fund may invest up to 20% of net assets in other securities of companies that meet the Fund’s social criteria, including preferred stock, convertible securities, and high quality money market securities and warrants. Social criteria screening may cause active or frequent trading of portfolio securities.

In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Fund’s total assets. These loans earn income for the Fund and are collateralized by cash, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, and such other securities as the Fund and the securities lending agent may agree upon.

Under Principal Risks of Investing in the Fund, “Management Risk” will be deleted in its entirety.

In the Investment Adviser section, the first paragraph and the table will be deleted in their entirety and replaced with the following:

The Fund’s investment adviser is The Variable Annuity Life Insurance Company. The Fund is sub-advised by SunAmerica Asset Management, LLC (“SAAMCo”).

Portfolio Managers

Name	Portfolio Manager of the Fund Since		Title
Timothy Campion		2014	Senior Vice President, Portfolio Manager
Kara Murphy, CFA		2014	Senior Vice President, Chief Investment Officer, Portfolio Manager
Andrew Sheridan		2014	Senior Vice President, Portfolio Manager

VALIC COMPANY I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

International Equities Fund.

The name of the Fund will be changed to the “International Equities Index Fund.”

In the Fund Summary, the Fund’s Investment Objective will be deleted in its entirety and replaced with the following:

The Fund seeks long-term capital growth through investments in equity securities that, as a group, are expected to provide investment results closely corresponding to the performance of the MSCI EAFE Index (the “Index”).

The Principal Investment Strategies of the Fund will be deleted in its entirety and replaced with the following:

The Fund is managed to seek to track the performance of the Index, which measures the stock performance of large- and mid-cap companies in developed countries outside the U.S. The sub-adviser may endeavor to track the Index by purchasing every stock included in the Index, in the same proportions; or, in the alternative, the sub-adviser may invest in a sampling of Index stocks by utilizing a statistical technique known as “optimization.” The goal of optimization is to select stocks which ensure that various industry weightings, market capitalizations, and fundamental characteristics, (e.g., price-to-book, price-to-earnings, debt-to-asset ratios and dividend yields) closely approximate those of the Index.

The Fund invests, under normal circumstances, at least 80% of net assets in stocks that are in the Index. Although the Fund seeks to track the performance of the Index, the performance of the Fund will not match that of the Index exactly because, among other reasons, the Fund incurs operating expenses and other investment overhead as part of its normal operations.

In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Fund’s total assets. These loans earn income for the Fund and are collateralized by cash, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, and such other securities as the Fund and the securities lending agent may agree upon.

Under Principal Risks of Investing in the Fund, “Emerging Markets Risk” and “Derivatives Risk” will be deleted in their entirety, and the following risk will be inserted:

Index Risk. In attempting to track the performance of the Index, the Fund may be more susceptible to adverse developments concerning a particular security, company or industry because the Fund generally will not use any defensive strategies to mitigate its risk exposure.

In addition, “Large-Cap Company Risk” will be deleted in its entirety and replaced with the following:

Large- and Mid-Cap Company Risk. Investing primarily in large-cap and mid-cap companies carries the risk that due to current market conditions these companies may be out of favor with investors. Large-cap companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of mid-cap companies may be more volatile than those of larger companies due to, among other reasons, narrower product lines, more limited financial resources and fewer experienced managers.

In the Investment Adviser section, the first paragraph and the table will be deleted in their entirety and replaced with the following:

The Fund’s investment adviser is The Variable Annuity Life Insurance Company. The Fund is sub-advised by SunAmerica Asset Management, LLC (“SAAMCo”).

Portfolio Managers

Name	Portfolio Manager of the Fund Since		Title
Timothy Campion		2014	Senior Vice President, Portfolio Manager
Kara Murphy, CFA		2014	Senior Vice President, Chief Investment Officer, Portfolio Manager
Andrew Sheridan		2014	Senior Vice President, Portfolio Manager

Under Additional Information about the Funds’ Investment Strategies and Risks, the information with respect to the Global Social Awareness Fund and the International Equities Fund will be deleted in their entirety and replaced with the following:

Global Social Awareness Fund

To find out which companies meet the Fund’s social criteria, the sub-adviser relies on industry classifications, research service companies, and special magazines and papers that publish this type of information.

