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

Senior Vice President

SunAmerica Asset Management, LLC

Harborside Financial Center

3200 Plaza 5

Jersey City, NJ 07311

(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, 2015

Item 1. Reports to Stockholders

VALIC Company I

Semi-Annual Report, November 30, 2015

SAVING : INVESTING : PLANNING

VALIC Company I

SEMI-ANNUAL REPORT NOVEMBER 30, 2015

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	54
Dividend Value Fund	59
Dynamic Allocation Fund	63
Emerging Economies Fund	66
Foreign Value Fund	70
Global Real Estate Fund	74
Global Social Awareness Fund	77
Global Strategy Fund	90
Government Securities Fund	100
Growth Fund	105
Growth & Income Fund	111
Health Sciences Fund	117
Inflation Protected Fund	122
International Equities Index Fund	129
International Government Bond Fund	141
International Growth Fund	149
Large Cap Core Fund	155
Large Capital Growth Fund	158
Mid Cap Index Fund	161
Mid Cap Strategic Growth Fund	170
Money Market I Fund	176
Nasdaq-100® Index Fund	179
Science & Technology Fund	183
Small Cap Aggressive Growth Fund	190
Small Cap Fund	193
Small Cap Index Fund	205
Small Cap Special Values Fund	229
Small-Mid Growth Fund	234
Stock Index Fund	238
Value Fund	248
Statements of Assets and Liabilities	251
Statements of Operations	256
Statements of Changes in Net Assets	261
Notes to Financial Statements	270
Financial Highlights	294
Approval of Advisory Agreements	311
Supplements to the Prospectus	320

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 ended November 30, 2015. We encourage you to carefully read this report and thank you for your investment with VALIC Company I.

It was an interesting period in the markets. Internationally, the period began on solid footing with Greece creditor concerns finally reaching resolution. However, volatility quickly returned to the markets amid signs of a steeper than expected economic slowdown in China and the subsequent decision by the Chinese Government to devalue the Chinese currency. Oil prices continued to fall during the period, reaching lows not seen for almost seven years. Domestically, while job growth remained positive and inflation remained in check, the Federal Reserve chose to leave rates unchanged during its meetings during the semi-annual period. This created uncertainty in the markets as to when the Federal Reserve would initiate an increase in interest rates.

This environment led to increased volatility in the equity markets. The total return for the S&P 500^® (“S&P500”) Index*, widely regarded as the best single gauge of the U.S. equity market, was fairly flat, finishing the period down -0.21% for the period. However, underlying this flat return was a month (August) where the S&P 500 declined over 6% followed by a month (October) where the S&P increased over 8%. Overseas, 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, was hit much harder amid global market volatility, declining -7.42%. Emerging markets witnessed a more dramatic downturn. The MSCI Emerging Markets Index (net)****, designed to measure the equity market performance of emerging markets (including China, Russia, Brazil and India) returned -17.67% for the period.

Increased volatility also was experienced in the bond market. While the Barclays U.S. Aggregate Bond Index***, a broad measure of the bond market, was down just slightly at -0.12% for the reporting period, other areas of the bond market saw more meaningful declines. This was particularly witnessed in the high yield market with the Citigroup High Yield Market Index***** returning -6.70% for the period.

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 that may 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 is comprised of the MSCI country indices that represent developed markets outside of North America, Europe, Australasia and the Far East. 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 a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market that includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass throughs), ABS, and CMBC (agency and non-agency).

**** The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

***** Citi’s US High-Yield Market Index is a US Dollar-denominated index which measures the performance of high-yield debt issued by corporations domiciled in the US or Canada. Recognized as a broad measure of the North American high-yield market amongst all Citi’s fixed income indices, it includes cash-pay and deferred-interest securities. All the bonds are publically placed, have a fixed coupon, and are non-convertible. Bonds issued under Rule 144A are included in their unregistered form.

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, 2015 (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, 2015 and held until November 30, 2015. 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 (“IRAs”) 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, Plans or IRAs.

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, 2015” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended November 30, 2015” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended November 30, 2015” 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, 2015” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended November 30, 2015” 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 IRAs. 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, 2015 (unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at June 1, 2015		Ending Account Value Using Actual Return at November 30, 2015		Expenses Paid During the Six Months Ended November 30, 2015*		Beginning Account Value at June 1, 2015		Ending Account Value Using a Hypothetical 5% Annual Return at November 30, 2015		Expenses Paid During the Six Months Ended November 30, 2015*		Annualized Expense Ratio*
Asset Allocation	$	1,000.00	$	983.84	$	3.52	$	1,000.00	$	1,021.45	$	3.59		0.71	%
Blue Chip Growth	$	1,000.00	$	1,040.65	$	4.23	$	1,000.00	$	1,020.85	$	4.19		0.83	%
Broad Cap Value Income#	$	1,000.00	$	958.20	$	4.16	$	1,000.00	$	1,020.75	$	4.29		0.85	%
Capital Conservation	$	1,000.00	$	996.98	$	3.15	$	1,000.00	$	1,021.85	$	3.18		0.63	%
Core Equity#	$	1,000.00	$	971.54	$	3.94	$	1,000.00	$	1,021.00	$	4.04		0.80	%
Dividend Value#	$	1,000.00	$	994.71	$	4.09	$	1,000.00	$	1,020.90	$	4.14		0.82	%
Dynamic Allocation#	$	1,000.00	$	958.47	$	1.57	$	1,000.00	$	1,023.40	$	1.62		0.32	%
Emerging Economies	$	1,000.00	$	836.73	$	4.45	$	1,000.00	$	1,020.15	$	4.90		0.97	%
Foreign Value	$	1,000.00	$	883.14	$	3.72	$	1,000.00	$	1,021.05	$	3.99		0.79	%
Global Real Estate	$	1,000.00	$	980.23	$	4.16	$	1,000.00	$	1,020.80	$	4.24		0.84	%
Global Social Awareness	$	1,000.00	$	964.72	$	3.09	$	1,000.00	$	1,021.85	$	3.18		0.63	%
Global Strategy	$	1,000.00	$	937.41	$	3.05	$	1,000.00	$	1,021.85	$	3.18		0.63	%
Government Securities	$	1,000.00	$	1,000.00	$	3.25	$	1,000.00	$	1,021.75	$	3.29		0.65	%
Growth	$	1,000.00	$	1,004.27	$	4.01	$	1,000.00	$	1,021.00	$	4.04		0.80	%
Growth & Income#	$	1,000.00	$	985.28	$	4.22	$	1,000.00	$	1,020.75	$	4.29		0.85	%
Health Sciences#	$	1,000.00	$	921.51	$	5.09	$	1,000.00	$	1,019.70	$	5.35		1.06	%
Inflation Protected	$	1,000.00	$	978.02	$	2.92	$	1,000.00	$	1,022.05	$	2.98		0.59	%
International Equities Index	$	1,000.00	$	924.26	$	2.02	$	1,000.00	$	1,022.90	$	2.12		0.42	%
International Government Bond	$	1,000.00	$	980.46	$	3.17	$	1,000.00	$	1,021.80	$	3.23		0.64	%
International Growth#	$	1,000.00	$	932.30	$	4.88	$	1,000.00	$	1,019.95	$	5.10		1.01	%
Large Cap Core	$	1,000.00	$	995.63	$	4.14	$	1,000.00	$	1,020.85	$	4.19		0.83	%
Large Capital Growth	$	1,000.00	$	992.94	$	3.74	$	1,000.00	$	1,021.25	$	3.79		0.75	%
Mid Cap Index	$	1,000.00	$	965.29	$	1.77	$	1,000.00	$	1,023.20	$	1.82		0.36	%
Mid Cap Strategic Growth	$	1,000.00	$	948.53	$	3.99	$	1,000.00	$	1,020.90	$	4.14		0.82	%
Money Market I#	$	1,000.00	$	1,000.05	$	0.85	$	1,000.00	$	1,024.15	$	0.86		0.17	%
Nasdaq-100® Index#	$	1,000.00	$	1,038.61	$	2.70	$	1,000.00	$	1,022.35	$	2.68		0.53	%
Science & Technology	$	1,000.00	$	1,017.62	$	4.99	$	1,000.00	$	1,020.05	$	5.00		0.99	%
Small Cap Aggressive Growth#	$	1,000.00	$	963.60	$	4.86	$	1,000.00	$	1,020.05	$	5.00		0.99	%
Small Cap#	$	1,000.00	$	962.62	$	4.56	$	1,000.00	$	1,020.35	$	4.70		0.93	%
Small Cap Index	$	1,000.00	$	967.50	$	2.02	$	1,000.00	$	1,022.95	$	2.07		0.41	%
Small Cap Special Values	$	1,000.00	$	983.26	$	4.31	$	1,000.00	$	1,020.65	$	4.39		0.87	%
Small-Mid Growth#	$	1,000.00	$	946.21	$	4.87	$	1,000.00	$	1,020.00	$	5.05		1.00	%
Stock Index	$	1,000.00	$	996.45	$	1.70	$	1,000.00	$	1,023.30	$	1.72		0.34	%
Value#	$	1,000.00	$	965.07	$	4.18	$	1,000.00	$	1,020.75	$	4.29		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 366 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, 2015” 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, 2015” and the “Annualized Expense Ratio” would have been lower.

3

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	8.0	%
Exchange — Traded Funds	6.8
Registered Investment Companies	6.1
Time Deposits	6.1
Diversified Banking Institutions	4.4
United States Treasury Notes	3.3
Banks — Commercial	3.3
U.S. Government Treasuries	3.2
Federal Home Loan Mtg. Corp.	3.1
Diversified Financial Services	2.4
Real Estate Investment Trusts	2.2
Medical — Drugs	2.2
Telephone — Integrated	1.8
Diversified Manufacturing Operations	1.7
Electric — Integrated	1.6
Computers	1.6
Aerospace/Defense	1.6
Medical — Biomedical/Gene	1.6
Oil Companies — Exploration & Production	1.5
Oil Companies — Integrated	1.3
Computer Services	1.3
Oil Refining & Marketing	1.3
Chemicals — Diversified	1.1
Retail — Discount	1.1
Cable/Satellite TV	1.0
Applications Software	1.0
Insurance — Life/Health	1.0
Insurance — Property/Casualty	0.9
United States Treasury Bonds	0.9
Investment Management/Advisor Services	0.9
Finance — Other Services	0.9
Insurance — Multi-line	0.8
Insurance — Reinsurance	0.8
Medical — HMO	0.8
Retail — Restaurants	0.8
Food — Misc./Diversified	0.8
Multimedia	0.7
Electronic Components — Semiconductors	0.7
E-Commerce/Products	0.7
Airlines	0.7
Banks — Super Regional	0.7
Government National Mtg. Assoc.	0.6
Beverages — Non-alcoholic	0.6
Web Portals/ISP	0.6
Pipelines	0.6
Retail — Drug Store	0.6
Aerospace/Defense — Equipment	0.5
Tobacco	0.5
Retail — Building Products	0.5
Medical — Wholesale Drug Distribution	0.5
Cosmetics & Toiletries	0.5
Savings & Loans/Thrifts	0.5
Auto — Cars/Light Trucks	0.5
Oil — Field Services	0.5
Paper & Related Products	0.5
Transport — Services	0.5
Consumer Products — Misc.	0.5
Medical Instruments	0.4
Commercial Services — Finance	0.4
Gas — Distribution	0.4
Entertainment Software	0.4
Electronic Components — Misc.	0.4
Networking Products	0.4
Retail — Apparel/Shoe	0.4
Independent Power Producers	0.4
Medical Products	0.4
Finance — Investment Banker/Broker	0.3
Machinery — Farming	0.3
Finance — Credit Card	0.3
Banks — Fiduciary	0.3

Agricultural Operations	0.3
Electric Products — Misc.	0.3
Internet Content — Entertainment	0.3
Medical Labs & Testing Services	0.3
Electric — Generation	0.3
Insurance — Mutual	0.3
Chemicals — Specialty	0.3
Enterprise Software/Service	0.3
Telecom Services	0.2
Electronic Measurement Instruments	0.2
Human Resources	0.2
Cellular Telecom	0.2
Retail — Auto Parts	0.2
Casino Hotels	0.2
Medical — Outpatient/Home Medical	0.2
Sovereign	0.2
Medical — Hospitals	0.2
Distribution/Wholesale	0.2
Pharmacy Services	0.2
Finance — Consumer Loans	0.2
Electric — Distribution	0.2
Semiconductor Components — Integrated Circuits	0.2
E-Commerce/Services	0.2
Internet Infrastructure Software	0.2
Finance — Auto Loans	0.2
Food — Retail	0.2
Semiconductor Equipment	0.2
Computers — Memory Devices	0.2
Retail — Catalog Shopping	0.2
Building Products — Wood	0.2
Computer Data Security	0.2
Municipal Bonds & Notes	0.2
Data Processing/Management	0.2
Medical — Generic Drugs	0.2
Food — Dairy Products	0.2
Publishing — Newspapers	0.2
Satellite Telecom	0.2
Real Estate Management/Services	0.2
Auto — Heavy Duty Trucks	0.2
Schools	0.2
Auto/Truck Parts & Equipment — Original	0.2
Athletic Footwear	0.1
Broadcast Services/Program	0.1
Banks — Money Center	0.1
Building & Construction — Misc.	0.1
Retail — Automobile	0.1
Building — Residential/Commercial	0.1
Cruise Lines	0.1
Coatings/Paint	0.1
X-Ray Equipment	0.1
Sovereign Agency	0.1
Transport — Truck	0.1
Retail — Regional Department Stores	0.1
Machinery — General Industrial	0.1
Diversified Minerals	0.1
Finance — Leasing Companies	0.1
Home Furnishings	0.1
Building & Construction Products — Misc.	0.1
Insurance Brokers	0.1
Engineering/R&D Services	0.1
Finance — Commercial	0.1
Brewery	0.1
Telecommunication Equipment	0.1
Office Supplies & Forms	0.1
Transport — Rail	0.1
Containers — Paper/Plastic	0.1
SupraNational Banks	0.1
Footwear & Related Apparel	0.1
Tools — Hand Held	0.1
Wire & Cable Products	0.1

4

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited) — (continued)

Industry Allocation* (continued)

Commercial Services	0.1	%
Containers — Metal/Glass	0.1
Internet Telephone	0.1
Batteries/Battery Systems	0.1
Beverages — Wine/Spirits	0.1
Garden Products	0.1
Lasers — System/Components	0.1
Diagnostic Equipment	0.1
Internet Security	0.1
Miscellaneous Manufacturing	0.1
Poultry	0.1
Oil Field Machinery & Equipment	0.1
Medical Information Systems	0.1
Retail — Consumer Electronics	0.1
Rental Auto/Equipment	0.1
Wireless Equipment	0.1
Printing — Commercial	0.1
Industrial Automated/Robotic	0.1
Drug Delivery Systems	0.1
Disposable Medical Products	0.1
Metal Processors & Fabrication	0.1
Linen Supply & Related Items	0.1
Publishing — Periodicals	0.1
Specified Purpose Acquisitions	0.1
Finance — Mortgage Loan/Banker	0.1
Computer Aided Design	0.1
Consulting Services	0.1
Steel Pipe & Tube	0.1
Computer Software	0.1
Travel Services	0.1
Building Products — Doors & Windows	0.1
Apparel Manufacturers	0.1
Computers — Integrated Systems	0.1
Rubber — Tires	0.1
Transactional Software	0.1
Health Care Cost Containment	0.1
Auto Repair Centers	0.1
Auto/Truck Parts & Equipment — Replacement	0.1
Computers — Periphery Equipment	0.1
Retail — Pawn Shops	0.1
Medical — Nursing Homes	0.1
	112.0	%

* Calculated as a percentage of net assets

5

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 49.7%
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc.		1,713	$	39,399
Omnicom Group, Inc.#		315		23,285
				62,684
Advertising Services — 0.0%
Sizmek, Inc.†		669		3,097
Aerospace/Defense — 1.4%
Aerovironment, Inc.†		663		16,960
Boeing Co.		3,722		541,365
Cubic Corp.		717		34,817
General Dynamics Corp.		4,546		665,807
Lockheed Martin Corp.		2,185		478,865
National Presto Industries, Inc.		152		13,215
Northrop Grumman Corp.		2,892		538,953
Spirit AeroSystems Holdings, Inc., Class A†		792		41,540
				2,331,522
Aerospace/Defense - Equipment — 0.3%
AAR Corp.		1,093		26,844
Aerojet Rocketdyne Holdings, Inc.†		2,008		35,220
Curtiss-Wright Corp.		1,537		108,220
Harris Corp.		993		82,548
Kaman Corp.		885		35,524
Moog, Inc., Class A†		1,250		82,588
United Technologies Corp.		2,035		195,462
				566,406
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†		1,824		6,548
Agricultural Operations — 0.3%
Andersons, Inc.		865		29,816
Archer-Daniels-Midland Co.		11,530		420,730
Bunge, Ltd.		1,078		71,806
				522,352
Airlines — 0.5%
Alaska Air Group, Inc.		1,025		81,723
Allegiant Travel Co.		439		76,882
American Airlines Group, Inc.		3,021		124,647
Delta Air Lines, Inc.		5,725		265,984
Hawaiian Holdings, Inc.†		1,796		65,015
JetBlue Airways Corp.†		386		9,550
Republic Airways Holdings, Inc.†		1,642		6,962
SkyWest, Inc.		1,681		34,645
Southwest Airlines Co.		1,426		65,425
United Continental Holdings, Inc.†		1,717		95,688
				826,521
Apparel Manufacturers — 0.1%
G-III Apparel Group, Ltd.†		1,237		56,741
Oxford Industries, Inc.		470		31,932
				88,673
Appliances — 0.0%
iRobot Corp.†#		974		32,230
Applications Software — 0.9%
Citrix Systems, Inc.†		4,499		344,938
Constant Contact, Inc.†		1,044		32,667
Ebix, Inc.#		901		33,796
Epiq Systems, Inc.		1,023		13,841
Intuit, Inc.		1,668		167,134
King Digital Entertainment PLC		256		4,529
Microsoft Corp.		15,788		858,078

Security Description	Shares		Value (Note 2)
Applications Software (continued)
Progress Software Corp.†		1,650	$	39,583
Red Hat, Inc.†		127		10,339
Salesforce.com, Inc.†		386		30,760
Tangoe, Inc.†		1,206		10,372
				1,546,037
Athletic Footwear — 0.1%
NIKE, Inc., Class B		1,671		221,040
Audio/Video Products — 0.0%
Daktronics, Inc.		1,294		11,219
DTS, Inc.†		560		14,409
Universal Electronics, Inc.†		504		26,707
VOXX International Corp.†		685		3,932
				56,267
Auto Repair Centers — 0.1%
Monro Muffler Brake, Inc.		1,037		76,779
Auto-Heavy Duty Trucks — 0.1%
PACCAR, Inc.		1,453		75,498
Auto/Truck Parts & Equipment - Original — 0.1%
Gentherm, Inc.†		1,171		59,534
Superior Industries International, Inc.		744		14,515
Titan International, Inc.		1,751		7,599
				81,648
Auto/Truck Parts & Equipment - Replacement — 0.1%
Dorman Products, Inc.†#		1,001		47,768
Standard Motor Products, Inc.		669		27,937
				75,705
Banks - Commercial — 1.9%
Banner Corp.		628		32,970
BBCN Bancorp, Inc.		2,573		48,655
Cardinal Financial Corp.		1,050		25,830
Central Pacific Financial Corp.		995		23,124
City Holding Co.		498		24,860
Columbia Banking System, Inc.		1,723		61,235
Community Bank System, Inc.		1,332		57,449
Cullen/Frost Bankers, Inc.		3,039		212,092
CVB Financial Corp.		3,130		57,905
East West Bancorp, Inc.		4,962		215,252
First BanCorp†		3,371		12,641
First Commonwealth Financial Corp.		2,941		28,940
First Financial Bancorp		1,991		40,119
First Financial Bankshares, Inc.#		2,080		74,693
First Horizon National Corp.		15,283		227,258
First Midwest Bancorp, Inc.		2,548		49,788
First NBC Bank Holding Co.†		514		21,763
FNB Corp.		5,689		82,604
Glacier Bancorp, Inc.		2,464		72,392
Hanmi Financial Corp.		1,050		27,405
Home BancShares, Inc.		1,907		86,044
Independent Bank Corp.		846		43,772
LegacyTexas Financial Group, Inc.		1,177		35,910
MB Financial, Inc.		2,107		75,304
National Penn Bancshares, Inc.		4,508		56,305
NBT Bancorp, Inc.		1,407		42,393
OFG Bancorp#		1,447		12,097
Old National Bancorp		3,415		50,371
Pinnacle Financial Partners, Inc.		1,088		59,111
Popular, Inc.		7,909		234,976
PrivateBancorp, Inc.		2,286		100,836
Regions Financial Corp.		37,281		378,029

6

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
S&T Bancorp, Inc.		906	$	30,732
Simmons First National Corp., Class A		516		29,753
Southside Bancshares, Inc.		747		21,095
Talmer Bancorp, Inc., Class A		1,840		33,617
Texas Capital Bancshares, Inc.†		1,475		87,438
Tompkins Financial Corp.		392		24,524
TrustCo Bank Corp. NY		3,112		20,415
UMB Financial Corp.		1,329		70,038
United Bankshares, Inc.#		2,086		87,862
United Community Banks, Inc.		1,447		30,213
Westamerica Bancorporation#		834		40,866
Wilshire Bancorp, Inc.		2,241		27,654
Wintrust Financial Corp.		1,545		81,313
				3,157,643
Banks - Fiduciary — 0.0%
Boston Private Financial Holdings, Inc.		2,722		32,936
Banks - Mortgage — 0.0%
Walker & Dunlop, Inc.†		852		25,168
Banks - Super Regional — 0.4%
Comerica, Inc.		3,085		142,990
Fifth Third Bancorp		442		9,136
Wells Fargo & Co.		8,206		452,150
				604,276
Batteries/Battery Systems — 0.1%
EnerSys		1,445		85,110
Beverages - Non-alcoholic — 0.5%
Coca-Cola Co.		6,302		268,591
Coca-Cola Enterprises, Inc.		1,260		63,378
PepsiCo, Inc.		5,758		576,722
				908,691
Broadcast Services/Program — 0.0%
Discovery Communications, Inc., Class C†		848		25,084
MSG Networks, Inc., Class A†		435		8,604
				33,688
Building & Construction Products - Misc. — 0.1%
Drew Industries, Inc.		784		47,377
Gibraltar Industries, Inc.†		950		25,356
Quanex Building Products Corp.		1,123		20,899
Simpson Manufacturing Co., Inc.		1,379		51,202
				144,834
Building & Construction - Misc. — 0.1%
Aegion Corp.†		1,239		27,308
Comfort Systems USA, Inc.		1,215		38,564
Dycom Industries, Inc.†		1,112		97,166
MYR Group, Inc.†		679		14,395
TopBuild Corp. FRS†		1,253		38,166
				215,599
Building Products - Air & Heating — 0.0%
AAON, Inc.		1,369		33,828
Building Products - Cement — 0.0%
Headwaters, Inc.†		2,392		45,855
Building Products - Doors & Windows — 0.1%
Apogee Enterprises, Inc.		952		47,809
Griffon Corp.		1,312		23,800
PGT, Inc.†		1,567		17,425
				89,034

Security Description	Shares		Value (Note 2)
Building Products - Wood — 0.1%
Boise Cascade Co.†		1,277	$	39,970
Masco Corp.		2,181		65,234
Universal Forest Products, Inc.		641		49,523
				154,727
Building - Heavy Construction — 0.0%
Orion Marine Group, Inc.†		888		3,889
Building - Maintenance & Services — 0.0%
ABM Industries, Inc.		1,691		50,172
Building - Mobile Home/Manufactured Housing — 0.0%
Winnebago Industries, Inc.#		893		20,093
Building - Residential/Commercial — 0.1%
CalAtlantic Group, Inc.†		2,508		105,587
M/I Homes, Inc.†		817		19,085
Meritage Homes Corp.†		1,214		45,294
				169,966
Cable/Satellite TV — 0.7%
Comcast Corp., Class A		10,637		647,368
Time Warner Cable, Inc.		2,738		505,900
				1,153,268
Casino Hotels — 0.0%
Boyd Gaming Corp.†		2,573		50,405
Monarch Casino & Resort, Inc.†		313		7,018
				57,423
Casino Services — 0.0%
Scientific Games Corp., Class A†#		1,621		14,946
Chemicals - Diversified — 1.0%
Aceto Corp.		888		25,051
Dow Chemical Co.		11,203		584,012
E.I. du Pont de Nemours & Co.		5,530		372,390
Innophos Holdings, Inc.		685		20,358
Koppers Holdings, Inc.		679		15,502
LyondellBasell Industries NV, Class A		5,790		554,798
PPG Industries, Inc.		430		45,468
				1,617,579
Chemicals - Fibers — 0.0%
Rayonier Advanced Materials, Inc.		1,379		15,459
Chemicals - Other — 0.0%
American Vanguard Corp.		811		12,781
Chemicals - Plastics — 0.0%
A. Schulman, Inc.		944		32,672
Chemicals - Specialty — 0.2%
Balchem Corp.		1,006		68,901
Calgon Carbon Corp.		1,718		29,052
H.B. Fuller Co.		1,632		64,970
Hawkins, Inc.		320		13,120
Kraton Performance Polymers, Inc.†		1,001		22,272
Quaker Chemical Corp.		438		37,331
Stepan Co.		622		32,381
				268,027
Circuit Boards — 0.0%
Park Electrochemical Corp.		623		10,909
TTM Technologies, Inc.†		2,030		15,915
				26,824
Coal — 0.0%
Cloud Peak Energy, Inc.†#		2,129		5,557
SunCoke Energy, Inc.		2,076		7,847
				13,404

7

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Commercial Services — 0.1%
Healthcare Services Group, Inc.		2,306	$	85,184
HMS Holdings Corp.†		2,873		34,849
Medifast, Inc.†		376		11,400
Nutrisystem, Inc.		958		21,977
				153,410
Commercial Services - Finance — 0.3%
Cardtronics, Inc.†		1,444		54,309
Green Dot Corp., Class A†		1,290		21,698
Heartland Payment Systems, Inc.		1,177		93,383
LendingTree, Inc.†		206		20,987
PayPal Holdings, Inc.†		2,476		87,304
Total System Services, Inc.		901		50,420
Western Union Co.		11,979		225,924
				554,025
Communications Equipment — 0.0%
Nortel Networks Corp.(10)		62		0
Communications Software — 0.0%
Digi International, Inc.†		861		10,771
Computer Aided Design — 0.1%
ANSYS, Inc.†		1,021		95,167
Computer Data Security — 0.2%
Fortinet, Inc.†		7,598		273,680
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.		1,315		34,755
Computer Services — 1.1%
Accenture PLC, Class A		4,603		493,534
Amdocs, Ltd.		124		7,015
CACI International, Inc., Class A†		792		79,406
Ciber, Inc.†		2,273		8,024
Computer Sciences Corp.		1,402		43,925
CSRA, Inc.†		1,402		44,177
Engility Holdings, Inc.		579		20,033
ExlService Holdings, Inc.†		1,042		48,734
Genpact, Ltd.†		1,621		40,849
Insight Enterprises, Inc.†		1,250		33,475
International Business Machines Corp.		6,476		902,884
LivePerson, Inc.†		1,650		12,870
Sykes Enterprises, Inc.†		1,269		40,379
TeleTech Holdings, Inc.		568		16,483
Virtusa Corp.†		872		42,946
				1,834,734
Computer Software — 0.1%
Blackbaud, Inc.		1,517		93,720
Computers — 1.4%
Apple, Inc.		19,985		2,364,225
Computers - Integrated Systems — 0.1%
Agilysys, Inc.†		433		4,807
Mercury Systems, Inc.†		1,083		21,205
MTS Systems Corp.		489		31,110
Super Micro Computer, Inc.†		1,182		29,030
				86,152
Computers - Memory Devices — 0.2%
Brocade Communications Systems, Inc.		17,923		168,207
EMC Corp.		1,843		46,702
NetApp, Inc.		1,830		56,108
Western Digital Corp.		130		8,113
				279,130
Computers - Periphery Equipment — 0.1%
Electronics For Imaging, Inc.†		1,529		75,043

Security Description	Shares		Value (Note 2)
Consulting Services — 0.1%
Booz Allen Hamilton Holding Corp.		983	$	29,932
Forrester Research, Inc.		357		11,653
Gartner, Inc.†		274		25,564
Navigant Consulting, Inc.†		1,582		27,685
				94,834
Consumer Products - Misc. — 0.2%
Central Garden & Pet Co., Class A†		1,415		22,343
Clorox Co.		788		97,948
Helen of Troy, Ltd.†		869		89,863
Wausau Paper Corp.		1,648		16,876
WD-40 Co.		441		43,558
				270,588
Containers - Metal/Glass — 0.0%
Ball Corp.		165		11,454
Containers - Paper/Plastic — 0.0%
KapStone Paper and Packaging Corp.		2,762		67,034
Cosmetics & Toiletries — 0.5%
Colgate-Palmolive Co.		4,772		313,425
Inter Parfums, Inc.		562		14,983
Procter & Gamble Co.		6,804		509,211
				837,619
Cruise Lines — 0.0%
Carnival Corp.		858		43,355
Data Processing/Management — 0.1%
CSG Systems International, Inc.		1,033		36,909
Dun & Bradstreet Corp.		396		42,685
				79,594
Decision Support Software — 0.0%
Interactive Intelligence Group, Inc.†		569		19,608
Diagnostic Equipment — 0.0%
Affymetrix, Inc.†		2,498		23,656
Diagnostic Kits — 0.0%
Meridian Bioscience, Inc.		1,363		26,674
Direct Marketing — 0.0%
Harte-Hanks, Inc.		1,325		4,982
Disposable Medical Products — 0.1%
ICU Medical, Inc.†		457		51,842
Merit Medical Systems, Inc.†		1,445		27,990
				79,832
Distribution/Wholesale — 0.1%
Essendant, Inc.		1,255		45,456
Fossil Group, Inc.†#		233		8,963
Pool Corp.		1,415		116,087
ScanSource, Inc.†		914		35,116
Veritiv Corp.†		254		10,025
				215,647
Diversified Banking Institutions — 1.5%
Bank of America Corp.		21,757		379,224
Citigroup, Inc.		21,335		1,154,010
JPMorgan Chase & Co.		14,473		965,060
				2,498,294
Diversified Manufacturing Operations — 1.5%
3M Co.		5,025		786,815
Actuant Corp., Class A		1,915		47,415
AZZ, Inc.		826		49,180
Barnes Group, Inc.		1,609		61,979

8

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Manufacturing Operations (continued)
Dover Corp.		6,505	$	428,680
EnPro Industries, Inc.		736		36,903
Fabrinet†		982		23,499
Federal Signal Corp.		2,004		33,787
General Electric Co.		20,913		626,135
Harsco Corp.		2,598		27,123
Illinois Tool Works, Inc.		4,059		381,465
LSB Industries, Inc.†		638		4,536
Lydall, Inc.†		562		20,468
Standex International Corp.		408		36,463
Textron, Inc.		473		20,183
Tredegar Corp.		841		13,254
				2,597,885
Diversified Minerals — 0.0%
US Silica Holdings, Inc.#		1,742		37,052
Diversified Operations/Commercial Services — 0.0%
Viad Corp.		654		20,189
Drug Delivery Systems — 0.1%
Depomed, Inc.†#		1,937		37,655
Nektar Therapeutics†		4,267		66,821
				104,476
E-Commerce/Products — 0.7%
Amazon.com, Inc.†		1,171		778,481
Blue Nile, Inc.†		400		14,584
eBay, Inc.†		10,372		306,907
FTD Cos., Inc.†		611		16,204
Stamps.com, Inc.†		489		49,565
				1,165,741
E-Commerce/Services — 0.1%
Expedia, Inc.		992		122,125
Groupon, Inc.†#		16,361		47,283
Priceline Group, Inc.†		38		47,457
				216,865
E-Marketing/Info — 0.0%
comScore, Inc.†		1,102		46,394
Liquidity Services, Inc.†		749		5,108
QuinStreet, Inc.†		1,085		5,306
				56,808
E-Services/Consulting — 0.0%
CDW Corp.		1,002		43,256
Perficient, Inc.†		1,158		20,242
				63,498
Electric Products - Misc. — 0.3%
Emerson Electric Co.		8,652		432,600
Littelfuse, Inc.		738		80,117
				512,717
Electric - Distribution — 0.1%
UIL Holdings Corp.		1,851		94,123
Electric - Integrated — 0.9%
AES Corp.		18,489		184,705
ALLETE, Inc.		1,461		74,438
Avista Corp.		1,858		64,305
Consolidated Edison, Inc.		719		44,686
Duke Energy Corp.		1,356		91,882
Edison International		1,110		65,890
El Paso Electric Co.		1,329		51,366
Entergy Corp.		528		35,181
Exelon Corp.		17,993		491,389

Security Description	Shares		Value (Note 2)
Electric - Integrated (continued)
FirstEnergy Corp.		481	$	15,099
MDU Resources Group, Inc.		5,434		94,660
NorthWestern Corp.		1,529		83,376
Public Service Enterprise Group, Inc.		5,499		215,011
				1,511,988
Electronic Components - Misc. — 0.3%
Bel Fuse, Inc., Class B		336		6,962
Benchmark Electronics, Inc.†		1,715		36,804
Corning, Inc.		11,707		219,272
CTS Corp.		1,080		20,498
Methode Electronics, Inc.		1,236		44,595
OSI Systems, Inc.†		596		55,804
Plexus Corp.†		1,091		40,585
Rogers Corp.†		609		33,757
Sanmina Corp.†		2,687		60,914
				519,191
Electronic Components - Semiconductors — 0.6%
Avago Technologies, Ltd.		2,391		311,906
CEVA, Inc.†		688		17,468
Diodes, Inc.†		1,215		28,297
DSP Group, Inc.†		752		7,843
Intel Corp.		3,606		125,381
Kopin Corp.†		1,992		5,717
Microsemi Corp.†		3,079		110,875
Monolithic Power Systems, Inc.		1,188		81,176
NVIDIA Corp.		4,198		133,161
QLogic Corp.†		2,839		36,623
Semtech Corp.†		2,156		43,336
Skyworks Solutions, Inc.		177		14,695
Texas Instruments, Inc.		1,635		95,026
Xilinx, Inc.		1,031		51,230
				1,062,734
Electronic Measurement Instruments — 0.2%
Agilent Technologies, Inc.		6,561		274,381
Badger Meter, Inc.		460		27,982
ESCO Technologies, Inc.		834		32,718
FARO Technologies, Inc.†		552		16,610
Itron, Inc.†		1,247		44,829
				396,520
Electronic Security Devices — 0.0%
American Science & Engineering, Inc.		222		9,710
TASER International, Inc.†#		1,734		32,426
				42,136
Energy - Alternate Sources — 0.0%
FutureFuel Corp.		758		10,855
Green Plains, Inc.		1,126		26,675
REX American Resources Corp.†		159		9,993
				47,523
Engineering/R&D Services — 0.1%
EMCOR Group, Inc.		2,040		102,816
Exponent, Inc.		831		42,905
Jacobs Engineering Group, Inc.†		1,124		49,613
				195,334
Engines - Internal Combustion — 0.0%
Briggs & Stratton Corp.		1,436		27,341
Enterprise Software/Service — 0.2%
ManTech International Corp., Class A		766		25,653
MedAssets, Inc.†		1,973		59,447

9

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service (continued)
MicroStrategy, Inc., Class A†		297	$	51,491
Omnicell, Inc.†		1,188		35,830
SYNNEX Corp.		912		85,974
				258,395
Entertainment Software — 0.4%
Activision Blizzard, Inc.		12,823		482,914
Electronic Arts, Inc.†		1,422		96,398
Take-Two Interactive Software, Inc.†		2,728		96,489
				675,801
Environmental Consulting & Engineering — 0.0%
Tetra Tech, Inc.		1,969		54,719
Finance - Auto Loans — 0.0%
Credit Acceptance Corp.†#		52		10,422
Finance - Consumer Loans — 0.1%
Encore Capital Group, Inc.†#		793		26,145
Enova International, Inc.†		877		6,595
PRA Group, Inc.†		1,561		64,485
World Acceptance Corp.†#		278		11,993
				109,218
Finance - Credit Card — 0.2%
American Express Co.		117		8,382
Discover Financial Services		1,056		59,938
MasterCard, Inc., Class A		863		84,505
Visa, Inc., Class A		3,165		250,067
				402,892
Finance - Investment Banker/Broker — 0.3%
Evercore Partners, Inc., Class A		1,183		65,692
Greenhill & Co., Inc.		890		23,594
Interactive Brokers Group, Inc., Class A		1,888		81,864
Investment Technology Group, Inc.		1,129		22,659
Lazard, Ltd., Class A		5,574		259,024
Piper Jaffray Cos.†		501		20,305
Raymond James Financial, Inc.		1,280		75,174
				548,312
Finance - Other Services — 0.5%
CME Group, Inc.		2,315		226,060
Intercontinental Exchange, Inc.		217		56,385
MarketAxess Holdings, Inc.		1,212		129,417
Nasdaq, Inc.		5,627		329,855
WageWorks, Inc.†		1,076		45,773
				787,490
Firearms & Ammunition — 0.0%
Sturm Ruger & Co., Inc.		612		31,885
Food - Canned — 0.0%
Seneca Foods Corp., Class A†		232		6,389
Food - Misc./Diversified — 0.8%
B&G Foods, Inc.		1,892		71,480
Cal-Maine Foods, Inc.#		977		53,256
Darling Ingredients, Inc.†		5,351		58,593
Diamond Foods, Inc.†		869		35,177
General Mills, Inc.		4,939		285,277
Ingredion, Inc.		1,768		174,272
J&J Snack Foods Corp.		485		56,590
Mondelez International, Inc., Class A		11,172		487,769
Snyder’s-Lance, Inc.		1,683		62,389
				1,284,803

Security Description	Shares		Value (Note 2)
Food - Retail — 0.1%
Kroger Co.		4,607	$	173,500
Food - Wholesale/Distribution — 0.0%
Calavo Growers, Inc.		493		27,894
SpartanNash Co.		1,236		26,722
				54,616
Footwear & Related Apparel — 0.1%
Crocs, Inc.†		2,462		27,390
Iconix Brand Group, Inc.†#		1,558		10,968
Steven Madden, Ltd.†		1,819		58,026
Wolverine World Wide, Inc.		3,355		61,028
				157,412
Forestry — 0.0%
Deltic Timber Corp.		366		23,995
Funeral Services & Related Items — 0.0%
Matthews International Corp., Class A		969		57,956
Gambling (Non-Hotel) — 0.0%
Pinnacle Entertainment, Inc.†		1,969		64,564
Garden Products — 0.1%
Toro Co.		1,788		137,801
Gas - Distribution — 0.4%
Laclede Group, Inc.		1,399		81,646
National Fuel Gas Co.		1,634		74,706
New Jersey Resources Corp.		2,776		83,419
Northwest Natural Gas Co.		885		43,188
Piedmont Natural Gas Co., Inc.		2,567		149,271
South Jersey Industries, Inc.		2,195		50,397
Southwest Gas Corp.		1,521		85,298
UGI Corp.		2,560		88,755
				656,680
Golf — 0.0%
Callaway Golf Co.		2,535		25,553
Hazardous Waste Disposal — 0.0%
US Ecology, Inc.		707		26,753
Health Care Cost Containment — 0.1%
CorVel Corp.†		297		11,509
ExamWorks Group, Inc.†		1,144		30,224
HealthEquity, Inc.†		1,106		36,498
				78,231
Home Furnishings — 0.1%
American Woodmark Corp.†		409		33,542
Ethan Allen Interiors, Inc.		839		23,794
La-Z-Boy, Inc.		1,648		44,183
Leggett & Platt, Inc.		1,367		63,702
Select Comfort Corp.†		1,686		39,824
				205,045
Hotels/Motels — 0.0%
Interval Leisure Group, Inc.		1,274		19,900
Marcus Corp.		568		11,303
Wyndham Worldwide Corp.		424		32,190
				63,393
Human Resources — 0.2%
AMN Healthcare Services, Inc.†		1,543		45,518
CDI Corp.		439		3,003
Cross Country Healthcare, Inc.†		1,010		18,433
Heidrick & Struggles International, Inc.		525		15,152
Insperity, Inc.		734		31,679

10

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Human Resources (continued)
Kelly Services, Inc., Class A		1,004	$	16,897
Korn/Ferry International		1,628		59,910
Monster Worldwide, Inc.†		2,995		19,288
On Assignment, Inc.†		1,523		71,094
Resources Connection, Inc.		1,252		22,849
TrueBlue, Inc.†		1,355		39,688
				343,511
Identification Systems — 0.0%
Brady Corp., Class A		1,556		41,063
Checkpoint Systems, Inc.		1,383		8,699
				49,762
Independent Power Producers — 0.3%
Calpine Corp.†		13,466		199,028
NRG Energy, Inc.		20,492		253,281
				452,309
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		996		106,014
Industrial Gases — 0.0%
Praxair, Inc.		50		5,640
Instruments - Controls — 0.0%
Watts Water Technologies, Inc., Class A		917		50,903
Insurance Brokers — 0.1%
Aon PLC		570		54,002
eHealth, Inc.†		549		7,109
Marsh & McLennan Cos., Inc.		1,543		85,328
				146,439
Insurance - Life/Health — 0.7%
Aflac, Inc.		6,003		391,636
American Equity Investment Life Holding Co.		2,648		70,993
Principal Financial Group, Inc.		327		16,827
Prudential Financial, Inc.		7,314		633,027
				1,112,483
Insurance - Multi-line — 0.3%
ACE, Ltd.		1,038		119,214
Allstate Corp.		3,276		205,602
Horace Mann Educators Corp.		1,339		46,771
United Fire Group, Inc.		663		26,540
Voya Financial, Inc.		4,551		185,226
				583,353
Insurance - Property/Casualty — 0.9%
Alleghany Corp.†		55		28,015
AMERISAFE, Inc.		615		33,112
AmTrust Financial Services, Inc.		3,087		192,968
Employers Holdings, Inc.		1,025		28,095
HCI Group, Inc.#		297		11,622
Infinity Property & Casualty Corp.		373		31,891
Navigators Group, Inc.†		347		29,932
ProAssurance Corp.		1,789		94,656
Progressive Corp.		16,070		495,277
RLI Corp.		1,206		73,204
Safety Insurance Group, Inc.		406		22,740
Selective Insurance Group, Inc.		1,839		63,464
Stewart Information Services Corp.		723		31,335
Travelers Cos., Inc.		3,600		412,452
United Insurance Holdings Corp.		568		10,758
Universal Insurance Holdings, Inc.#		1,009		19,928
				1,579,449

Security Description	Shares		Value (Note 2)
Insurance - Reinsurance — 0.8%
Berkshire Hathaway, Inc., Class B†		8,638	$	1,158,269
Everest Re Group, Ltd.		1,216		224,279
				1,382,548
Internet Content - Entertainment — 0.3%
Facebook, Inc., Class A†		4,672		487,009
Internet Content - Information/News — 0.0%
DHI Group, Inc.†		1,183		11,026
HealthStream, Inc.†		766		18,399
XO Group, Inc.†		796		13,405
				42,830
Internet Infrastructure Software — 0.2%
F5 Networks, Inc.†		2,852		293,756
Internet Security — 0.1%
Symantec Corp.		2,610		51,104
VASCO Data Security International, Inc.†#		949		17,727
VeriSign, Inc.†#		712		63,681
				132,512
Internet Telephone — 0.1%
8x8, Inc.†		2,824		33,323
j2 Global, Inc.		1,488		119,740
				153,063
Investment Management/Advisor Services — 0.8%
Affiliated Managers Group, Inc.†		383		67,879
Ameriprise Financial, Inc.		2,947		332,864
BlackRock, Inc.		221		80,382
Calamos Asset Management, Inc., Class A		554		5,269
Eaton Vance Corp.		3,991		143,357
Financial Engines, Inc.#		1,699		61,215
Legg Mason, Inc.		7,775		345,054
T. Rowe Price Group, Inc.		2,767		210,707
Virtus Investment Partners, Inc.		225		30,654
				1,277,381
Lasers - System/Components — 0.1%
Coherent, Inc.†		769		52,231
Electro Scientific Industries, Inc.		869		4,397
II-VI, Inc.†		1,704		31,729
Newport Corp.†		1,290		21,401
Rofin-Sinar Technologies, Inc.†		906		26,038
				135,796
Linen Supply & Related Items — 0.1%
G&K Services, Inc., Class A		655		43,669
UniFirst Corp.		512		55,593
				99,262
Machinery - Construction & Mining — 0.0%
Astec Industries, Inc.		620		24,986
Machinery - Electrical — 0.0%
Franklin Electric Co., Inc.		1,286		41,936
Machinery - Farming — 0.2%
Deere & Co.		4,776		380,026
Lindsay Corp.#		384		26,788
				406,814
Machinery - General Industrial — 0.1%
Albany International Corp., Class A		922		35,921
Applied Industrial Technologies, Inc.		1,290		55,019
Chart Industries, Inc.†		988		21,074

11

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery - General Industrial (continued)
DXP Enterprises, Inc.†		422	$	13,821
Tennant Co.		598		37,237
				163,072
Machinery - Pumps — 0.0%
Xylem, Inc.		437		16,309
Medical Imaging Systems — 0.0%
Analogic Corp.		401		33,504
Medical Information Systems — 0.1%
Computer Programs & Systems, Inc.#		341		16,613
Medidata Solutions, Inc.†		1,791		82,082
Quality Systems, Inc.		1,451		23,579
				122,274
Medical Instruments — 0.4%
Abaxis, Inc.		700		37,219
AngioDynamics, Inc.†		861		10,246
CONMED Corp.		887		37,697
CryoLife, Inc.		853		9,264
Integra LifeSciences Holdings Corp.†		897		56,251
Intuitive Surgical, Inc.†		126		65,522
LivaNova PLC†#		842		50,394
Medtronic PLC		111		8,363
Natus Medical, Inc.†		1,055		51,463
NuVasive, Inc.†		1,572		81,964
St. Jude Medical, Inc.		4,696		296,318
SurModics, Inc.†		412		8,677
Vascular Solutions, Inc.†		512		18,196
				731,574
Medical Laser Systems — 0.0%
Cynosure, Inc., Class A†		709		29,821
Medical Products — 0.3%
ABIOMED, Inc.†		1,220		99,515
Cantel Medical Corp.		1,137		73,712
Greatbatch, Inc.†		831		48,231
Haemonetics Corp.†		1,683		54,260
Hanger, Inc.†		1,141		17,765
Invacare Corp.		972		19,362
Luminex Corp.†		1,231		26,491
MiMedx Group, Inc.†#		3,101		27,785
Varian Medical Systems, Inc.†		1,530		123,594
				490,715
Medical - Biomedical/Gene — 1.4%
Acorda Therapeutics, Inc.†#		1,401		53,504
Amgen, Inc.		5,568		897,005
ANI Pharmaceuticals, Inc.†#		271		11,875
Biogen, Inc.†		249		71,428
Cambrex Corp.†		1,012		54,274
Emergent BioSolutions, Inc.†		957		36,050
Gilead Sciences, Inc.		8,577		908,819
Ligand Pharmaceuticals, Inc.†		577		61,785
Medicines Co.†		2,129		89,439
Momenta Pharmaceuticals, Inc.†		1,929		34,452
Repligen Corp.†		990		28,146
Spectrum Pharmaceuticals, Inc.†#		1,942		11,652
United Therapeutics Corp.†		570		86,999
				2,345,428
Medical - Drugs — 1.9%
Abbott Laboratories		692		31,085
AbbVie, Inc.		2,195		127,639
Baxalta, Inc.		1,063		36,546

Security Description	Shares		Value (Note 2)
Medical - Drugs (continued)
Enanta Pharmaceuticals, Inc.†#		376	$	11,844
Jazz Pharmaceuticals PLC†		286		41,925
Johnson & Johnson		10,484		1,061,400
Lannett Co., Inc.†#		872		32,229
Merck & Co., Inc.		7,043		373,349
OPKO Health, Inc.†#		2,167		23,707
Pfizer, Inc.		41,508		1,360,217
PharMerica Corp.†		1,001		34,054
Prestige Brands Holdings, Inc.†		1,685		85,750
Sagent Pharmaceuticals, Inc.†		749		11,482
Supernus Pharmaceuticals, Inc.†		899		14,528
				3,245,755
Medical - Generic Drugs — 0.1%
Impax Laboratories, Inc.†		2,167		95,478
Medical - HMO — 0.7%
Aetna, Inc.		896		92,064
Anthem, Inc.		3,071		400,397
Centene Corp.†		1,550		89,513
Cigna Corp.		678		91,516
Health Net, Inc.†		1,732		109,566
Magellan Health, Inc.†		880		46,332
UnitedHealth Group, Inc.		3,595		405,193
				1,234,581
Medical - Hospitals — 0.1%
HCA Holdings, Inc.†		483		32,873
Select Medical Holdings Corp.		3,171		38,274
Universal Health Services, Inc., Class B		267		32,446
				103,593
Medical - Nursing Homes — 0.1%
Ensign Group, Inc.		747		35,535
Kindred Healthcare, Inc.		2,692		35,938
				71,473
Medical - Outpatient/Home Medical — 0.2%
Air Methods Corp.†		1,180		51,566
Almost Family, Inc.†		268		11,355
Amedisys, Inc.†		1,093		44,365
Amsurg Corp.†		1,566		131,638
Chemed Corp.		554		85,587
LHC Group, Inc.†		400		18,620
Providence Service Corp.†		395		19,126
				362,257
Medical - Wholesale Drug Distribution — 0.5%
AmerisourceBergen Corp.		2,867		282,801
Cardinal Health, Inc.		3,734		324,298
McKesson Corp.		1,281		242,557
				849,656
Metal Processors & Fabrication — 0.1%
CIRCOR International, Inc.		566		25,725
Haynes International, Inc.		412		16,109
Mueller Industries, Inc.		1,846		58,130
				99,964
Metal Products - Distribution — 0.0%
Olympic Steel, Inc.		314		3,536
Metal - Aluminum — 0.0%
Century Aluminum Co.†#		1,681		6,270
Kaiser Aluminum Corp.		566		48,518
				54,788

12

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Miscellaneous Manufacturing — 0.1%
AptarGroup, Inc.		231	$	17,205
Hillenbrand, Inc.		2,046		61,973
John Bean Technologies Corp.		963		47,091
				126,269
Multimedia — 0.6%
E.W. Scripps Co., Class A		1,718		37,693
FactSet Research Systems, Inc.		584		99,006
Time Warner, Inc.		4,540		317,709
Twenty-First Century Fox, Inc., Class A		1,306		38,540
Viacom, Inc., Class B		3,730		185,717
Walt Disney Co.		3,196		362,650
				1,041,315
Networking Products — 0.4%
Anixter International, Inc.†		887		60,458
Black Box Corp.		485		5,485
Cisco Systems, Inc.		14,608		398,068
Ixia†		1,918		25,049
LogMeIn, Inc.†		801		57,208
NETGEAR, Inc.†		1,120		49,403
				595,671
Non - Ferrous Metals — 0.0%
Globe Specialty Metals, Inc.		2,078		21,133
Materion Corp.		657		19,066
				40,199
Office Automation & Equipment — 0.0%
Pitney Bowes, Inc.		2,552		55,123
Office Furnishings - Original — 0.0%
Interface, Inc.		2,165		43,040
Office Supplies & Forms — 0.1%
Avery Dennison Corp.		2,526		166,615
Oil & Gas Drilling — 0.0%
Transocean, Ltd.#		3,291		47,259
Oil Companies - Exploration & Production — 0.6%
Anadarko Petroleum Corp.		680		40,732
Antero Resources Corp.†#		495		10,202
Approach Resources, Inc.†		1,198		2,672
Bill Barrett Corp.†#		1,686		10,588
Bonanza Creek Energy, Inc.†		1,245		10,570
Carrizo Oil & Gas, Inc.†		1,532		61,862
Contango Oil & Gas Co.†		490		3,778
Devon Energy Corp.		1,192		54,844
EOG Resources, Inc.		209		17,437
EP Energy Corp.†#		33,514		189,689
Hess Corp.		770		45,430
Northern Oil and Gas, Inc.†#		1,953		10,019
PDC Energy, Inc.†		1,298		73,324
Penn Virginia Corp.†#		2,270		1,018
Rex Energy Corp.†#		1,639		2,246
Southwestern Energy Co.†		11,709		105,498
Stone Energy Corp.†		1,853		13,508
Synergy Resources Corp.†#		2,963		33,749
Unit Corp.†		1,520		27,466
WPX Energy, Inc.†		24,545		210,596
				925,228
Oil Companies - Integrated — 0.9%
Chevron Corp.		4,815		439,706
Exxon Mobil Corp.		9,510		776,587
Marathon Oil Corp.		17,635		308,789
Murphy Oil Corp.		2,066		59,046
				1,584,128

Security Description	Shares		Value (Note 2)
Oil Field Machinery & Equipment — 0.1%
Cameron International Corp.†		1,200	$	81,948
Exterran Corp.†		1,126		18,433
Flotek Industries, Inc.†#		1,635		18,672
Gulf Island Fabrication, Inc.		385		3,811
				122,864
Oil Refining & Marketing — 1.2%
CVR Energy, Inc.#		3,681		175,768
Marathon Petroleum Corp.		9,116		532,466
Phillips 66		4,138		378,751
Tesoro Corp.		2,650		305,200
Valero Energy Corp.		7,957		571,790
				1,963,975
Oil - Field Services — 0.4%
Archrock, Inc.		2,253		23,814
Baker Hughes, Inc.		4,621		249,857
Basic Energy Services, Inc.†#		1,144		4,565
Bristow Group, Inc.		1,123		34,308
CARBO Ceramics, Inc.#		639		11,911
Era Group, Inc.†		609		7,180
Gulfmark Offshore, Inc., Class A#		826		5,344
Halliburton Co.		275		10,959
Matrix Service Co.†		895		20,576
Newpark Resources, Inc.†		2,781		18,077
Pioneer Energy Services Corp.†		2,165		5,477
Schlumberger, Ltd.		3,092		238,548
SEACOR Holdings, Inc.†		558		31,683
Tesco Corp.		1,137		9,562
TETRA Technologies, Inc.†		2,641		24,614
				696,475
Optical Recognition Equipment — 0.0%
Lumentum Holdings, Inc.†		1,519		30,380
Paper & Related Products — 0.1%
Clearwater Paper Corp.†		617		30,116
International Paper Co.		2,594		108,507
Neenah Paper, Inc.		535		35,561
P.H. Glatfelter Co.		1,375		24,461
Schweitzer-Mauduit International, Inc.		985		41,193
				239,838
Patient Monitoring Equipment — 0.0%
Masimo Corp.†		1,548		64,211
Pharmacy Services — 0.2%
Express Scripts Holding Co.†		3,858		329,782
Physicians Practice Management — 0.0%
Healthways, Inc.†		1,155		15,327
Platinum — 0.0%
Stillwater Mining Co.†		3,905		36,551
Poultry — 0.1%
Pilgrim’s Pride Corp.#		3,608		77,680
Sanderson Farms, Inc.#		639		47,804
				125,484
Power Converter/Supply Equipment — 0.0%
Advanced Energy Industries, Inc.†		1,240		36,171
Powell Industries, Inc.		287		10,077
Vicor Corp.†		525		4,861
				51,109
Protection/Safety — 0.0%
Landauer, Inc.		316		12,877

13

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Publishing - Books — 0.0%
Scholastic Corp.		872	$	37,252
Publishing - Newspapers — 0.1%
Gannett Co., Inc.		3,674		62,752
News Corp., Class A		1,046		15,010
				77,762
Real Estate Investment Trusts — 1.7%
Acadia Realty Trust		2,222		74,526
Agree Realty Corp.		584		19,587
American Assets Trust, Inc.		1,201		47,812
Boston Properties, Inc.		335		41,872
Brixmor Property Group, Inc.		4,390		110,233
Capstead Mtg. Corp.		3,108		29,495
CareTrust REIT, Inc.		1,485		16,573
Cedar Realty Trust, Inc.		2,451		17,941
Chesapeake Lodging Trust		1,918		52,093
CoreSite Realty Corp.		865		50,663
Cousins Properties, Inc.		6,710		65,959
DiamondRock Hospitality Co.		6,524		72,612
Digital Realty Trust, Inc.		2,527		182,222
EastGroup Properties, Inc.		1,058		61,586
Education Realty Trust, Inc.		1,578		58,149
EPR Properties		1,862		104,346
Equity Residential		1,621		129,388
Franklin Street Properties Corp.		2,860		29,944
General Growth Properties, Inc.		1,974		50,278
GEO Group, Inc.		2,419		70,925
Getty Realty Corp.		844		14,728
Government Properties Income Trust		2,289		38,753
Healthcare Realty Trust, Inc.		3,236		87,987
Hospitality Properties Trust		562		15,607
Host Hotels & Resorts, Inc.		28,050		465,630
Inland Real Estate Corp.		2,839		27,283
Kite Realty Group Trust		2,725		73,330
Lexington Realty Trust		6,932		59,546
LTC Properties, Inc.		1,158		49,366
Medical Properties Trust, Inc.		7,610		91,396
Parkway Properties, Inc.		2,752		47,004
Pennsylvania Real Estate Investment Trust		2,251		48,532
Post Properties, Inc.		1,766		104,123
PS Business Parks, Inc.		625		55,262
Public Storage		667		160,120
Retail Opportunity Investments Corp.		3,183		58,217
Sabra Health Care REIT, Inc.		2,118		43,800
Saul Centers, Inc.		368		20,472
Sovran Self Storage, Inc.		1,152		115,764
Summit Hotel Properties, Inc.		2,833		37,764
Universal Health Realty Income Trust		443		23,342
Urstadt Biddle Properties, Inc., Class A		915		18,318
				2,942,548
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		2,470		92,551
Four Corners Property Trust, Inc.†		0		7
HFF, Inc., Class A		1,068		36,707
				129,265
Real Estate Operations & Development — 0.0%
Forestar Group, Inc.†		1,071		14,555
Recreational Vehicles — 0.0%
Arctic Cat, Inc.#		408		9,082
Rental Auto/Equipment — 0.0%
Aaron’s, Inc.		965		23,421
United Rentals, Inc.†		175		13,767
				37,188

Security Description	Shares		Value (Note 2)
Research & Development — 0.0%
Albany Molecular Research, Inc.†#		806	$	16,056
Resort/Theme Parks — 0.0%
Marriott Vacations Worldwide Corp.		898		54,625
Respiratory Products — 0.0%
Inogen, Inc.†		310		11,858
Retail - Apparel/Shoe — 0.4%
Buckle, Inc.		926		29,401
Caleres, Inc.		1,420		39,902
Cato Corp., Class A		831		32,642
Children’s Place, Inc.		660		31,891
Christopher & Banks Corp.†#		1,214		1,700
Express, Inc.†		2,742		45,901
Finish Line, Inc., Class A		1,509		25,034
Foot Locker, Inc.		188		12,220
Francesca’s Holdings Corp.†		1,388		20,723
Gap, Inc.		8,786		234,850
Genesco, Inc.†		784		42,461
Men’s Wearhouse, Inc.		1,491		29,805
PVH Corp.		1,091		99,597
Stein Mart, Inc.		974		7,529
				653,656
Retail - Auto Parts — 0.2%
O’Reilly Automotive, Inc.†		1,298		342,503
Pep Boys-Manny Moe & Jack†		1,734		26,929
				369,432
Retail - Automobile — 0.1%
Group 1 Automotive, Inc.		695		56,448
Lithia Motors, Inc., Class A		742		92,186
Sonic Automotive, Inc., Class A		1,077		26,128
				174,762
Retail - Bookstores — 0.0%
Barnes & Noble Education, Inc.†		945		13,655
Barnes & Noble, Inc.		1,496		19,149
				32,804
Retail - Building Products — 0.5%
Home Depot, Inc.		2,052		274,722
Lowe’s Cos., Inc.		7,758		594,263
Lumber Liquidators Holdings, Inc.†#		884		13,808
				882,793
Retail - Catalog Shopping — 0.2%
Liberty Interactive Corp. QVC Group, Class A†		10,541		279,126
Retail - Computer Equipment — 0.0%
GameStop Corp., Class A#		216		7,566
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		3,635		115,520
Retail - Discount — 1.0%
Dollar General Corp.		2,143		140,174
Fred’s, Inc., Class A		1,141		18,804
Target Corp.		7,600		551,000
Tuesday Morning Corp.†		1,421		9,492
Wal-Mart Stores, Inc.		15,443		908,666
				1,628,136
Retail - Drug Store — 0.5%
CVS Health Corp.		9,299		874,943
Retail - Hair Salons — 0.0%
Regis Corp.†		1,439		23,974

14

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Home Furnishings — 0.0%
Haverty Furniture Cos., Inc.		681	$	16,439
Kirkland’s, Inc.		498		7,326
				23,765
Retail - Jewelry — 0.0%
Movado Group, Inc.		568		15,194
Retail - Leisure Products — 0.0%
MarineMax, Inc.†		815		14,792
Retail - Major Department Stores — 0.0%
TJX Cos., Inc.		229		16,167
Retail - Misc./Diversified — 0.0%
Sally Beauty Holdings, Inc.†		2,634		68,115
Retail - Office Supplies — 0.0%
Office Depot, Inc.†		742		4,890
Staples, Inc.		1,907		23,017
				27,907
Retail - Pawn Shops — 0.1%
Cash America International, Inc.		885		29,869
EZCORP, Inc., Class A†		1,504		8,708
First Cash Financial Services, Inc.†		907		35,273
				73,850
Retail-Pet Food & Supplies — 0.0%
PetMed Express, Inc.		685		11,508
Retail - Regional Department Stores — 0.1%
Macy’s, Inc.		4,397		171,835
Stage Stores, Inc.#		1,042		8,065
				179,900
Retail - Restaurants — 0.7%
Biglari Holdings, Inc.†		41		15,130
BJ’s Restaurants, Inc.†		706		32,335
Bob Evans Farms, Inc.		725		28,891
Brinker International, Inc.		613		27,965
Darden Restaurants, Inc.		1,477		82,963
DineEquity, Inc.		535		45,389
Papa John’s International, Inc.		960		55,181
Popeyes Louisiana Kitchen, Inc.†		758		43,858
Red Robin Gourmet Burgers, Inc.†		463		31,243
Ruby Tuesday, Inc.†		1,927		10,656
Ruth’s Hospitality Group, Inc.		1,155		19,924
Sonic Corp.		1,591		46,235
Starbucks Corp.		11,340		696,163
Texas Roadhouse, Inc.		2,050		71,751
				1,207,684
Retail - Sporting Goods — 0.0%
Big 5 Sporting Goods Corp.		554		5,352
Hibbett Sports, Inc.†#		787		25,821
Zumiez, Inc.†		704		10,623
				41,796
Retail - Video Rentals — 0.0%
Outerwall, Inc.#		593		36,707
Retail - Vitamins & Nutrition Supplements — 0.0%
Vitamin Shoppe, Inc.†		957		29,189
Rubber - Tires — 0.1%
Goodyear Tire & Rubber Co.		2,439		85,072
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.		768		11,904

Security Description	Shares		Value (Note 2)
Satellite Telecom — 0.0%
EchoStar Corp., Class A†		1,057	$	41,339
Iridium Communications, Inc.†#		2,633		21,512
				62,851
Savings & Loans/Thrifts — 0.2%
Astoria Financial Corp.		2,900		46,748
Bank Mutual Corp.		1,472		11,364
BofI Holding, Inc.†#		1,756		35,173
Brookline Bancorp, Inc.		2,270		26,650
Dime Community Bancshares, Inc.		979		18,121
Northfield Bancorp, Inc.		1,521		24,230
Northwest Bancshares, Inc.		3,092		43,102
Oritani Financial Corp.		1,198		20,773
Provident Financial Services, Inc.		1,742		36,373
Sterling Bancorp		3,856		67,634
				330,168
Schools — 0.1%
American Public Education, Inc.†		543		12,636
Capella Education Co.		355		17,040
Career Education Corp.†		1,818		7,672
Graham Holdings Co., Class B		54		29,227
Strayer Education, Inc.†		360		21,308
Universal Technical Institute, Inc.		684		3,933
				91,816
Security Services — 0.0%
Brink’s Co.		1,575		50,683
Seismic Data Collection — 0.0%
Geospace Technologies Corp.†#		416		5,296
ION Geophysical Corp.†#		4,051		2,259
				7,555
Semiconductor Components - Integrated Circuits — 0.2%
Analog Devices, Inc.		1,629		100,395
Cirrus Logic, Inc.†		2,061		68,137
Exar Corp.†		1,513		9,744
Maxim Integrated Products, Inc.		2,143		83,084
Power Integrations, Inc.		950		49,115
				310,475
Semiconductor Equipment — 0.2%
Brooks Automation, Inc.		2,208		24,619
Cabot Microelectronics Corp.†		796		33,400
Cohu, Inc.		863		11,314
Kulicke & Soffa Industries, Inc.†		2,462		29,076
MKS Instruments, Inc.		1,734		63,933
Nanometrics, Inc.†		812		12,797
Rudolph Technologies, Inc.†		1,020		14,515
Tessera Technologies, Inc.		1,524		48,539
Ultratech, Inc.†		882		14,650
Veeco Instruments, Inc.†		1,296		26,503
				279,346
Software Tools — 0.0%
VMware, Inc., Class A†		542		33,284
Steel Pipe & Tube — 0.0%
TimkenSteel Corp.		1,220		12,456
Steel - Producers — 0.0%
AK Steel Holding Corp.†#		5,719		13,611
Nucor Corp.		1,177		48,787
				62,398

15

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Storage/Warehousing — 0.0%
Mobile Mini, Inc.		1,505	$	53,352
Telecom Equipment - Fiber Optics — 0.0%
Harmonic, Inc.†		2,900		16,037
Viavi Solutions, Inc.†		7,595		48,304
				64,341
Telecom Services — 0.0%
Consolidated Communications Holdings, Inc.		1,521		33,143
Lumos Networks Corp.		685		8,076
Spok Holdings, Inc.		685		12,652
				53,871
Telecommunication Equipment — 0.1%
ADTRAN, Inc.		1,734		28,282
Comtech Telecommunications Corp.		533		11,742
Juniper Networks, Inc.		3,058		92,137
				132,161
Telephone - Integrated — 1.0%
AT&T, Inc.		6,121		206,094
Atlantic Tele-Network, Inc.		324		25,489
CenturyLink, Inc.		14,203		382,487
Cincinnati Bell, Inc.†		6,750		25,447
General Communication, Inc., Class A†		952		19,773
Verizon Communications, Inc.		23,639		1,074,393
				1,733,683
Television — 0.0%
ION Media Networks, Inc.(2)(10)†		18		18,284
Textile - Apparel — 0.0%
Perry Ellis International, Inc.†		408		8,462
Unifi, Inc.†		477		14,229
				22,691
Textile - Home Furnishings — 0.0%
Mohawk Industries, Inc.†		102		19,453
Therapeutics — 0.0%
Anika Therapeutics, Inc.†		489		20,518
Tobacco — 0.5%
Altria Group, Inc.		68		3,917
Philip Morris International, Inc.		9,619		840,604
Universal Corp.#		728		41,161
				885,682
Tools - Hand Held — 0.0%
Stanley Black & Decker, Inc.		184		20,085
Toys — 0.0%
Hasbro, Inc.		497		36,326
Transactional Software — 0.1%
Bottomline Technologies de, Inc.†		1,209		37,370
Synchronoss Technologies, Inc.†		1,202		47,323
				84,693
Transport - Air Freight — 0.0%
Atlas Air Worldwide Holdings, Inc.†		806		33,304
Transport - Marine — 0.0%
Hornbeck Offshore Services, Inc.†#		1,049		12,850
Tidewater, Inc.#		1,526		14,513
				27,363
Transport - Rail — 0.0%
Union Pacific Corp.		641		53,812

Security Description	Shares		Value (Note 2)
Transport - Services — 0.5%
C.H. Robinson Worldwide, Inc.		592	$	39,918
Echo Global Logistics, Inc.†		771		18,196
Expeditors International of Washington, Inc.		1,103		53,540
Hub Group, Inc., Class A†		1,098		42,306
Matson, Inc.		1,417		73,273
United Parcel Service, Inc., Class B		4,999		514,947
UTi Worldwide, Inc.†		2,952		20,664
				762,844
Transport - Truck — 0.1%
ArcBest Corp.		773		18,614
Celadon Group, Inc.		899		12,496
Forward Air Corp.		1,007		48,427
Heartland Express, Inc.#		1,808		34,641
Knight Transportation, Inc.		1,997		52,960
Marten Transport, Ltd.		773		13,976
Roadrunner Transportation Systems, Inc.†		970		10,689
Saia, Inc.†		825		20,221
				212,024
Veterinary Diagnostics — 0.0%
Neogen Corp.†		1,196		70,636
Water — 0.0%
American States Water Co.		1,210		50,614
Web Hosting/Design — 0.0%
NIC, Inc.		2,005		40,922
Web Portals/ISP — 0.6%
Alphabet, Inc., Class A†		520		396,682
Alphabet, Inc., Class C†		867		643,834
Blucora, Inc.†		1,358		14,436
				1,054,952
Wire & Cable Products — 0.0%
Encore Wire Corp.		600		26,202
General Cable Corp.		1,613		24,582
				50,784
Wireless Equipment — 0.1%
CalAmp Corp.†		1,163		21,492
ViaSat, Inc.†#		1,425		88,322
				109,814
X-Ray Equipment — 0.1%
Hologic, Inc.†		5,496		221,764
Total Common Stocks
(cost $81,892,632)				84,823,540
EXCHANGE-TRADED FUNDS — 6.8%
iShares Core S&P Small-Cap ETF#		13,124		1,523,696
iShares MSCI Emerging Markets Asia ETF		25,500		1,331,355
iShares Russell 1000 Growth ETF		1,212		122,897
iShares Russell 1000 Value ETF		1,964		197,755
iShares U.S. Real Estate ETF JDR#		55,000		4,136,550
SPDR S&P 500 ETF Trust, Series 1#		20,452		4,268,128
Total Exchange-Traded Funds
(cost $11,246,389)				11,580,381
PREFERRED SECURITIES — 0.1%
Electric - Distribution — 0.0%
Entergy Louisiana LLC 4.70%		3,575		85,764

16

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
PREFERRED SECURITIES (continued)
Sovereign Agency — 0.0%
Federal Home Loan Mtg. Corp. FRS 0.00%#†		2,200	$	9,548
Telecom Services — 0.1%
Qwest Corp.# 6.13%		6,925		170,355
Total Preferred Securities
(cost $296,449)				265,667
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.3%
Banks - Fiduciary — 0.1%
Bank of New York Mellon Corp. FRS Series E 4.95% due 06/20/2020(1)	$	98,000		97,142
Banks - Super Regional — 0.1%
Capital One Financial Corp. FRS Series E 5.55% due 06/01/2020(1)		53,000		53,398
Fifth Third Bancorp FRS Series J 4.90% due 09/30/2019(1)		83,000		78,331
Wells Fargo & Co. FRS Series U 5.88% due 06/15/2025(1)		80,000		84,300
Wells Fargo Capital X 5.95% due 12/01/2086		28,000		28,350
				244,379
Diversified Banking Institutions — 0.6%
BAC Capital Trust XIII FRS Series F 4.00% due 12/21/2015(1)		178,000		134,390
Bank of America Corp. FRS Series AA 6.10% due 03/17/2025(1)		155,000		155,872
BNP Paribas SA FRS 7.38% due 08/19/2025*		545,000		559,988
Deutsche Bank AG FRS 7.50% due 04/30/2025#(1)		200,000		193,686
Goldman Sachs Group, Inc. FRS Series M 5.38% due 05/10/2020(1)		55,000		54,931
JPMorgan Chase & Co. FRS Series U 6.13% due 04/30/2024(1)		133,000		134,487
				1,233,354
Electric - Integrated — 0.0%
Dominion Resources, Inc. FRS 5.75% due 10/01/2054		47,000		48,028
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%(2)†		45,000		5
Finance - Other Services — 0.1%
National Rural Utilities Cooperative Finance Corp. FRS 4.75% due 04/30/2043		100,000		99,000
Food - Dairy Products — 0.1%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		125,000		132,500

Security Description	Principal Amount		Value (Note 2)
Insurance - Life/Health — 0.1%
Prudential Financial, Inc. FRS 5.63% due 06/15/2043	$	52,000	$	54,080
Prudential Financial, Inc. FRS 5.38% due 05/15/2045		35,000		35,525
				89,605
Insurance - Multi-line — 0.1%
MetLife, Inc. 6.40% due 12/15/2066		81,000		89,201
Pipelines — 0.0%
TransCanada Trust FRS 5.63% due 05/20/2075		45,000		42,750
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. FRS 5.75% due 12/15/2053		128,000		136,448
Total Preferred Securities/Capital Securities
(cost $2,132,269)				2,212,412
ASSET BACKED SECURITIES — 2.2%
Diversified Financial Services — 2.2%
AmeriCredit Automobile Receivables Trust Series 2015-2,Class C 2.40% due 01/08/2021		74,000		73,827
Applebee’s Funding LLC/IHOP Funding LLC Series 2014-1, Class A2 4.28% due 09/05/2044*		50,000		51,001
Asset Backed Securities Corp. Home Equity Loan Trust FRS Series 2004-HE7, Class M2 1.80% due 10/25/2034		77,720		72,640
Avis Budget Rental Car Funding AESOP LLC Series 2014-1A, Class A 2.46% due 07/20/2020*		123,000		123,261
B2R Mtg. Trust Series 2015-1, Class A1 2.52% due 05/15/2048*		98,043		96,530
BA Credit Card Trust Series 2015-A2,Class A 1.36% due 09/15/2020		79,000		78,797
Capital Auto Receivables Asset Trust Series 2015-2, Class A2 1.39% due 09/20/2018		85,000		84,782
Chase Issuance Trust FRS Series 2014-A5, Class A5 0.57% due 04/15/2021		228,000		227,046
Citigroup Commercial Mtg. Trust Series 2014-GC23, Class A2 2.85% due 07/10/2047(3)		95,000		97,174
Citigroup Commercial Mtg. Trust Series 2013-GC17, Class A2 2.96% due 11/10/2046(3)		627,000		640,862
Core Industrial Trust Series 2015-1, Class A 3.04% due 02/10/2034*(3)		91,000		91,600
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-6, Class 1A11 5.25% due 02/25/2026(4)		2,861		2,881
DB Master Finance LLC Series 2015-1A, Class A2II 3.98% due 02/20/2045*		38,708		38,859
Dell Equipment Finance Trust Series 2015-1,Class A3 1.30% due 03/23/2020*		100,000		99,416
Discover Card Execution Note Trust Series 2015-A4, Class A1 2.19% due 04/17/2023		185,000		184,889

17

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
First Franklin Mtg. Loan Trust FRS Series 2006-FF15, Class A5 0.38% due 11/25/2036	$	70,917	$	61,973
Ford Credit Auto Owner Trust Series 2014-C,Class B 1.97% due 04/15/2020		52,000		52,257
Ford Credit Auto Owner Trust Series 2015-1, Class A 2.12% due 07/15/2026*		100,000		99,560
GS Mtg. Securities Trust Series 2015-GC28, Class A2 2.90% due 02/10/2048(3)		24,000		24,555
Invitation Homes Trust FRS Series 2014-SFR1, Class A 1.20% due 06/17/2031*		100,000		98,039
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class A2 2.98% due 07/15/2050(3)		100,000		102,624
NRP Mtg. Trust VRS Series 2013-1, Class A1 3.25% due 07/25/2043*(4)		104,413		102,844
Santander Drive Auto Receivables Trust Series 2014-5, Class C 2.46% due 06/15/2020		262,000		262,210
Wachovia Bank Commercial Mtg. Trust VRS Series 2006-C23, Class AM 5.47% due 01/15/2045(3)		84,000		84,087
Wells Fargo Mtg. Backed Securities Trust FRS Series 2004-X, Class 1A3 2.75% due 11/25/2034(4)		20,390		20,449
Wendys Funding LLC Series 2015-1A, Class A2I 3.37% due 06/15/2045*		66,000		66,289
Wendys Funding LLC Series 2015-1A, Class A23 4.50% due 06/15/2045*		36,000		35,645
WF-RBS Commercial Mtg. Trust Series 2014-C21, Class A2 2.92% due 08/15/2047(3)		100,000		102,556
WF-RBS Commercial Mtg. Trust Series 2014-C25, Class A2 2.93% due 11/15/2047(3)		600,000		614,787
Total Asset Backed Securities
(cost $3,712,666)				3,691,440
U.S. CORPORATE BONDS & NOTES — 15.8%
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc. Senior Notes 4.20% due 04/15/2024		37,000		36,823
Aerospace/Defense — 0.2%
BAE Systems Holdings, Inc. Company Guar. Notes 3.80% due 10/07/2024*		90,000		90,014
Boeing Co. Senior Notes 0.95% due 05/15/2018		92,000		91,146
Boeing Co. Senior Notes 2.20% due 10/30/2022		77,000		75,196
Lockheed Martin Corp. Senior Notes 4.70% due 05/15/2046		62,000		63,485
				319,841

Security Description	Principal Amount		Value (Note 2)
Aerospace/Defense - Equipment — 0.2%
Harris Corp. Senior Notes 4.85% due 04/27/2035	$	92,000	$	90,381
Harris Corp. Senior Notes 5.05% due 04/27/2045		87,000		85,213
Moog, Inc. Company Guar. Notes 5.25% due 12/01/2022*		29,000		29,653
Orbital ATK, Inc. Company Guar. Notes 5.25% due 10/01/2021		52,000		52,780
Orbital ATK, Inc. Company Guar. Notes 5.50% due 10/01/2023*		79,000		81,370
				339,397
Airlines — 0.1%
Allegiant Travel Co. Company Guar. Notes 5.50% due 07/15/2019		76,000		77,757
Atlas Air, Inc. Pass Through Certs. Series 1999-1, Class A-1 7.20% due 07/02/2020		800		814
Atlas Air, Inc. Company Guar. Notes Series 1999-1, Class B 7.63% due 07/02/2016(10)		2,671		2,697
United Airlines Pass-Through Trust Senior Notes Series 2014-2, Class B 4.63% due 03/03/2024		125,000		125,000
				206,268
Alternative Waste Technology — 0.0%
ADS Waste Holdings, Inc. Company Guar. Notes 8.25% due 10/01/2020		43,000		44,505
Applications Software — 0.1%
Microsoft Corp. Senior Notes 1.30% due 11/03/2018		83,000		82,836
Microsoft Corp. Senior Notes 4.45% due 11/03/2045		73,000		74,962
				157,798
Athletic Footwear — 0.0%
NIKE, Inc. Senior Notes 3.88% due 11/01/2045		72,000		69,712
Auto - Cars/Light Trucks — 0.4%
American Honda Finance Corp. Senior Notes 1.20% due 07/14/2017		88,000		87,776
Daimler Finance North America LLC Company Guar. Notes 1.38% due 08/01/2017*		158,000		156,769
Daimler Finance North America LLC Company Guar. Notes 2.45% due 05/18/2020*		158,000		156,501

18

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Auto - Cars/Light Trucks (continued)
Ford Motor Credit Co. LLC Senior Notes 1.50% due 01/17/2017	$	58,000	$	57,798
Hyundai Capital America Senior Notes 2.40% due 10/30/2018*		199,000		198,552
Toyota Motor Credit Corp. Senior Notes 1.55% due 07/13/2018		63,000		63,043
				720,439
Auto - Heavy Duty Trucks — 0.1%
JB Poindexter & Co., Inc. Senior Notes 9.00% due 04/01/2022*		41,000		42,845
PACCAR Financial Corp. Senior Notes 2.20% due 09/15/2019		96,000		95,688
				138,533
Auto/Truck Parts & Equipment - Original — 0.1%
Affinia Group, Inc. Company Guar. Notes 7.75% due 05/01/2021		47,000		48,645
Omega US Sub LLC Senior Notes 8.75% due 07/15/2023*		60,000		55,500
				104,145
Banks - Commercial — 0.6%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		190,000		188,865
Fifth Third Bank Senior Notes 2.88% due 10/01/2021		213,000		211,828
First Horizon National Corp. Senior Notes 3.50% due 12/15/2020		242,000		241,121
MUFG Union Bank NA Senior Notes 3.00% due 06/06/2016		273,000		276,032
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		131,000		166,692
				1,084,538
Banks - Fiduciary — 0.1%
Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*		207,000		209,224
Banks - Super Regional — 0.2%
Capital One Financial Corp. Sub. Notes 4.20% due 10/29/2025		68,000		67,764
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		82,000		84,426
Wells Fargo & Co. Sub. Notes 4.90% due 11/17/2045		129,000		131,284
				283,474

Security Description	Principal Amount		Value (Note 2)
Batteries/Battery Systems — 0.0%
EnerSys Company Guar. Notes 5.00% due 04/30/2023*	$	64,000	$	63,840
Brewery — 0.1%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 1.38% due 07/15/2017		188,000		187,432
Broadcast Services/Program — 0.0%
Clear Channel Worldwide Holdings, Inc. Company Guar. Notes 6.50% due 11/15/2022		46,000		44,620
Building & Construction Products - Misc. — 0.0%
Building Materials Corp. of America Senior Notes 6.00% due 10/15/2025*		54,000		55,688
Building & Construction - Misc. — 0.0%
Weekley Homes LLC/Weekley Finance Corp. Senior Notes 6.00% due 02/01/2023		38,000		35,530
Building Products - Wood — 0.1%
Masco Corp. Senior Notes 4.45% due 04/01/2025		123,000		120,540
Cable/Satellite TV — 0.3%
Altice US Finance I Corp Senior Sec. Notes 5.38% due 07/15/2023*		200,000		200,000
Cable One, Inc. Company Guar. Notes 5.75% due 06/15/2022*		85,000		85,213
CCO Safari II LLC Senior Sec. Notes 3.58% due 07/23/2020*		116,000		116,576
CCO Safari II LLC Senior Sec. Notes 6.38% due 10/23/2035*		52,000		53,832
CCOH Safari LLC Senior Notes 5.75% due 02/15/2026*		45,000		45,225
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		75,000		64,875
				565,721
Casino Hotels — 0.2%
Caesars Entertainment Resort Properties LLC Senior Sec. Notes 8.00% due 10/01/2020		90,000		87,300
Caesars Entertainment Resort Properties LLC Sec. Notes 11.00% due 10/01/2021		47,000		43,122
Downstream Development Authority of the Quapaw Tribe of Oklahoma Senior Sec. Notes 10.50% due 07/01/2019*		54,000		56,160
Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC Company Guar. Notes 5.88% due 05/15/2021*		125,000		123,750
				310,332

19

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cellular Telecom — 0.2%
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024	$	84,000	$	64,260
Sprint Corp. Company Guar. Notes 7.25% due 09/15/2021		25,000		20,250
Sprint Corp. Company Guar. Notes 7.63% due 02/15/2025		223,000		175,194
T-Mobile USA, Inc. Company Guar. Notes 6.50% due 01/15/2026		110,000		109,863
				369,567
Chemicals - Diversified — 0.1%
Solvay Finance America LLC Company Guar. Notes 4.45% due 12/03/2025*		226,000		225,729
Chemicals - Specialty — 0.1%
Chemtura Corp. Company Guar. Notes 5.75% due 07/15/2021		55,000		55,275
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034		45,000		57,448
Tronox Finance LLC Company Guar. Notes 7.50% due 03/15/2022*		66,000		43,890
				156,613
Coal — 0.0%
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.38% due 02/01/2020*		46,000		36,340
Coatings/Paint — 0.1%
RPM International, Inc. Senior Notes 5.25% due 06/01/2045		154,000		144,575
Sherwin-Williams Co. Senior Notes 4.55% due 08/01/2045		41,000		42,553
Valspar Corp. Senior Notes 3.95% due 01/15/2026		40,000		40,120
				227,248
Commercial Services - Finance — 0.1%
Automatic Data Processing, Inc. Senior Notes 2.25% due 09/15/2020		47,000		47,441
Global Cash Access, Inc. Senior Notes 10.00% due 01/15/2022*		61,000		53,832
Harland Clarke Holdings Corp. Senior Notes 9.25% due 03/01/2021*		86,000		69,660
				170,933
Computer Services — 0.2%
Hewlett Packard Enterprise Co. Company Guar. Notes 4.90% due 10/15/2025*		89,000		87,839

Security Description	Principal Amount		Value (Note 2)
Computer Services (continued)
Hewlett Packard Enterprise Co. Company Guar. Notes 6.20% due 10/15/2035*	$	104,000	$	100,836
Hewlett Packard Enterprise Co. Company Guar. Notes 6.35% due 10/15/2045*		95,000		91,338
Leidos, Inc. Company Guar. Notes 7.13% due 07/01/2032		7,000		7,179
				287,192
Computers — 0.2%
Apple, Inc. Senior Notes 2.85% due 05/06/2021		137,000		140,583
Apple, Inc. Senior Notes 3.45% due 02/09/2045		15,000		12,885
Hewlett-Packard Co. Senior Notes 6.00% due 09/15/2041		165,000		151,849
				305,317
Consumer Products - Misc. — 0.2%
Kimberly-Clark Corp. Senior Notes 1.85% due 03/01/2020		33,000		32,777
SC Johnson & Son, Inc. Senior Notes 4.75% due 10/15/2046*		259,000		268,859
				301,636
Containers - Metal/Glass — 0.1%
Crown Cork & Seal Co., Inc. Company Guar. Notes 7.38% due 12/15/2026		130,000		141,700
Containers - Paper/Plastic — 0.1%
Brambles USA, Inc. Company Guar. Notes 4.13% due 10/23/2025*		40,000		40,399
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. Company Guar. Notes 10.13% due 07/15/2020*		68,000		57,800
				98,199
Data Processing/Management — 0.1%
Fidelity National Information Services, Inc. Senior Notes 5.00% due 10/15/2025		40,000		41,373
First Data Corp. Senior Sec. Notes 5.38% due 08/15/2023*		25,000		25,484
First Data Corp. Sec. Notes 5.75% due 01/15/2024*		84,000		84,000
First Data Corp. Company Guar. Notes 7.00% due 12/01/2023*		32,000		32,280
				183,137

20

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diagnostic Equipment — 0.1%
Danaher Corp. Senior Notes 3.35% due 09/15/2025	$	69,000	$	70,274
Danaher Corp. Senior Notes 4.38% due 09/15/2045		38,000		38,853
				109,127
Disposable Medical Products — 0.0%
Sterigenics-Nordion Holdings LLC Senior Notes 6.50% due 05/15/2023*		24,000		24,030
Distribution/Wholesale — 0.1%
American Builders & Contractors Supply Co., Inc. Senior Notes 5.75% due 12/15/2023*		65,000		65,894
H&E Equipment Services, Inc. Company Guar. Notes 7.00% due 09/01/2022		57,000		57,142
				123,036
Diversified Banking Institutions — 1.5%
Bank of America Corp. Senior Notes 2.60% due 01/15/2019		63,000		63,688
Bank of America Corp. Senior Notes 2.63% due 10/19/2020		58,000		57,727
Bank of America Corp. Sub. Notes 3.95% due 04/21/2025		94,000		92,848
Bank of America Corp. Sub. Notes 4.25% due 10/22/2026		104,000		104,388
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		216,000		248,812
Bank of America Corp. Sub. Notes 7.25% due 10/15/2025		21,000		25,502
Citigroup, Inc. Sub. Notes 3.88% due 03/26/2025		31,000		30,302
Citigroup, Inc. Sub. Notes 4.40% due 06/10/2025		82,000		83,360
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		86,000		85,949
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		54,000		61,068
Goldman Sachs Group, Inc. Senior Notes 3.63% due 01/22/2023		111,000		113,977
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		162,000		162,515
Goldman Sachs Group, Inc. Senior Notes 4.75% due 10/21/2045		35,000		34,996
Goldman Sachs Group, Inc. Sub. Notes 5.15% due 05/22/2045		40,000		39,762

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Senior Notes 5.38% due 03/15/2020	$	83,000	$	92,399
Goldman Sachs Group, Inc. Senior Notes 6.13% due 02/15/2033		76,000		91,107
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		189,000		226,545
JPMorgan Chase & Co. Senior Notes 2.20% due 10/22/2019		117,000		117,137
JPMorgan Chase & Co. Senior Notes 3.25% due 09/23/2022		43,000		43,490
JPMorgan Chase & Co. Sub. Notes 4.13% due 12/15/2026		98,000		99,125
JPMorgan Chase & Co. Sub. Notes 4.95% due 06/01/2045		52,000		52,596
Morgan Stanley Senior Notes 1.88% due 01/05/2018		88,000		88,355
Morgan Stanley Senior Notes 2.80% due 06/16/2020		58,000		58,648
Morgan Stanley Sub. Notes 4.10% due 05/22/2023		159,000		162,824
Morgan Stanley Senior Notes 4.75% due 03/22/2017		94,000		97,906
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		81,000		87,289
Morgan Stanley Senior Notes 5.50% due 07/28/2021		86,000		97,592
				2,519,907
Diversified Financial Services — 0.2%
General Electric Capital Corp. Company Guar. Notes 1.25% due 05/15/2017		114,000		114,425
General Electric Capital Corp. Company Guar. Notes 5.88% due 01/14/2038		89,000		109,148
USAA Capital Corp. Senior Notes 2.13% due 06/03/2019*		159,000		159,848
				383,421
Diversified Manufacturing Operations — 0.2%
General Electric Co. Senior Notes 2.70% due 10/09/2022		76,000		76,230
Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 5.75% due 06/15/2043		95,000		104,292
Textron, Inc. Senior Notes 4.63% due 09/21/2016		99,000		101,512
Trinity Industries, Inc. Company Guar. Notes 4.55% due 10/01/2024		51,000		48,189
				330,223

21

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Operations — 0.0%
MUFG Americas Holdings Corp. Senior Notes 1.63% due 02/09/2018	$	43,000	$	42,737
E-Commerce/Services — 0.1%
Netflix, Inc. Senior Notes 5.88% due 02/15/2025*		75,000		77,531
Electric - Distribution — 0.0%
Entergy Louisiana LLC Company Guar. Notes 4.95% due 01/15/2045		48,000		48,486
Electric - Integrated — 0.7%
AES Corp. Senior Notes 4.88% due 05/15/2023		147,000		132,484
AES Corp. Senior Notes 5.50% due 03/15/2024		54,000		49,204
Arizona Public Service Co. Senior Notes 2.20% due 01/15/2020		46,000		45,775
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		75,000		78,700
Entergy Arkansas, Inc. Senior Sec. Notes 4.95% due 12/15/2044		69,000		66,853
Exelon Corp. Senior Notes 4.95% due 06/15/2035		44,000		44,433
Exelon Corp. Senior Notes 5.10% due 06/15/2045		44,000		44,534
Exelon Generation Co. LLC Senior Notes 2.95% due 01/15/2020		63,000		63,018
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		119,000		143,462
Georgia Power Co. Senior Notes 3.00% due 04/15/2016		37,000		37,304
Louisville Gas & Electric Co. Pass Through Certs. 4.38% due 10/01/2045		12,000		12,463
South Carolina Electric & Gas Co. 1st. Mtg. Bonds 5.10% due 06/01/2065		56,000		59,166
Southern California Edison Co. 1st. Mtg. Bonds 1.13% due 05/01/2017		101,000		100,823
Southern Co. Senior Notes 1.30% due 08/15/2017		82,000		81,355
Southern Power Co. Senior Notes 4.15% due 12/01/2025		87,000		87,464
Talen Energy Supply LLC Senior Notes 6.50% due 06/01/2025#*		100,000		86,000
Trans-Allegheny Interstate Line Co. Senior Notes 3.85% due 06/01/2025*		49,000		49,049
				1,182,087

Security Description	Principal Amount		Value (Note 2)
Electronic Components - Misc. — 0.1%
Corning, Inc. Senior Notes 1.50% due 05/08/2018	$	61,000	$	60,058
Corning, Inc. Senior Notes 2.90% due 05/15/2022		61,000		58,538
				118,596
Electronic Components - Semiconductors — 0.1%
Intel Corp. Senior Notes 1.35% due 12/15/2017		74,000		74,247
Micron Technology, Inc. Senior Notes 5.63% due 01/15/2026*		100,000		91,875
				166,122
Electronics - Military — 0.0%
L-3 Communications Corp. Company Guar. Notes 3.95% due 05/28/2024		27,000		25,656
Energy - Alternate Sources — 0.0%
TerraForm Power Operating LLC Company Guar. Notes 5.88% due 02/01/2023*		60,000		44,700
Enterprise Software/Service — 0.1%
Infor US, Inc. Senior Sec. Notes 5.75% due 08/15/2020*		60,000		60,150
Oracle Corp. Senior Notes 3.90% due 05/15/2035		61,000		58,175
				118,325
Finance - Auto Loans — 0.2%
Ally Financial, Inc. Senior Notes 5.13% due 09/30/2024		79,000		81,860
Ally Financial, Inc. Sub. Notes 5.75% due 11/20/2025		99,000		99,680
Credit Acceptance Corp. Company Guar. Notes 7.38% due 03/15/2023*		100,000		101,000
				282,540
Finance - Commercial — 0.1%
Jefferies Finance LLC/JFIN Co-Issuer Corp. Senior Notes 7.38% due 04/01/2020*		200,000		193,750
Finance - Consumer Loans — 0.1%
Enova International, Inc. Company Guar. Notes 9.75% due 06/01/2021		108,000		83,700
Navient Corp. Senior Notes 5.88% due 10/25/2024		25,000		21,312
OneMain Financial Holdings, Inc. Company Guar. Notes 6.75% due 12/15/2019*		36,000		37,710
SLM Corp. Senior Notes 5.63% due 08/01/2033		6,000		4,410

22

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Consumer Loans (continued)
Synchrony Financial Senior Notes 4.25% due 08/15/2024	$	73,000	$	72,952
				220,084
Finance - Credit Card — 0.1%
American Express Credit Corp. Senior Notes 2.38% due 05/26/2020		100,000		99,924
Discover Financial Services Senior Notes 3.75% due 03/04/2025		105,000		102,999
				202,923
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		44,000		3,300
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017(2)†		71,000		7
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038(2)†		69,000		7
TD Ameritrade Holding Corp. Senior Notes 2.95% due 04/01/2022		67,000		66,890
				70,204
Finance - Leasing Companies — 0.1%
Air Lease Corp. Senior Notes 4.75% due 03/01/2020		150,000		158,157
Finance - Mortgage Loan/Banker — 0.1%
Quicken Loans, Inc. Company Guar. Notes 5.75% due 05/01/2025*		100,000		96,625
Finance - Other Services — 0.3%
Intercontinental Exchange, Inc. Company Guar. Notes 3.75% due 12/01/2025		46,000		46,395
National Rural Utilities Cooperative Finance Corp. Senior Notes 0.95% due 04/24/2017		52,000		51,881
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 1.10% due 01/27/2017		143,000		142,944
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.00% due 01/27/2020		103,000		101,314
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.30% due 11/01/2020		47,000		46,694
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 3.25% due 11/01/2025		49,000		48,865
				438,093

