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)

John T. Genoy

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: (201) 324-6414

Date of fiscal year end: May 31

Date of reporting period: November 30, 2014

Item 1. Reports to Stockholders

VALIC Company I

Semi-Annual Report, November 30, 2014

SAVING : INVESTING : PLANNING

VALIC Company I

SEMI-ANNUAL REPORT NOVEMBER 30, 2014

TABLE OF CONTENTS

President’s Letter	1
Expense Example	2
Portfolio of Investments:
Asset Allocation Fund	4
Blue Chip Growth Fund	34
Broad Cap Value Income Fund	38
Capital Conservation Fund	41
Core Equity Fund	52
Dividend Value Fund	57
Dynamic Allocation Fund	61
Emerging Economies Fund	64
Foreign Value Fund	68
Global Real Estate Fund	71
Global Social Awareness Fund	74
Global Strategy Fund	86
Government Securities Fund	96
Growth Fund	100
Growth & Income Fund	106
Health Sciences Fund	111
Inflation Protected Fund	116
International Equities Index Fund	123
International Government Bond Fund	135
International Growth Fund	144
Large Cap Core Fund	149
Large Capital Growth Fund	152
Mid Cap Index Fund	155
Mid Cap Strategic Growth Fund	164
Money Market I Fund	170
Nasdaq-100® Index Fund	173
Science & Technology Fund	177
Small Cap Aggressive Growth Fund	183
Small Cap Fund	187
Small Cap Index Fund	200
Small Cap Special Values Fund	225
Small-Mid Growth Fund	230
Stock Index Fund	234
Value Fund	244
Statements of Assets and Liabilities	247
Statements of Operations	252
Statements of Changes in Net Assets	257
Notes to Financial Statements	266
Financial Highlights	300
Approval of Advisory Agreements	317
Supplements to the Prospectus	325

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, 2014. We encourage you to carefully read this report and thank you for your investment with VALIC Company I.

The reporting period experienced positive returns in domestic equities amid signs that the U.S. economy appears to have stabilized with a slower, albeit steady growth. The total return for the S&P 500^® Index*, widely regarded as the best single gauge of the U.S. equity market, was up 8.58% 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, did not fare as well, declining 5.07%. The Barclays U.S. Aggregate Bond Index***, a broad measure of the bond market, posted a total return of 1.92% for the reporting period.

Despite sell-offs in August and October, domestic markets continued to rise based on strength in the US labor market, expanding manufacturing, improved consumer sentiment and a dovish Federal Reserve (“the Fed”). The Fed followed through with its previously announced plan to end its bond buying program, but Fed Chair, Janet Yellen, signaled that it will keep short-term interest rates near zero for a “considerable time.” One of the most notable lifts to consumer sentiment related to falling oil prices. Oil began its decline in June in response to OPEC’s decision to maintain supply amid slowing demand, causing the price of oil to fall to $66 a barrel by November’s end. Currencies associated with oil producing nations (such as the Russian Ruble) declined, giving rise to increased speculation about merger and acquisition activity in the industry.

International markets experienced a sell-off during the reporting period as growth slowed across various countries (most notably in China and Japan). Inflation remained extremely low throughout Europe, ending at 0.3% at the end of November, a five year low, depicting a very real threat of deflation. As the U.S. moved to decrease economic stimulus, Europe, China and Japan embraced it. The European Central Bank spoke of impending stimulus measures, China reduced its interest rates and Japan delayed a planned sales tax increase.

Bonds advanced over the reporting period as investors continued to favor U.S. Treasuries in a flight to quality amid elevated geopolitical risk and slowing growth abroad. On the whole, U.S. treasuries appear attractive, in relative terms, given the low yields on European and Japanese sovereign bonds.

Planning for your financial future in such an uncertain world 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,

John T. Genoy, 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, 2014 (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, 2014 and held until November 30, 2014. 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, 2014” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended November 30, 2014” column and the “Annualized Expense Ratio” 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, 2014” 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 each Fund’s actual expense ratio and an annual rate of return of 5% 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 these Funds and 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, 2014” column and the “Annualized Expense Ratio” 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, 2014” 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, 2014 (unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at June 1, 2014		Ending Account Value Using Actual Return at November 30, 2014		Expenses Paid During the Six Months Ended November 30, 2014*		Beginning Account Value at June 1, 2014		Ending Account Value Using a Hypothetical 5% Annual Return at November 30, 2014		Expenses Paid During the Six Months Ended November 30, 2014*		Annualized Expense Ratio*
Asset Allocation	$	1,000.00	$	1,023.68	$	3.45	$	1,000.00	$	1,021.66	$	3.45		0.68	%
Blue Chip Growth	$	1,000.00	$	1,092.87	$	4.35	$	1,000.00	$	1,020.91	$	4.20		0.83	%
Broad Cap Value Income#	$	1,000.00	$	1,052.01	$	4.37	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Capital Conservation	$	1,000.00	$	1,017.28	$	3.24	$	1,000.00	$	1,021.86	$	3.24		0.64	%
Core Equity#	$	1,000.00	$	1,063.88	$	4.14	$	1,000.00	$	1,021.06	$	4.05		0.80	%
Dividend Value#	$	1,000.00	$	1,059.71	$	4.23	$	1,000.00	$	1,020.96	$	4.15		0.82	%
Dynamic Allocation#	$	1,000.00	$	1,031.01	$	1.63	$	1,000.00	$	1,023.46	$	1.62		0.32	%
Emerging Economies	$	1,000.00	$	977.83	$	4.71	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Foreign Value	$	1,000.00	$	899.48	$	3.76	$	1,000.00	$	1,021.11	$	4.00		0.79	%
Global Real Estate	$	1,000.00	$	1,034.96	$	4.34	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Global Social Awareness	$	1,000.00	$	1,032.38	$	3.16	$	1,000.00	$	1,021.96	$	3.14		0.62	%
Global Strategy	$	1,000.00	$	997.17	$	3.15	$	1,000.00	$	1,021.91	$	3.19		0.63	%
Government Securities	$	1,000.00	$	1,019.57	$	3.24	$	1,000.00	$	1,021.86	$	3.24		0.64	%
Growth	$	1,000.00	$	1,071.60	$	4.15	$	1,000.00	$	1,021.06	$	4.05		0.80	%
Growth & Income#	$	1,000.00	$	1,086.81	$	4.45	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Health Sciences	$	1,000.00	$	1,221.80	$	6.07	$	1,000.00	$	1,019.60	$	5.52		1.09	%
Inflation Protected	$	1,000.00	$	992.06	$	2.95	$	1,000.00	$	1,022.11	$	2.99		0.59	%
International Equities Index†	$	1,000.00	$	947.58	$	2.05	$	1,000.00	$	1,022.96	$	2.13		0.42	%
International Government Bond	$	1,000.00	$	975.49	$	3.22	$	1,000.00	$	1,021.81	$	3.29		0.65	%
International Growth#	$	1,000.00	$	980.91	$	5.02	$	1,000.00	$	1,020.00	$	5.11		1.01	%
Large Cap Core	$	1,000.00	$	1,095.44	$	4.36	$	1,000.00	$	1,020.91	$	4.20		0.83	%
Large Capital Growth	$	1,000.00	$	1,071.58	$	3.89	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Mid Cap Index	$	1,000.00	$	1,052.86	$	1.85	$	1,000.00	$	1,023.26	$	1.83		0.36	%
Mid Cap Strategic Growth	$	1,000.00	$	1,080.68	$	4.22	$	1,000.00	$	1,021.01	$	4.10		0.81	%
Money Market I#	$	1,000.00	$	1,000.05	$	0.65	$	1,000.00	$	1,024.42	$	0.66		0.13	%
Nasdaq-100® Index#	$	1,000.00	$	1,165.33	$	2.88	$	1,000.00	$	1,022.41	$	2.69		0.53	%
Science & Technology	$	1,000.00	$	1,132.10	$	5.24	$	1,000.00	$	1,020.16	$	4.96		0.98	%
Small Cap Aggressive Growth#	$	1,000.00	$	1,131.73	$	5.29	$	1,000.00	$	1,020.10	$	5.01		0.99	%
Small Cap#	$	1,000.00	$	1,047.33	$	4.77	$	1,000.00	$	1,020.41	$	4.71		0.93	%
Small Cap Index	$	1,000.00	$	1,040.69	$	2.05	$	1,000.00	$	1,023.06	$	2.03		0.40	%
Small Cap Special Values	$	1,000.00	$	1,027.40	$	4.42	$	1,000.00	$	1,020.71	$	4.41		0.87	%
Small-Mid Growth	$	1,000.00	$	1,097.66	$	5.26	$	1,000.00	$	1,020.05	$	5.06		1.00	%
Stock Index	$	1,000.00	$	1,083.98	$	1.78	$	1,000.00	$	1,023.36	$	1.72		0.34	%
Value#	$	1,000.00	$	1,071.23	$	4.41	$	1,000.00	$	1,020.81	$	4.31		0.85	%

* Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 365 days (to reflect the one-half year period). 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 on expenses 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 Funds or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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 Six Months Ended November 30, 2014” and the “Annualized Expense Ratio” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Six Months Ended November 30, 2014” and the “Annualized Expense Ratio” would have been lower.

† See Note 1

3

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Time Deposits	9.0	%
Exchange — Traded Funds	7.7
Federal National Mtg. Assoc.	7.0
Registered Investment Companies	6.1
Diversified Banking Institutions	4.0
Banks — Commercial	3.4
Medical — Drugs	3.3
Banks — Super Regional	2.4
Diversified Financial Services	2.3
Computers	2.3
Federal Home Loan Mtg. Corp.	2.2
Telephone — Integrated	2.2
Oil Companies — Integrated	2.2
Oil Companies — Exploration & Production	1.9
Food — Misc./Diversified	1.9
Chemicals — Diversified	1.7
Aerospace/Defense	1.5
Real Estate Investment Trusts	1.4
Diversified Manufacturing Operations	1.3
Auto — Cars/Light Trucks	1.3
Electric — Integrated	1.1
Retail — Building Products	1.0
Investment Management/Advisor Services	0.9
Tobacco	0.9
Semiconductor Components — Integrated Circuits	0.9
Electronic Components — Semiconductors	0.9
Applications Software	0.8
Medical — Biomedical/Gene	0.8
Cable/Satellite TV	0.8
Insurance — Multi-line	0.8
Pipelines	0.8
Transport — Rail	0.7
Computer Services	0.7
Electronic Components — Misc.	0.7
Building — Residential/Commercial	0.7
Oil — Field Services	0.6
Insurance — Life/Health	0.6
Enterprise Software/Service	0.6
Advertising Agencies	0.6
Paper & Related Products	0.5
Beverages — Non-alcoholic	0.5
Medical — HMO	0.5
Pharmacy Services	0.5
Gas — Distribution	0.5
Consumer Products — Misc.	0.5
Brewery	0.4
Insurance — Property/Casualty	0.4
Retail — Regional Department Stores	0.4
United States Treasury Notes	0.4
Retail — Drug Store	0.4
Auto/Truck Parts & Equipment — Original	0.4
Finance — Other Services	0.4
Savings & Loans/Thrifts	0.4
Food — Meat Products	0.4
Retail — Restaurants	0.4
Commercial Services — Finance	0.4
Aerospace/Defense — Equipment	0.4
E-Commerce/Services	0.3
Medical Instruments	0.3
Electric — Generation	0.3
Cosmetics & Toiletries	0.3
Multimedia	0.3
Food — Retail	0.3
Airlines	0.3
Retail — Auto Parts	0.3
Medical Labs & Testing Services	0.3
Chemicals — Specialty	0.3
Semiconductor Equipment	0.3
Finance — Credit Card	0.3

Medical Products	0.3
Instruments — Scientific	0.3
Import/Export	0.3
Electric Products — Misc.	0.3
Retail — Apparel/Shoe	0.3
Diversified Minerals	0.3
E-Commerce/Products	0.3
Finance — Investment Banker/Broker	0.3
Machinery — Farming	0.3
Steel — Producers	0.3
Real Estate Management/Services	0.3
Office Automation & Equipment	0.3
Containers — Metal/Glass	0.2
Retail — Discount	0.2
Computers — Memory Devices	0.2
Oil Refining & Marketing	0.2
Transport — Services	0.2
Apparel Manufacturers	0.2
Sovereign	0.2
Medical — Hospitals	0.2
Casino Hotels	0.2
Disposable Medical Products	0.2
Machinery — Construction & Mining	0.2
Internet Content — Entertainment	0.2
Web Portals/ISP	0.2
Security Services	0.2
Hotels/Motels	0.2
Audio/Video Products	0.2
Telecom Services	0.2
Finance — Leasing Companies	0.2
Special Purpose Entities	0.2
Instruments — Controls	0.2
Insurance — Reinsurance	0.2
Retail — Automobile	0.2
Engineering/R&D Services	0.2
Machinery — General Industrial	0.2
Metal — Copper	0.2
Agricultural Chemicals	0.2
Municipal Bonds & Notes	0.2
Machinery — Electrical	0.2
Software Tools	0.2
Food — Confectionery	0.2
U.S. Government Treasuries	0.2
Finance — Consumer Loans	0.2
Food — Wholesale/Distribution	0.2
Networking Products	0.1
United States Treasury Bonds	0.1
Oil & Gas Drilling	0.1
Real Estate Operations & Development	0.1
Schools	0.1
Banks — Export/Import	0.1
Electronic Measurement Instruments	0.1
Banks — Fiduciary	0.1
Human Resources	0.1
Data Processing/Management	0.1
Oil Field Machinery & Equipment	0.1
Cruise Lines	0.1
Metal Processors & Fabrication	0.1
Advertising Services	0.1
Publishing — Newspapers	0.1
Coal	0.1
Office Supplies & Forms	0.1
Agricultural Operations	0.1
Footwear & Related Apparel	0.1
Finance — Commercial	0.1
Containers — Paper/Plastic	0.1
Building & Construction — Misc.	0.1
Medical — Generic Drugs	0.1
Printing — Commercial	0.1
Independent Power Producers	0.1
Insurance — Mutual	0.1

4

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited) — (continued)

Industry Allocation* (continued)

Internet Security	0.1	%
Food — Dairy Products	0.1
Distribution/Wholesale	0.1
Rubber — Tires	0.1
Investment Companies	0.1
Medical — Wholesale Drug Distribution	0.1
Soap & Cleaning Preparation	0.1
SupraNational Banks	0.1
Cellular Telecom	0.1
Tools — Hand Held	0.1
Transport — Truck	0.1
Wireless Equipment	0.1
Industrial Automated/Robotic	0.1
Computers — Integrated Systems	0.1
Medical — Outpatient/Home Medical	0.1
Photo Equipment & Supplies	0.1
Steel Pipe & Tube	0.1
Auto — Heavy Duty Trucks	0.1
Industrial Gases	0.1
Building — Maintenance & Services	0.1
Wire & Cable Products	0.1
Insurance Brokers	0.1
Telecommunication Equipment	0.1
Metal — Aluminum	0.1
Dialysis Centers	0.1
Resorts/Theme Parks	0.1
Transactional Software	0.1
Specified Purpose Acquisitions	0.1
Toys	0.1
Finance — Auto Loans	0.1
Dental Supplies & Equipment	0.1
Web Hosting/Design	0.1
Textile — Products	0.1
Filtration/Separation Products	0.1
Building Products — Doors & Windows	0.1
Publishing — Periodicals	0.1
Electric — Distribution	0.1
Regional Authority	0.1
Transport — Marine	0.1
Entertainment Software	0.1
Computers — Periphery Equipment	0.1
Electronics — Military	0.1
Transport — Equipment & Leasing	0.1
Building & Construction Products — Misc.	0.1
Home Furnishings	0.1
Gold Mining	0.1
	108.8	%

* Calculated as a percentage of net assets

5

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 56.1%
Advertising Agencies — 0.5%
Interpublic Group of Cos., Inc.		701	$	14,223
Omnicom Group, Inc.		10,743		830,112
				844,335
Advertising Services — 0.1%
Dentsu, Inc.		2,700		101,475
Publicis Groupe SA		1,039		76,354
Sizmek, Inc.†		422		2,418
				180,247
Aerospace/Defense — 1.3%
Aerovironment, Inc.†		357		9,893
BAE Systems PLC		17,990		135,364
Boeing Co.		10,374		1,393,851
Cubic Corp.		396		20,374
Lockheed Martin Corp.		1,349		258,414
National Presto Industries, Inc.#		84		4,927
Northrop Grumman Corp.		1,674		235,917
Raytheon Co.		883		94,216
Teledyne Technologies, Inc.†		680		72,699
Thales SA		348		18,477
				2,244,132
Aerospace/Defense - Equipment — 0.3%
AAR Corp.		686		17,582
Airbus Group NV		1,435		87,484
Curtiss-Wright Corp.		879		62,321
GenCorp, Inc.†#		1,053		17,585
IHI Corp.#		26,000		131,457
Kaman Corp.		492		19,355
Moog, Inc., Class A†		741		53,930
Orbital Sciences Corp.†		1,093		29,752
United Technologies Corp.		369		40,620
				460,086
Agricultural Chemicals — 0.2%
CF Industries Holdings, Inc.		1,080		289,602
Intrepid Potash, Inc.†#		1,001		14,284
				303,886
Agricultural Operations — 0.1%
Andersons, Inc.		478		25,831
Archer-Daniels-Midland Co.		3,187		167,891
				193,722
Airlines — 0.1%
Allegiant Travel Co.†		255		35,766
Delta Air Lines, Inc.		2,870		133,943
easyJet PLC		342		8,842
SkyWest, Inc.		899		11,237
Southwest Airlines Co.		596		24,925
				214,713
Airport Development/Maintenance — 0.0%
Aeroports de Paris		578		70,978
Apparel Manufacturers — 0.2%
Burberry Group PLC		5,848		150,914
Christian Dior SA		700		134,135
G-III Apparel Group, Ltd.†		342		30,264
Michael Kors Holdings, Ltd.†		471		36,130
Oxford Industries, Inc.		265		17,551
Quiksilver, Inc.†#		2,338		4,769
				373,763

Security Description	Shares		Value (Note 2)
Appliances — 0.0%
iRobot Corp.†		524	$	19,084
Applications Software — 0.8%
Citrix Systems, Inc.†		748		49,600
Dealertrack Technologies, Inc.†		798		37,634
Ebix, Inc.#		594		9,629
Epiq Systems, Inc.		545		8,360
Intuit, Inc.		3,666		344,127
Microsoft Corp.		20,447		977,571
Progress Software Corp.†		933		24,062
Tangoe, Inc.†		643		8,362
				1,459,345
Athletic Footwear — 0.0%
adidas AG		602		48,315
Audio/Video Products — 0.2%
Daktronics, Inc.		693		8,267
DTS, Inc.†		302		9,740
Harman International Industries, Inc.		75		8,140
Panasonic Corp.		13,500		174,338
Sony Corp.		6,300		138,030
Universal Electronics, Inc.†		281		17,003
VOXX International Corp.†		346		2,910
				358,428
Auto Repair Centers — 0.0%
Monro Muffler Brake, Inc.		575		31,504
Auto - Cars/Light Trucks — 1.0%
Bayerische Motoren Werke AG		1,493		170,819
Daimler AG		1,033		87,147
Fiat Chrysler Automobiles NV†#		271		3,382
Fuji Heavy Industries, Ltd.#		4,800		174,656
Honda Motor Co., Ltd.		7,400		222,711
Isuzu Motors, Ltd.		5,700		74,402
Nissan Motor Co., Ltd.#		7,300		68,190
Suzuki Motor Corp.		3,300		104,267
Toyota Motor Corp.		12,400		764,250
				1,669,824
Auto/Truck Parts & Equipment-Original — 0.4%
Aisin Seiki Co., Ltd.		2,500		89,429
Delphi Automotive PLC		2,665		194,412
Denso Corp.		1,700		79,406
GKN PLC		7,469		40,336
Sumitomo Electric Industries, Ltd.		4,700		61,131
Superior Industries International, Inc.		430		7,792
Titan International, Inc.#		967		9,573
Toyota Industries Corp.		2,600		129,923
				612,002
Auto/Truck Parts & Equipment-Replacement — 0.0%
Dorman Products, Inc.†		566		26,789
Standard Motor Products, Inc.		376		14,344
				41,133
Banks - Commercial — 1.6%
Banco de Sabadell SA#		8,688		24,659
Banco Popular Espanol SA		4,078		22,428
Banco Santander SA		20,404		184,043
Bank of Kyoto, Ltd.		11,000		92,509
Bank of the Ozarks, Inc.		1,164		42,137
Bank of Yokohama, Ltd.		21,000		118,387
Bankia SA†		5,049		8,858
Banner Corp.		353		14,540

6

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
BBCN Bancorp, Inc.		1,434	$	19,961
CaixaBank SA		2,689		14,859
Cardinal Financial Corp.		581		10,615
Chiba Bank, Ltd.		11,000		73,136
City Holding Co.		283		12,376
Columbia Banking System, Inc.		955		26,234
Community Bank System, Inc.		732		27,077
CVB Financial Corp.		1,756		26,638
Danske Bank A/S		2,595		73,771
DNB ASA		2,807		46,486
Erste Group Bank AG		785		21,274
First BanCorp†		1,864		9,562
First Commonwealth Financial Corp.		1,701		15,445
First Financial Bancorp		1,104		19,552
First Financial Bankshares, Inc.#		1,168		35,238
First Midwest Bancorp, Inc.		1,359		22,736
FNB Corp.		3,169		39,898
Glacier Bancorp, Inc.		1,344		36,799
Hanmi Financial Corp.		588		11,819
Home BancShares, Inc.		1,055		33,412
Independent Bank Corp.		429		17,001
Intesa Sanpaolo SpA		37,406		115,337
Joyo Bank, Ltd.#		19,000		95,905
KBC Groep NV†		1,716		98,220
MB Financial, Inc.		1,169		36,823
Mizuho Financial Group, Inc.		87,400		150,613
National Penn Bancshares, Inc.		2,256		23,011
NBT Bancorp, Inc.		792		19,253
Old National Bancorp		1,947		27,647
Pinnacle Financial Partners, Inc.		600		22,602
PrivateBancorp, Inc.		1,282		40,319
Regions Financial Corp.		23,752		239,183
S&T Bancorp, Inc.		537		14,757
Simmons First National Corp., Class A		292		11,817
Sumitomo Mitsui Financial Group, Inc.		5,500		207,403
Sumitomo Mitsui Trust Holdings, Inc.#		21,000		87,313
Susquehanna Bancshares, Inc.		3,384		44,567
Swedbank AB, Class A		6,085		159,648
Texas Capital Bancshares, Inc.†		832		45,868
Tompkins Financial Corp.		213		10,445
TrustCo Bank Corp.		1,707		11,625
UMB Financial Corp.		689		38,233
Unione di Banche Italiane SCpA		1,758		13,519
United Bankshares, Inc.#		1,161		40,519
United Community Banks, Inc.		823		14,485
ViewPoint Financial Group, Inc.		649		15,472
Westamerica Bancorporation#		476		23,134
Wilshire Bancorp, Inc.		1,257		12,042
Wintrust Financial Corp.		850		37,986
				2,759,196
Banks - Fiduciary — 0.0%
Boston Private Financial Holdings, Inc.		1,451		18,515
Banks - Super Regional — 2.2%
Capital One Financial Corp.		10,904		907,213
Comerica, Inc.		2,935		136,800
Fifth Third Bancorp		15,272		307,273
KeyCorp		10,217		137,929
SunTrust Banks, Inc.		9,574		376,162
Wells Fargo & Co.		38,043		2,072,583
				3,937,960
Batteries/Battery Systems — 0.0%
EnerSys		842		51,135

Security Description	Shares		Value (Note 2)
Beverages - Non-alcoholic — 0.4%
Coca-Cola Co.		318	$	14,256
Coca-Cola Enterprises, Inc.		1,395		61,296
Monster Beverage Corp.†		2,293		257,160
PepsiCo, Inc.		3,704		370,771
				703,483
Brewery — 0.3%
Anheuser-Busch InBev NV		40		4,702
Asahi Group Holdings, Ltd.		2,900		90,480
Boston Beer Co., Inc., Class A†		160		42,075
Carlsberg A/S, Class B		977		87,080
Heineken Holding NV		2,028		138,764
Heineken NV		2,006		157,876
Kirin Holdings Co., Ltd.#		6,500		83,448
				604,425
Broadcast Services/Program — 0.0%
Discovery Communications, Inc., Class C†		1,632		55,504
Building & Construction Products - Misc. — 0.1%
Drew Industries, Inc.		431		20,300
Geberit AG		25		8,714
Gibraltar Industries, Inc.†		540		7,749
Quanex Building Products Corp.		677		13,391
Simpson Manufacturing Co., Inc.		742		24,634
				74,788
Building & Construction - Misc. — 0.1%
Aegion Corp.†		692		13,182
Bouygues SA		565		21,270
Comfort Systems USA, Inc.		694		9,973
Dycom Industries, Inc.†		614		18,782
Ferrovial SA#		3,930		80,589
Hochtief AG		137		10,329
				154,125
Building Products - Air & Heating — 0.0%
AAON, Inc.		756		15,664
Building Products - Cement — 0.0%
Headwaters, Inc.†		1,333		18,662
Building Products - Doors & Windows — 0.1%
Apogee Enterprises, Inc.		527		23,836
Asahi Glass Co., Ltd.#		11,000		53,114
Griffon Corp.		774		9,636
PGT, Inc.†		863		8,121
				94,707
Building Products - Wood — 0.0%
Boise Cascade Co.†		719		25,661
Universal Forest Products, Inc.		360		17,187
				42,848
Building - Heavy Construction — 0.0%
ACS Actividades de Construccion y Servicios SA		868		30,690
Orion Marine Group, Inc.†		494		5,424
				36,114
Building - Maintenance & Services — 0.1%
ABM Industries, Inc.		938		25,411
Babcock International Group PLC		6,018		107,016
				132,427
Building - Mobile Home/Manufactured Housing — 0.0%
Winnebago Industries, Inc.		481		12,112

7

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building - Residential/Commercial — 0.7%
D.R. Horton, Inc.		29,675	$	756,416
Daiwa House Industry Co., Ltd.#		4,800		91,433
M/I Homes, Inc.†		442		10,131
Meritage Homes Corp.†		663		26,003
Persimmon PLC		1,217		29,179
Ryland Group, Inc.		841		32,908
Sekisui Chemical Co., Ltd.		8,000		99,570
Sekisui House, Ltd.#		6,500		87,309
Standard Pacific Corp.†		2,708		20,446
				1,153,395
Cable/Satellite TV — 0.6%
Cablevision Systems Corp., Class A		1,535		31,191
Comcast Corp., Class A		10,149		578,899
DIRECTV†		796		69,817
Sky PLC		10,016		145,998
Time Warner Cable, Inc.		1,035		154,505
				980,410
Casino Hotels — 0.0%
Boyd Gaming Corp.†		1,423		18,186
Monarch Casino & Resort, Inc.†		197		3,262
				21,448
Casino Services — 0.0%
Multimedia Games Holding Co., Inc.†		542		19,669
Scientific Games Corp., Class A†#		863		13,066
				32,735
Cellular Telecom — 0.1%
NTELOS Holdings Corp.		258		2,167
NTT DOCOMO, Inc.		5,400		84,252
Vodafone Group PLC		14,582		53,355
				139,774
Chemicals - Diversified — 1.6%
Aceto Corp.		477		10,017
Akzo Nobel NV		1,319		91,187
Arkema SA#		1,254		85,383
Asahi Kasei Corp.		16,000		139,142
BASF SE		1,179		107,108
Dow Chemical Co.		9,402		457,596
E.I. du Pont de Nemours & Co.		14,867		1,061,504
FMC Corp.		253		13,763
Innophos Holdings, Inc.		391		21,145
K+S AG		652		19,580
Koppers Holdings, Inc.		372		10,855
Kuraray Co., Ltd.		7,900		96,195
LyondellBasell Industries NV, Class A		2,908		229,325
Mitsubishi Chemical Holdings Corp.		16,400		84,508
PPG Industries, Inc.		1,343		293,875
Shin-Etsu Chemical Co., Ltd.		1,900		127,926
				2,849,109
Chemicals - Fibers — 0.0%
Rayonier Advanced Materials, Inc.		773		19,054
Chemicals - Other — 0.0%
American Vanguard Corp.#		452		4,922
Chemicals - Plastics — 0.0%
A. Schulman, Inc.		526		20,125
Chemicals - Specialty — 0.1%
Balchem Corp.		558		36,270
Calgon Carbon Corp.†		958		19,553
H.B. Fuller Co.		904		39,044

Security Description	Shares		Value (Note 2)
Chemicals - Specialty (continued)
Hawkins, Inc.		167	$	6,587
Kraton Performance Polymers, Inc.†		588		10,819
Lonza Group AG		54		6,352
OM Group, Inc.		583		15,863
Quaker Chemical Corp.		240		19,543
Stepan Co.		343		14,200
Zep, Inc.		420		5,716
				173,947
Circuit Boards — 0.0%
Park Electrochemical Corp.		384		9,446
TTM Technologies, Inc.†		1,008		6,814
				16,260
Coal — 0.0%
Arch Coal, Inc.#		3,908		8,676
Cloud Peak Energy, Inc.†		1,104		12,884
SunCoke Energy, Inc.		1,259		25,595
				47,155
Commercial Services — 0.0%
Edenred		581		16,765
Healthcare Services Group, Inc.#		1,266		38,183
Medifast, Inc.†		214		6,313
Providence Service Corp.†		216		8,452
				69,713
Commercial Services - Finance — 0.3%
Cardtronics, Inc.†		809		31,680
Green Dot Corp., Class A†		647		14,241
Heartland Payment Systems, Inc.		646		35,220
MasterCard, Inc., Class A		3,825		333,884
McGraw Hill Financial, Inc.		951		88,881
				503,906
Communications Software — 0.0%
Digi International, Inc.†		470		3,356
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.		704		19,459
Computer Services — 0.7%
Accenture PLC, Class A		476		41,093
AtoS		555		39,453
CACI International, Inc., Class A†		424		37,817
Ciber, Inc.†		1,231		3,730
Cognizant Technology Solutions Corp., Class A†		2,856		154,195
Computer Sciences Corp.		1,460		92,535
Engility Holdings, Inc.†		320		13,456
ExlService Holdings, Inc.†		568		15,921
iGATE Corp.†		647		23,907
Insight Enterprises, Inc.†		726		17,010
International Business Machines Corp.		3,826		620,462
LivePerson, Inc.†		864		11,180
Manhattan Associates, Inc.†		1,360		53,802
MAXIMUS, Inc.		1,225		64,178
Sykes Enterprises, Inc.†		705		16,335
TeleTech Holdings, Inc.†		330		7,712
Virtusa Corp.†		469		18,793
				1,231,579
Computer Software — 0.0%
Blackbaud, Inc.		832		35,310
Computers — 2.2%
Apple, Inc.		29,221		3,475,254
Hewlett-Packard Co.		8,473		330,955
				3,806,209

8

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers - Integrated Systems — 0.1%
Agilysys, Inc.†		273	$	3,353
Fujitsu, Ltd.		13,000		74,284
Mercury Systems, Inc.†		584		7,545
MTS Systems Corp.		269		17,843
NetScout Systems, Inc.†		672		25,637
Super Micro Computer, Inc.†		626		20,833
				149,495
Computers - Memory Devices — 0.2%
EMC Corp.		10,983		333,334
NetApp, Inc.		1,628		69,271
				402,605
Computers - Periphery Equipment — 0.1%
Electronics for Imaging, Inc.†		848		37,694
Synaptics, Inc.†		670		42,203
				79,897
Consulting Services — 0.0%
Forrester Research, Inc.		225		8,935
Navigant Consulting, Inc.†		886		12,404
				21,339
Consumer Products-Misc. — 0.4%
Central Garden and Pet Co., Class A†		745		6,146
Clorox Co.		1,921		195,212
Helen of Troy, Ltd.†		482		31,166
Kimberly-Clark Corp.		3,132		365,160
WD-40 Co.		252		19,177
				616,861
Containers - Metal/Glass — 0.1%
Ball Corp.		3,706		248,561
Containers - Paper/Plastic — 0.0%
Bemis Co., Inc.		824		32,911
Cosmetics & Toiletries — 0.2%
Avon Products, Inc.		2,667		26,083
Inter Parfums, Inc.		297		7,618
Kao Corp.		3,200		118,541
Procter & Gamble Co.		2,169		196,143
Unilever NV CVA		1,432		58,364
				406,749
Data Processing/Management — 0.1%
CSG Systems International, Inc.		617		15,499
Dun & Bradstreet Corp.		577		73,250
Fidelity National Information Services, Inc.		1,971		120,606
				209,355
Decision Support Software — 0.0%
Interactive Intelligence Group, Inc.†		298		13,479
Dental Supplies & Equipment — 0.1%
DENTSPLY International, Inc.		2,092		115,018
Diagnostic Equipment — 0.0%
Affymetrix, Inc.†		1,309		11,951
Diagnostic Kits — 0.0%
Meridian Bioscience, Inc.		750		12,337
Dialysis Centers — 0.1%
Fresenius SE & Co. KGaA		2,349		127,422
Direct Marketing — 0.0%
Harte-Hanks, Inc.		835		5,110

Security Description	Shares		Value (Note 2)
Disposable Medical Products — 0.2%
C.R. Bard, Inc.		2,223	$	372,019
ICU Medical, Inc.†		242		20,253
Merit Medical Systems, Inc.†		753		11,144
				403,416
Distribution/Wholesale — 0.1%
MWI Veterinary Supply, Inc.†		232		37,913
Pool Corp.		806		47,885
ScanSource, Inc.†		515		20,013
United Stationers, Inc.		715		29,358
				135,169
Diversified Banking Institutions — 2.4%
Bank of America Corp.		55,375		943,590
BNP Paribas SA		3,457		221,788
Credit Agricole SA		4,543		63,906
Credit Suisse Group AG		1,087		29,062
Goldman Sachs Group, Inc.		301		56,711
HSBC Holdings PLC		40,001		398,517
JPMorgan Chase & Co.		15,321		921,711
Mitsubishi UFJ Financial Group, Inc.		53,500		309,450
Morgan Stanley		33,269		1,170,403
Natixis SA		5,440		38,461
				4,153,599
Diversified Manufacturing Operations — 1.0%
3M Co.		2,636		421,997
Actuant Corp., Class A		1,185		34,792
AZZ, Inc.		461		20,644
Barnes Group, Inc.		892		32,763
Dover Corp.		8,883		683,902
EnPro Industries, Inc.†		433		27,937
Fabrinet†		529		8,872
Federal Signal Corp.		1,134		16,919
General Electric Co.		6,042		160,053
Illinois Tool Works, Inc.		2,805		266,279
LSB Industries, Inc.†		346		11,442
Lydall, Inc.†		304		8,077
Pentair PLC		163		10,548
Siemens AG		101		11,959
Standex International Corp.		231		16,856
Toshiba Corp.#		22,000		97,792
Tredegar Corp.		442		8,106
				1,838,938
Diversified Minerals — 0.2%
Anglo American PLC		5,981		123,617
BHP Billiton PLC		7,186		170,494
US Silica Holdings, Inc.#		982		30,855
				324,966
Diversified Operations/Commercial Services — 0.0%
Bunzl PLC		378		10,559
Viad Corp.		375		9,011
				19,570
Drug Delivery Systems — 0.0%
Depomed, Inc.†		1,039		16,094
E-Commerce/Products — 0.1%
Amazon.com, Inc.†		312		105,656
ASOS PLC		210		8,024
Blue Nile, Inc.†		227		7,863
eBay, Inc.†		1,388		76,173
FTD Cos., Inc.†		342		11,854

9

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
E-Commerce/Products (continued)
Stamps.com, Inc.†		257	$	12,143
				221,713
E-Commerce/Services — 0.2%
Expedia, Inc.		1,675		145,909
Priceline Group, Inc.†		187		216,956
				362,865
E-Marketing/Info — 0.0%
comScore, Inc.†		623		27,393
Liquidity Services, Inc.†		472		4,961
QuinStreet, Inc.†		564		2,555
				34,909
E-Services/Consulting — 0.0%
Perficient, Inc.†		613		10,611
Electric Products - Misc. — 0.3%
Emerson Electric Co.		4,033		257,104
Hitachi, Ltd.		25,000		193,077
Littelfuse, Inc.		405		38,933
				489,114
Electric - Generation — 0.2%
AES Corp.		20,070		278,371
Electricite de France SA#		719		21,539
Enel Green Power SpA		9,135		21,994
				321,904
Electric - Integrated — 0.6%
ALLETE, Inc.		715		36,444
Ameren Corp.		1,751		75,486
Avista Corp.		1,085		37,378
Duke Energy Corp.		1,531		123,858
E.ON SE		5,076		90,035
El Paso Electric Co.		730		27,616
Enel SpA		19,125		92,333
Entergy Corp.		560		46,984
Exelon Corp.		8,156		295,002
GDF Suez		4,214		103,900
Iberdrola SA		9,046		66,928
NorthWestern Corp.		837		44,553
Pinnacle West Capital Corp.		338		21,372
RWE AG		564		20,443
UIL Holdings Corp.		1,019		40,556
				1,122,888
Electronic Components - Misc. — 0.7%
Bel Fuse, Inc., Class B		186		4,925
Benchmark Electronics, Inc.†		975		23,186
Corning, Inc.		339		7,126
CTS Corp.		591		10,153
Hoya Corp.		4,900		174,248
Jabil Circuit, Inc.		18,454		382,920
Knowles Corp.†		3,349		69,961
Koninklijke Philips NV		3,666		110,642
Kyocera Corp.#		2,000		97,935
Methode Electronics, Inc.		696		26,970
Murata Manufacturing Co., Ltd.#		1,300		140,495
OSI Systems, Inc.†		338		23,853
Plexus Corp.†		613		23,913
Rogers Corp.†		323		22,875
Sanmina Corp.†		1,507		37,072
				1,156,274

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors — 0.8%
ARM Holdings PLC		2,621	$	37,488
Broadcom Corp., Class A		5,840		251,879
CEVA, Inc.†		397		6,832
Diodes, Inc.†		658		17,496
DSP Group, Inc.†		388		4,198
Entropic Communications, Inc.†		1,526		3,632
Intel Corp.		9,712		361,772
Kopin Corp.†		1,056		3,601
Microsemi Corp.†		1,740		47,328
Monolithic Power Systems, Inc.		657		31,621
NVIDIA Corp.		4,073		85,411
QLogic Corp.†		1,590		18,349
Texas Instruments, Inc.		8,642		470,298
				1,339,905
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		2,156		92,147
Badger Meter, Inc.		260		14,323
ESCO Technologies, Inc.		478		17,218
FARO Technologies, Inc.†		310		17,028
Keyence Corp.		200		92,391
				233,107
Electronic Security Devices — 0.0%
American Science & Engineering, Inc.		138		6,746
Taser International, Inc.†#		961		20,642
				27,388
Electronics - Military — 0.1%
Safran SA		1,194		77,301
Energy - Alternate Sources — 0.0%
FutureFuel Corp.		422		4,710
Green Plains, Inc.		624		18,726
				23,436
Engineering/R&D Services — 0.2%
ABB, Ltd.		3,980		89,388
EMCOR Group, Inc.		1,223		53,017
Exponent, Inc.		236		17,950
Fluor Corp.		2,602		161,298
				321,653
Engines - Internal Combustion — 0.0%
Briggs & Stratton Corp.		857		17,183
Enterprise Software/Service — 0.6%
Digital River, Inc.†		583		14,802
ManTech International Corp., Class A		435		13,102
MedAssets, Inc.†		1,100		21,274
MicroStrategy, Inc., Class A†		164		28,165
Omnicell, Inc.†		668		21,510
Oracle Corp.		21,019		891,416
SAP SE		70		4,937
SYNNEX Corp.		508		36,292
Tyler Technologies, Inc.†		599		65,039
				1,096,537
Entertainment Software — 0.1%
Electronic Arts, Inc.†		1,048		46,039
Take-Two Interactive Software, Inc.†		1,523		42,126
				88,165
Environmental Consulting & Engineering — 0.0%
Tetra Tech, Inc.		1,173		31,882

10

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Filtration/Separation Products — 0.1%
Alfa Laval AB#		4,844	$	96,421
Finance - Consumer Loans — 0.1%
Encore Capital Group, Inc.†		425		18,236
Enova International, Inc.†		482		11,086
PRA Group, Inc.†		913		53,429
World Acceptance Corp.†#		166		12,671
				95,422
Finance - Credit Card — 0.3%
Visa, Inc., Class A		1,688		435,825
Finance - Investment Banker/Broker — 0.3%
Daiwa Securities Group, Inc.#		13,000		104,497
Evercore Partners, Inc., Class A		662		33,431
FXCM, Inc., Class A#		754		12,139
Greenhill & Co., Inc.#		477		21,141
Interactive Brokers Group, Inc., Class A		1,041		28,440
Investment Technology Group, Inc.†		637		12,581
Nomura Holdings, Inc.		18,000		108,300
Piper Jaffray Cos.†		293		16,818
Schroders PLC		1,249		52,645
Stifel Financial Corp.†		1,198		58,139
SWS Group, Inc.†#		643		4,495
				452,626
Finance - Leasing Companies — 0.1%
ORIX Corp.		7,400		97,621
Finance - Other Services — 0.2%
CME Group, Inc.		2,539		214,901
Deutsche Boerse AG		785		57,385
MarketAxess Holdings, Inc.		682		44,719
WageWorks, Inc.†		597		34,877
				351,882
Firearms & Ammunition — 0.0%
Sturm Ruger & Co., Inc.#		352		13,408
Food - Canned — 0.0%
Seneca Foods Corp., Class A†		120		3,246
TreeHouse Foods, Inc.†		767		62,089
				65,335
Food - Catering — 0.0%
Compass Group PLC		1,030		17,559
Food - Confectionery — 0.2%
Chocoladefabriken Lindt & Sprungli AG (Participation Certificate)		11		55,435
Hershey Co.		2,042		204,772
				260,207
Food - Meat Products — 0.3%
Darling Ingredients, Inc.†		3,003		55,856
Hormel Foods Corp.		7,344		389,819
Tyson Foods, Inc., Class A		1,638		69,353
				515,028
Food - Misc./Diversified — 1.8%
Ajinomoto Co., Inc.		6,000		112,017
Associated British Foods PLC		2,525		126,490
B&G Foods, Inc.		969		27,733
Cal-Maine Foods, Inc.#		540		22,615
Calbee, Inc.		2,300		79,658
Diamond Foods, Inc.†		481		14,329
General Mills, Inc.		4,014		211,739
J&J Snack Foods Corp.		272		28,574

Security Description	Shares		Value (Note 2)
Food - Misc./Diversified (continued)
Kellogg Co.		9,122	$	604,332
Kerry Group PLC, Class A		133		9,878
Kraft Foods Group, Inc.		11,966		719,994
Mondelez International, Inc., Class A		18,126		710,539
Nestle SA		4,199		315,441
Orkla ASA		3,854		28,598
Snyder’s-Lance, Inc.		948		28,705
Tate & Lyle PLC		9,748		92,009
Unilever PLC		775		32,799
				3,165,450
Food - Retail — 0.2%
Carrefour SA		2,399		75,955
Casino Guichard Perrachon SA		479		46,186
Colruyt SA		1,299		60,451
Koninklijke Ahold NV		4,621		81,677
Metro AG†		275		9,345
Nutrisystem, Inc.		512		9,713
Seven & I Holdings Co., Ltd.		3,600		134,314
				417,641
Food - Wholesale/Distribution — 0.1%
Calavo Growers, Inc.		253		10,864
SpartanNash Co.		681		15,888
Sysco Corp.		1,814		73,031
				99,783
Footwear & Related Apparel — 0.1%
Crocs, Inc.†		1,546		20,531
Iconix Brand Group, Inc.†		876		35,399
Skechers U.S.A., Inc., Class A†		738		45,320
Steven Madden, Ltd.†		1,048		35,737
Wolverine World Wide, Inc.		1,851		56,474
				193,461
Forestry — 0.0%
Deltic Timber Corp.		196		12,201
Funeral Services & Related Items — 0.0%
Matthews International Corp., Class A		528		24,325
Gambling (Non-Hotel) — 0.0%
Pinnacle Entertainment, Inc.†		1,069		26,607
Garden Products — 0.0%
Toro Co.		1,008		66,205
Gas - Distribution — 0.5%
AGL Resources, Inc.		4,307		225,299
Enagas SA		1,477		49,493
Gas Natural SDG SA		1,895		53,714
Laclede Group, Inc.		787		39,925
New Jersey Resources Corp.		761		44,062
Northwest Natural Gas Co.		489		22,743
Osaka Gas Co., Ltd.		28,000		107,097
Piedmont Natural Gas Co., Inc.		1,429		53,559
South Jersey Industries, Inc.		604		34,476
Southwest Gas Corp.		839		48,570
Tokyo Gas Co., Ltd.		21,000		114,529
				793,467
Golf — 0.0%
Callaway Golf Co.		1,396		10,344
Hazardous Waste Disposal — 0.0%
US Ecology, Inc.		392		15,609
Health Care Cost Containment — 0.0%
CorVel Corp.†		164		5,684

11

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Home Furnishings — 0.1%
American Woodmark Corp.†		219	$	8,723
Ethan Allen Interiors, Inc.		470		13,917
La-Z-Boy, Inc.		945		24,560
Select Comfort Corp.†		987		25,998
				73,198
Hotels/Motels — 0.2%
Accor SA		1,272		60,042
Marcus Corp.		322		5,300
Starwood Hotels & Resorts Worldwide, Inc.		952		75,208
Wyndham Worldwide Corp.		2,645		220,487
				361,037
Human Resources — 0.1%
Adecco SA		1,132		79,530
AMN Healthcare Services, Inc.†		856		14,655
CDI Corp.		238		4,089
Cross Country Healthcare, Inc.†		516		5,506
Heidrick & Struggles International, Inc.		300		6,006
Insperity, Inc.		420		13,713
Kelly Services, Inc., Class A#		542		8,368
Korn/Ferry International†		898		24,381
Monster Worldwide, Inc.†		1,678		7,299
On Assignment, Inc.†		894		27,473
Resources Connection, Inc.		697		10,573
TrueBlue, Inc.†		745		17,098
				218,691
Identification Systems — 0.0%
Brady Corp., Class A		868		21,700
Checkpoint Systems, Inc.†		748		9,544
				31,244
Import/Export — 0.3%
ITOCHU Corp.#		8,900		102,447
Marubeni Corp.		13,700		86,388
Mitsubishi Corp.		4,800		90,807
Mitsui & Co., Ltd.		8,900		122,809
Sumitomo Corp.		8,200		87,480
				489,931
Independent Power Producers — 0.0%
NRG Energy, Inc.		1,670		52,204
Industrial Automated/Robotic — 0.1%
FANUC Corp.#		900		151,833
Industrial Gases — 0.1%
Air Liquide SA		797		100,361
Praxair, Inc.		315		40,439
				140,800
Instruments - Controls — 0.2%
Honeywell International, Inc.		2,959		293,148
Watts Water Technologies, Inc., Class A		516		31,197
				324,345
Instruments - Scientific — 0.3%
PerkinElmer, Inc.		11,193		508,946
Insurance Brokers — 0.0%
eHealth, Inc.†		322		8,330
Insurance - Life/Health — 0.4%
Aflac, Inc.		3,093		184,745
American Equity Investment Life Holding Co.		1,355		36,585
Aviva PLC		8,378		66,564
Dai-ichi Life Insurance Co., Ltd.		5,500		79,787

Security Description	Shares		Value (Note 2)
Insurance - Life/Health (continued)
Prudential Financial, Inc.		3,437	$	292,076
Swiss Life Holding AG		21		4,814
Unum Group		1,992		66,174
				730,745
Insurance - Multi-line — 0.5%
ACE, Ltd.		2,323		265,612
Allstate Corp.		3,300		224,895
Assicurazioni Generali SpA		4,597		99,471
AXA SA		5,725		138,305
Baloise Holding AG		1,037		135,511
CNP Assurances		1,538		28,495
Horace Mann Educators Corp.		732		22,912
MetLife, Inc.		384		21,354
United Fire Group, Inc.		394		10,981
				947,536
Insurance - Property/Casualty — 0.4%
Admiral Group PLC		614		11,908
AMERISAFE, Inc.		336		14,008
Employers Holdings, Inc.		580		11,762
HCI Group, Inc.		170		6,873
Infinity Property & Casualty Corp.		207		15,041
Meadowbrook Insurance Group, Inc.		817		4,975
MS&AD Insurance Group Holdings, Inc.		3,300		77,056
Navigators Group, Inc.†		192		14,025
ProAssurance Corp.		1,064		47,976
Progressive Corp.		6,895		187,820
RLI Corp.		675		31,003
Safety Insurance Group, Inc.		231		13,749
Selective Insurance Group, Inc.		1,014		27,145
Sompo Japan Nipponkoa Holdings, Inc.		3,200		79,346
Stewart Information Services Corp.		406		14,409
Tokio Marine Holdings, Inc.		3,800		124,260
Travelers Cos., Inc.		595		62,148
Universal Insurance Holdings, Inc.		502		9,739
				753,243
Insurance - Reinsurance — 0.2%
Berkshire Hathaway, Inc., Class B†		1,306		194,189
Swiss Re AG		1,494		127,781
				321,970
Internet Content - Entertainment — 0.2%
Facebook, Inc., Class A†		4,963		385,625
Internet Content - Information/News — 0.0%
Dice Holdings, Inc.†		680		7,392
HealthStream, Inc.†		386		11,059
XO Group, Inc.†		457		6,626
				25,077
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		282		36,432
Internet Security — 0.1%
Symantec Corp.		2,890		75,400
Trend Micro, Inc.#		3,000		91,135
VASCO Data Security International, Inc.†		524		15,615
				182,150
Internet Telephone — 0.0%
j2 Global, Inc.		827		46,759
Investment Companies — 0.1%
Groupe Bruxelles Lambert SA		749		67,802
Pargesa Holding SA BR		1,260		100,330
				168,132

12

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Management/Advisor Services — 0.9%
Aberdeen Asset Management PLC		7,691	$	54,117
Affiliated Managers Group, Inc.†		817		166,333
Ameriprise Financial, Inc.		1,754		231,125
BlackRock, Inc.		1,014		364,107
Calamos Asset Management, Inc., Class A		349		4,708
Financial Engines, Inc.#		944		30,850
Franklin Resources, Inc.		1,685		95,809
Legg Mason, Inc.		9,434		535,379
Old Mutual PLC		13,400		41,978
Partners Group Holding AG		228		65,514
Virtus Investment Partners, Inc.		128		19,712
				1,609,632
Lasers - System/Components — 0.0%
Coherent, Inc.†		448		24,801
Electro Scientific Industries, Inc.		459		3,291
II-VI, Inc.†		984		13,058
Newport Corp.†		706		12,433
Rofin-Sinar Technologies, Inc.†		509		13,702
				67,285
Linen Supply & Related Items — 0.0%
G&K Services, Inc., Class A		360		23,436
UniFirst Corp.		285		31,803
				55,239
Machinery - Construction & Mining — 0.2%
Astec Industries, Inc.#		338		13,273
Atlas Copco AB, Class B		2,187		58,112
Caterpillar, Inc.		1,817		182,790
Joy Global, Inc.		347		17,017
Komatsu, Ltd.#		5,000		118,438
				389,630
Machinery - Electrical — 0.2%
Franklin Electric Co., Inc.		706		26,518
Mitsubishi Electric Corp.		11,000		132,228
SMC Corp.#		400		109,918
				268,664
Machinery - Farming — 0.1%
Kubota Corp.#		8,000		125,052
Lindsay Corp.#		233		20,488
				145,540
Machinery - General Industrial — 0.2%
Albany International Corp., Class A		513		19,171
Alstom SA†		1,042		36,466
Applied Industrial Technologies, Inc.		758		35,543
DXP Enterprises, Inc.†		235		13,809
Hexagon AB, Class B		2,764		87,866
Mitsubishi Heavy Industries, Ltd.		18,000		105,054
Tennant Co.		334		22,528
				320,437
Medical Imaging Systems — 0.0%
Analogic Corp.		227		16,535
Medical Information Systems — 0.0%
Computer Programs & Systems, Inc.		190		11,160
Medidata Solutions, Inc.†		986		42,112
Quality Systems, Inc.		812		11,961
				65,233

Security Description	Shares		Value (Note 2)
Medical Instruments — 0.3%
Abaxis, Inc.#		378	$	21,697
AngioDynamics, Inc.†		463		8,103
CONMED Corp.		485		20,579
CryoLife, Inc.		471		4,757
Edwards Lifesciences Corp.†		552		71,583
Integra LifeSciences Holdings Corp.†		458		22,552
Medtronic, Inc.		5,193		383,607
Natus Medical, Inc.†		589		20,161
NuVasive, Inc.†		849		37,297
SurModics, Inc.†		229		4,811
				595,147
Medical Labs & Testing Services — 0.1%
Bio-Reference Laboratories, Inc.†		446		12,622
Quest Diagnostics, Inc.		2,938		191,881
				204,503
Medical Laser Systems — 0.0%
Cynosure, Inc., Class A†		395		10,890
Medical Products — 0.2%
ABIOMED, Inc.†		645		22,910
Becton Dickinson and Co.		213		29,890
Cantel Medical Corp.		642		27,953
Cyberonics, Inc.†		486		25,880
Greatbatch, Inc.†		445		22,059
Haemonetics Corp.†		937		34,603
Hanger, Inc.†		636		13,642
Invacare Corp.		539		8,155
Luminex Corp.†		693		12,821
Sonova Holding AG		387		58,586
Terumo Corp.#		3,700		84,183
West Pharmaceutical Services, Inc.		1,289		67,041
				407,723
Medical - Biomedical/Gene — 0.7%
Acorda Therapeutics, Inc.†		746		27,192
Alexion Pharmaceuticals, Inc.†		605		117,914
Amgen, Inc.		933		154,234
Biogen Idec, Inc.†		1,278		393,228
Cambrex Corp.†		568		12,922
Emergent Biosolutions, Inc.†		524		13,027
Gilead Sciences, Inc.†		3,201		321,124
Ligand Pharmaceuticals, Inc.†		345		18,578
Medicines Co.†		1,168		31,314
Momenta Pharmaceuticals, Inc.†		834		9,783
Repligen Corp.†		533		12,190
Spectrum Pharmaceuticals, Inc.†#		1,023		7,376
Vertex Pharmaceuticals, Inc.†		746		87,938
				1,206,820
Medical - Drugs — 3.2%
Abbott Laboratories		4,977		221,526
AbbVie, Inc.		10,599		733,451
Actelion, Ltd.		567		67,459
Akorn, Inc.†		1,295		51,891
Allergan, Inc.		722		154,429
Astellas Pharma, Inc.		11,300		162,544
AstraZeneca PLC		3,125		233,623
Bayer AG		1,906		286,849
Bristol-Myers Squibb Co.		9,147		540,130
Daiichi Sankyo Co., Ltd.#		5,800		85,507
Eisai Co., Ltd.#		3,000		107,567
Eli Lilly & Co.		5,134		349,728
GlaxoSmithKline PLC		3,643		84,610

13

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Grifols SA		344	$	15,334
Lannett Co., Inc.†		482		23,681
Merck & Co., Inc.		10,268		620,187
Merck KGaA		1,079		107,515
Novartis AG		2,056		199,054
Novo Nordisk A/S, Class B		3,803		173,552
Ono Pharmaceutical Co., Ltd.#		1,300		111,300
Orion Oyj, Class B		875		30,028
Pfizer, Inc.		23,265		724,705
PharMerica Corp.†		537		11,712
Prestige Brands Holdings, Inc.†		935		31,276
Roche Holding AG		608		182,195
Sagent Pharmaceuticals, Inc.†		413		11,907
Sanofi		623		60,357
Shire PLC		1,873		133,492
Takeda Pharmaceutical Co., Ltd.		3,300		138,262
UCB SA		115		9,026
				5,662,897
Medical - Generic Drugs — 0.0%
Impax Laboratories, Inc.†		1,199		38,308
Medical - HMO — 0.4%
Aetna, Inc.		692		60,370
Anthem, Inc.		1,052		134,561
Cigna Corp.		668		68,730
Humana, Inc.		2,245		309,743
Magellan Health, Inc.†		526		32,186
Molina Healthcare, Inc.†		551		28,167
UnitedHealth Group, Inc.		1,017		100,307
				734,064
Medical - Nursing Homes — 0.0%
Ensign Group, Inc.		367		14,467
Kindred Healthcare, Inc.		1,270		25,260
				39,727
Medical - Outpatient/Home Medical — 0.1%
Air Methods Corp.†		650		28,847
Almost Family, Inc.†		141		3,893
Amedisys, Inc.†		597		15,176
Amsurg Corp.†		878		45,279
Chemed Corp.#		313		34,464
Gentiva Health Services, Inc.†		547		10,617
LHC Group, Inc.†		233		5,478
				143,754
Medical - Wholesale Drug Distribution — 0.1%
Cardinal Health, Inc.		1,996		164,051
Metal Processors & Fabrication — 0.1%
CIRCOR International, Inc.		318		21,290
Haynes International, Inc.		224		10,055
Mueller Industries, Inc.		1,023		33,565
NSK, Ltd.#		10,000		125,980
RTI International Metals, Inc.†		552		12,657
				203,547
Metal Products - Distribution — 0.0%
A.M. Castle & Co.†#		309		2,324
Olympic Steel, Inc.		157		2,553
				4,877
Metal - Aluminum — 0.0%
Century Aluminum Co.†		929		25,687
Kaiser Aluminum Corp.		329		23,944
				49,631

Security Description	Shares		Value (Note 2)
Metal - Copper — 0.1%
Antofagasta PLC		9,041	$	104,213
Freeport-McMoRan, Inc.		3,798		101,976
				206,189
Miscellaneous Manufacturing — 0.0%
Hillenbrand, Inc.		1,138		36,598
John Bean Technologies Corp.		531		16,111
				52,709
Motorcycle/Motor Scooter — 0.0%
Harley-Davidson, Inc.		81		5,644
Multimedia — 0.3%
EW Scripps Co., Class A†		557		10,906
Time Warner, Inc.		1,027		87,418
Viacom, Inc., Class B		1,650		124,789
Walt Disney Co.		2,756		254,958
				478,071
Networking Products — 0.1%
Anixter International, Inc.†		496		43,102
Black Box Corp.		278		6,444
Cisco Systems, Inc.		4,731		130,765
Ixia†		1,053		10,920
LogMeIn, Inc.†		449		22,706
NETGEAR, Inc.†		659		22,880
				236,817
Non-Ferrous Metals — 0.0%
Globe Specialty Metals, Inc.		1,155		20,016
Materion Corp.		372		12,935
				32,951
Office Automation & Equipment — 0.2%
Canon, Inc.		6,400		205,019
Ricoh Co., Ltd.		5,400		58,496
				263,515
Office Furnishings - Original — 0.0%
Interface, Inc.		1,213		18,341
Office Supplies & Forms — 0.1%
Avery Dennison Corp.		2,805		138,876
Societe BIC SA		366		48,820
				187,696
Oil & Gas Drilling — 0.0%
Helmerich & Payne, Inc.		654		45,486
Paragon Offshore PLC#		1,528		5,546
				51,032
Oil Companies - Exploration & Production — 0.7%
Anadarko Petroleum Corp.		1,666		131,864
Approach Resources, Inc.†#		640		6,221
BG Group PLC		2,743		38,619
Bill Barrett Corp.†		900		9,117
Carrizo Oil & Gas, Inc.†		772		30,463
Chesapeake Energy Corp.		2,952		59,807
Comstock Resources, Inc.#		803		7,115
ConocoPhillips		7,794		514,950
Contango Oil & Gas Co.†		284		9,602
Devon Energy Corp.		916		54,016
EOG Resources, Inc.		489		42,406
Hess Corp.		3,103		226,302
Inpex Corp.		6,000		63,580
Northern Oil and Gas, Inc.†#		1,010		8,777

14

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Exploration & Production (continued)
PDC Energy, Inc.†		644	$	19,004
Penn Virginia Corp.†		1,318		6,761
PetroQuest Energy, Inc.†		1,060		3,943
Rex Energy Corp.†		883		6,199
Stone Energy Corp.†		1,025		16,195
Swift Energy Co.†#		790		3,555
Synergy Resources Corp.†		1,232		12,086
				1,270,582
Oil Companies - Integrated — 2.1%
BP PLC		42,520		279,438
Chevron Corp.		8,569		932,907
Eni SpA		5,970		119,376
Exxon Mobil Corp.		17,351		1,570,960
Marathon Oil Corp.		5,017		145,092
Phillips 66		1,582		115,518
Royal Dutch Shell PLC, Class A		9,083		302,939
Royal Dutch Shell PLC, Class B		3,283		114,142
Statoil ASA#		761		14,333
Total SA		1,139		63,762
				3,658,467
Oil Field Machinery & Equipment — 0.1%
Flotek Industries, Inc.†		915		17,824
FMC Technologies, Inc.†		1,788		85,413
Gulf Island Fabrication, Inc.		243		4,741
National Oilwell Varco, Inc.		1,495		100,225
				208,203
Oil Refining & Marketing — 0.2%
JX Holdings, Inc.#		22,500		83,728
Marathon Petroleum Corp.		1,813		163,333
Neste Oil Oyj#		1,568		37,226
Valero Energy Corp.		2,393		116,324
				400,611
Oil - Field Services — 0.5%
Amec Foster Wheeler PLC ADR#		15,570		225,298
Baker Hughes, Inc.		3,436		195,852
Basic Energy Services, Inc.†		621		5,546
Bristow Group, Inc.		649		41,601
C&J Energy Services, Inc.†		830		12,575
Exterran Holdings, Inc.		1,222		40,937
Fugro NV CVA#		692		15,869
Gulfmark Offshore, Inc., Class A		491		12,791
Halliburton Co.		1,612		68,026
Matrix Service Co.†		476		10,053
Newpark Resources, Inc.†		1,533		16,051
Petrofac, Ltd.		387		4,993
Pioneer Energy Services Corp.†		1,129		6,819
Schlumberger, Ltd.		2,877		247,278
SEACOR Holdings, Inc.†		321		22,836
Tesco Corp.		665		9,370
TETRA Technologies, Inc.†		1,441		9,150
				945,045
Paper & Related Products — 0.2%
Clearwater Paper Corp.†		366		24,251
International Paper Co.		1,745		93,916
KapStone Paper and Packaging Corp.†		1,540		46,000
Neenah Paper, Inc.		296		16,943
P.H. Glatfelter Co.		784		19,851
Schweitzer-Mauduit International, Inc.		551		23,566
UPM-Kymmene Oyj		3,838		63,755
Veritiv Corp.†		146		7,336

Security Description	Shares		Value (Note 2)
Paper & Related Products (continued)
Wausau Paper Corp.		867	$	8,627
				304,245
Patient Monitoring Equipment — 0.0%
Masimo Corp.†		904		23,730
Pharmacy Services — 0.5%
Express Scripts Holding Co.†		10,158		844,638
Photo Equipment & Supplies — 0.1%
FUJIFILM Holdings Corp.#		4,300		142,603
Physicians Practice Management — 0.0%
Healthways, Inc.†		634		9,878
IPC The Hospitalist Co., Inc.†		315		13,885
				23,763
Pipelines — 0.1%
ONEOK, Inc.		1,482		80,265
Platinum — 0.0%
Stillwater Mining Co.†		2,160		28,361
Poultry — 0.0%
Sanderson Farms, Inc.#		375		32,554
Power Converter/Supply Equipment — 0.0%
Advanced Energy Industries, Inc.†		681		13,913
Powell Industries, Inc.		167		7,106
Vicor Corp.†		331		4,038
				25,057
Printing - Commercial — 0.0%
Dai Nippon Printing Co., Ltd.		7,000		61,524
Protection/Safety — 0.0%
Landauer, Inc.		178		5,874
Public Thoroughfares — 0.0%
Abertis Infraestructuras SA		2,215		47,433
Publishing - Books — 0.0%
Scholastic Corp.		474		16,827
Publishing - Periodicals — 0.0%
Axel Springer SE		183		10,783
Real Estate Investment Trusts — 1.3%
Acadia Realty Trust		1,144		36,562
Agree Realty Corp.		279		8,596
American Assets Trust, Inc.		661		25,977
Associated Estates Realty Corp.		1,039		23,294
AvalonBay Communities, Inc.		402		64,638
Aviv REIT, Inc.		462		15,569
Capstead Mtg. Corp.		1,729		22,494
CareTrust REIT, Inc.		344		5,563
Cedar Realty Trust, Inc.		1,281		8,698
Chesapeake Lodging Trust		969		32,810
CoreSite Realty Corp.		385		14,653
Cousins Properties, Inc.		3,751		45,912
DiamondRock Hospitality Co.		3,529		52,688
Digital Realty Trust, Inc.		6,622		465,328
EastGroup Properties, Inc.		569		38,248
Education Realty Trust, Inc.†		2,546		29,636
EPR Properties		1,026		57,446
Franklin Street Properties Corp.		1,583		19,028
Geo Group, Inc.		1,325		53,384
Getty Realty Corp.		492		8,915
Government Properties Income Trust		1,282		29,127
Healthcare Realty Trust, Inc.		1,778		46,957
Host Hotels & Resorts, Inc.		16,430		381,833

15

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Inland Real Estate Corp.		1,606	$	17,329
Iron Mountain, Inc.		1,078		40,975
Japan Real Estate Investment Corp.		15		73,945
Kite Realty Group Trust		1,519		41,438
Lexington Realty Trust		3,797		41,767
LTC Properties, Inc.		628		26,244
Medical Properties Trust, Inc.		3,127		43,340
Parkway Properties, Inc.		1,513		29,473
Pennsylvania Real Estate Investment Trust		1,235		28,862
Post Properties, Inc.		981		57,467
PS Business Parks, Inc.		353		28,731
Retail Opportunity Investments Corp.		1,661		27,340
Sabra Health Care REIT, Inc.		961		27,206
Saul Centers, Inc.		205		11,220
Segro PLC		7,117		43,667
Simon Property Group, Inc.		685		123,848
Sovran Self Storage, Inc.		607		51,607
Universal Health Realty Income Trust		233		11,263
Urstadt Biddle Properties, Inc., Class A		508		11,268
				2,224,346
Real Estate Management/Services — 0.2%
Daito Trust Construction Co., Ltd.		900		101,626
HFF, Inc., Class A		602		20,757
IMMOFINANZ AG†		17,229		51,687
Mitsubishi Estate Co., Ltd.		7,000		157,584
				331,654
Real Estate Operations & Development — 0.1%
Forestar Group, Inc.†		630		10,080
Mitsui Fudosan Co., Ltd.		4,000		115,631
Sumitomo Realty & Development Co., Ltd.		2,000		69,074
				194,785
Recreational Vehicles — 0.0%
Arctic Cat, Inc.		236		7,800
Research & Development — 0.0%
Albany Molecular Research, Inc.†		431		7,012
PAREXEL International Corp.†		998		58,393
				65,405
Resorts/Theme Parks — 0.1%
Marriott Vacations Worldwide Corp.		535		39,328
Oriental Land Co., Ltd.		400		87,065
				126,393
Retail - Apparel/Shoe — 0.3%
Aeropostale, Inc.†#		1,327		4,618
Brown Shoe Co., Inc.		797		26,110
Buckle, Inc.#		506		25,902
Cato Corp., Class A		464		18,616
Children’s Place, Inc.		389		21,807
Christopher & Banks Corp.†		639		4,626
Fast Retailing Co., Ltd.#		300		109,223
Finish Line, Inc., Class A		863		24,630
Francesca’s Holdings Corp.†		748		9,485
Gap, Inc.		1,813		71,795
Genesco, Inc.†		439		35,721
Men’s Wearhouse, Inc.		831		38,824
Next PLC		805		85,299
Stein Mart, Inc.		500		7,100
				483,756

Security Description	Shares		Value (Note 2)
Retail - Auto Parts — 0.3%
AutoZone, Inc.†		563	$	325,251
O’Reilly Automotive, Inc.†		1,168		213,440
Pep Boys-Manny Moe & Jack†		932		9,078
				547,769
Retail - Automobile — 0.1%
Group 1 Automotive, Inc.		382		34,193
Lithia Motors, Inc., Class A		407		29,918
Sonic Automotive, Inc., Class A		616		15,887
				79,998
Retail - Bedding — 0.0%
Bed Bath & Beyond, Inc.†		322		23,625
Retail - Bookstores — 0.0%
Barnes & Noble, Inc.†		778		18,174
Retail - Building Products — 1.0%
Home Depot, Inc.		13,826		1,374,304
Kingfisher PLC		1,380		6,734
Lowe’s Cos., Inc.		4,158		265,405
Lumber Liquidators Holdings, Inc.†#		496		31,541
				1,677,984
Retail - Consumer Electronics — 0.0%
Best Buy Co., Inc.		1,263		49,775
Retail - Convenience Store — 0.0%
Casey’s General Stores, Inc.		695		58,185
Retail - Discount — 0.2%
Fred’s, Inc., Class A		618		9,579
Tuesday Morning Corp.†		796		16,955
Wal-Mart Stores, Inc.		4,329		378,960
				405,494
Retail - Drug Store — 0.2%
CVS Health Corp.		2,955		269,969
Walgreen Co.		785		53,859
				323,828
Retail - Hair Salons — 0.0%
Regis Corp.†		822		13,596
Retail - Home Furnishings — 0.0%
Haverty Furniture Cos., Inc.		361		7,603
Kirkland’s, Inc.†		257		5,582
				13,185
Retail - Jewelry — 0.0%
Movado Group, Inc.		326		9,366
Swatch Group AG		662		60,973
				70,339
Retail - Leisure Products — 0.0%
MarineMax, Inc.†		442		8,181
Retail - Pawn Shops — 0.0%
Cash America International, Inc.		527		12,864
Ezcorp, Inc., Class A†		889		9,681
First Cash Financial Services, Inc.†		522		30,161
				52,706
Retail - Pet Food & Supplies — 0.0%
PetMed Express, Inc.		342		4,617
PetSmart, Inc.		768		60,488
				65,105

16

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Regional Department Stores — 0.4%
Isetan Mitsukoshi Holdings, Ltd.#		8,200	$	107,726
Kohl’s Corp.		7,479		445,898
Macy’s, Inc.		1,372		89,056
Stage Stores, Inc.		581		11,905
				654,585
Retail - Restaurants — 0.3%
Biglari Holdings, Inc.†		32		11,886
BJ’s Restaurants, Inc.†		395		19,418
Bob Evans Farms, Inc.#		426		23,157
Buffalo Wild Wings, Inc.†		345		58,722
Chipotle Mexican Grill, Inc.†		140		92,907
Cracker Barrel Old Country Store, Inc.		430		55,044
DineEquity, Inc.		315		31,289
Jack in the Box, Inc.		712		53,044
Papa John’s International, Inc.		544		28,712
Red Robin Gourmet Burgers, Inc.†		262		17,646
Ruby Tuesday, Inc.†		1,114		9,291
Ruth’s Hospitality Group, Inc.		633		8,318
Sonic Corp.		937		25,477
Texas Roadhouse, Inc.		1,141		37,722
				472,633
Retail - Sporting Goods — 0.0%
Big 5 Sporting Goods Corp.		349		4,579
Hibbett Sports, Inc.†#		456		22,877
Zumiez, Inc.†		380		13,593
				41,049
Retail - Video Rentals — 0.0%
Outerwall, Inc.†#		363		25,512
Retail - Vitamins & Nutrition Supplements — 0.0%
Vitamin Shoppe, Inc.†		551		26,371
Rubber - Tires — 0.1%
Bridgestone Corp.		3,400		116,881
Cie Generale des Etablissements Michelin		232		21,348
Continental AG		148		31,159
				169,388
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.		484		7,875
Satellite Telecom — 0.0%
Eutelsat Communications SA		919		30,412
Savings & Loans/Thrifts — 0.1%
Bank Mutual Corp.		827		5,342
BofI Holding, Inc.†		222		17,520
Brookline Bancorp, Inc.		1,272		12,097
Dime Community Bancshares, Inc.		531		8,045
Northwest Bancshares, Inc.		1,704		21,453
Oritani Financial Corp.		710		10,331
Provident Financial Services, Inc.		973		16,813
Sterling Bancorp		1,525		20,405
				112,006
Schools — 0.0%
American Public Education, Inc.†		323		10,853
Capella Education Co.		202		13,772
Career Education Corp.†		1,040		6,094
Strayer Education, Inc.†		197		14,911
Universal Technical Institute, Inc.		362		3,794
				49,424

Security Description	Shares		Value (Note 2)
Security Services — 0.1%
ADT Corp.#		882	$	30,817
Brink’s Co.		877		19,031
Secom Co., Ltd.#		1,700		98,330
				148,178
Seismic Data Collection — 0.0%
Geospace Technologies Corp.†		237		6,247
ION Geophysical Corp.†		2,305		5,694
				11,941
Semiconductor Components - Integrated Circuits — 0.9%
Cirrus Logic, Inc.†		11,121		203,403
Exar Corp.†		883		8,062
Micrel, Inc.		813		10,610
Pericom Semiconductor Corp.†		342		4,347
Power Integrations, Inc.		546		27,387
QUALCOMM, Inc.		17,569		1,280,780
TriQuint Semiconductor, Inc.†		3,189		77,716
				1,612,305
Semiconductor Equipment — 0.2%
ASML Holding NV		1,374		145,202
Brooks Automation, Inc.		1,203		14,087
Cabot Microelectronics Corp.†		442		20,907
Cohu, Inc.		422		4,832
Kulicke & Soffa Industries, Inc.†		1,383		19,334
MKS Instruments, Inc.		964		35,128
Nanometrics, Inc.†		407		6,040
Rudolph Technologies, Inc.†		575		5,279
Tessera Technologies, Inc.		858		29,326
Tokyo Electron, Ltd.		1,200		81,776
Ultratech, Inc.†		518		10,086
Veeco Instruments, Inc.†		719		26,898
				398,895
Software Tools — 0.2%
VMware, Inc., Class A†		3,015		265,199
Special Purpose Entity — 0.1%
Legal & General Group PLC		30,459		117,523
Steel - Producers — 0.1%
AK Steel Holding Corp.†#		3,100		18,352
JFE Holdings, Inc.#		4,300		91,512
Nippon Steel & Sumitomo Metal Corp.#		45,000		115,960
				225,824
Storage/Warehousing — 0.0%
Mobile Mini, Inc.		852		35,349
Telecom Equipment - Fiber Optics — 0.0%
Harmonic, Inc.†		1,725		12,075
Oplink Communications, Inc.		280		6,768
				18,843
Telecom Services — 0.1%
Consolidated Communications Holdings, Inc.#		850		23,299
Lumos Networks Corp.		343		5,673
Spok Holdings, Inc.		391		6,201
Vivendi SA		3,410		86,898
				122,071
Telecommunication Equipment — 0.1%
8x8, Inc.†		1,618		12,588
ADTRAN, Inc.		992		20,723
Alcatel-Lucent†#		2,687		9,572
Comtech Telecommunications Corp.		283		11,233

17

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Telecommunication Equipment (continued)
Harris Corp.		1,042	$	74,680
Nortel Networks Corp.†		62		0
				128,796
Telephone - Integrated — 1.6%
AT&T, Inc.		27,628		977,479
Atlantic Tele-Network, Inc.		176		11,964
Belgacom SA		616		24,332
BT Group PLC		19,828		127,207
Cincinnati Bell, Inc.†		3,829		13,631
Deutsche Telekom AG		11,066		188,641
Elisa Oyj		644		18,687
General Communication, Inc., Class A†		583		7,083
KDDI Corp.		2,400		153,784
Nippon Telegraph & Telephone Corp.		1,800		96,333
Orange SA		3,514		61,936
SoftBank Corp.#		4,300		288,539
TDC A/S		3,088		25,045
Telecom Italia SpA†		38,020		42,861
Telefonica Deutschland Holding AG		3,469		18,203
Verizon Communications, Inc.		14,250		720,908
				2,776,633
Television — 0.0%
ION Media Networks, Inc.(1)(2)		18		11,020
ITV PLC		2,683		8,989
				20,009
Textile - Apparel — 0.0%
Perry Ellis International, Inc.†		226		5,964
Textile - Products — 0.1%
Toray Industries, Inc.#		13,000		102,208
Therapeutics — 0.0%
Anika Therapeutics, Inc.†		264		10,795
Tobacco — 0.9%
Alliance One International, Inc.†		1,547		2,800
Altria Group, Inc.		7,441		373,985
British American Tobacco PLC		1,769		104,983
Japan Tobacco, Inc.		4,600		147,396
Lorillard, Inc.		8,231		519,705
Philip Morris International, Inc.		4,897		425,696
Reynolds American, Inc.		709		46,730
Universal Corp.#		420		16,796
				1,638,091
Tools - Hand Held — 0.0%
Stanley Black & Decker, Inc.		206		19,455
Toys — 0.1%
Mattel, Inc.		1,589		50,133
Nintendo Co., Ltd.#		600		69,571
				119,704
Transactional Software — 0.1%
Amadeus IT Holding SA, Class A		1,933		77,003
Bottomline Technologies de, Inc.†		673		16,502
Synchronoss Technologies, Inc.†		649		27,797
				121,302
Transport - Air Freight — 0.0%
Atlas Air Worldwide Holdings, Inc.†		452		20,634
Transport - Marine — 0.1%
AP Moeller - Maersk A/S, Series B		35		73,043
Hornbeck Offshore Services, Inc.†		587		15,579
				88,622

Security Description	Shares		Value (Note 2)
Transport - Rail — 0.7%
Central Japan Railway Co.		700	$	101,900
East Japan Railway Co.		1,400		104,962
Hankyu Hanshin Holdings, Inc.		20,000		110,053
Keikyu Corp.		10,000		76,430
Keio Corp.#		14,000		102,992
Norfolk Southern Corp.		3,677		410,500
Tobu Railway Co., Ltd.#		20,000		90,166
Union Pacific Corp.		2,537		296,246
				1,293,249
Transport - Services — 0.2%
Deutsche Post AG		2,655		88,256
Era Group, Inc.†		352		7,410
FedEx Corp.		71		12,651
Hub Group, Inc., Class A†		629		23,663
Matson, Inc.		775		27,288
United Parcel Service, Inc., Class B		2,046		224,896
UTi Worldwide, Inc.†		1,634		19,281
				403,445
Transport - Truck — 0.1%
ArcBest Corp.		439		19,061
Celadon Group, Inc.		393		8,662
Forward Air Corp.		569		27,858
Heartland Express, Inc.		1,009		26,769
Knight Transportation, Inc.		1,092		36,331
Roadrunner Transportation Systems, Inc.†		505		11,367
Saia, Inc.†		442		24,518
				154,566
Travel Services — 0.0%
Interval Leisure Group, Inc.		725		15,761
Veterinary Diagnostics — 0.0%
Neogen Corp.†		661		29,289
Water — 0.0%
American States Water Co.		700		24,423
Web Hosting/Design — 0.0%
NIC, Inc.		1,080		19,462
Web Portals/ISP — 0.2%
Blucora, Inc.†		762		10,828
Google, Inc., Class A†		350		192,178
Google, Inc., Class C†		317		171,760
				374,766
Wire & Cable Products — 0.0%
Encore Wire Corp.		337		12,358
General Cable Corp.		883		12,150
				24,508
Wireless Equipment — 0.1%
CalAmp Corp.†		656		12,261
Telefonaktiebolaget LM Ericsson, Class B		7,012		88,316
ViaSat, Inc.†#		784		51,979
				152,556
Total Common Stocks
(cost $84,777,231)				99,476,412
EXCHANGE-TRADED FUNDS — 7.7%
iShares Core S&P Small-Cap ETF#		10,188		1,133,924
iShares MSCI Emerging Markets Index Fund#		80,000		3,320,000
SPDR S&P MidCap 400 ETF Trust#		15,767		4,145,460
Vanguard Mid-Cap ETF#		40,000		4,989,600
Total Exchange-Traded Funds
(cost $13,166,948)				13,588,984

18

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
PREFERRED SECURITIES — 0.3%
Auto - Cars/Light Trucks — 0.1%
Bayerische Motoren Werke AG		1,354	$	115,037
Chemicals - Specialty — 0.0%
Fuchs Petrolub SE		725		30,013
Electric - Integrated — 0.0%
Entergy Louisiana LLC 4.70%		3,575		80,366
Soap & Cleaning Preparation — 0.1%
Henkel AG & Co. KGaA		1,443		160,197
Sovereign Agency — 0.0%
Federal Home Loan Mtg. Corp. FRS 0.00%†#		2,200		9,570
Telecom Services — 0.1%
Qwest Corp. 6.13%		6,925		167,931
Total Preferred Securities
(cost $623,809)				563,114
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.9%
Banks - Commercial — 0.1%
Zions Bancorporation FRS Series I 5.80% due 06/15/2023(3)		136,000		129,404
Banks - Super Regional — 0.1%
Fifth Third Bancorp FRS Series J 4.90% due 09/30/2019(3)		82,000		79,532
Wells Fargo Capital X 5.95% due 12/01/2086		28,000		28,490
				108,022
Diversified Banking Institutions — 0.3%
BAC Capital Trust XIII FRS Series F 1.72% due 12/29/2014(3)		178,000		130,830
Deutsche Bank AG VRS 7.50% due 04/30/2025(3)		200,000		201,092
JPMorgan Chase & Co. FRS Series 1 7.90% due 04/30/2018(3)		110,000		119,417
JPMorgan Chase & Co. FRS Series U 6.13% due 04/30/2024(3)		80,000		80,900
JPMorgan Chase & Co. FRS Series V 5.00% due 07/01/2019(3)		71,000		69,722
				601,961
Electric - Integrated — 0.0%
Dominion Resources, Inc. FRS 5.75% due 10/01/2054		47,000		49,173
Finance - Credit Card — 0.0%
American Express Co. FRS 5.20% due 11/15/2019(3)		82,000		82,880
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00% due 11/30/2056†(1)		45,000		5
Finance - Other Services — 0.1%
National Rural Utilities Cooperative Finance Corp. FRS 4.75% due 04/30/2043		100,000		99,000

Security Description	Shares/ Principal Amount		Value (Note 2)
Food - Dairy Products — 0.1%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		125,000	$	130,000
Insurance - Life/Health — 0.0%
Prudential Financial, Inc. FRS 5.63% due 06/15/2043		52,000		53,690
Insurance - Multi-line — 0.1%
Farmers Exchange Capital III FRS 5.45% due 10/15/2054*		70,000		70,962
MetLife, Inc. 6.40% due 12/15/2066		81,000		90,062
				161,024
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. FRS 5.75% due 12/15/2053		128,000		136,960
Total Preferred Securities/Capital Securities
(cost $1,488,332)				1,552,119
RIGHTS — 0.0%
Banks - Commercial — 0.0%
CaixaBank SA Expires 12/15/2014		2,689		181
Chemicals - Diversified — 0.0%
Arkema SA Expires 12/03/2014 (strike price 38.50 EUR)†		1,673		4,925
Total Rights
(cost $167)				5,106
ASSET BACKED SECURITIES — 1.9%
Diversified Financial Services — 1.9%
Applebee’s/IHOP Funding LLC Series 2014-1, Class A2 4.28% due 09/05/2044*	$	50,000		50,223
Asset Backed Securities Corp. FRS Series 2004-HE7, Class M2 1.73% due 10/25/2034		87,495		81,537
Avis Budget Rental Car Funding AESOP LLC Series 2014-1A, Class A 2.46% due 07/20/2020*		123,000		124,277
Capital Auto Receivables Asset Trust Series 2013-2, Class A3 1.24% due 10/20/2017		93,000		93,571
Chase Issuance Trust FRS Series 2014-A5, Class A5 0.52% due 04/15/2021		228,000		228,435
Citigroup Commercial Mtg. Trust Series 2014-GC23, Class A2 2.85% due 07/10/2047(4)		95,000		98,297
Citigroup Commercial Mtg. Trust Series 2013-GC17, Class A2 2.96% due 11/10/2046(4)		627,000		652,346
Commercial Mtg. Trust Series 2014-UBS2, Class A2 2.82% due 03/10/2047(4)		106,000		109,444
Commercial Mtg. Trust Series 2014-CR20, Class A4 3.59% due 11/10/2047(4)		15,000		15,572
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-6, Class 1A11 5.25% due 02/25/2026(5)		7,448		7,561
Domino’s Pizza Master Issuer LLC Series 2012-1A, Class A2 5.22% due 01/25/2042*		90,828		96,370

19

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
First Franklin Mtg. Loan Trust Asset Backed Certs. FRS Series 2006-FF15, Class A5 0.32% due 11/25/2036	$	82,550	$	72,060
Ford Credit Auto Owner Trust Series 2014-C,Class B 1.97% due 04/15/2020		129,000		129,328
Ford Credit Floorplan Master Owner Trust Series 2014-4, Class A1 1.40% due 08/15/2019		83,000		83,230
GS Mtg. Securities Corp. II Series 2012-GCJ9, Class A2 1.76% due 11/10/2045(4)		66,000		66,550
Invitation Homes Trust FRS Series 2014-SFR1, Class A 1.16% due 06/17/2031*		100,000		98,777
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class A2 1.97% due 08/15/2045(4)		100,000		101,608
Nissan Auto Lease Trust Series 2014-A, Class A4 1.04% due 10/15/2019		100,000		100,143
NRP Mtg. Trust VRS Series 2013-1, Class A1 3.25% due 07/25/2043*(5)		112,467		112,570
RFMSI Trust Series 2006-S1, Class 1A3 5.75% due 01/25/2036(5)		24,937		25,411
Santander Drive Auto Receivables Trust Series 2014-5, Class C 2.46% due 06/15/2020		52,000		52,133
TAL Advantage V LLC Series 2013-2A, Class A 3.55% due 11/20/2038*		49,500		50,291
Wachovia Bank Commercial Mtg. Trust VRS Series 2006-C23, Class AM 5.47% due 01/15/2045(4)		84,000		87,881
Wachovia Bank Commercial Mtg. Trust VRS Series 2006-C26, Class AM 6.17% due 06/15/2045(4)		50,000		53,121
Wells Fargo Mtg. Backed Securities Trust FRS Series 2004-X, Class 1A3 2.62% due 11/25/2034(5)		26,342		26,353
WF-RBS Commercial Mtg. Trust Series 2012-C8, Class A2 1.88% due 08/15/2045(4)		38,154		38,666
WF-RBS Commercial Mtg. Trust Series 2014-C21, Class A2 2.92% due 08/15/2047(4)		100,000		103,592
WF-RBS Commercial Mtg. Trust Series 2014-C25, Class A2 2.93% due 11/15/2047(2)(4)		600,000		617,982
WF-RBS Commercial Mtg. Trust Series 2014-A5, Class C24 3.61% due 11/15/2047(4)		14,000		14,566
Total Asset Backed Securities
(cost $3,384,240)				3,391,895
U.S. CORPORATE BONDS & NOTES — 13.2%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc. Senior Notes 3.75% due 02/15/2023		48,000		47,851
Interpublic Group of Cos., Inc. Senior Notes 4.20% due 04/15/2024		37,000		37,619

Security Description	Principal Amount		Value (Note 2)
Advertising Agencies (continued)
Omnicom Group, Inc. Company Guar. Notes 3.65% due 11/01/2024	$	44,000	$	44,201
				129,671
Advertising Sales — 0.0%
Lamar Media Corp. Company Guar. Notes 5.38% due 01/15/2024		35,000		36,138
Advertising Services — 0.0%
Visant Corp. Company Guar. Notes 10.00% due 10/01/2017		26,000		23,270
Aerospace/Defense — 0.2%
BAE Systems Holdings, Inc. Company Guar. Notes 3.80% due 10/07/2024*		64,000		65,511
BAE Systems Holdings, Inc. Company Guar. Notes 4.75% due 10/07/2044*		46,000		47,159
Boeing Co. Senior Notes 0.95% due 05/15/2018		92,000		90,228
Raytheon Co. Senior Notes 4.20% due 12/15/2044		62,000		63,177
				266,075
Aerospace/Defense - Equipment — 0.1%
Alliant Techsystems, Inc. Company Guar. Notes 5.25% due 10/01/2021*		52,000		52,650
Moog, Inc. Company Guar. Notes 5.25% due 12/01/2022*		29,000		29,507
				82,157
Airlines — 0.1%
Allegiant Travel Co. Company Guar. Notes 5.50% due 07/15/2019		76,000		77,663
Atlas Air, Inc. Pass Through Certs. Series 1999-1, Class A-1 7.20% due 07/02/2020		22,327		22,885
Atlas Air, Inc. Pass Through Certs. Series 1999-1, Class B 7.63% due 07/02/2016		6,195		6,257
United Airlines Pass Through Trust Pass Through Certs. Series 2014-2, Class B 4.63% due 03/03/2024		125,000		122,187
				228,992
Alternative Waste Technology — 0.0%
ADS Waste Holdings, Inc. Company Guar. Notes 8.25% due 10/01/2020		43,000		45,150
Apparel Manufacturers — 0.0%
Quiksilver, Inc./QS Wholesale, Inc. Company Guar. Notes 10.00% due 08/01/2020		74,000		42,550
Auto - Cars/Light Trucks — 0.2%
American Honda Finance Corp. Notes 1.20% due 07/14/2017		88,000		88,062

20

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Auto - Cars/Light Trucks (continued)
Daimler Finance North America LLC Company Guar. Notes 1.38% due 08/01/2017*	$	158,000	$	157,990
Daimler Finance North America LLC Company Guar. Notes 2.63% due 09/15/2016*		162,000		166,530
				412,582
Auto - Heavy Duty Trucks — 0.1%
JB Poindexter & Co., Inc. Senior Notes 9.00% due 04/01/2022*		41,000		44,690
PACCAR Financial Corp. Senior Notes 2.20% due 09/15/2019		96,000		96,842
				141,532
Auto/Truck Parts & Equipment - Original — 0.0%
Affinia Group, Inc. Company Guar. Notes 7.75% due 05/01/2021		47,000		48,292
Banks - Commercial — 0.6%
Associated Banc-Corp Senior Notes 2.75% due 11/15/2019		39,000		39,112
CIT Group, Inc. Senior Notes 3.88% due 02/19/2019		35,000		35,168
Fifth Third Bank Senior Notes 2.88% due 10/01/2021		213,000		213,425
MUFG Union Bank NA Senior Notes 3.00% due 06/06/2016		273,000		281,052
PNC Bank NA Senior Notes 1.13% due 01/27/2017		265,000		265,772
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		131,000		170,279
Zions Bancorporation Senior Notes 4.50% due 06/13/2023		6,000		6,329
				1,011,137
Banks - Fiduciary — 0.1%
Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*		207,000		213,212
Banks - Super Regional — 0.1%
Comerica, Inc. Senior Notes 2.13% due 05/23/2019		43,000		42,915
Wells Fargo & Co Senior Notes 1.40% due 09/08/2017		187,000		187,595
				230,510
Brewery — 0.1%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 0.80% due 07/15/2015		179,000		179,415

Security Description	Principal Amount		Value (Note 2)
Broadcast Services/Program — 0.0%
Scripps Networks Interactive, Inc. Senior Notes 2.75% due 11/15/2019	$	49,000	$	49,488
Building & Construction - Misc. — 0.0%
Weekley Homes LLC/Weekley Finance Corp. Senior Notes 6.00% due 02/01/2023		38,000		37,297
Building Products - Cement — 0.0%
Headwaters, Inc. Sec. Notes 7.63% due 04/01/2019		50,000		52,375
Cable/Satellite TV — 0.2%
CCO Holdings LLC/CCO Holdings Capital Corp. Company Guar. Notes 6.50% due 04/30/2021		54,000		56,835
CCOH Safari LLC Company Guar. Notes 5.50% due 12/01/2022		60,000		60,675
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. Company Guar. Notes 6.35% due 03/15/2040		58,000		68,521
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		75,000		72,797
Time Warner Cable, Inc. Company Guar. Notes 4.50% due 09/15/2042		46,000		46,189
Time Warner Cable, Inc. Company Guar. Notes 6.55% due 05/01/2037		21,000		26,693
Time Warner Cable, Inc. Company Guar. Notes 7.30% due 07/01/2038		55,000		74,390
				406,100
Casino Hotels — 0.2%
Caesars Entertainment Resort Properties LLC Senior Sec. Notes 8.00% due 10/01/2020*		69,000		67,620
Caesars Entertainment Resort Properties LLC Sec. Notes 11.00% due 10/01/2021#*		79,000		72,186
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. Sec. Notes 9.38% due 05/01/2022*		65,000		57,525
Downstream Development Authority of the Quapaw Tribe of Oklahoma Senior Sec. Notes 10.50% due 07/01/2019*		60,000		61,500
Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC Company Guar. Notes 5.88% due 05/15/2021*		125,000		124,063
				382,894
Casino Services — 0.0%
Scientific Games International, Inc. Senior Sec. Notes 7.00% due 01/01/2022*		30,000		30,061

21

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cellular Telecom — 0.0%
Sprint Communications, Inc. Senior Notes 7.00% due 08/15/2020	$	17,000	$	17,425
Chemicals - Diversified — 0.1%
Eagle Spinco, Inc. Company Guar. Notes 4.63% due 02/15/2021		150,000		147,375
Chemicals - Plastics — 0.0%
PolyOne Corp. Senior Notes 5.25% due 03/15/2023		20,000		20,150
Chemicals - Specialty — 0.2%
Albemarle Corp. Company Guar. Notes 3.00% due 12/01/2019		34,000		34,214
Albemarle Corp. Company Guar. Notes 4.15% due 12/01/2024		37,000		37,733
Albemarle Corp. Company Guar. Notes 5.45% due 12/01/2044		48,000		49,809
Chemtura Corp. Company Guar. Notes 5.75% due 07/15/2021		40,000		39,600
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034		45,000		59,422
W.R. Grace & Co. Company Guar. Notes 5.63% due 10/01/2024#*		113,000		119,356
				340,134
Coal — 0.1%
CONSOL Energy, Inc. Company Guar. Notes 6.38% due 03/01/2021		34,000		35,360
Murray Energy Corp. Senior Sec. Notes 8.63% due 06/15/2021*		65,000		65,812
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.38% due 02/01/2020*		46,000		48,291
				149,463
Commercial Services - Finance — 0.1%
Harland Clarke Holdings Corp. Senior Notes 9.25% due 03/01/2021*		86,000		86,000
Computer Services — 0.0%
IHS, Inc. Company Guar. Notes 5.00% due 11/01/2022*		60,000		60,900
Computers — 0.1%
Hewlett-Packard Co. Senior Notes 6.00% due 09/15/2041		109,000		121,034
Consumer Products - Misc. — 0.1%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC Senior Sec. Notes 5.75% due 10/15/2020		86,000		88,472

Security Description	Principal Amount		Value (Note 2)
Containers - Metal/Glass — 0.1%
Crown Cork & Seal Co., Inc. Senior Notes 7.38% due 12/15/2026	$	189,000	$	209,317
Owens-Brockway Glass Container, Inc. Senior Notes 5.00% due 01/15/2022*		38,000		38,475
				247,792
Containers - Paper/Plastic — 0.1%
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. Company Guar. Notes 10.13% due 07/15/2020*		135,000		122,850
PaperWorks Industries, Inc. Senior Sec. Notes 9.50% due 08/15/2019*		36,000		36,720
				159,570
Cosmetics & Toiletries — 0.1%
First Quality Finance Co., Inc. Senior Notes 4.63% due 05/15/2021*		113,000		103,960
Procter & Gamble Co. Senior Notes 1.90% due 11/01/2019		52,000		52,251
				156,211
Decision Support Software — 0.0%
MSCI, Inc. Company Guar. Notes 5.25% due 11/15/2024*		57,000		59,137
Distribution/Wholesale — 0.0%
H&E Equipment Services, Inc. Company Guar. Notes 7.00% due 09/01/2022		32,000		34,000
LKQ Corp. Company Guar. Notes 4.75% due 05/15/2023		2,000		1,940
				35,940
Diversified Banking Institutions — 1.0%
Bank of America Corp. Senior Notes 2.60% due 01/15/2019		109,000		110,527
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		200,000		228,041
Goldman Sachs Group, Inc. Senior Notes 2.55% due 10/23/2019		91,000		90,930
Goldman Sachs Group, Inc. Senior Notes 4.80% due 07/08/2044		7,000		7,329
Goldman Sachs Group, Inc. Senior Notes 5.25% due 07/27/2021		5,000		5,639
Goldman Sachs Group, Inc. Senior Notes 5.38% due 03/15/2020		83,000		93,592
Goldman Sachs Group, Inc. Senior Notes 6.13% due 02/15/2033		76,000		93,230

22

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037	$	189,000	$	234,048
JPMorgan Chase & Co. Senior Notes 2.20% due 10/22/2019		117,000		116,560
JPMorgan Chase & Co. Senior Notes 3.25% due 09/23/2022		94,000		95,139
Merrill Lynch & Co., Inc. Sub. Notes 6.11% due 01/29/2037		216,000		256,016
Morgan Stanley Sub. Notes 4.10% due 05/22/2023		184,000		187,533
Morgan Stanley Sub. Notes 4.35% due 09/08/2026		43,000		43,596
Morgan Stanley Senior Notes 4.75% due 03/22/2017		94,000		100,949
Morgan Stanley Senior Notes 5.50% due 07/28/2021		86,000		98,631
NationsBank Corp. Sub. Notes 7.25% due 10/15/2025		21,000		26,202
				1,787,962
Diversified Financial Services — 0.3%
General Electric Capital Corp. Senior Notes 1.50% due 07/12/2016		114,000		115,542
General Electric Capital Corp. Senior Notes 5.88% due 01/14/2038		236,000		293,143
USAA Capital Corp. Senior Notes 2.13% due 06/03/2019*		159,000		159,500
				568,185
Diversified Manufacturing Operations — 0.3%
General Electric Co. Senior Notes 2.70% due 10/09/2022		76,000		75,659
Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 5.75% due 06/15/2043		139,000		164,463
Parker-Hannifin Corp. Senior Notes 4.45% due 11/21/2044		48,000		50,028
Textron, Inc. Senior Notes 4.63% due 09/21/2016		99,000		105,013
Trinity Industries, Inc. Company Guar. Notes 4.55% due 10/01/2024		51,000		50,227
				445,390
E-Commerce/Services — 0.1%
Netflix, Inc. Senior Notes 5.38% due 02/01/2021		224,000		234,080

Security Description	Principal Amount		Value (Note 2)
Electric - Generation — 0.1%
AES Corp. Senior Notes 4.88% due 05/15/2023	$	147,000	$	147,000
AES Corp. Senior Notes 5.50% due 03/15/2024		54,000		55,080
AES Corp. Senior Notes 8.00% due 10/15/2017		3,000		3,405
				205,485
Electric - Integrated — 0.4%
Consolidated Edison Co. of New York, Inc. Senior Notes 4.63% due 12/01/2054		48,000		50,374
Dominion Gas Holdings LLC Senior Notes 4.80% due 11/01/2043		35,000		37,464
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		75,000		85,992
Entergy Louisiana LLC 1st Mtg. Bonds 4.95% due 01/15/2045		48,000		48,494
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		119,000		144,301
FirstEnergy Transmission LLC Senior Notes 5.45% due 07/15/2044*		72,000		75,974
Georgia Power Co. Senior Notes 3.00% due 04/15/2016		37,000		38,156
Southern California Edison Co. 1st. Mtg. Bonds 1.13% due 05/01/2017		101,000		100,992
Southern Co. Senior Notes 1.30% due 08/15/2017		82,000		81,936
				663,683
Electronic Components - Semiconductors — 0.1%
Amkor Technology, Inc. Senior Notes 6.63% due 06/01/2021		100,000		100,000
Intel Corp. Senior Notes 1.35% due 12/15/2017		74,000		73,940
				173,940
Enterprise Software/Service — 0.0%
BMC Software Finance, Inc. Senior Notes 8.13% due 07/15/2021*		57,000		53,437
Finance - Auto Loans — 0.1%
Ally Financial, Inc. Company Guar. Notes 3.50% due 01/27/2019		28,000		27,650
Ally Financial, Inc. Senior Notes 5.13% due 09/30/2024		29,000		29,580
Ford Motor Credit Co. LLC Senior Notes 1.50% due 01/17/2017		58,000		57,864
				115,094

23

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Commercial — 0.1%
Jefferies Finance LLC/JFIN Co-Issuer Corp. Senior Notes 7.38% due 04/01/2020*	$	200,000	$	193,000
Finance - Consumer Loans — 0.1%
Enova International, Inc. Company Guar. Notes 9.75% due 06/01/2021*		87,000		87,870
Synchrony Financial Senior Notes 4.25% due 08/15/2024		73,000		74,575
				162,445
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		44,000		6,435
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(1)		71,000		7
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(1)		69,000		7
				6,449
Finance - Leasing Companies — 0.1%
Air Lease Corp. Senior Notes 4.75% due 03/01/2020		150,000		160,125
Air Lease Corp. Senior Notes 5.63% due 04/01/2017(6)		12,000		12,900
				173,025
Finance - Other Services — 0.1%
Cogent Communications Finance, Inc. Company Guar. Notes 5.63% due 04/15/2021*		43,000		42,247
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 1.10% due 01/27/2017		143,000		143,053
				185,300
Firearms & Ammunition — 0.0%
FGI Operating Co. LLC/FGI Finance, Inc. Sec. Notes 7.88% due 05/01/2020#		39,000		36,075
Food - Dairy Products — 0.0%
WhiteWave Foods Co. Company Guar. Notes 5.38% due 10/01/2022		42,000		44,100
Food - Meat Products — 0.1%
Darling Ingredients, Inc. Company Guar. Notes 5.38% due 01/15/2022		30,000		30,300
JBS USA LLC/JBS USA Finance, Inc. Company Guar. Notes 7.25% due 06/01/2021*		58,000		61,625
				91,925
Food - Misc./Diversified — 0.1%
Mondelez International, Inc. Senior Notes 6.50% due 02/09/2040		58,000		75,698

Security Description	Principal Amount		Value (Note 2)
Food - Retail — 0.1%
Albertson’s Holdings LLC/Saturn Acquisition Merger Sub, Inc. Senior Sec. Notes 7.75% due 10/15/2022*	$	76,000	$	76,380
SUPERVALU, Inc. Senior Notes 7.75% due 11/15/2022		59,000		58,557
				134,937
Food - Wholesale/Distribution — 0.1%
C&S Group Enterprises LLC Senior Sec. Notes 5.38% due 07/15/2022*		39,000		39,390
Sysco Corp. Company Guar. Notes 3.50% due 10/02/2024		77,000		79,061
				118,451
Independent Power Producers — 0.1%
Calpine Corp. Senior Sec. Notes 6.00% due 01/15/2022*		37,000		39,497
Calpine Corp. Senior Sec. Notes 7.88% due 01/15/2023*		9,000		9,968
GenOn Energy, Inc. Senior Notes 9.50% due 10/15/2018		43,000		44,720
NRG Energy, Inc. Company Guar. Notes 6.25% due 07/15/2022		35,000		35,962
				130,147
Insurance Brokers — 0.1%
USI, Inc. Senior Notes 7.75% due 01/15/2021*		120,000		121,500
Insurance - Life/Health — 0.2%
American Equity Investment Life Holding Co. Senior Notes 6.63% due 07/15/2021		50,000		53,250
Pacific LifeCorp Senior Notes 6.00% due 02/10/2020*		45,000		51,550
Pricoa Global Funding I Sec. Notes 1.35% due 08/18/2017*		159,000		159,221
Principal Financial Group, Inc. Company Guar. Notes 1.85% due 11/15/2017		33,000		33,166
Principal Life Global Funding II Senior Sec. Notes 1.00% due 12/11/2015*		87,000		87,477
				384,664
Insurance - Multi-line — 0.2%
Assurant, Inc. Senior Notes 6.75% due 02/15/2034		139,000		171,542
Metropolitan Life Global Funding I Senior Sec. Notes 2.50% due 09/29/2015*		101,000		102,680
				274,222

24

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance - Mutual — 0.1%
New York Life Global Funding Sec. Notes 1.65% due 05/15/2017*	$	180,000	$	182,158
Investment Management/Advisor Services — 0.0%
National Financial Partners Corp. Senior Notes 9.00% due 07/15/2021*		35,000		37,012
Machinery - Farming — 0.2%
John Deere Capital Corp. Senior Notes 1.13% due 06/12/2017		168,000		168,303
John Deere Capital Corp. Senior Notes 1.55% due 12/15/2017		124,000		124,392
				292,695
Medical Labs & Testing Services — 0.2%
Roche Holdings, Inc. Company Guar. Notes 1.35% due 09/29/2017*		135,000		135,345
Roche Holdings, Inc. Company Guar. Notes 2.25% due 09/30/2019*		204,000		205,451
				340,796
Medical Products — 0.1%
Becton Dickinson and Co. Senior Notes 7.00% due 08/01/2027		53,000		69,329
Universal Hospital Services, Inc. Sec. Notes 7.63% due 08/15/2020		46,000		41,630
				110,959
Medical - Biomedical/Gene — 0.1%
Gilead Sciences, Inc. Senior Notes 2.35% due 02/01/2020		39,000		39,470
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		65,000		66,955
Gilead Sciences, Inc. Senior Notes 4.50% due 02/01/2045		96,000		100,532
				206,957
Medical - Drugs — 0.1%
Endo Finance LLC Company Guar. Notes 5.75% due 01/15/2022*		97,000		99,183
Forest Laboratories, Inc. Senior Notes 4.88% due 02/15/2021*		68,000		73,349
				172,532
Medical - Generic Drugs — 0.1%
Mylan, Inc. Company Guar. Notes 7.88% due 07/15/2020*		141,000		151,466
Medical - HMO — 0.1%
Centene Corp. Senior Notes 4.75% due 05/15/2022		120,000		121,200

Security Description	Principal Amount		Value (Note 2)
Medical - Hospitals — 0.2%
Capella Healthcare, Inc. Company Guar. Notes 9.25% due 07/01/2017	$	32,000	$	33,377
HCA, Inc. Senior Sec. Notes 5.88% due 03/15/2022		89,000		96,787
HCA, Inc. Company Guar. Notes 5.88% due 05/01/2023		125,000		132,031
Tenet Healthcare Corp. Senior Sec. Notes 4.75% due 06/01/2020		75,000		75,938
Tenet Healthcare Corp. Senior Notes 5.00% due 03/01/2019*		18,000		17,730
Tenet Healthcare Corp. Senior Sec. Notes 6.00% due 10/01/2020		36,000		38,295
Tenet Healthcare Corp. Senior Notes 6.88% due 11/15/2031		16,000		15,360
				409,518
Metal - Aluminum — 0.1%
Alcoa, Inc. Senior Notes 5.13% due 10/01/2024		75,000		79,038
Metal - Copper — 0.1%
Freeport-McMoRan, Inc. Company Guar. Notes 2.30% due 11/14/2017		62,000		62,378
Freeport-McMoRan, Inc. Company Guar. Notes 5.40% due 11/14/2034		48,000		48,760
				111,138
Multimedia — 0.0%
Time Warner Entertainment Co. LP Company Guar. Notes 8.38% due 07/15/2033		51,000		75,452
Music — 0.0%
Gibson Brands, Inc. Senior Sec. Notes 8.88% due 08/01/2018*		21,000		20,265
Networking Products — 0.0%
Cisco Systems, Inc. Senior Notes 2.13% due 03/01/2019		67,000		67,470
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc. Senior Notes 4.63% due 03/15/2024		120,000		122,497
Office Supplies & Forms — 0.0%
ACCO Brands Corp. Company Guar. Notes 6.75% due 04/30/2020		7,000		7,473
Oil & Gas Drilling — 0.0%
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. Company Guar. Notes 5.50% due 08/15/2022		24,000		23,760

25

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies - Exploration & Production — 1.0%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp. Company Guar. Notes 9.63% due 10/15/2018	$	30,000	$	29,100
Anadarko Petroleum Corp. Senior Notes 6.45% due 09/15/2036		110,000		134,031
Atlas Energy Holdings Operating Co. LLC/Atlas Resource Finance Corp. Company Guar. Notes 7.75% due 01/15/2021		85,000		73,950
Berry Petroleum Co. LLC Senior Notes 6.75% due 11/01/2020		42,000		38,640
Chaparral Energy, Inc. Company Guar. Notes 7.63% due 11/15/2022		100,000		91,500
Continental Resources, Inc. Company Guar. Notes 4.50% due 04/15/2023		10,000		10,198
Energy XXI Gulf Coast, Inc. Company Guar. Notes 6.88% due 03/15/2024*		34,000		25,500
EP Energy LLC/Everest Acquisition Finance, Inc. Company Guar. Notes 7.75% due 09/01/2022		49,000		49,980
EPL Oil & Gas, Inc. Company Guar. Notes 8.25% due 02/15/2018		137,000		125,355
EV Energy Partners LP/EV Energy Finance Corp. Company Guar. Notes 8.00% due 04/15/2019		170,000		163,200
Halcon Resources Corp. Company Guar. Notes 9.75% due 07/15/2020		91,000		69,615
Hess Corp. Senior Notes 5.60% due 02/15/2041		104,000		114,528
Hess Corp. Senior Notes 7.88% due 10/01/2029		28,000		37,293
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.00% due 12/01/2024*		58,000		53,650
Memorial Production Partners LP/Memorial Production Finance Corp. Company Guar. Notes 7.63% due 05/01/2021		115,000		103,500
Midstates Petroleum Co., Inc. Company Guar. Notes 9.25% due 06/01/2021#		33,000		27,390
Noble Energy, Inc. Senior Notes 3.90% due 11/15/2024		43,000		43,197
Noble Energy, Inc. Senior Notes 5.05% due 11/15/2044		47,000		47,602
Northern Oil and Gas, Inc. Senior Notes 8.00% due 06/01/2020		100,000		88,500
Penn Virginia Corp. Company Guar. Notes 7.25% due 04/15/2019#		20,000		18,100

Security Description	Principal Amount		Value (Note 2)
Oil Companies - Exploration & Production (continued)
Penn Virginia Corp. Company Guar. Notes 8.50% due 05/01/2020	$	65,000	$	60,613
Rice Energy, Inc. Company Guar. Notes 6.25% due 05/01/2022*		125,000		120,000
Rosetta Resources, Inc. Company Guar. Notes 5.63% due 05/01/2021		75,000		71,625
Sanchez Energy Corp. Company Guar. Notes 6.13% due 01/15/2023*		60,000		54,000
SandRidge Energy, Inc. Company Guar. Notes 7.50% due 02/15/2023		115,000		88,550
Swift Energy Co. Company Guar. Notes 7.88% due 03/01/2022#		36,000		29,520
Talos Production LLC/Talos Production Finance, Inc. Company Guar. Notes 9.75% due 02/15/2018*		15,000		14,250
Triangle USA Petroleum Corp. Senior Notes 6.75% due 07/15/2022*		28,000		22,820
				1,806,207
Oil Refining & Marketing — 0.0%
Calumet Specialty Products Partners LP/Calumet Finance Corp. Company Guar. Notes 6.50% due 04/15/2021*		34,000		32,640
Murphy Oil USA, Inc. Company Guar. Notes 6.00% due 08/15/2023		30,000		31,725
				64,365
Oil - Field Services — 0.1%
Exterran Holdings, Inc. Company Guar. Notes 7.25% due 12/01/2018		30,000		30,450
Exterran Partners LP/EXLP Finance Corp. Company Guar. Notes 6.00% due 04/01/2021		90,000		81,000
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. Company Guar. Notes 6.63% due 05/01/2021		47,000		51,406
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. Company Guar. Notes 6.75% due 02/01/2022		74,000		82,603
				245,459
Paper & Related Products — 0.3%
Clearwater Paper Corp. Company Guar. Notes 4.50% due 02/01/2023		67,000		65,493
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		171,000		188,722
Georgia-Pacific LLC Senior Notes 3.60% due 03/01/2025*		124,000		125,318
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		109,000		113,402

26

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Paper & Related Products (continued)
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*	$	91,000	$	103,504
				596,439
Pipelines — 0.7%
Access Midstream Partners LP/ACMP Finance Corp. Company Guar. Notes 4.88% due 05/15/2023		121,000		123,420
Access Midstream Partners LP/ACMP Finance Corp. Company Guar. Notes 6.13% due 07/15/2022		15,000		15,900
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp. Company Guar. Notes 5.88% due 08/01/2023		7,000		7,210
El Paso Pipeline Partners Operating Co. LLC Company Guar. Notes 4.70% due 11/01/2042		27,000		24,403
El Paso Pipeline Partners Operating Co. LLC Company Guar. Notes 6.50% due 04/01/2020		172,000		197,308
Energy Transfer Equity LP Senior Sec. Notes 7.50% due 10/15/2020		36,000		41,310
Energy Transfer Partners LP Senior Notes 6.63% due 10/15/2036		108,000		124,566
Enterprise Products Operating LLC Company Guar. Notes 3.75% due 02/15/2025		61,000		61,998
Genesis Energy LP Company Guar. Notes 5.63% due 06/15/2024		86,000		83,420
Kinder Morgan, Inc. Company Guar. Notes 4.30% due 06/01/2025		60,000		60,378
Kinder Morgan, Inc. Senior Notes 5.00% due 02/15/2021*		82,000		87,535
Kinder Morgan, Inc. Company Guar. Notes 5.30% due 12/01/2034		62,000		63,176
Kinder Morgan, Inc. Company Guar. Notes 5.55% due 06/01/2045		87,000		88,409
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. Company Guar. Notes 6.50% due 08/15/2021		42,000		43,995
Sunoco Logistics Partners Operations LP Company Guar. Notes 5.35% due 05/15/2045		45,000		46,375
Tesoro Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 6.13% due 10/15/2021		136,000		138,720
				1,208,123
Printing - Commercial — 0.1%
Multi-Color Corp. Company Guar. Notes 6.13% due 12/01/2022*		54,000		54,945
Quad/Graphics, Inc. Company Guar. Notes 7.00% due 05/01/2022*		70,000		68,512
				123,457

Security Description	Principal Amount		Value (Note 2)
Publishing - Newspapers — 0.1%
Gannett Co., Inc. Company Guar. Notes 5.13% due 07/15/2020	$	27,000	$	27,877
Lee Enterprises, Inc. Senior Sec. Notes 9.50% due 03/15/2022*		100,000		103,000
McClatchy Co. Senior Sec. Notes 9.00% due 12/15/2022		65,000		72,069
				202,946
Publishing - Periodicals — 0.1%
Expo Event Transco, Inc. Senior Notes 9.00% due 06/15/2021*		78,000		80,730
Real Estate Investment Trusts — 0.1%
HCP, Inc. Senior Notes 3.75% due 02/01/2016		54,000		55,778
Omega Healthcare Investors, Inc. Company Guar. Notes 4.95% due 04/01/2024		78,000		79,911
Omega Healthcare Investors, Inc. Company Guar. Notes 5.88% due 03/15/2024		46,000		49,220
				184,909
Real Estate Management/Services — 0.1%
American Campus Communities Operating Partnership LP Company Guar. Notes 4.13% due 07/01/2024		48,000		48,674
Kennedy-Wilson, Inc. Company Guar. Notes 8.75% due 04/01/2019		40,000		42,760
				91,434
Real Estate Operations & Development — 0.0%
Greystar Real Estate Partners LLC Senior Sec. Notes 8.25% due 12/01/2022*		24,000		24,540
Recycling — 0.0%
Aleris International, Inc. Escrow Notes 9.00% due 12/15/2014†(1)(2)		60,000		2
Retail - Appliances — 0.0%
Conn’s, Inc. Senior Notes 7.25% due 07/15/2022#*		82,000		71,135
Retail - Automobile — 0.1%
AutoNation, Inc. Company Guar. Notes 5.50% due 02/01/2020		221,000		241,786
Retail - Computer Equipment — 0.0%
GameStop Corp. Company Guar. Notes 5.50% due 10/01/2019#*		36,000		36,180
Retail - Discount — 0.0%
Dollar General Corp. Company Guar. Notes 4.13% due 07/15/2017		62,000		64,452

27

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail - Drug Store — 0.2%
CVS Pass-Through Trust Pass Through Certs. 4.70% due 01/10/2036*	$	43,030	$	46,522
CVS Pass-Through Trust Pass Through Certs. 5.77% due 01/10/2033*		34,319		39,812
CVS Pass-Through Trust Pass Through Certs. 5.93% due 01/10/2034*		52,174		61,536
Walgreens Boots Alliance, Inc. Company Guar. Notes 3.80% due 11/18/2024		93,000		94,979
Walgreens Boots Alliance, Inc. Company Guar. Notes 4.80% due 11/18/2044		96,000		101,018
				343,867
Retail - Mail Order — 0.0%
QVC, Inc. Senior Sec. Notes 5.45% due 08/15/2034*		65,000		62,947
Retail - Regional Department Stores — 0.0%
Bon-Ton Department Stores, Inc. Sec. Notes 8.00% due 06/15/2021#		45,000		36,900
Retail - Restaurants — 0.1%
Landry’s, Inc. Senior Notes 9.38% due 05/01/2020*		43,000		45,741
PF Chang’s China Bistro, Inc. Company Guar. Notes 10.25% due 06/30/2020#*		78,000		78,585
				124,326
Savings & Loans/Thrifts — 0.3%
Astoria Financial Corp. Senior Notes 5.00% due 06/19/2017		92,000		98,545
First Niagara Financial Group, Inc. Senior Notes 6.75% due 03/19/2020		257,000		288,428
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		99,000		112,423
				499,396
Schools — 0.1%
Northwestern University Notes 4.20% due 12/01/2047		94,000		98,547
President and Fellows of Harvard College Notes 3.62% due 10/01/2037		52,000		51,143
University of Pennsylvania Senior Notes 4.67% due 09/01/2112		71,000		73,889
				223,579
Security Services — 0.1%
ADT Corp. Senior Notes 3.50% due 07/15/2022		193,000		168,875

Security Description	Principal Amount		Value (Note 2)
Semiconductor Equipment — 0.1%
Entegris, Inc. Company Guar. Notes 6.00% due 04/01/2022*	$	90,000	$	92,952
Magnachip Semiconductor Corp. Senior Notes 6.63% due 07/15/2021#		31,000		28,365
				121,317
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. Company Guar. Notes 5.00% due 12/15/2021*		36,000		36,585
Huntington Ingalls Industries, Inc. Company Guar. Notes 7.13% due 03/15/2021		32,000		34,760
				71,345
Special Purpose Entity — 0.1%
MassMutual Global Funding II Senior Sec. Notes 2.00% due 04/05/2017*		215,000		219,193
Specified Purpose Acquisitions — 0.1%
Opal Acquisition, Inc. Senior Notes 8.88% due 12/15/2021*		115,000		120,462
Steel Pipe & Tube — 0.1%
Valmont Industries, Inc. Company Guar. Notes 5.00% due 10/01/2044		48,000		47,564
Valmont Industries, Inc. Company Guar. Notes 5.25% due 10/01/2054		96,000		94,905
				142,469
Steel - Producers — 0.1%
AK Steel Corp. Company Guar. Notes 8.38% due 04/01/2022		78,000		74,880
Steel Dynamics, Inc. Company Guar. Notes 5.13% due 10/01/2021*		54,000		56,025
				130,905
Steel - Specialty — 0.0%
Allegheny Technologies, Inc. Senior Notes 5.95% due 01/15/2021		63,000		63,544
Storage/Warehousing — 0.0%
Mobile Mini, Inc. Company Guar. Notes 7.88% due 12/01/2020		65,000		69,550
Telecom Services — 0.0%
Consolidated Communications, Inc. Company Guar. Notes 6.50% due 10/01/2022*		26,000		26,260
Telephone - Integrated — 0.5%
CenturyLink, Inc. Senior Notes 5.80% due 03/15/2022		64,000		67,200
Cincinnati Bell, Inc. Company Guar. Notes 8.38% due 10/15/2020		188,000		200,455

28

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone - Integrated (continued)
Frontier Communications Corp. Senior Notes 8.13% due 10/01/2018	$	10,000	$	11,250
Frontier Communications Corp. Senior Notes 8.25% due 04/15/2017		10,000		11,200
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		45,000		52,763
Sprint Capital Corp. Company Guar. Notes 8.75% due 03/15/2032		110,000		115,638
Verizon Communications, Inc. Senior Notes 3.00% due 11/01/2021		98,000		98,292
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		96,000		95,352
Verizon Communications, Inc. Senior Notes 4.50% due 09/15/2020		10,000		10,945
Verizon Communications, Inc. Senior Notes 4.86% due 08/21/2046*		121,000		126,149
Verizon Communications, Inc. Senior Notes 6.40% due 09/15/2033		66,000		81,698
				920,177
Television — 0.0%
Sinclair Television Group, Inc. Company Guar. Notes 6.38% due 11/01/2021		70,000		72,275
Transport - Equipment & Leasing — 0.1%
Aviation Capital Group Corp. Senior Notes 4.63% due 01/31/2018*		42,000		43,710
Jurassic Holdings III, Inc. Sec. Notes 6.88% due 02/15/2021*		34,000		33,490
				77,200
Transport - Rail — 0.0%
Florida East Coast Holdings Corp. Senior Sec. Notes 6.75% due 05/01/2019*		60,000		61,350
Transport - Services — 0.0%
Era Group, Inc. Company Guar. Notes 7.75% due 12/15/2022		36,000		37,440
Web Hosting/Design — 0.1%
Equinix, Inc. Senior Notes 4.88% due 04/01/2020		58,000		58,145
Equinix, Inc. Senior Notes 5.38% due 01/01/2022		28,000		28,140
				86,285

Security Description	Principal Amount		Value (Note 2)
Wire & Cable Products — 0.1%
Anixter, Inc. Company Guar. Notes 5.13% due 10/01/2021	$	45,000	$	45,562
General Cable Corp. Company Guar. Notes 5.75% due 10/01/2022(6)		74,000		61,420
				106,982
Total U.S. Corporate Bonds & Notes
(cost $23,504,531)				23,478,889
FOREIGN CORPORATE BONDS & NOTES — 3.0%
Airlines — 0.1%
Air Canada Senior Sec. Notes 6.75% due 10/01/2019*		100,000		106,250
Banks - Commercial — 1.1%
Abbey National Treasury Services PLC Company Guar. Notes 1.38% due 03/13/2017		87,000		87,199
BPCE SA Sub. Notes 4.50% due 03/15/2025*		204,000		200,866
Credit Suisse Senior Notes 1.38% due 05/26/2017		272,000		272,350
Credit Suisse Sub. Notes 5.40% due 01/14/2020		78,000		87,789
Credit Suisse New York Senior Notes 3.00% due 10/29/2021		251,000		250,968
DBS Group Holdings, Ltd. Senior Notes 2.25% due 07/16/2019*		214,000		215,118
ING Bank NV Senior Notes 4.00% due 03/15/2016*		203,000		210,934
Intesa Sanpaolo SpA Sub. Notes 5.02% due 06/26/2024*		239,000		238,153
Kookmin Bank Senior Notes 1.63% due 07/14/2017*		250,000		249,696
Macquarie Bank, Ltd. Senior Notes 2.60% due 06/24/2019*		44,000		44,603
				1,857,676
Beverages - Non-alcoholic — 0.1%
Coca-Cola Femsa SAB de CV Company Guar. Notes 2.38% due 11/26/2018		164,000		165,394
Computers - Memory Devices — 0.0%
Seagate HDD Cayman Company Guar. Notes 5.75% due 12/01/2034*		62,000		64,607
Cruise Lines — 0.1%
NCL Corp, Ltd. Senior Notes 5.25% due 11/15/2019*		49,000		49,367
Royal Caribbean Cruises, Ltd. Senior Notes 5.25% due 11/15/2022		150,000		156,750
				206,117

29

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions — 0.3%
Deutsche Bank AG Senior Notes 1.35% due 05/30/2017	$	171,000	$	170,742
Royal Bank of Scotland Group PLC Senior Notes 2.55% due 09/18/2015		59,000		59,757
Royal Bank of Scotland Group PLC Sub. Notes 6.10% due 06/10/2023		62,000		67,474
UBS AG Senior Notes 1.38% due 08/14/2017		259,000		258,180
				556,153
Diversified Financial Services — 0.1%
Hyundai Capital Services, Inc. Senior Notes 6.00% due 05/05/2015*		190,000		194,116
Diversified Manufacturing Operations — 0.0%
Ingersoll-Rand Luxembourg Finance SA Company Guar. Notes 4.65% due 11/01/2044		29,000		29,214
Diversified Minerals — 0.1%
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 6.88% due 04/01/2022#*		170,000		152,150
E-Commerce/Products — 0.2%
Alibaba Group Holding, Ltd. Company Guar. Notes 2.50% due 11/28/2019*		250,000		249,632
Electric - Generation — 0.0%
Electricite de France SA Senior Notes 6.00% due 01/22/2114*		42,000		47,704
Electric - Integrated — 0.1%
EDP Finance BV Senior Notes 4.13% due 01/15/2020*		215,000		218,090
Finance - Leasing Companies — 0.0%
Aircastle, Ltd. Senior Notes 4.63% due 12/15/2018		14,000		14,245
Aircastle, Ltd. Senior Notes 6.25% due 12/01/2019		34,000		36,465
Milestone Aviation Group, Ltd. Senior Notes 8.63% due 12/15/2017*		18,000		19,924
				70,634
Gold Mining — 0.1%
Goldcorp, Inc. Senior Notes 5.45% due 06/09/2044		47,000		46,872
Kinross Gold Corp. Company Guar. Notes 5.95% due 03/15/2024*		26,000		24,848
				71,720
Hazardous Waste Disposal — 0.0%
Tervita Corp. Senior Sec. Notes 8.00% due 11/15/2018*		50,000		45,000

Security Description	Principal Amount		Value (Note 2)
Medical - Drugs — 0.0%
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.63% due 12/01/2021*	$	30,000	$	30,300
Oil & Gas Drilling — 0.1%
Ensco PLC Senior Notes 5.75% due 10/01/2044		39,000		40,660
Pacific Drilling SA Senior Sec. Notes 5.38% due 06/01/2020*		50,000		39,500
Transocean, Inc. Company Guar. Notes 3.80% due 10/15/2022#		22,000		18,993
Transocean, Inc. Company Guar. Notes 6.38% due 12/15/2021		52,000		51,799
Transocean, Inc. Company Guar. Notes 7.50% due 04/15/2031		69,000		67,916
				218,868
Oil Companies - Exploration & Production — 0.2%
Anadarko Finance Co. Company Guar. Notes 7.50% due 05/01/2031		41,000		54,372
MEG Energy Corp. Company Guar. Notes 6.38% due 01/30/2023*		49,000		43,243
MEG Energy Corp. Company Guar. Notes 6.50% due 03/15/2021*		75,000		69,000
MEG Energy Corp. Company Guar. Notes 7.00% due 03/31/2024*		55,000		49,912
Talisman Energy, Inc. Senior Notes 5.50% due 05/15/2042		57,000		52,692
				269,219
Oil Companies - Integrated — 0.1%
BP Capital Markets PLC Company Guar. Notes 2.25% due 11/01/2016		103,000		105,549
BP Capital Markets PLC Company Guar. Notes 3.54% due 11/04/2024		61,000		60,954
Petrobras Global Finance BV Company Guar. Notes 7.25% due 03/17/2044		48,000		49,955
Petroleos Mexicanos Company Guar. Notes 5.50% due 06/27/2044		26,000		26,780
				243,238
Real Estate Operations & Development — 0.0%
Mattamy Group Corp. Senior Notes 6.50% due 11/15/2020*		60,000		60,300
Security Services — 0.0%
Garda World Security Corp. Company Guar. Notes 7.25% due 11/15/2021*		56,000		56,000

30

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Steel - Producers — 0.1%
ArcelorMittal Senior Notes 7.25% due 03/01/2041	$	75,000	$	75,375
SupraNational Banks — 0.1%
North American Development Bank Senior Notes 2.30% due 10/10/2018		157,000		159,715
Telecom Services — 0.0%
UPCB Finance III, Ltd. Senior Sec. Notes 6.63% due 07/01/2020*		25,000		26,187
Telephone - Integrated — 0.1%
Telecom Italia Capital SA Company Guar. Notes 7.18% due 06/18/2019		66,000		75,240
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		123,000		138,990
				214,230
Total Foreign Corporate Bonds & Notes
(cost $5,422,318)				5,387,889
U.S. GOVERNMENT AGENCIES — 9.2%
Federal Home Loan Mtg. Corp. — 2.2%
1.89% due 02/01/2037 FRS		23,575		24,828
2.50% due 01/01/2028		88,563		90,764
3.00% due 08/01/2027		337,513		352,158
3.00% due 10/01/2042		205,050		207,700
3.00% due 11/01/2042		852,559		863,347
3.00% due 04/01/2043		507,763		514,011
3.50% due 02/01/2042		215,119		224,089
3.50% due 03/01/2042		104,643		109,089
3.50% due 08/01/2042		575,485		600,124
3.50% due 09/01/2043		181,914		189,806
4.00% due 09/01/2040		83,475		89,119
4.50% due 01/01/2039		9,418		10,227
4.50% due 12/01/2039		340,092		374,667
5.00% due 10/01/2033		2,787		3,086
6.00% due 08/01/2036		77,289		87,410
6.00% due 03/01/2040		49,919		56,577
6.50% due 05/01/2036		199		227
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2014-DN2, Class M2 1.81% due 04/25/2024(5)		56,000		53,695
Series 2014-DN1, Class M2 2.36% due 02/25/2024(5)		101,000		99,312
Federal Home Loan Mtg. Corp., REMIC Series 3964, Class MD 2.00% due 01/15/2041(5)		15,313		15,170
				3,965,406
Federal National Mtg. Assoc. — 7.0%
2.11% due 05/01/2037 FRS		47,731		50,737
2.38% due 11/01/2036 FRS		72,670		77,764
2.43% due 08/01/2035 FRS		89,774		96,528
2.50% due 04/01/2028		480,067		491,028
2.98% due 10/01/2040 FRS		56,528		60,325
3.00% due 10/01/2027		153,747		160,400
3.00% due 12/01/2027		155,308		162,150
3.00% due 01/01/2028		254,057		265,248
3.00% due 12/01/2042		64,048		64,812
3.00% due 05/01/2043		367,165		371,540
3.00% due December TBA		929,000		939,016
3.50% due 08/01/2026		190,141		201,767

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
3.50% due 08/01/2027	$	28,793	$	30,525
3.50% due 10/01/2028		267,465		284,792
3.50% due 08/01/2042		138,331		144,623
3.50% due 08/01/2043		1,023,081		1,067,643
3.50% due December TBA		1,148,000		1,196,521
4.00% due 09/01/2040		94,957		101,605
4.00% due 12/01/2040		532,010		568,927
4.00% due 10/01/2041		164,523		175,868
4.00% due 11/01/2041		215,325		230,173
4.00% due 01/01/2042		121,244		129,604
4.00% due 10/01/2043		14,894		15,921
4.00% due 12/01/2043		117,167		126,140
4.00% due December TBA		1,696,000		1,810,745
4.50% due 10/01/2024		120,235		130,128
4.50% due 03/01/2025		162,545		173,536
4.50% due 01/01/2039		22,222		24,205
4.50% due 09/01/2039		110,093		119,919
4.50% due 09/01/2040		249,359		271,676
4.50% due 11/01/2040		29,777		32,442
4.50% due 05/01/2041		105,935		115,340
4.50% due 07/01/2041		48,507		52,842
4.50% due December TBA		711,000		772,713
5.00% due 03/15/2016		67,000		71,069
5.00% due 11/01/2033		4,222		4,695
5.00% due 05/01/2040		67,897		75,727
5.00% due 06/01/2040		210,581		234,134
5.00% due 07/01/2040		461,504		511,814
5.50% due 12/01/2029		28,145		31,551
5.50% due 05/01/2034		179,070		201,888
5.50% due 08/01/2037		146,009		163,422
6.00% due 05/01/2017		11,145		11,609
6.00% due 12/01/2033		44,105		50,377
6.00% due 11/01/2038		112,835		128,193
6.00% due 06/01/2040		6,949		7,876
6.50% due 02/01/2017		7,648		7,922
7.50% due 06/01/2015		779		785
Fannie Mae Connecticut Avenue Securities FRS Series 2014-C01, Class M1 1.76% due 01/25/2024(5)		57,388		57,186
Series 2013-C01, Class M1
2.16% due 10/25/2023(5)		133,079		133,705
Federal National Mtg. Assoc., REMIC Series 2011-117, Class MA 2.00% due 08/25/2040(5)		99,887		100,406
				12,309,562
Government National Mtg. Assoc. — 0.0%
4.00% due 03/20/2044		31,384		33,703
6.00% due 02/15/2029		3,086		3,495
6.00% due 06/15/2029		9,465		10,998
				48,196
Tennessee Valley Authority — 0.0%
1.75% due 10/15/2018		50,000		50,818
Total U.S. Government Agencies
(cost $16,204,960)				16,373,982
U.S. GOVERNMENT TREASURIES — 0.5%
United States Treasury Bonds — 0.1%
3.38% due 05/15/2044		158,000		172,257
3.63% due 02/15/2044		81,000		92,416
4.50% due 02/15/2036		27,000		35,047
				299,720

31

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes — 0.4%
0.07% due 01/31/2016 FRS	$	163,000	$	162,978
0.13% due 04/15/2018 TIPS(7)		222,415		224,657
1.25% due 10/31/2015		16,000		16,164
2.00% due 02/15/2022		48,000		48,247
2.25% due 11/15/2024		127,000		127,635
2.38% due 08/15/2024		103,000		104,658
				684,339
Total U.S. Government Treasuries
(cost $981,185)				984,059
MUNICIPAL BONDS & NOTES — 0.2%
Ohio State University Revenue Bonds Series A 4.80% due 06/01/2111		91,000		96,522
Port Authority of New York & New Jersey Revenue Bonds Series 168 4.93% due 10/01/2051		83,000		92,736
Port Authority of New York & New Jersey Revenue Bonds Series 174 4.46% due 10/01/2062		100,000		101,253
Total Municipal Bonds & Notes
(cost $273,112)				290,511
FOREIGN GOVERNMENT OBLIGATIONS — 0.5%
Banks - Export/Import — 0.1%
Export-Import Bank of China Senior Notes 2.50% due 07/31/2019*		248,000		250,122
Electric - Distribution — 0.1%
Hydro-Quebec Government Guar. Notes 1.38% due 06/19/2017		90,000		90,863
Regional Authority — 0.1%
Province of British Columbia Senior Notes 2.85% due 06/15/2015		89,000		90,275
Sovereign — 0.2%
Government of Canada Senior Notes 0.88% due 02/14/2017		91,000		91,405
Republic of Portugal Notes 5.13% due 10/15/2024*		91,000		95,015
United Mexican States Senior Notes 3.50% due 01/21/2021		149,000		153,768
United Mexican States Senior Notes 4.75% due 03/08/2044		73,000		75,318
				415,506
Total Foreign Government Obligations
(cost $820,282)				846,766
Total Long-Term Investment Securities
(cost $150,647,115)				165,939,726
SHORT-TERM INVESTMENT SECURITIES — 15.3%
Registered Investment Companies — 6.1%
State Street Navigator Securities Lending Prime Portfolio(8)		10,847,789		10,847,789

Security Description	Principal Amount			Value (Note 2)
Time Deposits — 9.0%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014	$	15,995,000		$	15,995,000
U.S. Government Treasuries — 0.2%
United States Treasury Bills Disc. Notes
0.01% due 12/18/2014(9)		115,000			115,000
0.02% due 12/18/2014(9)		145,000			144,998
					259,998
Total Short-Term Investment Securities
(cost $27,102,787)					27,102,787
TOTAL INVESTMENTS
(cost $177,749,902)(10)		108.8	%		193,042,513
Liabilities in excess of other assets		(8.8	)		(15,624,291	)
NET ASSETS		100.0	%	$	177,418,222

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2014, the aggregate value of these securities was $10,342,067 representing 5.8% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Illiquid security. At November 30, 2014, the aggregate value of these securities was $11,041 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) Perpetual maturity — maturity date reflects the next call date.

(4) Commercial Mortgage Backed Security

(5) Collateralized Mortgage Obligation

(6) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2014.

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

(8) At November 30, 2014, the Fund had loaned securities with a total value of $13,753,315. This was secured by collateral of $10,847,789, which was received in cash and subsequently invested in short-term investments currently valued at $10,847,789 as reported in the portfolio of investments. Additional collateral of $3,485,313 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014
United States Treasury Bills	zero coupon	01/22/2015 to 08/20/2015	$2,693
United States Treasury Notes/Bonds	zero coupon to 5.50%	12/15/2014 to 02/15/2044	3,482,620

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

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

ADR—American Depository Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

BR—Bearer Shares

REMIC—Real Estate Mortgage Investment Conduit

TIPS—Treasury Inflation Protected Securities

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

32

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of November 30, 2014 and unless noted otherwise, the dates shown are the original maturity dates.

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2014		Unrealized Appreciation (Depreciation)
	54	Long	Mini MSCI Emerging Market Index		December 2014	$	2,845,962	$	2,695,410	$	(150,552	)
	30	Short	S&P 500 E-Mini Index		December 2014		2,911,047		3,099,450		(188,403	)
										$	(338,955	)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Television	$	8,989	$	—	$	11,020	$	20,009
Other Industries		99,456,403		—		—		99,456,403
Exchange-Traded Funds		13,588,984		—		—		13,588,984
Preferred Securities		563,114		—		—		563,114
Preferred Securities/Capital Securities		—		1,552,119		—		1,552,119
Rights		5,106		—		—		5,106
Asset Backed Securities:
Diversified Financial Services		—		2,773,913		617,982		3,391,895
U.S. Corporate Bonds & Notes:
Recycling		—		—		2		2
Other Industries		—		23,478,887		—		23,478,887
Foreign Corporate Bonds & Notes		—		5,387,889		—		5,387,889
U.S. Government Agencies		—		16,373,982		—		16,373,982
U.S. Government Treasuries		—		984,059		—		984,059
Municipal Bonds & Notes		—		290,511		—		290,511
Foreign Government Obligations		—		846,766		—		846,766
Short-Term Investment Securities:
Registered Investment Companies		10,847,789		—		—		10,847,789
Other Short-Term Investments		—		16,254,998		—		16,254,998
Total Investments at Value	$	124,470,385	$	67,943,124	$	629,004	$	193,042,513
LIABILITIES:
Other Financial Instruments:†
Open Futures Contracts	$	338,955	$	—	$	—	$	338,955

* For a detailed presentation of investments, 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

33

VALIC Company I Blue Chip Growth Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	11.1	%
Web Portals/ISP	7.6
E-Commerce/Products	6.2
E-Commerce/Services	4.1
Medical — Wholesale Drug Distribution	3.7
Finance — Credit Card	3.1
Oil Companies — Exploration & Production	3.0
Medical — Drugs	2.9
Casino Hotels	2.9
Retail — Restaurants	2.7
Diversified Manufacturing Operations	2.6
Commercial Services — Finance	2.6
Internet Content — Entertainment	2.5
Airlines	2.5
Retail — Building Products	2.5
Transport — Rail	2.1
Real Estate Investment Trusts	2.1
Coatings/Paint	1.8
Applications Software	1.8
Metal Processors & Fabrication	1.7
Aerospace/Defense	1.5
Computers	1.4
Investment Management/Advisor Services	1.4
Instruments — Scientific	1.4
Chemicals — Specialty	1.3
Retail — Auto Parts	1.3
Machinery — General Industrial	1.2
Medical Products	1.2
Retail — Drug Store	1.1
Retail — Apparel/Shoe	1.1
Registered Investment Companies	1.0
Diversified Banking Institutions	1.0
Apparel Manufacturers	1.0
Internet Application Software	1.0
Transport — Services	0.9
Medical — Generic Drugs	0.9
Finance — Investment Banker/Broker	0.9
Banks — Fiduciary	0.8
Internet Content — Information/News	0.7
Medical Instruments	0.7
Retail — Discount	0.6
Hotels/Motels	0.6
Data Processing/Management	0.6
Retail — Gardening Products	0.6
Therapeutics	0.6
Finance — Other Services	0.5
Multimedia	0.5
Athletic Footwear	0.5
Computer Services	0.4
Auto — Cars/Light Trucks	0.4
Cosmetics & Toiletries	0.4
Industrial Gases	0.3
Telephone — Integrated	0.3
Insurance Brokers	0.3
Instruments — Controls	0.3
Transport — Truck	0.3
Medical — HMO	0.2
Retail — Automobile	0.2
Chemicals — Diversified	0.2
Entertainment Software	0.2
Computer Software	0.2
Filtration/Separation Products	0.1
Auto/Truck Parts & Equipment — Original	0.1
Machinery — Pumps	0.1
Beverages — Wine/Spirits	0.1
Retail — Jewelry	0.1
Cruise Lines	0.1
Software Tools	0.1
Beverages — Non-alcoholic	0.1

Computer Aided Design	0.1
Motorcycle/Motor Scooter	0.1
Broadcast Services/Program	0.1
	100.6	%

* Calculated as a percentage of net assets

34

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.6%
Aerospace/Defense — 1.5%
Boeing Co.		73,600	$	9,888,896
Airlines — 2.5%
American Airlines Group, Inc.		204,400		9,919,532
Delta Air Lines, Inc.		10,700		499,369
United Continental Holdings, Inc.†		92,900		5,688,267
				16,107,168
Apparel Manufacturers — 1.0%
Hanesbrands, Inc.		36,000		4,165,920
Michael Kors Holdings, Ltd.†		21,100		1,618,581
Ralph Lauren Corp.		700		129,430
VF Corp.		6,300		473,571
				6,387,502
Applications Software — 1.8%
Intuit, Inc.		1,500		140,805
Microsoft Corp.		9,500		454,195
Red Hat, Inc.†		55,500		3,449,325
salesforce.com, Inc.†		125,400		7,507,698
				11,552,023
Athletic Footwear — 0.5%
NIKE, Inc., Class B		29,400		2,919,126
Auto - Cars/Light Trucks — 0.4%
Tesla Motors, Inc.†#		10,500		2,567,460
Auto/Truck Parts & Equipment - Original — 0.1%
Delphi Automotive PLC		12,100		882,695
Banks - Fiduciary — 0.8%
Northern Trust Corp.		10,300		697,619
State Street Corp.		60,700		4,657,511
				5,355,130
Beverages - Non-alcoholic — 0.1%
Monster Beverage Corp.†		3,300		370,095
PepsiCo, Inc.		800		80,080
				450,175
Beverages - Wine/Spirits — 0.1%
Constellation Brands, Inc., Class A†		8,000		771,200
Broadcast Services/Program — 0.1%
Discovery Communications, Inc., Class C†		8,700		295,887
Casino Hotels — 2.9%
Las Vegas Sands Corp.		64,200		4,088,898
MGM Resorts International†		123,200		2,810,192
Wynn Macau, Ltd.		495,600		1,623,263
Wynn Resorts, Ltd.		57,100		10,198,631
				18,720,984
Chemicals - Diversified — 0.2%
PPG Industries, Inc.		5,700		1,247,274
Chemicals - Specialty — 1.3%
Ashland, Inc.		6,100		695,705
Ecolab, Inc.		71,700		7,811,715
				8,507,420
Coatings/Paint — 1.8%
Sherwin-Williams Co.		48,600		11,900,196
Coffee — 0.0%
Keurig Green Mountain, Inc.		1,100		156,354
Commercial Services - Finance — 2.6%
MasterCard, Inc., Class A		193,500		16,890,615

Security Description	Shares		Value (Note 2)
Computer Aided Design — 0.1%
Autodesk, Inc.†		7,000	$	434,000
Computer Services — 0.4%
Cognizant Technology Solutions Corp., Class A†		14,000		755,860
IHS, Inc., Class A†		16,800		2,057,328
				2,813,188
Computer Software — 0.2%
Akamai Technologies, Inc.†		15,800		1,020,838
Computers — 1.4%
Apple, Inc.		79,200		9,419,256
Cosmetics & Toiletries — 0.4%
Estee Lauder Cos., Inc., Class A		32,800		2,431,792
Cruise Lines — 0.1%
Carnival Corp.		11,600		512,256
Data Processing/Management — 0.6%
Fiserv, Inc.†		57,300		4,096,377
Distribution/Wholesale — 0.0%
Fossil Group, Inc.†		1,900		212,268
Diversified Banking Institutions — 1.0%
Citigroup, Inc.		3,000		161,910
Morgan Stanley		178,900		6,293,702
				6,455,612
Diversified Manufacturing Operations — 2.6%
3M Co.		6,600		1,056,594
Danaher Corp.		193,380		16,158,833
				17,215,427
E-Commerce/Products — 6.2%
Alibaba Group Holding, Ltd. ADR†		68,921		7,694,340
Amazon.com, Inc.†		81,500		27,599,160
Vipshop Holdings, Ltd. ADR†		211,000		4,823,460
				40,116,960
E-Commerce/Services — 4.1%
Ctrip.com International, Ltd. ADR†		45,500		2,460,640
Netflix, Inc.†		13,400		4,644,306
Priceline Group, Inc.†		17,000		19,723,230
				26,828,176
Entertainment Software — 0.2%
Electronic Arts, Inc.†		26,800		1,177,324
Filtration/Separation Products — 0.1%
Pall Corp.		9,400		903,434
Finance - Credit Card — 3.1%
American Express Co.		40,100		3,706,042
Visa, Inc., Class A		64,300		16,601,617
				20,307,659
Finance - Investment Banker/Broker — 0.9%
TD Ameritrade Holding Corp.		164,400		5,689,884
Finance - Other Services — 0.5%
Intercontinental Exchange, Inc.		15,000		3,389,850
Hotels/Motels — 0.6%
Hilton Worldwide Holdings, Inc.†		90,859		2,382,323
Marriott International, Inc., Class A		14,390		1,133,788
Starwood Hotels & Resorts Worldwide, Inc.		7,600		600,400
				4,116,511
Industrial Gases — 0.3%
Praxair, Inc.		17,400		2,233,812

35

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Instruments - Controls — 0.3%
Honeywell International, Inc.		17,700	$	1,753,539
Instruments - Scientific — 1.4%
Thermo Fisher Scientific, Inc.		70,100		9,063,229
Insurance Brokers — 0.3%
Marsh & McLennan Cos., Inc.		33,500		1,895,765
Internet Application Software — 1.0%
Tencent Holdings, Ltd.		391,000		6,252,047
Internet Content - Entertainment — 2.5%
Facebook, Inc., Class A†		199,841		15,527,646
Twitter, Inc.†		21,700		905,758
				16,433,404
Internet Content - Information/News — 0.7%
LinkedIn Corp., Class A†		20,200		4,570,654
Investment Management/Advisor Services — 1.4%
Ameriprise Financial, Inc.		32,540		4,287,796
Invesco, Ltd.		119,200		4,810,912
				9,098,708
Machinery - General Industrial — 1.2%
Roper Industries, Inc.		25,600		4,040,192
Wabtec Corp.		45,500		4,026,295
				8,066,487
Machinery - Pumps — 0.1%
Flowserve Corp.		13,800		812,406
Medical Instruments — 0.7%
Intuitive Surgical, Inc.†		8,500		4,401,045
Medical Products — 1.2%
Becton Dickinson and Co.		22,000		3,087,260
Cooper Cos., Inc.		2,500		422,250
Covidien PLC		23,500		2,373,500
Stryker Corp.		21,800		2,025,438
				7,908,448
Medical - Biomedical/Gene — 11.1%
Alexion Pharmaceuticals, Inc.†		70,900		13,818,410
Biogen Idec, Inc.†		48,800		15,015,272
Celgene Corp.†		123,800		14,074,822
Gilead Sciences, Inc.†		229,900		23,063,568
Regeneron Pharmaceuticals, Inc.†		10,000		4,161,100
Vertex Pharmaceuticals, Inc.†		21,700		2,557,996
				72,691,168
Medical - Drugs — 2.9%
AbbVie, Inc.		900		62,280
Allergan, Inc.		57,500		12,298,675
Eli Lilly & Co.		13,400		912,808
Valeant Pharmaceuticals International, Inc.†		39,400		5,730,730
				19,004,493
Medical - Generic Drugs — 0.9%
Actavis PLC†		21,000		5,682,810
Perrigo Co. PLC		400		64,076
				5,746,886
Medical - HMO — 0.2%
Anthem, Inc.		500		63,955
UnitedHealth Group, Inc.		14,600		1,439,998
				1,503,953
Medical - Wholesale Drug Distribution — 3.7%
AmerisourceBergen Corp.		27,000		2,458,350

Security Description	Shares		Value (Note 2)
Medical - Wholesale Drug Distribution (continued)
Cardinal Health, Inc.		41,400	$	3,402,666
McKesson Corp.		87,800		18,504,728
				24,365,744
Metal Processors & Fabrication — 1.7%
Precision Castparts Corp.		45,500		10,824,450
Motorcycle/Motor Scooter — 0.1%
Harley-Davidson, Inc.		5,800		404,144
Multimedia — 0.5%
Time Warner, Inc.		800		68,096
Twenty-First Century Fox, Inc., Class A		4,400		161,920
Walt Disney Co.		33,900		3,136,089
				3,366,105
Oil Companies - Exploration & Production — 3.0%
Cimarex Energy Co.		3,600		377,820
Concho Resources, Inc.†		32,900		3,133,725
Continental Resources, Inc.†#		24,800		1,016,304
EOG Resources, Inc.		1,000		86,720
EQT Corp.		57,500		5,231,350
Pioneer Natural Resources Co.		42,600		6,101,598
Range Resources Corp.		51,128		3,356,553
				19,304,070
Oil - Field Services — 0.0%
Schlumberger, Ltd.		900		77,355
Real Estate Investment Trusts — 2.1%
American Tower Corp.		128,500		13,493,785
Recreational Vehicles — 0.0%
Polaris Industries, Inc.		1,300		203,723
Retail - Apparel/Shoe — 1.1%
L Brands, Inc.		38,300		3,098,470
PVH Corp.		1,300		165,282
Ross Stores, Inc.		39,400		3,604,312
				6,868,064
Retail - Auto Parts — 1.3%
AutoZone, Inc.†		2,100		1,213,191
O’Reilly Automotive, Inc.†		39,200		7,163,408
				8,376,599
Retail - Automobile — 0.2%
CarMax, Inc.†#		24,000		1,367,520
Retail - Building Products — 2.5%
Home Depot, Inc.		67,100		6,669,740
Lowe’s Cos., Inc.		145,900		9,312,797
				15,982,537
Retail - Discount — 0.6%
Costco Wholesale Corp.		29,500		4,192,540
Retail - Drug Store — 1.1%
CVS Health Corp.		55,500		5,070,480
Walgreen Co.		34,100		2,339,601
				7,410,081
Retail - Gardening Products — 0.6%
Tractor Supply Co.		53,200		4,092,676
Retail - Jewelry — 0.1%
Tiffany & Co.		7,000		755,440
Retail - Restaurants — 2.7%
Chipotle Mexican Grill, Inc.†		11,600		7,697,992
Starbucks Corp.		122,500		9,948,225
				17,646,217

36

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Software Tools — 0.1%
VMware, Inc., Class A†		5,800	$	510,168
Telephone - Integrated — 0.3%
SoftBank Corp.		32,200		2,160,686
Therapeutics — 0.6%
Pharmacyclics, Inc.†		28,600		3,986,554
Transport - Rail — 2.1%
Canadian Pacific Railway, Ltd.		16,200		3,129,192
Kansas City Southern		38,800		4,614,872
Union Pacific Corp.		51,500		6,013,655
				13,757,719
Transport - Services — 0.9%
FedEx Corp.		32,600		5,808,668
Transport - Truck — 0.3%
J.B. Hunt Transport Services, Inc.		19,800		1,634,094
Web Portals/ISP — 7.6%
Baidu, Inc. ADR†		68,300		16,741,013
Google, Inc., Class A†		28,300		15,538,964
Google, Inc., Class C†		30,100		16,309,083
NAVER Corp.		1,618		1,104,028
				49,693,088
Total Long-Term Investment Securities
(cost $394,936,088)				649,458,988

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.0%
Registered Investment Companies — 1.0%
State Street Navigator Securities Lending Prime Portfolio(1)		5,111,668		$	5,111,668
T. Rowe Price Reserve Investment Fund		1,745,817			1,745,817
Total Short-Term Investment Securities
(cost $6,857,485)					6,857,485
TOTAL INVESTMENTS
(cost $401,793,573)(2)		100.6	%		656,316,473
Liabilities in excess of other assets		(0.6	)		(4,042,755	)
NET ASSETS		100.0	%	$	652,273,718

† Non-income producing security

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

(1) At November 30, 2014, the Fund had loaned securities with a total value of $4,721,159. This was secured by collateral of $5,111,668, which was received in cash and subsequently invested in short-term investments currently valued at $5,111,668 as reported in the portfolio of investments.