Since the Fund’s definition of social criteria is not “fundamental,” VC I’s Board of Directors may change it without shareholder approval. When deciding to make changes to the criteria, the Board will consider, among other things, new or revised state laws that govern or affect the investments of public funds.

International Equities Index Fund

Unlike the Fund, the Index is an unmanaged group of securities, so it does not incur operating expenses and other investment overhead. An investor cannot invest directly in an index. Factors that contribute to differences in performance between an index fund and its index are called tracking differences. An index fund seeks to minimize tracking error versus the benchmark.

VALIC COMPANY I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

The tracking difference is reviewed periodically by the sub-adviser. If the Fund does not accurately track the Index, the sub-adviser will rebalance the Fund’s portfolio by selecting securities which will provide a more representative sampling of the securities in the Index as a whole or the sector diversification within the Index, as appropriate.

The Fund may also invest in futures contracts and other derivatives in order to help the Fund’s liquidity and to manage its cash position. If the market value of the futures contracts is close to the Fund’s cash balance, then that helps to minimize the tracking error, while helping to maintain liquidity. The Fund currently intends to use futures and other derivatives in non-principal amounts.

The Fund is subject to the following additional risks: Derivatives Risk

In the Management section under Investment Sub-Advisers, all references to PineBridge with respect to the Funds will be deleted in their entirety and the following information will be added with respect to SAAMCo:

The Global Social Awareness Fund and International Equities Index Fund are managed by a team consisting of Timothy Campion, Kara Murphy, CFA, and Andrew Sheridan, with Mr. Campion serving as team leader. Mr. Campion is a Vice President, Portfolio Manager and Quantitative Analyst at SAAMCo. He is responsible for the management and trading of a wide variety of domestic equity index funds. Mr. Campion joined SAAMCo in 2012. Prior to joining SAAMCo, he was Vice President and Portfolio Manager at PineBridge Investments LLC since 1999. Ms. Murphy is the Chief Investment Officer of SAAMCo. Previously, Ms. Murphy was the Director of Research and a senior research analyst covering the financial sector. Before joining SAAMCo, Ms. Murphy held research positions at Chilton Investment Company and Morgan Stanley Investment Management. Her investment experience dates from 2000. Mr. Sheridan, the Vice President, Portfolio Manager and Senior Research Analyst, joined SAAMCo in 2003. In addition to his portfolio management responsibilities, Mr. Sheridan is a member of the SAAMCo research team, covering the technology industry.

Please keep this supplement with your prospectus for future reference

Date: January 28, 2014

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

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, NY 10105

Allianz Global Investors U.S., LLC

555 Mission St. Suite 1700

San Francisco, CA 94105

American Century Investment Management, Inc.

4500 Main Street

Kansas City, MO 64111

Barrow, Hanley, Mewhinney & Strauss, LLC

2200 Ross Avenue, 31st Floor

Dallas, TX 75201-2761

BlackRock Investment Management, LLC

1 University Square Dr.

Princeton, NJ 08540

Bridgeway Capital Management, Inc.

20 Greenway Plaza

Suite 450

Houston, TX 77046

Columbia Management

Investment Advisors, LLC

100 Federal Street

Boston, MA 02110

Dreman Value Management, LLC

Harborside Financial Center

Plaza 10, Suite 800

Jersey City, NJ 07311

Franklin Advisers, Inc.

One Franklin Parkway

San Mateo, CA 94403-1906

Goldman Sachs

Asset Management, LP

200 West Street

New York, NY 10282

Invesco Advisers, Inc.

1555 Peachtree St. NE

Atlanta, GA 30309

J.P. Morgan Investment

Management, Inc.