Security Description	Principal Amount		Value (Note 2)
Firearms & Ammunition — 0.0%
FGI Operating Co. LLC/FGI Finance, Inc. Sec. Notes 7.88% due 05/01/2020	$	39,000	$	29,445
Food - Dairy Products — 0.1%
Dean Foods Co. Company Guar. Notes 6.50% due 03/15/2023*		100,000		103,000
Food - Meat Products — 0.0%
JBS USA LLC/JBS USA Finance, Inc. Senior Notes 5.88% due 07/15/2024*		60,000		59,100
Food - Misc./Diversified — 0.0%
Darling Ingredients, Inc. Company Guar. Notes 5.38% due 01/15/2022		30,000		29,400
Food - Retail — 0.1%
SUPERVALU, Inc. Senior Notes 7.75% due 11/15/2022		84,000		78,120
Whole Foods Market, Inc. Senior Notes 5.20% due 12/03/2025*		33,000		32,954
				111,074
Food - Wholesale/Distribution — 0.0%
C&S Group Enterprises LLC Senior Sec. Notes 5.38% due 07/15/2022*		36,000		32,040
Gambling (Non-Hotel) — 0.0%
Scientific Games International, Inc. Senior Sec. Notes 7.00% due 01/01/2022*		30,000		28,950
Gas - Distribution — 0.0%
Dominion Gas Holdings LLC Senior Notes 4.80% due 11/01/2043		35,000		33,948
Hotels/Motels — 0.0%
Interval Acquisition Corp. Company Guar. Notes 5.63% due 04/15/2023*		60,000		60,000
Human Resources — 0.0%
Team Health, Inc. Company Guar. Notes 7.25% due 12/15/2023*		50,000		51,500
Independent Power Producers — 0.1%
Dynegy, Inc. Company Guar. Notes 7.38% due 11/01/2022		50,000		48,197
GenOn Energy, Inc. Senior Notes 9.50% due 10/15/2018		43,000		38,055
NRG Energy, Inc. Company Guar. Notes 6.25% due 07/15/2022		85,000		78,625
				164,877
Industrial Gases — 0.0%
Airgas, Inc. Senior Notes 3.05% due 08/01/2020		32,000		32,443

23

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance Brokers — 0.0%
USI, Inc. Senior Notes 7.75% due 01/15/2021*	$	55,000	$	53,900
Insurance - Life/Health — 0.2%
CNO Financial Group, Inc. Senior Notes 5.25% due 05/30/2025		46,000		46,805
Pacific LifeCorp Senior Notes 6.00% due 02/10/2020*		45,000		50,353
Pricoa Global Funding I Senior Sec. Notes 1.35% due 08/18/2017*		159,000		158,489
Principal Financial Group, Inc. Company Guar. Notes 1.85% due 11/15/2017		33,000		33,166
				288,813
Insurance - Multi-line — 0.3%
Assurant, Inc. Senior Notes 6.75% due 02/15/2034		139,000		162,497
MetLife, Inc. Senior Notes 4.60% due 05/13/2046		52,000		53,030
Metropolitan Life Global Funding I Sec. Notes 1.88% due 06/22/2018*		350,000		350,674
				566,201
Insurance - Mutual — 0.3%
Massachusetts Mutual Life Insurance Co. Sub. Notes 4.50% due 04/15/2065*		64,000		58,144
MassMutual Global Funding II Senior Sec. Notes 2.00% due 04/05/2017*		215,000		217,138
New York Life Global Funding Sec. Notes 1.65% due 05/15/2017*		180,000		181,098
				456,380
Internet Connectivity Services — 0.0%
Cogent Communications Group, Inc. Senior Sec. Notes 5.38% due 03/01/2022*		75,000		73,313
Investment Management/Advisor Services — 0.1%
National Financial Partners Corp. Senior Notes 9.00% due 07/15/2021*		89,000		85,440
Machinery - Farming — 0.1%
John Deere Capital Corp. Senior Notes 1.13% due 06/12/2017		85,000		84,881
John Deere Capital Corp. Senior Notes 1.55% due 12/15/2017		124,000		124,348
				209,229
Marine Services — 0.0%
Great Lakes Dredge & Dock Corp. Company Guar. Notes 7.38% due 02/01/2019		50,000		47,250

Security Description	Principal Amount		Value (Note 2)
Medical Labs & Testing Services — 0.3%
Laboratory Corp. of America Holdings Senior Notes 3.20% due 02/01/2022	$	25,000	$	24,663
Laboratory Corp. of America Holdings Senior Notes 3.60% due 02/01/2025		80,000		77,816
Laboratory Corp. of America Holdings Senior Notes 4.70% due 02/01/2045		41,000		37,487
Roche Holdings, Inc. Company Guar. Notes 1.35% due 09/29/2017*		135,000		135,360
Roche Holdings, Inc. Company Guar. Notes 2.25% due 09/30/2019*		204,000		206,038
				481,364
Medical Products — 0.1%
Greatbatch, Ltd. Senior Notes 9.13% due 11/01/2023*		58,000		58,000
Universal Hospital Services, Inc. Sec. Notes 7.63% due 08/15/2020		46,000		43,010
				101,010
Medical - Biomedical/Gene — 0.2%
Biogen, Inc. Senior Notes 4.05% due 09/15/2025		78,000		78,628
Biogen, Inc. Senior Notes 5.20% due 09/15/2045		76,000		76,308
Celgene Corp. Senior Notes 5.00% due 08/15/2045		81,000		80,994
Gilead Sciences, Inc. Senior Notes 4.75% due 03/01/2046		53,000		53,843
				289,773
Medical - Drugs — 0.2%
Baxalta, Inc. Senior Notes 3.60% due 06/23/2022*		82,000		81,401
Baxalta, Inc. Senior Notes 4.00% due 06/23/2025*		44,000		43,601
Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 7.75% due 01/15/2022*		50,000		50,375
Forest Laboratories LLC Company Guar. Notes 4.88% due 02/15/2021*		68,000		74,347
				249,724
Medical - Generic Drugs — 0.0%
Mylan, Inc. Company Guar. Notes 5.40% due 11/29/2043		48,000		45,690
Medical - HMO — 0.1%
UnitedHealth Group, Inc. Senior Notes 1.40% due 12/15/2017		76,000		75,948

24

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical - HMO (continued)
UnitedHealth Group, Inc. Senior Notes 3.35% due 07/15/2022	$	58,000	$	59,575
				135,523
Medical - Hospitals — 0.1%
HCA, Inc. Senior Sec. Notes 4.75% due 05/01/2023		30,000		29,775
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		24,000		23,580
IASIS Healthcare LLC/IASIS Capital Corp. Company Guar. Notes 8.38% due 05/15/2019		100,000		94,000
Tenet Healthcare Corp. Senior Sec. Notes 4.75% due 06/01/2020		75,000		75,750
Tenet Healthcare Corp. Senior Notes 6.88% due 11/15/2031		16,000		13,540
				236,645
Metal - Copper — 0.0%
Freeport-McMoRan, Inc. Company Guar. Notes 2.30% due 11/14/2017		38,000		34,295
Multimedia — 0.1%
21st Century Fox America, Inc. Company Guar. Notes 4.95% due 10/15/2045*		35,000		35,431
Viacom, Inc. Senior Notes 4.85% due 12/15/2034		45,000		38,350
Viacom, Inc. Senior Notes 5.25% due 04/01/2044		91,000		77,598
Walt Disney Co. Senior Notes 1.50% due 09/17/2018		81,000		81,477
				232,856
Music — 0.0%
WMG Acquisition Corp. Senior Sec. Notes 6.00% due 01/15/2021*		42,000		42,525
Networking Products — 0.0%
Cisco Systems, Inc. Senior Notes 2.13% due 03/01/2019		67,000		67,866
Oil & Gas Drilling — 0.0%
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. Company Guar. Notes 5.50% due 08/15/2022		24,000		20,640
Oil Companies - Exploration & Production — 0.7%
Anadarko Petroleum Corp. Senior Notes 6.45% due 09/15/2036		89,000		97,633
Atlas Energy Holdings Operating Co. LLC/Atlas Resource Finance Corp. Company Guar. Notes 7.75% due 01/15/2021		76,000		25,840

Security Description	Principal Amount		Value (Note 2)
Oil Companies - Exploration & Production (continued)
Carrizo Oil & Gas, Inc. Company Guar. Notes 6.25% due 04/15/2023	$	100,000	$	91,250
Continental Resources, Inc. Company Guar. Notes 4.50% due 04/15/2023		10,000		8,705
EP Energy LLC/Everest Acquisition Finance, Inc. Company Guar. Notes 7.75% due 09/01/2022		52,000		40,820
EV Energy Partners LP/EV Energy Finance Corp. Company Guar. Notes 8.00% due 04/15/2019		170,000		110,500
Halcon Resources Corp. Sec. Notes 8.63% due 02/01/2020#*		125,000		98,437
Halcon Resources Corp. Company Guar. Notes 9.75% due 07/15/2020		40,000		12,600
Hess Corp. Senior Notes 5.60% due 02/15/2041		38,000		37,158
Hess Corp. Senior Notes 7.88% due 10/01/2029		28,000		33,086
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.00% due 12/01/2024*		50,000		44,969
Memorial Production Partners LP/Memorial Production Finance Corp. Company Guar. Notes 7.63% due 05/01/2021		115,000		66,413
Newfield Exploration Co. Senior Notes 5.38% due 01/01/2026		110,000		100,375
Noble Energy, Inc. Senior Notes 3.90% due 11/15/2024		43,000		40,740
Noble Energy, Inc. Senior Notes 5.05% due 11/15/2044		47,000		42,484
Northern Oil and Gas, Inc. Senior Notes 8.00% due 06/01/2020		100,000		79,000
Oasis Petroleum, Inc. Company Guar. Notes 6.88% due 03/15/2022#		75,000		64,313
Penn Virginia Corp. Company Guar. Notes 7.25% due 04/15/2019		43,000		9,836
Sanchez Energy Corp. Company Guar. Notes 6.13% due 01/15/2023		60,000		41,250
SM Energy Co. Senior Notes 5.63% due 06/01/2025		56,000		49,980
Southwestern Energy Co. Senior Notes 3.30% due 01/23/2018		25,000		22,892
Southwestern Energy Co. Senior Notes 4.95% due 01/23/2025#		54,000		44,477
				1,162,758

25

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies - Integrated — 0.2%
Chevron Corp. Senior Notes 1.37% due 03/02/2018	$	110,000	$	109,798
Chevron Corp. Senior Notes 1.96% due 03/03/2020		61,000		60,671
ConocoPhillips Co. Company Guar. Notes 1.50% due 05/15/2018		43,000		42,756
Exxon Mobil Corp. Senior Notes 1.31% due 03/06/2018		111,000		111,078
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		67,000		67,855
				392,158
Oil Refining & Marketing — 0.1%
Calumet Specialty Products Partner LP/ Calumet Finance Corp. Company Guar. Notes 6.50% due 04/15/2021		34,000		31,620
Murphy Oil USA, Inc. Company Guar. Notes 6.00% due 08/15/2023		30,000		31,575
PBF Holding Co LLC/PBF Finance Corp. Senior Sec. Notes 7.00% due 11/15/2023*		60,000		60,000
				123,195
Oil - Field Services — 0.1%
Exterran Holdings, Inc. Company Guar. Notes 7.25% due 12/01/2018		30,000		30,543
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. Company Guar. Notes 6.63% due 05/01/2021		47,000		38,070
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. Company Guar. Notes 6.88% due 02/15/2023		74,000		59,940
				128,553
Paper & Related Products — 0.3%
Clearwater Paper Corp. Company Guar. Notes 4.50% due 02/01/2023		67,000		63,985
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		80,000		78,476
Georgia-Pacific LLC Senior Notes 3.60% due 03/01/2025*		150,000		148,644
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		109,000		110,140
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*		64,000		70,865
				472,110
Pipelines — 0.6%
Columbia Pipeline Group, Inc. Company Guar. Notes 2.45% due 06/01/2018*		22,000		21,881

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Energy Transfer Equity LP Senior Sec. Notes 7.50% due 10/15/2020	$	36,000	$	37,620
Energy Transfer Partners LP Senior Notes 4.90% due 03/15/2035		104,000		80,585
Energy Transfer Partners LP Senior Notes 5.15% due 03/15/2045		40,000		30,244
Energy Transfer Partners LP Senior Notes 6.63% due 10/15/2036		108,000		100,003
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024		86,000		73,100
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.00% due 05/15/2023		100,000		87,750
Kinder Morgan Energy Partners LP Company Guar. Notes 4.70% due 11/01/2042		27,000		18,499
Kinder Morgan Energy Partners LP Company Guar. Notes 6.50% due 04/01/2020		117,000		123,948
Kinder Morgan, Inc. Company Guar. Notes 5.00% due 02/15/2021*		82,000		78,016
Rose Rock Midstream LP/Rose Rock Finance Corp. Company Guar. Notes 5.63% due 07/15/2022		91,000		76,440
Tesoro Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 6.13% due 10/15/2021		136,000		139,740
Williams Partners LP Senior Notes 4.00% due 09/15/2025		40,000		32,669
Williams Partners LP/ACMP Finance Corp. Senior Notes 4.88% due 05/15/2023		121,000		106,469
				1,006,964
Printing - Commercial — 0.1%
Multi-Color Corp. Company Guar. Notes 6.13% due 12/01/2022*		54,000		53,932
Quad/Graphics, Inc. Company Guar. Notes 7.00% due 05/01/2022		70,000		54,075
				108,007
Publishing - Newspapers — 0.1%
Lee Enterprises, Inc. Senior Sec. Notes 9.50% due 03/15/2022#*		100,000		92,750
McClatchy Co. Senior Sec. Notes 9.00% due 12/15/2022		65,000		60,959
				153,709
Publishing - Periodicals — 0.1%
Expo Event Transco, Inc. Senior Notes 9.00% due 06/15/2021*		100,000		99,250

26

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Radio — 0.0%
Sirius XM Radio, Inc. Company Guar. Notes 5.38% due 04/15/2025*	$	60,000	$	59,400
Real Estate Investment Trusts — 0.5%
Communications Sales & Leasing, Inc./CSL Capital LLC Senior Sec. Notes 6.00% due 04/15/2023*		36,000		34,020
Communications Sales & Leasing, Inc./CSL Capital LLC Company Guar. Notes 8.25% due 10/15/2023		54,000		48,060
DuPont Fabros Technology LP Company Guar. Notes 5.63% due 06/15/2023		70,000		70,700
Equinix, Inc. Senior Notes 5.88% due 01/15/2026		55,000		55,825
ESH Hospitality, Inc. Company Guar. Notes 5.25% due 05/01/2025*		35,000		34,563
HCP, Inc. Senior Notes 3.75% due 02/01/2016		54,000		54,254
Host Hotels & Resorts LP Senior Notes 4.00% due 06/15/2025		60,000		57,933
National Retail Properties, Inc. Senior Notes 4.00% due 11/15/2025		32,000		31,833
Omega Healthcare Investors, Inc. Company Guar. Notes 4.50% due 04/01/2027*		120,000		114,273
Omega Healthcare Investors, Inc. Company Guar. Notes 4.95% due 04/01/2024		78,000		78,847
Omega Healthcare Investors, Inc. Company Guar. Notes 5.25% due 01/15/2026*		137,000		140,722
Omega Healthcare Investors, Inc. Company Guar. Notes 5.88% due 03/15/2024		46,000		47,782
				768,812
Real Estate Management/Services — 0.1%
American Campus Communities Operating Partnership LP Company Guar. Notes 4.13% due 07/01/2024		48,000		47,989
Kennedy-Wilson, Inc. Company Guar. Notes 5.88% due 04/01/2024		50,000		49,375
				97,364
Real Estate Operations & Development — 0.0%
Greystar Real Estate Partners LLC Senior Sec. Notes 8.25% due 12/01/2022*		60,000		63,150
Rental Auto/Equipment — 0.1%
United Rentals North America, Inc. Senior Sec. Notes 4.63% due 07/15/2023		25,000		24,844
United Rentals North America, Inc. Company Guar. Notes 5.50% due 07/15/2025		50,000		50,000
				74,844

Security Description	Principal Amount		Value (Note 2)
Retail - Appliances — 0.0%
Conn’s, Inc. Company Guar. Notes 7.25% due 07/15/2022	$	57,000	$	53,438
Retail - Automobile — 0.0%
AutoNation, Inc. Company Guar. Notes 4.50% due 10/01/2025		54,000		55,206
Retail - Computer Equipment — 0.0%
GameStop Corp. Company Guar. Notes 5.50% due 10/01/2019#*		36,000		35,820
Retail - Discount — 0.1%
Costco Wholesale Corp. Senior Notes 2.25% due 02/15/2022		100,000		98,858
Dollar General Corp. Company Guar. Notes 4.13% due 07/15/2017		62,000		63,990
				162,848
Retail - Drug Store — 0.1%
CVS Pass-Through Trust Pass Through Certs. 4.70% due 01/10/2036*		41,814		42,360
CVS Pass-Through Trust Pass Through Certs. 5.77% due 01/10/2033*		33,166		35,698
CVS Pass-Through Trust Pass Through Certs. 5.93% due 01/10/2034*		50,663		55,907
				133,965
Retail - Regional Department Stores — 0.0%
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045		33,000		31,389
Retail - Restaurants — 0.1%
Landry’s, Inc. Company Guar. Notes 9.38% due 05/01/2020*		43,000		45,634
PF Chang’s China Bistro, Inc. Company Guar. Notes 10.25% due 06/30/2020#*		105,000		96,862
				142,496
Satellite Telecom — 0.1%
Hughes Satellite Systems Corp. Company Guar. Notes 7.63% due 06/15/2021		75,000		80,914
Savings & Loans/Thrifts — 0.3%
Astoria Financial Corp. Senior Notes 5.00% due 06/19/2017		92,000		95,571
First Niagara Financial Group, Inc. Senior Notes 6.75% due 03/19/2020		257,000		293,819
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		99,000		116,809
				506,199

27

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Schools — 0.1%
President and Fellows of Harvard College Notes 3.62% due 10/01/2037	$	52,000	$	50,856
University of Pennsylvania Senior Notes 4.67% due 09/01/2112		71,000		66,830
				117,686
Specified Purpose Acquisitions — 0.1%
Opal Acquisition, Inc. Senior Notes 8.88% due 12/15/2021*		115,000		99,188
Steel Pipe & Tube — 0.1%
Valmont Industries, Inc. Company Guar. Notes 5.25% due 10/01/2054		96,000		82,200
Steel - Producers — 0.0%
AK Steel Corp. Company Guar. Notes 8.38% due 04/01/2022		56,000		21,140
Steel Dynamics, Inc. Company Guar. Notes 5.13% due 10/01/2021		54,000		52,515
				73,655
Steel - Specialty — 0.0%
Allegheny Technologies, Inc. Senior Notes 5.95% due 01/15/2021		63,000		48,510
Telecommunication Equipment — 0.0%
CommScope Technologies Finance LLC 1st. Mtg. Bonds 6.00% due 06/15/2025*		42,000		40,215
Telephone - Integrated — 0.7%
AT&T, Inc. Senior Notes 3.00% due 06/30/2022		201,000		198,776
AT&T, Inc. Senior Notes 4.35% due 06/15/2045		106,000		92,519
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		139,000		130,449
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		50,000		46,837
AT&T, Inc. Senior Notes 5.80% due 02/15/2019		49,000		54,480
CenturyLink, Inc. Senior Notes 5.63% due 04/01/2025		28,000		24,080
CenturyLink, Inc. Senior Notes 5.80% due 03/15/2022		64,000		59,360
Consolidated Communications, Inc. Company Guar. Notes 6.50% due 10/01/2022		26,000		22,165
Frontier Communications Corp. Senior Notes 8.50% due 04/15/2020		43,000		43,054
Frontier Communications Corp. Senior Notes 9.25% due 07/01/2021		20,000		19,550

Security Description	Principal Amount		Value (Note 2)
Telephone - Integrated (continued)
Frontier Communications Corp. Senior Notes 10.50% due 09/15/2022*	$	25,000	$	24,781
Frontier Communications Corp. Senior Notes 11.00% due 09/15/2025*		80,000		78,400
Verizon Communications, Inc. Senior Notes 3.00% due 11/01/2021		98,000		98,162
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		31,000		29,360
Verizon Communications, Inc. Senior Notes 4.50% due 09/15/2020		10,000		10,857
Verizon Communications, Inc. Senior Notes 4.67% due 03/15/2055		142,000		126,214
Verizon Communications, Inc. Senior Notes 4.86% due 08/21/2046		165,000		160,398
Verizon Communications, Inc. Senior Notes 6.40% due 09/15/2033		5,000		5,831
				1,225,273
Theaters — 0.0%
National CineMedia LLC Senior Sec. Notes 6.00% due 04/15/2022		35,000		36,225
Regal Entertainment Group Senior Notes 5.75% due 03/15/2022		18,000		18,270
				54,495
Transport - Rail — 0.0%
Union Pacific Corp. Senior Notes 3.88% due 02/01/2055		28,000		24,958
Travel Services — 0.1%
Sabre GLBL, Inc. Senior Sec. Notes 5.38% due 04/15/2023*		93,000		93,000
Trucking/Leasing — 0.0%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.38% due 02/01/2022*		34,000		33,224
Wire & Cable Products — 0.1%
General Cable Corp. Company Guar. Notes 5.75% due 10/01/2022		124,000		104,160
Total U.S. Corporate Bonds & Notes
(cost $27,958,547)				26,941,698
FOREIGN CORPORATE BONDS & NOTES — 4.2%
Airlines — 0.1%
Air Canada Senior Sec. Notes 6.75% due 10/01/2019*		100,000		105,250

28

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Auto - Cars/Light Trucks — 0.1%
Volkswagen International Finance NV Company Guar. Notes 2.38% due 03/22/2017*	$	110,000	$	109,077
Banks - Commercial — 0.8%
BPCE SA Sub. Notes 4.50% due 03/15/2025*		204,000		200,935
Credit Suisse AG Senior Notes 1.70% due 04/27/2018		103,000		102,853
Credit Suisse AG Sub. Notes 5.40% due 01/14/2020		78,000		86,355
DBS Group Holdings, Ltd. Senior Notes 2.25% due 07/16/2019*		214,000		213,840
Kookmin Bank Senior Notes 1.63% due 07/14/2017*		250,000		249,237
Santander Issuances SAU Company Guar. Notes 5.18% due 11/19/2025		200,000		200,820
Sumitomo Mitsui Banking Corp. Company Guar. Notes 2.45% due 10/20/2020		264,000		261,910
				1,315,950
Banks - Fiduciary — 0.1%
Mitsubishi UFJ Trust & Banking Corp. Senior Notes 2.65% due 10/19/2020*		218,000		217,379
Banks - Money Center — 0.1%
Lloyds TSB Bank PLC Company Guar. Notes 6.50% due 09/14/2020*		227,000		265,946
Beverages - Non-alcoholic — 0.1%
Coca-Cola Femsa SAB de CV Company Guar. Notes 2.38% due 11/26/2018		164,000		163,590
Beverages - Wine/Spirits — 0.1%
Diageo Capital PLC Company Guar. Notes 5.75% due 10/23/2017		134,000		144,748
Broadcast Services/Program — 0.1%
Grupo Televisa SAB Senior Notes 6.13% due 01/31/2046		204,000		207,127
Building - Residential/Commercial — 0.0%
Mattamy Group Corp. Senior Notes 6.50% due 11/15/2020*		60,000		58,350
Consumer Products - Misc. — 0.1%
Kimberly-Clark de Mexico SAB de CV Senior Notes 3.25% due 03/12/2025*		103,000		98,253
Cruise Lines — 0.1%
NCL Corp., Ltd. Senior Notes 4.63% due 11/15/2020*		90,000		90,225

Security Description	Principal Amount		Value (Note 2)
Cruise Lines (continued)
Viking Cruises, Ltd. Senior Notes 6.25% due 05/15/2025*	$	100,000	$	94,000
				184,225
Diversified Banking Institutions — 0.8%
Deutsche Bank AG Senior Notes 1.88% due 02/13/2018		300,000		298,955
Deutsche Bank AG Sub. Notes 4.50% due 04/01/2025		237,000		223,838
HSBC Holdings PLC Sub. Notes 4.25% due 08/18/2025		200,000		201,347
Lloyds Banking Group PLC Company Guar. Notes 5.30% due 12/01/2045*		201,000		203,740
Societe Generale SA 1st. Mtg. Bonds 5.63% due 11/24/2045*		200,000		197,938
UBS AG Senior Notes 1.80% due 03/26/2018		262,000		261,944
				1,387,762
Diversified Manufacturing Operations — 0.0%
Ingersoll-Rand Luxembourg Finance SA Company Guar. Notes 4.65% due 11/01/2044		29,000		27,904
Diversified Minerals — 0.1%
Anglo American Capital PLC Company Guar. Notes 4.88% due 05/14/2025*		46,000		34,270
FMG Resources August 2006 Pty, Ltd. Senior Sec. Notes 9.75% due 03/01/2022#*		55,000		53,075
Teck Resources, Ltd. Company Guar. Notes 2.50% due 02/01/2018#		46,000		35,880
				123,225
Electric - Generation — 0.3%
Electricite de France SA Senior Notes 2.35% due 10/13/2020*		267,000		263,809
Electricite de France SA Senior Notes 3.63% due 10/13/2025*		49,000		48,495
Electricite de France SA Senior Notes 4.95% due 10/13/2045*		105,000		103,017
Electricite de France SA Senior Notes 6.00% due 01/22/2114*		42,000		41,496
				456,817
Electronic Components - Misc. — 0.0%
Flextronics International, Ltd. Company Guar. Notes 4.75% due 06/15/2025*		30,000		28,892

29

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Finance - Leasing Companies — 0.0%
Aircastle, Ltd. Senior Notes 4.63% due 12/15/2018	$	14,000	$	14,420
Aircastle, Ltd. Senior Notes 6.25% due 12/01/2019		34,000		36,720
				51,140
Gold Mining — 0.0%
Goldcorp, Inc. Senior Notes 5.45% due 06/09/2044		47,000		41,421
Kinross Gold Corp. Company Guar. Notes 5.95% due 03/15/2024		26,000		20,490
				61,911
Insurance - Multi-line — 0.1%
XLIT, Ltd. Company Guar. Notes 4.45% due 03/31/2025		52,000		51,270
XLIT, Ltd. Company Guar. Notes 5.50% due 03/31/2045		116,000		109,490
				160,760
Insurance - Property/Casualty — 0.0%
Allied World Assurance Co. Holdings, Ltd. Company Guar. Notes 4.35% due 10/29/2025		77,000		75,985
Machinery - General Industrial — 0.0%
ATS Automation Tooling Systems, Inc. Senior Notes 6.50% due 06/15/2023*		47,000		47,940
Medical - Drugs — 0.1%
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.38% due 03/15/2020*		75,000		67,125
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.63% due 12/01/2021*		22,000		19,195
				86,320
Medical - Generic Drugs — 0.1%
Actavis Funding SCS Company Guar. Notes 3.00% due 03/12/2020		103,000		104,396
Oil & Gas Drilling — 0.0%
Pacific Drilling SA Senior Sec. Notes 5.38% due 06/01/2020#*		50,000		25,625
Oil Companies - Exploration & Production — 0.2%
Anadarko Finance Co. Company Guar. Notes 7.50% due 05/01/2031		41,000		49,480
Baytex Energy Corp. Company Guar. Notes 5.13% due 06/01/2021*		12,000		10,020
Baytex Energy Corp. Company Guar. Notes 5.63% due 06/01/2024*		135,000		110,362

Security Description	Principal Amount		Value (Note 2)
Oil Companies - Exploration & Production (continued)
MEG Energy Corp. Company Guar. Notes 6.38% due 01/30/2023*	$	49,000	$	40,670
MEG Energy Corp. Company Guar. Notes 6.50% due 03/15/2021*		75,000		64,500
Talisman Energy, Inc. Senior Notes 5.50% due 05/15/2042		112,000		89,383
				364,415
Oil Companies - Integrated — 0.2%
BP Capital Markets PLC Company Guar. Notes 3.25% due 05/06/2022		71,000		71,795
BP Capital Markets PLC Company Guar. Notes 3.54% due 11/04/2024		61,000		61,622
Petroleos Mexicanos Company Guar. Notes 5.50% due 06/27/2044		26,000		21,450
Shell International Finance BV Company Guar. Notes 1.25% due 11/10/2017		79,000		78,867
Shell International Finance BV Company Guar. Notes 2.13% due 05/11/2020		83,000		82,711
Shell International Finance BV Company Guar. Notes 2.25% due 11/10/2020		91,000		90,806
				407,251
Paper & Related Products — 0.1%
Cascades, Inc. Senior Notes 5.75% due 07/15/2023*		100,000		95,500
Satellite Telecom — 0.1%
Intelsat Jackson Holdings SA Company Guar. Notes 7.50% due 04/01/2021		75,000		62,250
Intelsat Luxembourg SA Company Guar. Notes 7.75% due 06/01/2021		60,000		23,400
				85,650
Security Services — 0.0%
Garda World Security Corp. Company Guar. Notes 7.25% due 11/15/2021*		56,000		49,840
Steel - Producers — 0.0%
ArcelorMittal Senior Notes 7.75% due 03/01/2041		75,000		56,625
SupraNational Banks — 0.1%
North American Development Bank Senior Notes 2.30% due 10/10/2018		157,000		158,763
Telecom Services — 0.1%
Virgin Media Secured Finance PLC Senior Sec. Notes 5.25% due 01/15/2026*		200,000		196,000

30

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Telephone - Integrated — 0.1%
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038	$	123,000	$	131,180
Transport - Rail — 0.1%
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		85,000		86,743
Total Foreign Corporate Bonds & Notes
(cost $7,329,616)				7,140,539
U.S. GOVERNMENT AGENCIES — 11.7%
Federal Home Loan Mtg. Corp. — 3.1%
1.89% due 02/01/2037 FRS		22,608		23,582
2.50% due 01/01/2028		73,773		75,364
2.56% due 11/01/2037 FRS		197,004		210,115
3.00% due 08/01/2027		296,141		306,892
3.00% due 10/01/2042		174,082		175,022
3.00% due 11/01/2042		343,903		345,766
3.00% due 04/01/2043		479,372		481,841
3.00% due 07/01/2045		172,743		173,423
3.00% due 10/01/2045		145,719		146,295
3.50% due 02/01/2042		156,984		162,544
3.50% due 03/01/2042		90,703		94,150
3.50% due 08/01/2042		509,286		528,638
3.50% due 09/01/2043		176,784		183,386
3.50% due 03/01/2045		586,828		607,140
3.50% due 07/01/2045		210,305		217,593
3.50% due 08/01/2045		232,664		241,016
3.50% due 10/01/2045		299,160		309,516
4.00% due 09/01/2040		81,337		86,382
4.50% due 01/01/2039		5,934		6,403
4.50% due 12/01/2039		270,146		296,854
5.00% due 10/01/2033		1,973		2,185
5.00% due 11/01/2043		166,059		183,571
6.00% due 08/01/2036		59,973		68,113
6.00% due 03/01/2040		35,693		40,501
6.50% due 05/01/2036		195		222
Federal Home Loan Mtg. Corp. REMIC Series 3964, Class MD 2.00% due 01/15/2041(4)		11,427		11,420
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk Series 2014-DN1, Class M2 2.40% due 02/25/2024 FRS(4)		103,000		103,177
Series 2014-HQ2, Class M2 2.40% due 09/25/2024 FRS(4)		150,000		149,082
				5,230,193
Federal National Mtg. Assoc. — 8.0%
2.01% due 09/01/2035 FRS		172,908		180,562
2.25% due 05/01/2037 FRS		39,486		41,537
2.35% due 07/01/2039 FRS		120,345		126,770
2.42% due 10/01/2035 FRS		166,317		176,566
2.47% due 05/01/2040 FRS		185,972		197,766
2.50% due 11/01/2036 FRS		58,492		62,357
2.50% due 04/01/2028		239,568		244,007
2.50% due December 15 TBA		553,000		560,172
2.58% due 10/01/2040 FRS		39,405		41,873
2.62% due 08/01/2035 FRS		74,684		79,721
2.67% due 10/01/2040 FRS		91,926		97,678
3.00% due 10/01/2027		130,984		136,130
3.00% due 12/01/2027		110,168		114,323
3.00% due 01/01/2028		199,043		206,793

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
3.00% due December 15 TBA	$	200,000	$	207,044
3.00% due 03/01/2042		107,332		108,211
3.00% due 12/01/2042		58,286		58,700
3.00% due 05/01/2043		330,582		332,876
3.00% due 02/01/2045		212,708		213,785
3.00% due 06/01/2045		195,628		196,806
3.00% due December 30 TBA		688,000		691,037
3.50% due 08/01/2026		147,659		155,459
3.50% due 08/01/2027		21,686		22,823
3.50% due 10/01/2028		228,389		241,257
3.50% due 08/01/2042		334,110		346,938
3.50% due 08/01/2043		757,517		785,606
3.50% due 07/01/2045		141,141		146,306
3.50% due 09/01/2045		159,973		165,814
3.50% due December 30 TBA		446,000		461,924
4.00% due 09/01/2040		76,348		81,193
4.00% due 12/01/2040		460,623		489,778
4.00% due 11/01/2041		168,656		179,261
4.00% due 01/01/2042		97,774		103,861
4.00% due 10/01/2043		10,499		11,179
4.00% due 12/01/2043		103,149		110,541
4.00% due 10/01/2044		469,596		498,795
4.00% due 11/01/2044		143,056		151,912
4.00% due December 30 TBA		2,300,000		2,440,066
4.50% due 10/01/2024		87,911		94,832
4.50% due 03/01/2025		129,117		137,772
4.50% due 01/01/2039		17,192		18,602
4.50% due 09/01/2039		83,412		90,271
4.50% due 11/01/2040		23,634		25,594
4.50% due 05/01/2041		88,497		95,836
4.50% due 07/01/2041		38,551		41,758
4.50% due December 30 TBA		1,251,000		1,352,253
5.00% due 03/15/2016		67,000		67,912
5.00% due 11/01/2033		3,206		3,554
5.00% due 05/01/2040		52,351		57,906
5.00% due 06/01/2040		159,430		176,209
5.00% due 07/01/2040		340,152		375,333
5.50% due 12/01/2029		21,288		23,764
5.50% due 08/01/2037		102,315		114,560
6.00% due 05/01/2017		5,954		6,077
6.00% due 11/01/2038		80,579		91,386
6.00% due 06/01/2040		4,899		5,554
6.50% due 02/01/2017		2,464		2,502
Fannie Mae Connecticut Avenue Securities FRS Series 2014-C01, Class M1 1.82% due 01/25/2024 FRS(4)		314,372		314,717
Federal National Mtg. Assoc. REMIC Series 2011-117, Class MA 2.00% due 08/25/2040(4)		83,639		82,993
				13,646,812
Government National Mtg. Assoc. — 0.6%
3.00% due 02/20/2045		230,229		234,383
3.00% due 05/20/2045		164,724		167,696
3.00% due December 30 TBA		175,000		177,888
3.50% due 03/20/2045		182,719		191,100
3.50% due 04/20/2045		266,962		279,207
4.00% due 03/20/2044		20,478		21,835
6.00% due 02/15/2029		2,071		2,356
6.00% due 06/15/2029		8,225		9,555
				1,084,020

31

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Tennessee Valley Authority — 0.0%
Tennessee Valley Authority 1.75% due 10/15/2018	$	50,000	$	50,635
Total U.S. Government Agencies
(cost $19,981,065)				20,011,660
U.S. GOVERNMENT TREASURIES — 4.2%
United States Treasury Bonds — 0.9%
United States Treasury Bonds
3.00% due 11/15/2044		1,352,000		1,351,313
3.00% due 05/15/2045		44,000		43,959
3.38% due 05/15/2044		33,000		35,508
3.63% due 02/15/2044		19,000		21,439
4.50% due 02/15/2036		27,000		34,768
				1,486,987
United States Treasury Notes — 3.3%
United States Treasury Notes
0.13% due 04/15/2018 TIPS(5)		222,350		222,327
0.63% due 05/31/2017		1,500,000		1,494,961
1.38% due 03/31/2020		409,000		405,437
1.38% due 04/30/2020		122,000		120,847
1.38% due 09/30/2020		352,000		347,353
1.50% due 01/31/2022		48,000		46,856
2.00% due 07/31/2022		45,000		45,088
2.00% due 02/15/2025		1,019,000		1,000,650
2.13% due 12/31/2021		232,000		235,118
2.13% due 05/15/2025		256,000		253,820
2.25% due 11/15/2024		1,071,000		1,075,936
2.25% due 11/15/2025		450,000		451,283
				5,699,676
Total U.S. Government Treasuries
(cost $7,390,716)				7,186,663
MUNICIPAL BONDS & NOTES — 0.2%
Ohio State University Revenue Bonds Series A 4.80% due 06/01/2111		91,000		87,446
Port Authority of New York & New Jersey Revenue Bonds Series 168 4.93% due 10/01/2051		83,000		88,076
Port Authority of New York & New Jersey Revenue Bonds Series 174 4.46% due 10/01/2062		100,000		96,985
Total Municipal Bonds & Notes
(cost $273,113)				272,507
FOREIGN GOVERNMENT OBLIGATIONS — 0.4%
Electric - Distribution — 0.1%
Hydro-Quebec Government Guar. Notes 1.38% due 06/19/2017		90,000		90,324
Sovereign — 0.2%
Government of Canada Senior Notes 0.88% due 02/14/2017		91,000		91,011
United Mexican States Senior Notes 3.50% due 01/21/2021		149,000		151,757

Security Description	Shares/ Principal Amount			Value (Note 2)
Sovereign (continued)
United Mexican States Senior Notes 4.75% due 03/08/2044	$	121,000		$	113,740
					356,508
Sovereign Agency — 0.1%
Nacional Financiera SNC Senior Notes 3.38% due 11/05/2020*		203,000			202,746
Total Foreign Government Obligations
(cost $642,171)					649,578
Total Long-Term Investment Securities
(cost $162,855,633)					164,776,085
SHORT-TERM INVESTMENT SECURITIES — 15.4%
Registered Investment Companies — 6.1%
State Street Navigator Securities Lending Prime Portfolio(6)(7) 0.24%		10,480,222			10,480,222
Time Deposits — 6.1%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015		10,461,000			10,461,000
U.S. Government Treasuries — 3.2%
United States Treasury Bills(9) 0.04% due 03/31/2016		100,000			99,930
0.15% due 03/31/2016		400,000			399,719
0.16% due 03/31/2016		2,450,000			2,448,280
0.18% due 03/31/2016		150,000			149,895
0.19% due 03/31/2016		40,000			39,972
0.20% due 03/31/2016		560,000			559,607
0.20% due 03/31/2016		400,000			399,719
0.20% due 03/31/2016		500,000			499,649
0.20% due 03/31/2016		450,000			449,684
0.21% due 03/31/2016		100,000			99,930
0.24% due 03/31/2016		300,000			299,789
					5,446,174
Total Short-Term Investment Securities
(cost $26,388,033)					26,387,396
TOTAL INVESTMENTS
(cost $189,243,666)(8)		112.0	%		191,163,481
Liabilities in excess of other assets		(12.0	)		(20,427,631	)
NET ASSETS		100.0	%	$	170,735,850

# The security or a portion thereof is out on loan

† 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, 2015, the aggregate value of these securities was $13,708,351 representing 8.0% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

(2) Illiquid security. At November 30, 2015, the aggregate value of these securities was $18,303 representing 0.0% of net assets.

(3) Commercial Mortgage Backed Security

(4) Collateralized Mortgage Obligation

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

(6) The rate shown is the 7-day yield as of November 30, 2015.

32

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

(7) At November 30, 2015, the Fund had loaned securities with a total value of $11,654,837. This was secured by collateral of $10,480,222, which was received in cash and subsequently invested in short-term investments currently valued at $10,480,222 as reported in the Portfolio of Investments. Additional collateral of $1,465,879 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
United States Treasury Bills	0.00%	12/10/2015 to 10/13/2016	$	683,705
United States Treasury Notes/Bonds	zero coupon to 8.13%	01/15/2016 to 05/15/2045		782,174

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

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

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

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 amount and maturity date will be determined upon settlement date.

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 at November 30, 2015 and, unless noted otherwise, the dates shown are the original maturity dates.

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2015		Unrealized Appreciation (Depreciation)
	710	Long	EURO STOXX 50 Index		December 2015	$	24,026,289	$	26,292,768	$	2,266,479
	31	Long	Russell 1000 Value Index		December 2015		3,062,040		3,061,870		(170	)
	14	Long	Russell 2000 Mini Index		December 2015		1,605,842		1,674,260		68,418
	339	Short	S&P 500 E-Mini Index		December 2015		32,949,783		35,252,610		(2,302,827	)
	53	Long	TOPIX Index		December 2015		6,230,277		6,811,210		580,933
	43	Short	U.S. Treasury 10 Year Notes		March 2016		5,436,714		5,436,813		(99	)
										$	612,734

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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:
Communications Equipment	$	—	$	—	$	0	$	0
Television		—		—		18,284		18,284
Other Industries		84,805,256		—		—		84,805,256
Exchange-Traded Funds		11,580,381		—		—		11,580,381
Preferred Securities		265,667		—		—		265,667
Preferred Securities/Capital Securities		—		2,212,412		—		2,212,412
Asset Backed Securities		—		3,691,440		—		3,691,440
U.S. Corporate Bonds & Notes:
Airlines		—		203,571		2,697		206,268
Other Industries		—		26,735,430		—		26,735,430
Foreign Corporate Bonds & Notes		—		7,140,539		—		7,140,539
U.S. Government Agencies		—		20,011,660		—		20,011,660
U.S. Government Treasuries		—		7,186,663		—		7,186,663
Municipal Bonds & Notes		—		272,507		—		272,507
Foreign Government Obligations		—		649,578		—		649,578
Short-Term Investment Securities:
Registered Investment Companies		10,480,222		—		—		10,480,222
Other Short-Term Investment Securities		—		15,907,174		—		15,907,174
Total Investments at Value	$	107,131,526	$	84,010,974	$	20,981	$	191,163,481
Other Financial Instruments:†
Futures Contracts	$	2,915,830	$	—	$	—	$	2,915,830
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	2,303,096	$	—	$	—	$	2,303,096

* 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 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

33

VALIC Company I Blue Chip Growth Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	9.2	%
E-Commerce/Products	8.8
Web Portals/ISP	7.5
Finance — Credit Card	5.6
Medical — Drugs	5.4
Applications Software	5.4
E-Commerce/Services	5.1
Internet Content — Entertainment	3.5
Diagnostic Equipment	3.2
Medical — Wholesale Drug Distribution	3.1
Medical — HMO	2.8
Retail — Building Products	2.7
Airlines	2.1
Retail — Auto Parts	1.8
Retail — Restaurants	1.8
Aerospace/Defense	1.7
Computers	1.6
Retail — Drug Store	1.6
Real Estate Investment Trusts	1.6
Instruments — Scientific	1.4
Medical Products	1.3
Registered Investment Companies	1.3
Internet Application Software	1.3
Diversified Banking Institutions	1.2
Cruise Lines	1.2
Machinery — General Industrial	1.1
Data Processing/Management	1.1
Multimedia	1.0
Finance — Other Services	1.0
Medical Instruments	1.0
Athletic Footwear	1.0
Retail — Apparel/Shoe	0.9
Finance — Investment Banker/Broker	0.9
Banks — Fiduciary	0.8
Apparel Manufacturers	0.8
Hotels/Motels	0.8
Chemicals — Specialty	0.8
Internet Content — Information/News	0.7
Retail — Gardening Products	0.7
Transport — Services	0.7
Coatings/Paint	0.5
Transport — Rail	0.5
Casino Hotels	0.4
Auto — Cars/Light Trucks	0.4
Investment Management/Advisor Services	0.4
Beverages — Wine/Spirits	0.4
Insurance Brokers	0.3
Oil Companies — Exploration & Production	0.3
Computer Services	0.3
Entertainment Software	0.3
Retail — Discount	0.3
Transport — Truck	0.2
Diversified Manufacturing Operations	0.2
Auto/Truck Parts & Equipment — Original	0.2
Cosmetics & Toiletries	0.2
Computer Software	0.1
X-Ray Equipment	0.1
Retail — Automobile	0.1
Beverages — Non-alcoholic	0.1
Commercial Services — Finance	0.1
	100.9	%

* Calculated as a percentage of net assets

34

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.6%
Aerospace/Defense — 1.7%
Boeing Co.		70,800	$	10,297,860
Lockheed Martin Corp.		4,100		898,556
Rockwell Collins, Inc.		1,500		139,020
				11,335,436
Airlines — 2.1%
Alaska Air Group, Inc.		28,700		2,288,251
American Airlines Group, Inc.		198,300		8,181,858
Delta Air Lines, Inc.		1,000		46,460
United Continental Holdings, Inc.†		66,600		3,711,618
				14,228,187
Apparel Manufacturers — 0.8%
Hanesbrands, Inc.		164,800		5,054,416
VF Corp.		5,600		362,320
				5,416,736
Applications Software — 5.4%
Microsoft Corp.		312,300		16,973,505
Red Hat, Inc.†		49,600		4,037,936
Salesforce.com, Inc.†		133,100		10,606,739
ServiceNow, Inc.†		45,800		3,985,058
				35,603,238
Athletic Footwear — 1.0%
NIKE, Inc., Class B		48,100		6,362,668
Auto - Cars/Light Trucks — 0.4%
Ferrari NV†#		4,000		185,400
Tesla Motors, Inc.†#		11,060		2,546,676
				2,732,076
Auto/Truck Parts & Equipment - Original — 0.2%
BorgWarner, Inc.		3,800		162,222
Delphi Automotive PLC		11,400		1,001,832
				1,164,054
Banks - Fiduciary — 0.8%
Bank of New York Mellon Corp.		29,900		1,310,816
Northern Trust Corp.		10,700		801,858
State Street Corp.		46,400		3,367,712
				5,480,386
Beverages - Non-alcoholic — 0.1%
Monster Beverage Corp.†		3,500		541,135
Beverages - Wine/Spirits — 0.4%
Constellation Brands, Inc., Class A		16,800		2,356,368
Brewery — 0.0%
Molson Coors Brewing Co., Class B		1,400		128,842
Casino Hotels — 0.4%
Las Vegas Sands Corp.		1,800		79,308
MGM Resorts International†		121,200		2,756,088
				2,835,396
Cellular Telecom — 0.0%
T-Mobile US, Inc.†		3,800		134,900
Chemicals - Diversified — 0.0%
PPG Industries, Inc.		500		52,870
Chemicals - Specialty — 0.8%
Ashland, Inc.#		16,400		1,847,460
Ecolab, Inc.		27,900		3,324,564
				5,172,024

Security Description	Shares		Value (Note 2)
Coatings/Paint — 0.5%
Sherwin-Williams Co.		12,000	$	3,312,840
Commercial Services - Finance — 0.1%
PayPal Holdings, Inc.†		12,600		444,276
Computer Services — 0.3%
Cognizant Technology Solutions Corp., Class A†		20,300		1,310,974
IHS, Inc., Class A†		6,900		850,839
				2,161,813
Computer Software — 0.1%
Akamai Technologies, Inc.†		12,700		731,647
Computers — 1.6%
Apple, Inc.		92,600		10,954,580
Cosmetics & Toiletries — 0.2%
Estee Lauder Cos., Inc., Class A		12,200		1,026,264
Cruise Lines — 1.2%
Carnival Corp.		6,800		343,604
Norwegian Cruise Line Holdings, Ltd.†		68,100		3,911,664
Royal Caribbean Cruises, Ltd.		41,900		3,880,359
				8,135,627
Data Processing/Management — 1.1%
First Data Corp., Class A†		48,900		821,520
Fiserv, Inc.†		64,300		6,188,232
				7,009,752
Diagnostic Equipment — 3.2%
Danaher Corp.		219,680		21,174,955
Diversified Banking Institutions — 1.2%
Citigroup, Inc.		10,600		573,354
Morgan Stanley		223,700		7,672,910
				8,246,264
Diversified Manufacturing Operations — 0.2%
Textron, Inc.		35,000		1,493,450
E-Commerce/Products — 8.8%
Alibaba Group Holding, Ltd. ADR†		108,521		9,124,446
Amazon.com, Inc.†		73,700		48,995,760
JD.com, Inc. ADR†		23,300		714,844
				58,835,050
E-Commerce/Services — 5.1%
Ctrip.com International, Ltd. ADR†		34,500		3,691,845
Netflix, Inc.†		75,100		9,262,083
Priceline Group, Inc.†		16,800		20,980,680
				33,934,608
Entertainment Software — 0.3%
Electronic Arts, Inc.†		30,000		2,033,700
Finance - Credit Card — 5.6%
MasterCard, Inc., Class A		178,000		17,429,760
Visa, Inc., Class A		247,300		19,539,173
				36,968,933
Finance - Investment Banker/Broker — 0.9%
TD Ameritrade Holding Corp.		162,000		5,934,060
Finance - Other Services — 1.0%
Intercontinental Exchange, Inc.		25,200		6,547,968
Hotels/Motels — 0.8%
Hilton Worldwide Holdings, Inc.		148,859		3,456,506
Marriott International, Inc., Class A		26,790		1,899,679
				5,356,185

35

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Instruments - Scientific — 1.4%
Thermo Fisher Scientific, Inc.		66,200	$	9,162,080
Insurance Brokers — 0.3%
Marsh & McLennan Cos., Inc.		39,800		2,200,940
Internet Application Software — 1.3%
Tencent Holdings, Ltd.		416,800		8,316,164
Internet Content - Entertainment — 3.5%
Facebook, Inc., Class A†		221,441		23,083,010
Internet Content - Information/News — 0.7%
LinkedIn Corp., Class A†		20,200		4,910,822
Investment Management/Advisor Services — 0.4%
Ameriprise Financial, Inc.		23,640		2,670,138
Machinery - General Industrial — 1.1%
Roper Technologies, Inc.		24,000		4,643,760
Wabtec Corp.		36,500		2,924,380
				7,568,140
Machinery - Pumps — 0.0%
Flowserve Corp.		1,900		87,856
Medical Instruments — 1.0%
Intuitive Surgical, Inc.†		9,000		4,680,180
Medtronic PLC		24,492		1,845,227
				6,525,407
Medical Products — 1.3%
Becton Dickinson and Co.		34,500		5,183,625
Henry Schein, Inc.†		6,100		954,528
Stryker Corp.		27,300		2,633,358
				8,771,511
Medical - Biomedical/Gene — 9.2%
Alexion Pharmaceuticals, Inc.†		88,700		15,827,628
Amgen, Inc.		2,000		322,200
Biogen, Inc.†		21,200		6,081,432
Celgene Corp.†		112,200		12,280,290
Gilead Sciences, Inc.		112,600		11,931,096
Incyte Corp.†		7,800		891,072
Regeneron Pharmaceuticals, Inc.†		14,500		7,895,250
Vertex Pharmaceuticals, Inc.†		48,000		6,209,280
				61,438,248
Medical - Drugs — 5.4%
AbbVie, Inc.		5,800		337,270
Allergan PLC†		54,351		17,060,235
Bristol-Myers Squibb Co.		108,400		7,263,884
Eli Lilly & Co.		66,300		5,439,252
Shire PLC ADR		2,500		520,900
Valeant Pharmaceuticals International, Inc.†		53,700		4,830,852
Zoetis, Inc.		10,000		467,000
				35,919,393
Medical - Generic Drugs — 0.0%
Perrigo Co. PLC		400		59,756
Medical - HMO — 2.8%
Aetna, Inc.		28,500		2,928,375
Anthem, Inc.		41,200		5,371,656
Cigna Corp.		2,500		337,450
Humana, Inc.		6,600		1,113,156
UnitedHealth Group, Inc.		81,200		9,152,052
				18,902,689
Medical - Wholesale Drug Distribution — 3.1%
AmerisourceBergen Corp.		22,800		2,248,992
Cardinal Health, Inc.		51,600		4,481,460
McKesson Corp.		74,200		14,049,770
				20,780,222

Security Description	Shares		Value (Note 2)
Multimedia — 1.0%
Time Warner, Inc.		800	$	55,984
Walt Disney Co.		58,800		6,672,036
				6,728,020
Oil Companies - Exploration & Production — 0.3%
Cimarex Energy Co.		7,700		916,454
Concho Resources, Inc.†		5,100		558,144
EQT Corp.		2,300		131,606
Pioneer Natural Resources Co.		4,100		593,475
				2,199,679
Real Estate Investment Trusts — 1.6%
American Tower Corp.		107,500		10,683,350
Retail - Apparel/Shoe — 0.9%
L Brands, Inc.		21,500		2,051,315
PVH Corp.		1,500		136,935
Ross Stores, Inc.		78,600		4,087,986
				6,276,236
Retail - Auto Parts — 1.8%
AutoZone, Inc.†		5,300		4,153,981
O’Reilly Automotive, Inc.†		30,200		7,968,874
				12,122,855
Retail - Automobile — 0.1%
CarMax, Inc.†		11,000		630,300
Retail - Building Products — 2.7%
Home Depot, Inc.		62,700		8,394,276
Lowe’s Cos., Inc.		127,300		9,751,180
				18,145,456
Retail - Discount — 0.3%
Costco Wholesale Corp.		10,900		1,759,478
Retail - Drug Store — 1.6%
CVS Health Corp.		51,100		4,807,999
Walgreens Boots Alliance, Inc.		72,800		6,117,384
				10,925,383
Retail - Gardening Products — 0.7%
Tractor Supply Co.		52,400		4,681,940
Retail - Restaurants — 1.8%
Chipotle Mexican Grill, Inc.†		4,300		2,492,065
Starbucks Corp.		148,900		9,140,971
				11,633,036
Transport - Rail — 0.5%
Canadian Pacific Railway, Ltd.		19,200		2,831,424
Union Pacific Corp.		5,700		478,515
				3,309,939
Transport - Services — 0.7%
FedEx Corp.		28,100		4,454,974
Transport - Truck — 0.2%
J.B. Hunt Transport Services, Inc.		19,200		1,502,208
Web Portals/ISP — 7.5%
Alphabet, Inc., Class A†		22,700		17,316,695
Alphabet, Inc., Class C†		36,884		27,390,058
Baidu, Inc. ADR†		22,800		4,969,716
				49,676,469
X-Ray Equipment — 0.1%
Hologic, Inc.†		17,400		702,090
Total Long-Term Investment Securities
(cost $425,486,356)				663,674,077

36

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.3%
Registered Investment Companies — 1.3%
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2)		4,682,825		$	4,682,825
T. Rowe Price Reserve Investment Fund 0.12%(2)		3,772,885			3,772,885
Total Short-Term Investment Securities
(cost $8,455,710)					8,455,710
TOTAL INVESTMENTS
(cost $433,942,066)(3)		100.9	%		672,129,787
Liabilities in excess of other assets		(0.9	)		(6,155,521	)
NET ASSETS		100.0	%	$	665,974,266

† Non-income producing security

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

(1) At November 30, 2015, the Fund had loaned securities with a total value of $4,579,536. This was secured by collateral of $4,682,825, which was received in cash and subsequently invested in short-term investments currently valued at $4,682,825 as reported in the portfolio of investments.

(2) The rate shown is the 7-day yield as of November 30, 2015.

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	663,674,077	$	—	$	—	$	663,674,077
Short-Term Investment Securities		8,455,710		—		—		8,455,710
Total Investments at Value	$	672,129,787	$	—	$	—	$	672,129,787

* 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. Securities currently valued at $8,316,164 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

37

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Banks — Super Regional	7.0	%
Diversified Banking Institutions	6.9
Medical — Drugs	5.4
Aerospace/Defense	5.0
Electronic Components — Semiconductors	5.0
Cruise Lines	5.0
Tobacco	5.0
Medical — HMO	3.9
Oil Companies — Exploration & Production	3.2
Savings & Loans/Thrifts	3.1
Oil Companies — Integrated	2.9
Time Deposits	2.8
Auto/Truck Parts & Equipment — Original	2.6
Finance — Credit Card	2.5
Registered Investment Companies	2.2
Finance — Consumer Loans	2.1
Building — Residential/Commercial	2.0
Building & Construction Products — Misc.	2.0
Tools — Hand Held	1.9
Apparel Manufacturers	1.8
Building Products — Cement	1.6
Banks — Fiduciary	1.6
Industrial Gases	1.5
Medical — Generic Drugs	1.5
Applications Software	1.5
Telephone — Integrated	1.5
Advertising Services	1.5
Medical — Wholesale Drug Distribution	1.4
Medical Instruments	1.4
Enterprise Software/Service	1.4
Investment Management/Advisor Services	1.3
Aerospace/Defense — Equipment	1.2
Resorts/Theme Parks	1.2
Oil Refining & Marketing	1.1
Semiconductor Components — Integrated Circuits	1.1
Instruments — Controls	1.0
Engineering/R&D Services	1.0
Electronic Security Devices	1.0
Machinery — Farming	0.9
Diversified Manufacturing Operations	0.9
Finance — Investment Banker/Broker	0.9
Retail — Discount	0.9
Cellular Telecom	0.8
Machinery — Pumps	0.6
Chemicals — Diversified	0.5
Oil & Gas Drilling	0.2
Machinery — Construction & Mining	0.1
	101.9	%

* Calculated as a percentage of net assets

38

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.9%
Advertising Services — 1.5%
Nielsen Holdings PLC		18,100	$	844,908
Aerospace/Defense — 5.0%
General Dynamics Corp.		4,700		688,362
Raytheon Co.		5,460		677,204
Rolls-Royce Holdings PLC ADR		63,000		575,190
Spirit AeroSystems Holdings, Inc., Class A†		18,200		954,590
				2,895,346
Aerospace/Defense - Equipment — 1.2%
United Technologies Corp.		7,290		700,205
Apparel Manufacturers — 1.8%
Hanesbrands, Inc.		33,300		1,021,311
Applications Software — 1.5%
Microsoft Corp.		15,935		866,067
Auto/Truck Parts & Equipment - Original — 2.6%
Delphi Automotive PLC		6,900		606,372
Johnson Controls, Inc.		19,500		897,000
				1,503,372
Banks - Fiduciary — 1.6%
State Street Corp.		12,410		900,718
Banks - Super Regional — 7.0%
Capital One Financial Corp.		16,025		1,258,123
Fifth Third Bancorp		28,400		587,028
PNC Financial Services Group, Inc.		8,725		833,325
Wells Fargo & Co.		23,945		1,319,369
				3,997,845
Building & Construction Products - Misc. — 2.0%
Owens Corning		24,400		1,142,896
Building Products - Cement — 1.6%
CRH PLC ADR		31,400		920,648
Building - Residential/Commercial — 2.0%
NVR, Inc.†		699		1,176,054
Cellular Telecom — 0.8%
Vodafone Group PLC ADR		12,954		434,736
Chemicals - Diversified — 0.5%
FMC Corp.		6,100		262,117
Cruise Lines — 5.0%
Carnival Corp.		19,300		975,229
Norwegian Cruise Line Holdings, Ltd.†		14,200		815,648
Royal Caribbean Cruises, Ltd.		11,600		1,074,276
				2,865,153
Diversified Banking Institutions — 6.9%
Bank of America Corp.		72,326		1,260,642
Citigroup, Inc.		27,810		1,504,243
JPMorgan Chase & Co.		17,905		1,193,905
				3,958,790
Diversified Manufacturing Operations — 0.9%
Eaton Corp. PLC		9,100		529,256
Electronic Components - Semiconductors — 5.0%
Fairchild Semiconductor International, Inc.†		22,000		429,880
Intel Corp.		15,300		531,981
Microchip Technology, Inc.#		20,200		975,256
Texas Instruments, Inc.		16,320		948,518
				2,885,635

Security Description	Shares		Value (Note 2)
Electronic Security Devices — 1.0%
Tyco International PLC		15,800	$	557,898
Engineering/R&D Services — 1.0%
KBR, Inc.		29,000		563,760
Enterprise Software/Service — 1.4%
Oracle Corp.		20,400		794,988
Finance - Consumer Loans — 2.1%
Navient Corp.		49,605		590,795
SLM Corp.†		91,805		620,143
				1,210,938
Finance - Credit Card — 2.5%
American Express Co.		11,255		806,308
Discover Financial Services		11,000		624,360
				1,430,668
Finance - Investment Banker/Broker — 0.9%
E*TRADE Financial Corp.†		17,100		520,353
Industrial Gases — 1.5%
Air Products & Chemicals, Inc.		6,500		889,785
Instruments - Controls — 1.0%
Honeywell International, Inc.		5,800		602,910
Investment Management/Advisor Services — 1.3%
Ameriprise Financial, Inc.		6,500		734,175
Machinery - Construction & Mining — 0.1%
Joy Global, Inc.#		2,900		44,515
Machinery - Farming — 0.9%
Deere & Co.		6,700		533,119
Machinery - Pumps — 0.6%
SPX FLOW, Inc.†		9,500		319,200
Medical Instruments — 1.4%
Medtronic PLC		10,730		808,398
Medical - Drugs — 5.4%
Johnson & Johnson		8,185		828,649
Merck & Co., Inc.		13,900		736,839
Pfizer, Inc.		26,341		863,195
Sanofi ADR		15,600		689,832
				3,118,515
Medical - Generic Drugs — 1.5%
Teva Pharmaceutical Industries, Ltd. ADR		13,800		868,434
Medical - HMO — 3.9%
Anthem, Inc.		4,715		614,742
Cigna Corp.		6,000		809,880
UnitedHealth Group, Inc.		7,020		791,224
				2,215,846
Medical - Wholesale Drug Distribution — 1.4%
Cardinal Health, Inc.		9,600		833,760
Oil & Gas Drilling — 0.2%
Seadrill, Ltd.†#		22,000		133,760
Oil Companies - Exploration & Production — 3.2%
ConocoPhillips		15,765		852,098
Fairmount Santrol Holdings, Inc.†#		37,900		111,047
Occidental Petroleum Corp.		11,365		859,081
				1,822,226

39

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Integrated — 2.9%
BP PLC ADR		23,835	$	824,691
Chevron Corp.		9,200		840,144
				1,664,835
Oil Refining & Marketing — 1.1%
Phillips 66		6,900		631,557
Resort/Theme Parks — 1.2%
SeaWorld Entertainment, Inc.#		38,900		681,139
Retail - Discount — 0.9%
Target Corp.		7,100		514,750
Savings & Loans/Thrifts — 3.1%
First Niagara Financial Group, Inc.		25,800		278,124
New York Community Bancorp, Inc.		43,500		713,400
People’s United Financial, Inc.		47,800		800,650
				1,792,174
Semiconductor Components - Integrated Circuits — 1.1%
QUALCOMM, Inc.		12,500		609,875
Telephone - Integrated — 1.5%
Verizon Communications, Inc.		19,038		865,277
Tobacco — 5.0%
Altria Group, Inc.		18,170		1,046,592
Philip Morris International, Inc.		8,100		707,859
Reynolds American, Inc.		23,656		1,094,090
				2,848,541
Tools - Hand Held — 1.9%
Stanley Black & Decker, Inc.		9,860		1,076,318
Total Long-Term Investment Securities
(cost $45,566,838)				55,592,771

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 5.0%
Registered Investment Companies — 2.2%
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2)	$	1,259,296		$	1,259,296
Time Deposits — 2.8%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015		1,594,000			1,594,000
Total Short-Term Investment Securities
(cost $2,853,296)					2,853,296
TOTAL INVESTMENTS
(cost $48,420,134)(3)		101.9	%		58,446,067
Liabilities in excess of other assets		(1.9	)		(1,097,376	)
NET ASSETS		100.0	%	$	57,348,691

† Non-income producing security

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

(1) At November 30, 2015, the Fund had loaned securities with a total value of $1,458,682. This was secured by collateral of $1,259,296, which was received in cash and subsequently invested in short-term investments currently valued at $1,259,296 as reported in the Portfolio of Investments. Additional collateral of $225,555 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
United States Treasury Bills	0.00%	04/07/2016	$	8,128
United States Treasury Notes/Bonds	0.13% to 8.88%	01/31/2016 to 08/15/2044		217,427

(2) The rate shown is the 7-day yield as of November 30, 2015.

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	55,592,771	$	—	$	—	$	55,592,771
Short-Term Investment Securities:
Registered Investment Companies		1,259,296		—		—		1,259,296
Time Deposits		—		1,594,000		—		1,594,000
Total Investments at Value*	$	56,852,067	$	1,594,000	$	—	$	58,446,067

* 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, 2015 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	22.6	%
United States Treasury Notes	21.2
Federal Home Loan Mtg. Corp.	10.6
Time Deposits	7.6
Diversified Financial Services	6.4
Diversified Banking Institutions	4.9
United States Treasury Bonds	4.4
Banks — Commercial	3.9
Government National Mtg. Assoc.	2.0
Telephone — Integrated	1.4
Electric — Integrated	1.2
Oil Companies — Integrated	1.1
Auto — Cars/Light Trucks	1.0
Savings & Loans/Thrifts	0.8
Oil Companies — Exploration & Production	0.7
Insurance — Multi-line	0.7
Pipelines	0.6
Banks — Super Regional	0.6
Finance — Other Services	0.6
Paper & Related Products	0.6
Medical Labs & Testing Services	0.6
Aerospace/Defense	0.6
Insurance — Life/Health	0.6
Insurance — Mutual	0.5
Electric — Generation	0.5
Banks — Money Center	0.5
Banks — Fiduciary	0.4
Diversified Manufacturing Operations	0.4
Real Estate Investment Trusts	0.4
Sovereign	0.4
Registered Investment Companies	0.4
Computers	0.4
Electric — Distribution	0.4
Municipal Bonds & Notes	0.3
Machinery — Farming	0.3
Medical — Biomedical/Gene	0.3
Medical — Drugs	0.3
Computer Services	0.3
Brewery	0.3
Medical — Generic Drugs	0.3
Coatings/Paint	0.3
Multimedia	0.3
Enterprise Software/Service	0.2
Finance — Credit Card	0.2
Networking Products	0.2
Retail — Discount	0.2
Aerospace/Defense — Equipment	0.2
Retail — Drug Store	0.2
Cable/Satellite TV	0.2
Tools — Hand Held	0.2
Beverages — Non-alcoholic	0.2
Applications Software	0.2
Beverages — Wine/Spirits	0.2
Medical — HMO	0.2
Electronic Components — Misc.	0.1
Diversified Minerals	0.1
Telecom Services	0.1
Auto — Heavy Duty Trucks	0.1
Consumer Products — Misc.	0.1
Federal Home Loan Bank	0.1
Chemicals — Diversified	0.1
Transport — Rail	0.1
Sovereign Agency	0.1
Schools	0.1
Diagnostic Equipment	0.1
Oil — Field Services	0.1
SupraNational Banks	0.1
Steel Pipe & Tube	0.1
Finance — Consumer Loans	0.1

Electronic Components — Semiconductors	0.1
Chemicals — Specialty	0.1
Gold Mining	0.1
Chemicals — Plastics	0.1
Insurance — Property/Casualty	0.1
Finance — Investment Banker/Broker	0.1
Athletic Footwear	0.1
Real Estate Management/Services	0.1
Tennessee Valley Authority	0.1
Retail — Automobile	0.1
Steel — Specialty	0.1
Diversified Operations	0.1
Metal — Copper	0.1
Advertising Agencies	0.1
Commercial Services — Finance	0.1
	107.1	%

Credit Quality†#

Aaa	62.5	%
Aa	3.8
A	13.6
Baa	15.9
Ba	2.1
B	0.1
Not Rated@	2.0
	100.0	%

* Calculated as a percentage of net assets

@ Represents debt issues that either have no rating, or the rating is unvailable 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, 2015 (unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 5.9%
Diversified Financial Services — 5.9%
American Express Credit Account Master Trust Series 2014-3, Class A 1.49% due 04/15/2020	$	102,000	$	102,340
AmeriCredit Automobile Receivables Trust Series 2015-2,Class C 2.40% due 01/08/2021		314,000		313,264
AmeriCredit Automobile Receivables Trust Series 2013-3, Class D 3.00% due 07/08/2019		375,000		379,051
Applebee’s Funding LLC/IHOP Funding LLC Series 2014-1, Class A2 4.28% due 09/05/2044*		35,000		35,701
B2R Mtg. Trust Series 2015-1, Class A1 2.52% due 05/15/2048*		271,580		267,389
BA Credit Card Trust Series 2015-A2,Class A 1.36% due 09/15/2020		333,000		332,144
Capital Auto Receivables Asset Trust Series 2015-2, Class A2 1.39% due 09/20/2018		409,000		407,952
CarMax Auto Owner Trust Series 2014-2, Class C 2.08% due 01/15/2020		542,000		541,502
Chase Issuance Trust FRS Series 2014-A5, Class A5 0.57% due 04/15/2021		228,000		227,046
Citigroup Commercial Mtg. Trust Series 2014-GC23, Class A2 2.85% due 07/10/2047(1)		420,000		429,610
Citigroup Commercial Mtg. Trust Series 2013-GC17, Class A2 2.96% due 11/10/2046(1)		216,000		220,775
Commercial Mtg. Trust Series 2015-LC23, Class A4 3.77% due 10/10/2053(1)		470,000		485,580
Core Industrial Trust Series 2015-1, Class A 3.04% due 02/10/2034*(1)		1,224,000		1,232,071
DB Master Finance LLC Series 2015-1A, Class A2II 3.98% due 02/20/2045*		163,763		164,403
Dell Equipment Finance Trust Series 2015-1,Class A3 1.30% due 03/23/2020*		335,000		333,044
Discover Card Execution Note Trust Series 2015-A4, Class A1 2.19% due 04/17/2023		569,000		568,659
Ford Credit Auto Owner Trust Series 2014-C,Class B 1.97% due 04/15/2020		282,000		283,393
Ford Credit Auto Owner Trust Series 2015-2, Class A 2.44% due 01/15/2027*		250,000		250,819
GS Mtg. Securities Trust Series 2015-GC28, Class A2 2.90% due 02/10/2048(1)		240,000		245,553
Hyundai Auto Lease Securitization Trust Series 2015-B, Class A3 1.40% due 11/15/2018*		122,000		121,596
LB-UBS Commercial Mtg. Trust Series 2007-C1, Class A4 5.42% due 02/15/2040(1)		948,991		974,366

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class A2 2.98% due 07/15/2050(1)	$	390,000	$	400,232
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19, Class A2 3.10% due 12/15/2047(1)		320,000		330,008
Nissan Auto Lease Trust Series 2014-A, Class A4 1.04% due 10/15/2019		375,000		374,518
NRP Mtg. Trust VRS Series 2013-1, Class A1 3.25% due 07/25/2043*(2)		471,172		464,094
Santander Drive Auto Receivables Trust Series 2014-5, Class C 2.46% due 06/15/2020		282,000		282,226
Sierra Timeshare Receivables Funding LLC Series 2014-2A, Class A 2.05% due 06/20/2031*		104,080		104,398
Sierra Timeshare Receivables Funding LLC Series 2015-2A, Class A 2.43% due 06/20/2032*		166,891		164,753
Synchrony Credit Card Master Note Trust Series 2014-1, Class A 1.61% due 11/15/2020		343,000		342,998
Wachovia Bank Commercial Mtg. Trust VRS Series 2006-C23, Class AM 5.47% due 01/15/2045(1)		1,000,000		1,001,039
Wells Fargo Commercial Mtg. Trust Series BH3-C26, Class A2 2.66% due 02/15/2048(1)		1,100,000		1,115,025
Wendys Funding LLC Series 2015-1A, Class A2I 3.37% due 06/15/2045*		215,000		215,942
Wendys Funding LLC Series 2015-1A, Class A23 4.50% due 06/15/2045*		115,000		113,867
WF-RBS Commercial Mtg. Trust Series 2014-C21, Class A2 2.92% due 08/15/2047(1)		251,000		257,415
WF-RBS Commercial Mtg. Trust Series 2014-C25, Class A2 2.93% due 11/15/2047(1)		900,000		922,181
Total Asset Backed Securities
(cost $14,238,072)				14,004,954
U.S. CORPORATE BONDS & NOTES — 21.8%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc. Senior Notes 4.20% due 04/15/2024		126,000		125,398
Aerospace/Defense — 0.4%
BAE Systems Holdings, Inc. Company Guar. Notes 3.80% due 10/07/2024*		252,000		252,040
BAE Systems Holdings, Inc. Company Guar. Notes 4.75% due 10/07/2044*		32,000		31,068
Boeing Co. Senior Notes 0.95% due 05/15/2018		302,000		299,197
Boeing Co. Senior Notes 2.20% due 10/30/2022		186,000		181,643

42

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Aerospace/Defense (continued)
Lockheed Martin Corp. Senior Notes 4.70% due 05/15/2046	$	154,000	$	157,687
				921,635
Aerospace/Defense-Equipment — 0.2%
Harris Corp. Senior Notes 4.85% due 04/27/2035		241,000		236,760
Harris Corp. Senior Notes 5.05% due 04/27/2045		228,000		223,316
				460,076
Applications Software — 0.2%
Microsoft Corp. Senior Notes 1.30% due 11/03/2018		202,000		201,600
Microsoft Corp. Senior Notes 4.45% due 11/03/2045		177,000		181,758
				383,358
Athletic Footwear — 0.1%
NIKE, Inc. Senior Notes 3.88% due 11/01/2045		176,000		170,406
Auto-Cars/Light Trucks — 0.9%
American Honda Finance Corp. Senior Notes 1.20% due 07/14/2017		305,000		304,223
Daimler Finance North America LLC Company Guar. Notes 1.38% due 08/01/2017*		393,000		389,937
Daimler Finance North America LLC Company Guar. Notes 2.45% due 05/18/2020*		413,000		409,083
Daimler Finance North America LLC Company Guar. Notes 2.63% due 09/15/2016*		150,000		151,656
Ford Motor Credit Co. LLC Senior Notes 1.50% due 01/17/2017		163,000		162,433
Hyundai Capital America Senior Notes 2.40% due 10/30/2018*		485,000		483,909
Toyota Motor Credit Corp. Senior Notes 1.55% due 07/13/2018		167,000		167,113
				2,068,354
Auto-Heavy Duty Trucks — 0.1%
PACCAR Financial Corp. Senior Notes 2.20% due 09/15/2019		335,000		333,913
Banks-Commercial — 1.5%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		473,000		470,175
Fifth Third Bank Senior Notes 2.88% due 10/01/2021		621,000		617,583
First Horizon National Corp. Senior Notes 3.50% due 12/15/2020		589,000		586,859

Security Description	Principal Amount		Value (Note 2)
Banks-Commercial (continued)
First Tennessee Bank NA Senior Notes 2.95% due 12/01/2019	$	258,000	$	256,948
KeyBank NA Senior Notes 2.25% due 03/16/2020		313,000		310,817
MUFG Union Bank NA Senior Notes 3.00% due 06/06/2016		810,000		818,997
PNC Bank NA Senior Notes 1.85% due 07/20/2018		490,000		491,495
				3,552,874
Banks-Fiduciary — 0.2%
Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*		540,000		545,801
Banks-Super Regional — 0.4%
Capital One Financial Corp. Sub. Notes 4.20% due 10/29/2025		167,000		166,422
Wells Fargo & Co. Sub. Notes 4.10% due 06/03/2026		297,000		301,821
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		216,000		222,391
Wells Fargo & Co. Sub. Notes 4.90% due 11/17/2045		320,000		325,665
				1,016,299
Brewery — 0.3%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 1.38% due 07/15/2017		630,000		628,097
Cable/Satellite TV — 0.2%
CCO Safari II LLC Senior Sec. Notes 3.58% due 07/23/2020*		284,000		285,411
CCO Safari II LLC Senior Sec. Notes 6.38% due 10/23/2035*		136,000		140,791
				426,202
Chemicals-Diversified — 0.1%
Solvay Finance America LLC Company Guar. Notes 4.45% due 12/03/2025*		302,000		301,638
Chemicals-Specialty — 0.1%
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034		179,000		228,516
Coatings/Paint — 0.3%
RPM International, Inc. Senior Notes 5.25% due 06/01/2045		409,000		383,969
Sherwin-Williams Co. Senior Notes 4.55% due 08/01/2045		109,000		113,129

43

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Coatings/Paint (continued)
Valspar Corp. Senior Notes 3.95% due 01/15/2026	$	106,000	$	106,318
				603,416
Commercial Services - Finance — 0.0%
Automatic Data Processing, Inc. Senior Notes 2.25% due 09/15/2020		123,000		124,154
Computer Services — 0.3%
Hewlett Packard Enterprise Co. Company Guar. Notes 4.90% due 10/15/2025*		228,000		225,024
Hewlett Packard Enterprise Co. Company Guar. Notes 6.20% due 10/15/2035*		266,000		257,908
Hewlett Packard Enterprise Co. Company Guar. Notes 6.35% due 10/15/2045*		242,000		232,672
				715,604
Computers — 0.4%
Apple, Inc. Senior Notes 2.85% due 05/06/2021		363,000		372,492
Apple, Inc. Senior Notes 3.45% due 02/09/2045		65,000		55,836
Hewlett-Packard Co. Senior Notes 6.00% due 09/15/2041		473,000		435,301
				863,629
Consumer Products - Misc. — 0.0%
Kimberly-Clark Corp. Senior Notes 1.85% due 03/01/2020		87,000		86,413
Containers - Paper/Plastic — 0.0%
Brambles USA, Inc. Company Guar. Notes 4.13% due 10/23/2025*		97,000		97,968
Data Processing/Management — 0.0%
Fidelity National Information Services, Inc. Senior Notes 5.00% due 10/15/2025		100,000		103,432
Diagnostic Equipment — 0.1%
Danaher Corp. Senior Notes 3.35% due 09/15/2025		176,000		179,249
Danaher Corp. Senior Notes 4.38% due 09/15/2045		98,000		100,201
				279,450
Diversified Banking Institutions — 3.6%
Bank of America Corp. Senior Notes 2.60% due 01/15/2019		757,000		765,266
Bank of America Corp. Senior Notes 2.63% due 10/19/2020		143,000		142,326
Bank of America Corp. Sub. Notes 3.95% due 04/21/2025		247,000		243,974

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Bank of America Corp. Sub. Notes 4.25% due 10/22/2026	$	296,000	$	297,105
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		334,000		384,737
Bank of America Corp. Sub. Notes 7.25% due 10/15/2025		44,000		53,433
Citigroup, Inc. Sub. Notes 3.88% due 03/26/2025		245,000		239,484
Citigroup, Inc. Sub. Notes 4.40% due 06/10/2025		989,000		1,005,398
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		211,000		210,876
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		142,000		160,586
Goldman Sachs Group, Inc. Senior Notes 3.63% due 01/22/2023		295,000		302,912
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		403,000		404,281
Goldman Sachs Group, Inc. Senior Notes 4.75% due 10/21/2045		86,000		85,990
Goldman Sachs Group, Inc. Sub. Notes 5.15% due 05/22/2045		106,000		105,368
Goldman Sachs Group, Inc. Senior Notes 6.13% due 02/15/2033		261,000		312,879
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		726,000		870,221
JPMorgan Chase & Co. Senior Notes 2.20% due 10/22/2019		399,000		399,468
JPMorgan Chase & Co. Senior Notes 3.25% due 09/23/2022		175,000		176,996
JPMorgan Chase & Co. Sub. Notes 4.13% due 12/15/2026		274,000		277,144
JPMorgan Chase & Co. Sub. Notes 4.95% due 06/01/2045		138,000		139,582
Morgan Stanley Senior Notes 1.88% due 01/05/2018		253,000		254,020
Morgan Stanley Senior Notes 2.80% due 06/16/2020		152,000		153,698
Morgan Stanley Sub. Notes 4.10% due 05/22/2023		772,000		790,568
Morgan Stanley Senior Notes 4.75% due 03/22/2017		423,000		440,578
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		248,000		267,256
				8,484,146

44

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Financial Services — 0.2%
General Electric Capital Corp. Company Guar. Notes 5.88% due 01/14/2038	$	78,000	$	95,658
USAA Capital Corp. Senior Notes 2.13% due 06/03/2019*		359,000		360,914
				456,572
Diversified Manufacturing Operations — 0.4%
General Electric Co. Senior Notes 2.70% due 10/09/2022		262,000		262,794
Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 5.75% due 06/15/2043		330,000		362,276
Textron, Inc. Senior Notes 4.63% due 09/21/2016		305,000		312,740
				937,810
Diversified Operations — 0.1%
MUFG Americas Holdings Corp. Senior Notes 1.63% due 02/09/2018		131,000		130,199
Electric - Distribution — 0.1%
Entergy Louisiana LLC Company Guar. Notes 4.95% due 01/15/2045		172,000		173,740
Electric - Integrated — 1.1%
Arizona Public Service Co. Senior Notes 2.20% due 01/15/2020		134,000		133,344
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		326,000		342,084
Entergy Arkansas, Inc. Senior Sec. Notes 4.95% due 12/15/2044		192,000		186,027
Exelon Corp. Senior Notes 4.95% due 06/15/2035		115,000		116,131
Exelon Corp. Senior Notes 5.10% due 06/15/2045		118,000		119,432
Exelon Generation Co. LLC Senior Notes 2.95% due 01/15/2020		180,000		180,051
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		262,000		315,857
Georgia Power Co. Senior Notes 3.00% due 04/15/2016		112,000		112,921
Louisville Gas & Electric Co. Pass Through Certs. 4.38% due 10/01/2045		30,000		31,157
South Carolina Electric & Gas Co. 1st. Mtg. Bonds 5.10% due 06/01/2065		146,000		154,253
Southern California Edison Co. 1st. Mtg. Bonds 1.13% due 05/01/2017		310,000		309,458

Security Description	Principal Amount		Value (Note 2)
Electric - Integrated (continued)
Southern Co. Senior Notes 1.30% due 08/15/2017	$	259,000	$	256,963
Southern Power Co. Senior Notes 4.15% due 12/01/2025		217,000		218,157
Trans-Allegheny Interstate Line Co. Senior Notes 3.85% due 06/01/2025*		137,000		137,138
				2,612,973
Electronic Components - Misc. — 0.1%
Corning, Inc. Senior Notes 1.50% due 05/08/2018		160,000		157,530
Corning, Inc. Senior Notes 2.90% due 05/15/2022		160,000		153,541
				311,071
Electronic Components - Semiconductors — 0.1%
Intel Corp. Senior Notes 1.35% due 12/15/2017		249,000		249,832
Electronics - Military — 0.0%
L-3 Communications Corp. Company Guar. Notes 3.95% due 05/28/2024		72,000		68,417
Enterprise Software/Service — 0.2%
Oracle Corp. Senior Notes 2.80% due 07/08/2021		406,000		412,574
Oracle Corp. Senior Notes 3.90% due 05/15/2035		160,000		152,591
				565,165
Finance - Consumer Loans — 0.1%
Synchrony Financial Senior Notes 4.25% due 08/15/2024		253,000		252,833
Finance - Credit Card — 0.2%
American Express Credit Corp. Senior Notes 2.38% due 05/26/2020		266,000		265,799
Discover Financial Services Senior Notes 3.75% due 03/04/2025		275,000		269,759
				535,558
Finance - Investment Banker/Broker — 0.1%
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		89,000		6,675
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
TD Ameritrade Holding Corp. Senior Notes 2.95% due 04/01/2022		176,000		175,711
				182,406

45

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Other Services — 0.5%
Intercontinental Exchange, Inc. Company Guar. Notes 3.75% due 12/01/2025	$	115,000	$	115,987
National Rural Utilities Cooperative Finance Corp. Senior Notes 0.95% due 04/24/2017		134,000		133,692
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 1.10% due 01/27/2017		478,000		477,815
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.00% due 01/27/2020		269,000		264,596
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.30% due 11/01/2020		114,000		113,259
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 3.25% due 11/01/2025		120,000		119,669
				1,225,018
Food - Retail — 0.0%
Whole Foods Market, Inc. Senior Notes 5.20% due 12/03/2025*		83,000		82,885
Gas - Distribution — 0.0%
Dominion Gas Holdings LLC Senior Notes 4.80% due 11/01/2043		109,000		105,723
Industrial Gases — 0.0%
Airgas, Inc. Senior Notes 3.05% due 08/01/2020		84,000		85,163
Insurance - Life/Health — 0.3%
Pacific LifeCorp Senior Notes 6.00% due 02/10/2020*		185,000		207,005
Pricoa Global Funding I Senior Sec. Notes 1.35% due 08/18/2017*		320,000		318,973
Principal Financial Group, Inc. Company Guar. Notes 1.85% due 11/15/2017		117,000		117,590
				643,568
Insurance - Multi-line — 0.3%
Assurant, Inc. Senior Notes 6.75% due 02/15/2034		477,000		557,633
MetLife, Inc. Senior Notes 4.60% due 05/13/2046		131,000		133,596
				691,229
Insurance - Mutual — 0.5%
Massachusetts Mutual Life Insurance Co. Sub. Notes 4.50% due 04/15/2065*		169,000		153,536
MassMutual Global Funding II Senior Sec. Notes 2.00% due 04/05/2017*		435,000		439,326
MassMutual Global Funding II Senior Sec. Notes 2.50% due 10/17/2022*		162,000		155,796

Security Description	Principal Amount		Value (Note 2)
Insurance - Mutual (continued)
New York Life Global Funding Sec. Notes 1.65% due 05/15/2017*	$	453,000	$	455,764
				1,204,422
Machinery - Farming — 0.3%
John Deere Capital Corp. Senior Notes 1.13% due 06/12/2017		351,000		350,507
John Deere Capital Corp. Senior Notes 1.55% due 12/15/2017		429,000		430,205
				780,712
Medical Labs & Testing Services — 0.6%
Laboratory Corp. of America Holdings Senior Notes 3.20% due 02/01/2022		71,000		70,043
Laboratory Corp. of America Holdings Senior Notes 3.60% due 02/01/2025		229,000		222,749
Laboratory Corp. of America Holdings Senior Notes 4.70% due 02/01/2045		117,000		106,976
Roche Holdings, Inc. Company Guar. Notes 1.35% due 09/29/2017*		441,000		442,174
Roche Holdings, Inc. Company Guar. Notes 2.25% due 09/30/2019*		548,000		553,474
				1,395,416
Medical Products — 0.0%
Becton Dickinson and Co. Senior Notes 3.13% due 11/08/2021		56,000		56,759
Medical - Biomedical/Gene — 0.3%
Biogen, Inc. Senior Notes 4.05% due 09/15/2025		199,000		200,603
Biogen, Inc. Senior Notes 5.20% due 09/15/2045		194,000		194,785
Celgene Corp. Senior Notes 5.00% due 08/15/2045		212,000		211,983
Gilead Sciences, Inc. Senior Notes 4.75% due 03/01/2046		136,000		138,164
				745,535
Medical - Drugs — 0.1%
Baxalta, Inc. Senior Notes 3.60% due 06/23/2022*		216,000		214,422
Baxalta, Inc. Senior Notes 4.00% due 06/23/2025*		117,000		115,940
				330,362
Medical - Generic Drugs — 0.1%
Mylan, Inc. Company Guar. Notes 5.40% due 11/29/2043		127,000		120,889

46

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical - HMO — 0.2%
UnitedHealth Group, Inc. Senior Notes 1.40% due 12/15/2017	$	211,000	$	210,855
UnitedHealth Group, Inc. Senior Notes 3.35% due 07/15/2022		152,000		156,129
				366,984
Metal - Copper — 0.1%
Freeport - McMoRan, Inc. Company Guar. Notes 2.30% due 11/14/2017		143,000		129,057
Multimedia — 0.3%
21st Century Fox America, Inc. Company Guar. Notes 4.95% due 10/15/2045*		87,000		88,071
Viacom, Inc. Senior Notes 4.85% due 12/15/2034		118,000		100,561
Viacom, Inc. Senior Notes 5.25% due 04/01/2044		240,000		204,654
Walt Disney Co. Senior Notes 1.50% due 09/17/2018#		207,000		208,220
				601,506
Networking Products — 0.2%
Cisco Systems, Inc. Senior Notes 2.13% due 03/01/2019		528,000		534,821
Oil Companies - Exploration & Production — 0.6%
Anadarko Petroleum Corp. Senior Notes 6.45% due 09/15/2036		600,000		658,202
Hess Corp. Senior Notes 5.60% due 02/15/2041		124,000		121,253
Hess Corp. Senior Notes 7.88% due 10/01/2029		154,000		181,975
Noble Energy, Inc. Senior Notes 3.90% due 11/15/2024		148,000		140,220
Noble Energy, Inc. Senior Notes 5.05% due 11/15/2044		130,000		117,509
Southwestern Energy Co. Senior Notes 3.30% due 01/23/2018		71,000		65,013
Southwestern Energy Co. Senior Notes 4.95% due 01/23/2025#		170,000		140,021
				1,424,193
Oil Companies - Integrated — 0.5%
Chevron Corp. Senior Notes 1.37% due 03/02/2018		289,000		288,470
Chevron Corp. Senior Notes 1.96% due 03/03/2020		159,000		158,143
ConocoPhillips Co. Company Guar. Notes 1.50% due 05/15/2018		114,000		113,353

Security Description	Principal Amount		Value (Note 2)
Oil Companies - Integrated (continued)
Exxon Mobil Corp. Senior Notes 1.31% due 03/06/2018	$	290,000	$	290,203
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		204,000		206,604
				1,056,773
Oil - Field Services — 0.1%
Freeport - McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. Company Guar. Notes 6.63% due 05/01/2021		126,000		102,060
Freeport - McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. Company Guar. Notes 6.88% due 02/15/2023		210,000		170,100
				272,160
Paper & Related Products — 0.6%
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		251,000		246,218
Georgia - Pacific LLC Senior Notes 3.60% due 03/01/2025*		530,000		525,210
Georgia - Pacific LLC Senior Notes 3.73% due 07/15/2023*		368,000		371,848
Georgia - Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*		256,000		283,461
				1,426,737
Pipelines — 0.6%
Columbia Pipeline Group, Inc. Company Guar. Notes 2.45% due 06/01/2018*		59,000		58,682
Energy Transfer Partners LP Senior Notes 4.90% due 03/15/2035		270,000		209,211
Energy Transfer Partners LP Senior Notes 5.15% due 03/15/2045		103,000		77,877
Energy Transfer Partners LP Senior Notes 6.63% due 10/15/2036		371,000		343,531
Kinder Morgan Energy Partners LP Company Guar. Notes 4.70% due 11/01/2042		131,000		89,754
Kinder Morgan Energy Partners LP Company Guar. Notes 6.50% due 04/01/2020		607,000		643,044
Williams Partners LP Senior Notes 4.00% due 09/15/2025		104,000		84,938
				1,507,037
Real Estate Investment Trusts — 0.4%
HCP, Inc. Senior Notes 3.75% due 02/01/2016		160,000		160,753
National Retail Properties, Inc. Senior Notes 4.00% due 11/15/2025		79,000		78,587
Omega Healthcare Investors, Inc. Company Guar. Notes 4.50% due 04/01/2027*		311,000		296,158

47

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Omega Healthcare Investors, Inc. Company Guar. Notes 4.95% due 04/01/2024	$	239,000	$	241,596
Omega Healthcare Investors, Inc. Company Guar. Notes 5.25% due 01/15/2026*		195,000		200,298
				977,392
Real Estate Management/Services — 0.1%
American Campus Communities Operating Partnership LP Company Guar. Notes 4.13% due 07/01/2024		168,000		167,960
Retail - Automobile — 0.1%
AutoNation, Inc. Company Guar. Notes 4.50% due 10/01/2025		139,000		142,105
Retail - Discount — 0.2%
Costco Wholesale Corp. Senior Notes 2.25% due 02/15/2022		306,000		302,504
Dollar General Corp. Company Guar. Notes 4.13% due 07/15/2017		215,000		221,901
				524,405
Retail - Drug Store — 0.2%
CVS Pass-Through Trust Pass Through Certs. 4.70% due 01/10/2036*		130,193		131,895
CVS Pass-Through Trust Pass Through Certs. 5.77% due 01/10/2033*		148,374		159,701
CVS Pass-Through Trust Pass Through Certs. 5.93% due 01/10/2034*		145,657		160,732
				452,328
Retail - Regional Department Stores — 0.0%
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045		89,000		84,655
Savings & Loans/Thrifts — 0.8%
Astoria Financial Corp. Senior Notes 5.00% due 06/19/2017		363,000		377,089
First Niagara Financial Group, Inc. Senior Notes 6.75% due 03/19/2020		991,000		1,132,975
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		400,000		471,957
				1,982,021
Schools — 0.1%
President and Fellows of Harvard College Notes 3.62% due 10/01/2037		113,000		110,515
University of Pennsylvania Senior Notes 4.67% due 09/01/2112		180,000		169,427
				279,942

Security Description	Principal Amount		Value (Note 2)
Steel Pipe & Tube — 0.1%
Valmont Industries, Inc. Company Guar. Notes 5.25% due 10/01/2054	$	303,000	$	259,443
Steel - Specialty — 0.1%
Allegheny Technologies, Inc. Senior Notes 5.95% due 01/15/2021		175,000		134,750
Telephone - Integrated — 1.2%
AT&T, Inc. Senior Notes 3.00% due 06/30/2022		523,000		517,213
AT&T, Inc. Senior Notes 4.35% due 06/15/2045		277,000		241,770
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		362,000		339,730
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		130,000		121,777
AT&T, Inc. Senior Notes 5.80% due 02/15/2019		130,000		144,538
Verizon Communications, Inc. Senior Notes 3.00% due 11/01/2021		313,000		313,516
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		104,000		98,500
Verizon Communications, Inc. Senior Notes 4.50% due 09/15/2020		30,000		32,571
Verizon Communications, Inc. Senior Notes 4.67% due 03/15/2055		674,000		599,074
Verizon Communications, Inc. Senior Notes 4.86% due 08/21/2046		504,000		489,943
Verizon Communications, Inc. Senior Notes 6.40% due 09/15/2033		15,000		17,493
				2,916,125
Transport - Rail — 0.0%
Union Pacific Corp. Senior Notes 3.88% due 02/01/2055		84,000		74,873
Trucking/Leasing — 0.0%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.38% due 02/01/2022*		95,000		92,830
Total U.S. Corporate Bonds & Notes
(cost $52,621,841)				51,873,133
FOREIGN CORPORATE BONDS & NOTES — 7.8%
Aerospace/Defense — 0.2%
Rolls-Royce PLC Company Guar. Notes 2.38% due 10/14/2020*		416,000		409,347
Auto - Cars/Light Trucks — 0.1%
Volkswagen International Finance NV Company Guar. Notes 2.38% due 03/22/2017*		163,000		161,632