(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, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	649,458,988	$	—	$	—	$	649,458,988
Short-Term Investment Securities		6,857,485		—		—		6,857,485
Total Investments at Value	$	656,316,473	$	—	$	—	$	656,316,473

* For a detailed presentation of investments, 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 Broad Cap Value Income Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Banks — Super Regional	6.9	%
Diversified Banking Institutions	6.5
Electronic Components — Semiconductors	5.9
Medical — Drugs	5.8
Time Deposits	5.5
Aerospace/Defense	3.5
Retail — Discount	3.5
Medical — HMO	3.4
Registered Investment Companies	3.4
Auto/Truck Parts & Equipment — Original	3.3
Finance — Consumer Loans	3.3
Savings & Loans/Thrifts	3.1
Cruise Lines	2.9
Tobacco	2.7
Enterprise Software/Service	2.7
Diversified Manufacturing Operations	2.7
Oil Companies — Exploration & Production	2.6
Finance — Credit Card	2.5
Telephone — Integrated	1.7
Medical Instruments	1.7
Apparel Manufacturers	1.6
Pharmacy Services	1.6
Banks — Fiduciary	1.6
Applications Software	1.6
Medical — Wholesale Drug Distribution	1.6
Tools — Hand Held	1.6
Medical — Generic Drugs	1.5
Building — Residential/Commercial	1.5
Cable/Satellite TV	1.5
Building & Construction Products — Misc.	1.4
Investment Management/Advisor Services	1.4
Building Products — Cement	1.4
Banks — Commercial	1.4
Electric Products — Misc.	1.2
Resorts/Theme Parks	1.2
Machinery — Construction & Mining	1.1
Electric — Integrated	1.1
Chemicals — Diversified	1.0
Oil Companies — Integrated	1.0
Instruments — Controls	1.0
Engineering/R&D Services	0.8
Cellular Telecom	0.8
Finance — Investment Banker/Broker	0.7
Oil & Gas Drilling	0.5
	103.7	%

* Calculated as a percentage of net assets

38

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 94.8%
Aerospace/Defense — 3.5%
General Dynamics Corp.		4,800	$	697,728
Raytheon Co.		5,460		582,582
Spirit AeroSystems Holdings, Inc., Class A†		18,400		793,224
				2,073,534
Apparel Manufacturers — 1.6%
Hanesbrands, Inc.		8,400		972,048
Applications Software — 1.6%
Microsoft Corp.		19,835		948,311
Auto/Truck Parts & Equipment - Original — 3.3%
Delphi Automotive PLC		13,600		992,120
Johnson Controls, Inc.		19,600		980,000
				1,972,120
Banks - Commercial — 1.4%
CIT Group, Inc.		17,000		829,600
Banks - Fiduciary — 1.6%
State Street Corp.		12,410		952,219
Banks - Super Regional — 6.9%
Capital One Financial Corp.		17,625		1,466,400
Fifth Third Bancorp		28,700		577,444
PNC Financial Services Group, Inc.		8,725		763,176
Wells Fargo & Co.		24,145		1,315,419
				4,122,439
Building & Construction Products - Misc. — 1.4%
Owens Corning		24,600		857,064
Building Products - Cement — 1.4%
CRH PLC ADR		35,500		831,055
Building - Residential/Commercial — 1.5%
NVR, Inc.†		699		879,810
Cable/Satellite TV — 1.5%
DIRECTV†		10,000		877,100
Cellular Telecom — 0.8%
Vodafone Group PLC ADR		13,054		477,124
Chemicals - Diversified — 1.0%
FMC Corp.		5,200		282,880
Rockwood Holdings, Inc.		4,100		319,595
				602,475
Cruise Lines — 2.9%
Carnival Corp.		21,800		962,688
Royal Caribbean Cruises, Ltd.		10,200		752,148
				1,714,836
Diversified Banking Institutions — 6.5%
Bank of America Corp.		73,026		1,244,363
Citigroup, Inc.		28,110		1,517,097
JPMorgan Chase & Co.		18,105		1,089,197
				3,850,657
Diversified Manufacturing Operations — 2.7%
Eaton Corp. PLC		10,800		732,564
SPX Corp.		9,500		852,055
				1,584,619
Electric Products - Misc. — 1.2%
Emerson Electric Co.		10,940		697,425
Electric - Integrated — 1.1%
Public Service Enterprise Group, Inc.		15,300		639,234

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors — 5.9%
Fairchild Semiconductor International, Inc.†		46,600	$	751,658
Intel Corp.		24,600		916,350
Microchip Technology, Inc.#		20,300		916,545
Texas Instruments, Inc.		16,420		893,577
				3,478,130
Engineering/R&D Services — 0.8%
KBR, Inc.		29,200		491,728
Enterprise Software/Service — 2.7%
CA, Inc.		23,700		738,255
Oracle Corp.		20,500		869,405
				1,607,660
Finance - Consumer Loans — 3.3%
Navient Corp.		50,105		1,050,201
SLM Corp.		92,605		896,416
				1,946,617
Finance - Credit Card — 2.5%
American Express Co.		8,155		753,685
Discover Financial Services		11,100		727,605
				1,481,290
Finance - Investment Banker/Broker — 0.7%
E*TRADE Financial Corp.†		17,200		392,332
Instruments - Controls — 1.0%
Honeywell International, Inc.		5,800		574,606
Investment Management/Advisor Services — 1.4%
Ameriprise Financial, Inc.		6,500		856,505
Machinery - Construction & Mining — 1.1%
Joy Global, Inc.		13,700		671,848
Medical Instruments — 1.7%
Medtronic, Inc.		13,630		1,006,848
Medical - Drugs — 5.8%
Johnson & Johnson		8,285		896,852
Merck & Co., Inc.		14,000		845,600
Pfizer, Inc.		26,541		826,752
Sanofi ADR		18,600		898,194
				3,467,398
Medical - Generic Drugs — 1.5%
Teva Pharmaceutical Industries, Ltd. ADR		15,600		888,888
Medical - HMO — 3.4%
Anthem, Inc.		5,715		731,006
Cigna Corp.		6,000		617,340
UnitedHealth Group, Inc.		6,920		682,519
				2,030,865
Medical - Wholesale Drug Distribution — 1.6%
Cardinal Health, Inc.		11,500		945,185
Oil & Gas Drilling — 0.5%
Seadrill, Ltd.#		21,400		313,724
Oil Companies - Exploration & Production — 2.6%
ConocoPhillips		9,065		598,925
FMSA Holdings, Inc.†#		28,400		271,504
Occidental Petroleum Corp.		8,365		667,276
				1,537,705
Oil Companies - Integrated — 1.0%
BP PLC ADR		14,635		575,448

39

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Pharmacy Services — 1.6%
Omnicare, Inc.		13,700	$	963,384
Resort/Theme Parks — 1.2%
SeaWorld Entertainment, Inc.		41,600		694,304
Retail - Discount — 3.5%
Target Corp.		14,400		1,065,600
Wal-Mart Stores, Inc.		11,400		997,956
				2,063,556
Savings & Loans/Thrifts — 3.1%
First Niagara Financial Group, Inc.		55,200		450,984
New York Community Bancorp, Inc.#		43,200		686,448
People’s United Financial, Inc.		48,200		712,396
				1,849,828
Telephone - Integrated — 1.7%
Verizon Communications, Inc.		20,338		1,028,900
Tobacco — 2.7%
Altria Group, Inc.		18,370		923,276
Philip Morris International, Inc.		8,200		712,826
				1,636,102
Tools - Hand Held — 1.6%
Stanley Black & Decker, Inc.		9,960		940,622
Total Long-Term Investment Securities
(cost $43,042,393)				56,325,143

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 8.9%
Registered Investment Companies — 3.4%
State Street Navigator Securities Lending Prime Portfolio(1)		2,025,550		$	2,025,550
Time Deposits — 5.5%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014	$	3,234,000			3,234,000
Total Short-Term Investment Securities
(cost $5,259,550)					5,259,550
TOTAL INVESTMENTS
(cost $48,301,943)(2)		103.7	%		61,584,693
Liabilities in excess of other assets		(3.7	)		(2,204,055	)
NET ASSETS		100.0	%	$	59,380,638

† Non-income producing security

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

(1) At November 30, 2014, the Fund had loaned securities with a total value of $1,937,749. This was secured by collateral of $2,025,550, which was received in cash and subsequently invested in short-term investments currently valued at $2,025,550 as reported in the portfolio of investments.

(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, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	56,325,143	$	—	$	—	$	56,325,143
Short-Term Investment Securities:
Registered Investment Companies		2,025,550		—		—		2,025,550
Time Deposits		—		3,234,000		—		3,234,000
Total Investments at Value	$	58,350,693	$	3,234,000	$	—	$	61,584,693

* For a detailed presentation of investments, 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

40

VALIC Company I Capital Conservation Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	24.8	%
United States Treasury Notes	23.7
Time Deposits	12.8
Federal Home Loan Mtg. Corp.	9.8
Diversified Financial Services	6.2
Banks — Commercial	4.2
United States Treasury Bonds	3.8
Diversified Banking Institutions	3.5
Pipelines	1.1
Electric — Integrated	1.1
Sovereign	0.9
Telephone — Integrated	0.9
Oil Companies — Exploration & Production	0.9
Paper & Related Products	0.8
Insurance — Life/Health	0.7
Savings & Loans/Thrifts	0.7
Insurance — Multi-line	0.6
Diversified Manufacturing Operations	0.6
Medical — Generic Drugs	0.5
Oil Companies — Integrated	0.5
Retail — Drug Store	0.5
Auto — Cars/Light Trucks	0.5
Machinery — Farming	0.4
Medical Labs & Testing Services	0.4
Registered Investment Companies	0.4
Advertising Agencies	0.4
Banks — Super Regional	0.4
Aerospace/Defense	0.4
Municipal Bonds & Notes	0.4
Medical — Biomedical/Gene	0.3
Cable/Satellite TV	0.3
Brewery	0.3
Finance — Other Services	0.3
Chemicals — Specialty	0.3
Special Purpose Entities	0.3
Banks — Fiduciary	0.2
Schools	0.2
Oil & Gas Drilling	0.2
Banks — Export/Import	0.2
Insurance — Mutual	0.2
Steel Pipe & Tube	0.2
Tools — Hand Held	0.2
Office Automation & Equipment	0.2
Beverages — Non-alcoholic	0.2
Metal — Copper	0.2
Real Estate Investment Trusts	0.2
Medical — Drugs	0.2
Medical Products	0.2
E-Commerce/Products	0.2
Oil — Field Services	0.2
Electric — Distribution	0.2
Computers	0.1
Auto — Heavy Duty Trucks	0.1
Federal Home Loan Bank	0.1
Telecom Services	0.1
Finance — Credit Card	0.1
Regional Authority	0.1
Food — Wholesale/Distribution	0.1
Security Services	0.1
SupraNational Banks	0.1
Finance — Consumer Loans	0.1
Food — Misc./Diversified	0.1
Electronic Components — Semiconductors	0.1
Gold Mining	0.1
Banks — Money Center	0.1
Multimedia	0.1
Networking Products	0.1
Retail — Discount	0.1
Diversified Minerals	0.1

Retail — Mail Order	0.1
Petrochemicals	0.1
Computers — Memory Devices	0.1
Cosmetics & Toiletries	0.1
Broadcast Services/Program	0.1
Steel — Specialty	0.1
Real Estate Management/Services	0.1
Finance — Auto Loans	0.1
Tennessee Valley Authority	0.1
Electric — Generation	0.1
	109.7	%

Credit Quality†#

Aaa	67.8	%
Aa	3.8
A	9.8
Baa	13.6
Ba	2.1
Not Rated@	2.9
	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.

41

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 5.4%
Diversified Financial Services — 5.4%
American Express Credit Account Master Trust Series 2014-3, Class A 1.49% due 04/15/2020	$	102,000	$	102,562
Applebee’s/IHOP Funding LLC Series 2014-1, Class A2 4.28% due 09/05/2044*		185,000		185,824
Avis Budget Rental Car Funding AESOP LLC Series 2014-1A, Class A 2.46% due 07/20/2020*		252,000		254,616
Capital Auto Receivables Asset Trust Series 2013-2, Class A3 1.24% due 10/20/2017		446,000		448,741
Chase Issuance Trust FRS Series 2014-A5, Class A5 0.52% due 04/15/2021		228,000		228,435
Citibank Credit Card Issuance Trust Series 2014-A2, Class A2 1.02% due 02/22/2019		343,000		342,966
Citibank Credit Card Issuance Trust Series 2014-A8, Class A8 1.73% due 04/09/2020		196,000		197,239
Citibank Credit Card Issuance Trust Series 2014-A1, Class A1 2.88% due 01/23/2023		323,000		332,797
Citigroup Commercial Mtg. Trust Series 2014-GC23, Class A2 2.85% due 07/10/2047(1)		420,000		434,575
Citigroup Commercial Mtg. Trust Series 2013-GC17, Class A2 2.96% due 11/10/2046(1)		216,000		224,731
CLI Funding LLC Series 2014-2A, Class A 3.38% due 10/18/2029*		320,308		322,717
Commercial Mtg. Trust Series 2014-UBS2, Class A2 2.82% due 03/10/2047(1)		219,000		226,116
Commercial Mtg. Trust Series 2014-CR20, Class A4 3.59% due 11/10/2047(1)		191,000		198,281
Domino’s Pizza Master Issuer LLC Series 2012-1A, Class A2 5.22% due 01/25/2042*		281,179		298,336
Ford Credit Auto Owner Trust Series 2014-C,Class B 1.97% due 04/15/2020		705,000		706,796
Ford Credit Floorplan Master Owner Trust Series 2014-4, Class A1 1.40% due 08/15/2019		361,000		362,002
GS Mtg. Securities Corp. II Series 2012-GCJ9, Class A2 1.76% due 11/10/2045(1)		192,000		193,599
JPMBB Commercial Mtg. Securities Trust Series 2013-C15, Class A 2.98% due 11/15/2045(1)		206,000		214,333
LB-UBS Commercial Mtg. Trust Series 2007-C1, Class A4 5.42% due 02/15/2040(1)		972,812		1,047,673
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class A2 1.97% due 08/15/2045(1)		245,871		249,824
Nissan Auto Lease Trust Series 2014-A, Class A4 1.04% due 10/15/2019		375,000		375,536

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
NRP Mtg. Trust VRS Series 2013-1, Class A1 3.25% due 07/25/2043*(2)	$	507,521	$	507,983
Santander Drive Auto Receivables Trust Series 2014-5, Class C 2.46% due 06/15/2020		282,000		282,721
Sierra Timeshare 2014-2 Receivables Funding LLC Series 2014-2A, Class A 2.05% due 06/20/2031*		180,005		181,209
TAL Advantage V LLC Series 2013-2A, Class A 3.55% due 11/20/2038*		208,800		212,135
UBS-Barclays Commercial Mtg. Trust Series 2012-C2, Class A2 2.11% due 05/10/2063(1)		640,774		653,059
Wachovia Bank Commercial Mtg. Trust VRS Series 2006-C23, Class AM 5.47% due 01/15/2045(1)		1,000,000		1,046,208
Wachovia Bank Commercial Mtg. Trust VRS Series 2006-C26, Class AM 6.17% due 06/15/2045(1)		1,000,000		1,062,416
WF-RBS Commercial Mtg. Trust Series 2012-C8, Class A2 1.88% due 08/15/2045(1)		385,768		390,949
WF-RBS Commercial Mtg. Trust Series 2014-C21, Class A2 2.92% due 08/15/2047(1)		251,000		260,015
WF-RBS Commercial Mtg. Trust Series 2014-C25, Class A2 2.93% due 11/15/2047(1)(5)		900,000		926,974
WF-RBS Commercial Mtg. Trust Series 2014-A5, Class C24 3.61% due 11/15/2047(1)		184,000		191,446
Total Asset Backed Securities
(cost $12,738,057)				12,662,814
U.S. CORPORATE BONDS & NOTES — 18.8%
Advertising Agencies — 0.4%
Interpublic Group of Cos., Inc. Senior Notes 3.75% due 02/15/2023		620,000		618,077
Interpublic Group of Cos., Inc. Senior Notes 4.20% due 04/15/2024		126,000		128,107
Omnicom Group, Inc. Company Guar. Notes 3.65% due 11/01/2024		150,000		150,684
				896,868
Aerospace/Defense — 0.4%
BAE Systems Holdings, Inc. Company Guar. Notes 3.80% due 10/07/2024*		210,000		214,959
BAE Systems Holdings, Inc. Company Guar. Notes 4.75% due 10/07/2044*		151,000		154,806
Boeing Co. Senior Notes 0.95% due 05/15/2018		302,000		296,184
Raytheon Co. Senior Notes 4.20% due 12/15/2044		172,000		175,264
				841,213

42

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Auto - Cars/Light Trucks — 0.5%
American Honda Finance Corp. Senior Notes 1.20% due 07/14/2017	$	305,000	$	305,216
Daimler Finance North America LLC Company Guar. Notes 1.38% due 08/01/2017*		393,000		392,974
Daimler Finance North America LLC Company Guar. Notes 2.63% due 09/15/2016*		461,000		473,891
				1,172,081
Auto - Heavy Duty Trucks — 0.1%
PACCAR Financial Corp. Senior Notes 2.20% due 09/15/2019		335,000		337,937
Banks - Commercial — 1.1%
Associated Banc-Corp Senior Notes 2.75% due 11/15/2019		134,000		134,386
Fifth Third Bank Senior Notes 2.88% due 10/01/2021		621,000		622,239
First Tennessee Bank NA Senior Notes 2.95% due 12/01/2019		258,000		259,156
MUFG Union Bank NA Senior Notes 3.00% due 06/06/2016		810,000		833,891
PNC Bank NA Senior Notes 1.13% due 01/27/2017		650,000		651,895
Zions Bancorporation Senior Notes 4.50% due 06/13/2023		28,000		29,533
				2,531,100
Banks - Fiduciary — 0.2%
Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*		540,000		556,206
Banks - Super Regional — 0.3%
Comerica, Inc. Senior Notes 2.13% due 05/23/2019		144,000		143,715
Wells Fargo & Co Senior Notes 1.40% due 09/08/2017		644,000		646,049
				789,764
Brewery — 0.2%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 0.80% due 07/15/2015		507,000		508,176
Broadcast Services/Program — 0.1%
Scripps Networks Interactive, Inc. Senior Notes 2.75% due 11/15/2019		175,000		176,742
Cable/Satellite TV — 0.3%
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. Company Guar. Notes 6.35% due 03/15/2040		190,000		224,465

Security Description	Principal Amount		Value (Note 2)
Cable/Satellite TV (continued)
Time Warner Cable, Inc. Company Guar. Notes 4.50% due 09/15/2042	$	159,000	$	159,653
Time Warner Cable, Inc. Company Guar. Notes 6.55% due 05/01/2037		75,000		95,333
Time Warner Cable, Inc. Company Guar. Notes 7.30% due 07/01/2038		195,000		263,746
				743,197
Chemicals - Specialty — 0.3%
Albemarle Corp. Company Guar. Notes 3.00% due 12/01/2019		124,000		124,782
Albemarle Corp. Company Guar. Notes 4.15% due 12/01/2024		134,000		136,656
Albemarle Corp. Company Guar. Notes 5.45% due 12/01/2044		172,000		178,481
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034		179,000		236,365
				676,284
Computers — 0.1%
Hewlett-Packard Co. Senior Notes 6.00% due 09/15/2041		322,000		357,551
Cosmetics & Toiletries — 0.1%
Procter & Gamble Co. Senior Notes 1.90% due 11/01/2019		176,000		176,851
Diversified Banking Institutions — 2.6%
Bank of America Corp. Senior Notes 2.60% due 01/15/2019		378,000		383,295
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		1,016,000		1,158,449
Goldman Sachs Group, Inc. Senior Notes 2.55% due 10/23/2019		310,000		309,761
Goldman Sachs Group, Inc. Senior Notes 4.80% due 07/08/2044		29,000		30,361
Goldman Sachs Group, Inc. Senior Notes 5.25% due 07/27/2021		274,000		308,991
Goldman Sachs Group, Inc. Senior Notes 6.13% due 02/15/2033		261,000		320,173
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		726,000		899,041
JPMorgan Chase & Co. Senior Notes 2.20% due 10/22/2019		399,000		397,499
JPMorgan Chase & Co. Senior Notes 3.25% due 09/23/2022		309,000		312,745
Merrill Lynch & Co., Inc. Sub. Notes 6.11% due 01/29/2037		334,000		395,876

43

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Morgan Stanley Sub. Notes 4.10% due 05/22/2023	$	892,000	$	909,128
Morgan Stanley Sub. Notes 4.35% due 09/08/2026		147,000		149,039
Morgan Stanley Senior Notes 4.75% due 03/22/2017		423,000		454,270
NationsBank Corp. Sub. Notes 7.25% due 10/15/2025		44,000		54,899
				6,083,527
Diversified Financial Services — 0.7%
General Electric Capital Corp. Senior Notes 1.50% due 07/12/2016		399,000		404,398
General Electric Capital Corp. Senior Notes 5.88% due 01/14/2038		725,000		900,545
USAA Capital Corp. Senior Notes 2.13% due 06/03/2019*		359,000		360,127
				1,665,070
Diversified Manufacturing Operations — 0.6%
General Electric Co. Senior Notes 2.70% due 10/09/2022		262,000		260,823
Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 5.75% due 06/15/2043		481,000		569,113
Parker-Hannifin Corp. Senior Notes 4.45% due 11/21/2044		172,000		179,268
Textron, Inc. Senior Notes 4.63% due 09/21/2016		305,000		323,525
				1,332,729
Electric - Integrated — 0.9%
Consolidated Edison Co. of New York, Inc. Senior Notes 4.63% due 12/01/2054#		172,000		180,508
Dominion Gas Holdings LLC Senior Notes 4.80% due 11/01/2043		109,000		116,673
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		326,000		373,778
Entergy Louisiana LLC 1st Mtg. Bonds 4.95% due 01/15/2045		172,000		173,770
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		262,000		317,705
FirstEnergy Transmission LLC Senior Notes 5.45% due 07/15/2044*		240,000		253,246
Georgia Power Co. Senior Notes 3.00% due 04/15/2016		112,000		115,500
Southern California Edison Co. 1st. Mtg. Bonds 1.13% due 05/01/2017		310,000		309,977

Security Description	Principal Amount		Value (Note 2)
Electric - Integrated (continued)
Southern Co. Senior Notes 1.30% due 08/15/2017	$	259,000	$	258,796
				2,099,953
Electronic Components - Semiconductors — 0.1%
Intel Corp. Senior Notes 1.35% due 12/15/2017		249,000		248,799
Finance - Auto Loans — 0.1%
Ford Motor Credit Co. LLC Senior Notes 1.50% due 01/17/2017		163,000		162,619
Finance - Consumer Loans — 0.1%
Synchrony Financial Senior Notes 4.25% due 08/15/2024		253,000		258,457
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		89,000		13,016
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(3)		87,000		9
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(3)		112,000		11
				13,036
Finance - Other Services — 0.2%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 1.10% due 01/27/2017		478,000		478,176
Food - Misc./Diversified — 0.1%
Mondelez International, Inc. Senior Notes 6.50% due 02/09/2040		192,000		250,585
Food - Wholesale/Distribution — 0.1%
Sysco Corp. Company Guar. Notes 3.50% due 10/02/2024		267,000		274,146
Insurance - Life/Health — 0.4%
Pacific LifeCorp Senior Notes 6.00% due 02/10/2020*		185,000		211,926
Pricoa Global Funding I Sec. Notes 1.35% due 08/18/2017*		320,000		320,446
Principal Financial Group, Inc. Company Guar. Notes 1.85% due 11/15/2017		117,000		117,587
Principal Life Global Funding II Senior Sec. Notes 1.00% due 12/11/2015*		313,000		314,716
				964,675
Insurance - Multi-line — 0.4%
Assurant, Inc. Senior Notes 6.75% due 02/15/2034		477,000		588,671

44

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance - Multi-line (continued)
Metropolitan Life Global Funding I Senior Sec. Notes 2.50% due 09/29/2015*	$	332,000	$	337,523
				926,194
Insurance - Mutual — 0.2%
New York Life Global Funding Sec. Notes 1.65% due 05/15/2017*		453,000		458,430
Machinery - Farming — 0.4%
John Deere Capital Corp. Senior Notes 1.13% due 06/12/2017		584,000		585,053
John Deere Capital Corp. Senior Notes 1.55% due 12/15/2017		429,000		430,355
				1,015,408
Medical Labs & Testing Services — 0.4%
Roche Holdings, Inc. Company Guar. Notes 1.35% due 09/29/2017*		441,000		442,128
Roche Holdings, Inc. Company Guar. Notes 2.25% due 09/30/2019*		548,000		551,896
				994,024
Medical Products — 0.2%
Becton Dickinson and Co. Senior Notes 3.13% due 11/08/2021		56,000		56,108
Becton Dickinson and Co. Senior Notes 7.00% due 08/01/2027		268,000		350,570
				406,678
Medical - Biomedical/Gene — 0.3%
Gilead Sciences, Inc. Senior Notes 2.35% due 02/01/2020		145,000		146,748
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		243,000		250,307
Gilead Sciences, Inc. Senior Notes 4.50% due 02/01/2045		357,000		373,854
				770,909
Medical - Generic Drugs — 0.2%
Mylan, Inc. Company Guar. Notes 7.88% due 07/15/2020*		519,000		557,523
Metal - Copper — 0.2%
Freeport-McMoRan, Inc. Company Guar. Notes 2.30% due 11/14/2017		230,000		231,401
Freeport-McMoRan, Inc. Company Guar. Notes 5.40% due 11/14/2034		177,000		179,802
				411,203

Security Description	Principal Amount		Value (Note 2)
Multimedia — 0.1%
Time Warner Entertainment Co. LP Company Guar. Notes 8.38% due 07/15/2033	$	159,000	$	235,232
Networking Products — 0.1%
Cisco Systems, Inc. Senior Notes 2.13% due 03/01/2019		228,000		229,600
Office Automation & Equipment — 0.2%
Pitney Bowes, Inc. Senior Notes 4.63% due 03/15/2024		407,000		415,470
Oil Companies - Exploration & Production — 0.8%
Anadarko Petroleum Corp. Senior Notes 6.45% due 09/15/2036		744,000		906,536
Hess Corp. Senior Notes 5.60% due 02/15/2041		338,000		372,216
Hess Corp. Senior Notes 7.88% due 10/01/2029		154,000		205,110
Noble Energy, Inc. Senior Notes 3.90% due 11/15/2024		148,000		148,678
Noble Energy, Inc. Senior Notes 5.05% due 11/15/2044		130,000		131,665
				1,764,205
Oil - Field Services — 0.2%
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. Company Guar. Notes 6.63% due 05/01/2021		126,000		137,813
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. Company Guar. Notes 6.75% due 02/01/2022		210,000		234,412
				372,225
Paper & Related Products — 0.8%
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		488,000		538,576
Georgia-Pacific LLC Senior Notes 3.60% due 03/01/2025*		425,000		429,516
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		368,000		382,863
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*		366,000		416,292
				1,767,247
Pipelines — 1.1%
El Paso Pipeline Partners Operating Co. LLC Company Guar. Notes 4.70% due 11/01/2042		131,000		118,397
El Paso Pipeline Partners Operating Co. LLC Company Guar. Notes 6.50% due 04/01/2020		892,000		1,023,248
Energy Transfer Partners LP Senior Notes 6.63% due 10/15/2036		371,000		427,906

45

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Enterprise Products Operating LLC Company Guar. Notes 3.75% due 02/15/2025	$	167,000	$	169,732
Kinder Morgan, Inc. Company Guar. Notes 4.30% due 06/01/2025		167,000		168,054
Kinder Morgan, Inc. Company Guar. Notes 5.30% due 12/01/2034		172,000		175,263
Kinder Morgan, Inc. Company Guar. Notes 5.55% due 06/01/2045		241,000		244,904
Sunoco Logistics Partners Operations LP Company Guar. Notes 5.35% due 05/15/2045		166,000		171,072
				2,498,576
Real Estate Investment Trusts — 0.2%
HCP, Inc. Senior Notes 3.75% due 02/01/2016		160,000		165,267
Omega Healthcare Investors, Inc. Company Guar. Notes 4.95% due 04/01/2024		239,000		244,856
				410,123
Real Estate Management/Services — 0.1%
American Campus Communities Operating Partnership LP Company Guar. Notes 4.13% due 07/01/2024		168,000		170,358
Retail - Discount — 0.1%
Dollar General Corp. Company Guar. Notes 4.13% due 07/15/2017		215,000		223,501
Retail - Drug Store — 0.5%
CVS Pass-Through Trust Pass Through Certs. 4.70% due 01/10/2036*		133,979		144,852
CVS Pass-Through Trust Pass Through Certs. 5.77% due 01/10/2033*		153,533		178,105
CVS Pass-Through Trust Pass Through Certs. 5.93% due 01/10/2034*		150,000		176,916
Walgreens Boots Alliance, Inc. Company Guar. Notes 3.80% due 11/18/2024		322,000		328,851
Walgreens Boots Alliance, Inc. Company Guar. Notes 4.80% due 11/18/2044		330,000		347,250
				1,175,974
Retail - Mail Order — 0.1%
QVC, Inc. Senior Sec. Notes 5.45% due 08/15/2034*		224,000		216,924
Savings & Loans/Thrifts — 0.7%
Astoria Financial Corp. Senior Notes 5.00% due 06/19/2017		363,000		388,826
First Niagara Financial Group, Inc. Senior Notes 6.75% due 03/19/2020		791,000		887,729

Security Description	Principal Amount		Value (Note 2)
Savings & Loans/Thrifts (continued)
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021	$	400,000	$	454,234
				1,730,789
Schools — 0.2%
Northwestern University Notes 4.20% due 12/01/2047		225,000		235,884
President and Fellows of Harvard College Notes 3.62% due 10/01/2037		113,000		111,137
University of Pennsylvania Senior Notes 4.67% due 09/01/2112		180,000		187,325
				534,346
Security Services — 0.1%
ADT Corp. Senior Notes 3.50% due 07/15/2022		311,000		272,125
Special Purpose Entities — 0.3%
MassMutual Global Funding II Senior Sec. Notes 2.00% due 04/05/2017*		435,000		443,483
MassMutual Global Funding II Senior Sec. Notes 2.50% due 10/17/2022*		162,000		157,758
				601,241
Steel Pipe & Tube — 0.2%
Valmont Industries, Inc. Company Guar. Notes 5.00% due 10/01/2044		141,000		139,721
Valmont Industries, Inc. Company Guar. Notes 5.25% due 10/01/2054		303,000		299,543
				439,264
Steel - Specialty — 0.1%
Allegheny Technologies, Inc. Senior Notes 5.95% due 01/15/2021		175,000		176,512
Telephone - Integrated — 0.6%
Verizon Communications, Inc. Senior Notes 3.00% due 11/01/2021		313,000		313,931
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		326,000		323,801
Verizon Communications, Inc. Senior Notes 4.50% due 09/15/2020		30,000		32,836
Verizon Communications, Inc. Senior Notes 4.86% due 08/21/2046*		371,000		386,788
Verizon Communications, Inc. Senior Notes 6.40% due 09/15/2033		196,000		242,619
				1,299,975
Total U.S. Corporate Bonds & Notes
(cost $42,617,160)				43,669,798

46

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 6.6%
Banks - Commercial — 3.0%
Abbey National Treasury Services PLC Company Guar. Notes 1.38% due 03/13/2017	$	293,000	$	293,672
ANZ New Zealand Int’l, Ltd. Company Guar. Notes 1.13% due 03/24/2016*		760,000		764,295
Bank of Tokyo-Mitsubishi UFJ, Ltd. Senior Notes 1.45% due 09/08/2017*		324,000		323,017
BPCE SA Sub. Notes 4.50% due 03/15/2025*		314,000		309,176
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Senior Notes 2.25% due 01/14/2019		282,000		286,520
Credit Suisse Senior Notes 1.38% due 05/26/2017		596,000		596,767
Credit Suisse Sub. Notes 5.40% due 01/14/2020		466,000		524,486
DBS Group Holdings, Ltd. Senior Notes 2.25% due 07/16/2019*		672,000		675,510
ING Bank NV Senior Notes 4.00% due 03/15/2016*		557,000		578,769
Intesa Sanpaolo SpA Sub. Notes 5.02% due 06/26/2024*		480,000		478,298
Kookmin Bank Senior Notes 1.63% due 07/14/2017*		783,000		782,048
Macquarie Bank, Ltd. Senior Notes 2.60% due 06/24/2019*		151,000		153,069
National Australia Bank Ltd. Senior Notes 2.75% due 03/09/2017		506,000		523,627
National Bank of Canada Company Guar. Notes 1.45% due 11/07/2017		650,000		646,808
				6,936,062
Banks - Money Center — 0.1%
Mizuho Bank, Ltd. Company Guar. Notes 2.45% due 04/16/2019*		239,000		239,968
Beverages - Non-alcoholic — 0.2%
Coca-Cola Femsa SAB de CV Company Guar. Notes 2.38% due 11/26/2018		410,000		413,485
Brewery — 0.1%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 1.38% due 07/15/2017		200,000		200,526
Computers - Memory Devices — 0.1%
Seagate HDD Cayman Company Guar. Notes 5.75% due 12/01/2034*		172,000		179,232
Diversified Banking Institutions — 0.6%
Deutsche Bank AG Senior Notes 1.35% due 05/30/2017		573,000		572,134

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Royal Bank of Scotland Group PLC Sub. Notes 6.10% due 06/10/2023	$	196,000	$	213,304
UBS AG Senior Notes 1.38% due 08/14/2017		489,000		487,452
UBS AG Sub. Notes 5.13% due 05/15/2024		223,000		223,027
				1,495,917
Diversified Financial Services — 0.1%
Hyundai Capital Services, Inc. Senior Notes 6.00% due 05/05/2015*		373,000		381,081
Diversified Manufacturing Operations — 0.0%
Ingersoll-Rand Luxembourg Finance SA Company Guar. Notes 4.65% due 11/01/2044		98,000		98,724
Diversified Minerals — 0.1%
Anglo American Capital PLC Company Guar. Notes 4.13% due 04/15/2021*		218,000		221,890
E-Commerce/Products — 0.2%
Alibaba Group Holding, Ltd. Company Guar. Notes 2.50% due 11/28/2019*		404,000		403,405
Electric - Generation — 0.1%
Electricite de France SA Senior Notes 6.00% due 01/22/2114*		122,000		138,568
Gold Mining — 0.1%
Goldcorp, Inc. Senior Notes 5.45% due 06/09/2044		165,000		164,550
Kinross Gold Corp. Company Guar. Notes 5.95% due 03/15/2024*		88,000		84,103
				248,653
Insurance - Life/Health — 0.1%
AIA Group, Ltd. Senior Notes 2.25% due 03/11/2019*		250,000		249,778
Medical - Drugs — 0.2%
Takeda Pharmaceutical Co., Ltd. Senior Notes 1.63% due 03/17/2017*		404,000		407,659
Medical - Generic Drugs — 0.3%
Perrigo Finance PLC Company Guar. Notes 3.50% due 12/15/2021		237,000		238,679
Perrigo Finance PLC Company Guar. Notes 3.90% due 12/15/2024		216,000		217,864
Perrigo Finance PLC Company Guar. Notes 4.90% due 12/15/2044		207,000		211,611
				668,154

47

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil & Gas Drilling — 0.2%
Ensco PLC Senior Notes 5.75% due 10/01/2044#	$	127,000	$	132,407
Transocean, Inc. Company Guar. Notes 3.80% due 10/15/2022#		72,000		62,160
Transocean, Inc. Company Guar. Notes 6.38% due 12/15/2021#		166,000		165,357
Transocean, Inc. Company Guar. Notes 7.50% due 04/15/2031		157,000		154,534
				514,458
Oil Companies - Exploration & Production — 0.1%
Talisman Energy, Inc. Senior Notes 5.50% due 05/15/2042		189,000		174,715
Oil Companies - Integrated — 0.5%
BP Capital Markets PLC Company Guar. Notes 1.38% due 11/06/2017		475,000		473,004
BP Capital Markets PLC Company Guar. Notes 2.25% due 11/01/2016		350,000		358,663
BP Capital Markets PLC Company Guar. Notes 3.54% due 11/04/2024		167,000		166,875
Petrobras Global Finance BV Company Guar. Notes 7.25% due 03/17/2044		158,000		164,434
Petroleos Mexicanos Company Guar. Notes 5.50% due 06/27/2044		22,000		22,660
				1,185,636
Petrochemicals — 0.1%
Mexichem SAB de CV Company Guar. Notes 5.88% due 09/17/2044*		219,000		214,620
SupraNational Banks — 0.1%
North American Development Bank Senior Notes 2.30% due 10/10/2018		257,000		261,444
Telephone - Integrated — 0.3%
Telecom Italia Capital SA Company Guar. Notes 7.18% due 06/18/2019		212,000		241,680
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		423,000		477,990
				719,670
Total Foreign Corporate Bonds & Notes
(cost $15,297,625)				15,353,645
MUNICIPAL BONDS & NOTES — 0.4%
Ohio State University Revenue Bonds Series A 4.80% due 06/01/2111		241,000		255,624
Port Authority of New York & New Jersey Revenue Bonds Series 168 4.93% due 10/01/2051		216,000		241,337
Port Authority of New York & New Jersey Revenue Bonds Series 174 4.46% due 10/01/2062		335,000		339,197
Total Municipal Bonds & Notes
(cost $789,651)				836,158

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 34.8%
Federal Home Loan Bank — 0.1%
5.50% due 07/15/2036	$	250,000	$	336,194
Federal Home Loan Mtg. Corp. — 9.8%
1.89% due 02/01/2037 FRS		113,313		119,337
2.50% due 01/01/2028		407,997		418,133
2.50% due 04/01/2028		963,790		986,558
3.00% due 08/01/2027		766,888		800,165
3.00% due 10/01/2042		826,281		836,961
3.00% due 11/01/2042		1,389,090		1,406,674
3.00% due 02/01/2043		457,628		463,294
3.00% due 04/01/2043		895,502		906,519
3.00% due 05/01/2043		1,393,153		1,411,156
3.00% due 08/01/2043		941,404		952,695
3.50% due 11/01/2041		1,086,866		1,133,334
3.50% due 03/01/2042		314,617		327,985
3.50% due 04/01/2042		1,764,545		1,839,875
3.50% due 06/01/2042		2,357,570		2,457,015
3.50% due 08/01/2042		420,890		439,162
4.00% due 09/01/2040		167,393		178,711
4.50% due 01/01/2039		36,626		39,772
4.50% due 06/01/2040		1,208,976		1,330,826
4.50% due 06/01/2041		1,441,070		1,565,625
5.00% due 10/01/2033		2,483		2,749
5.00% due 06/01/2039		704,251		786,601
5.00% due 07/01/2040		1,275,209		1,418,029
5.50% due 11/01/2018		56,972		60,552
5.50% due 02/01/2035		241,988		270,209
6.00% due 10/01/2033		182,511		208,237
6.00% due 03/01/2040		1,705		1,932
6.50% due 02/01/2035		8,033		9,139
6.50% due 01/01/2036		23,046		26,220
6.75% due 09/15/2029		500,000		728,136
6.75% due 03/15/2031		250,000		369,150
7.00% due 11/01/2016		3,236		3,332
Federal Home Loan Mtg. Corp.
Structured Agency Credit Risk FRS Series 2014-DN2, Class M2
1.81% due 04/25/2024(2)		253,000		242,588
Series 2014-HQ1, Class M1
1.81% due 08/25/2024 FRS(2)		494,532		494,224
Series 2014-DN1, Class M2
2.36% due 02/25/2024(2)		461,000		453,296
Federal Home Loan Mtg. Corp., REMIC Series 3964, Class MD 2.00% due 01/15/2041(2)		68,624		67,983
Series 3572, Class JS
6.65% due 09/15/2039 FRS(2)(4)		631,249		104,112
				22,860,286
Federal National Mtg. Assoc. — 24.8%
2.11% due 05/01/2037 FRS		214,659		228,182
2.38% due 11/01/2036 FRS		425,158		454,959
2.43% due 08/01/2035 FRS		471,019		506,455
2.50% due 04/01/2028		1,369,442		1,400,710
2.98% due 10/01/2040 FRS		255,571		272,739
3.00% due 10/01/2027		192,184		200,500
3.00% due 12/01/2027		1,553,076		1,621,501
3.00% due 01/01/2028		1,693,715		1,768,323
3.00% due 03/01/2042		465,173		471,263
3.00% due 12/01/2042		1,041,731		1,054,361
3.00% due December TBA		6,786,000		6,868,783
3.50% due 08/01/2026		345,710		366,849
3.50% due 09/01/2026		99,850		106,094
3.50% due 08/01/2027		179,760		190,578
3.50% due 10/01/2028		891,551		949,308
3.50% due 12/01/2041		733,699		767,038
3.50% due 06/01/2042		500,995		523,214

48

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
3.50% due 07/01/2042	$	126,227	$	129,934
3.50% due 08/01/2042		1,201,373		1,246,141
3.50% due 08/01/2043		932,241		972,847
3.50% due December TBA		6,067,000		6,330,253
4.00% due 04/01/2039		344,811		368,588
4.00% due 07/01/2040		245,643		264,226
4.00% due 09/01/2040		178,602		191,086
4.00% due 10/01/2040		180,759		193,224
4.00% due 12/01/2040		1,995,037		2,133,478
4.00% due 03/01/2041		322,850		345,365
4.00% due 10/01/2041		1,984,241		2,121,071
4.00% due 11/01/2041		1,087,722		1,162,729
4.00% due 01/01/2042		155,192		165,894
4.00% due 12/01/2043		974,188		1,048,792
4.00% due December TBA		4,446,000		4,746,800
4.50% due 11/01/2022		261,311		277,560
4.50% due 10/01/2024		541,059		585,577
4.50% due 01/01/2039		82,436		89,791
4.50% due 09/01/2039		467,291		508,998
4.50% due 09/01/2040		1,272,930		1,386,857
4.50% due 11/01/2040		382,440		416,667
4.50% due 12/01/2040		761,612		829,755
4.50% due 05/01/2041		593,246		645,914
4.50% due 07/01/2041		257,366		280,367
4.50% due December TBA		2,440,000		2,651,785
5.00% due 03/15/2016		1,140,000		1,209,233
5.00% due 05/11/2017		500,000		550,585
5.00% due 10/01/2033		7,544		8,392
5.00% due 03/01/2034		97,524		108,090
5.00% due 05/01/2039		925,657		1,028,148
5.00% due 05/01/2040		236,570		263,853
5.00% due 06/01/2040		147,940		164,486
5.00% due 07/01/2040		541,089		599,709
5.00% due December TBA		511,000		566,571
5.50% due 12/01/2029		161,911		181,506
5.50% due 04/01/2033		125,604		141,779
5.50% due 12/01/2033		126,250		142,253
5.50% due 05/01/2034		165,181		186,229
5.50% due 07/01/2037		741,833		829,541
5.50% due 08/01/2037		492,779		551,549
5.50% due 06/01/2038		72,576		81,655
6.00% due 03/01/2016		218		219
6.00% due 12/01/2016		5,249		5,445
6.00% due 11/01/2017		15,992		16,695
6.00% due 12/01/2020		45,805		48,312
6.00% due 12/01/2033		100,101		114,334
6.00% due 12/01/2036		952,266		1,080,544
6.00% due 05/01/2038		200,446		227,552
6.00% due 11/01/2038		276,958		314,657
6.00% due 06/01/2040		208,471		236,267
6.50% due 10/01/2037		78,399		89,184
7.50% due 08/01/2015		27		27
Fannie Mae Connecticut Avenue Securities FRS
Series 2014-C01, Class M1
1.76% due 01/25/2024(2)		482,058		480,366
Series 2013-C01, Class M1
2.16% due 10/25/2023(2)		604,678		607,523
Federal National Mtg. Assoc., REMIC Series 2011-117, Class MA 2.00% due 08/25/2040(2)		788,585		792,678
				57,471,938
Tennessee Valley Authority — 0.1%
1.75% due 10/15/2018		155,000		157,536
Total U.S. Government Agencies
(cost $79,700,455)				80,825,954

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT TREASURIES — 27.8%
United States Treasury Bonds — 3.8%
2.75% due 11/15/2042	$	423,000	$	409,286
3.13% due 11/15/2041		809,000		847,680
3.13% due 02/15/2042		408,000		426,455
3.13% due 08/15/2044		85,000		88,466
3.38% due 05/15/2044		958,000		1,044,444
3.50% due 02/15/2039		483,000		539,979
3.63% due 02/15/2044		1,465,000		1,671,474
3.88% due 08/15/2040		54,000		64,260
4.25% due 05/15/2039		267,000		335,002
4.38% due 11/15/2039		934,000		1,194,425
4.50% due 02/15/2036		225,000		292,061
4.50% due 05/15/2038		120,000		155,709
4.75% due 02/15/2037		587,000		787,910
5.00% due 05/15/2037		159,000		220,762
5.25% due 11/15/2028		404,000		537,289
8.13% due 08/15/2019		92,000		120,024
				8,735,226
United States Treasury Notes — 24.0%
0.07% due 01/31/2016 FRS		973,000		972,870
0.25% due 01/31/2015		530,000		530,145
0.25% due 08/15/2015		800,000		800,813
0.38% due 04/15/2015		540,000		540,675
0.38% due 11/15/2015		9,000		9,020
0.38% due 03/31/2016		669,000		670,098
0.50% due 07/31/2017		3,351,000		3,325,345
0.63% due 08/31/2017		6,000,000		5,967,186
0.75% due 10/31/2017		7,911,000		7,881,334
0.75% due 12/31/2017		234,000		232,519
0.88% due 02/28/2017		2,600,000		2,616,250
1.00% due 08/31/2016		103,000		104,102
1.00% due 08/31/2019		2,300,000		2,249,688
1.25% due 10/31/2015		2,222,000		2,244,740
1.38% due 11/30/2015		53,000		53,638
1.38% due 02/28/2019		510,000		510,478
1.50% due 01/31/2019		4,400,000		4,431,280
1.75% due 05/15/2022		2,390,000		2,354,336
2.00% due 02/15/2022		3,444,000		3,461,757
2.13% due 09/30/2021		800,000		812,062
2.13% due 12/31/2015		150,000		153,117
2.25% due 11/15/2024		463,000		465,315
2.38% due 08/15/2024		1,958,000		1,989,512
2.50% due 04/30/2015		500,000		505,117
2.50% due 05/15/2024		4,538,000		4,665,985
2.75% due 12/31/2017		1,511,000		1,593,396
3.13% due 05/15/2019		11,000		11,819
3.63% due 08/15/2019		27,000		29,662
3.88% due 05/15/2018		4,109,000		4,500,962
4.00% due 08/15/2018		1,403,000		1,548,342
4.25% due 08/15/2015		538,000		553,762
				55,785,325
Total U.S. Government Treasuries
(cost $63,127,186)				64,520,551
FOREIGN GOVERNMENT OBLIGATIONS — 1.1%
Banks - Export/Import — 0.2%
Export-Import Bank of China Senior Notes 2.50% due 07/31/2019*		505,000		509,320
Electric - Distribution — 0.2%
Hydro-Quebec Government Guar. Notes 1.38% due 06/19/2017		298,000		300,857

49

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Regional Authority — 0.1%
Province of British Columbia Senior Notes 2.85% due 06/15/2015	$	272,000	$	275,898
Sovereign — 0.6%
Federative Republic of Brazil Senior Notes 5.00% due 01/27/2045		206,000		203,940
Government of Canada Senior Notes 0.88% due 02/14/2017		308,000		309,371
United Mexican States Senior Notes 3.50% due 01/21/2021		423,000		436,536
United Mexican States Senior Notes 3.60% due 01/30/2025		240,000		240,576
United Mexican States Senior Notes 4.75% due 03/08/2044		195,000		201,191
				1,391,614
Total Foreign Government Obligations
(cost $2,414,864)				2,477,689
PREFERRED SECURITIES — 0.2%
Electric - Integrated — 0.1%
Entergy Louisiana LLC 4.70%		7,100		159,608
Telecom Services — 0.1%
Qwest Corp. 6.13%#		13,750		333,438
Total Preferred Securities
(cost $521,212)				493,046
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.4%
Banks - Commercial — 0.1%
Nordea Bank AB FRS 6.13% due 09/23/2024*(7)		212,000		212,424
Banks - Super Regional — 0.1%
Wells Fargo Capital X 5.95% due 12/01/2086		97,000		98,698
Diversified Banking Institutions — 0.3%
JPMorgan Chase & Co. FRS Series 1 7.90% due 04/30/2018(7)		334,000		362,594
JPMorgan Chase & Co. FRS Series U 6.13% due 04/30/2024(7)		158,000		159,777
JPMorgan Chase & Co. FRS Series V 5.00% due 07/01/2019(7)		220,000		216,040
				738,411
Electric - Integrated — 0.1%
Dominion Resources, Inc. FRS 5.75% due 10/01/2024		154,000		161,122
Finance - Credit Card — 0.1%
American Express Co. FRS 5.20% due 11/15/2019(7)		281,000		284,015
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00% due 11/30/2056†(3)		78,000		8

Security Description	Shares/ Principal Amount			Value (Note 2)
Finance - Other Services — 0.1%
National Rural Utilities Cooperative Finance Corp. FRS 4.75% due 04/30/2043	$	216,000		$	213,840
Insurance - Life/Health — 0.2%
Dai-ichi Life Insurance Co., Ltd. FRS 5.10% due 10/28/2024*(7)		227,000			235,229
Prudential Financial, Inc. FRS 5.63% due 06/15/2043		283,000			292,197
					527,426
Insurance - Multi-line — 0.2%
Farmers Exchange Capital III FRS 5.45% due 10/15/2034*		220,000			223,025
MetLife, Inc. 6.40% due 12/15/2066		284,000			315,772
					538,797
Tools - Hand Held — 0.2%
Stanley Black & Decker, Inc. FRS 5.75% due 12/15/2053		396,000			423,720
Total Preferred Securities/Capital Securities
(cost $3,109,571)					3,198,461
Total Long-Term Investment Securities
(cost $220,315,781)					224,038,116
SHORT-TERM INVESTMENT SECURITIES — 13.2%
Registered Investment Companies — 0.4%
State Street Navigator Securities Lending Prime Portfolio(6)		898,647			898,647
Time Deposits — 12.8%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014		29,848,000			29,848,000
Total Short-Term Investment Securities
(cost $30,746,647)					30,746,647
TOTAL INVESTMENTS
(cost $251,062,428)(8)		109.7	%		254,784,763
Liabilities in excess of other assets		(9.7	)		(22,578,449	)
NET ASSETS		100.0	%	$	232,206,314

* 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, 2014, the aggregate value of these securities was $18,261,598 representing 7.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

† Non-income producing security

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

(3) Illiquid security. At November 30, 2014, the aggregate value of these securities was $28 representing 0% of net assets.

(4) Interest Only

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

(6) At November 30, 2014, the Fund had loaned securities with a total value of $879,774. This was secured by collateral of $898,647, which was received in cash and subsequently invested in short-term investments currently valued at $898,647 as reported in the portfolio of investments.

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

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

50

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

REMIC—Real Estate Mortgage Investment Conduit

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

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of November 30, 2014 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, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities:
Diversified Financial Services	$	—	$	11,735,840	$	926,974	$	12,662,814
U.S. Corporate Bonds & Notes		—		43,669,798		—		43,669,798
Foreign Corporate Bonds & Notes		—		15,353,645		—		15,353,645
Municipal Bonds & Notes		—		836,158		—		836,158
U.S. Government Agencies		—		80,825,954		—		80,825,954
U.S. Government Treasuries		—		64,520,551		—		64,520,551
Foreign Government Obligations		—		2,477,689		—		2,477,689
Preferred Securities		493,046		—		—		493,046
Preferred Securities/Capital Securities		—		3,198,461		—		3,198,461
Short-Term Investment Securities:
Registered Investment Companies		898,647		—		—		898,647
Time Deposits		—		29,848,000		—		29,848,000
Total Investments at Value	$	1,391,693	$	252,466,096	$	926,974	$	254,784,763

* For a detailed presentation of investments, 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 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

51

VALIC Company I Core Equity Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Diversified Banking Institutions	8.9	%
Banks — Super Regional	4.7
Medical — HMO	3.8
Oil Companies — Integrated	3.8
Medical — Drugs	3.6
Repurchase Agreements	3.3
Computers — Memory Devices	3.2
Electronic Components — Semiconductors	2.9
Retail — Building Products	2.5
Oil — Field Services	2.4
Networking Products	2.4
Oil Refining & Marketing	2.4
Retail — Drug Store	2.3
Finance — Credit Card	2.3
Diversified Manufacturing Operations	2.2
Cable/Satellite TV	2.0
Commercial Services — Finance	2.0
Computers	1.9
Web Portals/ISP	1.8
Medical — Generic Drugs	1.7
Oil Companies — Exploration & Production	1.6
Medical — Biomedical/Gene	1.5
Airlines	1.5
Aerospace/Defense	1.5
Chemicals — Diversified	1.4
Medical Products	1.4
Semiconductor Components — Integrated Circuits	1.4
Enterprise Software/Service	1.2
Insurance — Multi-line	1.2
Internet Content — Entertainment	1.2
Transport — Rail	1.2
Medical — Hospitals	1.2
Beverages — Non-alcoholic	1.1
Insurance — Property/Casualty	1.0
Telephone — Integrated	0.9
Retail — Apparel/Shoe	0.9
Insurance — Life/Health	0.9
Applications Software	0.9
Medical — Wholesale Drug Distribution	0.9
Medical Instruments	0.8
Food — Retail	0.8
Auto/Truck Parts & Equipment — Original	0.8
Transport — Services	0.7
Finance — Consumer Loans	0.7
Multimedia	0.7
Computers — Integrated Systems	0.7
Brewery	0.6
Retail — Regional Department Stores	0.6
Medical Labs & Testing Services	0.6
Finance — Other Services	0.6
Paper & Related Products	0.5
Retail — Vitamins & Nutrition Supplements	0.5
Electric — Generation	0.5
Containers — Paper/Plastic	0.5
Computer Services	0.5
Casino Hotels	0.5
Home Decoration Products	0.5
Engineering/R&D Services	0.4
Wireless Equipment	0.4
Auto — Cars/Light Trucks	0.4
Electronic Security Devices	0.3
Registered Investment Companies	0.3
E-Commerce/Services	0.3
Electronic Components — Misc.	0.3
Real Estate Investment Trusts	0.3
Advertising Agencies	0.3
Internet Security	0.3
Office Automation & Equipment	0.2
Semiconductor Equipment	0.2

Banks — Commercial	0.2
X-Ray Equipment	0.2
Food — Meat Products	0.2
Chemicals — Specialty	0.2
Electric — Integrated	0.2
Electronic Parts Distribution	0.2
Tools — Hand Held	0.1
Batteries/Battery Systems	0.1
Gas — Distribution	0.1
Building — Residential/Commercial	0.1
Metal — Iron	0.1
Instruments — Controls	0.1
Cellular Telecom	0.1
Housewares	0.1
Banks — Fiduciary	0.1
Machinery — General Industrial	0.1
Multilevel Direct Selling	0.1
Containers — Metal/Glass	0.1
Real Estate Management/Services	0.1
	100.3	%

* Calculated as a percentage of net assets

52

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.6%
Advertising Agencies — 0.3%
Alliance Data Systems Corp.†		1,500	$	428,805
Interpublic Group of Cos., Inc.		13,440		272,698
				701,503
Aerospace/Defense — 1.5%
Northrop Grumman Corp.		4,440		625,729
Raytheon Co.		28,080		2,996,136
Spirit AeroSystems Holdings, Inc., Class A†		9,400		405,234
				4,027,099
Airlines — 1.5%
Delta Air Lines, Inc.		5,900		275,353
Southwest Airlines Co.		44,700		1,869,354
United Continental Holdings, Inc.†		31,500		1,928,745
				4,073,452
Applications Software — 0.9%
Microsoft Corp.		50,675		2,422,772
Auto - Cars/Light Trucks — 0.4%
General Motors Co.		32,700		1,093,161
Auto/Truck Parts & Equipment - Original — 0.8%
Lear Corp.		9,650		925,531
WABCO Holdings, Inc.†		11,000		1,128,820
				2,054,351
Banks - Commercial — 0.2%
Regions Financial Corp.		64,120		645,688
Banks - Fiduciary — 0.1%
State Street Corp.		2,590		198,731
Banks - Super Regional — 4.7%
Capital One Financial Corp.		24,600		2,046,720
KeyCorp		28,400		383,400
SunTrust Banks, Inc.		63,600		2,498,844
US Bancorp		107,475		4,750,395
Wells Fargo & Co.		58,685		3,197,159
				12,876,518
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc.		3,060		397,861
Beverages - Non-alcoholic — 1.1%
Dr Pepper Snapple Group, Inc.		39,700		2,937,800
Brewery — 0.6%
Molson Coors Brewing Co., Class B		22,400		1,732,640
Building - Residential/Commercial — 0.1%
PulteGroup, Inc.		14,600		315,798
Cable/Satellite TV — 2.0%
Cablevision Systems Corp., Class A		4,150		84,328
Comcast Corp., Class A		89,300		5,093,672
Comcast Corp., Special Class A		3,220		182,928
Time Warner Cable, Inc.		1,110		165,701
				5,526,629
Casino Hotels — 0.5%
Las Vegas Sands Corp.		19,800		1,261,062
Cellular Telecom — 0.1%
U.S. Cellular Corp.†		7,085		272,702
Chemicals - Diversified — 1.4%
Akzo Nobel NV ADR		39,930		918,390
Celanese Corp., Series A		4,230		254,096
Dow Chemical Co.		15,200		739,784
LyondellBasell Industries NV, Class A		7,330		578,044

Security Description	Shares		Value (Note 2)
Chemicals - Diversified (continued)
PPG Industries, Inc.		5,980	$	1,308,543
				3,798,857
Chemicals - Specialty — 0.2%
Cabot Corp.		12,092		520,923
Commercial Services - Finance — 2.0%
MasterCard, Inc., Class A		43,700		3,814,573
Total System Services, Inc.		35,523		1,171,904
Western Union Co.#		19,350		359,523
				5,346,000
Computer Services — 0.5%
Amdocs, Ltd.		25,978		1,266,298
Computers — 1.9%
Apple, Inc.		21,300		2,533,209
Hewlett-Packard Co.		69,877		2,729,396
				5,262,605
Computers - Integrated Systems — 0.7%
Brocade Communications Systems, Inc.		156,889		1,774,415
Computers - Memory Devices — 3.2%
EMC Corp.		99,090		3,007,382
SanDisk Corp.		16,400		1,696,744
Seagate Technology PLC		7,700		509,047
Western Digital Corp.		34,350		3,547,324
				8,760,497
Containers - Metal/Glass — 0.1%
Crown Holdings, Inc.†		3,200		158,400
Containers - Paper/Plastic — 0.5%
Packaging Corp. of America		17,105		1,270,559
Diversified Banking Institutions — 8.9%
Bank of America Corp.		298,254		5,082,248
Citigroup, Inc.		136,543		7,369,226
Goldman Sachs Group, Inc.		11,300		2,129,033
JPMorgan Chase & Co.		147,404		8,867,825
Morgan Stanley		19,830		697,619
				24,145,951
Diversified Manufacturing Operations — 2.2%
3M Co.		27,950		4,474,515
Parker-Hannifin Corp.		11,784		1,520,490
				5,995,005
E-Commerce/Services — 0.3%
Priceline Group, Inc.†		740		858,541
Electric - Generation — 0.5%
AES Corp.		95,450		1,323,891
Electric - Integrated — 0.2%
Public Service Enterprise Group, Inc.		11,400		476,292
Electronic Components - Misc. — 0.3%
Corning, Inc.		9,160		192,543
TE Connectivity, Ltd.		9,130		586,146
				778,689
Electronic Components - Semiconductors — 2.9%
Intel Corp.		89,500		3,333,875
Micron Technology, Inc.†		122,900		4,418,255
				7,752,130
Electronic Parts Distribution — 0.2%
Avnet, Inc.		10,600		464,174

53

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Security Devices — 0.3%
Tyco International PLC		21,530	$	923,637
Engineering/R&D Services — 0.4%
AECOM Technology Corp.†		38,100		1,219,581
Enterprise Software/Service — 1.2%
Oracle Corp.		78,650		3,335,546
Finance - Consumer Loans — 0.7%
SLM Corp.		192,972		1,867,969
Finance - Credit Card — 2.3%
Discover Financial Services		93,400		6,122,370
Finance - Other Services — 0.6%
Intercontinental Exchange, Inc.		560		126,554
NASDAQ OMX Group, Inc.		31,500		1,414,665
				1,541,219
Food - Meat Products — 0.1%
Tyson Foods, Inc., Class A		7,470		316,280
Food - Misc./Diversified — 0.0%
Kellogg Co.		700		46,375
Food - Retail — 0.8%
Kroger Co.		36,705		2,196,427
Gas - Distribution — 0.1%
UGI Corp.		10,255		386,716
Home Decoration Products — 0.5%
Newell Rubbermaid, Inc.		33,960		1,233,088
Housewares — 0.1%
Tupperware Brands Corp.		4,000		269,000
Instruments - Controls — 0.1%
Honeywell International, Inc.		2,795		276,901
Insurance - Life/Health — 0.9%
Aflac, Inc.		1,840		109,903
CNO Financial Group, Inc.		11,040		191,434
Lincoln National Corp.		22,197		1,257,016
Prudential Financial, Inc.		11,165		948,802
				2,507,155
Insurance - Multi-line — 1.2%
ACE, Ltd.		3,805		435,064
Genworth Financial, Inc., Class A†		75,950		690,385
Hartford Financial Services Group, Inc.		25,669		1,060,130
MetLife, Inc.		7,485		416,241
XL Group PLC		19,600		696,192
				3,298,012
Insurance - Property/Casualty — 1.0%
Travelers Cos., Inc.		25,925		2,707,866
Internet Content - Entertainment — 1.2%
Facebook, Inc., Class A†		41,000		3,185,700
Internet Security — 0.3%
Symantec Corp.		26,550		692,690
Machinery - General Industrial — 0.1%
Zebra Technologies Corp., Class A†		2,600		190,190
Medical Instruments — 0.8%
Medtronic, Inc.		31,304		2,312,426
Medical Labs & Testing Services — 0.6%
Laboratory Corp. of America Holdings†		1,810		189,399
Quest Diagnostics, Inc.		22,020		1,438,126
				1,627,525

Security Description	Shares		Value (Note 2)
Medical Products — 1.4%
Baxter International, Inc.		18,700	$	1,365,100
Hospira, Inc.†		28,420		1,694,969
Zimmer Holdings, Inc.		5,778		648,811
				3,708,880
Medical - Biomedical/Gene — 1.5%
Amgen, Inc.		17,700		2,925,987
Biogen Idec, Inc.†		4,000		1,230,760
				4,156,747
Medical - Drugs — 3.6%
AstraZeneca PLC ADR		27,500		2,039,675
Forward Pharma A/S ADR†		9,220		183,847
Johnson & Johnson		4,550		492,538
Merck & Co., Inc.		31,078		1,877,111
Pfizer, Inc.		119,342		3,717,503
Shire PLC ADR		6,700		1,431,120
				9,741,794
Medical - Generic Drugs — 1.7%
Teva Pharmaceutical Industries, Ltd. ADR		79,702		4,541,420
Medical - HMO — 3.8%
Aetna, Inc.		39,300		3,428,532
Centene Corp.†		18,300		1,807,491
Cigna Corp.		22,720		2,337,661
UnitedHealth Group, Inc.		28,200		2,781,366
				10,355,050
Medical - Hospitals — 1.2%
Community Health Systems, Inc.†		23,400		1,101,672
Universal Health Services, Inc., Class B		19,358		2,025,234
				3,126,906
Medical - Wholesale Drug Distribution — 0.9%
McKesson Corp.		11,230		2,366,835
Metal - Iron — 0.1%
Vale SA ADR#		34,100		307,241
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A#		4,200		175,560
Multimedia — 0.7%
Viacom, Inc., Class B		23,570		1,782,599
Networking Products — 2.4%
Cisco Systems, Inc.		235,680		6,514,195
Office Automation & Equipment — 0.2%
Xerox Corp.		49,230		687,251
Oil & Gas Drilling — 0.0%
Noble Corp. PLC#		1,270		22,847
Oil Companies - Exploration & Production — 1.6%
Apache Corp.		28,970		1,856,687
Gulfport Energy Corp.†		17,320		826,684
Hess Corp.		21,840		1,592,791
				4,276,162
Oil Companies - Integrated — 3.8%
BP PLC ADR		54,500		2,142,940
Exxon Mobil Corp.		1,000		90,540
Marathon Oil Corp.		83,034		2,401,343
Suncor Energy, Inc.		121,650		3,842,923
Total SA ADR		30,750		1,710,623
				10,188,369

54

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Refining & Marketing — 2.4%
Marathon Petroleum Corp.		32,101	$	2,891,979
PBF Energy, Inc., Class A		17,200		486,072
Tesoro Corp.		17,389		1,332,345
Valero Energy Corp.		35,590		1,730,030
				6,440,426
Oil - Field Services — 2.4%
Halliburton Co.		43,630		1,841,186
Oceaneering International, Inc.		6,200		388,802
Schlumberger, Ltd.		42,700		3,670,065
Weatherford International PLC†		54,200		710,020
				6,610,073
Paper & Related Products — 0.5%
Domtar Corp.		35,600		1,448,920
Real Estate Investment Trusts — 0.3%
Outfront Media, Inc.		26,300		711,678
Real Estate Management/Services — 0.1%
Jones Lang LaSalle, Inc.		1,080		157,313
Retail - Apparel/Shoe — 0.9%
Gap, Inc.		7,490		296,604
Ross Stores, Inc.		24,200		2,213,816
				2,510,420
Retail - Building Products — 2.5%
Home Depot, Inc.		20,100		1,997,940
Lowe’s Cos., Inc.		75,300		4,806,399
				6,804,339
Retail - Drug Store — 2.3%
CVS Health Corp.		69,010		6,304,754
Retail - Regional Department Stores — 0.6%
Macy’s, Inc.		25,600		1,661,696
Retail - Vitamins & Nutrition Supplements — 0.5%
GNC Holdings, Inc., Class A		31,000		1,370,820
Semiconductor Components - Integrated Circuits — 1.4%
QUALCOMM, Inc.		50,410		3,674,889
Semiconductor Equipment — 0.2%
Teradyne, Inc.		33,830		671,526
Steel - Producers — 0.0%
Reliance Steel & Aluminum Co.		1,030		65,858
Telephone - Integrated — 0.9%
Telephone & Data Systems, Inc.		32,669		835,020
Verizon Communications, Inc.		34,570		1,748,896
				2,583,916
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc.		4,400		415,536
Transport - Rail — 1.2%
Norfolk Southern Corp.		22,900		2,556,556
Union Pacific Corp.		5,000		583,850
				3,140,406
Transport - Services — 0.7%
FedEx Corp.		10,600		1,888,708
Web Portals/ISP — 1.8%
Google, Inc., Class A†		4,430		2,432,424
Google, Inc., Class C†		4,400		2,384,052
				4,816,476

Security Description	Shares/ Principal Amount			Value (Note 2)
Wireless Equipment — 0.4%
Telefonaktiebolaget LM Ericsson ADR		89,160		$	1,122,524
X-Ray Equipment — 0.2%
Hologic, Inc.†		22,500			603,000
Total Common Stocks
(cost $202,949,962)					261,702,801
CONVERTIBLE PREFERRED SECURITIES — 0.1%
Food - Meat Products — 0.1%
Tyson Foods, Inc. 4.75% due 07/15/2017		4,572			240,030
Tools - Hand Held — 0.0%
Stanley Black & Decker, Inc. 6.25% due 11/17/2016		530			61,157
Total Convertible Preferred Securities
(cost $281,600)					301,187
Total Long-Term Investment Securities
(cost $203,231,562)					262,003,988
SHORT-TERM INVESTMENT SECURITIES — 0.3%
Registered Investment Companies — 0.3%
State Street Navigator Securities Lending Prime Portfolio(1) (cost $882,512)		882,512			882,512
REPURCHASE AGREEMENTS — 3.3%
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/28/2014, to be repurchased 12/01/2014 in the amount $306,000 collateralized by $330,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $314,241	$	306,000			306,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/28/2014, to be repurchased 12/01/2014 in the amount $8,574,000 collateralized by $9,185,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $8,746,380		8,574,000			8,574,000
Total Repurchase Agreements
(cost $8,880,000)					8,880,000
TOTAL INVESTMENTS
(cost $212,994,074)(2)		100.3	%		271,766,500
Liabilities in excess of other assets		(0.3	)		(883,814	)
NET ASSETS		100.0	%	$	270,882,686

† Non-income producing security

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

(1) At November 30, 2014, the Fund had loaned securities with a total value of $856,716. This was secured by collateral of $882,512, which was received in cash and subsequently invested in short-term investments currently valued at $882,512 as reported in the portfolio of investments.

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

ADR—American Depository Receipt

55

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2014		Unrealized Appreciation (Depreciation)
	16	Long	S&P 500 E-Mini Index		December 2014	$	1,640,217	$	1,653,040	$	12,823

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	261,702,801	$	—	$	—	$	261,702,801
Convertible Preferred Securities		301,187		—		—		301,187
Short-Term Investment Securities		882,512		—		—		882,512
Repurchase Agreements		—		8,880,000		—		8,880,000
Total Investments at Value	$	262,886,500	$	8,880,000	$	—	$	271,766,500
Other Financial Instruments:†
Open Futures Contracts	$	12,823	$	—	$	—	$	12,823

* For a detailed presentation of investments, 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

56

VALIC Company I Dividend Value Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Medical — Drugs	8.5	%
Tobacco	6.2
Oil Companies — Integrated	5.0
Diversified Banking Institutions	5.0
Banks — Super Regional	4.8
Aerospace/Defense	4.1
Telephone — Integrated	3.6
Diversified Manufacturing Operations	3.5
Oil Companies — Exploration & Production	3.2
Computer Services	3.1
Cosmetics & Toiletries	2.7
Chemicals — Diversified	2.6
Food — Misc./Diversified	2.6
Electric — Integrated	2.2
Retail — Restaurants	2.1
Cable/Satellite TV	1.7
Retail — Building Products	1.7
Commercial Services — Finance	1.7
Electronic Components — Semiconductors	1.6
Insurance — Multi-line	1.6
Time Deposits	1.6
Beverages — Non-alcoholic	1.4
Networking Products	1.4
Retail — Office Supplies	1.3
Applications Software	1.3
Internet Security	1.3
Enterprise Software/Service	1.3
Insurance — Property/Casualty	1.3
Registered Investment Companies	1.2
Retail — Apparel/Shoe	1.2
Oil & Gas Drilling	1.1
Transport — Rail	1.0
Retail — Computer Equipment	0.9
Finance — Credit Card	0.9
Insurance — Life/Health	0.8
Instruments — Controls	0.8
Consumer Products — Misc.	0.7
Transport — Services	0.7
Apparel Manufacturers	0.7
Aerospace/Defense — Equipment	0.7
Paper & Related Products	0.7
Oil Refining & Marketing	0.7
Data Processing/Management	0.7
Semiconductor Components — Integrated Circuits	0.6
Beverages — Wine/Spirits	0.6
Non-Hazardous Waste Disposal	0.6
Real Estate Investment Trusts	0.6
Food — Retail	0.5
Finance — Other Services	0.5
Water	0.5
Wireless Equipment	0.5
Banks — Commercial	0.5
Advertising Agencies	0.5
Industrial Gases	0.4
Medical Products	0.4
Gas — Distribution	0.4
Auto/Truck Parts & Equipment — Original	0.4
Oil — Field Services	0.3
Diversified Minerals	0.3
Electronic Security Devices	0.3
Medical Labs & Testing Services	0.3
Pipelines	0.3
Industrial Automated/Robotic	0.2
Publishing — Periodicals	0.2
Retail — Discount	0.2
Telecom Services	0.2
Electric — Transmission	0.2
Metal — Copper	0.2
	100.9	%

* Calculated as a percentage of net assets

57

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Advertising Agencies — 0.5%
Omnicom Group, Inc.		40,268	$	3,111,508
Aerospace/Defense — 4.1%
Lockheed Martin Corp.		65,995		12,642,002
Northrop Grumman Corp.		45,845		6,460,936
Raytheon Co.		82,915		8,847,031
				27,949,969
Aerospace/Defense - Equipment — 0.7%
United Technologies Corp.		42,020		4,625,562
Apparel Manufacturers — 0.7%
VF Corp.		62,940		4,731,200
Applications Software — 1.3%
Microsoft Corp.		186,275		8,905,808
Auto/Truck Parts & Equipment - Original — 0.4%
Johnson Controls, Inc.		47,420		2,371,000
Banks - Commercial — 0.5%
Toronto-Dominion Bank		62,690		3,157,792
Banks - Super Regional — 4.8%
Fifth Third Bancorp		170,220		3,424,826
SunTrust Banks, Inc.		167,410		6,577,539
US Bancorp		156,320		6,909,344
Wells Fargo & Co.		279,375		15,220,350
				32,132,059
Beverages - Non-alcoholic — 1.4%
Coca-Cola Co.		211,262		9,470,875
Beverages - Wine/Spirits — 0.6%
Diageo PLC		136,675		4,234,581
Cable/Satellite TV — 1.7%
Comcast Corp., Special Class A		207,985		11,815,628
Chemicals - Diversified — 2.6%
Dow Chemical Co.		60,175		2,928,717
E.I. du Pont de Nemours & Co.		100,700		7,189,980
LyondellBasell Industries NV, Class A		98,815		7,792,551
				17,911,248
Commercial Services - Finance — 1.7%
Automatic Data Processing, Inc.		29,373		2,515,504
H&R Block, Inc.		270,411		9,096,626
				11,612,130
Computer Services — 3.1%
Accenture PLC, Class A		103,245		8,913,141
International Business Machines Corp.		75,625		12,264,106
				21,177,247
Consumer Products - Misc. — 0.7%
Clorox Co.		49,592		5,039,539
Cosmetics & Toiletries — 2.7%
Procter & Gamble Co.		194,071		17,549,841
Unilever NV (NY Registered Shares)		20,235		822,350
				18,372,191
Data Processing/Management — 0.7%
Paychex, Inc.		93,752		4,444,782
Diversified Banking Institutions — 5.0%
Bank of America Corp.		364,500		6,211,080
Citigroup, Inc.		120,780		6,518,497
Goldman Sachs Group, Inc.		16,400		3,089,924
JPMorgan Chase & Co.		222,075		13,360,032

Security Description	Shares		Value (Note 2)
Diversified Banking Institutions (continued)
Morgan Stanley		123,390	$	4,340,860
				33,520,393
Diversified Manufacturing Operations — 3.5%
3M Co.		31,735		5,080,456
General Electric Co.		710,236		18,814,152
				23,894,608
Diversified Minerals — 0.3%
BHP Billiton, Ltd.		79,322		2,087,929
Electric - Integrated — 2.2%
Dominion Resources, Inc.		62,730		4,551,062
Duke Energy Corp.		23,690		1,916,521
NextEra Energy, Inc.		46,970		4,903,198
Northeast Utilities		36,795		1,863,299
Wisconsin Energy Corp.#		37,970		1,875,718
				15,109,798
Electric - Transmission — 0.2%
ITC Holdings Corp.		31,915		1,212,451
Electronic Components - Semiconductors — 1.6%
Intel Corp.		235,955		8,789,324
Samsung Electronics Co., Ltd. GDR*		3,600		2,073,600
				10,862,924
Electronic Security Devices — 0.3%
Tyco International PLC		46,600		1,999,140
Enterprise Software/Service — 1.3%
CA, Inc.		284,438		8,860,244
Finance - Credit Card — 0.9%
American Express Co.		66,690		6,163,490
Finance - Other Services — 0.5%
CME Group, Inc.		39,670		3,357,669
Food - Misc./Diversified — 2.6%
General Mills, Inc.		17,925		945,544
Kellogg Co.		64,120		4,247,950
Kraft Foods Group, Inc.		169,106		10,175,108
Mondelez International, Inc., Class A		53,275		2,088,380
				17,456,982
Food - Retail — 0.5%
Kroger Co.		56,400		3,374,976
Gas - Distribution — 0.4%
Sempra Energy		22,325		2,494,372
Industrial Automated/Robotic — 0.2%
Rockwell Automation, Inc.		14,030		1,619,202
Industrial Gases — 0.4%
Praxair, Inc.		20,855		2,677,365
Instruments - Controls — 0.8%
Honeywell International, Inc.		54,005		5,350,275
Insurance - Life/Health — 0.8%
Prudential Financial, Inc.		67,185		5,709,381
Insurance - Multi-line — 1.6%
ACE, Ltd.		37,635		4,303,186
MetLife, Inc.		111,310		6,189,949
				10,493,135
Insurance - Property/Casualty — 1.3%
Chubb Corp.		36,195		3,729,895

58

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Property/Casualty (continued)
Travelers Cos., Inc.		48,430	$	5,058,513
				8,788,408
Internet Security — 1.3%
Symantec Corp.		340,105		8,873,339
Medical Labs & Testing Services — 0.3%
Quest Diagnostics, Inc.		29,995		1,958,973
Medical Products — 0.4%
Becton Dickinson and Co.		17,800		2,497,874
Medical - Drugs — 8.5%
Abbott Laboratories		36,085		1,606,143
AbbVie, Inc.		36,085		2,497,082
Bristol-Myers Squibb Co.		135,180		7,982,379
Eli Lilly & Co.		16,530		1,126,024
Johnson & Johnson		69,635		7,537,989
Merck & Co., Inc.		301,283		18,197,493
Pfizer, Inc.		592,385		18,452,793
				57,399,903
Metal - Copper — 0.2%
Southern Copper Corp.		36,525		1,093,924
Networking Products — 1.4%
Cisco Systems, Inc.		338,514		9,356,527
Non-Hazardous Waste Disposal — 0.6%
Waste Management, Inc.		83,015		4,045,321
Oil & Gas Drilling — 1.1%
Helmerich & Payne, Inc.		102,340		7,117,747
Oil Companies - Exploration & Production — 3.2%
ConocoPhillips		155,501		10,273,951
Occidental Petroleum Corp.		143,859		11,475,632
				21,749,583
Oil Companies - Integrated — 5.0%
Chevron Corp.		158,226		17,226,064
Exxon Mobil Corp.		86,570		7,838,048
Marathon Oil Corp.		91,135		2,635,624
Phillips 66		20,000		1,460,400
Total SA ADR		88,625		4,930,209
				34,090,345
Oil Refining & Marketing — 0.7%
HollyFrontier Corp.		15,476		631,730
Marathon Petroleum Corp.		42,880		3,863,059
				4,494,789
Oil - Field Services — 0.3%
Schlumberger, Ltd.		24,965		2,145,742
Paper & Related Products — 0.7%
International Paper Co.		84,800		4,563,936
Pipelines — 0.3%
Spectra Energy Corp.		51,500		1,950,820
Publishing - Periodicals — 0.2%
Nielsen NV#		35,300		1,474,481
Real Estate Investment Trusts — 0.6%
American Tower Corp.		18,600		1,953,186
Weyerhaeuser Co.		58,790		2,075,875
				4,029,061
Retail - Apparel/Shoe — 1.2%
Coach, Inc.		210,701		7,821,221

Security Description	Shares/ Principal Amount			Value (Note 2)
Retail - Building Products — 1.7%
Home Depot, Inc.		117,870		$	11,716,278
Retail - Computer Equipment — 0.9%
GameStop Corp., Class A#		166,145			6,281,942
Retail - Discount — 0.2%
Wal-Mart Stores, Inc.		16,400			1,435,656
Retail - Office Supplies — 1.3%
Staples, Inc.		647,976			9,110,543
Retail - Restaurants — 2.1%
McDonald’s Corp.		146,788			14,210,546
Semiconductor Components - Integrated Circuits — 0.6%
QUALCOMM, Inc.		58,940			4,296,726
Telecom Services — 0.2%
BCE, Inc.		27,680			1,298,746
Telephone - Integrated — 3.6%
AT&T, Inc.		243,627			8,619,523
Verizon Communications, Inc.		317,056			16,039,863
					24,659,386
Tobacco — 6.2%
Altria Group, Inc.		225,080			11,312,521
Lorillard, Inc.		172,992			10,922,715
Philip Morris International, Inc.		122,478			10,647,012
Reynolds American, Inc.		133,768			8,816,649
					41,698,897
Transport - Rail — 1.0%
CSX Corp.		48,320			1,763,197
Union Pacific Corp.		43,470			5,075,992
					6,839,189
Transport - Services — 0.7%
United Parcel Service, Inc., Class B		44,825			4,927,164
Water — 0.5%
American Water Works Co., Inc.		61,120			3,242,416
Wireless Equipment — 0.5%
Motorola Solutions, Inc.		48,640			3,196,621
Total Long-Term Investment Securities
(cost $533,834,355)					663,673,557
SHORT-TERM INVESTMENT SECURITIES — 2.8%
Registered Investment Companies — 1.2%
State Street Navigator Securities Lending Prime Portfolio(1)		8,218,580			8,218,580
Time Deposits — 1.6%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014	$	10,429,000			10,429,000
Total Short-Term Investment Securities
(cost $18,647,580)					18,647,580
REPURCHASE AGREEMENTS — 0.0%
Repurchase Agreement — 0.0%
State Street Bank and Trust Co. Joint Repurchase Agreement(2) (cost $122,000)		122,000			122,000
TOTAL INVESTMENTS
(cost $552,603,935)(3)		100.9	%		682,443,137
Liabilities in excess of other assets		(0.9	)		(5,758,980	)
NET ASSETS —		100.0	%	$	676,684,157

59

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2014, the aggregate value of these securities was $2,073,600 representing 0.30% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) At November 30, 2014, the Fund had loaned securities with a total value of $8,156,039. This was secured by collateral of $8,218,580 which was received in cash and subsequently invested in short-term investments currently valued at $8,218,580 as reported in the portfolio of investments.

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

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

ADR—American Depository Receipt

GDR—Global Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	663,673,557	$	—	$	—	$	663,673,557
Short-Term Investment Securities:
Registered Investment Companies		8,218,580		—		—		8,218,580
Time Deposits		—		10,429,000		—		10,429,000
Repurchase Agreements		—		122,000		—		122,000
Total Investments at Value	$	671,892,137	$	10,551,000	$	—	$	682,443,137

* For a detailed presentation of investments, 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

60

VALIC Company I Dynamic Allocation Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	48.5	%
Domestic Fixed Income Investment Companies	18.8
United States Treasury Notes	13.6
International Equity Investment Companies	12.9
United States Treasury Bonds	2.0
Registered Investment Companies	1.5
International Fixed Income Investment Companies	0.8
Options — Purchased	0.4
	98.5	%

* Calculated as a percentage of net assets

61

VALIC Company I Dynamic Allocation Fund@

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 81.0%
Domestic Equity Investment Companies — 48.5%
VALIC Co. I Blue Chip Growth Fund		613,898	$	11,486,029
VALIC Co. I Broad Cap Value Income Fund		693,564		11,083,147
VALIC Co. I Dividend Value Fund		485,295		6,803,829
VALIC Co. I Growth Fund		643,929		11,571,404
VALIC Co. I Growth & Income Fund		247,002		4,762,204
VALIC Co. I Large Cap Core Fund		601,783		9,393,829
VALIC Co. I Stock Index Fund		939,261		35,278,653
VALIC Co. I Value Fund		758,562		11,522,555
VALIC Co. II Capital Appreciation Fund		415,212		6,830,233
VALIC Co. II Large Cap Value Fund		380,920		6,829,894
VALIC Co. II Mid Cap Growth Fund		399,484		4,118,679
VALIC Co. II Mid Cap Value Fund		172,687		4,279,184
VALIC Co. II Small Cap Growth Fund		244,316		4,077,634
VALIC Co. II Small Cap Value Fund		258,561		4,271,428
Total Domestic Equity Investment Companies
(cost $112,557,474)				132,308,702
Domestic Fixed Income Investment Companies — 18.8%
VALIC Co. I Capital Conservation Fund		1,498,391		14,998,898
VALIC Co. I Government Securities Fund		782,670		8,562,415
VALIC Co. I Inflation Protected Fund		374,472		4,209,060
VALIC Co. II Core Bond Fund		1,343,042		14,961,492
VALIC Co. II High Yield Bond Fund		268,290		2,103,397
VALIC Co. II Strategic Bond Fund		544,829		6,336,365
Total Domestic Fixed Income Investment Companies
(cost $50,500,761)				51,171,627
International Equity Investment Companies — 12.9%
VALIC Co. I Emerging Economies Fund		796,198		6,321,811
VALIC Co. I Foreign Value Fund		928,467		9,553,924
VALIC Co. I Global Real Estate Fund		515,711		4,579,515
VALIC Co. I International Equities Index Fund		581,248		4,097,797
VALIC Co. I International Growth Fund		767,453		10,644,576
Total International Equity Investment Companies
(cost $35,039,727)				35,197,623
International Fixed Income Investment Companies — 0.8%
VALIC Co. I International Government Bond Fund (cost $2,110,644)		174,872		2,087,971
Total Affiliated Registered Investment Companies
(cost $200,208,606)				220,765,923

(1) Options - Purchased

Security Description	Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES — 15.6%
United States Treasury Bonds — 2.0%
7.13% due 02/15/2023	$	370,000		$	513,722
7.63% due 11/15/2022		3,376,300			4,788,279
					5,302,001
United States Treasury Notes — 13.6%
1.63% due 11/15/2022		810,000			786,080
1.75% due 05/15/2023		4,250,000			4,137,774
2.00% due 11/15/2021		1,390,000			1,399,448
2.00% due 02/15/2022		955,000			959,924
2.00% due 02/15/2023		8,834,000			8,802,940
2.38% due 08/15/2024		3,740,000			3,800,191
2.50% due 08/15/2023		3,711,000			3,831,607
2.50% due 05/15/2024		2,197,000			2,258,962
2.75% due 11/15/2023		6,283,000			6,608,931
2.75% due 02/15/2024		4,247,000			4,461,673
					37,047,530
Total U.S. Government Treasuries
(cost $41,036,521)					42,349,531
OPTIONS - PURCHASED — 0.4%
Put Options - Purchased(1) (cost $1,559,404)		881			1,070,415
Total Long-Term Investment Securities
(cost $242,804,531)					264,185,869
SHORT-TERM INVESTMENT SECURITIES — 1.5%
Registered Investment Companies — 1.5%
AllianceBernstein Government STIF Portfolio (cost $4,060,766)		4,060,766			4,060,766
TOTAL INVESTMENTS
(cost $246,865,297)(2)		98.5	%		268,246,635
Other assets less liabilities		1.5			4,189,163
NET ASSETS		100.0	%	$	272,435,798

@ 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.

Open Put Options - Purchased
Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Paid		Value at November 30, 2014		Unrealized Appreciation (Depreciation)
S&P 500 Index		February 2015	$	1,860.00		881	$	1,559,404	$	1,070,415	$	(488,989	)

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

STIF—Short Term Index Fund

Open call option contracts written at November 30, 2014 for the Dynamic Allocation Fund were as follows:
Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Received		Value at November 30, 2014		Unrealized Appreciation (Depreciation)
S&P 500 Index		February 2015	$	2,150.00		881	$	731,197	$	1,114,465	$	(383,268	)

62

VALIC Company I Dynamic Allocation Fund@

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2014		Unrealized Appreciation (Depreciation)
	1200	Long	S&P 500 E-Mini Index		December 2014	$	122,288,557	$	123,978,000	$	1,689,443

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	220,765,923	$	—	$	—	$	220,765,923
U.S. Government Treasuries		—		42,349,531		—		42,349,531
Options Purchased		1,070,415		—		—		1,070,415
Short-Term Investment Securities		4,060,766		—		—		4,060,766
Total Investments at Value	$	225,897,104	$	42,349,531	$	—	$	268,246,635
Other Financial Instruments:†
Open Futures Contracts	$	1,689,443	$	—	$	—	$	1,689,443
LIABILITIES:
Other Financial Instruments:†
Options Contracts Written	$	383,268	$	—	$	—	$	383,268

* For a detailed presentation of investments, 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

63

VALIC Company I Emerging Economies Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Banks — Commercial	17.0	%
Cellular Telecom	7.3
Electronic Components — Semiconductors	6.5
Semiconductor Components — Integrated Circuits	6.1
Auto — Cars/Light Trucks	4.6
Diversified Financial Services	3.0
Registered Investment Companies	2.8
Telecom Services	2.6
Oil Companies — Integrated	2.5
Oil Companies — Exploration & Production	2.3
Electric — Integrated	1.8
Oil Refining & Marketing	1.7
Rubber — Tires	1.7
Electric — Generation	1.6
Internet Content — Entertainment	1.5
Home Furnishings	1.4
Electronic Components — Misc.	1.4
Airlines	1.4
Integrated Oils	1.4
Computers	1.3
Metal — Diversified	1.2
Finance — Mortgage Loan/Banker	1.2
Schools	1.1
Aerospace/Defense	1.1
Tobacco	1.0
Metal Processors & Fabrication	1.0
Steel — Producers	1.0
Food — Retail	1.0
Auto/Truck Parts & Equipment — Original	0.9
Applications Software	0.8
Water Treatment Systems	0.8
Retail — Automobile	0.8
Computers — Periphery Equipment	0.8
Time Deposits	0.7
Banks — Special Purpose	0.7
Airport Development/Maintenance	0.7
Circuit Boards	0.7
Web Portals/ISP	0.7
Real Estate Operations & Development	0.6
Insurance — Multi-line	0.6
Public Thoroughfares	0.5
Food — Wholesale/Distribution	0.5
Non-Ferrous Metals	0.5
Gambling (Non-Hotel)	0.5
Internet Application Software	0.5
Medical — Hospitals	0.5
Metal — Iron	0.5
Engineering/R&D Services	0.5
Advertising Services	0.5
Building — Heavy Construction	0.5
Semiconductor Equipment	0.4
Building — Residential/Commercial	0.4
Finance — Commercial	0.4
Satellite Telecom	0.4
Audio/Video Products	0.4
Food — Misc./Diversified	0.4
Telephone — Integrated	0.4
Building & Construction — Misc.	0.4
Cosmetics & Toiletries	0.4
Transport — Marine	0.4
Brewery	0.4
Telecommunication Equipment	0.3
Food — Canned	0.3
Transport — Services	0.3
Retail — Apparel/Shoe	0.3
Retail — Consumer Electronics	0.3
Engines — Internal Combustion	0.3
Medical — Wholesale Drug Distribution	0.3
Electric — Distribution	0.3

Agricultural Chemicals	0.3
Import/Export	0.3
Banks — Super Regional	0.2
Diversified Minerals	0.2
Power Converter/Supply Equipment	0.2
Medical — Drugs	0.2
Machinery — Construction & Mining	0.2
Chemicals — Diversified	0.2
Building & Construction Products — Misc.	0.2
Finance — Other Services	0.2
Retail — Misc./Diversified	0.2
Diversified Operations	0.2
Lottery Services	0.2
Steel — Specialty	0.2
Retail — Drug Store	0.2
Television	0.2
Footwear & Related Apparel	0.1
Wireless Equipment	0.1
Security Services	0.1
	102.8	%

Country Allocation*

South Korea	18.9	%
Taiwan	11.3
China	10.1
Brazil	9.8
India	7.5
Russia	6.6
South Africa	6.1
Hong Kong	5.9
Turkey	5.7
Cayman Islands	4.7
United States	4.0
Thailand	3.7
Indonesia	2.8
Bermuda	1.6
United Arab Emirates	1.1
Poland	0.9
United Kingdom	0.8
Greece	0.5
Mexico	0.4
Hungary	0.2
Egypt	0.2
	102.8	%

* Calculated as a percentage of net assets

64

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.7%
Bermuda — 1.6%
China Singyes Solar Technologies Holdings, Ltd.#		934,000	$	1,572,946
GOME Electrical Appliances Holding, Ltd.		13,171,000		1,953,172
REXLot Holdings, Ltd.#		15,325,000		1,324,034
Shenzhen International Holdings, Ltd.#		1,525,500		2,289,755
Skyworth Digital Holdings, Ltd.		4,902,000		2,737,064
VimpelCom, Ltd. ADR#		279,370		1,466,692
				11,343,663
Brazil — 8.2%
Arteris SA		252,530		1,453,240
Banco do Brasil SA		691,560		7,994,524
Cia Brasileira de Distribuicao ADR		157,770		6,643,695
Embraer SA†		840,900		7,750,502
Even Construtora e Incorporadora SA		434,080		981,603
Ez Tec Empreendimentos e Participacoes SA		151,680		1,357,216
Grendene SA		141,570		952,135
Itau Unibanco Holding SA ADR		958,126		14,429,378
Kroton Educacional SA		1,136,620		7,945,726
Porto Seguro SA		345,040		4,185,116
Smiles SA		176,910		3,241,815
				56,934,950
Cayman Islands — 4.7%
ANTA Sports Products, Ltd.#		966,000		1,993,062
Anxin-China Holdings, Ltd.		4,576,000		401,253
Baidu, Inc. ADR†		19,090		4,679,150
Geely Automobile Holdings, Ltd.#		10,950,000		4,758,475
Jintian Pharmaceutical Group Ltd#		2,835,000		1,136,939
NetEase, Inc. ADR		79,850		8,437,749
Perfect World Co., Ltd. ADR		115,990		2,116,818
TCL Communication Technology Holdings, Ltd.#		1,103,000		1,073,857
Tencent Holdings, Ltd.		212,200		3,393,055
Truly International Holdings, Ltd.		2,828,000		1,272,708
Zhen Ding Technology Holding, Ltd.		1,128,000		3,039,832
				32,302,898
China — 10.1%
Bank of China, Ltd., Class H		30,385,000		15,633,490
China CITIC Bank Corp., Ltd.		10,715,000		7,930,998
China Construction Bank Corp., Class H		21,912,000		16,586,086
China Everbright Bank Co., Ltd.		2,873,000		1,467,083
China Telecom Corp., Ltd., Class H		13,402,000		8,087,965
Great Wall Motor Co., Ltd., Class H#		1,366,000		6,896,143
Huadian Power International Corp., Ltd.#		7,290,000		5,931,721
Huaneng Power International, Inc.#		4,424,000		5,191,350
Sinopharm Group Co., Ltd.#		511,600		1,906,567
				69,631,403
Egypt — 0.2%
Commercial International Bank of Egypt SAE GDR		202,050		1,347,674
Greece — 0.5%
OPAP SA		273,240		3,427,123
Hong Kong — 5.9%
BYD Electronic International Co., Ltd.		1,220,500		1,366,096
China Mobile, Ltd.		1,682,000		20,713,485
China South City Holdings, Ltd.		2,936,000		1,503,039
CNOOC, Ltd.		6,693,000		9,787,182
Lenovo Group, Ltd.#		5,480,000		7,688,352
				41,058,154
Hungary — 0.2%
Richter Gedeon Nyrt		103,490		1,611,049

Security Description	Shares		Value (Note 2)
India — 7.5%
Apollo Tyres, Ltd.		891,630	$	3,288,923
Bank of Baroda		270,700		4,760,097
Canara Bank		279,370		1,861,566
HCL Technologies, Ltd.		208,380		5,584,336
Housing Development Finance Corp.		458,733		8,545,570
IRB Infrastructure Developers, Ltd.		721,320		3,173,320
NMDC, Ltd.		772,460		1,736,495
Oil & Natural Gas Corp., Ltd.		1,068,710		6,509,909
Power Finance Corp., Ltd.		535,200		2,669,316
Rural Electrification Corp., Ltd.		522,570		2,829,482
Tata Motors, Ltd. ADR		195,990		8,948,903
UPL, Ltd.		340,240		1,886,658
				51,794,575
Indonesia — 2.8%
Astra International Tbk PT		9,336,400		5,450,824
Bank Negara Indonesia Persero Tbk PT		8,001,600		3,950,315
Telekomunikasi Indonesia Persero Tbk PT		36,936,800		8,550,185
United Tractors Tbk PT		1,053,600		1,582,040
				19,533,364
Mexico — 0.4%
Grupo Aeroportuario del Pacifico SAB de CV, Class B		380,000		2,588,872
Poland — 0.9%
Energa SA		270,214		1,887,382
PGE SA		781,190		4,499,000
				6,386,382
Russia — 6.6%
Aeroflot-Russian Airlines OJSC†		1,489,900		1,229,212
Lukoil OAO ADR#		223,010		10,202,707
MegaFon OAO GDR		203,770		4,207,851
MMC Norilsk Nickel OJSC ADR		485,470		8,621,947
Mobile Telesystems OJSC ADR		483,260		5,905,437
Moscow Exchange MICEX-RTS OAO		1,246,700		1,479,257
Sberbank of Russia ADR		1,205,591		7,402,329
Tatneft OAO ADR (OTC)		103,480		3,172,697
Tatneft OAO ADR (LSE)		111,966		3,432,878
				45,654,315
South Africa — 6.1%
Bidvest Group, Ltd.		136,466		3,609,001
MTN Group, Ltd.		671,410		13,220,056
Netcare, Ltd.		1,017,390		3,342,253
Sasol, Ltd.		220,370		9,187,511
Steinhoff International Holdings, Ltd.		1,866,971		9,806,431
Telkom SA SOC, Ltd.†		439,060		2,722,665
				41,887,917
South Korea — 18.9%
Amorepacific Corp.		1,130		2,549,754
BS Financial Group, Inc.		164,874		2,336,316
Coway Co., Ltd.		70,590		5,504,739
Daesang Corp.		45,630		1,556,762
GS Home Shopping, Inc.		7,620		1,469,048
Halla Visteon Climate Control Corp.#		81,290		3,099,871
Hankook Tire Co., Ltd.		120,810		5,975,349
Industrial Bank of Korea		363,710		4,940,508
KEPCO Plant Service & Engineering Co., Ltd.		40,050		3,271,380
Kia Motors Corp.		166,140		8,352,361
Korea Electric Power Corp.		79,180		3,287,405
Korea Zinc Co., Ltd.		9,240		3,565,233
KT&G Corp.		81,482		7,126,320
LG Hausys, Ltd.		11,290		1,574,353

65

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
South Korea (continued)
LS Corp.†		26,420	$	1,445,058
Mando Corp.†		13,039		2,236,030
NongShim Co., Ltd.		4,910		1,176,592
Partron Co., Ltd.#		84,770		807,188
Samsung Electronics Co., Ltd.		27,418		31,848,879
Seah Besteel Corp.		42,540		1,274,722
Shinhan Financial Group Co., Ltd.		226,280		10,129,959
SK Holdings Co., Ltd.		38,290		5,875,085
SK Hynix, Inc.†		219,490		9,518,926
SK Networks Co., Ltd.†		204,590		1,739,463
SK Telecom Co., Ltd.		26,110		6,610,276
Wonik IPS Co., Ltd.†		234,630		2,975,361
				130,246,938
Taiwan — 11.3%
AcBel Polytech, Inc.		1,529,000		1,650,169
Advanced Semiconductor Engineering, Inc.		6,341,000		7,693,822
Catcher Technology Co., Ltd.		839,000		7,102,932
Chicony Electronics Co., Ltd.		1,296,794		3,528,235
Compeq Manufacturing Co., Ltd.		3,127,000		1,803,601
Coretronic Corp.		1,200,500		1,687,430
Inotera Memories, Inc.†		2,181,000		3,298,192
Inventec Corp.		2,527,000		1,682,081
Kenda Rubber Industrial Co., Ltd.		861,085		1,747,351
Lite-On Technology Corp.		1,437,654		1,742,048
Pegatron Corp.†		1,882,000		4,366,349
Radiant Opto-Electronics Corp.		682,000		2,236,788
Realtek Semiconductor Corp.		1,019,441		3,392,921
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,241,550		29,139,179
Teco Electric and Machinery Co., Ltd.		1,863,000		1,932,379
Vanguard International Semiconductor Corp.		1,434,000		2,214,887
Wan Hai Lines, Ltd.		2,788,000		2,459,404
				77,677,768
Thailand — 3.7%
Kasikornbank PCL NVDR		942,300		7,088,415
Krung Thai Bank PCL		9,845,400		7,166,288
Krung Thai Bank PCL NVDR		262,700		191,215
Quality Houses PCL		11,010,300		1,368,114
Quality Houses PCL NVDR		5,001,700		621,499
Samart Corp PCL		2,661,900		2,817,147
Supalai PCL†		1,882,400		1,547,885
Supalai PCL NVDR		50,200		41,279
Thai Beverage Public Co., Ltd.		4,823,000		2,423,897
Thai Union Frozen Products PCL#		868,000		2,293,254
Thai Union Frozen Products PCL NVDR		23,200		61,294
				25,620,287
Turkey — 5.7%
Enka Insaat ve Sanayi AS		1,040,239		2,704,172
Eregli Demir ve Celik Fabrikalari TAS		3,310,100		6,725,784
TAV Havalimanlari Holding AS		270,640		2,316,706
Tofas Turk Otomobil Fabrikasi AS		345,290		2,457,912
Tupras Turkiye Petrol Rafinerileri AS		241,530		5,451,727
Turk Hava Yollari†		1,635,114		6,784,736
Turkiye Is Bankasi, Class C		3,120,180		8,659,357
Turkiye Vakiflar Bankasi Tao, Class D		1,885,650		4,332,679
				39,433,073
United Arab Emirates — 1.1%
Air Arabia PJSC		3,512,210		1,415,192
Dubai Islamic Bank PJSC		1,383,110		2,843,000
First Gulf Bank PJSC		665,617		3,252,835
				7,511,027

Security Description	Shares/ Principal Amount			Value (Note 2)
United Kingdom — 0.8%
Investec PLC		575,120		$	5,324,969
United States — 0.5%
CTC Media, Inc.		189,130			1,127,215
Sinotrans, Ltd.#		2,827,000			2,132,580
					3,259,795
Total Common Stocks
(cost $640,348,437)					674,576,196
PREFERRED SECURITIES — 1.6%
Brazil — 1.6%
Banco do Estado do Rio Grande do Sul SA, Class B		315,550			1,841,739
Cia Energetica de Minas Gerais ADR#		860,850			4,751,892
Randon Participacoes SA		604,220			1,354,568
Vale SA ADR		422,700			3,284,379
Total Preferred Securities
(cost $17,311,042)					11,232,578
Total Long-Term Investment Securities
(cost $657,659,479)					685,808,774
SHORT-TERM INVESTMENT SECURITIES — 3.5%
Registered Investment Companies — 2.8%
State Street Navigator Securities Lending Prime Portfolio(1)		19,193,115			19,193,115
Time Deposits — 0.7%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014	$	5,052,000			5,052,000
Total Short-Term Investment Securities
(cost $24,245,115)					24,245,115
TOTAL INVESTMENTS —
(cost $681,904,594)(2)		102.8	%		710,053,889
Liabilities in excess of other assets		(2.8	)		(19,262,932	)
NET ASSETS —		100.0	%	$	690,790,957

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

† Non-income producing security

(1) At November 30, 2014, the Fund had loaned securities with a total value of $19,056,803. This was secured by collateral of $ 19,193,115 which was received in cash and subsequently invested in short-term investments currently valued at $19,193,115 as reported in the portfolio of investments. Additional collateral of $1,088,371 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014
United States Treasury Notes/Bonds	0.38% to 4.50%	03/31/2016 to 08/15/2043	$	1,088,371

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

ADR—American Depository Receipt

GDR—Global Depository Receipt

LSE—London Stock Exchange

NVDR—Non-Voting Depository Receipt

OTC—Over The Counter US

66

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	674,576,196	$	—	$	—	$	674,576,196
Preferred Securities		11,232,578		—		—		11,232,578
Short-Term Investment Securities:
Registered Investment Companies		19,193,115		—		—		19,193,115
Time Deposits		—		5,052,000		—		5,052,000
Total Investments at Value	$	705,001,889	$	5,052,000	$	—	$	710,053,889

* For a detailed presentation of investments, 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

67

VALIC Company I Foreign Value Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Diversified Banking Institutions	8.5	%
Oil Companies — Integrated	8.1
Medical — Drugs	7.4
Registered Investment Companies	6.6
Oil — Field Services	5.2
Diversified Financial Services	4.4
Electronic Components — Semiconductors	4.3
Auto — Cars/Light Trucks	3.4
Insurance — Multi-line	3.2
Banks — Commercial	3.0
Energy — Alternate Sources	2.7
Food — Retail	2.4
Import/Export	2.2
Time Deposits	2.1
Telecom Services	2.1
Cellular Telecom	2.0
Insurance — Life/Health	1.9
Finance — Other Services	1.8
Oil & Gas Drilling	1.6
Medical — Generic Drugs	1.6
Oil Companies — Exploration & Production	1.5
Retail — Major Department Stores	1.4
Diversified Manufacturing Operations	1.4
Steel — Producers	1.4
Metal — Diversified	1.3
Finance — Investment Banker/Broker	1.2
Insurance — Reinsurance	1.2
Retail — Building Products	1.2
Telephone — Integrated	1.1
Aerospace/Defense	1.1
Chemicals — Diversified	1.1
Auto/Truck Parts & Equipment — Original	1.0
Rubber — Tires	1.0
Diagnostic Kits	1.0
Building & Construction Products — Misc.	0.9
Building & Construction — Misc.	0.9
Airlines	0.9
Investment Management/Advisor Services	0.8
Building Products — Cement	0.8
Medical — Biomedical/Gene	0.8
Chemicals — Other	0.8
Engineering/R&D Services	0.8
Retail — Drug Store	0.7
Chemicals — Specialty	0.6
Medical Instruments	0.6
Office Automation & Equipment	0.6
Entertainment Software	0.5
Electronic Components — Misc.	0.5
Medical — Wholesale Drug Distribution	0.5
Containers — Metal/Glass	0.4
Photo Equipment & Supplies	0.4
Retail — Misc./Diversified	0.4
Finance — Mortgage Loan/Banker	0.4
Machine Tools & Related Products	0.4
Agricultural Operations	0.3
Distribution/Wholesale	0.3
Food — Misc./Diversified	0.3
Metal Products — Distribution	0.3
Rubber/Plastic Products	0.2
Consulting Services	0.1
	105.6	%

* Calculated as a percentage of net assets

Country Allocation*

United Kingdom	15.7	%
South Korea	13.5
France	11.0
United States	8.7
Germany	8.1
Switzerland	6.9
Japan	5.9
Netherlands	5.7
Canada	5.6
China	3.9
Cayman Islands	3.9
Italy	3.2
Hong Kong	1.6
Israel	1.6
Ireland	1.2
Singapore	1.2
Spain	1.1
Bermuda	1.0
Brazil	1.1
Russia	0.9
Norway	0.8
Jersey	0.8
India	0.6
Sweden	0.6
Belgium	0.5
Thailand	0.5
	105.6	%

* Calculated as a percentage of net assets

68

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.5%
Belgium — 0.5%
UCB SA		66,370	$	5,209,409
Bermuda — 1.0%
Digital China Holdings, Ltd.		3,635,000		3,384,273
First Pacific Co., Ltd.		2,621,250		2,754,799
Kunlun Energy Co., Ltd.#		3,448,000		3,725,933
				9,865,005
Brazil — 0.7%
BM&FBovespa SA		1,570,900		6,455,460
Canada — 5.6%
Cenovus Energy, Inc.		518,100		11,626,564
Ensign Energy Services, Inc.#		718,600		6,834,835
HudBay Minerals, Inc.		1,031,800		7,775,257
Suncor Energy, Inc.#		442,000		13,952,810
Talisman Energy, Inc.		1,403,840		6,688,459
Trican Well Service, Ltd.		1,059,900		7,171,629
				54,049,554
Cayman Islands — 3.9%
GCL-Poly Energy Holdings, Ltd.†#		51,715,500		13,937,690
Kingboard Chemical Holdings, Ltd.		4,044,500		7,562,348
Springland International Holdings, Ltd.		9,781,900		3,733,694
Trina Solar, Ltd. ADR†#		1,219,582		12,232,407
				37,466,139
China — 3.9%
China Life Insurance Co., Ltd.		2,635,000		9,123,232
China Telecom Corp., Ltd		20,675,823		12,477,640
Shanghai Pharmaceuticals Holding Co., Ltd.		2,852,500		6,826,961
Sinopec Engineering Group Co., Ltd.		5,880,000		5,155,966
Sinopharm Group Co., Ltd.#		1,218,800		4,542,073
				38,125,872
France — 11.0%
AXA SA		706,432		17,066,038
BNP Paribas SA		353,230		22,661,854
Cie de St-Gobain		190,100		8,737,837
Cie Generale des Etablissements Michelin		109,590		10,084,028
Sanofi		129,420		12,538,360
Societe Generale SA		100,703		4,998,404
Technip SA		202,710		13,191,732
Total SA		312,900		17,516,467
				106,794,720
Germany — 8.1%
Bayer AG		78,400		11,799,046
Deutsche Boerse AG#		151,690		11,088,933
Deutsche Lufthansa AG#		466,720		8,336,515
Gerresheimer AG		78,750		4,354,123
Kloeckner & Co. SE†		211,880		2,509,083
Merck KGaA		95,402		9,506,190
Metro AG†#		173,577		5,898,462
MorphoSys AG†		47,090		4,638,892
Muenchener Rueckversicherungs AG		35,060		7,226,505
Siemens AG		112,625		13,335,650
				78,693,399
Hong Kong — 1.6%
China Agri-Industries Holdings, Ltd.#		8,878,000		3,457,370
China Mobile, Ltd.		1,001,500		12,333,267
				15,790,637
India — 0.6%
Jain Irrigation Systems, Ltd.		1,609,577		2,194,347
LIC Housing Finance, Ltd.		516,974		3,535,218
				5,729,565

Security Description	Shares		Value (Note 2)
Ireland — 1.2%
CRH PLC		352,760	$	8,339,843
Dragon Oil PLC		464,030		3,632,344
				11,972,187
Israel — 1.6%
Teva Pharmaceutical Industries, Ltd. ADR		269,170		15,337,307
Italy — 3.2%
Eni SpA		524,979		10,497,424
Saipem SpA†#		337,148		4,828,596
UniCredit SpA		2,106,054		15,579,242
				30,905,262
Japan — 5.9%
Canon, Inc.		169,000		5,413,782
Capcom Co., Ltd.#		345,540		5,139,278
ITOCHU Corp.		1,386,200		15,956,427
Konica Minolta, Inc.		335,900		3,917,465
Nissan Motor Co., Ltd.		1,604,000		14,983,012
Toyota Motor Corp.		196,200		12,092,414
				57,502,378
Jersey — 0.8%
Petrofac, Ltd.		642,130		8,285,406
Netherlands — 5.7%
Aegon NV#		1,708,953		13,424,275
Akzo Nobel NV		147,780		10,216,517
ING Groep NV CVA†		675,404		9,899,970
QIAGEN NV†		411,070		9,828,361
SBM Offshore NV#†		866,370		11,707,338
				55,076,461
Norway — 0.8%
Telenor ASA		394,298		8,301,010
Russia — 0.9%
Lukoil OAO ADR(SGMX)		13,510		628,755
Lukoil OAO ADR (OTC)		43,008		1,967,616
MMC Norilsk Nickel OJSC ADR		271,639		4,824,309
Mobile Telesystems OJSC ADR		120,356		1,470,750
				8,891,430
Singapore — 1.2%
Flextronics International, Ltd.†		421,550		4,674,990
United Overseas Bank, Ltd.#		366,000		6,739,814
				11,414,804
South Korea — 13.5%
Daewoo International Corp.		183,090		5,651,589
Hana Financial Group, Inc.		691,275		21,088,583
Hyundai Mobis		45,365		10,113,412
Hyundai Motor Co.		34,432		5,562,822
KB Financial Group, Inc.		622,023		21,839,158
KIWOOM Securities Co., Ltd.		89,050		4,018,683
Korea Investment Holdings Co., Ltd.		157,999		8,185,516
POSCO		48,515		13,245,893
Samsung Electronics Co., Ltd.		35,520		41,260,201
				130,965,857
Spain — 1.1%
Telefonica SA		664,231		10,645,350
Telefonica SA ADR		859		13,744
				10,659,094

69

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Sweden — 0.6%
Getinge AB, Class B		239,574	$	5,546,453
Switzerland — 6.9%
ABB, Ltd.		333,560		7,491,501
Basilea Pharmaceutica†#		33,210		3,204,941
Credit Suisse Group AG		721,105		19,279,245
GAM Holding AG#		186,050		3,294,284
Lonza Group AG		49,050		5,769,692
Meyer Burger Technology AG†#		440,180		3,486,800
Roche Holding AG		65,980		19,771,796
Swiss Re AG		53,270		4,556,150
				66,854,409
Thailand — 0.5%
Bangkok Bank PCL NVDR		742,600		4,568,454
United Kingdom — 15.7%
Aberdeen Asset Management PLC		762,910		5,368,169
Aviva PLC		1,227,958		9,756,277
BAE Systems PLC		1,415,310		10,649,367
Barclays PLC		1,684,040		6,456,857
BP PLC		1,507,452		9,906,869
BP PLC ADR		180		7,078
Carillion PLC#		1,538,340		8,363,133
GlaxoSmithKline PLC		610,401		14,176,812
HSBC Holdings PLC#		1,363,300		13,582,126
Kingfisher PLC		2,363,125		11,531,297
Marks & Spencer Group PLC		1,753,350		13,395,843
Noble Corp. PLC#		474,270		8,532,117
Paragon Offshore PLC#		87,120		316,246
Royal Dutch Shell PLC, Class B		268,205		9,324,879
Serco Group PLC#		454,124		1,245,068
Standard Chartered PLC		504,330		7,391,586
Tesco PLC		5,912,120		17,240,208
Vodafone Group PLC		1,552,411		5,680,239
				152,924,171
Total Common Stocks
(cost $921,635,633)				937,384,443
PREFERRED SECURITIES — 0.4%
Brazil — 0.4%
Petroleo Brasileiro SA ADR (cost $4,751,672)		330,066		3,369,974
Total Long-Term Investment Securities
(cost $926,387,305)				940,754,417

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 8.7%
Registered Investment Companies — 6.6%
State Street Navigator Securities Lending Prime Portfolio(1)		63,809,290		$	63,809,290
Time Deposits — 2.1%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014	$	20,784,000			20,784,000
Total Short-Term Investment Securities
(cost $84,593,290)					84,593,290
TOTAL INVESTMENTS
(cost $1,010,980,595)(2)		105.6	%		1,025,347,707
Liabilities in excess of other assets		(5.6	)		(54,315,603	)
NET ASSETS —		100.0	%	$	971,032,104

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

† Non-income producing security

(1) At November 30, 2014, the Fund had loaned securities with a total value of $63,179,433. This was secured by collateral of $63,809,290, which was received in cash and subsequently invested in short-term investments currently valued at $63,809,290 as reported in the portfolio of investments. Additional collateral of $5,351,222 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014
United States Treasury Notes/Bonds	zero coupon to 6.00%	02/28/2015 to 05/15/2043	$	5,351,222

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

ADR—American Depository Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

NVDR—Non-Voting Depository Receipt

OTC—Over The Counter US

SGMX—Sigma X

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	937,384,443	$	—	$	—	$	937,384,443
Preferred Securities		3,369,974		—		—		3,369,974
Short-Term Investment Securities:
Registered Investment Companies		63,809,290		—		—		63,809,290
Time Deposits		—		20,784,000		—		20,784,000
Total Investments at Value	$	1,004,563,707	$	20,784,000	$	—	$	1,025,347,707

* For a detailed presentation of investments, 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

70

VALIC Company I Global Real Estate Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	70.1	%
Real Estate Operations & Development	15.8
Real Estate Management/Services	9.7
Registered Investment Companies	4.2
Hotels/Motels	1.3
Time Deposits	0.7
Retirement/Aged Care	0.4
Funeral Services & Related Items	0.4
Building — Residential/Commercial	0.4
Transport — Services	0.3
	103.3	%

Country Allocation*

United States	48.6	%
Japan	13.9
Australia	7.1
United Kingdom	6.9
France	4.6
Singapore	4.1
Canada	3.8
Hong Kong	3.5
Bermuda	2.8
Germany	1.3
Switzerland	0.9
Netherlands	0.8
China	0.8
Jersey	0.8
Indonesia	0.6
Spain	0.5
Sweden	0.4
Cayman Islands	0.4
Finland	0.4
India	0.4
Norway	0.3
Taiwan	0.2
Malaysia	0.2
	103.3	%

* Calculated as a percentage of net assets

71

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.4%
Australia — 7.1%
BGP Holdings PLC†(1)(2)		479,213	$	0
Charter Hall Group		409,830		1,597,909
GPT Group		1,842,891		6,495,052
Mirvac Group		5,545,713		8,285,470
Scentre Group†		1,793,558		5,298,190
Stockland		2,012,143		7,057,302
Westfield Corp.†		1,182,219		8,343,247
				37,077,170
Bermuda — 2.8%
Hongkong Land Holdings, Ltd.		1,053,000		7,286,760
Kerry Properties, Ltd.		2,078,500		7,464,471
				14,751,231
Canada — 3.8%
Allied Properties Real Estate Investment Trust		68,376		2,256,486
Artis Real Estate Investment Trust		81,100		1,125,857
Boardwalk Real Estate Investment Trust		18,600		1,067,480
Calloway Real Estate Investment Trust		92,600		2,254,489
Canadian Apartment Properties REIT		60,697		1,375,353
Canadian Real Estate Investment Trust		41,900		1,782,371
Dream Office Real Estate Investment Trust		51,798		1,220,801
Granite Real Estate Investment Trust		32,100		1,111,531
H&R Real Estate Investment Trust		154,300		3,066,036
RioCan Real Estate Investment Trust		193,600		4,620,404
				19,880,808
Cayman Islands — 0.4%
Fu Shou Yuan International Group, Ltd.		3,750,000		1,939,096
China — 0.8%
China Vanke Co., Ltd.†#		2,072,800		4,212,476
Finland — 0.4%
Citycon OYJ		598,613		1,929,172
France — 4.6%
Klepierre		196,577		8,827,638
Unibail-Rodamco SE (Euronext Amsterdam)		40,960		10,830,383
Unibail-Rodamco SE (Euronext Paris)		15,684		4,147,064
				23,805,085
Germany — 1.3%
Deutsche Wohnen AG		280,298		6,733,095
Hong Kong — 3.5%
Henderson Land Development Co., Ltd.		321,580		2,154,261
Sino Land Co., Ltd.		1,424,000		2,328,376
Sun Hung Kai Properties, Ltd.		946,504		13,840,740
				18,323,377
India — 0.4%
Sobha Developers, Ltd.		228,753		1,835,775
Indonesia — 0.6%
Summarecon Agung Tbk PT		27,591,800		3,300,887
Japan — 13.9%
Activia Properties, Inc.		49		410,845
Advance Residence Investment Corp.		659		1,610,432
Comforia Residential REIT, Inc.		508		1,040,229
Daibiru Corp.#		371,500		3,919,424
Invincible Investment Corp.		9,215		3,416,702
Japan Excellent, Inc.		1,658		2,178,159
Mitsubishi Estate Co., Ltd.#		1,028,000		23,142,344
Mitsui Fudosan Co., Ltd.#		483,000		13,962,514
Nippon Prologis REIT, Inc.#		2,069		4,510,409
Nomura Real Estate Office Fund, Inc.		1,565		6,534,571

Security Description	Shares		Value (Note 2)
Japan (continued)
Sumitomo Realty & Development Co., Ltd.		130,000	$	4,489,804
Tokyu Fudosan Holdings Corp.		351,100		2,508,914
Top REIT, Inc.		1,154		4,531,592
				72,255,939
Jersey — 0.8%
Kennedy Wilson Europe Real Estate PLC		231,802		3,832,031
Malaysia — 0.2%
UEM Sunrise, Bhd		1,623,300		863,840
Netherlands — 0.8%
Corio NV		85,048		4,305,498
Norway — 0.3%
Entra ASA†*(2)		153,184		1,627,706
Singapore — 4.1%
Ascendas India Trust		4,923,000		3,021,867
City Developments, Ltd.		327,000		2,524,070
Fortune Real Estate Investment Trust		3,689,000		3,672,398
Global Logistic Properties, Ltd.		3,021,000		6,073,061
Keppel REIT Management, Ltd.		3,661,000		3,483,189
Keppel Telecommunications & Transportation, Ltd.#		1,303,000		1,769,593
Mapletree Greater China Commercial Trust		1,290,000		974,948
				21,519,126
Spain — 0.5%
Merlin Properties Socimi SA†		220,298		2,730,202
Sweden — 0.4%
Hufvudstaden AB, Class A		169,214		2,211,836
Switzerland — 0.9%
PSP Swiss Property AG		53,745		4,677,471
Taiwan — 0.2%
Chong Hong Construction Co., Ltd.		549,550		1,184,425
United Kingdom — 6.9%
Big Yellow Group PLC		396,442		3,695,411
British Land Co. PLC		713,069		8,565,045
Capital & Counties Properties PLC		630,044		3,712,946
Derwent London PLC		111,503		5,299,735
Hammerson PLC		853,482		8,316,092
Helical Bar PLC		224,682		1,240,452
Quintain Estates & Development PLC†		1,481,056		2,183,181
UNITE Group PLC		425,065		3,069,390
				36,082,252
United States — 43.7%
American Tower Corp.		133,097		13,976,516
AvalonBay Communities, Inc.		96,080		15,448,703
Boston Properties, Inc.		78,105		10,125,532
Brixmor Property Group, Inc.		120,100		2,904,018
Brookdale Senior Living, Inc.†		57,768		2,046,143
Cousins Properties, Inc.		409,733		5,015,132
Crown Castle International Corp.		89,268		7,417,278
CubeSmart		166,000		3,575,640
DDR Corp.		484,885		8,887,942
EastGroup Properties, Inc.		29,000		1,949,380
Empire State Realty Trust, Inc., Class A		138,667		2,324,059
Essex Property Trust, Inc.		33,689		6,818,990
Federal Realty Investment Trust		50,400		6,686,064
General Growth Properties, Inc.		265,694		7,109,971
Health Care REIT, Inc.		102,538		7,552,949
Healthcare Realty Trust, Inc.		158,415		4,183,740
Healthcare Trust of America, Inc., Class A		291,376		3,717,958
Hilton Worldwide Holdings, Inc.†		151,251		3,965,801

72

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Host Hotels & Resorts, Inc.		209,654	$	4,872,359
Hudson Pacific Properties, Inc.		133,951		3,766,702
Kilroy Realty Corp.		10,404		714,547
LaSalle Hotel Properties		145,100		5,857,687
Mid-America Apartment Communities, Inc.		72,000		5,303,520
National Health Investors, Inc.		39,200		2,598,176
National Retail Properties, Inc.		115,079		4,433,994
Paramount Group, Inc.†		65,263		1,226,944
Piedmont Office Realty Trust, Inc., Class A#		195,955		3,683,954
Prologis, Inc.		272,015		11,500,794
Public Storage		47,600		8,931,188
Realty Income Corp.#		85,791		3,985,850
Retail Opportunity Investments Corp.		179,912		2,961,352
RLJ Lodging Trust		172,100		5,667,253
Simon Property Group, Inc.		120,403		21,768,862
SL Green Realty Corp.		56,261		6,534,153
UDR, Inc.		158,506		4,878,815
Ventas, Inc.		45,200		3,234,060
Washington Prime Group, Inc.		65,751		1,132,890
Weyerhaeuser Co.		313,990		11,086,987
				227,845,903
Total Long-Term Investment Securities
(cost $456,834,873)				512,924,401
SHORT-TERM INVESTMENT SECURITIES — 4.9%
Registered Investment Companies — 4.2%
State Street Navigator Securities Lending Prime Portfolio(3)		17,292,590		17,292,590
SSgA U.S. Government Money Market Fund		4,748,984		4,748,984
				22,041,574

Security Description	Principal Amount			Value (Note 2)
Time Deposits — 0.7%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014	$	3,673,000		$	3,673,000
Total Short-Term Investment Securities
(cost $25,714,574)					25,714,574
TOTAL INVESTMENTS —
(cost $482,549,447)(4)		103.3	%		538,638,975
Liabilities in excess of other assets		(3.3	)		(17,408,507	)
NET ASSETS —		100.0	%	$	521,230,468

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2014, the aggregate value of these securities was $1,627,706 representing 0.3% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(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, 2014, the aggregate value of these securities was $1,627,706 representing 0.3% of net assets.