270 Park Avenue

New York, NY 10017

Massachusetts Financial Services Company

500 Boylston Street

Boston, MA 02116

Morgan Stanley Investment Management, Inc.

522 Fifth Avenue

New York, NY 10036

Pinebridge Investments, LLC

399 Park Avenue

New York, NY 10022

RS Investment

Management Co., LLC

388 Market Street

Suite 1700

San Francisco, CA 94111

SunAmerica Asset Management Corp.

Harborside Financial Center

3200 Plaza 5

Jersey City, NJ 07311

T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, MD 21202

Templeton Global Advisors Ltd.

Lyford Cay

Nassau, Bahamas

Templeton Investment Counsel, LLC

300 SE 2nd St.

Ft. Lauderdale, FL 33301

Wellington Management Company, LLP

280 Congress Street

Boston, MA 02210

Wells Capital Management, Inc.

525 Market St.

10th Floor

San Francisco, CA 94105

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

1201 Louisiana Street, Suite 2900

Houston, TX 77002

TRANSFER AND SHAREHOLDER SERVICE AGENT

The Variable Annuity

Life Insurance Company (VALIC)

2929 Allen Parkway

Houston, Texas 77019

OFFICERS

Kurt W. Bernlohr,

President and Principal Executive Officer

John Packs,

Vice President and Senior Investment Officer

Gregory R. Kingston,

Treasurer and Principal Financial Officer

Nori L. Gabert,

Vice President, Chief Legal Officer and Secretary

Gregory N. Bressler,

Vice President

Katherine Stoner,

Vice President and Chief Compliance Officer

Donna Handel,

Vice President and Assistant Treasurer

Thomas M. Ward,

Vice President

Diedre L. Shepherd,

Assistant Treasurer

Shawn Parry,

Assistant Treasurer

Louis O. Ducote, II

Assistant Secretary

Matthew J. Hackethal,

Anti-Money Laundering

Compliance Officer

Shana L. Walker,

Assistant Secretary

340

VALIC Company I

DISCLOSURE OF QUARTERLY FUND HOLDINGS

VC I is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for its first and third fiscal quarters on Form N-Q. VC I’s Forms N-Q are available on the U.S. Securities and Exchange Commission’s website at www.sec.gov. You can also review and obtain copies of Forms N-Q at the U.S. Securities and Exchange Commission’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330).

VOTING PROXIES ON VALIC COMPANY I PORTFOLIO SECURITIES

A description of the policies and procedures that VC I uses to determine how to vote proxies related to securities held in the Fund’s portfolios which is available in VC I’s Statement of Additional Information, which may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES

Information regarding how VC I voted proxies relating to securities held in the VC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

This report is for the information of the shareholders and variable contract owners participating in VC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.

If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.

The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.

341

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.   CLICK VALIC.com CALL 1-800-448-2542 VISIT your VALIC financial advisor Manage your account online! • Print and download account transaction confirmations and tax statements • View transaction history and download it to Quicken using Direct Connect^SM • Use the Account Aggregation feature to display information from other accounts in addition to your VALIC accounts • Easily manage your personal profile to update your contact information (phone, address, email), update your beneficiaries, reset your password, and more 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 Start exploring VALIC Online today! >  Visit VALIC.com >  Click “Register for online access” >  Click “Register for individual access,” and follow the steps to create a security profile Go paperless Sign up for Personal Deliver-e^® to get: Convenience — See your account statements, certain regulatory documents/disclosures 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? >  Log on to VALIC Online • Select “Email Delivery” from My Profile • 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 email address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information.

    Copyright ^© The Variable Annuity Life Insurance Company. All rights reserved. VC 23800 (07/2013) J90870 EE

VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765

VC 4873 (11/2013) J74499

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. 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) Not applicable.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(b) Certification pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VALIC Company I
By:	/s/ Kurt W. Bernlohr
	Kurt W. Bernlohr
	President

Date: February 07, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Kurt W. Bernlohr
	Kurt W. Bernlohr
	President

Date: February 07, 2014

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: February 07, 2014