48

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks - Commercial — 2.4%
Abbey National Treasury Services PLC Company Guar. Notes 1.38% due 03/13/2017	$	24,000	$	23,968
ANZ New Zealand Int’l, Ltd. Company Guar. Notes 1.13% due 03/24/2016*		760,000		761,333
Bank of Tokyo-Mitsubishi UFJ, Ltd. Senior Notes 1.45% due 09/08/2017*		324,000		321,408
BPCE SA Sub. Notes 4.50% due 03/15/2025*		314,000		309,282
Credit Suisse AG Senior Notes 1.70% due 04/27/2018		414,000		413,409
Credit Suisse AG Senior Notes 3.00% due 10/29/2021		254,000		255,132
DBS Group Holdings, Ltd. Senior Notes 2.25% due 07/16/2019*		336,000		335,748
ING Bank NV Senior Notes 4.00% due 03/15/2016*		278,000		280,584
Intesa Sanpaolo SpA Sub. Notes 5.02% due 06/26/2024*		280,000		280,292
Kookmin Bank Senior Notes 1.63% due 07/14/2017*		783,000		780,610
National Australia Bank, Ltd. Senior Notes 2.75% due 03/09/2017		506,000		515,772
National Bank of Canada Company Guar. Notes 1.45% due 11/07/2017		650,000		647,882
Santander Issuances SAU Company Guar. Notes 5.18% due 11/19/2025		400,000		401,640
Sumitomo Mitsui Banking Corp. Company Guar. Notes 2.45% due 10/20/2020		458,000		454,375
				5,781,435
Banks - Fiduciary — 0.1%
Mitsubishi UFJ Trust & Banking Corp. Senior Notes 2.65% due 10/19/2020*		249,000		248,291
Banks - Money Center — 0.5%
Lloyds TSB Bank PLC Company Guar. Notes 6.50% due 09/14/2020*		570,000		667,795
Mizuho Bank, Ltd. Company Guar. Notes 2.15% due 10/20/2018*		215,000		214,910
Mizuho Bank, Ltd. Company Guar. Notes 2.45% due 04/16/2019*		239,000		239,522
				1,122,227
Beverages - Non-alcoholic — 0.2%
Coca-Cola Femsa SAB de CV Company Guar. Notes 2.38% due 11/26/2018		410,000		408,975

Security Description	Principal Amount		Value (Note 2)
Beverages - Wine/Spirits — 0.2%
Diageo Capital PLC Company Guar. Notes 5.75% due 10/23/2017	$	353,000	$	381,313
Chemicals - Plastics — 0.1%
Mexichem SAB de CV Company Guar. Notes 5.88% due 09/17/2044*		219,000		188,614
Consumer Products - Misc. — 0.1%
Kimberly-Clark de Mexico SAB de CV Senior Notes 3.25% due 03/12/2025*		259,000		247,063
Diversified Banking Institutions — 1.1%
Credit Agricole SA Sub. Notes 4.38% due 03/17/2025*		222,000		218,130
Deutsche Bank AG Senior Notes 1.88% due 02/13/2018		916,000		912,810
Deutsche Bank AG Sub. Notes 4.50% due 04/01/2025		381,000		359,840
HSBC Holdings PLC Sub. Notes 4.25% due 08/18/2025		280,000		281,885
Societe Generale SA 1st. Mtg. Bonds 5.63% due 11/24/2045*		200,000		197,938
UBS AG Senior Notes 1.80% due 03/26/2018		495,000		494,894
UBS Group Funding Jersey, Ltd. Company Guar. Notes 4.13% due 09/24/2025*		202,000		202,886
				2,668,383
Diversified Financial Services — 0.3%
GE Capital International Funding Co. Company Guar. Notes 0.96% due 04/15/2016*		406,000		406,492
GE Capital International Funding Co. Company Guar. Notes 4.42% due 11/15/2035*		249,000		255,422
				661,914
Diversified Manufacturing Operations — 0.0%
Ingersoll-Rand Luxembourg Finance SA Company Guar. Notes 4.65% due 11/01/2044		98,000		94,297
Diversified Minerals — 0.1%
Anglo American Capital PLC Company Guar. Notes 4.13% due 04/15/2021*		218,000		179,870
Anglo American Capital PLC Company Guar. Notes 4.88% due 05/14/2025*		118,000		87,910
Teck Resources, Ltd. Company Guar. Notes 2.50% due 02/01/2018#		122,000		95,160
				362,940
Electric - Generation — 0.5%
Electricite de France SA Senior Notes 2.35% due 10/13/2020*		677,000		668,908

49

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Electric - Generation (continued)
Electricite de France SA Senior Notes 3.63% due 10/13/2025*	$	124,000	$	122,721
Electricite de France SA Senior Notes 4.95% due 10/13/2045*		266,000		260,977
Electricite de France SA Senior Notes 6.00% due 01/22/2114*		122,000		120,536
				1,173,142
Electronic Components - Misc. — 0.0%
Flextronics International, Ltd. Company Guar. Notes 4.75% due 06/15/2025*		79,000		76,082
Gold Mining — 0.1%
Goldcorp, Inc. Senior Notes 5.45% due 06/09/2044		165,000		145,415
Kinross Gold Corp. Company Guar. Notes 5.95% due 03/15/2024		88,000		69,349
				214,764
Insurance - Multi-line — 0.2%
XLIT, Ltd. Company Guar. Notes 4.45% due 03/31/2025		135,000		133,105
XLIT, Ltd. Company Guar. Notes 5.50% due 03/31/2045		304,000		286,939
				420,044
Insurance - Property/Casualty — 0.1%
Allied World Assurance Co. Holdings, Ltd. Company Guar. Notes 4.35% due 10/29/2025		188,000		185,523
Medical - Drugs — 0.2%
Takeda Pharmaceutical Co., Ltd. Senior Notes 1.63% due 03/17/2017*		404,000		404,771
Medical - Generic Drugs — 0.2%
Actavis Funding SCS Company Guar. Notes 3.00% due 03/12/2020		269,000		272,647
Perrigo Finance PLC Company Guar. Notes 3.50% due 12/15/2021		237,000		232,771
				505,418
Oil Companies - Exploration & Production — 0.1%
Talisman Energy, Inc. Senior Notes 5.50% due 05/15/2042		343,000		273,735
Oil Companies - Integrated — 0.6%
BP Capital Markets PLC Company Guar. Notes 1.38% due 11/06/2017		475,000		474,121
BP Capital Markets PLC Company Guar. Notes 3.25% due 05/06/2022		201,000		203,250
BP Capital Markets PLC Company Guar. Notes 3.54% due 11/04/2024		167,000		168,704

Security Description	Principal Amount		Value (Note 2)
Oil Companies - Integrated (continued)
Petroleos Mexicanos Company Guar. Notes 5.50% due 06/27/2044	$	22,000	$	18,150
Shell International Finance BV Company Guar. Notes 1.25% due 11/10/2017		196,000		195,670
Shell International Finance BV Company Guar. Notes 2.13% due 05/11/2020		216,000		215,248
Shell International Finance BV Company Guar. Notes 2.25% due 11/10/2020		227,000		226,515
				1,501,658
SupraNational Banks — 0.1%
North American Development Bank Senior Notes 2.30% due 10/10/2018		257,000		259,886
Telephone - Integrated — 0.2%
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		423,000		451,129
Transport - Rail — 0.1%
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		219,000		223,491
Total Foreign Corporate Bonds & Notes
(cost $18,720,090)				18,426,074
MUNICIPAL BONDS & NOTES — 0.3%
Ohio State University Revenue Bonds Series A 4.80% due 06/01/2111		241,000		231,586
Port Authority of New York & New Jersey Revenue Bonds Series 174 4.46% due 10/01/2062		335,000		324,900
Port Authority of New York & New Jersey Revenue Bonds Series 168 4.93% due 10/01/2051		216,000		229,211
Total Municipal Bonds & Notes
(cost $789,578)				785,697
U.S. GOVERNMENT AGENCIES — 35.4%
Federal Home Loan Bank — 0.1%
5.50% due 07/15/2036		250,000		328,249
Federal Home Loan Mtg. Corp. — 10.6%
1.89% due 02/01/2037 FRS		108,664		113,346
2.50% due 01/01/2028		339,859		347,188
2.50% due 04/01/2028		849,495		867,837
2.56% due 11/01/2037 FRS		817,372		871,771
3.00% due 08/01/2027		661,965		685,867
3.00% due 10/01/2042		701,492		705,279
3.00% due 11/01/2042		810,117		814,507
3.00% due 02/01/2043		411,397		413,571
3.00% due 04/01/2043		857,625		862,101
3.00% due 05/01/2043		1,176,194		1,182,571
3.00% due 08/01/2043		867,292		871,602
3.00% due 07/01/2045		592,261		594,591
3.00% due 10/01/2045		580,882		583,176
3.50% due 11/01/2041		896,567		930,467
3.50% due 03/01/2042		272,706		283,069

50

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
3.50% due 04/01/2042	$	1,552,829	$	1,611,833
3.50% due 06/01/2042		2,007,702		2,084,004
3.50% due 08/01/2042		374,408		388,634
3.50% due 03/01/2045		2,432,383		2,516,575
3.50% due 08/01/2045		966,981		1,001,691
3.50% due 10/01/2045		997,199		1,031,720
3.50% due 11/01/2045		669,000		692,160
4.00% due 09/01/2040		163,107		173,224
4.50% due 01/01/2039		23,077		24,899
5.00% due 10/01/2033		1,758		1,946
5.00% due 06/01/2039		611,022		679,631
5.00% due 07/01/2040		1,073,394		1,181,171
5.00% due 11/01/2043		847,538		936,912
5.50% due 11/01/2018		35,255		36,543
5.50% due 02/01/2035		151,656		168,890
6.00% due 10/01/2033		162,338		184,575
6.00% due 03/01/2040		1,219		1,383
6.50% due 02/01/2035		7,319		8,440
6.50% due 01/01/2036		21,164		24,129
6.75% due 09/15/2029		500,000		720,552
6.75% due 03/15/2031		250,000		360,691
7.00% due 11/01/2016		696		705
Federal Home Loan Mtg. Corp. REMIC Series 3964, Class MD 2.00% due 01/15/2041(2)		51,210		51,179
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 6.60% due 09/15/2039(2)(4)		479,721		70,444
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2014-DN1, Class M2 2.42% due 02/25/2024(2)		431,000		431,742
Series 2014-HQ2, Class M2 2.42% due 09/25/2024(2)		600,000		596,328
				25,106,944
Federal National Mtg. Assoc. — 22.6%
2.01% due 09/01/2035 FRS		721,183		753,108
2.25% due 05/01/2037 FRS		177,579		186,806
2.35% due 07/01/2039 FRS		542,314		571,269
2.42% due 10/01/2035 FRS		685,360		727,596
2.47% due 05/01/2040 FRS		779,932		829,391
2.50% due 11/01/2036 FRS		342,208		364,818
2.50% due 04/01/2028		479,136		488,014
2.50% due December 15 TBA		1,700,000		1,722,047
2.58% due 10/01/2040 FRS		178,154		189,315
2.62% due 08/01/2035 FRS		391,846		418,275
2.67% due 10/01/2040 FRS		448,806		476,888
3.00% due 10/01/2027		163,730		170,162
3.00% due 12/01/2027		1,101,680		1,143,228
3.00% due 01/01/2028		1,326,951		1,378,618
3.00% due 03/01/2042		923,057		930,614
3.00% due 12/01/2042		984,980		992,252
3.00% due 02/01/2045		910,925		915,537
3.00% due 06/01/2045		929,232		934,827
3.00% due December 15 TBA		315,000		326,094
3.00% due December 30 TBA		2,659,000		2,670,737
3.50% due 08/01/2026		268,471		282,652
3.50% due 09/01/2026		79,020		83,327
3.50% due 08/01/2027		135,389		142,489
3.50% due 10/01/2028		761,296		804,191
3.50% due 12/01/2041		627,372		651,824
3.50% due 06/01/2042		415,216		430,995
3.50% due 07/01/2042		123,764		126,474

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
3.50% due 08/01/2042	$	1,882,587	$	1,946,988
3.50% due 08/01/2043		790,151		819,520
3.50% due 07/01/2045		701,730		727,409
3.50% due 09/01/2045		669,699		694,151
3.50% due December 15 TBA		400,000		420,383
3.50% due December 30 TBA		2,164,000		2,241,261
4.00% due 04/01/2039		267,855		284,272
4.00% due 07/01/2040		239,614		257,048
4.00% due 09/01/2040		145,497		154,737
4.00% due 10/01/2040		147,800		157,155
4.00% due 12/01/2040		1,727,337		1,836,668
4.00% due 10/01/2041		743,055		790,120
4.00% due 11/01/2041		841,714		894,457
4.00% due 01/01/2042		125,151		132,942
4.00% due 12/01/2043		857,633		919,096
4.00% due 10/01/2044		2,523,437		2,680,689
4.00% due 11/01/2044		613,095		651,050
4.00% due December 30 TBA		3,843,000		4,077,033
4.50% due 11/01/2022		188,615		198,332
4.50% due 10/01/2024		395,598		426,742
4.50% due 01/01/2039		63,778		69,008
4.50% due 09/01/2039		354,044		383,155
4.50% due 11/01/2040		303,539		328,716
4.50% due 12/01/2040		583,274		631,529
4.50% due 05/01/2041		495,593		536,690
4.50% due 07/01/2041		204,539		221,556
4.50% due December 30 TBA		3,615,000		3,907,589
5.00% due 03/15/2016		1,140,000		1,155,520
5.00% due 05/11/2017		500,000		529,683
5.00% due 10/01/2033		5,266		5,828
5.00% due 03/01/2034		70,746		78,390
5.00% due 05/01/2039		429,634		476,777
5.00% due 05/01/2040		182,404		201,760
5.00% due 06/01/2040		112,005		123,792
5.00% due 07/01/2040		430,049		475,606
5.00% due December 30 TBA		511,000		563,585
5.50% due 12/01/2029		122,464		136,707
5.50% due 04/01/2033		98,801		111,345
5.50% due 12/01/2033		86,257		96,289
5.50% due 07/01/2037		516,662		576,754
5.50% due 08/01/2037		345,312		386,641
5.50% due 06/01/2038		51,948		58,151
6.00% due 12/01/2016		1,971		2,004
6.00% due 11/01/2017		6,961		7,126
6.00% due 12/01/2020		23,955		25,064
6.00% due 12/01/2036		696,452		790,145
6.00% due 11/01/2038		197,785		224,311
6.00% due 06/01/2040		146,967		166,615
6.50% due 10/01/2037		50,792		58,213
Fannie Mae Connecticut Avenue Securities FRS Series 2014-C01, Class M1 1.82% due 01/25/2024(2)		1,721,272		1,723,161
Federal National Mtg. Assoc. REMIC Series 2011-117, Class MA 2.00% due 08/25/2040(2)		660,308		655,204
				53,728,515
Government National Mtg. Assoc. — 2.0%
3.00% due 02/20/2045		953,671		970,877
3.00% due 05/20/2045		691,059		703,527
3.00% due December 30 TBA		727,000		738,999
3.50% due 03/20/2045		754,992		789,622
3.50% due 04/20/2045		1,430,154		1,495,753
				4,698,778

51

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Tennessee Valley Authority — 0.1%
1.75% due 10/15/2018	$	155,000	$	156,968
Total U.S. Government Agencies
(cost $83,723,818)				84,019,454
U.S. GOVERNMENT TREASURIES — 25.6%
United States Treasury Bonds — 4.4%
2.75% due 11/15/2042		423,000		404,031
3.00% due 11/15/2044		397,000		396,798
3.00% due 05/15/2045		2,109,000		2,107,022
3.13% due 11/15/2041		1,278,000		1,323,379
3.13% due 02/15/2042		408,000		422,073
3.38% due 05/15/2044		259,000		278,688
3.63% due 02/15/2044		940,000		1,060,658
3.88% due 08/15/2040		174,000		203,872
4.25% due 05/15/2039		267,000		330,882
4.38% due 11/15/2039		934,000		1,178,044
4.50% due 02/15/2036		875,000		1,126,733
4.75% due 02/15/2037		587,000		781,604
5.00% due 05/15/2037		159,000		218,898
5.25% due 11/15/2028		404,000		530,376
8.13% due 08/15/2019		92,000		114,267
				10,477,325
United States Treasury Notes — 21.2%
0.50% due 03/31/2017		1,500,000		1,494,199
0.50% due 04/30/2017		500,000		497,774
0.50% due 07/31/2017		3,351,000		3,331,102
0.75% due 12/31/2017		234,000		232,867
0.75% due 02/28/2018		1,511,000		1,501,203
0.88% due 02/28/2017		600,000		600,656
0.88% due 01/15/2018		600,000		598,219
1.00% due 08/31/2016		103,000		103,286
1.25% due 11/30/2018		7,911,000		7,914,710
1.38% due 07/31/2018		4,109,000		4,133,559
1.38% due 02/28/2019		510,000		510,797
1.38% due 09/30/2020		275,000		271,369
1.50% due 01/31/2019		4,400,000		4,428,015
1.50% due 01/31/2022		3,444,000		3,361,936
1.63% due 08/15/2022		2,390,000		2,335,197
1.75% due 05/15/2023		3,000,000		2,937,423
2.00% due 07/31/2022		118,000		118,230
2.00% due 02/15/2025		3,500,000		3,436,972
2.00% due 08/15/2025		580,000		568,423
2.13% due 12/31/2015		150,000		150,223
2.13% due 12/31/2021		1,700,000		1,722,845
2.25% due 11/15/2024		3,027,000		3,040,951
2.25% due 11/15/2025		450,000		451,283
2.38% due 08/15/2024		383,000		388,984
2.50% due 05/15/2024		4,538,000		4,660,844
3.13% due 05/15/2019		11,000		11,650
3.63% due 08/15/2019		27,000		29,138
4.00% due 08/15/2018		1,403,000		1,511,568
				50,343,423
Total U.S. Government Treasuries
(cost $60,363,833)				60,820,748
FOREIGN GOVERNMENT OBLIGATIONS — 0.7%
Electric - Distribution — 0.2%
Hydro-Quebec Government Guar. Notes 1.38% due 06/19/2017		298,000		299,073
Sovereign — 0.4%
United Mexican States Senior Notes 3.50% due 01/21/2021		423,000		430,825

Security Description	Principal Amount		Value (Note 2)
Sovereign (continued)
United Mexican States Senior Notes 3.60% due 01/30/2025	$	240,000	$	237,120
United Mexican States Senior Notes 4.75% due 03/08/2044		319,000		299,860
				967,805
Sovereign Agency — 0.1%
Nacional Financiera SNC Senior Notes 3.38% due 11/05/2020*		297,000		296,629
Total Foreign Government Obligations
(cost $1,543,589)				1,563,507
PREFERRED SECURITIES — 0.2%
Electric - Distribution — 0.1%
Entergy Louisiana LLC 4.70%#		7,100		170,329
Telecom Services — 0.1%
Qwest Corp. 6.13%#		13,750		338,250
Total Preferred Securities
(cost $521,212)				508,579
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.4%
Banks - Fiduciary — 0.1%
Bank of New York Mellon Corp. FRS Series E 4.95% due 06/20/2020(5)		259,000		256,734
Banks - Super Regional — 0.2%
PNC Preferred Funding Trust I VRS Jr. Sub. Bonds* 1.99% due 03/15/2017(5)		198,000		178,200
Wells Fargo & Co. FRS Series U 5.88% due 06/15/2025(5)		228,000		240,255
Wells Fargo Capital X 5.95% due 12/01/2086		97,000		98,212
				516,667
Diversified Banking Institutions — 0.2%
HSBC Holdings PLC FRS 6.38% due 03/30/2025(5)		206,000		206,105
JPMorgan Chase & Co. FRS Series U 6.13% due 04/30/2024(5)		295,000		298,298
				504,403
Electric - Integrated — 0.1%
Dominion Resources, Inc. FRS 5.75% due 10/01/2054		154,000		157,370
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(3)		78,000		8
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 — 0.3%
Meiji Yasuda Life Insurance Co. FRS 5.20% due 10/20/2045*		230,000		233,450

52

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description		Shares/ Principal Amount		Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Insurance - Life/Health (continued)
Prudential Financial, Inc. FRS 5.38% due 05/15/2045	$	94,000	$	95,410
Prudential Financial, Inc. FRS 5.63% due 06/15/2043		283,000		294,320
				623,180
Insurance - Multi-line — 0.2%
MetLife Capital Trust IV 7.88% due 12/15/2067*		150,000		186,750
MetLife, Inc. 6.40% due 12/15/2066		284,000		312,755
				499,505
Pipelines — 0.0%
TransCanada Trust FRS 5.63% due 05/20/2025		118,000		112,100
Tools - Hand Held — 0.2%
Stanley Black & Decker, Inc. FRS 5.75% due 12/15/2053		396,000		422,136
Total Preferred Securities/Capital Securities
(cost $3,240,483)				3,305,943
Total Long-Term Investment Securities
(cost $235,762,516)				235,308,089
SHORT-TERM INVESTMENT SECURITIES — 8.0%
Registered Investment Companies — 0.4%
State Street Navigator Securities Lending Prime Portfolio 0.24%(7)(8)		900,968		900,968

Security Description	Principal Amount			Value (Note 2)
Time Deposits — 7.6%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015	$	17,975,000		$	17,975,000
Total Short-Term Investment Securities
(cost $18,875,968)					18,875,968
TOTAL INVESTMENTS
(cost $254,638,484)(6)		107.1	%		254,184,057
Liabilities in excess of other assets		(7.1	)		(16,849,072	)
NET ASSETS		100.0	%	$	237,334,985

* 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, 2015, the aggregate value of these securities was $22,823,319 representing 9.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

† Non-income producing security

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

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

(3) Illiquid security. At November 30, 2015, the aggregate value of these securities was $28 representing 0% of net assets.

(4) Interest Only

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

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

(7) At November 30, 2015, the Fund had loaned securities with a total value of $879,654. This was secured by collateral of $900,968, which was received in cash and subsequently invested in short-term investments currently valued at $900,968 as reported in the Portfolio of Investments.

(8) The rate shown is the 7-day yield as of November 30, 2015.

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 amount 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, 2015, 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, 2015 (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	$	—	$	14,004,954	$	—	$	14,004,954
U.S. Corporate Bonds & Notes		—		51,873,133		—		51,873,133
Foreign Corporate Bonds & Notes		—		18,426,074		—		18,426,074
Municipal Bonds & Notes		—		785,697		—		785,697
U.S. Government Agencies		—		84,019,454		—		84,019,454
U.S. Government Treasuries		—		60,820,748		—		60,820,748
Foreign Government Obligations		—		1,563,507		—		1,563,507
Preferred Securities		508,579		—		—		508,579
Preferred Securities/Capital Securities		—		3,305,943		—		3,305,943
Short-Term Investment Securities:
Registered Investment Companies		900,968		—		—		900,968
Time Deposits		—		17,975,000		—		17,975,000
Total Investments at Value	$	1,409,547	$	252,774,510	$	—	$	254,184,057

* 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

53

VALIC Company I Core Equity Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Diversified Banking Institutions	10.5	%
Medical — HMO	5.5
Banks — Super Regional	4.5
Medical — Drugs	3.6
Retail — Building Products	3.5
Networking Products	3.5
Oil Companies — Integrated	2.8
Web Portals/ISP	2.7
Finance — Credit Card	2.5
Computer Services	2.1
Computers	2.1
Oil Refining & Marketing	2.1
Retail — Drug Store	2.1
Oil — Field Services	2.1
Cable/Satellite TV	2.0
Medical — Biomedical/Gene	1.9
Auto/Truck Parts & Equipment — Original	1.9
Registered Investment Companies	1.8
Telephone — Integrated	1.7
Chemicals — Diversified	1.7
Electric — Integrated	1.6
Airlines	1.6
Medical — Generic Drugs	1.6
Computers — Memory Devices	1.5
Cruise Lines	1.4
Tobacco	1.4
Electronic Components — Semiconductors	1.3
Aerospace/Defense	1.2
Medical Labs & Testing Services	1.2
Medical — Hospitals	1.2
Oil Companies — Exploration & Production	1.2
Applications Software	1.1
Insurance — Multi-line	1.1
Internet Content — Entertainment	1.0
Repurchase Agreements	1.0
Semiconductor Components — Integrated Circuits	1.0
Beverages — Non-alcoholic	1.0
Transport — Services	0.9
Building — Residential/Commercial	0.9
Insurance — Property/Casualty	0.8
Entertainment Software	0.8
Retail — Apparel/Shoe	0.8
Medical Products	0.7
Finance — Other Services	0.7
Insurance — Life/Health	0.7
E-Commerce/Services	0.7
Commercial Services — Finance	0.6
Food — Meat Products	0.6
Finance — Consumer Loans	0.6
Advertising Services	0.6
Brewery	0.6
Medical — Wholesale Drug Distribution	0.6
Real Estate Investment Trusts	0.5
Advertising Agencies	0.5
Home Decoration Products	0.5
Enterprise Software/Service	0.5
Containers — Paper/Plastic	0.5
Medical Instruments	0.5
Rubber — Tires	0.4
Multimedia	0.4
Paper & Related Products	0.4
Diversified Manufacturing Operations	0.4
Food — Retail	0.4
Building & Construction Products — Misc.	0.4
Semiconductor Equipment	0.3
Oil & Gas Drilling	0.3
Retail — Regional Department Stores	0.3
Banks — Commercial	0.3
Retail — Vitamins & Nutrition Supplements	0.3

E-Services/Consulting	0.3
Exchange-Traded Fund	0.3
Broadcast Services/Program	0.2
Independent Power Producers	0.2
Pharmacy Services	0.2
Casino Hotels	0.2
Wireless Equipment	0.2
Engineering/R&D Services	0.1
Cellular Telecom	0.1
Distribution/Wholesale	0.1
Machinery — General Industrial	0.1
Poultry	0.1
Investment Management/Advisor Services	0.1
Instruments — Controls	0.1
Steel — Producers	0.1
Building — Mobile Home/Manufactured Housing	0.1
	102.0	%

* Calculated as a percentage of net assets

54

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.8%
Advertising Agencies — 0.5%
Interpublic Group of Cos., Inc.		9,310	$	214,130
Omnicom Group, Inc.		13,600		1,005,312
				1,219,442
Advertising Services — 0.6%
Nielsen Holdings PLC		31,700		1,479,756
Aerospace/Defense — 1.2%
Raytheon Co.		23,580		2,924,627
Airlines — 1.6%
American Airlines Group, Inc.		5,290		218,265
Southwest Airlines Co.		57,800		2,651,864
United Continental Holdings, Inc.†		18,700		1,042,151
				3,912,280
Applications Software — 1.1%
Microsoft Corp.		49,420		2,685,977
Auto/Truck Parts & Equipment - Original — 1.9%
Lear Corp.		31,720		3,993,548
WABCO Holdings, Inc.†		5,400		580,392
				4,573,940
Banks - Commercial — 0.3%
Regions Financial Corp.		65,080		659,911
Banks - Super Regional — 4.5%
Capital One Financial Corp.		24,730		1,941,552
KeyCorp		33,720		442,069
SunTrust Banks, Inc.		59,700		2,592,174
US Bancorp		92,985		4,081,112
Wells Fargo & Co.		35,055		1,931,531
				10,988,438
Beverages - Non-alcoholic — 1.0%
Dr Pepper Snapple Group, Inc.		26,000		2,333,500
Brewery — 0.6%
Molson Coors Brewing Co., Class B		15,700		1,444,871
Broadcast Services/Program — 0.2%
Scripps Networks Interactive, Inc., Class A		9,970		566,296
Building & Construction Products - Misc. — 0.4%
Owens Corning		19,200		899,328
Building - Mobile Home/Manufactured Housing — 0.1%
Thor Industries, Inc.		2,200		127,424
Building - Residential/Commercial — 0.9%
D.R. Horton, Inc.		21,040		679,802
Lennar Corp., Class A#		13,480		690,311
NVR, Inc.†		240		403,795
Toll Brothers, Inc.†		11,104		412,847
				2,186,755
Cable/Satellite TV — 2.0%
Comcast Corp., Class A		80,900		4,923,574
Casino Hotels — 0.2%
Las Vegas Sands Corp.		8,500		374,510
Cellular Telecom — 0.1%
United States Cellular Corp.†		7,895		329,143
Chemicals - Diversified — 1.7%
Akzo Nobel NV ADR		5,783		136,710
Dow Chemical Co.		27,800		1,449,214
Eastman Chemical Co.		8,400		610,260
LyondellBasell Industries NV, Class A		5,600		536,592

Security Description	Shares		Value (Note 2)
Chemicals - Diversified (continued)
PPG Industries, Inc.		11,960	$	1,264,651
				3,997,427
Chemicals - Specialty — 0.0%
Ashland, Inc.#		130		14,645
Commercial Services - Finance — 0.6%
Total System Services, Inc.		27,233		1,523,959
Computer Services — 2.1%
Amdocs, Ltd.		25,988		1,470,141
Cognizant Technology Solutions Corp., Class A†		44,500		2,873,810
DST Systems, Inc.		6,724		822,211
				5,166,162
Computers — 2.1%
Apple, Inc.		43,660		5,164,978
Computers - Memory Devices — 1.5%
Brocade Communications Systems, Inc.		115,989		1,088,557
EMC Corp.		23,720		601,065
Western Digital Corp.		29,550		1,844,215
				3,533,837
Containers - Metal/Glass — 0.0%
Crown Holdings, Inc.†		1,780		92,400
Containers - Paper/Plastic — 0.5%
Bemis Co., Inc.		3,370		158,794
Packaging Corp. of America		13,505		918,205
Sonoco Products Co.		1,080		47,326
				1,124,325
Cruise Lines — 1.4%
Carnival Corp.		69,073		3,490,259
Data Processing/Management — 0.0%
First Data Corp., Class A†		2,810		47,208
Distribution/Wholesale — 0.1%
Fossil Group, Inc.†#		8,000		307,760
Diversified Banking Institutions — 10.5%
Bank of America Corp.		236,174		4,116,513
Citigroup, Inc.		149,163		8,068,226
Goldman Sachs Group, Inc.		16,440		3,123,929
JPMorgan Chase & Co.		143,604		9,575,515
Morgan Stanley		18,590		637,637
				25,521,820
Diversified Manufacturing Operations — 0.4%
3M Co.		6,350		994,283
E-Commerce/Services — 0.7%
Priceline Group, Inc.†		1,340		1,673,459
E-Services/Consulting — 0.3%
CDW Corp.		13,900		600,063
Electric - Integrated — 1.6%
AES Corp.		116,650		1,165,334
Ameren Corp.		1,140		49,886
American Electric Power Co., Inc.		390		21,844
Edison International		140		8,310
Exelon Corp.		46,610		1,272,919
FirstEnergy Corp.		710		22,287
PG&E Corp.		170		8,964
Public Service Enterprise Group, Inc.		36,000		1,407,600
				3,957,144

55

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components - Semiconductors — 1.3%
Intel Corp.		31,860	$	1,107,772
Micron Technology, Inc.†		49,550		789,332
NVIDIA Corp.		42,500		1,348,100
				3,245,204
Engineering/R&D Services — 0.1%
AECOM†		8,310		264,507
Jacobs Engineering Group, Inc.†		1,860		82,101
				346,608
Enterprise Software/Service — 0.5%
Oracle Corp.		29,820		1,162,085
Entertainment Software — 0.8%
Activision Blizzard, Inc.		49,100		1,849,106
Finance - Consumer Loans — 0.6%
SLM Corp.†		223,487		1,509,655
Finance - Credit Card — 2.5%
Discover Financial Services		44,710		2,537,740
MasterCard, Inc., Class A		37,000		3,623,040
				6,160,780
Finance - Other Services — 0.7%
Nasdaq, Inc.		30,330		1,777,945
Food - Meat Products — 0.5%
Tyson Foods, Inc., Class A#		25,540		1,277,000
Food - Misc./Diversified — 0.0%
Kellogg Co.		320		22,006
Food - Retail — 0.4%
Kroger Co.		24,576		925,532
Home Decoration Products — 0.5%
Newell Rubbermaid, Inc.		27,080		1,209,393
Hotels/Motels — 0.0%
Wyndham Worldwide Corp.		280		21,258
Housewares — 0.0%
Tupperware Brands Corp.#		1,740		98,780
Human Resources — 0.0%
ManpowerGroup, Inc.		1,050		94,794
Independent Power Producers — 0.2%
Dynegy, Inc.†		33,910		546,629
Instruments - Controls — 0.1%
Honeywell International, Inc.		2,275		236,486
Insurance - Life/Health — 0.7%
Lincoln National Corp.		17,887		983,606
Prudential Financial, Inc.		8,575		742,166
				1,725,772
Insurance - Multi-line — 1.1%
Genworth Financial, Inc., Class A†#		76,920		388,446
Hartford Financial Services Group, Inc.		24,089		1,099,422
MetLife, Inc.		5,275		269,500
XL Group PLC		20,880		797,198
				2,554,566
Insurance - Property/Casualty — 0.8%
Travelers Cos., Inc.		17,280		1,979,770
Internet Content - Entertainment — 1.0%
Facebook, Inc., Class A†		23,910		2,492,378

Security Description	Shares		Value (Note 2)
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc.		2,390	$	269,950
Machinery - General Industrial — 0.1%
Zebra Technologies Corp., Class A†		3,770		302,354
Medical Instruments — 0.5%
Bruker Corp.†		1,302		29,477
Medtronic PLC		14,404		1,085,198
				1,114,675
Medical Labs & Testing Services — 1.2%
Laboratory Corp. of America Holdings†		17,466		2,122,818
Quest Diagnostics, Inc.		11,176		763,544
				2,886,362
Medical Products — 0.7%
Baxter International, Inc.		21,850		822,653
Zimmer Biomet Holdings, Inc.		9,530		962,625
				1,785,278
Medical - Biomedical/Gene — 1.9%
Amgen, Inc.		20,300		3,270,330
Gilead Sciences, Inc.		13,700		1,451,652
				4,721,982
Medical - Drugs — 3.6%
Allergan PLC†		1,400		439,446
AstraZeneca PLC ADR		20,700		704,835
Baxalta, Inc.		38,390		1,319,848
Johnson & Johnson		6,250		632,750
Merck & Co., Inc.		50,168		2,659,406
Pfizer, Inc.		90,192		2,955,592
				8,711,877
Medical - Generic Drugs — 1.6%
Teva Pharmaceutical Industries, Ltd. ADR		59,852		3,766,486
Medical - HMO — 5.5%
Aetna, Inc.		36,500		3,750,375
Centene Corp.†		28,300		1,634,325
Cigna Corp.		26,000		3,509,480
Humana, Inc.		9,500		1,602,270
UnitedHealth Group, Inc.		25,900		2,919,189
				13,415,639
Medical - Hospitals — 1.2%
Community Health Systems, Inc.†		17,090		494,585
Universal Health Services, Inc., Class B		19,358		2,352,384
				2,846,969
Medical - Wholesale Drug Distribution — 0.6%
McKesson Corp.		7,630		1,444,740
Multimedia — 0.4%
Viacom, Inc., Class B		20,800		1,035,632
Networking Products — 3.5%
Cisco Systems, Inc.		275,890		7,518,002
Telefonaktiebolaget LM Ericsson ADR		94,100		911,829
				8,429,831
Oil & Gas Drilling — 0.3%
Atwood Oceanics, Inc.#		43,100		684,428
Oil Companies - Exploration & Production — 1.2%
Apache Corp.		34,500		1,696,710
Gulfport Energy Corp.†		32,280		820,558

56

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Exploration & Production (continued)
Hess Corp.		5,000	$	295,000
				2,812,268
Oil Companies - Integrated — 2.8%
BP PLC ADR		52,900		1,830,340
Exxon Mobil Corp.		2,380		194,351
Marathon Oil Corp.		112,004		1,961,190
Suncor Energy, Inc.#		100,920		2,785,392
				6,771,273
Oil Refining & Marketing — 2.1%
Marathon Petroleum Corp.		15,610		911,780
PBF Energy, Inc., Class A		13,750		556,738
Tesoro Corp.		5,609		645,989
Valero Energy Corp.		41,590		2,988,657
				5,103,164
Oil - Field Services — 2.1%
Baker Hughes, Inc.		11,670		630,997
Halliburton Co.		6,160		245,476
Schlumberger, Ltd.		39,790		3,069,798
Superior Energy Services, Inc.		37,585		588,957
Weatherford International PLC†		46,310		500,611
				5,035,839
Paper & Related Products — 0.4%
Domtar Corp.		24,900		1,023,141
Pharmacy Services — 0.2%
Express Scripts Holding Co.†		6,300		538,524
Poultry — 0.1%
Pilgrim’s Pride Corp.#		14,000		301,420
Real Estate Investment Trusts — 0.5%
Brixmor Property Group, Inc.		6,390		160,453
Outfront Media, Inc.		23,884		545,749
Starwood Property Trust, Inc.		27,950		568,224
				1,274,426
Retail - Apparel/Shoe — 0.8%
Gap, Inc.		14,930		399,079
Ross Stores, Inc.		27,388		1,424,450
				1,823,529
Retail - Building Products — 3.5%
Home Depot, Inc.		31,200		4,177,056
Lowe’s Cos., Inc.		55,900		4,281,940
				8,458,996
Retail - Drug Store — 2.1%
CVS Health Corp.		54,200		5,099,678
Retail - Petroleum Products — 0.0%
World Fuel Services Corp.		1,370		59,718
Retail - Regional Department Stores — 0.3%
Macy’s, Inc.		17,040		665,923
Retail - Vitamins & Nutrition Supplements — 0.3%
GNC Holdings, Inc., Class A		20,510		611,403
Rubber - Tires — 0.4%
Goodyear Tire & Rubber Co.		30,700		1,070,816
Semiconductor Components - Integrated Circuits — 1.0%
QUALCOMM, Inc.		50,530		2,465,359

Security Description	Shares		Value (Note 2)
Semiconductor Equipment — 0.3%
Teradyne, Inc.		34,830	$	723,767
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		220		28,802
Steel - Producers — 0.1%
Reliance Steel & Aluminum Co.		2,330		137,027
Steel - Specialty — 0.0%
Allegheny Technologies, Inc.		2,220		28,127
Telephone - Integrated — 1.7%
Telephone & Data Systems, Inc.		36,929		1,044,721
Verizon Communications, Inc.		66,890		3,040,151
				4,084,872
Tobacco — 1.4%
Altria Group, Inc.		58,068		3,344,717
Transport - Services — 0.9%
FedEx Corp.		14,300		2,267,122
Web Portals/ISP — 2.7%
Alphabet, Inc., Class A†		4,150		3,165,828
Alphabet, Inc., Class C†		4,412		3,276,351
				6,442,179
Wireless Equipment — 0.2%
Nokia OYJ ADR#		51,650		372,396
Total Common Stocks
(cost $198,416,353)				240,035,937
CONVERTIBLE PREFERRED SECURITIES — 0.1%
Food - Meat Products — 0.1%
Tyson Foods, Inc. 4.75% due 07/15/2017		4,272		244,572
Tools - Hand Held — 0.0%
Stanley Black & Decker, Inc. 6.25% due 11/17/2016		530		65,672
Total Convertible Preferred Securities
(cost $266,600)				310,244
EXCHANGE-TRADED FUNDS — 0.3%
Utilities Select Sector SPDR Fund# (cost $634,584)		14,400		616,608
Total Long-Term Investment Securities
(cost $199,317,537)				240,962,789
SHORT-TERM INVESTMENT SECURITIES — 1.8%
Registered Investment Companies — 1.8%
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(3)
(cost $4,433,852)		4,433,852		4,433,852

57

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 1.0%
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 11/30/2015, to be repurchased 12/01/2015 in the amount $2,484,000 collateralized by $2,605,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $2,538,122 (cost $2,484,000)	$	2,484,000		$	2,484,000
TOTAL INVESTMENTS
(cost $206,235,389)(2)		102.0	%		247,880,641
Liabilities in excess of other assets		(2.0	)		(4,962,691	)
NET ASSETS		100.0	%	$	242,917,950

† Non-income producing security

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

(1) At November 30, 2015, the Fund had loaned securities with a total value of $5,587,155. This was secured by collateral of $4,433,852, which was received in cash and subsequently invested in short-term investments currently valued at $4,433,852 as reported in the Portfolio of Investments. Additional collateral of $1,258,078 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
Federal National Mtg. Assoc.	0.75% to 0.75%	04/20/2017	$271,521
United States Treasury Bills	0.00%	12/10/2015 to 07/21/2016	106,452
United States Treasury Notes/Bonds	0.13% to 6.25%	01/15/2016 to 05/15/2045	880,105

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

(3) The rate shown is the 7-day yield as of November 30, 2015.

ADR—American Depositary Receipt

Futures Contracts

Number of Contracts

Type

Description

Expiration Month

Value at Trade Date

Value as of November 30, 2015

Unrealized Appreciation (Depreciation)

7

Long

S&P 500 E-Mini Index

December 2015

$

678,931

$

727,930

$

48,999

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	240,035,937	$	—	$	—	$	240,035,937
Convertible Preferred Securities		310,244		—		—		310,244
Exchange-Traded Funds		616,608		—		—		616,608
Short-Term Investment Securities		4,433,852		—		—		4,433,852
Repurchase Agreements		—		2,484,000		—		2,484,000
Total Investments at Value	$	245,396,641	$	2,484,000	$	—	$	247,880,641
Other Financial Instruments:†
Futures Contracts	$	48,999	$	—	$	—	$	48,999

* 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

58

VALIC Company I Dividend Value Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Medical — Drugs	7.8	%
Registered Investment Companies	6.9
Diversified Banking Institutions	6.4
Oil Companies — Integrated	5.9
Diversified Manufacturing Operations	4.9
Chemicals — Diversified	4.3
Banks — Super Regional	4.2
Tobacco	3.7
Retail — Apparel/Shoe	3.2
Aerospace/Defense	2.9
Oil & Gas Drilling	2.8
Cosmetics & Toiletries	2.4
Electric — Integrated	2.4
Telephone — Integrated	2.3
Retail — Discount	2.2
Time Deposits	2.2
Electronic Components — Semiconductors	2.2
Retail — Restaurants	1.9
Medical — HMO	1.6
Retail — Building Products	1.5
Computer Services	1.5
Insurance — Multi-line	1.4
Electric Products — Misc.	1.4
Retail — Regional Department Stores	1.4
Data Processing/Management	1.4
Applications Software	1.4
Oil Field Machinery & Equipment	1.4
Multimedia	1.4
Machinery — Construction & Mining	1.3
Advertising Agencies	1.3
Engines — Internal Combustion	1.3
Internet Security	1.3
Insurance — Life/Health	1.3
Retail — Office Supplies	1.2
Oil Companies — Exploration & Production	1.2
Retail — Computer Equipment	1.0
Cable/Satellite TV	0.9
Instruments — Controls	0.9
Food-Retail	0.8
Oil Refining & Marketing	0.8
Insurance — Property/Casualty	0.7
Transport — Services	0.7
Beverages — Non-alcoholic	0.6
Semiconductor Components — Integrated Circuits	0.6
Enterprise Software/Service	0.6
Medical Labs & Testing Services	0.5
Finance — Other Services	0.5
Paper & Related Products	0.5
Water	0.5
Wireless Equipment	0.5
Beverages — Wine/Spirits	0.5
Medical Products	0.4
Food — Misc./Diversified	0.3
Transport — Rail	0.3
Advertising Services	0.3
Oil — Field Services	0.3
Real Estate Investment Trusts	0.3
Cellular Telecom	0.3
Industrial Gases	0.2
Electronic Security Devices	0.2
Industrial Automated/Robotic	0.2
Finance — Credit Card	0.2
Pipelines	0.2
Electric — Transmission	0.2
Computers	0.2
Telecom Services	0.2
Aerospace/Defense — Equipment	0.1

Diversified Minerals	0.1	%
Repurchase Agreements	0.1
	106.6	%

* Calculated as a percentage of net assets

59

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.4%
Advertising Agencies — 1.3%
Omnicom Group, Inc.#		100,368	$	7,419,203
Advertising Services — 0.3%
Nielsen Holdings PLC		34,710		1,620,263
Aerospace/Defense — 2.9%
Lockheed Martin Corp.		20,420		4,475,247
Northrop Grumman Corp.		26,525		4,943,199
Raytheon Co.		56,005		6,946,300
				16,364,746
Aerospace/Defense - Equipment — 0.1%
United Technologies Corp.		8,940		858,687
Applications Software — 1.4%
Microsoft Corp.		142,795		7,760,908
Banks - Super Regional — 4.2%
SunTrust Banks, Inc.		141,313		6,135,810
US Bancorp		124,900		5,481,861
Wells Fargo & Co.		223,155		12,295,841
				23,913,512
Beverages - Non-alcoholic — 0.6%
Coca-Cola Co.		82,445		3,513,806
Beverages - Wine/Spirits — 0.5%
Diageo PLC		89,805		2,583,375
Cable/Satellite TV — 0.9%
Comcast Corp., Special Class A#		82,775		5,052,586
Cellular Telecom — 0.3%
SK Telecom Co., Ltd. ADR#		66,200		1,474,936
Chemicals - Diversified — 4.3%
Dow Chemical Co.		219,125		11,422,986
E.I. du Pont de Nemours & Co.		72,240		4,864,642
LyondellBasell Industries NV, Class A		82,181		7,874,583
				24,162,211
Computer Services — 1.5%
International Business Machines Corp.		58,993		8,224,804
Computers — 0.2%
Lenovo Group, Ltd.#		934,000		995,020
Cosmetics & Toiletries — 2.4%
Procter & Gamble Co.		175,190		13,111,220
Unilever NV		16,215		709,244
				13,820,464
Data Processing/Management — 1.4%
Paychex, Inc.		146,073		7,924,460
Diversified Banking Institutions — 6.4%
Bank of America Corp.		288,080		5,021,234
Citigroup, Inc.		190,260		10,291,164
Goldman Sachs Group, Inc.		17,450		3,315,849
JPMorgan Chase & Co.		203,825		13,591,051
Morgan Stanley		108,440		3,719,492
				35,938,790
Diversified Manufacturing Operations — 4.9%
3M Co.		8,855		1,386,516
Eaton Corp. PLC		139,213		8,096,628
General Electric Co.		614,848		18,408,549
				27,891,693
Diversified Minerals — 0.1%
BHP Billiton, Ltd.		63,532		831,170

Security Description	Shares		Value (Note 2)
Electric Products - Misc. — 1.4%
Emerson Electric Co.		160,252	$	8,012,600
Electric - Integrated — 2.4%
CMS Energy Corp.		52,000		1,821,040
Dominion Resources, Inc.		50,090		3,374,563
Exelon Corp.		53,200		1,452,892
NextEra Energy, Inc.		37,520		3,746,747
Public Service Enterprise Group, Inc.		39,100		1,528,810
WEC Energy Group, Inc.		30,380		1,498,342
				13,422,394
Electric - Transmission — 0.2%
ITC Holdings Corp.		27,015		996,313
Electronic Components - Semiconductors — 2.2%
Intel Corp.		232,915		8,098,455
NVIDIA Corp.		30,300		961,116
Samsung Electronics Co., Ltd. GDR		5,840		3,249,960
				12,309,531
Electronic Security Devices — 0.2%
Tyco International PLC		37,190		1,313,179
Engines - Internal Combustion — 1.3%
Cummins, Inc.		73,121		7,339,155
Enterprise Software/Service — 0.6%
Oracle Corp.		85,030		3,313,619
Finance - Credit Card — 0.2%
American Express Co.		15,474		1,108,557
Finance - Other Services — 0.5%
CME Group, Inc.		31,780		3,103,317
Food - Misc./Diversified — 0.3%
Mondelez International, Inc., Class A		42,645		1,861,881
Food - Retail — 0.8%
Kroger Co.		115,980		4,367,807
Industrial Automated/Robotic — 0.2%
Rockwell Automation, Inc.		11,260		1,198,514
Industrial Gases — 0.2%
Praxair, Inc.		11,995		1,353,036
Instruments - Controls — 0.9%
Honeywell International, Inc.		47,625		4,950,619
Insurance - Life/Health — 1.3%
Prudential Financial, Inc.		82,885		7,173,697
Insurance - Multi-line — 1.4%
ACE, Ltd.		8,535		980,245
MetLife, Inc.		138,150		7,058,083
				8,038,328
Insurance - Property/Casualty — 0.7%
Travelers Cos., Inc.		33,880		3,881,632
Internet Security — 1.3%
Symantec Corp.		368,996		7,224,942
Machinery - Construction & Mining — 1.3%
Caterpillar, Inc.		105,054		7,632,173
Medical Labs & Testing Services — 0.5%
Quest Diagnostics, Inc.		45,485		3,107,535
Medical Products — 0.4%
Becton Dickinson and Co.		14,200		2,133,550
Medical - Drugs — 7.8%
Abbott Laboratories		28,825		1,294,819
AbbVie, Inc.		28,825		1,676,174
AstraZeneca PLC		25,200		1,708,865

60

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Bristol-Myers Squibb Co.		42,800	$	2,868,028
Johnson & Johnson		55,665		5,635,525
Merck & Co., Inc.		261,547		13,864,606
Pfizer, Inc.		526,495		17,253,241
				44,301,258
Medical - HMO — 1.6%
Anthem, Inc.		17,707		2,308,639
UnitedHealth Group, Inc.		59,843		6,744,904
				9,053,543
Multimedia — 1.4%
Viacom, Inc., Class B		153,641		7,649,785
Oil & Gas Drilling — 2.8%
Helmerich & Payne, Inc.#		136,821		7,969,823
Noble Corp. PLC#		582,046		7,723,751
				15,693,574
Oil Companies - Exploration & Production — 1.2%
ConocoPhillips		24,740		1,337,197
Occidental Petroleum Corp.		74,821		5,655,719
				6,992,916
Oil Companies - Integrated — 5.9%
Chevron Corp.		123,080		11,239,666
Exxon Mobil Corp.		196,256		16,026,265
Marathon Oil Corp.		72,805		1,274,816
TOTAL SA ADR#		97,452		4,819,001
				33,359,748
Oil Field Machinery & Equipment — 1.4%
National Oilwell Varco, Inc.		207,483		7,747,415
Oil Refining & Marketing — 0.8%
Marathon Petroleum Corp.		74,240		4,336,358
Oil - Field Services — 0.3%
Schlumberger, Ltd.		19,905		1,535,671
Paper & Related Products — 0.5%
International Paper Co.		67,770		2,834,819
Pipelines — 0.2%
Spectra Energy Corp.		41,170		1,078,654
Real Estate Investment Trusts — 0.3%
Weyerhaeuser Co.		47,040		1,513,277
Retail - Apparel/Shoe — 3.2%
Coach, Inc.		245,000		7,783,650
Gap, Inc.		396,342		10,594,222
				18,377,872
Retail - Building Products — 1.5%
Home Depot, Inc.		62,860		8,415,697
Retail - Computer Equipment — 1.0%
GameStop Corp., Class A#		165,407		5,794,207
Retail - Discount — 2.2%
Dollar General Corp.		77,111		5,043,831
Wal-Mart Stores, Inc.		130,447		7,675,501
				12,719,332
Retail - Office Supplies — 1.2%
Staples, Inc.		584,070		7,049,725
Retail - Regional Department Stores — 1.4%
Kohl’s Corp.		169,598		7,993,154
Retail - Restaurants — 1.9%
McDonald’s Corp.		93,338		10,655,466

Security Description	Shares/ Principal Amount			Value (Note 2)
Semiconductor Components - Integrated Circuits — 0.6%
QUALCOMM, Inc.		71,950		$	3,510,440
Telecom Services — 0.2%
BCE, Inc.		22,140			953,348
Telephone - Integrated — 2.3%
Verizon Communications, Inc.		287,176			13,052,149
Tobacco — 3.7%
Altria Group, Inc.		162,123			9,338,285
Philip Morris International, Inc.		103,329			9,029,921
Reynolds American, Inc.		51,620			2,387,425
					20,755,631
Transport - Rail — 0.3%
Union Pacific Corp.		22,167			1,860,920
Transport - Services — 0.7%
United Parcel Service, Inc., Class B		35,825			3,690,333
Water — 0.5%
American Water Works Co., Inc.		48,790			2,818,110
Wireless Equipment — 0.5%
Motorola Solutions, Inc.		38,890			2,791,524
Total Long-Term Investment Securities
(cost $504,333,034)					550,727,939
SHORT-TERM INVESTMENT SECURITIES — 9.1%
Registered Investment Companies — 6.9%
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2)	$	38,858,357			38,858,357
Time Deposits — 2.2%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015		12,395,000			12,395,000
Total Short-Term Investment Securities
(cost $51,253,357)					51,253,357
REPURCHASE AGREEMENTS — 0.1%
State Street Bank and Trust Co. Joint Repurchase Agreement(3) (cost $736,000)		736,000			736,000
TOTAL INVESTMENTS
(cost $556,322,391)(4)		106.6	%		602,717,296
Liabilities in excess of other assets		(6.6	)		(37,370,213	)
NET ASSETS		100.0	%	$	565,347,083

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

(1) At November 30, 2015, the Fund had loaned securities with a total value of $39,852,912. This was secured by collateral of $38,858,357, which was received in cash and subsequently invested in short-term investments currently valued at $38,858,357 as reported in the Portfolio of Investments. Additional collateral of $2,224,176 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
United States Treasury Bills	0.00%	12/10/2015 to 07/21/2016	$	163,340
United States Treasury Notes/Bonds	0.13% to 8.88%	01/15/2016 to 05/15/2045		2,060,836

(2) The rate shown is the 7-day yield as of November 30, 2015.

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

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

61

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	550,727,939	$	—	$	—	$	550,727,939
Short-Term Investment Securities:
Registered Investment Companies		38,858,357		—		—		38,858,357
Time Deposits		—		12,395,000		—		12,395,000
Repurchase Agreements		—		736,000		—		736,000
Total Investments at Value	$	589,586,296	$	13,131,000	$	—	$	602,717,296

* 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. Securities currently valued at $6,664,505 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

62

VALIC Company I Dynamic Allocation Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	49.0	%
Domestic Fixed Income Investment Companies	19.6
United States Treasury Notes	14.6
International Equity Investment Companies	12.5
United States Treasury Bonds	1.4
Registered Investment Companies	1.1
International Fixed Income Investment Companies	0.8
Options — Purchased	0.4
	99.4	%

* Calculated as a percentage of net assets

63

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares/ Principal Amount		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES@(1) — 81.9%
Domestic Equity Investment Companies — 49.0%
VALIC Co. I Blue Chip Growth Fund		575,188	$	10,750,270
VALIC Co. I Broad Cap Value Income Fund		691,342		10,619,017
VALIC Co. I Dividend Value Fund		494,497		6,507,585
VALIC Co. I Growth Fund		666,692		10,980,414
VALIC Co. I Growth & Income Fund		223,854		4,344,999
VALIC Co. I Large Cap Core Fund		644,907		8,822,329
VALIC Co. I Large Capital Growth Fund		690,445		8,741,033
VALIC Co. I Stock Index Fund		880,263		32,103,182
VALIC Co. I Value Fund		704,913		10,517,296
VALIC Co. II Capital Appreciation Fund		388,789		6,749,385
VALIC Co. II Mid Cap Growth Fund		463,895		4,091,553
VALIC Co. II Mid Cap Value Fund		186,919		4,308,496
VALIC Co. II Small Cap Growth Fund		266,990		4,167,710
VALIC Co. II Small Cap Value Fund		284,840		4,192,847
Total Domestic Equity Investment Companies
(cost $117,835,655)				126,896,116
Domestic Fixed Income Investment Companies — 19.6%
VALIC Co. I Capital Conservation Fund		1,510,243		14,936,298
VALIC Co. I Government Securities Fund		791,978		8,569,203
VALIC Co. I Inflation Protected Fund		195,402		2,086,892
VALIC Co. II Core Bond Fund		1,550,248		16,975,213
VALIC Co. II High Yield Bond Fund		284,345		2,072,872
VALIC Co. II Strategic Bond Fund		571,587		6,270,312
Total Domestic Fixed Income Investment Companies
(cost $51,394,806)				50,910,790
International Equity Investment Companies — 12.5%
VALIC Co. I Emerging Economies Fund		792,010		5,195,589
VALIC Co. I Foreign Value Fund		1,094,113		10,087,723
VALIC Co. I Global Real Estate Fund		245,653		2,070,853
VALIC Co. I International Equities Index Fund		739,496		4,873,277
VALIC Co. I International Growth Fund		774,420		10,237,828
Total International Equity Investment Companies
(cost $35,046,028)				32,465,270
International Fixed Income Investment Companies — 0.8%
VALIC Co. I International Government Bond Fund
(cost $2,259,655)		189,137		2,088,078
Total Affiliated Registered Investment Companies
(cost $206,536,144)				212,360,254
U.S. GOVERNMENT TREASURIES — 16.0%
United States Treasury Bonds — 1.4%
6.25% due 08/15/2023		325,000		422,601
6.88% due 08/15/2025		1,080,000		1,525,078

Security Description	Shares/ Principal Amount			Value (Note 2)
United States Treasury Bonds (continued)
7.13% due 02/15/2023	$	70,000		$	94,202
7.50% due 11/15/2024		575,000			825,956
7.63% due 11/15/2022		196,300			268,739
7.63% due 02/15/2025		375,000			546,313
					3,682,889
United States Treasury Notes — 14.6%
1.75% due 05/15/2023		2,450,000			2,398,895
2.00% due 02/15/2023		2,626,000			2,625,076
2.00% due 02/15/2025		3,090,000			3,034,355
2.00% due 08/15/2025		3,090,000			3,028,320
2.13% due 05/15/2025		3,625,000			3,594,129
2.25% due 11/15/2024		4,200,000			4,219,358
2.38% due 08/15/2024		4,845,000			4,920,703
2.50% due 08/15/2023		2,591,000			2,672,881
2.50% due 05/15/2024		3,427,000			3,519,769
2.75% due 11/15/2023		3,338,000			3,503,859
2.75% due 02/15/2024		4,097,000			4,292,566
					37,809,911
Total U.S. Government Treasuries
(cost $41,077,427)					41,492,800
OPTIONS — PURCHASED — 0.4%
Options - Purchased(1)
(cost $1,259,873)		68,000			934,862
Total Long-Term Investment Securities
(cost $248,873,444)					254,787,916
SHORT-TERM INVESTMENT SECURITIES — 1.1%
Registered Investment Companies — 1.1%
AllianceBernstein Government STIF Portfolio 0.15%(3)
(cost $2,853,473)		2,853,473			2,853,473
TOTAL INVESTMENTS
(cost $251,726,917)(2)		99.4	%		257,641,389
Other assets less liabilities		0.6			1,656,951
NET ASSETS —		100.0	%	$	259,298,340

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

(1) See Note 3

(1) Options — Purchased

Put Options — Purchased
Issue	Expiration Month	Strike Price		No. of Contracts		Premiums Paid		Value at November 30, 2015		Unrealized Appreciation (Depreciation)
S&P 500 Index . . . . . . . . . . . . .	February 2016	$	1,840		68,000	$	1,259,873	$	934,862	$	(325,011	)

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

(3) The rate shown is the 7-day yield as of November 30, 2015.

STIF—Short Term Index Fund

64

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Written Call Options
Issue	Expiration Month	Strike Price	No. of Contracts	Premiums Received	Value at November 30, 2015	Unrealized Appreciation (Depreciation)
S&P 500 Index . . . . . . . . . . . . .	February 2016	$2,200	68,000	$784,215	$496,698	$287,517

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2015		Unrealized Appreciation (Depreciation)
	590	Long	S&P 500 E-Mini Index		December 2015	$	61,362,701	$	61,354,100	$	(8,601	)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	212,360,254	$	—	$	—	$	212,360,254
U.S. Government Treasuries		—		41,492,801		—		41,492,800
Options Purchased		934,861		—		—		934,862
Short-Term Investment Securities		2,853,473		—		—		2,853,473
Total Investments at Value	$	216,148,588	$	41,492,801	$	—	$	257,641,389
Other Financial Instruments:†
Options Contracts Written	$	287,517	$	—	$	—	$	287,517
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	8,601	$	—	$	—	$	8,601

* 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

65

VALIC Company I Emerging Economies Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Banks — Commercial	16.0	%
Electronic Components — Semiconductors	6.7
Semiconductor Components — Integrated Circuits	5.4
Oil Companies — Integrated	4.5
Registered Investment Companies	3.8
Cellular Telecom	3.6
Diversified Financial Services	3.3
Auto — Cars/Light Trucks	3.2
Oil Refining & Marketing	3.2
Oil Companies — Exploration & Production	2.4
Real Estate Operations & Development	1.8
Time Deposits	1.7
Internet Application Software	1.7
Electronic Components — Misc.	1.6
Entertainment Software	1.5
Metal Processors & Fabrication	1.5
Home Furnishings	1.5
Public Thoroughfares	1.4
Finance — Mortgage Loan/Banker	1.4
Insurance — Property/Casualty	1.4
Rubber — Tires	1.4
Tobacco	1.3
Insurance — Life/Health	1.3
Appliances	1.3
Retail — Apparel/Shoe	1.3
Medical — Drugs	1.1
Applications Software	1.1
Internet Content — Entertainment	1.1
Athletic Footwear	1.1
Circuit Boards	1.0
Retail — Automobile	1.0
Banks — Special Purpose	0.9
Medical — Wholesale Drug Distribution	0.9
Food — Retail	0.8
Electric — Generation	0.8
Metal — Diversified	0.8
Metal Products — Distribution	0.8
Computers — Periphery Equipment	0.7
Petrochemicals	0.7
Medical — Hospitals	0.7
Casino Hotels	0.7
Beverages — Non-alcoholic	0.7
Metal — Iron	0.6
Transport — Marine	0.6
Electric — Integrated	0.5
Steel — Producers	0.5
Food — Canned	0.5
Food — Misc./Diversified	0.5
Airport Development/Maintenance	0.5
Multimedia	0.5
Telecommunication Equipment	0.5
Food — Meat Products	0.5
Textile — Products	0.5
Telecom Services	0.5
Finance — Investment Banker/Broker	0.4
Retail — Convenience Store	0.4
Building — Heavy Construction	0.4
Insurance — Multi-line	0.4
Finance — Other Services	0.4
Audio/Video Products	0.4
Cosmetics & Toiletries	0.3
Retail — Consumer Electronics	0.3
Building — Residential/Commercial	0.3
Medical — Generic Drugs	0.3
Auto/Truck Parts & Equipment — Original	0.3
Diversified Operations	0.3
Containers — Paper/Plastic	0.3
Commercial Services — Finance	0.3
Retail — Drug Store	0.3

Food — Wholesale/Distribution	0.3
Energy — Alternate Sources	0.3
E-Commerce/Products	0.3
Schools	0.3
Building & Construction Products — Misc.	0.2
Power Converter/Supply Equipment	0.2
Food — Confectionery	0.2
Retail — Misc./Diversified	0.2
Wire & Cable Products	0.2
Machinery — Construction & Mining	0.2
Travel Services	0.2
Lottery Services	0.1
Music	0.1
	103.2	%

Country Allocation*

South Korea	18.7	%
Taiwan	16.5
China	14.2
Cayman Islands	8.7
Russia	8.3
Hong Kong	5.9
India	5.6
United States	5.5
Turkey	4.3
Brazil	3.9
South Africa	3.3
Poland	1.6
Thailand	1.4
Bermuda	1.3
Indonesia	1.3
Hungary	0.8
Malaysia	0.6
United Arab Emirates	0.4
Egypt	0.4
Cyprus	0.3
Qatar	0.2
	103.2	%

* Calculated as a percentage of net assets

66

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.7%
Bermuda — 1.3%
GOME Electrical Appliances Holding, Ltd.#		10,271,000	$	1,761,852
REXLot Holdings, Ltd.#(5)		14,050,000		518,260
Shenzhen International Holdings, Ltd.(4)		1,789,000		2,944,191
Skyworth Digital Holdings, Ltd.		2,926,000		1,905,771
				7,130,074
Brazil — 3.9%
Banco do Brasil SA		1,162,400		4,894,158
Estacio Participacoes SA		406,900		1,410,320
Itau Unibanco Holding SA ADR		1,173,724		8,309,966
JBS SA		793,980		2,548,780
MRV Engenharia e Participacoes SA		800,480		1,708,960
Porto Seguro SA		188,590		1,586,125
Sul America SA		105,900		589,854
				21,048,163
Cayman Islands — 8.7%
ANTA Sports Products, Ltd.		1,011,000		3,044,690
Belle International Holdings, Ltd.		4,058,000		3,564,217
Casetek Holdings, Ltd.		277,000		1,366,246
China Lesso Group Holdings, Ltd.		1,538,000		1,227,869
Chlitina Holding, Ltd.		172,000		1,915,385
Geely Automobile Holdings, Ltd.		8,585,000		4,495,431
Jiangnan Group, Ltd.		4,644,000		988,283
Lee & Man Paper Manufacturing, Ltd.		2,842,000		1,634,797
NetEase, Inc. ADR		48,920		8,153,007
Sino Biopharmaceutical, Ltd.		4,562,000		4,336,384
Tencent Holdings, Ltd.		450,100		8,980,579
Trina Solar, Ltd. ADR†#		164,580		1,588,197
Vipshop Holdings, Ltd. ADR†#		86,370		1,427,696
Yeong Guan Energy Technology Group Co., Ltd.		269,000		1,454,522
Zhen Ding Technology Holding, Ltd.		907,000		2,575,789
				46,753,092
China — 14.2%
Bank of China, Ltd.		23,112,000		10,313,798
China CITIC Bank Corp., Ltd.†		9,691,000		6,111,988
China Construction Bank Corp.		20,998,000		14,434,779
China Everbright Bank Co., Ltd.		6,077,000		2,743,230
China Merchants Bank Co., Ltd.		3,172,000		7,453,952
China Railway Construction Corp., Ltd., Class H		1,679,000		2,234,783
China Telecom Corp., Ltd.		5,122,000		2,510,315
Great Wall Motor Co., Ltd.#		3,081,500		3,803,462
Huadian Power International Corp., Ltd.		3,536,000		2,234,670
Huaneng Power International, Inc.		2,588,000		2,243,048
PICC Property & Casualty Co., Ltd.		3,368,000		7,297,706
Shanghai Pharmaceuticals Holding Co., Ltd.		734,000		1,601,775
Shenzhen Expressway Co., Ltd.(4)		2,096,000		1,735,527
Sinopharm Group Co., Ltd.		1,115,200		4,681,756
Xinjiang Goldwind Science & Technology Co., Ltd.#		667,800		1,131,740
Zhejiang Expressway Co., Ltd.		2,408,000		2,928,689
ZTE Corp.		1,148,800		2,572,167
				76,033,385
Cyprus — 0.3%
QIWI PLC ADR#		84,310		1,609,478
Egypt — 0.4%
Commercial International Bank of Egypt SAE GDR		454,930		2,129,072
Hong Kong — 5.9%
China Mobile, Ltd.		1,410,500		16,063,449
China Overseas Land & Investment, Ltd.		2,358,000		7,831,159
CNOOC, Ltd.		6,857,000		7,587,985
				31,482,593

Security Description	Shares		Value (Note 2)
Hungary — 0.8%
MOL Hungarian Oil & Gas PLC		32,622	$	1,496,723
OTP Bank PLC		145,150		2,994,353
				4,491,076
India — 5.6%
Apollo Tyres, Ltd.		806,130		1,967,705
Bharat Petroleum Corp., Ltd.		401,450		5,442,206
Ceat, Ltd.		138,680		2,142,981
HCL Technologies, Ltd.		445,870		5,826,311
Hindustan Petroleum Corp., Ltd.		406,640		5,124,866
Housing Development Finance Corp., Ltd.		414,763		7,582,157
Jubilant Life Sciences, Ltd.		274,770		1,702,498
				29,788,724
Indonesia — 1.3%
Astra International Tbk PT		9,302,500		3,983,904
Bank Negara Indonesia Persero Tbk PT		5,184,200		1,787,397
United Tractors Tbk PT		828,200		975,761
				6,747,062
Malaysia — 0.6%
MISC BHD		1,477,900		3,202,579
Poland — 1.6%
Eurocash SA		124,300		1,599,485
Polski Koncern Naftowy Orlen SA#		267,240		4,492,301
Polskie Gornictwo Naftowe I Gazownictwo SA		1,686,870		2,249,967
				8,341,753
Qatar — 0.2%
Gulf International Services QSC		69,602		898,226
Russia — 8.3%
Gazprom PAO ADR		608,840		2,508,725
Lukoil PJSC ADR		201,660		7,719,545
Magnit OJSC†		16,080		2,910,407
Magnitogorsk Iron & Steel Works OJSC†		5,850,850		1,867,773
MMC Norilsk Nickel PJSC ADR		331,420		4,457,599
Mobile TeleSystems PJSC ADR		436,910		3,080,215
Moscow Exchange MICEX-RTS PJSC		1,488,470		2,103,614
Sberbank of Russia ADR		1,241,581		8,331,009
Severstal PAO GDR		249,980		2,674,786
Surgutneftegas OAO† (Preference Shares)		7,395,720		4,740,849
Tatneft PAO ADR#		140,026		4,123,766
				44,518,288
South Africa — 3.3%
Imperial Holdings, Ltd.		157,130		1,651,626
Naspers, Ltd., Class N		17,560		2,617,528
Netcare, Ltd.		1,500,850		3,737,590
SPAR Group, Ltd.#		128,460		1,613,659
Steinhoff International Holdings, Ltd.(4)		1,380,921		7,737,590
				17,357,993
South Korea — 18.7%
BNK Financial Group, Inc.#		149,104		1,252,780
Coway Co., Ltd.		63,830		4,657,515
Crown Confectionery Co. Ltd.		2,400		1,025,862
GS Home Shopping, Inc.		6,930		1,010,133
GS Retail Co., Ltd.#		49,390		2,354,240
Hana Tour Service, Inc.		9,040		897,716
Hankook Tire Co., Ltd.		75,460		3,007,192
Hyosung Corp.		42,810		4,269,725
Industrial Bank of Korea		427,890		4,914,241
Kangwon Land, Inc.		108,680		3,584,971
KB Financial Group, Inc.		144,980		4,413,061

67

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
South Korea (continued)
Kia Motors Corp.		151,030	$	6,846,919
Korea Electric Power Corp.		65,150		2,753,847
KT&G Corp.		76,492		7,067,608
Lotte Chemical Corp.		18,420		3,825,405
Meritz Securities Co., Ltd.		623,595		2,420,500
NCSoft Corp.		30,180		5,798,584
S-Oil Corp.		67,860		4,348,009
Samsung Electronics Co., Ltd.		24,878		27,583,742
SK Hynix, Inc.		234,370		6,395,313
Yuhan Corp.		6,900		1,650,447
				100,077,810
Taiwan — 16.5%
Advanced Semiconductor Engineering, Inc.		5,735,000		6,035,085
Catcher Technology Co., Ltd.		590,000		5,711,660
Cathay Financial Holding Co., Ltd.		4,956,000		6,930,991
Chicony Electronics Co., Ltd.		1,179,797		2,721,608
Coretronic Corp.		1,086,500		965,275
Elite Material Co., Ltd.		1,223,000		2,379,159
Feng TAY Enterprise Co., Ltd.		442,150		2,431,405
FLEXium Interconnect, Inc.		1,002,000		2,821,022
Fubon Financial Holding Co., Ltd.		4,352,000		6,932,908
Grape King Bio, Ltd.		555,000		3,536,548
Hota Industrial Manufacturing Co., Ltd.		438,000		1,690,705
Innolux Corp.		3,860,000		1,181,343
Mega Financial Holding Co., Ltd.		7,611,000		5,246,232
Pegatron Corp.		1,705,000		4,497,289
Pou Chen Corp.		2,310,000		3,074,858
Shin Zu Shing Co., Ltd.		588,000		2,053,551
Taiwan Paiho, Ltd.		1,126,000		2,528,515
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,017,640		23,161,486
Uni-President Enterprises Corp.		1,612,000		2,656,871
Win Semiconductors Corp.		1,093,678		1,681,963
				88,238,474
Thailand — 1.4%
Krung Thai Bank PCL		9,138,900		4,334,857
RS PCL		1,550,200		462,811
Thai Union Group PCL		5,153,900		2,660,356
				7,458,024
Turkey — 4.3%
Arcelik AS		373,830		2,027,466
Dogus Otomotiv Servis ve Ticaret AS		201,850		789,870
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		1,917,790		1,830,072
Ford Otomotiv Sanayi AS		99,680		1,118,866
TAV Havalimanlari Holding AS		365,980		2,643,171
Tofas Turk Otomobil Fabrikasi AS		194,190		1,281,824
Tupras Turkiye Petrol Rafinerileri AS†		105,810		2,613,243
Turkiye Halk Bankasi AS		1,348,220		5,044,400
Turkiye Is Bankasi, Class C		3,473,010		5,638,835
				22,987,747
United Arab Emirates — 0.4%
Dubai Islamic Bank PJSC		1,250,510		2,179,182
Total Long-Term Investment Securities
(cost $559,165,383)				522,472,795
SHORT-TERM INVESTMENT SECURITIES — 5.5%
Registered Investment Companies — 3.8%
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2)		20,406,832		20,406,832

Security Description	Principal Amount			Value (Note 2)
Time Deposits — 1.7%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015	$	9,058,000		$	9,058,000
Total Short-Term Investment Securities
(cost $29,464,832)					29,464,832
TOTAL INVESTMENTS —
(cost $588,630,215)(3)		103.2	%		551,937,627
Liabilities in excess of other assets		(3.2	)		(17,219,683	)
NET ASSETS —		100.0	%	$	534,717,944

# The security or a portion thereof is out on loan

† Non-income producing security

(1) At November 30, 2015, the Fund had loaned securities with a total value of $20,093,494. This was secured by collateral of $20,406,832, which was received in cash and subsequently invested in short-term investments currently valued at $20,406,832 as reported in the Portfolio of Investments. Additional collateral of $1,536,911 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
United States Treasury Bills	0.00%	01/14/2016 to 07/21/2016	$	18,036
United States Treasury Notes/Bonds	0.13% to 7.63%	02/29/2016 to 05/15/2045		1,518,875

(2) The rate shown is the 7-day yield as of November 30, 2015.

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

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

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

68

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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:
Bermuda	$	3,667,623	$	2,944,191	$	518,260	$	7,130,074
China		74,297,858		1,735,527		—		76,033,385
South Africa		9,620,403		7,737,590		—		17,357,993
Other Countries		421,951,343		—		—		421,951,343
Short-Term Investment Securities:
Registered Investment Companies		20,406,832		—		—		20,406,832
Time Deposits		—		9,058,000		—		9,058,000
Total Investments at Value	$	529,944,059	$	21,475,308	$	518,260	$	551,937,627

* 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. Securities currently valued at $296,218,262 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.

See Notes to Financial Statements

69

VALIC Company I Foreign Value Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Registered Investment Companies	11.3	%
Diversified Banking Institutions	8.5
Medical — Drugs	7.6
Oil — Field Services	6.8
Oil Companies — Integrated	6.2
Electronic Components — Semiconductors	4.8
Diversified Financial Services	4.2
Auto — Cars/Light Trucks	3.4
Insurance — Multi-line	2.9
Energy — Alternate Sources	2.7
Banks — Commercial	2.5
Telephone — Integrated	2.4
Oil & Gas Drilling	2.3
Food — Retail	2.2
Medical — Generic Drugs	2.0
Metal — Diversified	1.9
U.S. Government Agencies	1.9
Insurance — Life/Health	1.8
Silver Mining	1.6
Import/Export	1.6
Retail — Major Department Stores	1.6
Finance — Other Services	1.5
Cellular Telecom	1.5
Insurance — Reinsurance	1.4
Diversified Manufacturing Operations	1.4
Aerospace/Defense	1.3
Rubber — Tires	1.3
Diagnostic Kits	1.3
Building Products — Cement	1.2
Auto/Truck Parts & Equipment — Original	1.2
Finance — Investment Banker/Broker	1.1
Telecom Services	1.0
Building & Construction Products — Misc.	1.0
Medical — Biomedical/Gene	1.0
Machinery — Electrical	0.9
Building & Construction — Misc.	0.9
Retail — Building Products	0.8
Airlines	0.8
Retail — Drug Store	0.8
Gold Mining	0.7
Investment Management/Advisor Services	0.7
Containers — Metal/Glass	0.7
Medical Instruments	0.7
Chemicals — Other	0.7
Chemicals — Specialty	0.7
Medical — Wholesale Drug Distribution	0.6
Office Automation & Equipment	0.6
Platinum	0.5
Distribution/Wholesale	0.5
Chemicals — Diversified	0.4
Finance — Mortgage Loan/Banker	0.4
Photo Equipment & Supplies	0.4
Motorcycle/Motor Scooter	0.4
Oil Companies — Exploration & Production	0.3
Engineering/R&D Services	0.3
Retail — Misc./Diversified	0.3
Diamonds/Precious Stones	0.2
Food — Misc./Diversified	0.2
Rubber/Plastic Products	0.2
Computer Services	0.2
Metal Products — Distribution	0.1
	110.4	%

Country Allocation*

United Kingdom	15.2	%
United States	14.8
South Korea	11.9
France	10.6
Germany	8.0
Switzerland	6.7
Canada	6.6
Japan	6.5
Netherlands	4.9
Cayman Islands	3.7
China	3.6
Jersey	3.0
Italy	2.5
Israel	2.0
Bermuda	1.2
Ireland	1.2
Hong Kong	1.1
Spain	1.0
India	1.0
Brazil	0.7
Sweden	0.7
Singapore	0.7
Belgium	0.7
Thailand	0.7
Luxembourg	0.5
Australia	0.3
Taiwan	0.3
Russia	0.3
	110.4%

* Calculated as a percentage of net assets

70

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.2%
Australia — 0.3%
WorleyParsons, Ltd.#		644,579	$	2,703,726
Belgium — 0.7%
UCB SA		66,370		5,926,813
Bermuda — 1.2%
Digital China Holdings, Ltd.		3,635,000		4,149,088
First Pacific Co., Ltd.		2,621,250		1,629,523
Kunlun Energy Co., Ltd.#		3,448,000		3,019,549
Petra Diamonds, Ltd.#		1,821,150		1,759,527
				10,557,687
Brazil — 0.7%
BM&FBovespa SA		2,096,300		6,160,489
Canada — 6.6%
Barrick Gold Corp.#		856,750		6,288,545
Cenovus Energy, Inc.		518,100		7,666,072
Ensign Energy Services, Inc.		718,600		3,879,671
HudBay Minerals, Inc.		1,031,800		4,581,657
Precision Drilling Corp.#		2,069,000		8,908,420
Silver Wheaton Corp.		1,043,200		13,709,357
Suncor Energy, Inc.		365,400		10,096,417
Trican Well Service, Ltd.†#		1,059,900		515,882
				55,646,021
Cayman Islands — 3.7%
GCL-Poly Energy Holdings, Ltd.†#		56,955,000		10,798,271
Kingboard Chemical Holdings, Ltd.		4,044,500		5,842,354
Springland International Holdings, Ltd.		10,541,700		2,447,305
Trina Solar, Ltd. ADR†#		1,219,582		11,768,966
				30,856,896
China — 3.6%
China Life Insurance Co., Ltd.		1,580,000		5,430,744
China Telecom Corp., Ltd.		17,829,823		8,738,475
Shanghai Pharmaceuticals Holding Co., Ltd.		2,852,500		6,224,880
Sinopec Engineering Group Co., Ltd.		5,880,000		4,535,065
Sinopharm Group Co., Ltd.		1,218,800		5,116,682
				30,045,846
France — 10.6%
AXA SA		503,942		13,635,783
BNP Paribas SA		353,230		20,940,536
Cie de Saint-Gobain		190,100		8,401,560
Cie Generale des Etablissements Michelin		109,590		10,988,213
Sanofi		129,420		11,538,008
Societe Generale SA		100,703		4,807,049
Technip SA		202,710		10,625,132
TOTAL SA		179,620		8,919,540
				89,855,821
Germany — 8.0%
Bayer AG#		78,400		10,461,871
Deutsche Boerse AG		77,640		6,660,058
Deutsche Lufthansa AG†#		466,720		6,689,076
Gerresheimer AG		78,750		6,148,723
Kloeckner & Co. SE#		47,480		406,637
Merck KGaA		77,902		7,978,873
METRO AG#		173,577		5,787,875
MorphoSys AG†#		81,370		4,816,980
Muenchener Rueckversicherungs-Gesellschaft AG		35,060		7,065,882
Siemens AG		112,625		11,678,063
				67,694,038
Hong Kong — 1.1%
China Mobile, Ltd.		782,500		8,911,485

Security Description	Shares		Value (Note 2)
India — 1.0%
Hero MotoCorp, Ltd.		81,301	$	3,278,874
Jain Irrigation Systems, Ltd.		1,609,577		1,617,908
LIC Housing Finance, Ltd.		516,974		3,758,930
				8,655,712
Ireland — 1.2%
CRH PLC		352,760		10,379,931
Israel — 2.0%
Teva Pharmaceutical Industries, Ltd. ADR		269,170		16,938,868
Italy — 2.5%
Eni SpA		524,979		8,552,956
UniCredit SpA		2,106,054		12,360,712
				20,913,668
Japan — 6.5%
Canon, Inc.		169,000		5,101,576
ITOCHU Corp.		840,200		10,251,668
Konica Minolta, Inc.		335,900		3,530,907
Nissan Motor Co., Ltd.#		1,604,000		17,128,010
SoftBank Group Corp.		220,000		11,682,697
Toyota Motor Corp.		109,200		6,792,400
				54,487,258
Jersey — 3.0%
Glencore PLC		8,097,310		11,794,123
Petrofac, Ltd.#		1,071,650		13,315,590
				25,109,713
Luxembourg — 0.5%
Subsea 7 SA†#		546,769		4,350,597
Netherlands — 4.9%
Aegon NV		1,708,953		10,465,222
ING Groep NV CVA		317,664		4,361,483
QIAGEN NV†#		411,070		10,916,530
SBM Offshore NV†#		1,083,110		15,219,982
				40,963,217
Norway — 0.0%
Telenor ASA		7,598		132,454
Russia — 0.3%
Lukoil PJSC ADR (OTC)		43,008		1,646,346
Lukoil PJSC ADR (LSE)		13,510		520,541
				2,166,887
Singapore — 0.7%
United Overseas Bank, Ltd.#		436,300		5,997,559
South Korea — 11.9%
Daewoo International Corp.		183,090		3,027,653
Hana Financial Group, Inc.		763,978		16,822,623
Hyundai Mobis Co., Ltd.		45,365		9,773,816
Hyundai Motor Co.		34,432		4,385,579
KB Financial Group, Inc.		622,023		18,933,820
KIWOOM Securities Co., Ltd.		68,423		3,462,362
Korea Investment Holdings Co., Ltd.		130,228		6,151,264
Samsung Electronics Co., Ltd.		34,003		37,701,181
				100,258,298
Spain — 1.0%
Telefonica SA		705,745		8,705,518
Telefonica SA ADR#		859		10,540
				8,716,058

71

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Sweden — 0.7%
Getinge AB, Class B		239,574	$	6,065,025
Switzerland — 6.7%
ABB, Ltd.#		413,160		7,834,720
Basilea Pharmaceutica†#		33,210		3,285,977
Credit Suisse Group AG#		721,105		15,503,565
GAM Holding AG#		186,050		3,227,868
Lonza Group AG†		34,660		5,477,685
Roche Holding AG		59,770		16,004,894
Swiss Re AG		53,270		5,076,662
				56,411,371
Taiwan — 0.3%
MediaTek, Inc.		330,000		2,633,570
Thailand — 0.7%
Bangkok Bank PCL NVDR		1,195,200		5,585,826
United Kingdom — 15.2%
Aberdeen Asset Management PLC#		614,400		2,955,559
Aviva PLC		1,227,958		9,459,815
BAE Systems PLC		1,415,310		11,009,698
Barclays PLC		2,147,540		7,219,198
BP PLC		1,507,452		8,746,608
BP PLC ADR		180		6,228
Carillion PLC#		1,538,340		7,302,844
GlaxoSmithKline PLC		610,401		12,461,441
HSBC Holdings PLC		1,363,300		10,872,037
Johnson Matthey PLC		88,540		3,773,805
Kingfisher PLC		1,301,615		6,927,916
Marks & Spencer Group PLC		1,753,350		13,269,611
Noble Corp. PLC#		474,270		6,293,563
Royal Dutch Shell PLC, Class B		268,205		6,673,143
Serco Group PLC†#		830,748		1,382,563
Standard Chartered PLC		566,680		4,755,569
Tesco PLC†		4,895,470		12,327,760
Vodafone Group PLC		957,821		3,234,970
				128,672,328
United States — 1.6%
Halliburton Co.		233,310		9,297,404
Stillwater Mining Co.†		479,440		4,487,558
				13,784,962
Total Common Stocks
(cost $903,523,931)				820,582,124
RIGHTS — 0.0%
United Kingdom — 0.0%
Standard Chartered PLC Expires 12/10/2015 (Strike price GBP 4.65)†
(cost $0)		161,908		221,904
Total Long-Term Investment Securities
(cost $903,523,931)				820,804,028

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 13.2%
Registered Investment Companies — 11.3%
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2)	$	94,986,987		$	94,986,987
U.S. Government Agencies — 1.9%
Federal Agricultural Mtg. Corp. 0.00% due 12/01/2015		6			12
Federal Home Loan Mtg. Corp. 0.01% due 12/01/2015		16,000,000			16,000,000
					16,000,012
Total Short-Term Investment Securities
(cost $110,986,999)					110,986,999
TOTAL INVESTMENTS
(cost $1,014,510,930)(3)		110.4	%		931,791,027
Liabilities in excess of other assets		(10.4	)		(87,846,851	)
NET ASSETS		100.0	%	$	843,944,176

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

† Non-income producing security

(1) At November 30, 2015, the Fund had loaned securities with a total value of $91,374,767. This was secured by collateral of $94,986,987, which was received in cash and subsequently invested in short-term investments currently valued at $94,986,987 as reported in the Portfolio of Investments. Additional collateral of $2,560,608 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
Federal Home Loan Mtg. Corp.	3.00% to 3.50%	05/1/2032 to 12/01/2041	$	19,625
Federal National Mtg. Assoc.	2.00% to 4.00%	01/25/2032 to 07/25/2041		36,401
Government National Mtg. Assoc.	4.00%	09/20/2044		693
United States Treasury Notes/Bonds	0.13% to 8.88%	01/31/2016 to 08/15/2044		2,503,889

(2) The rate shown is the 7-day yield as of November 30, 2015.

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

ADR—American Depositary Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

LSE—London Stock Exchange

NVDR—Non-Voting Depositary Receipt

OTC—Over The Counter US

PJSC—Public Joint Stock Company

72

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	820,582,124	$	—	$	—	$	820,582,124
Rights		221,904		—		—		221,904
Short-Term Investment Securities:
Registered Investment Companies		94,986,987		—		—		94,986,987
U.S. Government Agencies		—		16,000,012		—		16,000,012
Total Investments at Value	$	915,791,015	$	16,000,012	$	—	$	931,791,027

* 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. Securities currently valued at $689,604,102 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

73

VALIC Company I Global Real Estate Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	71.8	%
Real Estate Operations & Development	13.5
Real Estate Management/Services	9.3
Registered Investment Companies	1.9
Hotels/Motels	1.9
Time Deposits	1.2
Building — Residential/Commercial	0.9
Retirement/Aged Care	0.5
	101.0	%

Country Allocation*

United States	47.8	%
Japan	12.3
United Kingdom	6.8
Australia	6.1
France	6.0
Hong Kong	5.5
Canada	3.1
Singapore	3.1
Germany	2.4
Bermuda	2.3
Spain	1.3
Jersey	1.0
Switzerland	1.0
Netherlands	0.7
Finland	0.7
Sweden	0.6
Norway	0.3
	101.0	%

* Calculated as a percentage of net assets

74

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.9%
Australia — 6.1%
BGP Holdings PLC†(1)(2)		479,213	$	0
Charter Hall Group		1,214,314		3,925,519
GPT Group		1,960,655		6,550,911
Mirvac Group		6,250,073		8,429,901
Stockland		1,283,086		3,711,712
Vicinity Centres		2,510,602		4,920,460
Westfield Corp.		380,804		2,643,816
				30,182,319
Bermuda — 2.3%
Hongkong Land Holdings, Ltd. (OTC)		1,700		12,121
Hongkong Land Holdings, Ltd. (SGX)		1,203,300		8,411,067
Kerry Properties, Ltd.		1,047,500		2,965,470
				11,388,658
Canada — 3.1%
Allied Properties Real Estate Investment Trust		67,923		1,665,714
Artis Real Estate Investment Trust		129,654		1,305,812
Canadian Apartment Properties REIT		50,972		1,013,371
Canadian Real Estate Investment Trust		47,059		1,488,114
Granite Real Estate Investment Trust		34,884		1,062,363
H&R Real Estate Investment Trust		156,854		2,520,564
RioCan Real Estate Investment Trust		202,032		3,865,302
Smart Real Estate Investment Trust		98,709		2,365,261
				15,286,501
Finland — 0.7%
Citycon OYJ		1,304,263		3,329,293
France — 6.0%
Fonciere Des Regions		34,390		3,050,302
Klepierre		261,544		11,871,319
Unibail-Rodamco SE (Euronext Amsterdam)		40,960		10,520,462
Unibail-Rodamco SE (Euronext Paris)		17,597		4,519,741
				29,961,824
Germany — 2.4%
Deutsche Wohnen AG		152,897		4,207,395
Vonovia SE		253,551		7,858,530
				12,065,925
Hong Kong — 5.5%
China Overseas Land & Investment, Ltd.		856,000		2,842,863
Link REIT		747,000		4,571,533
Sino Land Co., Ltd.		3,236,958		4,776,042
Sun Hung Kai Properties, Ltd.		1,247,504		15,462,166
				27,652,604
Japan — 12.3%
Comforia Residential REIT, Inc.		1,686		3,300,780
Japan Retail Fund Investment Corp.		4,641		8,878,599
Mitsubishi Estate Co., Ltd.#		828,000		17,417,595
Mitsui Fudosan Co., Ltd.		589,000		14,851,795
Sekisui House, Ltd.		273,100		4,617,853
Sumitomo Realty & Development Co., Ltd.#		284,000		8,633,046
Top REIT, Inc.		897		3,293,615
				60,993,283
Jersey — 1.0%
Kennedy Wilson Europe Real Estate PLC		281,674		5,158,624
Netherlands — 0.7%
Wereldhave NV		64,019		3,580,146
Norway — 0.3%
Entra ASA*		168,061		1,406,866

Security Description	Shares		Value (Note 2)
Singapore — 3.1%
City Developments, Ltd.		939,900	$	4,890,905
Fortune Real Estate Investment Trust		4,519,000		4,551,959
Mapletree Greater China Commercial Trust		6,447,800		4,205,435
OUE Commercial Real Estate Investment Trust		3,207,540		1,569,035
				15,217,334
Spain — 1.3%
Merlin Properties Socimi SA		522,894		6,513,545
Sweden — 0.6%
Hufvudstaden AB, Class A		235,429		3,258,075
Switzerland — 1.0%
PSP Swiss Property AG		60,510		5,019,710
United Kingdom — 6.8%
Big Yellow Group PLC		485,336		5,825,783
British Land Co. PLC		699,606		8,787,657
Derwent London PLC		129,389		7,346,698
Hammerson PLC		781,936		7,189,694
Helical Bar PLC		248,013		1,695,836
UNITE Group PLC		281,166		2,854,146
				33,699,814
United States — 44.7%
American Campus Communities, Inc.		116,237		4,695,975
American Homes 4 Rent, Class A		117,061		1,964,284
American Tower Corp.		108,697		10,802,308
AvalonBay Communities, Inc.		80,613		14,654,637
Boston Properties, Inc.		53,705		6,712,588
Brandywine Realty Trust		84,528		1,163,105
Brixmor Property Group, Inc.		295,744		7,426,132
Brookdale Senior Living, Inc.†		109,050		2,451,444
Camden Property Trust		62,506		4,774,208
Care Capital Properties, Inc.		109,926		3,479,158
CoreSite Realty Corp.		12,592		737,513
Cousins Properties, Inc.		409,000		4,020,470
Crown Castle International Corp.		106,668		9,163,848
CyrusOne, Inc.		93,128		3,367,508
DiamondRock Hospitality Co.		309,627		3,446,149
Empire State Realty Trust, Inc., Class A		287,069		5,279,199
Equinix, Inc.		21,449		6,359,629
Equity LifeStyle Properties, Inc.		6,815		425,120
Essex Property Trust, Inc.		9,794		2,260,357
Extra Space Storage, Inc.		59,661		4,996,609
Federal Realty Investment Trust		36,201		5,304,171
First Industrial Realty Trust, Inc.		91,476		2,090,227
General Growth Properties, Inc.		186,300		4,745,061
HCP, Inc.		146,980		5,222,199
Healthcare Realty Trust, Inc.		219,036		5,955,589
Healthcare Trust of America, Inc., Class A		160,303		4,185,511
Hilton Worldwide Holdings, Inc.		182,767		4,243,850
Hudson Pacific Properties, Inc.		146,823		4,209,415
InfraREIT, Inc.		56,500		1,139,605
Kilroy Realty Corp.		52,022		3,471,428
LaSalle Hotel Properties		49,700		1,402,037
Mid-America Apartment Communities, Inc.		59,408		5,261,172
Prologis, Inc.		206,250		8,817,187
Public Storage		28,135		6,754,088
QTS Realty Trust, Inc., Class A		46,103		1,946,469
Realty Income Corp.#		87,157		4,324,730
Retail Opportunity Investments Corp.		213,334		3,901,879
Rexford Industrial Realty, Inc.		124,484		2,005,437
RLJ Lodging Trust		52,000		1,268,800
Simon Property Group, Inc.		104,273		19,419,804
Sunstone Hotel Investors, Inc.		126,178		1,852,293

75

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Terreno Realty Corp.		10,423		$	236,081
Ventas, Inc.		59,926			3,196,453
Vornado Realty Trust		57,700			5,583,052
Washington Real Estate Investment Trust		119,896			3,298,339
Weingarten Realty Investors		176,377			6,166,140
Weyerhaeuser Co.		248,990			8,010,008
					222,191,266
Total Long-Term Investment Securities
(cost $478,055,079)					486,905,787
SHORT-TERM INVESTMENT SECURITIES — 3.1%
Registered Investment Companies — 1.9%
State Street Navigator Securities Lending Prime Portfolio 0.24%(3)(4)		5,611,586			5,611,586
SSgA U.S. Government Money Market Fund 0.00%(4)		3,918,980			3,918,980
					9,530,566
Time Deposits — 1.2%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015	$	5,926,000			5,926,000
Total Short-Term Investment Securities
(cost $15,456,566)					15,456,566
TOTAL INVESTMENTS
(cost $493,511,645)(5)		101.0	%		502,362,353
Liabilities in excess of other assets		(1.0	)		(4,892,698	)
NET ASSETS —		100.0	%	$	497,469,655

† 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, 2015, the aggregate value of these securities was $1,406,866 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, 2015, the aggregate value of these securities was $0 representing 0.0% of net assets.

(3) At November 30, 2015, the Fund had loaned securities with a total value of $5,378,285. This was secured by collateral of $5,611,586, which was received in cash and subsequently invested in short-term investments currently valued at $5,611,586 as reported in the Portfolio of Investments.

(4) The rate shown is the 7-day yield as of November 30, 2015.