(3) At November 30, 2014, the Fund had loaned securities with a total value of $16,754,694. This was secured by collateral of $17,292,590, which was received in cash and subsequently invested in short-term investments currently valued at $17,292,590 as reported in the portfolio of investments. Additional collateral of $36,158 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014
United States Treasury Notes/Bonds	0.63% to 6.13%	12/31/2014 to 11/15/2043	$36,158

(4) 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, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Australia	$	37,077,170	$	—	$	0	$	37,077,170
Other Countries		475,847,231		—		—		475,847,231
Short-Term Investment Securities:
Registered Investment Companies		22,041,574		—		—		22,041,574
Time Deposits		—		3,673,000		—		3,673,000
Total Investments at Value	$	534,965,975	$	3,673,000	$	0	$	538,638,975

* For a detailed presentation of investments, 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 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

73

VALIC Company I Global Social Awareness Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Medical — Drugs	3.8	%
Real Estate Investment Trusts	3.6
Banks — Commercial	3.5
Insurance — Multi-line	2.8
Oil Companies — Exploration & Production	2.6
Insurance — Life/Health	2.6
Computers	2.5
Medical — Biomedical/Gene	2.1
Telephone — Integrated	2.1
Applications Software	1.9
Insurance — Property/Casualty	1.7
Food — Misc./Diversified	1.6
Cable/Satellite TV	1.6
Multimedia	1.5
Transport — Rail	1.5
Diversified Banking Institutions	1.4
Investment Management/Advisor Services	1.3
Commercial Services — Finance	1.3
Chemicals — Diversified	1.2
Pipelines	1.2
Beverages — Non-alcoholic	1.2
Cosmetics & Toiletries	1.2
Food — Retail	1.2
Electronic Components — Semiconductors	1.1
Medical — HMO	1.1
Registered Investment Companies	1.1
Enterprise Software/Service	1.0
Diversified Manufacturing Operations	1.0
Finance — Credit Card	1.0
Electric — Integrated	1.0
Real Estate Management/Services	0.9
Web Portals/ISP	0.9
Insurance — Reinsurance	0.9
Medical Instruments	0.9
Time Deposits	0.9
Banks — Super Regional	0.9
Retail — Discount	0.8
Finance — Other Services	0.8
Data Processing/Management	0.8
Telecom Services	0.8
Consumer Products — Misc.	0.8
Computer Services	0.8
Oil — Field Services	0.7
Chemicals — Specialty	0.7
Electric Products — Misc.	0.7
Semiconductor Components — Integrated Circuits	0.7
Advertising Agencies	0.7
Semiconductor Equipment	0.7
Retail — Apparel/Shoe	0.7
Industrial Gases	0.6
E-Commerce/Products	0.6
Real Estate Operations & Development	0.6
Investment Companies	0.6
Transport — Services	0.6
Gas — Distribution	0.6
Medical Products	0.6
Hotels/Motels	0.6
Computers — Memory Devices	0.6
Medical — Wholesale Drug Distribution	0.5
Networking Products	0.5
Banks — Fiduciary	0.5
Publishing — Periodicals	0.5
Oil Field Machinery & Equipment	0.5
Finance — Investment Banker/Broker	0.5
Building & Construction Products — Misc.	0.5
Auto/Truck Parts & Equipment — Original	0.5
Building & Construction — Misc.	0.5
Distribution/Wholesale	0.4
Containers — Metal/Glass	0.4

Television	0.4
Internet Content — Entertainment	0.4
E-Commerce/Services	0.4
Satellite Telecom	0.4
Apparel Manufacturers	0.4
Commercial Services	0.4
Retail — Major Department Stores	0.4
Building — Residential/Commercial	0.4
Machinery — Farming	0.4
Human Resources	0.4
Auto — Cars/Light Trucks	0.4
Retail — Jewelry	0.3
Electric — Transmission	0.3
Medical — Generic Drugs	0.3
Electronic Components — Misc.	0.3
Machinery — General Industrial	0.3
Diversified Operations	0.3
Water	0.3
Building — Heavy Construction	0.3
Public Thoroughfares	0.3
Diversified Operations/Commercial Services	0.3
Industrial Automated/Robotic	0.3
Import/Export	0.3
Consulting Services	0.3
Instruments — Scientific	0.3
Gold Mining	0.3
Toys	0.3
Building Products — Cement	0.3
Medical — Hospitals	0.3
Airport Development/Maintenance	0.2
Oil Refining & Marketing	0.2
Retail — Building Products	0.2
Pharmacy Services	0.2
Computer Aided Design	0.2
Athletic Footwear	0.2
Oil Companies — Integrated	0.2
Retail — Drug Store	0.2
Electronic Forms	0.2
Wireless Equipment	0.2
Machinery — Construction & Mining	0.2
Advertising Services	0.2
Publishing — Books	0.2
Agricultural Chemicals	0.2
Private Equity	0.2
Food — Confectionery	0.2
Electronic Parts Distribution	0.2
Cellular Telecom	0.2
Entertainment Software	0.2
Savings & Loans/Thrifts	0.2
Retail — Pet Food & Supplies	0.2
Retail — Regional Department Stores	0.2
Retirement/Aged Care	0.2
Steel — Producers	0.2
Electronic Measurement Instruments	0.2
Special Purpose Entities	0.2
Containers — Paper/Plastic	0.2
Metal Processors & Fabrication	0.2
Aerospace/Defense — Equipment	0.2
Steel Pipe & Tube	0.2
Computers — Integrated Systems	0.1
Retail — Restaurants	0.1
Internet Security	0.1
Auto — Heavy Duty Trucks	0.1
Airlines	0.1
Food — Dairy Products	0.1
Office Automation & Equipment	0.1
Diversified Financial Services	0.1
Telecommunication Equipment	0.1
Transactional Software	0.1

74

VALIC Company I Global Social Awareness Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited) — (continued)

Industry Allocation* (continued)

Chemicals — Plastics	0.1	%
Paper & Related Products	0.1
Motorcycle/Motor Scooter	0.1
Engines — Internal Combustion	0.1
Food — Catering	0.1
Metal — Copper	0.1
U.S. Government Treasuries	0.1
Diagnostic Kits	0.1
Resorts/Theme Parks	0.1
Tools — Hand Held	0.1
Oil & Gas Drilling	0.1
Finance — Consumer Loans	0.1
Machinery — Pumps	0.1
Building Products — Air & Heating	0.1
Retail — Office Supplies	0.1
Publishing — Newspapers	0.1
Food — Baking	0.1
Transport — Truck	0.1
Respiratory Products	0.1
Coatings/Paint	0.1
Retail — Automobile	0.1
Medical Labs & Testing Services	0.1
Retail — Bedding	0.1
Filtration/Separation Products	0.1
Security Services	0.1
Medical Information Systems	0.1
Food — Wholesale/Distribution	0.1
Retail — Vision Service Center	0.1
Internet Content — Information/News	0.1
Office Supplies & Forms	0.1
Retail — Consumer Electronics	0.1
Retail — Gardening Products	0.1
Appliances	0.1
Broadcast Services/Program	0.1
Cruise Lines	0.1
Engineering/R&D Services	0.1
Computer Data Security	0.1
Vitamins & Nutrition Products	0.1
Finance — Mortgage Loan/Banker	0.1
Metal — Aluminum	0.1
Rubber — Tires	0.1
Hazardous Waste Disposal	0.1
Finance — Leasing Companies	0.1
Home Decoration Products	0.1
Recycling	0.1
Non-Hazardous Waste Disposal	0.1
Dialysis Centers	0.1
Retail — Auto Parts	0.1
Soap & Cleaning Preparation	0.1
Textile — Products	0.1
Electronics — Military	0.1
Building Products — Doors & Windows	0.1
Coffee	0.1
Leisure Products	0.1
Machinery — Electrical	0.1
Storage/Warehousing	0.1
	100.9	%

Country Allocation*

United States	57.9	%
Japan	7.7
United Kingdom	6.1
Canada	4.1
France	3.8
Switzerland	3.1
Australia	2.6
Netherlands	1.9
Germany	1.8
Sweden	1.6
Hong Kong	1.4
Spain	1.3
Italy	0.9
Ireland	0.9
Singapore	0.8
Finland	0.8
Belgium	0.7
Jersey	0.6
Denmark	0.5
Luxembourg	0.5
New Zealand	0.4
Norway	0.3
Bermuda	0.3
Cayman Islands	0.2
Portugal	0.2
Israel	0.1
Austria	0.1
Guernsey	0.1
Liberia	0.1
British Virgin Islands	0.1
	100.9	%

* Calculated as a percentage of net assets

75

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.6%
Australia — 2.6%
ALS, Ltd.		20,776	$	89,141
Amcor, Ltd.		23,746		245,814
AMP, Ltd.		129,319		620,904
APA Group		51,752		346,725
Asciano, Ltd.		97,867		489,887
ASX, Ltd.		20,260		620,904
Aurizon Holdings, Ltd.		57,252		224,685
BGP Holdings PLC†(1)(2)		60,919		0
Boral, Ltd.		11,544		48,056
Caltex Australia, Ltd.		8,086		208,229
Cochlear, Ltd.		5,597		331,387
Computershare, Ltd.		22,663		222,834
Dexus Property Group		66,257		401,037
Federation Centres		184,999		436,246
Flight Centre Travel Group, Ltd.		3,623		124,697
Goodman Group		25,960		120,444
GPT Group		108,965		384,034
Harvey Norman Holdings, Ltd.		67,534		212,144
Iluka Resources, Ltd.		6,351		37,035
Insurance Australia Group, Ltd.		141,443		767,014
Lend Lease Group		34,531		450,644
Metcash, Ltd.		190,071		422,317
Mirvac Group		296,664		443,225
Newcrest Mining, Ltd.†		37,931		333,885
Novion Property Group		208,053		377,256
Ramsay Health Care, Ltd.		6,584		303,509
Scentre Group†		197,039		582,055
Seek, Ltd.		6,622		96,342
Sonic Healthcare, Ltd.		6,460		95,965
Stockland		84,650		296,898
Sydney Airport		40,644		153,625
Transurban Group		97,719		691,294
Westfield Corp.†		37,343		263,540
Woodside Petroleum, Ltd.		24,607		748,889
WorleyParsons, Ltd.		11,479		108,665
				11,299,326
Austria — 0.1%
IMMOFINANZ AG†		77,207		231,621
Vienna Insurance Group AG Wiener Versicherung Gruppe		6,556		326,346
				557,967
Belgium — 0.7%
Ageas		5,475		195,929
Belgacom SA		14,196		560,746
Colruyt SA		12,998		604,885
Delhaize Group SA		3,903		285,514
Groupe Bruxelles Lambert SA		5,394		488,280
KBC Groep NV†		5,010		286,761
Telenet Group Holding NV†		6,927		396,228
Umicore SA		7,250		294,992
				3,113,335
Bermuda — 0.3%
Arch Capital Group, Ltd.†		5,395		309,241
Everest Re Group, Ltd.		2,835		497,231
NWS Holdings, Ltd.		114,000		210,509
RenaissanceRe Holdings, Ltd.		2,126		208,178
				1,225,159
British Virgin Islands — 0.1%
Michael Kors Holdings, Ltd.†		3,299		253,066
Canada — 4.1%
Agnico Eagle Mines, Ltd.		3,973		92,665
Agrium, Inc.		5,008		483,244

Security Description	Shares		Value (Note 2)
Canada (continued)
AltaGas, Ltd.		12,039	$	446,029
ARC Resources, Ltd.		20,327		480,498
ATCO, Ltd., Class I		400		16,680
BCE, Inc.		9,666		450,725
Brookfield Asset Management, Inc., Class A		10,000		502,579
Canadian Tire Corp., Ltd., Class A		7,635		856,410
Canadian Utilities, Ltd., Class A		1,600		55,893
Catamaran Corp.†		2,600		131,307
CGI Group, Inc., Class A†		12,923		470,872
CI Financial Corp		13,900		411,568
Dollarama, Inc.		13,220		619,222
Empire Co., Ltd., Class A		5,700		414,432
Fairfax Financial Holdings, Ltd.		1,173		595,780
First Capital Realty, Inc.		31,468		514,976
Fortis, Inc.		8,986		319,015
Franco-Nevada Corp.		3,900		195,051
Gildan Activewear, Inc.		1,500		86,703
Great-West Lifeco, Inc.		23,315		690,339
IGM Financial, Inc.		10,684		443,836
Industrial Alliance Insurance & Financial Services, Inc.		4,394		182,114
Intact Financial Corp.		8,447		586,173
Inter Pipeline, Ltd.		11,025		314,394
Manulife Financial Corp.		33,110		659,074
Methanex Corp.		3,748		188,465
Metro, Inc., Class A		13,980		1,091,489
Onex Corp		3,843		218,002
Open Text Corp.		3,100		183,469
Pacific Rubiales Energy Corp.		4,400		42,504
Pembina Pipeline Corp.		11,110		378,395
Pengrowth Energy Corp.		18,469		60,062
Power Corp. of Canada		15,812		448,276
Power Financial Corp.		11,571		361,625
RioCan Real Estate Investment Trust		8,342		199,088
Saputo, Inc.		19,502		565,164
Shaw Communications, Inc., Class B		30,851		832,564
Silver Wheaton Corp.		4,863		95,993
Sun Life Financial, Inc.		20,721		768,592
Thomson Reuters Corp.		15,465		616,491
Tim Hortons, Inc.		6,000		499,921
Tourmaline Oil Corp.†		4,224		140,320
TransAlta Corp.		22,969		223,686
Valeant Pharmaceuticals International, Inc.†		4,500		654,603
Vermilion Energy, Inc.		9,694		451,522
				18,039,810
Cayman Islands — 0.2%
ASM Pacific Technology, Ltd.		2,800		28,506
Herbalife, Ltd.#		2,239		96,837
Legal & General Group PLC		169,013		652,118
				777,461
Denmark — 0.5%
Coloplast A/S, Class B		3,794		328,961
DSV A/S		9,202		288,370
Novozymes A/S, Class B		13,875		609,990
Pandora A/S		1,530		135,858
TDC A/S		43,217		350,506
Tryg A/S		3,278		378,231
William Demant Holding A/S†		1,959		140,602
				2,232,518
Finland — 0.8%
Elisa Oyj		19,153		555,764
Metso Oyj		5,795		179,763
Neste Oil Oyj		19,009		451,297

76

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finland (continued)
Nokia Oyj		64,828	$	539,652
Nokian Renkaat Oyj		6,820		192,720
Orion Oyj, Class B		16,695		572,936
Sampo Oyj, Class A		11,806		582,760
UPM-Kymmene Oyj		32,334		537,113
				3,612,005
France — 3.8%
Accor SA		4,740		223,740
Aeroports de Paris		4,322		530,741
Alcatel-Lucent†		41,725		148,642
Arkema SA		1,665		113,367
AtoS		2,792		198,475
Bouygues SA		10,557		397,432
Bureau Veritas SA		13,335		318,332
Cap Gemini SA		5,697		417,742
Casino Guichard Perrachon SA		6,636		639,848
Christian Dior SA		3,704		709,768
CNP Assurances		33,879		627,697
Dassault Systemes		8,584		561,504
Edenred		14,871		429,107
Eurazeo SA		2,831		197,090
Eutelsat Communications SA		17,118		566,471
Fonciere Des Regions		4,190		400,249
Gecina SA		2,214		299,593
Groupe Eurotunnel SA		19,174		248,006
ICADE		2,394		191,630
Iliad SA		762		187,261
Imerys SA		2,983		225,674
JCDecaux SA		5,425		178,546
Kering		1,975		408,189
Klepierre		7,729		347,084
L’Oreal SA		7,958		1,358,573
Lagardere SCA		9,932		281,771
Legrand SA		8,351		438,143
Natixis SA		27,157		192,003
Publicis Groupe SA		7,556		555,278
SCOR SE		23,806		743,211
Societe BIC SA		1,567		209,020
Sodexo SA		5,354		540,420
Suez Environnement Co.		16,410		291,174
Unibail-Rodamco SE		3,841		1,015,613
Valeo SA		3,163		389,440
Vallourec SA		6,510		215,997
Veolia Environnement SA		10,717		195,560
Vivendi SA		37,342		951,596
Wendel SA		1,542		181,798
Zodiac Aerospace		7,356		243,929
				16,369,714
Germany — 1.6%
Axel Springer SE		5,321		313,534
Beiersdorf AG		8,073		719,038
Brenntag AG		5,679		312,970
Celesio AG		3,035		101,209
Deutsche Wohnen AG (BR)		25,082		602,500
Fraport AG Frankfurt Airport Services Worldwide		3,078		188,108
Hannover Rueck SE		7,134		637,001
LANXESS AG		2,986		148,378
Metro AG†		8,624		293,059
Muenchener Rueckversicherungs AG		7,316		1,507,961
OSRAM Licht AG†		2,844		118,195
ProSiebenSat.1 Media AG		4,944		211,315
SAP SE		17,315		1,221,173

Security Description	Shares		Value (Note 2)
Germany (continued)
Telefonica Deutschland Holding AG		41,017	$	215,225
United Internet AG		7,100		312,963
				6,902,629
Guernsey — 0.1%
Friends Life Group, Ltd.		81,764		472,129
Hong Kong — 1.4%
AIA Group, Ltd.		183,600		1,060,656
Bank of East Asia, Ltd.		79,800		335,977
BOC Hong Kong Holdings, Ltd.		58,500		207,072
Cheung Kong Holdings, Ltd.		27,000		496,486
Hang Lung Properties, Ltd.		81,000		243,369
Hang Seng Bank, Ltd.		18,600		309,884
Henderson Land Development Co., Ltd.		20,900		140,009
Hong Kong & China Gas Co., Ltd.		321,600		761,399
Hong Kong Exchanges and Clearing, Ltd.		34,100		742,691
Hutchison Whampoa, Ltd.		37,000		463,997
Link REIT		66,000		418,729
New World Development Co., Ltd.		57,000		68,136
Sino Land Co., Ltd.		156,000		255,075
Swire Pacific, Ltd., Class A		13,000		178,532
Swire Properties, Ltd.		18,800		58,304
Techtronic Industries Co., Ltd.		25,000		80,111
Wharf Holdings, Ltd.		29,000		209,229
Wheelock & Co., Ltd.		19,000		95,920
				6,125,576
Ireland — 0.9%
Accenture PLC, Class A		11,023		951,616
CRH PLC		15,983		377,865
James Hardie Industries PLC CDI		28,578		294,374
Kerry Group PLC, Class A		7,640		567,440
Pentair PLC		7,618		492,961
Perrigo Co. PLC		3,838		614,809
Seagate Technology PLC		3,319		219,419
XL Group PLC		10,599		376,477
				3,894,961
Israel — 0.1%
Israel Chemicals, Ltd.		34,959		238,668
Israel Corp., Ltd.†		244		119,612
NICE Systems, Ltd.		4,365		207,033
				565,313
Italy — 0.9%
Assicurazioni Generali SpA		56,432		1,221,096
Banco Popolare SC†		16,152		222,886
Exor SpA		4,327		192,750
Intesa Sanpaolo SpA RSP		133,068		358,307
Luxottica Group SpA		7,764		415,412
Mediobanca SpA		43,136		386,454
Terna Rete Elettrica Nazionale SpA		182,571		882,340
Unione di Banche Italiane SCpA		33,889		260,599
UnipolSai SpA		22,664		64,862
				4,004,706
Japan — 7.7%
ABC-Mart, Inc.		300		15,067
ACOM Co., Ltd.†		10,500		31,411
Advantest Corp.		2,800		33,434
Aeon Co., Ltd.		28,000		279,127
AEON Financial Service Co., Ltd.		7,600		164,079
Aeon Mall Co., Ltd.		1,400		23,878
Air Water, Inc.		3,000		48,690

77

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Aisin Seiki Co., Ltd.		4,400	$	157,394
Ajinomoto Co., Inc.		12,000		224,033
Alfresa Holdings Corp.		800		9,236
Amada Co., Ltd.		13,000		117,325
ANA Holdings, Inc.		21,000		51,708
Aozora Bank, Ltd.		35,000		113,845
Asahi Glass Co., Ltd.		47,000		226,940
Asahi Kasei Corp.		21,000		182,624
Asics Corp.		2,000		50,645
Astellas Pharma, Inc.		34,500		496,263
Bank of Yokohama, Ltd.		34,000		191,674
Brother Industries, Ltd.		3,700		69,155
Calbee, Inc.		1,600		55,414
Canon, Inc.		18,500		592,633
Casio Computer Co., Ltd.		3,900		58,958
Central Japan Railway Co.		2,800		407,601
Chiba Bank, Ltd.		47,000		312,488
Chugai Pharmaceutical Co., Ltd.		3,700		100,240
Citizen Holdings Co., Ltd.		4,000		30,943
Credit Saison Co., Ltd.		5,200		97,366
Dai Nippon Printing Co., Ltd.		10,000		87,891
Dai-ichi Life Insurance Co., Ltd.		14,900		216,149
Daido Steel Co., Ltd.		8,000		29,123
Daihatsu Motor Co., Ltd.		19,000		260,495
Daikin Industries, Ltd.		6,600		437,979
Daito Trust Construction Co., Ltd.		1,400		158,085
Daiwa House Industry Co., Ltd.		10,000		190,486
Daiwa Securities Group, Inc.		29,000		233,109
Dena Co., Ltd.		1,100		13,626
Dentsu, Inc.		8,600		323,216
Don Quijote Holdings Co., Ltd.		1,000		62,358
East Japan Railway Co.		5,900		442,338
Eisai Co., Ltd.		4,100		147,009
FANUC Corp.		3,700		624,202
Fast Retailing Co., Ltd.		900		327,669
Fuji Heavy Industries, Ltd.		9,400		342,034
GungHo Online Entertainment, Inc.		5,000		18,876
Gunma Bank, Ltd.		32,000		190,377
Hakuhodo DY Holdings, Inc.		1,800		17,504
Hamamatsu Photonics KK		1,100		55,616
Hankyu Hanshin Holdings, Inc.		20,000		110,053
Hino Motors, Ltd.		11,000		148,218
Hirose Electric Co., Ltd.		600		75,841
Hisamitsu Pharmaceutical Co., Inc.		6,900		209,901
Hitachi Chemical Co., Ltd.		14,700		272,149
Hitachi Construction Machinery Co., Ltd.		600		12,954
Hitachi High-Technologies Corp.		1,300		37,575
Hoya Corp.		13,500		480,071
Hulic Co., Ltd.		4,300		44,424
Ibiden Co., Ltd.		1,700		25,256
Iida Group Holdings Co., Ltd.		8,900		97,722
Isetan Mitsukoshi Holdings, Ltd.		6,100		80,137
Isuzu Motors, Ltd.		10,000		130,530
ITOCHU Corp.		29,900		344,176
Iyo Bank, Ltd.		42,900		443,930
Japan Exchange Group, Inc.		3,300		84,676
JFE Holdings, Inc.		12,200		259,637
Joyo Bank, Ltd.		89,000		449,237
JSR Corp.		3,200		57,248
Kajima Corp.		59,000		233,176
Kakaku.com, Inc.		2,100		32,083
Kaneka Corp.		6,000		31,752
Kansai Paint Co., Ltd.		4,000		63,740
Kao Corp.		10,900		403,779

Security Description	Shares		Value (Note 2)
Japan (continued)
KDDI Corp.		8,300	$	531,838
Keikyu Corp.		52,000		397,438
Keio Corp.		4,000		29,426
Keisei Electric Railway Co., Ltd.		2,000		23,005
Keyence Corp.		800		369,563
Kintetsu Corp.		32,000		108,132
Komatsu, Ltd.		10,600		251,088
Konica Minolta, Inc.		10,000		116,626
Kuraray Co., Ltd.		5,900		71,842
Kurita Water Industries, Ltd.		4,700		97,588
Kyocera Corp.		5,900		288,910
Kyowa Hakko Kirin Co., Ltd.		2,000		21,724
LIXIL Group Corp.		9,300		197,802
M3, Inc.		1,600		27,532
Mabuchi Motor Co., Ltd.		1,400		111,604
Makita Corp.		3,300		165,737
Marui Group Co., Ltd.		3,500		30,644
Maruichi Steel Tube, Ltd.		1,800		39,528
McDonald’s Holdings Co. Japan, Ltd.		4,600		105,203
Medipal Holdings Corp.		1,300		14,449
MEIJI Holdings Co., Ltd.		1,400		125,643
Mitsubishi Chemical Holdings Corp.		28,500		146,859
Mitsubishi Corp.		35,500		671,589
Mitsubishi Estate Co., Ltd.		32,000		720,384
Mitsubishi Gas Chemical Co., Inc.		8,000		45,774
Mitsubishi Logistics Corp.		14,000		219,432
Mitsubishi Tanabe Pharma Corp.		3,100		47,282
Mitsubishi UFJ Lease & Finance Co., Ltd.		7,800		36,808
Mitsui Chemicals, Inc.		13,000		36,370
Mitsui Fudosan Co., Ltd.		13,000		375,803
MS&AD Insurance Group Holdings, Inc.		8,600		200,814
Murata Manufacturing Co., Ltd.		900		97,266
Nabtesco Corp.		4,100		98,432
NGK Insulators, Ltd.		9,000		199,840
NGK Spark Plug Co., Ltd.		4,000		120,334
NH Foods, Ltd.		4,000		80,324
NHK Spring Co., Ltd.		3,500		30,319
Nidec Corp.		4,000		265,341
Nintendo Co., Ltd.		1,600		185,523
Nippon Express Co., Ltd.		9,000		43,229
Nippon Paint Holdings Co., Ltd.		4,000		103,480
Nippon Steel & Sumitomo Metal Corp.		147,000		378,803
Nippon Telegraph & Telephone Corp.		7,200		385,331
Nisshin Seifun Group, Inc.		3,600		35,645
Nissin Foods Holdings Co., Ltd.		800		40,111
Nitori Holdings Co., Ltd.		1,200		66,537
Nitto Denko Corp.		2,900		153,052
NOK Corp.		1,200		30,043
Nomura Real Estate Holdings, Inc.		2,200		40,415
Nomura Research Institute, Ltd.		2,000		62,358
NTT Data Corp.		2,400		91,615
NTT DOCOMO, Inc.		26,000		405,654
NTT Urban Development Corp.		1,700		17,491
Obayashi Corp.		30,000		187,073
Odakyu Electric Railway Co., Ltd.		8,000		73,279
Oji Holdings Corp.		20,000		70,110
Omron Corp.		3,900		181,411
Ono Pharmaceutical Co., Ltd.		2,600		222,600
Oracle Corp. Japan		2,100		79,279
Oriental Land Co., Ltd.		2,400		522,390
ORIX Corp.		20,200		266,479
Osaka Gas Co., Ltd.		39,000		149,171
Otsuka Corp.		1,200		41,308
Otsuka Holdings Co., Ltd.		6,500		205,538

78

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Park24 Co., Ltd.		1,300	$	19,730
Rakuten, Inc.		12,400		167,082
Resona Holdings, Inc.		31,300		169,015
Rinnai Corp.		600		44,594
Rohm Co., Ltd.		1,400		90,604
Sanrio Co., Ltd.		1,600		42,268
Santen Pharmaceutical Co., Ltd.		3,500		195,837
SBI Holdings, Inc.		6,400		73,886
Secom Co., Ltd.		4,300		248,717
Seiko Epson Corp.		1,100		53,114
Sekisui Chemical Co., Ltd.		8,000		99,570
Sekisui House, Ltd.		12,000		161,186
Sharp Corp.†		20,000		47,695
Shikoku Electric Power Co., Inc.†		3,100		38,740
Shimamura Co., Ltd.		500		41,839
Shimano, Inc.		1,300		176,371
Shimizu Corp.		8,000		54,605
Shin-Etsu Chemical Co., Ltd.		7,100		478,040
Shinsei Bank, Ltd.		30,000		56,375
Shionogi & Co., Ltd.		4,300		107,002
Shiseido Co., Ltd.		8,200		122,478
Shizuoka Bank, Ltd.		24,000		230,960
Showa Shell Sekiyu KK		17,000		141,679
SMC Corp.		800		219,837
SoftBank Corp.		13,500		905,878
Sompo Japan Nipponkoa Holdings, Inc.		4,900		121,499
Sony Financial Holdings, Inc.		2,200		33,388
Sumitomo Chemical Co., Ltd.		30,000		113,508
Sumitomo Dainippon Pharma Co., Ltd.		9,400		97,192
Sumitomo Mitsui Trust Holdings, Inc.		49,000		203,730
Sumitomo Realty & Development Co., Ltd.		8,000		276,296
Sumitomo Rubber Industries, Ltd.		4,500		68,560
Suntory Beverage & Food, Ltd.		5,200		183,602
Suruga Bank, Ltd.		15,000		285,034
Suzuken Co., Ltd.		700		17,932
Sysmex Corp.		2,400		103,143
T&D Holdings, Inc.		7,900		95,729
Taisei Corp.		42,000		219,432
Taisho Pharmaceutical Holdings Co., Ltd.		200		12,387
Taiyo Nippon Sanso Corp.		3,000		35,342
Takashimaya Co., Ltd.		3,000		25,129
TDK Corp.		2,200		132,552
Teijin, Ltd.		8,000		21,707
Terumo Corp.		5,400		122,862
THK Co., Ltd.		3,800		92,062
Tobu Railway Co., Ltd.		42,000		189,349
Toho Co., Ltd.		1,100		24,527
Toho Gas Co., Ltd.		3,000		15,750
Tokio Marine Holdings, Inc.		11,000		359,699
Tokyo Electron, Ltd.		2,800		190,811
Tokyo Gas Co., Ltd.		49,000		267,235
Tokyo Tatemono Co., Ltd.		5,000		39,901
Tokyu Corp.		80,000		483,357
Tokyu Fudosan Holdings Corp.		7,900		56,452
TonenGeneral Sekiyu KK		38,000		317,974
Toppan Printing Co., Ltd.		21,000		135,375
Toray Industries, Inc.		30,000		235,864
TOTO, Ltd.		17,000		202,991
Toyo Seikan Group Holdings, Ltd.		14,800		178,842
Toyota Tsusho Corp.		6,600		156,282
Trend Micro, Inc.		4,600		139,740
Unicharm Corp.		9,000		206,059
USS Co., Ltd.		4,300		62,070
West Japan Railway Co.		3,300		157,561

Security Description	Shares		Value (Note 2)
Japan (continued)
Yahoo Japan Corp.		26,500	$	96,693
Yakult Honsha Co., Ltd.		1,900		100,868
Yamada Denki Co., Ltd.		17,100		56,342
Yamaguchi Financial Group, Inc.		20,000		200,556
Yamaha Corp.		14,800		220,622
Yamato Holdings Co., Ltd.		6,900		155,682
Yamato Kogyo Co., Ltd.		1,700		47,704
Yaskawa Electric Corp.		5,000		64,886
Yokohama Rubber Co., Ltd.		5,000		46,010
				33,662,186
Jersey — 0.6%
Delphi Automotive PLC		4,630		337,758
Petrofac, Ltd.		19,565		252,447
Randgold Resources, Ltd.		6,190		411,740
Wolseley PLC		13,263		744,686
WPP PLC		43,616		914,087
				2,660,718
Liberia — 0.1%
Royal Caribbean Cruises, Ltd.		4,887		360,367
Luxembourg — 0.5%
Altice SA†		2,299		154,761
Millicom International Cellular SA SDR		2,936		244,361
RTL Group SA		6,638		639,628
SES SA FDR		19,834		738,409
Subsea 7 SA		13,591		135,045
Tenaris SA		14,213		235,214
				2,147,418
Mauritius — 0.0%
Golden Agri-Resources, Ltd.		445,000		157,063
Netherlands — 1.9%
Aegon NV		53,210		417,979
Akzo Nobel NV		9,073		627,246
ASML Holding NV		7,016		741,439
Boskalis Westminster NV		3,272		183,720
CNH Industrial NV		28,931		226,613
Core Laboratories NV		1,510		194,533
Corio NV		7,072		358,015
Delta Lloyd NV		11,804		271,502
Fugro NV CVA		6,395		146,653
Gemalto NV		3,926		333,751
ING Groep NV CVA†		67,204		985,066
Koninklijke Vopak NV		6,747		339,170
Nielsen NV#		6,362		265,741
OCI NV†		3,386		121,488
QIAGEN NV†		21,929		524,305
Randstad Holding NV		4,580		226,161
Reed Elsevier NV		33,827		832,137
STMicroelectronics NV		17,514		131,344
Wolters Kluwer NV		20,892		612,594
Ziggo NV†		12,329		552,275
				8,091,732
New Zealand — 0.4%
Auckland International Airport, Ltd.		215,238		652,925
Contact Energy, Ltd.		31,255		150,180
Fletcher Building, Ltd.		16,653		106,908
Ryman Healthcare, Ltd.		113,293		711,326
Spark New Zealand, Ltd.		100,213		240,369
				1,861,708

79

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PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Norway — 0.3%
Akastor ASA		18,644	$	55,894
Aker Solutions ASA†		18,644		111,577
DNB ASA		29,711		492,033
Gjensidige Forsikring ASA		6,762		115,636
Norsk Hydro ASA		53,703		313,603
Orkla ASA		36,942		274,121
				1,362,864
Portugal — 0.2%
Banco Espirito Santo SA†(1)(2)		126,030		9,409
Galp Energia SGPS SA		35,620		434,355
Jeronimo Martins SGPS SA		20,530		208,707
				652,471
Singapore — 0.8%
Ascendas Real Estate Investment Trust		9,000		16,159
Avago Technologies, Ltd.		4,497		420,020
CapitaLand, Ltd.		48,000		122,274
CapitaMall Trust		21,000		31,904
City Developments, Ltd.		31,000		239,285
ComfortDelGro Corp., Ltd.		167,000		333,154
DBS Group Holdings, Ltd.		29,000		441,241
Global Logistic Properties, Ltd.		48,000		96,494
Jardine Cycle & Carriage, Ltd.		2,000		65,357
Keppel Corp., Ltd.		4,000		27,622
Oversea-Chinese Banking Corp., Ltd.		112,000		900,606
StarHub, Ltd.		118,000		374,833
United Overseas Bank, Ltd.		29,000		534,029
Yangzijiang Shipbuilding Holdings, Ltd.		41,000		38,537
				3,641,515
Spain — 1.3%
Abertis Infraestructuras SA		29,714		636,307
Amadeus IT Holding SA, Class A		15,290		609,096
Banco Bilbao Vizcaya Argentaria SA		116,247		1,249,453
Banco de Sabadell SA		91,044		258,405
Banco Popular Espanol SA		44,345		243,889
CaixaBank SA		52,080		287,791
Distribuidora Internacional de Alimentacion SA		44,927		312,496
Ferrovial SA		21,104		432,760
Grifols SA		7,215		321,623
Mapfre SA		69,126		253,826
Red Electrica Corp. SA		7,177		657,898
Zardoya Otis SA		48,883		521,271
				5,784,815
Sweden — 1.6%
Assa Abloy AB, Class B		11,492		624,597
Atlas Copco AB, Class A		11,881		342,631
Atlas Copco AB, Class B		6,918		183,823
Electrolux AB, Series B		12,595		374,371
Elekta AB, Series B		21,379		217,939
Getinge AB, Class B		14,268		330,323
Hexagon AB, Class B		4,029		128,080
Husqvarna AB, Class B		23,138		170,386
Industrivarden AB, Class C		7,286		128,807
Investment AB Kinnevik, Class B		11,899		412,897
Investor AB, Class B		28,696		1,078,125
Skandinaviska Enskilda Banken AB, Class A		41,153		543,717
Skanska AB, Class B		26,619		573,419
Svenska Handelsbanken AB, Class A		21,218		1,036,524
Swedbank AB, Class A		15,493		406,480
Tele2 AB, Class B		33,714		436,614
				6,988,733

Security Description	Shares		Value (Note 2)
Switzerland — 3.1%
ACE, Ltd.		14,144	$	1,617,225
Actelion, Ltd.		5,058		601,775
Aryzta AG		5,920		472,619
Baloise Holding AG		8,041		1,050,763
Coca-Cola HBC AG CDI		11,950		271,376
EMS-Chemie Holding AG		1,636		607,306
Garmin, Ltd.#		5,762		330,163
Geberit AG		1,820		634,338
Pargesa Holding SA (BR)		7,073		563,203
Partners Group Holding AG		2,090		600,544
Sika AG (BR)		105		399,886
Sonova Holding AG		2,736		414,189
Sulzer AG		3,258		364,005
Swatch Group AG		5,564		512,470
Swatch Group AG (BR)		1,240		613,099
Swiss Life Holding AG		1,534		351,672
Swiss Prime Site AG		15,669		1,208,740
Swiss Re AG		8,341		713,401
Swisscom AG		1,983		1,204,276
Zurich Insurance Group AG		3,550		1,113,062
				13,644,112
United Kingdom — 6.1%
3i Group PLC		56,633		393,269
Admiral Group PLC		14,876		288,499
Aggreko PLC		10,584		253,763
Amec Foster Wheeler PLC		41,933		612,875
Antofagasta PLC		46,067		531,000
ARM Holdings PLC		35,432		506,776
ASOS PLC		2,281		87,154
British Land Co. PLC		70,268		844,026
Bunzl PLC		47,262		1,320,172
Capita PLC		43,280		724,282
Croda International PLC		11,154		428,097
Direct Line Insurance Group PLC		168,006		773,832
easyJet PLC		12,615		326,135
Ensco PLC, Class A		5,048		170,622
Hammerson PLC		66,365		646,642
Inmarsat PLC		34,758		431,902
InterContinental Hotels Group PLC		15,898		673,827
Intertek Group PLC		11,307		412,925
Intu Properties PLC		109,352		610,394
Investec PLC		69,703		645,372
ITV PLC		138,088		462,607
Johnson Matthey PLC		13,064		679,572
Kingfisher PLC		131,770		642,996
Land Securities Group PLC		45,232		840,425
Liberty Global PLC, Class A†		13,817		718,346
London Stock Exchange Group PLC		17,922		632,077
Next PLC		7,442		788,562
Old Mutual PLC		273,014		855,269
Persimmon PLC		18,636		446,819
Prudential PLC		62,517		1,513,582
Reed Elsevier PLC		52,900		920,847
Rexam PLC		62,922		445,207
Royal Mail PLC		72,269		472,234
RSA Insurance Group PLC†		60,812		445,305
Sage Group PLC		148,812		947,493
Schroders PLC		10,060		424,027
Segro PLC		109,111		669,459
Standard Life PLC		114,681		760,491
Tate & Lyle PLC		63,054		595,150
Travis Perkins PLC		20,418		577,043
Tullow Oil PLC		46,035		306,715

80

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
United Utilities Group PLC		59,180	$	838,109
Weir Group PLC		8,051		236,222
Whitbread PLC		9,434		676,802
				26,576,923
United States — 55.8%
AbbVie, Inc.		26,328		1,821,898
Activision Blizzard, Inc.		21,401		463,332
Adobe Systems, Inc.†		13,548		998,217
ADT Corp.		5,153		180,046
Advance Auto Parts, Inc.		1,669		245,477
Aetna, Inc.		8,166		712,402
Affiliated Managers Group, Inc.†		2,171		441,994
Aflac, Inc.		10,410		621,789
AGCO Corp.		8,079		340,853
Air Products & Chemicals, Inc.		7,497		1,078,294
Airgas, Inc.		4,810		556,180
Akamai Technologies, Inc.†		2,360		152,480
Albemarle Corp.#		3,514		207,467
Alexion Pharmaceuticals, Inc.†		3,307		644,534
Allergan, Inc.		6,982		1,493,380
Alliance Data Systems Corp.†		2,004		572,883
Allstate Corp.		17,486		1,191,671
Amazon.com, Inc.†		5,197		1,759,912
American Airlines Group, Inc.		1,865		90,508
American Express Co.		17,828		1,647,664
American Realty Capital Properties, Inc.		21,523		202,316
American Tower Corp.		8,198		860,872
American Water Works Co., Inc.		1,295		68,700
Ameriprise Financial, Inc.		4,688		617,738
AmerisourceBergen Corp.		4,612		419,923
AMETEK, Inc.		5,175		263,718
Amgen, Inc.		12,134		2,005,872
Anadarko Petroleum Corp.		11,091		877,853
Analog Devices, Inc.		7,865		429,744
ANSYS, Inc.†		4,926		411,420
Antero Resources Corp.†#		4,598		215,738
Anthem, Inc.		7,363		941,801
Apache Corp.		8,500		544,765
Apple, Inc.		85,071		10,117,494
Applied Materials, Inc.		32,705		786,555
Arrow Electronics, Inc.†		11,322		661,658
Ashland, Inc.		3,636		414,686
Assurant, Inc.		3,129		211,489
AT&T, Inc.		91,842		3,249,370
Autodesk, Inc.†		2,952		183,024
Automatic Data Processing, Inc.		12,864		1,101,673
AutoNation, Inc.†		1,343		79,828
AvalonBay Communities, Inc.		1,205		193,752
Avery Dennison Corp.		3,851		190,663
Avnet, Inc.		3,294		144,244
Avon Products, Inc.		17,145		167,678
B/E Aerospace, Inc.†		4,466		347,767
Baker Hughes, Inc.		11,033		628,881
Ball Corp.		1,103		73,978
Bank of America Corp.		138,229		2,355,422
Bank of New York Mellon Corp.		26,975		1,079,809
BB&T Corp.		10,304		387,327
Bed Bath & Beyond, Inc.†		5,949		436,478
Best Buy Co., Inc.		8,183		322,492
Biogen Idec, Inc.†		3,337		1,026,762
BioMarin Pharmaceutical, Inc.†		3,277		294,012
BlackRock, Inc.		3,116		1,118,893
BorgWarner, Inc.		4,398		248,751

Security Description	Shares		Value (Note 2)
United States (continued)
Boston Scientific Corp.†		9,353	$	120,373
Bristol-Myers Squibb Co.		28,392		1,676,548
Broadcom Corp., Class A		3,963		170,924
C.H. Robinson Worldwide, Inc.		4,348		320,622
CA, Inc.		13,516		421,023
Cablevision Systems Corp., Class A#		12,339		250,728
Cabot Oil & Gas Corp.		12,614		416,767
Calpine Corp.†		5,559		127,635
Cameron International Corp.†		6,032		309,321
Capital One Financial Corp.		9,435		784,992
Cardinal Health, Inc.		15,539		1,277,150
CarMax, Inc.†		5,322		303,248
CBRE Group, Inc., Class A†		5,598		188,877
CBS Corp., Class B		9,062		497,323
Celanese Corp., Series A		5,507		330,805
Celgene Corp.†		19,276		2,191,488
CenterPoint Energy, Inc.		10,416		249,359
CenturyLink, Inc.		15,673		638,988
Cerner Corp.†		6,558		422,335
Charles Schwab Corp.		30,560		865,459
Charter Communications, Inc., Class A†		1,559		264,562
Cheniere Energy, Inc.†		3,265		215,457
Chesapeake Energy Corp.		10,877		220,368
Chipotle Mexican Grill, Inc.†		292		193,777
Church & Dwight Co., Inc.		3,092		237,187
Cigna Corp.		7,022		722,494
Cimarex Energy Co.		1,978		207,591
Cincinnati Financial Corp.		7,397		376,877
Cintas Corp.		1,960		143,374
Cisco Systems, Inc.		82,918		2,291,854
CIT Group, Inc.		4,745		231,556
Citigroup, Inc.		40,391		2,179,902
Citrix Systems, Inc.†		4,196		278,237
Clorox Co.		16,714		1,698,477
CME Group, Inc.		5,954		503,947
Coach, Inc.		9,553		354,607
Cobalt International Energy, Inc.†		5,337		48,033
Coca-Cola Co.		69,525		3,116,806
Cognizant Technology Solutions Corp., Class A†		16,062		867,187
Colgate-Palmolive Co.		17,825		1,240,442
Comcast Corp., Class A		36,633		2,089,546
Comcast Corp., Special Class A		15,918		904,302
ConAgra Foods, Inc.		9,393		343,032
Concho Resources, Inc.†		5,409		515,207
ConocoPhillips		30,519		2,016,390
Consolidated Edison, Inc.		28,166		1,778,683
Continental Resources, Inc.†#		2,894		118,596
Costco Wholesale Corp.		10,603		1,506,898
Cree, Inc.†#		2,275		82,674
Crown Castle International Corp.		11,673		969,910
Crown Holdings, Inc.†		20,420		1,010,790
CSX Corp.		25,614		934,655
Cummins, Inc.		3,747		545,638
Danaher Corp.		21,550		1,800,718
DaVita HealthCare Partners, Inc.†		3,417		261,503
Deere & Co.		9,106		788,762
Delta Air Lines, Inc.		4,554		212,535
Denbury Resources, Inc.		16,404		135,497
Devon Energy Corp.		16,278		959,914
Diamond Offshore Drilling, Inc.#		7,496		220,158
DIRECTV†		7,348		644,493
Discover Financial Services		6,101		399,921
Dollar Tree, Inc.†		4,905		335,306
Dover Corp.		9,448		727,402

81

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Dr Pepper Snapple Group, Inc.		13,500	$	999,000
Dun & Bradstreet Corp.		4,529		574,957
Eaton Vance Corp.		7,738		323,371
eBay, Inc.†		16,672		914,959
Ecolab, Inc.		6,727		732,907
Edwards Lifesciences Corp.†		1,474		191,148
Electronic Arts, Inc.†		6,470		284,227
Eli Lilly & Co.		26,723		1,820,371
EMC Corp.		24,261		736,321
Emerson Electric Co.		27,856		1,775,820
Energen Corp.		4,468		266,829
EOG Resources, Inc.		11,204		971,611
EQT Corp.		4,234		385,209
Equifax, Inc.		1,132		90,051
Equity Residential		4,565		323,385
Estee Lauder Cos., Inc., Class A		9,355		693,580
Expedia, Inc.		1,835		159,847
Expeditors International of Washington, Inc.		12,311		576,401
Express Scripts Holding Co.†		12,501		1,039,458
Facebook, Inc., Class A†		24,385		1,894,714
Fastenal Co.#		8,596		388,539
Fidelity National Information Services, Inc.		12,902		789,473
Fifth Third Bancorp		16,520		332,382
FireEye, Inc.†#		839		25,413
First Republic Bank		4,068		209,624
Fiserv, Inc.†		18,661		1,334,075
FleetCor Technologies, Inc.†		1,905		289,350
Flowserve Corp.		2,899		170,664
Fluor Corp.		3,800		235,562
FMC Corp.		6,990		380,256
FMC Technologies, Inc.†		7,696		367,638
FNF Group		9,708		314,539
Franklin Resources, Inc.		8,094		460,225
Frontier Communications Corp.#		59,168		417,134
GameStop Corp., Class A#		2,482		93,844
General Growth Properties, Inc.		7,510		200,968
General Mills, Inc.		30,640		1,616,260
Genworth Financial, Inc., Class A†		5,764		52,395
Gilead Sciences, Inc.†		23,073		2,314,683
Goldman Sachs Group, Inc.		5,393		1,016,095
Google, Inc., Class A†		4,285		2,352,808
Halliburton Co.		17,488		737,994
Harley-Davidson, Inc.		8,266		575,975
Harris Corp.		3,898		279,370
Hartford Financial Services Group, Inc.		6,147		253,871
Hasbro, Inc.		5,545		328,264
HCA Holdings, Inc.†		3,732		260,083
HCP, Inc.		8,258		369,958
Health Care REIT, Inc.		4,275		314,897
Helmerich & Payne, Inc.		1,589		110,515
Hershey Co.		8,053		807,555
Hertz Global Holdings, Inc.†		8,567		203,381
Hewlett-Packard Co.		25,977		1,014,662
Hormel Foods Corp.		113		5,998
Host Hotels & Resorts, Inc.		17,677		410,813
Hudson City Bancorp, Inc.		22,717		222,399
Humana, Inc.		4,537		625,970
IHS, Inc., Class A†		4,224		517,271
Illumina, Inc.†		873		166,647
Intel Corp.		77,461		2,885,422
Intercontinental Exchange, Inc.		3,293		744,185
International Flavors & Fragrances, Inc.		1,914		193,639
Interpublic Group of Cos., Inc.		11,182		226,883
Intuit, Inc.		7,862		738,006

Security Description	Shares		Value (Note 2)
United States (continued)
Intuitive Surgical, Inc.†		524	$	271,311
Iron Mountain, Inc.		11,104		422,063
J.B. Hunt Transport Services, Inc.		3,691		304,618
Johnson & Johnson		47,102		5,098,791
Joy Global, Inc.		2,645		129,711
Kansas City Southern		3,351		398,568
Kellogg Co.		22,131		1,466,179
Keurig Green Mountain, Inc.		1,589		225,860
KeyCorp		14,820		200,070
Kimberly-Clark Corp.		13,784		1,607,077
Kinder Morgan, Inc.#		23,578		974,938
KLA-Tencor Corp.		4,765		330,882
Kohl’s Corp.		3,702		220,713
L Brands, Inc.		5,008		405,147
L-3 Communications Holdings, Inc.		1,843		229,638
Lam Research Corp.		5,712		472,040
Lennar Corp., Class A		4,922		232,515
Level 3 Communications, Inc.†		1,682		84,100
Liberty Interactive Corp., Class A†		16,032		467,333
Liberty Media Corp., Class A†		2,073		76,224
Liberty Media Corp., Class C†		4,146		151,453
Lincoln National Corp.		4,737		268,256
Linear Technology Corp.		11,587		533,350
LinkedIn Corp., Class A†		1,119		253,196
LKQ Corp.†		19,595		569,235
Loews Corp.		4,054		168,809
M&T Bank Corp.		2,297		289,468
Macy’s, Inc.		6,590		427,757
Manpowergroup, Inc.		3,677		245,844
MasterCard, Inc., Class A		17,311		1,511,077
Mattel, Inc.		13,550		427,502
McCormick & Co., Inc.		2,257		167,763
McGraw Hill Financial, Inc.		8,137		760,484
McKesson Corp.		3,134		660,522
MDU Resources Group, Inc.		13,201		323,689
Mead Johnson Nutrition Co.		2,194		227,825
Medtronic, Inc.		31,737		2,344,412
MetLife, Inc.		16,768		932,468
Microchip Technology, Inc.#		8,180		369,327
Microsoft Corp.		115,738		5,533,434
Mondelez International, Inc., Class A		46,342		1,816,606
Monster Beverage Corp.†		3,198		358,656
Moody’s Corp.		3,583		361,919
Morgan Stanley		26,504		932,411
Mosaic Co.		4,808		220,062
Motorola Solutions, Inc.		5,861		385,185
Murphy Oil Corp.		11,083		536,639
Mylan, Inc.†		14,563		853,537
NASDAQ OMX Group, Inc.		9,822		441,106
National Oilwell Varco, Inc.		18,017		1,207,860
Navient Corp.		15,533		325,572
NetApp, Inc.		7,797		331,762
Netflix, Inc.†		702		243,306
New York Community Bancorp, Inc.#		12,673		201,374
Newell Rubbermaid, Inc.		8,252		299,630
News Corp., Class A†		30,490		473,205
NIKE, Inc., Class B		10,868		1,079,084
NiSource, Inc.		11,297		472,666
Noble Energy, Inc.		9,951		489,390
Nordstrom, Inc.		3,501		267,336
Northeast Utilities		3,717		188,229
Northern Trust Corp.		5,512		373,328
NVIDIA Corp.		10,828		227,063
Oceaneering International, Inc.		7,530		472,206

82

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Ocwen Financial Corp.†#		5,900	$	135,346
Omnicom Group, Inc.		16,300		1,259,501
ONEOK, Inc.		11,712		634,322
Oracle Corp.		67,045		2,843,378
Owens-Illinois, Inc.†		18,635		477,801
PACCAR, Inc.		8,234		551,843
Pall Corp.		4,486		431,149
Parker-Hannifin Corp.		7,317		944,113
Paychex, Inc.		20,448		969,440
People’s United Financial, Inc.		23,098		341,388
Pepco Holdings, Inc.		24,741		680,377
PetSmart, Inc.		9,343		735,855
Pharmacyclics, Inc.†		661		92,137
Pioneer Natural Resources Co.		3,020		432,555
Plum Creek Timber Co., Inc.		5,220		217,570
PNC Financial Services Group, Inc.		8,369		732,036
Polaris Industries, Inc.		1,001		156,867
PPG Industries, Inc.		4,886		1,069,155
Praxair, Inc.		9,488		1,218,069
Priceline Group, Inc.†		792		918,870
Principal Financial Group, Inc.		9,934		529,184
Progressive Corp.		32,374		881,868
Prologis, Inc.		6,319		267,167
Prudential Financial, Inc.		9,296		789,974
Public Storage		2,098		393,648
PulteGroup, Inc.		3,257		70,449
PVH Corp.		1,872		238,006
QEP Resources, Inc.		7,429		151,849
QUALCOMM, Inc.		27,626		2,013,935
Quanta Services, Inc.†		13,198		402,539
Quest Diagnostics, Inc.		6,809		444,696
Range Resources Corp.		4,423		290,370
Realogy Holdings Corp.†		9,284		427,250
Regeneron Pharmaceuticals, Inc.†		1,130		470,204
Regions Financial Corp.		21,247		213,957
Republic Services, Inc.		7,122		282,102
ResMed, Inc.#		8,514		452,945
Robert Half International, Inc.		2,949		167,474
Rockwell Automation, Inc.		4,854		560,200
Roper Industries, Inc.		2,407		379,873
Ross Stores, Inc.		2,642		241,690
salesforce.com, Inc.†		5,904		353,472
SanDisk Corp.		2,172		224,715
SBA Communications Corp., Class A†		5,953		724,302
Scripps Networks Interactive, Inc., Class A		4,782		373,809
Sealed Air Corp.		9,826		388,422
Sempra Energy		4,335		484,350
ServiceNow, Inc.†		923		59,035
Sherwin-Williams Co.		1,149		281,344
Sigma-Aldrich Corp.		1,989		271,697
Sirius XM Holdings, Inc.†#		21,912		79,541
Southwestern Energy Co.†		9,397		302,395
Spectra Energy Corp.		19,093		723,243
Sprint Corp.†#		13,752		70,410
SPX Corp.		800		71,752
St Jude Medical, Inc.		7,346		499,234
Stanley Black & Decker, Inc.		3,672		346,784
Staples, Inc.		34,276		481,921
State Street Corp.		10,416		799,220
Stericycle, Inc.†		2,368		305,283
Stryker Corp.		2,743		254,852
SunTrust Banks, Inc.		10,812		424,803
Superior Energy Services, Inc.		8,346		161,161
Symantec Corp.		22,526		587,703

Security Description	Shares		Value (Note 2)
United States (continued)
T-Mobile US, Inc.†		2,376	$	69,355
T. Rowe Price Group, Inc.		7,196		600,650
TD Ameritrade Holding Corp.		8,777		303,772
Teradata Corp.†		4,805		216,898
Tesla Motors, Inc.†#		1,203		294,158
Thermo Fisher Scientific, Inc.		8,596		1,111,377
Tiffany & Co.		4,125		445,170
Time Warner Cable, Inc.		6,432		960,169
Time Warner, Inc.		23,104		1,966,612
TJX Cos., Inc.		13,985		925,248
Toll Brothers, Inc.†		9,815		343,427
Torchmark Corp.		14,422		775,182
Total System Services, Inc.		12,635		416,829
Towers Watson & Co., Class A		2,199		248,399
Tractor Supply Co.		4,914		378,034
Travelers Cos., Inc.		15,357		1,604,039
Trimble Navigation, Ltd.†		10,603		298,209
TripAdvisor, Inc.†		1,514		111,506
TRW Automotive Holdings Corp.†		2,215		229,031
Twenty-First Century Fox, Inc., Class A		28,776		1,058,957
Twitter, Inc.†		1,370		57,184
Under Armour, Inc., Class A†		2,349		170,279
Union Pacific Corp.		17,463		2,039,155
United Rentals, Inc.†		1,800		203,958
UnitedHealth Group, Inc.		18,596		1,834,123
Universal Health Services, Inc., Class B		2,666		278,917
US Bancorp		31,693		1,400,831
Vantiv, Inc., Class A†		7,072		238,609
Varian Medical Systems, Inc.†		3,303		292,349
Ventas, Inc.		5,600		400,680
Verisk Analytics, Inc., Class A†		9,765		605,235
Vertex Pharmaceuticals, Inc.†		3,015		355,408
VF Corp.		6,055		455,154
Viacom, Inc., Class B		8,294		627,275
Visa, Inc., Class A		8,289		2,140,137
Voya Financial, Inc.		5,965		249,814
Vulcan Materials Co.		3,322		219,584
Walgreen Co.		14,558		998,824
Walt Disney Co.		29,589		2,737,278
Western Digital Corp.		2,164		223,476
Western Union Co.#		12,196		226,602
Whiting Petroleum Corp.†		3,731		155,844
Whole Foods Market, Inc.		8,858		434,308
Williams Cos., Inc.		16,431		850,304
Windstream Holdings, Inc.		21,905		221,460
Wisconsin Energy Corp.#		7,248		358,051
WR Berkley Corp.		8,094		422,831
WW Grainger, Inc.		1,827		448,857
Wyndham Worldwide Corp.		2,223		185,309
Xylem, Inc.		2,175		83,390
Yahoo!, Inc.†		28,185		1,458,292
Zimmer Holdings, Inc.		2,708		304,081
Zoetis, Inc.		8,951		402,168
				243,832,378
Total Common Stocks
(cost $405,761,535)				430,870,678
PREFERRED SECURITIES — 0.2%
Germany — 0.2%
Fuchs Petrolub SE		10,328		427,557
Porsche Automobil Holding SE		2,787		242,889
Total Preferred Securities
(cost $751,686)				670,446

83

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
RIGHTS — 0.0%
Australia — 0.0%
Harvey Norman Holdings, Ltd. Expires 12/15/2014 (strike price 2.50 AUD)†		3,070		$	4,704
France — 0.0%
Arkema SA Expires 12/03/2014 (strike price 38.50 EUR)†		1,665			4,902
Spain — 0.0%
CaixaBank SA Expires 12/15/2014†		52,080			3,499
Total Rights
(cost $3,240)					13,105
Total Long-Term Investment Securities
(cost $406,516,459)					431,554,229
SHORT-TERM INVESTMENT SECURITIES — 2.1%
Registered Investment Companies — 1.1%
State Street Navigator Securities Lending Prime Portfolio(3)		4,544,976			4,544,976
Time Deposits — 0.9%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014	$	3,920,000			3,920,000
U.S. Government Treasuries — 0.1%
United States Treasury Bills Disc. Notes 0.01% due 12/18/2014(4)		525,000			524,998
Total Short-Term Investment Securities
(cost $8,989,974)					8,989,974
TOTAL INVESTMENTS
(cost $415,506,433)(5)		100.9	%		440,544,203
Liabilities in excess of other assets		(0.9	)		(3,763,899	)
NET ASSETS —		100.0	%	$	436,780,304

† Non-income producing security

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

(1) Illiquid security. At November 30, 2014, the aggregate value of these securities was $9,409 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) At November 30, 2014, the Fund had loaned securities with a total value of $5,201,761. This was secured by collateral of $4,544,976, which was received in cash and subsequently invested in short-term investments currently valued at $4,544,976 as reported in the portfolio of investments. Additional collateral of $859,454 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014
United States Treasury Bills	zero coupon	01/22/2015 to 10/15/2015	$	27,955
United States Treasury Notes/Bonds	zero coupon to 6.00%	12/15/2014 to 02/15/2044		831,499

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

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

CVA—Certification Van Aandelen (Dutch Cert.)

FDR—Federal Depository Receipt

BR—Bearer Shares

RSP—Risparmio Savings Shares

SDR—Swedish Depository Receipt

AUD—Australian Dollar

EUR—Euro Dollar

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2014		Unrealized Appreciation (Depreciation)
	73	Long	S&P 500 E-Mini Index		December 2014	$	7,217,006	$	7,541,995	$	324,989

84

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Australia	$	11,299,326	$	—	$	0	$	11,299,326
Portugal		643,062		—		9,409		652,471
Other Countries		418,918,881		—		—		418,918,881
Preferred Securities		670,446		—		—		670,446
Rights		13,105		—		—		13,105
Short-Term Investment Securities:
Registered Investment Companies		4,544,976		—		—		4,544,976
Other Short-Term Investment Securities		—		4,444,998		—		4,444,998
Total Investments at Value	$	436,089,796	$	4,444,998	$	9,409	$	440,544,203
Other Financial Instruments:†
Open Futures Contracts	$	324,989	$	—	$	—	$	324,989

* For a detailed presentation of investments, 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 were not considered a material portion of the Fund.

See Notes to Financial Statements

85

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Sovereign	19.9	%
Diversified Banking Institutions	8.2
Medical — Drugs	5.7
Registered Investment Companies	4.4
U.S. Government Agencies	4.4
Foreign Government Obligations	3.6
Oil Companies — Integrated	3.4
Medical — Biomedical/Gene	3.2
Medical — Generic Drugs	2.7
Telecom Services	2.3
Banks — Commercial	2.3
Insurance — Multi-line	2.0
Auto — Cars/Light Trucks	1.9
Retail — Drug Store	1.7
Cable/Satellite TV	1.7
Insurance — Life/Health	1.6
Applications Software	1.4
Electronic Components — Semiconductors	1.4
Medical Instruments	1.4
Telephone — Integrated	1.3
Time Deposits	1.2
Oil — Field Services	1.2
Building Products — Cement	1.1
Semiconductor Equipment	1.0
Retail — Regional Department Stores	1.0
Photo Equipment & Supplies	1.0
Transport — Services	0.9
Electronic Components — Misc.	0.9
Oil Companies — Exploration & Production	0.8
Cellular Telecom	0.8
Food — Retail	0.8
Chemicals — Diversified	0.7
Steel — Specialty	0.7
Banks — Fiduciary	0.7
Retail — Major Department Stores	0.7
Building & Construction Products — Misc.	0.7
Insurance — Reinsurance	0.6
Retail — Discount	0.6
Tools — Hand Held	0.6
Diversified Operations	0.6
Beverages — Non-alcoholic	0.6
Internet Security	0.6
Diversified Manufacturing Operations	0.6
Steel — Producers	0.6
Aerospace/Defense	0.6
Banks — Super Regional	0.6
Publishing — Newspapers	0.5
Engineering/R&D Services	0.5
Medical — Wholesale Drug Distribution	0.5
Oil & Gas Drilling	0.4
Import/Export	0.4
Publishing — Books	0.4
Retail — Building Products	0.4
Airlines	0.4
Rubber — Tires	0.4
Networking Products	0.4
Multimedia	0.4
Semiconductor Components — Integrated Circuits	0.4
Finance — Other Services	0.4
Coal	0.3
Auto/Truck Parts & Equipment — Replacement	0.3
Metal — Diversified	0.3
Machinery — General Industrial	0.3
Auto/Truck Parts & Equipment — Original	0.3
Diversified Financial Services	0.3
Diagnostic Kits	0.3
Containers — Metal/Glass	0.2
Consulting Services	0.1
	102.6	%

Country Allocation*

United States	32.7	%
United Kingdom	9.4
South Korea	6.6
France	5.9
Ireland	4.4
Japan	4.2
Mexico	3.6
Switzerland	3.5
Germany	3.2
Netherlands	3.1
China	3.0
Poland	2.8
Brazil	2.7
Hungary	2.6
Italy	2.1
Singapore	1.7
Malaysia	1.3
Sweden	1.2
Canada	1.1
Ukraine	1.1
Israel	1.0
Portugal	0.9
Bermuda	0.9
Spain	0.9
Norway	0.6
Russia	0.6
Indonesia	0.4
Taiwan	0.4
Jersey	0.3
Slovenia	0.2
Serbia	0.1
Philippines	0.1
	102.6	%

* Calculated as a percentage of net assets

86

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 68.9%
Bermuda — 0.9%
Kunlun Energy Co., Ltd.#		1,698,000	$	1,834,871
Noble Group, Ltd.#		3,377,000		3,174,116
				5,008,987
Canada — 0.2%
Talisman Energy, Inc.		217,000		1,033,875
China — 3.0%
China Life Insurance Co., Ltd.#		1,271,000		4,400,618
China Shenhua Energy Co., Ltd., Class H#		622,000		1,768,572
China Telecom Corp., Ltd., Class H		6,646,000		4,010,791
CSR Corp., Ltd., Class H#(5)(6)		1,633,000		1,661,449
Sinopharm Group Co., Ltd.#		626,000		2,332,899
Weichai Power Co., Ltd.#		461,000		1,744,748
				15,919,077
France — 5.9%
AXA SA		160,715		3,882,565
BNP Paribas SA		91,480		5,868,999
Cie de St-Gobain		74,640		3,430,785
Cie Generale des Etablissements Michelin		22,930		2,109,926
Credit Agricole SA		235,940		3,318,922
Sanofi		57,042		5,526,295
Technip SA		26,000		1,691,999
Total SA		64,100		3,588,384
Vivendi SA		71,497		1,821,976
				31,239,851
Germany — 3.2%
Deutsche Boerse AG		25,930		1,895,550
Deutsche Lufthansa AG		119,240		2,129,855
HeidelbergCement AG		27,240		2,066,561
Merck KGaA		37,840		3,770,510
Metro AG†		62,520		2,124,544
Muenchener Rueckversicherungs AG		8,880		1,830,330
Siemens AG ADR#		25,850		3,050,300
				16,867,650
Ireland — 2.4%
Actavis PLC†		34,145		9,239,978
CRH PLC		152,501		3,605,382
				12,845,360
Israel — 1.0%
Teva Pharmaceutical Industries, Ltd. ADR		89,238		5,084,781
Italy — 2.1%
Eni SpA		183,342		3,666,087
Intesa Sanpaolo SpA		549,874		1,695,467
Saipem SpA†#		99,556		1,425,830
UniCredit SpA		565,350		4,182,098
				10,969,482
Japan — 4.2%
ITOCHU Corp.		199,400		2,295,276
Konica Minolta, Inc.		277,700		3,238,702
Nikon Corp.#		131,100		1,869,227
Nissan Motor Co., Ltd.		520,900		4,865,742
Suntory Beverage & Food, Ltd.		89,600		3,163,597
Toyota Motor Corp. ADR		42,987		5,292,989
Trend Micro, Inc.#		50,900		1,546,259
				22,271,792
Jersey — 0.3%
Petrofac, Ltd.		105,203		1,357,435

Security Description	Shares		Value (Note 2)
Netherlands — 3.1%
Akzo Nobel NV		56,930	$	3,935,758
ING Groep NV CVA†		316,101		4,633,361
Koninklijke Philips NV		50,066		1,511,016
QIAGEN NV†		60,072		1,436,274
Reed Elsevier NV		91,883		2,260,303
TNT Express NV		405,700		2,736,083
				16,512,795
Norway — 0.6%
Telenor ASA		161,552		3,401,095
Portugal — 0.4%
Galp Energia SGPS SA		183,680		2,239,819
Russia — 0.3%
MMC Norilsk Nickel OJSC ADR		95,220		1,691,107
Singapore — 1.3%
DBS Group Holdings, Ltd.		244,095		3,713,960
Singapore Telecommunications, Ltd.		1,028,000		3,068,303
				6,782,263
South Korea — 2.6%
Hyundai Mobis		7,077		1,577,706
KB Financial Group, Inc. ADR		41,581		1,452,424
POSCO ADR		44,000		2,992,000
Samsung Electronics Co., Ltd.		6,405		7,440,079
				13,462,209
Spain — 0.9%
Telefonica SA ADR#		284,427		4,550,832
Sweden — 0.5%
Getinge AB, Class B		110,370		2,555,211
Switzerland — 3.5%
ABB, Ltd.		110,810		2,488,707
ACE, Ltd.		17,457		1,996,033
Credit Suisse Group AG		136,940		3,661,187
Novartis AG		29,170		2,824,121
Roche Holding AG		18,980		5,687,613
Swiss Re AG		20,480		1,751,642
				18,409,303
Taiwan — 0.4%
Taiwan Semiconductor Manufacturing Co., Ltd.		415,914		1,901,667
United Kingdom — 9.4%
Aviva PLC		562,870		4,472,071
BAE Systems PLC		394,079		2,965,211
Barclays PLC		524,880		2,012,467
BP PLC		397,515		2,612,441
GlaxoSmithKline PLC		200,856		4,664,962
HSBC Holdings PLC#		502,383		4,988,264
Kingfisher PLC		458,610		2,237,871
Lloyds Banking Group PLC†		2,909,290		3,656,030
Marks & Spencer Group PLC		480,250		3,669,178
Noble Corp. PLC		131,790		2,370,902
Paragon Offshore PLC#		18,656		67,721
Rexam PLC		185,844		1,314,946
Royal Dutch Shell PLC, Class B		93,856		3,263,160
Serco Group PLC#		223,500		612,769
Sky PLC		203,500		2,966,315
Standard Chartered PLC		126,370		1,852,110
Tesco PLC		638,670		1,862,412
Vodafone Group PLC ADR		114,443		4,182,892
				49,771,722

87

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares/ Principal Amount(4)		Value (Note 2)
COMMON STOCKS (continued)
United States — 22.7%
Allegheny Technologies, Inc.		113,940	$	3,838,639
Amgen, Inc.		46,500		7,686,915
Applied Materials, Inc.		226,730		5,452,856
Baker Hughes, Inc.		26,480		1,509,360
Bank of New York Mellon Corp.		94,460		3,781,234
Capital One Financial Corp.		35,580		2,960,256
Chesapeake Energy Corp.		74,850		1,516,461
Chevron Corp.		16,810		1,830,105
Cisco Systems, Inc.		71,210		1,968,244
Citigroup, Inc.		106,420		5,743,487
Comcast Corp., Special Class A		98,155		5,576,186
CVS Health Corp.		54,550		4,983,688
Gilead Sciences, Inc.†		66,520		6,673,286
Isis Pharmaceuticals, Inc.†#		38,650		2,001,684
JPMorgan Chase & Co.		92,800		5,582,848
Knowles Corp.†		144,410		3,016,725
Macy’s, Inc.		83,730		5,434,914
Medtronic, Inc.		64,440		4,760,183
Merck & Co., Inc.		47,180		2,849,672
Microsoft Corp.		156,634		7,488,672
Morgan Stanley		120,450		4,237,431
News Corp., Class A†		161,583		2,507,768
Pfizer, Inc.		155,829		4,854,073
Seventy Seven Energy, Inc.†		4,966		38,635
Stanley Black & Decker, Inc.		33,870		3,198,683
Symantec Corp.		61,600		1,607,144
Target Corp.		45,953		3,400,522
Twenty-First Century Fox, Inc., Class A		53,467		1,967,586
United Parcel Service, Inc., Class B		17,360		1,908,211
Verizon Communications, Inc.		40,742		2,061,138
Voya Financial, Inc.		108,440		4,541,467
Walgreen Co.		65,570		4,498,758
				119,476,831
Total Common Stocks
(cost $292,904,531)				363,353,144
PREFERRED SECURITIES — 0.2%
Brazil — 0.2%
Petroleo Brasileiro SA ADR
(cost $2,659,736)		86,473		882,889
FOREIGN GOVERNMENT OBLIGATIONS — 19.9%
Brazil — 2.5%
Brazil Letras do Tesouro Nacional Bills zero coupon due 10/01/2015	BRL	1,010,000		357,023
Brazil Letras de Tesouro Nacional Bills zero coupon due 01/01/2016	BRL	2,510,000		861,217
Brazil Letras do Tesouro Nacional Bills zero coupon due 07/01/2016	BRL	300,000		97,191
Brazil Letras do Tesouro Nacional Bills zero coupon due 10/01/2016	BRL	950,000		298,969
Brazil Notas do Tesouro Nacional Notes 6.00% due 05/15/2015(1)	BRL	6,531,603		2,593,374
Brazil Notas do Tesouro Nacional Notes 6.00% due 08/15/2016(1)	BRL	1,152,050		463,243
Brazil Notas do Tesouro Nacional Bonds 6.00% due 08/15/2018(1)	BRL	4,130,461		1,658,507

Security Description	Principal Amount(4)		Value (Note 2)
Brazil (continued)
Brazil Notas do Tesouro Nacional Notes 6.00% due 05/15/2045(1)	BRL	11,819,090	$	4,787,182
Brazil Notas do Tesouro Nacional Senior Notes 10.00% due 01/01/2017	BRL	5,200,000		2,033,078
				13,149,784
Canada — 0.1%
Government of Canada Bonds 1.00% due 02/01/2015	CAD	530,000		463,327
Government of Canada Bonds 1.50% due 08/01/2015	CAD	80,000		70,194
				533,521
Hungary — 2.6%
Republic of Hungary Senior Bonds 3.50% due 07/18/2016	EUR	135,000		174,782
Republic of Hungary Senior Bonds 3.88% due 02/24/2020	EUR	495,000		669,606
Republic of Hungary Bonds 4.00% due 04/25/2018	HUF	60,440,000		256,823
Republic of Hungary Senior Bonds 4.38% due 07/04/2017	EUR	685,000		918,998
Republic of Hungary Bonds 5.50% due 12/22/2016	HUF	240,700,000		1,046,431
Republic of Hungary Bonds 5.50% due 12/20/2018	HUF	167,520,000		752,221
Republic of Hungary Bonds 5.50% due 06/24/2025	HUF	151,220,000		717,332
Republic of Hungary Senior Bonds 5.75% due 06/11/2018	EUR	2,165,000		3,071,056
Republic of Hungary Bonds 6.00% due 11/24/2023	HUF	29,180,000		141,499
Republic of Hungary Senior Bonds 6.25% due 01/29/2020		910,000		1,028,591
Republic of Hungary Senior Bonds 6.38% due 03/29/2021#		400,000		460,748
Republic of Hungary Bonds 6.50% due 06/24/2019	HUF	155,700,000		731,947
Republic of Hungary Bonds 6.75% due 02/24/2017	HUF	633,000,000		2,822,083
Republic of Hungary Bonds 6.75% due 11/24/2017	HUF	128,040,000		584,818
Republic of Hungary Bonds 7.00% due 06/24/2022	HUF	50,400,000		254,116
				13,631,051

88

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount(4)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Indonesia — 0.4%
Republic of Indonesia Senior Bonds 9.00% due 09/15/2018	IDR	2,780,000,000	$	237,362
Republic of Indonesia Senior Bonds 11.00% due 11/15/2020	IDR	13,282,000,000		1,255,151
Republic of Indonesia Senior Bonds 12.80% due 06/15/2021	IDR	6,847,000,000		704,449
				2,196,962
Ireland — 2.0%
Republic of Ireland Bonds 5.00% due 10/18/2020	EUR	2,360,000		3,678,613
Republic of Ireland Bonds 5.40% due 03/13/2025	EUR	4,011,220		6,796,062
				10,474,675
Malaysia — 0.5%
Government of Malaysia Senior Notes 3.20% due 10/15/2015	MYR	1,430,000		421,622
Government of Malaysia Senior Bonds 3.74% due 02/27/2015	MYR	1,315,000		389,090
Government of Malaysia Senior Bonds 3.81% due 02/15/2017	MYR	3,115,000		926,654
Government of Malaysia Senior Notes 3.84% due 08/12/2015	MYR	1,165,000		345,396
Government of Malaysia Senior Notes 4.72% due 09/30/2015	MYR	1,342,000		400,722
				2,483,484
Mexico — 2.1%
United Mexican States Bonds 2.50% due 12/10/2020(1)	MXN	2,187,887		161,566
United Mexican States Bonds 3.50% due 12/14/2017(1)	MXN	4,197,812		324,565
United Mexican States Bonds 4.00% due 06/13/2019(1)	MXN	2,805,521		222,426
United Mexican States Bonds 4.50% due 12/18/2014(1)	MXN	1,726,233		124,721
United Mexican States Bonds 5.00% due 06/16/2016(1)	MXN	4,386,243		337,097
United Mexican States Bonds 6.00% due 06/18/2015	MXN	7,572,000		552,145
United Mexican States Bonds 6.25% due 06/16/2016	MXN	5,627,000		420,698
United Mexican States Bonds 7.25% due 12/15/2016	MXN	25,476,000		1,957,808

Security Description	Principal Amount(4)		Value (Note 2)
Mexico (continued)
United Mexican States Bonds 7.75% due 12/14/2017	MXN	19,000,000	$	1,500,938
United Mexican States Bonds 8.00% due 12/17/2015	MXN	70,045,000		5,274,150
United Mexican States Bonds 9.50% due 12/18/2014	MXN	1,160,000		83,516
				10,959,630
Philippines — 0.0%
Republic of the Philippines Senior Notes 1.63% due 04/25/2016	PHP	6,400,000		141,315
Poland — 2.8%
Government of Poland Bonds zero coupon due 01/25/2016	PLN	14,052,000		4,095,713
Government of Poland FRS Bonds 2.69% due 01/25/2017	PLN	1,357,000		404,000
Government of Poland FRS Bonds 2.69% due 01/25/2021	PLN	1,376,000		406,054
Government of Poland Bonds 4.75% due 10/25/2016	PLN	17,245,000		5,412,148
Government of Poland Bonds 4.75% due 04/25/2017	PLN	30,000		9,537
Government of Poland Bonds 5.00% due 04/25/2016	PLN	9,015,000		2,799,220
Government of Poland Bonds 6.25% due 10/24/2015	PLN	5,902,000		1,824,184
				14,950,856
Portugal — 0.5%
Republic of Portugal Senior Notes 4.95% due 10/25/2023*	EUR	15,000		21,788
Republic of Portugal Senior Notes 5.65% due 02/15/2024*	EUR	37,400		56,838
Republic of Portugal Obrigacoes Do Tesouro 3.88% due 02/15/2030*	EUR	2,140,000		2,706,364
				2,784,990
Russia — 0.3%
Russian Federation Senior Bonds 7.50% due 03/31/2030*(2)		1,412,180		1,546,337
Serbia — 0.1%
Republic of Serbia Senior Notes 5.25% due 11/21/2017*		270,000		281,610
Republic of Serbia Senior Notes 7.25% due 09/28/2021*		280,000		320,916
				602,526

89

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount(4)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Singapore — 0.1%
Republic of Singapore Senior Notes 1.13% due 04/01/2016	SGD	610,000	$	471,922
Slovenia — 0.2%
Republic of Slovenia Senior Notes 5.50% due 10/26/2022*		690,000		771,075
Republic of Slovenia Bonds 5.85% due 05/10/2023*		240,000		272,974
				1,044,049
South Korea — 3.9%
Bank of Korea Senior Notes 2.46% due 08/02/2016	KRW	1,376,500,000		1,250,653
Bank of Korea Senior Notes 2.78% due 02/02/2016	KRW	297,530,000		270,841
Bank of Korea Senior Notes 2.79% due 06/02/2016	KRW	7,413,000,000		6,763,912
Bank of Korea Senior Notes 2.80% due 08/02/2015	KRW	2,887,440,000		2,619,493
Bank of Korea Senior Notes 2.80% due 04/02/2016	KRW	2,468,200,000		2,249,881
Bank of Korea Senior Notes 2.81% due 10/02/2015	KRW	60,000,000		54,499
Bank of Korea Senior Notes 2.90% due 12/02/2015	KRW	3,729,700,000		3,395,533
Republic of South Korea Senior Notes 2.75% due 12/10/2015	KRW	1,530,800,000		1,391,643
Republic of South Korea Senior Notes 2.75% due 06/10/2016	KRW	1,259,500,000		1,148,842
Republic of South Korea Senior Notes 3.00% due 12/10/2016	KRW	1,345,300,000		1,236,560
Republic of South Korea Senior Notes 3.25% due 06/10/2015	KRW	314,300,000		285,458
				20,667,315
Sweden — 0.7%
Kingdom of Sweden Bonds 4.50% due 08/12/2015	SEK	24,860,000		3,437,578
Ukraine — 1.1%
Government of Ukraine Senior Bonds 7.50% due 04/17/2023#*		600,000		438,120
Government of Ukraine Senior Notes 7.80% due 11/28/2022*		1,280,000		950,656
Government of Ukraine Senior Notes 7.95% due 02/23/2021#*		770,000		594,979

Security Description	Principal Amount(4)		Value (Note 2)
Ukraine (continued)
Government of Ukraine Senior Notes 9.25% due 07/24/2017#*	$	4,420,000	$	3,491,800
				5,475,555
Total Foreign Government Obligations
(cost $109,088,087)				104,551,550
Total Long-Term Investment Securities
(cost $404,652,354)				468,787,583
SHORT-TERM INVESTMENT SECURITIES — 13.6%
Foreign Government Obligations — 3.6%
Bank Negara Malaysia Monetary Notes
2.87% due 12/02/2014	MYR	150,000		44,342
2.87% due 12/16/2014	MYR	80,000		23,624
2.87% due 02/17/2015	MYR	320,000		93,937
2.88% due 01/08/2015	MYR	170,000		50,112
2.88% due 04/16/2015	MYR	260,000		75,917
2.89% due 03/05/2015	MYR	80,000		23,450
2.90% due 12/16/2014	MYR	60,000		17,718
2.91% due 03/12/2015	MYR	30,000		8,788
2.91% due 03/24/2015	MYR	10,000		2,926
2.91% due 04/16/2015	MYR	40,000		11,679
2.92% due 03/05/2015	MYR	140,000		41,037
2.93% due 03/12/2015	MYR	310,000		90,810
3.00% due 05/05/2015	MYR	185,000		53,909
3.01% due 03/05/2015	MYR	130,000		38,106
3.04% due 01/22/2015	MYR	540,000.00		158,964
3.04% due 03/03/2015	MYR	750,000.00		219,883
3.05% due 08/04/2015	MYR	100,000		28,877
3.07% due 04/16/2015	MYR	50,000		14,599
3.07% due 05/19/2015	MYR	540,000.00		157,179
3.07% due 07/16/2015	MYR	1,860,000		538,349
3.08% due 04/28/2015	MYR	100,000		29,166
3.09% due 07/16/2015	MYR	1,740,000.00		503,616
3.10% due 06/03/2015	MYR	10,000		2,907
3.10% due 06/30/2015	MYR	20,000		5,798
3.12% due 05/19/2015	MYR	50,000		14,554
3.12% due 06/03/2015	MYR	70,000		20,346
3.12% due 06/16/2015	MYR	180,000		52,251
3.13% due 01/08/2015	MYR	35,000		10,314
3.14% due 08/11/2015	MYR	460,000		132,798
3.15% due 06/30/2015	MYR	10,000		2,899
3.19% due 04/23/2015	MYR	150,000		43,769
3.20% due 04/07/2015	MYR	40,000		11,689
3.20% due 08/18/2015	MYR	960,000		276,950
3.20% due 09/22/2015	MYR	60,000		17,248
3.20% due 10/01/2015	MYR	670,000		192,437
3.23% due 01/20/2015	MYR	230,000.00		67,698
3.23% due 05/19/2015	MYR	865,000		251,777
3.24% due 01/20/2015	MYR	90,000		26,490
3.27% due 01/20/2015	MYR	230,000		67,695
3.27% due 03/24/2015	MYR	1,090,000		318,951
3.28% due 10/27/2015	MYR	280,000		80,226
3.28% due 11/03/2015	MYR	570,000		163,210
3.30% due 08/11/2015	MYR	60,000		17,321
3.32% due 05/28/2015	MYR	150,000		43,623
3.37% due 08/11/2015	MYR	500,000		144,345
3.37% due 09/08/2015	MYR	550,000		158,335
				4,350,619
Bank of Korea
2.66% due 06/09/2015	KRW	328,200,000		297,183

90

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares/ Principal Amount(4)		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
Foreign Government Obligations (continued)
Government of Canada
0.87% due 02/12/2015	CAD	4,375,000	$	3,817,598
0.90% due 04/23/2015	CAD	300,000		261,293
0.91% due 12/04/2014	CAD	30,000		26,224
				4,105,115
Republic of Singapore
0.31% due 01/02/2015	SGD	480,000		368,196
0.28% due 01/09/2015	SGD	135,000		103,552
0.34% due 01/30/2015	SGD	1,400,000		1,073,508
				1,545,256
Republic of the Philippines
1.36% due 01/02/2015	PHP	6,440,000		142,219
1.49% due 01/30/2015	PHP	11,090,000		243,302
				385,521
United Mexican States
0.72% due 04/16/2015	MXN	17,074,600		1,212,215
0.77% due 12/24/2014	MXN	459,500		32,941
2.11% due 07/23/2015	MXN	514,000		36,181
2.61% due 09/17/2015	MXN	14,635,400		1,025,011
2.66% due 05/28/2015	MXN	31,600		2,235
2.70% due 05/28/2015	MXN	459,500		32,505
2.85% due 10/01/2015	MXN	9,756,900		682,463
2.95% due 04/01/2015	MXN	6,334,000		450,284
3.01% due 09/17/2015	MXN	685,000		47,975
3.06% due 12/11/2014	MXN	1,452,800		104,248
3.62% due 12/11/2014	MXN	62,570,000		4,489,739
3.64% due 04/01/2015	MXN	1,110,000		78,910
				8,194,707
Total Foreign Government Obligations
(cost $19,629,808)				18,878,401
Registered Investment Companies — 4.4%
State Street Navigator Securities Lending Prime Portfolio(3) (cost $23,393,287)		23,393,287		23,393,287
Time Deposits — 1.2%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014 (cost $6,610,000)		6,610,000		6,610,000

Security Description	Principal Amount(4)			Value (Note 2)
U.S. Government Agencies — 4.4%
Federal Home Loan Bank Disc. Notes 0.01% due 12/01/2014 (cost $22,975,000)	$	22,975,000		$	22,975,000
Total Short-Term Investment Securities
(cost $72,608,095)					71,856,688
TOTAL INVESTMENTS —
(cost $477,260,449)(7)		102.6	%		540,644,271
Liabilities in excess of other assets		(2.6	)		(13,458,635	)
NET ASSETS —		100.0	%	$	527,185,636

# 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, 2014, the aggregate value of these securities was $11,453,457 representing 2.2% 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, 2014.

(3) At November 30, 2014, the Fund had loaned securities with a total value of $22,196,455. This was secured by collateral of $23,393,287, which was received in cash and subsequently invested in short-term investments currently valued at $23,393,287 as reported in the portfolio of investments.

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

(5) Security was valued using fair value procedures at November 30, 2014. The aggregate value of these securities was $1,661,449 reporesenting 0.3% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(6) Illiquid secuity. At November 30, 2014, the aggregate value of these securities was $1,661,449 representing 0.3% of net assets.

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

ADR—American Depository Receipt

BRL—Brazilian Real

CAD—Canadian Dollar

CVA—Certification Van Aandelen (Dutch Cert.)

EUR—Euro Dollar

HUF—Hungarian Forint

IDR—Indonesian Rupiah

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

PHP—Philippine Peso

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, 2014 and unless noted otherwise, the dates shown are the original maturity dates.

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.		EUR	214,699		USD	293,558		02/27/2015	$	26,239	$	–
		JPY	56,856,800		USD	560,000		05/18/2015		79,955		–
		JPY	57,192,125		USD	565,000		05/19/2015		82,119		–
										188,313		–
Barclays Investments, Inc.		EUR	181,000		USD	246,703		01/21/2015		21,412		–
		EUR	664,629		USD	909,468		01/27/2015		82,161		–
		EUR	1,629,000		USD	2,216,173		02/10/2015		188,211		–
		EUR	3,039,000		USD	4,132,128		02/11/2015		348,808		–
		EUR	2,744,686		USD	3,770,948		02/26/2015		353,600		–
		EUR	709,208		USD	974,359		03/09/2015		91,258		–
		EUR	130,161		USD	181,510		03/17/2015		19,423		–
		EUR	72,605		USD	101,102		03/23/2015		10,685		–
		EUR	188,102		USD	259,289		04/02/2015		25,019		–

91

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
		EUR	453,864		USD	628,992		05/05/2015	$	63,574	$	–
		EUR	154,000		USD	210,342		07/16/2015		18,342		–
		EUR	453,000		USD	608,957		08/05/2015		44,035		–
		EUR	214,240		USD	285,073		08/26/2015		17,832		–
		EUR	54,521		USD	70,952		09/21/2015		2,916		–
		EUR	131,194		USD	169,159		09/24/2015		5,434		–
		EUR	391,113		USD	496,702		10/27/2015		8,340		–
		EUR	1,007,000		USD	1,256,927		11/13/2015		–		(818	)
		JPY	24,850,000		USD	239,645		12/26/2014		30,151		–
		JPY	39,140,000		USD	377,421		01/15/2015		47,368		–
		JPY	116,230,000		USD	1,150,672		02/09/2015		170,332		–
		JPY	22,560,000		USD	220,259		02/25/2015		29,953		–
		JPY	45,070,000		USD	440,709		02/26/2015		60,517		–
		JPY	40,123,600		USD	392,374		03/09/2015		53,871		–
		JPY	57,347,500		USD	565,000		05/19/2015		80,807		–
		JPY	65,630,000		USD	642,754		06/10/2015		88,481		–
		JPY	39,800,000		USD	369,627		10/13/2015		32,814		–
		JPY	557,000,000		USD	4,938,381		11/06/2015		222,412		–
		USD	133,150		CLP	77,400,000		02/10/2015		–		(6,756	)
		USD	3,839,974		EUR	3,039,000		02/11/2015		–		(56,654	)
		USD	1,052,979		SGD	1,318,751		02/12/2015		–		(41,550	)
		USD	388,637		SGD	485,000		02/17/2015		–		(16,666	)
		USD	352,455		CLP	200,300,000		06/04/2015		–		(28,799	)
										2,117,756		(151,243	)
Citibank N.A.		EUR	1,203,000		USD	1,635,418		01/12/2015		138,157		–
		EUR	375,660		USD	512,926		01/14/2015		45,369		–
		EUR	2,172,000		USD	2,953,638		02/10/2015		249,688		–
		EUR	795,744		USD	1,101,330		03/10/2015		110,467		–
		EUR	89,576		USD	124,985		03/17/2015		13,439		–
		EUR	134,537		USD	181,481		07/28/2015		13,721		–
		EUR	124,811		USD	166,914		08/10/2015		11,257		–
		EUR	157,344		USD	202,927		09/28/2015		6,555		–
		EUR	735,500		USD	935,482		10/15/2015		17,287		–
		JPY	38,770,000		USD	373,884		12/26/2014		47,039		–
		JPY	90,060,000		USD	883,634		02/13/2015		124,001		–
		JPY	44,980,000		USD	440,808		02/17/2015		61,401		–
		JPY	57,279,600		USD	565,000		05/19/2015		81,380		–
		JPY	32,100,000		USD	314,299		06/09/2015		43,205		–
		JPY	79,600,000		USD	778,393		06/10/2015		106,137		–
		JPY	72,889,000		USD	721,231		07/24/2015		105,261		–
		JPY	80,345,200		USD	785,196		08/05/2015		106,098		–
		JPY	161,237,200		USD	1,410,662		11/12/2015		45,345		–
		USD	265,198		CLP	159,543,000		12/22/2014		–		(3,469	)
		USD	148,555		INR	9,291,000		02/09/2015		–		(972	)
		USD	2,744,357		EUR	2,172,000		02/10/2015		–		(40,407	)
		USD	572,695		CLP	327,410,000		02/17/2015		–		(38,386	)
										1,325,807		(83,234	)
Deutsche Bank AG		EUR	753,458		SEK	6,934,000		01/28/2015		–		(7,678	)
		EUR	1,547,000		USD	2,114,077		01/30/2015		188,375		–
		EUR	1,190,000		USD	1,612,986		02/03/2015		131,626		–
		EUR	1,428,000		USD	1,931,656		02/09/2015		153,935		–
		EUR	730,000		USD	1,003,458		02/23/2015		94,574		–
		EUR	1,270,000		USD	1,743,647		03/09/2015		162,252		–
		EUR	2,670,185		SEK	23,782,000		03/24/2015		–		(134,347	)
		EUR	234,000		USD	322,253		03/26/2015		30,837		–
		EUR	36,531		USD	50,285		03/31/2015		4,788		–
		EUR	630,927		USD	870,454		04/07/2015		84,638		–
		EUR	133,071		USD	183,674		04/13/2015		17,926		–
		EUR	336,030		MYR	1,491,000		07/20/2015		15,075		–
		EUR	381,624		MYR	1,683,000		07/22/2015		14,055		–
		EUR	133,000		USD	180,335		07/22/2015		14,504		–
		EUR	120,000		USD	162,562		07/23/2015		12,938		–
		EUR	496,080		MYR	2,164,000		07/27/2015		11,141		–
		EUR	316,000		USD	426,145		07/27/2015		32,116		–
		EUR	80,784		USD	106,847		08/31/2015		6,071		–
		EUR	746,000		USD	932,425		11/18/2015		592		–
		EUR	137,755		USD	172,201		11/19/2015		127		–
		EUR	122,735		USD	153,005		11/30/2015		–		(335	)
		JPY	43,140,000		USD	420,597		12/22/2014		56,938		–
		JPY	58,120,000		USD	562,268		01/16/2015		72,160		–

92

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
		JPY	23,100,000		USD	226,160		06/11/2015	$	31,068	$	–
		JPY	43,210,000		USD	424,335		06/22/2015		59,345		–
		JPY	39,300,000		USD	365,208		10/13/2015		32,626		–
		JPY	762,755,000		USD	6,650,290		11/16/2015		190,950		–
		JPY	686,286,000		USD	5,917,279		11/18/2015		105,278		–
		SEK	6,934,000		EUR	749,290		01/28/2015		2,489		–
		USD	326,681		CLP	190,700,000		12/05/2014		–		(13,289	)
		USD	88,599		INR	5,431,000		12/09/2014		–		(1,208	)
		USD	653,373		SGD	816,200		12/23/2014		–		(27,234	)
		USD	310,971		MYR	1,043,400		01/08/2015		–		(3,387	)
		USD	508,184		INR	31,543,000		01/15/2015		–		(4,539	)
		USD	1,056,657		INR	65,614,000		01/20/2015		–		(10,108	)
		USD	170,834		INR	10,622,000		01/22/2015		–		(1,484	)
		USD	254,844		INR	15,966,000		01/27/2015		–		(561	)
		USD	249,871		CLP	150,532,000		01/30/2015		–		(3,805	)
		USD	609,708		INR	37,942,150		01/30/2015		–		(5,802	)
		USD	241,601		CLP	144,743,000		02/02/2015		–		(5,060	)
		USD	187,020		INR	11,638,750		02/02/2015		–		(1,889	)
		USD	206,150		CLP	123,525,000		02/03/2015		–		(4,302	)
		USD	442,855		INR	27,597,000		02/03/2015		–		(3,971	)
		USD	85,267		INR	5,308,000		02/12/2015		–		(1,002	)
		USD	990,431		SGD	1,242,000		02/12/2015		–		(37,866	)
		USD	111,190		CLP	63,890,000		02/17/2015		–		(6,927	)
		USD	211,593		INR	13,258,000		02/23/2015		–		(1,576	)
		USD	291,074		SGD	363,500		02/23/2015		–		(12,290	)
		USD	236,908		CLP	136,080,000		02/26/2015		–		(15,022	)
		USD	376,318		SGD	471,000		02/27/2015		–		(15,092	)
		USD	296,773		CLP	171,950,000		03/03/2015		–		(16,528	)
		USD	312,786		CLP	184,040,000		03/13/2015		–		(13,116	)
		USD	118,989		MYR	394,093		04/16/2015		–		(3,606	)
		USD	897,747		SGD	1,121,600		05/19/2015		–		(37,620	)
		USD	113,474		SGD	147,250		05/28/2015		–		(553	)
		USD	117,307		SGD	147,250		05/29/2015		–		(4,386	)
		USD	1,092,593		MYR	3,540,000		07/15/2015		–		(61,779	)
		USD	496,554		MYR	1,621,000		07/20/2015		–		(24,665	)
		USD	786,164		MYR	2,557,000		07/22/2015		–		(41,879	)
		USD	961,318		MYR	3,109,000		07/27/2015		–		(56,609	)
		USD	501,285		SGD	624,000		08/07/2015		–		(22,732	)
		USD	260,988		CLP	156,410,000		08/27/2015		–		(9,992	)
		USD	598,184		CLP	362,260,000		09/08/2015		–		(17,411	)
		USD	310,251		CLP	189,160,000		09/09/2015		–		(7,014	)
		USD	377,817		MYR	1,259,000		10/26/2015		–		(13,253	)
		USD	237,055		MYR	810,160		11/19/2015		–		(2,760	)
										1,526,424		(652,677	)
Goldman Sachs International		EUR	849,000		USD	1,168,351		02/23/2015		111,306		–
		EUR	316,000		USD	426,331		07/27/2015		32,302		–
		JPY	11,563,000		USD	111,493		01/08/2015		13,992		–
		JPY	45,170,000		USD	444,985		02/18/2015		63,973		–
										221,573		–
HSBC Bank PLC		EUR	372,921		USD	509,038		12/09/2014		44,995		–
		EUR	1,585,000		USD	2,155,774		02/10/2015		182,588		–
		EUR	1,058,658		USD	1,378,733		06/08/2015		59,463		–
		EUR	686,000		USD	920,629		08/04/2015		65,152		–
		JPY	43,210,000		USD	420,634		12/22/2014		56,385		–
		JPY	67,990,000		USD	667,075		02/12/2015		93,601		–
		JPY	57,393,500		USD	565,000		05/19/2015		80,418		–
		JPY	48,100,000		USD	470,908		06/09/2015		64,689		–
		JPY	69,900,000		USD	684,827		06/10/2015		94,492		–
		JPY	78,700,000		USD	730,411		10/09/2015		64,455		–
		USD	170,948		INR	10,553,250		12/03/2014		–		(921	)
		USD	520,351		SGD	652,000		12/22/2014		–		(20,172	)
		USD	627,670		INR	39,026,000		01/30/2015		–		(6,512	)
		USD	169,330		INR	10,553,250		02/03/2015		–		(1,498	)
		USD	541,281		INR	33,693,000		02/09/2015		–		(6,084	)
		USD	500,803		SGD	624,000		02/09/2015		–		(22,216	)
		USD	2,039,918		KRW	2,228,406,400		02/10/2015		–		(34,487	)
		USD	92,083		INR	5,733,000		02/12/2015		–		(1,071	)
		USD	232,003		INR	14,470,000		02/13/2015		–		(2,335	)
		USD	290,968		SGD	363,500		02/17/2015		–		(12,181	)
		USD	287,579		SGD	363,500		02/18/2015		–		(8,793	)

93

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
		USD	1,121,466		MXN	14,850,450		03/10/2015	$	–	$	(61,027	)
		USD	833,518		SGD	1,053,000		03/16/2015		–		(25,951	)
		USD	271,843		MYR	883,000		07/31/2015		–		(14,949	)
		USD	548,062		MYR	1,800,000		08/12/2015		–		(24,731	)
		USD	687,005		SGD	867,000		09/21/2015		–		(22,074	)
		USD	502,437		MYR	1,680,000		10/23/2015		–		(15,888	)
		USD	252,212		MYR	840,371		10/26/2015		–		(8,869	)
		USD	140,944		MYR	483,000		11/20/2015		–		(1,269	)
										806,238		(291,028	)
JPMorgan Chase & Co.		EUR	548,072		USD	749,214		01/14/2015		67,069		–
		EUR	375,660		USD	510,475		01/22/2015		42,886		–
		EUR	2,128,000		USD	2,918,371		02/19/2015		268,999		–
		EUR	729,000		USD	1,010,430		04/14/2015		102,411		–
		EUR	701,089		USD	879,934		05/20/2015		6,416		–
		EUR	496,194		MYR	2,164,000		07/30/2015		10,872		–
		EUR	686,000		USD	922,300		07/31/2015		66,865		–
		EUR	112,835		USD	149,447		08/27/2015		8,696		–
		EUR	1,070,000		USD	1,392,177		09/08/2015		57,219		–
		JPY	25,450,000		USD	245,385		01/15/2015		30,775		–
		JPY	52,770,000		USD	508,288		01/20/2015		63,278		–
		JPY	116,200,000		USD	1,150,853		02/06/2015		170,788		–
		JPY	116,480,000		USD	1,150,646		02/09/2015		168,197		–
		JPY	67,952,000		USD	667,485		02/12/2015		94,332		–
		JPY	45,100,000		USD	441,534		02/13/2015		61,126		–
		JPY	45,120,000		USD	444,344		02/18/2015		63,753		–
		JPY	64,760,000		USD	633,895		06/11/2015		86,961		–
		JPY	27,300,000		USD	268,382		06/17/2015		37,799		–
		JPY	112,000,000		USD	1,107,650		07/24/2015		161,161		–
		JPY	39,100,000		USD	386,899		07/27/2015		56,458		–
		JPY	158,200,000		USD	1,460,420		10/07/2015		121,791		–
		JPY	52,770,000		USD	499,257		10/19/2015		52,630		–
		JPY	99,670,000		USD	942,729		10/20/2015		99,138		–
		JPY	56,320,000		USD	494,851		11/12/2015		17,947		–
		USD	738,824		MYR	2,432,356		12/17/2014		–		(20,571	)
		USD	84,651		SGD	106,000		12/19/2014		–		(3,331	)
		USD	165,751		MYR	555,400		01/08/2015		–		(2,025	)
		USD	89,296		MYR	299,000		01/09/2015		–		(1,161	)
		USD	26,906		MYR	90,000		01/12/2015		–		(383	)
		USD	130,987		INR	8,121,000		01/14/2015		–		(1,292	)
		USD	63,274		MYR	210,000		01/16/2015		–		(1,405	)
		USD	130,620		INR	8,121,000		01/20/2015		–		(1,090	)
		USD	81,566		INR	5,104,000		01/22/2015		–		(191	)
		USD	88,674		SGD	110,000		01/26/2015		–		(4,304	)
		USD	1,476,030		SGD	1,831,000		01/30/2015		–		(71,678	)
		USD	261,099		INR	16,267,000		02/04/2015		–		(2,451	)
		USD	281,037		MYR	951,000		02/04/2015		–		(1,249	)
		USD	184,180		INR	11,460,000		02/09/2015		–		(2,143	)
		USD	2,689,205		EUR	2,128,000		02/19/2015		–		(39,833	)
		USD	59,966		CLP	34,990,000		02/20/2015		–		(2,881	)
		USD	207,954		CLP	118,700,000		02/24/2015		–		(14,370	)
		USD	129,295		INR	8,121,000		03/13/2015		–		(1,104	)
		USD	119,763		CLP	70,600,000		03/20/2015		–		(4,880	)
		USD	171,170		CLP	98,979,000		04/28/2015		–		(10,690	)
		USD	139,630		CLP	79,240,000		06/03/2015		–		(11,579	)
		USD	166,300		CLP	96,770,000		07/30/2015		–		(10,653	)
		USD	1,010,823		MYR	3,269,000		07/30/2015		–		(59,711	)
		USD	413,279		MYR	1,342,000		07/31/2015		–		(22,848	)
		USD	59,014		CLP	35,010,000		08/20/2015		–		(2,800	)
		USD	61,816		MYR	200,000		08/27/2015		–		(3,716	)
		USD	53,738		CLP	32,200,000		08/28/2015		–		(2,070	)
		USD	273,702		MYR	916,000		10/20/2015		–		(8,375	)
		USD	249,439		MYR	833,000		10/30/2015		–		(8,281	)
										1,917,567		(317,065	)
Morgan Stanley and Co., Inc.		EUR	138,000		USD	172,686		11/16/2015		315		–
		EUR	43,000		USD	54,083		11/23/2015		367		–
		EUR	75,000		USD	93,500		11/25/2015		–		(194	)
		USD	295,191		CLP	174,340,000		12/09/2014		–		(8,804	)
		USD	276,856		CLP	152,700,000		01/12/2015		–		(26,855	)
		USD	1,181,477		SGD	1,467,690		01/30/2015		–		(55,779	)
		USD	298,158		CLP	171,620,000		02/12/2015		–		(17,956	)

94

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
		USD	147,689		CLP	84,360,000		02/23/2015	$	–	$	(10,097	)
		USD	281,503		CLP	161,400,000		02/25/2015		–		(18,307	)
		USD	275,503		CLP	156,210,000		04/16/2015		–		(21,949	)
		USD	132,958		CLP	77,900,000		05/11/2015		–		(6,806	)
		USD	493,473		CLP	280,490,000		05/22/2015		–		(39,706	)
		USD	133,684		CLP	76,300,000		06/05/2015		–		(10,404	)
		USD	223,834		CLP	130,090,000		07/28/2015		–		(14,560	)
		USD	109,563		CLP	65,020,000		08/18/2015		–		(5,146	)
										682		(236,563	)
Standard Chartered Bank		EUR	195,111		USD	266,547		12/09/2014		23,762		–
		EUR	3,447,257		USD	4,684,857		01/13/2015		394,343		–
		EUR	1,210,000		USD	1,655,546		02/13/2015		149,165		–
		EUR	1,333,312		USD	1,831,037		02/26/2015		170,960		–
		EUR	686,000		USD	949,328		04/30/2015		94,753		–
		JPY	116,210,000		USD	1,150,623		02/06/2015		170,473		–
										1,003,456		–
UBS AG		EUR	685,000		USD	919,270		08/04/2015		65,039		–
		EUR	974,000		USD	1,214,481		11/18/2015		–		(2,150	)
										65,039		(2,150	)
Net Unrealized Appreciation (Depreciation)									$	9,172,855	$	(1,733,960	)

Currency Legend

CLP—Chilean Peso

EUR—Euro Dollar

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MYR—Malaysian Ringgit

MXN—Mexican Peso

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, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
China	$	14,257,628	$	1,661,449	$	—	$	15,919,077
Other Countries		347,434,067		—		—		347,434,067
Preferred Securities		882,889		—		—		882,889
Foreign Government Obligations		—		104,551,550		—		104,551,550
Short-Term Investment Securities:
Registered Investment Companies		23,393,287		—		—		23,393,287
Other Short-Term Investments Securities		—		48,463,401		—		48,463,401
Total Investments at value	$	385,967,871	$	154,676,400	$	—	$	540,644,271
Other Financial Instruments:†
Open Forward Foreign Currency Contracts	$	—	$	9,172,855	$	—	$	9,172,855
LIABILITIES:
Other Financial Instruments:†
Open Forward Foreign Currency Contracts	$	—	$	1,733,960	$	—	$	1,733,960

* For a detailed presentation of investments, 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

95

VALIC Company I Government Securities Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	27.7	%
United States Treasury Notes	21.3
Federal Home Loan Mtg. Corp.	17.2
United States Treasury Bonds	9.2
Investment Companies	6.2
Repurchase Agreement	5.4
Government National Mtg. Assoc.	5.1
Federal Farm Credit Bank	2.8
Insurance — Reinsurance	0.8
Diversified Financial Services	0.7
Federal Home Loan Bank	0.6
Diversified Banking Institutions	0.4
Computers	0.2
Retail — Drug Store	0.2
Banks — Commercial	0.2
Chemicals — Diversified	0.2
Oil Companies — Integrated	0.2
Electric — Integrated	0.1
Banks — Super Regional	0.1
Multimedia	0.1
Cable/Satellite TV	0.1
Networking Products	0.1
Auto/Truck Parts & Equipment — Original	0.1
Real Estate Investment Trusts	0.1
Cosmetics & Toiletries	0.1
Telephone — Integrated	0.1
Medical — Biomedical/Gene	0.1
Oil Companies — Exploration & Production	0.1
Transport — Rail	0.1
	99.6	%

Credit Quality†#

Aaa	93.4	%
Aa	4.5
A	0.7
Baa	1.2
Not Rated@	0.2
	100.0	%

* Calculated as a percentage of net assets.

† Source: Moody’s

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

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

96

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 0.7%
Diversified Financial Services — 0.7%
Commercial Mtg. Pass Through Certs. VRS Series 2012-CR2, Class XA 2.07% due 08/15/2045(1)(2)	$	966,252	$	97,727
DBUBS Mtg. Trust Series 2011-LC2A, Class A1 3.53% due 07/10/2044*(2)		291,886		306,315
UBS-BAMLL Trust Series 2012-WRM, Class A 3.66% due 06/10/2030*(2)		217,000		222,791
Wells Fargo Resecuritization Trust Series 2012-IO, Class A 1.75% due 08/20/2021*(2)		137,695		137,653
WF-RBS Commercial Mtg. Trust Series 2011-C3, Class A4 4.38% due 03/15/2044*(2)		310,000		339,445
Total Asset Backed Securities
(cost $1,076,899)				1,103,931
U.S. CORPORATE BONDS & NOTES — 2.9%
Auto/Truck Parts & Equipment - Original — 0.1%
Johnson Controls, Inc. Senior Notes 5.00% due 03/30/2020		200,000		222,021
Banks - Super Regional — 0.1%
Wells Fargo & Co. Senior Notes 1.50% due 07/01/2015		237,000		238,733
Cable/Satellite TV — 0.1%
Comcast Corp. Company Guar. Notes 5.70% due 05/15/2018		200,000		226,791
Chemicals - Diversified — 0.2%
Dow Chemical Co. Senior Notes 8.55% due 05/15/2019		200,000		251,987
Computers — 0.2%
Apple, Inc. Senior Notes 2.40% due 05/03/2023		227,000		221,336
Apple, Inc. Senior Notes 2.85% due 05/06/2021		151,000		154,824
				376,160
Cosmetics & Toiletries — 0.1%
Procter & Gamble Co. Senior Notes 1.90% due 11/01/2019		176,000		176,851
Diversified Banking Institutions — 0.4%
Citigroup, Inc. Senior Notes 4.50% due 01/14/2022		162,000		177,091
Goldman Sachs Group, Inc. Senior Notes 5.95% due 01/18/2018		200,000		224,383
Morgan Stanley Senior Notes 3.80% due 04/29/2016		200,000		207,501
				608,975
Electric - Integrated — 0.1%
San Diego Gas & Electric Co. 1st Mtg. Bonds 6.00% due 06/01/2026		200,000		250,354

Security Description	Principal Amount		Value (Note 2)
Insurance - Reinsurance — 0.8%
Berkshire Hathaway Finance Corp. Company Guar. Notes 0.95% due 08/15/2016	$	1,250,000	$	1,258,172
Medical - Biomedical/Gene — 0.1%
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		144,000		148,330
Networking Products — 0.1%
Cisco Systems, Inc. Senior Notes 4.95% due 02/15/2019		200,000		224,064
Oil Companies - Exploration & Production — 0.1%
Noble Energy, Inc. Senior Notes 3.90% due 11/15/2024		116,000		116,531
Real Estate Investment Trusts — 0.1%
CommonWealth REIT Senior Notes 5.75% due 11/01/2015		200,000		203,461
Retail - Drug Store — 0.2%
Walgreens Boots Alliance, Inc. Company Guar. Notes 3.80% due 11/18/2024		325,000		331,914
Telephone - Integrated — 0.1%
Verizon Communications, Inc. Senior Notes 2.50% due 09/15/2016		110,000		113,086
Transport - Rail — 0.1%
Norfolk Southern Corp. Senior Notes 2.90% due 02/15/2023		89,000		87,744
Norfolk Southern Corp. Senior Notes 5.59% due 05/17/2025		19,000		22,576
				110,320
Total U.S. Corporate Bonds & Notes
(cost $4,729,665)				4,857,750
FOREIGN CORPORATE BONDS & NOTES — 6.7%
Banks - Commercial — 0.2%
Australia & New Zealand Banking Group, Ltd. Bonds 2.40% due 11/23/2016*		250,000		257,349
Investment Companies — 6.2%
Temasek Financial I, Ltd. Company Guar. Notes 4.50% due 09/21/2015*		10,000,000		10,322,060
Multimedia — 0.1%
Thomson Reuters Corp. Company Guar. Notes 6.50% due 07/15/2018		200,000		230,288
Oil Companies - Integrated — 0.2%
BP Capital Markets PLC Notes 2.52% due 01/15/2020		250,000		251,672
Telephone - Integrated — 0.0%
Nippon Telegraph & Telephone Corp. General Refunding Mtg. Notes 1.40% due 07/18/2017		60,000		60,197
Total Foreign Corporate Bonds & Notes
(cost $11,022,499)				11,121,566

97

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 53.4%
Federal Farm Credit Bank — 2.8%
3.35% due 10/21/2025	$	1,500,000	$	1,544,479
4.88% due 12/16/2015		2,000,000		2,096,476
4.88% due 01/17/2017		1,000,000		1,089,941
				4,730,896
Federal Home Loan Bank — 0.6%
4.75% due 09/11/2015		1,000,000		1,035,458
Federal Home Loan Mtg. Corp. — 17.2%
2.38% due 12/01/2035 FRS		22,660		24,237
3.00% due 11/01/2042		1,772,364		1,794,860
3.50% due 06/01/2033		2,702,487		2,854,621
4.50% due 09/01/2019		92,632		97,688
4.50% due 09/01/2039		1,377,461		1,495,806
4.50% due 11/01/2039		613,998		667,045
4.50% due 02/01/2040		896,360		974,232
4.50% due 04/01/2040		77,475		84,225
4.50% due 06/01/2040		208,588		226,725
4.50% due 08/01/2040		911,181		990,404
4.50% due 03/01/2041		2,473,012		2,686,447
4.50% due 04/01/2041		365,615		397,214
4.50% due 06/01/2041		676,301		734,756
4.75% due 11/17/2015		3,000,000		3,128,463
5.00% due 12/14/2018		1,000,000		1,139,466
5.00% due 10/01/2034		26,000		28,785
5.50% due 12/01/2036		28,760		32,114
6.00% due 11/01/2033		93,048		106,614
6.50% due 02/01/2032		58,455		66,903
8.00% due 02/01/2030		3,639		3,803
8.00% due 08/01/2030		407		455
8.00% due 06/01/2031		2,712		3,186
Federal Home Loan Mtg. Corp. REMIC
Series 4150, Class GE
2.00% due 01/15/2033(3)		2,539,902		2,523,210
Series 4186, Class JE
2.00% due 03/15/2033(3)		637,273		634,357
Series 3981, Class PA
3.00% due 04/15/2031(3)		617,303		633,484
Series 4150, Class IG
3.00% due 01/15/2033(1)(3)		8,346,130		973,531
Series 4365, Class HZ
3.00% due 01/15/2040(3)		707,026		664,981
Series 4057, Class WY
3.50% due 06/15/2027(3)		1,000,000		1,059,498
Series 3813, Class D
4.00% due 02/15/2026(3)		1,000,000		1,071,546
Series 3917, Class B
4.50% due 08/15/2026(3)		465,000		515,235
Series 3927, Class AY
4.50% due 09/15/2026(3)		1,494,968		1,666,263
Series 3786, Class PB
4.50% due 07/15/2040(3)		1,000,000		1,104,138
Series 4039, Class SA
6.35% due 05/15/2042 FRS(1)(3)		1,194,549		217,363
				28,601,655
Federal National Mtg. Assoc. — 27.7%
zero coupon due 10/09/2019		4,250,000		3,839,654
1.87% due 01/01/2036 FRS		18,388		19,650
1.98% due 02/01/2035 FRS		8,739		9,321
2.26% due 11/01/2034 FRS		32,656		33,054
4.00% due 09/01/2040		238,292		254,969
4.00% due 10/01/2040		251,716		269,313
4.00% due 12/01/2040		262,443		280,655
4.00% due 01/01/2041		616,574		659,421
4.00% due 02/01/2041		2,932,532		3,136,103

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
4.00% due 03/01/2041	$	3,672,189	$	3,926,408
4.00% due 06/01/2042		2,052,375		2,214,650
5.00% due 02/01/2019		121,048		129,541
5.00% due 12/01/2036		65,474		72,733
5.50% due 12/01/2033		78,661		87,985
5.50% due 10/01/2034		100,969		112,951
6.00% due 06/01/2035		13,054		14,777
6.00% due 08/25/2037(1)(3)		556,209		106,180
6.50% due 02/01/2017		7,211		7,487
6.50% due 07/01/2032		12,232		14,229
7.00% due 09/01/2031		25,335		28,827
11.50% due 09/01/2019		10		10
12.00% due 01/15/2016		6		6
12.50% due 09/20/2015		1		1
Federal National Mtg. Assoc.
Series 2014-M13, Class A2
3.02% due 08/25/2024(2)		1,273,000		1,298,533
Federal National Mtg. Assoc. REMIC
Series 2002-34, Class AO
zero coupon due 05/18/2032(3)(4)		608,600		564,453
Series 2013-15, Class DC
2.00% due 03/25/2033(3)		1,722,880		1,708,535
Series 2011-126, Class EC
2.00% due 04/25/2040(3)		1,063,348		1,051,339
Series 2012-38, Class PA
2.00% due 09/25/2041(3)		3,915,960		3,760,645
Series 2013-23, Class KJ
2.25% due 05/25/2042(3)		2,643,222		2,571,379
Series 2012-93, Class ME
2.50% due 01/25/2042(3)		4,090,432		4,175,926
Series 2013-73, Class TD
2.50% due 09/25/2042(3)		1,297,717		1,305,410
Series 2013-100, Class DE
3.00% due 11/25/2030(3)		5,349,597		5,520,544
Series 2011-145, Class PB
3.50% due 01/25/2032(3)		2,500,000		2,617,415
Series 2012-50, Class VB
4.00% due 01/25/2029(3)		1,355,000		1,460,924
Series 2012-47, Class VB
4.00% due 04/25/2031(3)		2,000,000		2,142,102
Series 2004-90, Class GC
4.35% due 11/25/2034(3)		1,000,000		1,066,050
Series 2010-117, Class DY
4.50% due 10/25/2025(3)		974,930		1,080,824
Series 2010-134, Class MB
4.50% due 12/25/2040(3)		250,000		284,172
Series 2007-116, Class PB
5.50% due 08/25/2035(3)		167,555		186,755
Series 2010-28, Class SA
6.39% due 10/25/2027 FRS(1)(3)		430,070		11,358
				46,024,289
Government National Mtg. Assoc. — 5.1%
4.50% due 03/15/2038		97,396		106,599
4.50% due 03/15/2039		17,628		19,296
4.50% due 05/15/2039		491,547		538,080
4.50% due 06/15/2039		503,541		551,211
4.50% due 07/15/2039		672,031		736,470
4.50% due 09/15/2039		11,185		12,244
4.50% due 12/15/2039		265,449		291,233
4.50% due 04/15/2040		235,665		258,549
4.50% due 06/15/2040		842,500		922,338
4.50% due 08/15/2040		114,946		126,108
5.00% due 09/15/2035		3,431		3,810
5.00% due 02/15/2036		169,418		188,142

98

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
5.00% due 05/15/2036	$	6,926	$	7,657
6.00% due 01/15/2032		22,038		25,612
6.50% due 08/15/2031		64,555		73,669
7.50% due 02/15/2029		6,362		6,686
7.50% due 07/15/2030		430		494
7.50% due 01/15/2031		6,143		7,078
7.50% due 02/15/2031		1,533		1,539
Government National Mtg. Assoc. REMIC
Series 2014-58, Class EP
4.00% due 04/20/2044(3)		432,000		465,462
Series 2004-18, Class Z
4.50% due 03/16/2034(3)		681,569		736,911
Series 2008-6, Class GL
4.50% due 02/20/2038(3)		1,000,000		1,094,812
Series 2005-21, Class Z
5.00% due 03/20/2035(3)		1,133,890		1,271,823
Series 2009-91, Class PR
5.00% due 09/20/2038(3)		1,000,000		1,096,826
				8,542,649
Total U.S. Government Agencies
(cost $86,779,201)				88,934,947
U.S. GOVERNMENT TREASURIES — 30.5%
United States Treasury Bonds — 9.2%
zero coupon due 08/15/2024 STRIPS		2,040,000		1,620,402
2.00% due 01/15/2026 TIPS(5)		2,374,515		2,749,057
3.13% due 02/15/2043		1,000,000		1,040,781
3.75% due 08/15/2041		6,000,000		7,029,372
3.88% due 08/15/2040		2,500,000		2,975,000
				15,414,612
United States Treasury Notes — 21.3%
0.63% due 10/15/2016		5,000,000		5,017,580
0.63% due 05/31/2017		4,000,000		3,989,376
1.75% due 05/15/2023		10,000,000		9,735,940
2.00% due 02/15/2022		5,000,000		5,025,780
2.50% due 08/15/2023		3,000,000		3,097,500
2.63% due 08/15/2020		3,250,000		3,413,007
4.00% due 02/15/2015		1,000,000		1,008,125

Security Description	Principal Amount			Value (Note 2)
United States Treasury Notes (continued)
4.25% due 08/15/2015	$	4,000,000		$	4,117,188
					35,404,496
Total U.S. Government Treasuries
(cost $49,190,530)					50,819,108
Total Long-Term Investment Securities
(cost $152,798,794)					156,837,302
REPURCHASE AGREEMENT — 5.4%
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/28/2014, to be repurchased 12/01/2014 in the amount $8,916,000 collateralized by $9,645,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $9,184,413 (cost $8,916,000)		8,916,000			8,916,000
TOTAL INVESTMENTS
(cost $161,714,794)(6)		99.6	%		165,753,302
Other assets less liabilities		0.4			611,423
NET ASSETS		100.0	%	$	166,364,725

* 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, 2014, the aggregate value of these securities was $11,585,613 representing 7.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Interest Only

(2) Commercial Mortgage Backed Security

(3) Collateralized Mortgage Obligation

(4) Principal Only

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

(6) 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 Securities

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of November 30, 2014 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, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	1,103,931	$	—	$	1,103,931
U.S. Corporate Bonds & Notes		—		4,857,750		—		4,857,750
Foreign Corporate Bonds & Notes		—		11,121,566		—		11,121,566
U.S. Government Agencies		—		88,934,947		—		88,934,947
U.S. Government Treasuries		—		50,819,108		—		50,819,108
Repurchase Agreement		—		8,916,000		—		8,916,000
Total Investments at Value	$	—	$	165,753,302	$	—	$	165,753,302

* For a detailed presentation of investments, 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

99

VALIC Company I Growth Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Registered Investment Companies	8.7	%
Medical — Biomedical/Gene	6.9
Computers	5.0
Aerospace/Defense	4.2
Finance — Credit Card	3.0
Cable/Satellite TV	2.7
Internet Content — Entertainment	2.6
Diversified Manufacturing Operations	2.5
Beverages — Non-alcoholic	2.5
Medical — Drugs	2.5
Applications Software	2.1
Oil Companies — Integrated	2.0
Web Portals/ISP	1.9
Transport — Rail	1.8
Banks — Super Regional	1.7
Investment Management/Advisor Services	1.7
Multimedia	1.7
Semiconductor Components — Integrated Circuits	1.7
E-Commerce/Services	1.6
Enterprise Software/Service	1.5
Retail — Auto Parts	1.4
Oil Companies — Exploration & Production	1.4
Retail — Regional Department Stores	1.3
Electronic Components — Semiconductors	1.3
Retail — Drug Store	1.3
Machinery — Construction & Mining	1.2
Retail — Apparel/Shoe	1.2
Medical Instruments	1.2
Computer Services	1.2
Chemicals — Diversified	1.1
Building — Heavy Construction	1.1
Hotels/Motels	1.0
Tobacco	1.0
Instruments — Controls	1.0
Disposable Medical Products	0.9
Cosmetics & Toiletries	0.9
Advertising Agencies	0.9
Retail — Major Department Stores	0.9
Retail — Restaurants	0.8
Retail — Bedding	0.8
Airlines	0.8
Medical — Wholesale Drug Distribution	0.8
Time Deposits	0.8
Pharmacy Services	0.8
Internet Content — Information/News	0.7
Vitamins & Nutrition Products	0.7
Medical — Generic Drugs	0.7
Soap & Cleaning Preparation	0.7
Networking Products	0.7
Real Estate Investment Trusts	0.7
Commercial Services — Finance	0.6
Food — Confectionery	0.6
Computers — Memory Devices	0.6
Coatings/Paint	0.5
Data Processing/Management	0.5
Oil — Field Services	0.5
Dental Supplies & Equipment	0.5
Retail — Building Products	0.5
Casino Hotels	0.5
Banks — Commercial	0.5
Food — Retail	0.5
Medical Information Systems	0.5
Entertainment Software	0.4
Medical Products	0.4
Diversified Banking Institutions	0.4
Machinery — General Industrial	0.4
Internet Security	0.4
Computers — Integrated Systems	0.4
Motorcycle/Motor Scooter	0.4

Auto/Truck Parts & Equipment — Original	0.4
Food — Misc./Diversified	0.4
E-Commerce/Products	0.4
Radio	0.4
Audio/Video Products	0.4
Internet Application Software	0.4
Chemicals — Specialty	0.4
Semiconductor Equipment	0.4
Consumer Products — Misc.	0.3
Power Converter/Supply Equipment	0.3
Medical Labs & Testing Services	0.3
Instruments — Scientific	0.3
Telephone — Integrated	0.3
Broadcast Services/Program	0.3
Poultry	0.3
Electric Products — Misc.	0.3
Transport — Services	0.3
Retail — Jewelry	0.3
Human Resources	0.2
Oil Field Machinery & Equipment	0.2
Agricultural Operations	0.2
Industrial Automated/Robotic	0.2
Insurance — Property/Casualty	0.2
Containers — Metal/Glass	0.2
Commercial Services	0.2
Retail — Discount	0.2
Medical — HMO	0.2
Electronic Forms	0.2
Oil Refining & Marketing	0.2
Tools — Hand Held	0.2
Finance — Other Services	0.2
Rental Auto/Equipment	0.2
Footwear & Related Apparel	0.2
Electronic Measurement Instruments	0.1
Electronic Security Devices	0.1
Food — Dairy Products	0.1
Agricultural Chemicals	0.1
Electronic Design Automation	0.1
Building & Construction Products — Misc.	0.1
Web Hosting/Design	0.1
Apparel Manufacturers	0.1
Finance — Investment Banker/Broker	0.1
Retail — Gardening Products	0.1
Building Products — Cement	0.1
Insurance — Life/Health	0.1
Office Automation & Equipment	0.1
Finance — Leasing Companies	0.1
Appliances	0.1
Steel — Producers	0.1
Retail — Perfume & Cosmetics	0.1
Auto — Cars/Light Trucks	0.1
Exchange — Traded Funds	0.1
Schools	0.1
Building Products — Air & Heating	0.1
Finance — Mortgage Loan/Banker	0.1
Consulting Services	0.1
Finance — Auto Loans	0.1
Transport — Marine	0.1
Non-Ferrous Metals	0.1
	108.5	%

* Calculated as a percentage of net assets.

100

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.9%
Advertising Agencies — 0.9%
Alliance Data Systems Corp.†#		28,963	$	8,279,653
Omnicom Group, Inc.		9,676		747,664
				9,027,317
Aerospace/Defense — 4.2%
Boeing Co.#		140,690		18,903,108
Lockheed Martin Corp.		90,721		17,378,515
Raytheon Co.		41,944		4,475,425
Teledyne Technologies, Inc.†		16,102		1,721,465
				42,478,513
Agricultural Chemicals — 0.1%
Monsanto Co.		10,815		1,296,827
Agricultural Operations — 0.2%
Archer-Daniels-Midland Co.		37,256		1,962,646
Airlines — 0.8%
Alaska Air Group, Inc.		80,806		4,769,978
Southwest Airlines Co.		62,323		2,606,348
United Continental Holdings, Inc.†		11,800		722,514
				8,098,840
Apparel Manufacturers — 0.1%
Michael Kors Holdings, Ltd.†		15,183		1,164,688
Appliances — 0.1%
Electrolux AB, Series B		33,610		999,018
Applications Software — 2.1%
Intuit, Inc.		127,508		11,969,176
Microsoft Corp.		93,834		4,486,204
NetSuite, Inc.†#		36,586		3,868,969
PTC, Inc.†		11,556		451,493
				20,775,842
Audio/Video Products — 0.4%
Harman International Industries, Inc.		35,188		3,818,954
Auto - Cars/Light Trucks — 0.1%
Maruti Suzuki India, Ltd.		12,500		674,009
Peugeot SA†		17,490		224,157
				898,166
Auto/Truck Parts & Equipment - Original — 0.4%
WABCO Holdings, Inc.†		41,837		4,293,313
Banks - Commercial — 0.5%
Bankia SA†		595,010		1,043,923
Credicorp, Ltd.		4,537		751,599
Hang Seng Bank, Ltd.		47,100		784,706
ICICI Bank, Ltd. ADR		2,850		167,837
Skandinaviska Enskilda Banken AB, Class A		83,150		1,098,584
Zions Bancorporation		31,930		895,956
				4,742,605
Banks - Super Regional — 1.7%
SunTrust Banks, Inc.		169,240		6,649,440
Wells Fargo & Co.		194,065		10,572,661
				17,222,101
Beverages - Non-alcoholic — 2.5%
Coca-Cola Co.		42,820		1,919,621
Dr Pepper Snapple Group, Inc.		31,152		2,305,248
PepsiCo, Inc.		205,843		20,604,884
				24,829,753
Broadcast Services/Program — 0.3%
Scripps Networks Interactive, Inc., Class A#		40,841		3,192,541

Security Description	Shares		Value (Note 2)
Building & Construction Products - Misc. — 0.1%
Fortune Brands Home & Security, Inc.		27,040	$	1,214,637
Building Products - Air & Heating — 0.1%
Daikin Industries, Ltd.		12,600		836,142
Building Products - Cement — 0.1%
Cemex SAB de CV ADR†		88,710		1,109,762
Building - Heavy Construction — 1.1%
SBA Communications Corp., Class A†		89,810		10,927,183
Cable/Satellite TV — 2.7%
Cablevision Systems Corp., Class A#		91,387		1,856,984
Comcast Corp., Class A		401,834		22,920,611
Liberty Global PLC, Class A†		15,017		780,734
Liberty Global PLC, Class C†		22,957		1,146,013
				26,704,342
Casino Hotels — 0.5%
Las Vegas Sands Corp.		26,022		1,657,341
MGM Resorts International†		151,208		3,449,055
				5,106,396
Chemicals - Diversified — 1.1%
Akzo Nobel NV		15,370		1,062,578
Johnson Matthey PLC		18,830		979,511
PPG Industries, Inc.		37,573		8,221,724
Symrise AG		12,070		721,874
				10,985,687
Chemicals - Specialty — 0.4%
Albemarle Corp.#		26,724		1,577,785
Cabot Corp.		33,177		1,429,265
Ecolab, Inc.		5,100		555,645
				3,562,695
Coatings/Paint — 0.5%
Sherwin-Williams Co.		22,523		5,514,982
Commercial Services — 0.2%
Cintas Corp.		24,177		1,768,548
Medifast, Inc.†		4,911		144,874
				1,913,422
Commercial Services - Finance — 0.6%
EVERTEC, Inc.		19,920		439,037
H&R Block, Inc.		59,009		1,985,063
MasterCard, Inc., Class A		18,560		1,620,102
Moody’s Corp.		21,832		2,205,250
Total System Services, Inc.		5,935		195,796
				6,445,248
Computer Aided Design — 0.0%
Autodesk, Inc.†		3,670		227,540
Computer Services — 1.2%
Carbonite, Inc.†		7,544		88,190
Cognizant Technology Solutions Corp., Class A†		104,013		5,615,662
Computer Sciences Corp.		2,748		174,168
IHS, Inc., Class A†		8,259		1,011,397
International Business Machines Corp.		29,282		4,748,662
Syntel, Inc.†		6,512		289,784
				11,927,863
Computers — 5.0%
Apple, Inc.		420,284		49,984,376
Computers - Integrated Systems — 0.4%
Teradata Corp.†#		95,652		4,317,731

101

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers - Memory Devices — 0.6%
EMC Corp.		57,743	$	1,752,500
NetApp, Inc.		39,918		1,698,511
SanDisk Corp.		22,141		2,290,708
				5,741,719
Consulting Services — 0.1%
Towers Watson & Co., Class A		6,690		755,702
Consumer Products - Misc. — 0.3%
Kimberly-Clark Corp.		21,553		2,512,864
Spectrum Brands Holdings, Inc.		10,760		989,597
				3,502,461
Containers - Metal/Glass — 0.2%
Ball Corp.		28,589		1,917,464
Cosmetics & Toiletries — 0.9%
Estee Lauder Cos., Inc., Class A		105,704		7,836,895
Unicharm Corp.		62,700		1,435,543
				9,272,438
Data Processing/Management — 0.5%
Fiserv, Inc.†		77,109		5,512,522
Dental Supplies & Equipment — 0.5%
DENTSPLY International, Inc.#		96,971		5,331,466
Disposable Medical Products — 0.9%
C.R. Bard, Inc.		56,302		9,422,140
Diversified Banking Institutions — 0.4%
Credit Suisse Group AG		49,430		1,321,545
Lloyds Banking Group PLC†		824,842		1,036,558
Royal Bank of Scotland Group PLC†		325,950		2,015,184
				4,373,287
Diversified Manufacturing Operations — 2.5%
3M Co.		94,472		15,124,022
Ingersoll-Rand PLC		24,790		1,563,257
Parker-Hannifin Corp.		68,889		8,888,748
				25,576,027
E-Commerce/Products — 0.4%
Alibaba Group Holding, Ltd. ADR†		2,885		322,081
Amazon.com, Inc.†		2,396		811,382
eBay, Inc.†		38,289		2,101,300
Vipshop Holdings, Ltd. ADR†		31,500		720,090
				3,954,853
E-Commerce/Services — 1.6%
Expedia, Inc.		133,853		11,659,935
Orbitz Worldwide, Inc.†		51,561		393,926
Priceline Group, Inc.†		3,339		3,873,874
				15,927,735
Electric Products - Misc. — 0.3%
Emerson Electric Co.		22,121		1,410,214
Nidec Corp.		26,000		1,724,715
				3,134,929
Electronic Components - Semiconductors — 1.3%
Broadcom Corp., Class A		86,149		3,715,606
Intel Corp.		66,239		2,467,403
Micron Technology, Inc.†		32,839		1,180,562
Texas Instruments, Inc.		56,985		3,101,124
Xilinx, Inc.		56,675		2,575,312
				13,040,007

Security Description	Shares		Value (Note 2)
Electronic Design Automation — 0.1%
Cadence Design Systems, Inc.†		68,700	$	1,296,369
Electronic Forms — 0.2%
Adobe Systems, Inc.†		23,990		1,767,583
Electronic Measurement Instruments — 0.1%
Keyence Corp.		3,200		1,478,251
Electronic Security Devices — 0.1%
Tyco International PLC		31,740		1,361,646
Enterprise Software/Service — 1.5%
Informatica Corp.†		3,992		145,229
Oracle Corp.		346,567		14,697,906
				14,843,135
Entertainment Software — 0.4%
Electronic Arts, Inc.†		101,862		4,474,798
Finance - Auto Loans — 0.1%
Credit Acceptance Corp.†		4,558		682,560
Finance - Credit Card — 3.0%
Visa, Inc., Class A#		115,787		29,895,045
Finance - Investment Banker/Broker — 0.1%
Charles Schwab Corp.		40,740		1,153,757
Finance - Leasing Companies — 0.1%
ORIX Corp.		76,500		1,009,191
Finance - Mortgage Loan/Banker — 0.1%
Nationstar Mtg. Holdings, Inc.†#		27,875		835,414
Finance - Other Services — 0.2%
Intercontinental Exchange, Inc.		7,403		1,673,004
Food - Confectionery — 0.6%
Hershey Co.		60,854		6,102,439
Food - Dairy Products — 0.1%
WhiteWave Foods Co., Class A†		36,253		1,327,947
Food - Misc./Diversified — 0.4%
Cal-Maine Foods, Inc.#		17,934		751,076
Ingredion, Inc.		21,104		1,756,486
Mondelez International, Inc., Class A		45,266		1,774,427
				4,281,989
Food - Retail — 0.5%
Carrefour SA		46,890		1,484,594
Kroger Co.		41,066		2,457,389
Magnit OJSC GDR#		11,030		638,086
				4,580,069
Footwear & Related Apparel — 0.2%
Deckers Outdoor Corp.†		16,206		1,567,444
Gas - Distribution — 0.0%
ENN Energy Holdings, Ltd.		30,000		182,594
Hotels/Motels — 1.0%
Accor SA		33,150		1,564,763
Marriott International, Inc., Class A#		86,155		6,788,152
Whitbread PLC		14,880		1,067,502
Wyndham Worldwide Corp.		13,635		1,136,614
				10,557,031
Human Resources — 0.2%
Adecco SA		19,702		1,384,189
Capita PLC		64,526		1,079,830
				2,464,019

102

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Industrial Automated/Robotic — 0.2%
Rockwell Automation, Inc.		16,858	$	1,945,582
Instruments - Controls — 1.0%
Honeywell International, Inc.		67,692		6,706,246
Mettler-Toledo International, Inc.†		11,253		3,300,055
				10,006,301
Instruments - Scientific — 0.3%
Waters Corp.†		29,160		3,379,644
Insurance - Life/Health — 0.1%
Prudential PLC		45,750		1,107,641
Insurance - Property/Casualty — 0.2%
Admiral Group PLC		25,860		501,519
AmTrust Financial Services, Inc.#		22,795		1,169,839
Federated National Holding Co.		10,507		265,407
				1,936,765
Internet Application Software — 0.4%
Splunk, Inc.†#		55,199		3,703,853
Internet Content - Entertainment — 2.6%
Facebook, Inc., Class A†		288,784		22,438,517
Pandora Media, Inc.†#		173,286		3,406,803
				25,845,320
Internet Content - Information/News — 0.7%
LinkedIn Corp., Class A†		13,861		3,136,328
Yelp, Inc.†#		75,284		4,297,964
				7,434,292
Internet Security — 0.4%
VeriSign, Inc.†#		72,239		4,341,564
Investment Management/Advisor Services — 1.7%
Franklin Resources, Inc.		138,496		7,874,883
Invesco, Ltd.		223,306		9,012,630
				16,887,513
Machinery - Construction & Mining — 1.2%
Caterpillar, Inc.		123,833		12,457,600
Machinery - General Industrial — 0.4%
Wabtec Corp.		49,200		4,353,708
Medical Information Systems — 0.5%
Cerner Corp.†		70,509		4,540,780
Medical Instruments — 1.2%
Intuitive Surgical, Inc.†		11,912		6,167,677
Medtronic, Inc.		54,737		4,043,422
St Jude Medical, Inc.		27,670		1,880,453
				12,091,552
Medical Labs & Testing Services — 0.3%
Quest Diagnostics, Inc.		52,429		3,424,138
Medical Products — 0.4%
Becton Dickinson and Co.		18,195		2,553,304
Stryker Corp.		20,404		1,895,736
				4,449,040
Medical - Biomedical/Gene — 6.9%
Alexion Pharmaceuticals, Inc.†		59,372		11,571,603
Amgen, Inc.		24,342		4,023,976
Biogen Idec, Inc.†		46,758		14,386,969
Celgene Corp.†		45,122		5,129,920
CSL, Ltd.		10,517		739,259
Gilead Sciences, Inc.†		182,004		18,258,641
Illumina, Inc.†		20,693		3,950,087

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Incyte Corp.†#		51,498	$	3,890,674
Regeneron Pharmaceuticals, Inc.†		18,326		7,625,632
				69,576,761
Medical - Drugs — 2.5%
AbbVie, Inc.		56,385		3,901,842
Bristol-Myers Squibb Co.		27,330		1,613,837
Grifols SA		12,850		572,815
Jazz Pharmaceuticals PLC†#		17,826		3,156,806
Johnson & Johnson		63,664		6,891,628
Merck & Co., Inc.		36,613		2,211,425
Ophthotech Corp.†		1,801		77,713
Roche Holding AG		8,181		2,451,547
Shire PLC		8,140		580,150
Zoetis, Inc.		73,053		3,282,271
				24,740,034
Medical - Generic Drugs — 0.7%
Teva Pharmaceutical Industries, Ltd. ADR		120,612		6,872,472
Medical - HMO — 0.2%
Aetna, Inc.		20,285		1,769,663
Medical - Wholesale Drug Distribution — 0.8%
Cardinal Health, Inc.		77,672		6,383,862
McKesson Corp.		7,990		1,683,972
				8,067,834
Motorcycle/Motor Scooter — 0.4%
Harley-Davidson, Inc.		61,726		4,301,068
Multimedia — 1.7%
Twenty-First Century Fox, Inc., Class A		46,080		1,695,744
Viacom, Inc., Class B		15,642		1,183,004
Walt Disney Co.		151,313		13,997,966
				16,876,714
Networking Products — 0.7%
Cisco Systems, Inc.		222,356		6,145,920
LogMeIn, Inc.†		9,055		457,911
				6,603,831
Non-Ferrous Metals — 0.1%
Materion Corp.		16,666		579,477
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.		43,918		1,081,261
Oil Companies - Exploration & Production — 1.4%
Anadarko Petroleum Corp.		3,089		244,494
Antero Resources Corp.†#		12,560		589,315
Concho Resources, Inc.†		35,927		3,422,047
Continental Resources, Inc.†#		19,624		804,191
EOG Resources, Inc.		28,755		2,493,634
EQT Corp.		17,030		1,549,389
Kosmos Energy, Ltd.†		171,484		1,430,177
Occidental Petroleum Corp.		33,471		2,669,982
Southwestern Energy Co.†		12,640		406,755
				13,609,984
Oil Companies - Integrated — 2.0%
Exxon Mobil Corp.		167,563		15,171,154
Phillips 66		67,398		4,921,402
				20,092,556
Oil Field Machinery & Equipment — 0.2%
National Oilwell Varco, Inc.		35,590		2,385,954
Oil Refining & Marketing — 0.2%
Valero Energy Corp.		34,962		1,699,503

103

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil - Field Services — 0.5%
Baker Hughes, Inc.		15,500	$	883,500
Halliburton Co.		28,706		1,211,393
Schlumberger, Ltd.		33,387		2,869,613
Superior Energy Services, Inc.		19,468		375,927
				5,340,433
Pharmacy Services — 0.8%
Express Scripts Holding Co.†		91,465		7,605,315
Poultry — 0.3%
Pilgrim’s Pride Corp.†#		51,944		1,677,791
Sanderson Farms, Inc.#		17,326		1,504,070
				3,181,861
Power Converter/Supply Equipment — 0.3%
Generac Holdings, Inc.†#		79,606		3,453,308
Radio — 0.4%
Sirius XM Holdings, Inc.†#		1,053,607		3,824,593
Real Estate Investment Trusts — 0.7%
American Tower Corp.		18,514		1,944,155
Crown Castle International Corp.		21,276		1,767,823
DuPont Fabros Technology, Inc.		46,895		1,528,308
Rayonier, Inc.		48,867		1,333,092
				6,573,378
Rental Auto/Equipment — 0.2%
Ashtead Group PLC		49,478		815,623
United Rentals, Inc.†		7,192		814,926
				1,630,549
Resort/Theme Parks — 0.0%
SeaWorld Entertainment, Inc.		17,865		298,167
Retail - Apparel/Shoe — 1.2%
Foot Locker, Inc.		29,707		1,701,914
Gap, Inc.		131,118		5,192,273
Ross Stores, Inc.		60,689		5,551,829
				12,446,016
Retail - Auto Parts — 1.4%
AutoZone, Inc.†		20,480		11,831,501
O’Reilly Automotive, Inc.†		14,261		2,606,055
				14,437,556
Retail - Bedding — 0.8%
Bed Bath & Beyond, Inc.†		110,496		8,107,091
Retail - Building Products — 0.5%
Home Depot, Inc.		31,601		3,141,139
Lowe’s Cos., Inc.		31,753		2,026,794
				5,167,933
Retail - Discount — 0.2%
Costco Wholesale Corp.		10,584		1,504,198
Dollar Tree, Inc.†		4,130		282,327
				1,786,525
Retail - Drug Store — 1.3%
CVS Health Corp.		138,088		12,615,720
Retail - Gardening Products — 0.1%
Tractor Supply Co.		14,497		1,115,254
Retail - Jewelry — 0.3%
Pandora A/S		16,880		1,498,876
Signet Jewelers, Ltd.		9,580		1,254,597
				2,753,473

Security Description	Shares		Value (Note 2)
Retail - Major Department Stores — 0.9%
TJX Cos., Inc.		133,917	$	8,859,949
Retail - Perfume & Cosmetics — 0.1%
Ulta Salon Cosmetics & Fragrance, Inc.†		7,440		941,086
Retail - Regional Department Stores — 1.3%
Dillard’s, Inc., Class A		13,910		1,639,711
Kohl’s Corp.		9,948		593,100
Macy’s, Inc.		170,150		11,044,436
				13,277,247
Retail - Restaurants — 0.8%
Bravo Brio Restaurant Group, Inc.†		5,317		69,812
Chipotle Mexican Grill, Inc.†#		8,706		5,777,476
DineEquity, Inc.		9,087		902,612
Jack in the Box, Inc.		3,337		248,607
McDonald’s Corp.		3,150		304,951
Yum! Brands, Inc.		12,990		1,003,477
				8,306,935
Schools — 0.1%
Kroton Educacional SA		123,800		865,444
Semiconductor Components - Integrated Circuits — 1.7%
MaxLinear, Inc., Class A†		37,893		276,619
QUALCOMM, Inc.		226,558		16,516,078
				16,792,697
Semiconductor Equipment — 0.4%
ASML Holding NV (Euronext Amsterdam)		9,508		1,004,790
ASML Holding NV (NY Registered Shares)		5,360		566,445
Lam Research Corp.		23,589		1,949,395
				3,520,630
Soap & Cleaning Preparation — 0.7%
Church & Dwight Co., Inc.		88,625		6,798,424
Steel - Producers — 0.1%
United States Steel Corp.		28,728		958,079
Telecommunication Equipment — 0.0%
ARRIS Group, Inc.†		4,937		146,974
Telephone - Integrated — 0.3%
IDT Corp., Class B		5,517		93,458
Verizon Communications, Inc.		61,735		3,123,174
				3,216,632
Tobacco — 1.0%
Lorillard, Inc.		7,363		464,900
Philip Morris International, Inc.		115,354		10,027,723
				10,492,623
Tools - Hand Held — 0.2%
Stanley Black & Decker, Inc.		17,722		1,673,666
Transport - Marine — 0.1%
Kirby Corp.†		6,735		647,503
Transport - Rail — 1.8%
Canadian Pacific Railway, Ltd.		3,162		609,678
Union Pacific Corp.		149,253		17,428,273
				18,037,951
Transport - Services — 0.3%
FedEx Corp.		9,613		1,712,844
United Parcel Service, Inc., Class B		11,700		1,286,064
				2,998,908
Vitamins & Nutrition Products — 0.7%
Mead Johnson Nutrition Co.		66,945		6,951,569

104

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Web Hosting/Design — 0.1%
Equinix, Inc.		5,220		$	1,185,827
Web Portals/ISP — 1.9%
Baidu, Inc. ADR†		3,890			953,478
Google, Inc., Class A†		30,858			16,943,511
Google, Inc., Class C†		3,050			1,652,581
					19,549,570
Wireless Equipment — 0.0%
GN Store Nord A/S		21,070			450,292
Total Common Stocks
(cost $852,559,295)					996,747,748
EXCHANGE-TRADED FUNDS — 0.1%
iShares Russell 1000 Growth ETF
(cost $875,002)		9,170			889,949
PREFERRED SECURITIES — 0.0%
Banks - Commercial — 0.0%
Bancolombia SA ADR
(cost $379,290)		6,700			346,390
Total Long-Term Investment Securities
(cost $853,813,587)					997,984,087
SHORT-TERM INVESTMENT SECURITIES — 9.5%
Registered Investment Companies — 8.7%
State Street Navigator Securities Lending Prime Portfolio(1)	$	87,815,759			87,815,759
Time Deposits — 0.8%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014		7,900,000			7,900,000
Total Short-Term Investment Securities
(cost $95,715,759)					95,715,759
TOTAL INVESTMENTS
(cost $949,529,346)(2)		108.5	%		1,093,699,846
Liabilities in excess of other assets		(8.5	)		(85,795,046	)
NET ASSETS —		100.0	%	$	1,007,904,800

† Non-income producing security

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

(1) At November 30, 2014, the Fund had loaned securities with a total value of $89,378,853. This was secured by collateral of $87,815,759, which was received in cash and subsequently invested in short-term investments currently value at $87,815,759 as reported in the portfolio of investments. Additional collateral of $3,699,573 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is not reflected in the Fund’s other 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, 2014
Federal Home Loan Mtg. Corp.	2.50% to 4.00%	08/01/2027 to 06/15/2041	$	243,239
Federal National Mtg. Assoc.	2.00% to 4.00%	10/25/2029 to 05/25/2042		2,343,211
Government National Mtg. Assoc.	2.75% to 4.00%	11/20/2038 to 11/16/2039		267,684
United States Treasury Bill	zero coupon	01/22/2015 to 08/20/2015		89,454
United States Treasury Notes/Bonds	0.13% to 3.63%	12/15/2014 to 08/15/2043		755,985

(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, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	996,747,748	$	—	$	—	$	996,747,748
Exchange-Traded Funds		889,949		—		—		889,949
Preferred Securities		346,390		—		—		346,390
Short-Term Investment Securities:
Registered Investment Companies		87,815,759		—		—		87,815,759
Time Deposits		—		7,900,000		—		7,900,000
Total Investments at Value	$	1,085,799,846	$	7,900,000	$	—	$	1,093,699,846

* For a detailed presentation of investments, 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

105

VALIC Company I Growth & Income Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Medical — Drugs	6.5	%
Computers	4.5
Oil Companies — Integrated	4.2
Diversified Banking Institutions	4.1
Medical — Biomedical/Gene	3.2
Banks — Super Regional	2.8
Electric — Integrated	2.8
Applications Software	2.8
Transport — Rail	2.6
Retail — Building Products	2.4
Real Estate Investment Trusts	2.3
Multimedia	2.3
Web Portals/ISP	2.2
Cable/Satellite TV	2.1
Insurance — Multi-line	2.1
Cosmetics & Toiletries	1.8
Beverages — Non-alcoholic	1.7
Medical — HMO	1.7
Computer Services	1.6
Diversified Manufacturing Operations	1.5
Telephone — Integrated	1.5
Aerospace/Defense — Equipment	1.5
Oil Companies — Exploration & Production	1.5
Oil — Field Services	1.4
Electronic Components — Semiconductors	1.4
Food — Misc./Diversified	1.3
Insurance — Reinsurance	1.2
Finance — Credit Card	1.2
Networking Products	1.2
Semiconductor Equipment	1.1
Instruments — Controls	1.1
Tobacco	1.1
Internet Content — Entertainment	1.1
Retail — Discount	1.1
Time Deposits	1.0
Apparel Manufacturers	1.0
Semiconductor Components — Integrated Circuits	0.9
Auto — Heavy Duty Trucks	0.9
Medical Products	0.9
Gas — Distribution	0.9
Retail — Drug Store	0.8
Airlines	0.7
Electronic Forms	0.7
Engineering/R&D Services	0.7
Agricultural Chemicals	0.7
Medical — Wholesale Drug Distribution	0.7
E-Commerce/Services	0.7
Chemicals — Diversified	0.7
Electric Products — Misc.	0.7
Finance — Investment Banker/Broker	0.6
Retail — Major Department Stores	0.6
Medical Instruments	0.6
Investment Management/Advisor Services	0.6
Enterprise Software/Service	0.6
Retail — Restaurants	0.6
Registered Investment Companies	0.6
Consumer Products — Misc.	0.6
Auto — Cars/Light Trucks	0.6
Metal — Aluminum	0.6
Beverages — Wine/Spirits	0.6
Banks — Commercial	0.5
Retail — Auto Parts	0.5
Medical — Generic Drugs	0.5
Agricultural Operations	0.5
Insurance Brokers	0.5
Banks — Fiduciary	0.5
Audio/Video Products	0.4
Finance — Other Services	0.4
Cruise Lines	0.4

Electronics — Military	0.3
E-Commerce/Products	0.3
Electronic Components — Misc.	0.3
Building — Residential/Commercial	0.3
Brewery	0.3
Steel — Producers	0.3
Containers — Metal/Glass	0.3
Distribution/Wholesale	0.2
Data Processing/Management	0.2
Advertising Agencies	0.2
Insurance — Life/Health	0.2
Building Products — Wood	0.2
Oil & Gas Drilling	0.2
Food — Retail	0.2
Metal Processors & Fabrication	0.2
Building Products — Cement	0.1
Retail — Apparel/Shoe	0.1
Oil Refining & Marketing	0.1
Software Tools	0.1
Electronic Security Devices	0.1
Auto/Truck Parts & Equipment — Original	0.1
Computers — Memory Devices	0.1
Retail — Jewelry	0.1
Building & Construction Products — Misc.	0.1
Publishing — Periodicals	0.1
	100.4	%

* Calculated as a percentage of net assets

106

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.8%
Advertising Agencies — 0.2%
Alliance Data Systems Corp.†		697	$	199,251
Omnicom Group, Inc.		796		61,507
				260,758
Aerospace/Defense - Equipment — 1.5%
United Technologies Corp.		16,592		1,826,447
Agricultural Chemicals — 0.7%
Monsanto Co.		2,347		281,429
Mosaic Co.		12,802		585,947
				867,376
Agricultural Operations — 0.5%
Archer-Daniels-Midland Co.		11,139		586,803
Airlines — 0.7%
Delta Air Lines, Inc.		9,019		420,917
United Continental Holdings, Inc.†		7,825		479,125
				900,042
Apparel Manufacturers — 1.0%
Ralph Lauren Corp.		2,290		423,421
VF Corp.		10,512		790,187
				1,213,608
Applications Software — 2.8%
Citrix Systems, Inc.†		6,550		434,331
Microsoft Corp.		61,431		2,937,016
				3,371,347
Audio/Video Products — 0.4%
Harman International Industries, Inc.		4,729		513,238
Auto - Cars/Light Trucks — 0.6%
General Motors Co.		20,895		698,520
Auto - Heavy Duty Trucks — 0.9%
PACCAR, Inc.		16,595		1,112,197
Auto/Truck Parts & Equipment - Original — 0.1%
Johnson Controls, Inc.		2,091		104,550
Banks - Commercial — 0.5%
BB&T Corp.		10,721		403,002
Regions Financial Corp.		11,747		118,292
SVB Financial Group†		1,045		109,882
				631,176
Banks - Fiduciary — 0.5%
State Street Corp.		7,207		552,993
Banks - Super Regional — 2.8%
Capital One Financial Corp.		4,679		389,293
PNC Financial Services Group, Inc.		2,538		221,999
Wells Fargo & Co.		51,865		2,825,605
				3,436,897
Beverages - Non-alcoholic — 1.7%
Coca-Cola Co.		33,060		1,482,080
Coca-Cola Enterprises, Inc.		3,683		161,831
Dr Pepper Snapple Group, Inc.		3,624		268,176
PepsiCo, Inc.		1,543		154,454
				2,066,541
Beverages - Wine/Spirits — 0.6%
Constellation Brands, Inc., Class A†		7,058		680,391
Brewery — 0.3%
Molson Coors Brewing Co., Class B		4,822		372,982

Security Description	Shares		Value (Note 2)
Building & Construction Products - Misc. — 0.1%
Fortune Brands Home & Security, Inc.		1,493	$	67,066
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc.		1,453		174,418
Building Products - Wood — 0.2%
Masco Corp.		10,453		252,963
Building - Residential/Commercial — 0.3%
NVR, Inc.†		57		71,744
PulteGroup, Inc.		14,425		312,013
				383,757
Cable/Satellite TV — 2.1%
Charter Communications, Inc., Class A†		1,493		253,362
Comcast Corp., Class A		28,222		1,609,783
DIRECTV†		1,145		100,428
DISH Network Corp., Class A†		4,579		363,618
Time Warner Cable, Inc.		1,810		270,197
				2,597,388
Chemicals - Diversified — 0.7%
Axiall Corp.		3,783		163,728
Dow Chemical Co.		4,868		236,926
E.I. du Pont de Nemours & Co.		5,800		414,120
				814,774
Computer Services — 1.6%
Accenture PLC, Class A		10,154		876,595
Cognizant Technology Solutions Corp., Class A†		11,388		614,838
International Business Machines Corp.		2,684		435,264
				1,926,697
Computers — 4.5%
Apple, Inc.		40,616		4,830,461
Hewlett-Packard Co.		15,121		590,626
				5,421,087
Computers - Memory Devices — 0.1%
EMC Corp.		2,658		80,670
Consumer Products - Misc. — 0.6%
Kimberly-Clark Corp.		6,014		701,172
Containers - Metal/Glass — 0.3%
Crown Holdings, Inc.†		6,829		338,036
Containers - Paper/Plastic — 0.0%
Sealed Air Corp.		1,185		46,843
Cosmetics & Toiletries — 1.8%
Estee Lauder Cos., Inc., Class A		3,773		279,730
Procter & Gamble Co.		21,562		1,949,852
				2,229,582
Cruise Lines — 0.4%
Royal Caribbean Cruises, Ltd.		6,262		461,760
Data Processing/Management — 0.2%
Fidelity National Information Services, Inc.		4,281		261,954
Distribution/Wholesale — 0.2%
WW Grainger, Inc.		1,200		294,816
Diversified Banking Institutions — 4.1%
Bank of America Corp.		114,003		1,942,611
Citigroup, Inc.		29,277		1,580,080
Goldman Sachs Group, Inc.		2,447		461,039
Morgan Stanley		30,243		1,063,949
				5,047,679

107

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Manufacturing Operations — 1.5%
Eaton Corp. PLC		12,752	$	864,968
General Electric Co.		33,647		891,309
SPX Corp.		1,354		121,441
				1,877,718
E-Commerce/Products — 0.3%
Amazon.com, Inc.†		1,192		403,659
E-Commerce/Services — 0.7%
Expedia, Inc.		1,394		121,431
Priceline Group, Inc.†		608		705,396
				826,827
Electric Products - Misc. — 0.7%
Emerson Electric Co.		12,633		805,354
Electric - Integrated — 2.8%
CMS Energy Corp.		9,109		301,508
Dominion Resources, Inc.		3,833		278,084
Edison International		13,738		873,187
Entergy Corp.		3,385		284,002
Exelon Corp.		12,742		460,878
NextEra Energy, Inc.		8,351		871,761
PPL Corp.		1,692		60,117
Public Service Enterprise Group, Inc.		3,086		128,933
Xcel Energy, Inc.		4,579		155,411
				3,413,881
Electronic Components - Misc. — 0.3%
Corning, Inc.		8,263		173,688
TE Connectivity, Ltd.		3,385		217,317
				391,005
Electronic Components - Semiconductors — 1.4%
Avago Technologies, Ltd.		8,491		793,059
Broadcom Corp., Class A		15,928		686,975
Freescale Semiconductor, Ltd.†#		7,775		168,640
				1,648,674
Electronic Forms — 0.7%
Adobe Systems, Inc.†		12,105		891,896
Electronic Security Devices — 0.1%
Tyco International PLC		2,588		111,025
Electronics - Military — 0.3%
L-3 Communications Holdings, Inc.		3,345		416,787
Engineering/R&D Services — 0.7%
Fluor Corp.		14,106		874,431
Enterprise Software/Service — 0.6%
Oracle Corp.		16,844		714,354
Finance - Consumer Loans — 0.0%
Navient Corp.		1,593		33,389
Finance - Credit Card — 1.2%
Visa, Inc., Class A		5,617		1,450,253
Finance - Investment Banker/Broker — 0.6%
Charles Schwab Corp.		27,436		776,988
Finance - Other Services — 0.4%
Intercontinental Exchange, Inc.		2,123		479,777
Food - Misc./Diversified — 1.3%
General Mills, Inc.		1,633		86,141
Kellogg Co.		2,130		141,112
Mondelez International, Inc., Class A		34,673		1,359,182
				1,586,435

Security Description	Shares		Value (Note 2)
Food - Retail — 0.2%
Kroger Co.		3,235	$	193,582
Gas - Distribution — 0.9%
Atmos Energy Corp.		896		48,115
CenterPoint Energy, Inc.		11,279		270,019
NiSource, Inc.		13,728		574,380
Questar Corp.		4,579		109,850
Sempra Energy		498		55,642
				1,058,006
Instruments - Controls — 1.1%
Honeywell International, Inc.		13,987		1,385,692
Insurance Brokers — 0.5%
Marsh & McLennan Cos., Inc.		9,079		513,780
Willis Group Holdings PLC		1,394		59,538
				573,318
Insurance - Life/Health — 0.2%
Prudential Financial, Inc.		2,986		253,750
Insurance - Multi-line — 2.1%
ACE, Ltd.		11,189		1,279,350
Hartford Financial Services Group, Inc.		2,986		123,322
MetLife, Inc.		19,711		1,096,129
				2,498,801
Insurance - Reinsurance — 1.2%
Axis Capital Holdings, Ltd.		3,634		181,882
Berkshire Hathaway, Inc., Class B†		8,989		1,336,574
				1,518,456
Internet Content - Entertainment — 1.1%
Facebook, Inc., Class A†		17,262		1,341,257
Investment Management/Advisor Services — 0.6%
Invesco, Ltd.		18,785		758,163
Machinery - Farming — 0.0%
Deere & Co.		309		26,766
Medical Instruments — 0.6%
Boston Scientific Corp.†		59,500		765,765
Medical Products — 0.9%
CareFusion Corp.†		6,172		365,198
Covidien PLC		1,324		133,724
Halyard Health Inc†		282		11,057
Stryker Corp.		6,242		579,944
				1,089,923
Medical - Biomedical/Gene — 3.2%
Alexion Pharmaceuticals, Inc.†		1,911		372,454
Amgen, Inc.		398		65,793
Biogen Idec, Inc.†		3,597		1,106,761
Celgene Corp.†		12,603		1,432,835
Gilead Sciences, Inc.†		5,795		581,354
Vertex Pharmaceuticals, Inc.†		3,086		363,778
				3,922,975
Medical - Drugs — 6.5%
Abbott Laboratories		27,485		1,223,357
Allergan, Inc.		1,971		421,577
Bristol-Myers Squibb Co.		23,274		1,374,330
Johnson & Johnson		29,014		3,140,766
Merck & Co., Inc.		21,353		1,289,721
Pfizer, Inc.		15,987		497,995
				7,947,746

108

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Generic Drugs — 0.5%
Actavis PLC†		1,211	$	327,709
Perrigo Co. PLC		1,655		265,114
				592,823
Medical - HMO — 1.7%
Aetna, Inc.		5,863		511,488
Humana, Inc.		5,950		820,921
UnitedHealth Group, Inc.		7,377		727,594
				2,060,003
Medical - Wholesale Drug Distribution — 0.7%
McKesson Corp.		3,940		830,394
Metal Processors & Fabrication — 0.2%
Precision Castparts Corp.		760		180,804
Metal - Aluminum — 0.6%
Alcoa, Inc.		39,620		685,030
Multimedia — 2.3%
Time Warner, Inc.		18,924		1,610,811
Twenty-First Century Fox, Inc., Class A		22,000		809,600
Walt Disney Co.		4,231		391,410
				2,811,821
Networking Products — 1.2%
Cisco Systems, Inc.		52,064		1,439,049
Office Automation & Equipment — 0.0%
Xerox Corp.		3,902		54,472
Oil & Gas Drilling — 0.2%
Ensco PLC, Class A		6,670		225,446
Oil Companies - Exploration & Production — 1.5%
Anadarko Petroleum Corp.		889		70,364
EOG Resources, Inc.		5,455		473,058
EQT Corp.		2,379		216,441
Hess Corp.		87		6,345
Occidental Petroleum Corp.		12,105		965,616
QEP Resources, Inc.		3,783		77,325
				1,809,149
Oil Companies - Integrated — 4.2%
Chevron Corp.		17,268		1,879,967
Exxon Mobil Corp.		22,528		2,039,685
Marathon Oil Corp.		20,756		600,264
Phillips 66		7,984		582,992
				5,102,908
Oil Refining & Marketing — 0.1%
Cheniere Energy, Inc.†		2,389		157,650
Oil - Field Services — 1.4%
Baker Hughes, Inc.		4,181		238,317
Halliburton Co.		13,290		560,838
Schlumberger, Ltd.		10,874		934,620
				1,733,775
Publishing - Periodicals — 0.1%
Time, Inc.		2,527		60,496
Real Estate Investment Trusts — 2.3%
AvalonBay Communities, Inc.		2,846		457,608
Boston Properties, Inc.		1,667		216,110
Brixmor Property Group, Inc.		7,068		170,904
DiamondRock Hospitality Co.		12,892		192,478
Essex Property Trust, Inc.		299		60,521
Extra Space Storage, Inc.		1,065		63,122
Highwoods Properties, Inc.		3,504		151,233
Host Hotels & Resorts, Inc.		6,958		161,704

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Liberty Property Trust		6,092	$	215,535
Mid-America Apartment Communities, Inc.		1,672		123,159
Omega Healthcare Investors, Inc.		1,493		57,062
Prologis, Inc.		7,665		324,076
Public Storage		398		74,677
Simon Property Group, Inc.		3,136		566,989
				2,835,178
Retail - Apparel/Shoe — 0.1%
Gap, Inc.		896		35,481
Lululemon Athletica, Inc.†#		2,688		129,535
				165,016
Retail - Auto Parts — 0.5%
AutoZone, Inc.†		1,085		626,815
Retail - Building Products — 2.4%
Home Depot, Inc.		15,978		1,588,213
Lowe’s Cos., Inc.		20,417		1,303,217
				2,891,430
Retail - Discount — 1.1%
Costco Wholesale Corp.		5,237		744,282
Dollar General Corp.†		3,484		232,522
Dollar Tree, Inc.†		1,294		88,458
Wal-Mart Stores, Inc.		2,927		256,230
				1,321,492
Retail - Drug Store — 0.8%
CVS Health Corp.		10,393		949,505
Retail - Jewelry — 0.1%
Tiffany & Co.		697		75,220
Retail - Major Department Stores — 0.6%
TJX Cos., Inc.		11,627		769,242
Retail - Restaurants — 0.6%
McDonald’s Corp.		259		25,074
Starbucks Corp.		6,809		552,959
Yum! Brands, Inc.		1,613		124,604
				702,637
Semiconductor Components - Integrated Circuits — 0.9%
QUALCOMM, Inc.		15,699		1,144,457
Semiconductor Equipment — 1.1%
KLA-Tencor Corp.		5,575		387,128
Lam Research Corp.		12,125		1,002,010
				1,389,138
Software Tools — 0.1%
VMware, Inc., Class A†		1,543		135,722
Steel - Producers — 0.3%
United States Steel Corp.#		10,920		364,182
Telephone - Integrated — 1.5%
AT&T, Inc.		597		21,122
Verizon Communications, Inc.		36,007		1,821,594
				1,842,716
Tobacco — 1.1%
Philip Morris International, Inc.		15,520		1,349,154
Tools - Hand Held — 0.0%
Snap-on, Inc.		388		52,508
Transport - Rail — 2.6%
Canadian Pacific Railway, Ltd.		1,378		266,175
CSX Corp.		30,203		1,102,107

109

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Transport - Rail (continued)
Union Pacific Corp.		15,313		$	1,788,099
					3,156,381
Web Portals/ISP — 2.2%
Google, Inc., Class A†		2,452			1,346,344
Google, Inc., Class C†		2,344			1,270,051
					2,616,395
Total Long-Term Investment Securities
(cost $101,417,078)					120,464,189
SHORT-TERM INVESTMENT SECURITIES — 1.6%
Registered Investment Companies — 0.6%
State Street Navigator Securities Lending Prime Portfolio(1)		701,900			701,900
Time Deposits — 1.0%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014	$	1,224,000			1,224,000
Total Short-Term Investment Securities
(cost $1,925,900)					1,925,900
TOTAL INVESTMENTS
(cost $103,342,978)(2)		100.4	%		122,390,089
Liabilities in excess of other assets		(0.4	)		(483,508	)
NET ASSETS		100.0	%	$	121,906,581

† Non-income producing security

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

(1) At November 30, 2014, the Fund had loaned securities with a total value of $662,356. This was secured by collateral of $701,900, which was received in cash and subsequently invested in short-term investments currently valued at $701,900 as reported in the portfolio of investments.

(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, 2014		Unrealized Appreciation (Depreciation)
	12	Long	S&P 500 E-Mini Index		December 2014	$	1,233,411	$	1,239,780	$	6,369

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	120,464,189	$	—	$	—	$	120,464,189
Short-Term Investment Securities:
Registered Investment Companies		701,900		—		—		701,900
Time Deposits		—		1,224,000		—		1,224,000
Total Investments at Value	$	121,166,089	$	1,224,000	$	—	$	122,390,089
Other Financial Instruments:†
Open Futures Contracts	$	6,369	$	—	$	—	$	6,369

* For a detailed presentation of investments, 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

110

VALIC Company I Health Sciences Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	26.0	%
Medical — Drugs	19.5
Medical — HMO	10.5
Medical Products	8.0
Registered Investment Companies	7.9
Therapeutics	4.9
Medical — Generic Drugs	4.4
Medical — Wholesale Drug Distribution	3.7
Medical — Hospitals	3.4
Medical Instruments	2.8
Electronic Measurement Instruments	2.3
Diversified Manufacturing Operations	2.3
Retail — Drug Store	1.5
Instruments — Scientific	1.0
Dialysis Centers	0.9
Dental Supplies & Equipment	0.8
Diagnostic Kits	0.6
Physicians Practice Management	0.5
Medical Information Systems	0.5
Wireless Equipment	0.4
Medical — Outpatient/Home Medical	0.4
Drug Delivery Systems	0.3
Human Resources	0.3
Pharmacy Services	0.3
Consulting Services	0.3
Instruments — Controls	0.3
Heart Monitors	0.2
Distribution/Wholesale	0.2
Enterprise Software/Service	0.2
Commercial Services	0.1
Diagnostic Equipment	0.1
Decision Support Software	0.1
Retail — Convenience Store	0.1
Insurance — Life/Health	0.1
Diversified Operations	0.1
	105.0	%

* Calculated as a percentage of net assets

111

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.0%
Commercial Services — 0.1%
HMS Holdings Corp.†#		48,700	$	1,015,882
Consulting Services — 0.3%
Advisory Board Co.†		53,200		2,266,320
Decision Support Software — 0.1%
Castlight Health, Inc., Class B†#		59,138		735,085
Dental Supplies & Equipment — 0.8%
Align Technology, Inc.†		37,300		2,122,370
DENTSPLY International, Inc.		72,900		4,008,042
				6,130,412
Diagnostic Equipment — 0.1%
GenMark Diagnostics, Inc.†#		59,600		677,056
Oxford Immunotec Global PLC†		20,500		268,140
				945,196
Diagnostic Kits — 0.6%
IDEXX Laboratories, Inc.†		29,400		4,390,890
Dialysis Centers — 0.9%
DaVita HealthCare Partners, Inc.†		83,100		6,359,643
Distribution/Wholesale — 0.2%
MWI Veterinary Supply, Inc.†		7,700		1,258,334
Diversified Manufacturing Operations — 2.3%
Danaher Corp.		199,500		16,670,220
Diversified Operations — 0.1%
Horizon Pharma PLC†#		42,700		545,706
Drug Delivery Systems — 0.3%
Catalent, Inc.†		57,900		1,666,941
Flamel Technologies SA ADR†		57,800		825,962
				2,492,903
Electronic Measurement Instruments — 2.3%
Agilent Technologies, Inc.		279,500		11,945,830
Keysight Technologies, Inc.†		142,150		5,003,680
				16,949,510
Enterprise Software/Service — 0.2%
Veeva Systems, Inc., Class A†#		37,400		1,228,590
Heart Monitors — 0.2%
HeartWare International, Inc.†#		18,125		1,332,731
Human Resources — 0.3%
Team Health Holdings, Inc.†		41,600		2,377,856
Instruments - Controls — 0.3%
Mettler-Toledo International, Inc.†		7,700		2,258,102
Instruments - Scientific — 1.0%
FEI Co.		50,900		4,359,076
Thermo Fisher Scientific, Inc.		21,100		2,728,019
				7,087,095
Insurance - Life/Health — 0.1%
Odontoprev SA		159,400		599,727
Medical Imaging Systems — 0.0%
Novadaq Technologies, Inc.†#		21,387		306,903
Medical Information Systems — 0.5%
athenahealth, Inc.†#		30,800		3,612,840
Medical Instruments — 2.8%
Bruker Corp.†		95,300		1,827,854
DexCom, Inc.†		31,600		1,626,136
Intuitive Surgical, Inc.†		22,860		11,836,222
St Jude Medical, Inc.		28,500		1,936,860

Security Description	Shares		Value (Note 2)
Medical Instruments (continued)
Thoratec Corp.†		108,300	$	3,377,877
				20,604,949
Medical Products — 8.0%
Aspen Pharmacare Holdings, Ltd.		98,139		3,542,844
Becton Dickinson and Co.		105,100		14,748,683
CareFusion Corp.†		31,700		1,875,689
China Medical System Holdings, Ltd.#		1,266,500		2,145,974
Cooper Cos., Inc.		39,700		6,705,330
Covidien PLC		114,300		11,544,300
EnteroMedics, Inc.†#		105,150		146,158
Henry Schein, Inc.†		38,600		5,295,920
Sirona Dental Systems, Inc.†		97,900		8,457,581
Teleflex, Inc.		12,100		1,441,715
Tornier NV†#		95,500		2,548,895
Wright Medical Group, Inc. CVR†		7,700		33,880
				58,486,969
Medical - Biomedical/Gene — 26.0%
Abcam PLC		182,417		1,252,468
Acceleron Pharma, Inc.†#		63,200		2,448,368
Acorda Therapeutics, Inc.†		10,075		367,234
Alexion Pharmaceuticals, Inc.†		178,240		34,738,976
Alnylam Pharmaceuticals, Inc.†		3,800		382,090
Avalanche Biotechnologies, Inc.†#		9,700		383,053
Avalanche Biotechnologies, Series B(1)(2)(3)		32,097		1,204,135
Biogen Idec, Inc.†		53,700		16,522,953
BioMarin Pharmaceutical, Inc.†		61,800		5,544,696
Bluebird Bio, Inc.†		28,800		1,187,424
Celgene Corp.†		73,280		8,331,203
Celladon Corp.†#		53,000		650,840
Exelixis, Inc.†#		409,200		679,272
Five Prime Therapeutics, Inc.†		24,600		505,776
Gilead Sciences, Inc.†		353,600		35,473,152
Illumina, Inc.†		7,700		1,469,853
Incyte Corp.†		229,000		17,300,950
Insmed, Inc.†		20,300		286,433
Intercept Pharmaceuticals, Inc.†#		5,458		784,478
Intrexon Corp.†#		9,500		252,035
Isis Pharmaceuticals, Inc.†#		56,700		2,936,493
Medicines Co.†		86,350		2,315,044
Novavax, Inc.†#		343,000		1,831,620
Prothena Corp. PLC†		78,787		1,909,797
Puma Biotechnology, Inc.†		73,124		16,600,611
Regeneron Pharmaceuticals, Inc.†		31,400		13,065,854
Sophiris Bio, Inc. (NASDAQ)†		71,200		168,744
Sophiris Bio, Inc. (TSX)†		7,028		16,625
Sunesis Pharmaceuticals, Inc.†		175,200		409,968
Theravance Biopharma, Inc.†#		11,700		185,094
Ultragenyx Pharmaceutical, Inc.†#		26,932		1,173,966
United Therapeutics Corp.†		31,751		4,209,230
Versartis, Inc.†#		12,000		216,240
Vertex Pharmaceuticals, Inc.†		128,594		15,158,661
Zeneca, Inc. CVR(1)(2)(4)		23,110		58,699
				190,022,035
Medical - Drugs — 19.5%
AbbVie, Inc.		189,600		13,120,320
ACADIA Pharmaceuticals, Inc.†#		150,400		4,492,448
Achaogen, Inc.†		19,200		177,024
Alkermes PLC†		200,600		11,037,012
Allergan, Inc.		131,600		28,147,924
Array BioPharma, Inc.†		432,800		1,744,184
Arseus NV#		36,118		1,485,545
Astellas Pharma, Inc.		125,500		1,805,246
Bristol-Myers Squibb Co.		62,400		3,684,720

112

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Chimerix, Inc.†#		49,200	$	1,733,808
Clovis Oncology, Inc.†#		60,800		2,892,864
Eli Lilly & Co.		169,900		11,573,588
FibroGen, Inc.†		33,300		754,245
Immune Design Corp.†#		18,700		594,847
Infinity Pharmaceuticals, Inc.†		20,500		307,705
Ironwood Pharmaceuticals, Inc.†		23,900		330,776
Jazz Pharmaceuticals PLC†		14,600		2,585,514
Mallinckrodt PLC†		21,544		1,986,788
Merck & Co., Inc.		58,600		3,539,440
Natco Pharma, Ltd.		9,801		215,589
Novartis AG		15,900		1,539,373
Novartis AG ADR		17,200		1,662,380
Ophthotech Corp.†#		28,300		1,221,145
Orexigen Therapeutics, Inc.†#		337,000		1,951,230
Pacira Pharmaceuticals, Inc.†		77,000		7,232,610
Receptos, Inc.†		10,300		1,393,590
Relypsa, Inc.†		10,100		251,389
Salix Pharmaceuticals, Ltd.†#		35,100		3,604,419
Supernus Pharmaceuticals, Inc.†		46,600		412,876
Takeda Pharmaceutical Co., Ltd.#		58,000		2,430,066
TESARO, Inc.†#		69,472		2,397,479
Valeant Pharmaceuticals International, Inc.†		146,833		21,356,860
Vanda Pharmaceuticals, Inc.†#		155,000		2,019,650
Zoetis, Inc.		52,500		2,358,825
ZS Pharma Inc†#		14,200		610,032
				142,651,511
Medical - Generic Drugs — 4.4%
Actavis PLC†		85,079		23,023,228
Teva Pharmaceutical Industries, Ltd. ADR		153,700		8,757,826
				31,781,054
Medical - HMO — 10.5%
Aetna, Inc.		263,300		22,970,292
Anthem, Inc.		55,600		7,111,796
Centene Corp.†		10,900		1,076,593
Cigna Corp.		55,100		5,669,239
Humana, Inc.		115,000		15,866,550
UnitedHealth Group, Inc.		222,100		21,905,723
WellCare Health Plans, Inc.†		30,200		2,226,948
				76,827,141
Medical - Hospitals — 3.4%
Acadia Healthcare Co., Inc.†		26,580		1,648,226
Adeptus Health, Inc., Class A†#		12,100		368,324
Community Health Systems, Inc.†		33,300		1,567,764
HCA Holdings, Inc.†		175,800		12,251,502
Mediclinic International, Ltd.		108,168		918,529
Universal Health Services, Inc., Class B		76,900		8,045,278
				24,799,623
Medical - Outpatient/Home Medical — 0.4%
Air Methods Corp.†		57,900		2,569,602
Medical - Wholesale Drug Distribution — 3.7%
Cardinal Health, Inc.		44,500		3,657,455
McKesson Corp.		109,100		22,993,916
				26,651,371
Pharmacy Services — 0.3%
Diplomat Pharmacy, Inc.†		30,500		819,230
Diplomat Pharmacy, Inc.†(1)(2)(3)		59,500		1,518,262
				2,337,492

Security Description	Shares		Value (Note 2)
Physicians Practice Management — 0.5%
Envision Healthcare Holdings, Inc.†		21,500	$	760,240
MEDNAX, Inc.†		48,900		3,200,994
				3,961,234
Retail - Convenience Store — 0.1%
CP ALL PCL		494,800		663,049
Retail - Drug Store — 1.5%
CVS Health Corp.		30,000		2,740,800
Rite Aid Corp.†		1,429,000		7,830,920
				10,571,720
Therapeutics — 4.8%
AVANIR Pharmaceuticals, Inc.†#		609,717		9,096,978
Calithera Biosciences, Inc.†		11,700		124,839
Calithera Biosciences, Inc.(1)(2)(3)		16,555		167,810
Dyax Corp.†		95,100		1,335,204
Neurocrine Biosciences, Inc.†		254,235		5,066,903
Nevro Corp.†		9,400		253,706
Otonomy, Inc.†		13,500		324,135
Pharmacyclics, Inc.†		128,600		17,925,554
Portola Pharmaceuticals, Inc.†		13,700		385,244
				34,680,373
Wireless Equipment — 0.4%
GN Store Nord A/S		145,601		3,111,674
Total Common Stocks
(cost $443,529,830)				708,283,742
CONVERTIBLE PREFERRED SECURITIES — 0.1%
Medical Information Systems — 0.0%
Doximity, Inc. Series C(1)(2)(4)		64,785		312,316
Medical - Biomedical/Gene — 0.0%
Spark Therapeutics, Inc. Series B 8.00%(1)(2)(4)		94,594		152,296
Therapeutics — 0.1%
Bellicum Pharmaceuticals, Inc. Series C(1)(2)(4)		42,577		232,044
Seres Health, Inc. Series C(1)(2)(4)		20,906		254,284
				486,328
Total Convertible Preferred Securities
(cost $950,940)				950,940
WARRANTS — 0.0%
Medical Products — 0.0%
EnteroMedics, Inc. Expires 09/28/2016 (Strike price $1.90)		6,300		1,972
Enteromedics, Inc. Expires 06/13/2016 (Strike price $2.19)		42,300		9,251
				11,223
Medical - Drugs — 0.0%
Alexza Pharmaceuticals, Inc. Expires 10/05/2016 (Strike price $27.70)(1)(2)		1,305		6
Therapeutics — 0.0%
Bellicum Pharmaceuticals, Inc. Expires 08/22/2019(1)(2)(4)		27,675		0
Total Warrants
(cost $1,632)				11,229

113

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
CONVERTIBLE BONDS & NOTES — 0.0%
Heart Monitors — 0.0%
HeartWare International, Inc. Senior Notes 3.50% due 12/15/2017 (cost $69,849)	$	71,000		$	74,460
Total Long-Term Investment Securities
(cost $444,552,251)					709,320,371
SHORT-TERM INVESTMENT SECURITIES — 7.9%
Registered Investment Companies — 7.9%
State Street Navigator Securities Lending Prime Portfolio(5)		37,137,028			37,137,028
T. Rowe Price Reserve Investment Fund		20,499,087			20,499,087
Total Short-Term Investment Securities
(cost $57,636,115)					57,636,115
TOTAL INVESTMENTS
(cost $502,188,366)(6)		105.0	%		766,956,486
Liabilities in excess of other assets		(5.0	)		(36,790,400	)
NET ASSETS		100.0	%	$	730,166,086

† 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, 2014, the Health Sciences Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Avalanche Biotechnologies, Inc. Series B		04/16/2014		32,097	$	241,690	$	1,204,135	$	37.52		0.2%
Calithera Biosciences, Inc.		10/07/2013		14,099		118,568
		07/01/2014		2,456		20,654
				16,555		139,222		167,810		10.14		0.0%
Diplomat Pharmacy, Inc.		01/23/2014		59,500		996,240		1,518,262		25.52		0.2%
Zeneca, Inc. CVR		07/19/2013		23,110		–		58,699		2.54		0.0%
Convertible Preferred Securities
Bellicum Pharmaceuticals, Inc. Series C		08/22/2014		42,577		232,045		232,044		5.45		0.0%
Doximity, Inc. Series C		04/10/2014		64,785		312,316		312,316		4.82		0.1%
Spark Therapeutics, Inc. Series B 8.00%		05/23/2014		94,594		152,296		152,296		1.61		0.0%
Seres Health, Inc. Series C		11/24/2014		20,906		254,284		254,284		12.16		0.0%
Warrants
Alexza Pharmaceuticals, Inc. Expires 10/05/2016 Strike price $27.70		10/05/2009		1,305		1,631		6		0.00		0.0%
Bellicum Pharmaceuticals, Inc. Expires 08/22/2019		08/22/2014		27,675		–		0		0.00		0.0%
							$	3,899,852				0.5%

(2) Illiquid security. At November 30, 2014, the aggregate value of these securities was $3,899,852 representing 0.5% of net assets.

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

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

(5) At November 30, 2014, the Fund had loaned securities with a total value of $35,753,449. This was secured by collateral of $37,137,028, which was received in cash and subsequently invested in short-term investments currently valued at $37,137,028 as reported in the portfolio of investments.

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

ADR—American Depository Receipt

CVR—Contingent Value Right

NASDAQ—NASDAQ Stock Market

TSX—Toronto Stock Exchange

114

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Open call option contracts written at November 30, 2014 for the Health Sciences Fund were as follows:
Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Received		Value at August 31, 2014		Unrealized Appreciation/ (Depreciation)
Chimerix, Inc.		Feb-15	$	35.00		27	$	14,289	$	12,690	$	1,599
Chimerix, Inc.		Feb-15		40.00		33		16,621		9,570		7,051
Gilead Sciences, Inc.		Jan-15		105.00		65		32,446		17,875		14,571
Gilead Sciences, Inc.		Jan-15		110.00		97		33,779		14,113		19,666
Puma Biotechnology, Inc.		Jan-15		330.00		32		71,856		3,040		68,816
Puma Biotechnology, Inc.		Jan-15		350.00		20		35,873		1,150		34,723
						274	$	204,864	$	58,438	$	146,426

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Medical - Biomedical/Gene	$	188,759,201	$	1,204,135	$	58,699	$	190,022,035
Pharmacy Services		819,230		1,518,262		—		2,337,492
Therapeutics		34,512,563		167,810		—		34,680,373
Other Industries		481,243,842		—		—		481,243,842
Convertible Preferred Securities		—		—		950,940		950,940
Warrants:
Therapeutics		—		—		0		0
Other Industries		—		11,229		—		11,229
Convertible Bonds & Notes		—		74,460		—		74,460
Short-Term Investment Securities		57,636,115		—		—		57,636,115
Total Investments at Value	$	762,970,951	$	2,975,896	$	1,009,639	$	766,956,486
Other Financial Instruments:†
Open Call Option Contracts Written	$	146,426	$	—	$	—	$	146,426

* For a detailed presentation of investments, 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 value 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 material transfers between Levels during the reporting period.

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

See Notes to Financial Statements

115

VALIC Company I Inflation Protected Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

United States Treasury Notes	32.1	%
United States Treasury Bonds	21.8
Diversified Banking Institutions	11.3
Sovereign	11.1
Time Deposits	3.0
Insurance — Life/Health	2.7
Banks — Commercial	2.2
Insurance — Multi-line	2.0
Finance — Consumer Loans	1.3
Federal National Mtg. Assoc.	1.1
Diversified Financial Services	1.1
Federal Home Loan Mtg. Corp.	1.1
Registered Investment Companies	1.0
Banks — Super Regional	1.0
Electric — Integrated	0.7
Special Purpose Entities	0.7
SupraNational Banks	0.7
Telephone — Integrated	0.5
Oil Companies — Integrated	0.5
Steel — Producers	0.5
Banks — Money Center	0.5
Gold Mining	0.5
Telecom Services	0.4
Auto — Cars/Light Trucks	0.3
Retail — Drug Store	0.2
Federal Home Loan Bank	0.2
Oil & Gas Drilling	0.2
Banks — Fiduciary	0.2
Insurance — Reinsurance	0.2
Steel — Specialty	0.2
Government National Mtg. Assoc.	0.2
Paper & Related Products	0.1
Metal — Diversified	0.1
Finance — Credit Card	0.1
Finance — Auto Loans	0.1
Steel Pipe & Tube	0.1
Pipelines	0.1
Metal — Copper	0.1
Petrochemicals	0.1
Finance — Investment Banker/Broker	0.1
	100.4	%

Credit Quality†#

Aaa	71.7	%
Aa	6.0
A	7.1
Baa	8.0
Ba	3.3
B	0.4
Not Rated@	3.5
	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.

116

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Principal Amount**		Value (Note 2)
ASSET BACKED SECURITIES — 0.3%
Diversified Financial Services — 0.3%
Invitation Homes Trust FRS Series 2014-SFR1, Class A 1.16% due 06/17/2031*	$	800,000	$	790,218
JPMorgan Chase Commercial Mtg. Securities Trust FRS Series 2014-FBLU, Class B 1.66% due 12/15/2028*(1)		500,000		500,321
Total Asset Backed Securities
(cost $1,303,125)				1,290,539
U.S. CORPORATE BONDS & NOTES — 15.6%
Auto - Cars/Light Trucks — 0.3%
Toyota Motor Credit Corp. Senior Notes 0.75% due 03/05/2017(2)		1,700,000		1,696,666
Banks - Commercial — 0.2%
Zions Bancorporation FRS Sub. Notes 5.65% due 11/15/2023		1,100,000		1,143,203
Banks - Super Regional — 0.6%
Fifth Third Bancorp FRS Sub. Notes 0.65% due 12/20/2016		700,000		697,584
Wells Fargo & Co. FRS Senior Notes 3.20% due 03/31/2021		2,000,000		2,076,362
				2,773,946
Diversified Banking Institutions — 7.6%
Bank of America Corp. FRS Senior Notes 1.27% due 01/15/2019#		1,425,000		1,442,238
Bank of America Corp. FRS Senior Notes 2.80% due 11/19/2024		2,000,000		2,000,000
Bank of America Corp. FRS Senior Notes 3.80% due 02/18/2020		1,600,000		1,618,400
Citigroup, Inc. FRS Senior Notes 0.72% due 08/14/2017		1,000,000		998,143
Citigroup, Inc. FRS Senior Notes 1.00% due 11/24/2017		1,046,000		1,046,908
Citigroup, Inc. FRS Senior Notes 2.70% due 09/29/2024		2,000,000		1,945,600
Citigroup, Inc. FRS Senior Notes 4.20% due 03/30/2020		3,000,000		3,183,270
Goldman Sachs Group, Inc. FRS Senior Notes 1.33% due 11/15/2018		2,000,000		2,024,768
Goldman Sachs Group, Inc. FRS Senior Notes 3.10% due 08/30/2023		4,000,000		3,960,672
JPMorgan Chase & Co. FRS Senior Notes 0.68% due 11/18/2016		1,045,000		1,044,583
JPMorgan Chase & Co. FRS Senior Notes 2.16% due 06/23/2016		2,000,000		2,003,000
JPMorgan Chase & Co. Senior Notes 2.20% due 10/22/2019		360,000		358,646

Security Description	Principal Amount**		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. FRS Senior Notes 2.91% due 12/20/2023	$	2,000,000	$	2,013,600
JPMorgan Chase & Co. FRS Senior Notes 3.66% due 02/25/2021		1,000,000		1,029,400
JPMorgan Chase & Co. FRS Senior Notes 3.74% due 04/28/2020		2,000,000		2,123,200
Morgan Stanley FRS Senior Notes 1.48% due 02/25/2016		1,400,000		1,415,922
Morgan Stanley FRS Senior Notes 3.25% due 08/24/2023		468,000		470,340
Morgan Stanley FRS Senior Notes 3.70% due 12/15/2019		1,813,000		1,919,514
Morgan Stanley FRS Senior Notes 3.70% due 01/24/2020		2,203,000		2,266,336
Morgan Stanley FRS Senior Notes 3.70% due 04/25/2023		3,870,000		3,930,720
Morgan Stanley FRS Senior Notes 3.70% due 06/09/2023		664,000		672,300
Morgan Stanley Senior Notes 5.40% due 05/15/2015*(3)		BRL 1,632,500		639,672
				38,107,232
Diversified Financial Services — 0.6%
General Electric Capital Corp. Senior Notes 1.50% due 07/12/2016		830,000		841,228
Morgan Stanley & Co. LLC FRS Senior Notes 3.70% due 02/11/2020		2,000,000		2,031,080
				2,872,308
Finance - Auto Loans — 0.1%
Ford Motor Credit Co. LLC FRS Senior Notes 1.01% due 01/17/2017		500,000		502,423
Finance - Consumer Loans — 0.9%
SLM Corp. FRS Senior Notes 3.50% due 06/15/2015		424,000		423,856
SLM Corp. FRS Senior Notes 3.85% due 12/15/2020		1,317,000		1,227,365
SLM Corp. FRS Senior Notes 3.95% due 05/03/2019		3,176,000		3,088,914
				4,740,135
Finance - Investment Banker/Broker — 0.1%
Lehman Brothers Holdings, Inc. Escrow Notes 0.00% due 04/14/2011†		400,000		57,500
Lehman Brothers Holdings, Inc. FRS Escrow Notes 0.00% due 06/10/2014†		578,000		83,810
Lehman Brothers Holdings, Inc. FRS Escrow Notes 0.00% due 11/01/2014†		1,000,000		143,750
				285,060

117

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount**		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance - Life/Health — 1.8%
Allstate Life Global Funding Trusts FRS Senior Sec. Notes 2.55% due 11/25/2016	$	1,744,000	$	1,785,158
Pacific Life Global Funding FRS Senior Notes 3.78% due 06/02/2018*		300,000		292,797
Pacific Life Global Funding FRS Bonds 3.88% due 02/06/2016*		4,500,000		4,556,250
Pacific LifeCorp Senior Notes 6.00% due 02/10/2020*		307,000		351,683
Prudential Financial, Inc. FRS Senior Notes 4.41% due 05/23/2018		2,000,000		2,108,000
				9,093,888
Insurance - Multi-line — 1.1%
Monumental Global Funding III FRS Senior Sec. Notes 3.88% due 05/22/2018*		5,000,000		5,466,597
Metal - Copper — 0.1%
Freeport-McMoRan, Inc. Company Guar. Notes 2.30% due 11/14/2017		352,000		354,145
Oil Companies - Integrated — 0.2%
Chevron Corp. FRS Senior Notes 0.64% due 11/15/2019		1,200,000		1,198,819
Paper & Related Products — 0.1%
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		300,000		331,092
Georgia-Pacific LLC Senior Notes 3.60% due 03/01/2025*		337,000		340,581
				671,673
Pipelines — 0.1%
Kinder Morgan, Inc. Company Guar. Notes 2.00% due 12/01/2017		456,000		456,959
Retail - Drug Store — 0.2%
Walgreens Boots Alliance, Inc. FRS Company Guar. Notes 0.68% due 05/18/2016		1,200,000		1,201,206
Special Purpose Entity — 0.4%
Hartford Life Institutional Funding FRS Senior Sec. Notes 3.96% due 05/08/2018*		2,000,000		2,007,500
Steel Pipe & Tube — 0.1%
Valmont Industries, Inc. Company Guar. Notes 5.00% due 10/01/2044		192,000		190,258
Valmont Industries, Inc. Company Guar. Notes 5.25% due 10/01/2054		270,000		266,920
				457,178
Steel - Producers — 0.5%
Glencore Funding LLC FRS Company Guar. Notes 1.59% due 01/15/2019*		2,400,000		2,441,491

Security Description	Principal Amount**		Value (Note 2)
Steel - Specialty — 0.2%
Allegheny Technologies, Inc. Senior Notes 5.95% due 01/15/2021	$	815,000	$	822,043
Telecom Services — 0.4%
Qwest Corp. Senior Notes 7.20% due 11/10/2026#		2,000,000		2,007,174
Total U.S. Corporate Bonds & Notes
(cost $77,332,157)				78,299,646
FOREIGN CORPORATE BONDS & NOTES — 7.2%
Banks - Commercial — 1.7%
Banco Santander Chile FRS Senior Notes 1.13% due 04/11/2017*		800,000		796,290
Barclays Bank PLC FRS Senior Notes 2.49% due 03/10/2017		2,466,000		2,437,641
BNP Paribas LLC FRS Senior Notes 2.99% due 04/03/2017		674,000		680,740
Industrial & Commercial Bank of China, Ltd. FRS Senior Notes 1.42% due 11/13/2017		1,800,000		1,799,462
Intesa Sanpaolo SpA Sub. Notes 5.02% due 06/26/2024*		1,600,000		1,594,327
Royal Bank of Canada FRS Senior Notes 0.56% due 01/23/2017		1,000,000		1,001,921
				8,310,381
Banks - Money Center — 0.3%
ABN AMRO Bank NV VRS Sub. Notes 6.25% due 09/13/2022		1,000,000		1,090,000
Royal Bank of Scotland NV Company Guar. Notes 4.65% due 06/04/2018		300,000		314,798
				1,404,798
Diversified Banking Institutions — 2.7%
Royal Bank of Scotland PLC FRS Company Guar. Notes 3.45% due 03/31/2018		2,000,000		2,027,120
Societe Generale SA FRS Company Guar. Notes 3.60% due 05/03/2023(3)		10,000,000		9,820,000
UBS AG VRS Notes 4.75% due 05/22/2023		1,800,000		1,820,250
				13,667,370
Electric - Integrated — 0.1%
EDP Finance BV Senior Notes 4.13% due 01/15/2020*		519,000		526,458
Gold Mining — 0.5%
Goldcorp, Inc. Senior Notes 3.63% due 06/09/2021		600,000		604,794
Goldcorp, Inc. Senior Notes 5.45% due 06/09/2044		462,000		460,740

118

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount**		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Gold Mining (continued)
Kinross Gold Corp. Company Guar. Notes 5.13% due 09/01/2021#	$	475,000	$	456,021
Kinross Gold Corp. Company Guar. Notes 5.95% due 03/15/2024*		768,000		733,986
				2,255,541
Metal - Diversified — 0.1%
Noranda, Inc. Company Guar. Notes 6.00% due 10/15/2015		600,000		625,168
Oil & Gas Drilling — 0.2%
Transocean, Inc. Company Guar. Notes 6.38% due 12/15/2021		600,000		597,677
Transocean, Inc. Company Guar. Notes 6.50% due 11/15/2020#		600,000		593,726
				1,191,403
Oil Companies - Integrated — 0.3%
Petrobras Global Finance BV FRS Company Guar. Notes 1.85% due 05/20/2016		1,000,000		973,800
Petrobras Global Finance BV FRS Company Guar. Notes 2.37% due 01/15/2019		500,000		475,050
				1,448,850
Petrochemicals — 0.1%
Mexichem SAB de CV Company Guar. Notes 5.88% due 09/17/2044*		320,000		313,600
SupraNational Banks — 0.7%
Inter-American Development Bank FRS Senior Notes 0.16% due 10/15/2017		500,000		497,659
Inter-American Development Bank FRS Notes 0.27% due 01/15/2019		250,000		250,193
International Bank for Reconstruction & Development FRS Notes 0.83% due 11/26/2019(3)		2,600,000		2,600,000
				3,347,852
Telephone - Integrated — 0.5%
Telefonica Emisiones SAU FRS Company Guar. Notes 0.88% due 06/23/2017		1,200,000		1,196,669
Telefonica Emisiones SAU Company Guar. Notes 4.95% due 01/15/2015		1,500,000		1,506,769
				2,703,438
Total Foreign Corporate Bonds & Notes
(cost $36,169,079)				35,794,859
U.S. GOVERNMENT AGENCIES — 2.6%
Federal Home Loan Bank — 0.2%
Federal Home Loan Bank FRS 0.79% due 07/23/2019		1,200,000		1,200,528
Federal Home Loan Mtg. Corp. — 1.1%
Federal Home Loan Mtg. Corp. REMIC
Series 4012, Class NF
0.60% due 12/15/2038 FRS(4)		1,438,944		1,455,279

Security Description	Principal Amount**		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Series 3925, Class FL
0.60% due 01/15/2041 FRS(4)	$	1,387,343	$	1,401,199
Series 4001, Class FM
0.65% due 02/15/2042 FRS(4)		736,214		742,428
Series 3355, Class BF
0.85% due 08/15/2037 FRS(4)		899,028		913,802
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2014-DN1, Class M2 2.36% due 02/25/2024(4)		725,000		712,884
				5,225,592
Federal National Mtg. Assoc. — 1.1%
Federal National Mtg. Assoc. REMIC
Series 2012-93, Class BF
0.56% due 09/25/2042 FRS(4)		2,074,038		2,084,939
Series 2011-103, Class FD
0.61% due 05/25/2040 FRS(4)		3,541,849		3,560,656
				5,645,595
Government National Mtg. Assoc. — 0.2%
Government National Mtg. Assoc. REMIC FRS Series 2010-14, Class FN 0.70% due 02/16/2040(4)		745,092		754,136
Total U.S. Government Agencies
(cost $12,772,920)				12,825,851
U.S. GOVERNMENT TREASURIES — 53.9%
United States Treasury Bonds TIPS(5) — 21.8%
1.38% due 02/15/2044		3,319,258		3,689,561
1.75% due 01/15/2028		20,337,622		23,175,351
2.00% due 01/15/2026		9,605,993		11,121,184
2.13% due 02/15/2040		2,643,024		3,383,895
2.13% due 02/15/2041		5,075,916		6,541,191
2.38% due 01/15/2025		3,788,250		4,497,365
2.50% due 01/15/2029		9,423,440		11,757,947
3.63% due 04/15/2028		13,244,850		18,327,561
3.88% due 04/15/2029		18,460,725		26,577,684
				109,071,739
United States Treasury Notes — 32.1%
0.07% due 01/31/2016 FRS		1,000,000		999,866
0.13% due 04/15/2016 TIPS(5)		12,239,273		12,319,587
0.13% due 04/15/2017 TIPS(5)		14,550,925		14,733,946
0.13% due 04/15/2018 TIPS(5)		15,033,620		15,185,129
0.13% due 04/15/2019 TIPS(5)		5,465,058		5,490,678
0.13% due 07/15/2022 TIPS(5)		1,035,060		1,024,387
0.13% due 01/15/2023 TIPS(5)		13,405,730		13,147,040
0.13% due 07/15/2024 TIPS(5)		4,260,370		4,149,200
0.50% due 04/15/2015 TIPS(5)		15,376,900		15,291,604
0.63% due 07/15/2021 TIPS(5)		1,056,090		1,087,443
0.63% due 01/15/2024 TIPS(5)		1,989,234		2,023,890
1.13% due 01/15/2021 TIPS(5)		7,072,650		7,476,010
1.25% due 07/15/2020 TIPS(5)		3,274,290		3,497,096
1.38% due 07/15/2018 TIPS(5)		10,927,719		11,617,531
1.38% due 01/15/2020 TIPS(5)		6,604,260		7,050,563
1.63% due 01/15/2015 TIPS(5)		6,494,578		6,477,328
1.88% due 07/15/2015 TIPS(5)		15,908,360		16,117,157
1.88% due 07/15/2019 TIPS(5)		1,672,170		1,825,931
2.00% due 01/15/2016 TIPS(5)		5,996,250		6,158,802
2.38% due 01/15/2017 TIPS(5)		4,721,200		5,018,489
2.63% due 07/15/2017 TIPS(5)		9,187,680		9,976,525
				160,668,202
Total U.S. Government Treasuries
(cost $252,032,877)				269,739,941

119

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount**/ Shares		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS — 11.1%
Sovereign — 11.1%
Brazil Notas do Tesouro Nacional Notes 6.00% due 05/15/2015(5)	BRL	10,214,182	$	4,055,543
Brazil Notas do Tesouro Nacional Notes 6.00% due 05/15/2017(5)	BRL	8,957,626		3,575,723
Commonwealth of Australia Bonds 2.50% due 09/20/2030(5)	AUD	3,067,350		3,182,551
Commonwealth of Australia Bonds 3.00% due 09/20/2025(5)	AUD	16,004,800		16,766,167
Government of Canada Bonds 1.50% due 12/01/2044(5)	CAD	1,197,031		1,296,799
Government of Canada Bonds 4.25% due 12/01/2021(5)	CAD	17,958,649		20,414,050
United Kingdom Inflation Linked Gilt Treasury Bonds 0.13% due 03/22/2029(5)	GBP	2,723,124		4,781,969
United Kingdom Inflation Linked Gilt Treasury Bonds 0.13% due 03/22/2044(5)	GBP	637,512		1,230,284
Total Foreign Government Obligations
(cost $58,771,013)				55,303,086
PREFERRED SECURITIES — 1.7%
Banks - Commercial — 0.1%
HSBC USA, Inc. FRS Series F 3.50%#		20,000		448,400
Banks - Fiduciary — 0.1%
State Street Corp. 6.00%		20,000		500,400
Banks - Money Center — 0.1%
UBS Preferred Funding Trust IV FRS 0.87%#		21,000		396,690
Electric - Integrated — 0.2%
Southern California Edison Co. FRS 4.67%#		10,000		1,016,500
Finance - Consumer Loans — 0.4%
SLM Corp. FRS 3.99%#		53,000		1,310,160
SLM Corp. FRS 4.04%		33,871		830,856
				2,141,016
Insurance - Life/Health — 0.8%
Principal Financial Group, Inc. FRS 5.56%		6,000		609,000
Prudential Financial, Inc. FRS 4.53%		138,486		3,646,336
				4,255,336
Total Preferred Securities
(cost $8,499,390)				8,758,342
PREFERRED SECURITIES/CAPITAL SECURITIES — 4.0%
Banks - Commercial — 0.2%
Banco do Brasil SA VRS 9.00% due 06/18/2024*(6)		800,000		784,000

Security Description	Principal Amount**/ Shares		Value (Note 2)
Banks - Fiduciary — 0.1%
UBS Preferred Funding Trust V FRS 6.24% due 05/15/2016(6)	$	600,000	$	622,500
Banks-Money Center — 0.1%
RBS Capital Trust IV FRS 2.03% due 03/30/2015(6)		500,000		485,000
Banks - Super Regional — 0.4%
PNC Preferred Funding Trust II FRS 1.46% due 03/15/2017*(6)		1,000,000		955,630
Wachovia Capital Trust III FRS Ltd. 5.57% due 01/12/2015(6)		1,049,000		1,014,907
				1,970,537
Diversified Banking Institutions — 1.0%
BAC Capital Trust XIV FRS Ltd. 4.00% due 12/29/2014(6)		1,800,000		1,400,634
Credit Agricole SA 9.75% due 12/26/2014(6)		1,674,000		1,682,370
Credit Suisse Group AG VRS 1.00% due 12/18/2024*(6)		500,000		486,250
Deutsche Bank AG VRS 7.50% due 04/30/2025(6)		600,000		603,275
JPMorgan Chase & Co. FRS Series U 6.13% due 04/30/2024(6)		135,000		136,519
Societe Generale SA VRS 6.00% due 01/27/2020*#(6)		700,000		660,940
				4,969,988
Diversified Financial Services — 0.2%
ZFS Finance USA Trust V FRS 6.50% due 05/09/2067*		1,000,000		1,072,500
Electric - Integrated — 0.4%
Dominion Resources, Inc. FRS 2.53% due 09/30/2066		1,200,000		1,127,564
NextEra Energy Capital Holdings, Inc. FRS 6.35% due 10/01/2066		1,000,000		989,500
				2,117,064
Finance - Credit Card — 0.1%
American Express Co. FRS 5.20% due 11/15/2019(6)		525,000		530,633
Insurance - Life/Health — 0.1%
Dai-ichi Life Insurance Co., Ltd. FRS 5.10% due 10/18/2024*(6)		460,000		476,675
Insurance - Multi-line — 0.9%
Genworth Holdings, Inc. FRS 6.15% due 11/15/2066		1,150,000		761,875
XL Group PLC FRS 6.50% due 04/15/2017(6)		4,083,000		3,940,095
				4,701,970
Insurance - Reinsurance — 0.2%
Swiss Re Capital I LP FRS 6.85% due 05/25/2016*(6)		1,000,000		1,057,500
Special Purpose Entity — 0.3%
Goldman Sachs Capital III FRS 4.00% due 01/12/2015(6)		1,900,000		1,417,875
Total Preferred Securities/Capital Securities
(cost $20,857,934)				20,206,242
Total Long-Term Investment Securities
(cost $467,738,495)				482,218,506

120

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount**			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 4.0%
Registered Investment Companies — 1.0%
State Street Navigator Securities Lending Prime Portfolio(7)	$	4,901,130		$	4,901,130
Time Deposits — 3.0%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014		15,005,000			15,005,000
Total Short-Term Investment Securities
(cost $19,906,130)					19,906,130
TOTAL INVESTMENTS
(cost $487,644,625)(8)		100.4	%		502,124,636
Liabilities in excess of other assets		(0.4	)		(1,763,857	)
NET ASSETS		100.0	%	$	500,360,779

* 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, 2014, the aggregate value of these securities was $26,845,266 representing 5.4% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

** Denominated in United States Dollars unless otherwise indicated.

† Non-income producing security

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

(1) Commercial Mortgage Backed Security

(2) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2014.

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

(4) Collateralized Mortgage Obligation

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

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

(7) At November 30, 2014, the Fund had loaned securities with a total value of $4,789,485. This was secured by collateral of $4,901,130, which was received in cash and subsequently invested in short-term investments currently valued at $4,901,130 as reported in the portfolio of investments.

(8) 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, 2014 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, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	1,290,539	$	—	$	1,290,539
U.S. Corporate Bonds & Notes:
Diversified Banking Institutions		—		34,528,924		3,578,308		38,107,232
Other Industries		—		40,192,414		—		40,192,414
Foreign Corporate Bonds & Notes:
Diversified Banking Institutions		—		3,847,370		9,820,000		13,667,370
SupraNational Banks		—		747,852		2,600,000		3,347,852
Other Industries		—		18,779,637		—		18,779,637
U.S. Government Agencies		—		12,825,851		—		12,825,851
U.S. Government Treasuries		—		269,739,941		—		269,739,941
Foreign Government Obligations		—		55,303,086		—		55,303,086
Preferred Securities		8,758,342		—		—		8,758,342
Preferred Securities/Capital Securities		—		20,206,242		—		20,206,242
Short-Term Investment Securities:
Registered Investment Companies		4,901,130		—		—		4,901,130
Time Deposits		—		15,005,000		—		15,005,000
Total Investments at Value	$	13,659,472	$	472,466,856	$	15,998,308	$	502,124,636

* For a detailed presentation of investments, 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.

121

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (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 5/31/2014	$	725,053		$	11,751,600
Accrued discounts		299			709
Accrued premiums		—			—
Realized gain		—			—
Realized loss		—			—
Change in unrealized appreciation(1)		—			120,000
Change in unrealized depreciation(1)		(85,681	)		(25,189	)
Net purchases		—			2,600,000
Net sales		—			—
Transfers into Level 3		2,938,637			—
Transfers out of Level 3		—			(2,027,120	)
Balance as of 11/30/2014	$	3,578,308		$	12,420,000

(1) The total change in unrealized appreciation (depreciation) attributable to level 3 investments still held at November 30, 2014 includes:

U.S. Corporate Bonds & Notes			Foreign Corporate Bonds & Notes
$	(85,681	)	$	120,000

Any difference between the change in unrealized appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2014.

The following is quantitative information about Level 3 fair value measurements:

Description	Fair Value at 11/30/14		Valuation Technique(s)	Unobservable Input (1)	Range (weighted average)
Foreign Corporate Bonds & Notes	$	2,600,000	Market Approach under the Valuation Technique	Transaction Price*	$100.000

(1) The significant unobservable inputs regarding the Level 3 securities in the table above are attributable to private securities and include assumptions made from non-public financial statements, private transactions, and/or market comparables. For those unobservable inputs indicated with *, a significant increase (decrease) in any of those inputs in isolation may result in a significantly higher (lower) fair value measurement, while the remaining unobservable inputs have a inverse relationship.

The Fund’s other securities classified as Level 3, with a fair value of $13,398,308 at November 30, 2014, 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

122

VALIC Company I International Equities Index Fund**

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Medical — Drugs	9.3	%
Banks — Commercial	9.0
Diversified Banking Institutions	5.6
Registered Investment Companies	5.2
Oil Companies — Integrated	4.2
Auto — Cars/Light Trucks	4.1
Telephone — Integrated	3.2
Food — Misc./Diversified	3.0
Electric — Integrated	2.4
Insurance — Multi-line	2.1
Insurance — Life/Health	1.9
Chemicals — Diversified	1.7
Brewery	1.7
Tobacco	1.5
Repurchase Agreements	1.5
Real Estate Investment Trusts	1.4
Food — Retail	1.4
Cosmetics & Toiletries	1.4
Diversified Minerals	1.3
Real Estate Operations & Development	1.2
Transport — Rail	1.2
Metal — Diversified	1.1
Gas — Distribution	1.1
Diversified Manufacturing Operations	1.0
Cellular Telecom	0.9
Auto/Truck Parts & Equipment — Original	0.9
Retail — Apparel/Shoe	0.8
Electronic Components — Misc.	0.8
Beverages — Wine/Spirits	0.8
Oil Companies — Exploration & Production	0.8
Import/Export	0.7
Soap & Cleaning Preparation	0.7
Insurance — Property/Casualty	0.7
Telecom Services	0.6
Industrial Gases	0.6
Retail — Jewelry	0.6
Diversified Operations	0.6
Real Estate Management/Services	0.6
Steel — Producers	0.6
Finance — Other Services	0.6
Building & Construction Products — Misc.	0.6
Machinery — General Industrial	0.5
Insurance — Reinsurance	0.5
Electric Products — Misc.	0.5
Rubber — Tires	0.5
Building Products — Cement	0.5
Wireless Equipment	0.5
Enterprise Software/Service	0.5
Aerospace/Defense	0.5
Aerospace/Defense — Equipment	0.5
Machinery — Construction & Mining	0.5
Office Automation & Equipment	0.5
Transport — Services	0.4
Engineering/R&D Services	0.4
Finance — Investment Banker/Broker	0.4
Audio/Video Products	0.4
Semiconductor Equipment	0.4
Chemicals — Specialty	0.4
Machinery — Electrical	0.4
Textile — Apparel	0.4
Medical — Generic Drugs	0.4
Medical Products	0.4
Electronic Components — Semiconductors	0.4
Building — Residential/Commercial	0.4
Casino Hotels	0.3
Agricultural Chemicals	0.3
Building — Heavy Construction	0.3
Power Converter/Supply Equipment	0.3
Investment Companies	0.3

Food — Catering	0.3
Building & Construction — Misc.	0.3
Dialysis Centers	0.3
Hotels/Motels	0.3
Medical — Biomedical/Gene	0.3
Industrial Automated/Robotic	0.3
Metal Processors & Fabrication	0.3
Public Thoroughfares	0.3
Commercial Services	0.3
Publishing — Periodicals	0.3
Water	0.3
Human Resources	0.3
Retail — Major Department Stores	0.2
Airlines	0.2
Distribution/Wholesale	0.2
Investment Management/Advisor Services	0.2
Transport — Marine	0.2
Machinery — Farming	0.2
Advertising Agencies	0.2
U.S. Government Treasuries	0.2
Television	0.2
Photo Equipment & Supplies	0.2
Medical Instruments	0.2
Computer Services	0.2
Electronic Measurement Instruments	0.2
Advertising Services	0.2
Special Purpose Entities	0.2
Optical Supplies	0.2
Security Services	0.2
Diversified Operations/Commercial Services	0.2
Apparel Manufacturers	0.2
Retail — Building Products	0.2
Electric — Transmission	0.2
Web Portals/ISP	0.2
Paper & Related Products	0.2
Oil & Gas Drilling	0.2
Gold Mining	0.2
Auto — Heavy Duty Trucks	0.1
Athletic Footwear	0.1
Cable/Satellite TV	0.1
Oil — Field Services	0.1
Satellite Telecom	0.1
Oil Refining & Marketing	0.1
Finance — Leasing Companies	0.1
Multimedia	0.1
Building Products — Air & Heating	0.1
Machine Tools & Related Products	0.1
Computers — Integrated Systems	0.1
Electronics — Military	0.1
Publishing — Books	0.1
Electric — Generation	0.1
Transactional Software	0.1
Toys	0.1
Commercial Services — Finance	0.1
Diversified Financial Services	0.1
Resorts/Theme Parks	0.1
Telecommunication Equipment	0.1
Containers — Paper/Plastic	0.1
Steel Pipe & Tube	0.1
Retail — Discount	0.1
Metal — Aluminum	0.1
Textile — Products	0.1
Gas — Transportation	0.1
E-Commerce/Products	0.1
Bicycle Manufacturing	0.1
Private Equity	0.1
Retail — Consumer Electronics	0.1
Electric — Distribution	0.1
Retail — Vision Service Center	0.1

123

VALIC Company I International Equities Index Fund**

PORTFOLIO PROFILE — November 30, 2014 (unaudited) — (continued)

Industry Allocation* (continued)

Medical — Hospitals	0.1	%
Computer Aided Design	0.1
Food — Baking	0.1
Cruise Lines	0.1
Rental Auto/Equipment	0.1
Transport — Truck	0.1
Energy — Alternate Sources	0.1
Computers — Memory Devices	0.1
Appliances	0.1
Applications Software	0.1
Computer Data Security	0.1
Machinery — Pumps	0.1
Tools — Hand Held	0.1
Mining Services	0.1
Diagnostic Kits	0.1
MRI/Medical Diagnostic Imaging	0.1
Motorcycle/Motor Scooter	0.1
Publishing — Newspapers	0.1
	104.8	%

Country Allocation*

Japan	20.3	%
United Kingdom	19.0
Switzerland	9.3
France	9.1
Germany	9.0
Australia	7.2
United States	6.9
Spain	3.6
Netherlands	3.2
Sweden	3.0
Hong Kong	2.7
Italy	2.1
Denmark	1.5
Singapore	1.4
Belgium	1.3
Jersey	1.2
Finland	0.9
Norway	0.6
Israel	0.5
Cayman Islands	0.4
Luxembourg	0.4
Ireland	0.4
Bermuda	0.2
Austria	0.2
Portugal	0.2
New Zealand	0.1
Guernsey	0.1
	104.8	%

* Calculated as a percentage of net assets

** See Note 1

124

VALIC Company I International Equities Index Fund**

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.3%
Australia — 7.2%
AGL Energy, Ltd.		52,632	$	587,402
ALS, Ltd.#		32,133		137,868
Alumina, Ltd.†		204,834		291,207
Amcor, Ltd.		97,466		1,008,949
AMP, Ltd.		236,425		1,135,155
APA Group#		67,153		449,907
Asciano, Ltd.		79,003		395,461
ASX, Ltd.		15,488		474,658
Aurizon Holdings, Ltd.		167,984		659,252
AusNet Services		136,371		153,242
Australia & New Zealand Banking Group, Ltd.		218,722		5,943,441
Bank of Queensland, Ltd.		28,891		303,009
Bendigo and Adelaide Bank, Ltd.		34,871		379,086
BGP Holdings PLC(1)(2)		835,027		0
BHP Billiton, Ltd.		255,742		6,731,691
Boral, Ltd.		63,451		264,137
Brambles, Ltd.		126,417		1,046,055
Caltex Australia, Ltd.		10,851		279,433
Coca-Cola Amatil, Ltd.		46,151		359,095
Cochlear, Ltd.#		4,598		272,238
Commonwealth Bank of Australia		129,044		8,867,508
Computershare, Ltd.		38,116		374,776
Crown Resorts, Ltd.		29,221		357,715
CSL, Ltd.		37,639		2,645,715
Dexus Property Group		74,932		453,544
Federation Centres#		115,455		272,255
Flight Centre Travel Group, Ltd.#		4,562		157,015
Fortescue Metals Group, Ltd.#		133,223		333,433
Goodman Group#		138,889		644,387
GPT Group		135,606		477,927
Harvey Norman Holdings, Ltd.#		42,901		134,765
Healthscope, Ltd.†		88,491		196,618
Iluka Resources, Ltd.		33,964		198,058
Incitec Pivot, Ltd.		133,905		324,881
Insurance Australia Group, Ltd.		188,527		1,022,341
Leighton Holdings, Ltd.		8,283		141,943
Lend Lease Group		44,357		578,878
Macquarie Group, Ltd.		23,366		1,162,259
Metcash, Ltd.#		74,526		165,589
Mirvac Group#		297,828		444,964
National Australia Bank, Ltd.		188,160		5,221,888
Newcrest Mining, Ltd.†		60,442		532,037
Novion Property Group		170,317		308,831
Orica, Ltd.#		30,095		466,282
Origin Energy, Ltd.		87,739		914,980
Qantas Airways, Ltd.†		43,816		71,617
QBE Insurance Group, Ltd.		107,017		989,385
Ramsay Health Care, Ltd.		10,733		494,769
REA Group, Ltd.#		4,311		166,689
Rio Tinto, Ltd.		34,631		1,742,349
Santos, Ltd.		77,201		663,784
Scentre Group†		418,998		1,237,725
Seek, Ltd.		26,845		390,560
Sonic Healthcare, Ltd.		30,729		456,485
Stockland#		187,170		656,472
Suncorp Group, Ltd.		103,229		1,260,183
Sydney Airport		87,942		332,401
Tabcorp Holdings, Ltd.		60,697		210,819
Tatts Group, Ltd.		112,561		326,757
Telstra Corp., Ltd.		349,427		1,692,588
Toll Holdings, Ltd.		55,621		267,055
TPG Telecom, Ltd.		22,772		143,649
Transurban Group#		139,426		986,342
Treasury Wine Estates, Ltd.		52,241		210,801

Security Description	Shares		Value (Note 2)
Australia (continued)
Wesfarmers, Ltd.†		89,733	$	3,164,072
Westfield Corp.†		161,825		1,142,044
Westpac Banking Corp.		247,166		6,848,924
Woodside Petroleum, Ltd.		58,993		1,795,391
Woolworths, Ltd.		100,995		2,675,606
WorleyParsons, Ltd.		16,336		154,644
				75,350,986
Austria — 0.2%
Andritz AG		5,894		318,731
Erste Group Bank AG		22,441		608,170
IMMOFINANZ AG†		77,437		232,312
OMV AG		11,626		336,484
Raiffeisen Bank International AG#		9,429		195,229
Vienna Insurance Group AG Wiener Versicherung Gruppe		3,078		153,217
Voestalpine AG		8,968		372,707
				2,216,850
Belgium — 1.3%
Ageas		17,861		639,175
Anheuser-Busch InBev NV		63,908		7,511,525
Belgacom SA#		12,238		483,405
Colruyt SA		6,018		280,058
Delhaize Group SA		8,371		612,359
Groupe Bruxelles Lambert SA		6,537		591,747
KBC Groep NV†		19,996		1,144,527
Solvay SA		4,771		655,989
Telenet Group Holding NV†		4,256		243,445
UCB SA		10,077		790,948
Umicore SA		8,641		351,590
				13,304,768
Bermuda — 0.2%
Cheung Kong Infrastructure Holdings, Ltd.		48,000		355,904
First Pacific Co., Ltd.		190,000		199,680
Kerry Properties, Ltd.		51,500		184,951
Li & Fung, Ltd.		464,000		516,360
Noble Group, Ltd.		346,000		325,213
NWS Holdings, Ltd.		119,000		219,743
Seadrill, Ltd.#		29,803		425,772
Shangri-La Asia, Ltd.		84,000		116,334
Yue Yuen Industrial Holdings, Ltd.		57,500		206,869
				2,550,826
Cayman Islands — 0.4%
ASM Pacific Technology, Ltd.#		19,200		195,469
HKT Trust and HKT, Ltd.		188,000		235,397
Legal & General Group PLC		477,303		1,841,621
MGM China Holdings, Ltd.		76,400		231,518
Sands China, Ltd.		192,800		1,154,826
WH Group, Ltd.†*		291,000		171,488
Wynn Macau, Ltd.#		125,200		410,073
				4,240,392
Denmark — 1.5%
AP Moeller - Maersk A/S, Series A		306		625,816
AP Moeller - Maersk A/S, Series B		569		1,187,478
Carlsberg A/S, Class B		8,566		763,491
Coloplast A/S, Class B		8,956		776,536
Danske Bank A/S		52,367		1,488,694
DSV A/S		14,552		456,028
ISS A/S†		7,388		208,791
Novo Nordisk A/S, Class B		159,502		7,278,946
Novozymes A/S, Class B		19,325		849,589
Pandora A/S		9,274		823,494

125

VALIC Company I International Equities Index Fund**

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Denmark (continued)
TDC A/S		64,370	$	522,065
Tryg A/S		1,730		199,616
Vestas Wind Systems A/S†		17,750		654,197
William Demant Holding A/S†		1,819		130,554
				15,965,295
Finland — 0.9%
Elisa Oyj		11,633		337,556
Fortum Oyj		35,521		891,931
Kone Oyj, Class B#		24,995		1,150,747
Metso Oyj		9,034		280,238
Neste Oil Oyj#		10,159		241,187
Nokia Oyj		297,898		2,479,811
Nokian Renkaat Oyj#		9,099		257,120
Orion Oyj, Class B		8,034		275,709
Sampo Oyj, Class A		36,039		1,778,934
Stora Enso Oyj, Class R		44,439		393,980
UPM-Kymmene Oyj		42,825		711,383
Wartsila Oyj Abp		11,875		532,234
				9,330,830
France — 9.1%
Accor SA		13,901		656,162
Aeroports de Paris		2,388		293,246
Air Liquide SA		27,606		3,476,234
Alcatel-Lucent†#		226,928		808,415
Alstom SA†		17,292		605,150
Arkema SA#		4,496		306,124
AtoS		6,366		452,539
AXA SA		144,332		3,486,783
BNP Paribas SA		84,709		5,434,598
Bollore SA#		438		216,366
Bouygues SA		13,402		504,535
Bureau Veritas SA		18,042		430,697
Cap Gemini SA		11,541		846,262
Carrefour SA		49,816		1,577,234
Casino Guichard Perrachon SA		4,536		437,365
Christian Dior SA#		4,351		833,748
Cie de St-Gobain		35,890		1,649,663
Cie Generale des Etablissements Michelin		14,981		1,378,491
CNP Assurances		13,857		256,737
Credit Agricole SA		80,183		1,127,919
Danone SA		46,157		3,259,330
Dassault Systemes		10,333		675,911
Edenred		16,484		475,651
Electricite de France SA		19,389		580,827
Essilor International SA		16,330		1,834,843
Eurazeo SA		3,078		214,286
Eutelsat Communications SA		12,236		404,916
Fonciere Des Regions		2,290		218,752
GDF Suez		114,921		2,833,469
Gecina SA		2,250		304,465
Groupe Eurotunnel SA		37,822		489,208
ICADE		2,988		239,177
Iliad SA		2,123		521,725
Imerys SA		2,764		209,106
JCDecaux SA		5,372		176,802
Kering		6,152		1,271,484
Klepierre		8,160		366,439
L’Oreal SA		20,007		3,415,553
Lafarge SA		15,155		1,078,264
Lagardere SCA		9,873		280,097
Legrand SA		21,398		1,122,665
LVMH Moet Hennessy Louis Vuitton SA#		22,187		3,989,251

Security Description	Shares		Value (Note 2)
France (continued)
Natixis SA		74,320	$	525,451
Numericable Group SA†		7,753		324,237
Orange SA		148,518		2,617,704
Pernod Ricard SA#		16,999		2,015,983
Peugeot SA†		31,688		406,122
Publicis Groupe SA		14,694		1,079,838
Remy Cointreau SA#		1,938		145,821
Renault SA		15,647		1,256,176
Rexel SA		21,465		397,695
Safran SA		21,518		1,393,095
Sanofi		94,470		9,152,363
Schneider Electric SE		42,011		3,429,192
SCOR SE		12,285		383,531
Societe BIC SA		2,321		309,596
Societe Generale SA		58,191		2,888,317
Sodexo SA		7,652		772,374
Suez Environnement Co.		22,567		400,422
Technip SA		8,090		526,472
Thales SA		7,450		395,552
Total SA		170,800		9,561,561
Unibail-Rodamco SE		7,802		2,062,955
Valeo SA		6,090		749,822
Vallourec SA		8,875		294,466
Veolia Environnement SA		32,927		600,840
Vinci SA#		38,879		2,103,195
Vivendi SA		96,570		2,460,918
Wendel SA		2,577		303,822
Zodiac Aerospace		15,189		503,676
				95,801,685
Germany — 8.4%
adidas AG#		16,815		1,349,527
Allianz SE		36,285		6,250,936
Axel Springer SE		3,198		188,438
BASF SE		73,367		6,665,121
Bayer AG		65,725		9,891,483
Bayerische Motoren Werke AG#		26,295		3,008,499
Beiersdorf AG#		8,125		723,669
Brenntag AG		12,611		694,993
Celesio AG		4,077		135,957
Commerzbank AG†		77,856		1,192,061
Continental AG		8,753		1,842,817
Daimler AG		76,860		6,484,179
Deutsche Annington Immobilien SE		19,385		624,607
Deutsche Bank AG#		109,676		3,587,109
Deutsche Boerse AG		15,455		1,129,801
Deutsche Lufthansa AG		19,064		340,520
Deutsche Post AG		76,779		2,552,246
Deutsche Telekom AG		252,156		4,298,479
Deutsche Wohnen AG (BR)		23,321		560,198
E.ON SE#		158,938		2,819,161
Fraport AG Frankfurt Airport Services Worldwide		3,010		183,952
Fresenius Medical Care AG & Co. KGaA		17,372		1,283,773
Fresenius SE & Co. KGaA		30,366		1,647,211
GEA Group AG		14,425		689,781
Hannover Rueck SE		4,859		433,865
HeidelbergCement AG		11,382		863,495
Henkel AG & Co. KGaA		9,461		937,547
Hugo Boss AG		3,339		439,984
Infineon Technologies AG		90,607		888,183
K+S AG#		13,960		419,235
Kabel Deutschland Holding AG†		1,766		245,124
LANXESS AG		7,428		369,105
Linde AG		14,927		2,818,553

126

VALIC Company I International Equities Index Fund**

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Germany (continued)
MAN SE#		2,829	$	322,619
Merck KGaA		10,469		1,043,168
Metro AG†		13,088		444,754
Muenchener Rueckversicherungs AG		13,772		2,838,660
OSRAM Licht AG†#		7,279		302,512
ProSiebenSat.1 Media AG		17,294		739,175
RWE AG#		38,981		1,412,923
SAP SE		73,418		5,177,944
Siemens AG		62,981		7,457,426
Symrise AG		9,748		583,001
Telefonica Deutschland Holding AG		46,856		245,863
ThyssenKrupp AG†#		36,812		974,505
United Internet AG		9,476		417,696
Volkswagen AG		2,389		540,722
				88,060,577
Guernsey — 0.1%
Friends Life Group, Ltd.		113,871		657,524
Hong Kong — 2.7%
AIA Group, Ltd.		958,000		5,534,359
Bank of East Asia, Ltd.		100,200		421,866
BOC Hong Kong Holdings, Ltd.		300,000		1,061,909
Cathay Pacific Airways, Ltd.		94,000		207,033
Cheung Kong Holdings, Ltd.		109,000		2,004,333
CLP Holdings, Ltd.		150,500		1,308,037
Galaxy Entertainment Group, Ltd.		185,000		1,269,133
Hang Lung Properties, Ltd.		178,000		534,810
Hang Seng Bank, Ltd.		61,100		1,017,953
Henderson Land Development Co., Ltd.#		83,000		556,016
Hong Kong & China Gas Co., Ltd.		502,000		1,188,503
Hong Kong Exchanges and Clearing, Ltd.		88,200		1,920,976
Hutchison Whampoa, Ltd.		169,000		2,119,337
Hysan Development Co., Ltd.		49,000		227,153
Link REIT		185,000		1,173,710
MTR Corp., Ltd.		114,000		457,182
New World Development Co., Ltd.		413,000		493,689
PCCW, Ltd.		322,000		214,669
Power Assets Holdings, Ltd.		109,500		1,045,594
Sino Land Co., Ltd.		236,000		385,882
SJM Holdings, Ltd.		154,000		305,820
Sun Hung Kai Properties, Ltd.		128,000		1,871,746
Swire Pacific, Ltd., Class A		50,000		686,663
Swire Properties, Ltd.		92,200		285,937
Techtronic Industries Co., Ltd.		108,500		347,680
Wharf Holdings, Ltd.		117,000		844,131
Wheelock & Co., Ltd.		70,000		353,389
				27,837,510
Ireland — 0.4%
Bank of Ireland†		2,198,318		902,671
CRH PLC		59,908		1,416,327
James Hardie Industries PLC CDI		36,469		375,657
Kerry Group PLC, Class A		12,655		939,915
Ryanair Holdings PLC†		14,816		157,845
				3,792,415
Isle of Man — 0.0%
Genting Singapore PLC#		487,000		425,980
Israel — 0.5%
Bank Hapoalim BM		84,475		421,047
Bank Leumi Le-Israel BM†		105,922		373,531
Bezeq The Israeli Telecommunication Corp., Ltd.		152,670		269,977
Delek Group, Ltd.		375		127,045
Israel Chemicals, Ltd.		35,575		242,873

Security Description	Shares		Value (Note 2)
Israel (continued)
Israel Corp., Ltd.†		215	$	105,396
Mizrahi Tefahot Bank, Ltd.†		10,999		116,448
NICE Systems, Ltd.		4,680		221,973
Teva Pharmaceutical Industries, Ltd.		68,218		3,879,912
				5,758,202
Italy — 2.1%
Assicurazioni Generali SpA		93,923		2,032,341
Atlantia SpA#		33,374		842,173
Banca Monte dei Paschi di Siena SpA†		336,119		271,433
Banco Popolare SC†#		29,338		404,843
Enel Green Power SpA		140,302		337,808
Enel SpA		525,051		2,534,884
Eni SpA		202,883		4,056,827
Exor SpA		8,030		357,704
Finmeccanica SpA†		31,598		306,676
Intesa Sanpaolo SpA		925,042		2,852,251
Intesa Sanpaolo SpA RSP		75,318		202,806
Luxottica Group SpA		13,460		720,176
Mediobanca SpA#		47,880		428,955
Pirelli & C. SpA		19,067		270,703
Prysmian SpA		16,289		292,878
Saipem SpA†#		21,003		300,803
Snam SpA		163,109		865,406
Telecom Italia SpA†#		819,075		923,372
Telecom Italia SpA RSP		488,880		433,423
Terna Rete Elettrica Nazionale SpA#		121,348		586,458
UniCredit SpA		351,742		2,601,962
Unione di Banche Italiane SCpA		68,713		528,387
UnipolSai SpA		72,471		207,404
				22,359,673
Japan — 20.3%
ABC-Mart, Inc.		2,000		100,447
ACOM Co., Ltd.†#		32,100		96,027
Advantest Corp.#		12,300		146,870
Aeon Co., Ltd.		50,700		505,419
AEON Financial Service Co., Ltd.#		9,000		194,304
Aeon Mall Co., Ltd.		9,100		155,207
Air Water, Inc.		11,000		178,529
Aisin Seiki Co., Ltd.		15,300		547,303
Ajinomoto Co., Inc.		45,000		840,124
Alfresa Holdings Corp.		14,100		162,779
Amada Co., Ltd.		27,000		243,676
ANA Holdings, Inc.		94,000		231,455
Aozora Bank, Ltd.		92,000		299,250
Asahi Glass Co., Ltd.		81,000		391,110
Asahi Group Holdings, Ltd.		30,700		957,839
Asahi Kasei Corp.		100,000		869,638
Asics Corp.		12,900		326,658
Astellas Pharma, Inc.		171,000		2,459,737
Bandai Namco Holdings, Inc.		14,200		307,405
Bank of Kyoto, Ltd.		27,000		227,067
Bank of Yokohama, Ltd.		92,000		518,648
Benesse Holdings, Inc.		5,200		158,406
Bridgestone Corp.		52,000		1,787,596
Brother Industries, Ltd.		18,700		349,512
Calbee, Inc.		5,800		200,876
Canon, Inc.		90,300		2,892,689
Casio Computer Co., Ltd.#		16,700		252,463
Central Japan Railway Co.		11,500		1,674,075
Chiba Bank, Ltd.		59,000		392,273
Chiyoda Corp.#		12,000		105,975
Chubu Electric Power Co., Inc.†		51,600		603,529
Chugai Pharmaceutical Co., Ltd.		17,800		482,236

127

VALIC Company I International Equities Index Fund**

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Chugoku Bank, Ltd.		13,400	$	187,783
Chugoku Electric Power Co., Inc.#		23,800		307,252
Citizen Holdings Co., Ltd.		21,000		162,450
COLOPL, Inc.		3,919		97,752
Credit Saison Co., Ltd.#		11,800		220,945
Dai Nippon Printing Co., Ltd.		45,000		395,509
Dai-ichi Life Insurance Co., Ltd.		85,300		1,237,414
Daicel Corp.		21,000		241,729
Daihatsu Motor Co., Ltd.#		15,300		209,767
Daiichi Sankyo Co., Ltd.		50,300		741,551
Daikin Industries, Ltd.		18,600		1,234,305
Daito Trust Construction Co., Ltd.		5,700		643,634
Daiwa House Industry Co., Ltd.#		48,000		914,334
Daiwa Securities Group, Inc.		132,000		1,061,050
Denso Corp.		38,700		1,807,652
Dentsu, Inc.		17,400		653,948
Don Quijote Holdings Co., Ltd.#		4,700		293,082
East Japan Railway Co.		26,900		2,016,763
Eisai Co., Ltd.#		20,000		717,115
Electric Power Development Co., Ltd.		9,400		325,558
FamilyMart Co., Ltd.#		4,700		173,473
FANUC Corp.		15,300		2,581,158
Fast Retailing Co., Ltd.		4,300		1,565,530
Fuji Electric Co., Ltd.		45,000		197,565
Fuji Heavy Industries, Ltd.		47,100		1,713,810
FUJIFILM Holdings Corp.		36,900		1,223,729
Fujitsu, Ltd.		146,000		834,268
Fukuoka Financial Group, Inc.		61,000		332,578
GungHo Online Entertainment, Inc.#		32,500		122,693
Gunma Bank, Ltd.		30,000		178,478
Hachijuni Bank, Ltd.		33,000		201,888
Hakuhodo DY Holdings, Inc.#		18,600		180,875
Hamamatsu Photonics KK		5,500		278,082
Hankyu Hanshin Holdings, Inc.		91,000		500,742
Hikari Tsushin, Inc.		1,300		84,571
Hino Motors, Ltd.		20,100		270,834
Hirose Electric Co., Ltd.		2,400		303,362
Hiroshima Bank, Ltd.		40,000		193,478
Hisamitsu Pharmaceutical Co., Inc.		4,500		136,892
Hitachi Chemical Co., Ltd.		8,300		153,662
Hitachi Construction Machinery Co., Ltd.		8,700		187,827
Hitachi High-Technologies Corp.		4,900		141,628
Hitachi Metals, Ltd.		18,000		311,401
Hitachi, Ltd.		383,000		2,957,946
Hokuhoku Financial Group, Inc.		96,000		194,152
Hokuriku Electric Power Co.		13,500		172,803
Honda Motor Co., Ltd.		129,600		3,900,450
Hoya Corp.		34,800		1,237,516
Hulic Co., Ltd.		19,100		197,325
Ibiden Co., Ltd.		9,500		141,135
Idemitsu Kosan Co., Ltd.		7,000		119,449
IHI Corp.		108,000		546,052
Iida Group Holdings Co., Ltd.		12,900		141,642
Inpex Corp.		67,300		713,152
Isetan Mitsukoshi Holdings, Ltd.#		26,600		349,451
Isuzu Motors, Ltd.		48,000		626,544
ITOCHU Corp.		120,300		1,384,763
ITOCHU Techno-Solutions Corp.		1,800		70,380
Iyo Bank, Ltd.		19,300		199,717
J. Front Retailing Co., Ltd.#		19,100		244,806
Japan Airlines Co., Ltd.		9,700		285,270
Japan Display, Inc.†		27,800		91,831
Japan Exchange Group, Inc.		20,700		531,149
Japan Prime Realty Investment Corp.#		62		224,918

Security Description	Shares		Value (Note 2)
Japan (continued)
Japan Real Estate Investment Corp.		95	$	468,315
Japan Retail Fund Investment Corp.		183		380,897
Japan Tobacco, Inc.		88,200		2,826,161
JFE Holdings, Inc.		39,200		834,243
JGC Corp.		16,000		344,282
Joyo Bank, Ltd.#		53,000		267,523
JSR Corp.#		14,300		255,826
JTEKT Corp.		16,200		268,794
JX Holdings, Inc.		182,700		679,871
Kajima Corp.#		66,000		260,841
Kakaku.com, Inc.#		11,800		180,276
Kamigumi Co., Ltd.		18,000		162,450
Kaneka Corp.		22,000		116,424
Kansai Electric Power Co., Inc.†#		56,000		562,029
Kansai Paint Co., Ltd.		18,000		286,829
Kao Corp.		41,300		1,529,913
Kawasaki Heavy Industries, Ltd.		114,000		501,458
KDDI Corp.		46,600		2,985,981
Keihan Electric Railway Co., Ltd.		40,000		200,219
Keikyu Corp.		37,000		282,793
Keio Corp.		46,000		338,401
Keisei Electric Railway Co., Ltd.#		21,000		241,552
Keyence Corp.		3,700		1,709,227
Kikkoman Corp.		11,000		261,768
Kintetsu Corp.#		146,000		493,351
Kirin Holdings Co., Ltd.		65,300		838,329
Kobe Steel, Ltd.		243,000		387,014
Koito Manufacturing Co., Ltd.		7,700		241,700
Komatsu, Ltd.		74,300		1,759,984
Konami Corp.		7,900		149,319
Konica Minolta, Inc.		38,600		450,176
Kubota Corp.		91,000		1,422,474
Kuraray Co., Ltd.		27,500		334,857
Kurita Water Industries, Ltd.		8,000		166,108
Kyocera Corp.		25,600		1,253,574
Kyowa Hakko Kirin Co., Ltd.		17,000		184,655
Kyushu Electric Power Co., Inc.†#		34,300		351,469
Lawson, Inc.		5,100		314,587
LIXIL Group Corp.		21,200		450,904
M3, Inc.		15,500		266,714
Mabuchi Motor Co., Ltd.		1,900		151,462
Makita Corp.		9,600		482,144
Marubeni Corp.		130,000		819,744
Marui Group Co., Ltd.		19,000		166,352
Maruichi Steel Tube, Ltd.		3,700		81,252
Mazda Motor Corp.		43,300		1,118,532
McDonald’s Holdings Co. Japan, Ltd.#		5,200		118,925
Medipal Holdings Corp.		10,700		118,929
MEIJI Holdings Co., Ltd.#		4,800		430,774
Minebea Co., Ltd.		25,000		313,264
Miraca Holdings, Inc.		4,500		170,831
Mitsubishi Chemical Holdings Corp.		108,900		561,156
Mitsubishi Corp.		110,000		2,080,981
Mitsubishi Electric Corp.		154,000		1,851,192
Mitsubishi Estate Co., Ltd.		100,000		2,251,201
Mitsubishi Gas Chemical Co., Inc.#		30,000		171,652
Mitsubishi Heavy Industries, Ltd.		241,000		1,406,561
Mitsubishi Logistics Corp.		9,000		141,063
Mitsubishi Materials Corp.		88,000		276,599
Mitsubishi Motors Corp.		51,900		533,564
Mitsubishi Tanabe Pharma Corp.		17,800		271,492
Mitsubishi UFJ Financial Group, Inc.		1,014,100		5,865,663
Mitsubishi UFJ Lease & Finance Co., Ltd.#		39,800		187,815
Mitsui & Co., Ltd.		137,600		1,898,711

128

VALIC Company I International Equities Index Fund**

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Mitsui Chemicals, Inc.		64,000	$	179,051
Mitsui Fudosan Co., Ltd.		74,000		2,139,184
Mitsui OSK Lines, Ltd.#		87,000		275,655
Mixi, Inc.		3,000		137,777
Mizuho Financial Group, Inc.		1,836,700		3,165,123
MS&AD Insurance Group Holdings, Inc.		40,000		934,019
Murata Manufacturing Co., Ltd.		16,300		1,761,587
Nabtesco Corp.		9,200		220,871
Nagoya Railroad Co Ltd#		66,000		255,835
NEC Corp.		207,000		650,636
Nexon Co., Ltd.		10,400		98,505
NGK Insulators, Ltd.		21,000		466,293
NGK Spark Plug Co., Ltd.		14,600		439,218
NH Foods, Ltd.		13,000		261,052
NHK Spring Co., Ltd.		12,700		110,016
Nidec Corp.		17,300		1,147,599
Nikon Corp.#		27,100		386,393
Nintendo Co., Ltd.		8,300		962,400
Nippon Building Fund, Inc.		109		549,271
Nippon Electric Glass Co., Ltd.		31,000		141,847
Nippon Express Co., Ltd.		68,000		326,620
Nippon Paint Holdings Co., Ltd.		13,000		336,311
Nippon Prologis REIT, Inc.#		105		228,899
Nippon Steel & Sumitomo Metal Corp.		605,000		1,559,021
Nippon Telegraph & Telephone Corp.		29,900		1,600,193
Nippon Yusen KK		128,000		361,338
Nissan Motor Co., Ltd.		198,700		1,856,063
Nisshin Seifun Group, Inc.		16,800		166,344
Nissin Foods Holdings Co., Ltd.		4,700		235,653
Nitori Holdings Co., Ltd.		5,400		299,419
Nitto Denko Corp.		12,600		664,985
NOK Corp.		7,500		187,769
Nomura Holdings, Inc.		287,000		1,726,789
Nomura Real Estate Holdings, Inc.		9,900		181,866
Nomura Research Institute, Ltd.		8,900		277,492
NSK, Ltd.		37,000		466,125
NTT Data Corp.		9,800		374,096
NTT DOCOMO, Inc.		122,200		1,906,575
NTT Urban Development Corp.		9,100		93,630
Obayashi Corp.#		51,000		318,025
Odakyu Electric Railway Co., Ltd.		49,000		448,833
Oji Holdings Corp.		63,000		220,848
Olympus Corp.†		19,100		695,306
Omron Corp.		16,300		758,203
Ono Pharmaceutical Co., Ltd.		6,500		556,501
Oracle Corp. Japan		3,000		113,255
Oriental Land Co., Ltd.		4,000		870,650
ORIX Corp.		104,400		1,377,250
Osaka Gas Co., Ltd.		149,000		569,909
Otsuka Corp.		3,800		130,808
Otsuka Holdings Co., Ltd.		31,100		983,423
Panasonic Corp.		173,308		2,238,093
Park24 Co., Ltd.#		7,900		119,895
Rakuten, Inc.#		63,900		861,010
Resona Holdings, Inc.		177,000		955,773
Ricoh Co., Ltd.		55,800		604,457
Rinnai Corp.		2,900		215,539
Rohm Co., Ltd.		7,500		485,380
Sankyo Co., Ltd.#		3,800		122,322
Sanrio Co., Ltd.#		3,800		100,388
Santen Pharmaceutical Co., Ltd.		5,900		330,126
SBI Holdings, Inc.#		15,800		182,405
Secom Co., Ltd.#		16,800		971,730
Sega Sammy Holdings, Inc.		14,400		198,399

Security Description	Shares		Value (Note 2)
Japan (continued)
Seibu Holdings, Inc.#		9,600	$	181,775
Seiko Epson Corp.		10,000		482,852
Sekisui Chemical Co., Ltd.		34,000		423,173
Sekisui House, Ltd.		44,000		591,017
Seven & I Holdings Co., Ltd.		60,300		2,249,754
Seven Bank, Ltd.		47,300		205,271
Sharp Corp.†#		119,000		283,787
Shikoku Electric Power Co., Inc.†		14,300		178,705
Shimadzu Corp.		18,000		178,074
Shimamura Co., Ltd.		1,700		142,252
Shimano, Inc.		6,200		841,156
Shimizu Corp.		47,000		320,806
Shin-Etsu Chemical Co., Ltd.		32,700		2,201,677
Shinsei Bank, Ltd.		130,000		244,291
Shionogi & Co., Ltd.		23,500		584,777
Shiseido Co., Ltd.		28,700		428,674
Shizuoka Bank, Ltd.#		42,000		404,180
Showa Shell Sekiyu KK#		14,900		124,177
SMC Corp.		4,400		1,209,101
SoftBank Corp.		76,700		5,146,727
Sompo Japan Nipponkoa Holdings, Inc.		26,800		664,523
Sony Corp.		82,900		1,816,297
Sony Financial Holdings, Inc.		13,900		210,954
Stanley Electric Co., Ltd.		11,300		245,578
Sumitomo Chemical Co., Ltd.		119,000		450,249
Sumitomo Corp.		90,400		964,409
Sumitomo Dainippon Pharma Co., Ltd.#		12,500		129,245
Sumitomo Electric Industries, Ltd.		60,300		784,301
Sumitomo Heavy Industries, Ltd.		44,000		241,375
Sumitomo Metal Mining Co., Ltd.		42,000		643,077
Sumitomo Mitsui Financial Group, Inc.		101,300		3,819,984
Sumitomo Mitsui Trust Holdings, Inc.#		264,000		1,097,646
Sumitomo Realty & Development Co., Ltd.		28,000		967,035
Sumitomo Rubber Industries, Ltd.		13,800		210,250
Suntory Beverage & Food, Ltd.		11,100		391,919
Suruga Bank, Ltd.		14,000		266,032
Suzuken Co., Ltd.		5,500		140,895
Suzuki Motor Corp.		28,700		906,806
Sysmex Corp.		11,600		498,525
T&D Holdings, Inc.		46,700		565,894
Taiheiyo Cement Corp.		93,000		291,531
Taisei Corp.#		81,000		423,190
Taisho Pharmaceutical Holdings Co., Ltd.		2,500		154,841
Taiyo Nippon Sanso Corp.#		11,000		129,586
Takashimaya Co., Ltd.		21,000		175,900
Takeda Pharmaceutical Co., Ltd.		63,200		2,647,935
TDK Corp.		9,700		584,436
Teijin, Ltd.		74,000		200,792
Terumo Corp.		23,600		536,951
THK Co., Ltd.		9,000		218,042
Tobu Railway Co., Ltd.#		82,000		369,681
Toho Co., Ltd.		8,900		198,444
Toho Gas Co., Ltd.#		32,000		167,995
Tohoku Electric Power Co., Inc.		36,500		422,916
Tokio Marine Holdings, Inc.		55,000		1,798,496
Tokyo Electric Power Co., Inc.†		115,900		423,870
Tokyo Electron, Ltd.		13,800		940,428
Tokyo Gas Co., Ltd.		185,000		1,008,949
Tokyo Tatemono Co., Ltd.		33,000		263,344
Tokyu Corp.#		91,000		549,819
Tokyu Fudosan Holdings Corp.		38,300		273,687
TonenGeneral Sekiyu KK		22,000		184,090
Toppan Printing Co., Ltd.		45,000		290,090
Toray Industries, Inc.		116,000		912,008

129

VALIC Company I International Equities Index Fund**

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Toshiba Corp.		320,000	$	1,422,432
TOTO, Ltd.		22,000		262,695
Toyo Seikan Group Holdings, Ltd.		12,900		155,883
Toyo Suisan Kaisha, Ltd.		6,000		203,253
Toyoda Gosei Co., Ltd.		5,100		99,877
Toyota Industries Corp.		13,000		649,617
Toyota Motor Corp.		217,400		13,399,036
Toyota Tsusho Corp.		16,800		397,809
Trend Micro, Inc.		8,200		249,103
Unicharm Corp.		29,900		684,573
United Urban Investment Corp.#		199		319,788
USS Co., Ltd.		17,732		255,961
West Japan Railway Co.		13,200		630,245
Yahoo Japan Corp.#		114,300		417,055
Yakult Honsha Co., Ltd.		6,900		366,310
Yamada Denki Co., Ltd.#		69,900		230,310
Yamaguchi Financial Group, Inc.		16,000		160,445
Yamaha Corp.		13,300		198,262
Yamaha Motor Co., Ltd.		21,000		446,473
Yamato Holdings Co., Ltd.		29,100		656,571
Yamato Kogyo Co., Ltd.		3,000		84,183
Yamazaki Baking Co., Ltd.		8,000		100,986
Yaskawa Electric Corp.#		18,100		234,887
Yokogawa Electric Corp.#		16,900		212,763
Yokohama Rubber Co., Ltd.		16,000		147,232
				212,958,875
Jersey — 1.2%
Experian PLC		80,083		1,268,781
Glencore PLC		848,810		4,253,436
Petrofac, Ltd.		20,453		263,905
Randgold Resources, Ltd.#		6,984		464,554
Shire PLC		46,866		3,340,210
Wolseley PLC		21,546		1,209,757
WPP PLC		104,804		2,196,441
				12,997,084
Luxembourg — 0.4%
Altice SA†		6,881		463,206
ArcelorMittal#		81,087		995,344
Millicom International Cellular SA SDR		5,266		438,286
RTL Group SA		3,114		300,060
SES SA FDR		24,396		908,249
Subsea 7 SA#		22,122		219,813
Tenaris SA#		37,756		624,831
				3,949,789
Mauritius — 0.0%
Golden Agri-Resources, Ltd.		565,000		199,417
Netherlands — 3.2%
Aegon NV		145,771		1,145,070
Airbus Group NV		46,759		2,850,637
Akzo Nobel NV		19,453		1,344,850
ASML Holding NV		28,435		3,004,964
Boskalis Westminster NV		6,929		389,057
CNH Industrial NV		76,906		602,394
Corio NV		5,557		281,319
Delta Lloyd NV		15,914		366,036
Fiat Chrysler Automobiles NV†#		70,946		885,429
Gemalto NV#		6,349		539,732
Heineken Holding NV		8,069		552,114
Heineken NV		18,354		1,444,496
ING Groep NV CVA†		306,653		4,494,873
Koninklijke Ahold NV		70,960		1,254,238

Security Description	Shares		Value (Note 2)
Netherlands (continued)
Koninklijke DSM NV		13,906	$	914,822
Koninklijke KPN NV		254,195		844,507
Koninklijke Philips NV		75,939		2,291,876
Koninklijke Vopak NV		5,629		282,968
NN Group NV†		9,611		291,978
OCI NV†#		6,803		244,087
QIAGEN NV†		19,310		461,687
Randstad Holding NV		10,183		502,837
Reed Elsevier NV		55,829		1,373,382
STMicroelectronics NV		51,988		389,878
TNT Express NV		35,028		236,232
Unilever NV CVA		130,418		5,315,451
Wolters Kluwer NV		24,258		711,291
				33,016,205
New Zealand — 0.1%
Auckland International Airport, Ltd.		78,015		236,659
Contact Energy, Ltd.		29,850		143,429
Fletcher Building, Ltd.		55,857		358,587
Meridian Energy, Ltd.		97,949		132,057
Mighty River Power Ltd Senior Notes		52,938		124,486
Ryman Healthcare, Ltd.		30,254		189,954
Spark New Zealand, Ltd.		146,622		351,685
				1,536,857
Norway — 0.6%
DNB ASA		78,459		1,299,332
Gjensidige Forsikring ASA		16,227		277,495
Norsk Hydro ASA		107,753		629,232
Orkla ASA		66,181		491,083
Statoil ASA#		87,588		1,649,726
Telenor ASA		59,305		1,248,526
Yara International ASA		14,371		609,385
				6,204,779
Portugal — 0.2%
Banco Comercial Portugues SA†		2,820,217		291,263
Banco Espirito Santo SA†(1)(2)		213,818		15,963
EDP - Energias de Portugal SA		185,086		759,768
Galp Energia SGPS SA		30,425		371,007
Jeronimo Martins SGPS SA#		19,986		203,176
				1,641,177
Singapore — 1.4%
Ascendas Real Estate Investment Trust		164,000		294,452
CapitaCommercial Trust		161,000		208,152
CapitaLand, Ltd.		205,000		522,213
CapitaMall Trust		194,000		294,729
City Developments, Ltd.		33,000		254,723
ComfortDelGro Corp., Ltd.		163,000		325,175
DBS Group Holdings, Ltd.		137,000		2,084,485
Global Logistic Properties, Ltd.		247,000		496,539
Hutchison Port Holdings Trust		455,000		311,675
Jardine Cycle & Carriage, Ltd.		8,000		261,429
Keppel Corp., Ltd.		115,000		794,138
Keppel Land, Ltd.		55,000		142,216
Oversea-Chinese Banking Corp., Ltd.		228,000		1,833,377
Sembcorp Industries, Ltd.		78,000		273,506
Sembcorp Marine, Ltd.#		66,000		158,505
Singapore Airlines, Ltd.		44,000		363,938
Singapore Exchange, Ltd.		64,000		359,457
Singapore Press Holdings, Ltd.		129,000		424,622
Singapore Technologies Engineering, Ltd.		124,000		320,632
Singapore Telecommunications, Ltd.		637,000		1,906,161
StarHub, Ltd.		48,000		152,474

130

VALIC Company I International Equities Index Fund**

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Singapore (continued)
Suntec Real Estate Investment Trust		180,000	$	272,079
United Overseas Bank, Ltd.		101,000		1,859,894
UOL Group, Ltd.		37,000		191,061
Wilmar International, Ltd.		152,000		374,373
Yangzijiang Shipbuilding Holdings, Ltd.		152,000		142,868
				14,622,873
Spain — 3.6%
Abertis Infraestructuras SA#		32,611		698,345
ACS Actividades de Construccion y Servicios SA		13,847		489,585
Amadeus IT Holding SA, Class A		33,662		1,340,968
Banco Bilbao Vizcaya Argentaria SA		470,930		5,061,678
Banco de Sabadell SA#		271,893		771,700
Banco Popular Espanol SA#		141,665		779,130
Banco Santander SA		982,163		8,859,039
Bankia SA†		366,058		642,235
Bankinter SA		53,661		481,214
CaixaBank SA		179,926		994,259
Distribuidora Internacional de Alimentacion SA		49,496		344,276
Enagas SA		16,104		539,629
Ferrovial SA#		32,574		667,964
Gas Natural SDG SA		27,888		790,489
Grifols SA		11,956		532,963
Iberdrola SA		401,832		2,972,996
Inditex SA		87,374		2,545,665
International Consolidated Airlines Group SA†		83,560		597,537
Mapfre SA		74,071		271,983
Red Electrica Corp. SA		8,636		791,641
Repsol SA		81,310		1,826,191
Telefonica SA		334,431		5,359,785
Zardoya Otis SA#		13,479		143,735
				37,503,007
Sweden — 3.0%
Alfa Laval AB		24,963		496,896
Assa Abloy AB, Class B#		26,756		1,454,205
Atlas Copco AB, Class A#		53,737		1,549,697
Atlas Copco AB, Class B		31,121		826,938
Boliden AB#		21,810		368,605
Electrolux AB, Series B#		19,336		574,740
Elekta AB, Series B#		29,149		297,148
Getinge AB, Class B#		16,009		370,629
Hennes & Mauritz AB, Class B		75,558		3,237,056
Hexagon AB, Class B#		20,429		649,427
Husqvarna AB, Class B		32,598		240,048
ICA Gruppen AB		6,141		237,228
Industrivarden AB, Class C#		12,801		226,305
Investment AB Kinnevik, Class B#		18,798		652,293
Investor AB, Class B		36,381		1,366,856
Lundin Petroleum AB†#		17,598		248,085
Nordea Bank AB		242,930		3,035,281
Sandvik AB#		84,296		883,065
Scania AB, Class B†		11,455		307,298
Securitas AB, Class B#		25,084		302,981
Skandinaviska Enskilda Banken AB, Class A		120,943		1,597,908
Skanska AB, Class B#		30,403		654,933
SKF AB, Class B		31,548		649,977
Svenska Cellulosa AB SCA, Class B#		47,242		1,114,626
Svenska Handelsbanken AB, Class A		39,892		1,948,770
Swedbank AB, Class A		72,557		1,903,632
Swedish Match AB		16,250		561,262
Tele2 AB, Class B		25,552		330,912
Telefonaktiebolaget LM Ericsson, Class B		242,234		3,050,953
TeliaSonera AB#		189,549		1,352,596

Security Description	Shares		Value (Note 2)
Sweden (continued)
Volvo AB, Class B		121,060	$	1,325,030
				31,815,380
Switzerland — 9.3%
ABB, Ltd.		174,560		3,920,483
Actelion, Ltd.		8,051		957,867
Adecco SA		13,774		967,710
Aryzta AG		7,089		565,946
Baloise Holding AG		3,794		495,783
Barry Callebaut AG		177		189,509
Chocoladefabriken Lindt & Spruengli AG		8		478,136
Chocoladefabriken Lindt & Sprungli AG (Participation Certificate)		73		367,891
Cie Financiere Richemont SA		41,470		3,901,164
Coca-Cola HBC AG CDI		15,806		358,943
Credit Suisse Group AG		121,411		3,246,008
EMS-Chemie Holding AG		662		245,744
Geberit AG		2,976		1,037,247
Givaudan SA		729		1,299,858
Holcim, Ltd.		18,568		1,371,811
Julius Baer Group, Ltd.		18,001		816,033
Kuehne & Nagel International AG		4,358		587,084
Lonza Group AG		4,218		496,158
Nestle SA		256,601		19,276,627
Novartis AG		182,960		17,713,446
Pargesa Holding SA (BR)		2,466		196,361
Partners Group Holding AG		1,397		401,416
Roche Holding AG		55,829		16,729,912
Schindler Holding AG		1,715		239,736
Schindler Holding AG (Participation Certificate)		3,477		496,123
SGS SA		438		947,885
Sika AG (BR)		174		662,668
Sonova Holding AG		4,324		654,589
Sulzer AG		1,926		215,186
Swatch Group AG		3,981		366,668
Swatch Group AG (BR)		2,477		1,224,714
Swiss Life Holding AG		2,563		587,573
Swiss Prime Site AG		4,611		355,702
Swiss Re AG		27,956		2,391,059
Swisscom AG		1,871		1,136,258
Syngenta AG		7,468		2,461,366
Transocean, Ltd.#		27,921		591,523
UBS AG		291,622		5,254,179
Zurich Insurance Group AG		11,972		3,753,685
				96,960,051
United Kingdom — 19.0%
3i Group PLC		78,162		542,770
Aberdeen Asset Management PLC		74,263		522,547
Admiral Group PLC		15,191		294,608
Aggreko PLC		20,750		497,505
Amec Foster Wheeler PLC		30,839		450,730
Anglo American PLC		111,341		2,301,225
Antofagasta PLC		31,438		362,376
ARM Holdings PLC		113,582		1,624,539
Ashtead Group PLC		40,002		659,416
Associated British Foods PLC		28,568		1,431,112
AstraZeneca PLC		100,344		7,501,639
Aviva PLC		237,416		1,886,299
Babcock International Group PLC		19,809		352,257
BAE Systems PLC		253,094		1,904,382
Barclays PLC		1,304,614		5,002,082
BG Group PLC		270,405		3,807,068
BHP Billiton PLC		168,120		3,988,796
BP PLC		1,468,722		9,652,338

131

VALIC Company I International Equities Index Fund**

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
British American Tobacco PLC		148,107	$	8,789,558
British Land Co. PLC		79,500		954,916
BT Group PLC		646,819		4,149,687
Bunzl PLC		26,910		751,678
Burberry Group PLC		35,491		915,881
Capita PLC		53,034		887,514
Carnival PLC		14,962		659,896
Centrica PLC		406,700		1,810,281
Cobham PLC		90,354		426,202
Compass Group PLC		134,924		2,300,131
Croda International PLC		11,149		427,905
Diageo PLC		200,424		6,209,707
Direct Line Insurance Group PLC		119,198		549,024
Dixons Carphone PLC		78,343		518,663
easyJet PLC		12,982		335,623
Fresnillo PLC#		17,358		193,293
G4S PLC		122,198		528,249
GKN PLC		133,318		719,983
GlaxoSmithKline PLC		385,792		8,960,176
Hammerson PLC		61,969		603,809
Hargreaves Lansdown PLC#		19,158		292,290
HSBC Holdings PLC		1,522,733		15,170,506
ICAP PLC		44,695		291,356
IMI PLC		21,827		403,163
Imperial Tobacco Group PLC		76,150		3,525,320
Inmarsat PLC		34,465		428,262
InterContinental Hotels Group PLC		19,286		817,426
Intertek Group PLC		13,054		476,724
Intu Properties PLC#		71,819		400,888
Investec PLC		44,336		410,502
ITV PLC		311,293		1,042,859
J Sainsbury PLC#		99,052		361,577
Johnson Matthey PLC		16,586		862,781
Kingfisher PLC		187,745		916,136
Land Securities Group PLC		62,748		1,165,878
Lloyds Banking Group PLC†		4,560,365		5,730,894
London Stock Exchange Group PLC		17,816		628,338
Marks & Spencer Group PLC		132,807		1,014,664
Meggitt PLC		63,380		498,605
Melrose Industries PLC		86,865		351,462
Merlin Entertainments PLC*		38,958		230,926
National Grid PLC		297,452		4,326,500
Next PLC		12,251		1,298,129
Old Mutual PLC		396,419		1,241,859
Pearson PLC		65,617		1,263,314
Persimmon PLC		24,270		581,901
Prudential PLC		204,657		4,954,895
Reckitt Benckiser Group PLC		51,563		4,237,871
Reed Elsevier PLC		90,513		1,575,589
Rexam PLC		56,165		397,398
Rio Tinto PLC		101,168		4,734,937
Rolls-Royce Holdings PLC		150,333		1,980,893
Rolls-Royce Holdings PLC, Class C (Entitlement Shares)†		13,810,410		21,599
Royal Bank of Scotland Group PLC†		201,221		1,244,048
Royal Dutch Shell PLC, Class A		314,156		10,477,828
Royal Dutch Shell PLC, Class B		194,212		6,752,310
Royal Mail PLC		51,914		339,226
RSA Insurance Group PLC†		80,737		591,209
SABMiller PLC		76,553		4,267,139
Sage Group PLC		89,107		567,348
Schroders PLC		10,082		424,954
Segro PLC		60,653		372,141
Severn Trent PLC		18,963		605,916
Sky PLC		81,874		1,193,435

Security Description	Shares		Value (Note 2)
United Kingdom (continued)
Smith & Nephew PLC		72,101	$	1,251,703
Smiths Group PLC		31,831		575,997
Sports Direct International PLC†#		22,455		231,965
SSE PLC		76,241		1,955,552
Standard Chartered PLC		195,992		2,872,507
Standard Life PLC		193,122		1,280,662
Tate & Lyle PLC#		37,363		352,660
Tesco PLC		643,134		1,875,429
Travis Perkins PLC		20,112		568,395
TUI Travel PLC		41,080		285,716
Tullow Oil PLC		72,315		481,809
Unilever PLC		102,019		4,317,633
United Utilities Group PLC		53,751		761,223
Vodafone Group PLC		2,105,030		7,702,261
Weir Group PLC		17,231		505,569
Whitbread PLC		14,710		1,055,306
William Hill PLC		70,850		371,212
WM Morrison Supermarkets PLC#		167,657		468,055
				198,858,515
Total Common Stocks
(cost $969,735,830)				1,019,917,522
PREFERRED SECURITIES — 0.6%
Germany — 0.6%
Bayerische Motoren Werke AG		4,323		367,285
Fuchs Petrolub SE#		5,866		242,840
Henkel AG & Co. KGaA		14,415		1,600,302
Porsche Automobil Holding SE		12,372		1,078,229
Volkswagen AG#		12,977		2,990,475
Total Preferred Securities
(cost $5,926,597)				6,279,131
RIGHTS† — 0.0%
Australia — 0.0%
Harvey Norman Holdings, Ltd. Expires 12/15/2015 (strike price AUD 2.50)		1,950		2,988
Bermuda — 0.0%
Shangri-La Asia, Ltd Expires 12/15/2015 (strike price HKD 11.10).		16,285		714
France — 0.0%
Arkema SA Expires 12/03/2014 (strike price EUR 38.50)		4,496		13,238
Spain — 0.0%
CaixaBank SA Expires 12/15/2014		143,428		9,637
Telefonica SA Expires 12/09/2014#		332,342		152,180
				161,817
Total Rights
(cost $148,903)				178,757
Total Long-Term Investment Securities
(cost $975,811,330)				1,026,375,410
SHORT-TERM INVESTMENT SECURITIES — 5.4%
Registered Investment Companies — 5.2%
State Street Navigator Securities Lending Prime Portfolio(3)		54,490,703		54,490,703

132

VALIC Company I International Equities Index Fund**

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
U.S. Government Treasuries — 0.2%
United States Treasury Bills Disc. Notes 0.01% due 12/18/2014@	$	2,100,000		$	2,099,990
Total Short-Term Investment Securities
(cost $56,590,693)					56,590,693
REPURCHASE AGREEMENTS — 1.5%
State Street Bank and Trust Co. Joint Repurchase Agreement(4) (cost $15,450,000)		15,450,000			15,450,000
TOTAL INVESTMENTS
(cost $1,047,852,023)(5)		104.8	%		1,098,416,103
Liabilities in excess of other assets		(4.8	)		(50,597,698	)
NET ASSETS —		100.0	%	$	1,047,818,405

# 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, 2014, the aggregate value of these securities was $402,414 representing 0.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

** See Note 1

@ 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, 2014, the aggregate value of these securities was $15,963 representing 0.0% of net assets.

(3) At November 30, 2014, the Fund had loaned securities with a total value of $52,715,847. This was secured by collateral of $54,490,703, which was received in cash and subsequently invested in short-term investments currently valued at $54,490,703 as reported in the portfolio of investments. Additional collateral of $1,458,409 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014
United States Treasury Notes/Bonds	0.13% to 8.00%	12/31/2014 to 05/15/2043	$1,458,409

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

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

AUD—Australian Dollar

BR—Bearer Shares

CDI—Chess Depository Interest

CVA—Certification Van Aandelen (Dutch Cert.) EUR—Euro Dollar

FDR—Federal Depository Receipt

HKD—Hong Kong Dollar

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, 2014		Unrealized Appreciation (Depreciation)
	290	Long	E-Mini MSCI EAFE Index		December 2014	$	26,120,990	$	26,627,800	$	506,810

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Australia	$	75,350,986	$	—	$	0	$	75,350,986
Portugal		1,625,214		—		15,963		1,641,177
Sweden		31,508,082		307,298		—		31,815,380
United Kingdom		198,836,916		21,599		—		198,858,515
Other Countries		712,251,464		—		—		712,251,464
Preferred Securities		6,279,131		—		—		6,279,131
Rights		178,757		—		—		178,757
Short-Term Investment Securities:
Registered Investment Companies		54,490,703		—		—		54,490,703
U.S. Government Treasuries		—		2,099,990		—		2,099,990
Repurchase Agreements		—		15,450,000		—		15,450,000
Total Investments at Value	$	1,080,521,253	$	17,878,887	$	15,963	$	1,098,416,103
Other Financial Instruments:†
Open Futures Contracts	$	506,810	$	—	$	—	$	506,810

133

VALIC Company I International Equities Index Fund**

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

* For a detailed presentation of investments, 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 were not considered a material portion of the Fund.

See Notes to Financial Statements

134

VALIC Company I International Government Bond Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Sovereign	66.8	%
United States Treasury Notes	15.3
United States Treasury Bonds	3.3
Banks — Commercial	2.4
Time Deposits	1.2
Oil Companies — Integrated	0.9
Auto — Cars/Light Trucks	0.8
Oil Companies — Exploration & Production	0.6
Brewery	0.5
Registered Investment Companies	0.5
Food — Meat Products	0.4
Electric — Integrated	0.4
Oil Refining & Marketing	0.4
Banks — Special Purpose	0.4
Real Estate Operations & Development	0.4
Sovereign Agency	0.3
Municipal Bonds	0.3
Independent Power Producers	0.3
Steel — Producers	0.3
Gold Mining	0.3
Industrial Gases	0.2
Pipelines	0.2
Banks — Export/Import	0.2
Building Products — Cement	0.2
Paper & Related Products	0.2
Petrochemicals	0.2
Diversified Operations	0.2
Transport — Services	0.2
Diversified Minerals	0.2
Sugar	0.2
Building & Construction — Misc.	0.1
Retail — Major Department Stores	0.1
Electric — Generation	0.1
Metal — Iron	0.1
Electric — Distribution	0.1
Banks — Super Regional	0.1
Steel — Specialty	0.1
Gas — Transportation	0.1
Metal — Diversified	0.1
Building — Heavy Construction	0.1
Telephone — Integrated	0.1
Food — Misc./Diversified	0.1
SupraNational Banks	0.1
	99.1	%

Country Allocation*

United States	21.1	%
Japan	11.5
Italy	6.2
Spain	4.9
United Kingdom	3.1
Turkey	2.4
Mexico	2.3
Indonesia	2.2
South Africa	2.2
Brazil	2.0
Netherlands	2.0
El Salvador	1.7
Lebanon	1.7
Belgium	1.6
Peru	1.6
Hungary	1.5
Venezuela	1.4
Canada	1.4
France	1.3
Poland	1.3
Austria	1.2

Germany	1.2
Colombia	1.2
Ireland	1.2
Lithuania	1.1
Uruguay	1.0
Dominican Republic	1.0
Philippines	1.0
Panama	1.0
Australia	0.9
Costa Rica	0.9
Croatia	0.9
Luxembourg	0.9
Malaysia	0.7
British Virgin Islands	0.7
Thailand	0.7
Sweden	0.7
Kazakhstan	0.6
Russia	0.6
Sri Lanka	0.6
Guatemala	0.5
Latvia	0.5
Singapore	0.5
Norway	0.5
Kenya	0.5
Serbia	0.4
Denmark	0.4
New Zealand	0.4
Pakistan	0.4
Cayman Islands	0.4
Bahrain	0.4
Senegal	0.4
Finland	0.4
Ukraine	0.3
Jersey	0.3
Egypt	0.2
Morocco	0.2
Belarus	0.2
Chile	0.2
Nigeria	0.1
Paraguay	0.1
United Arab Emirates	0.1
South Korea	0.1
SupraNational	0.1
	99.1	%

Credit Quality Allocation†#

Aaa	26.1	%
Aa	16.7
A	7.0
Baa	31.2
Ba	7.1
B	3.2
Caa	2.6
Not Rated@	6.1
	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.

135

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Principal Amount(3)		Value (Note 2)
CORPORATE BONDS & NOTES — 11.7%
Australia — 0.1%
Westpac Banking Corp. Senior Notes 1.13% due 09/25/2015	$	270,000	$	271,583
Austria — 0.1%
ESAL GmbH Company Guar. Notes 6.25% due 02/05/2023*		200,000		200,750
Belgium — 0.3%
Anheuser-Busch InBev NV Company Guar. Notes 2.00% due 12/16/2019	EUR	400,000		532,127
Brazil — 0.7%
Banco ABC Brasil SA Senior Notes 8.50% due 03/28/2016*	BRL	1,600,000		595,746
BRF SA Senior Notes 3.95% due 05/22/2023*		200,000		187,700
BRF SA Senior Notes 7.75% due 05/22/2018*	BRL	500,000		169,211
Oi SA Senior Notes 9.75% due 09/15/2016*	BRL	500,000		179,835
Samarco Mineracao SA Senior Notes 4.13% due 11/01/2022*		250,000		229,063
				1,361,555
British Virgin Islands — 0.7%
Gold Fields Orogen Holdings BVI, Ltd. Company Guar. Notes 4.88% due 10/07/2020*		320,000		281,600
GTL Trade Finance, Inc. Company Guar. Notes 7.25% due 04/16/2044*		200,000		203,500
LS Finance 2022, Ltd. Company Guar. Notes 4.25% due 10/16/2022		250,000		251,076
OAS Finance, Ltd. Company Guar. Notes 8.00% due 07/02/2021*(4)		200,000		88,000
Sinopec Group Overseas Development 2014, Ltd. Company Guar. Notes 4.38% due 04/10/2024*		275,000		291,498
State Grid Overseas Investment 2014, Ltd. Company Guar. Notes 4.13% due 05/07/2024*		200,000		211,381
				1,327,055
Canada — 0.1%
Pacific Rubiales Energy Corp. Company Guar. Notes 5.13% due 03/28/2023		300,000		276,750
Cayman Islands — 0.4%
Country Garden Holdings Co., Ltd. Company Guar. Notes 7.25% due 04/04/2021*		200,000		197,500
Country Garden Holdings Co., Ltd. Company Guar. Notes 7.50% due 01/10/2023*		200,000		196,500
Country Garden Holdings Co., Ltd. Company Guar. Notes 11.13% due 02/23/2018		300,000		320,625
				714,625

Security Description	Principal Amount(3)		Value (Note 2)
Chile — 0.2%
Celulosa Arauco y Constitucion SA Senior Notes 4.50% due 08/01/2024		$ 200,000	$	199,693
E.CL SA Senior Notes 4.50% due 01/29/2025*#		200,000		203,135
				402,828
Colombia — 0.5%
Banco de Bogota SA Senior Notes 5.00% due 01/15/2017*		260,000		274,430
Ecopetrol SA Senior Notes 4.13% due 01/16/2025		165,000		160,875
Empresas Publicas de Medellin ESP Senior Notes 8.38% due 02/01/2021	COP	80,000,000		38,672
Transportadora de Gas Internacional SA ESP Senior Notes 5.70% due 03/20/2022*#		400,000		425,000
				898,977
Indonesia — 0.4%
PT Pertamina Persero Senior Notes 4.88% due 05/03/2022*		318,000		327,540
PT Perusahaan Listrik Negara Senior Notes 5.50% due 11/22/2021*		480,000		515,400
				842,940
Ireland — 0.1%
Rosneft Oil Co. via Rosneft International Finance, Ltd. Senior Notes 4.20% due 03/06/2022*		200,000		164,514
Jersey — 0.3%
Burgan Finance No. 1 Jersey, Ltd. Company Guar. Notes 7.88% due 09/29/2020		300,000		352,500
Polyus Gold International, Ltd. Company Guar. Notes 5.63% due 04/29/2020*		250,000		218,750
				571,250
Kazakhstan — 0.3%
Development Bank of Kazakhstan JSC Senior Notes 4.13% due 12/10/2022*		400,000		367,000
KazMunayGas National Co. JSC Senior Notes 6.38% due 04/09/2021*		250,000		271,550
				638,550
Luxembourg — 0.9%
Cosan Luxembourg SA Company Guar. Notes 9.50% due 03/14/2018*	BRL	825,000		287,883
Gazprom Neft OAO Via GPN Capital SA Senior Notes 4.38% due 09/19/2022*		200,000		165,750
Gazprom OAO Via Gaz Capital SA Senior Notes 6.00% due 01/23/2021*		240,000		231,900

136

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount(3)		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Luxembourg (continued)
Klabin Finance SA Company Guar. Notes 5.25% due 07/16/2024*		$ 200,000	$	194,940
Minerva Luxembourg SA Company Guar. Notes 7.75% due 01/31/2023*		200,000		206,540
Severstal OAO Via Steel Capital SA Senior Notes 4.45% due 03/19/2018*		350,000		326,179
Severstal OAO Via Steel Capital SA Senior Notes 5.90% due 10/17/2022		200,000		184,319
				1,597,511
Mexico — 0.5%
Alpek SAB de CV Company Guar. Notes 5.38% due 08/08/2023*		310,000		323,950
Cemex SAB de CV Senior Sec. Notes 5.88% due 03/25/2019*#		200,000		202,000
Elementia SAB de CV Company Guar. Notes 5.50% due 01/15/2025*		200,000		200,800
Empresas ICA SAB de CV Company Guar. Notes 8.88% due 05/29/2024*		200,000		190,000
				916,750
Netherlands — 1.3%
BMW Finance NV Company Guar. Notes 2.13% due 01/13/2015	EUR	400,000		498,819
Daimler International Finance BV Company Guar. Notes 3.50% due 06/06/2019	GBP	200,000		333,701
Enel Finance International NV Company Guar. Notes 4.88% due 03/11/2020	EUR	350,000		520,136
Linde Finance BV Company Guar. Notes 1.75% due 06/11/2019	EUR	350,000		460,059
Petrobras Global Finance BV Company Guar. Notes 3.25% due 04/01/2019	EUR	400,000		493,753
Petrobras Global Finance BV Company Guar. Notes 4.38% due 05/20/2023		120,000		110,827
				2,417,295
Nigeria — 0.1%
Zenith Bank PLC Senior Notes 6.25% due 04/22/2019*		275,000		268,125
Peru — 0.4%
Alicorp SAA Senior Notes 3.88% due 03/20/2023*		150,000		144,938
InRetail Consumer Company Guar. Bonds 5.25% due 10/10/2021*		60,000		60,330
Transportadora de Gas del Peru SA Senior Notes 4.25% due 04/30/2028*		200,000		193,200

Security Description	Principal Amount(3)		Value (Note 2)
Peru (continued)
Volcan Cia Minera SAA Company Guar. Notes 5.38% due 02/02/2022*		$ 310,000	$	306,900
				705,368
Singapore — 0.1%
Oversea-Chinese Banking Corp., Ltd. VRS Sub. Notes 4.00% due 10/15/2024*		200,000		206,183
South Africa — 0.2%
Transnet SOC, Ltd. Senior Notes 4.00% due 07/26/2022*		320,000		306,998
South Korea — 0.1%
Hana Bank Sub. Notes 4.38% due 09/30/2024*		200,000		209,787
SupraNational — 0.1%
Eurasian Development Bank Senior Notes 8.00% due 10/05/2017	RUB	6,000,000		105,184
Sweden — 0.4%
PKO Finance AB Senior Notes 4.63% due 09/26/2022*		305,000		321,775
Svensk Exportkredit AB Senior Notes 1.75% due 05/30/2017		400,000		408,535
				730,310
Thailand — 0.7%
Bangkok Bank PCL Senior Notes 2.75% due 03/27/2018*		500,000		507,040
Bangkok Bank PCL Senior Notes 3.88% due 09/27/2022		300,000		311,099
Siam Commercial Bank PCL Senior Notes 3.50% due 04/07/2019*		200,000		207,001
Thai Oil PCL Senior Notes 3.63% due 01/23/2023*		200,000		199,047
				1,224,187
Turkey — 0.9%
Akbank TAS Senior Notes 7.50% due 02/05/2018*	TRY	1,336,000		568,203
KOC Holding AS Senior Notes 3.50% due 04/24/2020*		330,000		318,038
Turkiye Halk Bankasi AS Senior Notes 3.88% due 02/05/2020*		200,000		196,500
Turkiye Is Bankasi AS Senior Notes 5.00% due 04/30/2020*		200,000		206,040
Turkiye Is Bankasi AS Senior Notes 5.50% due 04/21/2019*		310,000		328,873
				1,617,654

137

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount(3)		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
United Arab Emirates — 0.1%
Abu Dhabi National Energy Co. Senior Notes 5.88% due 12/13/2021*	$	200,000	$	235,000
United Kingdom — 0.6%
City of Kyiv Via Kyiv Finance PLC Senior Notes 9.38% due 07/11/2016*		750,000		525,000
SABMiller PLC Senior Notes 4.50% due 01/20/2015	EUR	400,000		500,597
Vedanta Resources PLC Senior Notes 7.13% due 05/31/2023*		200,000		191,760
				1,217,357
United States — 0.8%
Cemex Finance LLC Senior Sec. Notes 6.00% due 04/01/2024*		200,000		200,250
Fifth Third Bancorp Senior Notes 3.50% due 03/15/2022		200,000		204,880
Reliance Holding USA, Inc. Company Guar. Notes 4.50% due 10/19/2020		500,000		531,299
Toyota Motor Credit Corp. Senior Notes 1.75% due 05/22/2017		500,000		507,499
				1,443,928
Venezuela — 0.3%
Petroleos de Venezuela SA Company Guar. Notes 5.38% due 04/12/2027		300,000		127,200
Petroleos de Venezuela SA Company Guar. Notes 8.50% due 11/02/2017		700,000		490,000
				617,200
Corporate Bonds & Notes
(cost $23,121,763)				22,022,341
FOREIGN GOVERNMENT OBLIGATIONS — 67.1%
Australia — 0.8%
Commonwealth of Australia Senior Notes 4.75% due 06/15/2016	AUD	350,000		308,249
Commonwealth of Australia Senior Notes 5.75% due 05/15/2021	AUD	1,225,000		1,226,998
				1,535,247
Austria — 1.1%
Republic of Austria Senior Notes 3.40% due 11/22/2022*	EUR	500,000		759,197
Republic of Austria Senior Notes 4.15% due 03/15/2037*	EUR	740,000		1,365,961
				2,125,158
Bahrain — 0.4%
Kingdom of Bahrain Bonds 6.00% due 09/19/2044*		680,000		695,300

Security Description	Principal Amount(3)		Value (Note 2)
Belarus — 0.2%
Republic of Belarus Senior Notes 8.75% due 08/03/2015		$ 400,000	$	403,500
Belgium — 1.3%
Kingdom of Belgium Bonds 2.25% due 06/22/2023	EUR	1,735,000		2,423,924
Brazil — 1.3%
Federative Republic of Brazil Senior Notes 2.88% due 04/01/2021	EUR	350,000		452,272
Federative Republic of Brazil Senior Notes 5.63% due 01/07/2041		300,000		327,000
Federative Republic of Brazil Senior Bonds 7.13% due 01/20/2037		300,000		384,000
Federative Republic of Brazil Senior Notes 8.88% due 04/15/2024		500,000		687,500
Federative Republic of Brazil Senior Bonds 12.50% due 01/05/2022	BRL	1,100,000		494,278
				2,345,050
Canada — 1.3%
Government of Canada Bonds 1.50% due 09/01/2017	CAD	885,000		782,612
Government of Canada Bonds 3.75% due 06/01/2019	CAD	1,085,000		1,049,839
Government of Canada Bonds 5.00% due 06/01/2037	CAD	410,000		519,982
				2,352,433
Colombia — 0.7%
Republic of Colombia Senior Notes 2.63% due 03/15/2023		420,000		395,010
Republic of Colombia Senior Notes 7.38% due 09/18/2037		270,000		364,500
Republic of Colombia Senior Notes 9.85% due 06/28/2027	COP	900,000,000		530,501
				1,290,011
Costa Rica — 0.9%
Republic of Costa Rica Senior Notes 4.38% due 04/30/2025*		200,000		184,750
Republic of Costa Rica Senior Notes 4.38% due 04/30/2025		1,050,000		969,937
Republic of Costa Rica Senior Bonds 5.63% due 04/30/2043*		200,000		173,000
Republic of Costa Rica Senior Notes 5.63% due 04/30/2043		500,000		432,500
				1,760,187

138

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount(3)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Croatia — 0.9%
Republic of Croatia Senior Notes 5.50% due 04/04/2023	$	650,000	$	683,072
Republic of Croatia Senior Notes 6.75% due 11/05/2019		900,000		1,004,625
				1,687,697
Denmark — 0.4%
Kingdom of Denmark Bonds 3.00% due 11/15/2021	DKK	4,100,000		809,757
Dominican Republic — 1.0%
Dominican Republic Senior Notes 5.88% due 04/18/2024		300,000		313,500
Dominican Republic Senior Notes 6.60% due 01/28/2024		700,000		766,500
Dominican Republic Senior Notes 7.50% due 05/06/2021		390,000		439,140
Dominican Republic Senior Notes 8.63% due 04/20/2027		300,000		365,250
				1,884,390
Egypt — 0.2%
Arab Republic of Egypt Senior Notes 6.88% due 04/30/2040		400,000		425,000
El Salvador — 1.7%
Republic of El Salvador Senior Notes 5.88% due 01/30/2025*		225,000		226,406
Republic of El Salvador Senior Notes 5.88% due 01/30/2025		700,000		704,375
Republic of El Salvador Senior Notes 7.38% due 12/01/2019		500,000		555,000
Republic of El Salvador Senior Notes 7.63% due 02/01/2041		1,120,000		1,219,400
Republic of El Salvador Senior Bonds 8.25% due 04/10/2032		340,000		399,500
				3,104,681
Finland — 0.4%
Government of Finland Senior Bonds 2.63% due 07/04/2042*	EUR	440,000		671,705
France — 1.3%
Government of France Bonds 3.50% due 04/25/2026	EUR	400,000		620,859
Government of France Bonds 4.00% due 04/25/2060	EUR	350,000		670,050
Government of France Bonds 4.50% due 04/25/2041	EUR	600,000		1,140,980

Security Description	Principal Amount(3)		Value (Note 2)
France (continued)
Government of France Bonds 5.50% due 04/25/2029	EUR	347	$	661
				2,432,550
Germany — 1.2%
Federal Republic of Germany Bonds 3.50% due 07/04/2019	EUR	380,000		547,475
Federal Republic of Germany Bonds 4.00% due 01/04/2037	EUR	950,000		1,745,998
				2,293,473
Guatemala — 0.5%
Republic of Guatemala Senior Notes 4.88% due 02/13/2028		350,000		354,375
Republic of Guatemala Senior Notes 5.75% due 06/06/2022		600,000		658,500
				1,012,875
Hungary — 1.5%
Republic of Hungary Senior Notes 5.38% due 03/25/2024		980,000		1,071,875
Republic of Hungary Senior Notes 5.75% due 11/22/2023		308,000		344,040
Republic of Hungary Senior Bonds 6.38% due 03/29/2021		600,000		691,122
Republic of Hungary Senior Notes 7.63% due 03/29/2041		550,000		739,750
				2,846,787
Indonesia — 1.8%
Perusahaan Penerbit SBSN Senior Notes 3.30% due 11/21/2022*		600,000		574,500
Republic of Indonesia Senior Notes 4.63% due 04/15/2043*		330,000		311,437
Republic of Indonesia Senior Notes 5.88% due 01/15/2024*		230,000		265,363
Republic of Indonesia Senior Notes 8.50% due 10/12/2035		830,000		1,172,375
Republic of Indonesia Senior Notes 11.63% due 03/04/2019		790,000		1,062,550
				3,386,225
Ireland — 1.1%
Republic of Ireland Bonds 3.40% due 03/18/2024	EUR	790,000		1,154,380
Republic of Ireland Bonds 4.50% due 04/18/2020	EUR	270,000		405,680
Republic of Ireland Bonds 4.60% due 04/18/2016	EUR	330,000		436,229
				1,996,289

139

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount(3)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Italy — 6.2%
Republic of Italy Bonds 3.50% due 11/01/2017	EUR	270,000	$	363,510
Republic of Italy Bonds 4.25% due 03/01/2020	EUR	1,800,000		2,606,340
Republic of Italy Senior Notes 4.50% due 06/08/2015	JPY	110,000,000		946,396
Republic of Italy Bonds 4.50% due 02/01/2018	EUR	1,650,000		2,295,565
Republic of Italy Bonds 4.75% due 05/01/2017	EUR	800,000		1,094,655
Republic of Italy Bonds 4.75% due 09/01/2021	EUR	1,150,000		1,734,333
Republic of Italy Bonds 5.00% due 03/01/2025*	EUR	1,020,000		1,606,916
Republic of Italy Bonds 9.00% due 11/01/2023	EUR	532,912		1,054,438
				11,702,153
Japan — 11.5%
Government of Japan Senior Bonds 0.90% due 03/20/2022	JPY	340,000,000		3,004,478
Government of Japan Senior Bonds 1.00% due 09/20/2020	JPY	185,000,000		1,636,629
Government of Japan Senior Notes 1.10% due 06/20/2020	JPY	132,000,000		1,172,016
Government of Japan Senior Bonds 1.10% due 03/20/2021	JPY	180,000,000		1,606,021
Government of Japan Senior Bonds 1.30% due 12/20/2019	JPY	254,000,000		2,268,079
Government of Japan Senior Bonds 1.50% due 09/20/2018	JPY	190,000,000		1,688,779
Government of Japan Senior Bonds 1.70% due 12/20/2016	JPY	62,500,000		544,911
Government of Japan Senior Bonds 1.70% due 03/20/2018	JPY	110,000,000		977,787
Government of Japan Senior Notes 1.80% due 12/20/2031	JPY	53,000,000		503,091
Government of Japan Senior Notes 1.80% due 03/20/2043	JPY	225,000,000		2,068,868
Government of Japan Senior Bonds 2.00% due 03/20/2025	JPY	182,700,000		1,777,797
Government of Japan Senior Bonds 2.00% due 09/20/2040	JPY	285,000,000		2,731,809
Government of Japan Senior Bonds 2.10% due 09/20/2029	JPY	128,000,000		1,272,376

Security Description	Principal Amount(3)		Value (Note 2)
Japan (continued)
Government of Japan Senior Notes 2.20% due 03/20/2051	JPY	33,000,000	$	331,195
				21,583,836
Kazakhstan — 0.3%
Republic of Kazakhstan Senior Notes 3.88% due 10/14/2024*		360,000		351,000
Republic of Kazakhstan Senior Notes 4.88% due 10/14/2044		230,000		217,350
				568,350
Kenya — 0.5%
Republic of Kenya Notes 6.88% due 06/24/2024*		860,000		919,340
Latvia — 0.5%
Republic of Latvia Senior Notes 5.25% due 02/22/2017		300,000		324,696
Republic of Latvia Senior Notes 5.25% due 06/16/2021		610,000		687,775
				1,012,471
Lebanon — 1.7%
Lebanese Republic Senior Notes 5.00% due 10/12/2017		1,980,000		2,006,730
Lebanese Republic Senior Notes 6.60% due 11/27/2026		1,050,000		1,086,750
				3,093,480
Lithuania — 1.1%
Republic of Lithuania Senior Notes 6.63% due 02/01/2022		600,000		730,200
Republic of Lithuania Senior Notes 7.38% due 02/11/2020		1,150,000		1,399,400
				2,129,600
Malaysia — 0.7%
Government of Malaysia Senior Notes 3.31% due 10/31/2017	MYR	1,550,000		453,769
Government of Malaysia Senior Bonds 4.16% due 07/15/2021	MYR	2,940,000		889,123
				1,342,892
Mexico — 1.8%
United Mexican States Senior Notes 2.75% due 04/22/2023	EUR	400,000		522,506
United Mexican States Senior Notes 3.60% due 01/30/2025		700,000		701,680
United Mexican States Bonds 7.25% due 12/15/2016	MXN	21,760,000		1,672,237

140

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount(3)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Mexico (continued)
United Mexican States Bonds 7.75% due 11/13/2042	MXN	2,900,000	$	235,156
United Mexican States Bonds 8.50% due 05/31/2029	MXN	2,900,000		251,862
				3,383,441
Morocco — 0.2%
Kingdom of Morocco Senior Notes 4.25% due 12/11/2022		400,000		410,000
Netherlands — 0.7%
Government of Netherlands Bonds 2.25% due 07/15/2022*	EUR	885,000		1,242,314
New Zealand — 0.4%
Government of New Zealand Senior Notes 6.00% due 04/15/2015	NZD	1,005,000		794,970
Norway — 0.5%
Kingdom of Norway Bonds 3.75% due 05/25/2021	NOK	1,300,000		209,079
Kingdom of Norway Bonds 4.25% due 05/19/2017	NOK	3,240,000		493,916
Kingdom of Norway Bonds 5.00% due 05/15/2015	NOK	1,800,000		260,216
				963,211
Pakistan — 0.4%
Islamic Republic of Pakistan Senior Notes 8.25% due 04/15/2024		700,000		736,890
Panama — 1.0%
Republic of Panama Senior Notes 5.20% due 01/30/2020		600,000		662,400
Republic of Panama Senior Notes 6.70% due 01/26/2036		600,000		760,500
Republic of Panama Senior Notes 7.13% due 01/29/2026		300,000		382,500
				1,805,400
Paraguay — 0.1%
Republic of Paraguay Notes 6.10% due 08/11/2044*		250,000		266,250
Peru — 1.2%
Republic of Peru Senior Notes 5.63% due 11/18/2050		300,000		351,000
Republic of Peru Senior Notes 6.55% due 03/14/2037		300,000		386,250
Republic of Peru Senior Notes 7.13% due 03/30/2019		600,000		723,000

Security Description	Principal Amount(3)		Value (Note 2)
Peru (continued)
Republic of Peru Senior Notes 8.75% due 11/21/2033	$	490,000	$	764,400
				2,224,650
Philippines — 1.0%
Republic of the Philippines Senior Notes 6.38% due 10/23/2034		500,000		666,875
Republic of the Philippines Senior Notes 10.63% due 03/16/2025		710,000		1,139,550
				1,806,425
Poland — 1.3%
Republic of Poland Bonds 4.00% due 10/25/2023	PLN	2,000,000		677,713
Republic of Poland Bonds 5.25% due 10/25/2020	PLN	3,220,000		1,126,272
Republic of Poland Senior Notes 6.38% due 07/15/2019		500,000		591,250
				2,395,235
Russia — 0.6%
Russian Federation Senior Notes 5.63% due 04/04/2042*		800,000		755,794
Russian Federation Senior Notes 7.50% due 03/31/2030		370,075		405,232
				1,161,026
Senegal — 0.4%
Republic of Senegal Bonds 6.25% due 07/30/2024		680,000		678,300
Serbia — 0.4%
Republic of Serbia Bonds 4.88% due 02/25/2020		300,000		307,066
Republic of Serbia Notes 5.88% due 12/03/2018		500,000		529,590
				836,656
Singapore — 0.4%
Republic of Singapore Senior Notes 2.38% due 04/01/2017	SGD	970,000		775,335
South Africa — 2.0%
Republic of South Africa Senior Notes 4.67% due 01/17/2024		300,000		315,750
Republic of South Africa Senior Notes 5.38% due 07/24/2044		290,000		307,725
Republic of South Africa Senior Notes 5.88% due 09/16/2025		700,000		799,750
Republic of South Africa Senior Notes 6.25% due 03/08/2041		600,000		714,120

141

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount(3)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
South Africa (continued)
Republic of South Africa Senior Notes 6.75% due 03/31/2021	ZAR	1,900,000	$	168,357
Republic of South Africa Senior Bonds 6.88% due 05/27/2019		1,000,000		1,151,950
Republic of South Africa Bonds 7.25% due 01/15/2020	ZAR	2,500,000		228,713
				3,686,365
Spain — 4.9%
Kingdom of Spain Senior Bonds 4.00% due 04/30/2020	EUR	1,000,000		1,437,203
Kingdom of Spain Senior Bonds 4.10% due 07/30/2018	EUR	2,200,000		3,069,622
Kingdom of Spain Bonds 4.25% due 10/31/2016	EUR	850,000		1,134,250
Kingdom of Spain Senior Notes 4.40% due 10/31/2023*	EUR	1,230,000		1,865,390
Kingdom of Spain Senior Bonds 4.60% due 07/30/2019	EUR	1,150,000		1,673,181
				9,179,646
Sri Lanka — 0.6%
Republic of Sri Lanka Senior Notes 6.25% due 10/04/2020		400,000		428,000
Republic of Sri Lanka Senior Notes 6.25% due 07/27/2021		670,000		715,225
				1,143,225
Sweden — 0.3%
Kingdom of Sweden Bonds 3.50% due 06/01/2022	SEK	3,000,000		484,579
Turkey — 1.5%
Republic of Turkey Senior Notes 5.63% due 03/30/2021		600,000		666,000
Republic of Turkey Senior Bonds 5.75% due 03/22/2024		250,000		281,000
Republic of Turkey Senior Notes 6.00% due 01/14/2041		630,000		723,366
Republic of Turkey Senior Notes 7.38% due 02/05/2025		600,000		756,030
Republic of Turkey Senior Notes 11.88% due 01/15/2030		228,000		406,310
				2,832,706
Ukraine — 0.3%
Financing of Infrastructural Projects State Enterprise Government Guar. Bonds 7.40% due 04/20/2018		810,000		583,362

Security Description	Principal Amount(3)		Value (Note 2)
United Kingdom — 2.5%
United Kingdom Gilt Treasury Bonds 1.25% due 07/22/2018	GBP	890,000	$	1,401,490
United Kingdom Gilt Treasury Bonds 3.75% due 09/07/2020	GBP	465,000		820,975
United Kingdom Gilt Treasury Bonds 4.00% due 09/07/2016	GBP	135,000		224,051
United Kingdom Gilt Treasury Bonds 4.25% due 03/07/2036	GBP	410,000		819,467
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2040	GBP	450,000		917,806
United Kingdom Gilt Treasury Bonds 4.50% due 09/07/2034	GBP	290,000		595,059
				4,778,848
Uruguay — 1.0%
Oriental Republic of Uruguay Senior Notes 4.50% due 08/14/2024		113,000		119,780
Oriental Republic of Uruguay Senior Notes 7.63% due 03/21/2036		300,000		411,000
Oriental Republic of Uruguay Senior Notes 7.88% due 01/15/2033		250,000		344,375
Oriental Republic of Uruguay Notes 8.00% due 11/18/2022		771,809		1,018,788
				1,893,943
Venezuela — 1.1%
Republic of Venezuela Senior Notes 7.00% due 12/01/2018		400,000		230,200
Republic of Venezuela Senior Bonds 7.75% due 10/13/2019		800,000		445,600
Republic of Venezuela Senior Bonds 9.00% due 05/07/2023		870,000		473,715
Republic of Venezuela Senior Notes 11.75% due 10/21/2026		330,000		203,445
Republic of Venezuela Senior Notes 12.75% due 08/23/2022#		1,100,000		746,900
				2,099,860
Total Foreign Government Obligations
(cost $130,185,647)				125,996,998
U.S. GOVERNMENT TREASURIES — 18.6%
United States Treasury Bonds
3.00% due 05/15/2042		1,720,000		1,753,997
4.38% due 02/15/2038		1,520,000		1,936,456
5.38% due 02/15/2031		700,000		964,032
5.50% due 08/15/2028		1,280,000		1,735,100
United States Treasury Notes
0.25% due 12/15/2014		2,700,000		2,700,000
1.25% due 09/30/2015		1,420,000		1,433,312

142

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Principal Amount(3)			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
1.88% due 08/31/2017	$	2,305,000		$	2,370,549
2.00% due 11/30/2020		3,800,000			3,851,361
2.13% due 12/31/2015		2,125,000			2,169,160
2.38% due 03/31/2016		3,308,000			3,402,847
2.75% due 11/30/2016		2,370,000			2,476,650
2.75% due 12/31/2017		2,150,000			2,267,241
2.75% due 02/28/2018		4,030,000			4,253,540
3.13% due 05/15/2021		3,260,000			3,515,196
Total U.S. Government Treasuries
(cost $34,175,722)					34,829,441
Total Long-Term Investment Securities
(cost $187,483,132)					182,848,780
SHORT-TERM INVESTMENT SECURITIES — 1.7%
Registered Investment Companies — 0.5%
State Street Navigator Securities Lending Prime Portfolio(1)		917,020			917,020
Time Deposits — 1.2%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014		2,239,000			2,239,000
Total Short-Term Investment Securities
(cost $3,156,020)					3,156,020
TOTAL INVESTMENTS —
(cost $190,639,152)(2)		99.1	%		186,004,800
Other assets less liabilities		0.9			1,684,878
NET ASSETS —		100.0	%	$	187,689,678

* 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, 2014, the aggregate value of these securities was $26,065,156 representing 13.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

(1) At November 30, 2014, the Fund had loaned securities with a total value of $901,228. This was secured by collateral of $917,020, which was received in cash and subsequently invested in short-term investments currently valued at $917,020 as reported in the portfolio of investments.

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

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

(4) Subsequent to November 30, 2014, security is in default of interest.

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

COP—Colombian Peso

DKK—Danish Krone

EUR—Euro Dollar

GBP—British Pound

JPY—Japanese Yen

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

TRY—Turkish Lira

ZAR—South African Rand

VRS — Variable Rate Security

The rates shown on VRS are the current interest rates at November 30, 2014 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, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Corporate Bonds & Notes	$	—	$	22,022,341	$	—	$	22,022,341
Foreign Government Obligations		—		125,996,998		—		125,996,998
U.S. Government Treasuries		—		34,829,441		—		34,829,441
Short-Term Investment Securities:
Registered Investment Companies		917,020		—		—		917,020
Time Deposits		—		2,239,000		—		2,239,000
Total Investments at Value	$	917,020	$	185,087,780	$	—	$	186,004,800

* For a detailed presentation of investments, 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

143

VALIC Company I International Growth Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Banks — Commercial	8.7	%
Medical — Drugs	8.4
Auto — Cars/Light Trucks	3.5
Food — Misc./Diversified	3.3
Diversified Banking Institutions	2.7
Registered Investment Companies	2.5
Oil Companies — Integrated	2.2
Semiconductor Components — Integrated Circuits	1.8
Brewery	1.8
Chemicals — Diversified	1.8
Time Deposits	1.7
Insurance — Life/Health	1.7
Auto/Truck Parts & Equipment — Original	1.6
Medical Products	1.5
Tobacco	1.5
Food — Retail	1.5
Diversified Financial Services	1.5
Electronic Components — Misc.	1.5
Web Portals/ISP	1.5
Power Converter/Supply Equipment	1.4
Oil Companies — Exploration & Production	1.4
Advertising Agencies	1.2
Soap & Cleaning Preparation	1.2
Food — Catering	1.2
Electric Products — Misc.	1.2
Electronic Components — Semiconductors	1.2
Human Resources	1.2
Cosmetics & Toiletries	1.1
Hotels/Motels	1.1
Metal — Diversified	1.1
Industrial Gases	1.0
Electronic Measurement Instruments	1.0
Retail — Apparel/Shoe	1.0
Cable/Satellite TV	1.0
Retail — Jewelry	1.0
Enterprise Software/Service	1.0
Medical — Biomedical/Gene	0.9
E-Commerce/Products	0.9
Rental Auto/Equipment	0.9
Transport — Rail	0.8
Beverages — Wine/Spirits	0.8
Semiconductor Equipment	0.8
Airlines	0.8
Industrial Automated/Robotic	0.8
Casino Hotels	0.8
Appliances	0.8
Finance — Other Services	0.8
Diversified Operations	0.7
Wireless Equipment	0.7
Commercial Services	0.7
Apparel Manufacturers	0.7
Diversified Operations/Commercial Services	0.7
Medical — Generic Drugs	0.6
Transactional Software	0.6
Publishing — Periodicals	0.6
Television	0.6
Textile — Apparel	0.5
Aerospace/Defense — Equipment	0.5
Finance — Leasing Companies	0.5
Containers — Paper/Plastic	0.5
Audio/Video Products	0.5
Chemicals — Specialty	0.5
Building Products — Cement	0.5
Retail — Vision Service Center	0.5
Building Products — Air & Heating	0.5
Advertising Services	0.5
Internet Application Software	0.5
Machinery — Construction & Mining	0.5
Cruise Lines	0.5

Agricultural Chemicals	0.4
Machinery — Farming	0.4
Computer Services	0.4
Real Estate Management/Services	0.4
Telephone — Integrated	0.4
Computers — Integrated Systems	0.4
Building & Construction — Misc.	0.4
Investment Companies	0.4
Broadcast Services/Program	0.4
Engineering/R&D Services	0.4
Transport — Services	0.3
Machinery — Pumps	0.3
Finance — Mortgage Loan/Banker	0.3
Insurance — Multi-line	0.3
Retail — Building Products	0.3
Distribution/Wholesale	0.3
Building & Construction Products — Misc.	0.3
Electric — Integrated	0.3
Optical Supplies	0.3
Aerospace/Defense	0.3
Rubber — Tires	0.3
Investment Management/Advisor Services	0.3
Insurance — Property/Casualty	0.3
Retail — Home Furnishings	0.3
Diversified Manufacturing Operations	0.3
E-Commerce/Services	0.2
Athletic Footwear	0.2
Food — Meat Products	0.2
Schools	0.2
Diversified Minerals	0.2
Multimedia	0.2
Gas — Distribution	0.2
Oil Refining & Marketing	0.2
Beverages — Non-alcoholic	0.1
Computer Aided Design	0.1
Applications Software	0.1
Telecom Services	0.1
Consulting Services	0.1
Mining Services	0.1
	102.2	%

Country Allocation*

United Kingdom	18.3	%
Japan	13.8
Switzerland	9.9
France	7.6
Germany	7.5
Netherlands	4.9
United States	4.2
Canada	3.3
Denmark	2.8
Australia	2.5
Cayman Islands	2.4
Spain	2.2
Sweden	2.2
Jersey	2.2
Singapore	1.9
Hong Kong	1.8
India	1.8
Brazil	1.6
Taiwan	1.6
Belgium	1.5
Italy	1.2
Mexico	1.0
South Korea	1.0
Ireland	0.8
Bermuda	0.8

144

VALIC Company I International Growth Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited) — (continued)

Country Allocation* (continued)

Israel	0.7	%
China	0.7
Turkey	0.5
Russia	0.5
Thailand	0.4
Norway	0.3
Indonesia	0.3
	102.2	%

* Calculated as a percentage of net assets

145

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.0%
Australia — 2.5%
Amcor, Ltd.		306,725	$	3,175,158
BHP Billiton, Ltd.		48,274		1,270,678
Brambles, Ltd.		202,030		1,671,725
Commonwealth Bank of Australia		40,166		2,760,084
CSL, Ltd.		78,582		5,523,674
Orica, Ltd.#		40,625		629,430
				15,030,749
Belgium — 1.5%
Anheuser-Busch InBev NV		57,616		6,771,985
KBC Groep NV†		38,200		2,186,483
				8,958,468
Bermuda — 0.8%
Global Brands Group Holding, Ltd.†		3,946,800		880,471
Haier Electronics Group Co., Ltd.		624,000		1,721,956
Li & Fung, Ltd.		1,820,800		2,026,268
				4,628,695
Brazil — 1.6%
Banco Bradesco SA ADR		219,716		3,401,204
BM&FBovespa SA		549,556		2,258,346
BRF SA		55,641		1,440,459
Itau Unibanco Holding SA ADR		97,977		1,475,534
Kroton Educacional SA		193,000		1,349,198
				9,924,741
Canada — 3.3%
Agrium, Inc.		9,486		915,346
Canadian National Railway Co. (NYSE)		52,004		3,694,884
Canadian National Railway Co. (TSX)		22,464		1,595,201
Cenovus Energy, Inc.		44,388		996,101
CGI Group, Inc., Class A†		70,350		2,563,325
Encana Corp.#		102,026		1,607,228
Fairfax Financial Holdings, Ltd.		3,335		1,693,885
Loblaw Cos., Ltd.		31,852		1,712,752
Suncor Energy, Inc.#		100,642		3,177,011
Valeant Pharmaceuticals International, Inc.†		15,208		2,212,004
				20,167,737
Cayman Islands — 2.4%
Alibaba Group Holding, Ltd. ADR†		15,160		1,692,462
Baidu, Inc. ADR†		28,896		7,082,699
Ctrip.com International, Ltd. ADR†		28,290		1,529,923
Tencent Holdings, Ltd.		181,200		2,897,368
Vipshop Holdings, Ltd. ADR†		53,900		1,232,154
				14,434,606
China — 0.7%
Great Wall Motor Co., Ltd., Class H#		477,500		2,410,621
Industrial & Commercial Bank of China, Ltd., Class H		2,325,000		1,574,005
				3,984,626
Denmark — 2.8%
Carlsberg A/S, Class B		34,954		3,115,465
Coloplast A/S, Class B		23,100		2,002,901
GN Store Nord A/S#		118,560		2,533,774
Novo Nordisk A/S, Class B		77,621		3,542,270
Pandora A/S		66,690		5,921,804
				17,116,214
France — 7.6%
Accor SA		57,900		2,733,025
Air Liquide SA		25,428		3,201,973
Bureau Veritas SA		28,924		690,470

Security Description	Shares		Value (Note 2)
France (continued)
Carrefour SA		51,272	$	1,623,333
Danone SA		47,759		3,372,454
Dassault Systemes		12,281		803,335
Essilor International SA		17,262		1,939,563
GDF Suez		81,378		2,006,439
Legrand SA		32,119		1,685,152
LVMH Moet Hennessy Louis Vuitton SA#		18,565		3,338,011
Pernod Ricard SA#		26,808		3,179,273
Publicis Groupe SA		41,142		3,023,457
Schneider Electric SE		104,741		8,549,594
Total SA		81,874		4,583,391
Valeo SA		18,330		2,256,853
Zodiac Aerospace		99,640		3,304,121
				46,290,444
Germany — 7.5%
adidas AG		18,609		1,493,509
Allianz SE		12,083		2,081,578
Bayer AG		88,289		13,287,321
Beiersdorf AG		28,871		2,571,452
Continental AG		8,875		1,868,502
Daimler AG		34,760		2,932,476
Deutsche Boerse AG		34,272		2,505,372
Deutsche Post AG		39,559		1,314,999
Linde AG		16,173		3,053,826
Merck KGaA		26,465		2,637,065
MTU Aero Engines AG		6,775		604,187
ProSiebenSat.1 Media AG		77,861		3,327,911
SAP SE		82,753		5,836,312
Wirecard AG		55,754		2,367,758
				45,882,268
Hong Kong — 1.8%
AIA Group, Ltd.		509,200		2,941,645
CNOOC, Ltd.		466,000		681,432
Galaxy Entertainment Group, Ltd.		703,000		4,822,706
Hutchison Whampoa, Ltd.		218,000		2,733,820
				11,179,603
India — 1.8%
Housing Development Finance Corp.		112,133		2,088,885
ICICI Bank, Ltd. ADR		64,750		3,813,127
Reliance Industries, Ltd.		57,764		920,566
Tata Consultancy Services, Ltd.		62,870		2,677,307
Tata Motors, Ltd. ADR		35,360		1,614,537
				11,114,422
Indonesia — 0.3%
Bank Mandiri Persero Tbk PT		2,373,900		2,047,304
Ireland — 0.8%
Bank of Ireland†		7,718,758		3,169,467
Ryanair Holdings PLC ADR†		30,001		1,886,763
				5,056,230
Israel — 0.7%
Check Point Software Technologies, Ltd.†		9,775		755,705
Teva Pharmaceutical Industries, Ltd. ADR		64,210		3,658,686
				4,414,391
Italy — 1.2%
Intesa Sanpaolo SpA		587,130		1,810,342
Luxottica Group SpA		58,085		3,107,831
Saipem SpA†#		19,148		274,235
UniCredit SpA		288,430		2,133,621
				7,326,029

146

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan — 13.8%
Daikin Industries, Ltd.		46,100	$	3,059,219
Daito Trust Construction Co., Ltd.		23,600		2,664,869
Denso Corp.		97,400		4,549,492
FANUC Corp.		29,000		4,892,391
Fuji Heavy Industries, Ltd.		122,500		4,457,361
Honda Motor Co., Ltd.		101,500		3,054,751
Hoya Corp.		91,300		3,246,701
Inpex Corp.		132,211		1,400,989
Japan Tobacco, Inc.		170,000		5,447,249
Keyence Corp.		13,400		6,190,174
Komatsu, Ltd.		121,000		2,866,192
Kubota Corp.		175,000		2,735,527
Kyocera Corp.#		35,400		1,733,458
Mizuho Financial Group, Inc.		1,041,400		1,794,609
Murata Manufacturing Co., Ltd.		25,700		2,777,471
Nidec Corp.		81,600		5,412,954
Nitori Holdings Co., Ltd.		29,000		1,607,989
Ono Pharmaceutical Co., Ltd.#		20,100		1,720,873
ORIX Corp.		244,200		3,221,497
Panasonic Corp.		244,100		3,152,298
Rakuten, Inc.#		185,943		2,505,459
Seven & I Holdings Co., Ltd.		67,700		2,525,843
Shin-Etsu Chemical Co., Ltd.		24,500		1,649,574
Suzuki Motor Corp.		111,100		3,510,318
Terumo Corp.		57,800		1,315,075
Toyota Motor Corp.		49,275		3,036,971
Unicharm Corp.		99,900		2,287,253
Yahoo Japan Corp.#		432,800		1,579,189
				84,395,746
Jersey — 2.2%
Delphi Automotive PLC		12,289		896,482
Shire PLC		66,735		4,756,304
WPP PLC		360,627		7,557,879
				13,210,665
Mexico — 1.0%
Cemex SAB de CV ADR†		248,982		3,114,765
Fomento Economico Mexicano SAB de CV ADR		8,455		820,473
Grupo Televisa SAB ADR		62,567		2,336,877
				6,272,115
Netherlands — 4.9%
Akzo Nobel NV		84,525		5,843,491
ASML Holding NV		49,477		5,228,648
Boskalis Westminster NV		44,040		2,472,803
Heineken NV		15,016		1,181,788
ING Groep NV CVA†		532,948		7,811,871
NXP Semiconductor NV†		29,390		2,286,836
Randstad Holding NV		59,892		2,957,469
Unilever NV CVA		43,221		1,761,560
				29,544,466
Norway — 0.3%
Statoil ASA#		110,240		2,076,378
Russia — 0.5%
Magnit OJSC GDR		39,786		2,301,620
Sberbank of Russia ADR		79,410		488,451
				2,790,071
Singapore — 1.9%
Avago Technologies, Ltd.		33,781		3,155,145
DBS Group Holdings, Ltd.		205,000		3,119,121
Keppel Corp., Ltd.#		230,757		1,593,503
Singapore Telecommunications, Ltd.		232,950		697,081
United Overseas Bank, Ltd.		148,077		2,726,807
				11,291,657

Security Description	Shares		Value (Note 2)
South Korea — 1.0%
Hyundai Mobis		8,217	$	1,831,851
Samsung Electronics Co., Ltd.		2,052		2,383,613
Samsung Electronics Co., Ltd. GDR (LSE)		2,110		1,215,360
Samsung Electronics Co., Ltd. GDR (OTC)*		573		330,048
				5,760,872
Spain — 2.2%
Amadeus IT Holding SA, Class A		90,556		3,607,412
Bankia SA†		2,193,540		3,848,483
Inditex SA		99,680		2,904,204
International Consolidated Airlines Group SA†		461,840		3,304,605
				13,664,704
Sweden — 2.2%
Electrolux AB, Series B		103,440		3,074,632
Hennes & Mauritz AB, Class B		41,765		1,789,297
Investor AB, Class B		63,195		2,374,273
Skandinaviska Enskilda Banken AB, Class A		330,930		4,372,273
Telefonaktiebolaget LM Ericsson, Class B		137,543		1,732,363
				13,342,838
Switzerland — 9.9%
ABB, Ltd.		96,265		2,162,038
Adecco SA		49,096		3,449,302
Credit Suisse Group AG		81,320		2,174,147
Givaudan SA		1,760		3,138,204
Julius Baer Group, Ltd.		75,641		3,429,006
Kuehne & Nagel International AG		6,342		854,356
Nestle SA		156,181		11,732,779
Novartis AG		83,522		8,086,261
Roche Holding AG		49,625		14,870,800
Sika AG		530		2,018,473
Sonova Holding AG		8,839		1,338,091
Syngenta AG		5,701		1,878,984
UBS Group AG		302,559		5,435,567
				60,568,008
Taiwan — 1.6%
Hon Hai Precision Industry Co., Ltd.		289,042		905,956
Taiwan Semiconductor Manufacturing Co., Ltd.		679,269		3,105,794
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		243,578		5,716,776
				9,728,526
Thailand — 0.4%
Kasikornbank PCL		66,700		501,748
Kasikornbank PCL NVDR		279,400		2,101,776
				2,603,524
Turkey — 0.5%
Akbank TAS		511,423		2,071,406
BIM Birlesik Magazalar AS		33,690		749,813
				2,821,219
United Kingdom — 18.3%
Aberdeen Asset Management PLC		258,169		1,816,590
Ashtead Group PLC		319,941		5,274,088
Associated British Foods PLC		101,097		5,064,448
Barclays PLC		937,242		3,593,524
BG Group PLC		336,534		4,738,107
British American Tobacco PLC		61,377		3,642,479
BT Group PLC		409,250		2,625,556
Bunzl PLC		77,200		2,156,431
Burberry Group PLC		121,753		3,141,959
Carnival PLC		63,310		2,792,276
Centrica PLC		248,979		1,108,242
Compass Group PLC		426,432		7,269,644
Diageo PLC		66,369		2,056,301
Hays PLC		292,431		607,377

147

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
HSBC Holdings PLC		385,281		$	3,838,432
Informa PLC		156,788			1,181,453
Intertek Group PLC		47,430			1,732,116
Johnson Matthey PLC		63,709			3,314,056
Kingfisher PLC		416,447			2,032,129
Next PLC		13,237			1,402,606
Prudential PLC		195,828			4,741,138
Reckitt Benckiser Group PLC		90,657			7,450,938
Reed Elsevier PLC		201,174			3,501,901
Rio Tinto PLC		139,839			6,544,845
Rolls-Royce Holdings PLC		96,596			1,272,817
Rolls-Royce Holdings PLC, Class C (Entitlement Shares)†		8,836,470			13,820
Royal Bank of Scotland Group PLC†		684,970			4,234,823
Royal Dutch Shell PLC, Class B		61,070			2,123,265
Sky PLC		406,682			5,927,994
Smith & Nephew PLC		269,333			4,675,730
Smiths Group PLC		88,767			1,606,282
St James’s Place PLC		213,281			2,648,558
Standard Chartered PLC		100,520			1,473,246
Weir Group PLC		71,530			2,098,737
Whitbread PLC		54,006			3,874,428
					111,576,336
Total Common Stocks
(cost $499,456,827)					597,203,652
Total Long-Term Investment Securities
(cost $499,456,827)					597,203,652
SHORT-TERM INVESTMENT SECURITIES — 4.2%
Registered Investment Companies — 2.5%
State Street Navigator Securities Lending Prime Portfolio(1)		14,930,404			14,930,404
Time Deposits — 1.7%
Euro Time Deposit with State Street Bank and Trust Co.
0.01% due 12/01/2014		10,556,000			10,556,000
Total Short-Term Investment Securities
(cost $25,486,404)					25,486,404
TOTAL INVESTMENTS
(cost $524,943,231)(2)		102.2	%		622,690,056
Liabilities in excess of other assets		(2.2	)		(13,115,613	)
NET ASSETS		100.0	%	$	609,574,443

# 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, 2014, the aggregate value of these securities was $330,048 representing 0.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) At November 30, 2014, the Fund had loaned securities with a total value of $14,143,682. This was secured by collateral of $14,930,404 which was received in cash and subsequently invested in short-term investments currently valued at $14,930,404 as reported in the portfolio of investments.