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

Euronext Amsterdam—Euronext Stock Exchange, Amsterdam

Euronext Paris—Euronext Stock Exchange, Paris

OTC—Over the Counter US

SGX—Singapore Exchange

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	30,182,319	$	—	$	0	$	30,182,319
Other Countries		456,723,468		—		—		456,723,468
Short-Term Investment Securities:
Registered Investment Companies		9,530,566		—		—		9,530,566
Time Deposits		—		5,926,000		—		5,926,000
Total Investments at Value	$	496,436,353	$	5,926,000	$	0	$	502,362,353

* 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. Securities currently valued at $229,274,304 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

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

See Notes to Financial Statements

76

VALIC Company I Global Social Awareness Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Medical — Drugs	6.1	%
Banks — Commercial	4.3
Real Estate Investment Trusts	3.1
Insurance — Multi-line	2.6
Insurance — Life/Health	2.5
Time Deposits	2.2
Telephone — Integrated	2.2
Food — Misc./Diversified	2.2
Medical — Biomedical/Gene	2.1
Applications Software	2.0
Cosmetics & Toiletries	1.8
Electronic Components — Semiconductors	1.7
Insurance — Property/Casualty	1.6
Multimedia	1.6
Finance — Credit Card	1.6
Cable/Satellite TV	1.6
Web Portals/ISP	1.5
Transport — Rail	1.4
Auto — Cars/Light Trucks	1.3
Insurance — Reinsurance	1.2
Chemicals — Diversified	1.1
Registered Investment Companies	1.1
Commercial Services — Finance	1.1
Oil Companies — Exploration & Production	1.0
Investment Management/Advisor Services	1.0
E-Commerce/Products	1.0
Banks — Super Regional	1.0
Retail — Discount	1.0
Pipelines	1.0
Data Processing/Management	0.9
Transport — Services	0.9
Medical — HMO	0.9
Diversified Banking Institutions	0.9
Beverages — Non-alcoholic	0.9
Chemicals — Specialty	0.9
Retail — Building Products	0.9
Finance — Other Services	0.8
Enterprise Software/Service	0.8
Networking Products	0.8
Diversified Manufacturing Operations	0.8
Computer Services	0.7
Consumer Products — Misc.	0.7
Oil — Field Services	0.7
Retail — Drug Store	0.7
Oil Refining & Marketing	0.7
Medical Products	0.7
Building & Construction Products — Misc.	0.7
Internet Content — Entertainment	0.6
Retail — Restaurants	0.6
Food — Retail	0.6
Real Estate Operations & Development	0.6
Electric Products — Misc.	0.6
Industrial Gases	0.6
Banks — Fiduciary	0.6
Retail — Apparel/Shoe	0.5
Commercial Services	0.5
Electric — Integrated	0.5
Semiconductor Components — Integrated Circuits	0.5
Electronic Components — Misc.	0.5
Investment Companies	0.5
Advertising Agencies	0.5
E-Commerce/Services	0.5
Telecom Services	0.5
Semiconductor Equipment	0.5
Real Estate Management/Services	0.4
Retail — Major Department Stores	0.4
Auto/Truck Parts & Equipment — Original	0.4
Medical — Wholesale Drug Distribution	0.4
Gas — Distribution	0.4

Medical Instruments	0.4
Television	0.4
Diagnostic Equipment	0.4
Computers — Memory Devices	0.4
Athletic Footwear	0.4
Apparel Manufacturers	0.4
Distribution/Wholesale	0.4
Hotels/Motels	0.4
Building — Residential/Commercial	0.4
Finance — Investment Banker/Broker	0.4
Water	0.4
Machinery — Electrical	0.4
Medical — Generic Drugs	0.4
Machinery — Farming	0.4
Machinery — Construction & Mining	0.4
Instruments — Scientific	0.3
Oil Field Machinery & Equipment	0.3
Human Resources	0.3
U.S. Government Treasuries	0.3
Soap & Cleaning Preparation	0.3
Consulting Services	0.3
Pharmacy Services	0.3
Rubber — Tires	0.3
Building — Heavy Construction	0.3
Diversified Operations/Commercial Services	0.3
Import/Export	0.3
Toys	0.3
Public Thoroughfares	0.3
Dialysis Centers	0.3
Medical — Hospitals	0.3
Office Automation & Equipment	0.3
Computer Aided Design	0.2
Airport Development/Maintenance	0.2
Industrial Automated/Robotic	0.2
Food — Catering	0.2
Satellite Telecom	0.2
Gold Mining	0.2
Oil Companies — Integrated	0.2
Agricultural Chemicals	0.2
Building Products — Cement	0.2
Retail — Jewelry	0.2
Insurance Brokers	0.2
Wireless Equipment	0.2
Electronic Measurement Instruments	0.2
Non — Hazardous Waste Disposal	0.2
Electronic Forms	0.2
Audio/Video Products	0.2
Entertainment Software	0.2
Food — Confectionery	0.2
Agricultural Operations	0.2
Private Equity	0.2
Telecommunication Equipment	0.2
Electric — Transmission	0.2
Publishing — Periodicals	0.2
Advertising Services	0.2
Savings & Loans/Thrifts	0.2
Tools — Hand Held	0.2
Office Supplies & Forms	0.2
Internet Security	0.2
Aerospace/Defense — Equipment	0.2
Machinery — General Industrial	0.1
Cellular Telecom	0.1
Containers — Metal/Glass	0.1
Food — Dairy Products	0.1
Auto — Heavy Duty Trucks	0.1
Retail — Regional Department Stores	0.1
Food — Wholesale/Distribution	0.1
Steel — Producers	0.1
Rental Auto/Equipment	0.1

77

VALIC Company I Global Social Awareness Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited) — (continued)

Industry Allocation* (continued)

Security Services	0.1	%
Medical Labs & Testing Services	0.1
Coatings/Paint	0.1
Publishing — Newspapers	0.1
Internet Content — Information/News	0.1
Metal Processors & Fabrication	0.1
Retail — Catalog Shopping	0.1
Transport — Truck	0.1
Optical Supplies	0.1
Computers — Integrated Systems	0.1
Paper & Related Products	0.1
Medical Information Systems	0.1
Chemicals — Plastics	0.1
Engines — Internal Combustion	0.1
Computers	0.1
Home Decoration Products	0.1
Containers — Paper/Plastic	0.1
Metal — Copper	0.1
Finance — Mortgage Loan/Banker	0.1
Finance — Leasing Companies	0.1
Power Converter/Supply Equipment	0.1
Steel Pipe & Tube	0.1
Hazardous Waste Disposal	0.1
Transactional Software	0.1
Food — Baking	0.1
Printing — Commercial	0.1
Broadcast Services/Program	0.1
Building Products — Doors & Windows	0.1
Retail — Auto Parts	0.1
Retail — Perfume & Cosmetics	0.1
Diversified Financial Services	0.1
Resorts/Theme Parks	0.1
Retirement/Aged Care	0.1
Motorcycle/Motor Scooter	0.1
Retail — Bedding	0.1
Building Products — Air & Heating	0.1
Aerospace/Defense	0.1
Storage/Warehousing	0.1
Bicycle Manufacturing	0.1
	100.9	%

Country Allocation*

United States	56.2	%
Japan	8.9
United Kingdom	6.5
Canada	4.0
France	3.9
Switzerland	3.6
Germany	2.8
Australia	2.2
Ireland	1.4
Netherlands	1.4
Hong Kong	1.4
Sweden	1.3
Spain	1.0
Singapore	0.8
Denmark	0.8
Italy	0.7
Jersey	0.7
Finland	0.6
Belgium	0.5
Bermuda	0.4
Luxembourg	0.4
Cayman Islands	0.3
New Zealand	0.3
Israel	0.3
Curacao	0.2
Norway	0.2
Portugal	0.1
	100.9	%

* Calculated as a percentage of net assets

78

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.3%
Australia — 2.2%
Amcor, Ltd.		22,626	$	221,229
APA Group		49,311		317,389
Asciano, Ltd.		11,776		72,815
ASX, Ltd.		15,070		451,094
Aurizon Holdings, Ltd.		54,552		219,748
Australia & New Zealand Banking Group, Ltd.		14,439		283,508
BGP Holdings PLC†(1)(2)		60,919		0
Caltex Australia, Ltd.		2,247		55,771
Commonwealth Bank of Australia		9,931		570,474
Computershare, Ltd.		21,594		181,936
CSL, Ltd.		5,187		375,537
Dexus Property Group		63,132		350,646
Flight Centre Travel Group, Ltd.		3,452		89,824
Goodman Group		24,735		109,477
GPT Group		103,827		346,905
Harvey Norman Holdings, Ltd.		8,377		24,718
Iluka Resources, Ltd.		6,051		25,162
Insurance Australia Group, Ltd.		93,362		374,058
National Australia Bank, Ltd.		15,693		333,552
Newcrest Mining, Ltd.†		11,637		91,817
QBE Insurance Group, Ltd.		19,550		176,308
Ramsay Health Care, Ltd.		6,273		304,181
Scentre Group		70,481		203,887
SEEK, Ltd.		6,309		63,330
Sonic Healthcare, Ltd.		6,155		90,495
Stockland		80,658		233,328
Sydney Airport		38,727		184,849
Transurban Group		93,111		698,294
Vicinity Centres		188,223		368,893
Wesfarmers, Ltd.		5,189		142,940
Westfield Corp.		35,582		247,036
Westpac Banking Corp.		28,902		671,997
Woodside Petroleum, Ltd.		15,244		331,947
WorleyParsons, Ltd.		10,937		45,876
				8,259,021
Belgium — 0.5%
Ageas		5,216		228,181
Colruyt SA		705		34,934
Delhaize Group		2,344		234,852
Groupe Bruxelles Lambert SA		5,139		422,261
KBC Groep NV		2,444		145,895
Proximus SADP		11,201		370,003
Telenet Group Holding NV†		1,643		89,729
UCB SA		1,624		145,023
Umicore SA		6,908		285,705
				1,956,583
Bermuda — 0.4%
Arch Capital Group, Ltd.†		5,140		372,496
Bunge, Ltd.		3,331		221,878
Everest Re Group, Ltd.		2,701		498,172
Li & Fung, Ltd.		176,000		120,535
Marvell Technology Group, Ltd.		8,992		79,669
NWS Holdings, Ltd.		108,000		152,386
RenaissanceRe Holdings, Ltd.		2,025		224,289
				1,669,425
British Virgin Islands — 0.0%
Michael Kors Holdings, Ltd.†		3,143		135,212
Canada — 4.0%
Agnico Eagle Mines, Ltd.		3,785		100,559
Agrium, Inc.		3,330		328,748
Alimentation Couche-Tard, Inc., Class B		3,553		161,973
AltaGas, Ltd.		11,471		268,855

Security Description	Shares		Value (Note 2)
Canada (continued)
ARC Resources, Ltd.		19,368	$	265,404
Atco, Ltd., Class I		300		8,105
Bank of Nova Scotia		7,448		339,592
BCE, Inc.		9,210		396,414
BlackBerry, Ltd.†		5,296		42,116
Brookfield Asset Management, Inc., Class A		14,200		487,529
Canadian Natural Resources, Ltd.		8,221		199,084
Canadian Oil Sands, Ltd.		17,613		112,896
Canadian Pacific Railway, Ltd.		1,841		271,425
Canadian Tire Corp., Ltd., Class A		2,465		230,949
Canadian Utilities, Ltd., Class A		1,500		36,639
CGI Group, Inc., Class A†		5,081		221,168
CI Financial Corp.		13,200		313,728
Dollarama, Inc.		5,839		390,447
Empire Co., Ltd., Class A		16,200		323,163
Encana Corp.		13,119		109,239
Enerplus Corp.		34,556		169,746
Fairfax Financial Holdings, Ltd.		849		407,618
First Capital Realty, Inc.		29,984		439,842
First Quantum Minerals, Ltd.		12,273		44,664
Fortis, Inc.		8,562		236,450
Franco-Nevada Corp.		3,700		177,845
Gildan Activewear, Inc.		2,800		86,865
Great-West Lifeco, Inc.		22,215		603,678
IGM Financial, Inc.		10,180		290,204
Industrial Alliance Insurance & Financial Services, Inc.		4,186		141,994
Intact Financial Corp.		8,048		536,473
Inter Pipeline, Ltd.		10,505		182,655
Kinross Gold Corp.†		37,736		73,751
Loblaw Cos., Ltd.		378		19,083
Manulife Financial Corp.		31,548		519,244
Methanex Corp.		3,571		140,278
Metro, Inc., Class A		18,754		540,102
Onex Corp.		3,661		225,453
Open Text Corp.		2,900		140,890
Paramount Resources, Ltd., Class A†		6,255		41,873
Pembina Pipeline Corp.		10,586		242,960
Peyto Exploration & Development Corp.		2,594		52,737
Potash Corp. of Saskatchewan, Inc.		9,352		189,288
Power Corp. of Canada		15,066		353,452
Power Financial Corp.		11,025		279,949
RioCan Real Estate Investment Trust		7,948		152,062
Royal Bank of Canada		14,367		818,482
Saputo, Inc.		18,582		454,862
Shaw Communications, Inc., Class B		29,396		610,174
Silver Wheaton Corp.		4,633		60,885
Sun Life Financial, Inc.		8,746		288,423
Teck Resources, Ltd., Class B		11,201		47,641
Thomson Reuters Corp.		14,735		595,932
Toronto-Dominion Bank		17,230		703,676
Tourmaline Oil Corp.†		4,024		76,506
TransAlta Corp.		21,885		88,002
Turquoise Hill Resources, Ltd.†		30,905		81,460
Valeant Pharmaceuticals International, Inc.†		4,200		378,502
Vermilion Energy, Inc.		4,907		146,940
				15,248,674
Cayman Islands — 0.3%
ASM Pacific Technology, Ltd.		2,600		19,734
Cheung Kong Property Holdings, Ltd.		49,808		324,732
CK Hutchison Holdings, Ltd.		49,808		651,392
WH Group, Ltd.†*		37,000		19,184
				1,015,042

79

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Curacao — 0.2%
Schlumberger, Ltd.		10,780	$	831,677
Denmark — 0.8%
Coloplast A/S, Class B		3,615		293,355
Danske Bank A/S		5,872		157,589
DSV A/S		8,768		340,982
Novo Nordisk A/S, Class B		24,237		1,335,240
Pandora A/S		1,457		172,709
TDC A/S		41,179		216,304
Tryg A/S		15,617		304,110
Vestas Wind Systems A/S		2,104		137,276
William Demant Holding A/S†		1,866		179,173
				3,136,738
Finland — 0.6%
Elisa Oyj		18,249		679,847
Kone OYJ, Class B		372		15,875
Metso Oyj		5,521		137,080
Nokia OYJ		46,433		335,317
Nokian Renkaat Oyj		6,498		255,052
Orion Oyj, Class B		10,190		340,321
Sampo Oyj, Class A		11,249		557,650
				2,321,142
France — 3.9%
Accor SA		4,516		190,569
Aeroports de Paris		2,815		318,833
Air Liquide SA		4,183		510,458
Alcatel-Lucent†		39,757		156,596
Arkema SA		1,586		114,265
Atos SE		2,660		217,780
AXA SA		24,468		662,061
Bureau Veritas SA		12,706		261,711
Cap Gemini SA		2,743		253,064
Carrefour SA		5,341		164,664
Casino Guichard Perrachon SA		2,889		165,194
Christian Dior SE		179		32,756
Cie de Saint-Gobain		5,254		232,203
Cie Generale des Etablissements Michelin		687		68,883
CNP Assurances		14,412		200,692
Credit Agricole SA		15,833		191,038
Danone SA		3,730		261,402
Dassault Systemes		5,876		467,670
Edenred		3,686		76,389
Essilor International SA		2,939		383,647
Eutelsat Communications SA		5,255		156,849
Fonciere Des Regions		1,988		176,330
Gecina SA		2,109		254,691
Groupe Eurotunnel SE		3,102		39,640
Hermes International		198		69,715
ICADE		2,281		160,939
Iliad SA		726		161,925
Imerys SA		2,842		192,624
Kering		1,881		325,034
Klepierre		8,921		404,919
L’Oreal SA		5,556		983,844
Lagardere SCA		9,463		279,248
Legrand SA		5,384		316,734
Natixis SA		7,978		48,383
Numericable-SFR SAS†		851		36,437
Orange SA		26,039		450,088
Peugeot SA†		5,397		96,424
Publicis Groupe SA		4,461		281,476
Renault SA		2,174		219,381
Sanofi		16,241		1,447,912

Security Description	Shares		Value (Note 2)
France (continued)
Schneider Electric SE		4,708	$	298,454
SCOR SE		8,324		326,460
Societe BIC SA		1,493		245,606
Societe Generale SA		9,209		439,591
Sodexo SA		5,101		504,238
Suez Environnement Co.		3,699		70,132
Technip SA		3,050		159,867
Unibail-Rodamco SE		1,363		350,083
Valeo SA		1,110		171,869
Vallourec SA		6,203		63,794
Veolia Environnement SA		10,211		244,789
Vivendi SA		16,981		357,570
Wendel SA		1,469		175,074
Zodiac Aerospace		7,009		189,799
				14,629,794
Germany — 2.8%
Allianz SE		5,828		1,032,317
BASF SE		10,356		857,167
Bayerische Motoren Werke AG		4,892		533,921
Beiersdorf AG		7,692		716,312
Brenntag AG		5,411		295,626
Commerzbank AG†		12,708		139,905
Continental AG		1,377		332,729
Deutsche Bank AG		17,605		452,087
Deutsche Boerse AG		2,904		249,109
Deutsche Post AG		11,385		332,777
Deutsche Telekom AG		37,209		686,211
Deutsche Wohnen AG (BR)		4,878		134,232
Fraport AG Frankfurt Airport Services Worldwide		2,932		179,332
Fresenius Medical Care AG & Co. KGaA		3,106		256,624
Fresenius SE & Co. KGaA		4,930		361,959
FUCHS PETROLUB SE (Preference Shares)		5,308		251,386
Hannover Rueck SE		2,979		348,581
Infineon Technologies AG		13,282		196,884
K+S AG		4,668		132,867
LANXESS AG		2,845		144,884
Linde AG		1,471		256,829
Merck KGaA		3,656		374,455
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3,369		678,978
OSRAM Licht AG		2,709		114,373
ProSiebenSat.1 Media SE		613		32,189
SAP SE		13,777		1,085,738
Telefonica Deutschland Holding AG		39,082		219,715
United Internet AG		1,148		61,192
				10,458,379
Hong Kong — 1.4%
AIA Group, Ltd.		174,800		1,046,079
Bank of East Asia, Ltd.		76,000		275,929
BOC Hong Kong Holdings, Ltd.		55,500		171,437
Hang Lung Properties, Ltd.		77,000		181,738
Hang Seng Bank, Ltd.		17,700		320,741
Henderson Land Development Co., Ltd.		21,990		135,710
HKT Trust & HKT, Ltd.		117,000		146,675
Hong Kong & China Gas Co., Ltd.		336,760		664,533
Hong Kong Exchanges and Clearing, Ltd.		32,400		845,786
Link REIT		62,500		382,491
New World Development Co., Ltd.		54,000		54,046
Sino Land Co., Ltd.		148,000		218,370
Sun Hung Kai Properties, Ltd.		13,000		161,128
Swire Pacific, Ltd., Class A		12,000		131,941
Swire Properties, Ltd.		17,800		51,540

80

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Hong Kong (continued)
Techtronic Industries Co., Ltd.		23,500	$	95,625
Wharf Holdings, Ltd.		27,000		154,267
Wheelock & Co., Ltd.		18,000		77,772
				5,115,808
Ireland — 1.4%
Accenture PLC, Class A		8,675		930,134
Allergan PLC†		5,414		1,699,401
Bank of Ireland†		369,127		137,670
CRH PLC		8,730		256,879
Endo International PLC†		3,057		187,944
Jazz Pharmaceuticals PLC†		849		124,455
Kerry Group PLC, Class A		7,279		587,487
Mallinckrodt PLC†		1,502		102,001
Pentair PLC		4,813		272,897
Perrigo Co. PLC		1,411		210,789
Seagate Technology PLC		3,162		113,642
Tyco International PLC		3,698		130,576
Weatherford International PLC†		28,269		305,588
XL Group PLC		10,099		385,580
				5,445,043
Israel — 0.3%
Israel Chemicals, Ltd.		4,566		22,962
Israel Corp., Ltd.		232		51,529
NICE-Systems, Ltd.		4,159		252,663
Teva Pharmaceutical Industries, Ltd.		10,394		636,546
				963,700
Italy — 0.7%
Assicurazioni Generali SpA		34,830		662,393
Atlantia SpA		7,576		200,111
Banca Monte dei Paschi di Siena SpA†		1,405		2,206
Banco Popolare SC†		5,225		75,355
EXOR SpA		4,122		184,743
Intesa Sanpaolo SpA		146,572		502,987
Intesa Sanpaolo SpA RSP		1,177		3,698
Luxottica Group SpA		2,513		168,068
Mediobanca SpA		7,402		70,933
Telecom Italia SpA†		123,283		159,432
Terna Rete Elettrica Nazionale SpA		60,973		300,202
UniCredit SpA		51,665		303,229
Unione di Banche Italiane SpA		14,564		99,096
UnipolSai SpA		9,928		25,615
				2,758,068
Japan — 8.9%
ABC-Mart, Inc.		200		10,885
Acom Co., Ltd.†		10,000		49,634
Advantest Corp.		2,600		23,613
Aeon Co., Ltd.		26,600		412,721
AEON Financial Service Co., Ltd.		7,200		165,875
Aeon Mall Co., Ltd.		1,300		22,336
Air Water, Inc.		2,000		32,461
Ajinomoto Co., Inc.		11,000		252,214
Alfresa Holdings Corp.		700		13,875
Amada Holdings Co., Ltd.		12,000		118,148
ANA Holdings, Inc.		20,000		56,296
Aozora Bank, Ltd.		33,000		116,344
Asahi Glass Co., Ltd.		44,000		258,781
Asahi Kasei Corp.		20,000		136,816
Asics Corp.		1,900		43,402
Astellas Pharma, Inc.		32,800		461,891
Bank of Yokohama, Ltd.		32,000		188,335
Bridgestone Corp.		7,800		277,530

Security Description	Shares		Value (Note 2)
Japan (continued)
Brother Industries, Ltd.		3,500	$	41,881
Calbee, Inc.		1,500		62,023
Canon, Inc.		17,600		531,288
Casio Computer Co., Ltd.		3,700		81,604
Central Japan Railway Co.		1,900		339,330
Chiba Bank, Ltd.		44,000		303,461
Chubu Electric Power Co., Inc.		9,100		125,559
Chugai Pharmaceutical Co., Ltd.		3,500		122,258
Citizen Holdings Co., Ltd.		3,800		28,091
Credit Saison Co., Ltd.		4,900		92,507
Dai Nippon Printing Co., Ltd.		9,000		87,953
Dai-ichi Life Insurance Co., Ltd.		14,100		243,972
Daikin Industries, Ltd.		2,200		154,590
Daito Trust Construction Co., Ltd.		1,300		135,069
Daiwa House Industry Co., Ltd.		9,500		264,626
Daiwa Securities Group, Inc.		27,000		174,656
Denso Corp.		3,200		152,669
Don Quijote Holdings Co., Ltd.		1,900		75,244
East Japan Railway Co.		5,600		528,611
Eisai Co., Ltd.		3,900		253,357
FANUC Corp.		2,800		498,587
Fast Retailing Co., Ltd.		300		121,316
Fuji Heavy Industries, Ltd.		8,900		367,857
Hakuhodo DY Holdings, Inc.		1,700		18,257
Hamamatsu Photonics KK		2,000		50,122
Hankyu Hanshin Holdings, Inc.		19,000		121,625
Hirose Electric Co., Ltd.		500		60,845
Hisamitsu Pharmaceutical Co., Inc.		2,500		106,621
Hitachi Chemical Co., Ltd.		8,000		133,225
Hitachi Construction Machinery Co., Ltd.		500		7,847
Hitachi High-Technologies Corp.		1,200		33,095
Hitachi, Ltd.		38,000		224,296
Honda Motor Co., Ltd.		15,200		494,154
Hoya Corp.		12,800		518,863
Hulic Co., Ltd.		4,000		36,718
Ibiden Co., Ltd.		1,600		25,085
Isetan Mitsukoshi Holdings, Ltd.		5,800		88,437
Isuzu Motors, Ltd.		9,500		106,885
ITOCHU Corp.		28,400		346,522
Iyo Bank, Ltd.		6,100		60,802
Japan Exchange Group, Inc.		6,200		97,206
Joyo Bank, Ltd.		18,000		83,493
JSR Corp.		3,000		47,230
Kajima Corp.		18,000		98,846
Kakaku.com, Inc.		2,000		38,148
Kaneka Corp.		5,000		49,309
Kansai Paint Co., Ltd.		3,000		47,327
Kao Corp.		10,000		512,673
KDDI Corp.		23,700		588,746
Keikyu Corp.		26,000		210,577
Keio Corp.		3,000		24,639
Keisei Electric Railway Co., Ltd.		1,000		12,007
Keyence Corp.		700		379,399
Kintetsu Group Holdings Co., Ltd.		30,000		115,028
Komatsu, Ltd.		10,100		167,048
Konica Minolta, Inc.		9,500		99,862
Kubota Corp.		13,000		216,860
Kuraray Co., Ltd.		5,600		71,285
Kurita Water Industries, Ltd.		4,400		94,970
Kyocera Corp.		5,600		259,620
Kyowa Hakko Kirin Co., Ltd.		1,000		17,620
LIXIL Group Corp.		8,800		205,738
M3, Inc.		1,500		32,998
Mabuchi Motor Co., Ltd.		2,600		149,748

81

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Makita Corp.		3,100	$	176,028
Marui Group Co., Ltd.		3,300		48,950
Maruichi Steel Tube, Ltd.		1,700		47,092
Mazda Motor Corp.		5,700		118,422
McDonald’s Holdings Co. Japan, Ltd.		4,300		104,444
Medipal Holdings Corp.		1,200		21,027
MEIJI Holdings Co., Ltd.		2,600		208,042
Mitsubishi Chemical Holdings Corp.		27,100		177,592
Mitsubishi Corp.		16,100		270,993
Mitsubishi Electric Corp.		29,000		321,097
Mitsubishi Estate Co., Ltd.		6,000		126,214
Mitsubishi Gas Chemical Co., Inc.		7,000		37,929
Mitsubishi Logistics Corp.		13,000		181,747
Mitsubishi Motors Corp.		6,600		58,762
Mitsubishi Tanabe Pharma Corp.		2,900		50,673
Mitsubishi UFJ Financial Group, Inc.		79,100		507,628
Mitsubishi UFJ Lease & Finance Co., Ltd.		7,400		38,894
Mitsui & Co., Ltd.		16,200		198,716
Mitsui Chemicals, Inc.		12,000		50,008
Mitsui Fudosan Co., Ltd.		12,000		302,583
Mixi, Inc.		500		20,471
MS&AD Insurance Group Holdings, Inc.		8,100		228,458
Murata Manufacturing Co., Ltd.		800		124,127
Nabtesco Corp.		3,900		81,643
NGK Insulators, Ltd.		8,000		185,540
NGK Spark Plug Co., Ltd.		3,800		103,566
NH Foods, Ltd.		3,000		57,977
NHK Spring Co., Ltd.		3,300		33,911
Nidec Corp.		3,800		293,813
Nintendo Co., Ltd.		1,500		230,361
Nippon Express Co., Ltd.		8,000		36,133
Nippon Paint Holdings Co., Ltd.		3,000		75,183
Nippon Steel & Sumitomo Metal Corp.		6,500		130,554
Nippon Telegraph & Telephone Corp.		13,700		508,046
Nissan Motor Co., Ltd.		41,200		439,946
Nisshin Seifun Group, Inc.		3,400		53,417
Nissin Foods Holdings Co., Ltd.		700		35,540
Nitori Holdings Co., Ltd.		1,100		90,609
Nitto Denko Corp.		900		60,653
NOK Corp.		1,100		29,667
Nomura Holdings, Inc.		31,700		188,037
Nomura Real Estate Holdings, Inc.		2,000		39,171
Nomura Research Institute, Ltd.		2,000		75,630
NSK, Ltd.		5,000		62,916
NTT Data Corp.		2,200		107,230
NTT DOCOMO, Inc.		24,700		467,113
NTT Urban Development Corp.		1,600		15,597
Obayashi Corp.		3,000		27,709
Odakyu Electric Railway Co., Ltd.		7,000		71,194
Oji Holdings Corp.		19,000		82,421
Olympus Corp.		2,500		99,716
Omron Corp.		3,700		136,007
Ono Pharmaceutical Co., Ltd.		400		64,045
Oracle Corp. Japan		2,000		97,482
Oriental Land Co., Ltd.		4,100		233,044
ORIX Corp.		19,200		277,082
Osaka Gas Co., Ltd.		37,000		137,390
Otsuka Corp.		1,100		55,134
Otsuka Holdings Co., Ltd.		6,100		202,078
Panasonic Corp.		27,800		315,601
Park24 Co., Ltd.		1,200		24,370
Rakuten, Inc.		11,800		148,770
Resona Holdings, Inc.		29,800		145,441
Rinnai Corp.		500		44,760

Security Description	Shares		Value (Note 2)
Japan (continued)
Rohm Co., Ltd.		1,300	$	69,911
Sanrio Co., Ltd.		1,500		35,825
Santen Pharmaceutical Co., Ltd.		16,600		263,227
Secom Co., Ltd.		4,000		274,151
Seiko Epson Corp.		2,000		31,503
Sekisui Chemical Co., Ltd.		7,000		83,420
Sekisui House, Ltd.		11,400		192,763
Sharp Corp.†		19,000		19,448
Shikoku Electric Power Co., Inc.		2,900		41,533
Shimamura Co., Ltd.		400		48,773
Shimano, Inc.		1,200		178,099
Shimizu Corp.		7,000		58,741
Shin-Etsu Chemical Co., Ltd.		6,700		378,977
Shinsei Bank, Ltd.		28,000		53,225
Shionogi & Co., Ltd.		4,000		176,312
Shiseido Co., Ltd.		7,800		186,636
Shizuoka Bank, Ltd.		22,000		214,996
SMC Corp.		700		185,491
SoftBank Group Corp.		12,800		679,721
Sompo Japan Nipponkoa Holdings, Inc.		4,600		141,812
Sony Corp.		12,900		332,927
Sony Financial Holdings, Inc.		2,000		36,848
Sumitomo Chemical Co., Ltd.		28,000		160,585
Sumitomo Dainippon Pharma Co., Ltd.		8,900		107,075
Sumitomo Metal Mining Co., Ltd.		9,000		101,478
Sumitomo Mitsui Financial Group, Inc.		8,300		316,695
Sumitomo Mitsui Trust Holdings, Inc.		46,000		175,630
Sumitomo Rubber Industries, Ltd.		4,200		56,705
Suntory Beverage & Food, Ltd.		4,900		191,263
Suruga Bank, Ltd.		4,000		80,975
Suzuken Co., Ltd.		600		23,420
Sysmex Corp.		2,200		137,433
T&D Holdings, Inc.		7,500		105,097
Taisho Pharmaceutical Holdings Co., Ltd.		100		6,775
Taiyo Nippon Sanso Corp.		2,000		19,123
Takashimaya Co., Ltd.		2,000		18,229
TDK Corp.		2,000		143,786
Teijin, Ltd.		7,000		24,907
Terumo Corp.		5,100		162,819
THK Co., Ltd.		3,600		71,766
Tobu Railway Co., Ltd.		40,000		194,963
Toho Co., Ltd.		1,000		26,604
Toho Gas Co., Ltd.		2,000		12,429
Tohoku Electric Power Co., Inc.		7,500		88,099
Tokio Marine Holdings, Inc.		10,400		383,558
Tokyo Electron, Ltd.		2,600		173,150
Tokyo Gas Co., Ltd.		46,000		219,761
Tokyo Tatemono Co., Ltd.		1,500		18,022
Tokyu Corp.		27,000		209,903
Tokyu Fudosan Holdings Corp.		7,500		50,508
TonenGeneral Sekiyu KK		36,000		347,425
Toppan Printing Co., Ltd.		20,000		175,467
Toray Industries, Inc.		28,000		254,525
TOTO, Ltd.		5,500		189,886
Toyota Motor Corp.		27,900		1,735,421
Toyota Tsusho Corp.		6,200		145,456
Trend Micro, Inc.		4,300		175,353
Unicharm Corp.		8,500		179,253
USS Co., Ltd.		4,000		63,591
West Japan Railway Co.		3,100		195,796
Yahoo Japan Corp.		25,200		103,789
Yakult Honsha Co., Ltd.		1,800		88,903
Yamada Denki Co., Ltd.		16,200		72,907
Yamaguchi Financial Group, Inc.		19,000		220,406

82

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Yamato Holdings Co., Ltd.		6,500	$	124,297
Yaskawa Electric Corp.		4,700		62,043
Yokohama Rubber Co., Ltd.		1,500		25,796
				33,591,247
Jersey — 0.7%
Delphi Automotive PLC		3,496		307,228
Experian PLC		13,462		249,587
Petrofac, Ltd.		18,642		231,633
Randgold Resources, Ltd.		2,778		169,115
Shire PLC		8,549		598,202
Wolseley PLC		4,223		245,124
WPP PLC		28,561		660,291
				2,461,180
Liberia — 0.0%
Royal Caribbean Cruises, Ltd.		959		88,813
Luxembourg — 0.4%
Millicom International Cellular SA SDR		2,797		164,514
RTL Group SA		6,325		553,326
SES SA FDR		14,875		412,864
Subsea 7 SA†		12,950		103,042
Tenaris SA		13,542		177,846
				1,411,592
Netherlands — 1.4%
Aegon NV		16,620		101,777
Akzo Nobel NV		3,724		264,877
Altice NV, Class A†		4,131		63,461
Altice NV, Class B†		1,377		21,408
ASML Holding NV		3,981		367,910
Boskalis Westminster NV		3,117		138,712
CNH Industrial NV		27,566		202,854
Core Laboratories NV#		1,438		169,900
Delta Lloyd NV		11,247		80,971
Fiat Chrysler Automobiles NV†		11,132		159,016
Gemalto NV		1,225		77,294
ING Groep NV CVA		48,736		669,139
Koninklijke KPN NV		50,803		193,287
Koninklijke Philips NV		12,276		335,669
Koninklijke Vopak NV		667		28,943
LyondellBasell Industries NV, Class A		6,634		635,670
Mylan NV†		5,913		303,337
OCI NV†		1,011		25,524
RELX NV		39,053		676,068
STMicroelectronics NV		16,688		121,271
Wolters Kluwer NV		17,163		593,058
				5,230,146
New Zealand — 0.3%
Auckland International Airport, Ltd.		108,203		376,066
Contact Energy, Ltd.		29,781		97,625
Fletcher Building, Ltd.		15,867		76,140
Ryman Healthcare, Ltd.		45,044		232,754
Spark New Zealand, Ltd.		95,487		209,619
				992,204
Norway — 0.2%
DNB ASA		12,243		161,163
Gjensidige Forsikring ASA		6,443		104,016
Norsk Hydro ASA		20,956		81,021
Orkla ASA		35,200		285,957
				632,157

Security Description	Shares		Value (Note 2)
Portugal — 0.1%
Banco Comercial Portugues SA†		188,663	$	10,086
Banco Espirito Santo SA†(1)(2)		126,030		7,989
Galp Energia SGPS SA		33,940		361,103
Jeronimo Martins SGPS SA		3,463		48,059
				427,237
Singapore — 0.8%
Ascendas Real Estate Investment Trust		8,000		13,555
Avago Technologies, Ltd.		4,284		558,848
CapitaLand Mall Trust		20,000		27,011
CapitaLand, Ltd.		45,000		96,345
City Developments, Ltd.		29,000		150,906
ComfortDelGro Corp., Ltd.		159,000		330,275
DBS Group Holdings, Ltd.		27,000		315,834
Global Logistic Properties, Ltd.		45,000		62,848
Jardine Cycle & Carriage, Ltd.		1,000		22,651
Keppel Corp., Ltd.		3,800		17,645
Oversea-Chinese Banking Corp., Ltd.		106,000		651,533
Singapore Telecommunications, Ltd.		97,000		262,692
StarHub, Ltd.		112,000		288,228
United Overseas Bank, Ltd.		27,000		371,153
Yangzijiang Shipbuilding Holdings, Ltd.		39,000		30,414
				3,199,938
Spain — 1.0%
Amadeus IT Holding SA, Class A		6,764		271,317
Banco Bilbao Vizcaya Argentaria SA		71,115		590,273
Banco de Sabadell SA		60,763		112,156
Banco Popular Espanol SA		30,897		108,868
Banco Santander SA		146,869		801,941
Bankia SA		49,859		62,477
Bankinter SA		16,590		120,085
CaixaBank SA		49,624		181,776
Grifols SA		5,280		250,590
Industria de Diseno Textil SA		11,221		403,800
Mapfre SA		9,280		25,463
Red Electrica Corp. SA		3,426		293,923
Telefonica SA		60,355		744,492
				3,967,161
Sweden — 1.3%
Assa Abloy AB, Class B		16,308		346,847
Atlas Copco AB, Class A		11,320		303,448
Atlas Copco AB, Class B		6,591		163,079
Boliden AB		8,309		152,713
Electrolux AB, Series B		1,733		50,867
Elekta AB, Series B		4,373		36,351
Getinge AB, Class B		7,273		184,122
Hennes & Mauritz AB, Class B		6,555		243,131
Hexagon AB, Class B		3,839		139,311
Husqvarna AB, Class B		3,671		23,928
Industrivarden AB, Class C		6,942		124,325
Investment AB Kinnevik, Class B		1,954		60,109
Investor AB, Class B		16,914		644,616
Nordea Bank AB		21,036		233,109
Skandinaviska Enskilda Banken AB, Class A		39,212		416,991
Skanska AB, Class B		13,220		263,133
Svenska Handelsbanken AB, Class A		38,558		519,011
Swedbank AB, Class A		14,762		326,999
Tele2 AB, Class B		4,417		44,971
Telefonaktiebolaget LM Ericsson, Class B		32,965		321,078
TeliaSonera AB		29,848		146,506
				4,744,645

83

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Switzerland — 3.6%
ABB, Ltd.		28,594	$	542,226
ACE, Ltd.		12,531		1,439,185
Actelion, Ltd.†		1,104		155,055
Aryzta AG		5,640		264,938
Baloise Holding AG		1,739		211,280
Coca-Cola HBC AG		11,386		276,261
Credit Suisse Group AG		16,169		347,629
EMS-Chemie Holding AG		880		358,808
Garmin, Ltd.#		5,490		207,796
Geberit AG		1,734		579,938
Julius Baer Group, Ltd.		5,010		239,775
LafargeHolcim, Ltd.†		3,424		183,039
Lonza Group AG†		1,793		283,367
Novartis AG		26,522		2,267,201
Pargesa Holding SA (BR)		6,739		423,460
Partners Group Holding AG		508		183,430
Roche Holding AG		8,304		2,223,601
Sika AG (BR)†		100		338,728
Sonova Holding AG		901		113,670
Sulzer AG		90		9,395
Swatch Group AG		670		235,609
Swiss Prime Site AG		12,310		920,693
Swiss Re AG		4,613		439,622
Swisscom AG		1,889		930,867
Zurich Insurance Group AG		1,749		460,518
				13,636,091
United Arab Emirates — 0.0%
Orascom Construction, Ltd.†		531		3,300
United Kingdom — 6.5%
3i Group PLC		53,962		408,392
Aberdeen Asset Management PLC		29,323		141,058
Admiral Group PLC		14,174		346,042
Aggreko PLC		10,084		152,634
Amec Foster Wheeler PLC		39,955		262,007
Antofagasta PLC		27,284		208,544
Aon PLC		3,253		308,189
ARM Holdings PLC		19,418		328,719
Ashtead Group PLC		11,268		185,830
Associated British Foods PLC		6,070		324,176
AstraZeneca PLC		17,563		1,190,984
Aviva PLC		63,892		492,205
British Land Co. PLC		35,934		451,362
BT Group PLC		105,153		786,232
Bunzl PLC		33,711		974,824
Burberry Group PLC		11,844		222,086
Capita PLC		35,704		684,002
Compass Group PLC		26,406		458,946
Croda International PLC		2,379		102,761
Direct Line Insurance Group PLC		85,325		529,196
Dixons Carphone PLC		22,950		167,536
easyJet PLC		2,334		58,107
Ensco PLC, Class A		4,809		82,330
Fresnillo PLC		14,506		156,209
GKN PLC		38,537		174,412
Hammerson PLC		52,725		484,792
Hargreaves Lansdown PLC		5,024		113,197
ICAP PLC		20,405		156,426
Inmarsat PLC		19,902		334,214
InterContinental Hotels Group PLC		9,335		359,359
Intertek Group PLC		10,773		458,687
Intu Properties PLC		104,195		507,662
Investec PLC		31,544		268,422
ITV PLC		67,535		275,646

Security Description	Shares		Value (Note 2)
United Kingdom (continued)
Johnson Matthey PLC		6,307	$	268,821
Kingfisher PLC		34,055		181,260
Land Securities Group PLC		21,000		389,342
Legal & General Group PLC		161,043		658,514
Liberty Global PLC, Class A†		5,281		223,967
London Stock Exchange Group PLC		1,859		74,196
Marks & Spencer Group PLC		31,390		237,564
Next PLC		4,336		517,211
Nielsen Holdings PLC		6,062		282,974
Old Mutual PLC		98,150		308,951
Pearson PLC		26,239		326,423
Persimmon PLC		8,221		237,108
Prudential PLC		35,454		822,050
Reckitt Benckiser Group PLC		8,884		833,585
RELX PLC		32,929		594,140
Rexam PLC		59,955		523,278
Royal Mail PLC		24,593		180,049
RSA Insurance Group PLC		57,944		383,898
Sage Group PLC		2,652		23,426
Schroders PLC		9,585		432,501
Segro PLC		54,440		361,749
Severn Trent PLC		9,541		323,606
Sky PLC		19,115		318,407
Smith & Nephew PLC		20,481		347,022
Smiths Group PLC		18,020		280,355
SSE PLC		15,309		330,636
Standard Chartered PLC		37,329		313,264
Standard Life PLC		77,875		488,502
Tate & Lyle PLC		34,732		308,628
Travis Perkins PLC		7,665		234,695
Tullow Oil PLC†		43,864		129,749
United Utilities Group PLC		43,128		627,791
Weir Group PLC		7,671		138,871
Whitbread PLC		4,680		320,568
WM Morrison Supermarkets PLC		83,780		192,426
				24,370,715
United States — 52.6%
3M Co.		5,723		896,107
Abbott Laboratories		16,100		723,212
AbbVie, Inc.		20,175		1,173,176
Activision Blizzard, Inc.		9,737		366,695
Adobe Systems, Inc.†		7,642		698,937
ADT Corp.#		4,910		174,158
Advance Auto Parts, Inc.		1,590		258,741
Aetna, Inc.		5,539		569,132
Affiliated Managers Group, Inc.†		2,068		366,512
Aflac, Inc.		9,919		647,116
Agilent Technologies, Inc.		2,604		108,899
Air Products & Chemicals, Inc.		7,143		977,805
Airgas, Inc.		2,828		390,830
Akamai Technologies, Inc.†		2,248		129,507
Albemarle Corp.		3,348		179,319
Alexion Pharmaceuticals, Inc.†		3,151		562,264
Alliance Data Systems Corp.†		801		229,767
Allstate Corp.		13,980		877,385
Alphabet, Inc., Class A†		4,082		3,113,954
Alphabet, Inc., Class C†		3,010		2,235,226
Altera Corp.		7,992		421,978
Amazon.com, Inc.†		4,951		3,291,425
American Airlines Group, Inc.		1,777		73,319
American Express Co.		15,233		1,091,292
American Tower Corp.		7,811		776,257
American Water Works Co., Inc.		1,233		71,218

84

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Ameriprise Financial, Inc.		4,466	$	504,435
AmerisourceBergen Corp.		4,394		433,424
AMETEK, Inc.		4,930		278,348
Amgen, Inc.		9,758		1,572,014
Amphenol Corp., Class A		3,249		178,857
Anadarko Petroleum Corp.		8,297		496,990
Analog Devices, Inc.		7,494		461,855
ANSYS, Inc.†		4,693		437,435
Antero Resources Corp.†#		4,381		90,292
Anthem, Inc.		4,195		546,944
Apache Corp.		8,099		398,309
Applied Materials, Inc.		21,118		396,385
Archer-Daniels-Midland Co.		11,565		422,007
Arrow Electronics, Inc.†		1,257		71,096
Assurant, Inc.		2,981		254,935
AT&T, Inc.		13,245		445,959
Autodesk, Inc.†		2,812		178,478
Automatic Data Processing, Inc.		12,257		1,057,289
AutoNation, Inc.†		1,279		81,754
AvalonBay Communities, Inc.		1,148		208,695
Avery Dennison Corp.		3,669		242,007
Avon Products, Inc.#		16,336		56,359
B/E Aerospace, Inc.		4,255		196,666
Baker Hughes, Inc.		8,524		460,893
Ball Corp.		1,050		72,891
Bank of New York Mellon Corp.		21,716		952,029
Baxalta, Inc.		7,426		255,306
Baxter International, Inc.		7,426		279,589
BB&T Corp.		9,818		379,171
Bed Bath & Beyond, Inc.†		3,896		212,410
Berkshire Hathaway, Inc., Class B†		13,163		1,765,027
Best Buy Co., Inc.		4,707		149,588
Biogen, Inc.†		3,179		911,928
BioMarin Pharmaceutical, Inc.†		3,122		297,745
BlackRock, Inc.		2,225		809,277
BorgWarner, Inc.		4,190		178,871
Boston Scientific Corp.†		8,911		162,893
Bristol-Myers Squibb Co.		24,370		1,633,034
Broadcom Corp., Class A		10,163		555,205
C.H. Robinson Worldwide, Inc.		4,142		279,295
CA, Inc.		12,878		362,001
Cablevision Systems Corp., Class A		8,506		259,433
Cabot Oil & Gas Corp.		6,391		120,343
Calpine Corp.†		5,296		78,275
Cameron International Corp.†		5,747		392,463
Capital One Financial Corp.		8,990		705,805
Cardinal Health, Inc.		7,721		670,569
CarMax, Inc.†		2,030		116,319
Caterpillar, Inc.		4,114		298,882
CBRE Group, Inc., Class A†		5,334		199,865
CBS Corp., Class B		8,634		435,844
Celanese Corp., Series A		5,247		371,225
Celgene Corp.†		10,195		1,115,843
CenterPoint Energy, Inc.		9,924		168,212
CenturyLink, Inc.		11,855		319,255
Cerner Corp.†		6,248		372,381
CF Industries Holdings, Inc.		2,424		111,843
Charles Schwab Corp.		15,895		535,820
Charter Communications, Inc., Class A†#		1,485		278,230
Cheniere Energy, Inc.†		2,716		129,146
Chesapeake Energy Corp.#		10,364		54,618
Chipotle Mexican Grill, Inc.†		278		161,115
Chubb Corp.		1,992		260,016
Church & Dwight Co., Inc.		2,946		252,678

Security Description	Shares		Value (Note 2)
United States (continued)
Cigna Corp.		3,407	$	459,877
Cimarex Energy Co.		1,884		224,234
Cincinnati Financial Corp.		7,048		430,703
Cintas Corp.		1,867		170,999
Cisco Systems, Inc.		79,008		2,152,968
CIT Group, Inc.		4,521		194,222
Citrix Systems, Inc.†		3,998		306,527
Clorox Co.		10,593		1,316,710
CME Group, Inc.		5,673		553,968
Coach, Inc.		5,861		186,204
Cobalt International Energy, Inc.†		5,085		37,476
Cognizant Technology Solutions Corp., Class A†		5,462		352,736
Colgate-Palmolive Co.		16,984		1,115,509
Columbia Pipeline Group, Inc.		10,764		206,346
Comcast Corp., Class A		29,997		1,825,617
Comcast Corp., Special Class A#		9,949		607,287
ConAgra Foods, Inc.		8,950		366,323
CONSOL Energy, Inc.#		3,081		24,278
Continental Resources, Inc.†		2,757		100,079
Cooper Cos., Inc.		450		65,813
Corning, Inc.		14,840		277,953
Costco Wholesale Corp.		10,103		1,630,826
Crown Castle International Corp.		8,215		705,751
CSX Corp.		17,593		500,169
Cummins, Inc.		3,570		358,321
CVS Health Corp.		11,987		1,127,857
D.R. Horton, Inc.		4,690		151,534
Danaher Corp.		15,390		1,483,442
DaVita HealthCare Partners, Inc.†		3,255		237,745
Deere & Co.		8,676		690,349
Delta Air Lines, Inc.		1,570		72,942
Devon Energy Corp.		6,615		304,356
Digital Realty Trust, Inc.		2,876		207,388
Discover Financial Services		5,813		329,946
DISH Network Corp., Class A†		5,080		318,567
Dollar General Corp.		3,107		203,229
Dollar Tree, Inc.†		4,673		352,625
Dover Corp.		9,002		593,232
Dr Pepper Snapple Group, Inc.		10,355		929,361
Dun & Bradstreet Corp.		2,788		300,519
Eaton Vance Corp.		7,373		264,838
eBay, Inc.†		15,885		470,037
Ecolab, Inc.		6,409		763,696
Edgewell Personal Care Co.		1,407		113,263
Edwards Lifesciences Corp.†		1,404		228,852
Electronic Arts, Inc.†		4,406		298,683
EMC Corp.		23,117		585,785
Emerson Electric Co.		22,504		1,125,200
Energen Corp.		614		36,404
EOG Resources, Inc.		4,095		341,646
EQT Corp.		4,034		230,825
Equifax, Inc.		1,078		120,197
Equinix, Inc.#		1,497		443,860
Equity Residential		4,349		347,137
Estee Lauder Cos., Inc., Class A		5,535		465,604
Eversource Energy		3,541		180,414
Expedia, Inc.		1,748		215,196
Expeditors International of Washington, Inc.		11,730		569,374
Express Scripts Holding Co.†		11,911		1,018,152
F5 Networks, Inc.†		1,441		148,423
Facebook, Inc., Class A†		22,956		2,392,933
Fastenal Co.#		8,190		332,350
FedEx Corp.		4,000		634,160
Fidelity National Information Services, Inc.		12,293		782,695

85

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Fifth Third Bancorp		15,741	$	325,366
FireEye, Inc.†#		799		18,281
First Republic Bank		3,876		266,901
Fiserv, Inc.†		12,266		1,180,480
FleetCor Technologies, Inc.†		891		136,956
Flowserve Corp.		2,762		127,715
FMC Technologies, Inc.†		7,333		249,469
FNF Group		9,250		331,612
Ford Motor Co.		46,034		659,667
Franklin Resources, Inc.		7,712		323,287
Frontier Communications Corp.		22,451		112,030
GameStop Corp., Class A#		2,364		82,811
General Growth Properties, Inc.		7,155		182,238
General Mills, Inc.		28,063		1,620,919
Gilead Sciences, Inc.		18,697		1,981,134
Goldman Sachs Group, Inc.		5,138		976,323
Hanesbrands, Inc.		9,177		281,459
Harley-Davidson, Inc.#		4,728		231,294
Hartford Financial Services Group, Inc.		5,857		267,313
Hasbro, Inc.		5,283		386,134
HCA Holdings, Inc.†		3,556		242,021
HCP, Inc.		7,868		279,550
Helmerich & Payne, Inc.#		1,514		88,191
Hershey Co.		7,673		662,257
Hertz Global Holdings, Inc.†		8,163		129,465
Hewlett Packard Enterprise Co.		24,752		367,815
HollyFrontier Corp.		5,571		267,854
Home Depot, Inc.		14,037		1,879,274
Hormel Foods Corp.		107		8,016
Host Hotels & Resorts, Inc.#		16,843		279,594
HP, Inc.		24,752		310,390
Humana, Inc.		1,960		330,574
IHS, Inc., Class A†		4,024		496,199
Illinois Tool Works, Inc.		2,451		230,345
Illumina, Inc.†		1,489		273,827
Incyte Corp.†		1,725		197,064
Intel Corp.		61,653		2,143,675
Intercontinental Exchange, Inc.		3,137		815,118
International Flavors & Fragrances, Inc.#		1,823		218,778
International Paper Co.		7,172		300,005
Interpublic Group of Cos., Inc.		10,654		245,042
Intuit, Inc.		7,491		750,598
Intuitive Surgical, Inc.†		499		259,490
Iron Mountain, Inc.#		3,803		105,647
J.B. Hunt Transport Services, Inc.		3,516		275,092
Johnson & Johnson		44,881		4,543,752
Johnson Controls, Inc.		8,543		392,978
Juniper Networks, Inc.		6,594		198,677
Kansas City Southern		3,192		290,217
Kellogg Co.		15,556		1,069,786
Keurig Green Mountain, Inc.		1,514		79,334
KeyCorp		14,121		185,126
Kimberly-Clark Corp.		13,134		1,564,916
Kinder Morgan, Inc.		22,465		529,500
KLA-Tencor Corp.		4,540		301,774
Kohl’s Corp.		3,527		166,228
Kraft Heinz Co.		3,017		222,323
Kroger Co.		8,144		306,703
L Brands, Inc.		4,771		455,201
Lam Research Corp.		2,992		233,974
Lennar Corp., Class A		4,689		240,124
Level 3 Communications, Inc.†		4,959		252,066
Liberty Interactive Corp. QVC Group, Class A†		15,276		404,508
Liberty Media Corp., Class A†		1,975		80,007

Security Description	Shares		Value (Note 2)
United States (continued)
Liberty Media Corp., Class C†		3,950	$	154,445
Lincoln National Corp.		4,513		248,170
Linear Technology Corp.		11,040		504,749
LinkedIn Corp., Class A†		1,066		259,155
LKQ Corp.†		10,988		324,036
Loews Corp.		3,862		146,331
Lowe’s Cos., Inc.		9,390		719,274
lululemon athletica, Inc.†#		2,020		96,596
M&T Bank Corp.		3,811		477,633
Macy’s, Inc.		6,279		245,383
ManpowerGroup, Inc.		3,503		316,251
Marathon Oil Corp.		8,032		140,640
Marathon Petroleum Corp.		6,919		404,139
Marriott International, Inc., Class A		2,741		194,364
Marsh & McLennan Cos., Inc.		7,787		430,621
Masco Corp.		5,662		169,350
MasterCard, Inc., Class A		14,855		1,454,602
Mattel, Inc.#		12,911		320,967
McCormick & Co., Inc.#		2,150		184,728
McDonald’s Corp.		8,965		1,023,444
McGraw Hill Financial, Inc.		4,248		409,805
McKesson Corp.		2,986		565,399
MDU Resources Group, Inc.		12,578		219,109
Mead Johnson Nutrition Co.		2,090		168,433
Medivation, Inc.†		1,848		78,133
MetLife, Inc.		15,977		816,265
Microchip Technology, Inc.#		7,794		376,294
Micron Technology, Inc.†		15,302		243,761
Microsoft Corp.		100,920		5,485,002
Mondelez International, Inc., Class A		44,156		1,927,851
Monster Beverage Corp.†		1,554		240,264
Moody’s Corp.		3,414		352,052
Mosaic Co.		4,581		144,943
Motorola Solutions, Inc.		5,584		400,820
Murphy Oil Corp.#		10,560		301,805
Nasdaq, Inc.		6,716		393,692
National Oilwell Varco, Inc.		13,658		509,990
Navient Corp.		14,800		176,268
NetApp, Inc.		7,429		227,773
Netflix, Inc.†		4,682		577,431
New York Community Bancorp, Inc.		12,075		198,030
Newell Rubbermaid, Inc.		7,862		351,117
Newmont Mining Corp.		15,048		277,034
News Corp., Class A		29,052		416,896
NIKE, Inc., Class B		10,355		1,369,759
Noble Energy, Inc.		9,481		347,668
Nordstrom, Inc.		3,335		187,794
Norfolk Southern Corp.		4,381		416,458
Northern Trust Corp.		5,252		393,585
Nucor Corp.		7,804		323,476
NVIDIA Corp.		10,317		327,255
Oceaneering International, Inc.		7,174		313,791
Omnicom Group, Inc.		11,877		877,948
ONEOK, Inc.		11,159		328,967
Oracle Corp.		40,001		1,558,839
PACCAR, Inc.		7,845		407,626
Palo Alto Networks, Inc.†		1,314		246,165
Parker-Hannifin Corp.		4,152		434,548
Paychex, Inc.		19,483		1,056,953
PayPal Holdings, Inc.†		15,885		560,105
People’s United Financial, Inc.#		22,008		368,634
Pepco Holdings, Inc.		17,991		461,829
PepsiCo, Inc.		15,660		1,568,506
Phillips 66		6,407		586,433

86

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Pioneer Natural Resources Co.		934	$	135,196
Plum Creek Timber Co., Inc.		4,973		252,678
PNC Financial Services Group, Inc.		7,974		761,597
Polaris Industries, Inc.#		953		100,475
PPG Industries, Inc.		6,971		737,114
Priceline Group, Inc.†		616		769,292
Principal Financial Group, Inc.		9,465		487,069
Procter & Gamble Co.		30,021		2,246,772
Progressive Corp.		24,476		754,350
Prologis, Inc.		6,021		257,398
Prudential Financial, Inc.		8,857		766,573
Public Storage		1,999		479,880
PulteGroup, Inc.		3,103		60,446
PVH Corp.		1,783		162,770
QUALCOMM, Inc.		21,544		1,051,132
Quanta Services, Inc.†		5,024		110,779
Quest Diagnostics, Inc.		6,487		443,192
Rackspace Hosting, Inc.†		2,572		73,611
Range Resources Corp.#		4,214		120,436
Realogy Holdings Corp.†		2,403		99,268
Red Hat, Inc.†		2,648		215,574
Regeneron Pharmaceuticals, Inc.†		1,040		566,280
Regions Financial Corp.		20,245		205,284
Republic Services, Inc.		6,786		298,109
ResMed, Inc.		2,871		171,025
Robert Half International, Inc.		2,809		143,765
Rockwell Automation, Inc.		4,625		492,285
Roper Technologies, Inc.		2,293		443,673
Ross Stores, Inc.		5,034		261,818
Salesforce.com, Inc.†		5,625		448,256
SanDisk Corp.		3,681		271,915
SBA Communications Corp., Class A†		5,672		596,468
Scripps Networks Interactive, Inc., Class A		4,556		258,781
Sealed Air Corp.		2,660		120,658
Sempra Energy		4,130		409,820
ServiceNow, Inc.†		1,849		160,881
Sherwin-Williams Co.		1,094		302,021
Simon Property Group, Inc.		2,424		451,446
Sirius XM Holdings, Inc.†		20,878		85,809
Skyworks Solutions, Inc.#		2,800		232,456
Southwest Airlines Co.		3,337		153,102
Southwestern Energy Co.†		8,953		80,667
Spectra Energy Corp.		18,192		476,630
Sprint Corp.†#		13,103		47,826
St. Jude Medical, Inc.		6,999		441,637
Stanley Black & Decker, Inc.		3,498		381,842
Staples, Inc.		9,508		114,762
Starbucks Corp.		13,315		817,408
State Street Corp.		9,924		720,284
Stericycle, Inc.†#		2,256		272,344
Stryker Corp.		2,613		252,050
SunTrust Banks, Inc.		10,302		447,313
Symantec Corp.		14,541		284,713
Sysco Corp.		11,513		473,184
T-Mobile US, Inc.†		2,750		97,625
T. Rowe Price Group, Inc.		6,856		522,084
Target Corp.		4,611		334,297
TD Ameritrade Holding Corp.		8,363		306,337
Teradata Corp.†		4,578		136,928
Tesla Motors, Inc.†#		938		215,984
Tesoro Corp.		2,371		273,068
Texas Instruments, Inc.		9,961		578,933
Thermo Fisher Scientific, Inc.		8,190		1,133,496
Tiffany & Co.		3,930		313,142

Security Description	Shares		Value (Note 2)
United States (continued)
Time Warner Cable, Inc.		4,313	$	796,913
Time Warner, Inc.		13,219		925,066
TJX Cos., Inc.		13,325		940,745
Toll Brothers, Inc.†		3,872		143,961
Torchmark Corp.#		13,741		832,979
Total System Services, Inc.		12,039		673,702
Towers Watson & Co., Class A		2,095		281,798
TransDigm Group, Inc.†		831		194,978
Travelers Cos., Inc.		9,938		1,138,597
Trimble Navigation, Ltd.†		10,103		231,359
TripAdvisor, Inc.†		1,442		118,778
Twenty-First Century Fox, Inc., Class A		21,097		622,572
Twitter, Inc.†#		4,333		110,058
Tyson Foods, Inc., Class A#		1,825		91,250
Ulta Salon Cosmetics & Fragrance, Inc.†		1,451		242,317
Under Armour, Inc., Class A†#		2,238		192,960
Union Pacific Corp.		14,034		1,178,154
United Continental Holdings, Inc.†		1,548		86,270
United Parcel Service, Inc., Class B		5,144		529,883
United Rentals, Inc.†		1,715		134,919
UnitedHealth Group, Inc.		12,277		1,383,741
Universal Health Services, Inc., Class B		2,540		308,661
US Bancorp		30,198		1,325,390
Valero Energy Corp.		4,416		317,334
Vantiv, Inc., Class A†		3,592		189,334
Varian Medical Systems, Inc.†		3,147		254,215
Ventas, Inc.		5,335		284,569
VEREIT, Inc.		20,508		170,832
Verisk Analytics, Inc.†		6,616		495,869
Vertex Pharmaceuticals, Inc.†		2,872		371,522
VF Corp.		5,769		373,254
Viacom, Inc., Class B		7,902		393,441
Visa, Inc., Class A		27,304		2,157,289
VMware, Inc., Class A†		1,751		107,529
Voya Financial, Inc.		5,683		231,298
Vulcan Materials Co.		3,165		324,951
Walgreens Boots Alliance, Inc.		10,661		895,844
Walt Disney Co.		21,553		2,445,619
Waste Management, Inc.		7,537		405,264
WEC Energy Group, Inc.		6,906		340,604
Welltower, Inc.		4,073		257,373
Western Digital Corp.		2,061		128,627
Western Union Co.		11,620		219,153
Whirlpool Corp.#		1,050		170,646
Whiting Petroleum Corp.†		3,366		55,573
Whole Foods Market, Inc.		6,926		201,893
Williams Cos., Inc.		15,656		572,383
Workday, Inc., Class A†		592		49,556
WR Berkley Corp.		7,712		429,250
WW Grainger, Inc.#		1,740		348,940
Wyndham Worldwide Corp.		2,118		160,799
Xerox Corp.		22,329		235,571
Xylem, Inc.		2,072		77,327
Yahoo!, Inc.†		12,184		411,941
Yum! Brands, Inc.		5,094		369,366
Zimmer Biomet Holdings, Inc.		2,580		260,606
Zoetis, Inc.		8,528		398,258
				198,820,746
Total Common Stocks
(cost $357,157,055)				367,521,478

87

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
RIGHTS — 0.0%
Australia — 0.0%
Transurban Group Expires 12/15/2015 (Strike price AUD 9.60)†		5,173		$	2,245
Italy — 0.0%
UBI Bancat Expires 01/12/2016 (Strike price EUR 7.29)†		14,564			0
Spain — 0.0%
Telefonica SA Expires 12/08/2015†		60,355			21,872
United Kingdom — 0.0%
Standard Chartered PLC Expires 12/10/2015 (Strike price GBP 4.65)†		10,665			14,618
Total Rights
(cost $22,170)					38,735
Total Long-Term Investment Securities
(cost $357,179,225)					367,560,213
SHORT-TERM INVESTMENT SECURITIES — 3.6%
Registered Investment Companies — 1.1%
State Street Navigator Securities Lending Prime Portfolio 0.24%(3)(5)		4,166,169			4,166,169
Time Deposits — 2.2%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015	$	8,324,000			8,324,000
U.S. Government Treasuries — 0.3%
United States Treasury Bills 0.00% due 12/17/2015(4)		1,125,000			1,124,974
Total Short-Term Investment Securities
(cost $13,615,169)					13,615,143
TOTAL INVESTMENTS
(cost $370,794,394)(6)		100.9	%		381,175,356
Liabilities in excess of other assets		(0.9	)		(3,366,352	)
NET ASSETS		100.0	%	$	377,809,004

† 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, 2015, the aggregate value of these securities was $19,184 representing 0.0% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

(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, 2015, the aggregate value of these securities was $7,989 representing 0.0% of net assets.

(3) At November 30, 2015, the Fund had loaned securities with a total value of $7,017,290. This was secured by collateral of $4,166,169, which was received in cash and subsequently invested in short-term investments currently valued at $4,166,169 as reported in the Portfolio of Investments. Additional collateral of $3,010,671 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
Federal National Mtg. Assoc.	0.75%	04/20/2017	$	374,973
United States Treasury Bills	0.00%	12/10/2015 to 07/21/2016		237,981
United States Treasury Notes/Bonds	0.13% to 8.88%	01/15/2016 to 05/15/2045		2,397,717

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

(5) The rate shown is the 7-day yield as of November 30, 2015.

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

BR—Bearer Shares

CVA—Certification Van Aandelen (Dutch Cert.)

FDR—Federal Depositary Receipt

RSP—Risparmio Shares-Savings Shares on the Italian Stock Exchange

SDR—Swedish Depositary Receipt

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2015		Unrealized Appreciation (Depreciation)
	95	Long	S&P 500 E-Mini Index		December 2015	$	9,214,335	$	9,879,050	$	664,715

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	8,259,021	$	—	$	0	$	8,259,021
Portugal		419,248		—		7,989		427,237
Other Countries		358,835,220		—		—		358,835,220
Rights		38,735		—		—		38,735
Short-Term Investment Securities:
Registered Investment Companies		4,166,169		—		—		4,166,169
Other Short-Term Investment Securities		—		9,448,974		—		9,448,974
Total Investments at Value	$	371,718,393	$	9,448,974	$	7,989	$	381,175,356

88

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
Other Financial Instruments:†
Futures Contracts	$	664,715	$	—	$	—	$	664,715

* 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. Securities currently valued at $140,326,241 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

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

See Notes to Financial Statements

89

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Sovereign	17.2	%
Diversified Banking Institutions	7.6
Medical — Drugs	5.6
Registered Investment Companies	5.6
Federal Home Loan Bank	5.0
Time Deposits	4.9
Foreign Government Obligations	4.4
Oil Companies — Integrated	3.8
Medical — Biomedical/Gene	2.6
Oil — Field Services	2.5
Auto — Cars/Light Trucks	2.4
Banks — Fiduciary	2.1
Cable/Satellite TV	1.9
Banks — Commercial	1.8
Insurance — Multi-line	1.8
Telecom Services	1.8
Applications Software	1.5
Electronic Components — Semiconductors	1.4
Insurance — Life/Health	1.4
Telephone — Integrated	1.4
Building Products — Cement	1.3
Retail — Drug Store	1.2
Medical — Generic Drugs	1.1
Medical Instruments	1.1
Chemicals — Diversified	1.0
Web Portals/ISP	1.0
Oil Companies — Exploration & Production	1.0
Food — Retail	0.8
U.S. Government Agencies	0.8
Cellular Telecom	0.8
Banks — Super Regional	0.8
Semiconductor Equipment	0.8
Diversified Manufacturing Operations	0.7
Tools — Hand Held	0.7
Enterprise Software/Service	0.7
Beverages — Non-alcoholic	0.7
Building & Construction Products — Misc.	0.6
Rubber — Tires	0.6
Retail — Major Department Stores	0.6
Aerospace/Defense	0.6
Photo Equipment & Supplies	0.6
Diversified Financial Services	0.6
Publishing — Newspapers	0.5
Medical — Wholesale Drug Distribution	0.5
Machinery — Electrical	0.5
Metal — Diversified	0.5
Retail — Building Products	0.5
Electronic Components — Misc.	0.5
Apparel Manufacturers	0.5
Airlines	0.5
Retail — Regional Department Stores	0.4
Miscellaneous Manufacturing	0.4
Insurance — Reinsurance	0.4
Transport — Services	0.4
Oil & Gas Drilling	0.4
Diagnostic Kits	0.3
Containers — Metal/Glass	0.3
Steel — Producers	0.3
Multimedia	0.3
Finance — Other Services	0.3
Auto/Truck Parts & Equipment — Original	0.3
Steel — Specialty	0.3
Semiconductor Components — Integrated Circuits	0.2
Networking Products	0.2
Diversified Operations	0.2
Auto/Truck Parts & Equipment — Replacement	0.2
United States Treasury Notes	0.1
	103.8	%

Country Allocation*

United States	36.9	%
United Kingdom	9.6
South Korea	7.5
Mexico	6.3
France	5.8
Japan	4.1
Germany	3.2
Ireland	3.0
Switzerland	2.9
Malaysia	2.4
Poland	2.3
China	2.3
Singapore	1.9
Netherlands	1.7
Indonesia	1.7
Brazil	1.6
Ukraine	1.3
Italy	1.2
Israel	1.1
Portugal	0.9
Spain	0.7
Philippines	0.6
Jersey	0.6
Hungary	0.6
Norway	0.6
Sweden	0.6
Bermuda	0.5
British Virgin Islands	0.5
Thailand	0.4
Luxembourg	0.3
Russia	0.3
Taiwan	0.2
Serbia	0.1
Slovenia	0.1
	103.8	%

* Calculated as a percentage of net assets

90

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 63.7%
Bermuda — 0.5%
Kunlun Energy Co., Ltd.		1,564,000	$	1,369,656
Noble Group, Ltd.#		3,109,500		936,895
				2,306,551
British Virgin Islands — 0.5%
Michael Kors Holdings, Ltd.†		49,730		2,139,385
China — 2.3%
China Life Insurance Co., Ltd.		680,000		2,337,282
China Telecom Corp., Ltd.		6,300,000		3,087,658
CRRC Corp., Ltd., Class H#		1,502,000		1,925,579
Sinopharm Group Co., Ltd.		576,800		2,421,482
Weichai Power Co., Ltd.#		846,000		867,446
				10,639,447
France — 5.8%
AXA SA		147,995		4,004,484
BNP Paribas SA		84,230		4,993,407
Cie de Saint-Gobain		68,730		3,037,555
Cie Generale des Etablissements Michelin		30,140		3,022,034
Credit Agricole SA		217,250		2,621,295
Sanofi		42,232		3,765,053
Technip SA		31,420		1,646,893
TOTAL SA		77,670		3,856,924
				26,947,645
Germany — 3.2%
Deutsche Boerse AG		16,830		1,443,699
Deutsche Lufthansa AG†#		142,140		2,037,164
HeidelbergCement AG		25,080		1,996,909
LANXESS AG#		30,070		1,531,336
Merck KGaA		34,840		3,568,380
METRO AG		57,570		1,919,655
Siemens AG ADR#		23,750		2,473,562
				14,970,705
Ireland — 2.6%
Allergan PLC†		18,405		5,777,146
CRH PLC		140,421		4,131,875
Medtronic PLC		29,730		2,239,858
				12,148,879
Israel — 1.1%
Teva Pharmaceutical Industries, Ltd. ADR		82,171		5,171,021
Italy — 1.2%
Eni SpA		168,822		2,750,447
UniCredit SpA		520,578		3,055,342
				5,805,789
Japan — 4.1%
Konica Minolta, Inc.		255,700		2,687,862
Nissan Motor Co., Ltd.#		479,600		5,121,317
SoftBank Group Corp.#		55,900		2,968,467
Suntory Beverage & Food, Ltd.		82,500		3,220,248
Toshiba Corp.†#		434,000		1,060,850
Toyota Motor Corp. ADR		31,123		3,872,324
				18,931,068
Jersey — 0.6%
Glencore PLC		749,180		1,091,217
Petrofac, Ltd.		156,220		1,941,083
				3,032,300
Luxembourg — 0.3%
Subsea 7 SA†#		162,780		1,295,227

Security Description	Shares		Value (Note 2)
Netherlands — 1.7%
Akzo Nobel NV		44,890	$	3,192,888
ING Groep NV CVA		241,381		3,314,128
QIAGEN NV†		60,672		1,611,228
				8,118,244
Norway — 0.6%
Telenor ASA		148,762		2,593,328
Portugal — 0.4%
Galp Energia SGPS SA		169,130		1,799,451
Russia — 0.3%
MMC Norilsk Nickel PJSC ADR		87,679		1,185,858
Singapore — 1.0%
DBS Group Holdings, Ltd.		224,695		2,628,384
Singapore Telecommunications, Ltd.		816,000		2,209,862
				4,838,246
South Korea — 2.6%
Hana Financial Group, Inc.		68,042		1,498,270
Hyundai Mobis Co., Ltd.		6,516		1,403,862
KB Financial Group, Inc. ADR		38,288		1,157,063
POSCO ADR		40,515		1,475,151
Samsung Electronics Co., Ltd.		5,898		6,539,469
				12,073,815
Spain — 0.7%
Telefonica SA ADR#		261,902		3,213,538
Sweden — 0.6%
Getinge AB, Class B		101,630		2,572,852
Switzerland — 2.9%
ABB, Ltd.		120,120		2,277,826
ACE, Ltd.		16,077		1,846,444
Credit Suisse Group AG		126,100		2,711,116
Novartis AG		16,020		1,369,450
Roche Holding AG		13,960		3,738,135
Swiss Re AG		18,860		1,797,369
				13,740,340
Taiwan — 0.2%
Taiwan Semiconductor Manufacturing Co., Ltd.		232,914		991,822
Thailand — 0.4%
Bangkok Bank PCL NVDR		448,000		2,093,750
United Kingdom — 9.6%
Aviva PLC		518,300		3,992,826
BAE Systems PLC		362,869		2,822,758
Barclays PLC		647,050		2,175,132
BP PLC		653,445		3,791,449
GlaxoSmithKline PLC		184,956		3,775,908
HSBC Holdings PLC		487,983		3,892,686
Kingfisher PLC		422,280		2,247,608
Lloyds Banking Group PLC		2,108,060		2,316,441
Marks & Spencer Group PLC		383,270		2,900,644
Noble Corp. PLC#		121,350		1,610,315
Rexam PLC		171,124		1,493,543
Royal Dutch Shell PLC, Class B		115,926		2,884,326
Sky PLC		240,080		3,999,122
Standard Chartered PLC		116,360		976,491
Tesco PLC†		816,540		2,056,209
Vodafone Group PLC ADR		116,076		3,895,511
				44,830,969

91

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares/ Principal Amount(4)		Value (Note 2)
COMMON STOCKS (continued)
United States — 20.5%
Allegheny Technologies, Inc.		104,910	$	1,329,210
Alphabet, Inc., Class A†		6,110		4,661,013
Amgen, Inc.		29,600		4,768,560
Apache Corp.		42,780		2,103,920
Applied Materials, Inc.		192,910		3,620,921
Baker Hughes, Inc.		42,880		2,318,522
Capital One Financial Corp.		47,900		3,760,629
Chesapeake Energy Corp.#		139,120		733,162
Chevron Corp.		30,030		2,742,340
Cisco Systems, Inc.		34,970		952,932
Citigroup, Inc.		97,990		5,300,279
Comcast Corp., Special Class A#		78,955		4,819,413
CVS Health Corp.		29,850		2,808,586
General Motors Co.		67,440		2,441,328
Gilead Sciences, Inc.		47,080		4,988,597
Halliburton Co.		102,010		4,065,098
Isis Pharmaceuticals, Inc.†		35,590		2,172,414
JPMorgan Chase & Co.		85,450		5,697,806
Knowles Corp.†#		132,970		2,190,016
Macy’s, Inc.		53,260		2,081,401
Merck & Co., Inc.		26,390		1,398,934
Microsoft Corp.		127,894		6,951,039
Morgan Stanley		92,930		3,187,499
News Corp., Class A		170,003		2,439,543
Oracle Corp.		83,060		3,236,848
Pfizer, Inc.		90,669		2,971,223
Stanley Black & Decker, Inc.		31,180		3,403,609
Twenty-First Century Fox, Inc., Class A		49,237		1,452,984
United Parcel Service, Inc., Class B		15,990		1,647,130
Voya Financial, Inc.		52,040		2,118,028
Walgreens Boots Alliance, Inc.		35,130		2,951,974
				95,314,958
Total Common Stocks
(cost $270,041,668)				296,755,188
FOREIGN GOVERNMENT OBLIGATIONS — 19.6%
Brazil — 1.6%
Brazil Letras do Tesouro Nacional Bills zero coupon due 01/01/2016	BRL	2,510,000		640,930
Brazil Letras do Tesouro Nacional Bills zero coupon due 07/01/2016	BRL	300,000		71,450
Brazil Letras do Tesouro Nacional Bills zero coupon due 10/01/2016	BRL	950,000		217,600
Brazil Notas do Tesouro Nacional Notes 6.00% due 08/15/2016(1)	BRL	1,268,769		333,753
Brazil Notas do Tesouro Nacional Bonds 6.00% due 08/15/2018(1)	BRL	4,548,935		1,167,905
Brazil Notas do Tesouro Nacional Notes 6.00% due 05/15/2045(1)	BRL	13,016,532		2,911,580
Brazil Notas do Tesouro Nacional 10.00% due 01/01/2017	BRL	8,345,000		2,132,690
Brazil Notas do Tesouro Nacional Notes 10.00% due 01/01/2021	BRL	600,000		132,192
				7,608,100
Hungary — 0.6%
Republic of Hungary Senior Bonds 5.75% due 06/11/2018(5)	EUR	845,000		1,001,008
Republic of Hungary Senior Bonds 6.25% due 01/29/2020		870,000		977,889

Security Description	Principal Amount(4)		Value (Note 2)
Hungary (continued)
Republic of Hungary Senior Bonds 6.38% due 03/29/2021		$370,000	$	423,650
Republic of Hungary Bonds 6.75% due 11/24/2017	HUF	94,730,000		353,990
				2,756,537
Indonesia — 1.6%
Republic of Indonesia Senior Notes 7.00% due 05/15/2022	IDR	63,000,000		4,186
Republic of Indonesia Senior Notes 8.25% due 07/15/2021	IDR	4,180,000,000		299,461
Republic of Indonesia Senior Notes 8.38% due 03/15/2024	IDR	11,863,000,000		845,201
Republic of Indonesia Senior Notes 8.38% due 09/15/2026	IDR	1,582,000,000		112,404
Republic of Indonesia Senior Bonds 8.38% due 03/15/2034	IDR	8,380,000,000		579,974
Republic of Indonesia Senior Bonds 9.00% due 09/15/2018	IDR	2,780,000,000		203,068
Republic of Indonesia Senior Notes 9.00% due 03/15/2029	IDR	1,124,000,000		82,875
Republic of Indonesia Senior Bonds 11.00% due 11/15/2020	IDR	13,282,000,000		1,050,243
Republic of Indonesia Senior Bonds 11.50% due 09/15/2019	IDR	44,962,000,000		3,548,472
Republic of Indonesia Senior Bonds 12.80% due 06/15/2021	IDR	6,847,000,000		584,086
Republic of Indonesia Senior Bonds 12.90% due 06/15/2022	IDR	189,000,000		16,485
				7,326,455
Ireland — 0.4%
Republic of Ireland Bonds 5.40% due 03/13/2025	EUR	1,326,110		1,944,600
Malaysia — 1.8%
Government of Malaysia Senior Notes 3.17% due 07/15/2016	MYR	21,256,000		4,999,636
Government of Malaysia Senior Notes 3.39% due 03/15/2017	MYR	6,710,000		1,584,457
Government of Malaysia Senior Bonds 3.81% due 02/15/2017	MYR	4,215,000		999,660
Government of Malaysia Senior Notes 4.26% due 09/15/2016	MYR	2,560,000		608,598
				8,192,351
Mexico — 3.4%
United Mexican States Bonds 2.50% due 12/10/2020(1)	MXN	2,240,701		135,412

92

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount(4)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Mexico (continued)
United Mexican States Bonds 3.50% due 12/14/2017(1)	MXN	4,299,143	$	273,449
United Mexican States Bonds 4.00% due 06/13/2019(1)	MXN	2,873,243		184,915
United Mexican States Bonds 5.00% due 06/16/2016(1)	MXN	4,492,123		278,115
United Mexican States Bonds 5.00% due 06/15/2017	MXN	75,460,000		4,623,105
United Mexican States Senior Bonds 6.25% due 06/16/2016	MXN	9,217,000		563,654
United Mexican States Senior Bonds 7.25% due 12/15/2016	MXN	136,906,000		8,557,033
United Mexican States Bonds 7.75% due 12/14/2017	MXN	19,000,000		1,226,685
				15,842,368
Philippines — 0.5%
Republic of the Philippines Senior Notes 1.63% due 04/25/2016	PHP	42,660,000		902,270
Republic of the Philippines Senior Notes 7.00% due 01/27/2016	PHP	66,540,000		1,421,477
				2,323,747
Poland — 2.3%
Government of Poland Bonds 0.01% due 01/25/2016	PLN	14,052,000		3,469,960
Government of Poland FRS Bonds 1.79% due 01/25/2017	PLN	1,357,000		335,770
Government of Poland FRS Bonds 1.79% due 01/25/2021	PLN	1,376,000		334,070
Government of Poland Bonds 4.75% due 10/25/2016	PLN	17,245,000		4,387,076
Government of Poland Bonds 4.75% due 04/25/2017	PLN	30,000		7,743
Government of Poland Bonds 5.00% due 04/25/2016	PLN	9,015,000		2,260,973
				10,795,592
Portugal — 0.5%
Republic of Portugal Obrigacoes Do Tesouro Notes 3.88% due 02/15/2030(5)*	EUR	2,140,000		2,506,156
Republic of Portugal Obrigacoes Do Tesouro Senior Notes 4.95% due 10/25/2023(5)*	EUR	15,000		19,237
Republic of Portugal Obrigacoes Do Tesouro Senior Notes 5.65% due 02/15/2024(5)*	EUR	37,400		49,834
				2,575,227
Serbia — 0.1%
Republic of Serbia Senior Notes 5.25% due 11/21/2017*		270,000		280,557
Republic of Serbia Senior Notes 7.25% due 09/28/2021*		280,000		319,900
				600,457
Singapore — 0.9%
Republic of Singapore Senior Notes 1.13% due 04/01/2016	SGD	5,640,000		3,999,240

Security Description	Principal Amount(4)		Value (Note 2)
Slovenia — 0.1%
Republic of Slovenia Senior Notes 5.50% due 10/26/2022*	$	490,000	$	549,788
South Korea — 4.4%
Bank of Korea Senior Notes 1.56% due 10/02/2017	KRW	3,146,300,000		2,706,538
Bank of Korea Senior Notes 1.70% due 08/02/2017	KRW	617,100,000		532,243
Bank of Korea Senior Notes 2.46% due 08/02/2016	KRW	1,376,500,000		1,194,781
Bank of Korea Senior Notes 2.78% due 02/02/2016	KRW	297,530,000		257,427
Bank of Korea Senior Notes 2.79% due 06/02/2016	KRW	7,413,000,000		6,437,228
Bank of Korea Senior Notes 2.80% due 04/02/2016	KRW	2,468,200,000		2,139,569
Republic of South Korea Senior Notes 2.00% due 12/10/2017	KRW	2,294,600,000		1,990,313
Republic of South Korea Senior Notes 2.75% due 06/10/2016	KRW	4,727,600,000		4,104,951
Republic of South Korea Senior Notes 3.00% due 12/10/2016	KRW	1,545,600,000		1,351,805
				20,714,855
Ukraine — 1.3%
Government of Ukraine Senior Bonds 7.50% due 04/17/2023*		600,000		473,485
Government of Ukraine Senior Bonds 7.75% due 09/23/2020*		530,000		421,350
Government of Ukraine Senior Notes 7.80% due 11/28/2022*		1,280,000		1,005,211
Government of Ukraine Senior Notes 7.95% due 02/23/2021#*		770,000		605,971
Government of Ukraine Senior Notes 9.25% due 07/24/2017*		4,420,000		3,491,800
				5,997,817
Total Foreign Government Obligations
(cost $108,711,562)				91,227,134
U.S. GOVERNMENT TREASURIES — 0.1%
United States — 0.1%
United States Treasury Notes 4.50% due 05/15/2017 (cost $256,597)		243,000		255,995
RIGHTS — 0.0%
Switzerland — 0.0%
Credit Suisse Group AG† Expires 12/03/2015 (Strike price CHF 18.00)		126,100		77,215

93

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares/ Principal Amount(4)		Value (Note 2)
RIGHTS (continued)
United Kingdom — 0.0%
Standard Chartered PLC† Expires 12/10/2015 (Strike price GBP 4.65)		33,246	$	45,565
Total Rights
(cost $0)				122,780
Total Long-Term Investment Securities
(cost $379,009,827)				388,361,097
SHORT-TERM INVESTMENT SECURITIES — 20.4%
Foreign Government Obligations — 4.1%
Bank Negara Malaysia Monetary Notes
2.52% due 09/22/2016	MYR	780,000		178,896
2.70% due 05/12/2016	MYR	10,000		2,317
2.75% due 05/12/2016	MYR	630,000		145,956
2.97% due 04/29/2016	MYR	40,000		9,276
3.00% due 03/01/2016	MYR	170,000		39,596
3.04% due 04/19/2016	MYR	282,000		65,446
3.05% due 03/01/2016	MYR	90,000		20,963
3.05% due 05/03/2016	MYR	440,000		102,007
3.05% due 07/05/2016	MYR	670,000		154,602
3.05% due 07/19/2016	MYR	1,060,000		244,325
3.05% due 09/15/2016	MYR	450,000		103,267
3.05% due 10/06/2016	MYR	350,000		80,185
3.05% due 10/11/2016	MYR	1,420,000		325,191
3.05% due 10/18/2016	MYR	1,060,000		242,613
3.08% due 03/01/2016	MYR	970,000		225,930
3.08% due 06/07/2016	MYR	1,490,000		344,549
3.10% due 09/15/2016	MYR	200,000		45,896
3.11% due 09/15/2016	MYR	330,000		75,729
				2,406,744
Bank of Korea
1.48% due 01/05/2016	KRW	60,200,000		51,901
1.56% due 08/09/2016	KRW	1,285,000,000		1,108,563
1.61% due 11/09/2016	KRW	995,700,000		859,283
				2,019,747
Government of Malaysia
2.65% due 03/18/2016	MYR	120,000		27,915
2.70% due 05/06/2016	MYR	10,000		2,318
2.80% due 05/27/2016	MYR	40,000		9,257
2.80% due 12/11/2015	MYR	50,000		11,718
2.82% due 12/11/2015	MYR	180,000		42,184
2.88% due 01/22/2016	MYR	110,000		25,697
2.95% due 03/18/2016	MYR	10,000		2,326
2.99% due 03/18/2016	MYR	40,000		9,305
3.05% due 12/04/2015	MYR	700,000		164,139
3.05% due 01/22/2016	MYR	200,000		46,722
3.05% due 08/05/2016	MYR	410,000		94,385
3.25% due 01/22/2016	MYR	30,000		7,008
				442,974
Republic of Indonesia
6.19% due 02/04/2016	IDR	1,150,000,000		82,157
6.28% due 02/04/2016	IDR	460,000,000		32,863
6.44% due 01/07/2016	IDR	2,610,000,000		187,563
				302,583
Republic of the Philippines
1.04% due 02/03/2016	PHP	1,440,000		30,444
1.04% due 03/09/2016	PHP	9,510,000		200,807
1.12% due 02/03/2016	PHP	7,890,000		166,808
1.24% due 02/03/2016	PHP	2,020,000		42,706
1.26% due 08/03/2016	PHP	7,890,000		165,007
1.42% due 02/03/2016	PHP	6,430,000		135,941

Security Description	Principal Amount(4)		Value (Note 2)
Foreign Government Obligations (continued)
1.42% due 03/02/2016	PHP	4,870,000	$	102,895
1.44% due 12/02/2015	PHP	8,560,000		181,587
				1,026,195
United Mexican States
3.15% due 12/24/2015	MXN	4,052,400		243,962
3.15% due 02/18/2016	MXN	2,264,900		135,649
3.15% due 03/03/2016	MXN	4,529,800		270,956
3.16% due 12/10/2015	MXN	3,241,900		195,393
3.16% due 02/18/2016	MXN	27,200		1,629
3.17% due 03/17/2016	MXN	647,100		38,653
3.20% due 12/10/2015	MXN	11,130,700		670,860
3.20% due 04/14/2016	MXN	103,700		6,176
3.21% due 01/07/2016	MXN	9,447,000		568,105
3.21% due 02/04/2016	MXN	1,870,300		112,214
3.22% due 04/28/2016	MXN	77,800		4,627
3.23% due 12/10/2015	MXN	313,000		18,865
3.23% due 02/18/2016	MXN	5,403,200		323,607
3.23% due 03/31/2016	MXN	18,551,200		1,106,531
3.24% due 04/28/2016	MXN	1,941,300		115,448
3.25% due 01/07/2016	MXN	268,900		16,171
3.26% due 12/10/2015	MXN	484,600		29,207
3.26% due 02/04/2016	MXN	2,807,200		168,426
3.27% due 02/04/2016	MXN	8,891,900		533,495
3.27% due 03/17/2016	MXN	3,241,900		193,649
3.27% due 04/14/2016	MXN	1,095,400		65,242
3.28% due 01/21/2016	MXN	7,023,500		421,891
3.32% due 12/24/2015	MXN	4,816,100		289,937
3.34% due 02/04/2016	MXN	231,300		13,878
3.34% due 03/03/2016	MXN	3,442,400		205,912
3.36% due 03/31/2016	MXN	6,325,700		377,312
3.37% due 04/14/2016	MXN	2,013,100		119,899
3.39% due 12/03/2015	MXN	2,890,600		174,319
3.39% due 01/07/2016	MXN	122,100		7,343
3.40% due 02/18/2016	MXN	5,418,100		324,499
3.41% due 04/28/2016	MXN	5,565,400		330,972
3.41% due 05/12/2016	MXN	1,855,200		110,194
3.41% due 05/26/2016	MXN	647,100		38,378
3.43% due 03/03/2016	MXN	105,600		6,317
3.43% due 10/13/2016	MXN	129,700		7,585
3.44% due 04/28/2016	MXN	2,436,800		144,915
3.45% due 01/07/2016	MXN	297,700		17,902
3.47% due 03/03/2016	MXN	4,033,900		241,293
3.47% due 03/31/2016	MXN	3,136,500		187,084
3.47% due 05/26/2016	MXN	7,420,500		440,098
3.48% due 02/04/2016	MXN	3,496,000		209,753
3.48% due 05/26/2016	MXN	7,420,500		440,098
3.48% due 08/18/2016	MXN	970,700		57,095
3.49% due 03/03/2016	MXN	866,700		51,843
3.49% due 06/23/2016	MXN	16,582,500		980,812
3.49% due 08/18/2016	MXN	647,100		38,061
3.50% due 02/18/2016	MXN	8,231,300		492,987
3.50% due 03/03/2016	MXN	2,417,000		144,576
3.50% due 05/26/2016	MXN	313,000		18,564
3.51% due 10/13/2016	MXN	198,000		11,580
3.53% due 02/18/2016	MXN	5,445,800		326,158
3.55% due 06/23/2016	MXN	5,926,100		350,513
3.57% due 03/03/2016	MXN	558,300		33,395
3.57% due 06/23/2016	MXN	4,052,400		239,689
3.60% due 03/03/2016	MXN	417,000		24,943
3.61% due 03/03/2016	MXN	894,900		53,530
3.63% due 05/26/2016	MXN	3,612,000		214,222
3.64% due 03/31/2016	MXN	186,100		11,100
3.66% due 03/03/2016	MXN	1,332,300		79,693

94

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount(4)			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
Foreign Government Obligations (continued)
United Mexican States (continued)
3.67% due 03/03/2016	MXN	1,283,000		$	76,744
3.63% due 06/23/2016	MXN	3,335,200			197,268
3.63% due 08/18/2016	MXN	9,995,900			587,939
3.67% due 03/31/2016	MXN	2,426,100			144,711
					13,063,867
Total Foreign Government Obligations
(cost $19,819,771)					19,262,110
Registered Investment Companies — 5.6%
State Street Navigator Securities Lending Prime Portfolio 0.24%(2)(3) (cost $25,815,499)		25,815,499			25,815,499
Time Deposits — 4.9%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015 (cost $22,995,000)		22,995,000			22,995,000
U.S. Government Agencies — 5.8%
Federal Agricultural Mtg. Corp. Disc. Notes 0.00% due 12/01/2015		1			3
Federal Home Loan Bank Disc. Notes 0.00% due 12/01/2015		23,315,000			23,315,000
Federal Home Loan Mtg. Corp. Disc. Notes 1.08% due 12/01/2015		3,900,000			3,900,000
(cost $27,215,003)					27,215,003
Total Short-Term Investment Securities
(cost $95,845,273)					95,287,612
TOTAL INVESTMENTS
(cost $474,855,100)(6)		103.8	%		483,648,709
Liabilities in excess of other assets		(3.8	)		(17,758,912	)
NET ASSETS		100.0	%	$	465,889,797

# 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, 2015, the aggregate value of these securities was $9,723,289 representing 2.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

(2) At November 30, 2015, the Fund had loaned securities with a total value of $24,832,396. This was secured by collateral of $25,815,499, which was received in cash and subsequently invested in short-term investments currently value at $25,815,499 as reported in the portfolio of investments.

(3) The rate shown is the 7-day yield as of November 30, 2015.

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

(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, 2015, the Fund held the following restricted securities:

Description	Acquisition Date		Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
Foreign Government Obligations
Republic of Hungary Senior Bonds 5.75% due 06/11/2018		02/17/2009	EUR	60,000	$	6,142	$	71,077	$	1.18		0.02	%
		02/18/2009		225,000		110,555		266,541		1.18		0.06
		02/23/2009		90,000		92,130		106,616		1.18		0.02
		02/24/2009		110,000		73,704		130,309		1.18		0.03
		02/25/2009		55,000		67,562		65,154		1.18		0.01
		03/02/2009		90,000		135,123		106,616		1.18		0.02
		03/03/2009		5,000		276,388		5,923		1.18		0.00
		03/05/2009		75,000		12,284		88,847		1.18		0.02
		03/12/2009		30,000		36,852		35,539		1.18		0.01
		03/18/2009		10,000		110,555		11,846		1.18		0.00
		03/24/2009		5,000		6,142		5,923		1.18		0.00
		03/31/2009		5,000		6,142		5,923		1.18		0.00
		04/02/2009		25,000		30,710		29,616		1.18		0.01
		06/04/2009		60,000		73,704		71,078		1.18		0.02
								1,001,008				0.22	%
Republic of Portugal Obrigacoes Do Tesouro 3.88% due 02/15/2030		09/03/2014		2,140,000		2,799,425		2,506,156		1.17		0.54
Republic of Portugal Obrigacoes Do Tesouro 4.95% due 10/25/2023		07/11/2014		15,000		21,958		19,237		1.28		0.00
Republic of Portugal Obrigacoes Do Tesouro 5.65% due 02/15/2024		07/11/2014		37,400		56,981		49,834		1.33		0.01
							$	3,576,235				0.77	%

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

ADR — American Depositary Receipt

CVA — Certification Van Aandelen (Dutch Cert.)

NVDR — Non-Voting Depositary Receipt

BRL — Brazilian Real

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

HUF — Hungarian Forint

IDR — Indonesian Rupiah

KRW — South Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

PHP — Philippine Peso

PJSC — Public Joint Stock Company

PLN — Polish Zloty

SGD — Singapore Dollar

FRS — Floating Rate Security

The rates shown on FRS are the current interest rates at November 30, 2015, and unless noted otherwise, the dates shown are the original maturity dates.

95

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

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	245,150		02/26/2016	$	17,722	$	–
		EUR	3,325,400		USD	3,672,641		03/29/2016		146,571		–
		EUR	934,000		USD	1,035,587		03/30/2016		45,193		–
										209,486		–
Barclays Investments, Inc.		CLP	200,300,000		USD	280,532		12/02/2015		–		(1,323	)
		EUR	2,317,000		USD	2,730,218		01/19/2016		278,498		–
		EUR	181,000		USD	211,245		01/21/2016		19,711		–
		EUR	664,629		USD	754,600		01/27/2016		51,173		–
		EUR	453,000		USD	497,593		02/08/2016		17,987		–
		EUR	1,629,000		USD	1,851,407		02/11/2016		126,580		–
		EUR	1,014,686		USD	1,157,889		02/26/2016		83,046		–
		EUR	709,208		USD	790,086		03/09/2016		38,557		–
		EUR	130,161		USD	139,290		03/16/2016		1,332		–
		EUR	54,521		USD	61,958		03/21/2016		4,161		–
		EUR	72,605		USD	78,008		03/23/2016		1,036		–
		EUR	131,194		USD	146,660		03/24/2016		7,572		–
		EUR	188,102		USD	205,402		04/01/2016		5,930		–
		EUR	453,864		USD	510,403		05/05/2016		28,587		–
		EUR	1,007,000		USD	1,085,838		05/12/2016		16,582		–
		EUR	214,240		USD	249,541		05/26/2016		21,956		–
		EUR	391,113		USD	435,416		10/27/2016		17,381		–
		JPY	24,850,000		USD	210,162		12/22/2015		8,158		–
		JPY	39,140,000		USD	333,126		01/15/2016		14,691		–
		JPY	116,230,000		USD	996,177		02/09/2016		50,085		–
		JPY	22,560,000		USD	191,151		02/25/2016		7,457		–
		JPY	45,070,000		USD	379,713		02/26/2016		12,725		–
		JPY	40,123,600		USD	336,421		03/09/2016		9,606		–
		JPY	557,000,000		USD	4,600,454		05/06/2016		55,542		–
		JPY	39,800,000		USD	335,003		10/13/2016		8,290		–
		USD	286,388		CLP	200,300,000		12/02/2015		–		(4,534	)
		USD	111,415		CLP	77,400,000		12/04/2015		–		(2,522	)
		USD	48,921		CLP	35,010,000		02/18/2016		–		(60	)
		USD	278,059		CLP	200,300,000		02/25/2016		1,263		–
										887,906		(8,439	)
Citibank N.A.		AUD	638,000		USD	449,458		05/19/2016		–		(8,219	)
		EUR	1,203,000		USD	1,429,405		01/13/2016		156,666		–
		EUR	375,660		USD	445,326		01/15/2016		47,867		–
		EUR	795,744		USD	873,170		03/10/2016		29,914		–
		EUR	89,576		USD	95,981		03/16/2016		1,038		–
		EUR	157,344		USD	177,689		03/29/2016		10,850		–
		EUR	419,900		USD	465,997		04/08/2016		20,618		–
		EUR	735,500		USD	839,202		04/15/2016		58,899		–
		EUR	134,537		USD	148,560		07/28/2016		5,303		–
		EUR	685,000		USD	757,713		08/05/2016		28,090		–
		EUR	124,811		USD	137,086		08/10/2016		4,119		–
		JPY	38,770,000		USD	328,337		12/22/2015		13,178		–
		JPY	90,060,000		USD	757,513		02/16/2016		24,337		–
		JPY	32,100,000		USD	260,561		06/08/2016		–		(1,638	)
		JPY	79,600,000		USD	641,547		06/10/2016		–		(8,689	)
		JPY	72,889,000		USD	592,603		07/25/2016		–		(3,808	)
		JPY	80,345,200		USD	653,399		08/08/2016		–		(4,363	)
		USD	137,522		INR	9,291,000		12/11/2015		1,653		–
		USD	1,295,360		EUR	1,203,000		01/13/2016		–		(22,621	)
		USD	470,146		CLP	327,410,000		02/08/2016		–		(12,697	)
										402,532		(62,035	)
Deutsche Bank AG		CLP	150,532,000		USD	211,704		12/02/2015		–		(119	)
		EUR	2,501,000		USD	2,955,932		01/19/2016		309,514		–
		EUR	401,422		MYR	1,683,000		01/22/2016		–		(31,333	)
		EUR	133,000		USD	144,810		01/22/2016		4,066		–
		EUR	316,000		USD	348,485		01/27/2016		14,038		–
		EUR	1,083,000		USD	1,235,649		01/29/2016		89,365		–
		EUR	1,190,000		USD	1,352,197		02/03/2016		92,486		–
		EUR	234,000		USD	257,891		03/29/2016		9,771		–
		EUR	36,531		USD	40,096		03/31/2016		1,359		–
		EUR	133,071		USD	144,093		04/13/2016		2,925		–
		EUR	6,500,000		USD	7,131,345		04/29/2016		232,338		–
		EUR	137,755		USD	147,340		05/19/2016		1,036		–
		EUR	344,183		MYR	1,491,000		07/20/2016		–		(20,871	)
		EUR	120,000		USD	132,329		07/25/2016		4,566		–

96

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
		EUR	501,100		MYR	2,164,000		07/27/2016	$	–	$	(32,257	)
		EUR	80,784		USD	91,367		08/31/2016		5,234		–
		EUR	630,927		USD	715,471		10/11/2016		41,582		–
		EUR	2,960,031		MYR	14,333,653		10/17/2016		147,381		–
		EUR	746,000		USD	809,597		11/18/2016		11,482		–
		EUR	122,735		USD	132,561		11/28/2016		1,195		–
		JPY	43,140,000		USD	369,286		12/21/2015		18,620		–
		JPY	58,120,000		USD	470,379		01/22/2016		–		(2,539	)
		JPY	762,755,000		USD	6,232,168		05/16/2016		6,467		–
		JPY	23,100,000		USD	187,582		06/13/2016		–		(1,138	)
		JPY	43,210,000		USD	353,601		06/22/2016		470		–
		JPY	39,300,000		USD	330,892		10/13/2016		8,285		–
		JPY	686,286,000		USD	5,651,375		11/18/2016		8,997		–
		USD	217,595		CLP	150,532,000		12/02/2015		–		(5,772	)
		USD	261,522		CLP	181,130,000		12/11/2015		–		(6,864	)
		USD	92,237		CLP	64,045,000		12/17/2015		–		(2,246	)
		USD	307,347		CLP	215,235,000		01/06/2016		–		(5,509	)
		USD	82,000		INR	5,431,000		01/11/2016		–		(1,073	)
		USD	996,194		INR	65,614,000		01/20/2016		–		(19,990	)
		USD	92,268		CLP	63,250,000		01/21/2016		–		(3,719	)
		USD	161,125		INR	10,622,000		01/25/2016		–		(3,226	)
		USD	38,272		CLP	26,660,000		01/26/2016		–		(969	)
		USD	242,153		INR	15,966,000		01/27/2016		–		(4,894	)
		USD	201,290		INR	13,258,000		01/28/2016		–		(4,306	)
		USD	575,179		INR	37,942,150		01/29/2016		–		(11,542	)
		USD	590,366		INR	39,235,750		02/08/2016		–		(8,504	)
		USD	79,832		INR	5,308,000		02/10/2016		–		(1,141	)
		USD	255,473		CLP	181,130,000		02/16/2016		–		(2,629	)
		USD	469,739		INR	31,543,000		02/16/2016		–		(2,595	)
		USD	216,649		CLP	156,410,000		02/29/2016		1,370		–
		USD	209,830		CLP	150,532,000		03/02/2016		–		(51	)
										1,012,547		(173,287	)
Goldman Sachs International		EUR	316,000		USD	347,440		01/27/2016		12,994		–
		EUR	849,000		USD	975,442		02/17/2016		76,342		–
		JPY	11,563,000		USD	97,648		01/08/2016		3,587		–
		JPY	45,170,000		USD	383,027		02/17/2016		15,292		–
										108,215		–
HSBC Bank PLC		EUR	372,921		USD	459,395		12/09/2015		65,347		–
		EUR	235,000		USD	266,899		02/10/2016		18,082		–
		EUR	1,658,596		KRW	2,228,406,400		03/31/2016		159,731		–
		EUR	1,191,787		MYR	5,686,371		04/15/2016		59,192		–
		EUR	1,058,658		USD	1,200,137		06/06/2016		75,109		–
		EUR	686,000		USD	757,275		08/05/2016		26,588		–
		JPY	48,100,000		USD	384,170		12/09/2015		–		(6,588	)
		JPY	43,210,000		USD	369,474		12/21/2015		18,239		–
		JPY	67,990,000		USD	577,170		02/12/2016		23,709		–
		JPY	69,900,000		USD	563,869		06/10/2016		–		(7,130	)
		JPY	78,700,000		USD	662,263		10/11/2016		16,284		–
		USD	591,834		INR	39,026,000		01/29/2016		–		(12,096	)
		USD	317,816		INR	21,106,500		02/05/2016		–		(4,649	)
		USD	799,967		INR	53,896,000		02/16/2016		–		(1,780	)
		USD	933,638		MXN	14,850,450		03/11/2016		–		(43,688	)
										462,281		(75,931	)
JPMorgan Chase & Co.		AUD	2,775,000		USD	1,964,700		05/18/2016		–		(26,069	)
		AUD	2,032,000		USD	1,430,528		05/19/2016		–		(27,152	)
		AUD	5,929,000		USD	4,495,961		06/22/2016		248,865		–
		CLP	79,240,000		USD	110,516		12/01/2015		–		(988	)
		EUR	2,598,945		MYR	11,097,756		01/14/2016		–		(154,133	)
		EUR	2,711,072		USD	3,207,394		01/15/2016		339,003		–
		EUR	2,541,126		MYR	11,153,000		01/19/2016		–		(81,060	)
		EUR	2,153,000		USD	2,544,092		01/19/2016		265,908		–
		EUR	375,660		USD	438,132		01/22/2016		40,597		–
		EUR	2,174,000		USD	2,544,947		01/25/2016		244,164		–
		EUR	491,952		MYR	2,164,000		07/29/2016		–		(22,602	)
		EUR	686,000		USD	765,089		07/29/2016		34,598		–
		JPY	25,450,000		USD	215,795		01/15/2016		8,739		–
		JPY	52,770,000		USD	454,176		01/20/2016		24,808		–
		JPY	116,200,000		USD	996,100		02/08/2016		50,270		–
		JPY	116,480,000		USD	997,987		02/09/2016		49,859		–

97

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
		JPY	67,952,000		USD	576,859		02/12/2016	$	23,708	$	–
		JPY	45,100,000		USD	380,599		02/16/2016		13,441		–
		JPY	45,120,000		USD	381,925		02/17/2016		14,596		–
		JPY	99,670,000		USD	838,818		04/20/2016		25,946		–
		JPY	64,760,000		USD	525,366		06/13/2016		–		(3,704	)
		JPY	27,300,000		USD	222,480		06/16/2016		–		(577	)
		JPY	112,000,000		USD	910,421		07/25/2016		–		(6,013	)
		JPY	577,091,720		USD	4,880,000		09/26/2016		146,227		–
		JPY	52,770,000		USD	449,340		10/19/2016		16,047		–
		JPY	56,320,000		USD	462,090		11/14/2016		–		(871	)
		MYR	389,000		USD	106,206		01/11/2016		15,213		–
		USD	114,088		CLP	79,240,000		12/01/2015		–		(2,585	)
		USD	120,579		INR	8,121,000		12/03/2015		1,236		–
		USD	172,768		CLP	118,700,000		12/21/2015		–		(6,044	)
		USD	105,235		MYR	389,000		01/11/2016		–		(14,242	)
		USD	297,973		INR	19,581,000		01/19/2016		–		(6,598	)
		USD	70,035		CLP	48,385,000		01/28/2016		–		(2,349	)
		USD	247,283		INR	16,267,000		01/29/2016		–		(5,634	)
		USD	121,914		INR	8,121,000		02/09/2016		–		(1,501	)
		USD	2,031,177		INR	136,048,250		02/22/2016		–		(18,385	)
		USD	76,190		INR	5,104,000		02/23/2016		–		(691	)
		USD	220,947		CLP	159,825,000		02/25/2016		1,932		–
										1,565,157		(381,198	)
Morgan Stanley and Co, Inc.		CLP	250,640,000		USD	349,568		12/02/2015		–		(3,124	)
		EUR	138,000		USD	148,629		05/16/2016		2,079		–
		EUR	118,000		USD	127,323		11/25/2016		1,042		–
		USD	357,012		CLP	250,640,000		12/02/2015		–		(4,321	)
		USD	105,602		CLP	74,690,000		01/19/2016		–		(1,012	)
		USD	94,143		CLP	65,045,000		01/22/2016		–		(3,090	)
		USD	347,628		CLP	250,640,000		01/25/2016		3,110		–
		USD	151,470		CLP	105,590,000		02/08/2016		–		(3,943	)
		USD	105,285		CLP	74,690,000		02/16/2016		–		(1,023	)
		USD	90,152		CLP	65,045,000		02/22/2016		584		–
										6,815		(16,513	)
Standard Chartered Bank		EUR	195,111		USD	241,025		12/09/2015		34,861		–
		EUR	3,447,257		USD	4,094,480		01/13/2016		447,384		–
		EUR	1,210,000		USD	1,376,405		02/16/2016		95,040		–
		EUR	686,000		USD	755,492		04/29/2016		27,381		–
		EUR	1,333,312		USD	1,553,122		08/26/2016		131,808		–
		JPY	116,210,000		USD	996,015		02/08/2016		50,103		–
										786,577		–
UBS AG		EUR	974,000		USD	1,042,794		05/19/2016		8,349		–
Net Unrealized Appreciation(Depreciation)									$	5,449,865	$	(717,403	)

Currency Legend

AUD—Australian Dollar

CLP—Chielean Peso

EUR—Euro Dollar

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malasian Ringgit

USD—United States Dollar

98

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	296,755,188	$	—	$	—	$	296,755,188
Foreign Government Obligations		—		91,227,134		—		91,227,134
U.S. Government Treasuries		—		255,995		—		255,995
Rights		122,780		—		—		122,780
Short-Term Investment Securities:
Registered Investment Companies		25,815,499		—		—		25,815,499
Other Short-Term Investment Securities		—		69,472,113		—		69,472,113
Total Investments at Value*	$	322,693,467	$	160,955,242	$	—	$	483,648,709
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	5,449,865	$	—	$	5,449,865
LIABILITIES:
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	717,403	$	—	$	717,403

* 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. Securities currently valued at $160,834,924 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

99

VALIC Company I Government Securities Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	28.9	%
United States Treasury Notes	19.6
Federal Home Loan Mtg. Corp.	17.5
United States Treasury Bonds	9.7
Repurchase Agreements	7.3
Government National Mtg. Assoc.	4.9
Federal Farm Credit Bank	3.2
Diversified Financial Services	2.4
Sovereign Agency	1.3
Insurance — Reinsurance	0.9
Multimedia	0.4
Pipelines	0.4
Diversified Banking Institutions	0.4
Oil Companies — Exploration & Production	0.3
Cable/Satellite TV	0.3
Computers	0.3
Retail — Drug Store	0.2
Medical Instruments	0.2
Banks — Commercial	0.2
Oil Companies — Integrated	0.2
Electric — Integrated	0.2
Chemicals — Diversified	0.2
Insurance — Life/Health	0.1
Networking Products	0.1
Auto/Truck Parts & Equipment — Original	0.1
Cosmetics & Toiletries	0.1
Telephone — Integrated	0.1
Metal — Copper	0.1
Medical — Biomedical/Gene	0.1
Medical — Generic Drugs	0.1
Insurance — Property/Casualty	0.1
Transport — Rail	0.1
Finance — Credit Card	0.1
	100.1	%

Credit Quality Allocation†#

Aaa	88.8	%
Aa	5.7
A	1.5
Baa	2.3
Not Rated@	1.7
	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.

100

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 2.4%
Diversified Financial Services — 2.4%
A10 Securitization LLC Series 2015-1,Class A1 2.10% due 04/15/2034*(1)	$	510,000	$	506,971
Barclays Commercial Mtg. Securities Trust Series 2015-VFM, Class A1 2.47% due 03/10/2036*(1)		484,638		474,934
Commercial Mtg. Pass Through Certs. VRS Series 2012-CR2, Class XA 1.99% due 08/15/2045(1)(2)		932,508		81,715
DBUBS Mtg. Trust Series 2011-LC2A, Class A1 3.53% due 07/10/2044*(1)		240,163		249,529
Eleven Madison Trust 2015-11MD Mtg. Trust VRS Series 2015-11MD, Class A 3.67% due 09/10/2035*(1)		398,000		407,065
Progress Residential Trust Series 2015-SFR2, Class A 2.74% due 06/12/2032*		455,000		447,096
Progress Residential Trust Series 2015-SFR3, Class A 3.07% due 11/12/2032*		701,000		696,304
UBS-BAMLL Trust Series 2012-WRM, Class A 3.66% due 06/10/2030*(1)		217,000		226,534
Wells Fargo Resecuritization Trust Series 2012-IO, Class A 1.75% due 08/20/2021*(1)		48,140		48,140
WF-RBS Commercial Mtg. Trust Series 2011-C3, Class A4 4.38% due 03/15/2044*(1)		310,000		336,051
Total Asset Backed Securities
(cost $3,473,669)				3,474,339
U.S. CORPORATE BONDS & NOTES — 4.7%
Auto/Truck Parts & Equipment - Original — 0.1%
Johnson Controls, Inc. Senior Notes 5.00% due 03/30/2020		200,000		216,202
Cable/Satellite TV — 0.3%
Comcast Corp. Company Guar. Notes 5.70% due 05/15/2018		200,000		219,847
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. Company Guar. Notes 3.95% due 01/15/2025		171,000		170,941
				390,788
Chemicals - Diversified — 0.2%
Dow Chemical Co. Senior Notes 8.55% due 05/15/2019		200,000		239,064
Computers — 0.3%
Apple, Inc. Senior Notes 2.40% due 05/03/2023		227,000		221,748
Apple, Inc. Senior Notes 2.85% due 05/06/2021		151,000		154,948
				376,696
Cosmetics & Toiletries — 0.1%
Procter & Gamble Co. Senior Notes 1.90% due 11/01/2019		176,000		177,150

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions — 0.4%
Citigroup, Inc. Senior Notes 4.50% due 01/14/2022	$	162,000	$	174,955
Goldman Sachs Group, Inc. Senior Notes 5.95% due 01/18/2018		200,000		217,127
Morgan Stanley Senior Notes 3.80% due 04/29/2016		200,000		202,465
				594,547
Electric - Integrated — 0.2%
San Diego Gas & Electric Co. 1st. Mtg. Bonds 6.00% due 06/01/2026		200,000		247,755
Finance - Credit Card — 0.1%
American Express Co. Sub. Notes 3.63% due 12/05/2024		104,000		103,143
Insurance - Life/Health — 0.1%
Jackson National Life Global Funding Senior Sec. Notes 1.88% due 10/15/2018*		225,000		224,686
Insurance - Property/Casualty — 0.1%
ACE INA Holdings, Inc. Company Guar. Notes 3.35% due 05/03/2026		125,000		124,668
Insurance - Reinsurance — 0.9%
Berkshire Hathaway Finance Corp. Company Guar. Notes 0.95% due 08/15/2016		1,250,000		1,252,593
Medical Instruments — 0.2%
Medtronic, Inc. Company Guar. Notes 3.15% due 03/15/2022		250,000		253,802
Medical - Biomedical/Gene — 0.1%
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		144,000		144,576
Metal - Copper — 0.1%
Freeport-McMoRan Copper & Gold, Inc. Company Guar. Notes 2.38% due 03/15/2018		185,000		157,330
Multimedia — 0.3%
Time Warner, Inc. Company Guar. Notes 3.60% due 07/15/2025		500,000		495,263
Networking Products — 0.1%
Cisco Systems, Inc. Senior Notes 4.95% due 02/15/2019		200,000		219,888
Oil Companies - Exploration & Production — 0.3%
CNOOC Finance 2015 USA LLC Company Guar. Notes 3.50% due 05/05/2025		402,000		387,800
Noble Energy, Inc. Senior Notes 3.90% due 11/15/2024		116,000		109,902
				497,702

101

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines — 0.4%
Buckeye Partners LP Senior Notes 4.88% due 02/01/2021	$	190,000	$	190,239
Enterprise Products Operating LLC Company Guar. Notes 3.70% due 02/15/2026		127,000		119,531
Magellan Midstream Partners LP Senior Notes 3.20% due 03/15/2025		137,000		124,392
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 2.60% due 12/15/2019		171,000		163,362
				597,524
Retail - Drug Store — 0.2%
Walgreens Boots Alliance, Inc. Senior Notes 3.80% due 11/18/2024		325,000		318,813
Telephone - Integrated — 0.1%
Verizon Communications, Inc. Senior Notes 2.50% due 09/15/2016		110,000		111,265
Transport - Rail — 0.1%
Norfolk Southern Corp. Senior Notes 2.90% due 02/15/2023		89,000		86,190
Norfolk Southern Corp. Senior Notes 5.59% due 05/17/2025		19,000		21,853
				108,043
Total U.S. Corporate Bonds & Notes
(cost $6,836,175)				6,851,498
FOREIGN CORPORATE BONDS & NOTES — 0.6%
Banks - Commercial — 0.2%
Australia & New Zealand Banking Group Bonds 2.40% due 11/23/2016*		250,000		253,426
Medical - Generic Drugs — 0.1%
Actavis Funding SCS Company Guar. Notes 3.45% due 03/15/2022		126,000		127,414
Multimedia — 0.1%
Thomson Reuters Corp. Company Guar. Notes 6.50% due 07/15/2018		200,000		221,700
Oil Companies - Integrated — 0.2%
BP Capital Markets PLC Company Guar. Notes 2.52% due 01/15/2020		250,000		252,290
Telephone - Integrated — 0.0%
Nippon Telegraph & Telephone Corp. General Refunding Mtg. Notes 1.40% due 07/18/2017		60,000		59,947
Total Foreign Corporate Bonds & Notes
(cost $902,144)				914,777
U.S. GOVERNMENT AGENCIES — 55.8%
Federal Farm Credit Bank — 3.2%
3.35% due 10/21/2025		1,500,000		1,589,391
4.88% due 12/16/2015		2,000,000		2,004,024
4.88% due 01/17/2017		1,000,000		1,045,897
				4,639,312

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. — 17.5%
2.40% due 12/01/2035 FRS	$	20,790	$	22,212
3.00% due 11/01/2042		1,607,013		1,615,721
3.50% due 06/01/2033		2,386,150		2,505,422
4.50% due 09/01/2019		57,778		59,827
4.50% due 09/01/2039		1,056,594		1,141,564
4.50% due 11/01/2039		467,695		505,272
4.50% due 02/01/2040		672,072		726,152
4.50% due 04/01/2040		57,204		61,807
4.50% due 06/01/2040		176,992		191,229
4.50% due 08/01/2040		723,104		781,696
4.50% due 03/01/2041		2,108,495		2,279,728
4.50% due 04/01/2041		294,037		317,727
4.50% due 06/01/2041		510,846		552,199
5.00% due 12/14/2018		1,000,000		1,106,851
5.00% due 10/01/2034		25,262		27,667
5.50% due 12/01/2036		23,745		26,337
6.00% due 11/01/2033		80,716		92,616
6.50% due 02/01/2032		47,029		54,628
8.00% due 02/01/2030		3,409		3,540
8.00% due 08/01/2030		308		370
8.00% due 06/01/2031		2,625		3,029
Federal Home Loan Mtg. Corp. STRIPS Series 264, Class 30 3.00% due 07/15/2042 (3)		1,553,485		1,561,426
Federal Home Loan Mtg. Corp. REMIC(3)
Series 4150, Class GE
2.00% due 01/15/2033		2,161,272		2,138,049
Series 4186, Class JE
2.00% due 03/15/2033		555,590		547,889
Series 3981, Class PA
3.00% due 04/15/2031		486,581		494,061
Series 4150, Class IG
3.00% due 01/15/2033(2)		7,005,160		779,410
Series 4365, Class HZ
3.00% due 01/15/2040		728,531		670,986
Series 4057, Class WY
3.50% due 06/15/2027		1,000,000		1,057,652
Series 3813, Class D
4.00% due 02/15/2026		1,000,000		1,093,267
Series 3917, Class B
4.50% due 08/15/2026		465,000		517,763
Series 3927, Class AY
4.50% due 09/15/2026		1,494,968		1,648,232
Series 3786, Class PB
4.50% due 07/15/2040		1,000,000		1,085,397
Series 4039, Class SA
6.30% due 05/15/2042 FRS(2)(4)		961,508		194,779
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs.
Series K049, Class A2
3.01% due 07/25/2025(1)		430,000		436,219
Series K048, Class A2
3.28% due 06/25/2025 VRS(1)		1,000,000		1,033,406
				25,334,130
Federal National Mtg. Assoc. — 28.9%
zero coupon due 10/09/2019		4,250,000		3,931,203
1.87% due 01/01/2036 FRS		14,332		14,902
1.95% due 02/01/2035 FRS		5,892		6,194
2.58% due 11/01/2034 FRS		25,063		26,744

102

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
2.81% due 04/01/2025	$	800,000	$	797,700
4.00% due 09/01/2040		193,237		205,481
4.00% due 10/01/2040		191,860		204,010
4.00% due 12/01/2040		231,903		246,631
4.00% due 01/01/2041		513,404		545,973
4.00% due 02/01/2041		2,272,877		2,417,026
4.00% due 03/01/2041		3,037,404		3,230,228
4.00% due 06/01/2042		1,735,675		1,858,181
5.00% due 02/01/2019		62,209		64,488
5.00% due 12/01/2036		43,379		47,823
5.50% due 12/01/2033		49,019		55,268
5.50% due 10/01/2034		33,517		37,415
6.00% due 08/25/2037 STRIPS(2)(3)		401,274		83,509
6.50% due 02/01/2017		3,357		3,417
6.50% due 07/01/2032		9,947		11,529
7.00% due 09/01/2031		22,139		24,807
Federal National Mtg. Assoc.
Series 2015-M13, Class A2
2.80% due 06/25/2025 VRS(1)		515,000		511,963
Series 2014-M13, Class A2
3.02% due 08/25/2024 VRS(1)		1,273,000		1,299,493
Federal National Mtg. Assoc. REMIC(3)
Series 2002-34, Class AO
zero coupon due 05/18/2032(5)		482,738		445,464
Series 2013-15, Class DC
2.00% due 03/25/2033		1,491,521		1,476,297
Series 2011-126, Class EC
2.00% due 04/25/2040		792,897		786,229
Series 2012-38, Class PA
2.00% due 09/25/2041		3,398,175		3,276,596
Series 2013-23, Class KJ
2.25% due 05/25/2042		2,346,788		2,324,431
Series 2012-93, Class ME
2.50% due 01/25/2042		3,521,877		3,575,479
Series 2013-73, Class TD
2.50% due 09/25/2042		1,119,908		1,118,623
Series 2013-100, Class DE
3.00% due 11/25/2030		4,617,359		4,715,743
Series 2011-145, Class PB
3.50% due 01/25/2032		2,500,000		2,602,679
Series 2012-50, Class VB
4.00% due 01/25/2029		1,355,000		1,436,457
Series 2012-47, Class VB
4.00% due 04/25/2031		2,000,000		2,140,684
Series 2004-90, Class GC
4.35% due 11/25/2034		891,974		928,154
Series 2010-117, Class DY
4.50% due 10/25/2025		974,930		1,068,020
Series 2010-134, Class MB
4.50% due 12/25/2040		250,000		282,804
Series 2007-116, Class PB
5.50% due 08/25/2035		132,608		148,975
				41,950,620
Government National Mtg. Assoc. — 4.9%
4.50% due 03/15/2038		64,003		69,423
4.50% due 03/15/2039		13,484		14,592
4.50% due 05/15/2039		369,762		400,084
4.50% due 06/15/2039		348,725		376,695
4.50% due 07/15/2039		464,194		501,788
4.50% due 09/15/2039		8,088		8,743
4.50% due 12/15/2039		189,312		204,366

Security Description	Principal Amount			Value (Note 2)
Government National Mtg. Assoc. (continued)
4.50% due 04/15/2040	$	199,766		$	216,367
4.50% due 06/15/2040		623,972			674,526
4.50% due 08/15/2040		83,212			89,954
5.00% due 09/15/2035		2,711			3,024
5.00% due 02/15/2036		121,990			133,843
5.00% due 05/15/2036		6,747			7,406
6.00% due 01/15/2032		19,793			22,900
6.50% due 08/15/2031		59,942			68,690
7.50% due 02/15/2029		5,910			6,170
7.50% due 07/15/2030		408			460
7.50% due 01/15/2031		5,859			6,631
7.50% due 02/15/2031		1,403			1,408
Government National Mtg. Assoc. REMIC(3)
Series 2014-58, Class EP
4.00% due 04/20/2044		432,000			470,040
Series 2004-18, Class Z
4.50% due 03/16/2034		555,675			603,255
Series 2008-6, Class GL
4.50% due 02/20/2038		1,000,000			1,094,055
Series 2005-21, Class Z
5.00% due 03/20/2035		948,980			1,039,034
Series 2009-91, Class PR
5.00% due 09/20/2038		1,000,000			1,065,803
					7,079,257
Sovereign Agency — 1.3%
Resolution Funding Corp. STRIPS zero coupon due 07/15/2020		2,000,000			1,828,164
Total U.S. Government Agencies
(cost $79,691,840)					80,831,483
U.S. GOVERNMENT TREASURIES — 29.3%
United States Treasury Bonds — 9.7%
zero coupon due 08/15/2024 STRIPS		2,040,000			1,665,527
2.00% due 01/15/2026 TIPS(6)		2,373,842			2,668,996
3.13% due 02/15/2043		1,000,000			1,027,539
3.75% due 08/15/2041		5,000,000			5,759,375
3.88% due 08/15/2040		2,500,000			2,929,200
					14,050,637
United States Treasury Notes — 19.6%
0.63% due 10/15/2016		5,000,000			4,997,850
0.63% due 05/31/2017		4,000,000			3,986,564
1.75% due 05/15/2023		8,000,000			7,833,128
2.00% due 02/15/2022		5,000,000			5,031,055
2.50% due 08/15/2023		3,000,000			3,094,806
2.63% due 08/15/2020		3,250,000			3,391,934
					28,335,337
Total U.S. Government Treasuries
(cost $41,097,240)					42,385,974
Total Long-Term Investment Securities
(cost $132,001,068)					134,458,071
REPURCHASE AGREEMENTS — 7.3%
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 11/30/2015, to be repurchased 12/01/2015 in the amount $10,631,000 collateralized by $11,240,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $10,951,435 (cost $10,631,000)		10,631,000			10,631,000
TOTAL INVESTMENTS
(cost $142,632,068)(7)		100.1	%		145,089,071
Liabilities in excess of other assets		(0.1	)		(214,127	)
NET ASSETS		100.0	%	$	144,874,944

103

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2015, the aggregate value of these securities was $3,870,736 representing 2.7% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) Commercial Mortgage Backed Security

(2) Interest Only

(3) Collateralized Mortgage Obligation

(4) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at November 30, 2015.

(5) Principal Only

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

(7) 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

IO—Interest only

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of November 30, 2015 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, 2015 (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	$	—	$	3,474,339	$	—	$	3,474,339
U.S. Corporate Bonds & Notes		—		6,851,498		—		6,851,498
Foreign Corporate Bonds & Notes		—		914,777		—		914,777
U.S. Government Agencies		—		80,831,483		—		80,831,483
U.S. Government Treasuries		—		42,385,974		—		42,385,974
Repurchase Agreements		—		10,631,000		—		10,631,000
Total Investments at Value	$	—	$	145,089,071	$	—	$	145,089,071

* 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

104

VALIC Company I Growth Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	6.2	%
Registered Investment Companies	6.0
Web Portals/ISP	5.2
Computers	4.9
Medical — Drugs	4.7
E-Commerce/Products	4.2
Finance — Credit Card	4.1
Aerospace/Defense	3.7
Internet Content — Entertainment	3.4
Beverages — Non-alcoholic	3.0
Cable/Satellite TV	2.2
Multimedia	2.1
Diversified Manufacturing Operations	1.9
Chemicals — Diversified	1.6
Retail — Auto Parts	1.6
Enterprise Software/Service	1.5
E-Commerce/Services	1.5
Applications Software	1.5
Pharmacy Services	1.4
Retail — Discount	1.4
Insurance — Life/Health	1.4
Tobacco	1.4
Real Estate Investment Trusts	1.3
Medical — Generic Drugs	1.2
Medical — Wholesale Drug Distribution	1.2
Airlines	1.2
Electronic Forms	1.2
Retail — Major Department Stores	1.1
Food — Retail	1.1
Time Deposits	1.1
Computer Services	1.1
Electronic Components — Semiconductors	1.0
Medical Instruments	1.0
Building — Heavy Construction	1.0
Retail — Apparel/Shoe	0.9
Oil Companies — Exploration & Production	0.8
Cosmetics & Toiletries	0.8
Medical Products	0.8
Coatings/Paint	0.8
Data Processing/Management	0.8
Transport — Rail	0.8
Vitamins & Nutrition Products	0.8
Semiconductor Components — Integrated Circuits	0.7
Exchange-Traded Funds	0.7
Banks — Commercial	0.7
Disposable Medical Products	0.7
Auto/Truck Parts & Equipment — Original	0.6
Telephone — Integrated	0.6
Oil — Field Services	0.6
Food — Misc./Diversified	0.6
Entertainment Software	0.6
Medical Information Systems	0.6
Internet Application Software	0.6
Internet Content — Information/News	0.5
Soap & Cleaning Preparation	0.5
Machinery — General Industrial	0.5
Retail — Restaurants	0.5
Networking Products	0.5
Radio	0.4
Instruments — Controls	0.4
Apparel Manufacturers	0.4
Retail — Building Products	0.4
Casino Hotels	0.4
Transport — Services	0.4
Instruments — Scientific	0.4
Building & Construction Products — Misc.	0.4
Retail — Drug Store	0.3
Real Estate Management/Services	0.3
Retail — Jewelry	0.3

Medical — HMO	0.3	%
Audio/Video Products	0.3
Television	0.3
Commercial Services — Finance	0.2
Hotels/Motels	0.2
Investment Management/Advisor Services	0.2
Human Resources	0.2
Aerospace/Defense — Equipment	0.2
Electronic Design Automation	0.2
Industrial Gases	0.2
Auto — Heavy Duty Trucks	0.2
Tools — Hand Held	0.2
Poultry	0.2
Broadcast Services/Program	0.2
Finance — Investment Banker/Broker	0.2
Retail — Catalog Shopping	0.2
Computers — Memory Devices	0.2
Food — Dairy Products	0.2
Insurance — Reinsurance	0.1
Finance — Other Services	0.1
Athletic Footwear	0.1
Retail — Sporting Goods	0.1
Dialysis Centers	0.1
Auto — Cars/Light Trucks	0.1
Retail — Gardening Products	0.1
Retail — Perfume & Cosmetics	0.1
Diversified Banking Institutions	0.1
Software Tools	0.1
Internet Security	0.1
Electric Products — Misc.	0.1
Commercial Services	0.1
Oil Companies — Integrated	0.1
Housewares	0.1
Office Supplies & Forms	0.1
Insurance — Property/Casualty	0.1
Financial Guarantee Insurance	0.1
Electronic Measurement Instruments	0.1
X-Ray Equipment	0.1
Office Automation & Equipment	0.1
Finance — Leasing Companies	0.1
Schools	0.1
Retail — Arts & Crafts	0.1
Shipbuilding	0.1
Retail — Video Rentals	0.1
Finance — Consumer Loans	0.1
Distribution/Wholesale	0.1
Rubber — Tires	0.1
Wireless Equipment	0.1
Rental Auto/Equipment	0.1
Retail — Regional Department Stores	0.1
Chemicals — Specialty	0.1
Retail — Bedding	0.1
	105.8	%

* Calculated as a percentage of net assets

105

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.0%
Aerospace/Defense — 3.7%
Boeing Co.#		110,256	$	16,036,735
General Dynamics Corp.		12,260		1,795,600
Lockheed Martin Corp.		77,092		16,895,483
Spirit AeroSystems Holdings, Inc., Class A†		33,038		1,732,843
				36,460,661
Aerospace/Defense - Equipment — 0.2%
Astronics Corp.†		11,960		462,732
B/E Aerospace, Inc.		28,334		1,309,598
Kaman Corp.		7,742		310,764
				2,083,094
Airlines — 1.2%
Alaska Air Group, Inc.		48,133		3,837,644
Delta Air Lines, Inc.		105,957		4,922,762
Southwest Airlines Co.		46,031		2,111,902
United Continental Holdings, Inc.†		16,501		919,601
				11,791,909
Apparel Manufacturers — 0.4%
Carter’s, Inc.		48,824		4,210,094
Applications Software — 1.5%
Citrix Systems, Inc.†		4,078		312,660
Intuit, Inc.		21,312		2,135,463
Microsoft Corp.		195,421		10,621,131
Salesforce.com, Inc.†		27,562		2,196,416
				15,265,670
Athletic Footwear — 0.1%
NIKE, Inc., Class B		10,952		1,448,731
Audio/Video Products — 0.3%
Harman International Industries, Inc.		25,233		2,603,036
Auto - Cars/Light Trucks — 0.1%
Maruti Suzuki India, Ltd.		12,500		854,212
Peugeot SA†		29,110		520,087
				1,374,299
Auto - Heavy Duty Trucks — 0.2%
PACCAR, Inc.		36,607		1,902,100
Auto/Truck Parts & Equipment - Original — 0.6%
Cooper-Standard Holding, Inc.†		991		73,275
Delphi Automotive PLC		18,660		1,639,841
Lear Corp.		8,565		1,078,333
Valeo SA		5,700		882,573
WABCO Holdings, Inc.†		23,953		2,574,468
				6,248,490
Banks - Commercial — 0.7%
Credicorp, Ltd.		4,677		493,938
Erste Group Bank AG†		36,240		1,111,923
Hang Seng Bank, Ltd.		22,700		411,346
HDFC Bank, Ltd.		48,190		780,164
Intesa Sanpaolo SpA		491,810		1,687,731
Skandinaviska Enskilda Banken AB, Class A		97,580		1,037,693
Zions Bancorporation		46,821		1,402,757
				6,925,552
Beverages - Non-alcoholic — 3.0%
Coca-Cola Co.		37,882		1,614,531
PepsiCo, Inc.		284,103		28,455,756
				30,070,287
Broadcast Services/Program — 0.2%
Scripps Networks Interactive, Inc., Class A		30,788		1,748,758

Security Description	Shares		Value (Note 2)
Building & Construction Products - Misc. — 0.4%
Fortune Brands Home & Security, Inc.		29,920	$	1,644,702
Owens Corning		18,421		862,840
USG Corp.†		43,277		1,042,110
				3,549,652
Building Products - Cement — 0.0%
Continental Building Products, Inc.†		2,479		45,217
Building - Heavy Construction — 1.0%
SBA Communications Corp., Class A†		90,432		9,509,829
Cable/Satellite TV — 2.2%
Comcast Corp., Class A		325,081		19,784,430
Liberty Global PLC, Class A†		23,957		1,016,016
Liberty Global PLC, Class C†		23,947		981,827
				21,782,273
Casino Hotels — 0.4%
Las Vegas Sands Corp.#		89,226		3,931,298
Chemicals - Diversified — 1.6%
Dow Chemical Co.		179,553		9,360,098
LyondellBasell Industries NV, Class A		8,733		836,796
PPG Industries, Inc.		49,451		5,228,949
Symrise AG		9,290		628,771
				16,054,614
Chemicals - Specialty — 0.1%
Minerals Technologies, Inc.		1,821		112,064
Sensient Technologies Corp.		5,953		397,899
				509,963
Coatings/Paint — 0.8%
Sherwin-Williams Co.		28,671		7,915,203
Commercial Services — 0.1%
Wirecard AG#		21,930		1,074,283
Commercial Services - Finance — 0.2%
Global Payments, Inc.		23,042		1,632,526
PayPal Holdings, Inc.†		24,243		854,808
				2,487,334
Computer Services — 1.1%
Accenture PLC, Class A		28,820		3,090,080
Cognizant Technology Solutions Corp., Class A†		69,737		4,503,616
International Business Machines Corp.		21,079		2,938,834
				10,532,530
Computers — 4.9%
Apple, Inc.		409,821		48,481,824
Computers - Memory Devices — 0.2%
EMC Corp.		65,378		1,656,679
Consumer Products - Misc. — 0.0%
Central Garden & Pet Co., Class A†		7,274		114,856
Clorox Co.		956		118,831
Helen of Troy, Ltd.†		2,377		245,806
				479,493
Cosmetics & Toiletries — 0.8%
Estee Lauder Cos., Inc., Class A		85,560		7,197,307
Unicharm Corp.#		36,100		761,297
				7,958,604
Data Processing/Management — 0.8%
CSG Systems International, Inc.		9,717		347,189
Fiserv, Inc.†		77,813		7,488,723

106

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Data Processing/Management (continued)
Paychex, Inc.		797	$	43,237
				7,879,149
Dialysis Centers — 0.1%
Fresenius Medical Care AG & Co. KGaA		17,145		1,416,557
Disposable Medical Products — 0.7%
C.R. Bard, Inc.		36,989		6,910,285
Distribution/Wholesale — 0.1%
HD Supply Holdings, Inc.†		18,250		577,248
Diversified Banking Institutions — 0.1%
Royal Bank of Scotland Group PLC†		281,977		1,284,248
Diversified Manufacturing Operations — 1.9%
3M Co.		76,750		12,017,515
Carlisle Cos., Inc.		18,400		1,627,480
Ingersoll-Rand PLC		23,450		1,375,812
Parker-Hannifin Corp.		32,431		3,394,228
Textron, Inc.		16,048		684,768
				19,099,803
E-Commerce/Products — 4.2%
Alibaba Group Holding, Ltd. ADR†		8,020		674,322
Amazon.com, Inc.†		57,484		38,215,363
eBay, Inc.†		84,071		2,487,661
				41,377,346
E-Commerce/Services — 1.5%
Expedia, Inc.		86,203		10,612,451
IAC/InterActiveCorp		13,023		817,714
TripAdvisor, Inc.†#		47,682		3,927,567
				15,357,732
Electric Products - Misc. — 0.1%
Nidec Corp.#		15,200		1,175,253
Electronic Components - Misc. — 0.0%
Gentex Corp.		10,842		181,441
Electronic Components - Semiconductors — 1.0%
Avago Technologies, Ltd.		4,892		638,161
Microsemi Corp.†		4,590		165,286
Skyworks Solutions, Inc.#		28,080		2,331,202
Xilinx, Inc.		144,011		7,155,906
				10,290,555
Electronic Design Automation — 0.2%
Cadence Design Systems, Inc.†		91,013		2,029,590
Electronic Forms — 1.2%
Adobe Systems, Inc.†		126,700		11,587,982
Electronic Measurement Instruments — 0.1%
Keyence Corp.		1,700		921,397
Energy - Alternate Sources — 0.0%
SolarCity Corp.†#		10,120		291,051
Enterprise Software/Service — 1.5%
Oracle Corp.		394,349		15,367,781
Entertainment Software — 0.6%
Electronic Arts, Inc.†		82,609		5,600,064
Finance - Consumer Loans — 0.1%
LendingClub Corp.†#		53,550		643,671
Finance - Credit Card — 4.1%
Alliance Data Systems Corp.†		18,613		5,339,139
MasterCard, Inc., Class A		14,860		1,455,091

Security Description	Shares		Value (Note 2)
Finance - Credit Card (continued)
Visa, Inc., Class A#		425,416	$	33,612,118
				40,406,348
Finance - Investment Banker/Broker — 0.2%
Charles Schwab Corp.		27,590		930,059
Interactive Brokers Group, Inc., Class A		9,630		417,557
Moelis & Co.		13,323		393,161
				1,740,777
Finance - Leasing Companies — 0.1%
ORIX Corp.		57,300		826,917
Finance - Other Services — 0.1%
Intercontinental Exchange, Inc.		5,333		1,385,727
MarketAxess Holdings, Inc.		690		73,678
				1,459,405
Financial Guarantee Insurance — 0.1%
MGIC Investment Corp.†		97,950		934,443
Firearms & Ammunition — 0.0%
Smith & Wesson Holding Corp.†		16,005		293,532
Food - Dairy Products — 0.2%
Dean Foods Co.#		32,087		601,952
WhiteWave Foods Co.†		22,843		928,111
				1,530,063
Food - Flour & Grain — 0.0%
Seaboard Corp.†		15		49,500
Food - Misc./Diversified — 0.6%
Cal-Maine Foods, Inc.#		28,462		1,551,463
ConAgra Foods, Inc.		76,603		3,135,361
Mondelez International, Inc., Class A		25,356		1,107,043
				5,793,867
Food - Retail — 1.1%
Carrefour SA		46,400		1,430,518
Jeronimo Martins SGPS SA		27,660		383,859
Kroger Co.		240,698		9,064,687
				10,879,064
Footwear & Related Apparel — 0.0%
Skechers U.S.A., Inc., Class A†		13,350		403,170
Hotels/Motels — 0.2%
Accor SA		34,947		1,474,715
Whitbread PLC		14,030		961,018
				2,435,733
Housewares — 0.1%
Tupperware Brands Corp.#		17,231		978,204
Human Resources — 0.2%
Adecco SA		13,492		923,203
Capita PLC		58,646		1,123,515
Insperity, Inc.		3,282		141,651
				2,188,369
Industrial Audio & Video Products — 0.0%
GoPro, Inc., Class A†#		21,311		434,744
Industrial Gases — 0.2%
Air Products & Chemicals, Inc.		14,508		1,986,000
Instruments - Controls — 0.4%
Honeywell International, Inc.		28,452		2,957,586
Mettler-Toledo International, Inc.†		3,817		1,308,391
				4,265,977

107

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Instruments - Scientific — 0.4%
Thermo Fisher Scientific, Inc.		7,922	$	1,096,405
Waters Corp.†		20,340		2,701,559
				3,797,964
Insurance - Life/Health — 1.4%
Aflac, Inc.		161,783		10,554,723
AIA Group, Ltd.		330,600		1,978,454
Prudential PLC		42,680		989,595
				13,522,772
Insurance - Property/Casualty — 0.1%
Admiral Group PLC		33,180		810,052
Heritage Insurance Holdings, Inc.†		6,278		141,004
				951,056
Insurance - Reinsurance — 0.1%
Essent Group, Ltd.†		59,930		1,481,470
Internet Application Software — 0.6%
Splunk, Inc.†#		69,384		4,128,348
Tencent Holdings, Ltd.		72,000		1,436,573
				5,564,921
Internet Content - Entertainment — 3.4%
Facebook, Inc., Class A†		304,449		31,735,764
Pandora Media, Inc.†#		164,732		2,273,301
				34,009,065
Internet Content - Information/News — 0.5%
LinkedIn Corp., Class A†		22,539		5,479,456
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		352		36,256
Internet Security — 0.1%
VeriSign, Inc.†#		13,239		1,184,096
Investment Management/Advisor Services — 0.2%
Ameriprise Financial, Inc.		7,642		863,164
Legg Mason, Inc.		34,675		1,538,876
				2,402,040
Machinery - General Industrial — 0.5%
Wabtec Corp.		65,189		5,222,943
Medical Information Systems — 0.6%
Cerner Corp.†		93,774		5,588,930
Medical Instruments — 1.0%
Boston Scientific Corp.†		40,210		735,039
Edwards Lifesciences Corp.†		5,641		919,483
Intuitive Surgical, Inc.†		14,031		7,296,401
St. Jude Medical, Inc.		11,882		749,754
				9,700,677
Medical Products — 0.8%
Becton Dickinson and Co.		12,240		1,839,060
Cooper Cos., Inc.		27,950		4,087,688
Stryker Corp.		20,807		2,007,043
				7,933,791
Medical - Biomedical/Gene — 6.2%
Alexion Pharmaceuticals, Inc.†		52,913		9,441,796
Amgen, Inc.		25,650		4,132,215
Biogen, Inc.†		48,194		13,824,931
Celgene Corp.†		40,241		4,404,377
Gilead Sciences, Inc.		169,427		17,952,485
Illumina, Inc.†#		12,782		2,350,610
Incyte Corp.†		34,696		3,963,671

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Regeneron Pharmaceuticals, Inc.†		9,000	$	4,900,500
Vertex Pharmaceuticals, Inc.†		5,700		737,352
				61,707,937
Medical - Drugs — 4.7%
AbbVie, Inc.		58,273		3,388,575
Allergan PLC†		17,084		5,362,497
Bristol-Myers Squibb Co.		184,278		12,348,469
Eli Lilly & Co.		12,447		1,021,152
Jazz Pharmaceuticals PLC†		25,092		3,678,236
Johnson & Johnson		39,624		4,011,534
Merck & Co., Inc.		35,943		1,905,338
Pfizer, Inc.		202,553		6,637,662
Roche Holding AG		9,551		2,557,516
Shire PLC		24,360		1,704,551
UCB SA		7,630		681,356
Zoetis, Inc.		81,869		3,823,282
				47,120,168
Medical - Generic Drugs — 1.2%
Mylan NV†		6,867		352,277
Perrigo Co. PLC		42,495		6,348,328
Teva Pharmaceutical Industries, Ltd. ADR		83,497		5,254,466
				11,955,071
Medical - HMO — 0.3%
Aetna, Inc.		16,096		1,653,864
Cigna Corp.		4,631		625,092
UnitedHealth Group, Inc.		4,141		466,732
				2,745,688
Medical - Wholesale Drug Distribution — 1.2%
AmerisourceBergen Corp.		19,897		1,962,640
Cardinal Health, Inc.		99,652		8,654,776
McKesson Corp.		6,458		1,222,823
				11,840,239
Metal Processors & Fabrication — 0.0%
Mueller Industries, Inc.		8,692		273,711
Multimedia — 2.1%
Twenty-First Century Fox, Inc., Class A		32,592		961,790
Viacom, Inc., Class B		41,728		2,077,637
Walt Disney Co.		155,409		17,634,259
				20,673,686
Networking Products — 0.5%
Cisco Systems, Inc.		165,730		4,516,143
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.		40,331		871,150
Office Furnishings - Original — 0.0%
Interface, Inc.		8,283		164,666
Office Supplies & Forms — 0.1%
Avery Dennison Corp.		14,822		977,659
Oil Companies - Exploration & Production — 0.8%
Concho Resources, Inc.†#		45,377		4,966,059
Continental Resources, Inc.†		18,124		657,901
EOG Resources, Inc.		18,210		1,519,260
EQT Corp.		17,470		999,634
				8,142,854
Oil Companies - Integrated — 0.1%
TOTAL SA		21,494		1,067,346

108

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Refining & Marketing — 0.0%
Par Pacific Holdings, Inc.†		2,980	$	74,649
Oil - Field Services — 0.6%
Halliburton Co.		123,811		4,933,868
Schlumberger, Ltd.		11,571		892,703
				5,826,571
Pharmacy Services — 1.4%
Express Scripts Holding Co.†		168,023		14,362,606
Poultry — 0.2%
Pilgrim’s Pride Corp.#		82,327		1,772,500
Racetracks — 0.0%
Churchill Downs, Inc.		1,258		184,863
Radio — 0.4%
Sirius XM Holdings, Inc.†#		1,073,891		4,413,692
Real Estate Investment Trusts — 1.3%
American Tower Corp.		16,584		1,648,118
Equinix, Inc.#		4,755		1,409,858
Lamar Advertising Co. Class A		30,744		1,795,757
Public Storage		4,770		1,145,086
Ryman Hospitality Properties, Inc.		2,095		113,842
Simon Property Group, Inc.		34,284		6,385,052
				12,497,713
Real Estate Management/Services — 0.3%
CBRE Group, Inc., Class A†		29,400		1,101,618
Four Corners Property Trust, Inc.†		8,352		165,369
Jones Lang LaSalle, Inc.		10,623		1,764,693
				3,031,680
Rental Auto/Equipment — 0.1%
Ashtead Group PLC		32,468		535,455
Retail - Apparel/Shoe — 0.9%
Foot Locker, Inc.		28,441		1,848,665
Ross Stores, Inc.		130,749		6,800,255
				8,648,920
Retail - Arts & Crafts — 0.1%
Michaels Cos., Inc.†		32,540		722,713
Retail - Auto Parts — 1.6%
O’Reilly Automotive, Inc.†		59,263		15,637,728
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.†		9,164		499,621
Retail - Building Products — 0.4%
Home Depot, Inc.		29,641		3,968,337
Lowe’s Cos., Inc.		1,762		134,969
				4,103,306
Retail - Catalog Shopping — 0.2%
Liberty Interactive Corp. QVC Group, Class A†		63,050		1,669,564
Retail - Discount — 1.4%
Costco Wholesale Corp.		7,524		1,214,524
Dollar Tree, Inc.†		147,464		11,127,633
Target Corp.		23,039		1,670,328
				14,012,485
Retail - Drug Store — 0.3%
CVS Health Corp.		35,104		3,302,935
Retail - Gardening Products — 0.1%
Tractor Supply Co.		15,297		1,366,787

Security Description	Shares		Value (Note 2)
Retail - Jewelry — 0.3%
Pandora A/S		11,710	$	1,388,075
Signet Jewelers, Ltd.		10,450		1,373,026
				2,761,101
Retail - Major Department Stores — 1.1%
TJX Cos., Inc.		161,420		11,396,252
Retail - Perfume & Cosmetics — 0.1%
Ulta Salon Cosmetics & Fragrance, Inc.†		8,170		1,364,390
Retail - Pet Food & Supplies — 0.0%
PetMed Express, Inc.#		17,044		286,339
Retail - Regional Department Stores — 0.1%
Macy’s, Inc.		13,610		531,879
Retail - Restaurants — 0.5%
Bloomin’ Brands, Inc.		37,202		643,967
Brinker International, Inc.		8,248		376,274
Chipotle Mexican Grill, Inc.†		810		469,435
Cracker Barrel Old Country Store, Inc.#		11,340		1,427,933
Darden Restaurants, Inc.		25,057		1,407,452
McDonald’s Corp.		2,045		233,457
				4,558,518
Retail - Sporting Goods — 0.1%
Dick’s Sporting Goods, Inc.		36,959		1,442,510
Retail - Toy Stores — 0.0%
Build-A-Bear Workshop, Inc.†		8,847		113,772
Retail - Video Rentals — 0.1%
Outerwall, Inc.#		10,828		670,253
Rubber - Tires — 0.1%
Cooper Tire & Rubber Co.		13,122		550,993
Schools — 0.1%
Strayer Education, Inc.†		13,744		813,507
Semiconductor Components - Integrated Circuits — 0.7%
Analog Devices, Inc.		30,722		1,893,397
Maxim Integrated Products, Inc.		141,662		5,492,236
				7,385,633
Semiconductor Equipment — 0.0%
Applied Materials, Inc.		8,871		166,509
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.		5,475		716,787
Soap & Cleaning Preparation — 0.5%
Church & Dwight Co., Inc.		63,225		5,422,808
Software Tools — 0.1%
VMware, Inc., Class A†		20,347		1,249,509
Telephone - Integrated — 0.6%
AT&T, Inc.		29,681		999,359
Verizon Communications, Inc.		110,869		5,038,996
				6,038,355
Television — 0.3%
CBS Corp., Class B		38,787		1,957,968
Mediaset SpA#		143,380		630,493
				2,588,461
Tobacco — 1.4%
Altria Group, Inc.		9,355		538,848
Philip Morris International, Inc.		147,718		12,909,076
				13,447,924

109

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Tools - Hand Held — 0.2%
Stanley Black & Decker, Inc.		16,465	$	1,797,319
Transport - Rail — 0.8%
Kansas City Southern		10,957		996,210
Union Pacific Corp.		79,608		6,683,092
				7,679,302
Transport - Services — 0.4%
FedEx Corp.		6,223		986,594
United Parcel Service, Inc., Class B		28,452		2,930,841
				3,917,435
Vitamins & Nutrition Products — 0.8%
Mead Johnson Nutrition Co.#		94,114		7,584,647
Web Portals/ISP — 5.2%
Alphabet, Inc., Class A†		65,221		49,753,840
Alphabet, Inc., Class C†		2,827		2,099,330
				51,853,170
Wireless Equipment — 0.1%
GN Store Nord A/S		29,759		545,783
X-Ray Equipment — 0.1%
Hologic, Inc.†		22,758		918,285
Total Common Stocks
(cost $860,880,400)				974,095,727
EXCHANGE-TRADED FUNDS — 0.7%
iShares Russell 1000 Growth ETF (cost $7,226,294)		72,191		7,320,167
Total Long-Term Investment Securities
(cost $868,106,694)				981,415,894
SHORT-TERM INVESTMENT SECURITIES — 7.1%
Registered Investment Companies — 6.0%
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2)		59,958,568		59,958,568

Security Description	Shares/ Principal Amount			Value (Note 2)
Time Deposits — 1.1%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015	$	10,710,000		$	10,710,000
Total Short-Term Investment Securities
(cost $70,668,568)					70,668,568
TOTAL INVESTMENTS
(cost $938,775,262)(3)		105.8	%		1,052,084,462
Liabilities in excess of other assets		(5.8	)		(58,010,167	)
NET ASSETS		100.0	%	$	994,074,295

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

† Non-income producing security

(1) At November 30, 2015, the Fund had loaned securities with a total value of $86,930,370. This was secured by collateral of $59,958,568, which was received in cash and subsequently invested in short-term investments currently valued at $59,958,568 as reported in the Portfolio of Investments. The remaining collateral of $29,611,997 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
Federal Home Loan Mtg. Corp.	2.50% to 4.00%	08/01/2027 to 12/15/2044	$	5,608,154
Federal National Mtg. Assoc.	2.00% to 4.25%	12/01/2027 to 02/25/2044		12,443,296
Government National Mtg. Assoc.	0.40% to 4.00%	04/20/2039 to 12/16/2052		879,034
United States Treasury Bills	0.00%	12/10/2015 to 08/18/2016		22,649
United States Treasury Notes/Bonds	0.13% to 8.88%	01/15/2016 to 05/15/2045		10,658,864

(2) The rate shown is the 7-day yield as of November 30, 2015.

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	974,095,727	$	—	$	—	$	974,095,727
Exchange-Traded Funds		7,320,167		—		—		7,320,167
Short-Term Investment Securities:
Registered Investment Companies		59,958,568		—		—		59,958,568
Time Deposits		—		10,710,000		—		10,710,000
	$	1,041,374,462	$	10,710,000	$	—	$	1,052,084,462

* 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. Securities currently valued at $33,418,245 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

110

VALIC Company I Growth & Income Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Medical — Drugs	6.7	%
Diversified Banking Institutions	4.6
Computers	4.0
Medical — Biomedical/Gene	3.5
Applications Software	3.0
Web Portals/ISP	2.7
Oil Companies — Integrated	2.7
Banks — Super Regional	2.7
Real Estate Investment Trusts	2.5
Retail — Building Products	2.5
Insurance — Multi-line	2.4
Electric — Integrated	2.4
Computer Services	2.3
Medical — HMO	2.2
Cable/Satellite TV	2.1
Multimedia	2.1
Beverages — Non-alcoholic	2.1
Diversified Manufacturing Operations	2.0
Electronic Components — Semiconductors	1.9
Oil Companies — Exploration & Production	1.9
Internet Content — Entertainment	1.8
Transport — Rail	1.6
Retail — Discount	1.5
Chemicals — Diversified	1.5
E-Commerce/Products	1.5
Telephone — Integrated	1.4
Cosmetics & Toiletries	1.3
Insurance — Reinsurance	1.3
Aerospace/Defense — Equipment	1.2
Instruments — Controls	1.2
Semiconductor Equipment	1.2
Finance — Credit Card	1.2
Tobacco	1.1
Investment Management/Advisor Services	1.0
Medical — Wholesale Drug Distribution	1.0
Electronic Forms	0.9
Oil Refining & Marketing	0.9
Food — Misc./Diversified	0.9
Oil — Field Services	0.8
Electronic Components — Misc.	0.8
Airlines	0.7
Apparel Manufacturers	0.7
Retail — Major Department Stores	0.7
Retail — Restaurants	0.7
Medical Instruments	0.6
Networking Products	0.6
Registered Investment Companies	0.6
Brewery	0.6
Time Deposits	0.6
Auto — Heavy Duty Trucks	0.6
Finance — Investment Banker/Broker	0.6
Building — Residential/Commercial	0.5
Finance — Other Services	0.5
Consumer Products — Misc.	0.5
Auto — Cars/Light Trucks	0.5
Engineering/R&D Services	0.5
Cruise Lines	0.4
Banks — Fiduciary	0.4
Beverages — Wine/Spirits	0.4
Engines — Internal Combustion	0.4
Agricultural Chemicals	0.4
Data Processing/Management	0.4
Television	0.4
Electric — Distribution	0.4
Pharmacy Services	0.4
Pipelines	0.4
Audio/Video Products	0.4
Instruments — Scientific	0.3
Food — Confectionery	0.3

Electronics — Military	0.3
Commercial Services — Finance	0.3
Containers — Metal/Glass	0.3
Finance — Consumer Loans	0.3
Building Products — Wood	0.3
Aerospace/Defense	0.3
Tools — Hand Held	0.3
Medical Products	0.2
Insurance — Life/Health	0.2
Enterprise Software/Service	0.2
Semiconductor Components — Integrated Circuits	0.2
Medical — Generic Drugs	0.2
Retail — Consumer Electronics	0.2
Containers — Paper/Plastic	0.2
Building Products — Cement	0.2
Agricultural Operations	0.2
Retail — Apparel/Shoe	0.2
Retail — Jewelry	0.1
Food — Retail	0.1
Water	0.1
Banks — Commercial	0.1
Machinery — Farming	0.1
Retail — Automobile	0.1
Oil Field Machinery & Equipment	0.1
Gas — Distribution	0.1
Electronic Security Devices	0.1
Retail — Auto Parts	0.1
Cellular Telecom	0.1
Building & Construction Products — Misc.	0.1
Medical — Hospitals	0.1
Transport — Services	0.1
Electronic Connectors	0.1
	100.5	%

* Calculated as a percentage of net assets

111

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.3%
Aerospace/Defense — 0.3%
Northrop Grumman Corp.		1,625	$	302,835
Aerospace/Defense - Equipment — 1.2%
United Technologies Corp.		15,054		1,445,937
Agricultural Chemicals — 0.4%
Mosaic Co.		14,599		461,912
Agricultural Operations — 0.2%
Archer-Daniels-Midland Co.		5,572		203,322
Airlines — 0.7%
Delta Air Lines, Inc.		6,511		302,501
United Continental Holdings, Inc.†		9,820		547,269
				849,770
Apparel Manufacturers — 0.7%
Ralph Lauren Corp.		2,023		251,277
VF Corp.		8,427		545,227
				796,504
Applications Software — 3.0%
Intuit, Inc.		891		89,278
Microsoft Corp.		63,599		3,456,606
				3,545,884
Audio/Video Products — 0.4%
Harman International Industries, Inc.		3,969		409,442
Auto - Cars/Light Trucks — 0.5%
Ford Motor Co.		28,506		408,491
General Motors Co.		3,262		118,084
				526,575
Auto - Heavy Duty Trucks — 0.6%
PACCAR, Inc.		13,010		676,000
Auto/Truck Parts & Equipment - Original — 0.0%
Magna International, Inc.		1,233		56,027
Banks - Commercial — 0.1%
BB&T Corp.		1,026		39,624
SVB Financial Group†		958		126,916
				166,540
Banks - Fiduciary — 0.4%
Bank of New York Mellon Corp.		2,744		120,297
State Street Corp.		5,268		382,351
				502,648
Banks - Super Regional — 2.7%
Capital One Financial Corp.		3,106		243,852
Fifth Third Bancorp		8,341		172,409
KeyCorp		17,399		228,101
Wells Fargo & Co.		45,482		2,506,058
				3,150,420
Beverages - Non-alcoholic — 2.1%
Coca-Cola Co.		15,861		675,996
Coca-Cola Enterprises, Inc.		1,489		74,896
Dr Pepper Snapple Group, Inc.		2,104		188,834
PepsiCo, Inc.		14,567		1,459,031
				2,398,757
Beverages - Wine/Spirits — 0.4%
Constellation Brands, Inc., Class A		3,576		501,570
Brewery — 0.6%
Boston Beer Co., Inc., Class A†#		276		58,959

Security Description	Shares		Value (Note 2)
Brewery (continued)
Molson Coors Brewing Co., Class B		6,956	$	640,161
				699,120
Building & Construction Products - Misc. — 0.1%
Fortune Brands Home & Security, Inc.		1,450		79,706
Building Products - Cement — 0.2%
Martin Marietta Materials, Inc.		1,338		210,601
Building Products - Wood — 0.3%
Masco Corp.		10,170		304,185
Building - Residential/Commercial — 0.5%
D.R. Horton, Inc.		8,455		273,181
PulteGroup, Inc.		14,036		273,421
Toll Brothers, Inc.†		1,563		58,113
				604,715
Cable/Satellite TV — 2.1%
Charter Communications, Inc., Class A†#		2,610		489,009
Comcast Corp., Class A		22,644		1,378,114
DISH Network Corp., Class A†		5,576		349,671
Time Warner Cable, Inc.		1,519		280,666
				2,497,460
Cellular Telecom — 0.1%
T-Mobile US, Inc.†		2,456		87,188
Chemicals - Diversified — 1.5%
Axiall Corp.		3,680		76,691
Dow Chemical Co.		12,274		639,844
E.I. du Pont de Nemours & Co.		11,451		771,110
Eastman Chemical Co.		3,738		271,566
				1,759,211
Coffee — 0.0%
Keurig Green Mountain, Inc.		787		41,239
Commercial Services - Finance — 0.3%
Automatic Data Processing, Inc.		767		66,161
Equifax, Inc.		1,886		210,289
PayPal Holdings, Inc.†		3,266		115,159
				391,609
Computer Services — 2.3%
Accenture PLC, Class A		14,265		1,529,493
Cognizant Technology Solutions Corp., Class A†		13,236		854,781
Hewlett Packard Enterprise Co.		18,925		281,226
				2,665,500
Computers — 4.0%
Apple, Inc.		37,341		4,417,440
HP, Inc.		18,925		237,320
				4,654,760
Consumer Products - Misc. — 0.5%
Kimberly-Clark Corp.		4,783		569,894
Containers - Metal/Glass — 0.3%
Crown Holdings, Inc.†		7,432		385,795
Containers - Paper/Plastic — 0.2%
WestRock Co.		4,355		220,494
Cosmetics & Toiletries — 1.3%
Estee Lauder Cos., Inc., Class A		1,480		124,498
Procter & Gamble Co.		19,140		1,432,437
				1,556,935

112

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cruise Lines — 0.4%
Royal Caribbean Cruises, Ltd.		5,503	$	509,633
Data Processing/Management — 0.4%
Fidelity National Information Services, Inc.		7,170		456,514
Diversified Banking Institutions — 4.6%
Bank of America Corp.		105,065		1,831,283
Citigroup, Inc.		35,764		1,934,475
Goldman Sachs Group, Inc.		2,777		527,685
Morgan Stanley		30,399		1,042,686
				5,336,129
Diversified Manufacturing Operations — 2.0%
Eaton Corp. PLC		14,770		859,023
General Electric Co.		26,185		783,979
Ingersoll-Rand PLC		2,630		154,302
Parker-Hannifin Corp.		4,663		488,030
SPX Corp.		150		1,656
				2,286,990
E-Commerce/Products — 1.5%
Amazon.com, Inc.†		2,619		1,741,111
Electric - Distribution — 0.4%
PPL Corp.		12,340		420,054
Electric - Integrated — 2.4%
CMS Energy Corp.		5,305		185,781
Edison International		11,092		658,421
Exelon Corp.		11,779		321,685
NextEra Energy, Inc.		6,879		686,937
Public Service Enterprise Group, Inc.		8,763		342,633
Xcel Energy, Inc.		17,380		619,771
				2,815,228
Electronic Components - Misc. — 0.8%
Corning, Inc.		5,029		94,193
TE Connectivity, Ltd.		12,506		839,028
				933,221
Electronic Components - Semiconductors — 1.9%
Avago Technologies, Ltd.		8,089		1,055,210
Broadcom Corp., Class A		3,545		193,663
Freescale Semiconductor, Ltd.†		1,806		70,271
Texas Instruments, Inc.		16,213		942,300
				2,261,444
Electronic Connectors — 0.1%
Amphenol Corp., Class A		1,076		59,234
Electronic Forms — 0.9%
Adobe Systems, Inc.†		11,943		1,092,307
Electronic Security Devices — 0.1%
Allegion PLC		1,446		97,186
Electronics - Military — 0.3%
L-3 Communications Holdings, Inc.		3,205		392,324
Engineering/R&D Services — 0.5%
Fluor Corp.		10,788		524,297
Engines - Internal Combustion — 0.4%
Cummins, Inc.		4,900		491,813
Enterprise Software/Service — 0.2%
Oracle Corp.		6,662		259,618
Finance - Consumer Loans — 0.3%
Synchrony Financial†		10,019		318,893

Security Description	Shares		Value (Note 2)
Finance - Credit Card — 1.2%
Discover Financial Services		2,063	$	117,096
Visa, Inc., Class A		15,985		1,262,975
				1,380,071
Finance - Investment Banker/Broker — 0.6%
Charles Schwab Corp.		18,056		608,668
TD Ameritrade Holding Corp.		1,430		52,381
				661,049
Finance - Other Services — 0.5%
Intercontinental Exchange, Inc.		2,290		595,034
Food - Confectionery — 0.3%
Hershey Co.		4,603		397,285
Food - Misc./Diversified — 0.9%
Mondelez International, Inc., Class A		23,568		1,028,979
Food - Retail — 0.1%
Kroger Co.		4,475		168,528
Gas - Distribution — 0.1%
CenterPoint Energy, Inc.		2,830		47,969
Questar Corp.		2,637		49,971
				97,940
Instruments - Controls — 1.2%
Honeywell International, Inc.		13,325		1,385,134
Instruments - Scientific — 0.3%
Thermo Fisher Scientific, Inc.		2,878		398,315
Insurance - Life/Health — 0.2%
Lincoln National Corp.		1,533		84,300
Prudential Financial, Inc.		2,186		189,198
				273,498
Insurance - Multi-line — 2.4%
ACE, Ltd.		10,989		1,262,087
MetLife, Inc.		20,349		1,039,630
XL Group PLC		14,306		546,203
				2,847,920
Insurance - Reinsurance — 1.3%
Axis Capital Holdings, Ltd.		2,172		121,632
Berkshire Hathaway, Inc., Class B†		10,455		1,401,911
				1,523,543
Internet Content - Entertainment — 1.8%
Facebook, Inc., Class A†		20,251		2,110,964
Investment Management/Advisor Services — 1.0%
Ameriprise Financial, Inc.		971		109,675
BlackRock, Inc.		1,274		463,379
Invesco, Ltd.		17,486		589,103
				1,162,157
Machinery - Construction & Mining — 0.0%
Caterpillar, Inc.		783		56,885
Machinery - Farming — 0.1%
Deere & Co.		1,665		132,484
Machinery - Pumps — 0.0%
SPX FLOW, Inc.†		1,600		53,760
Medical Instruments — 0.6%
Boston Scientific Corp.†		40,570		741,620
Medical Products — 0.2%
Stryker Corp.		2,911		280,795

113

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene — 3.5%
Alexion Pharmaceuticals, Inc.†		2,535	$	452,345
Biogen, Inc.†		2,995		859,146
BioMarin Pharmaceutical, Inc.†		1,580		150,685
Celgene Corp.†		10,190		1,115,295
Gilead Sciences, Inc.		8,537		904,581
Illumina, Inc.†		1,197		220,128
Vertex Pharmaceuticals, Inc.†		3,149		407,355
				4,109,535
Medical - Drugs — 6.7%
Abbott Laboratories		19,034		855,007
Allergan PLC†		3,913		1,228,252
Bristol-Myers Squibb Co.		21,201		1,420,679
Eli Lilly & Co.		13,753		1,128,296
Johnson & Johnson		10,077		1,020,195
Merck & Co., Inc.		7,153		379,181
Pfizer, Inc.		50,473		1,654,000
Valeant Pharmaceuticals International, Inc.†		1,521		136,829
				7,822,439
Medical - Generic Drugs — 0.2%
Mylan NV†		2,494		127,942
Perrigo Co. PLC		699		104,424
				232,366
Medical - HMO — 2.2%
Aetna, Inc.		6,161		633,043
Cigna Corp.		1,660		224,067
Humana, Inc.		3,191		538,194
UnitedHealth Group, Inc.		10,006		1,127,776
				2,523,080
Medical - Hospitals — 0.1%
HCA Holdings, Inc.†		884		60,165
Medical - Wholesale Drug Distribution — 1.0%
McKesson Corp.		6,016		1,139,130
Multimedia — 2.1%
Time Warner, Inc.		19,485		1,363,560
Twenty-First Century Fox, Inc., Class A		35,228		1,039,578
				2,403,138
Networking Products — 0.6%
Cisco Systems, Inc.		27,164		740,219
Oil Companies - Exploration & Production — 1.9%
Anadarko Petroleum Corp.		5,409		323,999
Cabot Oil & Gas Corp.		11,325		213,250
Concho Resources, Inc.†		957		104,734
EOG Resources, Inc.		4,635		386,698
EQT Corp.		3,460		197,981
Occidental Petroleum Corp.		13,216		998,998
				2,225,660
Oil Companies - Integrated — 2.7%
Chevron Corp.		15,185		1,386,694
Exxon Mobil Corp.		22,038		1,799,623
				3,186,317
Oil Field Machinery & Equipment — 0.1%
National Oilwell Varco, Inc.		2,652		99,026
Oil Refining & Marketing — 0.9%
Marathon Petroleum Corp.		4,689		273,885
Phillips 66		2,102		192,396

Security Description	Shares		Value (Note 2)
Oil Refining & Marketing (continued)
Valero Energy Corp.		8,033	$	577,251
				1,043,532
Oil - Field Services — 0.8%
Baker Hughes, Inc.		4,900		264,943
Halliburton Co.		9,692		386,226
Schlumberger, Ltd.		4,049		312,380
				963,549
Pharmacy Services — 0.4%
Express Scripts Holding Co.†		4,883		417,399
Pipelines — 0.4%
Columbia Pipeline Group, Inc.		14,319		274,495
Kinder Morgan, Inc.		6,001		141,444
				415,939
Real Estate Investment Trusts — 2.5%
American Tower Corp.		3,500		347,830
AvalonBay Communities, Inc.		2,772		503,922
Boston Properties, Inc.		2,406		300,726
Brixmor Property Group, Inc.		5,416		135,996
DiamondRock Hospitality Co.		8,840		98,389
Equinix, Inc.		591		175,231
Highwoods Properties, Inc.		2,830		123,275
LaSalle Hotel Properties		4,516		127,396
Liberty Property Trust		4,665		158,144
Prologis, Inc.		9,055		387,101
Public Storage		388		93,143
Simon Property Group, Inc.		2,695		501,917
				2,953,070
Retail - Apparel/Shoe — 0.2%
lululemon athletica, Inc.†#		1,651		78,951
PVH Corp.		539		49,205
Ross Stores, Inc.		1,107		57,575
				185,731
Retail - Auto Parts — 0.1%
AutoZone, Inc.†		123		96,404
Retail - Automobile — 0.1%
AutoNation, Inc.†		1,830		116,974
Retail - Building Products — 2.5%
Home Depot, Inc.		12,237		1,638,289
Lowe’s Cos., Inc.		16,231		1,243,295
				2,881,584
Retail - Consumer Electronics — 0.2%
Best Buy Co., Inc.		7,054		224,176
Retail - Discount — 1.5%
Costco Wholesale Corp.		4,976		803,226
Dollar General Corp.		7,162		468,466
Target Corp.		6,796		492,710
Wal-Mart Stores, Inc.		268		15,769
				1,780,171
Retail - Drug Store — 0.0%
CVS Health Corp.		135		12,702
Retail - Jewelry — 0.1%
Tiffany & Co.		2,144		170,834
Retail - Major Department Stores — 0.7%
TJX Cos., Inc.		10,876		767,846

114

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Restaurants — 0.7%
Chipotle Mexican Grill, Inc.†		117	$	67,807
Dunkin’ Brands Group, Inc.#		1,166		49,462
Starbucks Corp.		10,536		646,805
				764,074
Semiconductor Components - Integrated Circuits — 0.2%
Marvell Technology Group, Ltd.		5,371		47,587
NXP Semiconductors NV†		1,270		118,694
QUALCOMM, Inc.		1,694		82,650
				248,931
Semiconductor Equipment — 1.2%
Applied Materials, Inc.		20,071		376,733
KLA-Tencor Corp.		1,107		73,582
Lam Research Corp.		11,907		931,127
				1,381,442
Steel - Producers — 0.0%
United States Steel Corp.#		3,985		32,159
Telephone - Integrated — 1.4%
AT&T, Inc.		34,488		1,161,211
Verizon Communications, Inc.		9,154		416,049
				1,577,260
Television — 0.4%
CBS Corp., Class B		8,917		450,130
Tobacco — 1.1%
Philip Morris International, Inc.		14,309		1,250,463
Tools - Hand Held — 0.3%
Stanley Black & Decker, Inc.		2,752		300,408
Transport - Rail — 1.6%
Canadian Pacific Railway, Ltd.		2,804		413,506
CSX Corp.		12,673		360,293
Union Pacific Corp.		13,468		1,130,639
				1,904,438

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Services — 0.1%
FedEx Corp.		377		$	59,769
Water — 0.1%
American Water Works Co., Inc.		2,884			166,580
Web Portals/ISP — 2.7%
Alphabet, Inc., Class A†		1,966			1,499,763
Alphabet, Inc., Class C†		2,297			1,705,752
					3,205,515
Total Long-Term Investment Securities
(cost $102,010,946)					115,926,667
SHORT-TERM INVESTMENT SECURITIES — 1.2%
Registered Investment Companies — 0.6%
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2)		732,105			732,105
Time Deposits — 0.6%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015	$	685,000			685,000
Total Short-Term Investment Securities
(cost $1,417,105)					1,417,105
TOTAL INVESTMENTS
(cost $103,428,051)(3)		100.5	%		117,343,772
Liabilities in excess of other assets		(0.5	)		(605,339	)
NET ASSETS		100.0	%	$	116,738,433

† Non-income producing security

# The security or a portion thereof is out on loan

(1) At November 30, 2015, the Fund had loaned securities with a total value of $708,540. This was secured by collateral of $732,105, which was received in cash and subsequently invested in short-term investments currently valued at $732,105 as reported in the Portfolio of Investments.

(2) The rate shown is the 7-day yield as of November 30, 2015

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2015		Unrealized Appreciation (Depreciation)
	8	Long	S&P 500 E-Mini Index		December 2015	$	825,516	$	831,920	$	6,404

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (see Note 1):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	115,926,667	$	—	$	—	$	115,926,667
Short-Term Investment Securities:
Registered Investment Companies		732,105		—		—		732,105
Time Deposits		—		685,000		—		685,000
Total Investments at Value	$	116,658,772	$	685,000	$	—	$	117,343,772
Other Financial Instruments:†
Futures Contracts	$	6,404	$	—	$	—	$	6,404

115

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (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.

See Notes to Financial Statements

116

VALIC Company I Health Sciences Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Medical — Drugs	24.8	%
Medical — Biomedical/Gene	23.6
Medical — HMO	15.8
Registered Investment Companies	8.1
Medical Products	5.8
Medical — Hospitals	3.5
Instruments — Scientific	3.2
Medical Instruments	3.1
Therapeutics	2.6
Retail — Drug Store	2.5
Medical — Wholesale Drug Distribution	2.4
Dialysis Centers	1.7
Electronic Measurement Instruments	1.3
Medical — Generic Drugs	1.2
Medical Information Systems	0.8
Drug Delivery Systems	0.7
Pharmacy Services	0.6
Physicians Practice Management	0.5
Consulting Services	0.4
Insurance — Property/Casualty	0.3
Human Resources	0.3
Wireless Equipment	0.3
Instruments — Controls	0.3
Diagnostic Kits	0.2
Dental Supplies & Equipment	0.2
Diagnostic Equipment	0.1
Retail — Convenience Store	0.1
Medical Imaging Systems	0.1
	104.5	%

* Calculated as a percentage of net assets

117

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.4%
Consulting Services — 0.4%
Advisory Board Co.†		59,600	$	3,208,864
Dental Supplies & Equipment — 0.2%
Align Technology, Inc.†		24,800		1,655,152
Diagnostic Equipment — 0.1%
GenMark Diagnostics, Inc.†#		59,600		475,012
Oxford Immunotec Global PLC†#		20,500		271,625
				746,637
Diagnostic Kits — 0.2%
IDEXX Laboratories, Inc.†		32,100		2,273,322
Dialysis Centers — 1.7%
DaVita HealthCare Partners, Inc.†		184,100		13,446,664
Fresenius SE & Co. KGaA		26,712		1,961,185
				15,407,849
Drug Delivery Systems — 0.7%
Catalent, Inc.†		145,300		4,046,605
DexCom, Inc.†		21,000		1,785,420
				5,832,025
Electronic Measurement Instruments — 1.3%
Agilent Technologies, Inc.		277,400		11,600,868
Heart Monitors — 0.0%
HeartWare International, Inc.†		5,300		253,658
Human Resources — 0.3%
Team Health Holdings, Inc.†		48,800		2,690,832
Instruments - Controls — 0.3%
Mettler-Toledo International, Inc.†		7,400		2,536,572
Instruments - Scientific — 3.2%
FEI Co.		58,200		4,656,582
Thermo Fisher Scientific, Inc.		172,100		23,818,640
				28,475,222
Insurance - Property/Casualty — 0.3%
ProAssurance Corp.		51,700		2,735,447
Medical Imaging Systems — 0.1%
Lantheus Holdings, Inc.†		141,800		501,972
Medical Information Systems — 0.8%
athenahealth, Inc.†#		44,400		7,448,100
Medical Instruments — 3.1%
Bruker Corp.†		93,000		2,105,520
Intuitive Surgical, Inc.†		22,660		11,783,653
Medtronic PLC		182,221		13,728,530
				27,617,703
Medical Products — 5.8%
Advanced Accelerator Applications SA ADR(1)(2)(5)		72,378		908,995
Advanced Accelerator Applications SA ADR†		14,833		392,185
Becton Dickinson and Co.		142,300		21,380,575
Cooper Cos., Inc.#		30,300		4,431,375
Henry Schein, Inc.†		38,200		5,977,536
Medgenics, Inc.†		39,000		269,880
Novocure, Ltd. Common Stock#		16,800		409,080
Novocure, Ltd. Series J(1)(2)(5)		48,280		1,116,829
Sirona Dental Systems, Inc.†		75,900		8,233,632
Teleflex, Inc.		14,500		1,909,650
West Pharmaceutical Services, Inc.		55,900		3,524,495
Wright Medical Group NV†		160,481		3,437,503
				51,991,735
Medical - Biomedical/Gene — 23.5%
Abcam PLC		44,659		386,077

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Acceleron Pharma, Inc.†		61,800	$	2,649,366
Achillion Pharmaceuticals, Inc.†#		138,200		1,406,876
Advaxis, Inc.†#		104,125		1,256,789
Alexion Pharmaceuticals, Inc.†		215,285		38,415,455
AveXis, Inc.(1)(2)(6)		17,345		440,563
Bellicum Pharmaceuticals, Inc.†#		54,224		1,248,779
BioCryst Pharmaceuticals, Inc.†		22,200		235,542
Biogen, Inc.†		42,200		12,105,492
BioMarin Pharmaceutical, Inc.†		102,900		9,813,573
Bluebird Bio, Inc.†#		47,500		4,215,625
Blueprint Medicines Corp.†#		14,200		328,872
Celgene Corp.†		72,680		7,954,826
Exelixis, Inc.†#		656,300		3,754,036
Five Prime Therapeutics, Inc.†		17,600		676,720
Gilead Sciences, Inc.		253,400		26,850,264
Illumina, Inc.†		7,000		1,287,300
Incyte Corp.†		210,800		24,081,792
Insmed, Inc.†		239,400		3,904,614
Intercept Pharmaceuticals, Inc.†#		7,258		1,281,109
Ligand Pharmaceuticals, Inc.†#		11,100		1,188,588
Medivation, Inc.†		22,100		934,388
Momenta Pharmaceuticals, Inc.†		11,100		198,246
Novavax, Inc.†#		588,000		5,033,280
Prothena Corp. PLC†#		95,687		6,749,761
Puma Biotechnology, Inc.†#		53,824		4,052,947
Regeneron Pharmaceuticals, Inc.†		41,600		22,651,200
REGENXBIO, Inc.(1)(2)(5)		16,965		386,318
REGENXBIO, Inc.†#		9,200		220,524
Retrophin, Inc.†#		24,100		538,635
Spark Therapeutics, Inc.†#		37,325		2,157,012
Ultragenyx Pharmaceutical, Inc.†		30,492		2,997,973
Vertex Pharmaceuticals, Inc.†		149,494		19,338,544
Zeneca, Inc. CVR(1)(2)(6)		23,110		14,213
				208,755,299
Medical - Drugs — 24.4%
AbbVie, Inc.		166,377		9,674,822
ACADIA Pharmaceuticals, Inc.†		146,300		5,552,085
Aimmune Therapeutics, Inc.†		15,600		333,684
Alkermes PLC†		205,500		15,075,480
Allergan PLC†		167,080		52,444,741
Amicus Therapeutics, Inc.†		194,400		2,085,912
Array BioPharma, Inc.†#		69,100		273,636
Astellas Pharma, Inc.		272,000		3,830,317
Baxalta, Inc.		354,700		12,194,586
Bristol-Myers Squibb Co.		287,900		19,292,179
Carbylan Therapeutics, Inc.†		81,200		323,988
Chimerix, Inc.†		72,200		2,916,880
Chugai Pharmaceutical Co., Ltd.#		134,300		4,691,227
Clovis Oncology, Inc.†		42,400		1,333,480
CoLucid Pharmaceuticals, Inc.†#		30,300		172,407
Eli Lilly & Co.		227,400		18,655,896
Endo International PLC†		45,400		2,791,192
FibroGen, Inc.†		33,600		999,264
GlaxoSmithKline PLC ADR#		76,600		3,103,066
Immune Design Corp.†#		19,600		410,228
Inotek Pharmaceuticals Corp.†#		37,700		452,023
Ironwood Pharmaceuticals, Inc.†#		165,400		2,017,880
Jazz Pharmaceuticals PLC†		14,200		2,081,578
Mallinckrodt PLC†		246,344		16,729,221
Natco Pharma, Ltd.		49,005		387,379
Ophthotech Corp.†		42,500		2,701,725
Orexigen Therapeutics, Inc.†#		327,900		783,681
Pacira Pharmaceuticals, Inc.†#		61,400		3,975,650
Pfizer, Inc.		91,700		3,005,009

118

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Shire PLC ADR		25,200	$	5,250,672
Takeda Pharmaceutical Co., Ltd.		26,900		1,307,414
TESARO, Inc.†		94,072		4,801,435
TherapeuticsMD, Inc.†#		280,500		2,106,555
Valeant Pharmaceuticals International, Inc.†		144,833		13,029,177
Zoetis, Inc.		43,300		2,022,110
				216,806,579
Medical - Generic Drugs — 1.2%
Teva Pharmaceutical Industries, Ltd. ADR		165,000		10,383,450
Medical - HMO — 15.6%
Aetna, Inc.		261,800		26,899,950
Anthem, Inc.		132,400		17,262,312
Centene Corp.†		84,800		4,897,200
Cigna Corp.		171,200		23,108,576
Humana, Inc.		171,800		28,975,788
UnitedHealth Group, Inc.		281,700		31,750,407
Universal American Corp.		53,100		397,188
WellCare Health Plans, Inc.†		69,100		5,699,368
				138,990,789
Medical - Hospitals — 3.5%
Acadia Healthcare Co., Inc.†		63,980		4,415,260
Adeptus Health, Inc., Class A†#		40,800		2,451,672
Community Health Systems, Inc.†		14,200		410,948
HCA Holdings, Inc.†		204,100		13,891,046
Mediclinic International, Ltd.		111,229		884,846
Universal Health Services, Inc., Class B		74,300		9,028,936
				31,082,708
Medical - Wholesale Drug Distribution — 2.4%
McKesson Corp.		112,800		21,358,680
Pharmacy Services — 0.3%
Diplomat Pharmacy, Inc.†#		78,400		2,754,192
JAND, Inc. (dba Warby Parker)., Class A(1)(2)(6)		33,706		387,124
				3,141,316
Physicians Practice Management — 0.5%
Envision Healthcare Holdings, Inc.†		41,800		1,149,500
MEDNAX, Inc.†		47,500		3,390,075
				4,539,575
Retail - Convenience Store — 0.1%
CP ALL PCL		494,800		648,873
Retail - Drug Store — 2.5%
CVS Health Corp.		25,500		2,399,295
Raia Drogasil SA		44,000		450,918
Rite Aid Corp.†		1,146,200		9,032,056
Walgreens Boots Alliance, Inc.		122,200		10,268,466
				22,150,735
Therapeutics — 2.6%
Agios Pharmaceuticals, Inc.†#		3,400		219,606
aTyr Pharma, Inc.†#		29,025		247,003
Axovant Sciences, Ltd.†#		29,000		550,420
Dyax Corp.†		154,800		5,210,568
Neurocrine Biosciences, Inc.†		264,335		14,371,894
Portola Pharmaceuticals, Inc.†		8,600		426,646
Seres Health, Inc. Series C(1)(2)(5)		20,906		711,609
Seres Therapeutics, Inc.†#		16,500		591,195
Xencor, Inc.†#		30,200		485,616
				22,814,557

Security Description	Shares/ Principal Amount			Value (Note 2)
Wireless Equipment — 0.3%
GN Store Nord A/S#		140,883		$	2,583,801
Total Common Stocks
(cost $630,373,041)					848,232,320
CONVERTIBLE PREFERRED SECURITIES — 0.9%
Medical Information Systems — 0.0%
Doximity, Inc. Series C(1)(2)(6)		64,785			281,348
Medical - Biomedical/Gene — 0.1%
Audentes Therapeutics, Inc. Series C(1)(2)(6)		37,847			255,036
BeiGene Co., Ltd. Series A-2(1)(2)(6)		212,162			248,230
Corvus Pharmaceuticals, Inc.(1)(2)(6)		17,999			252,166
Ovid Therapeutics, Inc. Series B(1)(2)(6)		31,882			198,625
					954,057
Medical - Drugs — 0.3%
Allergan PLC Series A		2,814			2,947,159
Medical - HMO — 0.2%
Anthem, Inc.		27,400			1,201,216
Pharmacy Services — 0.3%
Acerta Pharma B.V. Series B(1)(2)(6)		108,621			1,249,141
JAND, Inc. (dba Warby Parker) Series D(1)(2)(6)		75,264			864,430
					2,113,571
Therapeutics — 0.0%
Editas Medicine, Inc. Series B(1)(2)(6)		55,131			248,089
Total Convertible Preferred Securities
(cost $7,797,296)					7,745,440
WARRANTS — 0.0%
Medical - Drugs — 0.0%
Alexza Pharmaceuticals, Inc. Expires 10/05/2016 (strike price $27.70)(1)(2) (cost $1,631)		1,305			0
CONVERTIBLE BONDS & NOTES — 0.1%
Medical - Drugs — 0.1%
Ironwood Pharmaceuticals, Inc. Senior Notes 2.25% due 06/15/2022* (cost $1,240,000)	$	1,240,000			1,192,725
RIGHTS — 0.0%
Medical Products — 0.0%
Wright Medical Group NV†# (cost $20,174)		7,700			8,008
Total Long-Term Investment Securities
(cost $639,432,142)					857,178,493
SHORT-TERM INVESTMENT SECURITIES — 8.1%
Registered Investment Companies — 8.1%
State Street Navigator Securities Lending Prime Portfolio 0.24%(3)(4)		39,533,698			39,533,698
T. Rowe Price Reserve Investment Fund 0.12%(4)		32,294,701			32,294,701
Total Short-Term Investment Securities
(cost $71,828,399)					71,828,399
TOTAL INVESTMENTS
(cost $711,260,541)(7)		104.5	%		929,006,892
Liabilities in excess of other assets		(4.5	)		(39,595,416	)
NET ASSETS —		100.0	%	$	889,411,476

119

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

† Non-income producing security

# The security or a portion thereof is out on loan

* 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, 2015, the aggregate value of these securities was $1,192,725 representing 0.1% 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, 2015, the Health Sciences Fund held the following restricted securities

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Advanced Accelerator Application SA		6/12/2015		72,378	$	441,506	$	908,995	$	12.56		0.10	%
Avexis, Inc.		9/3/2015		17,345		503,005		440,563		25.40		0.05
JAND, Inc. (dba Warby Parker) Class A		4/23/2015		33,706		387,124		387,124		11.49		0.04
Novocure, Ltd Series J		6/1/2015		48,280		1,126,362		1,116,829		23.13		0.13
REGENXBIO, Inc.		5/5/2015		16,965		162,353		386,318		22.77		0.04
Seres Health, Inc. Series C		11/24/2014		20,906		254,284		711,609		34.04		0.08
Zeneca, Inc. CVR		7/19/2013		23,110		—		14,213		0.62		0.00
Convertible Preferred Securities
Acerta Pharma B.V. Series B		5/12/2015		108,621		1,249,141		1,249,141		11.50		0.14
Audentes Therapeutics, Inc Series C		10/8/2015		37,847		255,036		255,036		6.74		0.03

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
BeiGene Co., Ltd. Series A-2		4/21/2015		212,162	$	248,230	$	248,230	$	1.17		0.03	%
Corvus Pharmaceuticals, Inc.		9/16/2015		17,999		252,166		252,166		14.01		0.03
Doximity, Inc. Series C		4/10/2014		64,785		312,316		281,348		4.34		0.03
Editas Medicine Series B		8/4/2015		55,131	$	248,090	$	248,089	$	4.50		0.03
JAND, Inc. (dba Warby Parker). Series D		4/23/2015		75,264		864,430		864,430		11.49		0.10
Ovid Therapeutics, Inc. Series B		8/10/2015		31,882		198,625		198,625		6.23		0.02
Warrants
Alexza Pharmaceuticals, Inc. Expires 10/05/2016 Strike price $27.70		10/5/2009		1,305		1,631		0		0.00		0.00
							$	7,562,715				0.85	%

(2) Illiquid security. At November 30, 2015, the aggregate value of these securities was $0 representing 0.0% of net assets.

(3) At November 30, 2015, the Fund had loaned securities with a total value of $41,456,678. This was secured by collateral of $39,533,699, which was received in cash and subsequently invested in short-term investments currently valued at $39,533,699 as reported in the Portfolio of Investments. Additional collateral of $2,775,676 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
United States Treasury Bills	0.00%	12/03/2015 to 10/13/2016	$	384,062
United States Treasury Notes/Bonds	zero coupon to 6.25%	01/15/2016 to 05/15/2045		2,391,614

(4) The rate shown is the 7-day yield as of November 30, 2015.