(2) 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

NVDR—Non-Voting Depository Receipt

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, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
United Kingdom	$	111,562,516	$	13,820	$	—	$	111,576,336
Other Countries		485,627,316		—		—		485,627,316
Short-Term Investment Securities:
Registered Investment Companies		14,930,404		—		—		14,930,404
Time Deposits		—		10,556,000		—		10,556,000
Total Investments at Value	$	612,120,236	$	10,569,820	$	—	$	622,690,056

* For a detailed presentation of investments, 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

148

VALIC Company I Large Cap Core Fund

PORTFOLIO PROFILE — November 30, 2014

Industry Allocation*

Diversified Banking Institutions	11.2	%
Computers	5.5
Retail — Drug Store	4.2
Applications Software	3.7
Diversified Manufacturing Operations	3.7
Web Portals/ISP	3.5
Medical — Drugs	3.4
Cable/Satellite TV	3.3
Medical Instruments	3.2
Medical — Biomedical/Gene	3.2
Telephone — Integrated	2.6
Instruments — Controls	2.6
Insurance — Reinsurance	2.5
Investment Management/Advisor Services	2.4
Oil Companies — Integrated	2.3
Medical Products	2.1
Electronic Components — Semiconductors	2.1
Commercial Services — Finance	1.9
Oil Companies — Exploration & Production	1.9
Beverages — Non-alcoholic	1.8
Cosmetics & Toiletries	1.8
Banks — Super Regional	1.7
Medical — Generic Drugs	1.6
Entertainment Software	1.5
Oil — Field Services	1.4
Retail — Building Products	1.4
Insurance Brokers	1.4
Computers — Memory Devices	1.4
Auto/Truck Parts & Equipment — Original	1.4
Aerospace/Defense — Equipment	1.3
Agricultural Chemicals	1.3
Electronic Security Devices	1.1
Beverages — Wine/Spirits	1.1
Medical — Wholesale Drug Distribution	1.1
Repurchase Agreements	1.0
Medical — HMO	1.0
E-Commerce/Services	1.0
Hotels/Motels	0.8
Broadcast Services/Program	0.8
Television	0.8
Casino Hotels	0.8
Transport — Services	0.8
Data Processing/Management	0.8
Commercial Services	0.6
Retail — Sporting Goods	0.6
Registered Investment Companies	0.6
Transport — Rail	0.6
Textile — Home Furnishings	0.6
Building & Construction Products — Misc.	0.5
Retail — Arts & Crafts	0.5
Medical Information Systems	0.4
Chemicals — Specialty	0.3
Internet Content — Entertainment	0.2
Multimedia	0.2
Apparel Manufacturers	0.2
Chemicals — Diversified	0.2
Retail — Apparel/Shoe	0.2
Semiconductor Components — Integrated Circuits	0.1
Oil Field Machinery & Equipment	0.1
	100.3	%

* Calculated as a percentage of net assets

149

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.7%
Aerospace/Defense-Equipment — 1.3%
United Technologies Corp.		21,559	$	2,373,215
Agricultural Chemicals — 1.3%
Monsanto Co.		19,650		2,356,231
Apparel Manufacturers — 0.2%
Ralph Lauren Corp.		2,140		395,686
Applications Software — 3.7%
Intuit, Inc.		23,880		2,241,616
Microsoft Corp.		96,900		4,632,789
				6,874,405
Auto/Truck Parts & Equipment - Original — 1.4%
Delphi Automotive PLC		34,529		2,518,891
Banks - Super Regional — 1.7%
Wells Fargo & Co.		58,389		3,181,033
Beverages - Non-alcoholic — 1.8%
PepsiCo, Inc.		33,459		3,349,246
Beverages - Wine/Spirits — 1.1%
Diageo PLC ADR		16,211		1,997,195
Broadcast Services/Program — 0.8%
Discovery Communications, Inc., Class A†		43,311		1,511,554
Building & Construction Products - Misc. — 0.5%
Fortune Brands Home & Security, Inc.		21,226		953,472
Cable/Satellite TV — 3.3%
Comcast Corp., Class A		92,719		5,288,692
DIRECTV†		8,499		745,447
				6,034,139
Casino Hotels — 0.8%
Las Vegas Sands Corp.		17,510		1,115,212
Wynn Resorts, Ltd.		2,044		365,079
				1,480,291
Chemicals - Diversified — 0.2%
Dow Chemical Co.		7,514		365,706
Chemicals - Specialty — 0.3%
Chemtura Corp.†		23,920		557,336
Commercial Services — 0.6%
Aramark		36,109		1,097,714
Commercial Services - Finance — 1.9%
MasterCard, Inc., Class A		40,810		3,562,305
Computers — 5.5%
Apple, Inc.		78,853		9,377,987
Hewlett-Packard Co.		19,415		758,350
				10,136,337
Computers - Memory Devices — 1.4%
EMC Corp.		83,180		2,524,513
Cosmetics & Toiletries — 1.8%
Procter & Gamble Co.		36,115		3,265,879
Data Processing/Management — 0.8%
Dun & Bradstreet Corp.		11,005		1,397,085
Diversified Banking Institutions — 11.2%
Bank of America Corp.		237,222		4,042,263
Citigroup, Inc.		113,880		6,146,104
Goldman Sachs Group, Inc.		23,470		4,421,983
JPMorgan Chase & Co.		99,740		6,000,358
				20,610,708

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations — 3.7%
Eaton Corp. PLC		54,571	$	3,701,551
General Electric Co.		116,047		3,074,085
				6,775,636
E-Commerce/Services — 1.0%
Priceline Group, Inc.†		1,575		1,827,299
Electronic Components - Semiconductors — 2.1%
Broadcom Corp., Class A		41,675		1,797,443
Skyworks Solutions, Inc.		15,786		1,065,081
Xilinx, Inc.		20,245		919,933
				3,782,457
Electronic Security Devices — 1.1%
Tyco International PLC		48,627		2,086,098
Entertainment Software — 1.5%
Electronic Arts, Inc.†		62,225		2,733,544
Hotels/Motels — 0.8%
Hilton Worldwide Holdings, Inc.†		58,556		1,535,338
Instruments - Controls — 2.6%
Honeywell International, Inc.		47,371		4,693,045
Insurance Brokers — 1.4%
Aon PLC		27,556		2,548,654
Insurance - Reinsurance — 2.5%
Berkshire Hathaway, Inc., Class B†		30,989		4,607,754
Internet Content - Entertainment — 0.2%
Twitter, Inc.†		9,630		401,956
Investment Management/Advisor Services — 2.4%
BlackRock, Inc.		12,200		4,380,776
Medical Information Systems — 0.4%
IMS Health Holdings, Inc.†		31,201		780,025
Medical Instruments — 3.2%
Medtronic, Inc.		59,900		4,424,813
St Jude Medical, Inc.		22,450		1,525,702
				5,950,515
Medical Products — 2.1%
Covidien PLC		38,664		3,905,064
Medical - Biomedical/Gene — 3.2%
Celgene Corp.†		37,192		4,228,358
Vertex Pharmaceuticals, Inc.†		14,345		1,690,989
				5,919,347
Medical - Drugs — 3.4%
Abbott Laboratories		71,707		3,191,679
Johnson & Johnson		28,533		3,088,697
				6,280,376
Medical - Generic Drugs — 1.6%
Perrigo Co. PLC		17,945		2,874,609
Medical - HMO — 1.0%
Cigna Corp.		18,294		1,882,270
Medical - Wholesale Drug Distribution — 1.1%
Cardinal Health, Inc.		23,324		1,917,000
Multimedia — 0.2%
Viacom, Inc., Class B		5,259		397,738
Oil Companies - Exploration & Production — 1.9%
Canadian Natural Resources, Ltd.		45,638		1,518,833
ConocoPhillips		11,836		782,004
Noble Energy, Inc.		25,017		1,230,336
				3,531,173

150

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Integrated — 2.3%
Chevron Corp.		39,300	$	4,278,591
Oil Field Machinery & Equipment — 0.1%
Cameron International Corp.†		2,920		149,738
Oil - Field Services — 1.4%
Halliburton Co.		62,310		2,629,482
Retail - Apparel/Shoe — 0.2%
Urban Outfitters, Inc.†		9,415		304,293
Retail - Arts & Crafts — 0.5%
Michaels Cos., Inc.†		38,923		936,487
Retail - Building Products — 1.4%
Lowe’s Cos., Inc.		41,015		2,617,987
Retail - Drug Store — 4.2%
CVS Health Corp.		54,909		5,016,486
Walgreen Co.		39,716		2,724,915
				7,741,401
Retail - Sporting Goods — 0.6%
Cabela’s, Inc.†#		19,890		1,078,834
Semiconductor Components-Integrated Circuits — 0.1%
QUALCOMM, Inc.		3,510		255,879
Telephone - Integrated — 2.6%
Verizon Communications, Inc.		93,198		4,714,887
Television — 0.8%
CBS Corp., Class B		27,060		1,485,053
Textile - Home Furnishings — 0.6%
Mohawk Industries, Inc.†		6,549		1,005,861
Transport - Rail — 0.6%
Kansas City Southern		8,936		1,062,848
Transport - Services — 0.8%
FedEx Corp.		8,285		1,476,221

Security Description	Shares/ Principal Amount			Value (Note 2)
Web Portals/ISP — 3.5%
Google, Inc., Class A†		3,692		$	2,027,204
Google, Inc., Class C†		8,087			4,381,779
					6,408,983
Total Long-Term Investment Securities
(cost $144,045,932)					181,500,160
SHORT-TERM INVESTMENT SECURITIES — 0.6%
Registered Investment Companies — 0.6%
State Street Navigator Securities Lending Prime Portfolio(1) (cost $1,074,060)		1,074,060			1,074,060
REPURCHASE AGREEMENTS — 1.0%
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 11/28/2014, to be repurchased 12/01/2014 in the amount of $1,973,000 and collateralized by $2,115,000 of Federal Home Loan Mtg. Notes, bearing interest at 2.00% due 01/30/2023 and having approximate value of $2,014,000 (cost $1,973,000)	$	1,973,000			1,973,000
TOTAL INVESTMENTS
(cost $147,092,992)(2)		100.3	%		184,547,220
Liabilities in excess of other assets		(0.3	)		(641,431	)
NET ASSETS —		100.0	%	$	183,905,789

† Non-income producing security

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

(1) At November 30, 2014, the Fund had loaned securities with a total value of $1,078,834. This was secured by collateral of $1,074,060, which was received in cash and subsequently invested in short-term investments currently valued at $1,074,060 as reported in the portfolio of investments.

(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, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	181,500,160	$	—	$	—	$	181,500,160
Short-Term Investment Securities		1,074,060		—		—		1,074,060
Repurchase Agreements		—		1,973,000		—		1,973,000
Total Investments at Value	$	182,574,220	$	1,973,000	$	—	$	184,547,220

* For a detailed presentation of investments, 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

151

VALIC Company I Large Capital Growth Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Multimedia	7.3	%
Cosmetics & Toiletries	5.8
Medical — Drugs	5.6
Computer Services	5.2
Web Portals/ISP	4.4
Diversified Manufacturing Operations	4.0
Finance — Credit Card	3.9
Instruments — Scientific	3.9
Instruments — Controls	3.2
Aerospace/Defense — Equipment	3.0
Enterprise Software/Service	2.8
Dental Supplies & Equipment	2.8
Retail — Drug Store	2.7
Computers — Memory Devices	2.5
Commercial Services — Finance	2.5
Oil — Field Services	2.4
Textile — Apparel	2.3
Pharmacy Services	2.3
Investment Management/Advisor Services	2.1
Apparel Manufacturers	2.0
Distribution/Wholesale	1.9
Food — Misc./Diversified	1.8
Vitamins & Nutrition Products	1.7
Agricultural Chemicals	1.6
Industrial Gases	1.6
Beverages — Wine/Spirits	1.6
Retail — Auto Parts	1.4
Finance — Other Services	1.4
Semiconductor Components — Integrated Circuits	1.3
Broadcast Services/Program	1.3
Athletic Footwear	1.3
Registered Investment Companies	1.2
Electronic Components — Semiconductors	1.2
Coatings/Paint	1.2
Computers	1.0
Auto/Truck Parts & Equipment — Original	0.9
Metal Processors & Fabrication	0.9
Retail — Restaurants	0.9
Electronic Connectors	0.8
E-Commerce/Products	0.7
Soap & Cleaning Preparation	0.6
Transport — Services	0.6
Medical Instruments	0.6
Beverages — Non-alcoholic	0.5
Data Processing/Management	0.5
Brewery	0.5
Finance — Investment Banker/Broker	0.5
Oil Companies — Exploration & Production	0.4
Advertising Agencies	0.4
	101.0	%

* Calculated as a percentage of net assets

152

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.8%
Advertising Agencies — 0.4%
Omnicom Group, Inc.		20,816	$	1,608,452
Aerospace/Defense - Equipment — 3.0%
United Technologies Corp.		115,067		12,666,575
Agricultural Chemicals — 1.6%
Monsanto Co.		56,228		6,742,300
Apparel Manufacturers — 2.0%
Burberry Group PLC		115,440		2,979,045
VF Corp.		69,669		5,237,019
				8,216,064
Athletic Footwear — 1.3%
NIKE, Inc., Class B		52,786		5,241,122
Auto/Truck Parts & Equipment - Original — 0.9%
Johnson Controls, Inc.		77,385		3,869,250
Beverages - Non-alcoholic — 0.5%
PepsiCo, Inc.		22,647		2,266,965
Beverages - Wine/Spirits — 1.6%
Pernod Ricard SA		54,998		6,522,443
Brewery — 0.5%
AMBEV SA ADR		324,849		2,127,761
Broadcast Services/Program — 1.3%
Discovery Communications, Inc., Class A†		150,448		5,250,635
Coatings/Paint — 1.2%
Sherwin-Williams Co.		19,717		4,827,905
Commercial Services - Finance — 2.5%
Equifax, Inc.		59,842		4,760,431
MasterCard, Inc., Class A		63,844		5,572,943
				10,333,374
Computer Services — 5.2%
Accenture PLC, Class A		193,016		16,663,071
Cognizant Technology Solutions Corp., Class A†		95,113		5,135,151
				21,798,222
Computers — 1.0%
Apple, Inc.		35,022		4,165,167
Computers - Memory Devices — 2.5%
EMC Corp.		350,091		10,625,262
Cosmetics & Toiletries — 5.8%
Colgate-Palmolive Co.		214,582		14,932,761
L’Oreal SA		19,919		3,400,530
Procter & Gamble Co.		65,728		5,943,783
				24,277,074
Data Processing/Management — 0.5%
Fidelity National Information Services, Inc.		34,879		2,134,246
Dental Supplies & Equipment — 2.8%
DENTSPLY International, Inc.		173,783		9,554,590
Patterson Cos., Inc.		42,718		2,058,153
				11,612,743
Distribution/Wholesale — 1.9%
WW Grainger, Inc.		32,054		7,875,027
Diversified Manufacturing Operations — 4.0%
Colfax Corp.†		55,530		2,861,461
Danaher Corp.		163,070		13,626,129
				16,487,590

Security Description	Shares		Value (Note 2)
E-Commerce/Products — 0.7%
eBay, Inc.†		53,549	$	2,938,769
Electronic Components - Semiconductors — 1.2%
Microchip Technology, Inc.#		107,792		4,866,809
Electronic Connectors — 0.8%
Amphenol Corp., Class A		61,954		3,322,593
Enterprise Software/Service — 2.8%
Oracle Corp.		278,565		11,813,942
Finance - Credit Card — 3.9%
Visa, Inc., Class A		63,007		16,267,777
Finance - Investment Banker/Broker — 0.5%
Charles Schwab Corp.		69,451		1,966,852
Finance - Other Services — 1.4%
CME Group, Inc.		67,596		5,721,325
Food - Misc./Diversified — 1.8%
Danone SA		104,806		7,400,771
Industrial Gases — 1.6%
Praxair, Inc.		51,342		6,591,286
Instruments - Controls — 3.2%
Mettler-Toledo International, Inc.†		25,310		7,422,410
Sensata Technologies Holding NV†		121,489		6,022,210
				13,444,620
Instruments - Scientific — 3.9%
Thermo Fisher Scientific, Inc.		80,540		10,413,016
Waters Corp.†		50,333		5,833,595
				16,246,611
Investment Management/Advisor Services — 2.1%
Franklin Resources, Inc.		154,738		8,798,403
Medical Instruments — 0.6%
St Jude Medical, Inc.		33,882		2,302,621
Medical - Drugs — 5.6%
Abbott Laboratories		157,497		7,010,191
Allergan, Inc.		12,065		2,580,583
Johnson & Johnson		28,744		3,111,538
Zoetis, Inc.		239,019		10,739,124
				23,441,436
Metal Processors & Fabrication — 0.9%
Precision Castparts Corp.		15,948		3,794,029
Multimedia — 7.3%
Time Warner, Inc.		132,705		11,295,850
Twenty-First Century Fox, Inc., Class A		202,748		7,461,126
Viacom, Inc., Class B		22,396		1,693,809
Walt Disney Co.		105,411		9,751,572
				30,202,357
Oil Companies - Exploration & Production — 0.4%
Occidental Petroleum Corp.		21,802		1,739,146
Oil - Field Services — 2.4%
Schlumberger, Ltd.		116,952		10,052,024
Pharmacy Services — 2.3%
Express Scripts Holding Co.†		115,916		9,638,415
Retail - Auto Parts — 1.4%
AutoZone, Inc.†		10,339		5,972,944
Retail - Drug Store — 2.7%
CVS Health Corp.		123,192		11,254,821

153

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Restaurants — 0.9%
McDonald’s Corp.		37,903	$	3,669,389
Semiconductor Components - Integrated Circuits — 1.3%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		231,552		5,434,525
Soap & Cleaning Preparation — 0.6%
Church & Dwight Co., Inc.		35,108		2,693,135
Textile - Apparel — 2.3%
LVMH Moet Hennessy Louis Vuitton SA		54,442		9,788,742
Transport - Services — 0.6%
Expeditors International of Washington, Inc.		57,173		2,676,840
Vitamins & Nutrition Products — 1.7%
Mead Johnson Nutrition Co.		66,861		6,942,846
Web Portals/ISP — 4.4%
Google, Inc., Class A†		33,170		18,212,984
Total Long-Term Investment Securities
(cost $350,724,868)				415,844,189

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.2%
Registered Investment Companies — 1.2%
State Street Navigator Securities Lending Prime Portfolio(1) (cost $4,958,432)		4,958,432		$	4,958,432
TOTAL INVESTMENTS
(cost $355,683,300)(2)		101.0	%		420,802,621
Liabilities in excess of other assets		(1.0	)		(4,362,846	)
NET ASSETS —		100.0	%	$	416,439,775

† Non-income producing security

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

(1) At November 30, 2014, the Fund had loaned securities with a total value of $4,866,809. This was secured by collateral of $4,958,432, which was received in cash and subsequently invested in short-term investments currently valued at $4,958,432 as reported in the portfolio of investments.

(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, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	415,844,189	$	—	$	—	$	415,844,189
Short-Term Investment Securities		4,958,432		—		—		4,958,432
Total Investments at Value	$	420,802,621	$	—	$	—	$	420,802,621

* For a detailed presentation of investments, 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

154

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	9.7	%
Registered Investment Companies	7.1
Banks — Commercial	4.4
Electric — Integrated	2.5
Electronic Components — Semiconductors	2.2
Medical Products	2.0
U.S. Government Treasuries	1.9
Gas — Distribution	1.8
Chemicals — Specialty	1.7
Diversified Manufacturing Operations	1.6
Insurance — Property/Casualty	1.6
Retail — Apparel/Shoe	1.5
Steel — Producers	1.3
Transport — Truck	1.3
Insurance — Reinsurance	1.2
Consulting Services	1.2
Oil Companies — Exploration & Production	1.2
Computers — Integrated Systems	1.2
Containers — Paper/Plastic	1.2
Aerospace/Defense — Equipment	1.1
Machinery — General Industrial	1.1
Oil — Field Services	1.1
Web Hosting/Design	1.1
Electronic Measurement Instruments	1.1
Medical — Drugs	1.1
Retail — Restaurants	1.1
Medical — Biomedical/Gene	1.1
Apparel Manufacturers	1.0
Distribution/Wholesale	1.0
Enterprise Software/Service	0.9
Commercial Services — Finance	0.9
Electronic Design Automation	0.9
Investment Management/Advisor Services	0.9
Electronic Parts Distribution	0.9
Recreational Vehicles	0.9
Oil Refining & Marketing	0.8
Food — Misc./Diversified	0.8
Building — Residential/Commercial	0.8
Savings & Loans/Thrifts	0.8
Medical — HMO	0.8
Electronic Components — Misc.	0.8
Coatings/Paint	0.8
Commercial Services	0.7
Airlines	0.7
Instruments — Controls	0.7
Insurance Brokers	0.7
Insurance — Life/Health	0.7
Data Processing/Management	0.7
Retail — Auto Parts	0.6
Retail — Jewelry	0.6
Soap & Cleaning Preparation	0.6
Insurance — Multi-line	0.6
Schools	0.6
Computer Services	0.6
Oil Field Machinery & Equipment	0.6
Building & Construction Products — Misc.	0.6
Machine Tools & Related Products	0.5
Medical — Hospitals	0.5
Filtration/Separation Products	0.5
Industrial Automated/Robotic	0.5
Batteries/Battery Systems	0.5
Food — Dairy Products	0.5
Athletic Equipment	0.5
Computer Aided Design	0.5
Semiconductor Components — Integrated Circuits	0.5
Retail — Sporting Goods	0.5
Respiratory Products	0.4
Multimedia	0.4
Engineering/R&D Services	0.4

Oil & Gas Drilling	0.4
Diagnostic Kits	0.4
Finance — Investment Banker/Broker	0.4
Transport — Marine	0.4
Pharmacy Services	0.4
Applications Software	0.4
Repurchase Agreements	0.4
Physicians Practice Management	0.4
Real Estate Management/Services	0.4
Retail — Mail Order	0.4
X-Ray Equipment	0.4
Printing — Commercial	0.4
Telecommunication Equipment	0.4
Wireless Equipment	0.4
Lighting Products & Systems	0.4
Non-Hazardous Waste Disposal	0.4
Transactional Software	0.4
Power Converter/Supply Equipment	0.3
Medical Labs & Testing Services	0.3
Decision Support Software	0.3
Networking Products	0.3
Human Resources	0.3
Shipbuilding	0.3
Retail — Discount	0.3
Medical Instruments	0.3
Finance — Other Services	0.3
Transport — Rail	0.3
Telecom Equipment — Fiber Optics	0.3
Machinery — Pumps	0.3
Funeral Services & Related Items	0.3
Water	0.3
Steel Pipe & Tube	0.3
Semiconductor Equipment	0.3
Miscellaneous Manufacturing	0.3
Casino Services	0.3
Building Products — Air & Heating	0.3
Gold Mining	0.3
Dental Supplies & Equipment	0.2
Building Products — Cement	0.2
Retail — Automobile	0.2
Finance — Consumer Loans	0.2
Veterinary Diagnostics	0.2
Retail — Catalog Shopping	0.2
Office Furnishings — Original	0.2
Television	0.2
Aerospace/Defense	0.2
Medical Sterilization Products	0.2
Theaters	0.2
Food — Wholesale/Distribution	0.2
Containers — Metal/Glass	0.2
Internet Infrastructure Software	0.2
Rental Auto/Equipment	0.2
Computers — Other	0.2
Web Portals/ISP	0.2
Auto — Heavy Duty Trucks	0.2
Machinery — Farming	0.2
Food — Baking	0.2
Instruments — Scientific	0.2
Home Furnishings	0.2
Chemicals — Plastics	0.2
Communications Software	0.2
Housewares	0.2
Footwear & Related Apparel	0.2
Retail — Misc./Diversified	0.2
Retail — Petroleum Products	0.2
Machinery — Electrical	0.2
Metal Processors & Fabrication	0.2
Retail — Office Supplies	0.2
Machinery — Construction & Mining	0.2

155

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited) — (continued)

Industry Allocation* (continued)

Wire & Cable Products	0.2	%
Finance — Mortgage Loan/Banker	0.2
Quarrying	0.2
Publishing — Books	0.2
Transport — Equipment & Leasing	0.2
Coal	0.2
Garden Products	0.2
Building — Mobile Home/Manufactured Housing	0.2
Computers — Periphery Equipment	0.2
Paper & Related Products	0.2
Publishing — Periodicals	0.2
Hazardous Waste Disposal	0.2
Telephone — Integrated	0.2
Auction Houses/Art Dealers	0.1
Retail — Major Department Stores	0.1
Medical — Wholesale Drug Distribution	0.1
E-Marketing/Info	0.1
Building — Maintenance & Services	0.1
Medical Information Systems	0.1
Recreational Centers	0.1
Chemicals — Diversified	0.1
Food — Retail	0.1
Food — Flour & Grain	0.1
Real Estate Operations & Development	0.1
Environmental Monitoring & Detection	0.1
Motion Pictures & Services	0.1
Publishing — Newspapers	0.1
Telecom Services	0.1
Metal — Iron	0.1
Building — Heavy Construction	0.1
Racetracks	0.1
	107.2	%

* Calculated as a percentage of net assets

156

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.8%
Aerospace/Defense — 0.2%
Esterline Technologies Corp.†		61,476	$	7,305,193
Aerospace/Defense - Equipment — 1.1%
Alliant Techsystems, Inc.		61,464		6,987,227
B/E Aerospace, Inc.†		202,680		15,782,692
Exelis, Inc.		362,475		6,502,801
Triumph Group, Inc.		98,977		6,736,375
				36,009,095
Airlines — 0.7%
Alaska Air Group, Inc.		259,612		15,324,897
JetBlue Airways Corp.†#		471,875		6,903,531
				22,228,428
Apparel Manufacturers — 1.0%
Carter’s, Inc.		102,286		8,511,218
Hanesbrands, Inc.		191,763		22,190,814
				30,702,032
Applications Software — 0.4%
Compuware Corp.		423,712		4,372,708
PTC, Inc.†		225,789		8,821,576
				13,194,284
Athletic Equipment — 0.5%
Jarden Corp.†		344,202		15,196,518
Auction Houses/Art Dealers — 0.1%
Sotheby’s		118,181		4,775,694
Auto - Heavy Duty Trucks — 0.2%
Oshkosh Corp.		153,599		6,973,395
B2B/E-Commerce — 0.0%
Covisint Corp.†		1		2
Banks - Commercial — 4.4%
Associated Banc-Corp.		298,074		5,508,408
BancorpSouth, Inc.		164,536		3,601,693
Bank of Hawaii Corp.		85,194		4,909,730
Cathay General Bancorp		142,613		3,619,518
City National Corp.		92,122		7,110,897
Commerce Bancshares, Inc.		159,273		6,820,089
Cullen/Frost Bankers, Inc.		105,446		7,872,598
East West Bancorp, Inc.		275,984		10,147,932
First Horizon National Corp.		456,445		5,824,238
FirstMerit Corp.		318,263		5,693,725
Fulton Financial Corp.		361,450		4,315,713
Hancock Holding Co.		157,562		5,153,853
International Bancshares Corp.		112,012		2,858,546
PacWest Bancorp		186,346		8,665,089
Prosperity Bancshares, Inc.		115,453		6,486,150
Signature Bank†		96,841		11,743,908
SVB Financial Group†		97,646		10,267,477
Synovus Financial Corp.		267,610		6,915,043
TCF Financial Corp.		321,133		4,983,984
Trustmark Corp.		129,804		3,029,625
Umpqua Holdings Corp.		418,137		7,104,148
Valley National Bancorp.#		422,907		4,119,114
Webster Financial Corp.		173,736		5,467,472
				142,218,950
Batteries/Battery Systems — 0.5%
Energizer Holdings, Inc.		118,877		15,456,388
Building & Construction Products - Misc. — 0.6%
Fortune Brands Home & Security, Inc.		305,015		13,701,274
Louisiana-Pacific Corp.†		272,177		4,147,977
				17,849,251

Security Description	Shares		Value (Note 2)
Building Products - Air & Heating — 0.3%
Lennox International, Inc.		86,010	$	8,056,557
Building Products - Cement — 0.2%
Eagle Materials, Inc.		96,621		7,960,604
Building - Heavy Construction — 0.1%
Granite Construction, Inc.		69,238		2,482,182
Building - Maintenance & Services — 0.1%
Rollins, Inc.		123,432		4,015,243
Building - Mobile Home/Manufactured Housing — 0.2%
Thor Industries, Inc.		89,259		5,244,859
Building - Residential/Commercial — 0.8%
KB Home#		175,125		3,076,946
MDC Holdings, Inc.#		75,167		1,977,644
NVR, Inc.†		7,670		9,653,999
Toll Brothers, Inc.†		311,616		10,903,444
				25,612,033
Casino Services — 0.3%
International Game Technology		475,795		8,102,789
Chemicals - Diversified — 0.1%
Olin Corp.		151,218		3,804,645
Chemicals - Plastics — 0.2%
PolyOne Corp.		177,708		6,628,508
Chemicals - Specialty — 1.7%
Albemarle Corp.#		150,593		8,891,011
Ashland, Inc.		137,999		15,738,786
Cabot Corp.		124,299		5,354,801
Cytec Industries, Inc.		138,211		6,647,949
Minerals Technologies, Inc.		66,411		4,929,688
NewMarket Corp.		20,687		8,144,886
Sensient Technologies Corp.		92,808		5,471,031
				55,178,152
Coal — 0.2%
Peabody Energy Corp.#		522,497		5,282,445
Coatings/Paint — 0.8%
RPM International, Inc.		256,972		12,257,564
Valspar Corp.		146,725		12,311,695
				24,569,259
Commercial Services — 0.7%
CDK Global, Inc.		308,543		11,746,232
HMS Holdings Corp.†		168,851		3,522,232
Live Nation Entertainment, Inc.†		277,872		7,446,969
				22,715,433
Commercial Services - Finance — 0.9%
Global Payments, Inc.		131,238		11,333,714
SEI Investments Co.		251,864		9,981,370
WEX, Inc.†		74,597		8,435,429
				29,750,513
Communications Software — 0.2%
SolarWinds, Inc.†		126,247		6,554,744
Computer Aided Design — 0.5%
ANSYS, Inc.†		177,106		14,791,893
Computer Services — 0.6%
Convergys Corp.		194,599		4,057,389
DST Systems, Inc.		58,885		5,844,336
Leidos Holdings, Inc.		119,703		4,837,198
Science Applications International Corp.		77,833		3,940,685
				18,679,608

157

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers - Integrated Systems — 1.2%
Diebold, Inc.		124,353	$	4,499,092
Jack Henry & Associates, Inc.		158,756		9,757,144
NCR Corp.†		323,356		9,587,505
Riverbed Technology, Inc.†		307,411		6,355,722
VeriFone Systems, Inc.†		217,606		7,759,830
				37,959,293
Computers - Other — 0.2%
3D Systems Corp.†#		198,872		7,016,204
Computers - Periphery Equipment — 0.2%
Lexmark International, Inc., Class A		119,843		5,136,471
Consulting Services — 1.2%
Civeo Corp.		205,361		1,934,501
Corporate Executive Board Co.		64,927		4,753,306
FTI Consulting, Inc.†		78,631		3,048,524
Gartner, Inc.†		171,109		14,626,397
Towers Watson & Co., Class A		135,145		15,265,979
				39,628,707
Containers - Metal/Glass — 0.2%
Greif, Inc., Class A		65,237		2,860,642
Silgan Holdings, Inc.		84,212		4,249,338
				7,109,980
Containers - Paper/Plastic — 1.2%
Packaging Corp. of America		189,367		14,066,181
Rock-Tenn Co., Class A		275,564		15,654,791
Sonoco Products Co.		195,815		8,228,146
				37,949,118
Data Processing/Management — 0.7%
Acxiom Corp.†		148,495		2,825,860
Broadridge Financial Solutions, Inc.		230,071		10,419,915
CommVault Systems, Inc.†		81,986		3,877,938
Fair Isaac Corp.		61,878		4,441,603
				21,565,316
Decision Support Software — 0.3%
MSCI, Inc.		224,303		10,847,293
Dental Supplies & Equipment — 0.2%
Align Technology, Inc.†		139,954		7,963,383
Diagnostic Kits — 0.4%
IDEXX Laboratories, Inc.†		91,776		13,706,746
Distribution/Wholesale — 1.0%
Ingram Micro, Inc., Class A†		299,497		8,215,203
LKQ Corp.†		581,001		16,878,079
Watsco, Inc.		52,483		5,327,024
				30,420,306
Diversified Manufacturing Operations — 1.6%
A.O. Smith Corp.		145,562		7,850,159
Carlisle Cos., Inc.		123,420		11,033,748
Crane Co.		95,363		5,629,278
Harsco Corp.		155,536		3,011,177
ITT Corp.		176,305		7,299,027
SPX Corp.		81,920		7,347,405
Trinity Industries, Inc.		300,374		9,629,990
				51,800,784
E-Marketing/Info — 0.1%
Conversant, Inc.†		115,933		4,059,974

Security Description	Shares		Value (Note 2)
Electric - Integrated — 2.5%
Alliant Energy Corp.		213,522	$	13,424,128
Black Hills Corp.		85,921		4,640,593
Cleco Corp.		116,206		6,243,748
Great Plains Energy, Inc.		296,569		7,761,211
Hawaiian Electric Industries, Inc.#		197,400		5,564,706
IDACORP, Inc.		96,755		6,009,453
MDU Resources Group, Inc.		373,295		9,153,193
OGE Energy Corp.		383,463		13,685,795
PNM Resources, Inc.		153,312		4,439,916
Westar Energy, Inc.		249,619		9,757,607
				80,680,350
Electronic Components - Misc. — 0.8%
Gentex Corp.		281,410		10,006,940
Jabil Circuit, Inc.		384,620		7,980,865
Knowles Corp.†#		163,678		3,419,233
Vishay Intertechnology, Inc.		261,096		3,621,402
				25,028,440
Electronic Components - Semiconductors — 2.2%
Advanced Micro Devices, Inc.†#		1,197,196		3,340,177
Cree, Inc.†#		231,047		8,396,248
Fairchild Semiconductor International, Inc.†		231,213		3,729,466
International Rectifier Corp.†		137,684		5,490,838
Intersil Corp., Class A		249,280		3,268,061
Rovi Corp.†		182,330		4,062,313
Semtech Corp.†		129,644		3,300,736
Silicon Laboratories, Inc.†		77,723		3,524,738
Skyworks Solutions, Inc.		364,788		24,612,246
SunEdison, Inc.†#		481,305		10,420,253
				70,145,076
Electronic Design Automation — 0.9%
Cadence Design Systems, Inc.†		558,251		10,534,197
Mentor Graphics Corp.		185,976		4,130,527
Synopsys, Inc.†		299,924		13,013,702
				27,678,426
Electronic Measurement Instruments — 1.1%
Itron, Inc.†		75,536		3,051,654
Keysight Technologies, Inc.†		320,962		11,297,862
National Instruments Corp.		193,513		6,229,184
Trimble Navigation, Ltd.†		500,268		14,070,038
				34,648,738
Electronic Parts Distribution — 0.9%
Arrow Electronics, Inc.†		190,237		11,117,450
Avnet, Inc.		266,112		11,653,046
Tech Data Corp.†		73,621		4,588,797
				27,359,293
Engineering/R&D Services — 0.4%
AECOM Technology Corp.†#		289,128		9,254,987
KBR, Inc.		279,525		4,707,201
				13,962,188
Enterprise Software/Service — 0.9%
Advent Software, Inc.		85,342		2,690,833
Concur Technologies, Inc.†		92,214		11,878,085
Informatica Corp.†		211,725		7,702,556
Ultimate Software Group, Inc.†		54,394		8,008,973
				30,280,447
Environmental Monitoring & Detection — 0.1%
MSA Safety, Inc.		60,477		3,322,002

158

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Filtration/Separation Products — 0.5%
CLARCOR, Inc.		97,114	$	6,398,841
Donaldson Co., Inc.		255,890		9,979,710
				16,378,551
Finance - Consumer Loans — 0.2%
SLM Corp.		814,041		7,879,917
Finance - Investment Banker/Broker — 0.4%
Raymond James Financial, Inc.		242,003		13,624,769
Finance - Mortgage Loan/Banker — 0.2%
CoreLogic, Inc.†		175,418		5,827,386
Finance - Other Services — 0.3%
CBOE Holdings, Inc.		164,006		9,825,599
Food - Baking — 0.2%
Flowers Foods, Inc.		354,919		6,920,921
Food - Confectionery — 0.0%
Tootsie Roll Industries, Inc.#		38,546		1,123,230
Food - Dairy Products — 0.5%
Dean Foods Co.#		180,488		3,077,320
WhiteWave Foods Co., Class A†		335,128		12,275,739
				15,353,059
Food - Flour & Grain — 0.1%
Post Holdings, Inc.†#		86,274		3,450,960
Food - Misc./Diversified — 0.8%
Hain Celestial Group, Inc.†		96,919		10,973,169
Ingredion, Inc.		143,555		11,948,083
Lancaster Colony Corp.		37,360		3,508,104
				26,429,356
Food - Retail — 0.1%
SUPERVALU, Inc.†		396,521		3,711,437
Food - Wholesale/Distribution — 0.2%
United Natural Foods, Inc.†		95,565		7,185,532
Footwear & Related Apparel — 0.2%
Deckers Outdoor Corp.†		66,652		6,446,581
Funeral Services & Related Items — 0.3%
Service Corp. International		406,456		9,185,906
Garden Products — 0.2%
Scotts Miracle-Gro Co., Class A		86,004		5,248,824
Gas - Distribution — 1.8%
Atmos Energy Corp.		193,151		10,372,209
National Fuel Gas Co.		161,901		11,214,882
ONE Gas, Inc.		100,084		3,885,261
Questar Corp.		337,368		8,093,458
UGI Corp.		331,794		12,511,952
Vectren Corp.		158,798		7,020,459
WGL Holdings, Inc.		99,971		4,885,583
				57,983,804
Gold Mining — 0.3%
Royal Gold, Inc.		125,367		7,983,371
Hazardous Waste Disposal — 0.2%
Clean Harbors, Inc.†		106,211		4,965,364
Home Furnishings — 0.2%
Tempur Sealy International, Inc.†		117,227		6,687,800
Housewares — 0.2%
Tupperware Brands Corp.		96,988		6,522,443

Security Description	Shares		Value (Note 2)
Human Resources — 0.3%
Manpowergroup, Inc.		153,443	$	10,259,199
Industrial Automated/Robotic — 0.5%
Cognex Corp.†		166,949		6,796,494
Nordson Corp.		112,944		8,826,573
				15,623,067
Instruments - Controls — 0.7%
Mettler-Toledo International, Inc.†		55,601		16,305,549
Woodward, Inc.		112,185		5,797,721
				22,103,270
Instruments - Scientific — 0.2%
FEI Co.		80,761		6,916,372
Insurance Brokers — 0.7%
Arthur J. Gallagher & Co.		306,033		14,674,283
Brown & Brown, Inc.		228,131		7,345,818
				22,020,101
Insurance - Life/Health — 0.7%
Primerica, Inc.		104,511		5,479,512
Protective Life Corp.		151,787		10,581,072
StanCorp Financial Group, Inc.		84,182		5,564,430
				21,625,014
Insurance - Multi-line — 0.6%
American Financial Group, Inc.		144,244		8,710,895
Kemper Corp.		96,310		3,395,891
Old Republic International Corp.		466,883		7,063,940
				19,170,726
Insurance - Property/Casualty — 1.6%
Alleghany Corp.†		31,513		14,386,945
First American Financial Corp.		206,145		6,598,701
Hanover Insurance Group, Inc.		84,799		6,044,473
HCC Insurance Holdings, Inc.		192,473		10,214,542
Mercury General Corp.		69,840		3,852,374
WR Berkley Corp.		196,369		10,258,317
				51,355,352
Insurance - Reinsurance — 1.2%
Aspen Insurance Holdings, Ltd.		125,999		5,572,936
Everest Re Group, Ltd.		87,521		15,350,308
Reinsurance Group of America, Inc.		131,963		11,311,868
RenaissanceRe Holdings, Ltd.		77,992		7,636,977
				39,872,089
Internet Infrastructure Software — 0.2%
TIBCO Software, Inc.†#		293,374		7,049,777
Investment Management/Advisor Services — 0.9%
Eaton Vance Corp.		228,535		9,550,478
Federated Investors, Inc., Class B#		183,729		5,776,440
Janus Capital Group, Inc.#		285,846		4,493,499
Waddell & Reed Financial, Inc., Class A		162,565		7,816,125
				27,636,542
Lighting Products & Systems — 0.4%
Acuity Brands, Inc.		83,177		11,495,061
Machine Tools & Related Products — 0.5%
Kennametal, Inc.		151,440		5,576,021
Lincoln Electric Holdings, Inc.		152,951		11,018,590
				16,594,611
Machinery - Construction & Mining — 0.2%
Terex Corp.		212,106		6,087,442

159

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery - Electrical — 0.2%
Regal-Beloit Corp.		86,967	$	6,289,453
Machinery - Farming — 0.2%
AGCO Corp.#		164,283		6,931,100
Machinery - General Industrial — 1.1%
IDEX Corp.		154,117		11,837,727
Wabtec Corp.		185,373		16,403,656
Zebra Technologies Corp., Class A†		97,719		7,148,145
				35,389,528
Machinery - Pumps — 0.3%
Graco, Inc.		115,643		9,263,004
Medical Information Systems — 0.1%
Allscripts Healthcare Solutions, Inc.†		325,963		3,918,075
Medical Instruments — 0.3%
Bio-Techne Corp.		71,229		6,525,289
Thoratec Corp.†		108,363		3,379,842
				9,905,131
Medical Labs & Testing Services — 0.3%
Covance, Inc.†		108,811		11,166,185
Medical Products — 2.0%
Cooper Cos., Inc.		92,930		15,695,877
Halyard Health Inc†		89,962		3,527,410
Henry Schein, Inc.†		163,281		22,402,153
Hill-Rom Holdings, Inc.		110,445		5,053,963
Sirona Dental Systems, Inc.†		106,530		9,203,127
Teleflex, Inc.		79,676		9,493,396
				65,375,926
Medical Sterilization Products — 0.2%
STERIS Corp.		114,210		7,280,888
Medical - Biomedical/Gene — 1.1%
Bio-Rad Laboratories, Inc., Class A†		39,451		4,686,384
Charles River Laboratories International, Inc.†		89,841		5,817,205
Cubist Pharmaceuticals, Inc.†		145,766		11,050,520
United Therapeutics Corp.†		90,980		12,061,219
				33,615,328
Medical - Drugs — 1.1%
Endo International PLC†		295,390		21,613,686
Salix Pharmaceuticals, Ltd.†#		122,585		12,588,254
				34,201,940
Medical - HMO — 0.8%
Centene Corp.†		112,760		11,137,305
Health Net, Inc.†		154,565		7,941,550
WellCare Health Plans, Inc.†		84,469		6,228,744
				25,307,599
Medical - Hospitals — 0.5%
Community Health Systems, Inc.†		221,847		10,444,557
LifePoint Hospitals, Inc.†		86,885		6,011,573
				16,456,130
Medical - Wholesale Drug Distribution — 0.1%
Owens & Minor, Inc.		121,387		4,152,649
Metal Processors & Fabrication — 0.2%
Timken Co.		146,763		6,279,989
Metal - Iron — 0.1%
Cliffs Natural Resources, Inc.#		294,835		2,688,895

Security Description	Shares		Value (Note 2)
Miscellaneous Manufacturing — 0.3%
AptarGroup, Inc.		125,450	$	8,185,613
Motion Pictures & Services — 0.1%
DreamWorks Animation SKG, Inc., Class A†#		138,522		3,302,364
Multimedia — 0.4%
FactSet Research Systems, Inc.#		75,311		10,322,126
Meredith Corp.#		70,198		3,705,050
				14,027,176
Networking Products — 0.3%
Fortinet, Inc.†		264,785		7,297,475
Polycom, Inc.†		263,689		3,472,784
				10,770,259
Non-Hazardous Waste Disposal — 0.4%
Waste Connections, Inc.		238,892		11,278,091
Office Furnishings - Original — 0.2%
Herman Miller, Inc.		114,339		3,474,762
HNI Corp.		86,806		4,074,674
				7,549,436
Oil & Gas Drilling — 0.4%
Atwood Oceanics, Inc.†		115,165		3,695,645
Patterson-UTI Energy, Inc.		281,271		4,975,684
Rowan Cos. PLC, Class A		239,637		5,216,897
				13,888,226
Oil Companies - Exploration & Production — 1.2%
California Resources Corp.†		600,229		4,831,843
Energen Corp.		140,880		8,413,354
Gulfport Energy Corp.†		164,563		7,854,592
Rosetta Resources, Inc.†		118,334		3,481,386
SM Energy Co.		129,673		5,634,292
Unit Corp.†		88,755		3,392,216
WPX Energy, Inc.†		390,573		5,300,076
				38,907,759
Oil Field Machinery & Equipment — 0.6%
Dresser-Rand Group, Inc.†		147,465		11,960,886
Dril-Quip, Inc.†		76,945		6,136,364
				18,097,250
Oil Refining & Marketing — 0.8%
HollyFrontier Corp.		382,163		15,599,894
Murphy USA, Inc.†		82,728		5,271,428
Western Refining, Inc.		143,978		5,918,935
				26,790,257
Oil - Field Services — 1.1%
CARBO Ceramics, Inc.#		37,798		1,437,836
Helix Energy Solutions Group, Inc.†		188,921		4,320,623
NOW, Inc.†#		206,058		5,518,233
Oceaneering International, Inc.		207,890		13,036,782
Oil States International, Inc.†		104,092		5,188,986
Superior Energy Services, Inc.		297,722		5,749,012
				35,251,472
Paper & Related Products — 0.2%
Domtar Corp.		125,110		5,091,977
Pharmacy Services — 0.4%
Omnicare, Inc.		188,339		13,243,998
Physicians Practice Management — 0.4%
MEDNAX, Inc.†		192,939		12,629,787

160

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Power Converter/Supply Equipment — 0.3%
Hubbell, Inc., Class B		104,677	$	11,179,504
Printing - Commercial — 0.4%
Deluxe Corp.		95,852		5,602,549
RR Donnelley & Sons Co.		384,562		6,476,024
				12,078,573
Publishing - Books — 0.2%
John Wiley & Sons, Inc., Class A		90,305		5,393,015
Publishing - Newspapers — 0.1%
New York Times Co., Class A		251,684		3,193,870
Publishing - Periodicals — 0.2%
Time, Inc.		209,678		5,019,691
Quarrying — 0.2%
Compass Minerals International, Inc.		64,603		5,623,691
Racetracks — 0.1%
International Speedway Corp., Class A		53,801		1,682,895
Real Estate Investment Trusts — 9.7%
Alexandria Real Estate Equities, Inc.		138,097		11,865,294
American Campus Communities, Inc.		201,966		8,078,640
BioMed Realty Trust, Inc.		375,599		8,056,599
Camden Property Trust		164,691		12,628,506
Corporate Office Properties Trust		177,996		5,003,468
Corrections Corp. of America		224,095		8,123,444
Duke Realty Corp.		656,647		12,765,218
Equity One, Inc.		147,767		3,580,394
Extra Space Storage, Inc.		212,139		12,573,478
Federal Realty Investment Trust		130,339		17,290,772
Highwoods Properties, Inc.		173,923		7,506,517
Home Properties, Inc.		109,962		7,168,423
Hospitality Properties Trust		288,320		8,822,592
Kilroy Realty Corp.		160,098		10,995,531
Lamar Advertising Co.		154,045		8,209,058
LaSalle Hotel Properties		200,306		8,086,353
Liberty Property Trust		285,056		10,085,281
Mack-Cali Realty Corp.		160,998		3,094,382
Mid-America Apartment Communities, Inc.		144,730		10,660,812
National Retail Properties, Inc.#		253,851		9,780,879
Omega Healthcare Investors, Inc.		244,901		9,360,116
Potlatch Corp.		78,126		3,246,135
Rayonier, Inc.		243,562		6,644,371
Realty Income Corp.#		428,491		19,907,692
Regency Centers Corp.		177,765		10,928,992
Senior Housing Properties Trust		392,197		8,836,198
SL Green Realty Corp.		184,002		21,369,992
Tanger Factory Outlet Centers, Inc.		184,547		6,750,729
Taubman Centers, Inc.		121,870		9,687,446
UDR, Inc.		484,456		14,911,556
Washington Prime Group, Inc.		298,648		5,145,705
Weingarten Realty Investors		216,469		7,879,472
				309,044,045
Real Estate Management/Services — 0.4%
Jones Lang LaSalle, Inc.		86,251		12,563,321
Real Estate Operations & Development — 0.1%
Alexander & Baldwin, Inc.		87,255		3,322,670
Recreational Centers — 0.1%
Life Time Fitness, Inc.†		69,234		3,834,179
Recreational Vehicles — 0.9%
Brunswick Corp.		178,790		8,882,287
Polaris Industries, Inc.		116,798		18,303,415
				27,185,702

Security Description	Shares		Value (Note 2)
Rental Auto/Equipment — 0.2%
Aaron’s, Inc.		123,869	$	3,515,402
Rent-A-Center, Inc.		101,727		3,509,582
				7,024,984
Respiratory Products — 0.4%
ResMed, Inc.#		269,787		14,352,668
Retail - Apparel/Shoe — 1.5%
Abercrombie & Fitch Co., Class A#		137,362		3,962,894
American Eagle Outfitters, Inc.#		336,807		4,748,979
ANN, Inc.†		88,047		3,233,966
Ascena Retail Group, Inc.†		252,037		3,374,776
Chico’s FAS, Inc.		294,082		4,667,081
Foot Locker, Inc.		276,611		15,847,044
Guess?, Inc.		123,012		2,788,682
Kate Spade & Co.†		244,243		7,823,103
				46,446,525
Retail - Auto Parts — 0.6%
Advance Auto Parts, Inc.		140,457		20,658,416
Retail - Automobile — 0.2%
Copart, Inc.†		218,344		7,934,621
Retail - Catalog Shopping — 0.2%
MSC Industrial Direct Co., Inc., Class A		98,508		7,651,116
Retail - Discount — 0.3%
Big Lots, Inc.		107,879		5,480,253
HSN, Inc.		62,431		4,553,093
				10,033,346
Retail - Jewelry — 0.6%
Signet Jewelers, Ltd.		154,393		20,219,307
Retail - Mail Order — 0.4%
Williams-Sonoma, Inc.		168,466		12,560,825
Retail - Major Department Stores — 0.1%
J.C. Penney Co., Inc.†#		586,731		4,699,715
Retail - Misc./Diversified — 0.2%
CST Brands, Inc.		145,550		6,354,713
Retail - Office Supplies — 0.2%
Office Depot, Inc.†		931,224		6,174,015
Retail - Petroleum Products — 0.2%
World Fuel Services Corp.		139,124		6,299,535
Retail - Restaurants — 1.1%
Brinker International, Inc.		124,372		7,005,875
Cheesecake Factory, Inc.		88,675		4,294,530
Domino’s Pizza, Inc.		106,089		9,956,453
Panera Bread Co., Class A†#		49,487		8,284,124
Wendy’s Co.		529,512		4,617,344
				34,158,326
Retail - Sporting Goods — 0.5%
Cabela’s, Inc.†#		91,635		4,970,282
Dick’s Sporting Goods, Inc.		191,349		9,684,173
				14,654,455
Savings & Loans/Thrifts — 0.8%
Astoria Financial Corp.		168,623		2,230,882
First Niagara Financial Group, Inc.		681,244		5,565,764
New York Community Bancorp, Inc.#		851,987		13,538,073
Washington Federal, Inc.		191,536		4,144,839
				25,479,558

161

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Schools — 0.6%
Apollo Education Group, Inc.†		187,933	$	5,867,268
DeVry Education Group, Inc.		110,350		5,391,701
Graham Holdings Co., Class B		8,473		7,519,703
				18,778,672
Semiconductor Components - Integrated Circuits — 0.5%
Atmel Corp.†		805,568		6,372,043
Cypress Semiconductor Corp.#		281,998		2,989,179
Integrated Device Technology, Inc.†		286,393		5,344,093
				14,705,315
Semiconductor Equipment — 0.3%
Teradyne, Inc.		416,693		8,271,356
Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc.		93,476		10,186,080
Soap & Cleaning Preparation — 0.6%
Church & Dwight Co., Inc.		257,260		19,734,415
Steel Pipe & Tube — 0.3%
TimkenSteel Corp.		73,377		2,613,689
Valmont Industries, Inc.#		47,360		6,404,019
				9,017,708
Steel - Producers — 1.3%
Carpenter Technology Corp.		102,399		5,162,958
Commercial Metals Co.		226,784		3,705,650
Reliance Steel & Aluminum Co.		150,066		9,595,220
Steel Dynamics, Inc.		462,014		10,413,795
United States Steel Corp.#		279,325		9,315,489
Worthington Industries, Inc.		97,815		3,688,604
				41,881,716
Telecom Equipment - Fiber Optics — 0.3%
Ciena Corp.†#		205,111		3,390,485
JDS Uniphase Corp.†		442,745		5,906,218
				9,296,703
Telecom Services — 0.1%
NeuStar, Inc., Class A†#		107,964		2,942,019
Telecommunication Equipment — 0.4%
ARRIS Group, Inc.†		253,519		7,547,261
Plantronics, Inc.		82,467		4,302,303
				11,849,564
Telephone - Integrated — 0.2%
Telephone & Data Systems, Inc.		190,477		4,868,592
Television — 0.2%
AMC Networks, Inc., Class A†		113,768		7,378,992
Theaters — 0.2%
Cinemark Holdings, Inc.		200,405		7,276,706
Transactional Software — 0.4%
ACI Worldwide, Inc.†		219,574		4,270,714
Solera Holdings, Inc.		132,054		6,955,284
				11,225,998
Transport - Equipment & Leasing — 0.2%
GATX Corp.		86,228		5,340,962
Transport - Marine — 0.4%
Kirby Corp.†		109,825		10,558,575
Tidewater, Inc.#		95,700		2,958,087
				13,516,662

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Rail — 0.3%
Genesee & Wyoming, Inc., Class A†		98,340		$	9,695,341
Transport - Truck — 1.3%
Con-way, Inc.		110,699			5,484,028
J.B. Hunt Transport Services, Inc.		177,214			14,625,471
Landstar System, Inc.		86,018			6,914,127
Old Dominion Freight Line, Inc.†		131,017			10,617,618
Werner Enterprises, Inc.		85,748			2,659,903
					40,301,147
Veterinary Diagnostics — 0.2%
VCA, Inc.†		165,939			7,853,893
Water — 0.3%
Aqua America, Inc.		341,025			9,064,445
Web Hosting/Design — 1.1%
Equinix, Inc.		107,943			24,521,411
Rackspace Hosting, Inc.†		228,472			10,489,150
					35,010,561
Web Portals/ISP — 0.2%
AOL, Inc.†		151,417			6,989,409
Wire & Cable Products — 0.2%
Belden, Inc.		83,229			6,078,214
Wireless Equipment — 0.4%
InterDigital, Inc.		71,531			3,567,966
RF Micro Devices, Inc.†#		553,603			8,088,140
					11,656,106
X-Ray Equipment — 0.4%
Hologic, Inc.†		465,115			12,465,082
Total Long-Term Investment Securities
(cost $2,155,384,407)					3,127,595,089
SHORT-TERM INVESTMENT SECURITIES — 9.0%
Registered Investment Companies — 7.1%
State Street Navigator Securities Lending Prime Portfolio(1)		228,329,923			228,329,923
U.S. Government Treasuries — 1.9%
United States Treasury Bills Disc. Notes
0.01% due 12/18/2014(2)	$	4,300,000			4,299,980
0.04% due 12/04/2014		50,000,000			49,999,844
0.04% due 12/18/2014(2)		5,000,000			4,999,917
					59,299,741
Total Short-Term Investment Securities
(cost $287,629,664)					287,629,664
REPURCHASE AGREEMENT — 0.4%
State Street Bank and Trust Co. Joint Repurchase Agreement(3) (cost $13,166,000)		13,166,000			13,166,000
TOTAL INVESTMENTS
(cost $2,456,180,071)(4)		107.2	%		3,428,390,753
Liabilities in excess of other assets		(7.2	)		(229,557,849	)
NET ASSETS —		100.0	%	$	3,198,832,904

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

† Non-income producing security

(1) At November 30, 2014, the Fund had loaned securities with a total value of $224,024,820 This was secured by collateral of $228,329,923 which was received in cash and subsequently invested in short-term investments currently valued at $228,329,923 as

162

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

reported in the portfolio of investments. Additional collateral of $4,110,992 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014
United States Treasury Bills	zero coupon	01/22/2015 to 08/20/2015	$	60,715
United States Treasury Notes/Bonds	0.13% to 8.13%	12/15/2014 to 08/15/2043		4,050,277

(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, 2014		Unrealized Appreciation (Depreciation)
	521	Long	S&P Mid Cap 400 E-mini Index		December 2014	$	74,774,180	$	75,065,680	$	291,500

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	3,127,595,089	$	—	$	—	$	3,127,595,089
Short-Term Investment Securities:
Registered Investment Companies		228,329,923		—		—		228,329,923
U.S. Government Treasuries		—		59,299,741		—		59,299,741
Repurchase Agreement		—		13,166,000		—		13,166,000
Total Investments at Value	$	3,355,925,012	$	72,465,741	$	—	$	3,428,390,753
Other Financial Instruments:†
Open Futures Contracts	$	291,500	$	—	$	—	$	291,500

* For a detailed presentation of investments, 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

163

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Registered Investment Companies	11.6	%
Medical — Biomedical/Gene	5.8
Commercial Services — Finance	4.5
Retail — Restaurants	4.5
Medical Instruments	4.2
Medical — Drugs	4.2
Internet Content — Information/News	3.9
Consulting Services	3.6
Internet Content — Entertainment	3.5
Apparel Manufacturers	3.0
E-Commerce/Services	2.7
Auto — Cars/Light Trucks	2.4
Vitamins & Nutrition Products	2.3
Internet Application Software	2.3
Enterprise Software/Service	1.9
Coffee	1.9
Applications Software	1.8
Medical Information Systems	1.7
Retail — Apparel/Shoe	1.7
Time Deposits	1.6
Aerospace/Defense	1.6
E-Commerce/Products	1.5
Decision Support Software	1.5
Diversified Manufacturing Operations	1.5
Computer Services	1.4
Networking Products	1.4
Auto/Truck Parts & Equipment — Original	1.4
Insurance — Property/Casualty	1.2
Airlines	1.2
Web Hosting/Design	1.1
Oil Companies — Exploration & Production	1.0
Internet Security	1.0
Coatings/Paint	1.0
Semiconductor Components — Integrated Circuits	0.9
Retail — Discount	0.9
Electric Products — Misc.	0.9
Retail — Auto Parts	0.9
Food — Confectionery	0.9
Data Processing/Management	0.9
Home Decoration Products	0.8
Transport — Truck	0.8
Medical — Wholesale Drug Distribution	0.7
Cruise Lines	0.7
Real Estate Management/Services	0.7
Web Portals/ISP	0.7
Electronic Components — Semiconductors	0.6
Hazardous Waste Disposal	0.6
Medical Products	0.6
Audio/Video Products	0.6
Beverages — Non — alcoholic	0.6
Chemicals — Specialty	0.6
Aerospace/Defense — Equipment	0.6
Computers — Other	0.6
Banks — Commercial	0.6
Food — Meat Products	0.6
Transport — Rail	0.6
Broadcast Services/Program	0.6
Television	0.5
Investment Management/Advisor Services	0.5
Semiconductor Equipment	0.5
Computer Aided Design	0.5
Footwear & Related Apparel	0.5
Hotels/Motels	0.5
Containers — Metal/Glass	0.5
Industrial Gases	0.5
Building Products — Cement	0.5
Instruments — Scientific	0.5
Computers — Memory Devices	0.4
Industrial Audio & Video Products	0.4

Oil — Field Services	0.4
Internet Incubators	0.4
Finance — Other Services	0.4
Lighting Products & Systems	0.4
Energy — Alternate Sources	0.3
Internet Infrastructure Software	0.2
Therapeutics	0.2
	111.0	%

* Calculated as a percentage of net assets

164

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.6%
Aerospace/Defense — 1.6%
TransDigm Group, Inc.		24,234	$	4,793,243
Aerospace/Defense - Equipment — 0.6%
B/E Aerospace, Inc.†		24,058		1,873,396
Airlines — 1.2%
United Continental Holdings, Inc.†		56,894		3,483,620
Apparel Manufacturers — 3.0%
Gildan Activewear, Inc.		19,680		1,147,344
Michael Kors Holdings, Ltd.†		90,871		6,970,714
Under Armour, Inc., Class A†		14,134		1,024,574
				9,142,632
Applications Software — 1.8%
NetSuite, Inc.†#		16,529		1,747,942
ServiceNow, Inc.†		37,366		2,389,929
Tableau Software, Inc., Class A†		13,942		1,169,455
				5,307,326
Audio/Video Products — 0.6%
Harman International Industries, Inc.		17,438		1,892,546
Auto - Cars/Light Trucks — 2.4%
Tesla Motors, Inc.†#		29,280		7,159,546
Auto/Truck Parts & Equipment - Original — 1.4%
Delphi Automotive PLC		29,158		2,127,076
WABCO Holdings, Inc.†		18,812		1,930,488
				4,057,564
Banks - Commercial — 0.6%
First Republic Bank		35,933		1,851,627
Beverages - Non-alcoholic — 0.6%
Monster Beverage Corp.†		16,870		1,891,971
Broadcast Services/Program — 0.6%
Scripps Networks Interactive, Inc., Class A		21,219		1,658,689
Building Products - Cement — 0.5%
Vulcan Materials Co.		21,046		1,391,141
Chemicals - Specialty — 0.6%
International Flavors & Fragrances, Inc.		18,678		1,889,653
Coatings/Paint — 1.0%
Sherwin-Williams Co.		11,832		2,897,184
Coffee — 1.9%
Keurig Green Mountain, Inc.		39,281		5,583,401
Commercial Services - Finance — 4.5%
FleetCor Technologies, Inc.†		30,441		4,623,683
McGraw Hill Financial, Inc.		75,280		7,035,669
SEI Investments Co.		44,455		1,761,752
				13,421,104
Computer Aided Design — 0.5%
Aspen Technology, Inc.†		41,331		1,559,832
Computer Services — 1.4%
IHS, Inc., Class A†		34,419		4,214,951
Computers - Memory Devices — 0.4%
Western Digital Corp.		12,955		1,337,863
Computers - Other — 0.6%
3D Systems Corp.†#		26,542		936,402
Stratasys, Ltd.†#		9,053		923,134
				1,859,536

Security Description	Shares		Value (Note 2)
Consulting Services — 3.6%
Gartner, Inc.†		54,685	$	4,674,474
Towers Watson & Co., Class A		12,757		1,441,030
Verisk Analytics, Inc., Class A†		73,351		4,546,295
				10,661,799
Containers - Metal/Glass — 0.5%
Constellium NV, Class A†		95,813		1,509,055
Cruise Lines — 0.7%
Royal Caribbean Cruises, Ltd.		27,889		2,056,535
Data Processing/Management — 0.6%
Fidelity National Information Services, Inc.		29,512		1,805,839
Decision Support Software — 1.5%
MSCI, Inc.		96,116		4,648,170
Diversified Manufacturing Operations — 1.5%
Colfax Corp.†		60,996		3,143,124
ITT Corp.		33,575		1,390,005
				4,533,129
E-Commerce/Products — 1.1%
MercadoLibre, Inc.#		10,511		1,481,421
zulily, Inc., Class A†#		65,573		1,883,912
				3,365,333
E-Commerce/Services — 2.7%
Autohome, Inc. ADR†		43,633		1,885,818
Ctrip.com International, Ltd. ADR†		32,494		1,757,275
Groupon, Inc.†#		151,328		1,139,500
TripAdvisor, Inc.†		25,412		1,871,594
Zillow, Inc., Class A†#		11,878		1,405,880
				8,060,067
Electric Products - Misc. — 0.9%
AMETEK, Inc.		53,162		2,709,136
Electronic Components - Semiconductors — 0.6%
Broadcom Corp., Class A		44,641		1,925,366
Energy - Alternate Sources — 0.3%
SolarCity Corp.†#		18,898		1,039,390
Enterprise Software/Service — 1.9%
Workday, Inc., Class A†		66,810		5,815,810
Finance - Other Services — 0.4%
CBOE Holdings, Inc.		19,280		1,155,065
Food - Confectionery — 0.9%
Hershey Co.		26,453		2,652,707
Food - Meat Products — 0.6%
Tyson Foods, Inc., Class A		42,110		1,782,937
Footwear & Related Apparel — 0.5%
Deckers Outdoor Corp.†		16,120		1,559,126
Hazardous Waste Disposal — 0.6%
Stericycle, Inc.†		14,880		1,918,330
Home Decoration Products — 0.8%
Newell Rubbermaid, Inc.		63,439		2,303,470
Hotels/Motels — 0.5%
Starwood Hotels & Resorts Worldwide, Inc.		19,236		1,519,644
Industrial Audio & Video Products — 0.4%
GoPro, Inc., Class A†		15,975		1,245,571
Industrial Gases — 0.5%
Airgas, Inc.		12,377		1,431,153

165

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Instruments - Scientific — 0.5%
PerkinElmer, Inc.		30,283	$	1,376,968
Insurance - Property/Casualty — 1.2%
Progressive Corp.		129,537		3,528,588
Internet Application Software — 2.3%
Splunk, Inc.†		93,513		6,274,722
Zynga, Inc., Class A†#		235,826		613,148
				6,887,870
Internet Content - Entertainment — 3.5%
Pandora Media, Inc.†		92,527		1,819,081
Twitter, Inc.†		169,716		7,083,946
Youku Tudou, Inc. ADR†#		85,873		1,588,650
				10,491,677
Internet Content - Information/News — 3.9%
LinkedIn Corp., Class A†		39,971		9,044,238
Yelp, Inc.†#		44,489		2,539,877
				11,584,115
Internet Incubators — 0.4%
HomeAway, Inc.†		37,023		1,161,041
Internet Infrastructure Software — 0.2%
Survey Monkey, Inc.†(1)(2)(3)		44,965		739,674
Internet Security — 1.0%
FireEye, Inc.†#		100,687		3,049,809
Investment Management/Advisor Services — 0.5%
Ameriprise Financial, Inc.		12,461		1,641,986
Lighting Products & Systems — 0.4%
Acuity Brands, Inc.		8,090		1,118,038
Medical Information Systems — 1.7%
athenahealth, Inc.†#		44,424		5,210,935
Medical Instruments — 4.2%
Boston Scientific Corp.†		73,393		944,568
DexCom, Inc.†		12,495		642,992
Intuitive Surgical, Inc.†		21,436		11,098,918
				12,686,478
Medical Products — 0.6%
Cooper Cos., Inc.		11,210		1,893,369
Medical - Biomedical/Gene — 5.8%
Alnylam Pharmaceuticals, Inc.†		10,474		1,053,161
Illumina, Inc.†		55,107		10,519,375
Incyte Corp.†		15,288		1,155,009
Intercept Pharmaceuticals, Inc.†#		1,214		174,488
Medivation, Inc.†		11,230		1,301,445
Seattle Genetics, Inc.†#		13,200		481,008
Vertex Pharmaceuticals, Inc.†		22,331		2,632,378
				17,316,864
Medical - Drugs — 4.2%
Endo International PLC†		100,717		7,369,463
Ironwood Pharmaceuticals, Inc.†		86,092		1,191,513
Quintiles Transnational Holdings, Inc.†		32,863		1,900,139
Zoetis, Inc.		48,775		2,191,461
				12,652,576
Medical - Wholesale Drug Distribution — 0.7%
Cardinal Health, Inc.		25,938		2,131,844
Networking Products — 1.4%
Palo Alto Networks, Inc.†		33,347		4,101,681

Security Description	Shares		Value (Note 2)
Oil Companies - Exploration & Production — 1.0%
Concho Resources, Inc.†		14,606	$	1,391,221
Range Resources Corp.		15,650		1,027,423
Whiting Petroleum Corp.†		17,319		723,415
				3,142,059
Oil - Field Services — 0.4%
Weatherford International PLC†		89,464		1,171,978
Real Estate Management/Services — 0.7%
CBRE Group, Inc., Class A†		60,838		2,052,674
Retail - Apparel/Shoe — 1.7%
Kate Spade & Co.†		61,135		1,958,154
Lululemon Athletica, Inc.†#		40,807		1,966,490
Zalando SE†*		39,222		1,224,978
				5,149,622
Retail - Auto Parts — 0.9%
Advance Auto Parts, Inc.		18,105		2,662,883
Retail - Discount — 0.9%
Dollar Tree, Inc.†		40,156		2,745,064
Retail - Restaurants — 4.5%
Chipotle Mexican Grill, Inc.†		4,113		2,729,469
Dunkin’ Brands Group, Inc.		138,635		6,703,002
Panera Bread Co., Class A†#		23,729		3,972,235
				13,404,706
Semiconductor Components - Integrated Circuits — 0.9%
Atmel Corp.†		162,802		1,287,764
NXP Semiconductor NV†		19,400		1,509,514
				2,797,278
Semiconductor Equipment — 0.5%
Lam Research Corp.		19,074		1,576,275
Television — 0.5%
AMC Networks, Inc., Class A†		25,361		1,644,914
Therapeutics — 0.2%
Pharmacyclics, Inc.†		4,699		654,994
Transport - Rail — 0.6%
Kansas City Southern		14,070		1,673,486
Transport - Truck — 0.8%
Swift Transportation Co.†		77,333		2,248,070
Vitamins & Nutrition Products — 2.3%
Mead Johnson Nutrition Co.		67,365		6,995,181
Web Hosting/Design — 0.7%
Equinix, Inc.		9,490		2,155,843
Web Portals/ISP — 0.6%
Dropbox, Inc.†(1)(2)(3)		89,561		1,710,723
Total Common Stocks
(cost $241,446,777)				290,323,720
CONVERTIBLE PREFERRED SECURITIES — 1.2%
Auto - Cars/Light Trucks — 0.0%
Better Place LLC, Series B†(1)(2)(3)		314,973		0
Data Processing/Management — 0.3%
Palantir Technologies, Inc., Series G†(1)(2)(3)		89,856		539,136
Palantir Technologies, Inc., Series H†(1)(2)(3)		24,065		144,390
Palantir Technologies, Inc., Series H-1†(1)(2)(3)		24,065		144,390
				827,916

166

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES (continued)
E-Commerce/Products — 0.4%
Flipkart Online Services Pvt., Ltd., Series D†(1)(2)(3)		13,407		$	1,278,223
Peixe Urbano, Inc., Series C†(1)(2)(3)		14,214			30,134
					1,308,357
Web Hosting/Design — 0.4%
AirBNB, Inc., Series D†(1)(2)(3)		29,418			1,194,416
Web Portals/ISP — 0.1%
Dropbox, Inc., Series A†(1)(2)(3)		8,758			167,288
Total Convertible Preferred Securities
(cost $3,283,962)					3,497,977
Total Long-Term Investment Securities
(cost $244,730,739)					293,821,697
SHORT-TERM INVESTMENT SECURITIES — 13.2%
Registered Investment Companies — 11.6%
State Street Navigator Securities Lending Prime Portfolio(4)		34,844,791			34,844,791
Time Deposits — 1.6%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014	$	4,847,000			4,847,000
Total Short-Term Investment Securities
(cost $39,691,791)					39,691,791
TOTAL INVESTMENTS
(cost $284,422,530)(5)		111.0	%		333,513,488
Liabilities in excess of other assets		(11.0	)		(33,119,699	)
NET ASSETS		100.0	%	$	300,393,789

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2014, the aggregate value of these securities was $1,224,978 representing 0.4% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(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, 2014, the Mid Cap Strategic Growth Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Dropbox, Inc.		05/01/2012		89,561	$	810,680	$	1,710,723	$	19.10		0.57	%
Survey Monkey, Inc.		11/25/2014		44,965		739,674		739,674		16.45		0.24
Convertible Preferred Securities
AirBNB, Inc.
Series D		04/16/2014		29,418		1,197,696		1,194,416		40.60		0.40
Better Place LLC Series B		01/25/2010		262,477		787,431
		11/30/2011		52,496		–
				314,973		787,431		0		0.00		0.00
Dropbox, Inc. Series A		05/25/2012		8,758		79,351		167,288		19.10		0.07
Flipkart Online Services Pvt., Ltd. Series D		10/04/2013		13,407		307,650		1,278,223		95.34		0.43
Palantir Technologies, Inc. Series G		07/19/2012		89,856		274,960		539,136		6.00		0.18
Palantir Technologies, Inc. Series H		10/25/2013		24,065		84,468		144,390		6.00		0.05
Palantir Technologies, Inc. Series H-1		10/25/2013		24,065		84,468		144,390		6.00		0.05
Peixe Urbano, Inc. Series C		12/02/2011		14,214		467,938		30,134		2.12		0.01
							$	5,948,374				2.00	%

(2) Illiquid security. At November 30, 2014, the aggregate value of these securities was $5,948,374 representing 2.0% 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, 2014, the Fund had loaned securities with a total value of $33,765,541. This was secured by collateral of $34,844,791 which was received in cash and subsequently invested in short-term investments currently valued at $34,844,791 as reported in the portfolio investments. Additional collateral of $65,415 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2014
United States Treasury Notes/Bonds	0.88% to 4.25%	08/15/2015 to 05/15/2022	$65,415

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

ADR—American Depository Receipt

167

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Internet Infrastructure Software	$	—	$	—	$	739,674	$	739,674
Web Portals/ISP		—		—		1,710,723		1,710,723
Other Industries		287,873,323		—		—		287,873,323
Convertible Preferred Securities		—		—		3,497,977		3,497,977
Short-Term Investment Securities:
Registered Investment Companies		34,844,791		—		—		34,844,791
Time Deposits		—		4,847,000		—		4,847,000
Total Investments at Value	$	322,718,114	$	4,847,000	$	5,948,374	$	333,513,488

* For a detailed presentation of investments, 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.

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 05/31/2014	$	1,556,394	$	2,719,036
Accrued discounts		—		—
Accrued premiums		—		—
Realized Gain		—		—
Realized Loss		—		—
Change in unrealized appreciation(1)		154,329		800,160
Change in unrealized depreciation(1)		—		(21,219	)
Net Purchases		739,674		—
Net Sales		—		—
Transfers into Level 3		—		—
Transfers out of Level 3		—		—
Balance as of 11/30/2014	$	2,450,397	$	3,497,977

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2014 includes:

Common Stocks		Convertible Preferred Securities
$	154,329	$	778,941

Any differences between the change in unrealized appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2014

168

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

The following is quantitative information about Level 3 fair value measurements:

Description	Fair Value at 11/30/14		Valuation Technique(s)	Unobservable Input (1)	Range (weighted average)
Common Stock	$	2,450,397	Market Approach under the Valuation Technique	Transaction Price*	$16.4500 - $19.1012 ($17.7756)
Convertible Preferred Securities	$	1,445,511	Market Approach under the Valuation Technique	Transaction Price* Discount for Lack of Marketability	$19.1012 - $118.53 ($68.8156) 20.0%
	$	30,134	Income Approach	Future Cash Flows*	$2.12
	$	0	Cost Approach	Net Tangible Assets*	$0.00
	$	2,022,332	Market Approach under the Valuation	Transaction Price*	$6.13 - $40.713 ($14.7758)
			Technique and Income	Enterprise Value/Revenue Multiple*	11.20x - 11.70x (11.325x)
			Approach	Discount for Lack of Marketability	15.0%
				Weighted Average Cost of Capital	17.0% - 17.5% (17.125%)
				Perpetual Growth Rate*	3.0 - 3.5% (3.125%)

(1) The significant unobservable inputs regarding the Level 3 securities in the table above are attributable to private securities and include assumptions made from non-public financial statements, private transactions, and/or market comparables. For those unobservable inputs indicated with *, a significant increase (decrease) in any of those inputs in isolation may result in a significantly higher (lower) fair value measurement, while the remaining unobservable inputs have a inverse relationship.

See Notes to Financial Statements

169

VALIC Company I Money Market I Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

U.S. Government Agencies	34.0	%
Foreign Bank	18.0
U.S. Government Treasuries	16.6
Money Center Banks	10.3
Commercial Banks — Canadian	4.4
Domestic Bank	4.4
Commercial Banks	4.2
Repurchase Agreement	3.4
Finance	2.5
Super-Regional Banks — US	2.2
	100.0	%

Credit Quality@#

A-1	97.8	%
A-2	2.2
	100.0	%

* Calculated as a percentage of net assets.

@ Source: Standard & Poor’s

# Calculated as a percentage of total debt issues.

Weighted Average days to Maturity — 51.0 days

170

VALIC Company I Money Market I Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 96.6%
Certificates of Deposit — 28.3%
Chase Bank USA NA FRS 0.26% due 04/24/2015	$	7,400,000	$	7,400,000
Credit Agricole Corporate and Investment Bank NY 0.24% due 01/05/2015		7,000,000		7,000,000
Deutsche Bank AG NY FRS 0.55% due 03/27/2015		8,750,000		8,750,000
Nordea Bank Finland PLC NY 0.20% due 02/10/2015		7,250,000		7,250,000
Nordea Bank Finland PLC NY 0.22% due 03/25/2015		7,500,000		7,500,000
Rabobank Nederland NV NY FRS 0.26% due 10/20/2015		7,400,000		7,400,000
Rabobank Nederland NV NY FRS 0.28% due 06/12/2015		1,200,000		1,200,277
Rabobank Nederland NV NY FRS 0.30% due 08/12/2015		7,250,000		7,251,724
Royal Bank of Canada NY FRS 0.23% due 06/10/2015		7,250,000		7,250,000
Royal Bank of Canada NY FRS 0.24% due 03/27/2015		750,000		750,023
Royal Bank of Canada NY FRS 0.35% due 05/04/2015		7,700,000		7,700,000
Svenska Handelsbanken NY 0.22% due 03/11/2015		7,350,000		7,350,102
UBS AG Stamford CT FRS 0.25% due 07/23/2015		7,250,000		7,250,000
Wells Fargo Bank NA FRS 0.20% due 12/01/2014		7,100,000		7,100,000
Wells Fargo Bank NA FRS 0.23% due 02/04/2015		8,610,000		8,610,000
Total Certificates of Deposit
(amortized cost $99,762,126)				99,762,126
Commercial Paper — 11.4%
BNP Paribas Finance, Inc. 0.06% due 12/02/2014		17,000,000		16,999,972
Credit Agricole Corporate and Investment Bank NY 0.10% due 12/02/2014		8,500,000		8,499,976
State Street Corp. 0.19% due 03/24/2015		7,400,000		7,395,587
State Street Corp. 0.20% due 01/05/2015		7,550,000		7,548,532
Total Commercial Paper
(amortized cost $40,444,067)				40,444,067
U.S. Corporate Bonds & Notes — 6.3%
Bank of America NA 0.25% due 12/01/2014		7,650,000		7,650,000
General Electric Capital Corp. FRS 0.61% due 01/09/2015		3,000,000		3,001,498
General Electric Capital Corp. 2.15% due 01/09/2015		5,750,000		5,761,463
JPMorgan Chase Bank NA FRS 0.35% due 03/07/2019(1)		5,900,000		5,900,000
Total U.S. Corporate Bonds & Notes
(amortized cost $22,312,961)				22,312,961
U.S. Government Agencies — 34.0%
Federal Farm Credit Bank
0.08% due 03/09/2015 FRS		5,250,000		5,249,848
0.09% due 01/08/2015		4,750,000		4,749,549
0.11% due 03/30/2015 FRS		6,000,000		5,999,903
0.13% due 02/23/2015 FRS		6,700,000		6,699,915
0.14% due 07/01/2015		8,000,000		7,993,404
0.16% due 10/05/2015		2,950,000		2,945,962
0.23% due 03/16/2015 FRS		5,200,000		5,202,299

Security Description	Principal Amount			Value (Note 2)
U.S. Government Agencies (continued)
Federal Home Loan Bank
0.06% due 01/07/2015	$	4,000,000		$	3,999,774
0.06% due 01/21/2015		6,500,000			6,499,447
0.07% due 01/28/2015		12,750,000			12,748,665
0.10% due 05/22/2015		6,000,000			5,997,133
0.11% due 02/17/2015		3,750,000			3,749,106
0.12% due 03/25/2015		3,250,000			3,248,765
0.12% due 04/10/2015		2,700,000			2,698,830
0.12% due 08/10/2015 FRS		2,000,000			2,000,217
0.13% due 03/12/2015		8,000,000			8,000,875
0.14% due 09/08/2015		4,500,000			4,495,082
0.17% due 07/31/2015		2,750,000			2,746,857
Federal Home Loan Mtg. Corp.
0.04% due 01/29/2015		4,000,000			3,999,738
0.10% due 04/24/2015		8,000,000			7,996,960
0.14% due 01/26/2015		2,750,000			2,749,423
Federal National Mtg. Assoc.
0.13% due 02/27/2015 FRS		5,000,000			5,000,323
0.14% due 06/01/2015		5,150,000			5,146,355
Total U.S. Government Agencies
(amortized cost $119,918,430)					119,918,430
U.S. Government Treasuries — 16.6%
United States Treasury Bills
0.01% due 12/11/2014		8,250,000			8,249,944
0.02% due 12/18/2014		5,000,000			4,999,924
0.03% due 12/04/2014		8,500,000			8,499,977
0.03% due 12/18/2014		8,800,000			8,799,867
0.04% due 12/11/2014		13,000,000			12,999,912
0.04% due 12/18/2014		15,000,000			14,999,773
Total U.S. Government Treasuries
(amortized cost $58,549,397)					58,549,397
Total Short-Term Investment Securities — 96.6%
(amortized cost $340,986,981)					340,986,981
REPURCHASE AGREEMENT — 3.4%
State Street Bank and Trust Co. Joint Repurchase Agreement(2) (cost $11,766,000)		11,766,000			11,766,000
TOTAL INVESTMENTS —
(amortized cost $352,752,981)(3)		100.0	%		352,752,981
Other assets less liabilities		0.0			162,904
NET ASSETS		100.0	%	$	352,915,885

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

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

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

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at November 30, 2014 and unless noted otherwise, the dates shown are the original maturity dates.

171

VALIC Company I Money Market I Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Signifcant Unobservable  Inputs		Total
ASSETS:
Investments at Value*
Short-Term Investment Securities	$	—	$	340,986,981	$	—	$	340,986,981
Repurchase Agreements		—		11,766,000		—		11,766,000
Total Investments at Value	$	—	$	352,752,981	$	—	$	352,752,981

* For a detailed presentation of investments, 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

172

VALIC Company I Nasdaq-100^® Index Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Computers	14.4	%
Medical — Biomedical/Gene	11.6
Web Portals/ISP	9.3
Applications Software	9.0
Electronic Components — Semiconductors	7.3
E-Commerce/Products	4.5
Cable/Satellite TV	4.3
Semiconductor Components — Integrated Circuits	3.6
Internet Content — Entertainment	3.5
Networking Products	2.9
E-Commerce/Services	2.4
Food — Misc./Diversified	2.1
Registered Investment Companies	1.9
Repurchase Agreements	1.8
Computers — Memory Devices	1.7
Multimedia	1.6
Retail — Discount	1.5
Pharmacy Services	1.5
Retail — Restaurants	1.2
Commercial Services — Finance	0.8
Semiconductor Equipment	0.8
Electronic Forms	0.7
Data Processing/Management	0.7
Computer Services	0.7
Auto — Cars/Light Trucks	0.6
Auto — Heavy Duty Trucks	0.5
Coffee	0.5
Hotels/Motels	0.5
Medical Information Systems	0.4
Medical — Generic Drugs	0.4
Radio	0.4
Transport — Services	0.4
Retail — Apparel/Shoe	0.4
Retail — Auto Parts	0.4
Beverages — Non-alcoholic	0.4
Medical Instruments	0.4
Cellular Telecom	0.4
Casino Hotels	0.4
Internet Security	0.4
Food — Retail	0.4
Chemicals — Specialty	0.3
Building — Heavy Construction	0.3
Entertainment Software	0.3
U.S. Government Treasuries	0.3
Retail — Bedding	0.3
Computer Aided Design	0.3
Enterprise Software/Service	0.3
Distribution/Wholesale	0.3
Web Hosting/Design	0.2
Television	0.2
Medical Products	0.2
Computer Software	0.2
Electronic Components — Misc.	0.2
Hazardous Waste Disposal	0.2
Toys	0.2
Retail — Gardening Products	0.2
Consulting Services	0.2
Broadcast Services/Program	0.2
Internet Infrastructure Software	0.2
Retail — Office Supplies	0.2
Telecom Services	0.2
	101.7	%

* Calculated as a percentage of net assets

173

VALIC Company I Nasdaq-100^® Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.7%
Applications Software — 9.0%
Check Point Software Technologies, Ltd.†		12,124	$	937,306
Citrix Systems, Inc.†		10,450		692,940
Intuit, Inc.		18,039		1,693,321
Microsoft Corp.		523,621		25,034,320
				28,357,887
Auto - Cars/Light Trucks — 0.6%
Tesla Motors, Inc.†#		7,919		1,936,354
Auto - Heavy Duty Trucks — 0.5%
PACCAR, Inc.		22,543		1,510,832
Beverages - Non-alcoholic — 0.4%
Monster Beverage Corp.†		10,623		1,191,369
Broadcast Services/Program — 0.2%
Discovery Communications, Inc., Class A†		9,427		329,002
Discovery Communications, Inc., Class C†		9,578		325,748
				654,750
Building - Heavy Construction — 0.3%
SBA Communications Corp., Class A†		8,198		997,451
Cable/Satellite TV — 4.3%
Charter Communications, Inc., Class A†		6,904		1,171,609
Comcast Corp., Class A		136,600		7,791,664
DIRECTV†		31,915		2,799,265
DISH Network Corp., Class A†		14,120		1,121,269
Liberty Global PLC, Class A†		13,656		709,975
				13,593,782
Casino Hotels — 0.4%
Wynn Resorts, Ltd.		6,440		1,150,248
Cellular Telecom — 0.4%
Vodafone Group PLC ADR		31,850		1,164,117
Chemicals - Specialty — 0.3%
Sigma-Aldrich Corp.		7,559		1,032,559
Coffee — 0.5%
Keurig Green Mountain, Inc.		10,320		1,466,885
Commercial Services - Finance — 0.8%
Automatic Data Processing, Inc.		30,560		2,617,158
Computer Aided Design — 0.3%
Autodesk, Inc.†		14,480		897,760
Computer Services — 0.7%
Cognizant Technology Solutions Corp., Class A†		38,631		2,085,688
Computer Software — 0.2%
Akamai Technologies, Inc.†		11,321		731,450
Computers — 14.4%
Apple, Inc.		380,514		45,254,530
Computers - Memory Devices — 1.7%
NetApp, Inc.		20,288		863,255
SanDisk Corp.		14,248		1,474,098
Seagate Technology PLC		20,767		1,372,906
Western Digital Corp.		14,870		1,535,625
				5,245,884
Consulting Services — 0.2%
Verisk Analytics, Inc., Class A†		10,578		655,624
Data Processing/Management — 0.7%
Fiserv, Inc.†		15,837		1,132,187
Paychex, Inc.		23,073		1,093,891
				2,226,078

Security Description	Shares		Value (Note 2)
Distribution/Wholesale — 0.3%
Fastenal Co.#		18,859	$	852,427
E-Commerce/Products — 4.5%
Amazon.com, Inc.†		29,361		9,942,809
eBay, Inc.†		78,875		4,328,660
				14,271,469
E-Commerce/Services — 2.4%
Expedia, Inc.		7,268		633,115
Liberty Interactive Corp., Class A†		28,765		838,500
Liberty Ventures, Series A†		4,089		149,821
Netflix, Inc.†		3,818		1,323,281
Priceline Group, Inc.†		3,332		3,865,753
TripAdvisor, Inc.†		8,260		608,349
				7,418,819
Electronic Components - Misc. — 0.2%
Garmin, Ltd.#		12,240		701,352
Electronic Components - Semiconductors — 7.3%
Altera Corp.		19,634		738,631
Avago Technologies, Ltd.		15,995		1,493,933
Broadcom Corp., Class A		34,380		1,482,810
Intel Corp.		314,624		11,719,744
Micron Technology, Inc.†		68,047		2,446,290
NVIDIA Corp.		34,437		722,144
Texas Instruments, Inc.		67,839		3,691,798
Xilinx, Inc.		17,060		775,206
				23,070,556
Electronic Forms — 0.7%
Adobe Systems, Inc.†		31,606		2,328,730
Enterprise Software/Service — 0.3%
CA, Inc.		28,282		880,984
Entertainment Software — 0.3%
Activision Blizzard, Inc.		45,594		987,110
Food - Misc./Diversified — 2.1%
Kraft Foods Group, Inc.		37,745		2,271,116
Mondelez International, Inc., Class A		107,134		4,199,653
				6,470,769
Food - Retail — 0.4%
Whole Foods Market, Inc.		22,955		1,125,484
Hazardous Waste Disposal — 0.2%
Stericycle, Inc.†		5,388		694,621
Hotels/Motels — 0.5%
Marriott International, Inc., Class A#		18,465		1,454,857
Internet Content - Entertainment — 3.5%
Facebook, Inc., Class A†		142,265		11,053,990
Internet Infrastructure Software — 0.2%
F5 Networks, Inc.†		4,707		608,097
Internet Security — 0.4%
Symantec Corp.		43,877		1,144,751
Medical Information Systems — 0.4%
Cerner Corp.†		21,672		1,395,677
Medical Instruments — 0.4%
Intuitive Surgical, Inc.†		2,283		1,182,069
Medical Products — 0.2%
Henry Schein, Inc.†		5,389		739,371
Medical - Biomedical/Gene — 11.6%
Alexion Pharmaceuticals, Inc.†		12,569		2,449,698
Amgen, Inc.		48,270		7,979,514

174

VALIC Company I Nasdaq-100^® Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Biogen Idec, Inc.†		15,006	$	4,617,196
Celgene Corp.†		50,806		5,776,134
Gilead Sciences, Inc.†		96,062		9,636,940
Illumina, Inc.†		8,858		1,690,904
Regeneron Pharmaceuticals, Inc.†		6,296		2,619,828
Vertex Pharmaceuticals, Inc.†		15,128		1,783,289
				36,553,503
Medical - Generic Drugs — 0.4%
Mylan, Inc.†		23,769		1,393,101
Multimedia — 1.6%
Twenty-First Century Fox, Inc., Class A		88,427		3,254,114
Viacom, Inc., Class B		23,643		1,788,120
				5,042,234
Networking Products — 2.9%
Cisco Systems, Inc.		325,534		8,997,760
Pharmacy Services — 1.5%
Catamaran Corp.†		13,180		671,389
Express Scripts Holding Co.†		47,371		3,938,899
				4,610,288
Radio — 0.4%
Sirius XM Holdings, Inc.†#		360,433		1,308,372
Retail - Apparel/Shoe — 0.4%
Ross Stores, Inc.		13,444		1,229,857
Retail - Auto Parts — 0.4%
O’Reilly Automotive, Inc.†		6,593		1,204,805
Retail - Bedding — 0.3%
Bed Bath & Beyond, Inc.†		12,832		941,484
Retail - Discount — 1.5%
Costco Wholesale Corp.		27,852		3,958,326
Dollar Tree, Inc.†		13,066		893,192
				4,851,518
Retail - Gardening Products — 0.2%
Tractor Supply Co.		8,748		672,984
Retail - Office Supplies — 0.2%
Staples, Inc.		40,937		575,574
Retail - Restaurants — 1.2%
Starbucks Corp.		47,736		3,876,641
Semiconductor Components - Integrated Circuits — 3.6%
Analog Devices, Inc.		19,967		1,090,997
Linear Technology Corp.		15,156		697,631
Maxim Integrated Products, Inc.		18,042		533,502
NXP Semiconductor NV†		15,166		1,180,066
QUALCOMM, Inc.		106,506		7,764,287
				11,266,483
Semiconductor Equipment — 0.8%
Applied Materials, Inc.		77,425		1,862,071
KLA-Tencor Corp.		10,508		729,676
				2,591,747
Telecom Services — 0.2%
VimpelCom, Ltd. ADR#		104,986		551,176
Television — 0.2%
Liberty Media Corp., Class A†		6,638		244,079
Liberty Media Corp., Class C†		14,531		530,818
				774,897

Security Description	Shares/ Principal Amount			Value (Note 2)
Toys — 0.2%
Mattel, Inc.		21,468		$	677,315
Transport - Services — 0.4%
C.H. Robinson Worldwide, Inc.		9,351			689,543
Expeditors International of Washington, Inc.		12,398			580,474
					1,270,017
Web Hosting/Design — 0.2%
Equinix, Inc.		3,456			785,100
Web Portals/ISP — 9.3%
Baidu, Inc. ADR†		17,590			4,311,485
Google, Inc., Class A†		18,006			9,886,734
Google, Inc., Class C†		21,491			11,644,469
Yahoo!, Inc.†		63,204			3,270,175
					29,112,863
Total Long-Term Investment Securities
(cost $156,636,656)					307,439,258
SHORT-TERM INVESTMENT SECURITIES — 2.2%
Registered Investment Companies — 1.9%
State Street Navigator Securities Lending Prime Portfolio(1)		5,780,859			5,780,859
U.S. Government Treasuries — 0.3%
United States Treasury Bills Disc. Notes
0.01% due 12/04/2014(2)	$	50,000			50,000
0.02% due 12/18/2014(2)		900,000			899,994
					949,994
Total Short-Term Investment Securities
(cost $6,730,853)					6,730,853
REPURCHASE AGREEMENTS — 1.8%
State Street Bank and Trust Co. Joint Repurchase Agreement(3) (cost $5,660,000)		5,660,000			5,660,000
TOTAL INVESTMENTS
(cost $169,027,509)(4)		101.7	%		319,830,111
Liabilities in excess of other assets		(1.7	)		(5,235,461	)
NET ASSETS		100.0	%	$	314,594,650

† Non-income producing security

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

(1) At November 30, 2014, the Fund had loaned securities with a total value of $5,687,175. This was secured by collateral of $5,780,859, which was received in cash and subsequently invested in short-term investments currently valued at $5,780,859 as reported in the portfolio of investments. Additional collateral of $55,842 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014
United States Treasury Bill	zero coupon	10/15/2015	$	1,084
United States Treasury Notes/ Bonds	zero coupon to 6.00%	12/15/2014 to 02/15/2044		54,758

(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.

ADR—American Depository Receipt

175

VALIC Company I Nasdaq-100^® Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2014		Unrealized Appreciation (Depreciation)
	81	Long	Nasdaq 100® E-Mini Index		December 2014	$	6,695,843	$	7,027,965	$	332,122

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	307,439,258	$	—	$	—	$	307,439,258
Short-Term Investment Securities:
Registered Investment Companies		5,780,859		—		—		5,780,859
U.S. Government Treasuries		—		949,994		—		949,994
Repurchase Agreements		—		5,660,000		—		5,660,000
Total Investments at Value	$	313,220,117	$	6,609,994	$	—	$	319,830,111
Other Financial Instruments:†
Open Futures Contracts	$	332,122	$	—	$	—	$	332,122

* For a detailed presentation of investments, 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

176

VALIC Company I Science & Technology Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Applications Software	12.1	%
Electronic Components — Semiconductors	10.3
Registered Investment Companies	9.6
Computers	9.5
Web Portals/ISP	6.3
Computers — Memory Devices	5.8
E-Commerce/Products	5.2
Networking Products	3.4
Computer Services	3.1
Internet Content — Entertainment	2.8
Semiconductor Components — Integrated Circuits	2.8
E-Commerce/Services	2.8
Semiconductor Equipment	2.7
Finance — Credit Card	2.4
Commercial Services — Finance	2.2
Auto — Cars/Light Trucks	1.9
Enterprise Software/Service	1.3
Internet Content — Information/News	1.3
Computer Aided Design	1.2
Internet Application Software	1.1
Internet Infrastructure Software	1.0
Cellular Telecom	0.9
Computer Software	0.9
Electronic Measurement Instruments	0.9
Repurchase Agreements	0.9
Internet Security	0.9
Electric Products — Misc.	0.8
Advertising Agencies	0.8
Time Deposits	0.8
Electronic Components — Misc.	0.8
Data Processing/Management	0.7
Computers — Other	0.7
Cable/Satellite TV	0.7
Medical Products	0.7
Telephone — Integrated	0.6
Power Converter/Supply Equipment	0.5
Real Estate Investment Trusts	0.5
Medical Instruments	0.5
Building — Heavy Construction	0.5
Internet Incubators	0.5
E-Services/Consulting	0.4
Photo Equipment & Supplies	0.4
Wireless Equipment	0.4
Aerospace/Defense	0.4
Consulting Services	0.4
Appliances	0.3
Metal Processors & Fabrication	0.3
Virtual Reality Products	0.3
Multimedia	0.2
Decision Support Software	0.2
Telecom Equipment — Fiber Optics	0.2
Computers — Integrated Systems	0.2
Finance — Other Services	0.2
Industrial Audio & Video Products	0.1
E-Marketing/Info	0.1
Communications Software	0.1
Telecommunication Equipment	0.1
Computer Graphics	0.1
Electronic Design Automation	0.1
Instruments — Controls	0.1
Commercial Services	0.1
Toys	0.1
	107.2	%

* Calculated as a percentage of net assets

177

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note2)
COMMON STOCKS — 95.0%
Advanced Materials — 0.0%
STR Holdings, Inc.†#		274,600	$	313,044
Advertising Agencies — 0.8%
Alliance Data Systems Corp.†		27,973		7,996,642
Aerospace/Defense — 0.4%
Boeing Co.		30,300		4,071,108
Appliances — 0.3%
iRobot Corp.†#		98,300		3,580,086
Applications Software — 12.1%
Check Point Software Technologies, Ltd.†		60,900		4,708,179
Dealertrack Technologies, Inc.†		89,500		4,220,820
Intuit, Inc.		131,940		12,385,208
Microsoft Corp.		1,313,970		62,820,906
Red Hat, Inc.†		212,342		13,197,055
salesforce.com, Inc.†		177,336		10,617,106
ServiceNow, Inc.†		186,740		11,943,891
Tableau Software, Inc., Class A†		41,140		3,450,823
				123,343,988
Auto - Cars/Light Trucks — 1.9%
Tesla Motors, Inc.†#		78,830		19,275,512
Building - Heavy Construction — 0.5%
SBA Communications Corp., Class A†		41,231		5,016,576
Cable/Satellite TV — 0.7%
Liberty Global PLC, Class C†		139,500		6,963,840
Cellular Telecom — 0.9%
China Unicom Hong Kong, Ltd.		1,168,000		1,774,238
T-Mobile US, Inc.†		268,600		7,840,434
				9,614,672
Commercial Services — 0.1%
CDK Global, Inc.		15,035		572,382
Commercial Services - Finance — 2.2%
Automatic Data Processing, Inc.		41,905		3,588,744
Cardtronics, Inc.†		44,930		1,759,459
Equifax, Inc.		42,345		3,368,545
EVERTEC, Inc.		71,710		1,580,488
Heartland Payment Systems, Inc.		99,358		5,416,998
MasterCard, Inc., Class A		35,151		3,068,331
WEX, Inc.†		31,172		3,524,930
				22,307,495
Communications Software — 0.1%
Mavenir Systems, Inc.†#		87,468		1,107,345
Computer Aided Design — 1.2%
Aspen Technology, Inc.†		26,000		981,240
Autodesk, Inc.†		188,772		11,703,864
				12,685,104
Computer Graphics — 0.1%
Atlassian Class A†(3)(4)(5)		3,707		70,433
Atlassian Class A FDR†(3)(4)(5)		2,554		48,526
Atlassian Series 1†(3)(4)(5)		6,508		123,652
Atlassian Series 2†(3)(4)(5)		17,424		331,056
				573,667
Computer Services — 3.1%
Accenture PLC, Class A		114,643		9,897,130
AtoS		13,601		966,852
Cognizant Technology Solutions Corp., Class A†		183,569		9,910,890
Computer Sciences Corp.		66,393		4,207,989
FleetMatics Group PLC†#		89,675		3,155,663

Security Description	Shares		Value (Note2)
Computer Services (continued)
Genpact, Ltd.†		222,887	$	4,016,424
				32,154,948
Computer Software — 0.9%
Akamai Technologies, Inc.†		148,750		9,610,737
Computers — 9.5%
Apple, Inc.		653,410		77,710,051
Hewlett-Packard Co.		411,030		16,054,832
Lenovo Group, Ltd.#		2,416,610		3,390,465
				97,155,348
Computers - Integrated Systems — 0.2%
VeriFone Systems, Inc.†		48,625		1,733,967
Computers - Memory Devices — 5.7%
EMC Corp.		120,055		3,643,669
Nimble Storage, Inc.†#		83,750		2,208,488
SanDisk Corp.		192,305		19,895,875
Seagate Technology PLC		93,145		6,157,816
TDK Corp.#		27,900		1,681,006
Western Digital Corp.		241,585		24,948,483
				58,535,337
Computers - Other — 0.6%
Stratasys, Ltd.†#		57,400		5,853,078
Consulting Services — 0.4%
Huron Consulting Group, Inc.†		52,910		3,659,256
Data Processing/Management — 0.6%
Fidelity National Information Services, Inc.		38,840		2,376,619
Fiserv, Inc.†		50,320		3,597,377
				5,973,996
Decision Support Software — 0.2%
Interactive Intelligence Group, Inc.†		44,300		2,003,689
E-Commerce/Products — 5.2%
Alibaba Group Holding, Ltd. ADR†		54,730		6,110,057
Amazon.com, Inc.†		99,910		33,833,523
eBay, Inc.†		55,080		3,022,790
MercadoLibre, Inc.#		8,700		1,226,178
Vipshop Holdings, Ltd. ADR†#		396,585		9,065,933
				53,258,481
E-Commerce/Services — 2.5%
Angie’s List, Inc.†#		202,032		1,200,070
Coupons.com, Inc.†#		48,825		745,558
Ctrip.com International, Ltd. ADR†		68,500		3,704,480
GrubHub, Inc.†#		19,163		705,198
Netflix, Inc.†		11,555		4,004,848
Priceline Group, Inc.†		12,800		14,850,432
				25,210,586
E-Marketing/Info — 0.1%
Marketo, Inc.†#		44,900		1,435,004
E-Services/Consulting — 0.4%
CDW Corp.		119,380		4,187,850
Electric Products - Misc. — 0.8%
Hermes Microvision, Inc.		33,000		1,567,493
Nidec Corp.		97,100		6,441,150
				8,008,643
Electronic Components - Misc. — 0.8%
AAC Technologies Holdings, Inc.#		477,500		2,810,852
Murata Manufacturing Co., Ltd.		30,500		3,296,221

178

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note2)
COMMON STOCKS (continued)
Electronic Components - Misc. (continued)
NEC Corp.#		441,000	$	1,386,138
Omron Corp.		10,000		465,155
				7,958,366
Electronic Components - Semiconductors — 10.3%
Altera Corp.		285,200		10,729,224
ARM Holdings PLC		90,364		1,292,457
ARM Holdings PLC ADR		134,500		5,761,980
Avago Technologies, Ltd.		122,660		11,456,444
Broadcom Corp., Class A		122,715		5,292,698
First Solar, Inc.†		15,900		775,920
Freescale Semiconductor, Ltd.†#		170,175		3,691,096
Intel Corp.		596,370		22,214,782
International Rectifier Corp.†		19,035		759,116
IPG Photonics Corp.†#		55,400		3,993,786
MediaTek, Inc.		258,000		3,876,565
Micron Technology, Inc.†		310,530		11,163,553
ON Semiconductor Corp.†		200,800		1,813,224
Samsung Electronics Co., Ltd.		3,300		3,833,296
Semtech Corp.†		104,200		2,652,932
SK Hynix, Inc.†		152,749		6,624,477
Skyworks Solutions, Inc.		136,985		9,242,378
SunEdison Semiconductor, Ltd.†		28,895		543,226
				105,717,154
Electronic Design Automation — 0.1%
Cadence Design Systems, Inc.†		47,750		901,042
Electronic Measurement Instruments — 0.9%
Agilent Technologies, Inc.		71,300		3,047,362
Keyence Corp.		900		415,758
National Instruments Corp.		80,800		2,600,952
Trimble Navigation, Ltd.†		117,500		3,304,687
				9,368,759
Enterprise Software/Service — 1.3%
Informatica Corp.†		59,328		2,158,353
OPOWER, Inc.†		4,100		63,837
Oracle Corp.		69,115		2,931,167
Veeva Systems, Inc., Class A†#		255,645		8,397,938
				13,551,295
Finance - Credit Card — 2.4%
Visa, Inc., Class A		95,406		24,632,875
Finance - Other Services — 0.2%
WageWorks, Inc.†		28,505		1,665,262
Industrial Audio & Video Products — 0.1%
Imax Corp.†		47,960		1,504,985
Instruments - Controls — 0.1%
Control4 Corp.†#		39,200		591,136
Internet Application Software — 1.1%
Splunk, Inc.†		28,765		1,930,131
Tencent Holdings, Ltd.		593,900		9,496,396
				11,426,527
Internet Content - Entertainment — 2.8%
Facebook, Inc., Class A†		323,673		25,149,392
NetEase, Inc. ADR		28,925		3,056,505
Renren, Inc. ADR†#		1,156		3,318
Twitter, Inc.†		11,174		466,403
Youku.com, Inc. Class A†(4)(5)		16		16
				28,675,634

Security Description	Shares		Value (Note2)
Internet Content - Information/News — 1.3%
LinkedIn Corp., Class A†		36,400	$	8,236,228
M3, Inc.#		223,000		3,837,246
Yelp, Inc.†#		19,495		1,112,970
				13,186,444
Internet Incubators — 0.5%
HomeAway, Inc.†		149,500		4,688,320
Internet Infrastructure Software — 1.0%
F5 Networks, Inc.†		75,180		9,712,504
Internet Security — 0.9%
FireEye, Inc.†#		97,174		2,943,400
VeriSign, Inc.†#		103,900		6,244,390
				9,187,790
Medical Instruments — 0.5%
Intuitive Surgical, Inc.†		10,000		5,177,700
Medical Products — 0.7%
Becton Dickinson and Co.		17,600		2,469,808
Hospira, Inc.†		74,900		4,467,036
				6,936,844
Metal Processors & Fabrication — 0.3%
Catcher Technology Co., Ltd.		150,000		1,269,893
Largan Precision Co., Ltd.		22,700		1,749,398
				3,019,291
Multimedia — 0.2%
Twenty-First Century Fox, Inc., Class A		61,200		2,252,160
Networking Products — 3.4%
Cisco Systems, Inc.		855,045		23,633,444
Fortinet, Inc.†		71,330		1,965,855
Palo Alto Networks, Inc.†		72,360		8,900,280
				34,499,579
Photo Equipment & Supplies — 0.4%
Sunny Optical Technology Group Co., Ltd.#		2,358,000		4,165,702
Power Converter/Supply Equipment — 0.5%
Delta Electronics, Inc.		236,000		1,426,028
SunPower Corp.†#		144,295		4,063,347
				5,489,375
Real Estate Investment Trusts — 0.5%
American Tower Corp.		50,615		5,315,081
Semiconductor Components - Integrated Circuits — 2.8%
Atmel Corp.†		415,800		3,288,978
NXP Semiconductor NV†		209,140		16,273,184
Power Integrations, Inc.		32,080		1,609,133
QUALCOMM, Inc.		14,090		1,027,161
Taiwan Semiconductor Manufacturing Co., Ltd.		830,000		3,794,975
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		102,175		2,398,047
				28,391,478
Semiconductor Equipment — 2.7%
Applied Materials, Inc.		258,915		6,226,906
ASM Pacific Technology, Ltd.#		165,200		1,681,845
ASML Holding NV		78,070		8,250,438
Lam Research Corp.		127,625		10,546,930
MKS Instruments, Inc.		27,180		990,439
				27,696,558
Telecom Equipment - Fiber Optics — 0.2%
JDS Uniphase Corp.†		147,900		1,972,986

179

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note2)
COMMON STOCKS (continued)
Telecommunication Equipment — 0.1%
Sonus Networks, Inc.†		298,700	$	1,105,190
Telephone - Integrated — 0.6%
SoftBank Corp.		95,900		6,435,086
Toys — 0.1%
Nintendo Co., Ltd.		4,600		533,378
Virtual Reality Products — 0.3%
RealD, Inc.†#		255,000		2,919,750
Web Portals/ISP — 6.0%
Baidu, Inc. ADR†		77,917		19,098,236
Dropbox, Inc.†(3)(4)(5)		135,924		2,596,312
Google, Inc., Class A†		27,181		14,924,543
Google, Inc., Class C†		28,136		15,244,929
NAVER Corp.		1,118		762,858
SINA Corp.†		65,900		2,500,905
Yahoo!, Inc.†		49,745		2,573,806
Yandex NV, Class A†		130,900		3,262,028
				60,963,617
Wireless Equipment — 0.4%
Aruba Networks, Inc.†		174,885		3,272,099
RF Micro Devices, Inc.†		55,735		814,288
				4,086,387
Total Common Stocks
(cost $780,358,565)				969,930,636
CONVERTIBLE PREFERRED SECURITIES — 0.9%
Computers - Memory Devices — 0.1%
Pure Storage, Inc. Series F†(3)(4)(5)		63,153		993,138
Computers - Other — 0.1%
Nutanix, Inc. Series E†(3)(4)(5)		95,451		1,278,709
Data Processing/Management — 0.1%
Cloudera, Inc. Series F†(3)(4)(5)		54,446		1,399,208
E-Commerce/Services — 0.3%
Uber Technologies, Inc.†(3)(4)(5)		21,629		2,633,980
Web Portals/ISP — 0.3%
Dropbox, Inc. Class A-1†(3)(4)(5)		119,521		2,282,994
Dropbox, Inc.,† Series A(3)(4)(5)		12,378		236,435
				2,519,429
Total Convertible Preferred Securities
(cost $5,600,275)				8,824,464
PREFERRED SECURITIES — 0.0%
Computer Graphics — 0.0%
Atlassian Class A FDR(†)(3)(4)(5)		13,337		253,403
Atlassian Series A†(3)(4)(5)		12,885		244,815
Total Preferred Securities
(cost $419,552)				498,218
Total Long-Term Investment Securities
(cost $786,378,392)				979,253,318
SHORT-TERM INVESTMENT SECURITIES — 10.4%
Registered Investment Companies — 9.6%
State Street Navigator Securities Lending Prime Portfolio(1)		72,118,681		72,118,681

Security Description	Shares/ Principal Amount			Value (Note2)
Registered Investment Companies (continued)
T. Rowe Price Reserve Investment Fund		25,745,699		$	25,745,699
					97,864,380
Time Deposits — 0.8%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014	$	7,992,000			7,992,000
Total Short-Term Investment Securities
(cost $105,856,380)					105,856,380
REPURCHASE AGREEMENTS — 0.9%
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/28/2014, to be repurchased 12/01/2014 in the amount $9,347,000 collateralized by $10,015,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $9,536,744 (cost $9,347,000)		9,347,000			9,347,000
TOTAL INVESTMENTS
(cost $901,581,772)(2)		107.2	%		1,094,456,698
Liabilities in excess of other assets		(7.2	)		(73,095,667	)
NET ASSETS		100.0	%	$	1,021,361,031

† Non-income producing security

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

(1) At November 30, 2014, the Fund had loaned securities with a total value of $69,737,559. This was secured by collateral of $72,118,681, which was received in cash and subsequently invested in short-term investments currently valued at $72,118,681 as reported in the portfolio of investments. Additional collateral of $281,947 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014
United States Treasury Notes/Bonds	0.25% to 4.75%	07/15/2015 to 02/15/2041	$	281,947

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

(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 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.

180

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2014, the Science and Technology Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Atlassian Class A		4/9/2014		3,707	$	59,312	$	70,433	$	19.00		0.01	%
Atlassian FDR Class A		4/9/2014		2,554		40,864		48,526		19.00		0.00	%
Atlassian Series 1		4/9/2014		6,508		104,128		123,652		19.00		0.01	%
Atlassian Series 2		4/9/2014		17,424		278,784		331,056		19.00		0.03	%
Dropbox, Inc.		5/1/2012		135,924		1,374,071		2,596,312		17.10		0.25	%
Youku.Com, Inc. Series A		7/11/2011		16		—		16		1.00		0.00	%
Convertible Preferred Stocks
Cloudera, Inc. Series F		2/5/2014		54,446		792,733	$	1,399,208		25.70		0.14	%
Dropbox, Inc. Series A		5/1/2012		12,378		112,010		236,435		19.10		0.02	%
Dropbox, Inc. Class A-1		5/1/2012		60,803		550,212
		5/29/2012		58,718		531,345
				119,521		1,081,557		2,282,994		19.10		0.22	%
Nutanix, Inc. Series E		6/5/2014		95,451		1,278,709		1,278,709		13.40		0.13	%
Pure Storage, Inc. Class F		4/16/2014		63,153		993,138		993,138		15.73		0.10	%
Uber Technologies, Inc.		6/5/2014		21,629		1,342,127		2,633,980		121.78		0.26	%
Preferred Stocks
Atlassian Class A		4/9/2014		12,885		206,160		244,815		19.00		0.02	%
Atlassian FDR Class A		4/9/2014		13,337		213,392		253,403		19.00		0.02	%
							$	12,492,677				1.21	%

(5) Illiquid security. At November 30, 2014, the aggregate value of these securities was $12,492,677 representing 1.2% of net assets.

ADR—American Depository Receipt

FDR—Federal Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Computer Graphics	$	—	$	—	$	573,667	$	573,667
Internet Content - Entertainment		28,675,618		16		—		28,675,634
Web Portals/ISP		58,367,305		—		2,596,312		60,963,617
Other Industries		879,717,718		—		—		879,717,718
Convertible Preferred Securities		—		—		8,824,464		8,824,464
Preferred Securities		—		—		498,218		498,218
Short-Term Investment Securities:
Registered Investment Companies		97,864,380		—		—		97,864,380
Time Deposits		—		7,992,000		—		7,992,000
Repurchase Agreement		—		9,347,000		—		9,347,000
Total Investments at Value	$	1,064,625,021	$	17,339,016	$	12,492,661	$	1,094,456,698

* For a detailed presentation of investments, 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.

181

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

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

	Common Stocks			Convertible Preferred Securities		Preferred Securities
Balance as of 05/31/2014 . . . . . . . . .	$	3,121,125		$	4,099,250	$	419,552
Accrued discounts . . . . . . . . . . . . . .		—			—		—
Accrued premiums . . . . . . . . . . . . . .		—			—		—
Realized Gain . . . . . . . . . . . . . . . . . .		158,775			—		—
Realized Loss . . . . . . . . . . . . . . . . . .		—			—		—
Change in unrealized appreciation(1) .		192,588			—		—
Change in unrealized depreciation(1) .		—			2,104,377		78,666
Net Purchases . . . . . . . . . . . . . . . . .		—			2,620,837		—
Net Sales . . . . . . . . . . . . . . . . . . . . .		(302,509	)		—		—
Transfers into Level 3 . . . . . . . . . . . .		—			—		—
Transfers out of Level 3 . . . . . . . . . .		—			—		—
Balance as of 11/30/2014	$	3,169,979		$	8,824,464	$	498,218

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2014 includes:

Common Stocks		Convertible Preferred Securities		Convertible Preferred Securities
$	192,588	$	2,104,377	$	78,666

Any differences between the change in unrealized appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2014

The following is quantitative information about Level 3 fair value measurements:

Description	Fair Value at 11/30/14		Valuation Technique(s)	Unobservable Input (1)	Range (weighted average)
Common Stock	$	573,667	Market Approach	Enterprise Value/Revenue Multiple*	8.00x
				Current Year 2015 Price/Free Cash Flow Multiple*	30.0x
	$	2,596,312	Market Approach	Transaction Price*	$19.1012
Convertible Preferred Securities	$	7,425,256	Market Approach	Transaction Price*	$13.3965 - $135.30 ($40.52578)
				Discount for Lack of Marketability	10.0%
	$	1,399,208	Market Approach	Implied Enterprise Value from a Market Transaction*	$27.83
				2016 Estimate Revenue Multiple*	8.20x
				Discount for Lack of Marketability	10.0%
Preferred Securities	$	498,218	Market Approach	Enterprise Value/Revenue Multiple*	8.00x
				Current Year 2015 Price/Free Cash Flow Multiple*	30.0x

(1) The significant unobservable inputs regarding the Level 3 securities in the table above are attributable to private securities and include assumptions made from non-public financial statements, private transactions, and/or market comparables. For those unobservable inputs indicated with *, a significant increase (decrease) in any of those inputs in isolation may result in a significantly higher (lower) fair value measurement, while the remaining unobservable inputs have a inverse relationship.

See Notes to Financial Statements

182

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Registered Investment Companies	14.2	%
Medical Products	5.9
Medical — Biomedical/Gene	5.7
Medical — Drugs	4.9
Electronic Components — Semiconductors	4.1
Commercial Services — Finance	3.9
Enterprise Software/Service	3.4
Networking Products	2.6
Chemicals — Specialty	2.6
Medical Instruments	2.4
Retail — Restaurants	2.4
Instruments — Scientific	2.3
Human Resources	2.2
Apparel Manufacturers	2.2
Finance — Consumer Loans	2.0
Banks — Commercial	2.0
Office Furnishings — Original	1.7
Therapeutics	1.6
Computer Services	1.6
Oil Companies — Exploration & Production	1.5
Advanced Materials	1.5
Aerospace/Defense	1.5
Entertainment Software	1.4
Electric Products — Misc.	1.4
Retail — Home Furnishings	1.4
Aerospace/Defense — Equipment	1.4
E-Marketing/Info	1.4
Medical — Hospitals	1.4
Hotels/Motels	1.4
Health Care Cost Containment	1.4
Industrial Audio & Video Products	1.3
Medical Sterilization Products	1.3
Resorts/Theme Parks	1.3
Applications Software	1.3
Brewery	1.2
Consulting Services	1.2
Retail — Apparel/Shoe	1.2
Distribution/Wholesale	1.2
Food — Misc./Diversified	1.2
Schools	1.2
Internet Telephone	1.1
Steel — Producers	1.1
Retail — Automobile	1.0
Computers — Memory Devices	1.0
Transport — Truck	1.0
Building & Construction Products — Misc.	1.0
Internet Connectivity Services	1.0
Auto/Truck Parts & Equipment — Original	1.0
Machinery — General Industrial	0.9
Footwear & Related Apparel	0.9
Retail — Pet Food & Supplies	0.9
MRI/Medical Diagnostic Imaging	0.8
Oil — Field Services	0.8
Finance — Other Services	0.8
Airlines	0.7
Physical Therapy/Rehabilitation Centers	0.7
Repurchase Agreements	0.6
Optical Supplies	0.6
Telecom Services	0.6
Rental Auto/Equipment	0.5
Diversified Minerals	0.5
Drug Delivery Systems	0.4
Investment Management/Advisor Services	0.2
	113.9	%

* Calculated as a percentage of net assets

183

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.1%
Advanced Materials — 1.5%
Hexcel Corp.†		36,663	$	1,587,141
Aerospace/Defense — 1.5%
Teledyne Technologies, Inc.†		14,840		1,586,544
Aerospace/Defense - Equipment — 1.4%
HEICO Corp., Class A		31,922		1,444,470
Airlines — 0.7%
Spirit Airlines, Inc.†		9,300		769,017
Apparel Manufacturers — 2.2%
Carter’s, Inc.		12,400		1,031,804
G-III Apparel Group, Ltd.†		14,700		1,300,803
				2,332,607
Applications Software — 1.3%
Constant Contact, Inc.†		41,800		1,366,024
Auto/Truck Parts & Equipment - Original — 1.0%
Tenneco, Inc.†		18,700		1,016,345
Banks - Commercial — 2.0%
Customers Bancorp, Inc.†		46,266		832,788
Western Alliance Bancorp†		45,700		1,207,851
				2,040,639
Brewery — 1.2%
Boston Beer Co., Inc., Class A†		4,944		1,300,124
Building & Construction Products - Misc. — 1.0%
Simpson Manufacturing Co., Inc.		32,200		1,069,040
Chemicals - Specialty — 2.6%
Cytec Industries, Inc.		27,490		1,322,269
Quaker Chemical Corp.		16,800		1,368,024
				2,690,293
Commercial Services - Finance — 3.9%
Euronet Worldwide, Inc.†		42,926		2,492,713
Heartland Payment Systems, Inc.		15,200		828,704
WEX, Inc.†		7,140		807,391
				4,128,808
Computer Services — 1.6%
Barracuda Networks, Inc.†		45,658		1,640,492
Computers - Memory Devices — 1.0%
Spansion, Inc., Class A†		46,700		1,091,379
Consulting Services — 1.2%
Huron Consulting Group, Inc.†		18,600		1,286,376
Distribution/Wholesale — 1.2%
H&E Equipment Services, Inc.		35,400		1,239,000
Diversified Minerals — 0.5%
US Silica Holdings, Inc.#		15,200		477,584
Drug Delivery Systems — 0.4%
Revance Therapeutics, Inc.†#		26,400		434,016
E-Marketing/Info — 1.4%
comScore, Inc.†		32,600		1,433,422
Electric Products - Misc. — 1.4%
Littelfuse, Inc.		15,400		1,480,402
Electronic Components - Semiconductors — 4.1%
Ambarella, Inc.†#		13,400		737,000
Microsemi Corp.†		77,895		2,118,744
Tower Semiconductor, Ltd.†#		109,400		1,406,884
				4,262,628

Security Description	Shares		Value (Note 2)
Enterprise Software/Service — 3.4%
Proofpoint, Inc.†		50,790	$	2,205,302
Ultimate Software Group, Inc.†		8,888		1,308,669
				3,513,971
Entertainment Software — 1.4%
Take-Two Interactive Software, Inc.†		54,500		1,507,470
Finance - Consumer Loans — 2.0%
PRA Group, Inc.†		36,435		2,132,176
Finance - Other Services — 0.8%
MarketAxess Holdings, Inc.		12,104		793,659
Food - Misc./Diversified — 1.2%
Pinnacle Foods, Inc.		36,300		1,235,289
Footwear & Related Apparel — 0.9%
Deckers Outdoor Corp.†		9,400		909,168
Health Care Cost Containment — 1.4%
ExamWorks Group, Inc.†#		35,900		1,412,665
Hotels/Motels — 1.4%
La Quinta Holdings, Inc.†		64,300		1,415,886
Human Resources — 2.2%
TriNet Group, Inc.†		41,400		1,310,724
TrueBlue, Inc.†		44,700		1,025,865
				2,336,589
Industrial Audio & Video Products — 1.3%
Imax Corp.†#		44,200		1,386,996
Instruments - Scientific — 2.3%
FEI Co.		12,840		1,099,618
Fluidigm Corp.†#		41,400		1,276,362
				2,375,980
Internet Connectivity Services — 1.0%
Cogent Communications Holdings, Inc.		29,400		1,041,348
Internet Telephone — 1.1%
RingCentral, Inc.†#		95,200		1,197,616
Investment Management/Advisor Services — 0.2%
WisdomTree Investments, Inc.		10,800		164,052
Machinery - General Industrial — 0.9%
Altra Industrial Motion Corp.		31,400		961,782
Medical Instruments — 2.4%
AtriCure, Inc.†		55,129		1,032,566
DexCom, Inc.†		28,075		1,444,740
				2,477,306
Medical Products — 5.9%
NanoString Technologies, Inc.†#		37,600		560,616
NxStage Medical, Inc.†		141,200		2,439,936
West Pharmaceutical Services, Inc.		40,078		2,084,457
Zeltiq Aesthetics, Inc.†#		38,200		1,045,534
				6,130,543
Medical Sterilization Products — 1.3%
STERIS Corp.		21,600		1,377,000
Medical - Biomedical/Gene — 5.7%
Bluebird Bio, Inc.†		20,700		853,461
KYTHERA Biopharmaceuticals, Inc.†#		18,200		696,150
Ligand Pharmaceuticals, Inc.†#		27,157		1,462,404
Loxo Oncology, Inc.†		37,600		387,280
Puma Biotechnology, Inc.†		5,475		1,242,935
Sage Therapeutics, Inc.†#		18,244		721,368
Ultragenyx Pharmaceutical, Inc.†		13,198		575,301
				5,938,899

184

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs — 4.9%
Amicus Therapeutics, Inc.†		149,943	$	1,189,048
Chimerix, Inc.†#		31,200		1,099,488
Pacira Pharmaceuticals, Inc.†		14,575		1,369,030
Receptos, Inc.†		10,950		1,481,535
				5,139,101
Medical - Hospitals — 1.4%
Acadia Healthcare Co., Inc.†		23,000		1,426,230
MRI/Medical Diagnostic Imaging — 0.8%
Surgical Care Affiliates, Inc.†#		27,600		877,680
Networking Products — 2.6%
LogMeIn, Inc.†		54,500		2,756,065
Office Furnishings - Original — 1.7%
Steelcase, Inc., Class A		103,800		1,818,576
Oil Companies - Exploration & Production — 1.5%
Bonanza Creek Energy, Inc.†		5,100		138,822
Carrizo Oil & Gas, Inc.†		21,040		830,238
Diamondback Energy, Inc.†		11,500		648,600
				1,617,660
Oil - Field Services — 0.8%
Newpark Resources, Inc.†		80,100		838,647
Optical Supplies — 0.6%
Ocular Therapeutix, Inc.†		38,800		656,496
Physical Therapy/Rehabilitation Centers — 0.7%
AAC Holdings, Inc.†#		25,200		727,272
Rental Auto/Equipment — 0.5%
Neff Corp.†#		36,900		544,275
Resort/Theme Parks — 1.3%
Marriott Vacations Worldwide Corp.		18,600		1,367,286
Retail - Apparel/Shoe — 1.2%
Burlington Stores, Inc.†		28,200		1,259,694
Retail - Automobile — 1.0%
Lithia Motors, Inc., Class A		14,900		1,095,299
Retail - Home Furnishings — 1.4%
Restoration Hardware Holdings, Inc.†#		17,500		1,478,225
Retail - Pet Food & Supplies — 0.9%
Freshpet, Inc.†#		53,800		898,998
Retail - Restaurants — 2.4%
Red Robin Gourmet Burgers, Inc.†		13,600		915,960
Sonic Corp.		57,100		1,552,549
				2,468,509
Schools — 1.2%
Capella Education Co.		17,900		1,220,422
Steel - Producers — 1.1%
Steel Dynamics, Inc.		51,500		1,160,810
Telecom Services — 0.6%
RigNet, Inc.†		14,128		578,542
Therapeutics — 1.6%
Kite Pharma Inc†#		15,300		642,294
Vital Therapies, Inc.†#		50,845		1,053,000
				1,695,294
Transport - Truck — 1.0%
Old Dominion Freight Line, Inc.†		13,331		1,080,344
Total Long-Term Investment Securities
(cost $87,672,226)				103,690,171

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 14.2%
Registered Investment Companies — 14.2%
State Street Navigator Securities Lending Prime Portfolio(1) (cost $14,830,259)		14,830,259		$	14,830,259
REPURCHASE AGREEMENTS — 0.6%
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/28/2014, to be repurchased 12/01/2014 in the amount $662,000 collateralized by $710,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $676,095 (cost $662,000)	$	662,000			662,000
TOTAL INVESTMENTS
(cost $103,164,485)(2)		113.9	%		119,182,430
Liabilities in excess of other assets		(13.9	)		(14,587,888	)
NET ASSETS —		100.0	%	$	104,594,542

† Non-income producing security

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

(1) At November 30, 2014, the Fund had loaned securities with a total value of $14,235,254. This was secured by collateral of $14,830,259, which was received in cash and subsequently invested in short-term investments currently valued at $14,830,259 as reported in the portfolio of investments.