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

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

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

ADR—American Depositary Receipt

CVR—Contingent Value Rights

Written Call Options
Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Received		Value at November 30, 2015		Unrealized Appreciation (Depreciation)
BioMarin Pharmaceutical, Inc.		Jan-16	$	180.00		7	$	4,900	$	105	$	4,795
Gilead Sciences, Inc.		Jan-16		125.00		209		118,527		3,135		115,392
United Health Group		Dec-15		130.00		103		28,853		721		28,132
						319	$	152,280	$	3,961	$	148,319

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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 Products	$	49,965,911	$	2,025,824	$	—	$	51,991,735
Medical — Biomedical/Gene		207,914,205		386,318		454,776		208,755,299
Pharmacy Services		2,754,192		—		387,124		3,141,316
Therapeutics		22,102,948		711,609		—		22,814,557
Other Industries		561,529,413		—		—		561,529,413

120

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

	Level 1- Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Convertible Preferred Securities:
Medical — Drugs	$	2,947,159	$	—	$	—	$	2,947,159
Medical — HMO		1,201,216		—		—		1,201,216
Therapeutics		—		—		248,089		248,089
Other Industries		—		—		3,348,976		3,348,976
Warrants		—		0		—		0
Convertible Bonds & Notes		—		1,192,725		—		1,192,725
Rights		8,008		—		—		8,008
Short-Term Investment Securities		71,828,399		—		—		71,828,399
Total Investments at Value	$	920,251,451	$	4,316,476	$	4,438,965	$	929,006,892
Other Financial Instruments:†
Written Call Options	$	148,319	$	—	$	—	$	148,319

* 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. Securities currently valued at $10,953,641 were transferred

from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.

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

See Notes to Financial Statements

121

VALIC Company I Inflation Protected Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

United States Treasury Notes	30.9	%
United States Treasury Bonds	23.4
Diversified Banking Institutions	11.7
Sovereign	10.0
Insurance — Life/Health	3.1
Time Deposits	2.5
Insurance — Multi-line	2.2
Federal Home Loan Mtg. Corp.	2.0
Banks — Commercial	1.9
Finance — Consumer Loans	1.4
Banks — Super Regional	1.1
Federal National Mtg. Assoc.	1.1
Diversified Financial Services	1.1
Special Purpose Entities	1.0
Auto — Cars/Light Trucks	0.9
Certificates of Deposit	0.7
Gold Mining	0.5
Banks — Money Center	0.4
Registered Investment Companies	0.4
Telephone — Integrated	0.4
Medical — Generic Drugs	0.3
Steel — Specialty	0.3
Insurance — Reinsurance	0.2
Electric — Integrated	0.2
Property Trust	0.2
Oil Companies — Integrated	0.2
Pipelines	0.2
Insurance — Property/Casualty	0.2
Oil Companies — Exploration & Production	0.2
Banks — Fiduciary	0.2
Diversified Minerals	0.1
Metal — Copper	0.1
Government National Mtg. Assoc.	0.1
Real Estate Investment Trusts	0.1
Federal Home Loan Bank	0.1
Coatings/Paint	0.1
Regional Authority	0.1
Electric — Generation	0.1
Chemicals — Plastics	0.1
Steel Pipe & Tube	0.1
	99.9	%

Credit Quality†#

Aaa	70.6	%
Aa	7.4
A	9.1
Baa	6.8
Ba	2.7
B	0.7
Not Rated@	2.7
	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.

122

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Principal Amount**		Value (Note 2)
ASSET BACKED SECURITIES — 0.4%
Diversified Financial Services — 0.4%
Invitation Homes Trust FRS Series 2014-SFR1, Class A 1.20% due 06/17/2031*	$	800,000	$	784,308
JPMorgan Chase Commercial Mtg. Securities Trust FRS Series 2014-FBLU, Class B 1.70% due 12/15/2028*(1)		500,000		499,968
Synchrony Credit Card Master Note Trust Series 2015-3, Class A 1.74% due 09/15/2021		513,000		512,541
Total Asset Backed Securities
(cost $1,816,056)				1,796,817
U.S. CORPORATE BONDS & NOTES — 17.1%
Auto-Cars/Light Trucks — 0.9%
Hyundai Capital America Senior Notes 2.40% due 10/30/2018*		132,000		131,703
Hyundai Capital America Senior Notes 3.00% due 10/30/2020*		400,000		398,713
Toyota Motor Credit Corp. Senior Notes 0.75% due 03/05/2017(2)		1,700,000		1,697,819
Toyota Motor Credit Corp. FRS Senior Notes 1.50% due 02/13/2020		2,000,000		1,964,556
				4,192,791
Banks-Commercial — 0.3%
First Horizon National Corp. Senior Notes 3.50% due 12/15/2020		198,000		197,280
Zions Bancorporation FRS Sub. Notes 5.65% due 11/15/2023		1,300,000		1,347,125
				1,544,405
Banks-Super Regional — 0.6%
JPMorgan Chase Bank NA FRS Sub. Notes 0.67% due 06/13/2016		497,000		496,515
Wells Fargo & Co. FRS Senior Notes 1.46% due 03/31/2021		2,000,000		2,017,332
				2,513,847
Coatings/Paint — 0.1%
RPM International, Inc. Senior Notes 5.25% due 06/01/2045		523,000		490,992
Diversified Banking Institutions — 8.3%
Bank of America Corp. FRS Senior Notes 1.30% due 11/19/2024		2,000,000		1,915,000
Bank of America Corp. FRS Senior Notes 2.30% due 02/18/2020		1,600,000		1,600,480
Citigroup, Inc. FRS Senior Notes 0.27% due 03/27/2025		2,000,000		1,877,000
Citigroup, Inc. FRS Senior Notes 0.96% due 09/29/2024		2,000,000		1,900,980
Citigroup, Inc. FRS Senior Notes 2.46% due 03/30/2020		4,000,000		4,153,840

Security Description	Principal Amount**		Value (Note 2)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. FRS Senior Notes 1.36% due 08/30/2023	$	4,000,000	$	3,967,892
Goldman Sachs Group, Inc. FRS Senior Notes 1.48% due 04/23/2020		1,057,000		1,065,295
JPMorgan Chase & Co. FRS Senior Notes 0.46% due 06/23/2016		2,000,000		1,977,200
JPMorgan Chase & Co. FRS Senior Notes 1.21% due 12/20/2023		2,000,000		1,971,200
JPMorgan Chase & Co. FRS Senior Notes 1.96% due 02/25/2021		1,000,000		1,000,000
JPMorgan Chase & Co. FRS Senior Notes 2.04% due 04/28/2020		5,000,000		5,122,000
JPMorgan Chase & Co. Senior Notes 2.55% due 10/29/2020		400,000		398,978
Morgan Stanley FRS Senior Notes 0.77% due 10/18/2016		400,000		399,796
Morgan Stanley FRS Senior Notes 1.64% due 02/25/2016		1,400,000		1,402,628
Morgan Stanley FRS Senior Notes 1.75% due 08/24/2023		468,000		468,000
Morgan Stanley FRS Senior Notes 2.17% due 06/09/2023		664,000		680,600
Morgan Stanley FRS Senior Notes 2.20% due 12/15/2019		1,813,000		1,867,390
Morgan Stanley FRS Senior Notes 2.20% due 01/24/2020		2,203,000		2,280,105
Morgan Stanley FRS Senior Notes 2.20% due 04/25/2023		3,870,000		3,947,400
				37,995,784
Diversified Financial Services — 0.5%
Morgan Stanley & Co. LLC FRS Senior Notes 2.20% due 02/11/2020		2,000,000		2,065,000
Finance - Consumer Loans — 0.8%
SLM Corp. FRS Senior Notes 2.21% due 05/03/2019		3,176,000		2,820,288
SLM Corp. FRS Senior Notes 2.35% due 12/15/2020		1,317,000		943,630
				3,763,918
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. FRS Escrow Notes 0.00% due 04/14/2011†		400,000		29,000
Lehman Brothers Holdings, Inc. FRS Escrow Notes 0.00% due 06/10/2014†		578,000		43,350

123

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount**		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Lehman Brothers Holdings, Inc. FRS Escrow Notes 0.00% due 11/01/2014†	$	1,000,000	$	72,500
				144,850
Finance - Other Services — 0.0%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.30% due 11/01/2020		130,000		129,155
Insurance - Life/Health — 2.3%
Allstate Life Global Funding Trusts FRS Senior Sec. Notes 0.29% due 11/25/2016		1,744,000		1,714,352
Pacific Life Global Funding FRS Bonds 2.14% due 02/06/2016*		6,000,000		5,940,000
Pacific Life Global Funding FRS Senior Notes 2.29% due 06/02/2018*		300,000		291,906
Pacific LifeCorp Senior Notes 6.00% due 02/10/2020*		307,000		343,517
Prudential Financial, Inc. FRS Senior Notes 2.71% due 05/23/2018		2,000,000		2,030,000
				10,319,775
Insurance - Multi-line — 1.2%
Monumental Global Funding III FRS Senior Sec. Notes 2.38% due 05/22/2018*		5,000,000		5,324,590
Insurance - Property/Casualty — 0.1%
ACE INA Holdings, Inc. Company Guar. Notes 2.30% due 11/03/2020		308,000		305,955
Metal - Copper — 0.1%
Freeport - McMoRan, Inc. Company Guar. Notes 2.30% due 11/14/2017		753,000		679,583
Oil Companies - Exploration & Production — 0.2%
Anadarko Petroleum Corp. Senior Notes 6.45% due 09/15/2036		385,000		422,346
Apache Corp. Senior Notes 2.63% due 01/15/2023		400,000		377,717
				800,063
Oil Companies - Integrated — 0.1%
Marathon Oil Corp. Senior Notes 2.70% due 06/01/2020		522,000		501,134
Pipelines — 0.1%
Kinder Morgan, Inc. Company Guar. Notes 2.00% due 12/01/2017		456,000		442,318
Property Trust — 0.2%
WEA Finance LLC/Westfield UK & Europe Finance PLC Company Guar. Notes 3.25% due 10/05/2020*		914,000		920,626

Security Description	Principal Amount**		Value (Note 2)
Real Estate Investment Trusts — 0.1%
National Retail Properties, Inc. Senior Notes 4.00% due 11/15/2025	$	128,000	$	127,331
Omega Healthcare Investors, Inc. Company Guar. Notes 4.50% due 04/01/2027*		406,000		386,625
Omega Healthcare Investors, Inc. Company Guar. Notes 5.25% due 01/15/2026*		111,000		114,016
				627,972
Special Purpose Entity — 0.7%
Hartford Life Institutional Funding FRS Senior Sec. Notes 2.47% due 05/08/2018*(3)		3,000,000		3,021,270
Steel Pipe & Tube — 0.1%
Valmont Industries, Inc. Company Guar. Notes 5.25% due 10/01/2054		270,000		231,186
Steel - Specialty — 0.3%
Allegheny Technologies, Inc. Senior Notes 5.95% due 01/15/2021		1,880,000		1,447,600
Telephone - Integrated — 0.1%
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		428,000		400,928
Total U.S. Corporate Bonds & Notes
(cost $78,961,100)				77,863,742
FOREIGN CORPORATE BONDS & NOTES — 5.7%
Banks - Commercial — 1.2%
Banco Santander Chile FRS Senior Notes 1.22% due 04/11/2017*		800,000		794,200
Bank of Montreal Senior Notes 2.38% due 01/25/2019		400,000		404,951
Barclays Bank PLC FRS Senior Notes 0.00% due 03/10/2017		2,466,000		2,435,175
BNP Paribas US LLC FRS Company Guar. Notes 0.25% due 04/03/2017		674,000		664,092
Santander Issuances SAU Company Guar. Notes 5.18% due 11/19/2025		600,000		602,460
Sumitomo Mitsui Banking Corp. Company Guar. Notes 2.45% due 10/20/2020		500,000		496,042
				5,396,920
Banks - Money Center — 0.3%
ABN AMRO Bank NV VRS Sub. Notes 6.25% due 09/13/2022		1,000,000		1,055,000
Royal Bank of Scotland NV Company Guar. Notes 4.65% due 06/04/2018		300,000		311,382
				1,366,382

124

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount**		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Chemicals - Plastics — 0.1%
Mexichem SAB de CV Company Guar. Notes 5.88% due 09/17/2044*	$	320,000	$	275,600
Diversified Banking Institutions — 2.5%
Royal Bank of Scotland PLC FRS Company Guar. Notes 1.95% due 03/31/2018		2,000,000		2,002,080
Societe Generale SA FRS Company Guar. Notes 3.60% due 05/03/2023(3)		10,000,000		9,555,000
				11,557,080
Diversified Financial Services — 0.2%
GE Capital International Funding Co. Company Guar. Notes 0.96% due 04/15/2016*		846,000		847,025
Diversified Minerals — 0.1%
Anglo American Capital PLC Company Guar. Notes 2.63% due 09/27/2017*		350,000		331,188
Teck Resources, Ltd. Company Guar. Notes 2.50% due 02/01/2018#		509,000		397,020
				728,208
Electric - Generation — 0.1%
Electricite de France SA Senior Notes 2.35% due 10/13/2020*		320,000		316,175
Gold Mining — 0.5%
Goldcorp, Inc. Senior Notes 3.63% due 06/09/2021		789,000		757,234
Goldcorp, Inc. Senior Notes 5.45% due 06/09/2044		462,000		407,161
Kinross Gold Corp. Company Guar. Notes 5.13% due 09/01/2021#		475,000		417,895
Kinross Gold Corp. Company Guar. Notes 5.95% due 03/15/2024		1,036,000		816,431
				2,398,721
Insurance - Multi-line — 0.0%
XLIT, Ltd. Company Guar. Notes 5.50% due 03/31/2045		162,000		152,908
Medical - Generic Drugs — 0.3%
Actavis Funding SCS FRS Company Guar. Notes 1.29% due 09/01/2016		1,066,000		1,068,520
Actavis Funding SCS FRS Company Guar. Notes 1.42% due 03/12/2018		439,000		440,358
				1,508,878
Oil Companies - Integrated — 0.1%
Petrobras Global Finance BV FRS Company Guar. Notes 2.46% due 01/15/2019		500,000		396,250

Security Description	Principal Amount**		Value (Note 2)
Telephone - Integrated — 0.3%
Telefonica Emisiones SAU FRS Company Guar. Notes 0.98% due 06/23/2017	$	1,200,000	$	1,196,198
Total Foreign Corporate Bonds & Notes
(cost $27,278,052)				26,140,345
U.S. GOVERNMENT AGENCIES — 3.3%
Federal Home Loan Bank — 0.1%
Federal Home Loan Bank FRS 2.00% due 05/13/2025		500,000		500,668
Federal Home Loan Mtg. Corp. — 2.0%
Federal Home Loan Mtg. Corp. REMIC FRS(4)
Series 4012, Class NF 0.65% due 12/15/2038		1,164,070		1,176,567
Series 3925, Class FL 0.65% due 01/15/2041		1,168,450		1,177,538
Series 4001, Class FM 0.70% due 02/15/2042		630,300		635,716
Series 3355, Class BF 0.90% due 08/15/2037		724,770		736,413
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS(4) Series 2014-DN2, Class M2 1.87% due 04/25/2024		2,500,000		2,472,488
Series 2014-DN1, Class M2 2.40% due 02/25/2024		1,685,000		1,687,902
Series 2015-HQ1, Class M2 2.42% due 03/25/2025		1,000,000		1,001,508
				8,888,132
Federal National Mtg. Assoc. — 1.1%
Fannie Mae Connecticut Avenue Securities FRS(4)
Series 2014-C01, Class M1
1.82% due 01/25/2024		17,437		17,456
Series 2013-C01, Class M1
2.22% due 10/25/2023		354,810		357,713
Federal National Mtg. Assoc. REMIC FRS(4)
Series 2012-93, Class BF
0.62% due 09/25/2042		1,642,437		1,652,604
Series 2011-103, Class FD
0.67% due 05/25/2040		2,847,982		2,858,194
				4,885,967
Government National Mtg. Assoc. — 0.1%
Government National Mtg. Assoc. REMIC FRS Series 2010-14, Class FN 0.75% due 02/16/2040(4)		624,045		630,719
Total U.S. Government Agencies
(cost $14,879,741)				14,905,486
U.S. GOVERNMENT TREASURIES — 54.3%
United States Treasury Bonds TIPS(5) — 23.4%
0.75% due 02/15/2045		5,109,644		4,541,395
1.38% due 02/15/2044		4,375,071		4,540,273
1.75% due 01/15/2028		19,195,865		21,296,411
2.00% due 01/15/2026		9,603,269		10,797,301
2.13% due 02/15/2040		2,642,256		3,169,365
2.13% due 02/15/2041		4,531,164		5,461,706
2.38% due 01/15/2025		3,787,170		4,355,049
2.50% due 01/15/2029		9,420,805		11,348,386
3.63% due 04/15/2028		13,241,070		17,580,447
3.88% due 04/15/2029		17,008,008		23,494,743
				106,585,076

125

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount**/ Shares		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes — 30.9%
0.13% due 04/15/2016 TIPS(5)	$	13,233,064	$	13,167,243
0.13% due 04/15/2017 TIPS(5)		19,694,834		19,668,935
0.13% due 04/15/2018 TIPS(5)		14,977,770		14,976,212
0.13% due 04/15/2019 TIPS(5)		3,940,218		3,928,775
0.13% due 04/15/2020 TIPS(5)		2,552,417		2,531,015
0.13% due 07/15/2022 TIPS(5)		3,621,660		3,539,514
0.13% due 01/15/2023 TIPS(5)		13,401,830		12,956,327
0.13% due 07/15/2024 TIPS(5)		5,261,288		5,044,601
0.25% due 01/15/2025 TIPS(5)		4,520,970		4,357,261
0.38% due 07/15/2025 TIPS(5)		3,267,770		3,195,990
0.63% due 07/15/2021 TIPS(5)		1,055,790		1,071,091
0.63% due 01/15/2024 TIPS(5)		1,825,496		1,822,215
1.13% due 01/15/2021 TIPS(5)		9,246,215		9,598,246
1.25% due 07/15/2020 TIPS(5)		3,273,360		3,423,601
1.38% due 07/15/2018 TIPS(5)		12,028,041		12,484,421
1.38% due 01/15/2020 TIPS(5)		6,602,400		6,900,366
1.63% due 03/31/2019		500,000		504,531
1.88% due 07/15/2019 TIPS(5)		1,671,690		1,780,982
2.00% due 01/15/2016 TIPS(5)		5,994,550		5,991,972
2.38% due 01/15/2017 TIPS(5)		4,719,880		4,840,520
2.63% due 07/15/2017 TIPS(5)		8,725,788		9,136,738
				140,920,556
Total U.S. Government Treasuries
(cost $236,251,176)				247,505,632
FOREIGN GOVERNMENT OBLIGATIONS — 10.1%
Regional Authority — 0.1%
Province of Manitoba Canada Senior Notes 2.05% due 11/30/2020		400,000		400,143
Sovereign — 10.0%
Commonwealth of Australia Bonds 2.50% due 09/20/2030(5)	AUD	3,110,525		2,746,812
Commonwealth of Australia Bonds 3.00% due 09/20/2025(5)	AUD	15,535,960		13,767,740
Government of Canada Bonds 1.50% due 12/01/2044(5)	CAD	1,209,494		1,079,030
Government of Canada Bonds 4.25% due 12/01/2021(5)	CAD	18,145,563		17,282,750
Republic of Italy Bonds 1.25% due 09/15/2032*(5)	EUR	1,992,980		2,251,446
United Kingdom Inflation Linked Gilt Treasury Bonds 0.13% due 03/22/2029(5)	GBP	3,838,010		6,485,287
United Kingdom Inflation Linked Gilt Treasury Bonds 0.13% due 03/22/2044(5)	GBP	1,177,968		2,276,767
				45,889,832
Total Foreign Government Obligations
(cost $53,220,962)				46,289,975
PREFERRED SECURITIES — 1.9%
Banks - Commercial — 0.2%
HSBC USA, Inc. FRS Series F 3.50%#		46,918		1,042,049
Banks - Money Center — 0.1%
UBS Preferred Funding Trust IV FRS 0.90%#		21,000		410,760

Security Description	Principal Amount**/ Shares		Value (Note 2)
Banks - Super Regional — 0.2%
Wells Fargo & Co. FRS 5.85%		40,000	$	1,032,000
Electric - Integrated — 0.0%
Alabama Power Co. 6.50%		770		21,652
Finance - Consumer Loans — 0.6%
Navient Corp. FRS 2.20%#		84,412		2,013,226
Navient Corp. FRS 2.25%		33,871		772,259
				2,785,485
Insurance - Life/Health — 0.8%
Prudential Financial, Inc. FRS 2.60%		138,486		3,545,242
Total Preferred Securities (cost $8,837,331)				8,837,188
PREFERRED SECURITIES/CAPITAL SECURITIES — 3.5%
Banks - Commercial — 0.2%
Banco do Brasil SA VRS 9.00% due 06/18/2024*(6)		800,000		555,000
Corestates Capital II FRS 0.97% due 01/15/2027*		512,000		442,957
				997,957
Banks - Fiduciary — 0.2%
UBS Preferred Funding Trust V FRS 6.24% due 05/15/2016#(6)		600,000		609,000
Banks - Super Regional — 0.3%
PNC Preferred Funding Trust II FRS 1.56% due 03/15/2017*(6)		1,000,000		896,250
SunTrust Capital III FRS 0.99% due 03/15/2028		707,000		569,700
				1,465,950
Diversified Banking Institutions — 0.9%
BAC Capital Trust XIV FRS 4.00% due 12/21/2015(6)		1,800,000		1,356,750
BNP Paribas SA FRS 7.44% due 10/23/2017(6)	GBP	200,000		317,561
JP Morgan Chase Capital XIII FRS Series M 1.28% due 09/30/2034		1,039,000		867,565
JPMorgan Chase & Co. FRS Series U 6.13% due 04/30/2024(6)		635,000		642,099
MUFG Capital Finance 1, Ltd. FRS 6.35% due 07/25/2016(6)		255,000		261,248
Societe Generale SA VRS 7.88% due 12/18/2023*#(6)		500,000		505,600
				3,950,823
Electric - Integrated — 0.2%
Dominion Resources, Inc. FRS 2.63% due 09/30/2066		1,200,000		935,747
Insurance - Multi-line — 1.0%
Genworth Holdings, Inc. FRS 6.15% due 11/15/2066		800,000		304,000
XL Group PLC FRS 6.50% due 04/15/2017(6)		4,083,000		3,184,740
ZFS Finance USA Trust V FRS 6.50% due 05/09/2067*		1,000,000		1,025,000
				4,513,740

126

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount**/ Shares			Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Insurance - Property/Casualty — 0.1%
ZFS Finance USA Trust II FRS 6.45% due 12/15/2065*		500,000		$	506,250
Insurance - Reinsurance — 0.2%
Swiss Re Capital I LP FRS 6.85% due 05/25/2016*(6)		1,000,000			1,013,378
Pipelines — 0.1%
DCP Midstream LLC FRS 5.85% due 05/21/2043*		493,000			389,470
Special Purpose Entity — 0.3%
Goldman Sachs Capital III FRS 4.00% due 01/04/2016(6)		1,900,000			1,368,000
Total Preferred Securities/Capital Securities
(cost $18,042,510)					15,750,315
Total Long-Term Investment Securities
(cost $439,286,928)					439,089,500
SHORT-TERM INVESTMENT SECURITIES — 3.6%
Certificates of Deposit — 0.7%
Banco Bilbao Vizcaya Argentaria NY FRS 1.21% due 05/16/2016	$	3,000,000			2,993,469
Registered Investment Companies — 0.4%
State Street Navigator Securities Lending Prime Portfolio 0.24%(7)(8)		1,762,313			1,762,313
Time Deposits — 2.5%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015		11,627,000			11,627,000
Total Short-Term Investment Securities
(cost $16,386,625)					16,382,782
TOTAL INVESTMENTS
(cost $455,673,553)(9)		99.9	%		455,472,282
Other assets less liabilities		0.1			648,518
NET ASSETS		100.0	%	$	456,120,800

* 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, 2015, the aggregate value of these securities was $28,306,781 representing 6.2% 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.)

** Denominated in United States Dollars unless otherwise indicated.

† Non-income producing security

(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, 2015.

(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, 2015, the Fund had loaned securities with a total value of $1,718,885. This was secured by collateral of $1,762,313, which was received in cash and subsequently invested in short-term investments currently valued at $1,762,313 as reported in the Portfolio of Investments.

(8) The rate shown is the 7-day yield as of November 30, 2015.

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

AUD—Australian Dollar

CAD—Canadian Dollar

EUR—Euro 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, 2015, 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, 2015 (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	$	—	$	1,796,817	$	—	$	1,796,817
U.S. Corporate Bonds & Notes:
Special Purpose Entity		—		—		3,021,270		3,021,270
Other Industries		—		74,842,472		—		74,842,472
Foreign Corporate Bonds & Notes:
Diversified Banking Institutions		—		2,002,080		9,555,000		11,557,080
Other Industries		—		14,583,265		—		14,583,265
U.S. Government Agencies		—		14,905,486		—		14,905,486
U.S. Government Treasuries		—		247,505,632		—		247,505,632
Foreign Government Obligations		—		46,289,975		—		46,289,975
Preferred Securities		8,837,188		—		—		8,837,188
Preferred Securities/Capital Securities		—		15,750,315		—		15,750,315
Short-Term Investment Securities:
Registered Investment Companies		1,762,313		—		—		1,762,313
Other Short-Term Investment Securities		—		14,620,469		—		14,620,469
Total Investments at Value	$	10,599,501	$	432,296,511	$	12,576,270	$	455,472,282

* 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.

127

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (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 5/31/2015	$	3,042,960		$	9,440,000
Accrued discounts		—			—
Accrued premiums		(20,418	)		—
Realized gain		—			—
Realized loss		—			—
Change in unrealized appreciation (1)		—			115,000
Change in unrealized depreciation (1)		(1,272	)		—
Net purchases		—			—
Net sales		—			—
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Balance as of 11/30/2015	$	3,021,270		$	9,555,000

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2015 includes:

U.S. Corporate Bonds & Notes			Foreign Corporate Bonds & Notes
$	(1,272	)	$	115,000

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2015.

The Fund’s securities classified as Level 3, with a fair value of $12,576,270 at November 30, 2015, are attributable to valuations form 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

128

VALIC Company I International Equities Index Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Registered Investment Companies	11.7	%
Medical — Drugs	8.2
Banks — Commercial	6.9
U.S. Government Treasuries	4.7
Exchange — Traded Funds	4.6
Diversified Banking Institutions	4.5
Repurchase Agreements	3.8
Auto — Cars/Light Trucks	3.8
Oil Companies — Integrated	3.2
Telephone — Integrated	2.9
Food — Misc./Diversified	2.5
Insurance — Life/Health	2.1
Insurance — Multi-line	2.0
Electric — Integrated	1.9
Cosmetics & Toiletries	1.8
Brewery	1.6
Tobacco	1.6
Real Estate Investment Trusts	1.5
Chemicals — Diversified	1.4
Transport — Rail	1.2
Food — Retail	1.1
Real Estate Operations & Development	0.9
Retail — Apparel/Shoe	0.9
Electronic Components — Misc.	0.9
Machinery — Electrical	0.9
Gas — Distribution	0.9
Cellular Telecom	0.8
Diversified Manufacturing Operations	0.8
Auto/Truck Parts & Equipment — Original	0.8
Beverages — Wine/Spirits	0.7
Chemicals — Specialty	0.7
Import/Export	0.7
Diversified Minerals	0.7
Soap & Cleaning Preparation	0.6
Insurance — Property/Casualty	0.6
Oil Companies — Exploration & Production	0.6
Finance — Other Services	0.6
Metal — Diversified	0.5
Insurance — Reinsurance	0.5
Enterprise Software/Service	0.5
Industrial Gases	0.5
Rubber — Tires	0.5
Machinery — General Industrial	0.5
Building Products — Cement	0.5
Transport — Services	0.5
Retail — Jewelry	0.5
Real Estate Management/Services	0.5
Aerospace/Defense	0.5
Building — Residential/Commercial	0.5
Building & Construction Products — Misc.	0.5
Commercial Services	0.4
Audio/Video Products	0.4
Finance — Investment Banker/Broker	0.4
Building — Heavy Construction	0.4
Medical — Generic Drugs	0.4
Telecom Services	0.4
Building & Construction — Misc.	0.4
Metal Processors & Fabrication	0.4
Aerospace/Defense — Equipment	0.3
Electronic Components — Semiconductors	0.3
Agricultural Chemicals	0.3
Medical Products	0.3
Textile — Apparel	0.3
Dialysis Centers	0.3
Semiconductor Equipment	0.3
Machinery — Construction & Mining	0.3
Steel — Producers	0.3
Office Automation & Equipment	0.3
Food — Catering	0.3

Multimedia	0.3
Human Resources	0.3
Industrial Automated/Robotic	0.3
Diversified Operations	0.3
Retail — Drug Store	0.3
Power Converter/Supply Equipment	0.3
Water	0.3
Hotels/Motels	0.3
Public Thoroughfares	0.3
Apparel Manufacturers	0.3
Computers — Integrated Systems	0.3
Investment Companies	0.2
Electric Products — Misc.	0.2
Medical — Biomedical/Gene	0.2
Retail — Major Department Stores	0.2
Television	0.2
Advertising Agencies	0.2
Networking Products	0.2
Computer Services	0.2
Medical Instruments	0.2
Machinery — Farming	0.2
Paper & Related Products	0.2
Electronic Measurement Instruments	0.2
Optical Supplies	0.2
Athletic Footwear	0.2
Advertising Services	0.2
Wireless Equipment	0.2
Auto — Heavy Duty Trucks	0.2
Oil Refining & Marketing	0.2
Distribution/Wholesale	0.2
Casino Hotels	0.2
Diversified Operations/Commercial Services	0.2
Electronics — Military	0.2
Satellite Telecom	0.2
Retail — Building Products	0.2
Web Portals/ISP	0.2
Electric — Transmission	0.2
Gold Mining	0.2
Cable/Satellite TV	0.1
Photo Equipment & Supplies	0.1
Security Services	0.1
Airport Development/Maintenance	0.1
Transport — Marine	0.1
Finance — Leasing Companies	0.1
Toys	0.1
Building Products — Air & Heating	0.1
Machine Tools & Related Products	0.1
Commercial Services — Finance	0.1
Transactional Software	0.1
Retail — Discount	0.1
Food — Confectionery	0.1
Resorts/Theme Parks	0.1
Telecommunication Equipment	0.1
Energy — Alternate Sources	0.1
Beverages — Non-alcoholic	0.1
Publishing — Periodicals	0.1
Containers — Paper/Plastic	0.1
E-Commerce/Products	0.1
Bicycle Manufacturing	0.1
Retail — Vision Service Center	0.1
Diversified Financial Services	0.1
Gas — Transportation	0.1
Printing — Commercial	0.1
Computer Aided Design	0.1
Retail — Consumer Electronics	0.1
Private Equity	0.1
Pipelines	0.1
Cruise Lines	0.1
Applications Software	0.1

129

VALIC Company I International Equities Index Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited) — (continued)

Industry Allocation* (continued)

Computers — Memory Devices	0.1	%
Medical — Hospitals	0.1
Rental Auto/Equipment	0.1
Steel Pipe & Tube	0.1
Appliances	0.1
Tools — Hand Held	0.1
Transport — Truck	0.1
Diagnostic Kits	0.1
Motorcycle/Motor Scooter	0.1
Building Products — Doors & Windows	0.1
MRI/Medical Diagnostic Imaging	0.1
Retail — Home Furnishings	0.1
Publishing — Newspapers	0.1
	111.2	%

Country Allocation*

United States	24.8	%
Japan	20.0
United Kingdom	16.3
France	8.2
Switzerland	8.0
Germany	8.0
Australia	5.5
Netherlands	2.9
Spain	2.9
Sweden	2.5
Hong Kong	2.0
Italy	1.9
Denmark	1.6
Belgium	1.2
Singapore	1.0
Jersey	0.9
Finland	0.8
Israel	0.5
Cayman Islands	0.5
Norway	0.5
Ireland	0.4
Luxembourg	0.2
Austria	0.2
Bermuda	0.2
New Zealand	0.1
Portugal	0.1
	111.2	%

* Calculated as a percentage of net assets

130

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 86.4%
Australia — 5.5%
AGL Energy, Ltd.		50,755	$	607,485
Alumina, Ltd.#		197,532		160,712
Amcor, Ltd.		93,991		919,013
AMP, Ltd.		227,997		957,996
APA Group		84,538		544,127
Aristocrat Leisure, Ltd.		40,794		279,976
Asciano, Ltd.		76,186		471,086
ASX, Ltd.		14,935		447,053
Aurizon Holdings, Ltd.		161,995		652,552
AusNet Services		131,509		143,137
Australia & New Zealand Banking Group, Ltd.		210,925		4,141,488
Bank of Queensland, Ltd.		27,861		275,236
Bendigo & Adelaide Bank, Ltd.		33,627		271,401
BGP Holdings PLC†(1)(2)		835,027		0
BHP Billiton, Ltd.		246,625		3,226,519
Boral, Ltd.#		61,189		250,908
Brambles, Ltd.		121,910		960,121
Caltex Australia, Ltd.		20,446		507,474
CIMIC Group, Ltd.		7,987		144,694
Coca-Cola Amatil, Ltd.		44,505		290,640
Cochlear, Ltd.		4,434		302,613
Commonwealth Bank of Australia		128,658		7,390,603
Computershare, Ltd.		36,757		309,688
Crown Resorts, Ltd.#		28,179		237,212
CSL, Ltd.		35,426		2,564,827
Dexus Property Group		72,260		401,345
Flight Centre Travel Group, Ltd.#		4,399		114,465
Fortescue Metals Group, Ltd.#		128,473		182,107
Goodman Group		133,938		592,808
GPT Group		130,772		436,933
Harvey Norman Holdings, Ltd.#		41,371		122,072
Healthscope, Ltd.		85,336		166,013
Iluka Resources, Ltd.		32,753		136,200
Incitec Pivot, Ltd.		129,131		353,005
Insurance Australia Group, Ltd.#		181,806		728,411
LendLease Group		42,775		394,420
Macquarie Group, Ltd.		22,533		1,326,647
Medibank Private, Ltd.		210,107		352,523
Mirvac Group		287,211		387,381
National Australia Bank, Ltd.		198,576		4,220,704
Newcrest Mining, Ltd.†		58,287		459,891
Orica, Ltd.#		29,022		331,622
Origin Energy, Ltd.		84,611		342,668
Platinum Asset Management, Ltd.#		17,244		100,640
Qantas Airways, Ltd.		39,676		104,445
QBE Insurance Group, Ltd.		103,202		930,707
Ramsay Health Care, Ltd.		10,350		501,877
REA Group, Ltd.		4,157		150,918
Rio Tinto, Ltd.		33,396		1,108,818
Santos, Ltd.#		74,449		215,905
Scentre Group		404,061		1,168,868
SEEK, Ltd.#		25,888		259,864
Sonic Healthcare, Ltd.		29,633		435,684
South32, Ltd.†#		408,752		351,775
Stockland		180,497		522,142
Suncorp Group, Ltd.		99,549		963,998
Sydney Airport		84,807		404,794
Tabcorp Holdings, Ltd.		58,533		193,453
Tatts Group, Ltd.		108,548		326,568
Telstra Corp., Ltd.		325,547		1,261,935
TPG Telecom, Ltd.		21,960		164,056
Transurban Group		144,228		1,081,650
Treasury Wine Estates, Ltd.		50,378		275,801
Vicinity Centres		253,529		496,885
Wesfarmers, Ltd.		86,534		2,383,726
Westfield Corp.†		150,757		1,046,664
Westpac Banking Corp.		238,355		5,541,965

Security Description	Shares		Value (Note 2)
Australia (continued)
Woodside Petroleum, Ltd.		56,890	$	1,238,811
Woolworths, Ltd.#		97,394		1,667,205
WorleyParsons, Ltd.#		15,753		66,077
				60,071,007
Austria — 0.2%
ANDRITZ AG		5,683		298,207
Erste Group Bank AG†		21,641		663,994
OMV AG		11,211		319,992
Raiffeisen Bank International AG†#		9,092		142,267
voestalpine AG		8,648		281,421
				1,705,881
Belgium — 1.2%
Ageas		15,818		691,981
Anheuser-Busch InBev SA/NV		61,089		7,871,088
Colruyt SA		5,803		287,551
Delhaize Group		8,072		808,755
Groupe Bruxelles Lambert SA		6,303		517,904
KBC Groep NV		19,283		1,151,100
Proximus SADP		11,801		389,823
Solvay SA#		4,600		529,997
Telenet Group Holding NV†#		4,104		224,132
UCB SA		9,717		867,724
Umicore SA#		7,186		297,203
				13,637,258
Bermuda — 0.2%
Cheung Kong Infrastructure Holdings, Ltd.		46,000		401,950
First Pacific Co., Ltd.		182,000		113,142
Kerry Properties, Ltd.		49,500		140,134
Li & Fung, Ltd.#		446,000		305,446
Noble Group, Ltd.#		333,000		100,333
NWS Holdings, Ltd.		114,000		160,852
Seadrill, Ltd.†#		28,740		170,313
Shangri-La Asia, Ltd.		80,000		74,806
Yue Yuen Industrial Holdings, Ltd.		55,000		197,912
				1,664,888
Cayman Islands — 0.5%
ASM Pacific Technology, Ltd.#		18,500		140,418
Cheung Kong Property Holdings, Ltd.		205,308		1,338,542
CK Hutchison Holdings, Ltd.		204,808		2,678,489
HKT Trust & HKT, Ltd.		204,000		255,742
MGM China Holdings, Ltd.		73,600		97,394
Sands China, Ltd.		185,600		625,972
WH Group, Ltd.†*		448,000		232,278
Wynn Macau, Ltd.#		120,400		150,627
				5,519,462
Denmark — 1.6%
AP Moeller - Maersk A/S, Series A		295		442,434
AP Moeller - Maersk A/S, Series B		548		836,623
Carlsberg A/S, Class B		8,260		702,464
Coloplast A/S, Class B		8,636		700,806
Danske Bank A/S		53,590		1,438,215
DSV A/S		14,033		545,735
ISS A/S		11,175		389,801
Novo Nordisk A/S, Class B		148,784		8,196,653
Novozymes A/S, Class B		18,636		896,031
Pandora A/S		8,354		990,263
TDC A/S		62,075		326,065
Tryg A/S		8,340		162,405
Vestas Wind Systems A/S		17,117		1,116,803
William Demant Holding A/S†		1,754		168,419
				16,912,717

131

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finland — 0.8%
Elisa Oyj		11,218	$	417,915
Fortum Oyj		34,254		500,160
Kone OYJ, Class B#		25,563		1,090,877
Metso Oyj#		8,711		216,285
Neste Oyj		9,796		282,347
Nokia OYJ		279,526		2,018,602
Nokian Renkaat Oyj#		8,774		344,387
Orion Oyj, Class B		7,747		258,731
Sampo Oyj, Class A		34,169		1,693,870
Stora Enso Oyj, Class R		42,854		423,343
UPM-Kymmene Oyj		41,298		788,455
Wartsila Oyj Abp#		11,451		514,672
				8,549,644
France — 8.2%
Accor SA		15,928		672,139
Aeroports de Paris		2,302		260,729
Air Liquide SA		26,301		3,209,550
Alcatel-Lucent†		218,838		861,963
Alstom SA†#		16,675		518,232
Arkema SA		4,967		357,853
Atos SE		6,139		502,612
AXA SA		148,470		4,017,337
BNP Paribas SA		80,934		4,798,011
Bollore SA		65,735		302,604
Bouygues SA		15,289		575,552
Bureau Veritas SA		19,989		411,722
Cap Gemini SA		11,752		1,084,215
Carrefour SA		41,820		1,289,316
Casino Guichard Perrachon SA		4,374		250,107
Christian Dior SE		4,195		767,662
Cie de Saint-Gobain		36,238		1,601,556
Cie Generale des Etablissements Michelin		14,446		1,448,451
CNP Assurances		13,363		186,084
Credit Agricole SA		77,324		932,976
Danone SA		44,511		3,119,373
Dassault Systemes		9,964		793,034
Edenred		15,896		329,432
Electricite de France SA#		18,697		278,635
Engie SA		110,824		1,930,832
Essilor International SA		15,747		2,055,562
Eurazeo SA		3,116		209,483
Eutelsat Communications SA		11,799		352,171
Fonciere Des Regions		2,208		195,844
Gecina SA		2,640		318,816
Groupe Eurotunnel SE		36,473		466,087
Hermes International		2,007		706,655
ICADE		2,881		203,273
Iliad SA		2,047		456,558
Imerys SA		2,665		180,627
Ingenico Group SA		4,150		522,435
JCDecaux SA#		5,180		192,045
Kering		5,771		997,221
Klepierre		13,977		634,407
L’Oreal SA		19,293		3,416,361
Lagardere SCA		9,521		280,959
Legrand SA		20,150		1,185,398
LVMH Moet Hennessy Louis Vuitton SE#		21,396		3,588,693
Natixis SA		71,670		434,650
Numericable-SFR SAS†		7,476		320,097
Orange SA		150,854		2,607,534
Pernod Ricard SA		16,393		1,865,366
Peugeot SA†		30,558		545,957
Publicis Groupe SA		14,170		894,087
Remy Cointreau SA#		1,868		132,510

Security Description	Shares		Value (Note 2)
France (continued)
Renault SA		14,699	$	1,483,292
Rexel SA		20,699		283,538
Safran SA#		22,172		1,636,996
Sanofi		89,367		7,967,217
Schneider Electric SE		42,162		2,672,775
SCOR SE		11,847		464,629
Societe BIC SA		2,238		368,162
Societe Generale SA		55,414		2,645,183
Sodexo SA		7,379		729,420
Suez Environnement Co.		21,762		412,603
Technip SA		7,801		408,893
Thales SA#		7,184		534,885
TOTAL SA		163,594		8,123,724
Unibail-Rodamco SE		7,523		1,932,262
Valeo SA		5,872		909,205
Veolia Environnement SA		34,199		819,856
Vinci SA		35,943		2,337,776
Vivendi SA		87,559		1,843,733
Wendel SA		2,485		296,159
Zodiac Aerospace		14,647		396,631
				89,529,712
Germany — 8.0%
adidas AG#		16,215		1,569,116
Allianz SE		34,991		6,197,975
Axel Springer SE		3,084		172,174
BASF SE		70,144		5,805,826
Bayer AG		62,819		8,382,707
Bayerische Motoren Werke AG#		25,357		2,767,503
Bayerische Motoren Werke AG (Preference Shares)		4,168		349,434
Beiersdorf AG#		7,835		729,629
Brenntag AG		11,672		637,690
Commerzbank AG†#		81,030		892,079
Continental AG#		8,440		2,039,382
Daimler AG#		73,582		6,587,168
Deutsche Bank AG#		105,766		2,716,012
Deutsche Boerse AG		14,904		1,278,484
Deutsche Lufthansa AG†#		18,384		263,481
Deutsche Post AG#		74,042		2,164,207
Deutsche Telekom AG#		243,167		4,484,504
Deutsche Wohnen AG (BR)		25,453		700,412
E.ON SE#		153,272		1,456,808
Evonik Industries AG		10,522		359,524
Fraport AG Frankfurt Airport Services Worldwide#		2,902		177,497
Fresenius Medical Care AG & Co. KGaA#		16,752		1,384,087
Fresenius SE & Co. KGaA		29,283		2,149,947
FUCHS PETROLUB SE (Preference Shares)		5,656		267,867
GEA Group AG		13,910		577,283
Hannover Rueck SE#		4,685		548,205
HeidelbergCement AG		10,976		873,927
Henkel AG & Co. KGaA		7,946		762,717
Henkel AG & Co. KGaA# (Preference Shares)		13,665		1,552,058
HUGO BOSS AG		5,087		440,615
Infineon Technologies AG#		87,377		1,295,224
K+S AG#		13,462		383,175
Kabel Deutschland Holding AG		1,703		208,359
LANXESS AG#		7,163		364,781
Linde AG#		14,239		2,486,056
MAN SE#		2,728		270,731
Merck KGaA		9,795		1,003,223
METRO AG		12,621		420,844
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		12,695		2,558,510
OSRAM Licht AG		7,019		296,340

132

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Germany (continued)
Porsche Automobil Holding SE (Preference Shares)		11,930	$	626,198
ProSiebenSat.1 Media SE		16,677		875,718
RWE AG#		37,591		432,516
SAP SE#		74,673		5,884,833
Siemens AG		60,150		6,236,941
Symrise AG		9,400		636,216
Telefonica Deutschland Holding AG#		45,185		254,026
ThyssenKrupp AG#		27,976		595,447
TUI AG		16,390		272,028
United Internet AG		9,138		487,082
Volkswagen AG		2,675		399,352
Volkswagen AG# (Preference Shares)		12,514		1,739,310
Vonovia SE		35,308		1,094,332
				87,109,560
Hong Kong — 2.0%
AIA Group, Ltd.		915,400		5,478,150
Bank of East Asia, Ltd.#		96,600		350,720
BOC Hong Kong Holdings, Ltd.		289,000		892,706
Cathay Pacific Airways, Ltd.#		90,000		159,026
CLP Holdings, Ltd.		145,000		1,210,913
Galaxy Entertainment Group, Ltd.		178,000		522,284
Hang Lung Properties, Ltd.		171,000		403,601
Hang Seng Bank, Ltd.		58,900		1,067,325
Henderson Land Development Co., Ltd.		88,000		543,087
Hong Kong & China Gas Co., Ltd.#		532,400		1,050,593
Hong Kong Exchanges and Clearing, Ltd.		85,000		2,218,883
Hysan Development Co., Ltd.		47,000		198,221
Link REIT		178,000		1,089,334
MTR Corp., Ltd.(7)		109,500		508,419
New World Development Co., Ltd.		398,000		398,336
PCCW, Ltd.		310,000		183,918
Power Assets Holdings, Ltd.		105,500		939,553
Sino Land Co., Ltd.		226,000		333,457
SJM Holdings, Ltd.#		148,000		108,803
Sun Hung Kai Properties, Ltd.		129,000		1,598,888
Swire Pacific, Ltd., Class A		48,000		527,765
Swire Properties, Ltd.		88,800		257,119
Techtronic Industries Co., Ltd.		104,500		425,227
Wharf Holdings, Ltd.		103,000		588,499
Wheelock & Co., Ltd.		67,000		289,484
				21,344,311
Ireland — 0.4%
Bank of Ireland†		2,119,954		790,662
CRH PLC		62,285		1,832,731
James Hardie Industries PLC CDI		35,168		416,092
Kerry Group PLC, Class A		12,203		984,902
Ryanair Holdings PLC#		13,929		208,609
				4,232,996
Isle of Man — 0.0%
Genting Singapore PLC#		469,000		252,696
Israel — 0.5%
Azrieli Group		2,769		106,639
Bank Hapoalim BM		81,463		421,250
Bank Leumi Le-Israel BM†		102,146		369,108
Bezeq The Israeli Telecommunication Corp., Ltd.		147,227		317,153
Delek Group, Ltd.		361		81,346
Israel Chemicals, Ltd.		34,306		172,525
Israel Corp., Ltd.		207		45,976
Mizrahi Tefahot Bank, Ltd.		10,606		125,495
NICE-Systems, Ltd.		4,513		274,169
Teva Pharmaceutical Industries, Ltd.		65,786		4,028,841
				5,942,502

Security Description	Shares		Value (Note 2)
Italy — 1.9%
Assicurazioni Generali SpA		90,574	$	1,722,527
Atlantia SpA		32,184		850,100
Banca Monte dei Paschi di Siena SpA†		192,260		301,855
Banco Popolare SC†		28,292		408,025
Enel Green Power SpA#		135,300		285,759
Enel SpA		536,508		2,366,021
Eni SpA		195,650		3,187,529
EXOR SpA		7,743		347,032
Finmeccanica SpA†		30,471		441,381
Intesa Sanpaolo SpA		969,103		3,325,645
Intesa Sanpaolo SpA RSP		72,633		228,226
Luxottica Group SpA		12,980		868,097
Mediobanca SpA#		46,173		442,472
Prysmian SpA		15,708		343,543
Saipem SpA†#		20,254		175,047
Snam SpA		157,294		799,369
Telecom Italia SpA†#		789,877		1,021,482
Telecom Italia SpA RSP		471,452		542,943
Terna Rete Elettrica Nazionale SpA#		117,022		576,160
UniCredit SpA		363,959		2,136,124
Unione di Banche Italiane SpA		66,263		450,865
UnipolSai SpA		69,887		180,315
				21,000,517
Japan — 20.0%
ABC-Mart, Inc.		1,900		103,412
Acom Co., Ltd.†#		30,900		153,370
Aeon Co., Ltd.#		48,800		757,173
AEON Financial Service Co., Ltd.		8,600		198,128
Aeon Mall Co., Ltd.		8,700		149,476
Air Water, Inc.		12,000		194,768
Aisin Seiki Co., Ltd.		14,700		588,716
Ajinomoto Co., Inc.		43,000		985,926
Alfresa Holdings Corp.		13,500		267,587
Alps Electric Co., Ltd.		13,102		411,899
Amada Holdings Co., Ltd.#		26,000		255,987
ANA Holdings, Inc.		90,000		253,331
Aozora Bank, Ltd.		88,000		310,252
Asahi Glass Co., Ltd.#		78,000		458,749
Asahi Group Holdings, Ltd.		29,600		928,156
Asahi Kasei Corp.		96,000		656,715
Asics Corp.#		12,400		283,256
Astellas Pharma, Inc.		160,000		2,253,128
Bandai Namco Holdings, Inc.		13,600		302,824
Bank of Kyoto, Ltd.		26,000		242,258
Bank of Yokohama, Ltd.		88,000		517,920
Benesse Holdings, Inc.#		5,000		126,726
Bridgestone Corp.		50,100		1,782,600
Brother Industries, Ltd.		18,000		215,386
Calbee, Inc.#		5,500		227,417
Canon, Inc.		80,900		2,442,115
Casio Computer Co., Ltd.#		16,100		355,089
Central Japan Railway Co.		11,000		1,964,541
Chiba Bank, Ltd.		56,000		386,223
Chubu Electric Power Co., Inc.		49,700		685,747
Chugai Pharmaceutical Co., Ltd.#		17,100		597,319
Chugoku Bank, Ltd.		12,900		178,881
Chugoku Electric Power Co., Inc.		22,900		293,366
Citizen Holdings Co., Ltd.#		20,200		149,326
COLOPL, Inc.#		3,779		76,409
Credit Saison Co., Ltd.#		11,300		213,332
Dai Nippon Printing Co., Ltd.		43,000		420,219
Dai-ichi Life Insurance Co., Ltd.#		82,200		1,422,307
Daicel Corp.		20,000		292,770
Daihatsu Motor Co., Ltd.#		14,700		190,825

133

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Daiichi Sankyo Co., Ltd.#		48,500	$	999,549
Daikin Industries, Ltd.#		17,900		1,257,799
Daito Trust Construction Co., Ltd.		5,400		561,056
Daiwa House Industry Co., Ltd.		46,200		1,286,920
Daiwa Securities Group, Inc.#		127,000		821,528
Denso Corp.		37,300		1,779,552
Dentsu, Inc.		16,700		937,425
Don Quijote Holdings Co., Ltd.		9,000		356,418
East Japan Railway Co.		25,900		2,444,825
Eisai Co., Ltd.		19,200		1,247,298
Electric Power Development Co., Ltd.		10,800		345,232
FamilyMart Co., Ltd.		4,500		200,691
FANUC Corp.		15,400		2,742,226
Fast Retailing Co., Ltd.#		4,000		1,617,547
Fuji Electric Co., Ltd.		43,000		198,058
Fuji Heavy Industries, Ltd.		45,400		1,876,484
FUJIFILM Holdings Corp.		35,500		1,437,880
Fujitsu, Ltd.		140,000		706,937
Fukuoka Financial Group, Inc.		58,000		281,284
GungHo Online Entertainment, Inc.#		31,300		96,621
Gunma Bank, Ltd.		28,000		168,091
Hachijuni Bank, Ltd.		31,000		187,612
Hakuhodo DY Holdings, Inc.		17,900		192,232
Hamamatsu Photonics KK#		10,600		265,646
Hankyu Hanshin Holdings, Inc.		87,000		556,913
Hikari Tsushin, Inc.		1,200		86,369
Hino Motors, Ltd.		19,300		234,391
Hirose Electric Co., Ltd.#		2,400		292,055
Hiroshima Bank, Ltd.#		38,000		216,084
Hisamitsu Pharmaceutical Co., Inc.#		4,300		183,387
Hitachi Chemical Co., Ltd.		8,000		133,225
Hitachi Construction Machinery Co., Ltd.#		8,300		130,265
Hitachi High-Technologies Corp.		4,700		129,622
Hitachi Metals, Ltd.		17,000		220,406
Hitachi, Ltd.#		369,000		2,178,029
Hokuhoku Financial Group, Inc.		92,000		195,061
Hokuriku Electric Power Co.		13,000		177,734
Honda Motor Co., Ltd.		124,900		4,060,518
Hoya Corp.		32,800		1,329,586
Hulic Co., Ltd.		18,400		168,903
Ibiden Co., Ltd.#		9,100		142,673
Idemitsu Kosan Co., Ltd.		6,700		110,923
IHI Corp.#		104,000		272,039
Iida Group Holdings Co., Ltd.		12,400		241,150
Inpex Corp.#		72,500		719,994
Isetan Mitsukoshi Holdings, Ltd.#		25,600		390,343
Isuzu Motors, Ltd.		46,200		519,797
ITOCHU Corp.		120,700		1,472,716
Itochu Techno-Solutions Corp.		3,400		70,237
Iyo Bank, Ltd.		18,600		185,396
J. Front Retailing Co., Ltd.		18,400		303,578
Japan Airlines Co., Ltd.		9,300		318,058
Japan Airport Terminal Co., Ltd.#		3,200		161,430
Japan Exchange Group, Inc.		39,800		623,997
Japan Prime Realty Investment Corp.		59		203,696
Japan Real Estate Investment Corp.		91		433,193
Japan Retail Fund Investment Corp.		176		336,702
Japan Tobacco, Inc.		84,100		3,012,843
JFE Holdings, Inc.#		37,800		596,325
JGC Corp.#		15,000		254,915
Joyo Bank, Ltd.		51,000		236,564
JSR Corp.#		13,700		215,683
JTEKT Corp.		15,600		288,429
JX Holdings, Inc.		176,100		714,271
Kajima Corp.#		63,000		345,963

Security Description	Shares		Value (Note 2)
Japan (continued)
Kakaku.com, Inc.#		11,300	$	215,535
Kamigumi Co., Ltd.		17,000		149,838
Kaneka Corp.		21,000		207,100
Kansai Electric Power Co., Inc.†		54,000		605,361
Kansai Paint Co., Ltd.		17,000		268,188
Kao Corp.		38,300		1,963,536
Kawasaki Heavy Industries, Ltd.#		109,000		432,989
KDDI Corp.		134,700		3,346,162
Keihan Electric Railway Co., Ltd.#		38,000		253,436
Keikyu Corp.#		35,000		283,469
Keio Corp.		44,000		361,365
Keisei Electric Railway Co., Ltd.#		20,000		240,130
Keyence Corp.		3,500		1,896,994
Kikkoman Corp.#		12,000		395,288
Kintetsu Group Holdings Co., Ltd.#		140,000		536,799
Kirin Holdings Co., Ltd.		62,900		884,739
Kobe Steel, Ltd.		234,000		273,729
Koito Manufacturing Co., Ltd.		7,400		300,569
Komatsu, Ltd.		71,600		1,184,221
Konami Holdings Corp.#		7,600		177,868
Konica Minolta, Inc.		37,200		391,038
Kose Corp.		2,279		238,453
Kubota Corp.		85,000		1,417,933
Kuraray Co., Ltd.		26,500		337,331
Kurita Water Industries, Ltd.		7,700		166,197
Kyocera Corp.		24,600		1,140,473
Kyowa Hakko Kirin Co., Ltd.#		16,000		281,917
Kyushu Electric Power Co., Inc.†#		33,000		346,084
Lawson, Inc.		4,900		372,177
LIXIL Group Corp.#		20,400		476,939
M3, Inc.#		14,900		327,776
Mabuchi Motor Co., Ltd.#		3,600		207,344
Makita Corp.#		9,200		522,405
Marubeni Corp.		125,000		692,526
Marui Group Co., Ltd.#		18,300		271,452
Maruichi Steel Tube, Ltd.#		3,500		96,954
Mazda Motor Corp.#		41,700		866,351
McDonald’s Holdings Co. Japan, Ltd.#		5,000		121,446
Medipal Holdings Corp.		10,300		180,480
MEIJI Holdings Co., Ltd.		9,200		736,149
Minebea Co., Ltd.#		24,000		263,396
Miraca Holdings, Inc.		4,300		191,072
Mitsubishi Chemical Holdings Corp.		105,000		688,087
Mitsubishi Corp.		106,000		1,784,175
Mitsubishi Electric Corp.		148,000		1,638,700
Mitsubishi Estate Co., Ltd.		96,000		2,019,431
Mitsubishi Gas Chemical Co., Inc.#		28,000		151,714
Mitsubishi Heavy Industries, Ltd.#		232,000		1,187,516
Mitsubishi Logistics Corp.#		8,000		111,844
Mitsubishi Materials Corp.#		84,000		296,832
Mitsubishi Motors Corp.#		50,000		445,167
Mitsubishi Tanabe Pharma Corp.		17,100		298,799
Mitsubishi UFJ Financial Group, Inc.		968,100		6,212,827
Mitsubishi UFJ Lease & Finance Co., Ltd.		38,300		201,301
Mitsui & Co., Ltd.		130,700		1,603,225
Mitsui Chemicals, Inc.#		61,000		254,208
Mitsui Fudosan Co., Ltd.		71,000		1,790,284
Mitsui OSK Lines, Ltd.#		83,000		216,434
Mixi, Inc.		2,800		114,639
Mizuho Financial Group, Inc.		1,771,200		3,575,493
MS&AD Insurance Group Holdings, Inc.		38,500		1,085,881
Murata Manufacturing Co., Ltd.		15,300		2,373,924
Nabtesco Corp.		8,800		184,221
Nagoya Railroad Co., Ltd.#		63,000		253,842
NEC Corp.		199,000		666,028

134

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Nexon Co., Ltd.		10,000	$	158,652
NGK Insulators, Ltd.#		20,000		463,851
NGK Spark Plug Co., Ltd.#		14,000		381,560
NH Foods, Ltd.		12,000		231,909
NHK Spring Co., Ltd.		12,200		125,370
Nidec Corp.		16,600		1,283,500
Nikon Corp.#		26,100		350,262
Nintendo Co., Ltd.#		8,000		1,228,595
Nippon Building Fund, Inc.		105		495,573
Nippon Electric Glass Co., Ltd.#		29,000		160,902
Nippon Express Co., Ltd.		65,000		293,582
Nippon Paint Holdings Co., Ltd.#		12,000		300,731
Nippon Prologis REIT, Inc.#		101		177,140
Nippon Steel & Sumitomo Metal Corp.#		58,300		1,170,973
Nippon Telegraph & Telephone Corp.		57,600		2,136,019
Nippon Yusen KK		123,000		319,740
Nissan Motor Co., Ltd.		191,600		2,045,964
Nisshin Seifun Group, Inc.		16,200		254,515
Nissin Foods Holdings Co., Ltd.		4,500		228,473
Nitori Holdings Co., Ltd.		5,200		428,335
Nitto Denko Corp.		12,100		815,448
NOK Corp.		7,200		194,184
Nomura Holdings, Inc.#		276,700		1,641,319
Nomura Real Estate Holdings, Inc.		9,500		186,064
Nomura Research Institute, Ltd.		9,300		351,677
NSK, Ltd.#		35,000		440,414
NTT Data Corp.		9,400		458,164
NTT DOCOMO, Inc.		108,400		2,050,002
NTT Urban Development Corp.#		8,700		84,809
Obayashi Corp.		49,000		452,583
Odakyu Electric Railway Co., Ltd.		47,000		478,018
Oji Holdings Corp.		60,000		260,276
Olympus Corp.		20,800		829,634
Omron Corp.#		15,700		577,112
Ono Pharmaceutical Co., Ltd.		6,200		992,705
Oracle Corp. Japan		2,800		136,474
Oriental Land Co., Ltd.#		15,200		863,968
ORIX Corp.		100,600		1,451,794
Osaka Gas Co., Ltd.		143,000		530,993
Otsuka Corp.		3,600		180,439
Otsuka Holdings Co., Ltd.		29,900		990,513
Panasonic Corp.#		167,130		1,897,353
Park24 Co., Ltd.		7,600		154,346
Rakuten, Inc.#		70,600		890,099
Recruit Holdings Co., Ltd.#		10,861		339,241
Resona Holdings, Inc.		170,600		832,628
Ricoh Co., Ltd.		53,800		551,548
Rinnai Corp.		2,700		241,706
Rohm Co., Ltd.		7,200		387,197
Ryohin Keikaku Co., Ltd.		1,814		391,388
Sankyo Co., Ltd.		3,600		142,421
Sanrio Co., Ltd.#		3,600		85,979
Santen Pharmaceutical Co., Ltd.		28,000		443,997
SBI Holdings, Inc.		15,200		172,250
Secom Co., Ltd.		16,200		1,110,312
Sega Sammy Holdings, Inc.		13,800		149,098
Seibu Holdings, Inc.		9,200		194,164
Seiko Epson Corp.		19,200		302,427
Sekisui Chemical Co., Ltd.		32,000		381,348
Sekisui House, Ltd.		42,400		716,942
Seven & i Holdings Co., Ltd.		58,100		2,605,297
Seven Bank, Ltd.#		45,600		199,662
Sharp Corp.†#		114,000		116,686
Shikoku Electric Power Co., Inc.#		13,700		196,207
Shimadzu Corp.		17,000		275,093

Security Description	Shares		Value (Note 2)
Japan (continued)
Shimamura Co., Ltd.#		1,600	$	195,093
Shimano, Inc.		5,900		875,654
Shimizu Corp.		45,000		377,620
Shin-Etsu Chemical Co., Ltd.		31,500		1,781,759
Shinsei Bank, Ltd.		125,000		237,612
Shionogi & Co., Ltd.		22,600		996,162
Shiseido Co., Ltd.#		27,600		660,405
Shizuoka Bank, Ltd.#		40,000		390,902
Showa Shell Sekiyu KK		14,300		126,040
SMC Corp.		4,000		1,059,951
SoftBank Group Corp.		73,400		3,897,773
Sompo Japan Nipponkoa Holdings, Inc.		25,800		795,378
Sony Corp.		95,400		2,462,110
Sony Financial Holdings, Inc.		13,400		246,882
Stanley Electric Co., Ltd.		10,800		239,074
Sumitomo Chemical Co., Ltd.		114,000		653,810
Sumitomo Corp.		87,100		925,128
Sumitomo Dainippon Pharma Co., Ltd.#		12,000		144,370
Sumitomo Electric Industries, Ltd.		58,100		826,898
Sumitomo Heavy Industries, Ltd.		42,000		199,253
Sumitomo Metal Mining Co., Ltd.		40,000		451,015
Sumitomo Mitsui Financial Group, Inc.		96,400		3,678,236
Sumitomo Mitsui Trust Holdings, Inc.#		254,000		969,781
Sumitomo Realty & Development Co., Ltd.		27,000		820,747
Sumitomo Rubber Industries, Ltd.#		13,300		179,566
Suntory Beverage & Food, Ltd.		10,700		417,656
Suruga Bank, Ltd.		13,000		263,168
Suzuken Co., Ltd.		5,800		226,393
Suzuki Motor Corp.		27,600		848,627
Sysmex Corp.		11,100		693,412
T&D Holdings, Inc.		45,000		630,585
Taiheiyo Cement Corp.		89,000		274,736
Taisei Corp.		78,000		480,926
Taisho Pharmaceutical Holdings Co., Ltd.#		2,400		162,600
Taiyo Nippon Sanso Corp.		10,000		95,613
Takashimaya Co., Ltd.		20,000		182,291
Takeda Pharmaceutical Co., Ltd.		60,900		2,959,908
TDK Corp.		9,300		668,603
Teijin, Ltd.		71,000		252,624
Terumo Corp.		22,700		724,703
THK Co., Ltd.		8,600		171,441
Tobu Railway Co., Ltd.#		79,000		385,053
Toho Co., Ltd.#		8,500		226,137
Toho Gas Co., Ltd.#		30,000		186,434
Tohoku Electric Power Co., Inc.		35,100		412,304
Tokio Marine Holdings, Inc.		53,000		1,954,671
Tokyo Electric Power Co., Inc.†		111,700		684,174
Tokyo Electron, Ltd.#		13,300		885,730
Tokyo Gas Co., Ltd.		178,000		850,380
Tokyo Tatemono Co., Ltd.		15,500		186,227
Tokyu Corp.#		87,000		676,353
Tokyu Fudosan Holdings Corp.#		36,900		248,498
TonenGeneral Sekiyu KK		21,000		202,665
Toppan Printing Co., Ltd.		43,000		377,254
Toray Industries, Inc.#		111,000		1,009,009
Toshiba Corp.†#		308,000		752,861
TOTO, Ltd.		10,500		362,510
Toyo Seikan Group Holdings, Ltd.#		12,400		244,071
Toyo Suisan Kaisha, Ltd.		6,000		214,460
Toyoda Gosei Co., Ltd.		4,900		116,509
Toyota Industries Corp.		12,500		663,079
Toyota Motor Corp.		207,900		12,931,684
Toyota Tsusho Corp.		16,200		380,062
Trend Micro, Inc.		7,900		322,161
Unicharm Corp.		28,800		607,350

135

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
United Urban Investment Corp.#		191	$	254,460
USS Co., Ltd.		17,099		271,834
West Japan Railway Co.		12,700		802,132
Yahoo Japan Corp.#		110,200		453,870
Yakult Honsha Co., Ltd.#		6,600		325,979
Yamada Denki Co., Ltd.#		51,200		230,421
Yamaguchi Financial Group, Inc.#		15,000		174,005
Yamaha Corp.		12,800		322,340
Yamaha Motor Co., Ltd.#		20,200		493,103
Yamato Holdings Co., Ltd.#		26,800		512,487
Yamazaki Baking Co., Ltd.#		7,000		131,641
Yaskawa Electric Corp.#		17,400		229,691
Yokogawa Electric Corp.#		16,200		193,452
Yokohama Rubber Co., Ltd.		7,500		128,981
				218,171,946
Jersey — 0.9%
Experian PLC		75,467		1,399,164
Glencore PLC		845,813		1,231,967
Petrofac, Ltd.#		19,723		245,065
Randgold Resources, Ltd.		6,735		410,003
Shire PLC		45,195		3,162,446
Wolseley PLC		19,905		1,155,387
WPP PLC		98,752		2,283,010
				9,887,042
Luxembourg — 0.2%
ArcelorMittal#		78,196		383,513
Millicom International Cellular SA SDR		5,078		298,679
RTL Group SA		3,002		262,622
SES SA FDR		23,526		652,977
Subsea 7 SA†#		21,333		169,745
Tenaris SA#		36,410		478,169
				2,245,705
Mauritius — 0.0%
Golden Agri-Resources, Ltd.#		544,000		138,839
Netherlands — 2.9%
Aegon NV		140,574		860,842
Airbus Group SE		45,092		3,260,614
Akzo Nobel NV		18,759		1,334,270
Altice NV, Class A†		19,905		305,785
Altice NV, Class B†		6,635		103,155
ASML Holding NV		26,744		2,471,584
Boskalis Westminster NV		6,682		297,362
CNH Industrial NV#		71,772		528,161
Delta Lloyd NV#		15,346		110,481
Fiat Chrysler Automobiles NV†		68,416		977,292
Gemalto NV		6,122		386,281
Heineken Holding NV		7,781		612,137
Heineken NV		17,699		1,573,781
ING Groep NV CVA		295,721		4,060,209
Koninklijke Ahold NV		68,430		1,488,651
Koninklijke DSM NV		13,410		682,276
Koninklijke KPN NV		245,133		932,642
Koninklijke Philips NV		71,350		1,950,959
Koninklijke Vopak NV#		5,428		235,534
NN Group NV		14,374		490,991
OCI NV†#		6,560		165,615
QIAGEN NV†		18,621		494,506
Randstad Holding NV		9,820		614,115
RELX NV		76,733		1,328,369
STMicroelectronics NV#		50,134		364,321
TNT Express NV		33,779		275,164

Security Description	Shares		Value (Note 2)
Netherlands (continued)
Unilever NV CVA		124,819	$	5,476,212
Wolters Kluwer NV		23,393		808,332
				32,189,641
New Zealand — 0.1%
Auckland International Airport, Ltd.		75,233		261,477
Contact Energy, Ltd.		53,878		176,617
Fletcher Building, Ltd.#		53,865		258,479
Meridian Energy, Ltd.		94,457		144,249
Mighty River Power, Ltd.#		51,050		97,450
Ryman Healthcare, Ltd.#		29,175		150,755
Spark New Zealand, Ltd.		141,395		310,399
				1,399,426
Norway — 0.5%
DNB ASA		75,662		995,993
Gjensidige Forsikring ASA		15,648		252,621
Norsk Hydro ASA		103,911		401,748
Orkla ASA		63,821		518,467
Statoil ASA#		84,465		1,306,257
Telenor ASA		57,190		996,978
Yara International ASA		13,858		641,510
				5,113,574
Portugal — 0.1%
Banco Comercial Portugues SA†#		2,719,684		145,398
Banco Espirito Santo SA†(1)(2)		213,818		13,555
EDP - Energias de Portugal SA		178,488		594,974
Galp Energia SGPS SA		29,340		312,162
Jeronimo Martins SGPS SA		19,273		267,466
				1,333,555
Singapore — 1.0%
Ascendas Real Estate Investment Trust		158,000		267,711
CapitaLand Commercial Trust, Ltd.		155,000		143,951
CapitaLand Mall Trust		187,000		252,550
CapitaLand, Ltd.#		197,000		421,779
City Developments, Ltd.		31,000		161,313
ComfortDelGro Corp., Ltd.		157,000		326,121
DBS Group Holdings, Ltd.		132,000		1,544,079
Global Logistic Properties, Ltd.#		238,000		332,395
Hutchison Port Holdings Trust#		438,000		236,520
Jardine Cycle & Carriage, Ltd.#		8,000		181,206
Keppel Corp., Ltd.#		110,000		510,794
Oversea-Chinese Banking Corp., Ltd.#		226,000		1,389,118
Sembcorp Industries, Ltd.#		75,000		172,805
Sembcorp Marine, Ltd.#		63,000		92,007
Singapore Airlines, Ltd.		42,000		302,520
Singapore Exchange, Ltd.#		61,000		326,071
Singapore Press Holdings, Ltd.#		124,000		353,394
Singapore Technologies Engineering, Ltd.		119,000		241,282
Singapore Telecommunications, Ltd.		614,000		1,667,165
StarHub, Ltd.#		46,000		118,379
Suntec Real Estate Investment Trust#		173,000		188,264
United Overseas Bank, Ltd.		97,000		1,333,402
UOL Group, Ltd.#		35,000		151,608
Wilmar International, Ltd.		146,000		296,026
Yangzijiang Shipbuilding Holdings, Ltd.		146,000		113,856
				11,124,316
Spain — 2.9%
Abertis Infraestructuras SA#		35,719		553,063
ACS Actividades de Construccion y Servicios SA		13,353		435,517
Aena SA†*		5,147		583,776
Amadeus IT Holding SA, Class A		34,185		1,371,226

136

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Spain (continued)
Banco Bilbao Vizcaya Argentaria SA		476,245	$	3,952,955
Banco de Sabadell SA#		371,323		685,385
Banco Popular Espanol SA#		136,615		481,376
Banco Santander SA		1,091,535		5,960,053
Bankia SA#		353,009		442,344
Bankinter SA		51,748		374,574
CaixaBank SA#		196,776		720,802
Distribuidora Internacional de Alimentacion SA#		47,731		301,724
Enagas SA		15,529		462,846
Endesa SA		23,965		495,770
Ferrovial SA		33,829		801,336
Gas Natural SDG SA#		26,893		581,772
Grifols SA#		11,529		547,169
Iberdrola SA		412,465		2,889,722
Industria de Diseno Textil SA		83,220		2,994,762
International Consolidated Airlines Group SA#		61,901		527,594
Mapfre SA#		71,430		195,994
Red Electrica Corp. SA		8,328		714,474
Repsol SA		78,411		1,022,723
Telefonica SA		338,363		4,173,781
Zardoya Otis SA#		12,998		157,243
				31,427,981
Sweden — 2.5%
Alfa Laval AB		24,073		445,203
Assa Abloy AB, Class B		77,406		1,646,313
Atlas Copco AB, Class A		51,821		1,389,134
Atlas Copco AB, Class B		30,011		742,550
Boliden AB		21,032		386,552
Electrolux AB, Series B		18,646		547,293
Getinge AB, Class B		15,438		390,827
Hennes & Mauritz AB, Class B		72,864		2,702,596
Hexagon AB, Class B		19,700		714,881
Husqvarna AB, Class B		31,435		204,898
ICA Gruppen AB		5,922		208,585
Industrivarden AB, Class C		12,344		221,071
Investment AB Kinnevik, Class B		18,127		557,623
Investor AB, Class B		35,084		1,337,100
Lundin Petroleum AB†		16,970		271,425
Nordea Bank AB		230,221		2,551,177
Sandvik AB		81,291		842,102
Securitas AB, Class B		24,189		369,139
Skandinaviska Enskilda Banken AB, Class A		116,631		1,240,286
Skanska AB, Class B		29,319		583,570
SKF AB, Class B		30,423		530,549
Svenska Cellulosa AB SCA, Class B		45,557		1,314,194
Svenska Handelsbanken AB, Class A		115,407		1,553,439
Swedbank AB, Class A		69,970		1,549,933
Swedish Match AB		15,670		540,611
Tele2 AB, Class B		24,641		250,880
Telefonaktiebolaget LM Ericsson, Class B		233,599		2,275,245
TeliaSonera AB		197,814		970,948
Volvo AB, Class B		116,744		1,207,355
				27,545,479
Switzerland — 8.0%
ABB, Ltd.		168,337		3,192,161
Actelion, Ltd.†		7,764		1,090,439
Adecco SA		13,282		908,833
Aryzta AG		6,836		321,120
Baloise Holding AG		3,658		444,428
Barry Callebaut AG#		170		176,799
Chocoladefabriken Lindt & Spruengli AG		8		577,694
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		70		422,170

Security Description	Shares		Value (Note 2)
Switzerland (continued)
Cie Financiere Richemont SA		39,991	$	2,992,960
Coca-Cola HBC AG		15,242		369,821
Credit Suisse Group AG		117,083		2,517,253
Dufry AG†		3,056		365,645
EMS-Chemie Holding AG		638		260,136
Geberit AG		2,869		959,540
Givaudan SA		703		1,268,864
Julius Baer Group, Ltd.		17,359		830,789
Kuehne & Nagel International AG		4,202		568,108
LafargeHolcim, Ltd.†		33,002		1,764,212
Lonza Group AG†		4,067		642,751
Nestle SA		245,283		18,202,223
Novartis AG		172,733		14,765,872
Pargesa Holding SA (BR)		2,378		149,427
Partners Group Holding AG		1,212		437,632
Roche Holding AG		53,438		14,309,344
Schindler Holding AG		1,653		271,042
Schindler Holding AG (Participation Certificate)		3,353		551,745
SGS SA		422		807,208
Sika AG (BR)†		167		565,675
Sonova Holding AG		4,169		525,962
Sulzer AG#		1,857		193,849
Swatch Group AG (BR)#		2,388		839,752
Swatch Group AG		3,839		252,986
Swiss Life Holding AG		2,471		623,244
Swiss Prime Site AG		4,446		332,526
Swiss Re AG		26,959		2,569,208
Swisscom AG		1,950		960,927
Syngenta AG		7,115		2,623,045
Transocean, Ltd.#		26,925		388,624
UBS Group AG		279,232		5,360,191
Zurich Insurance Group AG		11,432		3,010,088
				87,414,293
United Arab Emirates — 0.0%
Orascom Construction, Ltd.†		3,280		20,385
United Kingdom — 16.3%
3i Group PLC		75,375		570,449
Aberdeen Asset Management PLC#		71,615		344,502
Admiral Group PLC		14,649		357,639
Aggreko PLC#		20,010		302,877
Amec Foster Wheeler PLC		29,739		195,015
Anglo American PLC#		107,372		660,840
Antofagasta PLC#		30,317		231,727
ARM Holdings PLC		107,333		1,816,992
Ashtead Group PLC		38,576		636,187
Associated British Foods PLC		27,549		1,471,289
AstraZeneca PLC		96,044		6,512,946
Aviva PLC		306,128		2,358,317
Babcock International Group PLC		19,102		308,121
BAE Systems PLC		240,773		1,872,973
Barclays PLC		1,272,200		4,276,644
Barratt Developments PLC		75,519		683,572
BG Group PLC		260,765		4,051,091
BHP Billiton PLC		162,127		1,945,865
BP PLC		1,393,609		8,086,062
British American Tobacco PLC		141,524		8,244,609
British Land Co. PLC		73,869		927,859
BT Group PLC		635,530		4,751,876
Bunzl PLC		25,950		750,399
Burberry Group PLC		34,225		641,751
Capita PLC		51,143		979,776
Carnival PLC		14,428		752,944
Centrica PLC		382,058		1,254,985

137

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Cobham PLC		87,133	$	398,155
Compass Group PLC		126,728		2,202,581
Croda International PLC		10,751		464,389
Diageo PLC		192,036		5,524,202
Direct Line Insurance Group PLC		105,369		653,511
Dixons Carphone PLC		75,550		551,520
easyJet PLC		12,519		311,671
Fresnillo PLC#		16,739		180,256
G4S PLC		117,842		402,706
GKN PLC		128,565		581,863
GlaxoSmithKline PLC		372,039		7,595,240
Hammerson PLC		59,759		549,468
Hargreaves Lansdown PLC		18,475		416,265
HSBC Holdings PLC		1,482,166		11,819,968
ICAP PLC		43,101		330,414
IMI PLC		21,048		302,422
Imperial Tobacco Group PLC		73,435		3,968,341
Inmarsat PLC		33,236		558,132
InterContinental Hotels Group PLC		18,598		715,947
Intertek Group PLC		12,588		535,964
Intu Properties PLC#		69,258		337,441
Investec PLC		42,755		363,822
ITV PLC		291,832		1,191,120
J Sainsbury PLC#		95,521		365,127
Johnson Matthey PLC		15,994		681,706
Kingfisher PLC		181,052		963,659
Land Securities Group PLC		60,511		1,121,879
Legal & General Group PLC		453,099		1,852,748
Lloyds Banking Group PLC		4,363,866		4,795,233
London Stock Exchange Group PLC		23,772		948,779
Lonmin PLC†#		8,689		161
Marks & Spencer Group PLC		124,458		941,916
Meggitt PLC		61,120		356,889
Melrose Industries PLC		77,784		339,970
Merlin Entertainments PLC*		49,290		303,772
Mondi PLC		27,902		648,838
National Grid PLC		286,848		3,999,655
Next PLC		11,108		1,324,996
Old Mutual PLC		374,646		1,179,291
Pearson PLC		63,277		787,190
Persimmon PLC		23,404		675,013
Prudential PLC		196,196		4,549,078
Reckitt Benckiser Group PLC		48,829		4,581,623
RELX PLC		87,286		1,574,907
Rexam PLC		54,162		472,717
Rio Tinto PLC		96,015		3,193,670
Rolls-Royce Holdings PLC		141,166		1,289,479
Rolls-Royce Holdings PLC, Class C† (Preference Shares)		47,337,832		71,295
Royal Bank of Scotland Group PLC†		246,097		1,120,835
Royal Dutch Shell PLC, Class A		295,808		7,319,830
Royal Dutch Shell PLC, Class B		185,404		4,612,991
Royal Mail PLC		60,371		441,985
RSA Insurance Group PLC		77,858		515,835
SABMiller PLC		73,824		4,482,474
Sage Group PLC		82,128		725,459
Schroders PLC		9,722		438,683
Segro PLC		58,490		388,661
Severn Trent PLC		18,287		620,247
Sky PLC		78,955		1,315,189
Smith & Nephew PLC		69,530		1,178,089
Smiths Group PLC		30,696		477,568
Sports Direct International PLC†		21,654		238,401
SSE PLC		75,180		1,623,697
St James’s Place PLC		39,558		605,315
Standard Chartered PLC		193,273		1,621,944

Security Description	Shares/ Principal Amount		Value (Note 2)
United Kingdom (continued)
Standard Life PLC		152,375	$	955,833
Tate & Lyle PLC		36,031		320,171
Taylor Wimpey PLC		247,838		726,381
Tesco PLC†		620,208		1,561,806
Travis Perkins PLC		19,395		593,855
Tullow Oil PLC†#		69,737		206,281
Unilever PLC		98,382		4,199,224
United Utilities Group PLC		51,834		754,519
Vodafone Group PLC		2,015,839		6,808,349
Weir Group PLC		16,616		300,805
Whitbread PLC		14,185		971,635
William Hill PLC		68,324		367,980
WM Morrison Supermarkets PLC#		161,680		371,347
				177,827,685
Total Common Stocks
(cost $953,094,857)				943,313,018
EXCHANGE-TRADED FUNDS — 4.6%
iShares MSCI EAFE ETF# (cost $53,197,498)		832,436		50,487,243
RIGHTS — 0.0%
Australia — 0.0%
Santos, Ltd.† Expires 11/30/2015 (Strike price AUD 3.85)		43,793		5,067
Transurban Group† Expires 12/15/2015 (Strike price AUD 9.60)		8,013		3,477
				8,544
Italy — 0.0%
UBI Banca† Expires 01/12/2016 (Strike price EUR 7.29)		66,263		0
Spain — 0.0%
Telefonica SA† Expires 12/08/2015		338,363		122,622
United Kingdom — 0.0%
Lonmin PLC† Expires 12/10/2015 (Strike price GBP 0.01)		399,694		203
Standard Chartered PLC† Expires 12/10/2015 (Strike price GBP 4.65)		55,221		75,683
				75,886
Total Rights
(cost $141,744)				207,052
Total Long-Term Investment Securities
(cost $1,006,434,099)				994,007,313
SHORT-TERM INVESTMENT SECURITIES — 16.4%
Registered Investment Companies — 11.7%
State Street Navigator Securities Lending Prime Portfolio 0.24%(3)(4)		127,446,033		127,446,033
U.S. Government Treasuries — 4.7%
United States Treasury Bills
0.00% due 12/17/2015(5)	$	10,900,000		10,899,749
0.03% due 12/03/2015#		40,000,000		39,999,880
0.04% due 12/17/2015(5)		50,000		49,999
				50,949,628
Total Short-Term Investment Securities
(cost $178,395,971)				178,395,661

138

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 3.8%
State Street Bank and Trust Co. Joint Repurchase Agreement(6) (cost $41,903,000)	$	41,903,000		$	41,903,000
TOTAL INVESTMENTS —
(cost $1,226,733,070)(8)		111.2	%		1,214,305,974
Liabilities in excess of other assets		(11.2	)		(122,491,405	)
NET ASSETS —		100.0	%	$	1,091,814,569

# 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, 2015, the aggregate value of these securities was $1,119,826 representing 0.1% 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, 2015, the aggregate value of these securities was $13,555 representing 0.0% of net assets.

(3) At November 30, 2015, the Fund had loaned securities with a total value of $129,371,195. This was secured by collateral of $127,446,033, which was received in cash and subsequently invested in short-term investments currently valued at $127,446,033 as reported in the Portfolio of Investments. Additional collateral of $7,358,452 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
Federal Home Loan Mtg. Corp.	3.00% to 3.50%	05/01/2032 to 12/01/2041	$	218,863
Federal National Mtg. Assoc.	2.00% to 4.00%	01/25/2032 to 07/25/2041		405,958
Government National Mtg. Assoc.	4.00% to 4.00%	09/20/2044		7,728
United States Treasury Bills	0.00%	12/10/2015 to 07/21/2016		93,331
United States Treasury Notes/Bonds	0.13% to 7.63%	12/31/2015 to 08/15/2045		6,632,572

(4) The rate shown is the 7-day yield as of November 30, 2015.

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

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

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

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

AUD—Australian Dollar

BR—Bearer Shares

CDI—Chess Depositary Interest

CVA—Certification Van Aandelen (Dutch Cert.)

FDR—Federal Depositary Receipt

EUR—Euro Dollar

RSP—Risparmio Shares-Savings Shares on the Italian Stock Exchange

SDR—Swedish Depositary Receipt

GBP—British Pound

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2015		Unrealized Appreciation (Depreciation)
	1,116	Long	E-Mini MSCI EAFE Index		December 2015	$	94,868,218	$	97,315,200	$	2,446,982

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	60,071,007	$	—	$	0	$	60,071,007
Hong Kong		20,835,892		508,419		—		21,344,311
Portugal		1,320,000		—		13,555		1,333,555
United Kingdom		177,756,390		71,295				177,827,685
Other Countries		682,736,460		—		—		682,736,460
Exchange-Traded Funds		50,487,243		—		—		50,487,243
Rights
Australia		3,477		5,067		—		8,544
Other Countries		198,508		—		—		198,508
Short-Term Investment Securities:
Registered Investment Companies		127,446,033		—		—		127,446,033
U.S. Government Treasuries		—		50,949,628		—		50,949,628
Repurchase Agreements		—		41,903,000		—		41,903,000
Total Investments at Value	$	1,120,855,010	$	93,437,409	$	13,555	$	1,214,305,974
Other Financial Instruments:†
Futures Contracts	$	2,446,982	$	—	$	—	$	2,446,982

139

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (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. Securities currently valued at $933,016,510 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

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

See Notes to Portfolio of Investments

140

VALIC Company I International Government Bond Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Sovereign	64.4	%
United States Treasury Notes	20.3
Time Deposits	2.7
United States Treasury Bonds	2.5
Banks — Commercial	1.9
Registered Investment Companies	1.0
Oil Companies — Integrated	0.9
Electric — Integrated	0.7
Oil Companies — Exploration & Production	0.7
Real Estate Operations & Development	0.5
Auto — Cars/Light Trucks	0.4
Brewery	0.3
Metal — Iron	0.3
Banks — Export/Import	0.3
Industrial Gases	0.3
Transport — Marine	0.3
Cellular Telecom	0.3
Steel — Producers	0.2
Petrochemicals	0.2
Transport — Services	0.2
Diversified Minerals	0.2
Investment Management/Advisor Services	0.2
Gold Mining	0.2
Auto/Truck Parts & Equipment — Original	0.2
Retail — Major Department Stores	0.2
Metal Processors & Fabrication	0.2
Electric — Distribution	0.1
Pipelines	0.1
Banks — Super Regional	0.1
Television	0.1
Oil Refining & Marketing	0.1
Gas — Transportation	0.1
Paper & Related Products	0.1
Building Products — Cement	0.1
Building — Heavy Construction	0.1
Sugar	0.1
Diamonds/Precious Stones	0.1
Coal	0.1
Steel — Specialty	0.1
Food — Misc./Diversified	0.1
Metal — Diversified	0.1
Telephone — Integrated	0.1
Food — Meat Products	0.1
	101.3	%

Country Allocation*

United States	27.1	%
Japan	13.5
Italy	6.6
Germany	5.4
United Kingdom	4.4
France	2.7
Netherlands	2.1
Poland	2.0
Philippines	2.0
Croatia	1.7
Belgium	1.7
Mexico	1.7
Colombia	1.6
Venezuela	1.4
Turkey	1.4
Panama	1.3
Canada	1.4
Brazil	1.2
Dominican Republic	1.1
Kazakhstan	1.0
Spain	1.0

Lebanon	0.9
Luxembourg	0.9
Serbia	0.9
Australia	0.9
Thailand	0.8
Indonesia	0.8
Sweden	0.8
British Virgin Islands	0.8
Peru	0.7
Austria	0.8
New Zealand	0.7
Costa Rica	0.7
Armenia	0.7
Sri Lanka	0.5
Jamaica	0.5
El Salvador	0.5
Ireland	0.5
South Africa	0.5
Singapore	0.5
Denmark	0.5
Norway	0.5
Finland	0.4
Uruguay	0.4
Latvia	0.4
Zambia	0.4
Hungary	0.4
Cayman Islands	0.4
Pakistan	0.4
Lithuania	0.3
Azerbaijan	0.3
Angola	0.3
Malaysia	0.3
Nigeria	0.2
Paraguay	0.2
South Korea	0.1
Bahrain	0.1
	101.3	%

Credit Quality†#

Aaa	34.5	%
Aa	8.0
A	19.8
Baa	21.0
Ba	5.8
B	4.2
Caa	1.2
Not Rated@	5.5
	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.

141

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Principal Amount**		Value (Note 2)
CORPORATE BONDS & NOTES — 10.4%
Belgium — 0.3%
Anheuser-Busch InBev NV Company Guar. Notes 2.00% due 12/16/2019	EUR	400,000	$	447,973
Brazil — 0.5%
Banco ABC Brasil SA Senior Notes 8.50% due 03/28/2016*(1)	BRL	1,600,000		400,517
BRF SA Senior Notes 7.75% due 05/22/2018*(1)	BRL	500,000		107,754
Oi SA Senior Notes 9.75% due 09/15/2016*(1)	BRL	500,000		112,070
Samarco Mineracao SA Senior Notes 4.13% due 11/01/2022*		250,000		87,500
				707,841
British Virgin Islands — 0.8%
China Cinda Finance 2015 I, Ltd. Company Guar. Notes 4.25% due 04/23/2025*		275,000		262,069
Gold Fields Orogen Holdings BVI, Ltd. Company Guar. Notes 4.88% due 10/07/2020*		320,000		256,000
GTL Trade Finance, Inc. Company Guar. Notes 7.25% due 04/16/2044*		200,000		148,000
LS Finance 2022, Ltd. Company Guar. Notes 4.25% due 10/16/2022		250,000		248,018
State Grid Overseas Investment 2014, Ltd. Company Guar. Notes 4.13% due 05/07/2024*		200,000		210,890
				1,124,977
Canada — 0.1%
Pacific Rubiales Energy Corp. Company Guar. Notes 5.13% due 03/28/2023		300,000		88,500
Cayman Islands — 0.4%
Country Garden Holdings Co., Ltd. Company Guar. Notes 7.25% due 04/04/2021*		200,000		207,690
Country Garden Holdings Co., Ltd. Company Guar. Notes 7.50% due 01/10/2023*		200,000		205,700
MIE Holdings Corp. Company Guar. Notes 7.50% due 04/25/2019*		200,000		109,980
				523,370
Colombia — 0.3%
Ecopetrol SA Senior Notes 4.13% due 01/16/2025		300,000		255,000
Empresas Publicas de Medellin ESP Senior Notes 8.38% due 02/01/2021	COP	80,000,000		24,993
Transportadora de Gas Internacional SA ESP Senior Notes 5.70% due 03/20/2022*		200,000		205,000
				484,993

Security Description	Principal Amount**		Value (Note 2)
Croatia — 0.1%
Hrvatska Elektroprivreda Senior Notes 5.88% due 10/23/2022*	COP	200,000	$	204,516
Indonesia — 0.8%
Pertamina Persero PT Senior Notes 4.88% due 05/03/2022*		318,000		308,595
PT Pelabuhan Indonesia II Senior Notes 4.25% due 05/05/2025*		400,000		361,000
PT Perusahaan Listrik Negara Senior Notes 5.50% due 11/22/2021*		480,000		490,800
				1,160,395
Ireland — 0.5%
Mobile Telesystems OJSC via MTS International Funding, Ltd. Senior Notes 5.00% due 05/30/2023		375,000		349,687
OJSC Novolipetsk Steel via Steel Funding, Ltd. Senior Notes 4.45% due 02/19/2018		350,000		348,688
				698,375
Kazakhstan — 0.3%
KazMunayGas National Co. JSC Senior Notes 6.38% due 04/09/2021		200,000		205,200
KazMunayGas National Co. JSC Senior Notes 6.38% due 04/09/2021*		250,000		256,500
				461,700
Luxembourg — 0.9%
Cosan Luxembourg SA Company Guar. Notes 9.50% due 03/14/2018*(1)	BRL	825,000		175,576
Gazprom Neft OAO Via GPN Capital SA Senior Notes 4.38% due 09/19/2022*		200,000		180,000
Gazprom OAO Via Gaz Capital SA Senior Notes 6.00% due 01/23/2021*		240,000		241,870
Klabin Finance SA Company Guar. Notes 5.25% due 07/16/2024*		200,000		185,940
Severstal OAO Via Steel Capital SA Senior Notes 4.45% due 03/19/2018*		350,000		349,853
Tupy Overseas SA Company Guar. Notes 6.63% due 07/17/2024		270,000		250,425
				1,383,664
Malaysia — 0.1%
Petronas Capital, Ltd. Company Guar. Notes 3.50% due 03/18/2025		200,000		194,834
Mexico — 0.4%
Alpek SAB de CV Company Guar. Notes 5.38% due 08/08/2023*		310,000		320,850

142

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount**		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Mexico (continued)
Elementia SAB de CV Company Guar. Notes 5.50% due 01/15/2025*	BRL	200,000	$	191,940
				512,790
Netherlands — 0.8%
Enel Finance International NV Company Guar. Notes 4.88% due 03/11/2020	EUR	350,000		435,448
Indo Energy Finance BV Senior Sec. Notes 7.00% due 05/07/2018		250,000		149,001
Linde Finance BV Company Guar. Notes 1.75% due 06/11/2019	EUR	350,000		389,560
Myriad International Holdings BV Company Guar. Notes 5.50% due 07/21/2025*		200,000		199,400
				1,173,409
Nigeria — 0.2%
Zenith Bank PLC Senior Notes 6.25% due 04/22/2019*		275,000		252,312
Peru — 0.4%
Alicorp SAA Senior Notes 3.88% due 03/20/2023*		150,000		146,625
Transportadora de Gas del Peru SA Senior Notes 4.25% due 04/30/2028*		200,000		190,000
Volcan Cia Minera SAA Company Guar. Notes 5.38% due 02/02/2022*		310,000		268,925
				605,550
Singapore — 0.5%
Alam Synergy Pte, Ltd. Company Guar. Notes 6.95% due 03/27/2020		210,000		177,450
Oversea-Chinese Banking Corp., Ltd. VRS Sub. Notes 4.00% due 10/15/2024*		200,000		204,546
Theta Capital Pte, Ltd. Company Guar. Notes 6.13% due 11/14/2020		300,000		290,062
				672,058
South Africa — 0.2%
Transnet SOC, Ltd. Senior Notes 4.00% due 07/26/2022*		320,000		300,400
South Korea — 0.1%
Hana Bank Sub. Notes 4.38% due 09/30/2024*		200,000		205,719
Sweden — 0.5%
PKO Bank Polski SA Senior Notes 4.63% due 09/26/2022*		305,000		321,287
Svensk Exportkredit AB Senior Notes 1.75% due 05/30/2017		400,000		404,040
				725,327

Security Description	Principal Amount**		Value (Note 2)
Thailand — 0.8%
Bangkok Bank PCL Senior Notes 2.75% due 03/27/2018*	EUR	500,000	$	503,724
Bangkok Bank PCL Senior Notes 3.88% due 09/27/2022		300,000		307,347
Siam Commercial Bank PCL Senior Notes 3.50% due 04/07/2019*		200,000		204,315
Thai Oil PCL Senior Notes 3.63% due 01/23/2023*		200,000		197,512
				1,212,898
Turkey — 0.3%
Turkiye Halk Bankasi AS Senior Notes 3.88% due 02/05/2020*		200,000		189,500
Turkiye Is Bankasi Senior Notes 5.00% due 04/30/2020*		200,000		199,500
				389,000
United Kingdom — 0.2%
Petra Diamonds US Treasury PLC Sec. Notes 8.25% due 05/31/2020*		200,000		174,500
Vedanta Resources PLC Senior Notes 7.13% due 05/31/2023*		200,000		135,000
				309,500
United States — 0.6%
Cemex Finance LLC Senior Sec. Notes 6.00% due 04/01/2024*		200,000		184,000
Fifth Third Bancorp Senior Notes 3.50% due 03/15/2022		200,000		203,786
Toyota Motor Credit Corp. Senior Notes 1.75% due 05/22/2017		500,000		504,757
				892,543
Venezuela — 0.3%
Petroleos de Venezuela SA Company Guar. Notes 5.38% due 04/12/2027		300,000		108,000
Petroleos de Venezuela SA Company Guar. Notes 6.00% due 11/15/2026		1,100,000		396,000
				504,000
Total Corporate Bonds & Notes
(cost $17,290,328)				15,236,644
FOREIGN GOVERNMENT OBLIGATIONS — 64.4%
Angola — 0.3%
Republic of Angola Senior Notes 9.50% due 11/12/2025*		455,000		455,660
Armenia — 0.7%
Republic of Armenia Notes 7.15% due 03/26/2025*		430,000		423,550

143

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount**		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Armenia (continued)
Republic of Armenia Notes 7.15% due 03/26/2025	EUR	600,000	$	591,000
				1,014,550
Australia — 0.9%
Commonwealth of Australia Senior Bonds 5.50% due 04/21/2023	AUD	1,500,000		1,290,413
Austria — 0.8%
Republic of Austria Senior Notes 4.15% due 03/15/2037*	EUR	350,000		553,184
Republic of Austria Senior Notes 4.85% due 03/15/2026*	EUR	370,000		549,785
				1,102,969
Azerbaijan — 0.3%
Republic of Azerbaijan Senior Notes 4.75% due 03/18/2024		500,000		475,290
Bahrain — 0.1%
Kingdom of Bahrain Senior Notes 6.13% due 07/05/2022		200,000		200,840
Belgium — 1.4%
Kingdom of Belgium Bonds 2.25% due 06/22/2023	EUR	1,735,000		2,084,800
Brazil — 0.7%
Federative Republic of Brazil Senior Notes 2.63% due 01/05/2023		600,000		483,000
Federative Republic of Brazil Senior Notes 5.63% due 01/07/2041		300,000		238,500
Federative Republic of Brazil Senior Bonds 7.13% due 01/20/2037		300,000		285,750
				1,007,250
Canada — 1.3%
Government of Canada Bonds 2.75% due 06/01/2022	CAD	600,000		492,050
Government of Canada Bonds 3.75% due 06/01/2019	CAD	1,085,000		896,639
Government of Canada Bonds 5.00% due 06/01/2037	CAD	410,000		448,687
				1,837,376
Colombia — 1.3%
Republic of Colombia Senior Notes 4.00% due 02/26/2024		500,000		488,750
Republic of Colombia Senior Notes 4.50% due 01/28/2026		540,000		533,250
Republic of Colombia Senior Notes 6.13% due 01/18/2041		500,000		507,500

Security Description	Principal Amount**		Value (Note 2)
Colombia (continued)
Republic of Colombia Senior Notes 9.85% due 06/28/2027	COP	900,000,000	$	328,263
				1,857,763
Costa Rica — 0.7%
Republic of Costa Rica Senior Notes 4.38% due 04/30/2025		350,000		296,625
Republic of Costa Rica Senior Bonds 5.63% due 04/30/2043*		200,000		148,500
Republic of Costa Rica Senior Notes 5.63% due 04/30/2043		500,000		371,250
Republic of Costa Rica Senior Notes 7.16% due 03/12/2045*		250,000		217,500
				1,033,875
Croatia — 1.6%
Republic of Croatia Senior Notes 3.00% due 03/11/2025	EUR	640,000		622,096
Republic of Croatia Senior Bonds 5.50% due 04/04/2023		650,000		670,313
Republic of Croatia Senior Bonds 6.00% due 01/26/2024		550,000		583,000
Republic of Croatia Senior Notes 6.75% due 11/05/2019		500,000		542,600
				2,418,009
Denmark — 0.5%
Kingdom of Denmark Bonds 1.75% due 11/15/2025	DKK	4,300,000		667,645
Dominican Republic — 1.1%
Dominican Republic Senior Notes 5.50% due 01/27/2025*		300,000		294,000
Dominican Republic Senior Bonds 5.88% due 04/18/2024		300,000		302,250
Dominican Republic Senior Bonds 7.45% due 04/30/2044		300,000		311,250
Dominican Republic Senior Notes 7.50% due 05/06/2021		390,000		421,200
Dominican Republic Senior Notes 8.63% due 04/20/2027		300,000		351,000
				1,679,700
El Salvador — 0.5%
Republic of El Salvador Senior Notes 7.63% due 02/01/2041		800,000		710,000
Finland — 0.4%
Government of Finland Senior Bonds 2.63% due 07/04/2042*	EUR	440,000		590,192

144

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount**		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
France — 2.7%
Government of France Bonds 3.50% due 04/25/2026	EUR	400,000	$	535,104
Government of France Bonds 4.00% due 04/25/2060	EUR	350,000		583,185
Government of France Bonds 4.25% due 10/25/2023	EUR	1,400,000		1,921,205
Government of France Bonds 4.50% due 04/25/2041	EUR	600,000		995,370
Government of France Bonds 5.50% due 04/25/2029	EUR	347		565
				4,035,429
Germany — 5.4%
Federal Republic of Germany Bonds 1.75% due 07/04/2022	EUR	2,000,000		2,360,045
Federal Republic of Germany Bonds 1.75% due 02/15/2024	EUR	800,000		950,167
Federal Republic of Germany Bonds 3.50% due 07/04/2019	EUR	1,580,000		1,899,764
Federal Republic of Germany Bonds 4.00% due 01/04/2037	EUR	1,710,000		2,748,890
				7,958,866
Hungary — 0.4%
Republic of Hungary Senior Notes 5.75% due 11/22/2023		308,000		346,885
Republic of Hungary Senior Notes 7.63% due 03/29/2041		150,000		205,560
				552,445
Italy — 6.6%
Republic of Italy Bonds 4.25% due 09/01/2019	EUR	1,000,000		1,214,293
Republic of Italy Bonds 4.25% due 03/01/2020	EUR	1,800,000		2,217,059
Republic of Italy Bonds 4.50% due 03/01/2024	EUR	750,000		997,251
Republic of Italy Bonds 4.75% due 09/01/2021	EUR	1,150,000		1,491,940
Republic of Italy Bonds 5.00% due 03/01/2025*	EUR	20,000		27,885
Republic of Italy Bonds 6.00% due 05/01/2031	EUR	600,000		971,127
Republic of Italy Bonds 6.50% due 11/01/2027	EUR	1,200,000		1,919,108
Republic of Italy Bonds 9.00% due 11/01/2023	EUR	532,912		898,681
				9,737,344

Security Description	Principal Amount**		Value (Note 2)
Jamaica — 0.5%
Government of Jamaica Senior Notes 6.75% due 04/28/2028	EUR	250,000	$	252,500
Government of Jamaica Senior Notes 7.63% due 07/09/2025		230,000		250,700
Government of Jamaica Senior Notes 7.88% due 07/28/2045		250,000		252,187
				755,387
Japan — 13.5%
Government of Japan Senior Bonds 0.90% due 03/20/2022	JPY	205,000,000		1,752,059
Government of Japan Senior Bonds 1.00% due 09/20/2020	JPY	185,000,000		1,571,944
Government of Japan Senior Notes 1.10% due 06/20/2020	JPY	132,000,000		1,124,048
Government of Japan Senior Bonds 1.20% due 12/20/2020	JPY	200,000,000		1,719,301
Government of Japan Senior Bonds 1.30% due 12/20/2019	JPY	254,000,000		2,169,420
Government of Japan Senior Bonds 1.50% due 09/20/2018	JPY	190,000,000		1,608,517
Government of Japan Senior Bonds 1.50% due 12/20/2044	JPY	200,000,000		1,675,548
Government of Japan Senior Bonds 1.70% due 12/20/2016	JPY	62,500,000		516,831
Government of Japan Senior Notes 1.80% due 06/20/2030	JPY	100,000,000		940,390
Government of Japan Senior Notes 1.80% due 12/20/2031	JPY	53,000,000		497,296
Government of Japan Senior Notes 1.80% due 03/20/2043	JPY	225,000,000		2,027,011
Government of Japan Senior Bonds 2.00% due 09/20/2040	JPY	285,000,000		2,677,356
Government of Japan Senior Bonds 2.10% due 09/20/2029	JPY	128,000,000		1,245,250
Government of Japan Senior Notes 2.20% due 03/20/2051	JPY	33,000,000		321,931
				19,846,902
Kazakhstan — 0.7%
Republic of Kazakhstan Senior Notes 4.88% due 10/14/2044		730,000		627,800
Republic of Kazakhstan Senior Notes 5.13% due 07/21/2025*		365,000		369,216
				997,016

145

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount**		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Latvia — 0.4%
Republic of Latvia Senior Notes 5.25% due 06/16/2021	JPY	500,000	$	564,940
Lebanon — 0.9%
Lebanese Republic Senior Notes 5.00% due 10/12/2017		1,400,000		1,386,000
Lithuania — 0.3%
Republic of Lithuania Senior Notes 6.63% due 02/01/2022		400,000		479,896
Malaysia — 0.2%
Government of Malaysia Senior Notes 4.05% due 09/30/2021	MYR	1,000,000		234,485
Mexico — 1.3%
United Mexican States Senior Notes 3.60% due 01/30/2025		700,000		691,600
United Mexican States Senior Notes 6.05% due 01/11/2040		400,000		449,000
United Mexican States Bonds 10.00% due 12/05/2024	MXN	5,000,000		382,610
United Mexican States Bonds 10.00% due 11/20/2036	MXN	5,000,000		410,691
				1,933,901
Netherlands — 1.3%
Government of Netherlands Bonds 2.25% due 07/15/2022*	EUR	885,000		1,065,341
Republic of Mozambique Government Guar. Notes 6.31% due 09/11/2020		1,001,000		859,859
				1,925,200
New Zealand — 0.7%
Government of New Zealand Senior Notes 4.50% due 04/15/2027	NZD	1,500,000		1,073,476
Norway — 0.5%
Kingdom of Norway Bonds 3.75% due 05/25/2021*	NOK	5,000,000		659,509
Pakistan — 0.4%
Islamic Republic of Pakistan Senior Notes 8.25% due 09/30/2025*		500,000		517,360
Panama — 1.3%
Republic of Panama Senior Notes 3.75% due 03/16/2025		500,000		493,750
Republic of Panama Senior Notes 5.20% due 01/30/2020		660,000		715,275
Republic of Panama Senior Notes 6.70% due 01/26/2036		600,000		727,500
				1,936,525

Security Description	Principal Amount**		Value (Note 2)
Paraguay — 0.2%
Republic of Paraguay Notes 6.10% due 08/11/2044*	NOK	250,000	$	244,375
Peru — 0.3%
Republic of Peru Senior Notes 4.13% due 08/25/2027		151,000		150,622
Republic of Peru Senior Notes 6.55% due 03/14/2037		300,000		355,500
				506,122
Philippines — 2.0%
Republic of the Philippines Senior Notes 4.00% due 01/15/2021		500,000		541,698
Republic of the Philippines Senior Notes 4.20% due 01/21/2024		550,000		599,299
Republic of the Philippines Senior Notes 6.38% due 10/23/2034		500,000		661,718
Republic of the Philippines Senior Notes 10.63% due 03/16/2025		710,000		1,121,477
				2,924,192
Poland — 2.0%
Republic of Poland Senior Notes 4.00% due 01/22/2024		1,250,000		1,321,250
Republic of Poland Bonds 5.25% due 10/25/2017	PLN	4,000,000		1,055,769
Republic of Poland Senior Notes 6.38% due 07/15/2019		500,000		575,625
				2,952,644
Serbia — 0.9%
Republic of Serbia Notes 5.88% due 12/03/2018		500,000		530,050
Republic of Serbia Senior Notes 7.25% due 09/28/2021		700,000		799,750
				1,329,800
South Africa — 0.3%
Republic of South Africa Bonds 10.50% due 12/21/2026	ZAR	5,000,000		392,916
Spain — 1.0%
Kingdom of Spain Senior Notes 4.40% due 10/31/2023*	EUR	350,000		457,727
Kingdom of Spain Bonds 5.75% due 07/30/2032	EUR	300,000		473,357
Kingdom of Spain Bonds 6.00% due 01/31/2029	EUR	300,000		465,507
				1,396,591

146

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Principal Amount**		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sri Lanka — 0.5%
Republic of Sri Lanka Senior Notes 6.85% due 11/03/2025*	EUR	800,000	$	782,880
Sweden — 0.3%
Kingdom of Sweden Bonds 3.50% due 06/01/2022	SEK	3,000,000		413,171
Turkey — 1.1%
Republic of Turkey Senior Bonds 5.75% due 03/22/2024		250,000		266,150
Republic of Turkey Senior Notes 6.00% due 01/14/2041		330,000		337,095
Republic of Turkey Senior Notes 6.75% due 04/03/2018		470,000		507,778
Republic of Turkey Senior Notes 6.88% due 03/17/2036		500,000		560,800
				1,671,823
United Kingdom — 4.2%
United Kingdom Gilt Treasury Bonds 2.00% due 07/22/2020		GBP 500,000		779,307
United Kingdom Gilt Treasury Bonds 2.75% due 09/07/2024		GBP 600,000		977,945
United Kingdom Gilt Treasury Bonds 4.00% due 09/07/2016		GBP 135,000		208,778
United Kingdom Gilt Treasury Bonds 4.25% due 06/07/2032		GBP 500,000		954,779
United Kingdom Gilt Treasury Bonds 4.25% due 03/07/2036		GBP 410,000		793,852
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2040		GBP 450,000		895,822
United Kingdom Gilt Treasury Bonds 4.50% due 09/07/2034		GBP 290,000		574,765
United Kingdom Gilt Treasury Bonds 4.75% due 12/07/2030		GBP 500,000		1,000,793
				6,186,041
Uruguay — 0.4%
Oriental Republic of Uruguay Senior Notes 5.10% due 06/18/2050#		650,000		578,500
Venezuela — 1.1%
Republic of Venezuela Senior Notes 7.00% due 12/01/2018		400,000		190,000
Republic of Venezuela Senior Bonds 7.75% due 10/13/2019		800,000		342,000
Republic of Venezuela Senior Bonds 9.00% due 05/07/2023		870,000		358,875

Security Description	Principal Amount**/ Shares			Value (Note 2)
Venezuela (continued)
Republic of Venezuela Senior Notes 11.75% due 10/21/2026#	GBP	830,000		$	391,760
Republic of Venezuela Senior Notes 12.75% due 08/23/2022#		750,000			371,250
					1,653,885
Zambia — 0.4%
Republic of Zambia Senior Notes 8.50% due 04/14/2024		650,000			562,042
Total Foreign Government Obligations
(cost $103,834,009)					94,615,995
U.S. GOVERNMENT TREASURIES — 22.8%
United States Treasury Bonds
3.00% due 05/15/2042		1,720,000			1,733,841
4.38% due 02/15/2038		1,520,000			1,925,115
United States Treasury Notes
0.63% due 09/30/2017		2,500,000			2,487,500
1.38% due 09/30/2018		2,000,000			2,010,234
1.88% due 11/30/2021		2,000,000			1,999,688
1.88% due 10/31/2022		2,000,000			1,984,454
2.00% due 11/30/2020		5,000,000			5,070,510
2.00% due 02/15/2025		1,000,000			981,992
2.13% due 12/31/2015		2,125,000			2,128,153
2.38% due 03/31/2016		3,308,000			3,330,355
2.38% due 08/15/2024		550,000			558,594
2.75% due 11/30/2016		2,370,000			2,417,308
2.75% due 12/31/2017		2,150,000			2,228,189
2.75% due 02/28/2018		3,030,000			3,144,098
3.13% due 05/15/2021		1,360,000			1,453,341
Total U.S. Government Treasuries
(cost $33,004,179)					33,453,372
Total Long-Term Investment Securities
(cost $154,128,516)					143,306,011
SHORT-TERM INVESTMENT SECURITIES — 3.7%
Registered Investment Companies — 1.0%
State Street Navigator Securities Lending Prime Portfolio 0.24%(2)(3)		1,433,100			1,433,100
Time Deposits — 2.7%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015		3,995,000			3,995,000
Total Short-Term Investment Securities
(cost $5,428,100)					5,428,100
TOTAL INVESTMENTS —
(cost $159,556,616)(4)		101.3	%		148,734,111
Liabilities in excess of other assets		(1.3	)		(1,924,295	)
NET ASSETS —		100.0	%	$	146,809,816

* 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, 2015, the aggregate value of these securities was $16,814,539 representing 11.5% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

** Denominated in United States Dollars unless otherwise indicated.

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

147

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

(1) Illiquid security. At November 30, 2015, the aggregate value of these securities was $795,917 representing 0.5% of net assets.

(2) At November 30, 2015, the Fund had loaned securities with a total value of $1,366,316. This was secured by collateral of $1,433,100, which was received in cash and subsequently invested in short-term investments currently valued at $1,433,100 as reported in the Portfolio of Investments.

(3) The rate shown is the 7-day yield as of November 30, 2015.

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

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

SEK—Swedish Krona

ZAR—South African Rand

VRS—Variable Rate Security

The rates shown on VRS are the current interest rates as of November 30, 2015, 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, 2015 (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	$	—	$	15,236,644	$	—	$	15,236,644
Foreign Government Obligations		—		94,615,995		—		94,615,995
U.S. Government Treasuries		—		33,453,372		—		33,453,372
Short-Term Investment Securities:
Registered Investment Companies		1,433,100		—		—		1,433,100
Time Deposits		—		3,995,000		—		3,995,000
Total Investments at Value*	$	1,433,100	$	147,301,011	$	—	$	148,734,111

* 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 International Growth Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Medical — Drugs	9.1	%
Banks — Commercial	5.9
Registered Investment Companies	5.8
Insurance — Life/Health	3.6
Food — Misc./Diversified	3.1
Diversified Banking Institutions	2.6
Oil Companies — Integrated	2.5
Time Deposits	2.5
Auto — Cars/Light Trucks	2.5
Chemicals — Diversified	2.4
Retail — Apparel/Shoe	2.0
Electronic Components — Misc.	2.0
Cosmetics & Toiletries	1.9
Food — Retail	1.9
Cable/Satellite TV	1.8
Beverages — Wine/Spirits	1.7
Soap & Cleaning Preparation	1.7
Auto/Truck Parts & Equipment — Original	1.6
Semiconductor Components — Integrated Circuits	1.6
Brewery	1.5
Tobacco	1.5
Retail — Jewelry	1.5
Web Portals/ISP	1.4
Advertising Agencies	1.4
Food — Catering	1.4
Finance — Other Services	1.4
Airlines	1.4
Electronic Components — Semiconductors	1.4
Electric Products — Misc.	1.3
Commercial Services	1.2
Transport — Rail	1.0
Enterprise Software/Service	1.0
Industrial Gases	0.9
Textile — Apparel	0.9
Medical Products	0.9
Power Converter/Supply Equipment	0.9
Distribution/Wholesale	0.8
Computers — Integrated Systems	0.8
Finance — Leasing Companies	0.8
Machinery — Farming	0.7
Diversified Operations/Commercial Services	0.7
Dialysis Centers	0.7
Metal — Diversified	0.7
Medical — Generic Drugs	0.7
Diversified Financial Services	0.7
Hotels/Motels	0.7
Oil Companies — Exploration & Production	0.6
Television	0.6
Retail — Misc./Diversified	0.6
Transactional Software	0.6
Cruise Lines	0.6
Aerospace/Defense	0.6
Rental Auto/Equipment	0.6
Electronic Measurement Instruments	0.6
Internet Application Software	0.6
Retail — Drug Store	0.6
Medical Instruments	0.6
Insurance — Property/Casualty	0.5
Satellite Telecom	0.5
Industrial Automated/Robotic	0.5
Finance — Credit Card	0.5
Optical Supplies	0.5
Containers — Paper/Plastic	0.5
Retail — Home Furnishings	0.5
Retail — Convenience Store	0.5
Advertising Services	0.5
Human Resources	0.4
Investment Companies	0.4
Insurance — Multi-line	0.4

Agricultural Chemicals	0.4	%
Retail — Building Products	0.4
Paper & Related Products	0.4
Broadcast Services/Program	0.4
Rubber — Tires	0.4
Networking Products	0.4
Transport — Services	0.3
Casino Hotels	0.3
Athletic Footwear	0.3
Electric — Integrated	0.3
Finance — Mortgage Loan/Banker	0.3
Real Estate Management/Services	0.3
Building Products — Cement	0.3
Multimedia	0.3
Commercial Paper	0.2
Auto — Heavy Duty Trucks	0.2
E-Marketing/Info	0.2
Diversified Manufacturing Operations	0.2
Medical — Biomedical/Gene	0.2
Investment Management/Advisor Services	0.2
Machinery — Construction & Mining	0.2
Applications Software	0.2
Toys	0.2
Beverages — Non-alcoholic	0.2
Machinery — General Industrial	0.2
Appliances	0.2
Apparel Manufacturers	0.2
Computer Aided Design	0.2
Chemicals — Specialty	0.2
Food — Meat Products	0.2
Machine Tools & Related Products	0.1
E-Commerce/Products	0.1
Consulting Services	0.1
Computer Services	0.1
Explosives	0.1
Telecom Services	0.1
Retail — Vision Service Center	0.1
	105.5%

Country Allocation*

United Kingdom	18.8	%
Japan	14.0
Switzerland	10.0
France	9.4
Germany	8.9
United States	8.5
Canada	3.6
Netherlands	3.2
Jersey	2.7
Sweden	2.5
Belgium	2.3
Cayman Islands	2.2
Spain	2.1
Denmark	1.9
Hong Kong	1.7
Australia	1.7
Ireland	1.7
Singapore	1.4
Italy	1.2
Taiwan	1.2
Israel	0.9
China	0.9
South Korea	0.6
Portugal	0.6
Mexico	0.6
Brazil	0.6
Norway	0.5

149

VALIC Company I International Growth Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited) — (continued)

Country Allocation* (continued)

Austria	0.5	%
India	0.4
Bermuda	0.3
Thailand	0.3
Turkey	0.2
Indonesia	0.1
	105.5%

* Calculated as a percentage of net assets

150

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.0%
Australia — 1.7%
Amcor, Ltd.		278,991	$	2,727,881
Aurizon Holdings, Ltd.		431,294		1,737,349
Brambles, Ltd.		146,757		1,155,807
CSL, Ltd.		17,700		1,281,472
Orica, Ltd.#		53,604		612,510
Qantas Airways, Ltd.		763,538		2,009,975
				9,524,994
Austria — 0.5%
Erste Group Bank AG†		86,030		2,639,590
Belgium — 2.3%
Anheuser-Busch InBev NV		40,094		5,165,961
KBC Groep NV		81,433		4,861,148
UCB SA		29,390		2,624,514
				12,651,623
Bermuda — 0.3%
Global Brands Group Holding, Ltd.†		3,946,800		763,557
Li & Fung, Ltd.#		1,722,800		1,179,870
				1,943,427
Brazil — 0.6%
BM&FBovespa SA		585,702		1,721,228
BRF SA		54,941		781,585
Itau Unibanco Holding SA ADR		82,906		586,975
				3,089,788
Canada — 3.6%
Alimentation Couche-Tard, Inc., Class B		57,380		2,615,818
Canadian National Railway Co. (NYSE)		46,364		2,770,249
Canadian National Railway Co. (TSX)		20,745		1,238,222
Cenovus Energy, Inc.		79,668		1,178,808
CGI Group, Inc., Class A†		80,297		3,495,200
Element Financial Corp.		65,696		841,216
Fairfax Financial Holdings, Ltd.		3,223		1,547,412
Great-West Lifeco, Inc.		40,958		1,113,007
Loblaw Cos., Ltd.		19,935		1,006,416
Suncor Energy, Inc.		128,772		3,558,117
Valeant Pharmaceuticals International, Inc.†		7,942		714,462
				20,078,927
Cayman Islands — 2.2%
Alibaba Group Holding, Ltd. ADR†		8,572		720,734
Baidu, Inc. ADR†		20,541		4,477,322
CK Hutchison Holdings, Ltd.		234,392		3,065,390
Sands China, Ltd.		146,400		493,762
Tencent Holdings, Ltd.		156,300		3,118,561
				11,875,769
China — 0.9%
Great Wall Motor Co., Ltd.#		1,139,000		1,405,855
Industrial & Commercial Bank of China, Ltd., Class H		1,824,000		1,108,028
Kweichow Moutai Co., Ltd., Class A†		67,351		2,244,402
				4,758,285
Denmark — 1.9%
Carlsberg A/S, Class B		36,744		3,124,857
Novo Nordisk A/S, Class B		27,592		1,520,070
Pandora A/S		51,450		6,098,760
				10,743,687
France — 9.4%
Accor SA		49,000		2,067,731
Air Liquide SA		24,048		2,934,613
Arkema SA		15,280		1,100,865

Security Description	Shares		Value (Note 2)
France (continued)
Bureau Veritas SA		34,450	$	709,582
Carrefour SA		82,652		2,548,171
Criteo SA ADR†		32,370		1,319,401
Danone SA		46,170		3,235,637
Dassault Systemes		11,613		924,277
Engie SA		94,826		1,652,106
Essilor International SA		20,952		2,735,005
Hermes International		833		293,295
Iliad SA		4,610		1,028,204
Ingenico Group SA		8,930		1,124,179
L’Oreal SA		3,616		640,313
Legrand SA		73,095		4,300,083
LVMH Moet Hennessy Louis Vuitton SE#		29,803		4,998,776
Pernod Ricard SA		44,410		5,053,432
Peugeot SA†		45,440		811,843
Publicis Groupe SA		40,670		2,566,161
Schneider Electric SE		74,602		4,729,243
TOTAL SA		90,344		4,486,288
Valeo SA		16,080		2,489,785
				51,748,990
Germany — 8.9%
adidas AG#		18,450		1,785,395
Allianz SE		13,232		2,343,792
Bayer AG		72,517		9,676,830
Beiersdorf AG#		29,007		2,701,256
Continental AG		8,055		1,946,353
Deutsche Boerse AG		35,626		3,056,044
Deutsche Post AG		46,684		1,364,548
Fresenius Medical Care AG & Co. KGaA#		47,040		3,886,548
Linde AG		13,704		2,392,648
Merck KGaA		13,632		1,396,216
MTU Aero Engines AG#		6,406		636,148
ProSiebenSat.1 Media SE		65,446		3,436,603
SAP SE		68,437		5,393,386
Symrise AG		35,280		2,387,841
Wirecard AG#		54,122		2,651,270
Zalando SE†#*		119,078		4,038,560
				49,093,438
Hong Kong — 1.7%
AIA Group, Ltd.		1,366,600		8,178,326
Galaxy Entertainment Group, Ltd.		477,000		1,399,603
				9,577,929
India — 0.4%
Housing Development Finance Corp., Ltd.		87,755		1,604,223
Tata Consultancy Services, Ltd.		17,784		633,279
				2,237,502
Indonesia — 0.1%
Bank Mandiri Persero Tbk PT		1,232,500		757,228
Ireland — 1.7%
Bank of Ireland†		7,531,380		2,808,919
CRH PLC		53,260		1,567,171
Ryanair Holdings PLC ADR		35,178		2,705,188
Smurfit Kappa Group PLC		77,890		2,128,140
				9,209,418
Israel — 0.9%
Check Point Software Technologies, Ltd.†#		12,699		1,108,496
Teva Pharmaceutical Industries, Ltd. ADR		60,158		3,785,743
				4,894,239

151

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Italy — 1.2%
Intesa Sanpaolo SpA		1,753,750	$	6,018,298
Luxottica Group SpA		7,755		518,651
				6,536,949
Japan — 14.0%
Calbee, Inc.		20,500		847,644
Daito Trust Construction Co., Ltd.		15,400		1,600,049
Denso Corp.#		83,300		3,974,175
FANUC Corp.#		15,800		2,813,452
Fuji Heavy Industries, Ltd.		87,200		3,604,172
Honda Motor Co., Ltd.#		82,900		2,695,092
Hoya Corp.		86,600		3,510,430
Inpex Corp.#		124,911		1,240,485
Isuzu Motors, Ltd.		120,000		1,350,122
Japan Tobacco, Inc.		132,300		4,739,586
Keyence Corp.		5,800		3,143,591
Komatsu, Ltd.#		68,500		1,132,949
Kubota Corp.		247,000		4,120,345
Kyocera Corp.#		35,500		1,645,804
Minebea Co., Ltd.#		78,000		856,036
Mizuho Financial Group, Inc.		1,000,000		2,018,684
Murata Manufacturing Co., Ltd.		27,600		4,282,372
Nidec Corp.#		36,200		2,798,957
Nintendo Co., Ltd.		7,100		1,090,378
Nitori Holdings Co., Ltd.		32,200		2,652,380
Olympus Corp.		36,200		1,443,883
Ono Pharmaceutical Co., Ltd.		15,900		2,545,808
ORIX Corp.		226,800		3,273,032
Ryohin Keikaku Co., Ltd.		15,400		3,322,697
Seven & i Holdings Co., Ltd.		79,700		3,573,875
Shin-Etsu Chemical Co., Ltd.		15,500		876,738
Suzuki Motor Corp.#		102,800		3,160,829
Terumo Corp.#		73,500		2,346,507
Toyota Motor Corp.#		29,775		1,852,048
Unicharm Corp.#		108,300		2,283,889
Yahoo Japan Corp.#		597,000		2,458,806
				77,254,815
Jersey — 2.7%
Delphi Automotive PLC		10,956		962,813
Shire PLC		35,390		2,476,357
Wolseley PLC		59,710		3,465,870
WPP PLC		335,297		7,751,604
				14,656,644
Mexico — 0.6%
Fomento Economico Mexicano SAB de CV ADR		11,199		1,079,360
Grupo Televisa SAB ADR		73,455		2,071,431
				3,150,791
Netherlands — 3.2%
Akzo Nobel NV		66,650		4,740,610
Heineken NV		7,722		686,634
ING Groep NV CVA		281,600		3,866,329
Mobileye NV†#		29,820		1,300,152
NXP Semiconductors NV†		29,570		2,763,612
Randstad Holding NV		38,311		2,395,862
Unilever NV CVA		40,547		1,778,928
				17,532,127
Norway — 0.5%
Statoil ASA#		174,910		2,704,996
Portugal — 0.6%
Jeronimo Martins SGPS SA		231,508		3,212,817

Security Description	Shares		Value (Note 2)
Singapore — 1.4%
Avago Technologies, Ltd.		21,246	$	2,771,541
DBS Group Holdings, Ltd.#		190,400		2,227,216
Singapore Telecommunications, Ltd.		219,750		596,677
United Overseas Bank, Ltd.		146,577		2,014,908
				7,610,342
South Korea — 0.6%
AMOREPACIFIC Corp.		3,640		1,268,287
Samsung Electronics Co., Ltd.		1,859		2,061,186
				3,329,473
Spain — 2.1%
Amadeus IT Holding SA, Class A		82,526		3,310,275
Cellnex Telecom SAU*		79,180		1,438,493
Industria de Diseno Textil SA		106,600		3,836,116
International Consolidated Airlines Group SA		327,361		2,795,526
				11,380,410
Sweden — 2.5%
Electrolux AB, Series B		36,506		1,071,515
Getinge AB, Class B		53,574		1,356,273
Hennes & Mauritz AB, Class B		46,926		1,740,531
Hexagon AB, Class B		29,610		1,074,499
Investor AB, Class B		62,470		2,380,819
Lundin Petroleum AB†		78,790		1,260,199
Sandvik AB		74,031		766,894
Svenska Cellulosa AB SCA, Class B		78,208		2,256,086
Telefonaktiebolaget LM Ericsson, Class B		192,336		1,873,345
				13,780,161
Switzerland — 10.0%
Actelion, Ltd.†		9,050		1,271,055
Cie Financiere Richemont SA		14,348		1,073,816
Credit Suisse Group AG		32,770		704,546
Julius Baer Group, Ltd.		77,168		3,693,203
Kuehne & Nagel International AG		3,951		534,173
Nestle SA		151,608		11,250,689
Novartis AG		124,415		10,635,466
Roche Holding AG		61,774		16,541,514
Sonova Holding AG		5,163		651,366
Swatch Group AG#		2,688		945,248
Syngenta AG		6,105		2,250,694
UBS Group AG		303,128		5,818,903
				55,370,673
Taiwan — 1.2%
Hon Hai Precision Industry Co., Ltd.		234,294		602,925
Taiwan Semiconductor Manufacturing Co., Ltd.		621,269		2,645,561
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		138,876		3,160,818
				6,409,304
Thailand — 0.3%
Kasikornbank PCL NVDR		388,000		1,851,228
Turkey — 0.2%
Akbank TAS		505,555		1,202,607
United Kingdom — 18.8%
Aberdeen Asset Management PLC#		255,207		1,227,668
Admiral Group PLC		54,240		1,324,208
ARM Holdings PLC		154,000		2,606,997
Ashtead Group PLC		197,821		3,262,421
Associated British Foods PLC		40,917		2,185,224
Aviva PLC		324,070		2,496,537
BAE Systems PLC		188,250		1,464,397
Barclays PLC		1,189,068		3,997,186

152

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
BG Group PLC		63,082		$	980,005
British American Tobacco PLC		60,673			3,534,561
Bunzl PLC		96,490			2,790,211
Carnival PLC		63,260			3,301,307
Compass Group PLC		439,466			7,638,087
Croda International PLC		36,660			1,583,526
Diageo PLC		81,990			2,358,564
HSBC Holdings PLC		311,159			2,481,429
Informa PLC		149,828			1,406,964
Inmarsat PLC		82,060			1,378,034
Johnson Matthey PLC		71,799			3,060,260
Kingfisher PLC		411,887			2,192,291
Liberty Global PLC, Class A†		51,530			2,185,387
Lloyds Banking Group PLC		1,476,450			1,622,397
London Stock Exchange Group PLC		68,740			2,743,525
Next PLC		13,085			1,560,819
Prudential PLC		204,475			4,741,038
Reckitt Benckiser Group PLC		99,718			9,356,536
RELX PLC		215,976			3,896,869
Rio Tinto PLC		116,446			3,873,250
Rolls-Royce Holdings PLC		128,269			1,171,672
Rolls-Royce Holdings PLC (Entitlement Shares)†		11,890,536			17,908
Royal Dutch Shell PLC, Class B		78,556			1,954,533
Sky PLC		465,230			7,749,547
Smith & Nephew PLC		117,857			1,996,923
Smiths Group PLC		83,945			1,306,016
St James’s Place PLC		190,321			2,912,285
Standard Chartered PLC		66,314			556,506
Whitbread PLC		23,016			1,576,536
Worldpay Group PLC†*		620,170			2,792,772
					103,284,396
Total Common Stocks
(cost $480,820,464)					534,092,567
RIGHTS — 0.0%
Switzerland — 0.0%
Credit Suisse Group AG† Expires 12/03/2015 (Strike Price CHF 18) (cost $0)		32,770			20,066
Total Long-Term Investment Securities
(cost $480,820,464)					534,112,633
SHORT-TERM INVESTMENT SECURITIES — 8.5%
Commercial Paper — 0.2%
Barclays US Funding LLC 0.12% due 12/01/2015*(1)	$	612,000			612,000
HSBC USA, Inc. 0.05% due 12/01/2015*(1)		785,000			785,000
					1,397,000
Registered Investment Companies — 5.8%
State Street Navigator Securities Lending Prime Portfolio 0.24%(2)(3)		31,851,666			31,851,666
Time Deposits — 2.5%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015		13,799,000			13,799,000
Total Short-Term Investment Securities
(cost $47,047,666)					47,047,666
TOTAL INVESTMENTS
(cost $527,868,130)(4)		105.5	%		581,160,299
Liabilities in excess of other assets		(5.5	)		(30,500,810	)
NET ASSETS		100.0	%	$	550,659,489

# 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, 2015, the aggregate value of these securities was $9,666,825 representing 1.8% 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, 2015, the Fund held the following restricted securities:

Description	Acquisition Date		Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
Commercial Paper
Barclays US Funding LLC 0.12% due 12/01/2015		11/30/2015	$	612,000	$	611,998	$	612,000	$	1.00		0.11	%
HSBC USA, Inc. 0.05% due 12/01/2015		11/30/2015		785,000		784,999		785,000		1.00		0.14	%
							$	1,397,000				0.25	%

(2) At November 30, 2015, the Fund had loaned securities with a total value of $31,384,383. This was secured by collateral of $31,851,666, which was received in cash and subsequently invested in short-term investments currently value at $31,856,666 as reported in the Portfolio of Investments. The remaining collateral of $1,118,979 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s 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, 2015
United States Treasury Bills	0.00%	12/10/2015 to 07/21/2016	$126,444
United States Treasury Notes/Bonds	0.13% to 6.25%	01/15/2016 to 05/15/2045	992,535

(3) The rate shown is the 7-day yield as of November 30, 2015.

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

ADR—American Depositary Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

NVDR—Non-Voting Depositary Receipt

NYSE—New York Stock Exchange

TSX—Toronto Stock Exchange

153

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	103,266,488	$	17,908	$	—	$	103,284,396
Other Countries		430,808,171		—		—		430,808,171
Rights		20,066		—		—		20,066
Short-Term Investment Securities:
Registered Investment Companies		31,851,666		—		—		31,851,666
Other Short-Term Investment Securities		—		15,196,000		—		15,196,000
Total Investments at Value*	$	565,946,391	$	15,213,908	$	—	$	581,160,299

* 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. Securities currently valued at $439,798,157 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

154

VALIC Company I Large Cap Core Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Diversified Banking Institutions	7.9	%
Medical — Drugs	6.8
Computers	4.6
Web Portals/ISP	4.0
Medical Instruments	3.3
Oil Companies — Integrated	3.2
Applications Software	3.2
Medical — Biomedical/Gene	3.1
Retail — Drug Store	3.0
Entertainment Software	3.0
Finance — Credit Card	3.0
Insurance — Reinsurance	2.7
Telephone — Integrated	2.7
Diversified Manufacturing Operations	2.4
Cable/Satellite TV	2.4
Electronic Components — Semiconductors	2.3
Oil Companies — Exploration & Production	2.1
Banks — Super Regional	2.0
Repurchase Agreements	2.0
Instruments — Controls	1.9
Beverages — Non-alcoholic	1.9
Advertising Services	1.9
Medical — Wholesale Drug Distribution	1.9
Retail — Building Products	1.8
Investment Management/Advisor Services	1.7
Auto/Truck Parts & Equipment — Original	1.6
Internet Content — Entertainment	1.5
Banks — Fiduciary	1.4
Electric — Integrated	1.4
Retail — Restaurants	1.4
Retail — Apparel/Shoe	1.3
Computers — Memory Devices	1.3
Tobacco	1.2
Computer Services	1.2
Television	1.2
Agricultural Chemicals	1.2
Beverages — Wine/Spirits	1.2
Medical — HMO	1.1
Transport — Services	1.1
Medical Products	1.1
Insurance Brokers	1.0
Aerospace/Defense — Equipment	0.9
Real Estate Investment Trusts	0.9
Electronic Security Devices	0.9
Oil — Field Services	0.7
Data Processing/Management	0.6
Commercial Services	0.6
Retail — Arts & Crafts	0.5
Registered Investment Companies	0.3
Commercial Services — Finance	0.3
Pipelines	0.3
E-Commerce/Products	0.1
	101.1	%

* Calculated as a percentage of net assets

155

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.8%
Advertising Services — 1.9%
Nielsen Holdings PLC		66,775	$	3,117,057
Aerospace/Defense - Equipment — 0.9%
United Technologies Corp.		16,244		1,560,236
Agricultural Chemicals — 1.2%
Monsanto Co.		20,905		1,989,320
Applications Software — 3.2%
Intuit, Inc.		8,690		870,738
Microsoft Corp.		82,175		4,466,211
				5,336,949
Auto/Truck Parts & Equipment - Original — 1.6%
Delphi Automotive PLC		29,454		2,588,418
Banks - Fiduciary — 1.4%
Bank of New York Mellon Corp.		52,666		2,308,877
Banks - Super Regional — 2.0%
Wells Fargo & Co.		60,299		3,322,475
Beverages - Non-alcoholic — 1.9%
PepsiCo, Inc.		31,494		3,154,439
Beverages - Wine/Spirits — 1.2%
Diageo PLC ADR		16,776		1,921,859
Cable/Satellite TV — 2.4%
Comcast Corp., Class A		65,494		3,985,965
Commercial Services — 0.6%
Aramark		28,239		921,156
Commercial Services - Finance — 0.3%
PayPal Holdings, Inc.†		15,628		551,043
Computer Services — 1.2%
Hewlett Packard Enterprise Co.		86,381		1,283,622
IHS, Inc., Class A†		6,239		769,331
				2,052,953
Computers — 4.6%
Apple, Inc.		57,648		6,819,758
HP, Inc.		68,696		861,448
				7,681,206
Computers - Memory Devices — 1.3%
EMC Corp.		83,025		2,103,854
Data Processing/Management — 0.6%
Dun & Bradstreet Corp.		9,635		1,038,557
Diversified Banking Institutions — 7.9%
Bank of America Corp.		157,377		2,743,081
Citigroup, Inc.		91,185		4,932,197
Goldman Sachs Group, Inc.		3,480		661,270
JPMorgan Chase & Co.		70,870		4,725,611
				13,062,159
Diversified Manufacturing Operations — 2.4%
Eaton Corp. PLC		10,635		618,532
General Electric Co.		113,652		3,402,741
				4,021,273
E-Commerce/Products — 0.1%
Alibaba Group Holding, Ltd. ADR†		2,610		219,449
Electric - Integrated — 1.4%
DTE Energy Co.		12,181		980,449
Edison International		22,274		1,322,184
				2,302,633

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors — 2.3%
Broadcom Corp., Class A		41,365	$	2,259,770
Qorvo, Inc.†		9,536		553,756
Skyworks Solutions, Inc.#		12,916		1,072,286
				3,885,812
Electronic Security Devices — 0.9%
Tyco International PLC		40,167		1,418,297
Entertainment Software — 3.0%
Activision Blizzard, Inc.		106,815		4,022,653
Electronic Arts, Inc.†		14,215		963,635
				4,986,288
Finance - Credit Card — 3.0%
American Express Co.		36,740		2,632,054
MasterCard, Inc., Class A		23,871		2,337,448
				4,969,502
Instruments - Controls — 1.9%
Honeywell International, Inc.		30,511		3,171,618
Insurance Brokers — 1.0%
Aon PLC		17,191		1,628,675
Insurance - Reinsurance — 2.7%
Berkshire Hathaway, Inc., Class B†		33,784		4,530,097
Internet Content - Entertainment — 1.5%
Facebook, Inc., Class A†		23,235		2,422,016
Investment Management/Advisor Services — 1.7%
BlackRock, Inc.		7,870		2,862,476
Medical Instruments — 3.3%
Medtronic PLC		54,828		4,130,741
St. Jude Medical, Inc.		22,399		1,413,377
				5,544,118
Medical Products — 1.1%
Cooper Cos., Inc.		5,250		767,812
Zimmer Biomet Holdings, Inc.		10,175		1,027,777
				1,795,589
Medical - Biomedical/Gene — 3.1%
Biogen, Inc.†		7,190		2,062,524
Celgene Corp.†		14,852		1,625,551
Vertex Pharmaceuticals, Inc.†		11,465		1,483,112
				5,171,187
Medical - Drugs — 6.8%
Abbott Laboratories		56,407		2,533,803
Allergan PLC†		3,780		1,186,504
Baxalta, Inc.		38,600		1,327,068
Endo International PLC†		14,000		860,720
Johnson & Johnson		38,393		3,886,907
Pfizer, Inc.		45,845		1,502,341
				11,297,343
Medical - HMO — 1.1%
Cigna Corp.		14,129		1,907,132
Medical - Wholesale Drug Distribution — 1.9%
Cardinal Health, Inc.		35,394		3,073,969
Oil Companies - Exploration & Production — 2.1%
Canadian Natural Resources, Ltd.		45,998		1,113,151
ConocoPhillips		24,436		1,320,766
Noble Energy, Inc.		13,407		491,635
Range Resources Corp.#		19,585		559,739
				3,485,291

156

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Integrated — 3.2%
Chevron Corp.		25,730	$	2,349,664
Exxon Mobil Corp.		36,831		3,007,619
				5,357,283
Oil - Field Services — 0.7%
Schlumberger, Ltd.		14,195		1,095,144
Pipelines — 0.3%
Williams Cos., Inc.		13,579		496,448
Real Estate Investment Trusts — 0.9%
American Tower Corp.		11,485		1,141,379
Rayonier, Inc.		15,195		366,656
				1,508,035
Retail - Apparel/Shoe — 1.3%
Coach, Inc.		43,875		1,393,909
PVH Corp.		8,222		750,586
				2,144,495
Retail - Arts & Crafts — 0.5%
Michaels Cos., Inc.†		34,826		773,485
Retail - Building Products — 1.8%
Lowe’s Cos., Inc.		39,870		3,054,042
Retail - Drug Store — 3.0%
CVS Health Corp.		43,749		4,116,343
Walgreens Boots Alliance, Inc.		11,316		950,884
				5,067,227
Retail - Restaurants — 1.4%
McDonald’s Corp.		19,980		2,280,917
Telephone - Integrated — 2.7%
Verizon Communications, Inc.		98,273		4,466,508
Television — 1.2%
CBS Corp., Class B		40,485		2,043,683
Tobacco — 1.2%
Philip Morris International, Inc.		23,605		2,062,841
Transport - Services — 1.1%
FedEx Corp.		11,735		1,860,467
Web Portals/ISP — 4.0%
Alphabet, Inc., Class A†		3,182		2,427,389
Alphabet, Inc., Class C†		5,638		4,186,779
				6,614,168
Total Long-Term Investment Securities
(cost $142,887,560)				164,214,031

Security Description		Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.3%
Registered Investment Companies — 0.3%
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2) (cost $572,861)		572,861		$	572,861
REPURCHASE AGREEMENTS — 2.0%
Agreement with State Street Bank and Trust Co., bearing interest at 0.00% dated 11/30/2015, to be repurchased 12/01/2015 in the amount of $3,321,000 and collateralized by $3,480,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having approximate value of $3,390,658 (cost $3,321,000)	$	3,321,000			3,321,000
TOTAL INVESTMENTS
(cost $146,781,421)(3)		101.1	%		168,107,892
Liabilities in excess of other assets		(1.1	)		(1,848,081	)
NET ASSETS		100.0	%	$	166,259,811

† Non-income producing security

# The security or a portion thereof is out on loan

(1) At November 30, 2015, the Fund had loaned securities with a total value of $1,475,118. This was secured by collateral of $572,861, which was received in cash and subsequently invested in short-term investments currently valued at $572,861 as reported in the Portfolio of Investments. Additional collateral of $920,747 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
United States Treasury Bills	0.00%	12/10/2015 to 07/21/2016	$	104,044
United States Treasury Notes/Bonds	0.13% to 6.25%	01/15/2016 to 05/15/2045		816,703

(2) The rate shown in the 7-day yield as of November 30, 2015.

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	164,214,031	$	—	$	—	$	164,214,031
Short-Term Investment Securities		572,861		—		—		572,861
Repurchase Agreements		—		3,321,000		—		3,321,000
Total Investments at Value*	$	164,786,892	$	3,321,000	$	—	$	168,107,892

* 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

157

VALIC Company I Large Capital Growth Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Computer Services	6.3	%
Web Portals/ISP	5.9
Finance — Credit Card	5.3
Medical — Drugs	5.3
Instruments — Scientific	4.7
Cosmetics & Toiletries	4.1
Multimedia	4.0
Registered Investment Companies	3.6
Electronic Components — Semiconductors	3.2
Data Processing/Management	3.2
Diagnostic Equipment	3.1
Chemicals — Diversified	2.9
Distribution/Wholesale	2.7
Commercial Services — Finance	2.5
Computers	2.4
Retail — Drug Store	2.4
Apparel Manufacturers	2.3
Vitamins & Nutrition Products	2.3
Chemicals — Specialty	2.3
Aerospace/Defense — Equipment	2.2
Retail — Auto Parts	1.9
Agricultural Chemicals	1.9
Enterprise Software/Service	1.9
Retail — Major Department Stores	1.8
Textile — Apparel	1.7
Instruments — Controls	1.6
Investment Management/Advisor Services	1.5
Computers — Memory Devices	1.5
Pharmacy Services	1.5
Food — Misc./Diversified	1.4
Semiconductor Components — Integrated Circuits	1.4
Industrial Gases	1.4
Dental Supplies & Equipment	1.3
Athletic Footwear	1.3
Coatings/Paint	1.1
Beverages — Wine/Spirits	1.0
Auto/Truck Parts & Equipment — Original	0.8
Diversified Manufacturing Operations	0.8
Electronic Connectors	0.8
Soap & Cleaning Preparation	0.7
Commercial Paper	0.6
Oil — Field Services	0.6
Finance — Investment Banker/Broker	0.6
Beverages — Non-alcoholic	0.5
Brewery	0.5
Finance — Other Services	0.5
Medical Instruments	0.5
Broadcast Services/Program	0.5
Medical Products	0.5
Advertising Agencies	0.4
	103.2	%

* Calculated as a percentage of net assets

158

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.0%
Advertising Agencies — 0.4%
Omnicom Group, Inc.#		19,611	$	1,449,645
Aerospace/Defense - Equipment — 2.2%
United Technologies Corp.		91,386		8,777,625
Agricultural Chemicals — 1.9%
Monsanto Co.		79,303		7,546,473
Apparel Manufacturers — 2.3%
Burberry Group PLC		185,502		3,478,336
VF Corp.		89,676		5,802,037
				9,280,373
Athletic Footwear — 1.3%
NIKE, Inc., Class B		39,716		5,253,632
Auto/Truck Parts & Equipment - Original — 0.8%
Johnson Controls, Inc.		72,906		3,353,676
Beverages - Non-alcoholic — 0.5%
PepsiCo, Inc.		21,338		2,137,214
Beverages - Wine/Spirits — 1.0%
Pernod Ricard SA		35,501		4,039,673
Brewery — 0.5%
Ambev SA ADR		436,837		2,083,712
Broadcast Services/Program — 0.5%
Discovery Communications, Inc., Class A†#		63,312		1,971,536
Chemicals - Diversified — 2.9%
LyondellBasell Industries NV, Class A		58,794		5,633,641
PPG Industries, Inc.		58,070		6,140,322
				11,773,963
Chemicals - Specialty — 2.3%
Ecolab, Inc.		76,150		9,074,034
Coatings/Paint — 1.1%
Sherwin-Williams Co.		15,752		4,348,655
Commercial Services - Finance — 2.5%
Equifax, Inc.		47,546		5,301,379
Moody’s Corp.		45,480		4,689,898
				9,991,277
Computer Services — 6.3%
Accenture PLC, Class A		181,845		19,497,421
Cognizant Technology Solutions Corp., Class A†		89,609		5,786,949
				25,284,370
Computers — 2.4%
Apple, Inc.		80,939		9,575,084
Computers - Memory Devices — 1.5%
EMC Corp.		239,759		6,075,493
Cosmetics & Toiletries — 4.1%
Colgate-Palmolive Co.		202,166		13,278,263
L’Oreal SA		18,767		3,323,218
				16,601,481
Data Processing/Management — 3.2%
Fidelity National Information Services, Inc.		125,777		8,008,222
Fiserv, Inc.†		48,521		4,669,661
				12,677,883
Dental Supplies & Equipment — 1.3%
DENTSPLY International, Inc.		87,972		5,336,382

Security Description	Shares		Value (Note 2)
Diagnostic Equipment — 3.1%
Danaher Corp.		130,315	$	12,561,063
Distribution/Wholesale — 2.7%
Fastenal Co.#		70,947		2,879,029
WW Grainger, Inc.#		40,495		8,120,868
				10,999,897
Diversified Manufacturing Operations — 0.8%
Colfax Corp.†		120,991		3,275,226
Electronic Components - Semiconductors — 3.2%
Microchip Technology, Inc.#		76,442		3,690,620
Texas Instruments, Inc.		158,198		9,194,468
				12,885,088
Electronic Connectors — 0.8%
Amphenol Corp., Class A		58,368		3,213,158
Enterprise Software/Service — 1.9%
Oracle Corp.		193,122		7,525,964
Finance - Credit Card — 5.3%
MasterCard, Inc., Class A		60,149		5,889,790
Visa, Inc., Class A		196,816		15,550,432
				21,440,222
Finance - Investment Banker/Broker — 0.6%
Charles Schwab Corp.		65,432		2,205,713
Finance - Other Services — 0.5%
CME Group, Inc.		21,061		2,056,607
Food - Misc./Diversified — 1.4%
Danone SA		82,948		5,813,074
Industrial Gases — 1.4%
Praxair, Inc.		48,373		5,456,474
Instruments - Controls — 1.6%
Mettler-Toledo International, Inc.†		19,135		6,559,095
Instruments - Scientific — 4.7%
Thermo Fisher Scientific, Inc.		91,318		12,638,411
Waters Corp.†		47,419		6,298,192
				18,936,603
Investment Management/Advisor Services — 1.5%
Franklin Resources, Inc.		145,784		6,111,265
Medical Instruments — 0.5%
St. Jude Medical, Inc.		31,922		2,014,278
Medical Products — 0.5%
Cooper Cos., Inc.		13,299		1,944,979
Medical - Drugs — 5.3%
Abbott Laboratories		158,075		7,100,729
Eli Lilly & Co.		53,162		4,361,411
Roche Holding AG		19,794		5,300,332
Zoetis, Inc.		95,261		4,448,689
				21,211,161
Multimedia — 4.0%
Time Warner, Inc.		86,736		6,069,785
Twenty-First Century Fox, Inc., Class A		267,172		7,884,246
Walt Disney Co.		18,142		2,058,573
				16,012,604
Oil - Field Services — 0.6%
Schlumberger, Ltd.		29,040		2,240,436

159

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Pharmacy Services — 1.5%
Express Scripts Holding Co.†		70,945		$	6,064,379
Retail - Auto Parts — 1.9%
AutoZone, Inc.†		9,741			7,634,704
Retail - Drug Store — 2.4%
CVS Health Corp.		100,647			9,469,876
Retail - Major Department Stores — 1.8%
TJX Cos., Inc.		102,469			7,234,311
Semiconductor Components - Integrated Circuits — 1.4%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		255,039			5,804,688
Soap & Cleaning Preparation — 0.7%
Church & Dwight Co., Inc.		33,077			2,837,014
Textile - Apparel — 1.7%
LVMH Moet Hennessy Louis Vuitton SE		40,217			6,745,487
Vitamins & Nutrition Products — 2.3%
Mead Johnson Nutrition Co.		113,236			9,125,689
Web Portals/ISP — 5.9%
Alphabet, Inc., Class A†		31,250			23,839,062
Total Long-Term Investment Securities
(cost $347,949,979)					397,850,298
SHORT-TERM INVESTMENT SECURITIES — 4.2%
Commercial Paper — 0.6%
HSBC USA, Inc. 0.05% due 12/01/2015*(4)	$	2,319,000			2,319,000
Registered Investment Companies — 3.6%
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2)		14,650,082			14,650,082
Total Short-Term Investment Securities
(cost $16,969,082)					16,969,082
TOTAL INVESTMENTS
(cost $364,919,061)(3)		103.2	%		414,819,380
Liabilities in excess of other assets		(3.2	)		(12,768,839	)
NET ASSETS		100.0	%	$	402,050,541

# 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, 2015, the aggregate value of these securities was $2,319,000 representing 0.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) At November 30, 2015, the Fund had loaned securities with a total value of $16,408,209. This was secured by collateral of $14,650,082, which was received in cash and subsequently invested in short-term investments currently valued at $14,650,082 as reported in the Portfolio of Investments. Additional collateral of $2,006,974 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
Federal Home Loan Mtg. Corp.	2.50% to 4.00%	08/01/2027 to 12/15/2044	$	160,687
Federal National Mtg. Assoc.	0.75% to 4.25%	04/20/2017 to 02/25/2044		588,265
Government National Mtg. Assoc.	0.40% to 4.00%	04/20/2039 to 12/16/2052		25,186
United States Treasury Notes/Bonds	0.13% to 8.88%	01/31/2016 to 08/15/2044		1,232,836

(2) The rate shown is the 7-day yield as of November 30, 2015.

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

(4) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2015, the Fund held the following restricted securities:

Description	Acquisition Date		Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
Commercial Paper
HSBC USA, Inc. 0.05% due 12/01/2015		11/30/2015	$	2,319,000	$	2,319,000	$	2,319,000	$	1.00		0.58	%

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	397,850,298	$	—	$	—	$	397,850,298
Short-Term Investment Securities:
Commercial Paper		—		2,319,000		—		2,319,000
Registered Investment Companies		14,650,082		—		—		14,650,082
Total Investments at Value	$	412,500,380	$	2,319,000	$	—	$	414,819,380

* 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. Securities currently valued at $28,700,120 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

160

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	10.2	%
Registered Investment Companies	7.0
Banks — Commercial	5.5
Electric — Integrated	2.5
Chemicals — Specialty	2.1
Retail — Restaurants	1.9
Gas — Distribution	1.8
Medical Products	1.8
Insurance — Reinsurance	1.7
Insurance — Property/Casualty	1.5
Diversified Manufacturing Operations	1.4
Computer Services	1.4
Consulting Services	1.4
Retail — Apparel/Shoe	1.3
Commercial Services — Finance	1.3
Building — Residential/Commercial	1.3
Data Processing/Management	1.2
Enterprise Software/Service	1.2
Machinery — General Industrial	1.2
Airlines	1.1
Medical — HMO	1.1
Electronic Components — Semiconductors	1.1
Distribution/Wholesale	1.1
Oil Companies — Exploration & Production	1.1
Electronic Design Automation	1.0
Containers — Paper/Plastic	1.0
Investment Management/Advisor Services	1.0
Oil Refining & Marketing	0.9
Steel — Producers	0.9
Electronic Measurement Instruments	0.9
Savings & Loans/Thrifts	0.9
Electronic Parts Distribution	0.9
Food — Misc./Diversified	0.9
Aerospace/Defense — Equipment	0.9
Medical — Biomedical/Gene	0.9
Computers — Integrated Systems	0.8
Insurance — Multi-line	0.8
Electronic Components — Misc.	0.8
Coatings/Paint	0.8
Instruments — Controls	0.8
Oil & Gas Drilling	0.8
Insurance Brokers	0.7
Building & Construction Products — Misc.	0.7
Semiconductor Components — Integrated Circuits	0.7
Recreational Vehicles	0.7
Insurance — Life/Health	0.7
Soap & Cleaning Preparation	0.7
Finance — Investment Banker/Broker	0.7
Oil — Field Services	0.7
Lighting Products & Systems	0.6
Finance — Other Services	0.6
Repurchase Agreements	0.6
X-Ray Equipment	0.6
Consumer Products — Misc.	0.6
Food — Dairy Products	0.6
Retail — Sporting Goods	0.6
Multimedia	0.6
Computer Aided Design	0.5
Transport — Truck	0.5
Respiratory Products	0.5
Engineering/R&D Services	0.5
Real Estate Management/Services	0.5
Garden Products	0.5
Industrial Automated/Robotic	0.5
Machinery — Construction & Mining	0.5
Human Resources	0.4
Non — Hazardous Waste Disposal	0.4
Physicians Practice Management	0.4
Medical — Hospitals	0.4

Filtration/Separation Products	0.4
Diagnostic Kits	0.4
Cosmetics & Toiletries	0.4
Disposable Medical Products	0.4
Decision Support Software	0.4
Transactional Software	0.4
Printing — Commercial	0.4
Shipbuilding	0.4
Aerospace/Defense	0.4
Machine Tools & Related Products	0.4
Telecommunication Equipment	0.4
Medical Instruments	0.4
Funeral Services & Related Items	0.4
Footwear & Related Apparel	0.4
Building Products — Air & Heating	0.4
Retail — Mail Order	0.3
Computer Data Security	0.3
Water	0.3
Power Converter/Supply Equipment	0.3
Television	0.3
Home Furnishings	0.3
Dental Supplies & Equipment	0.3
Miscellaneous Manufacturing	0.3
Retail — Convenience Store	0.3
Apparel Manufacturers	0.3
Schools	0.3
Veterinary Diagnostics	0.3
Semiconductor Equipment	0.3
Machinery — Pumps	0.3
Food — Baking	0.3
Retail — Automobile	0.3
Food — Flour & Grain	0.3
Applications Software	0.3
Medical — Outpatient/Home Medical	0.3
Retail — Discount	0.3
Office Furnishings — Original	0.2
Machinery — Farming	0.2
Research & Development	0.2
Food — Canned	0.2
Commercial Services	0.2
Transport — Rail	0.2
Theaters	0.2
Communications Software	0.2
Chemicals — Diversified	0.2
Transport — Marine	0.2
Building Products — Cement	0.2
Computer Software	0.2
Instruments — Scientific	0.2
Finance — Mortgage Loan/Banker	0.2
Retail — Office Supplies	0.2
Chemicals — Plastics	0.2
Telecom Equipment — Fiber Optics	0.2
U.S. Government Treasuries	0.2
Retail — Petroleum Products	0.2
Containers — Metal/Glass	0.2
Retail — Catalog Shopping	0.2
Machinery — Electrical	0.2
Medical Information Systems	0.2
Finance — Consumer Loans	0.2
Quarrying	0.2
Housewares	0.2
Retail — Misc./Diversified	0.2
Drug Delivery Systems	0.2
Steel Pipe & Tube	0.2
Wire & Cable Products	0.2
Medical — Drugs	0.2
Telephone — Integrated	0.2
Building — Mobile Home/Manufactured Housing	0.2
Auto/Truck Parts & Equipment — Original	0.2
Paper & Related Products	0.2
Building — Maintenance & Services	0.2

161

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited) — (continued)

Industry Allocation* (continued)

Publishing — Books	0.2	%
Rental Auto/Equipment	0.2
Oil Field Machinery & Equipment	0.2
Retail — Major Department Stores	0.2
Medical — Wholesale Drug Distribution	0.2
Metal Processors & Fabrication	0.2
Gold Mining	0.2
Hazardous Waste Disposal	0.1
Food — Wholesale/Distribution	0.1
Computers — Periphery Equipment	0.1
Batteries/Battery Systems	0.1
Brewery	0.1
Transport — Equipment & Leasing	0.1
Cable/Satellite TV	0.1
Wireless Equipment	0.1
Publishing — Periodicals	0.1
Networking Products	0.1
Publishing — Newspapers	0.1
Food — Retail	0.1
Auction Houses/Art Dealers	0.1
Motion Pictures & Services	0.1
Real Estate Operations & Development	0.1
Building — Heavy Construction	0.1
Environmental Monitoring & Detection	0.1
Steel — Specialty	0.1
Telecom Services	0.1
Energy — Alternate Sources	0.1
Computers — Other	0.1
Racetracks	0.1
	107.0	%

* Calculated as a percentage of net assets

162

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.2%
Aerospace/Defense — 0.4%
Esterline Technologies Corp.†		60,312	$	5,734,465
Teledyne Technologies, Inc.†#		69,284		6,409,463
				12,143,928
Aerospace/Defense - Equipment — 0.9%
B/E Aerospace, Inc.		207,951		9,611,495
KLX, Inc.†		103,276		3,315,160
Orbital ATK, Inc.		115,703		9,940,045
Triumph Group, Inc.#		96,525		3,865,826
				26,732,526
Airlines — 1.1%
Alaska Air Group, Inc.		249,249		19,872,623
JetBlue Airways Corp.†		616,288		15,246,965
				35,119,588
Apparel Manufacturers — 0.3%
Carter’s, Inc.		102,274		8,819,087
Applications Software — 0.3%
PTC, Inc.†		223,500		8,054,940
Auction Houses/Art Dealers — 0.1%
Sotheby’s#		121,084		3,427,888
Auto/Truck Parts & Equipment - Original — 0.2%
Dana Holding Corp.#		313,768		5,158,346
Banks - Commercial — 5.5%
Associated Banc-Corp.		294,059		6,031,150
BancorpSouth, Inc.		170,626		4,589,839
Bank of Hawaii Corp.#		85,159		5,892,151
Bank of the Ozarks, Inc.#		152,953		8,302,289
Cathay General Bancorp		150,392		5,161,453
Commerce Bancshares, Inc.		164,994		7,576,518
Cullen/Frost Bankers, Inc.		108,841		7,596,013
East West Bancorp, Inc.		281,604		12,215,982
First Horizon National Corp.		458,125		6,812,319
FirstMerit Corp.		324,506		6,564,756
Fulton Financial Corp.		342,475		4,955,613
Hancock Holding Co.		152,857		4,451,196
International Bancshares Corp.		109,305		3,334,896
PacWest Bancorp#		220,667		10,375,762
Prosperity Bancshares, Inc.		128,889		7,141,739
Signature Bank†		99,598		15,751,424
SVB Financial Group†		100,771		13,350,142
Synovus Financial Corp.		258,393		8,625,158
TCF Financial Corp.		331,038		5,071,502
Trustmark Corp.		132,251		3,339,338
Umpqua Holdings Corp.		431,367		7,730,097
Valley National Bancorp		455,584		5,075,206
Webster Financial Corp.		179,951		7,235,830
				167,180,373
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc.		121,751		4,117,619
Brewery — 0.1%
Boston Beer Co., Inc., Class A†#		18,993		4,057,285
Building & Construction Products - Misc. — 0.7%
Fortune Brands Home & Security, Inc.		313,099		17,211,052
Louisiana-Pacific Corp.†		279,302		5,139,157
				22,350,209
Building Products - Air & Heating — 0.4%
Lennox International, Inc.		78,453		10,663,332

Security Description	Shares		Value (Note 2)
Building Products - Cement — 0.2%
Eagle Materials, Inc.		98,633	$	6,813,568
Building - Heavy Construction — 0.1%
Granite Construction, Inc.		77,087		3,142,837
Building - Maintenance & Services — 0.2%
Rollins, Inc.		184,009		4,995,844
Building - Mobile Home/Manufactured Housing — 0.2%
Thor Industries, Inc.		89,236		5,168,549
Building - Residential/Commercial — 1.3%
CalAtlantic Group, Inc.†		151,240		6,367,204
KB Home#		178,328		2,512,641
MDC Holdings, Inc.		76,557		2,008,090
NVR, Inc.†		7,473		12,573,173
Toll Brothers, Inc.†		317,431		11,802,085
TRI Pointe Group, Inc.†		284,960		3,975,192
				39,238,385
Cable/Satellite TV — 0.1%
Cable One, Inc.		8,696		3,880,677
Chemicals - Diversified — 0.2%
Olin Corp.		323,018		7,032,102
Chemicals - Plastics — 0.2%
PolyOne Corp.		173,553		6,244,437
Chemicals - Specialty — 2.1%
Albemarle Corp.		219,649		11,764,401
Ashland, Inc.#		132,382		14,912,832
Cabot Corp.		123,164		5,362,561
Chemours Co.		354,285		2,214,281
Cytec Industries, Inc.		139,898		10,474,163
Minerals Technologies, Inc.		68,026		4,186,320
NewMarket Corp.		20,430		8,440,655
Sensient Technologies Corp.		89,716		5,996,617
				63,351,830
Coatings/Paint — 0.8%
RPM International, Inc.		261,206		12,271,458
Valspar Corp.		144,722		12,227,562
				24,499,020
Commercial Services — 0.2%
Live Nation Entertainment, Inc.†		285,227		7,241,914
Commercial Services - Finance — 1.3%
Global Payments, Inc.		254,958		18,063,774
SEI Investments Co.		272,789		14,836,994
WEX, Inc.†		75,666		7,133,034
				40,033,802
Communications Software — 0.2%
SolarWinds, Inc.†		122,194		7,139,795
Computer Aided Design — 0.5%
ANSYS, Inc.†		176,468		16,448,582
Computer Data Security — 0.3%
Fortinet, Inc.†		284,792		10,258,208
Computer Services — 1.4%
Convergys Corp.		192,391		4,955,992
DST Systems, Inc.#		65,959		8,065,466
Leidos Holdings, Inc.		125,554		7,273,343
Manhattan Associates, Inc.†		143,721		11,009,029
MAXIMUS, Inc.		129,109		7,326,936
Science Applications International Corp.#		82,000		4,119,680
				42,750,446

163

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Software — 0.2%
Rackspace Hosting, Inc.†		236,844	$	6,778,475
Computers - Integrated Systems — 0.8%
Diebold, Inc.#		127,177		4,409,227
NCR Corp.†		309,136		8,380,677
NetScout Systems, Inc.†		197,205		6,527,485
VeriFone Systems, Inc.†		223,743		6,416,949
				25,734,338
Computers - Other — 0.1%
3D Systems Corp.†#		208,288		1,899,587
Computers - Periphery Equipment — 0.1%
Lexmark International, Inc., Class A		120,607		4,141,644
Consulting Services — 1.4%
CEB, Inc.#		65,625		5,070,844
FTI Consulting, Inc.†		81,909		3,061,758
Gartner, Inc.†		162,565		15,167,315
Towers Watson & Co., Class A		135,636		18,244,398
				41,544,315
Consumer Products - Misc. — 0.6%
Jarden Corp.†		388,406		18,130,792
Containers - Metal/Glass — 0.2%
Greif, Inc., Class A#		50,319		1,784,815
Silgan Holdings, Inc.		79,194		4,302,610
				6,087,425
Containers - Paper/Plastic — 1.0%
Bemis Co., Inc.		190,753		8,988,281
Packaging Corp. of America		191,307		13,006,963
Sonoco Products Co.		197,581		8,658,000
				30,653,244
Cosmetics & Toiletries — 0.4%
Avon Products, Inc.#		852,115		2,939,797
Edgewell Personal Care Co.		121,751		9,800,955
				12,740,752
Data Processing/Management — 1.2%
Acxiom Corp.†		152,579		3,494,059
Broadridge Financial Solutions, Inc.		231,534		12,729,739
CommVault Systems, Inc.†		82,804		3,393,308
Fair Isaac Corp.		60,957		5,806,154
Jack Henry & Associates, Inc.		158,554		12,586,017
				38,009,277
Decision Support Software — 0.4%
MSCI, Inc.		180,900		12,684,708
Dental Supplies & Equipment — 0.3%
Align Technology, Inc.†		142,654		9,520,728
Diagnostic Kits — 0.4%
IDEXX Laboratories, Inc.†		180,111		12,755,461
Disposable Medical Products — 0.4%
STERIS PLC#		166,267		12,699,473
Distribution/Wholesale — 1.1%
Ingram Micro, Inc., Class A		305,041		9,434,918
LKQ Corp.†		596,923		17,603,259
Watsco, Inc.		50,310		6,394,904
				33,433,081
Diversified Manufacturing Operations — 1.4%
A.O. Smith Corp.#		148,255		11,824,819
Carlisle Cos., Inc.		127,694		11,294,534

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
Crane Co.		96,594	$	5,024,820
ITT Corp.		175,012		6,949,727
Trinity Industries, Inc.		302,363		8,209,155
				43,303,055
Drug Delivery Systems — 0.2%
Catalent, Inc.†		192,572		5,363,130
Electric - Generation — 0.0%
Talen Energy Corp.†		125,786		979,873
Electric - Integrated — 2.5%
Alliant Energy Corp.		221,728		13,345,808
Black Hills Corp.		98,537		4,229,208
Cleco Corp.		118,399		5,932,974
Great Plains Energy, Inc.#		302,128		8,154,435
Hawaiian Electric Industries, Inc.		210,360		6,012,089
IDACORP, Inc.		98,549		6,705,274
MDU Resources Group, Inc.#		381,862		6,652,036
OGE Energy Corp.		390,908		10,206,608
PNM Resources, Inc.		155,933		4,522,057
Westar Energy, Inc.#		276,520		11,801,873
				77,562,362
Electronic Components - Misc. — 0.8%
Gentex Corp.		573,314		9,594,410
Jabil Circuit, Inc.		379,444		9,709,972
Knowles Corp.†#		172,984		2,849,046
Vishay Intertechnology, Inc.		265,143		3,160,505
				25,313,933
Electronic Components - Semiconductors — 1.1%
Advanced Micro Devices, Inc.†#		1,235,524		2,915,837
Cree, Inc.†#		202,211		5,589,112
Fairchild Semiconductor International, Inc.†		225,961		4,415,278
Intersil Corp., Class A		258,637		3,745,064
IPG Photonics Corp.†#		71,218		6,494,369
Silicon Laboratories, Inc.†		78,227		4,232,863
Synaptics, Inc.†#		71,316		6,402,037
				33,794,560
Electronic Design Automation — 1.0%
Cadence Design Systems, Inc.†		570,413		12,720,210
Mentor Graphics Corp.		195,067		3,653,605
Synopsys, Inc.†		305,286		15,288,723
				31,662,538
Electronic Measurement Instruments — 0.9%
Keysight Technologies, Inc.†		331,500		10,213,515
National Instruments Corp.		199,285		6,257,549
Trimble Navigation, Ltd.†		503,205		11,523,394
				27,994,458
Electronic Parts Distribution — 0.9%
Arrow Electronics, Inc.†		184,839		10,454,494
Avnet, Inc.		263,218		11,929,039
Tech Data Corp.†		69,149		4,677,930
				27,061,463
Energy - Alternate Sources — 0.1%
SunEdison, Inc.†#		616,756		1,967,452
Engineering/R&D Services — 0.5%
AECOM†		295,539		9,407,006
KBR, Inc.		282,575		5,493,258
				14,900,264

164

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service — 1.2%
CDK Global, Inc.		313,341	$	14,855,497
Tyler Technologies, Inc.†		66,293		11,829,323
Ultimate Software Group, Inc.†		55,963		11,052,692
				37,737,512
Environmental Monitoring & Detection — 0.1%
MSA Safety, Inc.		62,150		2,914,835
Filtration/Separation Products — 0.4%
CLARCOR, Inc.		98,071		5,181,091
Donaldson Co., Inc.#		245,780		7,717,492
				12,898,583
Finance - Consumer Loans — 0.2%
SLM Corp.†		833,719		5,631,772
Finance - Investment Banker/Broker — 0.7%
Raymond James Financial, Inc.		250,872		14,733,712
Stifel Financial Corp.†		135,924		6,165,513
				20,899,225
Finance - Mortgage Loan/Banker — 0.2%
CoreLogic, Inc.†		174,391		6,428,052
Finance - Other Services — 0.6%
CBOE Holdings, Inc.		162,064		11,702,641
MarketAxess Holdings, Inc.		73,015		7,796,542
				19,499,183
Food - Baking — 0.3%
Flowers Foods, Inc.		362,086		8,516,263
Food - Canned — 0.2%
TreeHouse Foods, Inc.†		84,307		7,289,183
Food - Confectionery — 0.0%
Tootsie Roll Industries, Inc.#		34,990		1,121,430
Food - Dairy Products — 0.6%
Dean Foods Co.#		184,859		3,467,955
WhiteWave Foods Co.†		344,070		13,979,564
				17,447,519
Food - Flour & Grain — 0.3%
Post Holdings, Inc.†		118,832		8,261,201
Food - Misc./Diversified — 0.9%
Hain Celestial Group, Inc.†		200,874		8,577,320
Ingredion, Inc.		139,718		13,772,003
Lancaster Colony Corp.		38,028		4,421,135
				26,770,458
Food - Retail — 0.1%
SUPERVALU, Inc.†		518,589		3,484,918
Food - Wholesale/Distribution — 0.1%
United Natural Foods, Inc.†		98,054		4,305,551
Footwear & Related Apparel — 0.4%
Deckers Outdoor Corp.†#		63,975		3,130,936
Skechers U.S.A., Inc., Class A†		250,695		7,570,989
				10,701,925
Funeral Services & Related Items — 0.4%
Service Corp. International		392,269		10,924,692
Garden Products — 0.5%
Scotts Miracle-Gro Co., Class A		88,750		6,193,862
Toro Co.		107,295		8,269,226
				14,463,088

Security Description	Shares		Value (Note 2)
Gas - Distribution — 1.8%
Atmos Energy Corp.		198,444	$	12,365,046
National Fuel Gas Co.		165,550		7,568,946
ONE Gas, Inc.#		102,084		4,976,595
Questar Corp.#		344,029		6,519,349
UGI Corp.		338,234		11,726,573
Vectren Corp.		161,825		6,888,890
WGL Holdings, Inc.		97,351		6,002,663
				56,048,062
Gold Mining — 0.2%
Royal Gold, Inc.		127,614		4,587,723
Hazardous Waste Disposal — 0.1%
Clean Harbors, Inc.†#		104,089		4,506,013
Home Furnishings — 0.3%
Tempur Sealy International, Inc.†		121,163		9,632,459
Housewares — 0.2%
Tupperware Brands Corp.#		97,658		5,544,045
Human Resources — 0.4%
ManpowerGroup, Inc.		150,340		13,572,695
Industrial Automated/Robotic — 0.5%
Cognex Corp.		170,513		6,326,032
Nordson Corp.		111,943		8,119,226
				14,445,258
Instruments - Controls — 0.8%
Mettler-Toledo International, Inc.†		54,224		18,586,903
Woodward, Inc.		112,021		5,649,219
				24,236,122
Instruments - Scientific — 0.2%
FEI Co.		81,420		6,514,414
Insurance Brokers — 0.7%
Arthur J. Gallagher & Co.		341,694		14,949,113
Brown & Brown, Inc.		228,894		7,429,899
				22,379,012
Insurance - Life/Health — 0.7%
CNO Financial Group, Inc.#		376,297		7,612,489
Primerica, Inc.#		97,088		4,974,789
StanCorp Financial Group, Inc.		82,808		9,410,301
				21,997,579
Insurance - Multi-line — 0.8%
American Financial Group, Inc.		140,635		10,406,990
Genworth Financial, Inc., Class A†		405,337		2,046,952
Kemper Corp.		95,321		3,918,646
Old Republic International Corp.		472,769		8,963,700
				25,336,288
Insurance - Property/Casualty — 1.5%
Alleghany Corp.†		31,259		15,922,084
First American Financial Corp.#		212,684		8,388,257
Hanover Insurance Group, Inc.		86,513		7,319,000
Mercury General Corp.		71,274		3,688,429
WR Berkley Corp.		193,203		10,753,679
				46,071,449
Insurance - Reinsurance — 1.7%
Aspen Insurance Holdings, Ltd.		118,981		6,010,920
Endurance Specialty Holdings, Ltd.		118,600		7,822,856
Everest Re Group, Ltd.#		86,504		15,954,798
Reinsurance Group of America, Inc.		130,119		11,955,334

165

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Reinsurance (continued)
RenaissanceRe Holdings, Ltd.		89,939	$	9,961,643
				51,705,551
Investment Management/Advisor Services — 1.0%
Eaton Vance Corp.		230,037		8,262,929
Federated Investors, Inc., Class B		186,395		5,837,891
Janus Capital Group, Inc.#		288,618		4,557,278
Waddell & Reed Financial, Inc., Class A		163,931		6,131,020
WisdomTree Investments, Inc.#		224,290		4,878,308
				29,667,426
Lighting Products & Systems — 0.6%
Acuity Brands, Inc.		85,239		19,679,980
Machine Tools & Related Products — 0.4%
Kennametal, Inc.#		155,477		4,547,702
Lincoln Electric Holdings, Inc.		133,266		7,522,866
				12,070,568
Machinery - Construction & Mining — 0.5%
Joy Global, Inc.#		190,778		2,928,442
Oshkosh Corp.#		153,317		6,724,484
Terex Corp.		212,402		4,349,993
				14,002,919
Machinery - Electrical — 0.2%
Regal Beloit Corp.		87,776		5,658,041
Machinery - Farming — 0.2%
AGCO Corp.#		146,714		7,373,846
Machinery - General Industrial — 1.2%
IDEX Corp.		151,504		11,938,516
Wabtec Corp.#		189,251		15,162,790
Zebra Technologies Corp., Class A†		101,941		8,175,668
				35,276,974
Machinery - Pumps — 0.3%
Graco, Inc.		113,012		8,527,886
Medical Information Systems — 0.2%
Allscripts Healthcare Solutions, Inc.†		369,833		5,632,557
Medical Instruments — 0.4%
Bio-Techne Corp.		72,759		6,636,348
LivaNova PLC†#		82,766		4,953,545
				11,589,893
Medical Products — 1.8%
Cooper Cos., Inc.#		95,121		13,911,446
Halyard Health, Inc.†		91,249		2,919,055
Hill-Rom Holdings, Inc.		110,397		5,620,311
Sirona Dental Systems, Inc.†		109,347		11,861,963
Teleflex, Inc.#		81,431		10,724,463
West Pharmaceutical Services, Inc.		140,957		8,887,339
				53,924,577
Medical - Biomedical/Gene — 0.9%
Bio-Rad Laboratories, Inc., Class A†		40,481		5,656,005
Charles River Laboratories International, Inc.†		91,576		7,011,974
United Therapeutics Corp.†		89,150		13,606,965
				26,274,944
Medical - Drugs — 0.2%
Akorn, Inc.†#		156,812		5,221,840
Medical - HMO — 1.1%
Centene Corp.†		233,135		13,463,546
Health Net, Inc.†		151,299		9,571,175

Security Description	Shares		Value (Note 2)
Medical - HMO (continued)
Molina Healthcare, Inc.†#		80,108	$	4,827,308
WellCare Health Plans, Inc.†		86,274		7,115,880
				34,977,909
Medical - Hospitals — 0.4%
Community Health Systems, Inc.†		231,235		6,691,941
LifePoint Health, Inc.†		86,936		6,225,487
				12,917,428
Medical - Outpatient/Home Medical — 0.3%
Amsurg Corp.†		94,837		7,971,998
Medical - Wholesale Drug Distribution — 0.2%
Owens & Minor, Inc.#		123,366		4,750,825
Metal Processors & Fabrication — 0.2%
Timken Co.		143,981		4,641,947
Miscellaneous Manufacturing — 0.3%
AptarGroup, Inc.		122,931		9,155,901
Motion Pictures & Services — 0.1%
DreamWorks Animation SKG, Inc., Class A†#		138,925		3,423,112
Multimedia — 0.6%
FactSet Research Systems, Inc.		81,077		13,744,984
Meredith Corp.		73,726		3,439,318
				17,184,302
Networking Products — 0.1%
Polycom, Inc.†		261,069		3,558,370
Non-Hazardous Waste Disposal — 0.4%
Waste Connections, Inc.		241,594		13,166,873
Office Furnishings - Original — 0.2%
Herman Miller, Inc.		117,140		3,714,509
HNI Corp.		86,821		3,842,698
				7,557,207
Oil & Gas Drilling — 0.8%
Atwood Oceanics, Inc.#		113,910		1,808,891
Nabors Industries, Ltd.		571,309		5,775,934
Noble Corp. PLC#		473,686		6,285,813
Patterson-UTI Energy, Inc.#		288,158		4,673,923
Rowan Cos. PLC, Class A		244,300		4,966,619
				23,511,180
Oil Companies - Exploration & Production — 1.1%
California Resources Corp.		612,675		2,511,967
Denbury Resources, Inc.#		695,840		2,574,608
Energen Corp.		154,257		9,145,897
Gulfport Energy Corp.†		211,835		5,384,846
QEP Resources, Inc.		314,721		4,972,592
SM Energy Co.#		133,021		3,906,827
WPX Energy, Inc.†		457,898		3,928,765
				32,425,502
Oil Field Machinery & Equipment — 0.2%
Dril-Quip, Inc.†		75,770		4,781,845
Oil Refining & Marketing — 0.9%
HollyFrontier Corp.		369,136		17,748,059
Murphy USA, Inc.†		78,844		4,695,949
Western Refining, Inc.#		138,467		6,267,016
				28,711,024
Oil - Field Services — 0.7%
NOW, Inc.†#		209,816		3,856,418
Oceaneering International, Inc.		191,542		8,378,047
Oil States International, Inc.†		100,407		3,184,910

166

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil - Field Services (continued)
Superior Energy Services, Inc.		295,104	$	4,624,280
				20,043,655
Paper & Related Products — 0.2%
Domtar Corp.		123,000		5,054,070
Physicians Practice Management — 0.4%
MEDNAX, Inc.†		184,171		13,144,284
Power Converter/Supply Equipment — 0.3%
Hubbell, Inc., Class B		99,259		9,855,426
Printing - Commercial — 0.4%
Deluxe Corp.		97,803		5,736,146
RR Donnelley & Sons Co.#		408,556		6,573,666
				12,309,812
Publishing - Books — 0.2%
John Wiley & Sons, Inc., Class A		96,668		4,987,102
Publishing - Newspapers — 0.1%
New York Times Co., Class A		247,950		3,491,136
Publishing - Periodicals — 0.1%
Time, Inc.		214,832		3,574,804
Quarrying — 0.2%
Compass Minerals International, Inc.		65,958		5,549,706
Racetracks — 0.1%
International Speedway Corp., Class A		52,308		1,861,642
Real Estate Investment Trusts — 10.2%
Alexandria Real Estate Equities, Inc.		141,552		13,035,524
American Campus Communities, Inc.		219,878		8,883,071
BioMed Realty Trust, Inc.		395,550		9,283,559
Camden Property Trust		170,026		12,986,586
Care Capital Properties, Inc.		161,937		5,125,306
Communications Sales & Leasing, Inc.		235,789		4,586,096
Corporate Office Properties Trust		185,052		4,124,809
Corrections Corp. of America		229,275		5,910,710
Douglas Emmett, Inc.#		272,066		8,428,605
Duke Realty Corp.		675,874		13,754,036
Equity One, Inc.		144,491		3,934,490
Extra Space Storage, Inc.		240,490		20,141,038
Federal Realty Investment Trust#		135,323		19,827,526
Highwoods Properties, Inc.		184,250		8,025,930
Hospitality Properties Trust		296,551		8,235,221
Kilroy Realty Corp.		180,507		12,045,232
Lamar Advertising Co. Class A		160,363		9,366,803
LaSalle Hotel Properties#		221,435		6,246,681
Liberty Property Trust		293,374		9,945,379
Mack-Cali Realty Corp.		174,405		4,098,518
Mid-America Apartment Communities, Inc.		147,556		13,067,559
National Retail Properties, Inc.		263,173		10,121,634
Omega Healthcare Investors, Inc.		316,662		10,905,839
Post Properties, Inc.		106,888		6,302,116
Potlatch Corp.		79,632		2,661,301
Rayonier, Inc.#		246,547		5,949,179
Regency Centers Corp.		184,324		12,419,751
Senior Housing Properties Trust		464,738		6,715,464
Sovran Self Storage, Inc.		70,151		7,049,474
Tanger Factory Outlet Centers, Inc.		187,623		6,249,722
Taubman Centers, Inc.		119,137		8,562,376
UDR, Inc.		512,907		18,931,397
Urban Edge Properties#		180,757		4,336,360
Weingarten Realty Investors		223,214		7,803,561
WP GLIMCHER, Inc.		362,754		3,827,055
				312,887,908

Security Description	Shares		Value (Note 2)
Real Estate Management/Services — 0.5%
Jones Lang LaSalle, Inc.		88,021	$	14,622,049
Real Estate Operations & Development — 0.1%
Alexander & Baldwin, Inc.		89,933		3,409,360
Recreational Vehicles — 0.7%
Brunswick Corp.		179,998		9,473,295
Polaris Industries, Inc.#		120,428		12,696,724
				22,170,019
Rental Auto/Equipment — 0.2%
Aaron’s, Inc.		126,452		3,068,990
Rent-A-Center, Inc.		103,862		1,782,272
				4,851,262
Research & Development — 0.2%
PAREXEL International Corp.†		108,331		7,350,258
Respiratory Products — 0.5%
ResMed, Inc.#		275,078		16,386,396
Retail - Apparel/Shoe — 1.3%
Abercrombie & Fitch Co., Class A#		136,190		3,482,378
American Eagle Outfitters, Inc.#		351,971		5,480,188
Ascena Retail Group, Inc.†		335,482		3,801,011
Chico’s FAS, Inc.		272,676		3,272,112
Foot Locker, Inc.		272,703		17,725,695
Guess?, Inc.#		127,592		2,512,287
Kate Spade & Co.†		249,948		5,008,958
				41,282,629
Retail - Automobile — 0.3%
Copart, Inc.†		214,234		8,455,816
Retail - Catalog Shopping — 0.2%
MSC Industrial Direct Co., Inc., Class A		94,776		5,847,679
Retail - Convenience Store — 0.3%
Casey’s General Stores, Inc.		76,324		8,874,191
Retail - Discount — 0.3%
Big Lots, Inc.		101,564		4,569,364
HSN, Inc.		63,161		3,151,734
				7,721,098
Retail - Mail Order — 0.3%
Williams-Sonoma, Inc.		164,890		10,442,484
Retail - Major Department Stores — 0.2%
J.C. Penney Co., Inc.†#		598,054		4,766,490
Retail - Misc./Diversified — 0.2%
CST Brands, Inc.		148,022		5,512,339
Retail - Office Supplies — 0.2%
Office Depot, Inc.†		965,744		6,364,253
Retail - Petroleum Products — 0.2%
World Fuel Services Corp.		140,514		6,125,005
Retail - Restaurants — 1.9%
Brinker International, Inc.		117,663		5,367,786
Buffalo Wild Wings, Inc.†		37,220		5,964,133
Cheesecake Factory, Inc.		88,396		4,166,104
Cracker Barrel Old Country Store, Inc.#		46,901		5,905,774
Domino’s Pizza, Inc.#		107,501		11,553,132
Dunkin’ Brands Group, Inc.#		186,446		7,909,039
Jack in the Box, Inc.		71,604		5,308,721
Panera Bread Co., Class A†		47,788		8,687,858
Wendy’s Co.		426,524		4,482,767
				59,345,314

167

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Sporting Goods — 0.6%
Cabela’s, Inc.†#		97,740	$	4,581,074
Dick’s Sporting Goods, Inc.		183,361		7,156,580
Vista Outdoor, Inc.†		123,698		5,448,897
				17,186,551
Savings & Loans/Thrifts — 0.9%
First Niagara Financial Group, Inc.		694,606		7,487,853
New York Community Bancorp, Inc.		949,344		15,569,241
Washington Federal, Inc.		183,981		4,754,069
				27,811,163
Schools — 0.3%
Apollo Education Group, Inc.†		197,338		1,393,206
DeVry Education Group, Inc.#		111,901		2,657,649
Graham Holdings Co., Class B		8,784		4,754,340
				8,805,195
Semiconductor Components - Integrated Circuits — 0.7%
Atmel Corp.		819,053		7,084,809
Cypress Semiconductor Corp.#		656,237		7,100,484
Integrated Device Technology, Inc.†		290,253		8,138,694
				22,323,987
Semiconductor Equipment — 0.3%
Teradyne, Inc.		412,736		8,576,654
Shipbuilding — 0.4%
Huntington Ingalls Industries, Inc.		93,612		12,255,683
Soap & Cleaning Preparation — 0.7%
Church & Dwight Co., Inc.		256,349		21,987,054
Steel Pipe & Tube — 0.2%
Valmont Industries, Inc.		45,513		5,336,399
Steel - Producers — 0.9%
Carpenter Technology Corp.		96,983		3,485,569
Commercial Metals Co.		226,305		3,347,051
Reliance Steel & Aluminum Co.		143,827		8,458,466
Steel Dynamics, Inc.		473,869		8,240,582
United States Steel Corp.#		286,301		2,310,449
Worthington Industries, Inc.		92,106		2,834,101
				28,676,218
Steel - Specialty — 0.1%
Allegheny Technologies, Inc.#		213,792		2,708,745
Telecom Equipment - Fiber Optics — 0.2%
Ciena Corp.†		247,971		6,209,194
Telecom Services — 0.1%
NeuStar, Inc., Class A†#		106,493		2,683,624
Telecommunication Equipment — 0.4%
ARRIS Group, Inc.†		264,013		8,070,877
Plantronics, Inc.		68,981		3,649,785
				11,720,662
Telephone - Integrated — 0.2%
Telephone & Data Systems, Inc.		184,542		5,220,693
Television — 0.3%
AMC Networks, Inc., Class A†		119,176		9,690,201
Theaters — 0.2%
Cinemark Holdings, Inc.		206,524		7,166,383
Transactional Software — 0.4%
ACI Worldwide, Inc.†#		230,602		5,423,759
Solera Holdings, Inc.		131,224		7,051,978
				12,475,737

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Equipment & Leasing — 0.1%
GATX Corp.#		84,569		$	3,915,545
Transport - Marine — 0.2%
Kirby Corp.†		107,235			6,927,381
Transport - Rail — 0.2%
Genesee & Wyoming, Inc., Class A†		104,234			7,220,289
Transport - Truck — 0.5%
Landstar System, Inc.		85,305			5,324,738
Old Dominion Freight Line, Inc.†		136,928			8,723,683
Werner Enterprises, Inc.#		87,257			2,352,449
					16,400,870
Veterinary Diagnostics — 0.3%
VCA, Inc.†		158,867			8,742,451
Water — 0.3%
Aqua America, Inc.#		346,118			10,158,563
Wire & Cable Products — 0.2%
Belden, Inc.		83,532			5,243,304
Wireless Equipment — 0.1%
InterDigital, Inc.		70,306			3,704,423
X-Ray Equipment — 0.6%
Hologic, Inc.†		479,948			19,365,902
Total Long-Term Investment Securities
(cost $2,260,048,838)					3,041,089,497
SHORT-TERM INVESTMENT SECURITIES — 7.2%
Registered Investment Companies — 7.0%
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2)	$	213,862,443			213,862,443
U.S. Government Treasuries — 0.2%
United States Treasury Bills 0.00% due 12/17/15(3)		6,150,000			6,149,859
Total Short-Term Investment Securities
(cost $220,012,443)					220,012,302
REPURCHASE AGREEMENTS — 0.6%
State Street Bank and Trust Co. Joint Repurchase Agreement(4) (cost $19,465,000)		19,465,000			19,465,000
TOTAL INVESTMENTS
(cost $2,499,526,281)(5)		107.0	%		3,280,566,799
Liabilities in excess of other assets		(7.0	)		(213,649,270	)
NET ASSETS		100.0	%	$	3,066,917,529

† Non-income producing security

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

(1) At November 30, 2015, the Fund had loaned securities with a total value of $279,766,971. This was secured by collateral of $213,862,443, which was received in cash and subsequently invested in short-term investments currently valued at $213,862,443 as reported in the Portfolio of Investments. Additional collateral of $73,571,567 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

168

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
Federal Home Loan Mtg. Corp.	2.50% to 4.00%	08/01/2027 to 12/15/2044	$	429,926
Federal National Mtg. Assoc.	0.75% to 4.25%	04/20/2017 to 02/25/2044		2,675,982
Government National Mtg. Assoc.	0.40% to 4.00%	04/20/2039 to 12/16/2052		67,387
United States Treasury Bills	0.00%	12/03/2015 to 10/13/2016		3,487,948
United States Treasury Notes/Bonds	zero coupon to 8.88%	01/15/2016 to 05/15/2045		66,910,324

(2) The rate shown is the 7-day yield as of November 30, 2015.