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

185

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	103,690,171	$	—	$	—	$	103,690,171
Short-Term Investment Securities		14,830,259		—		—		14,830,259
Repurchase Agreements		—		662,000		—		662,000
Total Investments at Value	$	118,520,430	$	662,000	$	—	$	119,182,430

* For a detailed presentation of investments, 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

186

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Registered Investment Companies	7.3	%
Banks — Commercial	7.0
Retail — Restaurants	4.5
Transport — Truck	3.8
Medical — Biomedical/Gene	3.3
Real Estate Investment Trusts	3.2
Medical Products	2.6
Medical — Drugs	2.3
Computers — Integrated Systems	2.1
Finance — Investment Banker/Broker	1.6
Electronic Components — Semiconductors	1.6
Metal Processors & Fabrication	1.6
Medical — Hospitals	1.6
Enterprise Software/Service	1.5
Real Estate Management/Services	1.4
Oil Companies — Exploration & Production	1.4
Commercial Services	1.4
Investment Management/Advisor Services	1.4
Retail — Apparel/Shoe	1.3
Semiconductor Components — Integrated Circuits	1.3
Building & Construction Products — Misc.	1.2
Containers — Paper/Plastic	1.2
Oil — Field Services	1.1
Pipelines	1.1
Computer Software	1.0
Medical Instruments	1.0
Machinery — General Industrial	1.0
Computer Services	1.0
Gas — Distribution	1.0
Chemicals — Specialty	0.9
Applications Software	0.9
Human Resources	0.9
Building Products — Doors & Windows	0.9
Savings & Loans/Thrifts	0.8
Apparel Manufacturers	0.8
Miscellaneous Manufacturing	0.8
Insurance — Property/Casualty	0.8
Storage/Warehousing	0.8
Telecommunication Equipment	0.8
Non-Hazardous Waste Disposal	0.8
Semiconductor Equipment	0.8
Diagnostic Kits	0.8
Instruments — Controls	0.8
Building — Residential/Commercial	0.8
Medical — Generic Drugs	0.8
Food — Canned	0.7
Electronic Design Automation	0.7
Building Products — Cement	0.7
Oil Field Machinery & Equipment	0.7
Batteries/Battery Systems	0.7
Insurance — Multi-line	0.7
Retail — Automobile	0.7
Building — Mobile Home/Manufactured Housing	0.6
Electronic Components — Misc.	0.6
Wire & Cable Products	0.6
Medical Labs & Testing Services	0.6
Diversified Manufacturing Operations	0.6
Electronic Parts Distribution	0.6
Insurance — Life/Health	0.6
Building & Construction — Misc.	0.6
Retail — Home Furnishings	0.6
Home Furnishings	0.6
Chemicals — Plastics	0.6
Broadcast Services/Program	0.6
Transport — Marine	0.6
Transactional Software	0.6
Food — Wholesale/Distribution	0.5
Telecom Equipment — Fiber Optics	0.5
Recreational Vehicles	0.5

Retail — Vitamins & Nutrition Supplements	0.5
Office Furnishings — Original	0.5
Lasers — System/Components	0.5
Instruments — Scientific	0.4
Food — Misc./Diversified	0.4
Electric — Integrated	0.4
Oil & Gas Drilling	0.4
Electronic Measurement Instruments	0.4
Therapeutics	0.4
Financial Guarantee Insurance	0.3
Medical — HMO	0.3
Building Products — Air & Heating	0.3
Aerospace/Defense	0.3
Time Deposits	0.2
Auto/Truck Parts & Equipment — Original	0.2
Paper & Related Products	0.2
Retail — Discount	0.2
Steel — Producers	0.2
Aerospace/Defense — Equipment	0.2
E-Commerce/Services	0.2
Retail — Sporting Goods	0.2
Medical Sterilization Products	0.2
Steel Pipe & Tube	0.2
E-Marketing/Info	0.2
Real Estate Operations & Development	0.2
Garden Products	0.2
Environmental Monitoring & Detection	0.2
Machinery — Pumps	0.2
Printing — Commercial	0.2
Consulting Services	0.2
Wireless Equipment	0.2
Independent Power Producers	0.2
Telecom Services	0.2
Advanced Materials	0.2
Distribution/Wholesale	0.2
Airlines	0.2
Data Processing/Management	0.2
Consumer Products — Misc.	0.1
Networking Products	0.1
Decision Support Software	0.1
Retail — Misc./Diversified	0.1
Food — Retail	0.1
Computers — Memory Devices	0.1
Auction Houses/Art Dealers	0.1
Diagnostic Equipment	0.1
Footwear & Related Apparel	0.1
Gold Mining	0.1
E-Services/Consulting	0.1
Auto Repair Centers	0.1
Quarrying	0.1
Transport — Services	0.1
Retail — Arts & Crafts	0.1
Internet Infrastructure Software	0.1
Agricultural Operations	0.1
Medical Imaging Systems	0.1
Containers — Metal/Glass	0.1
Food — Flour & Grain	0.1
Internet Application Software	0.1
Publishing — Newspapers	0.1
Retail — Toy Stores	0.1
Publishing — Books	0.1
Retail — Convenience Store	0.1
Electronic Security Devices	0.1
Healthcare Safety Devices	0.1
Textile — Products	0.1
MRI/Medical Diagnostic Imaging	0.1
Gambling (Non-Hotel)	0.1
Water	0.1
Telephone — Integrated	0.1

187

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited) — (continued)

Industry Allocation* (continued)

Leisure Products	0.1	%
Energy — Alternate Sources	0.1
Internet Content — Entertainment	0.1
Communications Software	0.1
Internet Telephone	0.1
Vitamins & Nutrition Products	0.1
Industrial Automated/Robotic	0.1
Filtration/Separation Products	0.1
Brewery	0.1
Chemicals — Diversified	0.1
Coal	0.1
Commercial Services — Finance	0.1
Funeral Services & Related Items	0.1
Metal — Diversified	0.1
Finance — Leasing Companies	0.1
Pharmacy Services	0.1
Transport — Equipment & Leasing	0.1
Industrial Audio & Video Products	0.1
Internet Content — Information/News	0.1
Internet Security	0.1
Engineering/R&D Services	0.1
Heart Monitors	0.1
Linen Supply & Related Items	0.1
Retail — Leisure Products	0.1
Oil Refining & Marketing	0.1
Electronics — Military	0.1
Diversified Minerals	0.1
Building — Heavy Construction	0.1
Electric Products — Misc.	0.1
E-Commerce/Products	0.1
Internet Connectivity Services	0.1
Computers — Voice Recognition	0.1
Internet Incubators	0.1
	106.2	%

* Calculated as a percentage of net assets

188

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.5%
Advanced Materials — 0.2%
Core Molding Technologies, Inc.†		13,000	$	167,700
Hexcel Corp.†		10,100		437,229
				604,929
Advertising Services — 0.0%
Marchex, Inc., Class B		13,500		49,005
Aerospace/Defense — 0.3%
Teledyne Technologies, Inc.†		8,400		898,044
Aerospace/Defense - Equipment — 0.2%
Ducommun, Inc.†		6,400		159,360
LMI Aerospace, Inc.†		6,100		85,644
Moog, Inc., Class A†		7,200		524,016
				769,020
Agricultural Operations — 0.1%
Cadiz, Inc.†#		14,400		163,296
MGP Ingredients, Inc.		13,100		194,928
				358,224
Airlines — 0.2%
Allegiant Travel Co.†		3,900		547,014
Apparel Manufacturers — 0.8%
Columbia Sportswear Co.		59,424		2,677,051
Delta Apparel, Inc.†		10,500		113,400
Quiksilver, Inc.†#		97,800		199,512
				2,989,963
Applications Software — 0.9%
BSQUARE Corp.†		13,900		57,685
Cvent, Inc.†#		14,060		378,495
Descartes Systems Group, Inc.†		22,900		344,645
Five9, Inc.†#		16,200		71,442
HubSpot, Inc.†#		830		29,374
Infoblox, Inc.†		3,700		66,600
PDF Solutions, Inc.†		9,500		125,875
Progress Software Corp.†		11,650		300,453
Tangoe, Inc.†		34,800		452,574
Verint Systems, Inc.†		24,758		1,490,184
				3,317,327
Auction Houses/Art Dealers — 0.1%
Ritchie Bros. Auctioneers, Inc.#		17,200		449,436
Audio/Video Products — 0.0%
VOXX International Corp.†		5,000		42,050
Auto Repair Centers — 0.1%
Monro Muffler Brake, Inc.		7,525		412,295
Auto/Truck Parts & Equipment - Original — 0.2%
Miller Industries, Inc.		10,000		179,200
SORL Auto Parts, Inc.†#		15,300		62,883
Spartan Motors, Inc.		21,600		108,216
Strattec Security Corp.		4,700		487,672
				837,971
Auto/Truck Parts & Equipment - Replacement — 0.0%
Commercial Vehicle Group, Inc.†		18,700		122,485
Banks - Commercial — 7.0%
American National Bankshares, Inc.		5,900		138,945
AmeriServ Financial, Inc.		22,000		66,220
BancorpSouth, Inc.		2,600		56,914
BankUnited, Inc.		19,800		597,960
Blue Hills Bancorp, Inc.†		3,200		42,304
Capital Bank Financial Corp., Class A†		16,400		415,740

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Capital City Bank Group, Inc.		9,600	$	138,816
Citizens Holding Co.		4,500		84,690
CNB Financial Corp.		8,500		150,110
CVB Financial Corp.		131,120		1,989,090
East West Bancorp, Inc.		73,103		2,687,997
Eastern Virginia Bankshares, Inc.†		12,000		77,640
Enterprise Bancorp, Inc.		6,821		159,475
Farmers Capital Bank Corp.†		7,900		180,041
First Bancorp, Inc.		7,165		125,173
First Community Bancshares, Inc.		10,000		154,600
First Horizon National Corp.		50,900		649,484
Glacier Bancorp, Inc.		104,433		2,859,376
Green Bancorp, Inc.†		1,300		20,657
Hampton Roads Bankshares, Inc.†		85,000		136,850
Heritage Commerce Corp.		13,500		111,240
Iberiabank Corp.		31,895		2,083,381
Independent Bank Corp.		14,000		170,100
LNB Bancorp, Inc.		16,300		260,474
Merchants Bancshares, Inc.		4,600		131,146
Metro Bancorp, Inc.†		6,500		162,825
MidWestOne Financial Group, Inc.		5,400		148,554
Northrim BanCorp, Inc.		7,100		194,256
Ohio Valley Banc Corp.		6,400		152,320
Pacific Continental Corp.		13,000		180,180
PacWest Bancorp		54,331		2,526,391
Park Sterling Corp.		44,400		317,016
Peoples Bancorp of North Carolina, Inc.		5,500		99,000
Peoples Bancorp, Inc.		6,300		152,523
Pinnacle Financial Partners, Inc.		6,100		229,787
Preferred Bank		3,920		100,038
Prosperity Bancshares, Inc.		8,600		483,148
Seacoast Banking Corp. of Florida†		13,100		166,108
Sierra Bancorp		9,400		149,178
Signature Bank†		3,900		472,953
Southcoast Financial Corp.†#		5,000		34,050
Southern National Bancorp of Virginia, Inc.		15,000		175,800
Synovus Financial Corp.		14,690		379,590
Talmer Bancorp, Inc., Class A		20,000		278,200
TCF Financial Corp.		15,900		246,768
Texas Capital Bancshares, Inc.†		12,750		702,908
United Security Bancshares†#		21,148		112,719
Valley National Bancorp.#		34,199		333,098
Washington Trust Bancorp, Inc.		5,700		206,283
West Bancorporation, Inc.		6,944		108,465
Westamerica Bancorporation#		6,100		296,460
Western Alliance Bancorp†		108,748		2,874,210
Zions Bancorporation		9,000		252,540
				25,023,791
Banks - Mortgage — 0.0%
Walker & Dunlop, Inc.†		4,100		64,739
Batteries/Battery Systems — 0.7%
EnerSys		40,650		2,468,674
Beverages - Non-alcoholic — 0.0%
Primo Water Corp.†		21,600		94,608
Brewery — 0.1%
Craft Brew Alliance, Inc.†		18,800		254,552
Broadcast Services/Program — 0.6%
Nexstar Broadcasting Group, Inc., Class A#		39,590		2,031,363
Building & Construction Products - Misc. — 1.2%
Aspen Aerogels, Inc.†#		11,400		92,340
Louisiana-Pacific Corp.†		30,800		469,392
NCI Building Systems, Inc.†		13,200		246,312

189

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building & Construction Products - Misc. (continued)
Quanex Building Products Corp.		10,500	$	207,690
Simpson Manufacturing Co., Inc.		10,300		341,960
Trex Co., Inc.†		73,017		3,076,936
				4,434,630
Building & Construction - Misc. — 0.6%
Dycom Industries, Inc.†		66,989		2,049,193
Integrated Electrical Services, Inc.†#		12,995		99,542
				2,148,735
Building Products - Air & Heating — 0.3%
AAON, Inc.		14,425		298,886
American DG Energy, Inc.†#		35,000		29,050
Lennox International, Inc.		8,800		824,296
				1,152,232
Building Products - Cement — 0.7%
Eagle Materials, Inc.		28,145		2,318,867
Martin Marietta Materials, Inc.		2,100		252,084
				2,570,951
Building Products - Doors & Windows — 0.9%
Apogee Enterprises, Inc.		69,117		3,126,162
Building Products - Light Fixtures — 0.0%
LSI Industries, Inc.		18,400		124,016
Building - Heavy Construction — 0.1%
Orion Marine Group, Inc.†		16,100		176,778
Building - Mobile Home/Manufactured Housing — 0.6%
Thor Industries, Inc.		38,725		2,275,481
Building - Residential/Commercial — 0.8%
AV Homes, Inc.†		11,400		170,658
Beazer Homes USA, Inc.†		100,805		2,010,052
Meritage Homes Corp.†		10,600		415,732
Standard Pacific Corp.†		15,800		119,290
				2,715,732
Casino Hotels — 0.0%
Monarch Casino & Resort, Inc.†		7,500		124,200
Chemicals - Diversified — 0.1%
Koppers Holdings, Inc.		8,600		250,948
Chemicals - Plastics — 0.6%
Landec Corp.†		14,800		194,472
PolyOne Corp.		49,964		1,863,657
				2,058,129
Chemicals - Specialty — 0.9%
KMG Chemicals, Inc.		7,800		145,158
Minerals Technologies, Inc.		41,599		3,087,894
Oil-Dri Corp. of America		4,900		132,545
				3,365,597
Circuit Boards — 0.0%
UQM Technologies, Inc.†#		57,300		57,300
Coal — 0.1%
Cloud Peak Energy, Inc.†		20,700		241,569
Commercial Services — 1.4%
Collectors Universe, Inc.		7,200		158,472
HMS Holdings Corp.†#		116,637		2,433,048
Intersections, Inc.#		12,500		50,250
SP Plus Corp.†		4,000		83,120

Security Description	Shares		Value (Note 2)
Commercial Services (continued)
StarTek, Inc.†		18,100	$	151,859
Team, Inc.†		50,571		2,053,688
				4,930,437
Commercial Services - Finance — 0.1%
PRGX Global, Inc.†		22,500		117,000
Xoom Corp.†#		8,800		123,288
				240,288
Communications Software — 0.1%
Audience, Inc.†#		14,200		49,416
Digi International, Inc.†		13,300		94,962
Seachange International, Inc.†		19,500		130,845
				275,223
Computer Graphics — 0.0%
CyberArk Software, Ltd.†		590		24,379
Computer Services — 1.0%
Barracuda Networks, Inc.†		1,900		68,267
CACI International, Inc., Class A†		29,407		2,622,810
Ciber, Inc.†		45,000		136,350
FleetMatics Group PLC†#		18,900		665,091
				3,492,518
Computer Software — 1.0%
Computer Modelling Group, Ltd.		12,800		139,537
SS&C Technologies Holdings, Inc.		70,044		3,540,724
				3,680,261
Computers - Integrated Systems — 2.0%
Agilysys, Inc.†		13,000		159,640
Cray, Inc.†		122,954		4,128,795
Jack Henry & Associates, Inc.		44,969		2,763,795
Maxwell Technologies, Inc.†#		14,800		152,292
				7,204,522
Computers - Memory Devices — 0.1%
Datalink Corp.†		11,100		135,642
Dot Hill Systems Corp.†		62,300		290,318
Netlist, Inc.†#		37,900		30,324
				456,284
Computers - Voice Recognition — 0.1%
Vocera Communications, Inc.†		18,000		173,880
Consulting Services — 0.2%
CRA International, Inc.†		7,700		229,075
Hackett Group, Inc.		27,900		248,031
Information Services Group, Inc.†		42,400		167,904
PDI, Inc.†#		9,800		18,816
				663,826
Consumer Products - Misc. — 0.1%
CSS Industries, Inc.		3,000		87,030
Tumi Holdings, Inc.†		20,100		439,989
				527,019
Containers - Metal/Glass — 0.1%
Constellium NV, Class A†		22,500		354,375
Containers - Paper/Plastic — 1.2%
Berry Plastics Group, Inc.†		21,700		627,998
Graphic Packaging Holding Co.†		284,576		3,542,971
				4,170,969

190

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cosmetics & Toiletries — 0.0%
CCA Industries, Inc.†		3,421	$	10,879
Data Processing/Management — 0.1%
CommVault Systems, Inc.†		3,300		156,090
Innodata, Inc.†#		25,000		72,000
				228,090
Decision Support Software — 0.1%
Interactive Intelligence Group, Inc.†		11,100		502,053
Diagnostic Equipment — 0.1%
BioTelemetry, Inc.†		36,900		364,203
Hansen Medical, Inc.†#		75,000		62,692
				426,895
Diagnostic Kits — 0.8%
Alere, Inc.†		61,303		2,445,377
Meridian Bioscience, Inc.		19,700		324,065
				2,769,442
Diamonds/Precious Stones — 0.0%
Petra Diamonds, Ltd.†		40,747		125,863
Direct Marketing — 0.0%
EVINE Live, Inc.†		18,400		112,976
Distribution/Wholesale — 0.2%
Core-Mark Holding Co., Inc.		8,300		498,913
H&E Equipment Services, Inc.		1,900		66,500
				565,413
Diversified Manufacturing Operations — 0.6%
AZZ, Inc.		10,500		470,190
Chase Corp.		7,100		241,045
EnPro Industries, Inc.†		9,600		619,392
Fabrinet†		13,500		226,395
Harsco Corp.		23,700		458,832
Lydall, Inc.†		7,000		185,990
				2,201,844
Diversified Minerals — 0.1%
United States Lime & Minerals, Inc.		2,600		177,320
Diversified Operations — 0.0%
Resource America, Inc., Class A		17,400		154,338
E-Commerce/Products — 0.1%
1-800-flowers.com, Inc., Class A†		20,600		176,130
E-Commerce/Services — 0.2%
Angie’s List, Inc.†#		5,900		35,046
Coupons.com, Inc.†#		7,790		118,953
GrubHub, Inc.†#		11,267		414,626
United Online, Inc.		12,500		163,250
Zillow, Inc., Class A†#		300		35,508
				767,383
E-Marketing/Info — 0.2%
Marketo, Inc.†#		17,000		543,320
QuinStreet, Inc.†		35,000		158,550
				701,870
E-Services/Consulting — 0.1%
Sapient Corp.†		16,800		414,960
Educational Software — 0.0%
Rosetta Stone, Inc.†		14,000		141,960
Electric Products - Misc. — 0.1%
Graham Corp.		5,800		176,146

Security Description	Shares		Value (Note 2)
Electric - Integrated — 0.4%
Cleco Corp.		2,900	$	155,817
El Paso Electric Co.		10,000		378,300
NorthWestern Corp.		4,000		212,920
PNM Resources, Inc.		26,000		752,960
				1,499,997
Electronic Components - Misc. — 0.6%
CTS Corp.		12,000		206,160
Gentex Corp.		5,100		181,356
Sanmina Corp.†		60,019		1,476,467
Viasystems Group, Inc.†		11,000		171,930
Vishay Precision Group, Inc.†		8,800		147,224
ZAGG, Inc.†		15,898		90,619
				2,273,756
Electronic Components - Semiconductors — 1.6%
Cavium, Inc.†		4,900		277,340
Diodes, Inc.†		5,250		139,598
Fairchild Semiconductor International, Inc.†		115,885		1,869,225
GigOptix, Inc.†		50,000		57,500
GSI Technology, Inc.†		19,800		103,158
Intersil Corp., Class A		145,485		1,907,308
InvenSense, Inc.†#		7,300		105,777
Kopin Corp.†		13,500		46,035
Peregrine Semiconductor Corp.†		24,500		305,025
Pixelworks, Inc.†#		22,000		106,040
PMC-Sierra, Inc.†		41,900		341,485
Semtech Corp.†		14,400		366,624
Silicon Laboratories, Inc.†		4,400		199,540
				5,824,655
Electronic Design Automation — 0.7%
Cadence Design Systems, Inc.†		137,095		2,586,983
Electronic Measurement Instruments — 0.4%
CyberOptics Corp.†		18,900		171,045
ESCO Technologies, Inc.		12,600		453,852
FARO Technologies, Inc.†		5,600		307,608
National Instruments Corp.		11,700		376,623
				1,309,128
Electronic Parts Distribution — 0.6%
Tech Data Corp.†		34,769		2,167,152
Electronic Security Devices — 0.1%
American Science & Engineering, Inc.		6,300		307,944
Vicon Industries, Inc.#		14,000		23,800
				331,744
Electronics - Military — 0.1%
M/A-COM Technology Solutions Holdings, Inc.†		7,300		181,259
Energy - Alternate Sources — 0.1%
Amyris, Inc.†#		50,800		140,208
Ocean Power Technologies, Inc.†#		17,900		18,616
REX American Resources Corp.†		2,100		132,867
Saratoga Resources, Inc.†#		17,300		4,500
				296,191
Engineering/R&D Services — 0.1%
VSE Corp.		3,700		199,134
Enterprise Software/Service — 1.5%
American Software, Inc., Class A		11,600		105,212
Concur Technologies, Inc.†		2,400		309,144
Guidewire Software, Inc.†		12,900		651,063
MicroStrategy, Inc., Class A†		15,810		2,715,210
OPOWER, Inc.†		3,200		49,824

191

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service (continued)
Proofpoint, Inc.†		11,100	$	481,962
PROS Holdings, Inc.†		10,800		308,880
SciQuest, Inc.†		59,019		879,973
				5,501,268
Environmental Consulting & Engineering — 0.0%
TRC Cos., Inc.†		8,712		59,590
Environmental Monitoring & Detection — 0.2%
MSA Safety, Inc.		12,300		675,639
Filtration/Separation Products — 0.1%
CLARCOR, Inc.		3,900		256,971
Finance - Consumer Loans — 0.0%
Asta Funding, Inc.†		13,200		112,860
Finance - Investment Banker/Broker — 1.6%
E*TRADE Financial Corp.†		149,707		3,414,817
Evercore Partners, Inc., Class A		38,962		1,967,581
FBR & Co.†		5,750		143,405
JMP Group, Inc.		16,300		118,827
Piper Jaffray Cos.†		2,500		143,500
SWS Group, Inc.†#		10,000		69,900
				5,858,030
Finance - Leasing Companies — 0.1%
California First National Bancorp		6,000		85,020
Marlin Business Services Corp.		7,500		139,800
				224,820
Finance - Mortgage Loan/Banker — 0.0%
PennyMac Financial Services, Inc., Class A†		4,100		65,559
Financial Guarantee Insurance — 0.3%
Assured Guaranty, Ltd.		24,677		630,744
MGIC Investment Corp.†		11,400		106,134
Radian Group, Inc.#		29,100		496,155
				1,233,033
Food - Baking — 0.0%
Flowers Foods, Inc.		700		13,650
Food - Canned — 0.7%
Seneca Foods Corp., Class B†		200		6,100
TreeHouse Foods, Inc.†		32,183		2,605,214
				2,611,314
Food - Flour & Grain — 0.1%
Post Holdings, Inc.†#		8,800		352,000
Food - Misc./Diversified — 0.4%
Inventure Foods, Inc.†		17,900		247,199
John B. Sanfilippo & Son, Inc.		6,600		276,012
Pinnacle Foods, Inc.		23,600		803,108
Senomyx, Inc.†#		30,400		176,928
				1,503,247
Food - Retail — 0.1%
Fresh Market, Inc.†#		11,300		462,848
Food - Wholesale/Distribution — 0.5%
AMCON Distributing Co.		500		39,265
United Natural Foods, Inc.†		25,211		1,895,615
				1,934,880
Footwear & Related Apparel — 0.1%
Wolverine World Wide, Inc.		13,900		424,089
Funeral Services & Related Items — 0.1%
Matthews International Corp., Class A		5,100		234,957

Security Description	Shares		Value (Note 2)
Gambling (Non-Hotel) — 0.1%
Dover Downs Gaming & Entertainment, Inc.†#		43,334	$	32,501
Isle of Capri Casinos, Inc.†		23,400		169,416
Lakes Entertainment, Inc.†		15,200		100,776
				302,693
Garden Products — 0.2%
Toro Co.		10,300		676,504
Gas - Distribution — 1.0%
Chesapeake Utilities Corp.		3,600		161,748
Delta Natural Gas Co., Inc.		3,800		81,510
Southwest Gas Corp.		10,100		584,689
UGI Corp.		68,022		2,565,110
				3,393,057
Gold Mining — 0.1%
Franco-Nevada Corp.		8,300		415,109
Health Care Cost Containment — 0.0%
HealthEquity, Inc.†		1,100		27,313
Healthcare Safety Devices — 0.1%
Alpha PRO Tech, Ltd.†#		30,000		84,300
Harvard Apparatus Regenerative Technology, Inc.†#		7,500		25,350
Unilife Corp.†#		70,000		219,100
				328,750
Heart Monitors — 0.1%
HeartWare International, Inc.†		2,700		198,531
Home Furnishings — 0.6%
Hooker Furniture Corp.		9,100		140,049
La-Z-Boy, Inc.		74,374		1,932,980
				2,073,029
Hotels/Motels — 0.0%
Morgans Hotel Group Co.†		19,000		153,900
Housewares — 0.0%
Lifetime Brands, Inc.		8,000		119,520
Human Resources — 0.9%
Cross Country Healthcare, Inc.†		20,000		213,400
Kforce, Inc.		8,000		186,720
Team Health Holdings, Inc.†		42,727		2,442,275
TriNet Group, Inc.†		9,900		313,434
				3,155,829
Independent Power Producers — 0.2%
Dynegy, Inc.†		14,300		474,045
NRG Yield, Inc., Class A#		3,200		151,648
				625,693
Industrial Audio & Video Products — 0.1%
Ballantyne Strong, Inc.†		14,000		56,280
Iteris, Inc.†		76,210		147,085
				203,365
Industrial Automated/Robotic — 0.1%
Adept Technology, Inc.†#		10,000		86,200
Hurco Cos., Inc.		5,000		173,600
				259,800
Instruments - Controls — 0.8%
Allied Motion Technologies, Inc.		14,000		304,920
Control4 Corp.†#		9,200		138,736
Frequency Electronics, Inc.†		10,000		106,500

192

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Instruments - Controls (continued)
Watts Water Technologies, Inc., Class A		35,392	$	2,139,800
Woodward, Inc.		1,250		64,600
				2,754,556
Instruments - Scientific — 0.4%
FEI Co.		17,945		1,536,810
Insurance - Life/Health — 0.6%
Independence Holding Co.		10,460		144,243
StanCorp Financial Group, Inc.		30,450		2,012,745
				2,156,988
Insurance - Multi-line — 0.7%
American Financial Group, Inc.		34,639		2,091,849
Fortegra Financial Corp.†		13,700		135,767
Kemper Corp.		6,300		222,138
				2,449,754
Insurance - Property/Casualty — 0.8%
Enstar Group, Ltd.†		1,800		262,710
Hallmark Financial Services, Inc.†		13,000		153,270
HCC Insurance Holdings, Inc.		10,400		551,928
Infinity Property & Casualty Corp.		10,600		770,196
RLI Corp.		8,400		385,812
Safety Insurance Group, Inc.		1,800		107,136
Selective Insurance Group, Inc.		21,400		572,878
State Auto Financial Corp.		6,650		130,872
				2,934,802
Insurance - Reinsurance — 0.0%
Essent Group, Ltd.†		3,800		95,760
Internet Application Software — 0.1%
Bazaarvoice, Inc.†#		21,500		158,240
Lionbridge Technologies, Inc.†		36,800		186,576
				344,816
Internet Connectivity Services — 0.1%
PC-Tel, Inc.		21,200		174,476
Internet Content - Entertainment — 0.1%
Pandora Media, Inc.†		14,400		283,104
Internet Content - Information/News — 0.1%
Reis, Inc.		8,000		201,280
Internet Financial Services — 0.0%
TheStreet, Inc.		48,200		107,004
Internet Incubators — 0.1%
HomeAway, Inc.†		5,000		156,800
ModusLink Global Solutions, Inc.†#		5,000		16,550
				173,350
Internet Infrastructure Software — 0.1%
Support.com, Inc.†		56,500		116,390
Survey Monkey, Inc.(5)(6)(7)		5,062		83,270
Unwired Planet, Inc.†		65,400		89,598
				289,258
Internet Security — 0.1%
iPass, Inc.†#		49,900		68,862
Zix Corp.†		41,500		131,140
				200,002
Internet Telephone — 0.1%
RingCentral, Inc.†#		21,600		271,728

Security Description	Shares		Value (Note 2)
Investment Companies — 0.0%
KCAP Financial, Inc.#		16,700	$	130,928
Investment Management/Advisor Services — 1.4%
Artisan Partners Asset Management, Inc., Class A		1,500		77,625
Calamos Asset Management, Inc., Class A		14,000		188,860
Cohen & Steers, Inc.#		8,900		385,103
Financial Engines, Inc.#		15,500		506,540
Janus Capital Group, Inc.#		192,453		3,025,361
Manning & Napier, Inc.		8,400		128,604
Pzena Investment Management, Inc., Class A		2,100		18,207
Silvercrest Asset Management Group, Inc., Class A		10,000		143,500
Waddell & Reed Financial, Inc., Class A		7,900		379,832
				4,853,632
Lasers - System/Components — 0.5%
Coherent, Inc.†		28,590		1,582,742
Rofin-Sinar Technologies, Inc.†		1,800		48,456
				1,631,198
Leisure Products — 0.1%
Johnson Outdoors, Inc., Class A		7,200		218,304
Marine Products Corp.		12,100		79,255
				297,559
Lighting Products & Systems — 0.0%
Acuity Brands, Inc.		600		82,920
Linen Supply & Related Items — 0.1%
G&K Services, Inc., Class A		3,000		195,300
Machine Tools & Related Products — 0.0%
Hardinge, Inc.		11,000		134,750
Machinery - Construction & Mining — 0.0%
Terex Corp.		800		22,960
Machinery - Farming — 0.0%
Alamo Group, Inc.		2,500		119,075
Machinery - General Industrial — 1.0%
Albany International Corp., Class A		71,505		2,672,142
Chart Industries, Inc.†		10,600		420,926
Manitowoc Co., Inc.#		13,800		277,932
Xerium Technologies, Inc.†		15,000		213,300
				3,584,300
Machinery - Pumps — 0.2%
Graco, Inc.		8,400		672,840
Machinery - Thermal Process — 0.0%
Global Power Equipment Group, Inc.		9,800		127,106
Medical Imaging Systems — 0.1%
Analogic Corp.		3,600		262,224
Digirad Corp		25,000		92,250
				354,474
Medical Instruments — 1.0%
Bio-Techne Corp.		23,566		2,158,881
Bruker Corp.†		17,900		343,322
CryoLife, Inc.		17,000		171,700
Edwards Lifesciences Corp.†		900		116,712
Navidea Biopharmaceuticals, Inc.†#		85,500		106,020
Thoratec Corp.†		11,100		346,209
TransEnterix, Inc.†#		20,000		42,000
Vascular Solutions, Inc.†		7,500		192,900
Volcano Corp.†		10,900		120,554
				3,598,298

193

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Labs & Testing Services — 0.6%
ICON PLC†		39,813	$	2,211,214
Medical Products — 2.6%
Accuray, Inc.†#		10,337		71,222
Cardica, Inc.†#		33,400		20,123
Cerus Corp.†#		35,000		158,550
Cooper Cos., Inc.		1,400		236,460
Globus Medical, Inc., Class A†		88,217		2,032,520
Haemonetics Corp.†		38,109		1,407,365
Halyard Health Inc†		6,300		247,023
Hill-Rom Holdings, Inc.		45,304		2,073,111
InspireMD, Inc.†#		50,000		48,000
K2M Group Holdings, Inc.†#		9,100		172,081
Medgenics, Inc.†#		19,000		78,470
NanoString Technologies, Inc.†#		9,000		134,190
Span-America Medical Systems, Inc.		3,100		59,489
Tornier NV†		12,700		338,963
Wright Medical Group, Inc.†#		79,661		2,333,271
				9,410,838
Medical Sterilization Products — 0.2%
STERIS Corp.		11,800		752,250
Medical - Biomedical/Gene — 3.3%
Acceleron Pharma, Inc.†#		4,600		178,204
AMAG Pharmaceuticals, Inc.†#		45,816		1,704,355
ArQule, Inc.†		55,000		72,600
BioMarin Pharmaceutical, Inc.†		2,800		251,216
Biota Pharmaceuticals, Inc.†#		34,600		76,466
Cellular Dynamics International, Inc.†#		9,500		62,700
Charles River Laboratories International, Inc.†		32,403		2,098,094
Cubist Pharmaceuticals, Inc.†		36,071		2,734,543
Cubist Pharmaceuticals, Inc. CVR†		2,900		90
Endocyte, Inc.†#		16,000		103,840
Enzo Biochem, Inc.†		33,500		152,090
Exelixis, Inc.†#		19,600		32,536
Fibrocell Science, Inc.†#		33,100		89,370
Five Prime Therapeutics, Inc.†		10,000		205,600
GTx, Inc.†#		20,200		12,928
Harvard Bioscience, Inc.†		30,000		147,600
Incyte Corp.†		26,600		2,009,630
Isis Pharmaceuticals, Inc.†#		8,100		419,499
Medicines Co.†		9,400		252,014
Nanosphere, Inc.†#		35,000		13,296
Onconova Therapeutics, Inc.†#		12,000		57,000
Oncothyreon, Inc.†		84,000		147,000
Pacific Biosciences of California, Inc.†		26,700		180,492
PharmAthene, Inc.†#		68,300		116,110
pSivida Corp.†#		32,000		137,920
Retrophin, Inc.†#		13,000		131,300
Rigel Pharmaceuticals, Inc.†		40,000		85,600
Seattle Genetics, Inc.†#		5,200		189,488
Theravance Biopharma, Inc.†#		400		6,328
Theravance, Inc.#		1,400		21,182
Ultragenyx Pharmaceutical, Inc.†		500		21,795
				11,710,886
Medical - Drugs — 2.3%
Alimera Sciences, Inc.†#		25,025		146,897
Alkermes PLC†		14,300		786,786
BioSpecifics Technologies Corp.†		5,200		197,184
Cempra, Inc.†#		15,000		215,850
Chimerix, Inc.†#		3,400		119,816
Conatus Pharmaceuticals, Inc.†#		9,500		80,845
Cumberland Pharmaceuticals, Inc.†		12,800		66,176
Cytori Therapeutics, Inc.†#		17,000		7,310
Endo International PLC†		29,206		2,137,003

Security Description	Shares		Value (Note 2)
Medical - Drugs (continued)
NanoViricides, Inc.†#		43,000	$	137,600
Ophthotech Corp.†#		1,400		60,410
Pacira Pharmaceuticals, Inc.†		13,200		1,239,876
Pain Therapeutics, Inc.†#		40,000		72,400
PharMerica Corp.†		71,365		1,556,470
POZEN, Inc.		15,600		138,684
Progenics Pharmaceuticals, Inc.†#		36,800		256,128
SIGA Technologies, Inc.†#		19,900		33,830
Sucampo Pharmaceuticals, Inc., Class A†#		23,000		269,560
Synergy Pharmaceuticals, Inc.†#		35,000		104,300
Targacept, Inc.†#		35,000		85,050
TESARO, Inc.†#		3,600		124,236
Vanda Pharmaceuticals, Inc.†#		10,700		139,421
XenoPort, Inc.†		25,000		222,500
Zogenix, Inc.†#		18,700		21,318
				8,219,650
Medical - Generic Drugs — 0.8%
Impax Laboratories, Inc.†		84,475		2,698,976
Medical - HMO — 0.3%
Centene Corp.†		5,600		553,112
WellCare Health Plans, Inc.†		9,000		663,660
				1,216,772
Medical - Hospitals — 1.6%
Acadia Healthcare Co., Inc.†		12,100		750,321
Adeptus Health, Inc., Class A†#		2,500		76,100
Community Health Systems, Inc.†		36,708		1,728,213
LifePoint Hospitals, Inc.†		43,121		2,983,542
				5,538,176
Metal Processors & Fabrication — 1.6%
Ampco-Pittsburgh Corp.		6,500		118,950
Dynamic Materials Corp.		8,100		129,924
Haynes International, Inc.		49,792		2,235,163
RBC Bearings, Inc.		8,800		559,504
Rexnord Corp.†		91,384		2,517,629
Sun Hydraulics Corp.		6,300		253,701
				5,814,871
Metal Products - Distribution — 0.0%
Olympic Steel, Inc.		5,500		89,430
Metal - Diversified — 0.1%
Luxfer Holdings PLC ADR		15,500		232,655
Miscellaneous Manufacturing — 0.8%
Hillenbrand, Inc.		5,500		176,880
John Bean Technologies Corp.		16,700		506,678
TriMas Corp.†		72,667		2,262,124
				2,945,682
MRI/Medical Diagnostic Imaging — 0.1%
RadNet, Inc.†		36,000		303,120
Networking Products — 0.1%
Fortinet, Inc.†		6,000		165,360
Ixia†		11,100		115,107
Meru Networks, Inc.†#		40,100		148,370
NeoPhotonics Corp.†		22,000		74,140
				502,977
Non-Hazardous Waste Disposal — 0.8%
Casella Waste Systems, Inc., Class A†		32,900		129,626
Waste Connections, Inc.		58,208		2,748,000
				2,877,626

194

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Office Furnishings - Original — 0.5%
Interface, Inc.		82,346	$	1,245,072
Knoll, Inc.		21,000		389,130
				1,634,202
Oil & Gas Drilling — 0.4%
Parsley Energy, Inc., Class A†		10,200		128,928
Precision Drilling Corp.		190,759		1,228,488
				1,357,416
Oil Companies - Exploration & Production — 1.4%
American Eagle Energy Corp.†		21,250		19,973
Bill Barrett Corp.†		12,500		126,625
Bonanza Creek Energy, Inc.†		7,200		195,984
BPZ Resources, Inc.†#		60,000		36,000
Callon Petroleum Co.†		13,100		64,321
Contango Oil & Gas Co.†		1,400		47,334
Diamondback Energy, Inc.†		7,900		445,560
Eclipse Resources Corp†#		12,200		131,638
Energy XXI, Ltd.#		10,900		43,709
Escalera Resources Co.†		11,000		12,430
Evolution Petroleum Corp.		10,600		83,316
FieldPoint Petroleum Corp.†		31,900		88,682
Matador Resources Co.†		17,400		306,066
Miller Energy Resources, Inc.†#		23,400		54,288
Oasis Petroleum, Inc.†		17,300		317,974
Panhandle Oil and Gas, Inc., Class A		5,000		88,200
PostRock Energy Corp.†		24,600		15,252
Rice Energy, Inc.†		4,000		99,600
Rosetta Resources, Inc.†		32,056		943,088
RSP Permian, Inc.†#		5,500		119,680
Ultra Petroleum Corp.†#		84,551		1,678,337
Warren Resources, Inc.†		34,500		70,725
				4,988,782
Oil Field Machinery & Equipment — 0.7%
Flotek Industries, Inc.†		11,900		231,812
Forum Energy Technologies, Inc.†		70,591		1,694,890
Gulf Island Fabrication, Inc.		9,000		175,590
Mitcham Industries, Inc.†		6,900		52,578
Natural Gas Services Group, Inc.†		7,400		171,384
Thermon Group Holdings, Inc.†		6,600		159,654
				2,485,908
Oil Refining & Marketing — 0.1%
Adams Resources & Energy, Inc.		214		9,478
Trecora Resources†		14,000		172,060
				181,538
Oil - Field Services — 1.1%
C&J Energy Services, Inc.†		6,400		96,960
Forbes Energy Services, Ltd.†		17,200		34,228
Helix Energy Solutions Group, Inc.†		78,060		1,785,232
Key Energy Services, Inc.†		14,700		27,636
MRC Global, Inc.†		56,961		1,151,182
SEACOR Holdings, Inc.†		9,400		668,716
Tesco Corp.		13,800		194,442
TETRA Technologies, Inc.†		13,500		85,725
				4,044,121
Optical Recognition Equipment — 0.0%
Digimarc Corp.		3,100		74,927
Paper & Related Products — 0.2%
Clearwater Paper Corp.†		6,500		430,690
Schweitzer-Mauduit International, Inc.		5,700		243,789

Security Description	Shares		Value (Note 2)
Paper & Related Products (continued)
Wausau Paper Corp.		12,300	$	122,385
				796,864
Patient Monitoring Equipment — 0.0%
Insulet Corp.†		1,200		55,908
Masimo Corp.†		500		13,125
				69,033
Pharmacy Services — 0.1%
Diplomat Pharmacy, Inc.†		4,600		123,556
Liberator Medical Holdings, Inc.#		35,000		98,000
				221,556
Physicians Practice Management — 0.0%
Healthways, Inc.†		4,600		71,668
Pipelines — 1.1%
Primoris Services Corp.		75,231		1,967,291
SemGroup Corp., Class A		28,054		2,075,715
				4,043,006
Power Converter/Supply Equipment — 0.0%
Advanced Energy Industries, Inc.†		7,000		143,010
Printing - Commercial — 0.2%
ARC Document Solutions, Inc.†		10,400		100,152
Multi-Color Corp.		10,150		556,626
RR Donnelley & Sons Co.		916		15,425
				672,203
Professional Sports — 0.0%
Madison Square Garden Co., Class A†		2,200		160,688
Publishing - Books — 0.1%
Courier Corp.		7,700		106,183
Scholastic Corp.		6,449		228,940
				335,123
Publishing - Newspapers — 0.1%
AH Belo Corp., Class A		18,221		218,652
Lee Enterprises, Inc.†#		34,500		122,475
				341,127
Quarrying — 0.1%
Compass Minerals International, Inc.		4,600		400,430
Radio — 0.0%
Emmis Communications Corp., Class A†		40,500		84,240
Salem Communications Corp., Class A		10,000		78,600
				162,840
Real Estate Investment Trusts — 3.2%
Acadia Realty Trust		6,800		217,328
Associated Estates Realty Corp.		14,300		320,606
CatchMark Timber Trust, Inc., Class A		14,800		164,280
CBL & Associates Properties, Inc.		22,900		445,405
Chesapeake Lodging Trust		11,900		402,934
Colony Financial, Inc.		5,300		130,115
Cousins Properties, Inc.		160,500		1,964,520
DiamondRock Hospitality Co.		34,408		513,712
EastGroup Properties, Inc.		9,200		618,424
Equity One, Inc.		13,100		317,413
First Potomac Realty Trust		11,300		139,894
Geo Group, Inc.		50,098		2,018,448
Hudson Pacific Properties, Inc.		4,600		129,352
LaSalle Hotel Properties		68,740		2,775,034
Outfront Media, Inc.		5,700		154,242
PS Business Parks, Inc.		8,400		683,676

195

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Retail Opportunity Investments Corp.		8,400	$	138,264
Urstadt Biddle Properties, Inc., Class A		7,000		155,260
				11,288,907
Real Estate Management/Services — 1.4%
Jones Lang LaSalle, Inc.		19,376		2,822,308
Kennedy-Wilson Holdings, Inc.		84,157		2,187,241
RE/MAX Holdings, Inc., Class A		2,700		90,315
				5,099,864
Real Estate Operations & Development — 0.2%
Alexander & Baldwin, Inc.		5,700		217,056
Consolidated-Tomoka Land Co.		3,100		165,881
Forestar Group, Inc.†		7,300		116,800
St. Joe Co.†#		10,400		193,336
				693,073
Recreational Vehicles — 0.5%
Brunswick Corp.		35,100		1,743,768
Recycling — 0.0%
Metalico, Inc.†#		31,700		12,125
Rental Auto/Equipment — 0.0%
Electro Rent Corp.		5,600		78,120
Retail - Apparel/Shoe — 1.3%
American Eagle Outfitters, Inc.		23,600		332,760
ANN, Inc.†		70,173		2,577,454
Burlington Stores, Inc.†		3,700		165,279
Chico’s FAS, Inc.		35,100		557,037
Christopher & Banks Corp.†		30,100		217,924
Destination Maternity Corp.		7,800		125,034
Destination XL Group, Inc.†		30,000		155,100
Express, Inc.†		24,100		360,295
Francesca’s Holdings Corp.†		12,000		152,160
Pacific Sunwear of California, Inc.†		37,200		62,496
				4,705,539
Retail - Appliances — 0.0%
hhgregg, Inc.†#		20,100		127,635
Retail - Arts & Crafts — 0.1%
Michaels Cos., Inc.†		15,401		370,548
Retail - Automobile — 0.7%
Penske Automotive Group, Inc.		50,335		2,383,362
Retail - Building Products — 0.0%
Tile Shop Holdings, Inc.†#		1,900		18,962
Retail - Convenience Store — 0.1%
Pantry, Inc.†		12,600		334,530
Retail - Discount — 0.2%
HSN, Inc.		6,800		495,924
Tuesday Morning Corp.†		14,000		298,200
				794,124
Retail - Home Furnishings — 0.6%
Kirkland’s, Inc.†		9,700		210,684
Pier 1 Imports, Inc.		97,925		1,351,365
Restoration Hardware Holdings, Inc.†#		6,700		565,949
				2,127,998
Retail - Leisure Products — 0.1%
West Marine, Inc.†		17,232		188,346
Retail - Misc./Diversified — 0.1%
Five Below, Inc.†#		7,500		349,950
Gaiam, Inc., Class A†		17,400		127,890
				477,840

Security Description	Shares		Value (Note 2)
Retail - Regional Department Stores — 0.0%
Stage Stores, Inc.		6,000	$	122,940
Retail - Restaurants — 4.5%
BJ’s Restaurants, Inc.†		9,500		467,020
Bloomin’ Brands, Inc.†		24,400		555,588
Brinker International, Inc.		32,090		1,807,630
Carrols Restaurant Group, Inc.†		15,000		112,650
Cheesecake Factory, Inc.		7,800		377,754
Cracker Barrel Old Country Store, Inc.		18,344		2,348,215
Denny’s Corp.†		36,900		357,561
Famous Dave’s of America, Inc.†#		6,800		173,400
Jack in the Box, Inc.		9,700		722,650
Jamba, Inc.†		520		6,443
Krispy Kreme Doughnuts, Inc.†		25,200		513,072
Luby’s, Inc.†		25,000		121,750
Papa John’s International, Inc.		52,928		2,793,540
Red Robin Gourmet Burgers, Inc.†		38,882		2,618,703
Sonic Corp.		120,851		3,285,938
				16,261,914
Retail - Sporting Goods — 0.2%
Hibbett Sports, Inc.†		5,500		275,935
Zumiez, Inc.†		13,500		482,895
				758,830
Retail - Toy Stores — 0.1%
Build-A-Bear Workshop, Inc.†		16,500		339,570
Retail - Vitamins & Nutrition Supplements — 0.5%
GNC Holdings, Inc., Class A		37,399		1,653,784
Retirement/Aged Care — 0.0%
Five Star Quality Care, Inc.†		24,000		105,600
Savings & Loans/Thrifts — 0.8%
Banc of California, Inc.#		10,000		110,000
Bank Mutual Corp.		26,600		171,836
Capitol Federal Financial, Inc.		42,340		530,097
ESSA Bancorp, Inc.		9,000		101,700
First Defiance Financial Corp.		5,800		174,406
First Niagara Financial Group, Inc.		56,500		461,605
Fox Chase Bancorp, Inc.		5,000		82,750
Hampden Bancorp, Inc.		7,500		150,600
Home Bancorp, Inc.#		6,600		151,800
Lake Shore Bancorp, Inc.#		10,000		131,500
Louisiana Bancorp, Inc.(7)		5,700		121,125
Meridian Bancorp, Inc.†		6,100		66,856
Meta Financial Group, Inc.		5,200		183,040
Naugatuck Valley Financial Corp.†#		9,500		79,705
Oneida Financial Corp.		6,000		77,460
Pacific Premier Bancorp, Inc.†		6,000		95,460
Territorial Bancorp, Inc.		4,000		83,280
United Community Financial Corp.		26,500		135,680
Westfield Financial, Inc.		16,000		117,280
				3,026,180
Schools — 0.0%
Learning Tree International, Inc.†(7)		14,700		36,750
Lincoln Educational Services Corp.#		20,000		64,600
				101,350
Seismic Data Collection — 0.0%
Dawson Geophysical Co.		5,100		69,003
TGC Industries, Inc.†		20,065		53,674
				122,677

196

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Semiconductor Components - Integrated Circuits — 1.3%
Integrated Device Technology, Inc.†		140,901	$	2,629,213
Pericom Semiconductor Corp.†		7,000		88,970
Power Integrations, Inc.		35,197		1,765,481
				4,483,664
Semiconductor Equipment — 0.8%
Cascade Microtech, Inc.†		15,400		213,290
Entegris, Inc.†		160,802		2,166,003
Mattson Technology, Inc.†		34,500		90,390
Ultra Clean Holdings, Inc.†		14,700		127,743
Veeco Instruments, Inc.†		6,700		250,647
				2,848,073
Steel Pipe & Tube — 0.2%
Mueller Water Products, Inc., Class A		27,900		264,771
Valmont Industries, Inc.#		3,400		459,748
				724,519
Steel - Producers — 0.2%
Friedman Industries, Inc.		10,000		81,500
Ryerson Holding Corp†		10,400		112,216
Schnitzer Steel Industries, Inc., Class A		10,000		228,000
Worthington Industries, Inc.		9,500		358,245
				779,961
Storage/Warehousing — 0.8%
Mobile Mini, Inc.		70,138		2,910,026
Telecom Equipment - Fiber Optics — 0.5%
Ciena Corp.†		3,300		54,549
Finisar Corp.†#		92,606		1,578,932
KVH Industries, Inc.†		14,357		175,443
				1,808,924
Telecom Services — 0.2%
Allot Communications, Ltd.†		12,000		113,400
Consolidated Communications Holdings, Inc.#		1		27
Hawaiian Telcom Holdco, Inc.†#		5,000		130,000
Premiere Global Services, Inc.†		5,620		59,291
Straight Path Communications, Inc., Class B†#		5,950		120,547
Telecity Group PLC		14,472		183,677
				606,942
Telecommunication Equipment — 0.8%
ADTRAN, Inc.		18,800		392,732
ARRIS Group, Inc.†		74,652		2,222,390
Aware, Inc.		14,500		63,945
ShoreTel, Inc.†		20,000		149,600
Westell Technologies, Inc., Class A† Class A		41,700		54,627
				2,883,294
Telephone - Integrated — 0.1%
Alaska Communications Systems Group, Inc.†#		77,000		98,560
IDT Corp., Class B		11,900		201,586
				300,146
Textile - Apparel — 0.0%
Cherokee, Inc.		6,400		114,880
Textile - Products — 0.1%
Culp, Inc.		12,300		230,502
Dixie Group, Inc.†		10,000		76,600
				307,102
Theaters — 0.0%
National CineMedia, Inc.		3,200		45,312

Security Description	Shares/ Principal Amount		Value (Note 2)
Therapeutics — 0.4%
Avanir Pharmaceuticals, Inc.†		51,400	$	766,888
Egalet Corp.†#		25,000		150,500
Esperion Therapeutics, Inc.†#		10,500		332,115
				1,249,503
Transactional Software — 0.6%
Bottomline Technologies de, Inc.†		79,926		1,959,786
Transport - Equipment & Leasing — 0.1%
Willis Lease Finance Corp.†		10,000		217,900
Transport - Marine — 0.6%
Horizon North Logistics, Inc.		18,800		49,634
Navigator Holdings, Ltd.†		4,400		94,248
Scorpio Tankers, Inc.#		228,446		1,884,679
				2,028,561
Transport - Services — 0.1%
Matson, Inc.		4,800		169,008
Radiant Logistics, Inc.†		25,000		96,750
UTi Worldwide, Inc.†		11,100		130,980
XPO Logistics, Inc.†		1		39
				396,777
Transport - Truck — 3.8%
Celadon Group, Inc.		108,070		2,381,863
Covenant Transportation Group, Inc., Class A†		14,200		373,176
Heartland Express, Inc.		103,110		2,735,508
Knight Transportation, Inc.		22,775		757,724
Landstar System, Inc.		41,725		3,353,855
Old Dominion Freight Line, Inc.†		47,041		3,812,203
Saia, Inc.†		4,000		221,880
				13,636,209
Vitamins & Nutrition Products — 0.1%
Nutraceutical International Corp.†		8,200		173,676
Omega Protein Corp.†		9,000		91,350
				265,026
Water — 0.1%
Artesian Resources Corp., Class A		7,400		158,952
York Water Co.		7,000		141,400
				300,352
Web Hosting/Design — 0.0%
Endurance International Group Holdings, Inc.†		6,900		114,678
Wire & Cable Products — 0.6%
Belden, Inc.		27,768		2,027,897
Encore Wire Corp.		3,600		132,012
General Cable Corp.		4,300		59,168
				2,219,077
Wireless Equipment — 0.2%
Aruba Networks, Inc.†		19,000		355,490
ID Systems, Inc.†#		22,000		140,580
Tessco Technologies, Inc.		5,900		164,728
				660,798
Total Common Stocks
(cost $268,434,565)				352,421,029
CONVERTIBLE PREFERRED SECURITIES — 0.2%
Computers - Integrated Systems — 0.1%
Apptio Inc. Series D(5)(6)(7)		5,641		129,179
Data Processing/Management — 0.1%
Cloudera, Inc. Series F(5)(6)(7)		6,715		172,569

197

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES (continued)
Enterprise Software/Service — 0.0%
Plex Systems, Inc. Series B(5)(6)(7)		50,422		$	115,683
Internet Infrastructure Software — 0.0%
MongoDB, Inc.(5)(6)(7)		4,475			74,840
Oil Companies-Exploration & Production — 0.0%
GeoMet, Inc. 9.60%(1)(2)		4,456			11,140
Total Convertible Preferred Securities
(cost $416,437)					503,411
WARRANTS — 0.0%
Oil Companies-Exploration & Production — 0.0%
FieldPoint Petroleum Corp. Expires 03/23/2018 (strike price $4.00) (cost $19,492)		31,900			11,484
CONVERTIBLE BONDS & NOTES — 0.0%
Machinery-Construction & Mining — 0.0%
Terex Corp. Company Guar. Notes 4.00% due 06/01/2015 (cost $36,000)	$	36,000			64,440
Total Long-Term Investment Securities
(cost $268,906,494)					353,000,364
SHORT-TERM INVESTMENT SECURITIES — 7.5%
Registered Investment Companies — 7.3%
State Street Navigator Securities Lending Prime Portfolio(3)		23,318,597			23,318,597
T. Rowe Price Reserve Investment Fund		2,681,388			2,681,388
					25,999,985
Time Deposits — 0.2%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014		953,000			953,000
Total Short-Term Investment Securities
(cost $26,952,985)					26,952,985
TOTAL INVESTMENTS
(cost $295,859,479)(4)		106.2	%		379,953,349
Liabilities in excess of other assets		(6.2	)		(22,255,946	)
NET ASSETS		100.0	%	$	357,697,403

† Non-income producing security

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

(1) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2014.

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

(3) At November 30, 2014, the Fund had loaned securities with a total value of $22,488,729. This was secured by collateral of 23,318,597, which was received in cash and subsequently invested in short-term investments currently value at $23,318,597 as reported in the portfolio of investments. The remaining collateral of $457,416 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly, is not reflected in the Fund’s other 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, 2014
United States Treasury Bill	zero coupon	10/15/2015 to 10/15/2015	$	7,371
United States Treasury Notes/ Bonds	zero coupon to 6.00%	12/15/2014 to 02/15/2044		450,045

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

(5) 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, 2014, the Small Cap Fund held the following restricted securities:

Name	Acquisition Date		Shares/ Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stock
Survey Monkey, Inc.		11/25/2014		5,062	$	83,270	$	83,270	$	16.45		0.0	%
Convertible Preferred Securities
Apptio, Inc Series D		03/09/2012		5,641		101,069		129,179		22.90		0.0	%
Coudera, Inc. Series F		02/05/2014		6,715		97,770		172,569		25.27		0.1	%
MongoDB, Inc.		10/02/2013		4,475		74,840		74,840		16.72		0.0	%
Plex Systems, Inc.		06/09/2014		50,422		115,683		115,683		2.29		0.0	%
							$	575,541				0.1	%

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

(7) Illiquid security. At November 30, 2014, the aggregate value of these securities was $733,416 representing 0.2% of net assets.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Internet Infrastructure Software	$	205,988	$	—	$	83,270	$	289,258
Other Industries		352,131,771		—		—		352,131,771
Convertible Preferred Securities:
Other Industries		—		—		492,271		492,271
Oil Companies - Exploration & Production		11,140		—		—		11,140
Warrants		11,484		—		—		11,484
Convertible Bonds & Notes		—		64,440		—		64,440

198

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (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	$	25,999,985	$	—	$	—	$	25,999,985
Time Deposits		—		953,000		—		953,000
Total Investments at Value	$	378,360,368	$	1,017,440	$	575,541	$	379,953,349

* For a detailed presentation of investments, 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.

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

199

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Registered Investment Companies	11.0	%
Real Estate Investment Trusts	8.8
Banks — Commercial	6.9
Medical — Biomedical/Gene	3.5
Medical — Drugs	2.2
Retail — Restaurants	1.9
Electronic Components — Semiconductors	1.8
Electric — Integrated	1.6
Enterprise Software/Service	1.6
Computer Services	1.6
Savings & Loans/Thrifts	1.5
Oil Companies — Exploration & Production	1.4
Medical Products	1.3
Retail — Apparel/Shoe	1.3
Insurance — Property/Casualty	1.3
U.S. Government Treasuries	1.2
Repurchase Agreements	1.2
Applications Software	1.1
Chemicals — Specialty	1.1
Medical Instruments	1.1
Gas — Distribution	1.1
Aerospace/Defense — Equipment	0.9
Oil — Field Services	0.9
Distribution/Wholesale	0.9
Auto/Truck Parts & Equipment — Original	0.9
Commercial Services — Finance	0.9
Diversified Manufacturing Operations	0.9
Wireless Equipment	0.8
Transport — Truck	0.8
Therapeutics	0.8
Human Resources	0.8
Semiconductor Components — Integrated Circuits	0.7
Semiconductor Equipment	0.7
Insurance — Life/Health	0.7
Building — Residential/Commercial	0.7
Finance — Investment Banker/Broker	0.7
Electronic Components — Misc.	0.7
Consulting Services	0.6
Footwear & Related Apparel	0.6
Networking Products	0.6
Investment Management/Advisor Services	0.6
Food — Misc./Diversified	0.6
Metal Processors & Fabrication	0.6
Aerospace/Defense	0.6
Commercial Services	0.6
Building & Construction Products — Misc.	0.6
Computer Software	0.5
Paper & Related Products	0.5
Retail — Automobile	0.5
Telecom Services	0.5
Transport — Marine	0.5
Chemicals — Diversified	0.5
Data Processing/Management	0.5
Machinery — General Industrial	0.5
Medical — Outpatient/Home Medical	0.4
Airlines	0.4
Transport — Services	0.4
Medical — HMO	0.4
Finance — Consumer Loans	0.4
Printing — Commercial	0.4
Office Furnishings — Original	0.4
Insurance — Reinsurance	0.4
Schools	0.4
Containers — Paper/Plastic	0.4
Financial Guarantee Insurance	0.4
Food — Wholesale/Distribution	0.4
Independent Power Producers	0.4
E-Marketing/Info	0.4
Telecommunication Equipment	0.4

Finance — Other Services	0.4
Computers — Integrated Systems	0.3
Energy — Alternate Sources	0.3
Diagnostic Equipment	0.3
Steel — Producers	0.3
Drug Delivery Systems	0.3
Filtration/Separation Products	0.3
Instruments — Controls	0.3
Food — Retail	0.3
Miscellaneous Manufacturing	0.3
Recreational Vehicles	0.3
E-Commerce/Products	0.3
Resorts/Theme Parks	0.3
Telecom Equipment — Fiber Optics	0.3
Satellite Telecom	0.3
Wire & Cable Products	0.3
Chemicals — Plastics	0.3
Transactional Software	0.3
Real Estate Operations & Development	0.3
Power Converter/Supply Equipment	0.3
Retail — Misc./Diversified	0.3
Engineering/R&D Services	0.3
Apparel Manufacturers	0.3
Real Estate Management/Services	0.3
Consumer Products — Misc.	0.3
Oil Refining & Marketing	0.3
Retail — Home Furnishings	0.3
Electronic Measurement Instruments	0.3
Home Furnishings	0.3
Water	0.3
Computers — Periphery Equipment	0.3
Finance — Mortgage Loan/Banker	0.3
Instruments — Scientific	0.3
Building — Heavy Construction	0.2
Multimedia	0.2
Retail — Discount	0.2
Pipelines	0.2
Physical Therapy/Rehabilitation Centers	0.2
E-Commerce/Services	0.2
Medical Information Systems	0.2
Research & Development	0.2
Building Products — Doors & Windows	0.2
Oil Field Machinery & Equipment	0.2
Medical — Hospitals	0.2
Coal	0.2
Internet Content — Information/News	0.2
Transport — Equipment & Leasing	0.2
Lasers — System/Components	0.2
Patient Monitoring Equipment	0.2
Retail — Convenience Store	0.2
Insurance — Multi-line	0.2
Medical Sterilization Products	0.2
Industrial Automated/Robotic	0.2
Audio/Video Products	0.2
Food — Canned	0.2
Racetracks	0.2
Hotels/Motels	0.2
Auto/Truck Parts & Equipment — Replacement	0.2
E-Services/Consulting	0.2
Retail — Office Supplies	0.2
Computer Aided Design	0.2
Recreational Centers	0.2
Internet Telephone	0.2
Security Services	0.2
Web Hosting/Design	0.2
Food — Meat Products	0.2
Publishing — Books	0.2
Building & Construction — Misc.	0.2
Rental Auto/Equipment	0.2

200

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited) — (continued)

Industry Allocation* (continued)

Electric Products — Misc.	0.2	%
Linen Supply & Related Items	0.2
Computers — Memory Devices	0.2
Retail — Pawn Shops	0.2
Metal — Aluminum	0.2
Medical — Nursing Homes	0.2
Batteries/Battery Systems	0.2
Telephone — Integrated	0.2
Publishing — Periodicals	0.2
Food — Flour & Grain	0.2
Television	0.2
Tobacco	0.2
Storage/Warehousing	0.2
Entertainment Software	0.2
Non-Ferrous Metals	0.1
Publishing — Newspapers	0.1
Veterinary Diagnostics	0.1
Steel Pipe & Tube	0.1
Auction Houses/Art Dealers	0.1
Internet Application Software	0.1
Building Products — Wood	0.1
Retail — Sporting Goods	0.1
Brewery	0.1
Theaters	0.1
Medical — Generic Drugs	0.1
Agricultural Operations	0.1
Internet Connectivity Services	0.1
Medical — Wholesale Drug Distribution	0.1
Rubber — Tires	0.1
Electronic Design Automation	0.1
Diversified Operations	0.1
Broadcast Services/Program	0.1
Rubber/Plastic Products	0.1
Retail — Building Products	0.1
Casino Hotels	0.1
Diversified Minerals	0.1
Health Care Cost Containment	0.1
Poultry	0.1
Diagnostic Kits	0.1
Disposable Medical Products	0.1
Finance — Credit Card	0.1
Casino Services	0.1
Identification Systems	0.1
Internet Content — Entertainment	0.1
Machinery — Electrical	0.1
Environmental Consulting & Engineering	0.1
Auto Repair Centers	0.1
Funeral Services & Related Items	0.1
Food — Dairy Products	0.1
Gambling (Non-Hotel)	0.1
Oil & Gas Drilling	0.1
Building Products — Cement	0.1
Environmental Monitoring & Detection	0.1
Platinum	0.1
Transport — Air Freight	0.1
Electronic Security Devices	0.1
Building — Maintenance & Services	0.1
Machinery — Construction & Mining	0.1
Finance — Leasing Companies	0.1
Vitamins & Nutrition Products	0.1
Retail — Vitamins & Nutrition Supplements	0.1
Retail — Video Rentals	0.1
Investment Companies	0.1
Machinery — Farming	0.1
Communications Software	0.1
Building — Mobile Home/Manufactured Housing	0.1
Finance — Auto Loans	0.1
Firearms & Ammunition	0.1
Cosmetics & Toiletries	0.1

Heart Monitors	0.1
Physicians Practice Management	0.1
Engines — Internal Combustion	0.1
Radio	0.1
Lighting Products & Systems	0.1
Computer Graphics	0.1
Agricultural Chemicals	0.1
Housewares	0.1
Appliances	0.1
Internet Security	0.1
Retail — Bedding	0.1
Chemicals — Other	0.1
Decision Support Software	0.1
Retail — Appliances	0.1
Advertising Agencies	0.1
Banks — Fiduciary	0.1
Hazardous Waste Disposal	0.1
Office Supplies & Forms	0.1
Specified Purpose Acquisitions	0.1
Circuit Boards	0.1
Retail — Bookstores	0.1
SupraNational Banks	0.1
Medical Labs & Testing Services	0.1
Medical Imaging Systems	0.1
Computer Data Security	0.1
Building Products — Air & Heating	0.1
Travel Services	0.1
	110.9	%

* Calculated as a percentage of net assets

201

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.5%
Advertising Agencies — 0.1%
MDC Partners, Inc., Class A		26,094	$	575,894
Tremor Video, Inc.†#		21,795		53,398
				629,292
Advertising Services — 0.0%
Marchex, Inc., Class B		20,178		73,246
Marin Software, Inc.†		16,183		139,497
Millennial Media, Inc.†#		46,313		80,585
Sizmek, Inc.†		13,538		77,573
				370,901
Aerospace/Defense — 0.6%
Aerovironment, Inc.†		11,703		324,290
Cubic Corp.		12,658		651,254
Esterline Technologies Corp.†		19,547		2,322,770
Kratos Defense & Security Solutions, Inc.†		27,464		141,165
National Presto Industries, Inc.#		2,969		174,162
Teledyne Technologies, Inc.†		23,058		2,465,131
				6,078,772
Aerospace/Defense - Equipment — 0.9%
AAR Corp.		24,313		623,142
Astronics Corp.†		11,570		567,161
Astronics Corp., Class B†		2,005		98,426
Curtiss-Wright Corp.		29,609		2,099,278
Ducommun, Inc.†		6,670		166,083
Erickson, Inc.†#		3,719		39,273
GenCorp, Inc.†#		36,744		613,625
HEICO Corp.		40,858		2,165,883
Kaman Corp.		16,827		661,974
LMI Aerospace, Inc.†		6,608		92,776
Moog, Inc., Class A†		27,336		1,989,514
Orbital Sciences Corp.†		37,215		1,012,992
SIFCO Industries, Inc.		1,558		50,479
				10,180,606
Agricultural Biotech — 0.0%
Marrone Bio Innovations, Inc.†#		8,547		20,598
Agricultural Chemicals — 0.1%
Intrepid Potash, Inc.†#		34,266		488,976
Rentech, Inc.†		139,913		180,488
				669,464
Agricultural Operations — 0.1%
Alico, Inc.		1,786		63,850
Andersons, Inc.		17,327		936,351
Limoneira Co.		6,879		176,446
Tejon Ranch Co.†		8,315		235,813
				1,412,460
Airlines — 0.4%
Allegiant Travel Co.†		8,480		1,189,405
Hawaiian Holdings, Inc.†		27,683		561,688
JetBlue Airways Corp.†#		152,752		2,234,762
Republic Airways Holdings, Inc.†		30,588		406,209
SkyWest, Inc.		31,395		392,437
				4,784,501
Apparel Manufacturers — 0.3%
Columbia Sportswear Co.		16,876		760,264
G-III Apparel Group, Ltd.†		11,792		1,043,474
Oxford Industries, Inc.		8,933		591,633
Quiksilver, Inc.†#		83,453		170,244
Sequential Brands Group, Inc.†		10,371		127,771

Security Description	Shares		Value (Note 2)
Apparel Manufacturers (continued)
Vince Holding Corp.†		6,866	$	254,934
				2,948,320
Appliances — 0.1%
iRobot Corp.†#		18,114		659,712
Applications Software — 1.1%
Actuate Corp.†		28,299		101,876
Callidus Software, Inc.†		28,238		450,961
Compuware Corp.		134,979		1,392,983
Constant Contact, Inc.†		19,287		630,299
Cvent, Inc.†#		11,022		296,712
Dealertrack Technologies, Inc.†		32,921		1,552,554
Demandware, Inc.†#		18,459		1,033,704
Ebix, Inc.#		18,813		304,959
Epiq Systems, Inc.		19,089		292,825
Five9, Inc.†		7,492		33,040
Globant SA†		4,133		57,035
Imperva, Inc.†		13,585		577,906
inContact, Inc.†		37,307		308,156
Infoblox, Inc.†		33,102		595,836
Jive Software, Inc.†#		26,149		154,279
Park City Group, Inc.†#		5,862		53,696
Paycom Software, Inc.†		4,004		115,115
PDF Solutions, Inc.†		18,753		248,477
Progress Software Corp.†		31,562		813,984
RealPage, Inc.†#		31,826		654,343
Tangoe, Inc.†		23,768		309,103
Verint Systems, Inc.†		36,750		2,211,983
				12,189,826
Athletic Equipment — 0.0%
Black Diamond, Inc.†		13,971		126,997
Nautilus, Inc.†		19,163		245,861
				372,858
Auction Houses/Art Dealers — 0.1%
Sotheby’s		37,439		1,512,910
Audio/Video Products — 0.2%
Daktronics, Inc.		23,199		276,764
DTS, Inc.†		10,426		336,239
Skullcandy, Inc.†		12,249		116,121
TiVo, Inc.†		70,569		859,530
Universal Electronics, Inc.†		9,778		591,667
VOXX International Corp.†		11,964		100,617
				2,280,938
Auto Repair Centers — 0.1%
Monro Muffler Brake, Inc.		19,361		1,060,789
Auto-Truck Trailers — 0.0%
Wabash National Corp.†		42,345		456,903
Auto/Truck Parts & Equipment - Original — 0.9%
Accuride Corp.†		23,646		110,663
American Axle & Manufacturing Holdings, Inc.†		41,570		887,104
Cooper-Standard Holding, Inc.†		8,408		452,014
Dana Holding Corp.		104,089		2,206,687
Federal-Mogul Holdings Corp.†		17,711		274,875
Fuel Systems Solutions, Inc.†		8,702		85,889
Gentherm, Inc.†		21,674		816,893
Meritor, Inc.†		60,120		846,490
Miller Industries, Inc.		6,944		124,436
Modine Manufacturing Co.†		29,285		356,398
Spartan Motors, Inc.		21,178		106,102
Strattec Security Corp.		2,131		221,113

202

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Auto/Truck Parts & Equipment - Original (continued)
Superior Industries International, Inc.		14,509	$	262,903
Tenneco, Inc.†		37,408		2,033,125
Titan International, Inc.#		27,067		267,963
Tower International, Inc.†		12,657		323,133
				9,375,788
Auto/Truck Parts & Equipment - Replacement — 0.2%
Commercial Vehicle Group, Inc.†		16,256		106,477
Dorman Products, Inc.†#		16,604		785,867
Douglas Dynamics, Inc.		13,685		315,166
Motorcar Parts of America, Inc.†		10,966		370,102
Remy International, Inc.		8,775		161,460
Standard Motor Products, Inc.		12,167		464,171
				2,203,243
B2B/E - Commerce — 0.0%
Covisint Corp.†		23,524		54,105
ePlus, Inc.†		3,202		220,426
Global Sources, Ltd.†		9,351		60,501
TechTarget, Inc.†		10,185		103,072
				438,104
Banks - Commercial — 6.9%
1st Source Corp.		9,215		281,242
American National Bankshares, Inc.		4,857		114,382
Ameris Bancorp		15,458		388,769
Ames National Corp.		5,064		119,561
Arrow Financial Corp.		6,716		173,743
BancFirst Corp.		4,373		279,916
Bancorp, Inc.†		20,322		182,085
BancorpSouth, Inc.		59,007		1,291,663
Bank of Kentucky Financial Corp.		3,859		179,868
Bank of Marin Bancorp		3,633		184,556
Bank of the Ozarks, Inc.		48,945		1,771,809
Banner Corp.		12,028		495,433
BBCN Bancorp, Inc.		48,843		679,895
Blue Hills Bancorp, Inc.†		17,491		231,231
BNC Bancorp		12,261		208,069
Bridge Bancorp, Inc.		7,144		182,101
Bridge Capital Holdings†		6,030		138,931
Bryn Mawr Bank Corp.		8,406		247,389
C1 Financial, Inc.†#		1,999		36,442
Camden National Corp.		4,559		164,762
Capital Bank Financial Corp., Class A†		14,891		377,487
Capital City Bank Group, Inc.		6,538		94,539
Cardinal Financial Corp.		19,639		358,804
Cascade Bancorp†		19,069		93,057
Cass Information Systems, Inc.		7,085		322,580
Cathay General Bancorp		48,922		1,241,640
Centerstate Banks, Inc.		21,837		244,138
Central Pacific Financial Corp.		10,520		201,353
Century Bancorp, Inc., Class A		2,141		83,328
Chemical Financial Corp.		20,130		583,166
Citizens & Northern Corp.		7,638		148,712
City Holding Co.		9,647		421,863
CNB Financial Corp.		8,888		156,962
CoBiz Financial, Inc.		22,025		252,847
Columbia Banking System, Inc.		32,320		887,830
Community Bank System, Inc.		24,996		924,602
Community Trust Bancorp, Inc.		9,602		347,400
CommunityOne Bancorp†		7,106		74,044
ConnectOne Bancorp, Inc.		13,895		256,780
CU Bancorp†		6,133		120,207
Customers Bancorp, Inc.†		15,698		282,564
CVB Financial Corp.		65,069		987,097

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Eagle Bancorp, Inc.†		13,986	$	479,999
Enterprise Bancorp, Inc.		4,594		107,408
Enterprise Financial Services Corp.		12,138		230,622
Fidelity Southern Corp.		10,176		155,489
Financial Institutions, Inc.		8,511		201,796
First Bancorp		12,101		206,685
First BanCorp†		64,049		328,571
First Bancorp, Inc.		5,894		102,968
First Busey Corp.		44,545		291,770
First Business Financial Services, Inc.		2,424		104,789
First Citizens BancShares, Inc., Class A		4,650		1,179,240
First Commonwealth Financial Corp.		57,778		524,624
First Community Bancshares, Inc.		10,060		155,528
First Connecticut Bancorp, Inc.		9,926		148,493
First Financial Bancorp		35,459		627,979
First Financial Bankshares, Inc.#		39,349		1,187,159
First Financial Corp.		7,054		236,097
First Interstate BancSystem, Inc.		11,123		312,779
First Merchants Corp.		22,135		474,796
First Midwest Bancorp, Inc.		46,248		773,729
First NBC Bank Holding Co.†		9,175		333,970
First of Long Island Corp.		7,418		187,527
FirstMerit Corp.		101,600		1,817,624
FNB Corp.		106,678		1,343,076
Franklin Financial Corp.†		5,955		118,326
German American Bancorp, Inc.		8,117		229,386
Glacier Bancorp, Inc.		45,756		1,252,799
Great Southern Bancorp, Inc.		6,363		237,213
Green Bancorp, Inc.†		2,880		45,763
Guaranty Bancorp		9,057		134,225
Hampton Roads Bankshares, Inc.†		20,941		33,715
Hancock Holding Co.		50,559		1,653,785
Hanmi Financial Corp.		19,565		393,256
Heartland Financial USA, Inc.		9,665		242,302
Heritage Commerce Corp.		12,793		105,414
Heritage Financial Corp.		18,548		314,018
Heritage Oaks Bancorp		13,779		100,173
Home BancShares, Inc.		33,266		1,053,534
Horizon Bancorp		5,654		137,788
Hudson Valley Holding Corp.		9,052		226,481
Iberiabank Corp.		19,308		1,261,199
Independent Bank Corp.		14,086		171,145
Independent Bank Corp.		14,685		581,967
International Bancshares Corp.		33,417		852,802
Lakeland Bancorp, Inc.		23,295		256,944
Lakeland Financial Corp.		10,160		402,234
Macatawa Bank Corp.		16,095		81,441
MainSource Financial Group, Inc.		12,551		223,659
MB Financial, Inc.		40,803		1,285,294
Mercantile Bank Corp.		10,339		198,199
Merchants Bancshares, Inc.		3,165		90,234
Metro Bancorp, Inc.†		8,712		218,236
MidSouth Bancorp, Inc.		5,120		90,675
MidWestOne Financial Group, Inc.		4,288		117,963
National Bankshares, Inc.		4,269		128,198
National Penn Bancshares, Inc.		76,170		776,934
NBT Bancorp, Inc.		26,844		652,578
NewBridge Bancorp†		20,658		166,917
Northrim BanCorp, Inc.		4,195		114,775
OFG Bancorp		27,657		413,196
Old Line Bancshares, Inc.		5,148		79,125
Old National Bancorp		72,356		1,027,455
OmniAmerican Bancorp, Inc.		7,098		190,723
Opus Bank†		3,150		84,703

203

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
Pacific Continental Corp.		11,048	$	153,125
Palmetto Bancshares, Inc.		2,748		43,144
Park National Corp.		7,864		640,444
Park Sterling Corp.		27,443		195,943
Peapack Gladstone Financial Corp.		7,394		131,170
Penns Woods Bancorp, Inc.		2,962		131,513
Peoples Bancorp, Inc.		8,385		203,001
Peoples Financial Services Corp.#		4,638		221,557
Pinnacle Financial Partners, Inc.		21,854		823,240
Preferred Bank		7,207		183,923
PrivateBancorp, Inc.		44,009		1,384,083
Prosperity Bancshares, Inc.		42,846		2,407,088
Renasant Corp.		19,345		545,142
Republic Bancorp, Inc., Class A		6,092		138,349
Republic First Bancorp, Inc.†		19,006		72,033
S&T Bancorp, Inc.		18,259		501,757
Sandy Spring Bancorp, Inc.		15,397		365,987
Seacoast Banking Corp. of Florida†		11,914		151,069
ServisFirst Bancshares, Inc.		1,152		36,403
Sierra Bancorp		7,461		118,406
Simmons First National Corp., Class A		10,023		405,631
South State Corp.		14,822		917,926
Southside Bancshares, Inc.#		11,567		373,961
Southwest Bancorp, Inc.		12,160		205,504
Square 1 Financial, Inc., Class A†		4,234		90,523
State Bank Financial Corp.		19,738		367,127
Stock Yards Bancorp, Inc.		9,009		281,892
Stonegate Bank		6,116		168,251
Suffolk Bancorp		7,111		147,127
Sun Bancorp, Inc./NJ†		5,212		96,683
Susquehanna Bancshares, Inc.		115,285		1,518,303
Talmer Bancorp, Inc., Class A		10,998		152,982
Texas Capital Bancshares, Inc.†		26,458		1,458,630
Tompkins Financial Corp.		9,129		447,686
Towne Bank		18,151		261,556
TriCo Bancshares		13,869		344,090
TriState Capital Holdings, Inc.†		13,567		137,027
TrustCo Bank Corp.		58,166		396,110
Trustmark Corp.		41,438		967,163
UMB Financial Corp.		23,183		1,286,425
Umpqua Holdings Corp.		102,368		1,739,232
Union Bankshares Corp.		28,431		655,050
United Bankshares, Inc.		42,443		1,481,261
United Community Banks, Inc.		30,730		540,848
Univest Corp. of Pennsylvania		9,980		193,612
Valley National Bancorp.#		139,326		1,357,035
ViewPoint Financial Group, Inc.		24,545		585,153
Washington Trust Bancorp, Inc.		9,024		326,579
Webster Financial Corp.		55,494		1,746,396
WesBanco, Inc.		16,146		536,209
West Bancorporation, Inc.		9,822		153,420
Westamerica Bancorporation#		16,165		785,619
Western Alliance Bancorp†		46,360		1,225,295
Wilshire Bancorp, Inc.		43,164		413,511
Wintrust Financial Corp.		28,597		1,278,000
Yadkin Financial Corp.†		12,496		237,549
				74,797,082
Banks - Fiduciary — 0.1%
Boston Private Financial Holdings, Inc.		49,160		627,282
Banks - Mortgage — 0.0%
Walker & Dunlop, Inc.†		11,381		179,706
Banks - Super Regional — 0.0%
Independent Bank Group, Inc.		5,618		241,012

Security Description	Shares		Value (Note 2)
Batteries/Battery Systems — 0.2%
EnerSys		28,830	$	1,750,846
Beverages - Non-alcoholic — 0.0%
Coca-Cola Bottling Co. Consolidated		2,861		270,536
National Beverage Corp.†		7,011		176,257
				446,793
Bicycle Manufacturing — 0.0%
Fox Factory Holding Corp.†		6,866		94,133
Brewery — 0.1%
Boston Beer Co., Inc., Class A†		5,121		1,346,669
Craft Brew Alliance, Inc.†		6,753		91,436
				1,438,105
Broadcast Services/Program — 0.1%
Crown Media Holdings, Inc., Class A†		21,308		72,021
Hemisphere Media Group, Inc.†#		5,136		64,765
Nexstar Broadcasting Group, Inc., Class A		18,815		965,397
World Wrestling Entertainment, Inc., Class A#		18,270		210,288
				1,312,471
Building & Construction Products - Misc. — 0.6%
Aspen Aerogels, Inc.†#		3,459		28,018
Builders FirstSource, Inc.†		28,058		172,837
Drew Industries, Inc.		14,517		683,751
Gibraltar Industries, Inc.†		18,954		271,990
Louisiana-Pacific Corp.†		86,717		1,321,567
NCI Building Systems, Inc.†		17,243		321,754
Nortek, Inc.†		5,604		446,807
Patrick Industries, Inc.†		5,010		223,396
Ply Gem Holdings, Inc.†		13,120		164,262
Quanex Building Products Corp.		23,034		455,612
Simpson Manufacturing Co., Inc.		25,395		843,114
Stock Building Supply Holdings, Inc.†		8,957		143,402
Trex Co., Inc.†		20,642		869,854
				5,946,364
Building & Construction - Misc. — 0.2%
Aegion Corp.†		23,335		444,532
Comfort Systems USA, Inc.		23,148		332,637
Dycom Industries, Inc.†		20,859		638,077
Layne Christensen Co.†#		12,186		86,520
MYR Group, Inc.†		13,093		339,763
				1,841,529
Building Products - Air & Heating — 0.1%
AAON, Inc.		25,956		537,808
Building Products-Cement — 0.1%
Continental Building Products, Inc.†		7,199		120,223
Headwaters, Inc.†		45,127		631,778
US Concrete, Inc.†		8,716		245,966
				997,967
Building Products - Doors & Windows — 0.2%
Apogee Enterprises, Inc.		17,885		808,938
Griffon Corp.		24,491		304,913
Masonite International Corp.†		18,083		1,059,845
PGT, Inc.†		29,026		273,135
				2,446,831
Building Products - Light Fixtures — 0.0%
LSI Industries, Inc.		13,235		89,204
Building Products - Wood — 0.1%
Boise Cascade Co.†		24,212		864,126

204

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building Products - Wood (continued)
Universal Forest Products, Inc.		12,319	$	588,109
				1,452,235
Building - Heavy Construction — 0.2%
Granite Construction, Inc.		24,025		861,296
MasTec, Inc.†		40,203		968,893
Orion Marine Group, Inc.†		16,844		184,947
Sterling Construction Co., Inc.†		11,535		77,169
Tutor Perini Corp.†		22,900		578,225
				2,670,530
Building - Maintenance & Services — 0.1%
ABM Industries, Inc.		34,325		929,864
Building - Mobile Home/Manufactured Housing — 0.1%
Cavco Industries, Inc.†		5,432		402,674
Winnebago Industries, Inc.		16,737		421,438
				824,112
Building - Residential/Commercial — 0.7%
AV Homes, Inc.†		6,941		103,907
Beazer Homes USA, Inc.†		16,419		327,395
Century Communities, Inc.†#		2,458		42,548
Hovnanian Enterprises, Inc., Class A†#		71,738		308,473
Installed Building Products, Inc.†		5,264		89,488
KB Home#		51,456		904,082
LGI Homes, Inc.†		8,785		140,384
M/I Homes, Inc.†		15,034		344,579
MDC Holdings, Inc.#		23,990		631,177
Meritage Homes Corp.†		24,033		942,574
New Home Co., Inc.†		5,153		73,430
Ryland Group, Inc.		28,827		1,128,001
Standard Pacific Corp.†		88,950		671,573
TRI Pointe Homes, Inc.†		90,052		1,374,194
UCP, Inc., Class A†		4,805		54,729
WCI Communities, Inc.†		7,204		133,994
William Lyon Homes, Class A†		10,781		221,873
				7,492,401
Capacitors — 0.0%
Kemet Corp.†		27,872		112,324
Casino Hotels — 0.1%
Boyd Gaming Corp.†		47,644		608,890
Caesars Entertainment Corp.†#		31,504		534,308
Monarch Casino & Resort, Inc.†		5,843		96,760
				1,239,958
Casino Services — 0.1%
Multimedia Games Holding Co., Inc.†		18,195		660,297
Scientific Games Corp., Class A†#		31,144		471,520
				1,131,817
Cellular Telecom — 0.0%
Comverse, Inc.†		13,771		276,109
Leap Wireless CVR(1)(2)		35,827		0
NTELOS Holdings Corp.#		10,410		87,444
Vringo, Inc.†#		43,899		42,661
				406,214
Chemicals - Diversified — 0.5%
Aceto Corp.		17,653		370,713
Axiall Corp.		42,964		1,859,482
Innophos Holdings, Inc.		13,482		729,107
Innospec, Inc.		14,984		642,214
Koppers Holdings, Inc.		12,568		366,734

Security Description	Shares		Value (Note 2)
Chemicals - Diversified (continued)
Olin Corp.		48,546	$	1,221,417
				5,189,667
Chemicals - Other — 0.1%
American Vanguard Corp.#		17,665		192,372
Taminco Corp.†		17,516		453,839
				646,211
Chemicals - Plastics — 0.3%
A. Schulman, Inc.		17,945		686,576
Landec Corp.†		16,455		216,219
PolyOne Corp.		57,834		2,157,208
				3,060,003
Chemicals - Specialty — 1.1%
Balchem Corp.		18,689		1,214,785
Calgon Carbon Corp.†		32,736		668,142
Chemtura Corp.†		55,653		1,296,715
Ferro Corp.†		44,066		567,129
H.B. Fuller Co.		30,782		1,329,475
Hawkins, Inc.		6,521		257,188
KMG Chemicals, Inc.		5,904		109,873
Kraton Performance Polymers, Inc.†		20,140		370,576
Minerals Technologies, Inc.		21,188		1,572,785
Oil-Dri Corp. of America		3,003		81,231
OM Group, Inc.		19,730		536,853
OMNOVA Solutions, Inc.†		29,101		194,395
Quaker Chemical Corp.		8,127		661,782
Sensient Technologies Corp.		30,390		1,791,491
Stepan Co.		11,814		489,100
Tronox, Ltd., Class A		37,762		851,533
Zep, Inc.		14,125		192,241
				12,185,294
Circuit Boards — 0.1%
Multi-Fineline Electronix, Inc.†		5,504		55,700
Park Electrochemical Corp.		12,831		315,643
TTM Technologies, Inc.†		33,254		224,797
				596,140
Coal — 0.2%
Alpha Natural Resources, Inc.†#		136,005		282,890
Arch Coal, Inc.#		130,434		289,564
Cloud Peak Energy, Inc.†		37,438		436,902
Hallador Energy Co.		6,374		69,477
SunCoke Energy, Inc.		42,873		871,608
Walter Energy, Inc.#		40,446		128,618
Westmoreland Coal Co.†		9,219		346,081
				2,425,140
Coatings/Paint — 0.0%
Kronos Worldwide, Inc.		12,869		167,426
Coffee — 0.0%
Farmer Bros. Co.†		4,591		130,935
Commercial Services — 0.6%
Care.com, Inc.†#		4,036		34,306
Collectors Universe, Inc.		4,238		93,278
Healthcare Services Group, Inc.#		43,176		1,302,188
HMS Holdings Corp.†		53,867		1,123,666
Medifast, Inc.†		8,069		238,036
National Research Corp., Class A†		6,100		86,376
Performant Financial Corp.†		18,293		124,392
PHH Corp.†#		35,259		816,598
Providence Service Corp.†		7,081		277,080

205

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Commercial Services (continued)
RPX Corp.†		32,573	$	427,358
ServiceSource International, Inc.†#		42,052		171,152
SFX Entertainment, Inc.†#		27,147		118,089
SP Plus Corp.†		9,448		196,329
Team, Inc.†		12,562		510,143
Weight Watchers International, Inc.†#		17,011		493,319
				6,012,310
Commercial Services - Finance — 0.9%
Cardtronics, Inc.†		27,331		1,070,282
CBIZ, Inc.†		25,512		220,679
Euronet Worldwide, Inc.†		31,311		1,818,230
EVERTEC, Inc.		40,355		889,424
Global Cash Access Holdings, Inc.†		40,452		287,209
Green Dot Corp., Class A†		19,126		420,963
Heartland Payment Systems, Inc.		22,020		1,200,530
Liberty Tax, Inc.†		2,341		89,204
MoneyGram International, Inc.†		17,927		154,531
PRGX Global, Inc.†		16,992		88,358
Tree.com, Inc.†		3,929		177,827
WEX, Inc.†		23,810		2,692,435
Xoom Corp.†#		18,994		266,106
				9,375,778
Communications Software — 0.1%
Audience, Inc.†#		8,604		29,942
BroadSoft, Inc.†		17,564		473,701
Digi International, Inc.†		15,590		111,313
Mavenir Systems, Inc.†#		7,100		89,886
Seachange International, Inc.†		20,193		135,495
				840,337
Computer Aided Design — 0.2%
Aspen Technology, Inc.†		56,573		2,135,065
Computer Data Security — 0.1%
A10 Networks, Inc.†		7,814		31,881
Qualys, Inc.†		12,356		438,515
Varonis Systems, Inc.†#		3,273		77,897
				548,293
Computer Graphics — 0.1%
Monotype Imaging Holdings, Inc.		24,285		671,237
Computer Services — 1.6%
Barracuda Networks, Inc.†		4,873		175,087
CACI International, Inc., Class A†		14,437		1,287,636
Carbonite, Inc.†		10,877		127,152
Ciber, Inc.†		47,704		144,543
Computer Task Group, Inc.		9,252		86,229
Convergys Corp.		62,350		1,299,998
Engility Holdings, Inc.†		10,787		453,593
EPAM Systems, Inc.†		21,876		1,116,332
ExlService Holdings, Inc.†		20,076		562,730
FleetMatics Group PLC†#		22,944		807,399
iGATE Corp.†		22,604		835,218
Insight Enterprises, Inc.†		25,152		589,311
KEYW Holding Corp.†#		20,098		217,259
LivePerson, Inc.†		33,303		430,941
Luxoft Holding, Inc.†		4,818		190,215
Manhattan Associates, Inc.†		46,568		1,842,230
MAXIMUS, Inc.		41,596		2,179,215
Science Applications International Corp.		25,825		1,307,520
Sykes Enterprises, Inc.†		24,206		560,853
Syntel, Inc.†		19,070		848,615
TeleTech Holdings, Inc.†		10,777		251,859

Security Description	Shares		Value (Note 2)
Computer Services (continued)
Unisys Corp.†		31,403	$	839,088
Virtusa Corp.†		15,977		640,198
				16,793,221
Computer Software — 0.5%
AVG Technologies NV†		21,410		420,492
Blackbaud, Inc.		28,363		1,203,726
Cornerstone OnDemand, Inc.†#		32,655		1,037,449
Envestnet, Inc.†		20,922		1,070,160
Guidance Software, Inc.†#		10,949		63,833
SS&C Technologies Holdings, Inc.		41,854		2,115,720
				5,911,380
Computers — 0.0%
Silicon Graphics International Corp.†		21,233		204,049
Computers - Integrated Systems — 0.3%
Agilysys, Inc.†		9,005		110,581
Cray, Inc.†#		25,002		839,567
Maxwell Technologies, Inc.†		18,391		189,243
Mercury Systems, Inc.†		20,432		263,982
MTS Systems Corp.		9,303		617,068
NetScout Systems, Inc.†		22,392		854,255
Silver Spring Networks, Inc.†#		21,513		154,248
Super Micro Computer, Inc.†		21,206		705,736
				3,734,680
Computers - Memory Devices — 0.2%
Datalink Corp.†		12,102		147,886
Dot Hill Systems Corp.†		36,860		171,768
Nimble Storage, Inc.†#		5,690		150,045
Quantum Corp.†		134,772		212,940
Spansion, Inc., Class A†		37,094		866,887
Violin Memory, Inc.†#		49,256		258,101
				1,807,627
Computers - Other — 0.0%
ExOne Co.†#		6,098		142,327
Computers - Periphery Equipment — 0.3%
Electronics for Imaging, Inc.†		28,623		1,272,292
Immersion Corp.†		17,416		150,997
Synaptics, Inc.†		22,133		1,394,158
				2,817,447
Computers - Voice Recognition — 0.0%
Vocera Communications, Inc.†		13,875		134,032
Consulting Services — 0.6%
Advisory Board Co.†		22,490		958,074
Civeo Corp.		57,691		543,449
Corporate Executive Board Co.		20,767		1,520,352
CRA International, Inc.†		6,163		183,349
Forrester Research, Inc.		6,707		266,335
Franklin Covey Co.†		6,729		127,044
FTI Consulting, Inc.†		25,102		973,205
Hackett Group, Inc.		15,411		137,004
Hill International, Inc.†		18,400		67,160
Huron Consulting Group, Inc.†		14,470		1,000,745
ICF International, Inc.†		12,254		475,210
Information Services Group, Inc.†		20,064		79,453
Navigant Consulting, Inc.†		30,199		422,786
Pendrell Corp.†		100,790		142,114
				6,896,280

206

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Consumer Products - Misc. — 0.3%
Central Garden and Pet Co., Class A†		26,540	$	218,955
CSS Industries, Inc.		5,711		165,676
Helen of Troy, Ltd.†		17,570		1,136,076
Tumi Holdings, Inc.†		31,121		681,239
WD-40 Co.		9,203		700,348
				2,902,294
Containers - Paper/Plastic — 0.4%
AEP Industries, Inc.†		2,502		111,914
Berry Plastics Group, Inc.†		55,251		1,598,964
Graphic Packaging Holding Co.†		200,888		2,501,056
UFP Technologies, Inc.†		3,729		81,441
				4,293,375
Cosmetics & Toiletries — 0.1%
Elizabeth Arden, Inc.†#		15,907		276,463
Inter Parfums, Inc.		10,218		262,092
Revlon, Inc., Class A†		6,979		230,028
				768,583
Data Processing/Management — 0.5%
Acxiom Corp.†		47,284		899,814
Amber Road, Inc.†		5,483		64,699
CommVault Systems, Inc.†		28,994		1,371,416
CSG Systems International, Inc.		20,947		526,189
Fair Isaac Corp.		19,754		1,417,942
Kofax, Ltd.†		45,588		305,440
Pegasystems, Inc.		21,778		455,596
				5,041,096
Decision Support Software — 0.1%
Castlight Health, Inc., Class B†#		7,955		98,881
Interactive Intelligence Group, Inc.†		10,299		465,824
QAD, Inc., Class A		3,757		73,712
				638,417
Diagnostic Equipment — 0.3%
Accelerate Diagnostics, Inc.†#		13,950		282,069
Affymetrix, Inc.†		44,699		408,102
BioTelemetry, Inc.†		16,217		160,062
Cepheid†		42,841		2,359,682
GenMark Diagnostics, Inc.†		25,567		290,441
Oxford Immunotec Global PLC†		7,990		104,509
				3,604,865
Diagnostic Kits — 0.1%
Meridian Bioscience, Inc.		25,534		420,034
OraSure Technologies, Inc.†		34,312		309,151
Quidel Corp.†		17,515		487,968
				1,217,153
Direct Marketing — 0.0%
EVINE Live, Inc.†		26,237		161,095
Harte-Hanks, Inc.		30,250		185,130
				346,225
Disposable Medical Products — 0.1%
ICU Medical, Inc.†		8,245		690,024
Merit Medical Systems, Inc.†		26,404		390,779
Utah Medical Products, Inc.		2,310		134,142
				1,214,945
Distribution/Wholesale — 0.9%
Beacon Roofing Supply, Inc.†		30,297		820,443
Core-Mark Holding Co., Inc.		14,153		850,737

Security Description	Shares		Value (Note 2)
Distribution/Wholesale (continued)
H&E Equipment Services, Inc.		19,221	$	672,735
Houston Wire & Cable Co.		10,914		139,917
MWI Veterinary Supply, Inc.†		7,902		1,291,345
Pool Corp.		27,721		1,646,905
Rentrak Corp.†		6,101		513,094
ScanSource, Inc.†		17,523		680,944
Speed Commerce, Inc.†#		29,972		89,017
Titan Machinery, Inc.†#		10,654		136,691
United Stationers, Inc.		24,201		993,693
Watsco, Inc.		15,873		1,611,109
				9,446,630
Diversified Financial Services — 0.0%
Ladder Capital Corp., Class A†		9,362		177,035
Diversified Manufacturing Operations — 0.9%
Actuant Corp., Class A		39,920		1,172,051
ARC Group Worldwide, Inc.†#		1,885		22,526
AZZ, Inc.		15,716		703,763
Barnes Group, Inc.		33,306		1,223,329
Blount International, Inc.†		30,391		499,020
Chase Corp.		4,139		140,519
EnPro Industries, Inc.†		13,959		900,635
Fabrinet†		21,573		361,779
Federal Signal Corp.		38,635		576,434
GP Strategies Corp.†		8,121		246,229
Handy & Harman, Ltd.†		2,468		92,032
Harsco Corp.		49,611		960,469
LSB Industries, Inc.†		11,878		392,805
Lydall, Inc.†		10,455		277,789
NL Industries, Inc.		4,179		31,719
Park-Ohio Holdings Corp.		5,392		302,869
Raven Industries, Inc.		22,384		503,640
Standex International Corp.		7,849		572,742
Tredegar Corp.		15,269		280,033
				9,260,383
Diversified Minerals — 0.1%
Ring Energy, Inc.†#		12,410		118,640
United States Lime & Minerals, Inc.		1,205		82,181
US Silica Holdings, Inc.#		33,031		1,037,834
				1,238,655
Diversified Operations — 0.1%
Harbinger Group, Inc.†		51,089		700,941
Horizon Pharma PLC†#		39,986		511,021
Resource America, Inc., Class A		8,304		73,657
Tiptree Financial, Inc., Class A†#		4,814		35,142
				1,320,761
Diversified Operations/Commercial Services — 0.0%
Viad Corp.		12,560		301,817
Drug Delivery Systems — 0.3%
Antares Pharma, Inc.†#		71,727		164,972
BioDelivery Sciences International, Inc.†#		25,711		394,664
Catalent, Inc.†		30,031		864,592
Depomed, Inc.†		35,632		551,940
Heron Therapeutics, Inc.†#		14,312		110,346
Nektar Therapeutics†		78,020		1,300,593
Revance Therapeutics, Inc.†		5,285		86,885
				3,473,992
E-Commerce/Products — 0.3%
1-800-flowers.com, Inc., Class A†		15,270		130,558
Blue Nile, Inc.†		7,443		257,826

207

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
E-Commerce/Products (continued)
Chegg, Inc.†#		45,260	$	305,958
FTD Cos., Inc.†		11,634		403,234
Lands’ End, Inc.†		10,126		481,795
Overstock.com, Inc.†		7,132		177,302
Shutterfly, Inc.†		23,671		1,012,172
Stamps.com, Inc.†		8,729		412,445
				3,181,290
E-Commerce/Services — 0.2%
Angie’s List, Inc.†#		26,798		159,180
Borderfree, Inc.†#		3,671		36,747
ChannelAdvisor Corp.†#		12,719		223,854
Coupons.com, Inc.†#		7,413		113,197
GrubHub, Inc.†		5,488		201,958
Orbitz Worldwide, Inc.†		31,701		242,196
RetailMeNot, Inc.†#		18,919		278,582
TrueCar, Inc.†		4,777		91,527
Trulia, Inc.†#		22,688		1,153,231
				2,500,472
E-Marketing/Info — 0.4%
comScore, Inc.†		21,296		936,385
Conversant, Inc.†		41,166		1,441,633
Liquidity Services, Inc.†#		15,092		158,617
Marketo, Inc.†#		15,752		503,434
New Media Investment Group, Inc.		22,437		455,920
QuinStreet, Inc.†		21,315		96,557
ReachLocal, Inc.†#		8,126		26,409
Rocket Fuel, Inc.†#		11,276		184,363
Rubicon Project, Inc.†		4,863		68,374
TubeMogul, Inc.†#		2,170		34,633
YuMe, Inc.†#		11,138		59,700
				3,966,025
E-Services/Consulting — 0.2%
Cinedigm Corp., Class A†		47,016		83,689
Perficient, Inc.†		21,235		367,578
Sapient Corp.†		70,419		1,739,349
				2,190,616
Educational Software — 0.0%
2U, Inc.†#		6,305		113,994
Rosetta Stone, Inc.†		13,043		132,256
				246,250
Electric Products - Misc. — 0.2%
GrafTech International, Ltd.†		72,216		294,641
Graham Corp.		6,189		187,960
Littelfuse, Inc.		13,831		1,329,574
				1,812,175
Electric - Distribution — 0.0%
EnerNOC, Inc.†		16,602		242,223
Spark Energy, Inc., Class A#		1,843		25,821
				268,044
Electric - Generation — 0.0%
Atlantic Power Corp.#		74,154		169,071
Electric - Integrated — 1.6%
ALLETE, Inc.		26,026		1,326,545
Ameresco, Inc., Class A†		12,203		94,085
Avista Corp.		36,970		1,273,617
Black Hills Corp.		27,422		1,481,062
Cleco Corp.		37,088		1,992,738
El Paso Electric Co.		24,768		936,974

Security Description	Shares		Value (Note 2)
Electric - Integrated (continued)
Empire District Electric Co.		26,547	$	735,617
IDACORP, Inc.		30,909		1,919,758
MGE Energy, Inc.		21,301		937,457
NorthWestern Corp.		24,047		1,280,022
Otter Tail Corp.		22,410		644,960
Pike Corp.†		16,846		201,478
PNM Resources, Inc.		48,943		1,417,389
Portland General Electric Co.		48,038		1,771,161
UIL Holdings Corp.		34,736		1,382,493
Unitil Corp.		8,533		300,618
				17,695,974
Electronic Components - Misc. — 0.7%
Bel Fuse, Inc., Class B		6,161		163,143
Benchmark Electronics, Inc.†		33,125		787,713
CTS Corp.		20,769		356,811
GSI Group, Inc.†		18,665		236,672
Kimball Electronics, Inc.†		15,814		173,954
Methode Electronics, Inc.		23,300		902,875
NVE Corp.†		2,978		210,187
OSI Systems, Inc.†		12,253		864,694
Plexus Corp.†		20,842		813,047
Rogers Corp.†		11,135		788,581
Sanmina Corp.†		50,580		1,244,268
Sparton Corp.†		6,222		154,803
Stoneridge, Inc.†		17,354		188,465
Viasystems Group, Inc.†		3,180		49,703
Vishay Precision Group, Inc.†		7,819		130,812
				7,065,728
Electronic Components - Semiconductors — 1.8%
Alpha & Omega Semiconductor, Ltd.†		13,277		113,917
Ambarella, Inc.†#		17,698		973,390
Amkor Technology, Inc.†		52,431		350,763
Applied Micro Circuits Corp.†		47,910		283,148
Cavium, Inc.†		32,466		1,837,576
CEVA, Inc.†		12,895		221,923
Diodes, Inc.†		22,394		595,456
DSP Group, Inc.†		13,608		147,238
Entropic Communications, Inc.†		54,599		129,946
Fairchild Semiconductor International, Inc.†		76,762		1,238,171
Inphi Corp.†		19,239		282,621
Integrated Silicon Solution, Inc.		18,562		268,592
International Rectifier Corp.†		43,792		1,746,425
Intersil Corp., Class A		79,125		1,037,329
InvenSense, Inc.†#		43,671		632,793
IXYS Corp.		15,021		171,690
Kopin Corp.†		40,533		138,217
Lattice Semiconductor Corp.†		72,311		473,637
Microsemi Corp.†		58,352		1,587,174
Monolithic Power Systems, Inc.		23,721		1,141,692
OmniVision Technologies, Inc.†		34,459		996,210
Peregrine Semiconductor Corp.†		17,064		212,447
PMC-Sierra, Inc.†		106,526		868,187
QLogic Corp.†		53,580		618,313
QuickLogic Corp.†#		33,883		102,327
Rambus, Inc.†		69,890		828,196
Rubicon Technology, Inc.†#		16,072		82,610
Semtech Corp.†		41,306		1,051,651
Silicon Image, Inc.†		48,133		266,175
Silicon Laboratories, Inc.†		26,699		1,210,800
				19,608,614
Electronic Design Automation — 0.1%
Mentor Graphics Corp.		59,502		1,321,539

208

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Measurement Instruments — 0.3%
Badger Meter, Inc.		8,873	$	488,813
CUI Global, Inc.†		12,675		93,922
ESCO Technologies, Inc.		16,314		587,630
FARO Technologies, Inc.†		10,589		581,654
Itron, Inc.†		24,162		976,145
Mesa Laboratories, Inc.		1,713		126,265
				2,854,429
Electronic Security Devices — 0.1%
American Science & Engineering, Inc.		4,831		236,139
Taser International, Inc.†#		33,098		710,945
				947,084
Electronics - Military — 0.0%
M/A-COM Technology Solutions Holdings, Inc.†		7,390		183,494
Energy - Alternate Sources — 0.3%
Amyris, Inc.†#		16,630		45,899
Clean Energy Fuels Corp.†#		43,120		247,509
Enphase Energy, Inc.†		11,231		118,038
FuelCell Energy, Inc.†#		143,897		240,308
FutureFuel Corp.		13,374		149,254
Green Plains, Inc.		22,984		689,750
Pacific Ethanol, Inc.†#		14,690		170,845
Pattern Energy Group, Inc.		24,248		643,299
Plug Power, Inc.†#		102,660		392,161
Renewable Energy Group, Inc.†		21,220		202,014
REX American Resources Corp.†		3,857		244,032
Solazyme, Inc.†#		46,682		107,369
TerraForm Power, Inc., Class A†#		14,178		470,001
				3,720,479
Engineering/R&D Services — 0.3%
Argan, Inc.		7,694		244,439
EMCOR Group, Inc.		41,341		1,792,132
Exponent, Inc.		8,051		612,359
Mistras Group, Inc.†		10,058		171,891
VSE Corp.		2,551		137,295
				2,958,116
Engines - Internal Combustion — 0.1%
Briggs & Stratton Corp.		28,709		575,615
Power Solutions International, Inc.†#		2,755		180,866
				756,481
Enterprise Software/Service — 1.6%
Actua Corp.†		25,291		426,406
Advent Software, Inc.		31,623		997,073
American Software, Inc., Class A		15,137		137,293
Benefitfocus, Inc.†#		3,004		81,378
Digital River, Inc.†		20,064		509,425
E2open, Inc.†#		14,246		95,876
Guidewire Software, Inc.†		41,749		2,107,072
ManTech International Corp., Class A		14,716		443,246
MedAssets, Inc.†		37,472		724,708
MicroStrategy, Inc., Class A†		5,575		957,450
MobileIron, Inc.†#		7,576		70,229
Model N, Inc.†		11,842		121,973
Omnicell, Inc.†		22,492		724,242
OPOWER, Inc.†		4,772		74,300
Proofpoint, Inc.†		22,729		986,893
PROS Holdings, Inc.†		14,450		413,270
Qlik Technologies, Inc.†		55,078		1,698,055
Rally Software Development Corp.†#		15,274		161,141
Sapiens International Corp. NV†		15,061		111,753

Security Description	Shares		Value (Note 2)
Enterprise Software/Service (continued)
SciQuest, Inc.†		16,856	$	251,323
SPS Commerce, Inc.†		9,956		580,236
SYNNEX Corp.		17,512		1,251,057
Tyler Technologies, Inc.†		20,282		2,202,220
Ultimate Software Group, Inc.†		17,419		2,564,774
				17,691,393
Entertainment Software — 0.2%
Glu Mobile, Inc.†#		55,228		201,858
Take-Two Interactive Software, Inc.†		51,287		1,418,599
				1,620,457
Environmental Consulting & Engineering — 0.1%
Tetra Tech, Inc.		39,912		1,084,808
Environmental Monitoring & Detection — 0.1%
MSA Safety, Inc.		18,146		996,760
Female Health Care Products — 0.0%
Female Health Co.		13,371		56,960
Filtration/Separation Products — 0.3%
CLARCOR, Inc.		30,978		2,041,140
Polypore International, Inc.†#		27,698		1,425,339
				3,466,479
Finance - Auto Loans — 0.1%
Consumer Portfolio Services, Inc.†		12,908		94,487
Credit Acceptance Corp.†		4,328		648,118
Nicholas Financial, Inc.†		6,346		78,817
				821,422
Finance - Commercial — 0.0%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		13,379		188,510
NewStar Financial, Inc.†		16,418		184,538
				373,048
Finance - Consumer Loans — 0.4%
Encore Capital Group, Inc.†		15,796		677,806
Enova International, Inc.†		15,813		363,542
Nelnet, Inc., Class A		12,790		586,294
PRA Group, Inc.†		30,759		1,800,017
Regional Management Corp.†		6,556		88,899
Springleaf Holdings, Inc.†#		15,079		597,882
World Acceptance Corp.†#		4,839		369,361
				4,483,801
Finance - Credit Card — 0.1%
Blackhawk Network Holdings, Inc.†#		32,320		1,173,862
Finance - Investment Banker/Broker — 0.7%
Cowen Group, Inc., Class A†		70,899		300,612
Diamond Hill Investment Group, Inc.		1,743		236,490
Evercore Partners, Inc., Class A		20,323		1,026,312
FBR & Co.†		4,915		122,580
FXCM, Inc., Class A#		27,991		450,655
Gain Capital Holdings, Inc.		14,224		125,740
GFI Group, Inc.		47,002		234,070
Greenhill & Co., Inc.		17,370		769,838
INTL. FCStone, Inc.†		9,483		167,375
Investment Technology Group, Inc.†		22,119		436,850
KCG Holdings, Inc., Class A†		27,708		305,896
Ladenburg Thalmann Financial Services, Inc.†		61,318		204,802
Moelis & Co.#		4,529		145,970
Oppenheimer Holdings, Inc., Class A		6,252		143,108
Piper Jaffray Cos.†		9,284		532,902
RCS Capital Corp., Class A#		5,806		57,770

209

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Investment Banker/Broker (continued)
Stifel Financial Corp.†		40,232	$	1,952,459
SWS Group, Inc.†		17,993		125,771
				7,339,200
Finance - Leasing Companies — 0.1%
Aircastle, Ltd.		39,711		822,018
Marlin Business Services Corp.		5,142		95,847
				917,865
Finance - Mortgage Loan/Banker — 0.3%
Arlington Asset Investment Corp., Class A#		13,685		381,127
Ellie Mae, Inc.†#		17,274		698,906
Federal Agricultural Mtg. Corp., Class C		6,403		194,715
Home Loan Servicing Solutions, Ltd.		43,636		852,647
PennyMac Financial Services, Inc., Class A†		8,231		131,614
Stonegate Mtg. Corp.†#		8,783		105,133
Walter Investment Management Corp.†#		23,130		431,143
				2,795,285
Finance - Other Services — 0.4%
BGC Partners, Inc., Class A		107,063		932,519
Higher One Holdings, Inc.†		20,877		74,531
JG Wentworth Co.†		7,235		68,949
MarketAxess Holdings, Inc.		23,177		1,519,716
WageWorks, Inc.†		21,571		1,260,178
				3,855,893
Financial Guarantee Insurance — 0.4%
MGIC Investment Corp.†		207,998		1,936,462
NMI Holdings, Inc., Class A†#		31,054		270,480
Radian Group, Inc.#		117,356		2,000,920
				4,207,862
Firearms & Ammunition — 0.1%
Smith & Wesson Holding Corp.†#		33,762		336,607
Sturm Ruger & Co., Inc.#		11,920		454,033
				790,640
Food - Canned — 0.2%
Seneca Foods Corp., Class A†		5,017		135,710
TreeHouse Foods, Inc.†		25,846		2,092,234
				2,227,944
Food - Confectionery — 0.0%
Tootsie Roll Industries, Inc.#		11,559		336,829
Food - Dairy Products — 0.1%
Dean Foods Co.#		57,434		979,250
Lifeway Foods, Inc.†		2,881		53,356
				1,032,606
Food - Flour & Grain — 0.2%
Post Holdings, Inc.†#		27,008		1,080,320
Seaboard Corp.†		175		603,748
				1,684,068
Food - Meat Products — 0.2%
Darling Ingredients, Inc.†		101,122		1,880,869
Food - Misc./Diversified — 0.6%
B&G Foods, Inc.		32,965		943,458
Boulder Brands, Inc.†		37,416		404,093
Cal-Maine Foods, Inc.#		19,069		798,610
Chiquita Brands International, Inc.†		28,828		416,853
Diamond Foods, Inc.†		13,377		398,501
Inventure Foods, Inc.†		9,403		129,855

Security Description	Shares		Value (Note 2)
Food - Misc./Diversified (continued)
J&J Snack Foods Corp.		9,152	$	961,418
John B. Sanfilippo & Son, Inc.		5,082		212,529
Lancaster Colony Corp.		11,368		1,067,455
Senomyx, Inc.†#		26,125		152,047
Snyder’s-Lance, Inc.		29,252		885,751
				6,370,570
Food - Retail — 0.3%
Fairway Group Holdings Corp.†#		11,372		42,190
Fresh Market, Inc.†#		26,310		1,077,658
Ingles Markets, Inc., Class A		8,132		220,703
Nutrisystem, Inc.		17,687		335,522
SUPERVALU, Inc.†		124,563		1,165,910
Village Super Market, Inc., Class A		4,144		99,497
Weis Markets, Inc.		6,769		312,186
				3,253,666
Food - Wholesale/Distribution — 0.4%
Calavo Growers, Inc.		8,270		355,114
Chefs’ Warehouse, Inc.†#		11,048		190,247
Fresh Del Monte Produce, Inc.		22,196		749,337
SpartanNash Co.		23,177		540,719
United Natural Foods, Inc.†		30,492		2,292,693
				4,128,110
Footwear & Related Apparel — 0.6%
Crocs, Inc.†		53,784		714,251
Iconix Brand Group, Inc.†		29,565		1,194,722
Skechers U.S.A., Inc., Class A†		24,021		1,475,130
Steven Madden, Ltd.†		35,808		1,221,053
Weyco Group, Inc.		4,056		111,580
Wolverine World Wide, Inc.		62,318		1,901,322
				6,618,058
Forestry — 0.0%
Deltic Timber Corp.		6,825		424,856
Funeral Services & Related Items — 0.1%
Carriage Services, Inc.		9,852		189,257
Matthews International Corp., Class A		18,329		844,417
				1,033,674
Gambling (Non-Hotel) — 0.1%
Isle of Capri Casinos, Inc.†		13,311		96,372
Pinnacle Entertainment, Inc.†		36,616		911,372
				1,007,744
Gas - Distribution — 1.1%
Chesapeake Utilities Corp.		8,941		401,719
Laclede Group, Inc.		26,499		1,344,294
New Jersey Resources Corp.		25,890		1,499,031
Northwest Natural Gas Co.		16,674		775,508
ONE Gas, Inc.		31,936		1,239,756
Piedmont Natural Gas Co., Inc.		47,888		1,794,842
South Jersey Industries, Inc.		20,264		1,156,669
Southwest Gas Corp.		28,573		1,654,091
WGL Holdings, Inc.		31,891		1,558,513
				11,424,423
Gold Mining — 0.0%
Allied Nevada Gold Corp.†#		64,043		93,503
Gold Resource Corp.#		23,135		83,286
				176,789

210

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Golf — 0.0%
Callaway Golf Co.		47,637	$	352,990
Hazardous Waste Disposal — 0.1%
Heritage-Crystal Clean, Inc.†		5,629		92,879
US Ecology, Inc.		13,242		527,296
				620,175
Health Care Cost Containment — 0.1%
CorVel Corp.†		6,812		236,104
ExamWorks Group, Inc.†		21,317		838,824
HealthEquity, Inc.†		6,430		159,657
				1,234,585
Healthcare Safety Devices — 0.0%
Tandem Diabetes Care, Inc.†#		5,150		72,769
Unilife Corp.†#		67,206		210,355
				283,124
Heart Monitors — 0.1%
HeartWare International, Inc.†#		10,437		767,433
Home Furnishings — 0.3%
American Woodmark Corp.†		7,564		301,274
Ethan Allen Interiors, Inc.		15,511		459,281
Flexsteel Industries, Inc.		3,005		95,319
Kimball International, Inc., Class B		21,370		200,664
La-Z-Boy, Inc.		32,159		835,812
Norcraft Cos., Inc.†		4,570		82,580
Select Comfort Corp.†		33,348		878,386
				2,853,316
Hotels/Motels — 0.2%
Belmond, Ltd., Class A†		59,351		671,853
Diamond Resorts International, Inc.†		21,736		525,577
Intrawest Resorts Holdings, Inc.†		8,258		88,526
La Quinta Holdings, Inc.†		27,208		599,120
Marcus Corp.		11,045		181,801
Morgans Hotel Group Co.†		17,942		145,330
				2,212,207
Housewares — 0.1%
Libbey, Inc.†		13,197		396,570
Lifetime Brands, Inc.		6,403		95,661
NACCO Industries, Inc., Class A		2,986		173,307
				665,538
Human Resources — 0.8%
AMN Healthcare Services, Inc.†		28,571		489,135
Barrett Business Services, Inc.		4,409		96,204
CDI Corp.		8,662		148,813
Corporate Resource Services, Inc.†#		10,787		12,944
Cross Country Healthcare, Inc.†		19,115		203,957
Heidrick & Struggles International, Inc.		11,185		223,924
Insperity, Inc.		13,931		454,847
Kelly Services, Inc., Class A		16,808		259,516
Kforce, Inc.		16,794		391,972
Korn/Ferry International†		30,558		829,650
Monster Worldwide, Inc.†		55,925		243,274
On Assignment, Inc.†		33,381		1,025,798
Paylocity Holding Corp.†		5,147		149,726
Resources Connection, Inc.		23,812		361,228
Team Health Holdings, Inc.†		43,156		2,466,797
TriNet Group, Inc.†		9,660		305,836
TrueBlue, Inc.†		25,399		582,907
				8,246,528

Security Description	Shares		Value (Note 2)
Identification Systems — 0.1%
Brady Corp., Class A		29,480	$	737,000
Checkpoint Systems, Inc.†		25,607		326,745
Imprivata Inc†		3,649		54,042
				1,117,787
Independent Power Producers — 0.4%
Abengoa Yield plc#		17,559		495,164
Dynegy, Inc.†		75,504		2,502,958
NRG Yield, Inc., Class A#		14,626		693,126
Ormat Technologies, Inc.		10,898		298,387
				3,989,635
Industrial Audio & Video Products — 0.0%
Turtle Beach Corp.†#		4,309		16,460
Industrial Automated/Robotic — 0.2%
Cognex Corp.†		53,358		2,172,204
Hurco Cos., Inc.		3,983		138,290
				2,310,494
Instruments - Controls — 0.3%
Control4 Corp.†		7,022		105,892
Watts Water Technologies, Inc., Class A		17,510		1,058,655
Woodward, Inc.		40,740		2,105,443
				3,269,990
Instruments - Scientific — 0.3%
FEI Co.		25,964		2,223,557
Fluidigm Corp.†#		17,242		531,571
				2,755,128
Insurance Brokers — 0.0%
Crawford & Co., Class B		17,187		154,167
eHealth, Inc.†		10,917		282,423
				436,590
Insurance - Life/Health — 0.7%
American Equity Investment Life Holding Co.		45,672		1,233,144
CNO Financial Group, Inc.		133,860		2,321,132
FBL Financial Group, Inc., Class A		5,937		305,221
Fidelity & Guaranty Life		6,916		173,108
Independence Holding Co.		4,721		65,103
Kansas City Life Insurance Co.		2,334		111,122
National Western Life Insurance Co., Class A		1,371		352,141
Phoenix Cos., Inc.†		3,502		213,097
Primerica, Inc.		33,561		1,759,603
Symetra Financial Corp.		46,311		1,049,407
Trupanion, Inc.†		5,132		31,151
				7,614,229
Insurance - Multi-line — 0.2%
Citizens, Inc.†#		27,022		196,990
Horace Mann Educators Corp.		25,025		783,283
Kemper Corp.		28,555		1,006,849
United Fire Group, Inc.		12,679		353,364
				2,340,486
Insurance - Property/Casualty — 1.3%
Ambac Financial Group, Inc.†		27,652		679,133
AMERISAFE, Inc.		11,474		478,351
AmTrust Financial Services, Inc.#		18,459		947,316
Atlas Financial Holdings, Inc.†#		7,070		103,788
Baldwin & Lyons, Inc., Class B		5,705		145,763
Donegal Group, Inc., Class A		4,997		78,303
EMC Insurance Group, Inc.		3,100		92,287

211

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Property/Casualty (continued)
Employers Holdings, Inc.		19,279	$	390,978
Enstar Group, Ltd.†		5,241		764,924
Federated National Holding Co.		8,482		214,255
First American Financial Corp.		65,645		2,101,296
Global Indemnity PLC†		5,020		135,088
Hallmark Financial Services, Inc.†		8,701		102,585
HCI Group, Inc.#		5,539		223,942
Heritage Insurance Holdings, Inc.†#		4,240		73,564
Hilltop Holdings, Inc.†		41,636		848,542
Infinity Property & Casualty Corp.		7,073		513,924
Meadowbrook Insurance Group, Inc.		30,779		187,444
National General Holdings Corp.		21,808		408,900
National Interstate Corp.		4,353		124,626
Navigators Group, Inc.†		6,437		470,223
OneBeacon Insurance Group, Ltd., Class A		13,926		221,702
RLI Corp.		26,415		1,213,241
Safety Insurance Group, Inc.		7,969		474,315
Selective Insurance Group, Inc.		34,543		924,716
State Auto Financial Corp.		9,308		183,181
Stewart Information Services Corp.		13,201		468,504
Third Point Reinsurance, Ltd.†		34,888		516,691
United Insurance Holdings Corp.		10,218		191,588
Universal Insurance Holdings, Inc.		19,152		371,549
				13,650,719
Insurance - Reinsurance — 0.4%
Argo Group International Holdings, Ltd.		16,080		907,555
Essent Group, Ltd.†		25,595		644,994
Greenlight Capital Re, Ltd., Class A†		17,408		548,700
Maiden Holdings, Ltd.		30,722		401,229
Montpelier Re Holdings, Ltd.		24,061		819,277
Platinum Underwriters Holdings, Ltd.		15,255		1,131,464
				4,453,219
Internet Application Software — 0.1%
Bazaarvoice, Inc.†#		30,704		225,981
Brightcove, Inc.†		19,720		120,884
Intralinks Holdings, Inc.†		24,125		262,480
Lionbridge Technologies, Inc.†		39,716		201,360
RealNetworks, Inc.†		14,109		98,904
Textura Corp.†#		11,455		274,462
VirnetX Holding Corp.†#		26,132		138,761
Zendesk, Inc.†#		6,982		165,892
				1,488,724
Internet Connectivity Services — 0.1%
Boingo Wireless, Inc.†		14,254		113,462
Cogent Communications Holdings, Inc.		28,631		1,014,110
Internap Corp.†		33,372		264,640
				1,392,212
Internet Content - Entertainment — 0.1%
Global Eagle Entertainment, Inc.†#		23,432		310,708
Limelight Networks, Inc.†		37,038		101,114
Shutterstock, Inc.†		9,348		702,783
				1,114,605
Internet Content - Information/News — 0.2%
Bankrate, Inc.†		41,190		481,511
Dice Holdings, Inc.†		23,805		258,760
HealthStream, Inc.†		13,001		372,479
Reis, Inc.		5,076		127,712
Travelzoo, Inc.†		4,530		59,479
WebMD Health Corp.†#		23,806		869,871
XO Group, Inc.†		16,539		239,816
				2,409,628

Security Description	Shares		Value (Note 2)
Internet Incubators — 0.0%
ModusLink Global Solutions, Inc.†		22,719	$	75,200
Safeguard Scientifics, Inc.†		12,677		246,314
				321,514
Internet Infrastructure Software — 0.0%
Unwired Planet, Inc.†		60,202		82,477
Internet Security — 0.1%
VASCO Data Security International, Inc.†		18,091		539,112
Zix Corp.†		36,411		115,059
				654,171
Internet Telephone — 0.2%
j2 Global, Inc.		29,219		1,652,042
magicJack VocalTec, Ltd.†#		10,957		89,080
RingCentral, Inc.†#		17,218		216,603
TeleCommunication Systems, Inc., Class A†		29,581		90,814
				2,048,539
Investment Companies — 0.1%
Acacia Research Corp.#		30,761		585,074
Caesars Acquisition Co., Class A†#		28,085		294,331
				879,405
Investment Management/Advisor Services — 0.6%
Altisource Asset Management Corp.†		866		428,670
Altisource Portfolio Solutions SA†#		8,165		426,866
Ashford, Inc.†		494		58,662
Calamos Asset Management, Inc., Class A		10,487		141,470
CIFC Corp.#		3,690		32,620
Cohen & Steers, Inc.#		11,903		515,043
Financial Engines, Inc.#		31,612		1,033,080
GAMCO Investors, Inc., Class A		3,942		339,643
Janus Capital Group, Inc.#		91,863		1,444,086
Manning & Napier, Inc.		8,386		128,390
Pzena Investment Management, Inc., Class A		6,982		60,534
Silvercrest Asset Management Group, Inc., Class A		3,459		49,637
Virtus Investment Partners, Inc.		4,345		669,130
Westwood Holdings Group, Inc.		4,501		268,214
WisdomTree Investments, Inc.#		66,132		1,004,545
				6,600,590
Lasers - System/Components — 0.2%
Applied Optoelectronics, Inc.†#		9,085		98,572
Coherent, Inc.†		15,320		848,115
Electro Scientific Industries, Inc.		15,038		107,823
II-VI, Inc.†		32,289		428,475
Newport Corp.†		24,490		431,269
Rofin - Sinar Technologies, Inc.†		17,225		463,697
				2,377,951
Leisure Products — 0.0%
Escalade, Inc.		6,086		80,944
Johnson Outdoors, Inc., Class A		3,069		93,052
Marine Products Corp.		6,514		42,667
				216,663
Lighting Products & Systems — 0.1%
Revolution Lighting Technologies, Inc.†#		20,118		24,544
TCP International Holdings Ltd†		4,389		24,359
Universal Display Corp.†#		24,913		691,087
				739,990
Linen Supply & Related Items — 0.2%
G&K Services, Inc., Class A		12,257		797,931
UniFirst Corp.		9,066		1,011,675
				1,809,606

212

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery - Construction & Mining — 0.1%
Astec Industries, Inc.		11,600	$	455,532
Hyster-Yale Materials Handling, Inc.		6,314		463,511
				919,043
Machinery - Electrical — 0.1%
Franklin Electric Co., Inc.		29,311		1,100,921
Machinery - Farming — 0.1%
Alamo Group, Inc.		4,383		208,762
Lindsay Corp.#		7,497		659,211
				867,973
Machinery - General Industrial — 0.5%
Albany International Corp., Class A		17,295		646,314
Altra Industrial Motion Corp.		16,631		509,407
Applied Industrial Technologies, Inc.		25,666		1,203,479
Chart Industries, Inc.†		18,721		743,411
DXP Enterprises, Inc.†		7,956		467,495
Intevac, Inc.†		14,688		104,285
Kadant, Inc.		6,866		273,953
Manitex International, Inc.†		8,493		93,508
Tennant Co.		11,319		763,466
Twin Disc, Inc.		5,077		116,162
Xerium Technologies, Inc.†		6,700		95,274
				5,016,754
Machinery - Material Handling — 0.0%
Columbus McKinnon Corp.		12,195		325,728
Machinery - Pumps — 0.0%
Gorman-Rupp Co.		11,580		362,454
Machinery - Thermal Process — 0.0%
Global Power Equipment Group, Inc.		10,515		136,380
Marine Services — 0.0%
Great Lakes Dredge & Dock Corp.†		36,753		278,588
Medical Imaging Systems — 0.1%
Analogic Corp.		7,628		555,624
Medical Information Systems — 0.2%
Computer Programs & Systems, Inc.		6,860		402,957
Everyday Health, Inc.†		4,648		60,145
Medidata Solutions, Inc.†		33,239		1,419,638
Merge Healthcare, Inc.†		43,444		136,414
Quality Systems, Inc.		30,614		450,944
				2,470,098
Medical Instruments — 1.1%
Abaxis, Inc.#		13,799		792,063
AngioDynamics, Inc.†		15,180		265,650
AtriCure, Inc.†		16,839		315,394
Cardiovascular Systems, Inc.†		16,994		521,036
CONMED Corp.		16,723		709,557
CryoLife, Inc.		17,256		174,286
DexCom, Inc.†		46,033		2,368,858
Endologix, Inc.†		39,333		504,642
Genomic Health, Inc.†#		10,252		340,981
Integra LifeSciences Holdings Corp.†		15,347		755,686
Natus Medical, Inc.†		19,750		676,042
Navidea Biopharmaceuticals, Inc.†#		92,612		114,839
NuVasive, Inc.†		28,632		1,257,804
Spectranetics Corp.†		25,548		838,741
SurModics, Inc.†		8,353		175,497
Symmetry Medical, Inc.†		23,037		207,563
Thoratec Corp.†		34,900		1,088,531
TransEnterix, Inc.†#		17,614		36,989

Security Description	Shares		Value (Note 2)
Medical Instruments (continued)
Vascular Solutions, Inc.†		10,523	$	270,652
Volcano Corp.†		31,477		348,136
				11,762,947
Medical Labs & Testing Services — 0.1%
Bio-Reference Laboratories, Inc.†		15,091		427,075
NeoStem, Inc.†#		14,541		57,291
Roka Bioscience, Inc.†		3,086		12,221
T2 Biosystems, Inc.†#		3,674		65,838
				562,425
Medical Laser Systems — 0.0%
Cynosure, Inc., Class A†		13,713		378,068
PhotoMedex, Inc.†#		7,996		13,753
				391,821
Medical Products — 1.3%
ABIOMED, Inc.†		24,533		871,412
Accuray, Inc.†#		47,167		324,981
Atrion Corp.		944		306,809
Cantel Medical Corp.		20,766		904,152
Cerus Corp.†#		44,555		201,834
Cyberonics, Inc.†		16,488		877,986
Exactech, Inc.†		6,003		133,147
Globus Medical, Inc., Class A†		40,415		931,162
Greatbatch, Inc.†		15,287		757,777
Haemonetics Corp.†		31,984		1,181,169
Hanger, Inc.†		21,636		464,092
Intersect ENT, Inc.†		3,603		62,332
Invacare Corp.		19,757		298,923
K2M Group Holdings, Inc.†#		5,422		102,530
LDR Holding Corp.†		10,208		333,087
Luminex Corp.†		23,043		426,295
MiMedx Group, Inc.†#		57,206		632,698
NanoString Technologies, Inc.†#		6,173		92,039
NxStage Medical, Inc.†		37,737		652,095
Orthofix International NV†		11,328		316,278
Rockwell Medical, Inc.†#		25,045		224,153
Tornier NV†		21,845		583,043
TriVascular Technologies, Inc.†		4,565		61,491
West Pharmaceutical Services, Inc.		43,423		2,258,430
Wright Medical Group, Inc.†		30,664		898,149
Zeltiq Aesthetics, Inc.†		17,861		488,856
				14,384,920
Medical Sterilization Products — 0.2%
STERIS Corp.		36,306		2,314,507
Medical - Biomedical/Gene — 3.5%
Acceleron Pharma, Inc.†		10,108		391,584
Achillion Pharmaceuticals, Inc.†		59,475		765,443
Acorda Therapeutics, Inc.†		25,589		932,719
Aegerion Pharmaceuticals, Inc.†#		18,116		381,704
Agenus, Inc.†		38,240		113,190
Alder Biopharmaceuticals, Inc.†		4,916		80,229
AMAG Pharmaceuticals, Inc.†		13,465		500,898
ANI Pharmaceuticals, Inc.†		4,224		228,561
Applied Genetic Technologies Corp.†#		3,467		69,999
Ardelyx, Inc.†		3,032		81,167
Arena Pharmaceuticals, Inc.†#		134,962		565,491
ARIAD Pharmaceuticals, Inc.†#		101,283		720,122
Avalanche Biotechnologies, Inc.†		4,240		167,438
BioCryst Pharmaceuticals, Inc.†#		43,057		465,446
BioTime, Inc.†#		31,975		102,960
Bluebird Bio, Inc.†		13,379		551,616

213

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Cambrex Corp.†		18,815	$	428,041
Celldex Therapeutics, Inc.†#		54,905		1,113,473
Cellular Dynamics International, Inc.†#		5,970		39,402
CTI BioPharma Corp.†#		82,417		180,493
Cubist Pharmaceuticals, Inc. CVR†		32,659		1,012
Cytokinetics, Inc.†		21,257		99,270
CytRx Corp.†#		34,272		86,023
Dynavax Technologies Corp.†		16,150		239,989
Eleven Biotherapeutics, Inc.†		2,816		32,046
Emergent Biosolutions, Inc.†		17,952		446,287
Endocyte, Inc.†#		22,776		147,816
Enzo Biochem, Inc.†		20,995		95,317
Epizyme, Inc.†#		7,870		179,908
Exact Sciences Corp.†#		50,885		1,262,966
Exelixis, Inc.†#		119,629		198,584
Five Prime Therapeutics, Inc.†		10,593		217,792
Foundation Medicine, Inc.†#		8,581		202,683
Galena Biopharma, Inc.†#		72,520		129,086
Genocea Biosciences, Inc.†		2,401		21,777
Geron Corp.†#		96,429		354,859
Halozyme Therapeutics, Inc.†#		63,533		557,820
Idera Pharmaceuticals, Inc.†#		36,994		115,051
ImmunoGen, Inc.†#		52,728		542,571
Immunomedics, Inc.†#		50,806		209,829
Inovio Pharmaceuticals, Inc.†#		36,963		357,802
Insmed, Inc.†#		30,426		429,311
Intrexon Corp.†#		21,898		580,954
Isis Pharmaceuticals, Inc.†#		72,244		3,741,517
Karyopharm Therapeutics, Inc.†#		8,336		349,112
KYTHERA Biopharmaceuticals, Inc.†#		10,691		408,931
Lexicon Pharmaceuticals, Inc.†#		140,418		143,226
Ligand Pharmaceuticals, Inc.†#		12,734		685,726
Loxo Oncology, Inc.†		2,224		22,907
MacroGenics, Inc.†		12,276		346,920
Medicines Co.†		39,950		1,071,059
Merrimack Pharmaceuticals, Inc.†#		60,325		552,577
Momenta Pharmaceuticals, Inc.†		29,515		346,211
Neuralstem, Inc.†#		42,242		118,700
NewLink Genetics Corp.†#		12,167		475,243
Novavax, Inc.†#		146,272		781,092
NPS Pharmaceuticals, Inc.†		65,331		2,167,683
Omeros Corp.†#		20,837		465,290
OncoMed Pharmaceuticals, Inc.†#		7,764		171,041
Oncothyreon, Inc.†		49,616		86,828
Organovo Holdings, Inc.†#		38,398		242,291
OvaScience, Inc.†#		9,482		239,515
Pacific Biosciences of California, Inc.†		35,339		238,892
PDL BioPharma, Inc.#		98,676		815,064
Peregrine Pharmaceuticals, Inc.†#		108,437		160,487
Prothena Corp. PLC†		16,378		397,003
PTC Therapeutics, Inc.†#		15,018		672,056
Puma Biotechnology, Inc.†		14,265		3,238,440
Regado Biosciences, Inc.†#		9,493		7,846
Repligen Corp.†		19,687		450,242
Retrophin, Inc.†#		13,070		132,007
Rigel Pharmaceuticals, Inc.†		53,783		115,096
RTI Surgical, Inc.†		34,792		170,481
Sage Therapeutics, Inc.†#		3,533		139,695
Sangamo BioSciences, Inc.†#		41,757		504,425
Sequenom, Inc.†#		71,517		214,551
Spectrum Pharmaceuticals, Inc.†#		40,296		290,534
Stemline Therapeutics, Inc.†#		7,096		105,588
Sunesis Pharmaceuticals, Inc.†		30,398		71,131
Synageva BioPharma Corp.†#		13,146		1,067,455

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Theravance Biopharma, Inc.†#		14,457	$	228,710
Theravance, Inc.#		50,602		765,608
Trius Therapeutics, Inc. CVR(1)(2)		24,953		0
Ultragenyx Pharmaceutical, Inc.†		4,312		187,960
Veracyte, Inc.†		3,993		26,034
Verastem, Inc.†#		12,867		119,663
Versartis, Inc.†#		4,259		76,747
XOMA Corp.†#		51,528		293,194
Zeneca, Inc. CVR(1)(2)		3,950		10,033
ZIOPHARM Oncology, Inc.†#		49,880		209,995
				37,513,535
Medical - Drugs — 2.2%
ACADIA Pharmaceuticals, Inc.†#		48,413		1,446,096
AcelRx Pharmaceuticals, Inc.†#		15,231		101,438
Achaogen, Inc.†		4,240		39,093
Adamas Pharmaceuticals, Inc.†		1,795		26,369
Aerie Pharmaceuticals, Inc.†		6,456		170,245
Akorn, Inc.†		38,304		1,534,841
Alimera Sciences, Inc.†#		16,112		94,577
Ampio Pharmaceuticals, Inc.†#		25,133		85,452
Anacor Pharmaceuticals, Inc.†#		20,239		697,841
Array BioPharma, Inc.†		77,410		311,962
Auspex Pharmaceuticals, Inc.†		5,711		138,378
Auxilium Pharmaceuticals, Inc.†#		30,881		1,067,247
BioSpecifics Technologies Corp.†		2,234		84,713
Cempra, Inc.†#		14,046		202,122
ChemoCentryx, Inc.†#		16,807		77,480
Chimerix, Inc.†#		16,564		583,715
Clovis Oncology, Inc.†#		15,162		721,408
Corcept Therapeutics, Inc.†#		32,782		99,329
Cytori Therapeutics, Inc.†#		41,470		17,832
Dicerna Pharmaceuticals, Inc.†		2,186		25,839
Durata Therapeutics†(1)		9,546		0
Enanta Pharmaceuticals, Inc.†#		6,351		298,116
Furiex Pharmaceuticals CVR(1)(2)		4,550		0
Galectin Therapeutics, Inc.†#		11,069		43,944
Immune Design Corp.†		3,743		119,065
Infinity Pharmaceuticals, Inc.†		29,827		447,703
Insys Therapeutics, Inc.†#		6,138		237,725
Intra-Cellular Therapies, Inc.†#		10,506		150,971
Ironwood Pharmaceuticals, Inc.†		73,425		1,016,202
Keryx Biopharmaceuticals, Inc.†#		56,192		893,453
Lannett Co., Inc.†		15,804		776,451
NanoViricides, Inc.†#		24,631		78,819
Ohr Pharmaceutical, Inc.†#		12,923		98,215
Ophthotech Corp.†		8,525		367,854
OPKO Health, Inc.†#		121,081		1,014,659
Orexigen Therapeutics, Inc.†#		75,291		435,935
Pacira Pharmaceuticals, Inc.†#		21,908		2,057,818
Pain Therapeutics, Inc.†		23,375		42,309
Pernix Therapeutics Holdings, Inc.†		20,439		211,952
PharMerica Corp.†		18,428		401,915
POZEN, Inc.		16,790		149,263
Prestige Brands Holdings, Inc.†		31,837		1,064,948
Progenics Pharmaceuticals, Inc.†#		42,738		297,457
Radius Health Inc†#		4,759		117,547
Raptor Pharmaceutical Corp.†#		38,474		370,120
Receptos, Inc.†		11,388		1,540,796
Regulus Therapeutics, Inc.†#		8,431		157,997
Relypsa, Inc.†#		10,388		258,557
Repros Therapeutics, Inc.†#		14,192		121,484
Sagent Pharmaceuticals, Inc.†		13,444		387,591
SciClone Pharmaceuticals, Inc.†		31,640		268,624

214

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Sucampo Pharmaceuticals, Inc., Class A†		10,896	$	127,701
Supernus Pharmaceuticals, Inc.†		17,993		159,418
Synergy Pharmaceuticals, Inc.†#		57,573		171,568
Synta Pharmaceuticals Corp.†#		39,862		126,363
TESARO, Inc.†#		11,844		408,736
Tetraphase Pharmaceuticals, Inc.†#		16,026		423,086
TG Therapeutics, Inc.†		14,426		215,236
TherapeuticsMD, Inc.†#		66,209		254,243
Vanda Pharmaceuticals, Inc.†#		20,814		271,206
VIVUS, Inc.†#		55,244		185,067
XenoPort, Inc.†		35,553		316,422
Zogenix, Inc.†#		75,482		86,049
ZS Pharma Inc†#		4,200		180,432
				23,878,994
Medical - Generic Drugs — 0.1%
Amphastar Pharmaceuticals, Inc.†		5,676		59,200
Impax Laboratories, Inc.†		43,046		1,375,320
				1,434,520
Medical - HMO — 0.4%
Magellan Health, Inc.†		16,933		1,036,130
Molina Healthcare, Inc.†		18,554		948,481
Triple-S Management Corp., Class B†		15,309		353,944
Universal American Corp.†		25,964		228,483
WellCare Health Plans, Inc.†		26,956		1,987,735
				4,554,773
Medical - Hospitals — 0.2%
Acadia Healthcare Co., Inc.†		26,278		1,629,499
Adeptus Health, Inc., Class A†		3,462		105,383
Select Medical Holdings Corp.		48,380		698,123
				2,433,005
Medical - Nursing Homes — 0.2%
Ensign Group, Inc.		12,280		484,078
Kindred Healthcare, Inc.		39,636		788,360
National Healthcare Corp.		6,331		381,443
Skilled Healthcare Group, Inc., Class A†		14,390		100,442
				1,754,323
Medical - Outpatient/Home Medical — 0.4%
Addus HomeCare Corp.†		3,881		89,574
Air Methods Corp.†#		24,056		1,067,605
Almost Family, Inc.†		5,137		141,833
Amedisys, Inc.†		16,785		426,675
Amsurg Corp.†		26,018		1,341,748
Chemed Corp.#		10,777		1,186,655
Gentiva Health Services, Inc.†		19,348		375,545
LHC Group, Inc.†		7,589		178,417
				4,808,052
Medical - Wholesale Drug Distribution — 0.1%
Owens & Minor, Inc.		38,766		1,326,185
Metal Processors & Fabrication — 0.6%
Ampco-Pittsburgh Corp.		5,100		93,330
CIRCOR International, Inc.		10,851		726,474
Dynamic Materials Corp.		8,568		137,431
Global Brass & Copper Holdings, Inc.		13,112		160,622
Haynes International, Inc.		7,621		342,107
LB Foster Co., Class A		6,353		294,461
Mueller Industries, Inc.		34,831		1,142,805
NN, Inc.		10,906		230,880
RBC Bearings, Inc.		14,285		908,240
Rexnord Corp.†		46,164		1,271,818

Security Description	Shares		Value (Note 2)
Metal Processors & Fabrication (continued)
RTI International Metals, Inc.†		18,861	$	432,483
Sun Hydraulics Corp.		13,673		550,612
				6,291,263
Metal Products - Distribution — 0.0%
A.M. Castle & Co.†#		11,535		86,743
Olympic Steel, Inc.		5,594		90,959
				177,702
Metal - Aluminum — 0.2%
Century Aluminum Co.†		31,598		873,685
Kaiser Aluminum Corp.		11,078		806,257
Noranda Aluminum Holding Corp.		27,246		103,807
				1,783,749
Metal - Diversified — 0.0%
Molycorp, Inc.†#		111,855		110,736
Miscellaneous Manufacturing — 0.3%
American Railcar Industries, Inc.#		5,806		342,438
FreightCar America, Inc.		7,408		214,314
Hillenbrand, Inc.		38,590		1,241,054
John Bean Technologies Corp.		17,904		543,207
TriMas Corp.†		27,790		865,103
				3,206,116
Motion Pictures & Services — 0.0%
Eros International PLC†		13,669		294,567
MRI/Medical Diagnostic Imaging — 0.0%
Alliance HealthCare Services, Inc.†		3,067		69,069
RadNet, Inc.†		20,089		169,149
Surgical Care Affiliates, Inc.†#		7,723		245,592
				483,810
Multimedia — 0.2%
Demand Media, Inc.†		5,359		29,903
Entravision Communications Corp., Class A		35,530		229,524
EW Scripps Co., Class A†		19,179		375,525
Journal Communications, Inc., Class A†		27,542		273,492
Martha Stewart Living Omnimedia, Inc., Class A†		18,368		78,064
Media General, Inc.†#		33,423		511,706
Meredith Corp.		22,069		1,164,802
				2,663,016
Networking Products — 0.6%
Anixter International, Inc.†		16,693		1,450,622
Black Box Corp.		9,559		221,577
Calix, Inc.†		25,483		270,120
Cyan, Inc.†#		16,890		42,732
Extreme Networks, Inc.†		59,288		214,622
Gigamon, Inc.†#		14,860		213,092
Infinera Corp.†		75,264		1,025,848
Ixia†		35,383		366,922
LogMeIn, Inc.†		14,919		754,454
NETGEAR, Inc.†		22,433		778,874
ParkerVision, Inc.†#		59,428		61,211
Polycom, Inc.†		84,884		1,117,922
Procera Networks, Inc.†#		12,694		87,081
				6,605,077
Non-Ferrous Metals — 0.1%
Globe Specialty Metals, Inc.		39,225		679,769
Horsehead Holding Corp.†		31,158		486,688
Materion Corp.		12,654		439,980
				1,606,437

215

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Non-Hazardous Waste Disposal — 0.0%
Casella Waste Systems, Inc., Class A†		23,992	$	94,529
Quest Resource Holding Corp.†#		8,551		11,800
				106,329
Office Automation & Equipment — 0.0%
Eastman Kodak Co.†#		10,846		220,499
Office Furnishings - Original — 0.4%
Herman Miller, Inc.		36,399		1,106,166
HNI Corp.		27,711		1,300,754
Interface, Inc.		40,843		617,546
Knoll, Inc.		29,756		551,379
Steelcase, Inc., Class A		50,792		889,876
				4,465,721
Office Supplies & Forms — 0.1%
ACCO Brands Corp.†		70,108		614,146
Oil & Gas Drilling — 0.1%
Hercules Offshore, Inc.†#		98,706		122,395
North Atlantic Drilling, Ltd.#		43,920		106,726
Parker Drilling Co.†		74,431		264,230
Parsley Energy, Inc., Class A†		32,678		413,050
Vantage Drilling Co.†		126,280		97,236
				1,003,637
Oil Companies - Exploration & Production — 1.4%
Abraxas Petroleum Corp.†		56,786		188,813
American Eagle Energy Corp.†		18,689		17,566
Apco Oil and Gas International, Inc.†		5,615		78,161
Approach Resources, Inc.†#		24,192		235,146
Bill Barrett Corp.†		30,536		309,330
Bonanza Creek Energy, Inc.†		20,155		548,619
BPZ Resources, Inc.†#		72,873		43,724
Callon Petroleum Co.†		33,972		166,803
Carrizo Oil & Gas, Inc.†		27,951		1,102,946
Clayton Williams Energy, Inc.†		3,619		209,685
Comstock Resources, Inc.#		29,393		260,422
Contango Oil & Gas Co.†		10,697		361,666
Diamondback Energy, Inc.†		25,743		1,451,905
DLB Oil & Gas, Inc.(1)(2)		3,000		0
Eclipse Resources Corp†		18,618		200,888
Emerald Oil, Inc.†#		35,009		67,217
Energy XXI, Ltd.#		57,598		230,968
Evolution Petroleum Corp.		12,056		94,760
EXCO Resources, Inc.#		93,297		274,293
Forest Oil Corp.†#		73,136		41,688
FX Energy, Inc.†#		33,126		86,128
Gastar Exploration, Inc.†		43,117		127,195
Goodrich Petroleum Corp.†#		21,379		129,343
Halcon Resources Corp.†#		160,219		363,697
Harvest Natural Resources, Inc.†		25,864		57,418
Isramco, Inc.†		548		74,539
Jones Energy, Inc., Class A†#		6,857		69,599
Kodiak Oil & Gas Corp.†		163,759		1,200,353
Magnum Hunter Resources Corp.†#		122,126		488,504
Matador Resources Co.†		45,042		792,289
Midstates Petroleum Co., Inc.†#		22,845		52,315
Miller Energy Resources, Inc.†#		18,442		42,785
Northern Oil and Gas, Inc.†#		37,507		325,936
Panhandle Oil and Gas, Inc., Class A		8,597		151,651
PDC Energy, Inc.†		21,993		649,013
Penn Virginia Corp.†		40,305		206,765
PetroQuest Energy, Inc.†		35,926		133,645
Quicksilver Resources, Inc.†#		77,164		23,226
Resolute Energy Corp.†#		47,878		90,011

Security Description	Shares		Value (Note 2)
Oil Companies - Exploration & Production (continued)
Rex Energy Corp.†		29,540	$	207,371
Rosetta Resources, Inc.†		37,749		1,110,576
RSP Permian, Inc.†#		14,352		312,300
Sanchez Energy Corp.†#		31,295		353,321
Stone Energy Corp.†		34,509		545,242
Swift Energy Co.†#		26,917		121,126
Synergy Resources Corp.†		40,905		401,278
TransAtlantic Petroleum, Ltd.†		13,908		96,104
Triangle Petroleum Corp.†#		46,476		224,014
VAALCO Energy, Inc.†		30,617		175,435
W&T Offshore, Inc.		21,467		161,647
Warren Resources, Inc.†		45,247		92,756
				14,750,182
Oil Field Machinery & Equipment — 0.2%
Flotek Industries, Inc.†		33,049		643,794
Forum Energy Technologies, Inc.†		36,617		879,174
Gulf Island Fabrication, Inc.		8,908		173,795
Mitcham Industries, Inc.†		7,790		59,360
Natural Gas Services Group, Inc.†		7,657		177,336
Profire Energy, Inc.†#		8,999		30,057
Thermon Group Holdings, Inc.†		19,621		474,632
				2,438,148
Oil Refining & Marketing — 0.3%
Adams Resources & Energy, Inc.		1,311		58,064
Alon USA Energy, Inc.		16,089		224,602
Delek US Holdings, Inc.		36,468		1,090,393
Trecora Resources†		12,055		148,156
Vertex Energy, Inc.†#		8,057		29,489
Western Refining, Inc.		32,686		1,343,722
				2,894,426
Oil - Field Services — 0.9%
Basic Energy Services, Inc.†		19,534		174,439
Bristow Group, Inc.		21,865		1,401,547
C&J Energy Services, Inc.†		28,289		428,578
CARBO Ceramics, Inc.#		12,128		461,349
Exterran Holdings, Inc.		35,989		1,205,632
Glori Energy, Inc.†#		7,486		29,944
Gulfmark Offshore, Inc., Class A		16,554		431,232
Helix Energy Solutions Group, Inc.†		64,848		1,483,074
Independence Contract Drilling, Inc.†		6,329		43,670
Key Energy Services, Inc.†		80,707		151,729
Matrix Service Co.†		16,229		342,756
McDermott International, Inc.†#		145,957		518,147
Newpark Resources, Inc.†		52,137		545,874
Nuverra Environmental Solutions, Inc.†#		9,276		84,690
PHI, Inc.†		7,738		321,204
Pioneer Energy Services Corp.†		38,556		232,878
SEACOR Holdings, Inc.†		12,670		901,344
Tesco Corp.		21,320		300,399
TETRA Technologies, Inc.†		48,497		307,956
Willbros Group, Inc.†		24,584		111,857
				9,478,299
Optical Recognition Equipment — 0.0%
Digimarc Corp.		4,012		96,970
Optical Supplies — 0.0%
Ocular Therapeutix, Inc.†		3,533		59,778
STAAR Surgical Co.†		23,589		217,255
				277,033

216

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Paper & Related Products — 0.5%
Clearwater Paper Corp.†		12,548	$	831,431
KapStone Paper and Packaging Corp.†		51,964		1,552,165
Neenah Paper, Inc.		10,175		582,417
Orchids Paper Products Co.		4,960		134,714
P.H. Glatfelter Co.		26,463		670,043
Resolute Forest Products, Inc.†		40,071		671,189
Schweitzer-Mauduit International, Inc.		18,717		800,526
Wausau Paper Corp.		25,934		258,043
				5,500,528
Patient Monitoring Equipment — 0.2%
Insulet Corp.†		34,049		1,586,343
Masimo Corp.†		29,732		780,465
				2,366,808
Pharmacy Services — 0.0%
BioScrip, Inc.†#		42,043		272,439
Liberator Medical Holdings, Inc.#		19,353		54,188
				326,627
Physical Therapy/Rehabilitation Centers — 0.2%
HealthSouth Corp.		54,131		2,226,408
U.S. Physical Therapy, Inc.		7,504		291,681
				2,518,089
Physicians Practice Management — 0.1%
Healthways, Inc.†		19,307		300,803
IPC The Hospitalist Co., Inc.†		10,527		464,030
				764,833
Pipelines — 0.2%
Primoris Services Corp.		23,333		610,158
SemGroup Corp., Class A		26,184		1,937,354
				2,547,512
Platinum — 0.1%
Stillwater Mining Co.†		73,611		966,512
Pollution Control — 0.0%
Advanced Emissions Solutions, Inc.†		13,351		267,020
CECO Environmental Corp.		12,927		183,046
				450,066
Poultry — 0.1%
Sanderson Farms, Inc.#		14,176		1,230,619
Power Converter/Supply Equipment — 0.3%
Advanced Energy Industries, Inc.†		25,259		516,041
Capstone Turbine Corp.†#		202,040		169,714
Generac Holdings, Inc.†#		42,293		1,834,670
Powell Industries, Inc.		5,711		243,003
PowerSecure International, Inc.†		13,741		137,685
Vicor Corp.†		10,091		123,110
				3,024,223
Precious Metals — 0.0%
Coeur Mining, Inc.†		63,609		261,433
Printing - Commercial — 0.4%
ARC Document Solutions, Inc.†		25,250		243,157
Cenveo, Inc.†#		34,050		64,014
Cimpress NV†		20,452		1,372,125
Deluxe Corp.		30,755		1,797,630
Ennis, Inc.		16,063		213,798
Multi-Color Corp.		7,632		418,539
Quad/Graphics, Inc.		16,980		368,636
				4,477,899

Security Description	Shares		Value (Note 2)
Protection/Safety — 0.0%
Landauer, Inc.		5,869	$	193,677
Publishing - Books — 0.2%
Houghton Mifflin Harcourt Co.†		66,977		1,287,298
Scholastic Corp.		16,301		578,685
				1,865,983
Publishing - Newspapers — 0.1%
AH Belo Corp., Class A		11,553		138,636
Daily Journal Corp.†#		665		145,502
Lee Enterprises, Inc.†#		32,932		116,909
McClatchy Co., Class A†		37,534		123,111
New York Times Co., Class A		85,012		1,078,802
				1,602,960
Publishing - Periodicals — 0.2%
Dex Media, Inc.†#		9,133		78,178
Time, Inc.		67,750		1,621,935
				1,700,113
Racetracks — 0.2%
Churchill Downs, Inc.		8,251		794,489
Empire Resorts, Inc.†#		9,269		63,122
International Speedway Corp., Class A		17,104		535,013
Penn National Gaming, Inc.†		48,291		685,732
Speedway Motorsports, Inc.		7,154		141,005
				2,219,361
Radio — 0.1%
Cumulus Media, Inc., Class A†		88,779		354,228
Entercom Communications Corp., Class A†		15,172		161,127
Radio One, Inc., Class D†		14,199		23,996
Saga Communications, Inc., Class A		2,222		88,925
Salem Communications Corp., Class A		6,699		52,654
Townsquare Media, Inc.†		5,483		68,428
				749,358
Real Estate Investment Trusts — 8.8%
Acadia Realty Trust		35,255		1,126,750
AG Mtg. Investment Trust, Inc.		17,440		344,440
Agree Realty Corp.		9,194		283,267
Alexander’s, Inc.		1,293		519,928
American Assets Trust, Inc.		22,025		865,583
American Capital Mortgage Investment Corp.		31,424		630,680
American Realty Capital Healthcare Trust, Inc.		104,026		1,178,615
American Residential Properties, Inc.†#		19,767		351,260
AmREIT, Inc.		12,089		321,930
Anworth Mtg. Asset Corp.		78,608		424,483
Apollo Commercial Real Estate Finance, Inc.		28,349		472,861
Apollo Residential Mortgage, Inc.		19,693		325,328
Ares Commercial Real Estate Corp.		17,567		209,926
Armada Hoffler Properties, Inc.		15,370		145,861
ARMOUR Residential REIT, Inc.#		219,423		862,332
Ashford Hospitality Prime, Inc.		15,595		273,692
Ashford Hospitality Trust, Inc.		43,037		451,028
Associated Estates Realty Corp.		35,371		793,018
Aviv REIT, Inc.		12,084		407,231
Campus Crest Communities, Inc.		39,764		305,388
Capstead Mtg. Corp.#		58,843		765,547
CareTrust REIT, Inc.		12,280		198,568
CatchMark Timber Trust, Inc., Class A		11,707		129,948
Cedar Realty Trust, Inc.		48,680		330,537
Chambers Street Properties		145,629		1,166,488
Chatham Lodging Trust		20,889		558,990
Chesapeake Lodging Trust		33,719		1,141,725

217

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Colony Financial, Inc.		65,966	$	1,619,465
CorEnergy Infrastructure Trust, Inc.		19,438		129,651
CoreSite Realty Corp.		12,902		491,050
Cousins Properties, Inc.		135,204		1,654,897
CubeSmart		99,574		2,144,824
CyrusOne, Inc.		20,206		554,655
CYS Investments, Inc.		99,563		918,966
DCT Industrial Trust, Inc.		50,544		1,725,075
DiamondRock Hospitality Co.		120,233		1,795,079
DuPont Fabros Technology, Inc.		39,180		1,276,876
Dynex Capital, Inc.#		33,609		289,037
EastGroup Properties, Inc.		19,232		1,292,775
Education Realty Trust, Inc.†		85,724		997,827
Empire State Realty Trust, Inc., Class A		56,298		943,554
EPR Properties		35,117		1,966,201
Equity One, Inc.		37,751		914,707
Excel Trust, Inc.		37,545		492,215
FelCor Lodging Trust, Inc.		76,306		795,109
First Industrial Realty Trust, Inc.		67,671		1,343,269
First Potomac Realty Trust		36,104		446,968
Franklin Street Properties Corp.		55,278		664,442
Geo Group, Inc.		44,603		1,797,055
Getty Realty Corp.		15,716		284,774
Gladstone Commercial Corp.		10,885		192,447
Glimcher Realty Trust		89,150		1,226,704
Government Properties Income Trust		41,938		952,831
Gramercy Property Trust, Inc.#		72,261		426,340
Hatteras Financial Corp.		59,303		1,136,245
Healthcare Realty Trust, Inc.		59,010		1,558,454
Hersha Hospitality Trust		123,272		913,446
Highwoods Properties, Inc.		55,375		2,389,985
Hudson Pacific Properties, Inc.		33,741		948,797
Inland Real Estate Corp.		53,633		578,700
Invesco Mtg. Capital, Inc.		75,632		1,250,197
Investors Real Estate Trust		68,814		561,522
iStar Financial, Inc.†		52,138		745,052
Kite Realty Group Trust		20,203		551,138
LaSalle Hotel Properties		63,939		2,581,217
Lexington Realty Trust		126,346		1,389,806
LTC Properties, Inc.		21,393		894,013
Mack-Cali Realty Corp.		54,475		1,047,010
Medical Properties Trust, Inc.		105,955		1,468,536
Monmouth Real Estate Investment Corp.		34,368		385,265
National Health Investors, Inc.		20,309		1,346,081
New Residential Investment Corp.		86,623		1,122,634
New York Mortgage Trust, Inc.#		55,703		447,852
New York REIT, Inc.#		99,650		1,071,237
One Liberty Properties, Inc.		7,544		172,984
Owens Realty Mortgage, Inc.		6,616		97,454
Parkway Properties, Inc.		48,358		942,014
Pebblebrook Hotel Trust		41,625		1,796,951
Pennsylvania Real Estate Investment Trust		42,237		987,079
PennyMac Mortgage Investment Trust		45,462		985,162
Physicians Realty Trust		29,111		450,056
Potlatch Corp.		24,941		1,036,299
PS Business Parks, Inc.		11,955		973,017
QTS Realty Trust, Inc., Class A		7,363		239,445
RAIT Financial Trust		50,563		373,661
Ramco-Gershenson Properties Trust		47,453		849,409
Redwood Trust, Inc.		50,981		996,679
Resource Capital Corp.#		79,385		418,359
Retail Opportunity Investments Corp.		55,453		912,756
Rexford Industrial Realty, Inc.		28,208		428,480
RLJ Lodging Trust		80,432		2,648,626

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Rouse Properties, Inc.#		22,816	$	417,305
Ryman Hospitality Properties, Inc.#		26,691		1,390,067
Sabra Health Care REIT, Inc.		33,280		942,157
Saul Centers, Inc.		5,985		327,559
Select Income REIT		22,615		522,407
Silver Bay Realty Trust Corp.		23,631		392,984
Sovran Self Storage, Inc.		20,265		1,722,930
STAG Industrial, Inc.		34,805		829,751
Starwood Waypoint Residential Trust		24,031		612,550
Strategic Hotels & Resorts, Inc.†		151,925		2,017,564
Summit Hotel Properties, Inc.		52,569		609,800
Sun Communities, Inc.		29,499		1,737,196
Sunstone Hotel Investors, Inc.		126,226		2,020,878
Terreno Realty Corp.		20,335		423,171
Trade Street Residential, Inc.#		11,406		86,229
UMH Properties, Inc.		11,800		113,044
Universal Health Realty Income Trust		7,453		360,278
Urstadt Biddle Properties, Inc., Class A		15,328		339,975
Washington Real Estate Investment Trust		40,940		1,100,058
Western Asset Mortgage Capital Corp.#		25,633		401,156
Whitestone REIT		13,770		204,622
				95,189,496
Real Estate Management/Services — 0.3%
Altisource Residential Corp.		35,094		711,706
HFF, Inc., Class A		20,159		695,082
Kennedy-Wilson Holdings, Inc.		44,128		1,146,887
Marcus & Millichap, Inc.†		4,920		152,668
RE/MAX Holdings, Inc., Class A		6,538		218,696
				2,925,039
Real Estate Operations & Development — 0.3%
Alexander & Baldwin, Inc.		29,940		1,140,115
BBX Capital Corp., Class A†		4,891		80,653
Capital Senior Living Corp.†		17,832		453,824
Consolidated-Tomoka Land Co.		2,632		140,838
Forestar Group, Inc.†		21,453		343,248
FRP Holdings, Inc.†		4,093		154,224
St. Joe Co.†		38,833		721,906
				3,034,808
Recreational Centers — 0.2%
ClubCorp Holdings, Inc.		13,457		265,238
Life Time Fitness, Inc.†		25,113		1,390,758
Steiner Leisure, Ltd.†		9,034		399,935
				2,055,931
Recreational Vehicles — 0.3%
Arctic Cat, Inc.		7,924		261,888
Brunswick Corp.		56,973		2,830,419
Malibu Boats, Inc., Class A†		5,140		96,221
				3,188,528
Rental Auto/Equipment — 0.2%
Electro Rent Corp.		10,077		140,574
McGrath RentCorp		15,897		560,528
Rent-A-Center, Inc.		32,440		1,119,180
				1,820,282
Research & Development — 0.2%
Albany Molecular Research, Inc.†		14,471		235,443
Arrowhead Research Corp.†#		31,872		185,495
PAREXEL International Corp.†		34,946		2,044,691
				2,465,629

218

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Resorts/Theme Parks — 0.3%
Marriott Vacations Worldwide Corp.		16,481	$	1,211,518
Vail Resorts, Inc.		22,209		1,946,397
				3,157,915
Respiratory Products — 0.0%
Inogen, Inc.†		3,142		76,319
Retail - Apparel/Shoe — 1.3%
Aeropostale, Inc.†#		48,320		168,154
American Eagle Outfitters, Inc.		119,455		1,684,315
ANN, Inc.†		28,772		1,056,795
bebe stores, Inc.		19,268		58,189
Brown Shoe Co., Inc.		26,828		878,885
Buckle, Inc.#		17,325		886,867
Burlington Stores, Inc.†		17,608		786,549
Cato Corp., Class A		16,846		675,861
Children’s Place, Inc.		13,547		759,445
Christopher & Banks Corp.†		22,382		162,046
Destination Maternity Corp.		8,422		135,005
Destination XL Group, Inc.†		21,493		111,119
Express, Inc.†		51,768		773,932
Finish Line, Inc., Class A		29,648		846,154
Francesca’s Holdings Corp.†		25,938		328,894
Genesco, Inc.†		14,737		1,199,150
Guess?, Inc.		37,764		856,110
Men’s Wearhouse, Inc.		29,468		1,376,745
New York & Co., Inc.†		18,003		49,508
Pacific Sunwear of California, Inc.†		30,512		51,260
Shoe Carnival, Inc.		9,292		188,256
Stein Mart, Inc.		17,056		242,195
Tilly’s, Inc., Class A†		6,512		48,645
Vera Bradley, Inc.†		13,398		308,020
Winmark Corp.		1,446		116,793
				13,748,892
Retail - Appliances — 0.1%
Conn’s, Inc.†#		17,016		583,649
hhgregg, Inc.†#		7,392		46,939
				630,588
Retail - Auto Parts — 0.0%
Pep Boys-Manny Moe & Jack†		32,712		318,615
Retail - Automobile — 0.5%
America’s Car-Mart, Inc.†		4,778		245,350
Asbury Automotive Group, Inc.†		18,838		1,426,225
Group 1 Automotive, Inc.		14,876		1,331,551
Lithia Motors, Inc., Class A		14,025		1,030,978
Rush Enterprises, Inc., Class A†		21,107		740,433
Sonic Automotive, Inc., Class A		24,492		631,649
				5,406,186
Retail - Bedding — 0.1%
Mattress Firm Holding Corp.†#		9,208		654,044
Retail - Bookstores — 0.1%
Barnes & Noble, Inc.†		25,203		588,742
Retail - Building Products — 0.1%
Lumber Liquidators Holdings, Inc.†#		16,853		1,071,682
Tile Shop Holdings, Inc.†#		17,233		171,986
				1,243,668
Retail - Computer Equipment — 0.0%
PC Connection, Inc.		5,942		132,922
Systemax, Inc.†		6,953		89,833
				222,755

Security Description	Shares		Value (Note 2)
Retail - Convenience Store — 0.2%
Casey’s General Stores, Inc.		23,649	$	1,979,894
Pantry, Inc.†		14,410		382,586
				2,362,480
Retail - Discount — 0.2%
Citi Trends, Inc.†		9,574		226,521
Fred’s, Inc., Class A		22,645		350,997
HSN, Inc.		20,392		1,487,189
Tuesday Morning Corp.†		26,711		568,944
				2,633,651
Retail - Hair Salons — 0.0%
Regis Corp.†		26,819		443,586
Retail - Home Furnishings — 0.3%
Haverty Furniture Cos., Inc.		12,378		260,681
Kirkland’s, Inc.†		8,986		195,176
Pier 1 Imports, Inc.		58,086		801,587
Restoration Hardware Holdings, Inc.†#		19,156		1,618,107
				2,875,551
Retail - Hypermarkets — 0.0%
Roundy’s, Inc.		24,122		97,212
Retail - Jewelry — 0.0%
Movado Group, Inc.		11,269		323,758
Retail - Leisure Products — 0.0%
MarineMax, Inc.†		15,234		281,981
West Marine, Inc.†		10,746		117,454
				399,435
Retail - Major Department Stores — 0.0%
Sears Hometown and Outlet Stores, Inc.†#		7,130		93,617
Retail - Misc./Diversified — 0.3%
Container Store Group, Inc.†#		10,573		230,280
Five Below, Inc.†#		33,344		1,555,831
Gaiam, Inc., Class A†		9,217		67,745
PriceSmart, Inc.		11,502		1,115,234
				2,969,090
Retail - Office Supplies — 0.2%
Office Depot, Inc.†		328,570		2,178,419
Retail - Pawn Shops — 0.2%
Cash America International, Inc.		17,282		421,854
Ezcorp, Inc., Class A†		31,589		344,004
First Cash Financial Services, Inc.†		17,790		1,027,906
				1,793,764
Retail - Pet Food & Supplies — 0.0%
PetMed Express, Inc.#		12,405		167,467
Retail - Regional Department Stores — 0.0%
Bon-Ton Stores, Inc.#		8,976		75,578
Stage Stores, Inc.		19,474		399,022
				474,600
Retail - Restaurants — 1.9%
Biglari Holdings, Inc.†		1,062		394,480
BJ’s Restaurants, Inc.†		14,554		715,475
Bloomin’ Brands, Inc.†		47,428		1,079,936
Bob Evans Farms, Inc.#		15,169		824,587
Bravo Brio Restaurant Group, Inc.†		11,772		154,566
Buffalo Wild Wings, Inc.†		11,614		1,976,819
Carrols Restaurant Group, Inc.†		21,634		162,471
Cheesecake Factory, Inc.		30,688		1,486,220

219

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Restaurants (continued)
Chuy’s Holdings, Inc.†		10,099	$	216,220
Cracker Barrel Old Country Store, Inc.		11,725		1,500,917
Del Frisco’s Restaurant Group, Inc.†		14,519		322,612
Denny’s Corp.†		53,509		518,502
DineEquity, Inc.		10,227		1,015,848
El Pollo Loco Holdings, Inc.†		5,047		138,389
Famous Dave’s of America, Inc.†#		2,873		73,261
Fiesta Restaurant Group, Inc.†		16,459		922,692
Ignite Restaurant Group, Inc.†#		4,665		35,221
Jack in the Box, Inc.		24,601		1,832,774
Jamba, Inc.†		10,564		130,888
Krispy Kreme Doughnuts, Inc.†		40,030		815,011
Nathan’s Famous, Inc.†		1,932		145,248
Noodles & Co.†#		6,652		162,841
Papa John’s International, Inc.		18,812		992,897
Papa Murphy’s Holdings, Inc.†		3,584		35,947
Popeyes Louisiana Kitchen, Inc.†		14,532		802,748
Potbelly Corp.†#		9,180		120,992
Red Robin Gourmet Burgers, Inc.†		8,781		591,400
Ruby Tuesday, Inc.†		37,752		314,852
Ruth’s Hospitality Group, Inc.		22,136		290,867
Sonic Corp.		33,394		907,983
Texas Roadhouse, Inc.		42,831		1,415,993
Zoe’s Kitchen, Inc.†#		3,584		113,362
				20,212,019
Retail - Sporting Goods — 0.1%
Big 5 Sporting Goods Corp.		11,339		148,768
Hibbett Sports, Inc.†		15,913		798,355
Sportsman’s Warehouse Holdings, Inc.†#		5,980		42,159
Zumiez, Inc.†		12,743		455,817
				1,445,099
Retail - Toy Stores — 0.0%
Build-A-Bear Workshop, Inc.†		7,575		155,893
Retail - Video Rentals — 0.1%
Outerwall, Inc.†#		12,524		880,187
Retail - Vitamins & Nutrition Supplements — 0.1%
Vitamin Shoppe, Inc.†		18,913		905,176
Retirement/Aged Care — 0.0%
Five Star Quality Care, Inc.†		26,438		116,327
Rubber - Tires — 0.1%
Cooper Tire & Rubber Co.		39,002		1,323,338
Rubber/Plastic Products — 0.1%
Myers Industries, Inc.		16,968		276,069
Proto Labs, Inc.†#		13,906		902,500
Trinseo SA†		7,066		108,534
				1,287,103
Satellite Telecom — 0.3%
DigitalGlobe, Inc.†		46,358		1,252,130
Globalstar, Inc.†#		168,694		475,717
Intelsat SA†#		16,811		296,042
Iridium Communications, Inc.†#		49,533		473,040
Loral Space & Communications, Inc.†		8,051		631,923
				3,128,852
Savings & Loans/Thrifts — 1.5%
Astoria Financial Corp.		53,216		704,048
Banc of California, Inc.		17,078		187,858
Bank Mutual Corp.		28,603		184,775
BankFinancial Corp.		11,443		130,336

Security Description	Shares		Value (Note 2)
Savings & Loans/Thrifts (continued)
Beneficial Mutual Bancorp, Inc.†		18,020	$	245,072
Berkshire Hills Bancorp, Inc.		15,427		391,537
BofI Holding, Inc.†		8,723		688,419
Brookline Bancorp, Inc.		43,383		412,572
Capitol Federal Financial, Inc.		87,939		1,100,996
Charter Financial Corp.		11,869		132,933
Clifton Bancorp, Inc.		16,269		205,640
Dime Community Bancshares, Inc.		20,137		305,076
ESB Financial Corp.		7,888		141,669
EverBank Financial Corp.		55,987		1,054,795
First Defiance Financial Corp.		5,939		178,586
First Financial Northwest, Inc.		8,458		99,382
Flagstar Bancorp, Inc.†		12,461		189,906
Flushing Financial Corp.		18,590		357,300
Fox Chase Bancorp, Inc.		7,453		123,347
HomeStreet, Inc.		9,124		148,812
HomeTrust Bancshares, Inc.†		12,815		200,555
Investors Bancorp, Inc.		220,094		2,379,216
Kearny Financial Corp.†		8,607		121,789
Meridian Bancorp, Inc.†		12,485		136,836
Meta Financial Group, Inc.		3,766		132,563
Northfield Bancorp, Inc.		31,121		438,495
Northwest Bancshares, Inc.		58,156		732,184
OceanFirst Financial Corp.		8,237		132,698
Oritani Financial Corp.		28,113		409,044
Pacific Premier Bancorp, Inc.†		10,584		168,391
Provident Financial Services, Inc.		37,035		639,965
Sterling Bancorp		51,364		687,250
Territorial Bancorp, Inc.		5,367		111,741
United Community Financial Corp.		31,087		159,165
United Financial Bancorp, Inc.		32,381		446,210
Washington Federal, Inc.		62,261		1,347,328
Waterstone Financial, Inc.		21,139		261,278
WSFS Financial Corp.		5,477		411,323
				15,899,090
Schools — 0.4%
American Public Education, Inc.†		10,738		360,797
Bridgepoint Education, Inc.†		10,146		108,562
Bright Horizons Family Solutions, Inc.†		18,856		842,863
Capella Education Co.		6,715		457,829
Career Education Corp.†		41,305		242,047
Grand Canyon Education, Inc.†		28,661		1,308,948
ITT Educational Services, Inc.†#		14,359		119,323
K12, Inc.†		21,128		242,972
Strayer Education, Inc.†		6,662		504,247
Universal Technical Institute, Inc.		13,321		139,604
				4,327,192
Security Services — 0.2%
Ascent Capital Group, Inc., Class A†		8,527		458,923
Brink’s Co.		29,761		645,814
LifeLock, Inc.†		49,455		816,502
				1,921,239
Seismic Data Collection — 0.0%
Dawson Geophysical Co.		4,955		67,041
Geospace Technologies Corp.†		8,071		212,752
ION Geophysical Corp.†		79,389		196,091
				475,884
Semiconductor Components - Integrated Circuits — 0.7%
Cirrus Logic, Inc.†		38,131		697,416
Cypress Semiconductor Corp.#		96,912		1,027,267
Emulex Corp.†		43,603		235,892

220

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Semiconductor Components - Integrated Circuits (continued)
Exar Corp.†		24,269	$	221,576
Integrated Device Technology, Inc.†		82,070		1,531,426
MaxLinear, Inc., Class A†		17,115		124,940
Micrel, Inc.		27,410		357,701
Pericom Semiconductor Corp.†		13,626		173,186
Power Integrations, Inc.		18,691		937,541
TriQuint Semiconductor, Inc.†		105,273		2,565,503
Vitesse Semiconductor Corp.†		33,920		112,614
				7,985,062
Semiconductor Equipment — 0.7%
Axcelis Technologies, Inc.†		68,328		146,905
Brooks Automation, Inc.		41,048		480,672
Cabot Microelectronics Corp.†		14,817		700,844
Cascade Microtech, Inc.†		7,851		108,736
Cohu, Inc.		15,513		177,624
Entegris, Inc.†		85,511		1,151,833
FormFactor, Inc.†		34,132		274,421
MKS Instruments, Inc.		32,894		1,198,657
Nanometrics, Inc.†		14,683		217,896
Photronics, Inc.†		37,885		341,723
Rudolph Technologies, Inc.†		20,418		187,437
Tessera Technologies, Inc.		32,850		1,122,813
Ultra Clean Holdings, Inc.†		18,091		157,211
Ultratech, Inc.†		17,234		335,546
Veeco Instruments, Inc.†		24,602		920,361
Xcerra Corp.†		32,646		261,495
				7,784,174
Silver Mining — 0.0%
Hecla Mining Co.#		210,833		497,566
Specified Purpose Acquisitions — 0.1%
FCB Financial Holdings, Inc.†		5,063		122,423
National Bank Holdings Corp., Class A		25,263		485,808
				608,231
Steel Pipe & Tube — 0.1%
Advanced Drainage Systems, Inc.#		9,368		220,242
Furmanite Corp.†		23,107		146,729
Mueller Water Products, Inc., Class A		97,893		929,005
Northwest Pipe Co.†		5,843		193,053
Omega Flex, Inc.		1,769		52,875
				1,541,904
Steel - Producers — 0.3%
AK Steel Holding Corp.†#		108,787		644,019
Commercial Metals Co.		72,346		1,182,134
Ryerson Holding Corp†		6,759		72,929
Schnitzer Steel Industries, Inc., Class A		16,174		368,767
Shiloh Industries, Inc.†		5,100		82,620
Worthington Industries, Inc.		31,622		1,192,466
				3,542,935
Steel - Specialty — 0.0%
Universal Stainless & Alloy Products, Inc.†		4,339		105,785
Storage/Warehousing — 0.2%
Mobile Mini, Inc.		28,704		1,190,929
Wesco Aircraft Holdings, Inc.†		32,221		450,772
				1,641,701
SupraNational Banks — 0.1%
Banco Latinoamericano de Comercio Exterior SA, Class E		18,255		587,628

Security Description	Shares		Value (Note 2)
Telecom Equipment - Fiber Optics — 0.3%
Alliance Fiber Optic Products, Inc.#		7,733	$	98,054
Ciena Corp.†#		64,534		1,066,747
Clearfield, Inc.†#		7,006		91,779
Finisar Corp.†		59,458		1,013,759
Harmonic, Inc.†		58,237		407,659
KVH Industries, Inc.†		9,744		119,072
Oclaro, Inc.†		57,518		103,532
Oplink Communications, Inc.		10,517		254,196
				3,154,798
Telecom Services — 0.5%
Consolidated Communications Holdings, Inc.#		30,963		848,696
EarthLink Holdings Corp.		62,892		276,096
FairPoint Communications, Inc.†		12,761		192,053
GTT Communications, Inc.†		8,656		122,309
Hawaiian Telcom Holdco, Inc.†		6,504		169,104
Inteliquent, Inc.		19,934		367,184
Lumos Networks Corp.		11,553		191,087
NeuStar, Inc., Class A†#		34,464		939,144
ORBCOMM, Inc.†		27,364		177,319
Premiere Global Services, Inc.†		29,644		312,744
RigNet, Inc.†		7,344		300,737
Spok Holdings, Inc.		13,311		211,112
Vonage Holdings Corp.†		107,043		365,017
West Corp.		23,654		738,951
				5,211,553
Telecommunication Equipment — 0.4%
8x8, Inc.†		54,416		423,357
ADTRAN, Inc.		34,665		724,152
Comtech Telecommunications Corp.		9,418		373,800
Numerex Corp., Class A†		8,983		98,633
Plantronics, Inc.		26,144		1,363,933
Preformed Line Products Co.		1,633		77,045
ShoreTel, Inc.†		38,417		287,359
Sonus Networks, Inc.†		151,020		558,774
				3,907,053
Telephone - Integrated — 0.2%
Atlantic Tele-Network, Inc.		5,763		391,769
Cincinnati Bell, Inc.†		128,458		457,310
General Communication, Inc., Class A†		22,066		268,102
IDT Corp., Class B		10,347		175,278
Shenandoah Telecommunications Co.		14,806		438,702
				1,731,161
Television — 0.2%
Central European Media Enterprises, Ltd., Class A†#		43,356		122,697
Gray Television, Inc.†		30,446		316,334
Sinclair Broadcast Group, Inc., Class A#		42,193		1,230,348
				1,669,379
Textile - Apparel — 0.0%
Perry Ellis International, Inc.†		7,467		197,054
Unifi, Inc.†		9,006		256,491
				453,545
Textile - Products — 0.0%
Culp, Inc.		5,379		100,802
Dixie Group, Inc.†		9,198		70,457
				171,259
Theaters — 0.1%
AMC Entertainment Holdings, Inc., Class A		12,936		339,182
Carmike Cinemas, Inc.†		14,868		440,688

221

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Theaters (continued)
National CineMedia, Inc.		37,381	$	529,315
Reading International, Inc., Class A†		10,616		126,224
				1,435,409
Therapeutics — 0.8%
Actinium Pharmaceuticals, Inc.†		13,039		74,844
Agios Pharmaceuticals, Inc.†#		8,339		840,655
Akebia Therapeutics, Inc.†		4,814		58,153
Anika Therapeutics, Inc.†		8,861		362,326
Avanir Pharmaceuticals, Inc.†		118,440		1,767,125
Bio - Path Holdings, Inc.†#		45,090		110,921
Cara Therapeutics, Inc.†		3,311		30,594
Dyax Corp.†		83,442		1,171,526
Egalet Corp.†		2,436		14,665
Esperion Therapeutics, Inc.†#		3,771		119,277
Flexion Therapeutics, Inc.†		2,799		48,003
Hyperion Therapeutics, Inc.†		8,365		171,399
Kite Pharma Inc†#		5,300		222,494
MannKind Corp.†#		140,118		861,726
Mirati Therapeutics, Inc.†		4,408		65,326
Neurocrine Biosciences, Inc.†		46,613		928,997
Northwest Biotherapeutics, Inc.†#		23,582		126,399
Osiris Therapeutics, Inc.†#		11,653		153,237
Otonomy, Inc.†		4,417		106,052
Portola Pharmaceuticals, Inc.†		26,232		737,644
Sarepta Therapeutics, Inc.†#		24,994		423,398
Threshold Pharmaceuticals, Inc.†#		32,097		93,081
Vital Therapies, Inc.†#		3,471		71,884
Xencor, Inc.†		9,003		100,924
Zafgen Inc†		4,240		100,106
				8,760,756
Tobacco — 0.2%
22nd Century Group, Inc.†#		27,691		54,274
Alliance One International, Inc.†		54,164		98,037
Universal Corp.		14,270		570,657
Vector Group, Ltd.#		42,429		922,831
				1,645,799
Toys — 0.0%
JAKKS Pacific, Inc.†#		11,464		84,375
LeapFrog Enterprises, Inc.†		40,120		219,055
				303,430
Transactional Software — 0.3%
ACI Worldwide, Inc.†		69,908		1,359,711
Bottomline Technologies de, Inc.†		24,183		592,967
InnerWorkings, Inc.†		21,544		161,149
Synchronoss Technologies, Inc.†		21,677		928,426
				3,042,253
Transport - Air Freight — 0.1%
Air Transport Services Group, Inc.†		32,109		255,266
Atlas Air Worldwide Holdings, Inc.†		15,504		707,758
				963,024
Transport - Equipment & Leasing — 0.2%
General Finance Corp.†#		6,802		61,898
Greenbrier Cos., Inc.#		16,951		940,441
TAL International Group, Inc.		20,888		923,041
Textainer Group Holdings, Ltd.		13,261		461,483
				2,386,863
Transport - Marine — 0.5%
Ardmore Shipping Corp.		11,091		113,239

Security Description	Shares		Value (Note 2)
Transport - Marine (continued)
Baltic Trading, Ltd.#		30,229	$	94,919
CAI International, Inc.†		10,064		214,464
DHT Holdings, Inc.		56,842		356,399
Dorian LPG, Ltd.†		4,496		61,101
Frontline, Ltd.†#		40,748		50,528
GasLog, Ltd.#		25,873		456,400
Hornbeck Offshore Services, Inc.†		22,275		591,179
International Shipholding Corp.		3,496		57,579
Knightsbridge Shipping, Ltd.#		20,626		117,774
Navios Maritime Acquisition Corp.		50,524		143,488
Navios Maritime Holdings, Inc.		48,753		235,965
Nordic American Offshore, Ltd.#		11,209		146,950
Nordic American Tankers, Ltd.#		54,797		490,981
Safe Bulkers, Inc.		23,908		113,802
Scorpio Bulkers, Inc.†		82,790		270,723
Scorpio Tankers, Inc.#		105,810		872,932
Ship Finance International, Ltd.#		36,317		602,862
Teekay Tankers, Ltd., Class A#		38,246		172,107
Ultrapetrol Bahamas, Ltd.†		13,129		30,853
				5,194,245
Transport - Services — 0.4%
CHC Group, Ltd.†#		20,613		94,820
Echo Global Logistics, Inc.†		14,431		404,790
Era Group, Inc.†		12,501		263,146
Hub Group, Inc., Class A†		22,597		850,099
Matson, Inc.		26,402		929,614
Universal Truckload Services, Inc.		4,039		110,911
UTi Worldwide, Inc.†#		56,216		663,349
XPO Logistics, Inc.†#		32,271		1,248,242
				4,564,971
Transport - Truck — 0.8%
ArcBest Corp.		15,972		693,504
Celadon Group, Inc.		12,856		283,346
Forward Air Corp.		19,171		938,612
Heartland Express, Inc.		33,400		886,102
Knight Transportation, Inc.		36,701		1,221,042
Marten Transport, Ltd.		14,613		314,179
P.A.M. Transportation Services, Inc.†		1,979		89,926
Quality Distribution, Inc.†		16,836		203,211
Roadrunner Transportation Systems, Inc.†		17,125		385,484
Saia, Inc.†		15,153		840,537
Swift Transportation Co.†		52,251		1,518,937
USA Truck, Inc.†		3,848		76,922
Werner Enterprises, Inc.		27,462		851,871
YRC Worldwide, Inc.†		19,211		461,256
				8,764,929
Travel Services — 0.1%
Interval Leisure Group, Inc.		24,405		530,565
Veterinary Diagnostics — 0.1%
Aratana Therapeutics, Inc.†		17,647		233,823
Kindred Biosciences, Inc.†		6,447		62,020
Neogen Corp.†		22,530		998,304
Phibro Animal Health Corp., Class A		9,006		275,224
				1,569,371
Virtual Reality Products — 0.0%
RealD, Inc.†#		24,706		282,884
Vitamins & Nutrition Products — 0.1%
Natural Grocers by Vitamin Cottage, Inc.†#		5,491		123,438
Nature’s Sunshine Products, Inc.		6,680		99,666
Nutraceutical International Corp.†		5,319		112,656

222

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Vitamins & Nutrition Products (continued)
Omega Protein Corp.†		12,843	$	130,356
Synutra International, Inc.†#		10,628		56,541
USANA Health Sciences, Inc.†#		3,693		393,822
				916,479
Water — 0.3%
American States Water Co.		23,827		831,324
Artesian Resources Corp., Class A		4,771		102,481
California Water Service Group		29,373		736,381
Connecticut Water Service, Inc.		6,687		233,042
Middlesex Water Co.		9,823		216,499
PICO Holdings, Inc.†		13,977		256,059
SJW Corp.		9,633		288,412
York Water Co.		7,953		160,650
				2,824,848
Water Treatment Systems — 0.0%
Energy Recovery, Inc.†#		23,648		112,328
Web Hosting/Design — 0.2%
Endurance International Group Holdings, Inc.†#		18,522		307,836
NIC, Inc.		40,072		722,097
Q2 Holdings, Inc.†		6,076		112,953
Rightside Group, Ltd.†		5,359		43,461
Web.com Group, Inc.†		31,815		539,901
Wix.com, Ltd.†#		8,520		182,413
				1,908,661
Web Portals/ISP — 0.0%
Blucora, Inc.†		25,965		368,963
Wire & Cable Products — 0.3%
Belden, Inc.		26,791		1,956,546
Encore Wire Corp.		12,728		466,736
General Cable Corp.		29,892		411,314
Insteel Industries, Inc.		11,218		244,889
				3,079,485
Wireless Equipment — 0.8%
Aerohive Networks, Inc.†#		5,854		28,509
Aruba Networks, Inc.†		65,604		1,227,451
CalAmp Corp.†#		22,080		412,675
Gogo, Inc.†#		34,334		543,164
InterDigital, Inc.		24,856		1,239,817
RF Micro Devices, Inc.†		175,822		2,568,759
Ruckus Wireless, Inc.†		39,837		456,532
Telenav, Inc.†		16,733		115,960
Tessco Technologies, Inc.		3,504		97,832
Ubiquiti Networks, Inc.#		18,261		527,743
ViaSat, Inc.†#		25,421		1,685,412
				8,903,854
Wound, Burn & Skin Care — 0.0%
Derma Sciences, Inc.†#		13,913		114,226
IGI Laboratories, Inc.†		19,669		205,934
				320,160
Total Common Stocks
(cost $792,907,353)				1,055,950,719
WARRANTS† — 0.0%
Oil Companies - Exploration & Production — 0.0%
Magnum Hunter Resources Corp.# Expires 04/15/2016 (Strike price $8.50)		11,522		0

Security Description	Shares/ Principal Amount			Value (Note 2)
WARRANTS† (continued)
Real Estate Management/Services — 0.0%
Tejon Ranch Co. Expires 08/31/2016 (strike price $40.00)		1,364		$	2,387
Total Warrants
(cost $9,886)					2,387
Total Long-Term Investment Securities
(cost $792,917,239)					1,055,953,106
SHORT-TERM INVESTMENT SECURITIES — 12.2%
Registered Investment Companies — 11.0%
State Street Navigator Securities Lending Prime Portfolio(3)		119,064,891			119,064,891
U.S. Government Treasuries — 1.2%
United States Treasury Bills Disc. Notes
0.01% due 12/18/2014(4)	$	3,500,000			3,499,959
0.04% due 12/04/2014		5,000,000			4,999,984
0.04% due 12/18/2014(4)		5,000,000			4,999,942
					13,499,885
Total Short-Term Investment Securities
(cost $132,564,776)					132,564,776
REPURCHASE AGREEMENTS — 1.2%
State Street Bank and Trust Co. Joint Repurchase Agreement(5) (cost $12,659,000)		12,659,000			12,659,000
TOTAL INVESTMENTS
(cost $938,141,015)(6)		110.9	%		1,201,176,882
Liabilities in excess of other assets		(10.9	)		(118,511,789	)
NET ASSETS		100.0	%	$	1,082,665,093

† Non-income producing security

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

(1) Illiquid security. At November 30, 2014, the aggregate value of these securities was $10,033 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) At November 30, 2014, the Fund had loaned securities with a total value of $114,247,001. This was secured by collateral of $119,064,891, which was received in cash and subsequently invested in short-term investments currently valued at $119,064,891 as reported in the portfolio of investments. Additional collateral of $1,633,211 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014
Federal Home Loan Mtg. Corp.	2.50% to 4.00%	08/01/2027 to 06/15/2041	$	70,633
Federal National Mtg. Assoc.	2.00% to 4.00%	10/25/2029 to 05/25/2042		680,433
Government National Mtg. Assoc.	2.75% to 4.00%	11/20/2038 to 11/16/2039		77,731
United States Treasury Bills	zero coupon	01/22/2015 to 10/15/2015		7,273
United States Treasury Notes/Bonds	zero coupon to 8.13%	12/15/2014 to 02/15/2044		797,141

(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.

CVR—Contingent Value Rights

223

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2014		Unrealized Appreciation (Depreciation)
	231	Long	Russell 2000 Mini Index		December 2014	$	26,752,993	$	27,063,960	$	310,967

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Celluar Telecom	$	406,214	$	—	$	0	$	406,214
Medical-Biomedical/Gene		37,503,502		—		10,033		37,513,535
Medical-Drugs		23,878,994		—		0		23,878,994
Oil Companies - Exploration & Production		14,750,182		—		0		14,750,182
Other Industries		979,401,794		—		—		979,401,794
Warrants		2,387		—		—		2,387
Short-Term Investment Securities:
Registered Investment Companies		119,064,891		—		—		119,064,891
U.S. Government Treasuries		—		13,499,885		—		13,499,885
Repurchase Agreements		—		12,659,000		—		12,659,000
Total Investments at Value	$	1,175,007,964	$	26,158,885	$	10,033	$	1,201,176,882
Other Financial Instruments:†
Open Futures Contracts	$	310,967	$	—	$	—	$	310,967

* For a detailed presentation of investments, 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

224

VALIC Company I Small Cap Special Values Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Banks — Commercial	10.1	%
Registered Investment Companies	5.3
Real Estate Investment Trusts	4.9
Time Deposits	4.0
Electronic Components — Misc.	3.5
Retail — Restaurants	3.1
Insurance — Reinsurance	2.6
Consumer Products — Misc.	2.5
Computer Services	2.0
Insurance — Property/Casualty	2.0
Savings & Loans/Thrifts	1.9
Electric — Integrated	1.9
Oil Companies — Exploration & Production	1.8
Machinery — Electrical	1.8
Building & Construction Products — Misc.	1.8
Metal Processors & Fabrication	1.7
Investment Management/Advisor Services	1.6
Machinery — General Industrial	1.6
Electronic Components — Semiconductors	1.5
Medical Products	1.4
Chemicals — Diversified	1.4
Oil — Field Services	1.3
Paper & Related Products	1.3
Insurance — Life/Health	1.2
Medical — Biomedical/Gene	1.2
Electronic Measurement Instruments	1.2
Distribution/Wholesale	1.2
Retail — Apparel/Shoe	1.2
Food — Canned	1.1
Diversified Manufacturing Operations	1.1
Exchange — Traded Funds	1.1
Chemicals — Plastics	1.0
Diversified Operations/Commercial Services	1.0
Aerospace/Defense — Equipment	1.0
Oil & Gas Drilling	1.0
Insurance Brokers	1.0
Computers — Memory Devices	0.9
Engineering/R&D Services	0.9
Publishing — Newspapers	0.9
Chemicals — Specialty	0.9
Funeral Services & Related Items	0.8
Telecommunication Equipment	0.8
Batteries/Battery Systems	0.8
Office Supplies & Forms	0.7
Miscellaneous Manufacturing	0.7
Publishing — Books	0.7
Auto/Truck Parts & Equipment — Replacement	0.7
Networking Products	0.6
Auto/Truck Parts & Equipment — Original	0.6
Beverages — Non-alcoholic	0.6
Finance — Leasing Companies	0.6
Transport — Truck	0.6
Medical Imaging Systems	0.6
Data Processing/Management	0.5
Dental Supplies & Equipment	0.5
Identification Systems	0.5
Human Resources	0.5
Applications Software	0.5
Transactional Software	0.5
Transport — Services	0.5
Medical Sterilization Products	0.5
Computers — Integrated Systems	0.5
Retail — Home Furnishings	0.5
Semiconductor Equipment	0.5
Disposable Medical Products	0.5
Investment Companies	0.4
Multimedia	0.4
Commercial Services — Finance	0.4
Electronic Design Automation	0.4

Recreational Centers	0.4
Rental Auto/Equipment	0.4
Building — Heavy Construction	0.4
Medical — Hospitals	0.4
Semiconductor Components — Integrated Circuits	0.4
Medical Instruments	0.4
Hazardous Waste Disposal	0.4
Garden Products	0.4
Textile — Products	0.4
Rubber — Tires	0.4
Finance — Mortgage Loan/Banker	0.4
Housewares	0.3
Apparel Manufacturers	0.3
Retail — Computer Equipment	0.3
Security Services	0.3
Tobacco	0.3
Telecom Services	0.3
Food — Retail	0.3
Building — Maintenance & Services	0.3
Diagnostic Kits	0.2
Footwear & Related Apparel	0.2
Medical — Drugs	0.2
Electronic Parts Distribution	0.2
Retail — Misc./Diversified	0.2
Building — Residential/Commercial	0.2
Machinery — Construction & Mining	0.2
Retail — Discount	0.2
Printing — Commercial	0.2
Building & Construction — Misc.	0.2
Finance — Consumer Loans	0.1
Food — Wholesale/Distribution	0.1
Medical — HMO	0.1
Lasers — System/Components	0.1
Television	0.1
Building Products — Cement	0.1
Silver Mining	0.1
Precious Metals	0.1
Building Products — Doors & Windows	0.1
Retail — Convenience Store	0.1
	105.1	%

* Calculated as a percentage of net assets

225

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 94.7%
Aerospace/Defense - Equipment — 1.0%
AAR Corp.		28,166	$	721,895
Alliant Techsystems, Inc.		8,905		1,012,320
Triumph Group, Inc.		9,870		671,752
				2,405,967
Apparel Manufacturers — 0.3%
Delta Apparel, Inc.†		71,125		768,150
Applications Software — 0.5%
Progress Software Corp.†		49,072		1,265,567
Auto/Truck Parts & Equipment - Original — 0.6%
American Axle & Manufacturing Holdings, Inc.†		68,878		1,469,856
Auto/Truck Parts & Equipment - Replacement — 0.7%
Douglas Dynamics, Inc.		68,305		1,573,064
Banks - Commercial — 10.1%
Associated Banc-Corp.		129,413		2,391,552
BBCN Bancorp, Inc.		50,657		705,145
Blue Hills Bancorp, Inc.†		43,872		579,988
Chemical Financial Corp.		7,474		216,522
First Citizens BancShares, Inc., Class A		18,650		4,729,640
First Horizon National Corp.		82,450		1,052,062
First Midwest Bancorp, Inc.		26,810		448,531
FirstMerit Corp.		51,325		918,204
Fulton Financial Corp.		76,140		909,112
Hancock Holding Co.		59,650		1,951,152
International Bancshares Corp.		11,502		293,531
NBT Bancorp, Inc.		10,312		250,685
Old National Bancorp		61,170		868,614
Prosperity Bancshares, Inc.		13,947		783,542
Synovus Financial Corp.		37,966		981,041
TCF Financial Corp.		153,436		2,381,327
UMB Financial Corp.		43,667		2,423,082
Umpqua Holdings Corp.		25,350		430,697
Webster Financial Corp.		20,960		659,611
WesBanco, Inc.		10,466		347,576
Wintrust Financial Corp.		21,774		973,080
				24,294,694
Batteries/Battery Systems — 0.8%
EnerSys		30,057		1,825,362
Beverages - Non-alcoholic — 0.6%
Cott Corp.		218,434		1,430,743
Building & Construction Products - Misc. — 1.8%
Owens Corning		14,500		505,180
Quanex Building Products Corp.		51,780		1,024,208
Simpson Manufacturing Co., Inc.		81,603		2,709,220
				4,238,608
Building & Construction - Misc. — 0.2%
Aegion Corp.†		20,138		383,629
Building Products - Cement — 0.1%
Continental Building Products, Inc.†		17,869		298,412
Building Products - Doors & Windows — 0.1%
Griffon Corp.		14,688		182,866
Building - Heavy Construction — 0.4%
Tutor Perini Corp.†		37,738		952,884
Building - Maintenance & Services — 0.3%
ABM Industries, Inc.		22,645		613,453
Building - Residential/Commercial — 0.2%
KB Home#		28,010		492,136

Security Description	Shares		Value (Note 2)
Chemicals - Diversified — 1.4%
Innospec, Inc.		54,776	$	2,347,699
Koppers Holdings, Inc.		12,372		361,015
Olin Corp.		27,065		680,956
				3,389,670
Chemicals - Plastics — 1.0%
A. Schulman, Inc.		65,939		2,522,826
Chemicals - Specialty — 0.9%
Cabot Corp.		17,529		755,149
Sensient Technologies Corp.		22,782		1,342,999
				2,098,148
Commercial Services - Finance — 0.4%
Liberty Tax, Inc.†		28,095		1,070,560
Computer Services — 2.0%
DST Systems, Inc.		22,554		2,238,485
Science Applications International Corp.		13,295		673,126
Sykes Enterprises, Inc.†		86,073		1,994,311
				4,905,922
Computers - Integrated Systems — 0.5%
Brocade Communications Systems, Inc.		104,418		1,180,968
Computers - Memory Devices — 0.9%
Imation Corp.†		551,825		1,749,285
Quantum Corp.†#		345,101		545,260
				2,294,545
Consumer Products - Misc. — 2.5%
Blyth, Inc.#		48,411		492,340
Central Garden & Pet Co.†		78,038		571,238
Helen of Troy, Ltd.†		30,574		1,976,915
Spectrum Brands Holdings, Inc.		6,815		626,775
WD-40 Co.		30,857		2,348,218
				6,015,486
Data Processing/Management — 0.5%
Acxiom Corp.†		50,323		957,646
CSG Systems International, Inc.		14,640		367,757
				1,325,403
Dental Supplies & Equipment — 0.5%
Patterson Cos., Inc.		27,342		1,317,338
Diagnostic Kits — 0.2%
Meridian Bioscience, Inc.		35,862		589,930
Disposable Medical Products — 0.5%
ICU Medical, Inc.†		13,024		1,089,979
Distribution/Wholesale — 1.2%
Ingram Micro, Inc., Class A†		38,624		1,059,456
Owens & Minor, Inc.		53,914		1,844,398
				2,903,854
Diversified Manufacturing Operations — 1.1%
Barnes Group, Inc.		28,441		1,044,638
Crane Co.		15,048		888,284
LSB Industries, Inc.†		18,547		613,349
				2,546,271
Diversified Operations/Commercial Services — 1.0%
Viad Corp.		103,978		2,498,591
Electric - Integrated — 1.9%
Cleco Corp.		23,088		1,240,518
IDACORP, Inc.		20,055		1,245,616

226

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electric - Integrated (continued)
Portland General Electric Co.		33,060	$	1,218,922
TECO Energy, Inc.		41,425		821,458
				4,526,514
Electronic Components - Misc. — 3.5%
AVX Corp.		83,102		1,187,528
Celestica, Inc.†		27,305		293,802
GSI Group, Inc.†		169,168		2,145,050
Knowles Corp.†		68,516		1,431,299
Sanmina Corp.†		28,162		692,785
Vishay Intertechnology, Inc.		191,069		2,650,127
				8,400,591
Electronic Components - Semiconductors — 1.5%
DSP Group, Inc.†		84,636		915,762
Integrated Silicon Solution, Inc.		13,430		194,332
IXYS Corp.		15,890		181,623
Microsemi Corp.†		49,645		1,350,344
QLogic Corp.†		83,845		967,571
				3,609,632
Electronic Design Automation — 0.4%
Mentor Graphics Corp.		47,795		1,061,527
Electronic Measurement Instruments — 1.2%
ESCO Technologies, Inc.		30,058		1,082,689
Itron, Inc.†		13,650		551,460
Orbotech, Ltd.†		89,664		1,327,924
				2,962,073
Electronic Parts Distribution — 0.2%
Tech Data Corp.†		9,205		573,748
Engineering/R&D Services — 0.9%
EMCOR Group, Inc.		51,816		2,246,224
Finance - Consumer Loans — 0.1%
Nelnet, Inc., Class A		7,632		349,851
Finance - Leasing Companies — 0.6%
Aircastle, Ltd.		67,318		1,393,483
Finance - Mortgage Loan/Banker — 0.4%
Home Loan Servicing Solutions, Ltd.		43,225		844,616
Food - Canned — 1.1%
TreeHouse Foods, Inc.†		32,053		2,594,690
Food - Retail — 0.3%
SUPERVALU, Inc.†		68,681		642,854
Food - Wholesale/Distribution — 0.1%
SpartanNash Co.		14,980		349,483
Footwear & Related Apparel — 0.2%
Steven Madden, Ltd.†		17,241		587,918
Funeral Services & Related Items — 0.8%
Matthews International Corp., Class A		43,173		1,988,980
Garden Products — 0.4%
Scotts Miracle-Gro Co., Class A		14,541		887,437
Hazardous Waste Disposal — 0.4%
Clean Harbors, Inc.†		19,107		893,252
Housewares — 0.3%
Tupperware Brands Corp.		11,695		786,489
Human Resources — 0.5%
Korn/Ferry International†		46,662		1,266,873

Security Description	Shares		Value (Note 2)
Identification Systems — 0.5%
Brady Corp., Class A		51,488	$	1,287,200
Insurance Brokers — 1.0%
Brown & Brown, Inc.		71,318		2,296,440
Insurance - Life/Health — 1.2%
Fidelity & Guaranty Life		25,451		637,039
Protective Life Corp.		24,665		1,719,397
Symetra Financial Corp.		28,470		645,130
				3,001,566
Insurance - Property/Casualty — 2.0%
Hanover Insurance Group, Inc.		17,670		1,259,518
ProAssurance Corp.		49,094		2,213,648
Stewart Information Services Corp.		37,025		1,314,017
				4,787,183
Insurance - Reinsurance — 2.6%
Aspen Insurance Holdings, Ltd.		22,100		977,483
Endurance Specialty Holdings, Ltd.		34,063		2,009,036
Essent Group, Ltd.†		34,962		881,042
Montpelier Re Holdings, Ltd.		16,450		560,123
Validus Holdings, Ltd.		44,707		1,855,340
				6,283,024
Investment Companies — 0.4%
Apollo Investment Corp.#		93,767		772,640
Prospect Capital Corp.#		31,948		301,270
				1,073,910
Investment Management/Advisor Services — 1.6%
CIFC Corp.#		55,094		487,031
Federated Investors, Inc., Class B#		15,584		489,961
Janus Capital Group, Inc.#		50,355		791,580
Westwood Holdings Group, Inc.		34,888		2,078,976
				3,847,548
Lasers - System/Components — 0.1%
Coherent, Inc.†		5,850		323,856
Machinery - Construction & Mining — 0.2%
Hyster-Yale Materials Handling, Inc.		6,244		458,372
Machinery - Electrical — 1.8%
Franklin Electric Co., Inc.		71,949		2,702,405
Regal-Beloit Corp.		21,748		1,572,815
				4,275,220
Machinery - General Industrial — 1.6%
Kadant, Inc.		95,546		3,812,285
Medical Imaging Systems — 0.6%
Analogic Corp.		18,259		1,329,985
Medical Instruments — 0.4%
CryoLife, Inc.		30,691		309,979
Integra LifeSciences Holdings Corp.†		12,575		619,193
				929,172
Medical Products — 1.4%
Haemonetics Corp.†		38,981		1,439,568
Hill-Rom Holdings, Inc.		25,444		1,164,318
West Pharmaceutical Services, Inc.		15,506		806,467
				3,410,353
Medical Sterilization Products — 0.5%
STERIS Corp.		19,297		1,230,184
Medical - Biomedical/Gene — 1.2%
Bio-Rad Laboratories, Inc., Class A†		11,657		1,384,735

227

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Charles River Laboratories International, Inc.†		12,235	$	792,216
Theravance, Inc.#		54,351		822,331
				2,999,282
Medical - Drugs — 0.2%
Prestige Brands Holdings, Inc.†		17,515		585,877
Medical - HMO — 0.1%
Triple-S Management Corp., Class B†		14,333		331,379
Medical - Hospitals — 0.4%
Select Medical Holdings Corp.		65,840		950,071
Metal Processors & Fabrication — 1.7%
Global Brass & Copper Holdings, Inc.		22,055		270,174
LB Foster Co., Class A		3,870		179,374
Mueller Industries, Inc.		93,874		3,080,006
Worthington Industries, Inc.		17,632		664,903
				4,194,457
Miscellaneous Manufacturing — 0.7%
Hillenbrand, Inc.		51,679		1,661,997
Multimedia — 0.4%
Meredith Corp.#		20,343		1,073,703
Networking Products — 0.6%
Ixia†		66,365		688,205
NETGEAR, Inc.†		24,262		842,377
				1,530,582
Office Supplies & Forms — 0.7%
ACCO Brands Corp.†		190,089		1,665,180
Oil & Gas Drilling — 1.0%
Atwood Oceanics, Inc.†		53,881		1,729,041
Patterson-UTI Energy, Inc.		36,877		652,354
				2,381,395
Oil Companies - Exploration & Production — 1.8%
Bellatrix Exploration, Ltd.†#		93,440		377,498
Bill Barrett Corp.†		61,573		623,735
Comstock Resources, Inc.#		69,348		614,423
Energy XXI, Ltd.#		42,340		169,783
Gran Tierra Energy, Inc.†		111,140		424,555
Stone Energy Corp.†		39,647		626,423
Ultra Petroleum Corp.†#		45,805		909,229
Unit Corp.†		15,788		603,417
				4,349,063
Oil - Field Services — 1.3%
CARBO Ceramics, Inc.#		27,528		1,047,165
Frank’s International NV#		40,037		719,865
Steel Excel, Inc.†		51,325		1,488,425
				3,255,455
Paper & Related Products — 1.3%
Neenah Paper, Inc.		22,506		1,288,243
Schweitzer-Mauduit International, Inc.		44,750		1,913,958
				3,202,201
Precious Metals — 0.1%
Coeur Mining, Inc.†		64,383		264,614
Printing - Commercial — 0.2%
RR Donnelley & Sons Co.		26,240		441,882
Publishing - Books — 0.7%
Courier Corp.		76,163		1,050,288

Security Description	Shares		Value (Note 2)
Publishing - Books (continued)
John Wiley & Sons, Inc., Class A		10,102	$	603,291
				1,653,579
Publishing - Newspapers — 0.9%
AH Belo Corp., Class A		183,876		2,206,512
Real Estate Investment Trusts — 4.9%
Apollo Residential Mortgage, Inc.		29,080		480,402
Ashford Hospitality Prime, Inc.		16,352		286,978
Ashford Hospitality Trust, Inc.		57,385		601,395
Associated Estates Realty Corp.		28,326		635,069
Brandywine Realty Trust		64,000		989,440
CBL & Associates Properties, Inc.		37,755		734,335
Geo Group, Inc.		21,303		858,298
Hatteras Financial Corp.		93,603		1,793,433
Hospitality Properties Trust		36,644		1,121,306
Mack-Cali Realty Corp.		37,912		728,669
New Residential Investment Corp.		69,820		904,867
Omega Healthcare Investors, Inc.		23,630		903,138
Pennsylvania Real Estate Investment Trust		39,205		916,221
RAIT Financial Trust		108,783		803,906
				11,757,457
Recreational Centers — 0.4%
Life Time Fitness, Inc.†		19,060		1,055,543
Rental Auto/Equipment — 0.4%
Aaron’s, Inc.		35,645		1,011,605
Retail - Apparel/Shoe — 1.2%
Ascena Retail Group, Inc.†		75,373		1,009,245
Christopher & Banks Corp.†		65,075		471,143
Guess?, Inc.		58,402		1,323,973
				2,804,361
Retail - Computer Equipment — 0.3%
GameStop Corp., Class A#		20,219		764,480
Retail - Convenience Store — 0.1%
TravelCenters of America LLC†		14,900		139,315
Retail - Discount — 0.2%
Big Lots, Inc.		8,890		451,612
Retail - Home Furnishings — 0.5%
Pier 1 Imports, Inc.		85,332		1,177,582
Retail - Misc./Diversified — 0.2%
CST Brands, Inc.		11,775		514,096
Retail - Restaurants — 3.1%
Brinker International, Inc.		25,555		1,439,513
Denny’s Corp.†		162,933		1,578,821
DineEquity, Inc.		25,420		2,524,969
Krispy Kreme Doughnuts, Inc.†		54,669		1,113,061
Wendy’s Co.		88,595		772,548
				7,428,912
Rubber - Tires — 0.4%
Cooper Tire & Rubber Co.		24,950		846,553
Savings & Loans/Thrifts — 1.9%
Clifton Bancorp, Inc.		41,400		523,296
First Niagara Financial Group, Inc.		229,189		1,872,474
People’s United Financial, Inc.#		81,639		1,206,625
Washington Federal, Inc.		43,180		934,415
				4,536,810
Security Services — 0.3%
Brink’s Co.		34,620		751,254

228

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Semiconductor Components - Integrated Circuits — 0.4%
Exar Corp.†		103,767	$	947,393
Semiconductor Equipment — 0.5%
Kulicke & Soffa Industries, Inc.†		78,644		1,099,443
Silver Mining — 0.1%
Pan American Silver Corp.		30,794		288,232
Telecom Services — 0.3%
Aviat Networks, Inc.†		180,935		273,212
EarthLink Holdings Corp.		90,782		398,533
				671,745
Telecommunication Equipment — 0.8%
ARRIS Group, Inc.†		24,921		741,898
Plantronics, Inc.		23,290		1,215,039
				1,956,937
Television — 0.1%
CTC Media, Inc.		51,500		306,940
Textile - Products — 0.4%
Dixie Group, Inc.†		111,003		850,283
Tobacco — 0.3%
Universal Corp.#		17,868		714,541
Transactional Software — 0.5%
ACI Worldwide, Inc.†		64,285		1,250,343
Transport - Services — 0.5%
Ryder System, Inc.		13,055		1,247,014
Transport - Truck — 0.6%
Forward Air Corp.		27,378		1,340,427
Total Common Stocks
(cost $197,128,249)				228,917,522
EXCHANGE-TRADED FUNDS — 1.1%
iShares Russell 2000 Value ETF#		15,374		1,532,788
iShares Russell Microcap Index Fund#		13,582		1,000,586
Total Exchange-Traded Funds
(cost $2,490,341)				2,533,374
Total Long-Term Investment Securities
(cost $199,618,590)				231,450,896

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 9.3%
Registered Investment Companies — 5.3%
State Street Navigator Securities Lending Prime Portfolio(1)		12,944,581		$	12,944,581
Time Deposits — 4.0%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014	$	9,626,000			9,626,000
Total Short-Term Investment Securities
(cost $22,570,581)					22,570,581
TOTAL INVESTMENTS
(cost $222,189,171)(2)		105.1	%		254,021,477
Liabilities in excess of other assets		(5.1	)		(12,317,061	)
NET ASSETS		100.0	%	$	241,704,416

† Non-income producing security

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

(1) At November 30, 2014, the Fund had loaned securities with a total value of $12,209,872. This was secured by collateral of $12,944,581, which was received in cash and subsequently invested in short-term investments currently valued at $12,944,581 as reported in the portfolio of investments. Additional collateral of $119,520 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014
United States Treasury Notes/Bonds	0.63% to 6.13%	12/31/2014 to 11/15/2043	$199,520

(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, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	228,917,522	$	—	$	—	$	228,917,522
Exchange-Traded Funds		2,533,374		—		—		2,533,374
Short-Term Investment Securities:
Registered Investment Companies		12,944,581		—		—		12,944,581
Time Deposits		—		9,626,000		—		9,626,000
Total Investments at Value	$	244,395,477	$	9,626,000	$	—	$	254,021,477

* For a detailed presentation of investments, 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

229

VALIC Company I Small-Mid Growth Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Registered Investment Companies	17.4	%
Retail — Apparel/Shoe	5.0
Applications Software	4.7
Medical — Biomedical/Gene	4.0
Commercial Services	3.9
Retail — Restaurants	3.8
Medical — Drugs	3.3
Banks — Commercial	3.1
Food — Misc./Diversified	2.8
Machinery — Pumps	2.6
Finance — Consumer Loans	2.6
Real Estate Management/Services	2.6
Power Converter/Supply Equipment	2.6
Medical Products	2.4
Instruments — Controls	2.4
Transport — Truck	2.3
Electronic Components — Semiconductors	2.1
Commercial Services — Finance	2.0
Building — Heavy Construction	1.8
Medical — Hospitals	1.7
Retail — Misc./Diversified	1.6
Retail — Perfume & Cosmetics	1.6
Web Hosting/Design	1.5
Computers — Periphery Equipment	1.5
Medical Instruments	1.5
Enterprise Software/Service	1.4
Distribution/Wholesale	1.4
Retail — Home Furnishings	1.4
Oil Field Machinery & Equipment	1.4
Diagnostic Equipment	1.4
Food — Canned	1.4
Apparel Manufacturers	1.4
Industrial Gases	1.3
Electronic Connectors	1.3
Oil Companies — Exploration & Production	1.3
Financial Guarantee Insurance	1.2
Building — Residential/Commercial	1.2
Chemicals — Specialty	1.2
Computer Software	1.2
Oil — Field Services	1.2
Machinery — General Industrial	1.1
Instruments — Scientific	0.9
Communications Software	0.9
Telecom Services	0.8
Office Supplies & Forms	0.8
Food — Retail	0.8
Auto/Truck Parts & Equipment — Original	0.8
Non-Hazardous Waste Disposal	0.8
MRI/Medical Diagnostic Imaging	0.8
Internet Content — Entertainment	0.7
Coatings/Paint	0.7
Office Furnishings — Original	0.7
Consulting Services	0.7
Aerospace/Defense	0.6
Cruise Lines	0.6
Banks — Super Regional	0.6
Human Resources	0.5
Physicians Practice Management	0.5
Transport — Rail	0.4
Therapeutics	0.4
Machine Tools & Related Products	0.4
Athletic Equipment	0.4
Hazardous Waste Disposal	0.4
Television	0.4
Drug Delivery Systems	0.3
Veterinary Diagnostics	0.2
Wireless Equipment	0.1
Computer Data Security	0.1
	116.9	%

* Calculated as a percentage of net assets

230

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.5%
Aerospace/Defense — 0.6%
Aerovironment, Inc.†		27,893	$	772,915
Apparel Manufacturers — 1.4%
Under Armour, Inc., Class A†		22,330		1,618,702
Applications Software — 4.7%
Demandware, Inc.†#		9,757		546,392
NetSuite, Inc.†#		13,797		1,459,033
Red Hat, Inc.†		22,018		1,368,419
ServiceNow, Inc.†		25,613		1,638,207
Tableau Software, Inc., Class A†		7,670		643,360
				5,655,411
Athletic Equipment — 0.4%
Black Diamond, Inc.†#		54,293		493,523
Auto/Truck Parts & Equipment-Original — 0.8%
BorgWarner, Inc.		16,690		943,986
Banks - Commercial — 3.1%
Eagle Bancorp, Inc.†		39,852		1,367,721
First Republic Bank		45,996		2,370,174
				3,737,895
Banks - Super Regional — 0.6%
Independent Bank Group, Inc.		15,868		680,737
Building - Heavy Construction — 1.8%
SBA Communications Corp., Class A†		17,517		2,131,293
Building - Residential/Commercial — 1.2%
M/I Homes, Inc.†		64,359		1,475,108
Chemicals - Specialty — 1.2%
International Flavors & Fragrances, Inc.		14,340		1,450,778
Coatings/Paint — 0.7%
Axalta Coating Systems, Ltd.†		33,794		804,297
Commercial Services — 3.9%
Healthcare Services Group, Inc.#		75,551		2,278,618
HMS Holdings Corp.†#		66,929		1,396,139
Quanta Services, Inc.†		30,588		932,934
				4,607,691
Commercial Services - Finance — 2.0%
EVERTEC, Inc.		45,474		1,002,247
FleetCor Technologies, Inc.†		9,297		1,412,121
				2,414,368
Communications Software — 0.9%
Mavenir Systems, Inc.†#		83,554		1,057,794
Computer Data Security — 0.1%
A10 Networks, Inc.†#		23,254		94,876
Computer Software — 1.2%
InterXion Holding NV†		51,150		1,425,551
Computers - Periphery Equipment — 1.5%
Electronics for Imaging, Inc.†		39,736		1,766,265
Consulting Services — 0.7%
Advisory Board Co.†		18,325		780,645
Cruise Lines — 0.6%
Norwegian Cruise Line Holdings, Ltd.†		16,113		707,200
Diagnostic Equipment — 1.4%
Cepheid†		29,609		1,630,864
Distribution/Wholesale — 1.4%
LKQ Corp.†		58,390		1,696,229

Security Description	Shares		Value (Note 2)
Drug Delivery Systems — 0.3%
Revance Therapeutics, Inc.†#		20,033	$	329,343
Electronic Components - Semiconductors — 2.1%
IPG Photonics Corp.†#		17,109		1,233,388
Xilinx, Inc.		28,833		1,310,171
				2,543,559
Electronic Connectors — 1.3%
Amphenol Corp., Class A		29,486		1,581,334
Enterprise Software/Service — 1.4%
Guidewire Software, Inc.†		32,016		1,615,848
OPOWER, Inc.†#		7,107		110,656
				1,726,504
Finance - Consumer Loans — 2.6%
Navient Corp.		99,350		2,082,376
SLM Corp.		107,195		1,037,648
				3,120,024
Financial Guarantee Insurance — 1.2%
MGIC Investment Corp.†		125,527		1,168,657
Radian Group, Inc.#		18,844		321,290
				1,489,947
Food - Canned — 1.4%
TreeHouse Foods, Inc.†		20,003		1,619,243
Food - Misc./Diversified — 2.8%
Hain Celestial Group, Inc.†		19,257		2,180,277
McCormick & Co., Inc.		16,190		1,203,403
				3,383,680
Food - Retail — 0.8%
Sprouts Farmers Market, Inc.†#		30,346		964,699
Hazardous Waste Disposal — 0.4%
Stericycle, Inc.†		3,782		487,575
Human Resources — 0.5%
TriNet Group, Inc.†		19,345		612,463
Industrial Gases — 1.3%
Airgas, Inc.		13,689		1,582,859
Instruments - Controls — 2.4%
Mettler-Toledo International, Inc.†		4,264		1,250,461
Sensata Technologies Holding NV†		32,392		1,605,671
				2,856,132
Instruments - Scientific — 0.9%
PerkinElmer, Inc.		23,758		1,080,276
Internet Content - Entertainment — 0.7%
Pandora Media, Inc.†		43,826		861,619
Machine Tools & Related Products — 0.4%
Kennametal, Inc.		14,211		523,249
Machinery - General Industrial — 1.1%
IDEX Corp.		16,390		1,258,916
Machinery - Pumps — 2.6%
Flowserve Corp.		15,515		913,368
Graco, Inc.		27,575		2,208,758
				3,122,126
Medical Instruments — 1.5%
Bruker Corp.†		32,449		622,372
DexCom, Inc.†		21,724		1,117,917
				1,740,289

231

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products — 2.4%
Henry Schein, Inc.†		8,673	$	1,189,936
Teleflex, Inc.		6,758		805,216
Tornier NV†		34,386		917,762
				2,912,914
Medical - Biomedical/Gene — 4.0%
Achillion Pharmaceuticals, Inc.†#		78,887		1,015,276
Avalanche Biotechnologies, Inc.†#		8,808		347,828
Bluebird Bio, Inc.†		11,656		480,577
Corium International, Inc.†#		35,965		193,492
Medivation, Inc.†		12,932		1,498,689
Stemline Therapeutics, Inc.†#		21,303		316,989
Synageva BioPharma Corp.†#		5,147		417,936
Ultragenyx Pharmaceutical, Inc.†		8,772		382,371
Versartis, Inc.†#		9,287		167,352
				4,820,510
Medical - Drugs — 3.3%
Aerie Pharmaceuticals, Inc.†#		12,882		339,698
Alkermes PLC†		12,869		708,052
Amicus Therapeutics, Inc.†		44,875		355,859
Cempra, Inc.†#		34,148		491,390
Clovis Oncology, Inc.†#		14,759		702,233
Enanta Pharmaceuticals, Inc.†#		6,123		287,414
Forward Pharma A/S ADR†#		10,727		213,896
Ophthotech Corp.†#		10,137		437,412
Swedish Orphan Biovitrum AB ADR†(1)		34,023		381,738
				3,917,692
Medical - Hospitals — 1.7%
Acadia Healthcare Co., Inc.†		24,511		1,519,927
Adeptus Health, Inc., Class A†#		17,484		532,213
				2,052,140
MRI/Medical Diagnostic Imaging — 0.8%
Surgical Care Affiliates, Inc.†#		28,588		909,098
Multimedia — 0.0%
RLJ Entertainment, Inc.†#		11,299		33,897
Non-Hazardous Waste Disposal — 0.8%
Waste Connections, Inc.		19,575		924,136
Office Furnishings - Original — 0.7%
Interface, Inc.		53,013		801,557
Office Supplies & Forms — 0.8%
Avery Dennison Corp.		20,067		993,517
Oil Companies - Exploration & Production — 1.3%
Laredo Petroleum, Inc.†#		38,238		399,587
Rosetta Resources, Inc.†		8,726		256,719
Whiting Petroleum Corp.†		20,853		871,030
				1,527,336
Oil Field Machinery & Equipment — 1.4%
Dril-Quip, Inc.†		20,965		1,671,959
Oil - Field Services — 1.2%
Core Laboratories NV		7,380		950,765
RPC, Inc.		34,754		461,881
				1,412,646
Physicians Practice Management — 0.5%
MEDNAX, Inc.†		8,283		542,205
Power Converter/Supply Equipment — 2.6%
Generac Holdings, Inc.†#		34,241		1,485,374
Hubbell, Inc., Class B		15,176		1,620,797
				3,106,171

Security Description	Shares			Value (Note 2)
Real Estate Management/Services — 2.6%
CBRE Group, Inc., Class A†		69,584		$	2,347,764
HFF, Inc., Class A		22,245			767,008
					3,114,772
Retail - Apparel/Shoe — 5.0%
Burlington Stores, Inc.†		37,679			1,683,121
Kate Spade & Co.†		70,975			2,273,329
PVH Corp.		15,628			1,986,944
					5,943,394
Retail - Home Furnishings — 1.4%
Restoration Hardware Holdings, Inc.†#		20,067			1,695,059
Retail - Misc./Diversified — 1.6%
Five Below, Inc.†#		39,993			1,866,073
Retail - Perfume & Cosmetics — 1.6%
Ulta Salon Cosmetics & Fragrance, Inc.†		14,710			1,860,668
Retail - Pet Food & Supplies — 0.0%
Freshpet, Inc.†#		3,299			55,126
Retail - Restaurants — 3.8%
Bloomin’ Brands, Inc.†		33,626			765,664
Chuy’s Holdings, Inc.†#		33,352			714,066
Jack in the Box, Inc.		12,820			955,090
Panera Bread Co., Class A†#		8,561			1,433,112
Zoe’s Kitchen, Inc.†#		21,300			673,719
					4,541,651
Telecom Services — 0.8%
Level 3 Communications, Inc.†		20,247			1,012,350
Television — 0.4%
AMC Networks, Inc., Class A†		7,463			484,050
Therapeutics — 0.4%
Neurocrine Biosciences, Inc.†		26,359			525,335
Transport - Rail — 0.4%
Kansas City Southern		4,526			538,322
Transport - Truck — 2.3%
Roadrunner Transportation Systems, Inc.†		54,753			1,232,490
Swift Transportation Co.†		52,808			1,535,129
					2,767,619
Veterinary Diagnostics — 0.2%
Aratana Therapeutics, Inc.†		14,008			185,606
Web Hosting/Design — 1.5%
Equinix, Inc.		7,985			1,813,952
Wireless Equipment — 0.1%
Aerohive Networks, Inc.†#		22,687			110,486
Total Long-Term Investment Securities
(cost $102,324,390)					118,970,206
SHORT-TERM INVESTMENT SECURITIES — 17.4%
Registered Investment Companies — 17.4%
SSgA U.S. Government Money Market Fund		737,477			737,477
State Street Navigator Securities Lending Prime Portfolio(2)		20,098,230			20,098,230
Total Short-Term Investment Securities
(cost $20,835,707)					20,835,707
TOTAL INVESTMENTS
(cost $123,160,097)(3)		116.9	%		139,805,913
Liabilities in excess of other assets		(16.9	)		(20,222,939	)
NET ASSETS		100.0	%	$	119,582,974

232

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

† Non-income producing security

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

(1) Illiquid security. At November 30, 2014, the aggregate value of these securities was $381,738 representing 0.3% of net assets.

(2) At November 30, 2014, the Fund had loaned securities with a total value of $19,387,411. This was secured by collateral of $20,098,230, which was received in cash and subsequently invested in short-term investments currently valued at $20,098,230 as reported in the portfolio of investments. Additional collateral of $59,903 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014
Federal Home Loan Mtg. Corp.	2.50% to 4.00%	08/01/2027 to 06/15/2041	$	5,023
Federal National Mtg. Assoc.	2.00% to 4.00%	10/25/2029 to 05/25/2042		48,386
Government National Mtg. Assoc.	2.75% to 4.00%	11/20/2038 to 11/16/2039		5,527
United States Treasury Notes/Bonds	1.50% to 1.50%	02/28/2019 to 02/28/2019		967

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

ADR— American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value *
Common Stocks	$	118,970,206	$	—	$	—	$	118,970,206
Short-Term Investment Securities		20,835,707		—		—		20,835,707
Total Investments at Value	$	139,805,913	$	—	$	—	$	139,805,913

* For a detailed presentation of investments, 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

233

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Medical — Drugs	6.0	%
Computers	4.2
Diversified Banking Institutions	3.8
Oil Companies — Integrated	3.6
Diversified Manufacturing Operations	3.0
Medical — Biomedical/Gene	2.9
Banks — Super Regional	2.7
Electric — Integrated	2.7
Applications Software	2.6
Real Estate Investment Trusts	2.3
Telephone — Integrated	2.3
Oil Companies — Exploration & Production	2.2
Electronic Components — Semiconductors	2.0
Beverages — Non-alcoholic	2.0
Web Portals/ISP	1.9
Cosmetics & Toiletries	1.7
Multimedia	1.7
Retail — Discount	1.6
Tobacco	1.5
Insurance — Reinsurance	1.5
Insurance — Multi-line	1.4
Aerospace/Defense	1.4
Computer Services	1.3
Finance — Credit Card	1.3
Cable/Satellite TV	1.3
Retail — Restaurants	1.2
Medical — HMO	1.1
Commercial Services — Finance	1.1
Retail — Building Products	1.1
Chemicals — Diversified	1.0
E-Commerce/Products	1.0
Medical Products	1.0
Transport — Rail	1.0
Food — Misc./Diversified	1.0
Registered Investment Companies	1.0
Oil — Field Services	0.9
Retail — Drug Store	0.9
Internet Content — Entertainment	0.9
Semiconductor Components — Integrated Circuits	0.8
Transport — Services	0.8
Investment Management/Advisor Services	0.8
Enterprise Software/Service	0.8
Computers — Memory Devices	0.8
Pipelines	0.8
Medical Instruments	0.8
Networking Products	0.8
Medical — Generic Drugs	0.6
Insurance — Life/Health	0.6
Auto — Cars/Light Trucks	0.6
E-Commerce/Services	0.5
Medical — Wholesale Drug Distribution	0.5
Aerospace/Defense — Equipment	0.5
Banks — Fiduciary	0.5
Agricultural Chemicals	0.5
U.S. Government Treasuries	0.4
Instruments — Controls	0.4
Insurance — Property/Casualty	0.4
Retail — Apparel/Shoe	0.4
Industrial Gases	0.4
Athletic Footwear	0.4
Auto/Truck Parts & Equipment — Original	0.4
Airlines	0.4
Machinery — Construction & Mining	0.4
Instruments — Scientific	0.3
Chemicals — Specialty	0.3
Apparel Manufacturers	0.3
Banks — Commercial	0.3
Pharmacy Services	0.3
Oil Refining & Marketing	0.3

Electronic Components — Misc.	0.3
Finance — Other Services	0.3
Insurance Brokers	0.3
Electric Products — Misc.	0.3
Retail — Major Department Stores	0.3
Consumer Products — Misc.	0.3
Gas — Distribution	0.3
Data Processing/Management	0.3
Food — Retail	0.3
Semiconductor Equipment	0.3
Oil Field Machinery & Equipment	0.3
Distribution/Wholesale	0.3
Repurchase Agreements	0.3
Advertising Agencies	0.2
Hotels/Motels	0.2
Finance — Investment Banker/Broker	0.2
Retail — Auto Parts	0.2
Retail — Regional Department Stores	0.2
Electronic Forms	0.2
Metal Processors & Fabrication	0.2
Agricultural Operations	0.2
Oil & Gas Drilling	0.2
Beverages — Wine/Spirits	0.2
Non-Hazardous Waste Disposal	0.2
Machinery — Farming	0.2
Paper & Related Products	0.2
Metal — Copper	0.1
Television	0.1
Food — Confectionery	0.1
Engines — Internal Combustion	0.1
Internet Security	0.1
Building — Residential/Commercial	0.1
Auto — Heavy Duty Trucks	0.1
Food — Wholesale/Distribution	0.1
Electronic Security Devices	0.1
Tools — Hand Held	0.1
Broadcast Services/Program	0.1
Vitamins & Nutrition Products	0.1
Coatings/Paint	0.1
Metal — Aluminum	0.1
Office Automation & Equipment	0.1
Cruise Lines	0.1
Medical Information Systems	0.1
Food — Meat Products	0.1
Electronic Measurement Instruments	0.1
Medical Labs & Testing Services	0.1
Toys	0.1
Coffee	0.1
Retail — Automobile	0.1
Steel — Producers	0.1
Electronic Connectors	0.1
Telecommunication Equipment	0.1
Building Products — Cement	0.1
Engineering/R&D Services	0.1
Industrial Automated/Robotic	0.1
Machinery — General Industrial	0.1
Motorcycle/Motor Scooter	0.1
Publishing — Newspapers	0.1
Machinery — Pumps	0.1
Appliances	0.1
Wireless Equipment	0.1
Casino Hotels	0.1
Medical — Hospitals	0.1
Computer Aided Design	0.1
Telecom Services	0.1
Entertainment Software	0.1
Commercial Services	0.1
Retail — Bedding	0.1
Containers — Metal/Glass	0.1

234

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited) — (continued)

Industry Allocation* (continued)

Dialysis Centers	0.1	%
Publishing — Periodicals	0.1
Disposable Medical Products	0.1
Containers — Paper/Plastic	0.1
Brewery	0.1
Retail — Jewelry	0.1
Dental Supplies & Equipment	0.1
Computer Software	0.1
Retail — Consumer Electronics	0.1
Hazardous Waste Disposal	0.1
Rental Auto/Equipment	0.1
Electronics — Military	0.1
Retail — Gardening Products	0.1
Independent Power Producers	0.1
Filtration/Separation Products	0.1
Home Decoration Products	0.1
Internet Infrastructure Software	0.1
Textile — Home Furnishings	0.1
Real Estate Management/Services	0.1
Savings & Loans/Thrifts	0.1
	101.0	%

* Calculated as a percentage of net assets

235

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.3%
Advertising Agencies — 0.2%
Alliance Data Systems Corp.†		14,813	$	4,234,593
Interpublic Group of Cos., Inc.		105,118		2,132,844
Omnicom Group, Inc.		62,601		4,837,179
				11,204,616
Aerospace/Defense — 1.4%
Boeing Co.		167,131		22,455,721
General Dynamics Corp.		79,255		11,520,507
Lockheed Martin Corp.		67,303		12,892,563
Northrop Grumman Corp.		51,824		7,303,556
Raytheon Co.		77,492		8,268,396
Rockwell Collins, Inc.		33,700		2,882,361
				65,323,104
Aerospace/Defense - Equipment — 0.5%
United Technologies Corp.		212,196		23,358,536
Agricultural Chemicals — 0.5%
CF Industries Holdings, Inc.		12,343		3,309,776
Monsanto Co.		120,784		14,483,209
Mosaic Co.		79,451		3,636,472
				21,429,457
Agricultural Operations — 0.2%
Archer-Daniels-Midland Co.		160,960		8,479,373
Airlines — 0.4%
Delta Air Lines, Inc.		210,237		9,811,761
Southwest Airlines Co.		170,854		7,145,114
				16,956,875
Apparel Manufacturers — 0.3%
Michael Kors Holdings, Ltd.†		51,236		3,930,314
Ralph Lauren Corp.		15,086		2,789,401
Under Armour, Inc., Class A†		41,538		3,011,090
VF Corp.		86,015		6,465,747
				16,196,552
Appliances — 0.1%
Whirlpool Corp.		19,495		3,629,384
Applications Software — 2.6%
Citrix Systems, Inc.†		41,048		2,721,893
Intuit, Inc.		70,830		6,648,812
Microsoft Corp.		2,055,057		98,252,275
Red Hat, Inc.†		47,122		2,928,632
salesforce.com, Inc.†		143,619		8,598,470
				119,150,082
Athletic Footwear — 0.4%
NIKE, Inc., Class B		175,459		17,421,324
Audio/Video Products — 0.0%
Harman International Industries, Inc.		16,948		1,839,366
Auto - Cars/Light Trucks — 0.6%
Ford Motor Co.		967,327		15,216,054
General Motors Co.		336,223		11,239,935
				26,455,989
Auto - Heavy Duty Trucks — 0.1%
PACCAR, Inc.		88,464		5,928,857
Auto/Truck Parts & Equipment-Original — 0.4%
BorgWarner, Inc.		56,918		3,219,282
Delphi Automotive PLC		74,748		5,452,867
Johnson Controls, Inc.		166,152		8,307,600
				16,979,749

Security Description	Shares		Value (Note 2)
Banks - Commercial — 0.3%
BB&T Corp.		179,475	$	6,746,465
M&T Bank Corp.#		32,916		4,148,074
Regions Financial Corp.		343,766		3,461,724
Zions Bancorporation		50,551		1,418,461
				15,774,724
Banks - Fiduciary — 0.5%
Bank of New York Mellon Corp.		282,243		11,298,187
Northern Trust Corp.		55,253		3,742,286
State Street Corp.		105,608		8,103,302
				23,143,775
Banks - Super Regional — 2.7%
Capital One Financial Corp.		139,995		11,647,584
Comerica, Inc.		45,064		2,100,433
Fifth Third Bancorp		208,082		4,186,610
Huntington Bancshares, Inc.		203,771		2,060,125
KeyCorp		218,662		2,951,937
PNC Financial Services Group, Inc.		134,802		11,791,131
SunTrust Banks, Inc.		132,451		5,204,000
US Bancorp		449,375		19,862,375
Wells Fargo & Co.		1,184,814		64,548,666
				124,352,861
Beverages - Non-alcoholic — 2.0%
Coca-Cola Co.		984,472		44,133,880
Coca-Cola Enterprises, Inc.		56,331		2,475,184
Dr Pepper Snapple Group, Inc.		48,689		3,602,986
Monster Beverage Corp.†		35,855		4,021,138
PepsiCo, Inc.		375,802		37,617,780
				91,850,968
Beverages - Wine/Spirits — 0.2%
Brown-Forman Corp., Class B		39,382		3,822,023
Constellation Brands, Inc., Class A†		41,831		4,032,508
				7,854,531
Brewery — 0.1%
Molson Coors Brewing Co., Class B		39,676		3,068,939
Broadcast Services/Program — 0.1%
Discovery Communications, Inc., Class A†		36,933		1,288,961
Discovery Communications, Inc., Class C†		68,185		2,318,972
Scripps Networks Interactive, Inc., Class A		25,863		2,021,711
				5,629,644
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc.		15,380		1,846,215
Vulcan Materials Co.		32,623		2,156,381
				4,002,596
Building Products - Wood — 0.0%
Masco Corp.		88,856		2,150,315
Building - Residential/Commercial — 0.1%
D.R. Horton, Inc.		82,684		2,107,615
Lennar Corp., Class A		44,379		2,096,464
PulteGroup, Inc.		84,349		1,824,469
				6,028,548
Cable/Satellite TV — 1.3%
Cablevision Systems Corp., Class A#		54,077		1,098,845
Comcast Corp., Class A		645,505		36,819,605
DIRECTV†		125,299		10,989,975
Time Warner Cable, Inc.		69,458		10,368,690
				59,277,115

236

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Casino Hotels — 0.1%
Wynn Resorts, Ltd.		20,181	$	3,604,528
Chemicals - Diversified — 1.0%
Dow Chemical Co.		279,990		13,627,113
E.I. du Pont de Nemours & Co.		228,263		16,297,978
FMC Corp.		33,210		1,806,624
LyondellBasell Industries NV, Class A		106,098		8,366,888
PPG Industries, Inc.		34,386		7,524,345
				47,622,948
Chemicals - Specialty — 0.3%
Eastman Chemical Co.		37,227		3,086,863
Ecolab, Inc.		67,303		7,332,662
International Flavors & Fragrances, Inc.		20,279		2,051,627
Sigma-Aldrich Corp.		29,684		4,054,834
				16,525,986
Coal — 0.0%
CONSOL Energy, Inc.		57,408		2,246,375
Coatings/Paint — 0.1%
Sherwin-Williams Co.		20,769		5,085,497
Coffee — 0.1%
Keurig Green Mountain, Inc.		30,369		4,316,650
Commercial Services — 0.1%
Cintas Corp.		24,099		1,762,842
Quanta Services, Inc.†		54,077		1,649,348
				3,412,190
Commercial Services - Finance — 1.1%
Automatic Data Processing, Inc.		119,911		10,269,178
Equifax, Inc.		30,369		2,415,854
H&R Block, Inc.		68,577		2,306,930
MasterCard, Inc., Class A		245,505		21,430,131
McGraw Hill Financial, Inc.		67,597		6,317,616
Moody’s Corp.		46,338		4,680,601
Total System Services, Inc.		41,244		1,360,640
Western Union Co.#		132,157		2,455,477
				51,236,427
Computer Aided Design — 0.1%
Autodesk, Inc.†		56,625		3,510,750
Computer Services — 1.3%
Accenture PLC, Class A		157,433		13,591,191
Cognizant Technology Solutions Corp., Class A†		151,653		8,187,745
Computer Sciences Corp.		36,149		2,291,124
International Business Machines Corp.		231,398		37,525,814
				61,595,874
Computer Software — 0.1%
Akamai Technologies, Inc.†		44,477		2,873,659
Computers — 4.2%
Apple, Inc.		1,493,411		177,611,370
Hewlett-Packard Co.		465,441		18,180,126
				195,791,496
Computers - Integrated Systems — 0.0%
Teradata Corp.†#		38,697		1,746,783
Computers - Memory Devices — 0.8%
EMC Corp.		506,000		15,357,100
NetApp, Inc.		79,647		3,388,980
SanDisk Corp.		55,939		5,787,449
Seagate Technology PLC		81,508		5,388,494
Western Digital Corp.		54,861		5,665,495
				35,587,518

Security Description	Shares		Value (Note 2)
Consumer Products - Misc. — 0.3%
Clorox Co.		32,133	$	3,265,355
Kimberly-Clark Corp.		93,264		10,873,650
				14,139,005
Containers - Metal/Glass — 0.1%
Ball Corp.		34,484		2,312,842
Owens-Illinois, Inc.†		41,146		1,054,983
				3,367,825
Containers - Paper/Plastic — 0.1%
Bemis Co., Inc.		24,883		993,827
Sealed Air Corp.		52,902		2,091,216
				3,085,043
Cosmetics & Toiletries — 1.7%
Avon Products, Inc.		108,351		1,059,673
Colgate-Palmolive Co.		214,156		14,903,116
Estee Lauder Cos., Inc., Class A		56,135		4,161,849
Procter & Gamble Co.		675,287		61,066,203
				81,190,841
Cruise Lines — 0.1%
Carnival Corp.		112,368		4,962,171
Data Processing/Management — 0.3%
Dun & Bradstreet Corp.		9,110		1,156,515
Fidelity National Information Services, Inc.		71,222		4,358,074
Fiserv, Inc.†		62,111		4,440,315
Paychex, Inc.		81,508		3,864,294
				13,819,198
Dental Supplies & Equipment — 0.1%
DENTSPLY International, Inc.		35,366		1,944,423
Patterson Cos., Inc.		21,552		1,038,375
				2,982,798
Dialysis Centers — 0.1%
DaVita HealthCare Partners, Inc.†		42,811		3,276,326
Disposable Medical Products — 0.1%
C.R. Bard, Inc.		18,613		3,114,886
Distribution/Wholesale — 0.3%
Fastenal Co.#		68,087		3,077,532
Fossil Group, Inc.†		11,658		1,302,432
Genuine Parts Co.		38,207		3,926,916
WW Grainger, Inc.		15,184		3,730,405
				12,037,285
Diversified Banking Institutions — 3.8%
Bank of America Corp.		2,622,678		44,690,433
Citigroup, Inc.		756,110		40,807,257
Goldman Sachs Group, Inc.		102,179		19,251,545
JPMorgan Chase & Co.		938,035		56,432,186
Morgan Stanley		381,973		13,437,810
				174,619,231
Diversified Manufacturing Operations — 3.0%
3M Co.		161,645		25,877,748
Danaher Corp.		152,045		12,704,880
Dover Corp.		41,538		3,198,011
Eaton Corp. PLC		118,736		8,053,863
General Electric Co.		2,502,473		66,290,510
Illinois Tool Works, Inc.		91,011		8,639,674
Ingersoll-Rand PLC		66,715		4,207,048
Parker-Hannifin Corp.		37,129		4,790,755
Pentair PLC		48,003		3,106,274
Textron, Inc.		69,654		3,017,411
				139,886,174

237

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Operations — 0.0%
Leucadia National Corp.		79,059	$	1,828,635
E-Commerce/Products — 1.0%
Amazon.com, Inc.†		94,538		32,014,348
eBay, Inc.†		281,655		15,457,227
				47,471,575
E-Commerce/Services — 0.5%
Expedia, Inc.		24,785		2,159,021
Netflix, Inc.†		14,988		5,194,691
Priceline Group, Inc.†		13,029		15,116,116
TripAdvisor, Inc.†		27,822		2,049,090
				24,518,918
Electric Products - Misc. — 0.3%
AMETEK, Inc.		61,327		3,125,224
Emerson Electric Co.		174,087		11,098,046
				14,223,270
Electric - Generation — 0.0%
AES Corp.		165,956		2,301,810
Electric - Integrated — 2.7%
Ameren Corp.		60,543		2,610,009
American Electric Power Co., Inc.		121,871		7,013,676
CMS Energy Corp.		68,577		2,269,899
Consolidated Edison, Inc.		73,083		4,615,192
Dominion Resources, Inc.		145,285		10,540,427
DTE Energy Co.		44,183		3,599,147
Duke Energy Corp.		176,438		14,273,834
Edison International		81,214		5,161,962
Entergy Corp.		44,770		3,756,203
Exelon Corp.		214,254		7,749,567
FirstEnergy Corp.		104,824		3,865,909
Integrys Energy Group, Inc.		19,985		1,455,707
NextEra Energy, Inc.		108,841		11,361,912
Northeast Utilities		78,765		3,988,660
Pepco Holdings, Inc.		62,601		1,721,528
PG&E Corp.		117,560		5,936,780
Pinnacle West Capital Corp.		27,528		1,740,595
PPL Corp.		165,662		5,885,971
Public Service Enterprise Group, Inc.		126,181		5,271,842
SCANA Corp.		35,464		2,022,512
Southern Co.		223,365		10,594,202
TECO Energy, Inc.		58,192		1,153,947
Wisconsin Energy Corp.#		56,233		2,777,910
Xcel Energy, Inc.		126,083		4,279,257
				123,646,648
Electronic Components - Misc. — 0.3%
Corning, Inc.		322,018		6,768,819
Garmin, Ltd.#		30,271		1,734,528
TE Connectivity, Ltd.		102,081		6,553,600
				15,056,947
Electronic Components - Semiconductors — 2.0%
Altera Corp.		77,100		2,900,502
Avago Technologies, Ltd.		62,796		5,865,146
Broadcom Corp., Class A		134,117		5,784,466
First Solar, Inc.†		18,711		913,097
Intel Corp.		1,234,778		45,995,481
Microchip Technology, Inc.#		49,963		2,255,829
Micron Technology, Inc.†		267,058		9,600,735
NVIDIA Corp.		128,434		2,693,261
Texas Instruments, Inc.		266,274		14,490,631
Xilinx, Inc.		67,009		3,044,889
				93,544,037

Security Description	Shares		Value (Note 2)
Electronic Connectors — 0.1%
Amphenol Corp., Class A		78,177	$	4,192,633
Electronic Forms — 0.2%
Adobe Systems, Inc.†		117,854		8,683,483
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		83,174		3,554,857
FLIR Systems, Inc.		35,366		1,122,163
				4,677,020
Electronic Security Devices — 0.1%
Allegion PLC		24,001		1,292,454
Tyco International PLC		104,404		4,478,931
				5,771,385
Electronics - Military — 0.1%
L-3 Communications Holdings, Inc.		21,552		2,685,379
Engineering/R&D Services — 0.1%
Fluor Corp.		39,284		2,435,215
Jacobs Engineering Group, Inc.†		33,210		1,542,605
				3,977,820
Engines - Internal Combustion — 0.1%
Cummins, Inc.		42,615		6,205,596
Enterprise Software/Service — 0.8%
CA, Inc.		79,941		2,490,162
Oracle Corp.		811,070		34,397,479
				36,887,641
Entertainment Software — 0.1%
Electronic Arts, Inc.†		77,981		3,425,705
Filtration/Separation Products — 0.1%
Pall Corp.		26,647		2,561,043
Finance - Consumer Loans — 0.0%
Navient Corp.		104,628		2,193,003
Finance - Credit Card — 1.3%
American Express Co.		224,442		20,742,929
Discover Financial Services		115,209		7,551,950
Visa, Inc., Class A		122,752		31,693,339
				59,988,218
Finance - Investment Banker/Broker — 0.2%
Charles Schwab Corp.		286,064		8,101,333
E*TRADE Financial Corp.†		72,005		1,642,434
				9,743,767
Finance - Other Services — 0.3%
CME Group, Inc.		78,765		6,666,670
Intercontinental Exchange, Inc.		28,312		6,398,229
NASDAQ OMX Group, Inc.		29,488		1,324,306
				14,389,205
Food - Confectionery — 0.1%
Hershey Co.		37,227		3,733,123
J.M. Smucker Co.		25,373		2,602,509
				6,335,632
Food - Meat Products — 0.1%
Hormel Foods Corp.		33,504		1,778,393
Tyson Foods, Inc., Class A		73,083		3,094,334
				4,872,727
Food - Misc./Diversified — 1.0%
Campbell Soup Co.#		44,673		2,022,793
ConAgra Foods, Inc.		105,412		3,849,646

238

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Misc./Diversified (continued)
General Mills, Inc.		152,730	$	8,056,508
Kellogg Co.		63,776		4,225,160
Kraft Foods Group, Inc.		148,126		8,912,741
McCormick & Co., Inc.		32,329		2,403,015
Mondelez International, Inc., Class A		420,475		16,482,620
				45,952,483
Food - Retail — 0.3%
Kroger Co.		121,969		7,298,625
Safeway, Inc.		57,506		2,003,509
Whole Foods Market, Inc.		90,129		4,419,025
				13,721,159
Food - Wholesale/Distribution — 0.1%
Sysco Corp.		146,362		5,892,534
Gas - Distribution — 0.3%
AGL Resources, Inc.		29,782		1,557,896
CenterPoint Energy, Inc.		107,176		2,565,794
NiSource, Inc.		78,667		3,291,427
Sempra Energy		57,604		6,436,095
				13,851,212
Gold Mining — 0.0%
Newmont Mining Corp.		124,418		2,289,291
Hazardous Waste Disposal — 0.1%
Stericycle, Inc.†		21,160		2,727,947
Home Decoration Products — 0.1%
Newell Rubbermaid, Inc.		68,283		2,479,356
Home Furnishings — 0.0%
Leggett & Platt, Inc.		34,190		1,439,057
Hotels/Motels — 0.2%
Marriott International, Inc., Class A#		54,371		4,283,891
Starwood Hotels & Resorts Worldwide, Inc.		44,514		3,516,606
Wyndham Worldwide Corp.		31,251		2,605,083
				10,405,580
Human Resources — 0.0%
Robert Half International, Inc.		34,288		1,947,216
Independent Power Producers — 0.1%
NRG Energy, Inc.		84,251		2,633,686
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		34,386		3,968,488
Industrial Gases — 0.4%
Air Products & Chemicals, Inc.		47,807		6,876,081
Airgas, Inc.		16,752		1,937,033
Praxair, Inc.		72,789		9,344,652
				18,157,766
Instruments - Controls — 0.4%
Honeywell International, Inc.		195,150		19,333,510
Instruments - Scientific — 0.3%
PerkinElmer, Inc.		28,116		1,278,434
Thermo Fisher Scientific, Inc.		99,534		12,868,751
Waters Corp.†		20,964		2,429,728
				16,576,913
Insurance Brokers — 0.3%
Aon PLC		72,397		6,695,999
Marsh & McLennan Cos., Inc.		135,782		7,683,903
				14,379,902

Security Description	Shares		Value (Note 2)
Insurance - Life/Health — 0.6%
Aflac, Inc.		112,956	$	6,746,862
Lincoln National Corp.		65,148		3,689,331
Principal Financial Group, Inc.		68,185		3,632,215
Prudential Financial, Inc.		114,719		9,748,821
Torchmark Corp.		32,525		1,748,219
Unum Group		63,580		2,112,127
				27,677,575
Insurance - Multi-line — 1.4%
ACE, Ltd.		83,761		9,577,233
Allstate Corp.		108,057		7,364,084
American International Group, Inc.(5)		355,914		19,504,087
Assurant, Inc.		17,830		1,205,130
Cincinnati Financial Corp.		36,737		1,871,750
Genworth Financial, Inc., Class A†		123,830		1,125,615
Hartford Financial Services Group, Inc.		111,682		4,612,467
Loews Corp.		76,022		3,165,556
MetLife, Inc.		280,479		15,597,437
XL Group PLC		66,225		2,352,312
				66,375,671
Insurance - Property/Casualty — 0.4%
Chubb Corp.		59,955		6,178,363
Progressive Corp.		134,215		3,656,017
Travelers Cos., Inc.		84,545		8,830,725
				18,665,105
Insurance - Reinsurance — 1.5%
Berkshire Hathaway, Inc., Class B†		454,665		67,604,139
Internet Content - Entertainment — 0.9%
Facebook, Inc., Class A†		519,508		40,365,772
Internet Infrastructure Software — 0.1%
F5 Networks, Inc.†		18,515		2,391,953
Internet Security — 0.1%
Symantec Corp.		172,226		4,493,376
VeriSign, Inc.†		28,018		1,683,882
				6,177,258
Investment Management/Advisor Services — 0.8%
Affiliated Managers Group, Inc.†		13,813		2,812,189
Ameriprise Financial, Inc.		46,730		6,157,612
BlackRock, Inc.		31,447		11,291,989
Franklin Resources, Inc.		98,261		5,587,120
Invesco, Ltd.		107,959		4,357,225
Legg Mason, Inc.		25,373		1,439,918
T. Rowe Price Group, Inc.		65,637		5,478,720
				37,124,773
Machinery - Construction & Mining — 0.4%
Caterpillar, Inc.		156,551		15,749,030
Joy Global, Inc.#		24,491		1,201,039
				16,950,069
Machinery - Farming — 0.2%
Deere & Co.		89,346		7,739,151
Machinery - General Industrial — 0.1%
Roper Industries, Inc.		24,981		3,942,501
Machinery - Pumps — 0.1%
Flowserve Corp.		34,092		2,006,996
Xylem, Inc.		45,554		1,746,540
				3,753,536
Medical Information Systems — 0.1%
Cerner Corp.†		75,728		4,876,883

239

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Instruments — 0.8%
Boston Scientific Corp.†		330,639	$	4,255,324
Edwards Lifesciences Corp.†		26,451		3,430,166
Intuitive Surgical, Inc.†		9,012		4,666,143
Medtronic, Inc.		244,330		18,048,657
St Jude Medical, Inc.		71,026		4,826,927
				35,227,217
Medical Labs & Testing Services — 0.1%
Laboratory Corp. of America Holdings†		21,160		2,214,182
Quest Diagnostics, Inc.		36,051		2,354,491
				4,568,673
Medical Products — 1.0%
Baxter International, Inc.		135,096		9,862,008
Becton Dickinson and Co.		47,807		6,708,757
CareFusion Corp.†		50,551		2,991,103
Covidien PLC		112,662		11,378,862
Hospira, Inc.†		42,125		2,512,335
Stryker Corp.		74,553		6,926,719
Varian Medical Systems, Inc.†		25,765		2,280,460
Zimmer Holdings, Inc.		42,125		4,730,216
				47,390,460
Medical - Biomedical/Gene — 2.9%
Alexion Pharmaceuticals, Inc.†		49,375		9,623,187
Amgen, Inc.		189,468		31,320,955
Biogen Idec, Inc.†		58,878		18,116,172
Celgene Corp.†		199,363		22,665,579
Gilead Sciences, Inc.†		376,977		37,818,333
Regeneron Pharmaceuticals, Inc.†		18,417		7,663,498
Vertex Pharmaceuticals, Inc.†		59,368		6,998,300
				134,206,024
Medical - Drugs — 6.0%
Abbott Laboratories		375,018		16,692,051
AbbVie, Inc.		396,962		27,469,770
Allergan, Inc.		74,161		15,862,296
Bristol-Myers Squibb Co.		413,519		24,418,297
Eli Lilly & Co.		245,211		16,703,773
Johnson & Johnson		703,404		76,143,483
Mallinckrodt PLC†		28,214		2,601,895
Merck & Co., Inc.		719,470		43,455,988
Pfizer, Inc.		1,581,483		49,263,196
Zoetis, Inc.		125,006		5,616,520
				278,227,269
Medical - Generic Drugs — 0.6%
Actavis PLC†		65,931		17,841,588
Mylan, Inc.†		93,264		5,466,203
Perrigo Co. PLC		33,406		5,351,307
				28,659,098
Medical - HMO — 1.1%
Aetna, Inc.		88,464		7,717,599
Anthem, Inc.		68,381		8,746,614
Cigna Corp.		65,833		6,773,558
Humana, Inc.		38,501		5,311,983
UnitedHealth Group, Inc.		242,370		23,904,953
				52,454,707
Medical - Hospitals — 0.1%
Tenet Healthcare Corp.†		24,393		1,172,084
Universal Health Services, Inc., Class B		22,728		2,377,803
				3,549,887

Security Description	Shares		Value (Note 2)
Medical - Wholesale Drug Distribution — 0.5%
AmerisourceBergen Corp.		53,196	$	4,843,496
Cardinal Health, Inc.		83,957		6,900,426
McKesson Corp.		57,800		12,181,928
				23,925,850
Metal Processors & Fabrication — 0.2%
Precision Castparts Corp.		35,758		8,506,828
Metal - Aluminum — 0.1%
Alcoa, Inc.		293,411		5,073,076
Metal - Copper — 0.1%
Freeport-McMoRan, Inc.		259,123		6,957,453
Motorcycle/Motor Scooter — 0.1%
Harley-Davidson, Inc.		54,273		3,781,743
Multimedia — 1.7%
Time Warner, Inc.		213,176		18,145,541
Twenty-First Century Fox, Inc., Class A		469,752		17,286,873
Viacom, Inc., Class B		94,930		7,179,556
Walt Disney Co.		393,827		36,432,936
				79,044,906
Networking Products — 0.8%
Cisco Systems, Inc.		1,271,809		35,152,801
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		62,992		2,495,113
Waste Management, Inc.		108,155		5,270,393
				7,765,506
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.		50,551		1,244,566
Xerox Corp.		270,389		3,774,630
				5,019,196
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		23,414		1,159,227
Oil & Gas Drilling — 0.2%
Diamond Offshore Drilling, Inc.#		16,752		492,006
Ensco PLC, Class A		58,290		1,970,202
Helmerich & Payne, Inc.		27,038		1,880,493
Nabors Industries, Ltd.		72,201		947,277
Noble Corp. PLC#		63,384		1,140,278
Transocean, Ltd.#		84,937		1,784,527
				8,214,783
Oil Companies - Exploration & Production — 2.2%
Anadarko Petroleum Corp.		126,181		9,987,226
Apache Corp.		95,420		6,115,468
Cabot Oil & Gas Corp.		104,041		3,437,515
Chesapeake Energy Corp.		129,512		2,623,913
Cimarex Energy Co.		21,748		2,282,453
ConocoPhillips		306,637		20,259,507
Denbury Resources, Inc.		87,876		725,856
Devon Energy Corp.		95,909		5,655,754
EOG Resources, Inc.		136,566		11,843,003
EQT Corp.		37,815		3,440,409
Hess Corp.		65,246		4,758,391
Newfield Exploration Co.†		34,092		928,325
Noble Energy, Inc.		89,835		4,418,085
Occidental Petroleum Corp.		194,464		15,512,393
Pioneer Natural Resources Co.		35,660		5,107,582
QEP Resources, Inc.		41,342		845,030
Range Resources Corp.		42,027		2,759,072
Southwestern Energy Co.†		88,072		2,834,157
				103,534,139

240

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Integrated — 3.6%
Chevron Corp.		473,573	$	51,557,893
Exxon Mobil Corp.		1,063,629		96,300,970
Marathon Oil Corp.		168,209		4,864,604
Murphy Oil Corp.		41,636		2,016,015
Phillips 66		139,407		10,179,499
				164,918,981
Oil Field Machinery & Equipment — 0.3%
Cameron International Corp.†		50,649		2,597,281
FMC Technologies, Inc.†		58,584		2,798,557
National Oilwell Varco, Inc.		107,274		7,191,649
				12,587,487
Oil Refining & Marketing — 0.3%
Marathon Petroleum Corp.		70,634		6,363,417
Tesoro Corp.		31,937		2,447,013
Valero Energy Corp.		131,667		6,400,333
				15,210,763
Oil - Field Services — 0.9%
Baker Hughes, Inc.		108,547		6,187,179
Halliburton Co.		212,098		8,950,536
Schlumberger, Ltd.		323,291		27,786,861
				42,924,576
Paper & Related Products — 0.2%
International Paper Co.		106,490		5,731,292
MeadWestvaco Corp.		42,027		1,882,809
				7,614,101
Pharmacy Services — 0.3%
Express Scripts Holding Co.†		185,941		15,460,994
Pipelines — 0.8%
Kinder Morgan, Inc.#		423,794		17,523,882
ONEOK, Inc.		51,922		2,812,095
Spectra Energy Corp.		167,327		6,338,347
Williams Cos., Inc.		167,719		8,679,458
				35,353,782
Publishing - Newspapers — 0.1%
Gannett Co., Inc.		56,233		1,830,384
News Corp., Class A†		124,222		1,927,926
				3,758,310
Publishing - Periodicals — 0.1%
Nielsen NV#		75,924		3,171,345
Real Estate Investment Trusts — 2.3%
American Tower Corp.		98,848		10,380,028
Apartment Investment & Management Co., Class A		36,443		1,357,502
AvalonBay Communities, Inc.		32,721		5,261,210
Boston Properties, Inc.		38,207		4,953,155
Crown Castle International Corp.		83,272		6,919,070
Equity Residential		90,227		6,391,681
Essex Property Trust, Inc.		15,870		3,212,247
General Growth Properties, Inc.		156,551		4,189,305
HCP, Inc.		114,425		5,126,240
Health Care REIT, Inc.		80,822		5,953,349
Host Hotels & Resorts, Inc.		188,782		4,387,294
Iron Mountain, Inc.		49,877		1,895,825
Kimco Realty Corp.		102,473		2,607,938
Macerich Co.		35,072		2,773,494
Plum Creek Timber Co., Inc.		44,183		1,841,547
Prologis, Inc.		124,712		5,272,823
Public Storage		36,149		6,782,637
Simon Property Group, Inc.		77,492		14,010,554

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Ventas, Inc.		73,377	$	5,250,124
Vornado Realty Trust		43,497		4,852,525
Weyerhaeuser Co.		131,765		4,652,622
				108,071,170
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		69,556		2,346,819
Rental Auto/Equipment — 0.1%
United Rentals, Inc.†		23,903		2,708,449
Retail - Apparel/Shoe — 0.4%
Coach, Inc.		68,479		2,541,940
Gap, Inc.		68,283		2,704,007
L Brands, Inc.		61,229		4,953,426
PVH Corp.		20,573		2,615,651
Ross Stores, Inc.		52,314		4,785,685
Urban Outfitters, Inc.†		25,471		823,223
				18,423,932
Retail - Auto Parts — 0.2%
AutoZone, Inc.†		8,131		4,697,360
O’Reilly Automotive, Inc.†		25,863		4,726,205
				9,423,565
Retail - Automobile — 0.1%
AutoNation, Inc.†		19,495		1,158,783
CarMax, Inc.†#		54,665		3,114,812
				4,273,595
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.†		46,155		3,386,392
Retail - Building Products — 1.1%
Home Depot, Inc.		335,635		33,362,119
Lowe’s Cos., Inc.		246,191		15,714,372
				49,076,491
Retail - Computer Equipment — 0.0%
GameStop Corp., Class A#		28,116		1,063,066
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		72,397		2,853,166
Retail - Discount — 1.6%
Costco Wholesale Corp.		109,331		15,538,122
Dollar General Corp.†		75,630		5,047,546
Dollar Tree, Inc.†		51,236		3,502,493
Family Dollar Stores, Inc.		23,903		1,889,532
Target Corp.		158,021		11,693,554
Wal-Mart Stores, Inc.		393,827		34,475,616
				72,146,863
Retail - Drug Store — 0.9%
CVS Health Corp.		288,807		26,385,408
Walgreen Co.		219,446		15,056,190
				41,441,598
Retail - Gardening Products — 0.1%
Tractor Supply Co.		34,288		2,637,776
Retail - Jewelry — 0.1%
Tiffany & Co.		28,018		3,023,703
Retail - Major Department Stores — 0.3%
Nordstrom, Inc.		35,562		2,715,515
TJX Cos., Inc.		172,814		11,433,374
				14,148,889

241

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Office Supplies — 0.0%
Staples, Inc.		160,666	$	2,258,964
Retail - Pet Food & Supplies — 0.0%
PetSmart, Inc.		24,785		1,952,067
Retail - Regional Department Stores — 0.2%
Kohl’s Corp.		51,040		3,043,005
Macy’s, Inc.		88,072		5,716,753
				8,759,758
Retail - Restaurants — 1.2%
Chipotle Mexican Grill, Inc.†		7,739		5,135,755
Darden Restaurants, Inc.#		33,014		1,881,468
McDonald’s Corp.		244,917		23,710,415
Starbucks Corp.		187,313		15,211,689
Yum! Brands, Inc.		109,625		8,468,531
				54,407,858
Rubber - Tires — 0.0%
Goodyear Tire & Rubber Co.		68,674		1,882,354
Savings & Loans/Thrifts — 0.1%
Hudson City Bancorp, Inc.		120,009		1,174,888
People’s United Financial, Inc.		77,394		1,143,883
				2,318,771
Security Services — 0.0%
ADT Corp.#		43,399		1,516,361
Semiconductor Components - Integrated Circuits — 0.8%
Analog Devices, Inc.		78,373		4,282,301
Linear Technology Corp.		59,466		2,737,220
QUALCOMM, Inc.		418,025		30,474,022
				37,493,543
Semiconductor Equipment — 0.3%
Applied Materials, Inc.		303,894		7,308,651
KLA-Tencor Corp.		41,244		2,863,983
Lam Research Corp.		40,460		3,343,614
				13,516,248
Steel - Producers — 0.1%
Nucor Corp.		79,549		4,266,213
Steel - Specialty — 0.0%
Allegheny Technologies, Inc.		27,136		914,212
Telecom Services — 0.1%
Level 3 Communications, Inc.†		69,300		3,465,000
Telecommunication Equipment — 0.1%
Harris Corp.		26,157		1,874,672
Juniper Networks, Inc.		100,122		2,218,704
				4,093,376
Telephone - Integrated — 2.3%
AT&T, Inc.		1,293,460		45,762,615
CenturyLink, Inc.		142,248		5,799,451
Frontier Communications Corp.#		249,914		1,761,893
Verizon Communications, Inc.		1,033,847		52,302,320
Windstream Holdings, Inc.		150,281		1,519,341
				107,145,620
Television — 0.1%
CBS Corp., Class B		120,891		6,634,498
Textile - Home Furnishings — 0.1%
Mohawk Industries, Inc.†		15,478		2,377,266
Tobacco — 1.5%
Altria Group, Inc.		494,636		24,860,405

Security Description	Shares/ Principal Amount			Value (Note 2)
Tobacco (continued)
Lorillard, Inc.		89,835		$	5,672,182
Philip Morris International, Inc.		389,615			33,869,232
Reynolds American, Inc.		76,806			5,062,284
					69,464,103
Tools - Hand Held — 0.1%
Snap-on, Inc.		14,499			1,962,150
Stanley Black & Decker, Inc.		38,990			3,682,215
					5,644,365
Toys — 0.1%
Hasbro, Inc.		28,606			1,693,475
Mattel, Inc.		84,251			2,658,119
					4,351,594
Transport - Rail — 1.0%
CSX Corp.		249,326			9,097,906
Kansas City Southern		27,528			3,274,180
Norfolk Southern Corp.		77,198			8,618,385
Union Pacific Corp.		223,854			26,139,431
					47,129,902
Transport - Services — 0.8%
C.H. Robinson Worldwide, Inc.		36,737			2,708,986
Expeditors International of Washington, Inc.		48,689			2,279,619
FedEx Corp.		66,225			11,799,971
Ryder System, Inc.		13,225			1,263,252
United Parcel Service, Inc., Class B		175,459			19,286,453
					37,338,281
Vitamins & Nutrition Products — 0.1%
Mead Johnson Nutrition Co.		50,453			5,239,040
Web Portals/ISP — 1.9%
Google, Inc., Class A†		70,830			38,891,336
Google, Inc., Class C†		70,830			38,377,819
Yahoo!, Inc.†		230,712			11,937,039
					89,206,194
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		55,057			3,618,346
Total Long-Term Investment Securities
(cost $2,437,878,884)					4,591,145,917
SHORT-TERM INVESTMENT SECURITIES — 1.4%
Registered Investment Companies — 1.0%
State Street Navigator Securities Lending Prime Portfolio(1)		45,373,554			45,373,554
U.S. Government Treasuries — 0.4%
United States Treasury Bills Disc. Notes 0.02% due 12/18/14(2)	$	20,600,000			20,599,847
Total Short-Term Investment Securities
(cost $65,973,401)					65,973,401
REPURCHASE AGREEMENTS — 0.3%
State Street Bank and Trust Co. Joint Repurchase Agreement(3) (cost $11,803,000)		11,803,000			11,803,000
TOTAL INVESTMENTS
(cost $2,515,655,285)(4)		101.0	%		4,668,922,318
Liabilities in excess of other assets		(1.0	)		(47,950,392	)
NET ASSETS		100.0	%	$	4,620,971,926

242

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

† Non-income producing security

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

(1) At November 30, 2014, the Fund had loaned securities with a total value of $44,131,044. This was secured by collateral of $45,373,554, which was received in cash and subsequently invested in short-term investments currently valued at $45,373,554 as reported in the portfolio of investments. Additional collateral of $185,392 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014
Federal Home Loan Mtg. Corp.	2.50% to 4.00%	08/01/2027 to 06/15/2041	$	15,545
Federal National Mtg. Assoc.	2.00% to 4.00%	10/25/2029 to 05/25/2042		149,748
Government National Mtg. Assoc.	2.75% to 4.00%	11/20/2038 to 11/16/2039		17,107
United States Treasury Notes/Bonds	1.50%	02/28/2019		2,992

(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.

(5) Security represents an investment in an affiliated company; See Note 3

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2014		Unrealized Appreciation (Depreciation)
	293	Long	S&P 500 E-Mini Index		December 2014	$	28,321,691	$	30,271,295	$	1,949,604

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	4,591,145,917	$	—	$	—	$	4,591,145,917
Short-Term Investment Securities:
Registered Investment Companies		45,373,554		—		—		45,373,554
U.S. Government Treasuries		—		20,599,847		—		20,599,847
Repurchase Agreements		—		11,803,000		—		11,803,000
Total Investments at Value	$	4,636,519,471	$	32,402,847	$	—	$	4,668,922,318
Other Financial Instruments:†
Open Futures Contracts	$	1,949,604	$	—	$	—	$	1,949,604

* For a detailed presentation of investments, 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

243

VALIC Company I Value Fund

PORTFOLIO PROFILE — November 30, 2014 (unaudited)

Industry Allocation*

Medical — Drugs	8.0	%
Diversified Banking Institutions	7.5
Banks — Super Regional	6.2
Diversified Manufacturing Operations	6.2
Oil Companies — Integrated	4.8
Oil Companies — Exploration & Production	4.0
Semiconductor Components — Integrated Circuits	3.3
Investment Management/Advisor Services	3.1
Insurance — Multi-line	3.0
Networking Products	2.8
Medical Products	2.8
Electric — Integrated	2.6
Retail — Building Products	2.6
Electronic Components — Semiconductors	2.3
Computers — Memory Devices	1.9
Chemicals — Diversified	1.8
Medical — HMO	1.8
Applications Software	1.6
Telephone — Integrated	1.6
Aerospace/Defense — Equipment	1.5
Internet Security	1.4
Cable/Satellite TV	1.4
Steel — Producers	1.4
Real Estate Investment Trusts	1.4
Insurance Brokers	1.4
Retail — Drug Store	1.4
Medical — Biomedical/Gene	1.3
Finance — Other Services	1.3
Building & Construction Products — Misc.	1.2
Aerospace/Defense	1.2
Insurance — Life/Health	1.2
Brewery	1.2
Retail — Apparel/Shoe	1.1
Banks — Commercial	1.1
Home Decoration Products	1.0
Building — Residential/Commercial	1.0
Television	1.0
Oil — Field Services	1.0
Multimedia	1.0
Paper & Related Products	1.0
Beverages — Wine/Spirits	0.9
Retail — Auto Parts	0.9
Retail — Major Department Stores	0.8
Tobacco	0.8
Advertising Agencies	0.8
Food — Misc./Diversified	0.7
Coatings/Paint	0.6
Repurchase Agreement	0.6
Cruise Lines	0.4
Registered Investment Companies	0.3
	100.2	%

* Calculated as a percentage of net assets

244

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.3%
Advertising Agencies — 0.8%
Interpublic Group of Cos., Inc.		46,330	$	940,036
Aerospace/Defense — 1.2%
Spirit AeroSystems Holdings, Inc., Class A†		35,555		1,532,776
Aerospace/Defense - Equipment — 1.5%
United Technologies Corp.		17,080		1,880,167
Applications Software — 1.6%
Microsoft Corp.		41,864		2,001,518
Banks - Commercial — 1.1%
BB&T Corp.		36,295		1,364,329
Banks - Super Regional — 6.2%
PNC Financial Services Group, Inc.		32,293		2,824,669
Wells Fargo & Co.		87,856		4,786,395
				7,611,064
Beverages - Wine/Spirits — 0.9%
Diageo PLC ADR		9,130		1,124,816
Brewery — 1.2%
Anheuser-Busch InBev NV ADR		12,585		1,472,319
Building & Construction Products - Misc. — 1.2%
Fortune Brands Home & Security, Inc.		34,200		1,536,264
Building - Residential/Commercial — 1.0%
PulteGroup, Inc.		58,280		1,260,596
Cable/Satellite TV — 1.4%
Comcast Corp., Class A		29,574		1,686,901
Chemicals - Diversified — 1.8%
Dow Chemical Co.		29,773		1,449,052
E.I. du Pont de Nemours & Co.		11,232		801,965
				2,251,017
Coatings/Paint — 0.6%
Axalta Coating Systems, Ltd.†		30,200		718,760
Computers - Memory Devices — 1.9%
EMC Corp.		76,255		2,314,339
Cruise Lines — 0.4%
Norwegian Cruise Line Holdings, Ltd.†		11,830		519,219
Diversified Banking Institutions — 7.5%
Citigroup, Inc.		55,060		2,971,588
Goldman Sachs Group, Inc.		10,052		1,893,897
JPMorgan Chase & Co.		72,097		4,337,356
				9,202,841
Diversified Manufacturing Operations — 6.2%
3M Co.		8,320		1,331,949
Eaton Corp. PLC		25,495		1,729,326
General Electric Co.		83,974		2,224,471
Illinois Tool Works, Inc.		12,012		1,140,299
Ingersoll-Rand PLC		17,604		1,110,108
				7,536,153
Electric - Integrated — 2.6%
Edison International		17,434		1,108,105
NextEra Energy, Inc.		6,535		682,189
Northeast Utilities		28,684		1,452,558
				3,242,852
Electronic Components - Semiconductors — 2.3%
Intel Corp.		75,972		2,829,957

Security Description	Shares		Value (Note 2)
Finance - Other Services — 1.3%
Intercontinental Exchange, Inc.		6,800	$	1,536,732
Food - Misc./Diversified — 0.7%
Kraft Foods Group, Inc.		14,291		859,890
Home Decoration Products — 1.0%
Newell Rubbermaid, Inc.		34,875		1,266,311
Insurance Brokers — 1.4%
Marsh & McLennan Cos., Inc.		29,485		1,668,556
Insurance - Life/Health — 1.2%
Principal Financial Group, Inc.		28,679		1,527,730
Insurance - Multi-line — 3.0%
ACE, Ltd.		17,584		2,010,554
MetLife, Inc.		29,580		1,644,944
				3,655,498
Internet Security — 1.4%
Symantec Corp.		65,965		1,721,027
Investment Management/Advisor Services — 3.1%
Ameriprise Financial, Inc.		12,801		1,686,788
BlackRock, Inc.		5,838		2,096,309
				3,783,097
Medical Products — 2.8%
Baxter International, Inc.		15,010		1,095,730
Covidien PLC		22,532		2,275,732
				3,371,462
Medical - Biomedical/Gene — 1.3%
Amgen, Inc.		9,536		1,576,396
Medical - Drugs — 8.0%
AstraZeneca PLC ADR		19,040		1,412,197
Bristol-Myers Squibb Co.		10,210		602,900
Johnson & Johnson		10,298		1,114,758
Merck & Co., Inc.		56,048		3,385,299
Pfizer, Inc.		30,104		937,740
Roche Holding AG		5,816		1,742,843
Zoetis, Inc.		12,046		541,227
				9,736,964
Medical - HMO — 1.8%
UnitedHealth Group, Inc.		22,025		2,172,326
Multimedia — 1.0%
Thomson Reuters Corp.#		29,850		1,182,060
Networking Products — 2.8%
Cisco Systems, Inc.		125,689		3,474,044
Oil Companies - Exploration & Production — 4.0%
Anadarko Petroleum Corp.		12,310		974,337
EOG Resources, Inc.		14,740		1,278,253
Occidental Petroleum Corp.		12,360		985,957
Pioneer Natural Resources Co.		3,200		458,336
Southwestern Energy Co.†		37,824		1,217,176
				4,914,059
Oil Companies - Integrated — 4.8%
Chevron Corp.		24,521		2,669,601
Exxon Mobil Corp.		22,477		2,035,068
Marathon Oil Corp.		41,867		1,210,794
				5,915,463
Oil - Field Services — 1.0%
Halliburton Co.		28,200		1,190,040

245

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Paper & Related Products — 1.0%
International Paper Co.		21,915	$	1,179,465
Real Estate Investment Trusts — 1.4%
Host Hotels & Resorts, Inc.		57,880		1,345,131
Paramount Group, Inc.†		17,800		334,640
				1,679,771
Retail - Apparel/Shoe — 1.1%
PVH Corp.		10,880		1,383,283
Retail - Auto Parts — 0.9%
AutoZone, Inc.†		1,920		1,109,203
Retail - Building Products — 2.6%
Home Depot, Inc.		13,634		1,355,220
Lowe’s Cos., Inc.		28,240		1,802,559
				3,157,779
Retail - Drug Store — 1.4%
CVS Health Corp.		18,234		1,665,858
Retail - Major Department Stores — 0.8%
Nordstrom, Inc.		13,070		998,025
Semiconductor Components - Integrated Circuits — 3.3%
Analog Devices, Inc.		19,509		1,065,972
Marvell Technology Group, Ltd.		94,650		1,355,388
Maxim Integrated Products, Inc.		54,085		1,599,293
				4,020,653
Steel - Producers — 1.4%
Nucor Corp.		12,515		671,180
Steel Dynamics, Inc.		44,886		1,011,730
				1,682,910
Telephone - Integrated — 1.6%
Verizon Communications, Inc.		38,165		1,930,767

Security Description	Shares/ Principal Amount			Value (Note 2)
Television — 1.0%
CBS Corp., Class B		21,945		$	1,204,342
Tobacco — 0.8%
Philip Morris International, Inc.		10,927			949,884
Total Long-Term Investment Securities
(cost $84,543,383)					121,539,519
SHORT-TERM INVESTMENT SECURITIES — 0.3%
Registered Investment Companies — 0.3%
State Street Navigator Securities Lending Prime Portfolio(1) (cost $354,689)		354,689			354,689
REPURCHASE AGREEMENT — 0.6%
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 11/28/2014, to be repurchased 12/01/2014 in the amount $692,000 collateralized by $745,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $709,423. (cost $692,000)	$	692,000			692,000
TOTAL INVESTMENTS
(cost $85,590,072)(2)		100.2	%		122,586,208
Liabilities in excess of other assets		(0.2	)		(248,626	)
NET ASSETS		100.0	%	$	122,337,582

† Non-income producing security

# The security or a portion thereof is out on loan.

(1) At November 30, 2014, the Fund had loaned securities with a total value of $353,351. This was secured by collateral of $354,689, which was received in cash and subsequently invested in short-term investments currently valued at $354,689 as reported in the portfolio of investments.

(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, 2014 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	121,539,519	$	—	$	—	$	121,539,519
Short-Term Investment Securities		354,689		—		—		354,689
Repurchase Agreement		—		692,000		—		692,000
Total Investments at Value	$	121,894,208	$	692,000	$	—	$	122,586,208

* For a detailed presentation of investments, 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

246

VALIC Company I

STATEMENT OF ASSETS AND LIABILITIES — November 30, 2014 (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)*†	$	193,042,513		$	656,316,473		$	61,584,693	$	254,784,763		$	262,886,500		$	682,321,137		$	47,480,712
Investment securities, at value (affiliated)*†		–			–			–		–			–			–			220,765,923
Repurchase agreements (cost approximates value)		–			–			–		–			8,880,000			122,000			–
Total Investments		193,042,513			656,316,473			61,584,693		254,784,763			271,766,500			682,443,137			268,246,635
Cash		83,547			662,293			6,044		4,559			–			2,086,123			–
Foreign cash*		21,116			–			–		–			–			–			–
Due from broker		–			–			–		–			77,000			–			5,652,916
Receivable for:
Fund shares sold		82,634			87,240			1,628		25,704			5,328			78,369			428
Dividends and interest		728,493			297,547			98,333		1,035,132			500,239			2,147,171			179,700
Investments sold		259,660			2,785,304			–		998,075			553,895			13,104,637			282,296
Securities lending income		4,875			2,060			856		223			854			2,316			–
Prepaid expenses and other assets		20,602			8,609			2,430		8,909			12,842			8,587			1,877
Due from investment adviser for expense reimbursements/fee waivers		–			–			5,865		–			28,185			3,200			6,191
Variation margin on futures contracts		9,000			–			–		–			–			–			–
Unrealized appreciation on forward foreign currency contracts		–			–			–		–			–			–			–
TOTAL ASSETS		194,252,440			660,159,526			61,699,849		256,857,365			272,944,843			699,873,540			274,370,043
LIABILITIES:
Payable for:
Fund shares reacquired		47,217			62,062			65,959		43,678			21,921			54,711			353,298
Investments purchased		5,739,795			2,205,461			152,484		23,541,732			654,230			14,388,754			–
Investment advisory and management fees		72,442			387,210			33,582		92,549			176,695			401,106			55,419
Administrative service fee		9,780			35,852			3,238		12,494			14,978			37,719			2,819
Transfer agent fees and expenses		313			834			417		625			313			834			71
Directors’ fees and expenses		5,003			7,964			544		4,520			11,922			9,119			70
Other accrued expenses		59,229			74,757			37,437		56,806			53,672			78,560			48,103
Line of credit		–			–			–		–			–			–			–
Accrued foreign tax on capital gains		–			–			–		–			–			–			–
Variation margin on futures contracts		52,650			–			–		–			4,800			–			360,000
Collateral upon return of securities loaned		10,847,789			5,111,668			2,025,550		898,647			882,512			8,218,580			–
Due to broker		–			–			–		–			–			–			–
Due to custodian		–			–			–		–			241,114			–			–
Call and put options written, at value@		–			–			–		–			–			–			1,114,465
Unrealized depreciation on forward foreign currency contracts		–			–			–		–			–			–			–
TOTAL LIABILITIES		16,834,218			7,885,808			2,319,211		24,651,051			2,062,157			23,189,383			1,934,245
NET ASSETS	$	177,418,222		$	652,273,718		$	59,380,638	$	232,206,314		$	270,882,686		$	676,684,157		$	272,435,798
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	136,783		$	348,674		$	37,156	$	231,948		$	136,692		$	482,533		$	221,452
Additional paid-in capital		140,544,841			308,521,889			41,383,610		222,011,422			223,882,399			455,515,726			243,639,455
Accumulated undistributed net investment income (loss)		5,067,809			(661,145	)		1,426,289		6,690,924			3,677,917			20,249,579			3,648,365
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		16,725,248			89,541,889			3,250,833		(450,315	)		(15,599,571	)		70,598,641			2,239,013
Unrealized appreciation (depreciation) on investments		15,292,611			254,522,900			13,282,750		3,722,335			58,772,426			129,839,202			21,381,338
Unrealized appreciation (depreciation) on futures contracts and written options contracts		(338,955	)		–			–		–			12,823			–			1,306,175
Unrealized foreign exchange gain (loss) on other assets and liabilities		(10,115	)		(489	)		–		–			–			(1,524	)		–
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–		–			–			–			–
NET ASSETS	$	177,418,222		$	652,273,718		$	59,380,638	$	232,206,314		$	270,882,686		$	676,684,157		$	272,435,798
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		13,678,344			34,867,428			3,715,575		23,194,786			13,669,249			48,253,323			22,145,224
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	12.97		$	18.71		$	15.98	$	10.01		$	19.82		$	14.02		$	12.30
*   Cost
Investment securities (unaffiliated)	$	177,749,902		$	401,793,573		$	48,301,943	$	251,062,428		$	204,114,074		$	552,481,935		$	46,656,691
Investment securities (affiliated)	$	–		$	–		$	–	$	–		$	–		$	–		$	200,208,606
Foreign cash	$	21,205		$	–		$	–	$	–		$	–		$	–		$	–
@ Premiums received on options written	$	–		$	–		$	–	$	–		$	–		$	–		$	731,197
†  Including securities on loan	$	13,753,315		$	4,721,159		$	1,937,749	$	879,774		$	856,716		$	8,156,039		$	–

See Notes to Financial Statements

247

VALIC Company I

STATEMENT OF ASSETS AND LIABILITIES — November 30, 2014 (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)*†	$	710,053,889		$	1,025,347,707		$	538,638,975		$	440,544,203		$	540,644,271	$	156,837,302		$	1,093,699,846
Investment securities, at value (affiliated)*†		–			–			–			–			–		–			–
Repurchase agreements (cost approximates value)		–			–			–			–			–		8,916,000			–
Total Investments		710,053,889			1,025,347,707			538,638,975			440,544,203			540,644,271		165,753,302			1,093,699,846
Cash		692			684			835			946			51,429		1,289,321			214,870
Foreign cash*		1,197,731			8,177,379			410,382			105,601			1,559,161		–			2,652
Due from broker		–			–			–			–			590,000		–			–
Receivable for:
Fund shares sold		55,058			82,169			60,518			83,805			54,746		12,741			1,405
Dividends and interest		584,242			2,070,062			782,564			932,273			2,602,327		752,253			1,574,553
Investments sold		1,091,078			515,764			2,035,459			–			2,061,535		–			6,620,724
Securities lending income		10,809			49,387			6,846			4,476			9,256		9			38,876
Prepaid expenses and other assets		23,723			16,496			3,897			13,554			10,188		7,605			19,627
Due from investment adviser for expense reimbursements/fee waivers		–			–			–			–			–		–			–
Variation margin on futures contracts		–			–			–			–			–		–			–
Unrealized appreciation on forward foreign currency contracts		–			–			–			–			9,172,855		–			–
TOTAL ASSETS		713,017,222			1,036,259,648			541,939,476			441,684,858			556,755,768		167,815,231			1,102,172,553
LIABILITIES:
Payable for:
Fund shares reacquired		50,812			72,906			40,162			22,912			38,801		33,272			152,165
Investments purchased		1,589,073			305,368			2,900,216			–			2,412,969		1,288,356			5,544,753
Investment advisory and management fees		426,511			535,987			308,133			178,570			215,033		68,421			571,423
Administrative service fee		37,618			54,125			28,798			24,107			29,142		9,237			55,088
Transfer agent fees and expenses		768			697			730			521			313		938			522
Directors’ fees and expenses		8,356			16,821			3,956			10,660			8,895		4,447			20,000
Other accrued expenses		237,555			165,969			74,077			100,908			107,732		45,835			108,008
Line of credit		–			–			–			–			–		–			–
Accrued foreign tax on capital gains		682,457			266,381			60,346			–			–		–			35
Variation margin on futures contracts		–			–			–			21,900			–		–			–
Collateral upon return of securities loaned		19,193,115			63,809,290			17,292,590			4,544,976			23,393,287		–			87,815,759
Due to broker		–			–			–			–			1,630,000		–			–
Due to custodian		–			–			–			–			–		–			–
Call and put options written, at value@		–			–			–			–			–		–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–			1,733,960		–			–
TOTAL LIABILITIES		22,226,265			65,227,544			20,709,008			4,904,554			29,570,132		1,450,506			94,267,753
NET ASSETS	$	690,790,957		$	971,032,104		$	521,230,468		$	436,780,304		$	527,185,636	$	166,364,725		$	1,007,904,800
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	869,617		$	943,210		$	586,932		$	201,455		$	374,318	$	152,117		$	561,039
Additional paid-in capital		772,726,205			952,730,566			436,128,053			449,841,394			409,507,536		158,527,606			641,295,262
Accumulated undistributed net investment income (loss)		23,514,347			29,934,469			9,395,621			10,920,383			13,732,344		5,239,761			8,107,340
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(133,774,901	)		(26,357,389	)		19,134,063			(49,515,022	)		32,858,200		(1,593,267	)		213,776,826
Unrealized appreciation (depreciation) on investments		28,149,295			14,367,112			56,089,528			25,037,770			63,383,822		4,038,508			144,170,500
Unrealized appreciation (depreciation) on futures contracts and written options contracts		–			–			–			324,989			–		–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		(11,149	)		(319,483	)		(43,383	)		(30,665	)		7,329,416		–			(6,132	)
Accrued capital gains tax on unrealized appreciation (depreciation)		(682,457	)		(266,381	)		(60,346	)		–			–		–			(35	)
NET ASSETS	$	690,790,957		$	971,032,104		$	521,230,468		$	436,780,304		$	527,185,636	$	166,364,725		$	1,007,904,800
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		86,961,707			94,320,990			58,693,244			20,145,456			37,431,827		15,211,727			56,103,911
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	7.94		$	10.29		$	8.88		$	21.68		$	14.08	$	10.94		$	17.96
*   Cost
Investment securities (unaffiliated)	$	681,904,594		$	1,010,980,595		$	482,549,447		$	415,506,433		$	477,260,449	$	152,798,794		$	949,529,346
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–	$	–		$	–
Foreign cash	$	1,203,360		$	8,422,562		$	412,400		$	106,481		$	1,586,925	$	–		$	2,665
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–	$	–		$	–
† Including securities on loan	$	19,056,803		$	63,179,433		$	16,754,694		$	5,201,761		$	22,196,455	$	–		$	89,378,853

See Notes to Financial Statements

248

VALIC Company I

STATEMENT OF ASSETS AND LIABILITIES — November 30, 2014 (unaudited) — (continued)

	GROWTH & INCOME FUND		HEALTH SCIENCES FUND			INFLATION PROTECTED FUND			INTERNATIONAL EQUITIES INDEX FUND*			INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH FUND			LARGE CAP CORE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	122,390,089	$	766,956,486		$	502,124,636		$	1,082,966,103		$	186,004,800		$	622,690,056		$	182,574,220
Investment securities, at value (affiliated)*†		–		–			–			–			–			–			–
Repurchase agreements (cost approximates value)		–		–			–			15,450,000			–			–			1,973,000
Total Investments		122,390,089		766,956,486			502,124,636			1,098,416,103			186,004,800			622,690,056			184,547,220
Cash		9,456		389,880			38,137			781			887			121,606			27,652
Foreign cash*		–		16,034			1,247,160			914,585			1,003,079			272,376			–
Due from broker		115,000		–			–			–			–			–			–
Receivable for:
Fund shares sold		7,604		353,028			26,911			91,208			1,421			59,831			41,698
Dividends and interest		334,117		287,367			2,152,102			4,049,707			2,004,434			1,334,473			214,194
Investments sold		176,103		7,254,837			–			177,255			702,854			1,211,777			401,780
Securities lending income		259		26,307			1,573			37,472			208			11,209			442
Prepaid expenses and other assets		5,139		7,397			5,774			33,959			7,233			15,633			5,817
Due from investment adviser for expense reimbursements/fee waivers		7,165		–			–			–			–			26,513			–
Variation margin on futures contracts		–		–			–			–			–			–			–
Unrealized appreciation on forward foreign currency contracts		–		–			–			–			–			–			–
TOTAL ASSETS		123,044,932		775,291,336			505,596,293			1,103,721,070			189,724,916			625,743,474			185,238,803
LIABILITIES:
Payable for:
Fund shares reacquired		100,576		56,852			40,303			151,020			21,472			51,949			23,244
Investments purchased		202,357		7,132,365			–			502,105			946,666			42,376			73,588
Investment advisory and management fees		74,054		572,771			190,042			257,586			76,990			453,643			105,472
Administrative service fee		6,665		39,237			26,966			58,576			10,393			33,577			10,171
Transfer agent fees and expenses		626		417			631			1,245			417			730			417
Directors’ fees and expenses		3,932		6,243			5,614			21,022			4,896			15,550			2,519
Other accrued expenses		44,641		76,486			70,828			204,358			57,384			121,956			43,543
Line of credit		–		–			–			–			–			369,286			–
Accrued foreign tax on capital gains		–		45,413			–			–			–			149,560			–
Variation margin on futures contracts		3,600		–			–			216,050			–			–			–
Collateral upon return of securities loaned		701,900		37,137,028			4,901,130			54,490,703			917,020			14,930,404			1,074,060
Due to broker		–		–			–			–			–			–			–
Due to custodian		–		–			–			–			–			–			–
Call and put options written, at value@		–		58,438			–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–		–			–			–			–			–			–
TOTAL LIABILITIES		1,138,351		45,125,250			5,235,514			55,902,665			2,035,238			16,169,031			1,333,014
NET ASSETS	$	121,906,581	$	730,166,086		$	500,360,779		$	1,047,818,405		$	187,689,678		$	609,574,443		$	183,905,789
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	63,213	$	283,260		$	445,144		$	1,486,572		$	157,256		$	439,483		$	117,832
Additional paid-in capital		99,587,925		321,889,105			470,225,739			1,099,606,756			187,131,832			489,138,307			101,944,976
Accumulated undistributed net investment income (loss)		1,848,573		(3,364,181	)		14,160,360			42,797,517			5,413,012			7,950,772			2,632,278
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		1,353,390		146,498,932			1,199,021			(146,941,481	)		(295,134	)		14,543,334			41,756,475
Unrealized appreciation (depreciation) on investments		19,047,111		264,768,120			14,480,011			50,564,080			(4,634,352	)		97,746,825			37,454,228
Unrealized appreciation (depreciation) on futures contracts and written options contracts		6,369		146,426			–			506,810			–			–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		–		(10,163	)		(149,496	)		(201,849	)		(82,936	)		(94,718	)		–
Accrued capital gains tax on unrealized appreciation (depreciation)		–		(45,413	)		–			–			–			(149,560	)		–
NET ASSETS	$	121,906,581	$	730,166,086		$	500,360,779		$	1,047,818,405		$	187,689,678		$	609,574,443		$	183,905,789
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		6,321,347		28,326,016			44,514,439			148,657,237			15,725,585			43,948,315			11,783,239
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	19.28	$	25.78		$	11.24		$	7.05		$	11.94		$	13.87		$	15.61
*   Cost
Investment securities (unaffiliated)	$	103,342,978	$	502,188,366		$	487,644,625		$	1,032,402,023		$	190,639,152		$	524,943,231		$	145,119,992
Investment securities (affiliated)	$	–	$	–		$	–		$	–		$	–		$	–		$	–
Foreign cash	$	–	$	16,138		$	1,380,657		$	916,766		$	1,037,145		$	274,662		$	–
@ Premiums received on options written	$	–	$	204,864		$	–		$	–		$	–		$	–		$	–
† Including securities on loan	$	662,356	$	35,753,449		$	4,789,485		$	52,715,847		$	901,228		$	14,143,682		$	1,078,834

* See Note 1

See Notes to Financial Statements

249

VALIC Company I

STATEMENT OF ASSETS AND LIABILITIES — November 30, 2014 (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)*†	$	420,802,621		$	3,415,224,753	$	333,513,488	$	340,986,981		$	314,170,111	$	1,085,109,698		$	118,520,430
Investment securities, at value (affiliated)*†		–			–		–		–			–		–			–
Repurchase agreements (cost approximates value)		–			13,166,000		–		11,766,000			5,660,000		9,347,000			662,000
Total Investments		420,802,621			3,428,390,753		333,513,488		352,752,981			319,830,111		1,094,456,698			119,182,430
Cash		568,801			873		185,123		1,016			150		1,131,924			536
Foreign cash*		35			–		–		–			–		1,046,903			–
Due from broker		–			–		–		–			–		–			–
Receivable for:
Fund shares sold		6,606			79,406		6,108		231,554			165,558		13,379			9,760
Dividends and interest		373,473			3,978,156		108,639		132,422			575,149		887,937			33,016
Investments sold		–			2,476,229		3,835,165		–			–		4,982,738			352,761
Securities lending income		1,620			204,128		19,939		–			1,844		43,117			12,987
Prepaid expenses and other assets		8,310			72,092		9,130		24,379			4,480		39,819			2,596
Due from investment adviser for expense reimbursements/fee waivers		–			–		–		110,360			13,875		–			4,398
Variation margin on futures contracts		–			–		–		–			28,746		–			–
Unrealized appreciation on forward foreign currency contracts		–			–		–		–			–		–			–
TOTAL ASSETS		421,761,466			3,435,201,637		337,677,592		353,252,712			320,619,913		1,102,602,515			119,598,484
LIABILITIES:
Payable for:
Fund shares reacquired		56,289			333,344		110,700		89,157			24,217		68,445			27,445
Investments purchased		–			5,794,840		1,866,727		–			–		8,115,588			25,446
Investment advisory and management fees		214,512			688,902		170,674		116,710			98,982		718,403			72,849
Administrative service fee		22,625			177,025		16,657		19,695			16,852		55,417			5,785
Transfer agent fees and expenses		417			1,563		730		1,354			1,042		1,251			313
Directors’ fees and expenses		7,860			66,957		5,422		15,224			3,390		29,891			1,568
Other accrued expenses		61,556			283,249		59,822		94,687			99,921		133,808			40,277
Line of credit		–			–		208,280		–			–		–			–
Accrued foreign tax on capital gains		–			–		–		–			–		–			–
Variation margin on futures contracts		–			692,930		–		–			–		–			–
Collateral upon return of securities loaned		4,958,432			228,329,923		34,844,791		–			5,780,859		72,118,681			14,830,259
Due to broker		–			–		–		–			–		–			–
Due to custodian		–			–		–		–			–		–			–
Call and put options written, at value@		–			–		–		–			–		–			–
Unrealized depreciation on forward foreign currency contracts		–			–		–		–			–		–			–
TOTAL LIABILITIES		5,321,691			236,368,733		37,283,803		336,827			6,025,263		81,241,484			15,003,942
NET ASSETS	$	416,439,775		$	3,198,832,904	$	300,393,789	$	352,915,885		$	314,594,650	$	1,021,361,031		$	104,594,542
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	278,186		$	1,115,292	$	173,838	$	3,535,454		$	309,999	$	363,336		$	65,467
Additional paid-in capital		272,040,299			1,890,257,329		190,467,390		350,008,825			153,548,729		667,459,387			61,838,323
Accumulated undistributed net investment income (loss)		3,327,700			52,903,059		235,122		1,129			4,092,509		(1,157,198	)		(625,487	)
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		75,676,221			282,055,042		60,426,481		(629,523	)		5,508,689		161,837,761			27,298,294
Unrealized appreciation (depreciation) on investments		65,119,321			972,210,682		49,090,958		–			150,802,602		192,874,926			16,017,945
Unrealized appreciation (depreciation) on futures contracts and written options contracts		–			291,500		–		–			332,122		–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		(1,952	)		–		–		–			–		(17,181	)		–
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–		–		–			–		–			–
NET ASSETS	$	416,439,775		$	3,198,832,904	$	300,393,789	$	352,915,885		$	314,594,650	$	1,021,361,031		$	104,594,542
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		27,818,589			111,529,230		17,383,840		353,545,419			30,999,912		36,333,604			6,546,706
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	14.97		$	28.68	$	17.28	$	1.00		$	10.15	$	28.11		$	15.98
*   Cost
Investment securities (unaffiliated)	$	355,683,300		$	2,443,014,071	$	284,422,530	$	340,986,981		$	163,367,509	$	892,234,772		$	102,502,485
Investment securities (affiliated)	$	–		$	–	$	–	$	–		$	–	$	–		$	–
Foreign cash	$	35		$	–	$	–	$	–		$	–	$	1,058,809		$	–
@ Premiums received on options written	$	–		$	–	$	–	$	–		$	–	$	–		$	–
† Including securities on loan	$	4,866,801		$	224,024,820	$	33,765,541	$	–		$	5,687,175	$	69,737,559		$	14,235,254

See Notes to Financial Statements

250

VALIC Company I

STATEMENT OF ASSETS AND LIABILITIES — November 30, 2014 (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)*†	$	379,953,349		$	1,188,517,882		$	254,021,477	$	139,805,913		$	4,637,615,231	$	121,894,208
Investment securities, at value (affiliated)*†		–			–			–		–			19,504,087		–
Repurchase agreements (cost approximates value)		–			12,659,000			–		–			11,803,000		692,000
Total Investments		379,953,349			1,201,176,882			254,021,477		139,805,913			4,668,922,318		122,586,208
Cash		263,217			64,635			224		–			58,882		26,081
Foreign cash*		–			–			–		–			–		–
Due from broker		–			–			–		–			–		–
Receivable for:
Fund shares sold		12,943			11,385			4,974		7,031			140,795		24,791
Dividends and interest		337,164			991,238			320,303		54,703			10,165,712		272,917
Investments sold		2,430,429			525,717			1,036,185		288,484			265,912		471,427
Securities lending income		38,833			265,559			22,025		10,079			22,557		1,282
Prepaid expenses and other assets		15,482			23,412			9,501		5,173			187,562		4,051
Due from investment adviser for expense reimbursements/fee waivers		23,339			–			–		–			–		10,449
Variation margin on futures contracts		–			–			–		–			–		–
Unrealized appreciation on forward foreign currency contracts		–			–			–		–			–		–
TOTAL ASSETS		383,074,756			1,203,058,828			255,414,689		140,171,383			4,679,763,738		123,397,206
LIABILITIES:
Payable for:
Fund shares reacquired		111,909			388,668			62,534		24,886			660,777		20,881
Investments purchased		1,585,487			–			482,269		330,834			10,990,504		553,973
Investment advisory and management fees		261,438			264,863			150,895		83,423			918,381		78,428
Administrative service fee		19,946			60,417			13,580		6,624			254,474		6,787
Transfer agent fees and expenses		313			1,459			626		313			1,975		730
Directors’ fees and expenses		14,043			24,081			4,533		2,237			119,844		3,004
Other accrued expenses		65,620			148,146			51,255		41,862			384,403		41,132
Line of credit		–			–			–		–			–		–
Accrued foreign tax on capital gains		–			–			–		–			–		–
Variation margin on futures contracts		–			441,210			–		–			87,900		–
Collateral upon return of securities loaned		23,318,597			119,064,891			12,944,581		20,098,230			45,373,554		354,689
Due to broker		–			–			–		–			–		–
Due to custodian		–			–			–		–			–		–
Call and put options written, at value@		–			–			–		–			–		–
Unrealized depreciation on forward foreign currency contracts		–			–			–		–			–		–
TOTAL LIABILITIES		25,377,353			120,393,735			13,710,273		20,588,409			58,791,812		1,059,624
NET ASSETS	$	357,697,403		$	1,082,665,093		$	241,704,416	$	119,582,974		$	4,620,971,926	$	122,337,582
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	227,646		$	509,995		$	169,579	$	74,921		$	1,230,443	$	80,562
Additional paid-in capital		195,177,650			686,809,843			177,356,197		70,781,692			2,152,497,858		125,787,331
Accumulated undistributed net investment income (loss)		(39,647	)		17,694,666			3,171,468		(417,712	)		110,559,571		2,518,867
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		78,237,884			114,303,781			29,174,866		32,498,257			201,467,417		(43,044,119	)
Unrealized appreciation (depreciation) on investments		84,093,870			263,035,867			31,832,306		16,645,816			2,153,267,033		36,996,136
Unrealized appreciation (depreciation) on futures contracts and written options contracts		–			310,967			–		–			1,949,604		–
Unrealized foreign exchange gain (loss) on other assets and liabilities		–			(26	)		–		–			–		(1,195	)
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–		–			–		–
NET ASSETS	$	357,697,403		$	1,082,665,093		$	241,704,416	$	119,582,974		$	4,620,971,926	$	122,337,582
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		22,764,599			50,999,495			16,957,851		7,492,051			123,044,337		8,056,216
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	15.71		$	21.23		$	14.25	$	15.96		$	37.56	$	15.19
*   Cost
Investment securities (unaffiliated)	$	295,859,479		$	925,482,015		$	222,189,171	$	123,160,097		$	2,492,300,048	$	84,898,072
Investment securities (affiliated)	$	–		$	–		$	–	$	–		$	11,552,237	$	–
Foreign cash	$	–		$	–		$	–	$	–		$	–	$	–
@ Premiums received on options written	$	–		$	–		$	–	$	–		$	–	$	–
† Including securities on loan	$	22,488,729		$	114,247,001		$	12,209,872	$	19,387,411		$	44,131,044	$	353,351

See Notes to Financial Statements

251

VALIC Company I

STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2014 (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)	$	1,142,337		$	2,248,346		$	644,011		$	14,743	$	2,305,036		$	9,490,577		$	–
Dividends (affiliated)		–			–			–			–		–			–			–
Securities lending income		14,567			23,122			3,430			2,955		18,756			14,904			–
Interest (unaffiliated)		956,723			721			108			2,502,024		–			539			493,736
Total investment income*		2,113,627			2,272,189			647,549			2,519,722		2,323,792			9,506,020			493,736
EXPENSES:
Investment advisory and management fees		442,584			2,306,512			197,886			506,889		1,072,474			2,341,864			332,436
Administrative service fee		59,749			213,349			19,082			68,430		90,884			219,518			17,423
Transfer agent fees and expenses		617			1,635			818			1,094		616			1,636			138
Custodian fees		44,405			17,798			10,591			16,150		13,561			11,052			10,720
Reports to shareholders		13,012			45,312			4,818			14,209		20,212			47,469			19,026
Audit and tax fees		20,878			15,787			15,794			21,831		15,800			15,816			17,504
Legal fees		6,469			10,737			5,278			6,786		7,864			11,509			7,390
Directors’ fees and expenses		3,724			12,900			1,103			4,157		5,697			13,209			4,926
Interest expense		9			–			–			–		38			110			–
Other expenses		7,121			11,894			6,862			8,166		8,538			12,043			5,816
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		598,568			2,635,924			262,232			647,712		1,235,684			2,674,226			415,379
Net (Fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			(21,941	)		–		(158,540	)		(7,490	)		10,138
Fees paid indirectly (Note 7)		–			(3,219	)		(1,619	)		–		(1,715	)		–			–
Net expenses		598,568			2,632,705			238,672			647,712		1,075,429			2,666,736			425,517
Net investment income (loss)		1,515,059			(360,516	)		408,877			1,872,010		1,248,363			6,839,284			68,219
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		6,563,053			31,960,056			1,597,922			1,210,240		18,015,728			31,521,219			(227,832	)
Net realized gain (loss) on investments (affiliated)		–			–			–			–		–			–			2,149,533
Net realized gain (loss) on futures contracts and written options contracts		(79,154	)		–			–			–		–			–			(635,075	)
Net realized foreign exchange gain (loss) on other assets and liabilities		(21,463	)		(1,972	)		–			–		(56	)		(18,383	)		–
Net realized gain (loss) on investments and foreign currencies		6,462,436			31,958,084			1,597,922			1,210,240		18,015,672			31,502,836			1,286,626
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(3,534,558	)		25,008,914			881,905			445,057		(2,680,369	)		71,819			564,286
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–		–			–			5,894,770
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		(338,955	)		–			–			–		12,823			–			318,706
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(13,685	)		(535	)		–			–		–			(1,484	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–		–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(3,887,198	)		25,008,379			881,905			445,057		(2,667,546	)		70,335			6,777,762
Net realized and unrealized gain (loss) on investments and foreign currencies		2,575,238			56,966,463			2,479,827			1,655,297		15,348,126			31,573,171			8,064,388
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,090,297		$	56,605,947		$	2,888,704		$	3,527,307	$	16,596,489		$	38,412,455		$	8,132,607
*   Net of foreign withholding taxes on interest and dividends of	$	27,312		$	2,209		$	1,366		$	968	$	21,113		$	39,419		$	–
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–	$	–		$	–		$	–

See Notes to Financial Statements

252

VALIC Company I

STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2014 (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)	$	13,065,241		$	9,948,075		$	6,861,208		$	4,154,395		$	3,548,438		$	–	$	6,593,657
Dividends (affiliated)		–			–			–			–			–			–		–
Securities lending income		72,964			356,629			29,672			42,640			65,994			2,459		107,083
Interest (unaffiliated)		394			760			203			481			3,287,610			2,147,809		357
Total investment income*		13,138,599			10,305,464			6,891,083			4,197,516			6,902,042			2,150,268		6,701,097
EXPENSES:
Investment advisory and management fees		2,636,654			3,462,422			1,694,926			1,097,048			1,345,359			403,742		3,492,848
Administrative service fee		232,793			352,152			157,488			148,101			182,703			54,505		336,870
Transfer agent fees and expenses		1,634			1,430			1,430			1,026			614			1,840		1,028
Custodian fees		292,056			128,586			44,252			33,818			77,006			7,795		30,334
Reports to shareholders		48,771			77,992			30,371			31,345			40,868			11,937		74,212
Audit and tax fees		20,973			20,311			16,544			17,761			21,996			18,610		15,964
Legal fees		16,272			17,795			9,868			10,814			14,768			6,207		16,398
Directors’ fees and expenses		13,840			22,338			8,392			9,202			11,657			3,465		20,948
Interest expense		92			12			–			–			–			–		3,234
Other expenses		12,503			16,328			11,419			15,077			12,667			7,504		15,411
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		3,275,588			4,099,366			1,974,690			1,364,192			1,707,638			515,605		4,007,247
Net (Fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			–			–			–			–		–
Fees paid indirectly (Note 7)		(18,685	)		(10,056	)		(4,420	)		–			(4,232	)		–		–
Net expenses		3,256,903			4,089,310			1,970,270			1,364,192			1,703,406			515,605		4,007,247
Net investment income (loss)		9,881,696			6,216,154			4,920,813			2,833,324			5,198,636			1,634,663		2,693,850
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		(7,228,548	)		37,819,537			8,974,169			39,260,985			14,810,169			9,907		103,733,941
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–		–
Net realized gain (loss) on futures contracts and written options contracts		–			–			–			768,972			–			–		–
Net realized foreign exchange gain (loss) on other assets and liabilities		(440,165	)		(134,436	)		(63,761	)		(118,042	)		4,028,199			–		(3,851	)
Net realized gain (loss) on investments and foreign currencies		(7,668,713	)		37,685,101			8,910,408			39,911,915			18,838,368			9,907		103,730,090
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(15,682,061	)		(152,279,398	)		4,573,700			(28,801,820	)		(31,881,990	)		1,489,696		(37,150,082	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–		–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		–			–			–			(15,315	)		–			–		–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(27,358	)		(316,521	)		(44,619	)		(30,889	)		6,435,865			–		(6,034	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		(61,688	)		526,495			15,666			–			–			–		(35	)
Net unrealized gain (loss) on investments and foreign currencies		(15,771,107	)		(152,069,424	)		4,544,747			(28,848,024	)		(25,446,125	)		1,489,696		(37,156,151	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(23,439,820	)		(114,384,323	)		13,455,155			11,063,891			(6,607,757	)		1,499,603		66,573,939
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,558,124	)	$	(108,168,169	)	$	18,375,968		$	13,897,215		$	(1,409,121	)	$	3,134,266	$	69,267,789
*   Net of foreign withholding taxes on interest and dividends of	$	1,574,754		$	784,753		$	273,505		$	150,689		$	177,572		$	–	$	26,028
** Net of foreign withholding taxes on capital gains of	$	252,027		$	232,725		$	43,345		$	–		$	–		$	–	$	–

See Notes to Financial Statements

253

VALIC Company I

STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2014 (unaudited) — (continued)

	GROWTH & INCOME FUND			HEALTH SCIENCES FUND			INFLATION PROTECTED FUND			INTERNATIONAL EQUITIES INDEX FUND†			INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH FUND			LARGE CAP CORE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	1,199,155		$	1,566,472		$	174,615		$	11,797,975		$	–		$	4,722,485		$	1,518,617
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		2,311			91,772			3,666			114,350			546			103,006			9,665
Interest (unaffiliated)		41			4,481			5,850,675			2,206			3,165,248			1,073			–
Total investment income*		1,201,507			1,662,725			6,028,956			11,914,531			3,165,794			4,826,564			1,528,282
EXPENSES:
Investment advisory and management fees		437,790			3,174,868			1,124,737			1,642,867			476,514			2,857,307			633,296
Administrative service fee		39,401			216,677			159,310			377,450			64,329			211,973			61,068
Transfer agent fees and expenses		1,225			824			1,400			2,317			820			1,430			818
Custodian fees		8,386			19,793			15,741			156,342			18,180			92,130			4,703
Reports to shareholders		8,842			43,143			34,301			83,769			13,878			48,005			12,988
Audit and tax fees		16,444			16,590			19,532			25,210			21,132			20,809			15,790
Legal fees		6,188			14,365			8,829			27,362			8,823			17,663			6,405
Directors’ fees and expenses		2,384			12,527			9,745			24,284			3,968			13,373			3,740
Interest expense		29			–			–			107			–			487			111
Other expenses		6,959			12,241			8,946			28,805			7,146			13,384			8,669
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		527,648			3,511,028			1,382,541			2,368,513			614,790			3,276,561			747,588
Net (Fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(31,486	)		–			–			–			–			(104,790	)		–
Fees paid indirectly (Note 7)		(278	)		(3,010	)		–			–			–			(759	)		(4,681	)
Net expenses		495,884			3,508,018			1,382,541			2,368,513			614,790			3,171,012			742,907
Net investment income (loss)		705,623			(1,845,293	)		4,646,415			9,546,018			2,551,004			1,655,552			785,375
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		2,282,039			41,538,119			493,378			44,814,869			193,609			16,804,093			16,060,588
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		35,844			20,547			–			(2,045,000	)		–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(4	)		(9,980	)		2,017			(238,990	)		(88,201	)		(108,790	)		(8	)
Net realized gain (loss) on investments and foreign currencies		2,317,879			41,548,686			495,395			42,530,879			105,408			16,695,303			16,060,580
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		6,725,128			90,381,773			(8,503,586	)		(113,156,498	)		(7,301,101	)		(30,931,763	)		(389,780	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		(21,802	)		156,006			–			327,486			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			(11,910	)		(151,227	)		(159,833	)		(83,002	)		(94,345	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			5,676			–			–			–			(76,310	)		–
Net unrealized gain (loss) on investments and foreign currencies		6,703,326			90,531,545			(8,654,813	)		(112,988,845	)		(7,384,103	)		(31,102,418	)		(389,780	)
Net realized and unrealized gain (loss) on investments and foreign currencies		9,021,205			132,080,231			(8,159,418	)		(70,457,966	)		(7,278,695	)		(14,407,115	)		15,670,800
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,726,828		$	130,234,938		$	(3,513,003	)	$	(60,911,948	)	$	(4,727,691	)	$	(12,751,563	)	$	16,456,175
*   Net of foreign withholding taxes on interest and dividends of	$	(92	)	$	25,551		$	232		$	647,660		$	1,143		$	305,447		$	5,147
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	36,308		$	–		$	16,859		$	–

† See Note 1

See Notes to Financial Statements

254

VALIC Company I

STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2014 (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)	$	2,563,089		$	24,616,417		$	1,329,824		$	–		$	1,901,335		$	4,354,827		$	173,629
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		24,458			1,427,663			124,086			–			24,277			236,026			66,214
Interest (unaffiliated)		282			3,499			304			263,464			244			5,757			–
Total investment income*		2,587,829			26,047,579			1,454,214			263,464			1,925,856			4,596,610			239,843
EXPENSES:
Investment advisory and management fees		1,291,466			4,186,642			1,043,569			727,925			555,456			4,278,478			433,953
Administrative service fee		136,209			1,074,913			101,862			122,837			94,214			329,808			34,461
Transfer agent fees and expenses		819			3,111			1,567			2,695			2,082			2,485			614
Custodian fees		9,700			47,367			16,936			7,149			5,198			41,644			10,310
Reports to shareholders		29,807			232,317			23,035			27,104			19,135			68,194			8,078
Audit and tax fees		15,803			16,435			15,832			18,610			16,457			15,885			15,779
Legal fees		8,773			36,637			8,244			7,988			7,294			14,436			5,758
Directors’ fees and expenses		8,621			67,636			6,549			8,034			5,327			20,222			2,314
Interest expense		309			–			222			–			60			10			6
Other expenses		10,744			59,427			8,976			4,929			51,083			13,298			7,890
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,512,251			5,724,485			1,226,792			927,271			756,306			4,784,460			519,163
Net (Fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			–			(682,033	)		(16,555	)		–			(13,736	)
Fees paid indirectly (Note 7)		(1,477	)		–			(10,484	)		–			–			(28,475	)		–
Net expenses		1,510,774			5,724,485			1,216,308			245,238			739,751			4,755,985			505,427
Net investment income (loss)		1,077,055			20,323,094			237,906			18,226			1,186,105			(159,375	)		(265,584	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		3,788,740			132,384,327			20,779,842			4,768			2,636,300			68,687,062			5,424,334
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		–			1,604,811			–			–			647,525			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(2,707	)		–			727			–			–			(87,784	)		–
Net realized gain (loss) on investments and foreign currencies		3,786,033			133,989,138			20,780,569			4,768			3,283,825			68,599,278			5,424,334
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		23,235,881			10,279,640			2,375,494			–			38,619,665			52,831,521			7,385,012
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		–			(1,269,922	)		–			–			46,954			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		2,277			–			799			–			–			(29,149	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		23,238,158			9,009,718			2,376,293			–			38,666,619			52,802,372			7,385,012
Net realized and unrealized gain (loss) on investments and foreign currencies		27,024,191			142,998,856			23,156,862			4,768			41,950,444			121,401,650			12,809,346
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	28,101,246		$	163,321,950		$	23,394,768		$	22,994		$	43,136,549		$	121,242,275		$	12,543,762
*   Net of foreign withholding taxes on interest and dividends of	$	45,963		$	–		$	7,824		$	–		$	551		$	159,127		$	–
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

255

VALIC Company I

STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2014 (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)	$	1,754,637		$	7,501,499		$	2,231,740		$	329,865		$	46,019,742		$	1,326,625
Dividends (affiliated)		–			–			–			–			92,624			–
Securities lending income		170,757			1,532,994			85,412			37,482			210,939			2,468
Interest (unaffiliated)		1,429			1,064			542			–			6,078			–
Total investment income*		1,926,823			9,035,557			2,317,694			367,347			46,329,383			1,329,093
EXPENSES:
Investment advisory and management fees		1,587,350			1,622,345			930,081			518,488			5,550,405			477,217
Administrative service fee		121,077			370,348			83,707			41,174			1,534,837			41,298
Transfer agent fees and expenses		616			2,896			1,226			614			3,755			1,430
Custodian fees		21,666			33,472			9,339			8,660			64,969			8,095
Reports to shareholders		27,460			80,907			18,961			9,695			325,600			9,479
Audit and tax fees		15,813			16,607			15,816			15,786			16,459			15,797
Legal fees		9,181			15,272			7,007			5,352			47,584			6,015
Directors’ fees and expenses		7,955			24,117			5,371			2,705			93,812			2,563
Interest expense		167			292			–			–			–			–
Other expenses		13,522			14,867			9,605			6,903			76,319			8,153
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,804,807			2,181,123			1,081,113			609,377			7,713,740			570,047
Net (Fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(136,628	)		–			–			–			–			(50,001	)
Fees paid indirectly (Note 7)		(12,738	)		–			(10,093	)		(5,022	)		–			–
Net expenses		1,655,441			2,181,123			1,071,020			604,355			7,713,740			520,046
Net investment income (loss)		271,382			6,854,434			1,246,674			(237,008	)		38,615,643			809,047
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		25,969,696			59,273,159			13,997,059			5,139,554			85,744,241			4,815,264
Net realized gain (loss) on investments (affiliated)		–			–			–			–			413,480			–
Net realized gain (loss) on futures contracts and written options contracts		–			(734,225	)		–			–			9,620,716			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(119	)		142			–			(10	)		–			115
Net realized gain (loss) on investments and foreign currencies		25,969,577			58,539,076			13,997,059			5,139,544			95,778,437			4,815,379
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(9,749,873	)		(23,455,065	)		(8,549,567	)		6,451,808			230,607,033			2,752,175
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			(172,836	)		–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		–			1,743,151			–			–			(2,210,993	)		–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(75	)		(31	)		–			(21	)		–			(1,549	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(9,749,948	)		(21,711,945	)		(8,549,567	)		6,451,787			228,223,204			2,750,626
Net realized and unrealized gain (loss) on investments and foreign currencies		16,219,629			36,827,131			5,447,492			11,591,331			324,001,641			7,566,005
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	16,491,011		$	43,681,565		$	6,694,166		$	11,354,323		$	362,617,284		$	8,375,052
*   Net of foreign withholding taxes on interest and dividends of	$	5,503		$	3,699		$	7,901		$	1,404		$	13,468		$	5,285
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

256

VALIC Company I

STATEMENT 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, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)		For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)		For the Year Ended May 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,515,059		$	3,310,479		$	(360,516	)	$	(573,007	)	$	408,877	$	1,017,630		$	1,872,010	$	3,991,318
Net realized gain (loss) on investments and foreign currencies		6,462,436			10,481,681			31,958,084			59,383,511			1,597,922		3,161,247			1,210,240		(688,221	)
Net unrealized gain (loss) on investments and foreign currencies		(3,887,198	)		5,460,862			25,008,379			64,585,834			881,905		3,529,560			445,057		1,314,991
Net increase (decrease) in net assets resulting from operations		4,090,297			19,253,022			56,605,947			123,396,338			2,888,704		7,708,437			3,527,307		4,618,088
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(3,034,040	)		–			(1,020,429	)		–		(658,578	)		–		(5,583,373	)
Net realized gain on securities		–			(9,470,291	)		–			(22,993,791	)		–		–			–		(2,713,195	)
Total distributions to shareholders		–			(12,504,331	)		–			(24,014,220	)		–		(658,578	)		–		(8,296,568	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(3,015,653	)		5,806,809			(19,779,251	)		20,839,194			2,817,135		4,723,837			32,128,530		(29,789,313	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,074,644			12,555,500			36,826,696			120,221,312			5,705,839		11,773,696			35,655,837		(33,467,793	)
NET ASSETS:
Beginning of period		176,343,578			163,788,078			615,447,022			495,225,710			53,674,799		41,901,103			196,550,477		230,018,270
End of period†	$	177,418,222		$	176,343,578		$	652,273,718		$	615,447,022		$	59,380,638	$	53,674,799		$	232,206,314	$	196,550,477
†  Includes accumulated undistributed net investment income (loss)	$	5,067,809		$	3,552,750		$	(661,145	)	$	(300,629	)	$	1,426,289	$	1,017,412		$	6,690,924	$	4,818,914

See Notes to Financial Statements

257

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	CORE EQUITY FUND						DIVIDEND VALUE FUND					DYNAMIC ALLOCATION FUND					EMERGING ECONOMIES FUND
	For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)		For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)		For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,248,363		$	2,432,568		$	6,839,284	$	13,411,775		$	68,219	$	2,907,659		$	9,881,696		$	14,197,831
Net realized gain (loss) on investments and foreign currencies		18,015,672			30,117,631			31,502,836		65,821,166			1,286,626		1,652,272			(7,668,713	)		(2,870,766	)
Net unrealized gain (loss) on investments and foreign currencies		(2,667,546	)		15,767,980			70,335		11,193,506			6,777,762		13,773,665			(15,771,107	)		2,530,150
Net increase (decrease) in net assets resulting from operations		16,596,489			48,318,179			38,412,455		90,426,447			8,132,607		18,333,596			(13,558,124	)		13,857,215
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(3,126,657	)		–		(12,390,438	)		–		–			–			(9,729,373	)
Net realized gain on securities		–			–			–		–			–		(594,836	)		–			–
Total distributions to shareholders		–			(3,126,657	)		–		(12,390,438	)		–		(594,836	)		–			(9,729,373	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(14,579,939	)		(18,692,623	)		17,238,540		(24,502,148	)		9,301,885		150,358,741			25,943,354			(24,201,829	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		2,016,550			26,498,899			55,650,995		53,533,861			17,434,492		168,097,501			12,385,230			(20,073,987	)
NET ASSETS:
Beginning of period		268,866,136			242,367,237			621,033,162		567,499,301			255,001,306		86,903,805			678,405,727			698,479,714
End of period†	$	270,882,686		$	268,866,136		$	676,684,157	$	621,033,162		$	272,435,798	$	255,001,306		$	690,790,957		$	678,405,727
† Includes accumulated undistributed net investment income (loss)	$	3,677,917		$	2,429,554		$	20,249,579	$	13,410,295		$	3,648,365	$	3,580,146		$	23,514,347		$	13,632,651

See Notes to Financial Statements

258

VALIC Company I

STATEMENT 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, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)		For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	6,216,154		$	24,932,249		$	4,920,813	$	9,575,642		$	2,833,324		$	8,342,756		$	5,198,636		$	14,814,679
Net realized gain (loss) on investments and foreign currencies		37,685,101			29,005,677			8,910,408		16,805,675			39,911,915			49,781,457			18,838,368			23,400,967
Net unrealized gain (loss) on investments and foreign currencies		(152,069,424	)		135,471,988			4,544,747		6,662,236			(28,848,024	)		19,765,455			(25,446,125	)		34,541,390
Net increase (decrease) in net assets resulting from operations		(108,168,169	)		189,409,914			18,375,968		33,043,553			13,897,215			77,889,668			(1,409,121	)		72,757,036
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(19,579,170	)		–		(20,312,399	)		–			(6,041,120	)		–			(17,494,448	)
Net realized gain on securities		–			–			–		(24,544,043	)		–			–			–			–
Total distributions to shareholders		–			(19,579,170	)		–		(44,856,442	)		–			(6,041,120	)		–			(17,494,448	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		2,008,403			(5,663,936	)		89,772,014		40,352,404			(17,088,534	)		67,578,045			(23,479,318	)		31,751,314
TOTAL INCREASE (DECREASE) IN NET ASSETS		(106,159,766	)		164,166,808			108,147,982		28,539,515			(3,191,319	)		139,426,593			(24,888,439	)		87,013,902
NET ASSETS:
Beginning of period		1,077,191,870			913,025,062			413,082,486		384,542,971			439,971,623			300,545,030			552,074,075			465,060,173
End of period†	$	971,032,104		$	1,077,191,870		$	521,230,468	$	413,082,486		$	436,780,304		$	439,971,623		$	527,185,636		$	552,074,075
† Includes accumulated undistributed net investment income (loss)	$	29,934,469		$	23,718,315		$	9,395,621	$	4,474,808		$	10,920,383		$	8,087,059		$	13,732,344		$	8,533,708

See Notes to Financial Statements

259

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	GOVERNMENT SECURITIES FUND					GROWTH FUND						GROWTH & INCOME FUND						HEALTH SCIENCES FUND
	For the Six Months Ended November 30, 2014 (unaudited)		For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,634,663	$	3,270,126		$	2,693,850		$	5,783,801		$	705,623		$	1,151,029		$	(1,845,293	)	$	(3,037,445	)
Net realized gain (loss) on investments and foreign currencies		9,907		(921,210	)		103,730,090			123,044,222			2,317,879			13,429,376			41,548,686			109,056,907
Net unrealized gain (loss) on investments and foreign currencies		1,489,696		(720,265	)		(37,156,151	)		44,361,961			6,703,326			5,412,252			90,531,545			29,544,189
Net increase (decrease) in net assets resulting from operations		3,134,266		1,628,651			69,267,789			173,189,984			9,726,828			19,992,657			130,234,938			135,563,651
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–		(3,636,430	)		–			(8,021,572	)		–			(842,484	)		–			–
Net realized gain on securities		–		(595,233	)		–			–			–			–			–			(19,465,321	)
Total distributions to shareholders		–		(4,231,663	)		–			(8,021,572	)		–			(842,484	)		–			(19,465,321	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		1,108,985		27,938,383			(76,005,077	)		25,932,733			(2,225,511	)		(411,542	)		19,773,902			51,961,104
TOTAL INCREASE (DECREASE) IN NET ASSETS		4,243,251		25,335,371			(6,737,288	)		191,101,145			7,501,317			18,738,631			150,008,840			168,059,434
NET ASSETS:
Beginning of period		162,121,474		136,786,103			1,014,642,088			823,540,943			114,405,264			95,666,633			580,157,246			412,097,812
End of period†	$	166,364,725	$	162,121,474		$	1,007,904,800		$	1,014,642,088		$	121,906,581		$	114,405,264		$	730,166,086		$	580,157,246
† Includes accumulated undistributed net investment income (loss)	$	5,239,761	$	3,605,098		$	8,107,340		$	5,413,490		$	1,848,573		$	1,142,950		$	(3,364,181	)	$	(1,518,888	)

See Notes to Financial Statements

260

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	INFLATION PROTECTED FUND						INTERNATIONAL EQUITIES INDEX FUND*						INTERNATIONAL GOVERNMENT BOND FUND						INTERNATIONAL GROWTH FUND
	For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	4,646,415		$	9,514,314		$	9,546,018		$	35,212,238		$	2,551,004		$	4,935,805		$	1,655,552		$	7,497,314
Net realized gain (loss) on investments and foreign currencies		495,395			706,528			42,530,879			53,314,826			105,408			(1,851,877	)		16,695,303			52,945,662
Net unrealized gain (loss) on investments and foreign currencies		(8,654,813	)		(6,641,933	)		(112,988,845	)		88,931,985			(7,384,103	)		4,257,652			(31,102,418	)		33,094,524
Net increase (decrease) in net assets resulting from operations		(3,513,003	)		3,578,909			(60,911,948	)		177,459,049			(4,727,691	)		7,341,580			(12,751,563	)		93,537,500
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(8,540,718	)		–			(27,041,667	)		–			(3,330,576	)		–			(10,866,892	)
Net realized gain on securities		–			(2,261,140	)		–			–			–			(2,078,189	)		–			–
Total distributions to shareholders		–			(10,801,858	)		–			(27,041,667	)		–			(5,408,765	)		–			(10,866,892	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		34,817,309			29,962,898			(66,109,790	)		23,472,754			3,176,652			2,717,618			(23,706,030	)		(39,724,777	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		31,304,306			22,739,949			(127,021,738	)		173,890,136			(1,551,039	)		4,650,433			(36,457,593	)		42,945,831
NET ASSETS:
Beginning of period		469,056,473			446,316,524			1,174,840,143			1,000,950,007			189,240,717			184,590,284			646,032,036			603,086,205
End of period†	$	500,360,779		$	469,056,473		$	1,047,818,405		$	1,174,840,143		$	187,689,678		$	189,240,717		$	609,574,443		$	646,032,036
† Includes accumulated undistributed net investment income (loss)	$	14,160,360		$	9,513,945		$	42,797,517		$	33,251,499		$	5,413,012		$	2,862,008		$	7,950,772		$	6,295,220

* See Note 1

See Notes to Financial Statements

261

VALIC Company I

STATEMENT 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, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	785,375		$	1,847,913		$	1,077,055		$	2,232,193		$	20,323,094		$	32,525,210		$	237,906		$	(158,670	)
Net realized gain (loss) on investments and foreign currencies		16,060,580			26,110,031			3,786,033			76,598,426			133,989,138			184,974,580			20,780,569			42,085,599
Net unrealized gain (loss) on investments and foreign currencies		(389,780	)		3,094,041			23,238,158			(2,734,223	)		9,009,718			278,473,292			2,376,293			(4,771,028	)
Net increase (decrease) in net assets resulting from operations		16,456,175			31,051,985			28,101,246			76,096,396			163,321,950			495,973,082			23,394,768			37,155,901
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(1,608,872	)		–			(1,893,384	)		–			(34,843,990	)		–			(1,496,140	)
Net realized gain on securities		–			(11,817,255	)		–			(29,860,274	)		–			(130,271,727	)		–			(3,561,209	)
Total distributions to shareholders		–			(13,426,127	)		–			(31,753,658	)		–			(165,115,717	)		–			(5,057,349	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(12,199,586	)		1,406,520			(19,711,275	)		(3,820,150	)		(143,519,921	)		(77,134,315	)		(20,068,546	)		4,831,238
TOTAL INCREASE (DECREASE) IN NET ASSETS		4,256,589			19,032,378			8,389,971			40,522,588			19,802,029			253,723,050			3,326,222			36,929,790
NET ASSETS:
Beginning of period		179,649,200			160,616,822			408,049,804			367,527,216			3,179,030,875			2,925,307,825			297,067,567			260,137,777
End of period†	$	183,905,789		$	179,649,200		$	416,439,775		$	408,049,804		$	3,198,832,904		$	3,179,030,875		$	300,393,789		$	297,067,567
† Includes accumulated undistributed net investment income (loss)	$	2,632,278		$	1,846,903		$	3,327,700		$	2,250,645		$	52,903,059		$	32,579,965		$	235,122		$	(2,784	)

See Notes to Financial Statements

262

VALIC Company I

STATEMENT 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, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)		For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	18,226		$	37,954		$	1,186,105	$	2,911,236		$	(159,375	)	$	(1,537,461	)	$	(265,584	)	$	(717,026	)
Net realized gain (loss) on investments and foreign currencies		4,768			8,056			3,283,825		5,597,196			68,599,278			182,374,847			5,424,334			22,832,508
Net unrealized gain (loss) on investments and foreign currencies		–			–			38,666,619		44,368,476			52,802,372			39,169,583			7,385,012			(7,552,443	)
Net increase (decrease) in net assets resulting from operations		22,994			46,010			43,136,549		52,876,908			121,242,275			220,006,969			12,543,762			14,563,039
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(18,226	)		(37,954	)		–		(1,962,139	)		–			(1,174,500	)		–			–
Net realized gain on securities		–			–			–		(1,258,894	)		–			–			–			(9,763,467	)
Total distributions to shareholders		(18,226	)		(37,954	)		–		(3,221,033	)		–			(1,174,500	)		–			(9,763,467	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(13,856,691	)		(11,326,475	)		16,338,108		2,869,481			(36,569,007	)		(54,758,443	)		(9,359,166	)		14,387,907
TOTAL INCREASE (DECREASE) IN NET ASSETS		(13,851,923	)		(11,318,419	)		59,474,657		52,525,356			84,673,268			164,074,026			3,184,596			19,187,479
NET ASSETS:
Beginning of period		366,767,808			378,086,227			255,119,993		202,594,637			936,687,763			772,613,737			101,409,946			82,222,467
End of period†	$	352,915,885		$	366,767,808		$	314,594,650	$	255,119,993		$	1,021,361,031		$	936,687,763		$	104,594,542		$	101,409,946
† Includes accumulated undistributed net investment income (loss)	$	1,129		$	1,129		$	4,092,509	$	2,906,404		$	(1,157,198	)	$	(997,823	)	$	(625,487	)	$	(359,903	)

See Notes to Financial Statements

263

VALIC Company I

STATEMENT 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, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	271,382		$	57,479		$	6,854,434		$	11,205,003		$	1,246,674		$	2,168,553		$	(237,008	)	$	(603,518	)
Net realized gain (loss) on investments and foreign currencies		25,969,577			53,566,087			58,539,076			61,917,804			13,997,059			39,977,823			5,139,544			28,534,628
Net unrealized gain (loss) on investments and foreign currencies		(9,749,948	)		4,287,514			(21,711,945	)		89,021,381			(8,549,567	)		8,499,367			6,451,787			(7,602,561	)
Net increase (decrease) in net assets resulting from operations		16,491,011			57,911,080			43,681,565			162,144,188			6,694,166			50,645,743			11,354,323			20,328,549
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(1,201,353	)		–			(13,977,039	)		–			(1,802,415	)		–			(41,716	)
Net realized gain on securities		–			(16,963,418	)		–			(25,815,375	)		–			–			–			(4,202,101	)
Total distributions to shareholders		–			(18,164,771	)		–			(39,792,414	)		–			(1,802,415	)		–			(4,243,817	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(22,600,540	)		(26,784,516	)		(67,881,500	)		155,988			(14,568,488	)		(25,404,462	)		(16,610,157	)		(528,577	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(6,109,529	)		12,961,793			(24,199,935	)		122,507,762			(7,874,322	)		23,438,866			(5,255,834	)		15,556,155
NET ASSETS:
Beginning of period		363,806,932			350,845,139			1,106,865,028			984,357,266			249,578,738			226,139,872			124,838,808			109,282,653
End of period†	$	357,697,403		$	363,806,932		$	1,082,665,093		$	1,106,865,028		$	241,704,416		$	249,578,738		$	119,582,974		$	124,838,808
† Includes accumulated undistributed net investment income (loss)	$	(39,647	)	$	(311,029	)	$	17,694,666		$	10,840,232		$	3,171,468		$	1,924,794		$	(417,712	)	$	(180,704	)

See Notes to Financial Statements

264

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	STOCK INDEX FUND						VALUE FUND
	For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (unaudited)			For the Year Ended May 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	38,615,643		$	71,952,192		$	809,047		$	1,710,803
Net realized gain (loss) on investments and foreign currencies		95,778,437			178,654,814			4,815,379			3,384,662
Net unrealized gain (loss) on investments and foreign currencies		228,223,204			519,971,103			2,750,626			12,474,893
Net increase (decrease) in net assets resulting from operations		362,617,284			770,578,109			8,375,052			17,570,358
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(71,303,393	)		–			(1,912,183	)
Net realized gain on securities		–			(99,954,931	)		–			–
Total distributions to shareholders		–			(171,258,324	)		–			(1,912,183	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(214,648,562	)		(100,847,335	)		(7,901,476	)		(5,096,777	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		147,968,722			498,472,450			473,576			10,561,398
NET ASSETS:
Beginning of period		4,473,003,204			3,974,530,754			121,864,006			111,302,608
End of period†	$	4,620,971,926		$	4,473,003,204		$	122,337,582		$	121,864,006
† Includes accumulated undistributed net investment income (loss)	$	110,559,571		$	71,943,928		$	2,518,867		$	1,709,820

See Notes to Financial Statements

265

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” or the “Adviser”). 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 (each, a “Fund” and collectively, the “Funds”), each of which issues its own separate class of capital shares:

Asset Allocation Fund	International Equities Index 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

* The Dynamic Allocation 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 Funds”) (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”).

** Effective June 16, 2014, the International Equities Fund was renamed the “International Equities Index Fund” and changed its investment objective. The International Equities Index 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.

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 Funds in the preparation of its financial statements:

Security Valuation

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Directors (“the Board”), etc.)

Level 3 — Significant unobservable inputs (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances.)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

266

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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, 2014 is 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 a 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, debentures, other long-term debt securities, and short-term debt securities with maturities in excess of 60 days, are valued at evaluated bid prices obtained for the day of valuation from a Board-approved pricing service, and are generally categorized as Level 2. The pricing service may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, and maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a Board-approved pricing service, the securities may be priced at the mean of two independent quotes obtained from brokers.

Short-term securities with 60 days or less to maturity are amortized to maturity based on their cost to a 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.

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 Board has adopted procedures intended to stabilize the Money Market I Fund’s net asset value per share at $1.00. These procedures include the determination, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Money Market I Fund’s market-based net asset value per share deviates from the Fund’s amortized cost per share. The calculation of such deviation is referred to as “shadow pricing.” For purposes of these market-based valuations, securities for which market quotations are not readily available are fair valued, as determined pursuant to procedures adopted in good faith by the Board.

Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by a Board- approved pricing service, and are generally categorized as Level 1. Option contracts traded on national securities exchanges are valued at the mean of the last bid and ask price reported by a Board-approved pricing service as of the close of the exchange for which they are traded, and are generally categorized as Level 1. Option contracts traded over the counter will be valued based upon the average of quotations received from at least two brokers in such securities or currencies, and are generally categorized as Level 1. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 pm eastern time forward rate and are generally categorized as Level 2.

Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or 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 Series’ fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

Derivative Instruments

Forward Foreign Currency Contracts: Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for various purposes, including to facilitate settlement of foreign currency denominated portfolio 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

267

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

ended November 30, 2014, 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, 2014, 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 a Fund as unrealized appreciation or depreciation. On the settlement date, a Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks to 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, a Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum 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.

At November 30, 2014, the due to/from broker amount as disclosed in the Statement of Assets and Liabilities for the Global Strategy Fund include amounts set aside as collateral for open forward foreign currency contracts.

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 six months ended November 30, 2014, the Asset Allocation Fund, Core Equity Fund, Dynamic Allocation Fund, Global Social Awareness Fund, Growth & Income Fund, International Equities Index 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, 2014, the following Funds had open futures contracts: Asset Allocation Fund, Core Equity Fund, Dynamic Allocation Fund, Global Social Awareness Fund, Growth & Income Fund, International Equities Index 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, 2014, the Dynamic Allocation Fund and 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, 2014, the Dynamic Allocation Fund and the Health Sciences Fund had open option contracts, which are reported on a schedule following each 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 a Fund has written either expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which a Fund has written is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which a Fund has written is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchased upon exercise of the option. Options may be traded on a national securities exchange or in the over-the-counter (OTC) market.

268

VALIC Company I

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, a Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby. Transactions in options written during the six months ended November 30, 2014 are summarized as follows:

	Written Options
	Dynamic Allocation						Health Sciences
	Number of Contracts			Premiums Received			Number of Contracts			Premiums Received
Options outstanding as of May 31, 2014		—		$	—			437		$	200,950
Options written		88,981			1,524,097			813			526,143
Options terminated in closing purchase transactions		(88,100	)		(792,900	)		(323	)		(154,785	)
Options exercised		—			—			(321	)		(147,696	)
Options expired		—			—			(332	)		(219,748	)
Options outstanding as of November 30, 2014		881		$	731,197			274		$	204,864

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 a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements. 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 Assets and Liabilities.

The following tables represent the value of derivatives held as of November 30, 2014, 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 six months ended November 30, 2014. For a detailed presentation of derivatives held as of November 30, 2014, please refer to the Portfolio of Investments:

	Asset Allocation Fund
	Asset Derivatives 2014			Liability Derivatives 2014
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	$	9,000	Variation margin on futures contracts	$	52,650

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	$	(79,154	)	$	(338,955	)

(1) The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $3,854,330

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $(338,955) as reported in the Portfolio of Investments.

269

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Core Equity Fund
	Asset Derivatives 2014			Liability Derivatives 2014
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	$	4,800

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	$	—	$	12,823

(1) The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $275,507

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $12,823 as reported in the Portfolio of Investments.

	Dynamic Allocation Fund
	Asset Derivatives 2014			Liability Derivatives 2014
Derivative Contracts(1)	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Equity contracts(2)(3)(4)(5)(7)	Call and put options purchased, at value	$	1,070,415	Call and put options purchased, at value	$	—
	Call and put options written, at value		—	Call and put options written, at value		1,114,465
	Variation margin on futures contracts		—	Variation margin on futures contracts		360,000
		$	1,070,415		$	1,474,465

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)(4)(5)(6)(8)	Net realized gain (loss) on purchased options/Change in unrealized appreciation (depreciation) on purchased options	$	(41,363	)	$	(488,989	)
	Net realized gain (loss) on futures contracts and written options contracts/ Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		(635,075	)		318,706
		$	(676,438	)	$	(170,283	)

(1) The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $64,092,500

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $1,689,443 as reported in the Portfolio of Investments.

(4) The average value outstanding for equity purchased options contracts was $178,403

(5) The average value outstanding for equity written options contracts was $185,744

(6) The realized gain (loss) on options purchased is included in net realized gain (loss) on investments.

(7) Purchased options contracts are included in investments at value (unaffiliated).

(8) The change in unrealized appreciation (depreciation) on purchased options contracts is included in change in unrealized appreciation (depreciation) on investments.

	Global Social Awareness Fund
	Asset Derivatives 2014			Liability Derivatives 2014
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	$	21,900

270

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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	$	768,972	$	(15,315	)

(1) The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $8,672,933

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $324,989 as reported in the Portfolio of Investments.

	Global Strategy Fund
Derivative Contracts(1)	Asset Derivatives 2014			Liability Derivatives 2014
Foreign exchange contracts(2)	Unrealized appreciation on forward foreign currency contracts	$	9,172,855	Unrealized depreciation on forward foreign currency contracts	$	1,733,960

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	$	4,153,720	$	6,553,430

(1) The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $167,664,362.

	Growth & Income Fund
	Asset Derivatives 2014			Liability Derivatives 2014
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	$	3,600

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	$	35,844	$	(21,802	)

(1) The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $1,056,445

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $6,369 as reported in the Portfolio of Investments.

	Health Sciences Fund
	Asset Derivatives 2014			Liability Derivatives 2014
Derivative Contracts(1)	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Equity Contracts(2)	Call and put options written, at value	$	—	Call and put options written, at value	$	58,438

271

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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
	Net realized gain (loss) on futures contracts and written options contracts/ Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	20,547	$	156,006

(1) The Fund’s derivative contracts held during the period ended November 30, 2014, 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 written options contracts was $358,942

	International Equities Index Fund
	Asset Derivatives 2014			Liability Derivatives 2014
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	$	216,050

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	$	(2,045,000	)	$	327,486

(1) The Fund’s derivative contracts held during the period ended November 30, 2014, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for equity futures contracts was $27,873,402

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $506,810 as reported in the Portfolio of Investments.

	Mid Cap Index Fund
	Asset Derivatives 2014			Liability Derivatives 2014
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	$	692,930

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		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	$	1,604,811	$	(1,269,922	)

(1) The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $50,476,555

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $291,500 as reported in the Portfolio of Investments.

	Nasdaq-100® Index Fund
	Asset Derivatives 2014			Liability Derivatives 2014
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	$	28,746	Variation margin on futures contracts	$	—

272

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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	$	647,525	$	46,954

(1) The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $12,404,353

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $332,122 as reported in the Portfolio of Investments.

	Small Cap Index Fund
	Asset Derivatives 2014			Liability Derivatives 2014
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	$	441,210

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	$	(734,225	)	$	1,743,151

(1) The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $20,159,678

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $310,967 as reported in the Portfolio of Investments.

	Stock Index Fund
	Asset Derivatives 2014			Liability Derivatives 2014
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	$	87,900

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	$	9,620,716	$	(2,210,993	)

(1) The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $87,283,213

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $1,949,604 as reported in the Portfolio of Investments.

273

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

As of November 30, 2014, 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. The repurchase agreements and securities on loan held by a Fund as of November 30, 2014, are also subject to master netting agreements but are not included in the following tables. See the Portfolio of Investments and Notes to the Financial Statements for more information about a Fund’s holdings in repurchase agreements and securities on loan:

	Asset Allocation 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
Exchange traded	$	9,000	$	—	$	9,000
Total derivatives, not subject to a master netting arrangement or similar arrangement	$	9,000	$	—	$	9,000
	Asset 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
Exchange traded	$	52,650	$	—	$	52,650
Total derivatives, not subject to a master netting arrangement or similar arrangement	$	52,650	$	—	$	52,650

274

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Core Equity 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
Exchange traded	$	4,800	$	—	$	4,800
Total derivatives, subject to a master netting arrangement or similar arrangement	$	4,800	$	—	$	4,800
	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#
UBS Securities LLC*	$	4,800	$	—	$	(4,800	)	$	—

@ 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 — UBS Securities LLC as Futures Commission Merchant.

275

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Dynamic Allocation 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	$	1,070,415	$	—		$	1,070,415
Total derivatives, subject to a master netting arrangement or similar arrangement	$	1,070,415	$	—		$	1,070,415
	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., Inc.*	$	1,070,415	$	(1,070,415	)	$	—		$	—
	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
Exchange traded	$	360,000	$	—		$	360,000
Over-the-counter		1,114,165		—			1,114,165
Total derivatives, subject to a master netting arrangement or similar arrangement	$	1,474,165	$	—		$	1,474,165
	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.*	$	360,000	$	—		$	(360,000	)	$	—
Morgan Stanley Co., Inc.		1,114,165		(1,070,415	)		—			43,750
Total derivatives, subject to a master netting arrangement or similar arrangement	$	1,474,165	$	(1,070,415	)	$	(360,000	)	$	43,750

@ 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)

	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:
Equity contracts
Exchange traded	$	21,900	$	—	$	21,900
Total derivatives, subject to a master netting arrangement or similar arrangement	$	21,900	$	—	$	21,900
	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.*	$	21,900	$	—	$	(21,900	)	$	—

@ 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.

277

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	$	9,172,855	$	—		$	9,172,855
Total derivatives, subject to a master netting arrangement or similar arrangement	$	9,172,855	$	—		$	9,172,855
	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#
Bank of America, N.A	$	188,313	$	—		$	—		$	188,313
Barclays Investments, Inc		2,117,756		(151,243	)		—			1,966,513
Citibank, N.A		1,325,807		(83,234	)		(1,237,510	)†		5,063
Deutsche Bank AG		1,526,424		(652,677	)		—			873,747
Goldman Sachs International		221,573		—			—			221,573
HSBC Bank PLC		806,238		(291,028	)		—			515,210
JPMorgan Chase & Co		1,917,567		(317,065	)		(1,600,502	)		—
Morgan Stanley & Co. Inc		682		(682	)		—			—
Standard Chartered Bank		1,003,456		—			—			1,003,456
UBS AG		65,039		(2,150	)		—			62,889
	$	9,172,855	$	(1,498,079	)	$	(2,838,012	)	$	4,836,764

@ 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.

# The 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.

† At November 30, 2014, the Fund received the following collateral for derivatives:

Securities	Coupon Range		Maturity Date Range		Value as of November 30, 2014
United States Treasury Notes/Bonds		0.75 to 0.88		04/30/17 to 02/28/18	$	1,237,510

278

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Global Strategy 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:
Foreign Exchange Contracts	$	1,733,960	$	—		$	1,733,960
Total derivatives, subject to a master netting arrangement or similar arrangement	$	1,733,960	$	—		$	1,733,960
	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#
Barclays Investments, Inc	$	151,243	$	(151,243	)	$	—	$	—
Citibank, N.A		83,234		(83,234	)		—		—
Deutsche Bank AG		652,677		(652,677	)		—		—
HSBC Bank PLC		291,028		(291,028	)		—		—
JPMorgan Chase & Co		317,065		(317,065	)		—		—
Morgan Stanley & Co. Inc		236,563		(682	)		—		235,881
UBS AG		2,150		(2,150	)		—		—
	$	1,733,960	$	(1,498,079	)	$	—	$	235,881

@ 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)

	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
Exchange traded	$	3,600	$	—	$	3,600
Total derivatives, subject to a master netting arrangement or similar arrangement	$	3,600	$	—	$	3,600
	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.*	$	3,600	$	—	$	(3,600	)	$	—

@ 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.

	Health Sciences 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	$	58,438	$	—	$	58,438
Total derivatives, subject to a master netting arrangement or similar arrangement	$	58,438	$	—	$	58,438
	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.	$	57,288	$	—	$	—	$	57,288
Morgan Stanley & Co. LLC		1,150		—		—		1,150
	$	58,438	$	—	$	—	$	58,438

@ 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)

	International Equities Index 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
Exchange traded	$	216,050	$	—	$	216,050
Total derivatives, subject to a master netting arrangement or similar arrangement	$	216,050	$	—	$	216,050
	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.*	$	216,050	$	—	$	(216,050	)	$	—

@ 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.

	Mid Cap Index 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
Exchange traded	$	692,930	$	—	$	692,930
Total derivatives, subject to a master netting arrangement or similar arrangement	$	692,930	$	—	$	692,930
	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.*	$	692,930	$	—	$	(692,930	)	$	—

@ 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.

281

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
Exchange traded	$	28,746	$	—	$	28,746
Total derivatives, subject to a master netting arrangement or similar arrangement	$	28,746	$	—	$	28,746
	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.*	$	28,746	$	—	$	—	$	28,746

@ 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.

	Small Cap Index 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
Exchange traded	$	441,210	$	—	$	441,210
Total derivatives, subject to a master netting arrangement or similar arrangement	$	441,210	$	—	$	441,210
	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.*	$	441,210	$	—	$	(441,210	)	$	—

@ 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)

	Stock Index 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
Exchange traded	$	87,900	$	—	$	87,900
Total derivatives, subject to a master netting arrangement or similar arrangement	$	87,900	$	—	$	87,900
	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.*	$	87,900	$	—	$	(87,900	)	$	—

@ 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.

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 Series’ 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, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Fund may be delayed or limited.

As of November 30, 2014, the following Funds held an undivided interest in a joint repurchase agreement with State Street Bank and Trust Co.:

Fund	Percentage Ownership			Principal Amount
Dividend Value		0.06	%	$	122,000
International Equities Index		8.15	%		15,450,000
Mid Cap Index		6.94	%		13,166,000
Money Market I		6.20	%		11,766,000
Nasdaq-100® Index		2.98	%		5,660,000
Small Cap Index		6.68	%		12,659,000
Stock Index		6.22	%		11,803,000

283

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 and Trust Co., dated November 28, 2014, bearing interest at a rate of 0.00% per annum, with a principal amount of $189,628,000, a repurchase price of $189,628,000, and a maturity date of December 1, 2014. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		1.63	%		6/30/2019	$	154,020,000	$	156,226,182
U.S. Treasury Notes		2.13	%		8/15/2021		35,445,000		36,158,366
U.S. Treasury Bonds		8.00	%		11/15/2021		20,000		28,032
U.S. Treasury Bonds		8.13	%		08/15/21		710,000		1,008,463

Stripped Mortgage-Backed Securities: Stripped Mortgage-Backed Securities (“SMBS”) are derivative multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Fund invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the “principal only” class) from the mortgage pool, while the other class will receive all or most of the interest (the “interest only” class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Fund’s yield.

Mortgage-Backed Dollar Rolls: During the six months ended November 30, 2014, the Asset Allocation Fund and Capital Conservation Fund 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 Funds’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. 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 a 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, a 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 a Fund with the proceeds of the dollar roll transaction may not exceed the transaction costs. For the six months ended November 30, 2014, the Asset Allocation Fund and Capital Conservation Fund had realized gains (losses) from mortgage-backed dollar rolls of $31,561 and $246,145, 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 Dynamic Allocation Fund and the Money Market I Fund, may lend portfolio securities with a value of up to 30% of its total assets. Securities lending arrangements are generally governed by master securities lending authorization agreements which typically provide the securities lending agent with the right to make loans of a 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. A 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 securities lending agent 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 securities lending agent 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 securities lending agent is also required to indemnify a Fund against certain losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, 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.

284

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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 a 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 a Fund.

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 in accordance with federal income tax regulations, which may differ from GAAP. 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 2011 — 2013 or expected to be taken in each Fund’s 2014 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 2011.

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 Index Fund	0.35% on the first $500 million
	0.25% on the next $500 million
	0.24% on assets over $1 billion
Mid Cap Index Fund	0.35% on the first $500 million
Small Cap Index Fund	0.25% on the next $2.5 billion
Stock Index Fund	0.20% on the next $2 billion
	0.15% on assets over $5 billion
Blue Chip Growth Fund	0.75% on the first $250 million
	0.725% on the next $250 million
	0.70% on assets over $500 million
Core Equity Fund	0.80% on the first $250 million
	0.75% on the next $250 million
	0.70% on the next $500 million
	0.65% on assets over $1 billion
Growth & Income Fund	0.75% on the first $500 million
	0.725% on assets over $500 million

285

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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

286

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, 2015. 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, such as litigation, or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, fares and governmental fees, and other expenses not incurred in the ordinary course of the Funds’ business. 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	%

For the six months ended November 30, 2014, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:

Fund	Amount
Broad Cap Value Income	$	21,941
Core Equity		158,540
Dividend Value		7,490
Dynamic Allocation		6,191
Growth & Income		31,486

287

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	Amount
International Growth	$	104,790
Money Market I		—
Nasdaq-100® Index		16,555
Small Cap Aggressive Growth		13,736
Small Cap		136,628
Value		50,001

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, 2014, VALIC voluntarily waived $682,033 of expenses for the Money Market I Fund.

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 six months ended November 30, 2014, the amount recouped by VALIC for the Dynamic Allocation Fund was $16,329.

At November 30, 2014, 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		May 31, 2016		May 31, 2017
Dynamic Allocation	$	32,617	$	34,131	$	6,191

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, Inflation Protected Fund, and International Government Bond Fund.

RS Investment Management Co., LLC (“RS Investments”)—subadviser for the Small Cap Aggressive Growth Fund

SunAmerica Asset Management, LLC (“SunAmerica”)†*—subadviser for the Global Social Awareness Fund, International Equities Index Fund, Money Market I Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund, Stock Index Fund, a portion of the Dividend Value Fund, and a portion of the 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 June 16, 2014, SunAmerica replaced PineBridge as subadviser of the Global Social Awareness Fund.

* Effective June 16, 2014, SunAmerica replaced PineBridge as subadviser of the International Equities Index Fund**.

VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica (the “Administrator”), an affiliate of the Adviser. The Administrator 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^@: 0.0075% on the first $75 billion; 0.0060% on the next $25 billion; and 0.0050% in excess of $100 billion. Pursuant to the Administrative Services Agreement, the Administrator provides administrative services to the Funds, 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

288

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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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 six months ended November 30, 2014, VALIC earned fees as reflected in the Statement of Operations based upon the aforementioned rates.

Effective September 1, 2014, VC I, on behalf of each Fund, entered into a Transfer Agency and Services Agreement with VALIC Retirement Services Company (“VRSCO”), an affiliate of the Funds’ adviser, VALIC. VRSCO receives from the Series and VC II an annual fee of $132,510, which is allocated to each Fund in the Series and VC II based on shareholder accounts. Under this agreement, VRSCO provides services which include the issuance and redemption of shares, acting as dividend disbursing agent, and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. In addition to the above, VRSCO provides “Blue Sky” registration and reporting in applicable states for each Fund that is sold outside of a variable annuity or variable [universal] life contract in order to effect and maintain, as the case may be, including but not limited to, the qualification of shares for sale under the applicable securities laws of such jurisdictions to qualified plans. Prior to September 1, 2014, VALIC provided the aforementioned services to the Series and VC II under a substantially similar agreement for the same annual fee. For the six months ended November 30, 2014, VRSCO and/or VALIC earned fees as reflected in the Statement of Operations based upon the aforementioned rates.

On January 23, 2001, the Board 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 six months ended November 30, 2014, certain directors of VC I have deferred $13,688 of director compensation.

At November 30, 2014, VALIC, through its 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		100.00%
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		98.91%
Growth		100.00%
Growth & Income		97.21%
Health Sciences		99.97%
Inflation Protected		100.00%
International Equities Index		99.64%
International Government Bond		100.00%
International Growth		100.00%
Large Cap Core		100.00%
Large Capital Growth		100.00%
Mid Cap Index		99.47%
Mid Cap Strategic Growth		100.00%
Money Market I		95.54%
Nasdaq-100® Index		98.04%
Science & Technology		99.75%
Small Cap Aggressive Growth		100.00%
Small Cap		100.00%
Small Cap Index		98.85%
Small Cap Special Values		100.00%
Small-Mid Growth		100.00%
Stock Index		96.39%
Value		100.00%

@ The 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 SunAmerica an Accounting Basis Point Fee solely with respect the Overlay Component and no fee with respect to the Fund-of-Funds Component.

289

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, 2014, transactions in these securities were as follows:

Dynamic Allocation Fund

Security	Value at 05/31/2014		Income		Capital Gain Distribution Received		Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 11/30/2014
VALIC Co. I Blue Chip Growth Fund	$	10,158,904	$	—	$	—	$	618,682	$	262,982	$	68,408		$	903,017		$	11,486,029
VALIC Co. I Broad Cap Value Income Fund		10,183,124		—		—		618,682		262,982		68,184			476,139			11,083,147
VALIC Co. I Capital Conservation Fund		14,245,965		—		—		866,154		368,175		(7,430	)		262,384			14,998,898
VALIC Co. I Dividend Value Fund		6,208,175		—		—		371,209		157,789		38,545			343,689			6,803,829
VALIC Co. I Emerging Economies Fund		6,256,988		—		—		371,209		157,789		(1,072	)		(147,525	)		6,321,811
VALIC Co. I Foreign Value Fund		6,564,665		—		—		4,321,271		262,982		38,478			(1,107,508	)		9,553,924
VALIC Co. I Global Real Estate Fund		4,283,433		—		—		247,472		105,193		2,791			151,012			4,579,515
VALIC Co. I Government Securities Fund		9,822,076		—		—		492,356		1,910,386		(76,320	)		234,689			8,562,415
VALIC Co. I Growth Fund		10,438,887		—		—		618,681		262,982		68,484			708,334			11,571,404
VALIC Co. I Growth & Income Fund		5,992,051		—		—		244,882		1,855,193		416,221			(35,757	)		4,762,204
VALIC Co. I Inflation Protected Fund		4,100,582		—		—		247,473		105,193		(5,415	)		(28,387	)		4,209,060
VALIC Co. I International Equities Index Fund		7,873,485		—		—		244,883		3,805,193		535,098			(750,476	)		4,097,797
VALIC Co. I International Government Bond Fund		2,069,373		—		—		123,736		52,596		(2,395	)		(50,147	)		2,087,971
VALIC Co. I International Growth Fund		6,147,311		—		—		4,883,573		240,899		36,710			(182,119	)		10,644,576
VALIC Co. I Large Cap Core Fund		6,547,769		—		—		2,247,535		210,386		48,846			760,065			9,393,829
VALIC Co. I Stock Index Fund		31,482,774		—		—		1,856,045		788,947		206,071			2,522,710			35,278,653
VALIC Co. I Value Fund		10,405,675		—		—		618,682		262,982		70,790			690,390			11,522,555
VALIC Co. II Capital Appreciation Fund		6,137,045		—		—		371,209		157,789		41,219			438,549			6,830,233
VALIC Co. II Core Bond Fund		14,261,635		—		—		866,154		368,175		1,014			200,864			14,961,492
VALIC Co. II High Yield Bond Fund		2,040,344		—		—		123,735		52,596		2,362			(10,448	)		2,103,397
VALIC Co. II Large Cap Value Fund		6,215,066		—		—		371,209		157,789		43,980			357,428			6,829,894
VALIC Co. II Mid Cap Growth Fund		5,896,773		—		—		300,773		2,301,980		162,391			60,722			4,118,679
VALIC Co. II Mid Cap Value Fund		6,230,975		—		—		300,773		2,301,980		358,602			(309,186	)		4,279,184
VALIC Co. II Small Cap Growth Fund		3,604,003		—		—		247,473		105,193		15,807			315,544			4,077,634
VALIC Co. II Small Cap Value Fund		4,017,507		—		—		247,473		105,193		17,187			94,454			4,271,428
VALIC Co. II Strategic Bond Fund		4,423,046		—		—		2,073,798		157,789		977			(3,667	)		6,336,365
	$	205,607,631	$	—	$	—	$	23,895,122	$	16,781,133	$	2,149,533		$	5,894,770		$	220,765,923

Stock Index Fund
Security	Value at 05/31/2014		Income		Capital Gain Distribution Received		Purchases		Sales		Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Value at 11/30/2014
American International Group, Inc.
Common Stock	$	20,151,348	$	92,624	$	—	$	—	$	887,905	$	413,480	$	(172,836	)	$	19,504,087

During the period, the following funds incurred brokerage commissions with brokers which are affiliates of a sub-adviser:

Affiliated Broker	Emerging Economies Fund		International Growth Fund		Small-Mid Growth Fund
CIBC World Markets, Inc.	$	—	$	310	$	—
Goldman Sachs & Co.		—		—		138
JP Morgan Clearing Corp.		5,353		—		—

290

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 six months ended November 30, 2014 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	$	63,500,441	$	74,066,618	$	15,128,256	$	14,567,428
Blue Chip Growth		87,125,063		106,389,675		—		—
Broad Cap Value Income		8,124,827		6,451,164		—		—
Capital Conservation		73,149,653		63,208,323		129,217,732		105,605,171
Core Equity		61,268,841		76,777,116		—		—
Dividend Value		164,862,773		144,005,266		—		—
Dynamic Allocation		23,895,129		16,781,137		10,867,426		7,572,745
Emerging Economies		251,527,336		213,917,775		—		—
Foreign Value		265,431,370		225,023,867		—		—
Global Real Estate		169,608,517		73,261,206		—		—
Global Social Awareness		275,381,681		284,663,117		—		—
Global Strategy		75,598,255		75,234,396		—		—
Government Securities		3,439,207		1,825,442		2,739,537		2,512,061
Growth		616,531,900		693,599,598		—		—
Growth & Income		20,034,520		21,516,061		—		—
Health Sciences		118,680,928		96,465,794		—		—
Inflation Protected		82,972,256		60,957,733		37,884,173		15,755,511
International Equities Index		334,299,451		395,279,212		—		—
International Government Bond		20,081,481		22,081,123		8,499,599		—
International Growth		126,995,570		136,592,022		—		—
Large Cap Core		55,071,915		66,056,449		—		—
Large Capital Growth		41,300,952		58,119,096		—		—
Mid Cap Index		182,464,458		286,123,620		—		—
Mid Cap Strategic Growth		86,501,608		107,890,134		—		—
Nasdaq-100® Index		26,038,543		4,051,159		—		—
Science & Technology		422,384,154		469,791,521		—		—
Small Cap Aggressive Growth		45,095,956		55,600,596		—		—
Small Cap		58,721,584		80,693,208		—		—
Small Cap Index		129,599,954		163,923,011		—		—
Small Cap Special Values		64,426,479		75,648,858		—		—
Small-Mid Growth		27,487,810		40,955,898		—		—
Stock Index		69,097,329		161,712,096		—		—
Value		8,976,880		15,084,954		—		—

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, 2014.

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Asset Allocation	$	178,050,871	$	19,050,719	$	(4,059,077	)	$	14,991,642
Blue Chip Growth		402,770,587		258,520,983		(4,975,097	)		253,545,886
Broad Cap Value Income		48,533,907		15,280,362		(2,229,576	)		13,050,786
Capital Conservation		251,185,863		4,492,571		(893,671	)		3,598,900
Core Equity		214,243,486		62,986,393		(5,463,379	)		57,523,014
Dividend Value		554,328,535		138,392,614		(10,278,012	)		128,114,602
Dynamic Allocation		246,968,583		22,288,499		(1,010,447	)		21,278,052

291

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)
Emerging Economies	$	682,434,519	$	82,371,333	$	(54,751,963	)	$	27,619,370
Foreign Value		1,012,285,232		117,613,241		(104,550,766	)		13,062,475
Global Real Estate		493,215,697		64,160,070		(18,736,792	)		45,423,278
Global Social Awareness		416,661,849		45,596,617		(21,714,263	)		23,882,354
Global Strategy		479,095,149		92,964,318		(31,415,196	)		61,549,122
Government Securities		161,728,556		4,580,468		(555,722	)		4,024,746
Growth		952,112,755		154,504,619		(12,917,528	)		141,587,091
Growth & Income		103,699,995		20,482,082		(1,791,988	)		18,690,094
Health Sciences		502,807,134		271,301,860		(7,152,508	)		264,149,352
Inflation Protected		487,643,578		24,943,749		(10,462,691	)		14,481,058
International Equities Index		1,074,544,002		107,220,883		(83,348,782	)		23,872,101
International Government Bond*		190,692,740		6,428,331		(11,116,271	)		(4,687,940	)
International Growth		533,285,541		114,555,331		(25,150,816	)		89,404,515
Large Cap Core		147,425,451		38,134,872		(1,013,103	)		37,121,769
Large Capital Growth		356,173,276		67,566,336		(2,936,991	)		64,629,345
Mid Cap Index		2,484,352,911		1,078,846,655		(134,808,814	)		944,037,841
Mid Cap Strategic Growth		285,551,364		64,886,710		(16,924,586	)		47,962,124
Money Market I		352,752,981		—		—			—
Nasdaq-100® Index		170,017,421		152,098,238		(2,359,048	)		149,739,190
Science & Technology		908,329,756		202,901,967		(16,775,025	)		186,126,942
Small Cap Aggressive Growth		103,446,638		19,082,388		(3,346,596	)		15,735,792
Small Cap		296,942,124		102,074,218		(19,062,993	)		83,011,225
Small Cap Index		943,268,079		359,140,118		(101,231,315	)		257,908,803
Small Cap Special Values		225,189,324		44,861,317		(16,029,164	)		28,832,153
Small-Mid Growth		123,194,399		21,183,101		(4,571,587	)		16,611,514
Stock Index		2,566,546,515		2,221,819,087		(119,443,284	)		2,102,375,803
Value		85,790,748		37,761,959		(966,499	)		36,795,460

* The tax adjustments for International Government Bond Fund are for the 12 months ended September 30, 2014.

The tax basis distributable earnings at May 31, 2014 and the tax character of distributions paid during the year ended May 31, 2014 were as follows:

	Distributable Earnings								Tax Distributions
	For the period ended May 31, 2014
Fund	Ordinary Income		Long- Term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Asset Allocation	$	7,519,421	$	6,682,112		$	18,529,771		$	7,547,795	$	4,956,536
Blue Chip Growth		2,948,071		55,612,748			228,537,018			1,020,429		22,993,791
Broad Cap Value Income		1,017,689		1,884,876			12,168,881			658,578		—
Capital Conservation		4,829,813		(1,460,787	)		3,153,842			6,589,241		1,707,327
Core Equity		2,463,039		(32,365,833	)		60,203,382			3,126,657		—
Dividend Value		13,426,887		40,820,403			128,042,232			12,390,438		—
Dynamic Allocation		3,971,964		2,743,563			14,818,996			237,825		357,011
Emerging Economies		13,724,791		(123,436,684	)		42,696,870			9,729,373		—
Foreign Value		25,076,265		(63,823,179	)		164,546,035			19,579,170		—
Global Real Estate		13,761,875		12,441,383			40,774,802			22,580,240		22,276,202
Global Social Awareness		8,542,776		(88,380,692	)		52,684,398			6,041,120		—
Global Strategy		13,523,654		15,854,531			93,583,889			17,494,448		—
Government Securities		3,617,730		(1,422,039	)		2,535,050			3,859,116		372,547
Growth		18,509,615		99,547,956			178,738,735			8,021,572		—
Growth & Income		1,149,106		(579,300	)		11,964,965			842,484		—
Health Sciences		6,580,925		98,998,177			173,708,586			3,397,651		16,067,670
Inflation Protected		10,192,451		266,190			22,986,375			10,529,835		272,023
International Equities Index		36,690,578		(165,755,525	)		137,001,962			27,041,667		—
International Government Bond*		4,707,653		(57,381	)		(3,981,015	)		4,859,749		549,016

292

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Distributable Earnings							Tax Distributions
	For the period ended May 31, 2014
Fund	Ordinary Income		Long- Term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)@		Ordinary Income		Long-Term Capital Gains
International Growth	$	8,720,692	$	3,866,978		$	120,263,829	$	10,866,892	$	—
Large Cap Core		5,174,439		22,702,040			37,511,549		6,103,448		7,322,679
Large Capital Growth		44,123,126		30,511,749			41,389,235		16,441,860		15,311,798
Mid Cap Index		38,094,247		172,320,161			933,758,201		42,879,409		122,236,308
Mid Cap Strategic Growth		7,648,738		33,126,009			45,585,831		1,496,140		3,561,209
Money Market I		9,326		(634,289	)		—		37,954		—
Nasdaq-100® Index		3,665,912		2,745,558			111,193,025		2,645,521		575,512
Science & Technology		9,721,146		90,239,373			133,307,389		1,174,500		—
Small Cap Aggressive Growth		6,915,031		15,241,078			8,350,780		2,503,260		7,260,207
Small Cap		4,466,872		48,613,828			92,761,173		1,201,353		16,963,418
Small Cap Index		14,723,408		55,590,870			281,363,873		16,056,809		23,735,605
Small Cap Special Values		2,248,647		17,856,384			37,381,720		1,802,415		—
Small-Mid Growth		11,912,196		15,480,820			10,159,727		41,716		4,202,101
Stock Index		76,962,802		157,065,909			1,871,941,606		74,753,175		96,505,149
Value		1,711,405		(47,532,901	)		34,043,639		1,912,183		—

* The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2014.

@ Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

As of May 31, 2014, 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		—		—		—		—		—
Capital Conservation		—		—		—		1,005,949		454,838
Core Equity		—		32,365,833		—		—		—
Dividend Value		—		—		—		—		—
Dynamic Allocation		—		—		—		—		—
Emerging Economies		26,872,567		71,874,688		—		24,689,429		—
Foreign Value		—		63,823,179		—		—		—
Global Real Estate		—		—		—		—		—
Global Social Awareness		—		88,380,692		—		—		—
Global Strategy		—		—		—		—		—
Government Securities		—		—		—		867,076		554,963
Growth		—		—		—		—		—
Growth & Income		—		579,300		—		—		—
Health Sciences		—		—		—		—		—
Inflation Protected		—		—		—		—		—
International Equities Index		36,713,038		128,172,760		—		—		869,727
International Government Bond		—		—		—		—		—
International Growth		—		—		—		—		—
Large Cap Core		—		—		—		—		—
Large Capital Growth		—		—		—		—		—
Mid Cap Index		—		—		—		—		—
Mid Cap Strategic Growth		—		—		—		—		—
Money Market I		634,289		—		—		—		—
Nasdaq-100® Index		—		—		—		—		—
Science & Technology		—		—		—		—		—
Small Cap Aggressive Growth		—		—		—		—		—
Small Cap		—		—		—		—		—
Small Cap Index		—		—		—		—		—

293

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Capital Loss Carryforward†						Unlimited†
Fund	2017		2018		2019		ST		LT
Small Cap Special Values	$	—	$	—	$	—	$	—	$	—
Small-Mid Growth		—		—		—		—		—
Stock Index		—		—		—		—		—
Value		—		47,532,901		—		—		—

† 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, 2014, 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		296,616		—		—
Broad Cap Value Income		—		—		—
Capital Conservation		—		—		74,437
Core Equity		—		—		—
Dividend Value		—		—		—
Dynamic Allocation		—		—		—
Emerging Economies		—		1,600,021		540,007
Foreign Value		—		—		—
Global Real Estate		—		768,919		—
Global Social Awareness		—		—		—
Global Strategy		—		—		—
Government Securities		—		81,803		85,570
Growth		—		—		—
Growth & Income		—		—		—
Health Sciences		1,505,196		—		—
Inflation Protected		—		—		239,213
International Equities Index		—		—		—
International Government Bond		—		—		—
International Growth		—		—		—
Large Cap Core		—		—		—
Large Capital Growth		—		—		—
Mid Cap Index		—		—		—
Mid Cap Strategic Growth		—		—		—
Money Market I		—		—		—
Nasdaq-100® Index		—		—		—
Science & Technology		955,701		—		—
Small Cap Aggressive Growth		359,182		—		—
Small Cap		—		—		—
Small Cap Index		—		—		—
Small Cap Special Values		—		—		—
Small-Mid Growth		179,597		—		—
Stock Index		—		—		—
Value		—		125,919		—

294

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, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		634,676		$	8,121,926			2,043,500		$	25,597,828			822,289		$	14,369,344			2,762,241		$	46,334,234
Reinvested dividends		—			—			1,033,416			12,504,331			—			—			1,414,265			24,014,220
Shares redeemed		(873,227	)		(11,137,579	)		(2,581,098	)		(32,295,350	)		(1,912,050	)		(34,148,595	)		(3,107,684	)		(49,509,260	)
Net increase (decrease)		(238,551	)	$	(3,015,653	)		495,818		$	5,806,809			(1,089,761	)	$	(19,779,251	)		1,068,822		$	20,839,194
	Broad Cap Value Income												Capital Conservation
	For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		362,506		$	5,607,337			904,018		$	12,918,781			4,253,177		$	42,238,060			3,342,905		$	32,794,098
Reinvested dividends		—			—			45,232			658,578			—			—			866,030			8,296,568
Shares redeemed		(179,771	)		(2,790,202	)		(633,641	)		(8,853,522	)		(1,023,067	)		(10,109,530	)		(7,212,309	)		(70,879,979	)
Net increase (decrease)		182,735		$	2,817,135			315,609		$	4,723,837			3,230,110		$	32,128,530			(3,003,374	)	$	(29,789,313	)
	Core Equity												Dividend Value
	For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		47,451		$	915,092			199,165		$	3,402,924			4,567,755		$	61,606,463			8,790,949		$	108,999,613
Reinvested dividends		—			—			176,249			3,126,657			—			—			992,029			12,390,438
Shares redeemed		(810,811	)		(15,495,031	)		(1,473,698	)		(25,222,204	)		(3,250,886	)		(44,367,923	)		(11,681,385	)		(145,892,199	)
Net increase (decrease)		(763,360	)	$	(14,579,939	)		(1,098,284	)	$	(18,692,623	)		1,316,869		$	17,238,540			(1,898,407	)	$	(24,502,148	)
	Dynamic Allocation												Emerging Economies
	For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,539,211		$	18,572,805			15,353,023		$	172,469,198			7,163,512		$	56,996,655			12,876,234		$	99,937,655
Reinvested dividends		—			—			51,725			594,836			—			—			1,292,081			9,729,373
Shares redeemed		(766,696	)		(9,270,920	)		(2,028,358	)		(22,705,293	)		(3,795,194	)		(31,053,301	)		(16,921,121	)		(133,868,857	)
Net increase (decrease)		772,515		$	9,301,885			13,376,390		$	150,358,741			3,368,318		$	25,943,354			(2,752,806	)	$	(24,201,829	)
	Foreign Value												Global Real Estate
	For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,748,180		$	41,255,712			9,026,525		$	98,531,451			12,797,553		$	109,479,194			5,232,559		$	44,918,947
Reinvested dividends		—			—			1,788,052			19,579,170			—			—			5,614,073			44,856,442
Shares redeemed		(3,558,107	)		(39,247,309	)		(11,681,582	)		(123,774,557	)		(2,272,209	)		(19,707,180	)		(5,647,409	)		(49,422,985	)
Net increase (decrease)		190,073		$	2,008,403			(867,005	)	$	(5,663,936	)		10,525,344		$	89,772,014			5,199,223		$	40,352,404
	Global Social Awareness												Global Strategy
	For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		462,766		$	9,754,098			5,103,228		$	95,370,600			355,730		$	5,008,353			3,337,318		$	44,325,404
Reinvested dividends		—			—			306,656			6,041,120			—			—			1,299,736			17,494,448
Shares redeemed		(1,266,506	)		(26,842,632	)		(1,755,619	)		(33,833,675	)		(2,031,779	)		(28,487,671	)		(2,251,387	)		(30,068,538	)
Net increase (decrease)		(803,740	)	$	(17,088,534	)		3,654,265		$	67,578,045			(1,676,049	)	$	(23,479,318	)		2,385,667		$	31,751,314

295

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Government Securities												Growth
	For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,738,243		$	18,821,892			4,898,342		$	52,348,477			216,011		$	3,671,404			5,336,270		$	84,907,566
Reinvested dividends		—			—			402,632			4,231,663			—			—			501,348			8,021,572
Shares redeemed		(1,641,259	)		(17,712,907	)		(2,677,790	)		(28,641,757	)		(4,655,083	)		(79,676,481	)		(4,425,497	)		(66,996,405	)
Net increase (decrease)		96,984		$	1,108,985			2,623,184		$	27,938,383			(4,439,072	)	$	(76,005,077	)		1,412,121		$	25,932,733
	Growth & Income												Health Sciences
	For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		389,889		$	7,166,948			901,083		$	14,483,430			1,581,193		$	36,607,848			3,481,915		$	68,643,042
Reinvested dividends		—			—			50,268			842,484			—			—			908,321			19,465,321
Shares redeemed		(517,207	)		(9,392,459	)		(973,622	)		(15,737,456	)		(747,293	)		(16,833,946	)		(1,846,972	)		(36,147,259	)
Net increase (decrease)		(127,318	)	$	(2,225,511	)		(22,271	)	$	(411,542	)		833,900		$	19,773,902			2,543,264		$	51,961,104
	Inflation Protected												International Equities Index
	For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,509,961		$	50,735,371			4,759,837		$	53,096,405			4,987,085		$	35,733,327			23,562,068		$	164,092,817
Reinvested dividends		—			—			990,088			10,801,858			—			—			3,819,444			27,041,667
Shares redeemed		(1,408,806	)		(15,918,062	)		(3,047,720	)		(33,935,365	)		(14,154,825	)		(101,843,117	)		(24,188,197	)		(167,661,730	)
Net increase (decrease)		3,101,155		$	34,817,309			2,702,205		$	29,962,898			(9,167,740	)	$	(66,109,790	)		3,193,315		$	23,472,754
	International Government Bond												International Growth
	For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,154,395		$	26,074,498			3,355,401		$	40,173,045			1,223,753		$	16,913,846			4,732,967		$	63,857,694
Reinvested dividends		—			—			463,079			5,408,765			—			—			800,803			10,866,892
Shares redeemed		(1,887,743	)		(22,897,846	)		(3,594,927	)		(42,864,192	)		(2,960,207	)		(40,619,876	)		(8,646,107	)		(114,449,363	)
Net increase (decrease)		266,652		$	3,176,652			223,553		$	2,717,618			(1,736,454	)	$	(23,706,030	)		(3,112,337	)	$	(39,724,777	)
	Large Cap Core												Large Capital Growth
	For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		594,751		$	8,742,592			956,613		$	13,127,525			66,907		$	948,529			237,318		$	3,239,660
Reinvested dividends		—			—			990,858			13,426,127			—			—			2,380,334			31,753,658
Shares redeemed		(1,417,863	)		(20,942,178	)		(1,841,672	)		(25,147,132	)		(1,462,705	)		(20,659,804	)		(2,891,816	)		(38,813,468	)
Net increase (decrease)		(823,112	)	$	(12,199,586	)		105,799		$	1,406,520			(1,395,798	)	$	(19,711,275	)		(274,164	)	$	(3,820,150	)
	Mid Cap Index												Mid Cap Strategic Growth
	For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		581,387		$	15,981,255			2,039,341		$	53,974,497			175,957		$	2,913,924			2,018,380		$	32,851,349
Reinvested dividends		—			—			6,294,919			165,115,717			—			—			299,251			5,057,349
Shares redeemed		(5,742,999	)		(159,501,176	)		(11,346,589	)		(296,224,529	)		(1,375,553	)		(22,982,470	)		(2,111,700	)		(33,077,460	)
Net increase (decrease)		(5,161,612	)	$	(143,519,921	)		(3,012,329	)	$	(77,134,315	)		(1,199,596	)	$	(20,068,546	)		205,931		$	4,831,238

296

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Money Market I												Nasdaq-100® Index
	For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		45,249,650		$	45,249,650			114,828,899		$	114,828,899			2,609,149		$	24,510,631			3,076,574		$	24,656,065
Reinvested dividends		18,226			18,226			37,954			37,954			—			—			381,639			3,221,033
Shares redeemed		(59,124,567	)		(59,124,567	)		(126,193,328	)		(126,193,328	)		(884,586	)		(8,172,523	)		(3,193,619	)		(25,007,617	)
Net increase (decrease)		(13,856,691	)	$	(13,856,691	)		(11,326,475	)	$	(11,326,475	)		1,724,563		$	16,338,108			264,594		$	2,869,481
	Science & Technology												Small Cap Aggressive Growth
	For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		261,583		$	6,873,852			826,155		$	19,299,106			348,322		$	5,146,739			1,627,649		$	24,835,513
Reinvested dividends		—			—			47,474			1,174,500			—			—			649,599			9,763,467
Shares redeemed		(1,653,667	)		(43,442,859	)		(3,400,457	)		(75,232,049	)		(981,631	)		(14,505,905	)		(1,336,767	)		(20,211,073	)
Net increase (decrease)		(1,392,084	)	$	(36,569,007	)		(2,526,828	)	$	(54,758,443	)		(633,309	)	$	(9,359,166	)		940,481		$	14,387,907
	Small Cap												Small Cap Index
	For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		124,150		$	1,879,387			219,649		$	3,284,064			657,987		$	13,701,354			3,233,362		$	65,984,871
Reinvested dividends		—			—			1,210,985			18,164,771			—			—			1,961,184			39,792,414
Shares redeemed		(1,610,884	)		(24,479,927	)		(3,250,392	)		(48,233,351	)		(3,918,297	)		(81,582,854	)		(5,231,671	)		(105,621,297	)
Net increase (decrease)		(1,486,734	)	$	(22,600,540	)		(1,819,758	)	$	(26,784,516	)		(3,260,310	)		(67,881,500	)		(37,125	)		155,988
	Small Cap Special Values												Small-Mid Growth
	For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		126,265		$	1,772,498			498,720		$	6,504,639			159,197		$	2,382,406			546,377		$	7,723,856
Reinvested dividends		—			—			135,520			1,802,415			—			—			290,275			4,243,817
Shares redeemed		(1,161,806	)		(16,340,986	)		(2,616,671	)		(33,711,516	)		(1,251,189	)		(18,992,563	)		(877,708	)		(12,496,250	)
Net increase (decrease)		(1,035,541	)	$	(14,568,488	)		(1,982,431	)	$	(25,404,462	)		(1,091,992	)	$	(16,610,157	)		(41,056	)	$	(528,577	)
	Stock Index												Value
	For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014						For the six months ended November 30, 2014 (unaudited)						For the year ended May 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,639,064		$	94,015,994			5,853,755		$	189,479,508			109,457		$	1,590,572			721,518		$	9,529,947
Reinvested dividends		—			—			5,253,323			171,258,324			—			—			143,127			1,912,183
Shares redeemed		(8,704,149	)		(308,664,556	)		(14,188,302	)		(461,585,167	)		(648,710	)		(9,492,048	)		(1,247,091	)		(16,538,907	)
Net increase (decrease)		(6,065,085	)	$	(214,648,562	)		(3,081,224	)	$	(100,847,335	)		(539,253	)	$	(7,901,476	)		(382,446	)	$	(5,096,777	)

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 period ended November 30, 2014, the amount of expense reductions received by each Fund used to offset non-affiliated expenses was as follows:

Fund	Expense Reductions
Blue Chip Growth	$	3,219
Broad Cap Value Income		1,619
Core Equity		1,715
Emerging Economies		18,685
Foreign Value		10,056
Global Real Estate		4,420

297

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	Expense Reductions
Global Strategy	$	4,232
Growth & Income		278
Health Sciences		3,010
International Growth		759
Large Cap Core		4,681
Large Capital Growth		1,477
Mid Cap Strategic Growth		10,484
Science & Technology		28,475
Small Cap		12,738
Small Cap Special Values		10,093
Small-Mid Growth		5,022

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 Index Fund, the International Government Bond Fund and the International Growth Fund. At November 30, 2014, the Emerging Economies Fund had 18.9%, 11.3% and 10.1% of its net assets invested in equity securities domiciled in South Korea, Taiwan and China respectively. The Foreign Value Fund had 15.7%, 13.5% and, 11.0% of its net assets invested in equity securities domiciled in the United Kingdom, South Korea and France, respectively. The Global Real Estate Fund had 13.9% of its net assets invested in equity securities domiciled in Japan. The International Equities Index Fund had 20.3% and 19.0% of its net assets invested in equity securities domiciled in the Japan and United Kingdom, respectively. The International Government Bond Fund had 11.5% of its net assets invested in fixed income securities domiciled in Japan. The International Growth Fund had 18.3% and 13.8% 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, 2014, the Funds had 34.8%, 53.4% and 34.0%, 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, 2014, the Global Real Estate Fund had 70.1% of its net assets invested in Real Estate Investment Trusts.

Note 9 — Line of Credit

The Series and VC II have established an $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 15 basis points per annum on the daily unused

298

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

portion of the committed line of credit and a one-time closing fee of 5 basis points on the uncommitted line of credit which is included in other expenses on the Statement of Operations. Prior to October 10, 2014, the committed fee was 10 basis points per annum on the daily unused portion of the committed line of credit and there was no closing fee on the uncommitted line of credit. 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, 2014, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Asset Allocation		1	$	9	$	248,416		1.34	%
Core Equity		8		38		127,583		1.35	%
Dividend Value		3		110		976,606		1.35	%
Emerging Economies		4		92		616,253		1.35	%
Foreign Value		1		12		310,721		1.35	%
Growth		22		3,234		3,938,640		1.35	%
Growth & Income		2		29		384,361		1.34	%
International Equities Index		1		107		2,857,180		1.35	%
International Growth		18		487		721,285		1.35	%
Large Cap Core		7		111		421,415		1.35	%
Large Capital Growth		8		309		1,029,276		1.35	%
Mid Cap Strategic Growth		27		222		219,829		1.35	%
Nasdaq-100® Index		1		60		1,610,758		1.35	%
Science & Technology		1		10		276,732		1.35	%
Small Cap Aggressive Growth		1		6		166,464		1.34	%
Small Cap		30		167		148,609		1.35	%
Small Cap Index		1		292		7,779,369		1.35	%

As of November 30, 2014, the following funds had outstanding borrowings:

Fund	Amount
International Growth	$	369,286
Mid Cap Strategic Growth		208,280

Note 10 — Interfund Lending Agreement

Pursuant to the exemptive relief granted by the SEC, 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, 2014, 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 period ended November 30, 2014, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain/ (Loss)
Growth	$	3,190,669	$	7,231,107	$	705,191
Health Sciences		223,560		342,925		167,526
International Growth		397,087		946,066		160,334
Large Cap Growth		248,494		50,384		5,712
Mid Cap Strategic Growth		—		123,182		55,591
Small Cap		—		3,477,973		794,397

299

VALIC Company I

FINANCIAL HIGHLIGHTS

	Asset Allocation Fund																		Blue Chip Growth Fund
	Six Months Ended November 30, 2014#			Year Ended May 31,															Six Months Ended November 30, 2014#			Year Ended May 31,
				2014			2013			2012			2011			2010						2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	12.67		$	12.20		$	10.89		$	11.05		$	9.38		$	8.08		$	17.12		$	14.19		$	11.63		$	11.18		$	8.77		$	7.29
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.25			0.21			0.23			0.25			0.20			(0.01	)		(0.02	)		0.03			0.00			0.00			0.00
Net realized and unrealized gain (loss) on investments and foreign currencies		0.19			1.17			1.39			(0.12	)		1.63			1.36			1.60			3.66			2.54			0.45			2.41			1.50
Total income (loss) from investment operations		0.30			1.42			1.60			0.11			1.88			1.56			1.59			3.64			2.57			0.45			2.41			1.50
Distributions from:
Net investment income		–			(0.23	)		(0.24	)		(0.27	)		(0.21	)		(0.26	)		–			(0.03	)		(0.01	)		(0.00	)		(0.00	)		(0.02	)
Net realized gain on securities		–			(0.72	)		(0.05	)		–			–			–			–			(0.68	)		–			–			–			–
Total distributions		–			(0.95	)		(0.29	)		(0.27	)		(0.21	)		(0.26	)		–			(0.71	)		(0.01	)		(0.00	)		(0.00	)		(0.02	)
Net asset value at end of period	$	12.97		$	12.67		$	12.20		$	10.89		$	11.05		$	9.38		$	18.71		$	17.12		$	14.19		$	11.63		$	11.18		$	8.77
TOTAL RETURN(a)		2.37	%		12.04	%		14.93	%		1.10	%		20.16	%		19.38	%(e)		9.29	%		25.69	%		22.08	%		4.04	%		27.53	%		20.54	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.68	%@		0.69	%		0.75	%		0.75	%		0.74	%		0.78	%		0.83	%@		0.84	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.68	%@		0.69	%		0.75	%		0.75	%		0.74	%		0.78	%		0.83	%@		0.84	%		0.86	%		0.86	%		0.87	%		0.88	%
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	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.71	%@		1.96	%		1.79	%		2.16	%		2.43	%		2.18	%		(0.12	)%@		(0.10	)%		0.21	%		0.04	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(c)		1.71	%@		1.96	%		1.79	%		2.16	%		2.43	%		2.18	%		(0.12	)%@		(0.10	)%		0.20	%		0.02	%		(0.01	)%		(0.02	)%
Portfolio turnover rate		46	%		99	%		119	%		115	%		133	%		143	%		14	%		34	%		32	%		25	%		38	%		47	%
Number of shares outstanding at end of period (000’s)		13,678			13,917			13,421			13,302			13,129			13,551			34,867			35,957			34,888			34,789			39,707			48,453
Net assets at end of period (000’s)	$	177,418		$	176,344		$	163,788		$	144,854		$	145,049		$	127,129		$	652,274		$	615,447		$	495,226		$	404,646		$	444,092		$	424,966

# 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

300

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Broad Cap Value Income Fund																		Capital Conservation Fund
	Six Months Ended November 30, 2014#			Year Ended May  31,															Six Months Ended November 30, 2014#			Year Ended May 31,
				2014			2013			2012			2011			2010						2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	15.19		$	13.02		$	10.02		$	10.72		$	8.69		$	7.12		$	9.84		$	10.01		$	10.11		$	9.77		$	9.38		$	8.78
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.31			0.22			0.20			0.15			0.16			0.09			0.19			0.18			0.27			0.32			0.34
Net realized and unrealized gain (loss) on investments and foreign currencies		0.68			2.06			2.85			(0.73	)		2.04			1.58			0.08			0.07			(0.05	)		0.38			0.38			0.70
Total income (loss) from investment operations		0.79			2.37			3.07			(0.53	)		2.19			1.74			0.17			0.26			0.13			0.65			0.70			1.04
Distributions from:
Net investment income		–			(0.20	)		(0.07	)		(0.17	)		(0.16	)		(0.17	)		–			(0.29	)		(0.23	)		(0.31	)		(0.31	)		(0.44	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.14	)		–			–			–			–
Total distributions		–			(0.20	)		(0.07	)		(0.17	)		(0.16	)		(0.17	)		–			(0.43	)		(0.23	)		(0.31	)		(0.31	)		(0.44	)
Net asset value at end of period	$	15.98		$	15.19		$	13.02		$	10.02		$	10.72		$	8.69		$	10.01		$	9.84		$	10.01		$	10.11		$	9.77		$	9.38
TOTAL RETURN(a)		5.20	%		18.24	%		30.82	%		(4.87	)%		25.42	%		24.41	%		1.73	%		2.73	%		1.28	%		6.81	%		7.56	%		12.04	%(e)(f)
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	%@		0.64	%		0.66	%		0.66	%		0.67	%		0.69	%
Ratio of expenses to average net assets(c)		0.93	%@		0.95	%		1.01	%		1.06	%		1.15	%		1.14	%		0.64	%@		0.64	%		0.66	%		0.66	%		0.67	%		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)		1.44	%@		2.14	%		1.96	%		1.97	%		1.60	%		1.90	%		1.85	%@		1.95	%		1.73	%		2.79	%		3.37	%		3.71	%
Ratio of net investment income (loss) to average net assets(c)		1.36	%@		2.04	%		1.80	%		1.76	%		1.30	%		1.61	%		1.85	%@		1.95	%		1.73	%		2.79	%		3.37	%		3.71	%
Portfolio turnover rate		12	%		27	%		34	%		18	%		21	%		22	%		86	%		129	%		149	%		141	%		164	%		170	%
Number of shares outstanding at end of period (000’s)		3,716			3,533			3,217			2,841			2,708			2,337			23,195			19,965			22,968			23,049			14,599			13,871
Net assets at end of period (000’s)	$	59,381		$	53,675		$	41,901		$	28,476		$	29,023		$	20,302		$	232,206		$	196,550		$	230,018		$	232,990		$	142,652		$	130,157

# 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

301

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Core Equity Fund																		Dividend Value Fund
	Six Months Ended November 30, 2014#			Year Ended May 31,															Six Months Ended November 30, 2014#			Year Ended May 31,
				2014			2013			2012			2011			2010						2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	18.63		$	15.61		$	12.27		$	13.44		$	10.77		$	9.24		$	13.23		$	11.62		$	9.33		$	9.31		$	7.45		$	6.49
Income (loss) from investment operations:
Net investment income (loss)(d)		0.09			0.16			0.19			0.18			0.13			0.14			0.14			0.28			0.27			0.23			0.21			0.12
Net realized and unrealized gain (loss) on investments and foreign currencies		1.10			3.07			3.36			(1.21	)		2.69			1.59			0.65			1.59			2.17			(0.08	)		1.75			1.02
Total income (loss) from investment operations		1.19			3.23			3.55			(1.03	)		2.82			1.73			0.79			1.87			2.44			0.15			1.96			1.14
Distributions from:
Net investment income		–			(0.21	)		(0.21	)		(0.14	)		(0.15	)		(0.20	)		–			(0.26	)		(0.15	)		(0.13	)		(0.10	)		(0.18	)
Net realized gain on securities		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.21	)		(0.21	)		(0.14	)		(0.15	)		(0.20	)		–			(0.26	)		(0.15	)		(0.13	)		(0.10	)		(0.18	)
Net asset value at end of period	$	19.82		$	18.63		$	15.61		$	12.27		$	13.44		$	10.77		$	14.02		$	13.23		$	11.62		$	9.33		$	9.31		$	7.45
TOTAL RETURN(a)		6.39	%		20.78	%		29.19	%		(7.63	)%		26.32	%		18.73	%(e)		5.97	%		16.22	%		26.34	%		1.62	%		26.50	%		17.49	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.80	%@		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.82	%@		0.82	%		0.82	%		0.82	%		0.82	%		0.83	%
Ratio of expenses to average net assets(c)		0.92	%@		0.93	%		0.95	%		0.94	%		0.94	%		0.95	%		0.82	%@		0.83	%		0.86	%		0.89	%		0.96	%		1.00	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.00	%		0.01	%		0.00	%		–			0.00	%		–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.93	%@		0.95	%		1.38	%		1.48	%		1.07	%		1.30	%		2.10	%@		2.20	%		2.62	%		2.58	%		2.58	%		1.60	%
Ratio of net investment income (loss) to average net assets(c)		0.81	%@		0.82	%		1.23	%		1.34	%		0.93	%		1.16	%		2.10	%@		2.19	%		2.58	%		2.52	%		2.44	%		1.43	%
Portfolio turnover rate		23	%		39	%		72	%		81	%		103	%		103	%		23	%		37	%		27	%		12	%		70	%		41	%
Number of shares outstanding at end of period (000’s)		13,669			14,433			15,531			17,200			18,743			20,445			48,253			46,936			48,835			37,111			20,559			16,350
Net assets at end of period (000’s)	$	270,883		$	268,866		$	242,367		$	210,989		$	251,962		$	220,172		$	676,684		$	621,033		$	567,499		$	346,432		$	191,319		$	121,769

# 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

302

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Dynamic Allocation Fund									Emerging Economies Fund
	Six Months Ended November 30, 2014#			Year Ended May 31, 2014			December 19, 2012* to May 31, 2013			Six Months Ended November 30, 2014#			Year Ended May 31,
													2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	11.93		$	10.87		$	10.00		$	8.12		$	8.09		$	7.09		$	8.53		$	6.88		$	6.17
Income (loss) from investment operations:
Net investment income (loss)(d)		0.00			0.18			(0.00	)		0.12			0.17			0.13			0.11			0.09			0.10
Net realized and unrealized gain (loss) on investments and foreign currencies		0.37			0.92			0.87			(0.30	)		(0.02	)		0.92			(1.47	)		1.70			0.63
Total income (loss) from investment operations		0.37			1.10			0.87			(0.18	)		0.15			1.05			(1.36	)		1.79			0.73
Distributions from:
Net investment income		–			–			–			–			(0.12	)		(0.05	)		(0.08	)		(0.14	)		(0.02	)
Net realized gain on securities		–			(0.04	)		–			–			–			–			–			–			–
Total distributions		–			(0.04	)		–			–			(0.12	)		(0.05	)		(0.08	)		(0.14	)		(0.02	)
Net asset value at end of period	$	12.30		$	11.93		$	10.87		$	7.94		$	8.12		$	8.09		$	7.09		$	8.53		$	6.88
TOTAL RETURN(a)		3.10	%		10.11	%		8.70	%		(2.22	)%		1.97	%		14.79	%		(15.99	)%		26.09	%(f)		11.86	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.32	%@		0.32	%		0.32	%@		0.95	%@		0.95	%		0.98	%		1.04	%		1.00	%		1.02	%
Ratio of expenses to average net assets(c)		0.31	%@		0.34	%		0.63	%@		0.95	%@		0.95	%		0.98	%		1.04	%		1.00	%		1.02	%
Ratio of expense reductions to average net assets		–			0.00	%		–			0.01	%@		–			0.00	%		–			–			0.01	%
Ratio of net investment income (loss) to average net assets(b)		0.05	%@		1.65	%		(0.04	)%@		2.86	%@		2.18	%		1.71	%		1.50	%		1.09	%		1.44	%
Ratio of net investment income (loss) to average net assets(c)		0.06	%@		1.63	%		(0.35	)%@		2.86	%@		2.18	%		1.71	%		1.50	%		1.09	%		1.44	%
Portfolio turnover rate		10	%		9	%		2	%		31	%		55	%		53	%		108	%		131	%		236	%
Number of shares outstanding at end of period (000’s)		22,145			21,373			7,996			86,962			83,593			86,346			70,660			30,187			32,153
Net assets at end of period (000’s)	$	272,436		$	255,001		$	86,904		$	690,791		$	678,406		$	698,480		$	501,317		$	257,560		$	221,201

# 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/recoupments, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements/recoupments 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

303

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Foreign Value Fund																		Global Real Estate Fund
	Six Months Ended November 30, 2014#			Year Ended May 31,															Six Months Ended November 30, 2014#			Year Ended May 31,
				2014			2013			2012			2011			2010						2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	11.44		$	9.61		$	7.30		$	10.18		$	7.74		$	7.26		$	8.58		$	8.95		$	7.46		$	9.00		$	7.44		$	6.45
Income (loss) from investment operations:
Net investment income (loss)(d)		0.07			0.27			0.20			0.25			0.24			0.17			0.09			0.22			0.15			0.17			0.16			0.20
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.22	)		1.78			2.39			(2.89	)		2.35			0.52			0.21			0.48			1.72			(0.95	)		2.04			1.64
Total income (loss) from investment operations		(1.15	)		2.05			2.59			(2.64	)		2.59			0.69			0.30			0.70			1.87			(0.78	)		2.20			1.84
Distributions from:
Net investment income		–			(0.22	)		(0.28	)		(0.24	)		(0.15	)		(0.21	)		–			(0.49	)		(0.13	)		(0.29	)		(0.53	)		(0.85	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.58	)		(0.25	)		(0.47	)		(0.11	)		–
Total distributions		–			(0.22	)		(0.28	)		(0.24	)		(0.15	)		(0.21	)		–			(1.07	)		(0.38	)		(0.76	)		(0.64	)		(0.85	)
Net asset value at end of period	$	10.29		$	11.44		$	9.61		$	7.30		$	10.18		$	7.74		$	8.88		$	8.58		$	8.95		$	7.46		$	9.00		$	7.44
TOTAL RETURN(a)		(10.05	)%		21.39	%		35.97	%		(26.11	)%		33.69	%		9.23	%		3.50	%		8.76	%		25.49	%		(7.94	)%		30.56	%		28.56	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.79	%@		0.80	%		0.83	%		0.83	%		0.84	%		0.84	%		0.85	%@		0.86	%		0.89	%		0.92	%		0.92	%		0.93	%
Ratio of expenses to average net assets(c)		0.79	%@		0.80	%		0.83	%		0.83	%		0.84	%		0.84	%		0.85	%@		0.86	%		0.89	%		0.92	%		0.92	%		0.93	%
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	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.19	%@		2.53	%		2.33	%		2.94	%		2.60	%		1.98	%		2.11	%@		2.51	%		1.79	%		2.25	%		1.88	%		2.68	%
Ratio of net investment income (loss) to average net assets(c)		1.19	%@		2.53	%		2.33	%		2.94	%		2.60	%		1.98	%		2.11	%@		2.51	%		1.79	%		2.25	%		1.88	%		2.68	%
Portfolio turnover rate		22	%		27	%		23	%		25	%		25	%		28	%		16	%		41	%		52	%		88	%		75	%		86	%
Number of shares outstanding at end of period (000’s)		94,321			94,131			94,998			103,881			104,883			98,873			58,693			48,168			42,969			37,728			34,869			37,199
Net assets at end of period (000’s)	$	971,032		$	1,077,192		$	913,025		$	758,094		$	1,067,577		$	765,267		$	521,230		$	413,082		$	384,543		$	281,639		$	313,781		$	276,688

# 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

304

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Social Awareness Fund																		Global Strategy Fund
	Six Months Ended November 30, 2014#			Year Ended May 31,															Six Months Ended November 30, 2014#			Year Ended May 31,
				2014			2013			2012			2011			2010						2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	21.00		$	17.38		$	13.72		$	15.79		$	12.56		$	11.21		$	14.12		$	12.66		$	10.41		$	12.19		$	10.07		$	9.74
Income (loss) from investment operations:
Net investment income (loss)(d)		0.14			0.42			0.33			0.29			0.25			0.21			0.14			0.39			0.34			0.41			0.36			0.37
Net realized and unrealized gain (loss) on investments and foreign currencies		0.54			3.49			3.61			(2.06	)		3.21			1.48			(0.18	)		1.53			2.65			(1.66	)		2.11			0.99
Total income (loss) from investment operations		0.68			3.91			3.94			(1.77	)		3.46			1.69			(0.04	)		1.92			2.99			(1.25	)		2.47			1.36
Distributions from:
Net investment income		–			(0.29	)		(0.28	)		(0.30	)		(0.23	)		(0.34	)		–			(0.46	)		(0.74	)		(0.53	)		(0.35	)		(1.03	)
Net realized gain on securities		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.29	)		(0.28	)		(0.30	)		(0.23	)		(0.34	)		–			(0.46	)		(0.74	)		(0.53	)		(0.35	)		(1.03	)
Net asset value at end of period	$	21.68		$	21.00		$	17.38		$	13.72		$	15.79		$	12.56		$	14.08		$	14.12		$	12.66		$	10.41		$	12.19		$	10.07
TOTAL RETURN(a)		3.24	%		22.60	%		28.99	%		(11.20	)%		27.71	%		14.88	%		(0.28	)%		15.32	%		29.44	%		(10.28	)%		24.85	%		13.79	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.62	%@		0.64	%		0.68	%		0.68	%		0.67	%		0.69	%		0.63	%@		0.64	%		0.67	%		0.67	%		0.68	%		0.68	%
Ratio of expenses to average net assets(c)		0.62	%@		0.64	%		0.68	%		0.68	%		0.67	%		0.69	%		0.63	%@		0.64	%		0.67	%		0.67	%		0.68	%		0.68	%
Ratio of expense reductions to average net assets		–			0.00	%		0.00	%		0.01	%		0.01	%		0.01	%		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		–
Ratio of net investment income (loss) to average net assets(b)		1.29	%@		2.18	%		2.07	%		1.98	%		1.74	%		1.63	%		1.92	%@		2.90	%		2.84	%		3.65	%		3.26	%		3.47	%
Ratio of net investment income (loss) to average net assets(c)		1.29	%@		2.18	%		2.07	%		1.98	%		1.74	%		1.63	%		1.92	%@		2.90	%		2.84	%		3.65	%		3.26	%		3.47	%
Portfolio turnover rate		64	%		99	%		101	%		102	%		119	%		91	%		16	%		25	%		23	%		28	%		17	%		20	%
Number of shares outstanding at end of period (000’s)		20,145			20,949			17,295			17,590			18,506			20,713			37,432			39,108			36,722			42,243			44,818			39,169
Net assets at end of period (000’s)	$	436,780		$	439,972		$	300,545		$	241,281		$	292,234		$	260,145		$	527,186		$	552,074		$	465,060		$	439,884		$	546,500		$	394,548

# 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

305

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Government Securities Fund																		Growth Fund
	Six Months Ended November 30, 2014#			Year Ended May 31,															Six Months Ended November 30, 2014#			Year Ended May 31,
				2014			2013			2012			2011			2010						2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	10.73		$	10.95		$	11.34		$	10.70		$	10.67		$	10.50		$	16.76		$	13.93		$	11.67		$	11.85		$	9.20		$	7.60
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.24			0.23			0.27			0.24			0.28			0.05			0.10			0.12			0.09			0.07			0.06
Net realized and unrealized gain (loss) on investments and foreign currencies		0.10			(0.17	)		(0.28	)		0.70			0.12			0.29			1.15			2.87			2.23			(0.19	)		2.65			1.61
Total income (loss) from investment operations		0.21			0.07			(0.05	)		0.97			0.36			0.57			1.20			2.97			2.35			(0.10	)		2.72			1.67
Distributions from:
Net investment income		–			(0.25	)		(0.28	)		(0.33	)		(0.33	)		(0.40	)		–			(0.14	)		(0.09	)		(0.08	)		(0.07	)		(0.07	)
Net realized gain on securities		–			(0.04	)		(0.06	)		–			–			–			–			–			–			–			–			–
Total distributions		–			(0.29	)		(0.34	)		(0.33	)		(0.33	)		(0.40	)		–			(0.14	)		(0.09	)		(0.08	)		(0.07	)		(0.07	)
Net asset value at end of period	$	10.94		$	10.73		$	10.95		$	11.34		$	10.70		$	10.67		$	17.96		$	16.76		$	13.93		$	11.67		$	11.85		$	9.20
TOTAL RETURN(a)		1.96	%		0.67	%		(0.49	)%		9.19	%(f)		3.45	%		5.56	%(e)		7.16	%		21.34	%		20.22	%		(0.78	)%		29.60	%		22.01	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.64	%@		0.65	%		0.66	%		0.67	%		0.65	%		0.71	%		0.80	%@		0.81	%		0.81	%		0.81	%		0.81	%		0.85	%
Ratio of expenses to average net assets(c)		0.64	%@		0.65	%		0.66	%		0.69	%		0.65	%		0.71	%		0.80	%@		0.81	%		0.83	%		0.84	%		0.85	%		0.88	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.02	%@		2.19	%		2.04	%		2.51	%		2.22	%		2.58	%		0.54	%@		0.65	%		0.95	%		0.77	%		0.71	%		0.67	%
Ratio of net investment income (loss) to average net assets(c)		2.02	%@		2.19	%		2.04	%		2.49	%		2.22	%		2.58	%		0.54	%@		0.65	%		0.93	%		0.74	%		0.67	%		0.64	%
Portfolio turnover rate		3	%		28	%		64	%		230	%		353	%		216	%		62	%		90	%		81	%		87	%		95	%		99	%
Number of shares outstanding at end of period (000’s)		15,212			15,115			12,492			12,866			10,389			11,721			56,104			60,543			59,131			65,596			67,486			71,366
Net assets at end of period (000’s)	$	166,365		$	162,121		$	136,786		$	145,929		$	111,118		$	125,053		$	1,007,905		$	1,014,642		$	823,541		$	765,515		$	800,022		$	656,380

# 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

306

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Growth & Income Fund																		Health Sciences Fund
	Six Months Ended November 30, 2014#			Year Ended May 31,															Six Months Ended November 30, 2014#			Year Ended May 31,
				2014			2013			2012			2011			2010						2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	17.74		$	14.78		$	12.03		$	12.80		$	10.48		$	9.35		$	21.10		$	16.52		$	12.61		$	12.78		$	9.07		$	7.18
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.18			0.13			0.11			0.09			0.13			(0.07	)		(0.12	)		(0.07	)		(0.07	)		0.00			(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currencies		1.43			2.91			2.74			(0.79	)		2.37			1.24			4.75			5.43			4.82			0.68			3.71			1.94
Total income (loss) from investment operations		1.54			3.09			2.87			(0.68	)		2.46			1.37			4.68			5.31			4.75			0.61			3.71			1.89
Distributions from:
Net investment income		–			(0.13	)		(0.12	)		(0.09	)		(0.14	)		(0.24	)		–			–			–			(0.26	)		–			–
Net realized gain on securities		–			–			–			–			–			–			–			(0.73	)		(0.84	)		(0.52	)		–			–
Total distributions		–			(0.13	)		(0.12	)		(0.09	)		(0.14	)		(0.24	)		–			(0.73	)		(0.84	)		(0.78	)		–			–
Net asset value at end of period	$	19.28		$	17.74		$	14.78		$	12.03		$	12.80		$	10.48		$	25.78		$	21.10		$	16.52		$	12.61		$	12.78		$	9.07
TOTAL RETURN(a)		8.68	%		20.97	%		24.00	%		(5.23	)%		23.60	%		14.58	%(e)		22.18	%		32.09	%		39.14	%		5.81	%		40.90	%		26.32	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		1.09	%@		1.11	%		1.15	%		1.16	%		1.17	%		1.18	%
Ratio of expenses to average net assets(c)		0.90	%@		0.93	%		0.96	%		0.98	%		0.96	%		0.95	%		1.09	%@		1.11	%		1.15	%		1.16	%		1.17	%		1.18	%
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	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.21	%@		1.10	%		1.01	%		0.92	%		0.76	%		1.21	%		(0.58	)%@		(0.59	)%		(0.48	)%		(0.60	)%		0.01	%		(0.62	)%
Ratio of net investment income (loss) to average net assets(c)		1.15	%@		1.02	%		0.90	%		0.79	%		0.65	%		1.11	%		(0.58	)%@		(0.59	)%		(0.48	)%		(0.60	)%		0.01	%		(0.62	)%
Portfolio turnover rate		17	%		169	%		299	%		227	%		167	%		174	%		15	%		59	%		16	%		21	%		38	%		38	%
Number of shares outstanding at end of period (000’s)		6,321			6,449			6,471			6,737			7,119			7,598			28,326			27,492			24,949			20,668			17,920			18,776
Net assets at end of period (000’s)	$	121,907		$	114,405		$	95,667		$	81,057		$	91,114		$	79,602		$	730,166		$	580,157		$	412,098		$	260,654		$	229,069		$	170,216

# 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

307

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Inflation Protected Fund																		International Equities Index Fund†
	Six Months Ended November 30, 2014#			Year Ended May 31,															Six Months Ended November 30, 2014#			Year Ended May 31,
				2014			2013			2012			2011			2010						2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	11.33		$	11.53		$	11.79		$	10.89		$	10.17		$	9.20		$	7.44		$	6.47		$	5.22		$	6.84		$	5.38		$	5.15
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.24			0.23			0.37			0.34			0.24			0.06			0.23			0.17			0.16			0.16			0.13
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.20	)		(0.17	)		(0.18	)		0.70			0.62			0.81			(0.45	)		0.92			1.25			(1.60	)		1.45			0.25
Total income (loss) from investment operations		(0.09	)		0.07			0.05			1.07			0.96			1.05			(0.39	)		1.15			1.42			(1.44	)		1.61			0.38
Distributions from:
Net investment income		–			(0.22	)		(0.31	)		(0.17	)		(0.24	)		(0.08	)		–			(0.18	)		(0.17	)		(0.18	)		(0.15	)		(0.15	)
Net realized gain on securities		–			(0.05	)		–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.27	)		(0.31	)		(0.17	)		(0.24	)		(0.08	)		–			(0.18	)		(0.17	)		(0.18	)		(0.15	)		(0.15	)
Net asset value at end of period	$	11.24		$	11.33		$	11.53		$	11.79		$	10.89		$	10.17		$	7.05		$	7.44		$	6.47		$	5.22		$	6.84		$	5.38
TOTAL RETURN(a)		(0.79	)%		0.73	%		0.32	%		9.93	%		9.57	%		11.47	%		(5.24	)%		17.90	%		27.39	%		(21.18	)%		30.18	%		7.06	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.59	%@		0.59	%		0.60	%		0.61	%		0.63	%		0.65	%		0.42	%@		0.46	%		0.53	%		0.52	%		0.47	%		0.52	%
Ratio of expenses to average net assets(c)		0.59	%@		0.59	%		0.60	%		0.61	%		0.63	%		0.65	%		0.42	%@		0.46	%		0.53	%		0.52	%		0.47	%		0.52	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.97	%@		2.16	%		1.94	%		3.22	%		3.30	%		2.55	%		1.71	%@		3.27	%		2.85	%		2.78	%		2.53	%		2.29	%
Ratio of net investment income (loss) to average net assets(c)		1.97	%@		2.16	%		1.94	%		3.22	%		3.30	%		2.55	%		1.71	%@		3.27	%		2.85	%		2.78	%		2.53	%		2.29	%
Portfolio turnover rate		17	%		45	%		60	%		52	%		49	%		48	%		31	%		60	%		51	%		99	%		56	%		66	%
Number of shares outstanding at end of period (000’s)		44,514			41,413			38,711			35,093			31,956			22,673			148,657			157,825			154,632			132,279			150,421			145,793
Net assets at end of period (000’s)	$	500,361		$	469,056		$	446,317		$	413,818		$	347,947		$	230,538		$	1,047,818		$	1,174,840		$	1,000,950		$	689,840		$	1,028,197		$	783,839

# Unaudited

@ Annualized

† See Note 1

^(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

308

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Government Bond Fund																		International Growth Fund
	Six Months Ended November 30, 2014#			Year Ended May 31,															Six Months Ended November 30, 2014#			Year Ended May 31,
				2014			2013			2012			2011			2010						2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	12.24		$	12.12		$	12.62		$	12.86		$	11.92		$	11.55		$	14.14		$	12.36		$	9.81		$	12.04		$	9.04		$	8.29
Income (loss) from investment operations:
Net investment income (loss)(d)		0.16			0.33			0.35			0.39			0.42			0.45			0.04			0.16			0.17			0.18			0.17			0.13
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.46	)		0.15			(0.06	)		(0.03	)		1.12			0.40			(0.31	)		1.87			2.55			(2.22	)		2.98			0.80
Total income (loss) from investment operations		(0.30	)		0.48			0.29			0.36			1.54			0.85			(0.27	)		2.03			2.72			(2.04	)		3.15			0.93
Distributions from:
Net investment income		–			(0.22	)		(0.45	)		(0.46	)		(0.60	)		(0.48	)		–			(0.25	)		(0.17	)		(0.19	)		(0.15	)		(0.18	)
Net realized gain on securities		–			(0.14	)		(0.34	)		(0.14	)		–			–			–			–			–			–			–			–
Total distributions		–			(0.36	)		(0.79	)		(0.60	)		(0.60	)		(0.48	)		–			(0.25	)		(0.17	)		(0.19	)		(0.15	)		(0.18	)
Net asset value at end of period	$	11.94		$	12.24		$	12.12		$	12.62		$	12.86		$	11.92		$	13.87		$	14.14		$	12.36		$	9.81		$	12.04		$	9.04
TOTAL RETURN(a)		(2.45	)%		4.12	%		2.03	%		2.86	%		13.16	%		7.32	%		(1.91	)%		16.48	%		27.92	%		(16.96	)%		35.00	%(e)		11.07	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.65	%@		0.65	%		0.66	%		0.67	%		0.67	%		0.68	%		1.01	%@		1.01	%		1.01	%		1.01	%		1.01	%		1.01	%
Ratio of expenses to average net assets(c)		0.65	%@		0.65	%		0.66	%		0.67	%		0.67	%		0.68	%		1.04	%@		1.06	%		1.10	%		1.11	%		1.12	%		1.12	%
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)		2.68	%@		2.78	%		2.75	%		3.08	%		3.34	%		3.70	%		0.53	%@		1.22	%		1.51	%		1.72	%		1.53	%		1.35	%
Ratio of net investment income (loss) to average net assets(c)		2.68	%@		2.78	%		2.75	%		3.08	%		3.34	%		3.70	%		0.49	%@		1.17	%		1.42	%		1.62	%		1.42	%		1.24	%
Portfolio turnover rate		12	%		42	%		74	%		126	%		113	%		147	%		21	%		53	%		55	%		53	%		67	%		79	%
Number of shares outstanding at end of period (000’s)		15,726			15,459			15,235			15,494			14,721			12,409			43,948			45,685			48,797			49,532			51,294			52,207
Net assets at end of period (000’s)	$	187,690		$	189,241		$	184,590		$	195,494		$	189,309		$	147,932		$	609,574		$	646,032		$	603,086		$	485,839		$	617,720		$	471,764

# 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

309

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Large Cap Core Fund																		Large Capital Growth Fund
	Six Months Ended November 30, 2014#			Year Ended May 31,															Six Months Ended November 30, 2014#			Year Ended May 31,
				2014			2013			2012			2011			2010						2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	14.25		$	12.85		$	11.22		$	12.33		$	9.37		$	7.92		$	13.97		$	12.46		$	11.48		$	12.31		$	9.73		$	8.23
Income (loss) from investment operations:
Net investment income (loss)(d)		0.06			0.15			0.14			0.12			0.09			0.10			0.04			0.08			0.07			0.02			0.03			0.04
Net realized and unrealized gain (loss) on investments and foreign currencies		1.30			2.40			3.10			(0.73	)		2.98			1.47			0.96			2.58			1.94			(0.82	)		2.59			1.53
Total income (loss) from investment operations		1.36			2.55			3.24			(0.61	)		3.07			1.57			1.00			2.66			2.01			(0.80	)		2.62			1.57
Distributions from:
Net investment income		–			(0.14	)		(0.12	)		(0.11	)		(0.11	)		(0.12	)		–			(0.07	)		(0.03	)		(0.03	)		(0.04	)		(0.07	)
Net realized gain on securities		–			(1.01	)		(1.49	)		(0.39	)		–			–			–			(1.08	)		(1.00	)		–			–			–
Total distributions		–			(1.15	)		(1.61	)		(0.50	)		(0.11	)		(0.12	)		–			(1.15	)		(1.03	)		(0.03	)		(0.04	)		(0.07	)
Net asset value at end of period	$	15.61		$	14.25		$	12.85		$	11.22		$	12.33		$	9.37		$	14.97		$	13.97		$	12.46		$	11.48		$	12.31		$	9.73
TOTAL RETURN(a)		9.54	%		20.28	%		31.57	%		(4.78	)%		32.94	%		19.81	%		7.16	%		21.79	%		18.63	%		(6.45	)%		27.01	%		19.08	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.83	%@		0.84	%		0.85	%		0.85	%		0.85	%		0.85	%		0.75	%@		0.76	%		0.77	%		0.78	%		0.78	%		0.78	%
Ratio of expenses to average net assets(c)		0.83	%@		0.84	%		0.85	%		0.89	%		0.85	%		0.88	%		0.75	%@		0.76	%		0.77	%		0.78	%		0.78	%		0.78	%
Ratio of expense reductions to average net assets		0.01	%@		0.01	%		0.01	%		–			0.01	%		0.01	%		0.00	%@		0.00	%		0.01	%		0.01	%		0.01	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		0.86	%@		1.09	%		1.14	%		1.04	%		0.85	%		1.08	%		0.53	%@		0.57	%		0.58	%		0.19	%		0.25	%		0.41	%
Ratio of net investment income (loss) to average net assets(c)		0.86	%@		1.09	%		1.14	%		0.99	%		0.85	%		1.05	%		0.53	%@		0.57	%		0.58	%		0.19	%		0.25	%		0.41	%
Portfolio turnover rate		31	%		76	%		64	%		106	%		44	%		33	%		10	%		137	%		195	%		173	%		129	%		59	%
Number of shares outstanding at end of period (000’s)		11,783			12,606			12,501			11,170			11,843			12,406			27,819			29,214			29,489			29,965			32,735			35,736
Net assets at end of period (000’s)	$	183,906		$	179,649		$	160,617		$	125,281		$	145,975		$	116,227		$	416,440		$	408,050		$	367,527		$	343,971		$	402,977		$	347,731

# 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

310

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Mid Cap Index Fund																		Mid Cap Strategic Growth Fund
	Six Months Ended November 30, 2014#			Year Ended May 31,															Six Months Ended November 30, 2014#			Year Ended May 31,
				2014			2013			2012			2011			2010						2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	27.24		$	24.44		$	19.74		$	22.71		$	17.30		$	13.32		$	15.99		$	14.16		$	11.83		$	13.62		$	9.92		$	7.83
Income (loss) from investment operations:
Net investment income (loss)(d)		0.18			0.28			0.29			0.21			0.18			0.19			0.01			(0.01	)		0.08			0.01			0.01			(0.00	)
Net realized and unrealized gain (loss) on investments and foreign currencies		1.26			3.99			5.38			(1.74	)		5.43			4.40			1.28			2.12			2.55			(1.74	)		3.70			2.14
Total income (loss) from investment operations		1.44			4.27			5.67			(1.53	)		5.61			4.59			1.29			2.11			2.63			(1.73	)		3.71			2.14
Distributions from:
Net investment income		–			(0.31	)		(0.22	)		(0.26	)		(0.20	)		(0.25	)		–			(0.08	)		–			(0.06	)		(0.01	)		(0.05	)
Net realized gain on securities		–			(1.16	)		(0.75	)		(1.18	)		–			(0.36	)		–			(0.20	)		(0.30	)		–			–			–
Total distributions		–			(1.47	)		(0.97	)		(1.44	)		(0.20	)		(0.61	)		–			(0.28	)		(0.30	)		(0.06	)		(0.01	)		(0.05	)
Net asset value at end of period	$	28.68		$	27.24		$	24.44		$	19.74		$	22.71		$	17.30		$	17.28		$	15.99		$	14.16		$	11.83		$	13.62		$	9.92
TOTAL RETURN(a)		5.29	%		17.69	%		29.61	%		(6.38	)%		32.54	%(e)		34.73	%		8.07	%		14.78	%		22.76	%		(12.67	)%		37.37	%		27.35	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.36	%@		0.36	%		0.38	%		0.38	%		0.39	%		0.39	%		0.81	%@		0.82	%		0.85	%		0.85	%		0.84	%		0.85	%
Ratio of expenses to average net assets(c)		0.36	%@		0.36	%		0.38	%		0.38	%		0.39	%		0.39	%		0.81	%@		0.82	%		0.86	%		0.86	%		0.84	%		0.86	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			0.01	%@		0.01	%		0.01	%		0.01	%		0.02	%		0.04	%
Ratio of net investment income (loss) to average net assets(b)		1.28	%@		1.06	%		1.33	%		1.02	%		0.93	%		1.17	%		0.15	%@		(0.06	)%		0.63	%		0.09	%		0.10	%		(0.09	)%
Ratio of net investment income (loss) to average net assets(c)		1.28	%@		1.06	%		1.33	%		1.02	%		0.93	%		1.17	%		0.15	%@		(0.06	)%		0.62	%		0.08	%		0.10	%		(0.10	)%
Portfolio turnover rate		6	%		11	%		8	%		11	%		18	%		12	%		29	%		65	%		61	%		62	%		134	%		239	%
Number of shares outstanding at end of period (000’s)		111,529			116,691			119,703			122,335			120,474			121,459			17,384			18,583			18,378			20,800			25,052			25,009
Net assets at end of period (000’s)	$	3,198,833		$	3,179,031		$	2,925,308		$	2,415,464		$	2,736,232		$	2,101,641		$	300,394		$	297,068		$	260,138		$	246,037		$	341,241		$	248,109

# 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

311

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Money Market I Fund																		Nasdaq-100® Index Fund
	Six Months Ended November 30, 2014#			Year Ended May 31,															Six Months Ended November 30, 2014#			Year Ended May 31,
				2014			2013			2012			2011			2010						2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	8.71		$	6.98		$	6.03		$	6.45		$	5.03		$	3.89
Income (loss) from investment operations:
Net investment income (loss)(d)		0.00			0.00			0.00			0.00			0.00			0.00			0.04			0.10			0.07			0.04			0.02			0.01
Net realized and unrealized gain (loss) on investments and foreign currencies		0.00			–			0.00			0.00			(0.00	)		0.00			1.40			1.74			1.06			0.31			1.41			1.14
Total income (loss) from investment operations		0.00			0.00			0.00			0.00			0.00			0.00			1.44			1.84			1.13			0.35			1.43			1.15
Distributions from:
Net investment income		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		–			(0.07	)		(0.03	)		(0.02	)		(0.01	)		(0.01	)
Net realized gain on securities		–			–			–			–			–			(0.00	)		–			(0.04	)		(0.15	)		(0.75	)		–			–
Total distributions		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		–			(0.11	)		(0.18	)		(0.77	)		(0.01	)		(0.01	)
Net asset value at end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	10.15		$	8.71		$	6.98		$	6.03		$	6.45		$	5.03
TOTAL RETURN(a)		0.01	%		0.01	%		0.01	%		0.01	%(e)		0.01	%		0.04	%(e)		16.53	%		26.44	%		19.16	%		6.91	%		28.53	%		29.60	%(f)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.13	%@		0.16	%		0.21	%		0.17	%		0.24	%		0.41	%		0.53	%@		0.53	%		0.53	%		0.53	%		0.53	%		0.54	%
Ratio of expenses to average net assets(c)		0.51	%@		0.51	%		0.52	%		0.52	%		0.52	%		0.55	%		0.54	%@		0.57	%		0.57	%		0.59	%		0.63	%		0.60	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			0.00	%		–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.01	%@		0.01	%		0.01	%		0.01	%		0.01	%		0.03	%		0.85	%@		1.28	%		1.06	%		0.59	%		0.43	%		0.25	%
Ratio of net investment income (loss) to average net assets(c)		(0.36	)%@		(0.34	)%		(0.30	)%		(0.33	)%		(0.27	)%		(0.10	)%		0.84	%@		1.25	%		1.02	%		0.52	%		0.33	%		0.18	%
Portfolio turnover rate		N/A			N/A			N/A			N/A			N/A			N/A			2	%		8	%		5	%		12	%		29	%		6	%
Number of shares outstanding at end of period (000’s)		353,545			367,402			378,729			409,147			474,285			542,000			31,000			29,275			29,011			27,028			19,713			20,423
Net assets at end of period (000’s)	$	352,916		$	366,768		$	378,086		$	408,487		$	473,443		$	541,159		$	314,595		$	255,120		$	202,595		$	162,983		$	127,160		$	102,703

# 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

312

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Science & Technology Fund																		Small Cap Aggressive Growth Fund
	Six Months Ended November 30, 2014#			Year Ended May 31,															Six Months Ended November 30, 2014#			Year Ended May 31,
				2014			2013			2012			2011			2010						2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	24.83		$	19.19		$	15.84		$	17.57		$	12.93		$	9.98		$	14.12		$	13.18		$	10.33		$	12.63		$	9.84		$	7.05
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.00	)		(0.04	)		0.03			(0.01	)		(0.03	)		(0.02	)		(0.04	)		(0.11	)		(0.07	)		(0.06	)		(0.06	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currencies		3.28			5.71			3.32			(1.72	)		4.67			2.98			1.90			2.50			3.08			(1.46	)		2.85			2.84
Total income (loss) from investment operations		3.28			5.67			3.35			(1.73	)		4.64			2.96			1.86			2.39			3.01			(1.52	)		2.79			2.79
Distributions from:
Net investment income		–			(0.03	)		–			–			(0.00	)		(0.01	)		–			–			–			–			–			(0.00	)
Net realized gain on securities		–			–			–			–			–			–			–			(1.45	)		(0.16	)		(0.78	)		–			–
Total distributions		–			(0.03	)		–			–			(0.00	)		(0.01	)		–			(1.45	)		(0.16	)		(0.78	)		–			(0.00	)
Net asset value at end of period	$	28.11		$	24.83		$	19.19		$	15.84		$	17.57		$	12.93		$	15.98		$	14.12		$	13.18		$	10.33		$	12.63		$	9.84
TOTAL RETURN(a)		13.21	%		29.55	%		21.15	%		(9.85	)%		35.89	%		29.67	%(e)		13.17	%		17.46	%		29.43	%		(11.72	)%		28.35	%		39.59	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.98	%@		0.99	%		1.02	%		1.02	%		1.02	%		1.02	%		0.99	%@		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Ratio of expenses to average net assets(c)		0.98	%@		0.99	%		1.02	%		1.02	%		1.02	%		1.02	%		1.02	%@		1.02	%		1.05	%		1.10	%		1.05	%		1.10	%
Ratio of expense reductions to average net assets		0.01	%@		0.01	%		0.01	%		0.01	%		0.01	%		0.02	%		–			–			–			–			0.04	%		0.02	%
Ratio of net investment income (loss) to average net assets(b)		(0.04	)%@		(0.18	)%		0.15	%		(0.10	)%		(0.22	)%		(0.20	)%		(0.52	)%@		(0.70	)%		(0.61	)%		(0.59	)%		(0.62	)%		(0.56	)%
Ratio of net investment income (loss) to average net assets(c)		(0.04	)%@		(0.18	)%		0.15	%		(0.10	)%		(0.22	)%		(0.20	)%		(0.55	)%@		(0.72	)%		(0.67	)%		(0.70	)%		(0.68	)%		(0.66	)%
Portfolio turnover rate		45	%		102	%		99	%		113	%		111	%		138	%		45	%		111	%		97	%		169	%		42	%		73	%
Number of shares outstanding at end of period (000’s)		36,334			37,726			40,253			45,092			50,582			54,912			6,547			7,180			6,240			6,994			7,230			8,809
Net assets at end of period (000’s)	$	1,021,361		$	936,688		$	772,614		$	714,118		$	888,918		$	710,097		$	104,595		$	101,410		$	82,222		$	72,224		$	91,326		$	86,711

# 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

313

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Fund																		Small Cap Index Fund
	Six Months Ended November 30, 2014#			Year Ended May 31,															Six Months Ended November 30, 2014#			Year Ended May 31,
				2014			2013			2012			2011			2010						2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	15.00		$	13.46		$	10.33		$	11.22		$	8.31		$	6.39		$	20.40		$	18.13		$	14.03		$	15.60		$	12.15		$	9.43
Income (loss) from investment operations:
Net investment income (loss)(d)		0.01			0.00			0.04			0.00			0.01			0.01			0.13			0.21			0.24			0.18			0.13			0.11
Net realized and unrealized gain (loss) on investments and foreign currencies		0.70			2.31			3.10			(0.88	)		2.92			1.95			0.70			2.80			4.06			(1.61	)		3.44			3.06
Total income (loss) from investment operations		0.71			2.31			3.14			(0.88	)		2.93			1.96			0.83			3.01			4.30			(1.43	)		3.57			3.17
Distributions from:
Net investment income		–			(0.05	)		(0.01	)		(0.01	)		(0.02	)		(0.04	)		–			(0.26	)		(0.20	)		(0.14	)		(0.12	)		(0.18	)
Net realized gain on securities		–			(0.72	)		–			–			–			–			–			(0.48	)		–			–			–			(0.27	)
Total distributions		–			(0.77	)		(0.01	)		(0.01	)		(0.02	)		(0.04	)		–			(0.74	)		(0.20	)		(0.14	)		(0.12	)		(0.45	)
Net asset value at end of period	$	15.71		$	15.00		$	13.46		$	10.33		$	11.22		$	8.31		$	21.23		$	20.40		$	18.13		$	14.03		$	15.60		$	12.15
TOTAL RETURN(a)		4.73	%		17.13	%		30.40	%		(7.81	)%		35.24	%		30.65	%		4.07	%		16.64	%		30.91	%		(9.13	)%		29.44	%		34.01	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.93	%@		0.93	%		0.93	%		0.93	%		0.93	%		0.94	%		0.40	%@		0.40	%		0.44	%		0.44	%		0.44	%		0.46	%
Ratio of expenses to average net assets(c)		1.01	%@		1.01	%		1.04	%		1.05	%		1.05	%		1.06	%		0.40	%@		0.40	%		0.44	%		0.44	%		0.44	%		0.46	%
Ratio of expense reductions to average net assets		0.01	%@		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.14	%@		0.01	%		0.35	%		0.01	%		0.05	%		0.13	%		1.25	%@		1.03	%		1.51	%		1.26	%		0.95	%		0.98	%
Ratio of net investment income (loss) to average net assets(c)		0.07	%@		(0.07	)%		0.24	%		(0.11	)%		(0.07	)%		0.00	%		1.25	%@		1.03	%		1.51	%		1.26	%		0.95	%		0.98	%
Portfolio turnover rate		17	%		32	%		27	%		39	%		38	%		37	%		12	%		13	%		12	%		14	%		13	%		15	%
Number of shares outstanding at end of period (000’s)		22,765			24,251			26,071			28,964			31,857			34,509			50,999			54,260			54,297			57,427			62,750			66,604
Net assets at end of period (000’s)	$	357,697		$	363,807		$	350,845		$	299,145		$	357,571		$	286,788		$	1,082,665		$	1,106,865		$	984,357		$	805,784		$	978,592		$	809,018

# 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

314

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Special Values Fund																		Small-Mid Growth Fund
	Six Months Ended November 30, 2014#			Year Ended May 31,															Six Months Ended November 30, 2014#			Year Ended May 31,
				2014			2013			2012			2011			2010						2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	13.87		$	11.32		$	8.99		$	9.67		$	8.08		$	6.03		$	14.54		$	12.67		$	10.56		$	11.72		$	8.54		$	6.79
Income (loss) from investment operations:
Net investment income (loss)(d)		0.07			0.12			0.07			0.05			0.06			0.05			(0.03	)		(0.07	)		0.00			(0.05	)		(0.06	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currencies		0.31			2.53			2.32			(0.66	)		1.59			2.12			1.45			2.45			2.11			(1.11	)		3.24			1.82
Total income (loss) from investment operations		0.38			2.65			2.39			(0.61	)		1.65			2.17			1.42			2.38			2.11			(1.16	)		3.18			1.77
Distributions from:
Net investment income		–			(0.10	)		(0.06	)		(0.07	)		(0.06	)		(0.12	)		–			(0.01	)		–			–			(0.00	)		(0.02	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.50	)		–			–			–			–
Total distributions		–			(0.10	)		(0.06	)		(0.07	)		(0.06	)		(0.12	)		–			(0.51	)		–			–			(0.00	)		(0.02	)
Net asset value at end of period	$	14.25		$	13.87		$	11.32		$	8.99		$	9.67		$	8.08		$	15.96		$	14.54		$	12.67		$	10.56		$	11.72		$	8.54
TOTAL RETURN(a)		2.74	%		23.43	%		26.67	%		(6.27	)%		20.40	%		36.20	%(e)		9.77	%		18.77	%		19.98	%		(9.90	)%(f)		37.24	%		26.03	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.87	%@		0.88	%		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)		0.87	%@		0.88	%		0.92	%		0.93	%		0.92	%		0.98	%		1.00	%@		1.03	%		1.05	%		1.06	%		1.15	%		1.09	%
Ratio of expense reductions to average net assets		0.01	%@		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%@		0.00	%		0.01	%		0.02	%		0.02	%		0.04	%
Ratio of net investment income (loss) to average net assets(b)		1.00	%@		0.89	%		0.74	%		0.59	%		0.65	%		0.69	%		(0.40	)%@		(0.50	)%		0.03	%		(0.52	)%		(0.61	)%		(0.63	)%
Ratio of net investment income (loss) to average net assets(c)		1.00	%@		0.89	%		0.72	%		0.57	%		0.63	%		0.61	%		(0.40	)%@		(0.52	)%		(0.02	)%		(0.58	)%		(0.76	)%		(0.72	)%
Portfolio turnover rate		27	%		65	%		58	%		60	%		41	%		98	%		23	%		148	%		107	%		120	%		155	%		74	%
Number of shares outstanding at end of period (000’s)		16,958			17,993			19,976			20,167			23,569			25,867			7,492			8,584			8,625			9,581			10,329			11,165
Net assets at end of period (000’s)	$	241,704		$	249,579		$	226,140		$	181,376		$	227,951		$	209,121		$	119,583		$	124,839		$	109,283		$	101,132		$	121,033		$	95,319

# 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

315

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Stock Index Fund																		Value Fund
	Six Months Ended November 30, 2014#			Year Ended May 31,															Six Months Ended November 30, 2014#			Year Ended May 31,
				2014			2013			2012			2011			2010						2014			2013			2012			2011			2010
PER SHARE DATA
Net asset value at beginning of period	$	34.65		$	30.07		$	24.50		$	26.71		$	21.93		$	19.06		$	14.18		$	12.40		$	9.63		$	10.28		$	8.28		$	7.20
Income (loss) from investment operations:
Net investment income (loss)(d)		0.31			0.55			0.53			0.45			0.41			0.37			0.10			0.19			0.20			0.18			0.10			0.05
Net realized and unrealized gain (loss) on investments and foreign currencies		2.60			5.38			5.91			(0.76	)		5.12			3.66			0.91			1.81			2.83			(0.70	)		1.97			1.20
Total income (loss) from investment operations		2.91			5.93			6.44			(0.31	)		5.53			4.03			1.01			2.00			3.03			(0.52	)		2.07			1.25
Distributions from:
Net investment income		–			(0.56	)		(0.46	)		(0.46	)		(0.43	)		(0.49	)		–			(0.22	)		(0.26	)		(0.13	)		(0.07	)		(0.17	)
Net realized gain on securities		–			(0.79	)		(0.41	)		(1.44	)		(0.32	)		(0.67	)		–			–			–			–			–			–
Total distributions		–			(1.35	)		(0.87	)		(1.90	)		(0.75	)		(1.16	)		–			(0.22	)		(0.26	)		(0.13	)		(0.07	)		(0.17	)
Net asset value at end of period	$	37.56		$	34.65		$	30.07		$	24.50		$	26.71		$	21.93		$	15.19		$	14.18		$	12.40		$	9.63		$	10.28		$	8.28
TOTAL RETURN(a)		8.40	%		20.01	%		26.86	%		(0.76	)%		25.55	%		21.06	%		7.12	%		16.26	%		31.97	%		(5.00	)%		25.03	%		17.30	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.34	%@		0.35	%		0.36	%		0.37	%		0.38	%		0.38	%		0.85	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.34	%@		0.35	%		0.36	%		0.37	%		0.38	%		0.38	%		0.93	%@		0.93	%		0.95	%		0.97	%		0.93	%		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)		1.70	%@		1.71	%		1.94	%		1.83	%		1.70	%		1.70	%		1.32	%@		1.46	%		1.87	%		1.87	%		1.10	%		0.56	%
Ratio of net investment income (loss) to average net assets(c)		1.70	%@		1.71	%		1.94	%		1.83	%		1.70	%		1.70	%		1.24	%@		1.38	%		1.77	%		1.75	%		1.02	%		0.47	%
Portfolio turnover rate		2	%		4	%		3	%		3	%		11	%		7	%		7	%		16	%		23	%		13	%		157	%		105	%
Number of shares outstanding at end of period (000’s)		123,044			129,109			132,191			138,507			132,974			136,381			8,056			8,595			8,978			10,469			14,825			18,716
Net assets at end of period (000’s)	$	4,620,972		$	4,473,003		$	3,974,531		$	3,393,666		$	3,551,607		$	2,990,589		$	122,338		$	121,864		$	111,303		$	100,820		$	152,457		$	155,035

# 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

APPROVAL OF ADVISORY AGREEMENTS (Unaudited)

At an in-person meeting held on August 4-5, 2014, 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,” and together with the Advisory Agreement, the “Advisory Contracts”): AllianceBernstein, LP (“AllianceBernstein”), Allianz Global Investors US, LLC (“Allianz”), American Century Investment Management, Inc. (“American Century”), Barrow, Hanley, Mewhinney & Strauss, LLC (“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”), Morgan Stanley Investment Management, Inc. (“MSIM”), PineBridge Investments, LLC (“PineBridge”), RS Investment Management Co. LLC (“RS Investments”), SunAmerica Asset Management, LLC (“SAAMCo”), T. Rowe Price Associates, Inc. (“T. Rowe Price”), Templeton Global Advisors Limited (“Templeton Global”), Templeton Investment Counsel, LLC (“Templeton Investment”), Wellington Management Company, LLP (“Wellington”) and Wells Capital Management Incorporated (“Wells Capital”) (each a “Sub-adviser,” and collectively, the “Sub-advisers”). Prior to the August 4-5, 2014 meeting at which the Advisory Contracts were approved, the Board also discussed and considered information regarding the proposed continuation of the Advisory Contracts at an in-person meeting held on July 14, 2014.

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 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-Advisory 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 and their respective affiliates; (5) a comparison of advisory fee schedules and performance with respect to other mutual funds and accounts with similar investment strategies and/or objectives to the Funds, as applicable, 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; (9) information regarding VALIC’s and the Sub-advisers’ compliance and regulatory history; and (10) information about the services VALIC provides in connection with the oversight of the Sub-advisers.

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 an executive session at an in-person special meeting held on July 14, 2014, and executive sessions held during the August 2014 meeting during which such independent counsel provided guidance to the Independent Directors. Following the July 14, 2014 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto at the August 2014 meeting. The continuation of all Advisory Contracts was approved at the August 2014 meeting for a one-year term beginning September 1, 2014 and ending August 31, 2015.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality 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 monitors the performance of the Funds and periodically recommends Sub-adviser changes and/or other changes intended to improve the performance of the Funds.

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 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 considered each Sub-adviser’s brokerage practices and 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.

317

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)

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 Subadvisory Expense Universe and, in some cases as noted below, the Subadvisory Expense Group. The Board 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 Subadvisory 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 include 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. Expense ratio data included in the independent third-party report was based on unaudited data from the semi-annual report dated November 30, 2013.

The Board received and reviewed information prepared by management and by an independent third-party regarding each Fund’s investment performance compared against its benchmark and Performance Group/Universe. The Board noted that performance information provided by the independent third-party was for the period ended April 30, 2014 and that benchmark information presented by management was through the period ended June 30, 2014. The Board further noted that, although it monitors the Funds’ performance closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board considered the following expense and performance information in its evaluation of each Fund:

• Asset Allocation Fund (PineBridge). The Board considered that actual management fees were below the medians of the Expense Group/Universe. The Board also considered that total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were below the median of the 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 also considered that the Fund underperformed the median of the Performance Group for the one-year period and outperformed the median of the Performance Group for the three- and five-year periods. The Board also considered that the Fund outperformed the median of the Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one- and five-year periods and underperformed its benchmark for the three-year period.

• Blue Chip Growth Fund (T. Rowe Price). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the 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, 2015.

The Board considered that the Fund’s performance was above its Lipper peer index and above the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.

• Broad Cap Value Income Fund (Barrow Hanley). The Board considered that actual management fees were above the medians of the Expense Group/Universe. The Board also considered that total net expenses were below the median of the Expense Group and above the median of the Expense Universe. The Board also considered that actual subadvisory fees were above the medians of the Subadvisory 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, 2015.

The Board considered that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board also considered that the Fund equaled the median of its Performance Group for the one-year period, outperformed the median of its Performance Group for the three-year period and underperformed the median of its Performance Group for the five-year period. The Board also considered that the Fund outperformed the median of its Performance Universe for the one- and three-year periods and underperformed 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.

• Capital Conservation Fund (PineBridge). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were above the median of the Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

The Board considered that the Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also considered 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 any potential actions management is considering taking with respect to the Fund.

• Core Equity Fund (BlackRock). The Board considered that actual management fees were above the medians of the Expense Group/Universe. The Board also considered that total net expenses were equal to the median of the Expense Group and above the median of the Expense Universe. The Board also considered that actual subadvisory fees were below the medians of the 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, 2015.

The Board considered that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Group for the one- year period and underperformed the median of its Performance Group for the three- and five-year periods. The Board

318

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)

also considered that the Fund outperformed the median of its Performance Universe for the one- and three-year periods and underperformed the median of its Performance Universe for the five-year period. The Board also considered that the Fund outperformed its benchmark for the one- year period and underperformed its benchmark for the three- and five-year periods. The Board considered management’s discussion of the Fund’s performance and noted the Fund’s more recent improved performance.

• Dividend Value Fund (BlackRock/SAAMCo). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were above the medians of the Subadvisory 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, 2015.

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 considered that the Fund underperformed the medians of its Performance Group/Universe for the one-year period and outperformed the medians of its Performance Group/Universe for the three- and five-year periods. 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 recent performance and potential actions management was considering taking with respect to the Fund.

• Dynamic Allocation Fund (AllianceBernstein/SAAMCo). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the 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, 2015.

At an in-person meeting held on October 27-28, 2014, the Board approved an increase in the sub-advisory fee payable by VALIC to AllianceBernstein in connection with a proposed change to the Fund’s volatility management formula, which required additional work by AllianceBernstein to implement. The Board considered that because VALIC pays the sub-advisory fee and not the Fund, the advisory fee payable by the Fund would not increase. The Board also took into account an in-person presentation from AllianceBernstein regarding the proposed change to the formula as well as additional information provided by management regarding the proposed change. The Board also considered comparative fee information provided by an independent third party of investment company data and concluded that the increase in the sub-advisory was fair and reasonable in view of the additional work to be performed by AllianceBernstein.

The Board considered that the Fund underperformed its Lipper peer index for the one-year period and outperformed its Lipper peer index since the Fund’s inception on December 19, 2012. The Board also considered that the Fund underperformed the median of its Performance Group for the one-year period and since inception. The Board also considered that the Fund underperformed the median of its Performance Universe for the one-year period and outperformed the median of its Performance Universe since inception. The Board also considered that the Fund underperformed its benchmark for the one-year period. The Board took into account management’s discussion of the Fund’s performance and noted the Fund’s limited performance history.

• Emerging Economies Fund (JPMIM). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were below the medians of the Subadvisory Expense Group/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 also considered that the Fund outperformed the medians of its Performance Group/Universe for the three-year period and underperformed the medians of its Performance Group/Universe for the one- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one- and five-year periods and outperformed its benchmark for the three-year period. The Board noted that JPMIM replaced the previous sub-adviser in October 2011, and as a result, the Fund’s longer term performance reflects that of the previous sub-adviser. The Board considered management’s discussion of the Fund’s performance.

• Foreign Value Fund (Templeton Global). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the medians of the Subadvisory Expense Group/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 also considered that the Fund outperformed the median of its Performance Group for the one- and five-year periods and equaled the median of its Performance Group for the three-year period. The Board also considered that the Fund outperformed 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 one-, three- and five-year periods.

• Global Real Estate Fund (GSAM/Invesco). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board noted that the limited size of the Subadvisory Expense Universe was not sufficient for comparative purposes. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2015.

The Board considered that the Fund underperformed its Lipper peer index for the one- and five-year periods and outperformed its Lipper peer index for the three-year period. The Board also considered that the Fund underperformed the median of its Performance Group for the one- and five-year periods and outperformed the median of its Performance Group for the three-year period. The Board also considered that the Fund underperformed 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 considered that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board considered management’s discussion of the Fund’s performance and any potential actions management is considering taking with respect to the Fund.

• Global Social Awareness Fund (SAAMCo). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were below the medians of the Subadvisory Expense Group/Universe.

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The Board considered that the Fund outperformed its Lipper peer index for the one-, three-, and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Group for the one-year period, underperformed the median of its Performance Group for the three-year period, and equaled the median of its Performance Group for the five-year period. The Board also considered that the Fund outperformed the median of its Performance Universe for the one-, three-, and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods. The Board noted that SAAMCo replaced the Fund’s previous sub-adviser in June 2014.

• Global Strategy Fund (Franklin/Templeton Investment). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the medians of the Subadvisory Expense Group/Universe.

The Board considered that the Fund outperformed its Lipper peer index for the one- and three-year periods. The Fund also considered that the Fund outperformed the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.

• Government Securities Fund (JPMIM). The Board considered that actual management fees were equal to the medians of the Expense Group/Universe. The Board also considered that total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the Subadvisory Expense Group and above the median of the 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, 2015.

The Board considered that the Fund underperformed its Lipper peer index for the one- and five-year periods and outperformed its Lipper peer index for the three-year period. The Board also considered that the Fund underperformed the medians of its Performance Group/Universe for the one- and five-year periods and outperformed the medians of its Performance Group/Universe for the three-year period. The Board also considered that the Fund outperformed its benchmark for the one- and three-year periods and underperformed its benchmark for the five-year period. The Board noted that JPMIM replaced the previous sub-adviser in August 2013, and as a result, the Fund’s longer term performance reflects that of the previous sub-adviser. The Board considered management’s discussion of the Fund’s performance.

• Growth & Income Fund (JPMIM). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were below the medians of the 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, 2015.

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 also considered that the Fund underperformed the median of its Performance Group for the one-, three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Universe for the one-year period and underperformed the median of its Performance Universe for the three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods. The Board noted that JPMIM replaced the previous sub-adviser in September 2013, and as a result, the Fund’s longer term performance reflects that of the previous sub-adviser. The Board considered management’s discussion of the Fund’s performance.

• Growth Fund (American Century). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual sub-advisory fees were above the median of the 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, 2015.

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 underperformed the median of its Performance Group for the one-year period and outperformed the median of its Performance Group for the three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Universe for the one- and five-year periods and equaled the median of its Performance Universe for the three-year period. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods.

• Health Sciences Fund (T. Rowe Price). The Board considered that actual management fees and actual total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were above the median of the 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 also considered that the Fund underperformed the median of its Performance Group for the one-year period and outperformed the median of its Performance Group for the three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.

• Inflation Protected Fund (PineBridge). The Board considered that actual management fees were below the medians of the Expense Group/Universe. The Board also considered that total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were above the medians of the 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, 2015.

The Board considered that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Group for the one- and five-year periods and equaled the median of its Performance Group for the three-year period. The Board also considered that the Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.

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• International Equities Index Fund (SAAMCo). The Board considered that actual management fees, total net expenses, and actual subadvisory fees were below the medians of the 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 also considered that the Fund equaled the median of its Performance Group for the one-year period and underperformed the median of its Performance Group for the three- and five-year periods. The Board also considered that the Fund underperformed the median of its Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account that SAAMCo replaced the previous sub-adviser in June 2014, and as a result, the Fund’s performance reflects that of the previous sub-adviser. The Board also noted the changes made to the Fund’s principal investment strategies in connection with the sub-adviser change. The Board considered management’s discussion of the Fund’s performance.

• International Government Bond Fund (PineBridge). The Board considered that actual management fees, total net expenses, and actual subadvisory fees were below the medians of the Expense Group/Universe.

The Board considered that the Fund underperformed its Lipper peer index for the one- and five-year periods and outperformed its Lipper peer index for the three-year period. The Board also considered that the Fund equaled the median of the Performance Group for the one-year period and underperformed the median of the Performance Group for the three- and five-year periods. The Board also considered that the Fund underperformed the median of the Performance Universe for the one-and five-year periods and outperformed the median of the Performance Universe for the three-year period. The Board also considered that the Fund underperformed its benchmark for the one- and three-year periods and outperformed its benchmark for the five-year period. The Board took into account management’s discussion of the Fund’s performance.

• International Growth Fund (American Century/Invesco/MFS). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were above the medians of the 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, 2015.

The Board considered that the Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one-year period and outperformed its benchmark for the three- and five-year periods.

• Large Cap Core Fund (Columbia). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the Subadvisory Expense Group and above the median of the 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, 2015.

The Board considered that the Fund outperformed 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 the Performance Group for the one- and three-year periods and above the median of the Performance Group for the five-year period. The Board also considered that the Fund outperformed the median of the Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one- and five-year periods and underperformed its benchmark for the three-year period.

• Large Capital Growth Fund (MFS). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also noted that actual subadvisory fees were equal to the median of the Subadvisory Expense Group and above the median of the Subadvisory Expense Universe. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2015.

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 also considered that the Fund outperformed the medians of its Performance Group/Universe for the one-year period and underperformed the medians of its Performance Group/Universe for the three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management discussion of the Fund’s performance and noted that MFS replaced the previous sub-advisers in September 2013, and as a result, the Fund’s medium and longer term performance reflects that of the previous sub-advisers. The Board also noted the improvement in the Fund’s performance since MFS began managing the Fund.

• Mid Cap Index Fund (SAAMCo). The Board considered that actual management fees and total net expenses were equal to the medians of the Expense Groups and below the medians of the Expense Universes. The Board also considered that actual subadvisory fees were below the medians of the Expense Group/Universe.

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 considered that the Fund’s performance equaled the median of its Performance Group for the one-year period, underperformed the median of its Performance Group for the three-year period and outperformed the median of its Performance Group for the five-year period. The Board also considered that the Fund underperformed the median of its Performance Universe for the one- and three-year periods and outperformed 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 noted the relatively narrow range of returns of the funds comprising the Performance Group/Universe.

• Mid Cap Strategic Growth Fund (Allianz/MSIM). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the Subadvisory Expense Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2015.

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The Board considered that the Fund underperformed its Lipper peer index, the medians of its Performance Group/Universe, and its benchmark for the one-, three-, and five-year periods. The Board considered management’s discussion of the Fund’s performance and any potential actions management is considering taking with respect to the Fund.

• Money Market I Fund (SAAMCo). The Board considered that actual management fees and actual subadvisory fees were above the medians of the Expense Group/Universe. The Board also considered that total net expenses were below the medians of the Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses, including the significant reimbursement of Fund expenses by VALIC. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2015.

The Board considered that the Fund outperformed its Lipper peer index for the one- and three-year periods and equaled its Lipper peer index for the five-year period. The Board also considered that the Fund’s performance equaled the median of its Performance Group for the one-, three-, and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Universe for the one-year period and equaled the median of its Performance Universe for the three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods.

• Nasdaq-100^® Index Fund (SAAMCo). The Board considered that actual management fees and actual subadvisory fees were below the medians of the Expense Group/Universe. The Board also considered that total net expenses were above the medians of the 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, 2015.

The Board considered that the Fund outperformed its Lipper peer index and the medians of the Performance Group/Universe for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods.

• Science & Technology Fund (T. Rowe Price/Allianz/Wellington). The Board considered that actual management fees were above the medians of the Expense Group/Universe. The Board also considered that total net expenses were above the median of the Expense Group and equal to the median of the Expense Universe. The Board also considered that actual subadvisory fees were equal to the median of the Subadvisory Expense Group and above the median of the 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 and the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one- and five-year periods and underperformed its benchmark for the three-year period.

• Small Cap Aggressive Growth Fund (RS Investments). The Board considered that actual management fees were equal to the median of the Expense Group and above the median of the Expense Universe. The Board also considered that total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the Expense Group and above the median of the 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, 2015.

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 considered that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board noted that a portion of the Fund’s five-year track record is attributable to the Fund’s previous sub-adviser, which was replaced in August 2011. The Board considered management’s discussion of the Fund’s performance, including the Fund’s more recent improved performance.

• Small Cap Fund (Invesco/Bridgeway/T. Rowe Price). The Board considered that actual management fees were above the medians of the Expense Group/Universe. The Board also considered that total net expenses were below the median of the Expense Group and above the median of the Expense Universe. The Board also considered that actual subadvisory fees were below the median of the Subadvisory Expense Group and above the median of the 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, 2015.

The Board considered that the Fund outperformed its Lipper peer index for the one-, three-, and five-year periods. The Board also considered that the Fund underperformed the medians of the Performance Group/Universe for the one-year period and outperformed the medians of the Performance Group/Universe for the three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one- and three-year periods and outperformed its benchmark for the five-year period. The Board took into account management’s discussion of the Fund’s recent performance.

• Small Cap Index Fund (SAAMCo). The Board considered that actual management fees and actual subadvisory fees were below the medians of the Expense Group/Universe. The Board also considered that total net expenses were equal to the median of the Expense Group and below the median of the Expense Universe.

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 considered that the Fund underperformed the medians of its Performance Group/Universe for the one- and three-year periods and outperformed the medians of its Performance Group/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 noted the relatively narrow range of returns of the funds comprising the Performance Group/Universe.

• Small Cap Special Values Fund (Wells Capital/Dreman). The Board considered that actual management fees were below the medians of the Expense Group/Universe. The Board also considered that total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the Subadvisory Expense Group and above the median of the 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, 2015.

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The Board considered that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Group for the one-, three-, and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Universe for the one- and three- year periods and underperformed the median of its Performance Universe for the five-year period. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.

• Small-Mid Growth Fund (GSAM). The Board considered that actual management fees were equal to the median of the Expense Group and above the median of the Expense 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 equal to the median of the Expense Group and above the median of the 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, 2015.

The Board considered that the Fund outperformed its Lipper peer index, the medians of its Performance Group/Universe and its benchmark for the one-year period and underperformed its Lipper peer index, the medians of its Performance Group/Universe and its benchmark for the three- and five-year periods. The Board took into account that GSAM replaced the previous sub-advisers in August 2013, and as a result, the Fund’s medium and longer term performance reflects that of the previous sub-advisers. The Board also noted the improvement in the Fund’s performance since GSAM began managing the Fund. The Board considered management’s discussion of the Fund’s performance.

• Stock Index Fund (SAAMCo). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were below the medians of the Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses.

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 underperformed the median of its Performance Group for the one- and three-year periods and outperformed the median of its Performance Group for the five-year period. The Board also considered that the Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. 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 noted the relatively narrow range of returns of the funds comprising the Performance Group/Universe.

• Value Fund (Wellington). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were above the median of the 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, 2015.

The Board considered that the Fund underperformed its Lipper peer index for the one-, three- and five-year periods. The Board considered that the Fund underperformed the median of its Performance Group for the one-year period, equaled the median of its Performance Group for the three-year period and outperformed the median of its Performance Group for the five-year period. The Board also considered that the Fund underperformed the median of its Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board considered management’s discussion of the Fund’s performance and any potential actions management is considering taking with respect to the Fund.

The Board considered management’s discussion of each Fund’s expenses and performance and concluded that each Fund’s overall performance was satisfactory in light of the circumstances or was being appropriately addressed by management. 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.

The Board 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) 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, or its affiliates, will receive benefits in addition to the advisory fee to be paid by the Funds, which include transfer agency fees, administrative services fees, and sub-advisory fees. The Board also considered that the transfer agency fees are paid by the Funds for the provision of recordkeeping and shareholder services to contract owners and participants. The transfer agency services are provided at cost, and the payment for such services is allocated to each Fund based on the number of accounts serviced. The Board also considered that the Funds pay SAAMCo, an affiliate of VALIC, an annual fee 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, and the Funds’ custodian, State Street Bank and Trust Company, for the calculation of the daily net asset value. The Board 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 certain 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, the Board 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

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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.¹ 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 was 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 they are 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 Fund 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.

¹  The Board noted that VALIC, effective on or about September 1, 2014, would transfer its responsibilities as the Funds’ transfer agent to an affiliate, VALIC Retirement Services Company.

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SUPPLEMENTS TO THE PROSPECTUS

Dynamic Allocation Fund

(the “Fund”)

Supplement to the Statutory Prospectus dated October 1, 2014

At a meeting held on October 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 a change in the volatility management formula, which was proposed by the Fund’s affiliated insurers. The operation of the formula is expected to continue to result in an average net equity exposure over long-term periods of approximately 60%-65%.

The change in the volatility management formula will become effective on or about November 10, 2014. Once effective, the derivatives used by AllianceBernstein, L.P., the sub-adviser to the Fund’s Overlay Component (the “Sub-Adviser”), will primarily consist of stock index futures and stock index options but may also include options on stock index futures and stock index swaps. The Fund’s net equity exposure will be primarily adjusted through the use of stock index futures and stock index options. When the market is in a state of higher volatility, the Sub-Adviser may decrease the Fund’s net equity exposure by taking a net short position in derivative instruments.

On the effective date, Risks of Exchange Traded Funds will become a non-principal risk of the Fund.

Date: November 10, 2014

Dynamic Allocation Fund

Supplement to the Prospectus dated October 1, 2014,

as supplemented to date

Effective immediately, in the section titled “MANAGEMENT,” the first paragraph of disclosure for SunAmerica Asset Management, LLC is deleted in its entirety and replaced with the following:

SAAMCo is organized as a Delaware limited liability company and is an indirect, wholly-owned subsidiary of AIG. SAAMCo’s primary focus has been on the management, in either an advisory or sub-advisory capacity of Investment Company Act of 1940 Act-registered product. As of September 30, 2014, SAAMCo managed, advised and/or administered more than $69.9 billion in assets.

Dated: January 14, 2015

VALIC COMPANY I

Supplement to the Prospectus dated October 1, 2014,

as supplemented to date

Effective immediately, in the section titled “MANAGEMENT,” the first paragraph of disclosure for SunAmerica Asset Management, LLC is deleted in its entirety and replaced with the following:

SAAMCo is organized as a Delaware limited liability company and is an indirect, wholly-owned subsidiary of AIG. SAAMCo’s primary focus has been on the management, in either an advisory or sub-advisory capacity of Investment Company Act of 1940 Act-registered product. As of September 30, 2014, SAAMCo managed, advised and/or administered more than $69.9 billion in assets.

Dated: January 14, 2015

325

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

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, LLC

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

John T. Genoy,

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

Thomas M. Ward,

Vice President

Shawn Parry,

Assistant Vice President and Assistant Treasurer

Donna McManus,

Assistant Vice President and Assistant Treasurer

Diedre L. Phipps,

Assistant Treasurer

Louis O. Ducote, II

Assistant Secretary

Matthew J. Hackethal,

Anti-Money Laundering

Compliance Officer

Shana L. Walker,

Assistant Secretary

326

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.

327

VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765

VC 4873 (11/2014) 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/ John T. Genoy
	John T. Genoy
	President

Date: February 6, 2015

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/ John T. Genoy
	John T. Genoy
	President

Date: February 6, 2015

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: February 6, 2015

Exhibit 99.CERT

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT

I, John T. Genoy, certify that:

1. I have reviewed this report on Form N-CSR of VALIC Company I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent 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; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 5, 2015

/s/ John T. Genoy

John T. Genoy

President

CERTIFICATION PURSUANT TO SECTION

302 OF THE SARBANES-OXLEY ACT

I, Gregory R. Kingston, certify that:

1. I have reviewed this report on Form N-CSR of VALIC Company I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent 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; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 5, 2015

/s/ Gregory R. Kingston

Gregory R. Kingston

Treasurer

EXHIBIT 99.906.CERT

CERTIFICATIONS PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT

John T. Genoy, President, and Gregory R. Kingston, Treasurer of VALIC Company I (the “registrant”), each certify to the best of his knowledge that:

1. The attached Form N-CSR report of the registrant fully complies with the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in such N-CSR report fairly represents, in all material respects, the financial conditions and results of operations of the registrant as of, and for, the periods presented in the report.

Dated: February 5, 2015

/s/ John T. Genoy

John T. Genoy

President

/s/ Gregory R. Kingston

Gregory R. Kingston

Treasurer