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

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

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2015		Unrealized Appreciation (Depreciation)
	196	Long	S&P Mid Cap 400 E-Mini Index		December 2015	$	27,387,665	$	28,617,960	$	1,230,295

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	3,041,089,497	$	—	$	—	$	3,041,089,497
Short-Term Investment Securities:
Registered Investment Companies		213,862,443		—		—		213,862,443
U.S. Government Treasuries		—		6,149,859		—		6,149,859
Repurchase Agreements		—		19,465,000		—		19,465,000
Total Investments at Value	$	3,254,951,940	$	25,614,859	$	—	$	3,280,566,799
Other Financial Instruments:†
Futures Contracts	$	1,230,295	$	—	$	—	$	1,230,295

* 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

169

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Commercial Services — Finance	6.2	%
Medical — Biomedical/Gene	4.9
Applications Software	4.9
E-Commerce/Services	4.6
Medical Instruments	4.2
Medical — Drugs	3.8
Internet Content — Information/News	3.6
Retail — Restaurants	3.3
Time Deposits	2.7
Consulting Services	2.7
Auto — Cars/Light Trucks	2.6
Medical Information Systems	2.6
Internet Content — Entertainment	2.6
Networking Products	2.2
Beverages — Non-alcoholic	2.0
Internet Application Software	1.8
Enterprise Software/Service	1.8
Apparel Manufacturers	1.8
Vitamins & Nutrition Products	1.7
Auto/Truck Parts & Equipment — Original	1.6
Drug Delivery Systems	1.5
Retail — Perfume & Cosmetics	1.5
Decision Support Software	1.5
Hotels/Motels	1.4
Data Processing/Management	1.3
Finance — Consumer Loans	1.3
Registered Investment Companies	1.2
Retail — Discount	1.2
Airlines	1.2
E-Commerce/Products	1.0
Real Estate Investment Trusts	1.0
Entertainment Software	1.0
Retail — Apparel/Shoe	1.0
Retail — Auto Parts	0.9
Beverages — Wine/Spirits	0.9
Food — Meat Products	0.9
Electronic Components — Semiconductors	0.9
Electric Products — Misc.	0.8
Lighting Products & Systems	0.8
Home Decoration Products	0.8
Cruise Lines	0.8
Audio/Video Products	0.8
Coatings/Paint	0.7
Coffee	0.7
Home Furnishings	0.7
Real Estate Management/Services	0.7
Banks — Commercial	0.7
Aerospace/Defense	0.7
Medical — Wholesale Drug Distribution	0.7
Chemicals — Specialty	0.7
Financial Guarantee Insurance	0.7
Food — Dairy Products	0.6
Aerospace/Defense — Equipment	0.6
Retail — Gardening Products	0.6
Television	0.6
Computer Services	0.6
Building Products — Cement	0.6
Semiconductor Equipment	0.6
Containers — Paper/Plastic	0.6
Semiconductor Components — Integrated Circuits	0.5
Retail — Arts & Crafts	0.5
Internet Infrastructure Software	0.5
Computers — Integrated Systems	0.5
Food — Misc./Diversified	0.5
Computers — Memory Devices	0.5
Instruments — Scientific	0.5
Internet Security	0.4
Disposable Medical Products	0.3
Transport — Services	0.3

Energy — Alternate Sources	0.2
Computers — Other	0.2
	101.3	%

* Calculated as a percentage of net assets

170

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.2%
Aerospace/Defense — 0.7%
TransDigm Group, Inc.†		7,646	$	1,793,981
Aerospace/Defense-Equipment — 0.6%
Orbital ATK, Inc.		18,985		1,631,001
Airlines — 1.2%
United Continental Holdings, Inc.†		54,030		3,011,092
Apparel Manufacturers — 1.8%
Gildan Activewear, Inc.		41,685		1,291,818
Michael Kors Holdings, Ltd.†		52,585		2,262,207
Under Armour, Inc., Class A†		11,832		1,020,155
				4,574,180
Applications Software — 4.8%
Dropbox, Inc.†(1)(2)(3)		89,561		1,293,231
NetSuite, Inc.†		14,489		1,237,360
Red Hat, Inc.†		29,185		2,375,951
ServiceNow, Inc.†		54,996		4,785,202
Tableau Software, Inc., Class A†		27,461		2,664,541
				12,356,285
Audio/Video Products — 0.8%
Harman International Industries, Inc.		19,105		1,970,872
Auto - Cars/Light Trucks — 2.6%
Tesla Motors, Inc.†		29,536		6,800,959
Auto/Truck Parts & Equipment-Original — 1.6%
Delphi Automotive PLC		27,155		2,386,381
Mobileye NV†		16,823		733,483
WABCO Holdings, Inc.†		9,510		1,022,135
				4,141,999
Banks - Commercial — 0.7%
First Republic Bank		26,255		1,807,919
Beverages - Non-alcoholic — 2.0%
Monster Beverage Corp.†		33,901		5,241,434
Beverages - Wine/Spirits — 0.9%
Constellation Brands, Inc., Class A		17,375		2,437,017
Building Products-Cement — 0.6%
Vulcan Materials Co.		15,395		1,580,605
Chemicals - Specialty — 0.7%
International Flavors & Fragrances, Inc.		14,485		1,738,345
Coatings/Paint — 0.7%
Sherwin-Williams Co.		7,050		1,946,293
Coffee — 0.7%
Keurig Green Mountain, Inc.		36,628		1,919,307
Commercial Services - Finance — 6.2%
Equifax, Inc.		17,790		1,983,585
FleetCor Technologies, Inc.†		25,389		3,902,543
McGraw Hill Financial, Inc.		69,193		6,675,049
SEI Investments Co.		34,530		1,878,087
Vantiv, Inc., Class A†		31,114		1,640,019
				16,079,283
Computer Services — 0.6%
IHS, Inc., Class A†		12,927		1,594,028
Computers - Integrated Systems — 0.5%
NetScout Systems, Inc.†		38,840		1,285,604
Computers - Memory Devices — 0.5%
Western Digital Corp.		19,780		1,234,470
Computers - Other — 0.2%
3D Systems Corp.†		22,175		202,236
Stratasys, Ltd.†		8,002		200,050
				402,286

Security Description	Shares		Value (Note 2)
Consulting Services — 2.7%
Gartner, Inc.†		16,639	$	1,552,419
Towers Watson & Co., Class A		9,900		1,331,649
Verisk Analytics, Inc.†		53,327		3,996,858
				6,880,926
Containers - Paper/Plastic — 0.6%
Berry Plastics Group, Inc.†		41,295		1,501,486
Cruise Lines — 0.8%
Royal Caribbean Cruises, Ltd.		21,345		1,976,760
Data Processing/Management — 0.9%
Fidelity National Information Services, Inc.		35,955		2,289,255
Decision Support Software — 1.5%
MSCI, Inc.		53,901		3,779,538
Disposable Medical Products — 0.3%
STERIS PLC		11,185		854,310
Drug Delivery Systems — 1.5%
Catalent, Inc.†		40,265		1,121,380
DexCom, Inc.†		32,093		2,728,547
				3,849,927
E-Commerce/Products — 0.4%
Vipshop Holdings, Ltd. ADR†		66,034		1,091,542
E-Commerce/Services — 3.5%
Autohome, Inc. ADR†		50,791		1,538,967
MercadoLibre, Inc.		14,843		1,829,252
SurveyMonkey.com LLC†(1)(2)(3)		44,965		730,681
TripAdvisor, Inc.†		10,660		878,064
Zillow Group, Inc., Class A†		54,942		1,430,140
Zillow Group, Inc., Class C†		109,884		2,708,641
				9,115,745
Electric Products - Misc. — 0.8%
AMETEK, Inc.		37,570		2,121,202
Electronic Components - Semiconductors — 0.9%
Monolithic Power Systems, Inc.		20,120		1,374,799
Skyworks Solutions, Inc.		11,480		953,070
				2,327,869
Energy - Alternate Sources — 0.2%
SolarCity Corp.†		16,072		462,231
Enterprise Software/Service — 1.8%
Workday, Inc., Class A†		56,602		4,738,153
Entertainment Software — 1.0%
Activision Blizzard, Inc.		68,215		2,568,977
Finance - Consumer Loans — 1.3%
LendingClub Corp.†		273,841		3,291,569
Financial Guarantee Insurance — 0.7%
MGIC Investment Corp.†		181,805		1,734,420
Food - Dairy Products — 0.6%
WhiteWave Foods Co.†		40,855		1,659,939
Food - Meat Products — 0.9%
Tyson Foods, Inc., Class A		46,625		2,331,250
Food - Misc./Diversified — 0.5%
Blue Buffalo Pet Products, Inc.†#		69,960		1,257,181
Home Decoration Products — 0.8%
Newell Rubbermaid, Inc.		46,330		2,069,098
Home Furnishings — 0.7%
Tempur Sealy International, Inc.†		24,080		1,914,360
Hotels/Motels — 1.4%
Marriott International, Inc., Class A		50,824		3,603,930

171

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Instruments - Scientific — 0.5%
PerkinElmer, Inc.		22,135	$	1,176,697
Internet Application Software — 1.8%
Splunk, Inc.†		80,087		4,765,176
Internet Content - Entertainment — 2.6%
Pandora Media, Inc.†		77,219		1,065,622
Twitter, Inc.†		222,109		5,641,569
				6,707,191
Internet Content - Information/News — 3.6%
LinkedIn Corp., Class A†		34,956		8,498,153
Yelp, Inc.†		27,362		824,417
				9,322,570
Internet Infrastructure Software — 0.5%
F5 Networks, Inc.†		12,725		1,310,675
Internet Security — 0.4%
FireEye, Inc.†		42,097		963,179
Lighting Products & Systems — 0.8%
Acuity Brands, Inc.		9,090		2,098,699
Medical Information Systems — 2.6%
athenahealth, Inc.†		40,096		6,726,104
Medical Instruments — 4.2%
Boston Scientific Corp.†		96,900		1,771,332
Edwards Lifesciences Corp.†		15,405		2,511,015
Intuitive Surgical, Inc.†		12,579		6,541,332
				10,823,679
Medical - Biomedical/Gene — 4.9%
Alnylam Pharmaceuticals, Inc.†		8,784		914,063
BioMarin Pharmaceutical, Inc.†		13,310		1,269,375
Illumina, Inc.†		42,540		7,823,106
Incyte Corp.†		14,155		1,617,067
Intrexon Corp.†		20,233		734,660
Seattle Genetics, Inc.†		11,077		465,013
				12,823,284
Medical - Drugs — 3.8%
Anacor Pharmaceuticals, Inc.†		5,480		639,680
Endo International PLC†		42,534		2,614,990
Quintiles Transnational Holdings, Inc.†		24,250		1,648,758
Zoetis, Inc.		106,985		4,996,200
				9,899,628
Medical - Wholesale Drug Distribution — 0.7%
Cardinal Health, Inc.		20,590		1,788,241
Networking Products — 2.2%
Arista Networks, Inc.†#		16,840		1,238,077
Palo Alto Networks, Inc.†		24,308		4,553,861
				5,791,938
Real Estate Investment Trusts — 1.0%
Equinix, Inc.		8,911		2,642,111
Real Estate Management/Services — 0.7%
CBRE Group, Inc., Class A†		48,905		1,832,470
Retail - Apparel/Shoe — 1.0%
lululemon athletica, Inc.†		28,872		1,380,659
Zalando SE†*		34,052		1,154,882
				2,535,541
Retail - Arts & Crafts — 0.5%
Michaels Cos., Inc.†		59,815		1,328,491

Security Description	Shares/ Principal Amount			Value (Note 2)
Retail - Auto Parts — 0.9%
Advance Auto Parts, Inc.		15,030		$	2,445,832
Retail - Discount — 1.2%
Dollar Tree, Inc.†		40,195			3,033,115
Retail - Gardening Products — 0.6%
Tractor Supply Co.		18,110			1,618,129
Retail - Perfume & Cosmetics — 1.5%
Ulta Salon Cosmetics & Fragrance, Inc.†		22,949			3,832,483
Retail - Restaurants — 3.3%
Chipotle Mexican Grill, Inc.†		4,908			2,844,432
Dunkin’ Brands Group, Inc.#		132,891			5,637,236
					8,481,668
Semiconductor Components - Integrated Circuits — 0.5%
NXP Semiconductors NV†		15,010			1,402,835
Semiconductor Equipment — 0.6%
Lam Research Corp.		19,705			1,540,931
Television — 0.6%
AMC Networks, Inc., Class A†		19,615			1,594,896
Transport - Services — 0.3%
XPO Logistics, Inc.†		27,931			851,896
Vitamins & Nutrition Products — 1.7%
Mead Johnson Nutrition Co.		55,725			4,490,878
Total Common Stocks
(cost $215,962,068)					246,794,965
CONVERTIBLE PREFERRED SECURITIES — 2.2%
Applications Software — 0.1%
Dropbox, Inc., Series A†(1)(2)(3)		8,758			126,462
Auto-Cars/Light Trucks — 0.0%
Better Place LLC, Series B†(1)(2)(3)		314,973			0
Data Processing/Management — 0.4%
Palantir Technologies, Inc., Series G†(1)(2)(3)		89,856			691,891
Palantir Technologies, Inc., Series H†(1)(2)(3)		24,065			185,300
Palantir Technologies, Inc., Series H-1†(1)(2)(3)		24,065			185,301
					1,062,492
E-Commerce/Products — 0.6%
Flipkart Online Services Pvt., Ltd., Series D†(1)(2)(3)		13,407			1,650,469
Peixe Urbano, Inc., Series C†(1)(2)(3)		14,214			6,112
					1,656,581
E-Commerce/Services — 1.1%
Airbnb, Inc., Series D†(1)(2)(3)		29,418			2,771,219
Total Convertible Preferred Securities
(cost $3,260,017)					5,616,754
Total Long-Term Investment Securities
(cost $219,222,085)					252,411,719
SHORT-TERM INVESTMENT SECURITIES — 3.9%
Registered Investment Companies — 1.2%
State Street Navigator Securities Lending Prime Portfolio 0.24%(4)(5)		3,293,226			3,293,226
Time Deposits — 2.7%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/15	$	6,943,000			6,943,000
Total Short-Term Investment Securities
(cost $10,236,226)					10,236,226
TOTAL INVESTMENTS
(cost $229,458,311)(6)		101.3	%		262,647,945
Liabilities in excess of other assets		(1.3	)		(3,432,932	)
NET ASSETS		100.0	%	$	259,215,013

172

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2015, the aggregate value of these securities was $1,154,882 representing 0.4% 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, 2015, the aggregate value of these securities was $7,640,666 representing 2.9% of net assets.

(3) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2015, the 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	$	1,293,231	$	14.44		0.50%
SurveyMonkey.com LLC		11/25/2014		44,965		739,674		730,681		16.25		0.28
Convertible Preferred Securities
Airbnb, Inc. Series D		04/16/2014		29,418		1,197,696		2,771,219		94.20		1.07
Better Place LLC		01/25/2010		262,477		787,431
Series B		11/30/2011		52,496		—
				314,973		787,431		0		0.00		0.00

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Dropbox, Inc. Series A		05/25/2012		8,758	$	79,351	$	126,462	$	14.44		0.05%
Flipkart Online Services Pvt., Ltd. Series D		10/04/2013		13,407		307,650		1,650,469		123.11		0.64
Palantir Technologies, Inc. Series G		07/19/2012		89,856		274,960		691,891		7.70		0.27
Palantir Technologies, Inc. Series H		10/25/2013		24,065		84,468		185,300		7.70		0.07
Palantir Technologies, Inc. Series H-1		10/25/2013		24,065		84,468		185,301		7.70		0.07
Peixe Urbano, Inc. Series C		12/02/2011		14,214		443,993		6,112		0.43		0.00
							$	7,640,666				2.95%

(4) At November 30, 2015, the Fund had loaned securities with a total value of $4,154,219. This was secured by collateral of $3,293,226, which was received in cash and subsequently invested in short-term investments currently valued at $3,293,226 as reported in the Portfolio of Investments. Additional collateral of $974,932 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
United States Treasury Bills	0.00%	12/10/2015 to 07/21/2016	$110,167
United States Treasury Notes/Bonds	0.13% to 6.25%	01/15/2016 to 05/15/2045	864,765

(5) The rate shown is the 7-day yield as of November 30, 2015.

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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:
Applications Software	$	11,063,054	$	—	$	1,293,231	$	12,356,285
E-Commerce/Services		8,385,064		—		730,681		9,115,745
Other Industries		225,322,935		—		—		225,322,935
Convertible Preferred Securities		—		—		5,616,754		5,616,754
Short-Term Investment Securities:
Registered Investment Companies		3,293,226		—		—		3,293,226
Time Deposits		—		6,943,000		—		6,943,000
Total Investments at Value	$	248,064,279	$	6,943,000	$	7,640,666	$	262,647,945

* 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.

173

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

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

	Common Stocks			Convertible Preferred Securities
Balance as of 5/31/2015	$	2,431,325		$	5,169,281
Accrued discounts		—			—
Accrued premiums		—			—
Realized gain		—			—
Realized loss		—			—
Change in unrealized appreciation(1)		—			907,290
Change in unrealized depreciation(1)		(407,413	)		(459,817	)
Net purchases		—			—
Net sales		—			—
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Balance as of 11/30/2015	$	2,023,912		$	5,616,754

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2015 includes:

Common Stocks	Convertible Preferred Securities
$(407,413)	$	447,473

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2015.

174

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

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

Description	Fair Value at 11/30/15		Valuation Technique(s)	Unobservable Input(1)	Range (weighted average)
Common Stocks	$	1,293,231	Market Approach with Option Pricing Method (“OPM”) and Income Approach	Enterprise Value/Revenue Multiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* OPM assumptions:     Volatility*     Term to liquidity event in years     Risk-free rate	7.84x - 11.0x (8.947x) 10%-20% (15%) 18% 3.0% 35.0% 1.0 0.50%
	$	730,681	Market Approach and Income Approach	Transaction Price* Enterprise Value/Revenue Multiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate*	$16.4500 11.6x 20.0% 17.5% 3.5%
Convertible Preferred Securities	$	6,112	Income Approach	Future Cash Flows* Discount for Potential Claims	$0.86 50.0%
	$	0	Cost Approach	Net Tangible Assets*	$0.00
	$	2,771,219	Market Approach and Income Approach	Transaction Price* Enterprise Value/Revenue Multiple* Enterprise Value/ 2017 Projected EBITDA Multiple” Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate*	$93.0944 15.9x 17.2x 10% - 20% (15%) 17% 3.5%
	$	2,712,961	Market Approach and Income Approach	Transaction Price* Enterprise Value/Revenue Multiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate*	$11.38 - $142.24 ($44.095) 3.1x - 11.2x (5.125x) 20.0% 17% - 18% (17.25%) 3% - 4% (3.25%)
	$	126,462	Market Approach with Option Pricing Method (“OPM”) and Income Approach	Enterprise Value/Revenue Multiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* OPM assumptions:     Volatility*     Term to liquidity event in years     Risk-free rate	7.84x - 11.0x (8.947x) 10%-20% (15%) 18% 3.0% 35.0% 1.0 0.50%

(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

175

VALIC Company I Money Market I Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

U.S. Government Agencies	59.0	%
U.S. Government Treasuries	16.1
Foreign Bank	10.6
Commercial Banks-Canadian	4.8
Finance	3.6
Commercial Banks	2.1
Repurchase Agreement	2.1
Money Center Banks	1.7
	100.0	%

Credit Quality@#

A-1…………………………..………….………………… 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 — 41.6 days

176

VALIC Company I Money Market I Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 97.9%
Certificates of Deposit — 10.8%
Nordea Bank Finland PLC NY FRS 0.49% due 01/29/2016	$	7,250,000	$	7,251,699
Royal Bank of Canada NY FRS 0.28% due 12/03/2015		7,250,000		7,250,000
Royal Bank of Canada NY FRS 0.40% due 02/26/2016		1,650,000		1,650,412
Royal Bank of Canada NY FRS 0.48% due 06/03/2016		7,700,000		7,700,000
Svenska Handelsbanken NY FRS 0.29% due 12/09/2015		7,250,000		7,250,000
Svenska Handelsbanken NY 0.45% due 03/24/2016		6,000,000		6,000,190
Total Certificates of Deposit
(amortized cost $37,102,301)				37,102,301
Commercial Paper — 8.5%
Credit Agricole Corporate and Investment Bank NY 0.14% due 12/01/2015		16,000,000		16,000,000
General Electric Co. 0.14% due 12/29/2015		6,250,000		6,249,319
State Street Corp. 0.40% due 12/21/2015		7,250,000		7,248,389
Total Commercial Paper
(amortized cost $29,497,708)				29,497,708
U.S. Corporate Bonds & Notes — 3.5%
General Electric Capital Corp. FRS 0.52% due 01/08/2016		5,200,000		5,201,489
General Electric Capital Corp. FRS 0.92% due 01/08/2016		1,000,000		1,000,579
JPMorgan Chase Bank NA FRS 0.61% due 06/07/2016		5,900,000		5,900,000
Total U.S. Corporate Bonds & Notes
(amortized cost $12,102,068)				12,102,068
U.S. Government Agencies — 59.0%
Federal Farm Credit Bank
0.17% due 03/18/2016 FRS		20,500,000		20,496,659
0.18% due 11/09/2016 FRS		6,700,000		6,699,370
0.19% due 05/20/2016 FRS		7,500,000		7,500,733
0.19% due 12/19/2016 FRS(1)		750,000		749,970
0.21% due 10/19/2016 FRS		6,650,000		6,649,744
0.28% due 10/20/2016 FRS		6,150,000		6,149,456
0.32% due 08/03/2016		4,000,000		3,991,253
Federal Home Loan Bank
0.10% due 01/07/2016		2,100,000		2,099,795
0.10% due 01/08/2016		6,500,000		6,499,315
0.10% due 01/11/2016		8,000,000		7,999,135
0.11% due 01/08/2016		6,000,000		5,999,368
0.13% due 01/13/2016		6,000,000		5,999,076
0.16% due 02/09/2016 FRS		6,250,000		6,250,000
0.16% due 07/22/2016 FRS		7,000,000		7,000,107
0.16% due 08/19/2016 FRS		7,000,000		7,000,246
0.17% due 03/02/2016		6,200,000		6,197,306
0.17% due 03/10/2016		7,500,000		7,496,458
0.18% due 12/09/2015		2,900,000		2,899,884
0.18% due 01/26/2016		7,000,000		6,997,766
0.18% due 03/07/2016		6,000,000		5,997,090
0.19% due 12/08/2015		2,000,000		1,999,928
0.19% due 03/24/2016		1,000,000		999,182
0.20% due 12/02/2015		4,000,000		3,999,978
0.20% due 01/20/2016		7,300,000		7,297,972
0.20% due 01/22/2016		1,450,000		1,449,581
0.20% due 01/26/2016		4,500,000		4,498,564

Security Description	Principal Amount			Value (Note 2)
U.S. Government Agencies (continued)
0.21% due 09/02/2016 FRS	$	6,750,000		$	6,750,051
0.26% due 01/26/2016		4,000,000			3,998,723
0.27% due 12/21/2015		6,300,000			6,299,055
0.27% due 03/24/2016		6,250,000			6,244,888
0.29% due 02/02/2016		5,500,000			5,497,209
0.34% due 01/25/2016		2,250,000			2,250,225
0.35% due 06/09/2016		2,900,000			2,894,615
Federal Home Loan Mtg. Corp.
0.40% due 05/27/2016		2,200,000			2,200,058
Federal National Mtg. Assoc.
0.22% due 08/12/2016 FRS		1,500,000			1,500,279
0.25% due 02/02/2016		5,200,000			5,197,771
0.26% due 02/08/2016		5,000,000			4,997,508
0.29% due 03/09/2016		4,100,000			4,096,730
0.63% due 08/26/2016		700,000			701,491
Total U.S. Government Agencies
(amortized cost $203,546,539)					203,546,539
U.S. Government Treasuries — 16.1%
United States Treasury Bills
0.03% due 12/03/2015		11,000,000			10,999,975
0.06% due 12/03/2015		5,500,000			5,499,988
0.06% due 12/17/2015		1,000,000			999,972
0.07% due 12/10/2015		3,000,000			2,999,948
0.07% due 12/17/2015		6,000,000			5,999,830
0.07% due 04/14/2016		6,200,000			6,198,315
0.08% due 04/14/2016		6,000,000			5,998,370
0.12% due 12/24/2015		17,000,000			16,998,697
Total U.S. Government Treasuries
(amortized cost $55,695,095)					55,695,095
Total Short-Term Investment Securities — 97.9%
(amortized cost $337,943,711)					337,943,711
REPURCHASE AGREEMENTS — 2.1%
State Street Bank and Trust Co. Joint Repurchase Agreement(2) (cost $7,202,000)		7,202,000			7,202,000
TOTAL INVESTMENTS
(amortized cost $345,145,711)(3)		100.0	%		345,145,711
Liabilities in excess of other assets		(0.0	)		(144,991	)
NET ASSETS		100.0	%	$	345,000,720

(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, 2015, and unless noted otherwise, the dates shown are the original maturity dates.

177

VALIC Company I Money Market I Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Short-Term Investment Securities	$	—	$	337,943,711	$	—	$	337,943,711
Repurchase Agreements		—		7,202,000		—		7,202,000
Total Investments at Value	$	—	$	345,145,711	$	—	$	345,145,711

* 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

178

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Computers	12.1	%
Medical — Biomedical/Gene	11.2
Web Portals/ISP	10.2
Applications Software	8.8
E-Commerce/Products	6.7
Electronic Components — Semiconductors	5.8
Internet Content — Entertainment	4.2
Cable/Satellite TV	4.0
Repurchase Agreements	3.7
Food — Misc./Diversified	2.9
Networking Products	2.5
E-Commerce/Services	2.4
Semiconductor Components — Integrated Circuits	2.3
Registered Investment Companies	1.9
Retail — Drug Store	1.7
Retail — Restaurants	1.6
Retail — Discount	1.6
Commercial Services — Finance	1.5
Multimedia	1.4
Pharmacy Services	1.0
Computers — Memory Devices	0.9
Entertainment Software	0.9
Electronic Forms	0.8
Semiconductor Equipment	0.8
Data Processing/Management	0.8
Computer Services	0.7
Beverages — Non-alcoholic	0.6
Auto — Cars/Light Trucks	0.5
Airlines	0.5
Retail — Auto Parts	0.5
Medical — Generic Drugs	0.5
Radio	0.4
Retail — Apparel/Shoe	0.4
Medical Information Systems	0.4
Medical Instruments	0.4
Hotels/Motels	0.3
Transport — Services	0.3
Auto — Heavy Duty Trucks	0.3
U.S. Government Treasuries	0.3
Computer Aided Design	0.3
Building — Heavy Construction	0.2
Internet Security	0.2
Cellular Telecom	0.2
Medical Products	0.2
Television	0.2
Broadcast Services/Program	0.2
Consulting Services	0.2
Enterprise Software/Service	0.2
Retail — Gardening Products	0.2
Distribution/Wholesale	0.2
Retail — Catalog Shopping	0.2
Food — Retail	0.2
Computer Software	0.2
Hazardous Waste Disposal	0.2
Retail — Bedding	0.2
Toys	0.2
Coffee	0.2
Retail — Office Supplies	0.1
Electronic Components — Misc.	0.1
Casino Hotels	0.1
Telecom Services	0.1
	101.9	%

* Calculated as a percentage of net assets

179

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.0%
Airlines — 0.5%
American Airlines Group, Inc.		40,373	$	1,665,790
Applications Software — 8.8%
Check Point Software Technologies, Ltd.†		10,868		948,668
Citrix Systems, Inc.†		9,657		740,402
Intuit, Inc.		16,566		1,659,913
Microsoft Corp.		480,651		26,123,382
				29,472,365
Auto - Cars/Light Trucks — 0.5%
Tesla Motors, Inc.†#		7,802		1,796,489
Auto - Heavy Duty Trucks — 0.3%
PACCAR, Inc.		21,332		1,108,411
Beverages - Non - alcoholic — 0.6%
Monster Beverage Corp.†		12,349		1,909,279
Broadcast Services/Program — 0.2%
Discovery Communications, Inc., Class A†#		8,972		279,388
Discovery Communications, Inc., Class C†		16,483		487,567
				766,955
Building - Heavy Construction — 0.2%
SBA Communications Corp., Class A†		7,675		807,103
Cable/Satellite TV — 4.0%
Charter Communications, Inc., Class A†#		6,732		1,261,308
Comcast Corp., Class A		127,091		7,734,758
Comcast Corp., Special Class A#		22,127		1,350,632
DISH Network Corp., Class A†		13,504		846,836
Liberty Global PLC LiLAC, Class A†		758		28,463
Liberty Global PLC LiLAC, Class C†		1,849		72,518
Liberty Global PLC, Class A†		15,174		643,529
Liberty Global PLC, Class C†		36,758		1,507,078
				13,445,122
Casino Hotels — 0.1%
Wynn Resorts, Ltd.#		6,102		383,023
Cellular Telecom — 0.2%
Vodafone Group PLC ADR		23,958		804,030
Coffee — 0.2%
Keurig Green Mountain, Inc.		9,258		485,119
Commercial Services - Finance — 1.5%
Automatic Data Processing, Inc.		27,994		2,414,762
PayPal Holdings, Inc.†		73,418		2,588,719
				5,003,481
Computer Aided Design — 0.3%
Autodesk, Inc.†		13,593		862,748
Computer Services — 0.7%
Cognizant Technology Solutions Corp., Class A†		36,630		2,365,565
Computer Software — 0.2%
Akamai Technologies, Inc.†		10,733		618,328
Computers — 12.1%
Apple, Inc.		342,714		40,543,066
Computers - Memory Devices — 0.9%
NetApp, Inc.		18,033		552,892
SanDisk Corp.		12,285		907,493
Seagate Technology PLC		18,151		652,347
Western Digital Corp.		13,846		864,129
				2,976,861
Consulting Services — 0.2%
Verisk Analytics, Inc.†		10,125		758,869

Security Description	Shares		Value (Note 2)
Data Processing/Management — 0.8%
Fiserv, Inc.†		14,097	$	1,356,695
Paychex, Inc.		21,706		1,177,551
				2,534,246
Distribution/Wholesale — 0.2%
Fastenal Co.#		17,437		707,593
E-Commerce/Products — 6.7%
Amazon.com, Inc.†		28,108		18,686,198
eBay, Inc.†		73,211		2,166,314
JD.com, Inc. ADR†		48,713		1,494,515
				22,347,027
E-Commerce/Services — 2.4%
Liberty Ventures, Series A†		8,095		348,166
Netflix, Inc.†		25,601		3,157,372
Priceline Group, Inc.†		3,046		3,803,997
TripAdvisor, Inc.†		7,890		649,899
				7,959,434
Electronic Components - Misc. — 0.1%
Garmin, Ltd.#		11,474		434,291
Electronic Components - Semiconductors — 5.8%
Avago Technologies, Ltd.		15,608		2,036,064
Intel Corp.		285,699		9,933,754
Micron Technology, Inc.†		65,111		1,037,218
NVIDIA Corp.		32,392		1,027,474
Skyworks Solutions, Inc.		11,462		951,575
Texas Instruments, Inc.		61,682		3,584,958
Xilinx, Inc.		15,544		772,382
				19,343,425
Electronic Forms — 0.8%
Adobe Systems, Inc.†		29,906		2,735,203
Enterprise Software/Service — 0.2%
CA, Inc.		26,521		745,505
Entertainment Software — 0.9%
Activision Blizzard, Inc.		43,811		1,649,922
Electronic Arts, Inc.†		18,734		1,269,978
				2,919,900
Food - Misc./Diversified — 2.9%
Kraft Heinz Co.		72,886		5,370,969
Mondelez International, Inc., Class A		96,834		4,227,773
				9,598,742
Food - Retail — 0.2%
Whole Foods Market, Inc.		21,505		626,871
Hazardous Waste Disposal — 0.2%
Stericycle, Inc.†#		5,098		615,431
Hotels/Motels — 0.3%
Marriott International, Inc., Class A		15,979		1,133,071
Internet Content - Entertainment — 4.2%
Facebook, Inc., Class A†		135,802		14,156,000
Internet Security — 0.2%
Symantec Corp.		41,116		805,051
Medical Information Systems — 0.4%
Cerner Corp.†		20,738		1,235,985
Medical Instruments — 0.4%
Intuitive Surgical, Inc.†		2,225		1,157,044
Medical Products — 0.2%
Henry Schein, Inc.†		5,011		784,121

180

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

SecurityDescription	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene — 11.2%
Alexion Pharmaceuticals, Inc.†		13,591	$	2,425,178
Amgen, Inc.		45,568		7,341,005
Biogen, Inc.†		14,132		4,053,906
BioMarin Pharmaceutical, Inc.†		9,681		923,277
Celgene Corp.†		47,508		5,199,751
Gilead Sciences, Inc.		88,198		9,345,460
Illumina, Inc.†		8,696		1,599,194
Incyte Corp.†		10,846		1,239,047
Regeneron Pharmaceuticals, Inc.†		6,113		3,328,528
Vertex Pharmaceuticals, Inc.†		14,702		1,901,851
				37,357,197
Medical - Generic Drugs — 0.5%
Mylan NV†		29,540		1,515,402
Multimedia — 1.4%
Twenty-First Century Fox, Inc., Class A		73,374		2,165,267
Twenty-First Century Fox, Inc., Class B		47,988		1,437,240
Viacom, Inc., Class B		20,881		1,039,665
				4,642,172
Networking Products — 2.5%
Cisco Systems, Inc.		305,645		8,328,826
Pharmacy Services — 1.0%
Express Scripts Holding Co.†		40,609		3,471,257
Radio — 0.4%
Sirius XM Holdings, Inc.†		319,909		1,314,826
Retail - Apparel/Shoe — 0.4%
Ross Stores, Inc.		24,720		1,285,687
Retail - Auto Parts — 0.5%
O’Reilly Automotive, Inc.†		5,973		1,576,096
Retail - Bedding — 0.2%
Bed Bath & Beyond, Inc.†		10,192		555,668
Retail - Catalog Shopping — 0.2%
Liberty Interactive Corp. QVC Group, Class A†		25,945		687,024
Retail - Discount — 1.6%
Costco Wholesale Corp.		26,411		4,263,264
Dollar Tree, Inc.†		14,103		1,064,212
				5,327,476
Retail - Drug Store — 1.7%
Walgreens Boots Alliance, Inc.		65,642		5,515,897
Retail - Gardening Products — 0.2%
Tractor Supply Co.		8,161		729,185
Retail - Office Supplies — 0.1%
Staples, Inc.		38,676		466,819
Retail - Restaurants — 1.6%
Starbucks Corp.		89,195		5,475,681
Semiconductor Components - Integrated Circuits — 2.3%
Analog Devices, Inc.		18,850		1,161,726
Linear Technology Corp.		14,408		658,734
NXP Semiconductors NV†		15,129		1,413,956
QUALCOMM, Inc.		94,424		4,606,947
				7,841,363
Semiconductor Equipment — 0.8%
Applied Materials, Inc.		72,153		1,354,312
KLA-Tencor Corp.		9,467		629,271
Lam Research Corp.		9,506		743,369
				2,726,952

Security Description	Shares/ Principal Amount			Value (Note 2)
Telecom Services — 0.1%
VimpelCom, Ltd. ADR#		105,574		$	380,066
Television — 0.2%
Liberty Media Corp., Class A†		6,134			248,488
Liberty Media Corp., Class C†		13,435			525,309
					773,797
Toys — 0.2%
Mattel, Inc.#		20,350			505,901
Transport - Services — 0.3%
C.H. Robinson Worldwide, Inc.		8,521			574,571
Expeditors International of Washington, Inc.		11,368			551,803
					1,126,374
Web Portals/ISP — 10.2%
Alphabet, Inc., Class A†		17,421			13,289,610
Alphabet, Inc., Class C†		20,669			15,348,799
Baidu, Inc. ADR†		16,650			3,629,201
Yahoo!, Inc.†		56,574			1,912,766
					34,180,376
Total Long-Term Investment Securities
(cost $170,479,985)					321,395,586
SHORT-TERM INVESTMENT SECURITIES — 2.2%
Registered Investment Companies — 1.9%
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2)		6,501,921			6,501,921
U.S. Government Treasuries — 0.3%
United States Treasury Bills 0.01% due 12/17/2015(3)	$	900,000			899,979
Total Short-Term Investment Securities
(cost $7,401,921)					7,401,900
REPURCHASE AGREEMENTS — 3.7%
State Street Bank and Trust Co. Joint Repurchase Agreement(4) (cost $12,378,000)		12,378,000			12,378,000
TOTAL INVESTMENTS
(cost $190,259,906)(5)		101.9	%		341,175,486
Liabilities in excess of other assets		(1.9	)		(6,307,381	)
NET ASSETS		100.0	%	$	334,868,105

† Non-income producing security

# The security or a portion thereof is out on loan

(1) At November 30, 2015, the Fund had loaned securities with a total value of $7,714,096. This was secured by collateral of $6,501,921, which was received in cash and subsequently invested in short-term investments currently valued at $6,501,921 as reported in the Portfolio of Investments. Additional collateral of $1,349,851 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
Federal Home Loan Mtg. Corp.	2.50% to 4.00%	08/01/2027 to 12/15/2044	$	79,005
Federal National Mtg. Assoc.	2.00% to 4.25%	12/01/2027 to 02/25/2044		175,296
Government National Mtg. Assoc.	0.40% to 4.00%	04/20/2039 to 12/16/2052		12,383
United States Treasury Bills	0.00%	12/10/2015 to 07/21/2016		70,890
United States Treasury Notes/Bonds	0.13% to 6.25%	01/15/2016 to 05/15/2045		1,012,277

181

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

(2) The rate shown is the 7-day yield as of November 30, 2015

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

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

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

ADR—American Depositary Receipt

Futures Contracts

Number of Contracts

Type

Description

Expiration Month

Value at Trade Date

Value as of November 30, 2015

Unrealized Appreciation (Depreciation)

138

Long

Nasdaq 100 E-Mini Index

December 2015

$

12,140,734

$

12,885,750

$

745,016

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (see Note 1):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	321,395,586	$	—	$	—	$	321,395,586
Short-Term Investment Securities:
Registered Investment Companies		6,501,921		—		—		6,501,921
U.S. Government Treasuries		—		899,979		—		899,979
Repurchase Agreements		—		12,378,000		—		12,378,000
Total Investments at Value	$	327,897,507	$	13,277,979	$	—	$	341,175,486
Other Financial Instruments:†
Futures Contracts	$	745,016	$	—	$	—	$	745,016

* 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

182

VALIC Company I Science & Technology Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Applications Software	12.1	%
Web Portals/ISP	10.3
E-Commerce/Products	9.2
Electronic Components — Semiconductors	7.8
Registered Investment Companies	6.9
E-Commerce/Services	5.7
Finance — Credit Card	4.9
Internet Content — Entertainment	4.4
Networking Products	4.3
Computer Services	3.7
Computers — Memory Devices	3.4
Commercial Services — Finance	3.4
Computers	2.6
Semiconductor Components — Integrated Circuits	2.5
Semiconductor Equipment	2.3
Enterprise Software/Service	1.5
Internet Application Software	1.5
Entertainment Software	1.4
Time Deposits	1.3
Electronic Components — Misc.	1.2
Electronic Measurement Instruments	1.2
Telephone — Integrated	1.1
Data Processing/Management	1.0
Electronic Forms	0.9
Internet Content — Information/News	0.8
Photo Equipment & Supplies	0.8
E-Marketing/Info	0.7
Computers — Other	0.7
Publishing — Newspapers	0.6
Telecom Equipment — Fiber Optics	0.5
Medical Instruments	0.5
Cable/Satellite TV	0.4
Multimedia	0.4
Computers — Integrated Systems	0.4
Auto — Cars/Light Trucks	0.4
Aerospace/Defense	0.3
Appliances	0.3
Cellular Telecom	0.3
Electric Products — Misc.	0.3
Virtual Reality Products	0.3
Medical — Drugs	0.3
Real Estate Investment Trusts	0.2
E-Services/Consulting	0.2
Consulting Services	0.2
Computer Data Security	0.2
Toys	0.2
Machinery — Electrical	0.2
Decision Support Software	0.2
Distribution/Wholesale	0.2
Computer Graphics	0.2
Computer Software	0.1
Finance — Other Services	0.1
Audio/Video Products	0.1
Internet Incubators	0.1
Electronic Parts Distribution	0.1
Repurchase Agreements	0.1
Optical Recognition Equipment	0.1
	105.1	%

* Calculated as a percentage of net assets

183

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.3%
Advanced Materials — 0.0%
STR Holdings, Inc.#		91,532	$	40,274
Aerospace/Defense — 0.3%
Boeing Co.		23,300		3,388,985
Appliances — 0.3%
iRobot Corp.†#		96,800		3,203,112
Applications Software — 11.9%
Dropbox, Inc. Class B†(2)(3)(4)		135,924		1,962,697
Imperva, Inc.†		97,575		7,282,022
Intuit, Inc.		87,405		8,757,981
Microsoft Corp.		1,148,135		62,401,137
Paycom Software, Inc.†		8,450		368,420
Red Hat, Inc.†		149,842		12,198,637
Salesforce.com, Inc.†		84,900		6,765,681
ServiceNow, Inc.†		141,966		12,352,462
Tableau Software, Inc., Class A†		57,610		5,589,899
				117,678,936
Audio/Video Products — 0.1%
Sony Corp.		44,100		1,138,145
Auto - Cars/Light Trucks — 0.4%
Tesla Motors, Inc.†#		15,470		3,562,122
Cable/Satellite TV — 0.4%
Comcast Corp., Class A		71,125		4,328,668
Cellular Telecom — 0.3%
T-Mobile US, Inc.†		87,600		3,109,800
Commercial Services - Finance — 3.4%
Automatic Data Processing, Inc.		102,465		8,838,631
Cardtronics, Inc.†		39,645		1,491,048
Equifax, Inc.		28,520		3,179,980
Global Payments, Inc.		39,160		2,774,486
Heartland Payment Systems, Inc.		70,353		5,581,807
PayPal Holdings, Inc.†		21,910		772,547
Total System Services, Inc.		57,180		3,199,793
Vantiv, Inc., Class A†		88,220		4,650,076
WEX, Inc.†		31,062		2,928,215
				33,416,583
Computer Data Security — 0.2%
Fortinet, Inc.†		53,640		1,932,113
Computer Graphics — 0.1%
Atlassian Class A†(2)(3)(4)		3,707		65,150
Atlassian Class A FDR†(2)(3)(4)		2,554		44,887
Atlassian Series 1†(2)(3)(4)		6,508		114,378
Atlassian Series 2†(2)(3)(4)		17,424		306,227
				530,642
Computer Services — 3.7%
Accenture PLC, Class A		114,898		12,319,364
Cognizant Technology Solutions Corp., Class A†		202,159		13,055,428
Computer Sciences Corp.		5,880		184,220
CSRA, Inc.†		5,880		185,279
Fleetmatics Group PLC†		43,245		2,581,727
Genpact, Ltd.†		216,537		5,456,732
SCSK Corp.#		75,200		2,920,032
				36,702,782
Computer Software — 0.1%
Akamai Technologies, Inc.†		25,985		1,496,996

Security Description	Shares		Value (Note 2)
Computers — 2.6%
Apple, Inc.		202,530	$	23,959,299
Quanta Computer, Inc.		827,000		1,292,108
				25,251,407
Computers - Integrated Systems — 0.4%
VeriFone Systems, Inc.†		127,500		3,656,700
Computers - Memory Devices — 3.4%
Nimble Storage, Inc.†#		88,305		924,553
Pure Storage, Inc., Class A†#		188,000		2,427,080
Pure Storage, Inc., Class B†(1)(3)(4)		63,153		807,487
SanDisk Corp.		143,000		10,563,410
Seagate Technology PLC#		264,700		9,513,318
TDK Corp.#		29,890		2,148,875
Western Digital Corp.		113,095		7,058,259
				33,442,982
Computers - Other — 0.5%
Stratasys, Ltd.†#		192,600		4,815,000
Consulting Services — 0.2%
Huron Consulting Group, Inc.†		38,835		2,252,818
Data Processing/Management — 0.8%
Fidelity National Information Services, Inc.		69,915		4,451,488
Fiserv, Inc.†		39,510		3,802,443
				8,253,931
Decision Support Software — 0.2%
Interactive Intelligence Group, Inc.†		47,600		1,640,296
Distribution/Wholesale — 0.2%
Ingram Micro, Inc., Class A		52,195		1,614,391
E-Commerce/Products — 9.1%
Alibaba Group Holding, Ltd. ADR†		83,760		7,042,541
Amazon.com, Inc.†		100,015		66,489,972
Etsy, Inc.†		19,200		178,752
Flipkart Online Services Pvt., Ltd.†(2)(3)(4)		626		77,064
JD.com, Inc. ADR†		261,400		8,019,752
Vipshop Holdings, Ltd. ADR†#		466,900		7,717,857
				89,525,938
E-Commerce/Services — 5.1%
58.com, Inc. ADR†#		113,000		6,803,730
Angie’s List, Inc.†#		222,932		2,409,895
Ctrip.com International, Ltd. ADR†		45,500		4,868,955
Expedia, Inc.		73,620		9,063,358
GrubHub, Inc.†#		19,163		491,339
MercadoLibre, Inc.#		49,300		6,075,732
Netflix, Inc.†		50,690		6,251,598
Priceline Group, Inc.†		10,125		12,644,606
Quotient Technology, Inc.†#		48,825		338,846
Zillow Group, Inc., Class A†#		5,370		139,781
Zillow Group, Inc., Class C†#		52,585		1,296,220
				50,384,060
E-Marketing/Info — 0.7%
Criteo SA ADR†		145,376		5,925,526
Marketo, Inc.†#		35,976		1,088,993
				7,014,519
E-Services/Consulting — 0.2%
CDW Corp.		53,880		2,326,000
Electric Products - Misc. — 0.3%
Nidec Corp.#		36,345		2,810,168

184

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components - Misc. — 1.2%
Alps Electric Co., Ltd.#		107,600	$	3,382,713
Corning, Inc.		39,155		733,373
Murata Manufacturing Co., Ltd.#		20,210		3,135,752
TE Connectivity, Ltd.		70,200		4,709,718
				11,961,556
Electronic Components - Semiconductors — 7.8%
ARM Holdings PLC ADR		44,400		2,251,080
Avago Technologies, Ltd.		16,785		2,189,603
Freescale Semiconductor, Ltd.†		41,920		1,631,107
Inotera Memories, Inc.†		862,000		583,610
Intel Corp.		464,277		16,142,911
IPG Photonics Corp.†		16,700		1,522,873
MediaTek, Inc.		72,000		574,597
Microchip Technology, Inc.#		61,635		2,975,738
Micron Technology, Inc.†		481,465		7,669,738
Microsemi Corp.†		37,100		1,335,971
ON Semiconductor Corp.†		261,065		2,861,272
Rohm Co., Ltd.		26,500		1,425,102
Semtech Corp.†		77,900		1,565,790
SK Hynix, Inc.		509,279		13,896,824
Skyworks Solutions, Inc.		202,651		16,824,086
Sumco Corp.#		210,100		2,229,006
SunEdison Semiconductor, Ltd.†		77,915		744,088
Win Semiconductors Corp.		394,000		605,931
				77,029,327
Electronic Forms — 0.9%
Adobe Systems, Inc.†		97,015		8,872,992
Electronic Measurement Instruments — 1.2%
Agilent Technologies, Inc.		119,600		5,001,672
National Instruments Corp.		48,600		1,526,040
Trimble Navigation, Ltd.†		236,800		5,422,720
				11,950,432
Electronic Parts Distribution — 0.1%
Tech Data Corp.†		14,455		977,881
Enterprise Software/Service — 1.5%
Proofpoint, Inc.†		106,165		7,782,956
Veeva Systems, Inc., Class A†#		260,500		7,518,030
				15,300,986
Entertainment Software — 1.4%
Activision Blizzard, Inc.		32,155		1,210,957
Electronic Arts, Inc.†		17,580		1,191,748
NetEase, Inc. ADR		66,840		11,139,555
				13,542,260
Finance - Credit Card — 4.9%
Alliance Data Systems Corp.†		15,293		4,386,797
MasterCard, Inc., Class A		124,620		12,202,790
Visa, Inc., Class A		392,664		31,024,383
Worldpay Group PLC†*		191,400		861,919
				48,475,889
Finance - Other Services — 0.1%
WageWorks, Inc.†		29,040		1,235,362
Instruments - Controls — 0.0%
Control4 Corp.†#		39,200		285,376
Internet Application Software — 1.5%
Tencent Holdings, Ltd.		729,300		14,551,291

Security Description	Shares		Value (Note 2)
Internet Content - Entertainment — 4.4%
Facebook, Inc., Class A†		415,828	$	43,345,911
Youku.com, Inc. Class A†(1)(3)(4)		16		24
				43,345,935
Internet Content - Information/News — 0.8%
LinkedIn Corp., Class A†		19,000		4,619,090
M3, Inc.#		166,770		3,668,669
				8,287,759
Internet Incubators — 0.1%
HomeAway, Inc.†		28,810		1,018,722
Machinery - Electrical — 0.2%
Disco Corp.		17,400		1,676,393
Medical Instruments — 0.5%
Intuitive Surgical, Inc.†		9,700		5,044,194
Medical - Drugs — 0.3%
Grifols SA ADR		76,800		2,668,800
Multimedia — 0.4%
Twenty-First Century Fox, Inc., Class A		131,800		3,889,418
Networking Products — 4.3%
Arista Networks, Inc.†#		21,890		1,609,353
Cisco Systems, Inc.		976,245		26,602,677
Palo Alto Networks, Inc.†		69,330		12,988,282
Ruckus Wireless, Inc.†		131,745		1,508,480
				42,708,792
Optical Recognition Equipment — 0.1%
Lumentum Holdings, Inc.†		29,760		595,200
Photo Equipment & Supplies — 0.8%
FUJIFILM Holdings Corp.		69,800		2,827,155
Largan Precision Co., Ltd.		33,085		2,549,132
Sunny Optical Technology Group Co., Ltd.#		1,252,925		2,857,014
				8,233,301
Publishing - Newspapers — 0.6%
News Corp., Class A		381,600		5,475,960
Real Estate Investment Trusts — 0.2%
American Tower Corp.		24,900		2,474,562
Semiconductor Components - Integrated Circuits — 2.5%
Advanced Semiconductor Engineering, Inc.		545,000		573,517
Atmel Corp.		429,500		3,715,175
Linear Technology Corp.		65,730		3,005,176
Maxim Integrated Products, Inc.		27,795		1,077,612
NXP Semiconductors NV†		80,890		7,559,979
Power Integrations, Inc.		10,145		524,497
Powertech Technology, Inc.		267,000		576,665
QUALCOMM, Inc.		99,784		4,868,461
Siliconware Precision Industries Co., Ltd.		430,000		566,448
Taiwan Semiconductor Manufacturing Co., Ltd.		561,780		2,392,238
				24,859,768
Semiconductor Equipment — 2.3%
Applied Materials, Inc.		480,380		9,016,733
ASML Holding NV#		23,135		2,145,077
KLA-Tencor Corp.		13,435		893,024
Lam Research Corp.		103,875		8,123,025
MKS Instruments, Inc.		24,495		903,131
Siltronic AG†		77,991		1,957,856
				23,038,846

185

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Telecom Equipment - Fiber Optics — 0.5%
Ciena Corp.†		171,305	$	4,289,477
Viavi Solutions, Inc.†		148,800		946,368
				5,235,845
Telephone - Integrated — 1.1%
SoftBank Group Corp.		199,600		10,599,392
Toys — 0.2%
Nintendo Co., Ltd.#		11,300		1,735,390
Virtual Reality Products — 0.3%
RealD, Inc.†		256,900		2,697,450
Web Portals/ISP — 10.2%
Alphabet, Inc., Class A†		57,925		44,188,086
Alphabet, Inc., Class C†		40,743		30,255,752
Baidu, Inc. ADR†		69,500		15,148,915
NAVER Corp.		968		527,445
Yahoo!, Inc.†		265,700		8,983,317
Yandex NV, Class A†		82,700		1,375,301
				100,478,816
Total Common Stocks
(cost $818,568,336)				941,765,263
CONVERTIBLE PREFERRED SECURITIES — 1.4%
Applications Software — 0.2%
Dropbox, Inc. Series A-1†(2)(3)(4)		119,521		1,725,844
Dropbox, Inc. Series A†(2)(3)(4)		12,378		178,734
				1,904,578
Computers - Other — 0.2%
Nutanix, Inc. Series E†(2)(3)(4)		95,451		1,909,020
Data Processing/Management — 0.2%
Cloudera, Inc. Series F†(2)(3)(4)		54,446		1,583,562
E-Commerce/Products — 0.1%
Flipkart Online Services Pvt., Ltd. Series A†(2)(3)(4)		216		26,591
Flipkart Online Services Pvt., Ltd. Series C†(2)(3)(4)		377		46,411
Flipkart Online Services Pvt., Ltd. Series E†(2)(3)(4)		700		86,173
Flipkart Online Services Pvt., Ltd. Series G†(2)(3)(4)		4,085		502,884
				662,059
E-Commerce/Services — 0.6%
Airbnb, Inc. Series E†(2)(3)(4)		26,943		2,688,701
Uber Technologies, Inc. Series E†(2)(3)(4)		86,516		3,429,372
				6,118,073
Internet Application Software — 0.0%
Xiaoju Kuaizhi, Inc. Series A-17†(2)(3)(4)		11,731		328,802
Web Portals/ISP — 0.1%
Pinterest, Inc. Series G†(2)(3)(4)		41,130		1,476,380
Total Convertible Preferred Securities
(cost $9,550,118)				13,982,474

Security Description	Shares/ Principal Amount			Value (Note 2)
PREFERRED SECURITIES — 0.1%
Computer Graphics — 0.1%
Atlassian Class A FDR†(2)(3)(4)		13,337		$	234,398
Atlassian Series A†(2)(3)(4)		12,885			226,454
Total Preferred Securities
(cost $419,552)					460,852
Total Long-Term Investment Securities
(cost $828,538,006)					956,208,589
SHORT-TERM INVESTMENT SECURITIES — 8.2%
Registered Investment Companies — 6.9%
State Street Navigator Securities Lending Prime Portfolio 0.24%(5)(6)		53,723,108			53,723,108
T. Rowe Price Reserve Investment Fund 0.12%(6)		14,267,026			14,267,026
					67,990,134
Time Deposits — 1.3%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015	$	12,936,000			12,936,000
Total Short-Term Investment Securities
(cost $80,926,134)					80,926,134
REPURCHASE AGREEMENTS — 0.1%
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 11/30/2015, to be repurchased 12/01/2015 in the amount $886,000 collateralized by $930,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $906,124 (cost $886,000)		886,000			886,000
TOTAL INVESTMENTS
(cost $910,350,140)(7)		105.1	%		1,038,020,723
Liabilities in excess of other assets		(5.1	)		(49,948,101	)
NET ASSETS		100.0	%	$	988,072,622

# 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, 2015, the aggregate value of these securities was $861,919 representing 0.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

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

(3) Illiquid security. At November 30, 2015, the aggregate value of these securities was $17,821,240 representing 1.8% of net assets.

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

186

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2015, the Fund held the following restricted securities:

Description	Acquistion Date		Shares		Acquistion Cost		Value		Value Per Share		Value as a % of Net Assets
Common Stocks
Atlassian Class A		04/09/2014		3,707	$	59,312	$	65,150	$	17.57		0.01	%
Atlassian Class A FDR		04/09/2014		2,554		40,864		44,887		17.58		0.00
Atlassian Series 1		04/09/2014		6,508		104,128		114,378		17.58		0.01
Atlassian Series 2		04/09/2014		17,424		278,784		306,227		17.58		0.03
Dropbox, Inc., Class B		05/01/2012		135,924		1,230,337		1,962,697		14.44		0.20
Flipkart Online Services Pvt., Ltd.		03/19/2015		626		71,363		77,064		123.11		0.01
Pure Storage, Inc. Class B		04/16/2014		63,153		993,138		807,487		12.79		0.08
Youku.com, Inc. Class A		07/11/2011		16		—		24		1.49		0.00
Convertible Preferred Securities
Airbnb, Inc. Series E		06/24/2015		16,260		1,513,715
		07/14/2015		10,683		994,527
				26,943		2,508,242		2,688,701		251.68		0.27
Cloudera, Inc. Series F		02/05/2014		54,446		792,733		1,583,562		29.09		0.17
Dropbox, Inc. Series A-1		05/01/2012		60,803		550,212
		05/29/2012		58,718		531,345
				119,521		1,081,557		1,725,844		14.44		0.18
Dropbox, Inc. Series A		05/01/2012		12,378		112,010		178,734		14.44		0.02
Flipkart Online Services Pvt., Ltd. Series A		03/19/2015		216		24,624		26,591		123.11		0.00
Flipkart Online Services Pvt., Ltd. Series C		03/19/2015		377		42,978		46,411		123.11		0.00

Description	Acquistion Date		Shares		Acquistion Cost		Value		Value Per Share		Value as a % of Net Assets
Flipkart Online Services Pvt., Ltd. Series E		03/19/2015		700	$	79,799	$	86,173	$	123.10		0.01	%
Flipkart Online Services Pvt., Ltd. Series G		12/17/2014		4,085		489,220		502,884		123.11		0.05
Nutanix, Inc. Series E		06/05/2014		95,451		1,278,709		1,909,020		20.00		0.19
Pinterest, Inc. Series G		03/19/2015		41,130		1,476,380		1,476,380		35.90		0.15
Uber Technologies, Inc. Series E		06/05/2014		86,516		1,342,127		3,429,372		39.64		0.35
Xiaoju Kuaizhi, Inc. Series A-17		10/19/2015		11,731		321,737		328,802		28.03		0.03
Preferred Securities
Atlassian Class A FDR		04/09/2014		13,337		213,392		234,398		17.58		0.02
Atlassian Series A		04/09/2014		12,885		206,160		226,454		17.58		0.02
							$	17,821,240				1.80	%

(5) At November 30, 2015, the Fund had loaned securities with a total value of $63,736,790. This was secured by collateral of $53,723,108, which was received in cash and subsequently invested in short-term investments currently valued at $53,723,108 as reported in the Portfolio of Investments. Additional collateral of $11,316,577 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
United States Treasury Bills	0.00%	12/10/2015 to 07/21/2016	$	144,901
United States Treasury Notes/Bonds	0.13% to 7.63%	01/15/2016 to 05/15/2045		11,171,676

(6) The rate shown is the 7-day yield as of November 30, 2015.

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

ADR—American Depositary Receipt

FDR—Federal Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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:
Applications Software	$	115,716,239	$	—	$	1,962,697	$	117,678,936
Computer Graphics		—				530,642		530,642
Computers-Memory Devices		32,635,495		807,487		—		33,442,982
E-Commerce/Products		89,448,874		—		77,064		89,525,938
Internet Content-Entertainment		43,345,911		24		—		43,345,935
Other Industries		657,240,830		—		—		657,240,830
Convertible Preferred Securities		—		—		13,982,474		13,982,474
Preferred Securities		—		—		460,852		460,852
Short-Term Investment Securities:
Registered Investment Companies		67,990,134		—		—		67,990,134
Time Deposits		—		12,936,000		—		12,936,000
Repurchase Agreements		—		886,000		—		886,000
Total Investments at Value	$	1,006,377,483	$	14,629,511	$	17,013,729	$	1,038,020,723

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

187

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $71,460,099 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.

	Common Stocks			Convertible Preferred  Securities			Preferred Securities
Balance as of 05/31/2015	$	3,231,781		$	12,587,019		$	498,218
Accrued discounts		—			—			—
Accrued premiums		—			—			—
Realized Gain		—			—			—
Realized Loss		—			(58,991	)		—
Change in unrealized appreciation(1)		—			381,290			—
Change in unrealized depreciation(1)		(661,378	)		(763,686	)		(37,366	)
Net Purchases		—			2,829,980			—
Net Sales		—			(993,138	)		—
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Balance as of 11/30/2015	$	2,570,403		$	13,982,474		$	460,852

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2015 includes:

Common Stocks			Convertible Preferred  Securities			Preferred Securities
$	(661,378	)	$	(382,396	)	$	(37,366	)

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2015.

188

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

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

Description	Fair Value at 11/30/15		Valuation Technique(s)	Unobservable Input(1)	Range (weighted average)
Common Stock	$	530,642	Market Approach	Initial Public Offering Range Discount for Lack of Marketability	$16.50-$18.50 5.0%
	$	77,064	Market Approach and Income Approach	Transaction Price* Enterprise Value/Revenue Multiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate*	$142.2400 3.1x 20.0% 18% 4.0%
	$	1,962,697	Market Approach with Option Pricing Method (“OPM”) and Income Approach	Enterprise Value/Revenue Multiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* OPM assumptions:     Volatility*     Term to liquidity event in years     Risk-free rate	7.84x - 11.0x (8.947x) 10%-20% (15%) 18% 3.0%      35.0% 1.0 0.50%
Convertible Preferred Securities	$	7,143,574	Market Approach	Transaction Price*	$20.00 - $39.63858 ($30.890645)
	$	1,583,562	Market Approach	Transaction Price* 2015 Estimate Revenue Multiple Discount for Lack of Marketability	$32.8300 11.3 10.00%
	$	2,688,701	Market Approach	Transaction Price* Enterprise Value/ 2017 Projected EBITDA Multiple” Discount for Lack of Marketability	$93.0944 17.2x 10.0%
	$	662,059	Market Approach and Income Approach	Transaction Price* Enterprise Value/Revenue Multiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate*	$142.2400 3.1x 20.0% 18% 4.0%
	$	1,904,578	Market Approach with Option Pricing Method (“OPM”) and Income Approach	Enterprise Value/Revenue Multiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* OPM assumptions:     Volatility*     Term to liquidity event in years     Risk-free rate	7.84x - 11.0x (8.947x) 10%-20% (15%) 18% 3.0% 35.0% 1.0 0.50%
Preferred Securities	$	460,852	Market Approach	Initial Public Offering Range Discount for Lack of Marketability	$16.50-$18.50 5.0%

(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

189

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Registered Investment Companies	18.0	%
Medical — Biomedical/Gene	10.6
Medical Products	6.5
Medical — Drugs	6.3
Enterprise Software/Service	5.7
Retail — Restaurants	4.8
Electronic Components — Semiconductors	4.6
Networking Products	3.5
Food — Misc./Diversified	3.3
Entertainment Software	2.7
Commercial Services — Finance	2.6
Auction Houses/Art Dealers	2.3
Therapeutics	2.3
Retail — Home Furnishings	2.3
Banks — Commercial	2.3
Industrial Audio & Video Products	2.2
Apparel Manufacturers	2.2
E-Marketing/Info	2.0
Disposable Medical Products	1.9
Repurchase Agreements	1.9
Retail — Automobile	1.9
Medical Instruments	1.8
Retail — Convenience Store	1.8
Internet Telephone	1.7
Medical — Hospitals	1.6
Recreational Centers	1.6
Advanced Materials	1.5
Drug Delivery Systems	1.5
Aerospace/Defense — Equipment	1.4
Chemicals — Specialty	1.4
Oil Companies — Exploration & Production	1.3
Applications Software	1.1
Office Furnishings — Original	1.1
Miscellaneous Manufacturing	1.1
Building Products — Cement	1.1
Steel — Producers	1.1
Finance — Other Services	1.0
Footwear & Related Apparel	1.0
Semiconductor Components — Integrated Circuits	0.9
Auto/Truck Parts & Equipment — Original	0.9
Transactional Software	0.8
Finance — Credit Card	0.7
Investment Management/Advisor Services	0.6
Airlines	0.5
Computer Services	0.3
	117.7	%

* Calculated as a percentage of net assets

190

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.8%
Advanced Materials — 1.5%
Hexcel Corp.		39,193	$	1,845,598
Aerospace/Defense - Equipment — 1.4%
HEICO Corp., Class A		39,998		1,735,913
Airlines — 0.5%
Virgin America, Inc.†#		16,379		596,032
Apparel Manufacturers — 2.2%
Carter’s, Inc.		17,060		1,471,084
G-III Apparel Group, Ltd.†		26,740		1,226,564
				2,697,648
Applications Software — 1.1%
Demandware, Inc.†#		27,260		1,394,349
Auction Houses/Art Dealers — 2.3%
Ritchie Bros. Auctioneers, Inc.#		106,580		2,855,278
Auto/Truck Parts & Equipment - Original — 0.9%
Gentherm, Inc.†		20,550		1,044,762
Banks - Commercial — 2.3%
Western Alliance Bancorp†		72,180		2,799,862
Building Products - Cement — 1.1%
Headwaters, Inc.†		69,434		1,331,050
Chemicals - Specialty — 1.4%
Chemtura Corp.†		55,353		1,700,444
Commercial Services - Finance — 2.6%
Euronet Worldwide, Inc.†		28,721		2,232,196
Heartland Payment Systems, Inc.		11,410		905,270
				3,137,466
Computer Services — 0.3%
Barracuda Networks, Inc.†#		19,196		365,300
Disposable Medical Products — 1.9%
STERIS PLC#		30,700		2,344,866
Drug Delivery Systems — 1.5%
DexCom, Inc.†		21,425		1,821,554
E-Marketing/Info — 2.0%
comScore, Inc.†		57,120		2,404,752
Electronic Components - Semiconductors — 4.6%
Cavium, Inc.†		9,710		651,638
Monolithic Power Systems, Inc.		39,330		2,687,419
Tower Semiconductor, Ltd.†#		141,148		2,232,961
				5,572,018
Enterprise Software/Service — 5.7%
Proofpoint, Inc.†		49,160		3,603,920
Ultimate Software Group, Inc.†		16,843		3,326,492
				6,930,412
Entertainment Software — 2.7%
Take-Two Interactive Software, Inc.†		93,590		3,310,278
Finance - Credit Card — 0.7%
Blackhawk Network Holdings, Inc.†		18,940		896,809
Finance - Other Services — 1.0%
MarketAxess Holdings, Inc.		11,864		1,266,838
Food - Misc./Diversified — 3.3%
Pinnacle Foods, Inc.		69,340		3,019,063
Snyder’s-Lance, Inc.#		25,840		957,889
				3,976,952

Security Description	Shares		Value (Note 2)
Footwear & Related Apparel — 1.0%
Steven Madden, Ltd.†		38,290	$	1,221,451
Industrial Audio & Video Products — 2.2%
IMAX Corp.†#		71,480		2,707,662
Internet Telephone — 1.7%
RingCentral, Inc.†		90,690		2,077,708
Investment Management/Advisor Services — 0.6%
WisdomTree Investments, Inc.#		31,540		685,995
Medical Instruments — 1.8%
AtriCure, Inc.†		84,569		1,816,542
Entellus Medical, Inc.†		22,242		387,901
				2,204,443
Medical Products — 6.5%
ConforMIS, Inc.†#		47,080		1,004,216
Intersect ENT, Inc.†		43,260		852,655
NxStage Medical, Inc.†		125,960		2,457,480
West Pharmaceutical Services, Inc.		38,406		2,421,498
Zeltiq Aesthetics, Inc.†		38,080		1,156,870
				7,892,719
Medical - Biomedical/Gene — 10.6%
Bluebird Bio, Inc.†		9,285		824,044
Blueprint Medicines Corp.†#		24,820		574,831
Celyad SA ADR†		9,810		461,560
Edge Therapeutics, Inc.†#		11,879		164,881
Kite Pharma, Inc.†#		14,120		1,163,064
Ligand Pharmaceuticals, Inc.†#		14,547		1,557,693
Lion Biotechnologies, Inc.†#		87,460		636,709
Loxo Oncology, Inc.†#		47,718		1,571,354
Myriad Genetics, Inc.†		40,681		1,769,623
Pronai Therapeutics, Inc.†#		23,960		459,792
REGENXBIO, Inc.†#		27,480		658,696
Sage Therapeutics, Inc.†		16,784		804,289
Spark Therapeutics, Inc.†#		16,090		929,841
Ultragenyx Pharmaceutical, Inc.†		13,158		1,293,695
				12,870,072
Medical - Drugs — 6.3%
Aimmune Therapeutics, Inc.†#		28,020		599,348
Amicus Therapeutics, Inc.†#		118,923		1,276,044
Ascendis Pharma A/S ADR†		37,817		674,277
Chimerix, Inc.†		27,799		1,123,079
DBV Technologies SA ADR†		17,880		623,476
Global Blood Therapeutics, Inc.†		12,480		586,061
Ignyta, Inc.†#		49,950		734,265
Immune Design Corp.†#		38,010		795,549
Inotek Pharmaceuticals Corp.†#		54,510		653,575
NantKwest, Inc.†#		34,200		557,802
				7,623,476
Medical - Hospitals — 1.6%
Acadia Healthcare Co., Inc.†		28,460		1,964,025
Miscellaneous Manufacturing — 1.1%
John Bean Technologies Corp.		27,310		1,335,459
Networking Products — 3.5%
LogMeIn, Inc.†		59,510		4,250,204
Office Furnishings - Original — 1.1%
Steelcase, Inc., Class A		68,680		1,373,600
Oil Companies - Exploration & Production — 1.3%
Carrizo Oil & Gas, Inc.†		19,730		796,698

191

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Exploration & Production (continued)
Diamondback Energy, Inc.†		9,310	$	726,366
				1,523,064
Recreational Centers — 1.6%
ClubCorp Holdings, Inc.		105,934		1,901,515
Retail - Automobile — 1.9%
Lithia Motors, Inc., Class A		18,450		2,292,228
Retail - Convenience Store — 1.8%
Casey’s General Stores, Inc.		18,640		2,167,273
Retail - Home Furnishings — 2.3%
Restoration Hardware Holdings, Inc.†		31,160		2,800,349
Retail - Restaurants — 4.8%
Papa John’s International, Inc.		14,100		810,468
Popeyes Louisiana Kitchen, Inc.†		27,740		1,605,036
Red Robin Gourmet Burgers, Inc.†		37,630		2,539,272
Wingstop, Inc.†#		39,190		844,545
				5,799,321
Semiconductor Components - Integrated Circuits — 0.9%
M/A-COM Technology Solutions Holdings, Inc.†		29,261		1,081,194
Steel - Producers — 1.1%
Steel Dynamics, Inc.		73,790		1,283,208
Therapeutics — 2.3%
aTyr Pharma, Inc.†#		40,900		348,059
Neurocrine Biosciences, Inc.†		21,820		1,186,354
Vital Therapies, Inc.†#		75,285		707,679
Zafgen, Inc.†#		33,910		573,418
				2,815,510

Security Description	Shares/ Principal Amount			Value (Note 2)
Transactional Software — 0.8%
Black Knight Financial Services, Inc., Class A†		28,278		$	981,247
Total Long-Term Investment Securities
(cost $106,443,793)					118,879,904
SHORT-TERM INVESTMENT SECURITIES — 18.0%
Registered Investment Companies — 18.0%
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2) (cost $21,824,502)		21,824,502			21,824,502
REPURCHASE AGREEMENTS — 1.9%
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, date 11/30/2015, to be repurchased 12/01/2015 in the amount of $2,323,000 and collateralized by $2,435,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having approximate value of $2,372,486 (cost $2,323,000)	$	2,323,000			2,323,000
TOTAL INVESTMENTS
(cost $130,591,295)(3)		117.7	%		143,027,406
Liabilities in excess of other assets		(17.7	)		(21,488,485	)
NET ASSETS		100.0	%	$	121,538,921

† Non-income producing security

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

(1) At November 30, 2015, the Fund had loaned securities with a total value of $21,137,645. This was secured by collateral of $21,824,502, which was received in cash and subsequently invested in short-term investments currently valued at $21,824,502 as reported in the Portfolio of Investments.

(2) The rate shown is the 7-day yield as of November 30, 2015.

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Signifcant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	118,879,904	$	—	$	—	$	118,879,904
Short-Term Investment Securities		21,824,502		—		—		21,824,502
Repurchase Agreements		—		2,323,000		—		2,323,000
Total Investments at Value	$	140,704,406	$	2,323,000	$	—	$	143,027,406

* 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

192

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Banks — Commercial	11.2	%
Registered Investment Companies	7.5
Retail — Restaurants	3.4
Real Estate Investment Trusts	3.1
Transport — Truck	3.0
Electronic Components — Semiconductors	2.5
Computer Services	2.5
Medical Products	2.3
Finance — Investment Banker/Broker	1.9
Computer Software	1.7
Medical — Biomedical/Gene	1.7
Chemicals — Specialty	1.7
Insurance — Property/Casualty	1.5
Applications Software	1.5
Semiconductor Equipment	1.4
Building & Construction — Misc.	1.4
Investment Management/Advisor Services	1.4
Oil Companies — Exploration & Production	1.3
Medical — Hospitals	1.3
Real Estate Management/Services	1.3
Computers — Integrated Systems	1.3
Medical — Drugs	1.2
Food — Misc./Diversified	1.1
Insurance — Multi-line	1.1
Enterprise Software/Service	1.1
Savings & Loans/Thrifts	1.0
Machinery — General Industrial	1.0
Building & Construction Products — Misc.	1.0
Metal Processors & Fabrication	1.0
Commercial Services	1.0
Non — Hazardous Waste Disposal	1.0
Containers — Paper/Plastic	1.0
Consumer Products — Misc.	0.9
Gas — Distribution	0.9
Building Products — Doors & Windows	0.9
Medical Instruments	0.8
Food — Canned	0.8
Diagnostic Kits	0.8
Oil Field Machinery & Equipment	0.8
Resorts/Theme Parks	0.8
Telecommunication Equipment	0.7
Medical Imaging Systems	0.7
Instruments — Controls	0.7
Insurance — Life/Health	0.7
Transactional Software	0.7
Diagnostic Equipment	0.7
Storage/Warehousing	0.7
Human Resources	0.7
Data Processing/Management	0.7
Chemicals — Plastics	0.7
Batteries/Battery Systems	0.7
Medical — Generic Drugs	0.7
Casino Hotels	0.6
Electronic Parts Distribution	0.6
Electric — Integrated	0.6
Broadcast Services/Program	0.6
Retail — Arts & Crafts	0.6
Home Furnishings	0.6
Building — Residential/Commercial	0.6
Apparel Manufacturers	0.6
Transport — Marine	0.6
Building Products — Cement	0.5
Satellite Telecom	0.5
Oil — Field Services	0.5
Veterinary Diagnostics	0.5
Office Automation & Equipment	0.5
Time Deposits	0.5
Building — Heavy Construction	0.5
Retail — Apparel/Shoe	0.5

Wire & Cable Products	0.5	%
Miscellaneous Manufacturing	0.4
Medical — HMO	0.4
Auto/Truck Parts & Equipment — Original	0.4
Diversified Manufacturing Operations	0.4
Financial Guarantee Insurance	0.4
Building Products — Air & Heating	0.4
Electronic Measurement Instruments	0.3
Retail — Home Furnishings	0.3
Retail — Vitamins & Nutrition Supplements	0.3
Oil & Gas Drilling	0.3
Electronic Components — Misc.	0.3
Distribution/Wholesale	0.3
Garden Products	0.3
E-Marketing/Info	0.3
Disposable Medical Products	0.3
Aerospace/Defense	0.2
Aerospace/Defense — Equipment	0.2
E-Commerce/Services	0.2
Therapeutics	0.2
Real Estate Operations & Development	0.2
Printing — Commercial	0.2
Recreational Vehicles	0.2
Steel Pipe & Tube	0.2
Advanced Materials	0.2
Environmental Monitoring & Detection	0.2
Retail — Discount	0.2
Machinery — Pumps	0.2
Telecom Equipment — Fiber Optics	0.2
Food — Flour & Grain	0.2
Gold Mining	0.2
Paper & Related Products	0.2
Filtration/Separation Products	0.2
Engineering/R&D Services	0.2
Networking Products	0.2
Auction Houses/Art Dealers	0.2
Office Furnishings — Original	0.1
Vitamins & Nutrition Products	0.1
Auto Repair Centers	0.1
Power Converter/Supply Equipment	0.1
Wireless Equipment	0.1
Communications Software	0.1
Steel — Producers	0.1
Consulting Services	0.1
Transport — Services	0.1
Schools	0.1
Entertainment Software	0.1
Agricultural Operations	0.1
Cable/Satellite TV	0.1
Pharmacy Services	0.1
Funeral Services & Related Items	0.1
Semiconductor Components — Integrated Circuits	0.1
Internet Security	0.1
Publishing — Books	0.1
Energy — Alternate Sources	0.1
Telecom Services	0.1
Linen Supply & Related Items	0.1
Decision Support Software	0.1
Food — Retail	0.1
Retail — Misc./Diversified	0.1
Drug Delivery Systems	0.1
Internet Infrastructure Software	0.1
Pipelines	0.1
Advertising Services	0.1
Footwear & Related Apparel	0.1
Electronic Security Devices	0.1
Industrial Audio & Video Products	0.1
Finance — Consumer Loans	0.1
Computer Data Security	0.1

193

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited) — (continued)

Industry Allocation* (continued)

Computers — Voice Recognition	0.1	%
Leisure Products	0.1
Internet Telephone	0.1
Transport — Equipment & Leasing	0.1
Building Products — Light Fixtures	0.1
Finance — Leasing Companies	0.1
Gambling (Non-Hotel)	0.1
Retail — Sporting Goods	0.1
E-Commerce/Products	0.1
Internet Content — Information/News	0.1
Textile — Products	0.1
Internet Content — Entertainment	0.1
Rental Auto/Equipment	0.1
Machine Tools & Related Products	0.1
Food — Wholesale/Distribution	0.1
MRI/Medical Diagnostic Imaging	0.1
Water	0.1
Beverages — Non-alcoholic	0.1
Water Treatment Systems	0.1
Machinery — Farming	0.1
Brewery	0.1
Web Hosting/Design	0.1
Quarrying	0.1
Publishing — Newspapers	0.1
Retail — Leisure Products	0.1
Metal — Diversified	0.1
Metal — Aluminum	0.1
	106.5	%

* Calculated as a percentage of net assets

194

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.3%
Advanced Materials — 0.2%
Core Molding Technologies, Inc.†		13,000	$	185,250
Hexcel Corp.		9,900		466,191
				651,441
Advertising Agencies — 0.0%
Tremor Video, Inc.†#		60,000		123,000
Advertising Services — 0.1%
Marchex, Inc., Class B		28,500		121,410
Sizmek, Inc.†		27,800		128,714
				250,124
Aerospace/Defense — 0.2%
Teledyne Technologies, Inc.†		8,100		749,331
Aerospace/Defense-Equipment — 0.2%
Breeze-Eastern Corp.†		5,000		98,850
Ducommun, Inc.†		6,400		107,136
LMI Aerospace, Inc.†		6,100		62,098
Moog, Inc., Class A†		7,100		469,097
				737,181
Agricultural Operations — 0.1%
Cadiz, Inc.†#		14,400		53,712
MGP Ingredients, Inc.#		13,100		274,052
				327,764
Airlines — 0.0%
Allegiant Travel Co.		200		35,026
Apparel Manufacturers — 0.6%
Columbia Sportswear Co.		37,900		1,774,857
Delta Apparel, Inc.†		10,500		159,390
				1,934,247
Applications Software — 1.5%
BSQUARE Corp.†		28,900		214,438
Cvent, Inc.†		10,560		381,533
Demandware, Inc.†#		4,700		240,405
Descartes Systems Group, Inc.†		33,100		661,007
Five9, Inc.†		24,900		165,585
HubSpot, Inc.†		2,640		143,114
Imperva, Inc.†		4,030		300,759
New Relic, Inc.†#		6,740		253,491
PDF Solutions, Inc.†		8,500		94,775
Progress Software Corp.†		11,350		272,287
SciQuest, Inc.†		14,800		191,068
Tangoe, Inc.†		35,100		301,860
Verint Systems, Inc.†		33,241		1,557,341
				4,777,663
Auction Houses/Art Dealers — 0.2%
Ritchie Bros. Auctioneers, Inc.#		18,100		484,899
Audio/Video Products — 0.0%
VOXX International Corp.†		5,000		28,700
Auto Repair Centers — 0.1%
Monro Muffler Brake, Inc.		5,625		416,475
Auto/Truck Parts & Equipment-Original — 0.4%
Gentherm, Inc.†		8,400		427,056
Horizon Global Corp.†		5,980		51,966
Miller Industries, Inc.		10,000		219,500
SORL Auto Parts, Inc.†		15,300		35,955
Spartan Motors, Inc.		21,600		78,408
Strattec Security Corp.		4,700		293,092
Supreme Industries, Inc. Class A		16,900		135,200
				1,241,177

Security Description	Shares		Value (Note 2)
Auto/Truck Parts & Equipment - Replacement — 0.0%
Commercial Vehicle Group, Inc.†		18,700	$	63,580
Banks - Commercial — 11.2%
American National Bankshares, Inc.		5,900		153,400
AmeriServ Financial, Inc.		22,000		73,480
Anchor Bancorp, Inc.†#		3,000		77,310
BancorpSouth, Inc.		2,600		69,940
Bank of Commerce Holdings		7,640		56,001
Bank of the Ozarks, Inc.		50,143		2,721,762
BankUnited, Inc.		79,428		3,002,379
Blue Hills Bancorp, Inc.		8,100		131,706
Capital Bank Financial Corp., Class A		16,200		546,264
Capital City Bank Group, Inc.		9,600		151,200
Chemung Financial Corp.		5,500		153,450
Citizens Holding Co.#		4,500		97,560
CNB Financial Corp.		8,500		158,865
East West Bancorp, Inc.		56,767		2,462,553
Eastern Virginia Bankshares, Inc.		12,000		82,080
Enterprise Bancorp, Inc.		6,821		167,046
Farmers Capital Bank Corp.†		7,900		213,379
First Bancorp, Inc.		7,165		158,991
First Horizon National Corp.		50,000		743,500
Glacier Bancorp, Inc.		94,299		2,770,505
Green Bancorp, Inc.†		2,600		35,256
Heritage Commerce Corp.		13,500		145,800
IBERIABANK Corp.		28,179		1,785,703
Kearny Financial Corp.		13,200		166,320
Merchants Bancshares, Inc.		4,600		150,374
MidSouth Bancorp, Inc.		9,800		107,310
MidWestOne Financial Group, Inc.		5,400		171,450
Northrim BanCorp, Inc.		7,100		208,953
Ohio Valley Banc Corp.		6,400		163,136
Old Second Bancorp, Inc.†		19,157		148,467
Pacific Continental Corp.		13,000		206,830
PacWest Bancorp		40,803		1,918,557
Park Sterling Corp.		51,200		387,584
Penns Woods Bancorp, Inc.		3,200		142,752
Peoples Bancorp of North Carolina, Inc.		5,500		105,105
Pinnacle Financial Partners, Inc.		21,910		1,190,370
Popular, Inc.		11,100		329,781
Premier Financial Bancorp, Inc.		4,286		65,447
PrivateBancorp, Inc.		56,244		2,480,923
Prosperity Bancshares, Inc.		8,500		470,985
QCR Holdings, Inc.		6,500		157,300
Sierra Bancorp		9,400		167,696
Simmons First National Corp., Class A		3,900		224,874
Southern National Bancorp of Virginia, Inc.		15,000		185,250
Sussex BanCorp		6,000		82,320
Synovus Financial Corp.		85,019		2,837,934
Talmer Bancorp, Inc., Class A		19,900		363,573
TCF Financial Corp.		15,700		240,524
Texas Capital Bancshares, Inc.†		12,350		732,108
United Security Bancshares†#		22,003		115,516
Valley National Bancorp		21,172		235,856
Washington Trust Bancorp, Inc.		4,900		200,214
Webster Financial Corp.		50,994		2,050,469
West Bancorporation, Inc.		6,944		143,949
Westamerica Bancorporation#		6,100		298,900
Western Alliance Bancorp†		98,124		3,806,230
				36,215,187
Banks - Mortgage — 0.0%
Walker & Dunlop, Inc.†		3,700		109,298
Batteries/Battery Systems — 0.7%
EnerSys		35,912		2,115,217

195

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Beverages - Non-alcoholic — 0.1%
Primo Water Corp.†		21,600	$	192,024
Brewery — 0.1%
Craft Brew Alliance, Inc.†#		18,800		182,736
Broadcast Services/Program — 0.6%
Nexstar Broadcasting Group, Inc., Class A#		34,976		2,049,244
Building & Construction Products - Misc. — 1.0%
Aspen Aerogels, Inc.†#		33,900		220,350
Louisiana-Pacific Corp.†		17,500		322,000
NCI Building Systems, Inc.†		1,900		22,534
Quanex Building Products Corp.		14,900		277,289
Simpson Manufacturing Co., Inc.		11,400		423,282
Trex Co., Inc.†		43,960		1,903,468
				3,168,923
Building & Construction - Misc. — 1.4%
Comfort Systems USA, Inc.		2,900		92,046
Dycom Industries, Inc.†		50,069		4,375,029
Integrated Electrical Services, Inc.†		12,995		99,152
				4,566,227
Building Products - Air & Heating — 0.4%
AAON, Inc.		12,925		319,377
Lennox International, Inc.		6,100		829,112
				1,148,489
Building Products - Cement — 0.5%
Eagle Materials, Inc.		23,004		1,589,116
Martin Marietta Materials, Inc.		1,100		173,140
				1,762,256
Building Products - Doors & Windows — 0.9%
Apogee Enterprises, Inc.		56,241		2,824,423
Building Products - Light Fixtures — 0.1%
LSI Industries, Inc.		18,400		217,488
Building - Heavy Construction — 0.5%
Orion Marine Group, Inc.†		16,100		70,518
Primoris Services Corp.		66,464		1,533,989
				1,604,507
Building - Residential/Commercial — 0.6%
AV Homes, Inc.†#		11,400		158,688
Beazer Homes USA, Inc.†		89,058		1,277,092
CalAtlantic Group, Inc.†		3,060		128,826
Meritage Homes Corp.†		10,300		384,293
				1,948,899
Cable/Satellite TV — 0.1%
Cable One, Inc.		700		312,382
Capacitors — 0.0%
Kemet Corp.†		20,929		59,229
Casino Hotels — 0.6%
Boyd Gaming Corp.†		101,806		1,994,380
Monarch Casino & Resort, Inc.†		4,000		89,680
				2,084,060
Chemicals - Plastics — 0.7%
PolyOne Corp.		59,973		2,157,829
Chemicals - Specialty — 1.7%
KMG Chemicals, Inc.		7,800		153,894
Minerals Technologies, Inc.		43,872		2,699,883
Oil-Dri Corp. of America		4,900		152,978

Security Description	Shares		Value (Note 2)
Chemicals - Specialty (continued)
Sensient Technologies Corp.		32,979	$	2,204,316
Univar, Inc.†		11,800		223,492
				5,434,563
Commercial Services — 1.0%
Collectors Universe, Inc.		7,200		114,912
HMS Holdings Corp.†		104,718		1,270,229
Intersections, Inc.†#		12,500		35,000
SP Plus Corp.†		6,400		161,088
Team, Inc.†		40,082		1,530,331
				3,111,560
Commercial Services - Finance — 0.0%
PRGX Global, Inc.†		26,500		104,145
Communications Software — 0.1%
Concurrent Computer Corp.		13,902		69,093
Digi International, Inc.†		13,300		166,383
Seachange International, Inc.†		19,500		135,915
				371,391
Computer Data Security — 0.1%
Fortinet, Inc.†		6,600		237,732
Computer Graphics — 0.0%
CyberArk Software, Ltd.†		3,490		151,082
Computer Services — 2.5%
Barracuda Networks, Inc.†#		70,356		1,338,875
CACI International, Inc., Class A†		19,269		1,931,910
Ciber, Inc.†		23,011		81,229
DST Systems, Inc.		17,257		2,110,186
Fleetmatics Group PLC†		9,500		567,150
Luxoft Holding, Inc.†		26,405		2,045,595
StarTek, Inc.†		18,100		63,169
				8,138,114
Computer Software — 1.7%
Blackbaud, Inc.		31,521		1,947,368
Computer Modelling Group, Ltd.		11,900		92,584
Guidance Software, Inc.†#		18,773		114,515
SS&C Technologies Holdings, Inc.		48,059		3,455,442
				5,609,909
Computers - Integrated Systems — 1.2%
Agilysys, Inc.†		13,000		144,300
Cray, Inc.†		94,565		3,278,569
Maxwell Technologies, Inc.†#		14,800		104,488
NCI, Inc., Class A		10,000		165,100
Radisys Corp.†		36,000		95,400
				3,787,857
Computers - Memory Devices — 0.0%
Datalink Corp.†		11,100		81,585
Computers - Periphery Equipment — 0.0%
Key Tronic Corp.†		9,633		75,715
Computers - Voice Recognition — 0.1%
Vocera Communications, Inc.†		18,000		236,340
Consulting Services — 0.1%
CRA International, Inc.†		7,700		175,714
Information Services Group, Inc.		42,400		158,152
PDI, Inc.†#		34,800		27,492
				361,358

196

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Consumer Products - Misc. — 0.9%
CSS Industries, Inc.		3,000	$	87,030
Helen of Troy, Ltd.†		23,461		2,426,102
Tumi Holdings, Inc.†		19,600		346,136
Wausau Paper Corp.		12,000		122,880
				2,982,148
Containers - Paper/Plastic — 1.0%
Graphic Packaging Holding Co.		209,726		2,866,954
Multi Packaging Solutions International, Ltd.†		12,000		202,920
				3,069,874
Cosmetics & Toiletries — 0.0%
CCA Industries, Inc.†		3,421		10,913
Data Processing/Management — 0.6%
Innodata, Inc.†		25,000		72,750
Jack Henry & Associates, Inc.		24,177		1,919,170
				1,991,920
Decision Support Software — 0.1%
Interactive Intelligence Group, Inc.†		7,700		265,342
Diagnostic Equipment — 0.7%
Affymetrix, Inc.†#		215,956		2,045,103
BioTelemetry, Inc.†		19,400		244,634
				2,289,737
Diagnostic Kits — 0.8%
Alere, Inc.†		54,159		2,235,142
Meridian Bioscience, Inc.		19,500		381,615
				2,616,757
Diamonds/Precious Stones — 0.0%
Petra Diamonds, Ltd.		44,702		43,189
Disposable Medical Products — 0.3%
STERIS PLC#		11,300		863,094
Distribution/Wholesale — 0.3%
Core-Mark Holding Co., Inc.		9,300		793,197
Houston Wire & Cable Co.		14,739		91,677
				884,874
Diversified Manufacturing Operations — 0.4%
AZZ, Inc.		10,400		619,216
Chase Corp.		5,600		248,640
Harsco Corp.		23,300		243,252
Synalloy Corp.		14,400		118,080
				1,229,188
Diversified Minerals — 0.0%
United States Lime & Minerals, Inc.		2,600		134,706
Diversified Operations — 0.0%
Resource America, Inc., Class A		17,400		101,616
Diversified Operations/Commercial Services — 0.0%
Volt Information Sciences, Inc.†		14,393		120,901
Drug Delivery Systems — 0.1%
Catalent, Inc.†		9,300		259,005
E-Commerce/Products — 0.1%
1-800-flowers.com, Inc., Class A†		7,000		54,110
Etsy, Inc.†		10,500		97,755
US Auto Parts Network, Inc.†		20,000		49,600
				201,465
E-Commerce/Services — 0.2%
GrubHub, Inc.†#		11,067		283,758

Security Description	Shares		Value (Note 2)
E-Commerce/Services (continued)
Quotient Technology, Inc.†#		7,790	$	54,063
SurveyMonkey.com LLC†(1)(2)(4)		5,062		82,257
United Online, Inc.†		12,500		143,750
Zillow Group, Inc., Class A†#		900		23,427
Zillow Group, Inc., Class C†#		1,800		44,370
				631,625
E-Marketing/Info — 0.3%
Marketo, Inc.†#		18,000		544,860
New Media Investment Group, Inc.		7,500		136,575
QuinStreet, Inc.†		35,000		171,150
ReachLocal, Inc.†#		15,000		15,300
				867,885
Educational Software — 0.0%
Rosetta Stone, Inc.†		14,000		101,780
Electric Products - Misc. — 0.0%
Graham Corp.		5,800		104,168
Electric - Integrated — 0.6%
Cleco Corp.		2,800		140,308
El Paso Electric Co.		9,700		374,905
NorthWestern Corp.		3,900		212,667
PNM Resources, Inc.		26,100		756,900
Portland General Electric Co.		15,800		583,336
				2,068,116
Electronic Components - Misc. — 0.3%
Bel Fuse, Inc., Class B		6,000		124,320
CTS Corp.		12,100		229,658
Gentex Corp.		10,200		170,697
Sparton Corp.†		5,900		125,198
Vishay Precision Group, Inc.†		8,800		105,864
ZAGG, Inc.†		15,898		164,067
				919,804
Electronic Components - Semiconductors — 2.5%
Cavium, Inc.†		3,300		221,463
Diodes, Inc.†		7,650		178,169
Fairchild Semiconductor International, Inc.†		109,019		2,130,231
GigOptix, Inc.†		50,000		120,000
GSI Technology, Inc.†#		19,800		79,200
Intersil Corp., Class A		128,532		1,861,143
InvenSense, Inc.†#		10,500		121,695
Kopin Corp.†		14,500		41,615
Microsemi Corp.†		58,690		2,113,427
Pixelworks, Inc.†#		22,000		56,540
PMC-Sierra, Inc.†		35,200		416,416
Richardson Electronics, Ltd.		15,000		84,450
Semtech Corp.†		31,400		631,140
Silicon Laboratories, Inc.†		2,300		124,453
				8,179,942
Electronic Measurement Instruments — 0.3%
CyberOptics Corp.†		18,900		131,922
ESCO Technologies, Inc.		12,300		482,529
FARO Technologies, Inc.†		5,500		165,495
National Instruments Corp.		10,300		323,420
				1,103,366
Electronic Parts Distribution — 0.6%
Tech Data Corp.†		30,717		2,078,005
Electronic Security Devices — 0.1%
American Science & Engineering, Inc.		4,900		214,326

197

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Security Devices (continued)
Vicon Industries, Inc.†		14,000	$	31,360
				245,686
Energy - Alternate Sources — 0.1%
Aemetis, Inc.†#		17,800		53,044
Amyris, Inc.†#		50,800		84,836
REX American Resources Corp.†		2,100		131,985
				269,865
Engineering/R&D Services — 0.2%
Exponent, Inc.		5,200		268,476
VSE Corp.		3,700		228,623
				497,099
Enterprise Software/Service — 1.1%
American Software, Inc., Class A		11,600		120,060
Guidewire Software, Inc.†		11,900		706,027
MicroStrategy, Inc., Class A†		9,966		1,727,805
Proofpoint, Inc.†		10,900		799,079
Qlik Technologies, Inc.†		1,800		57,258
				3,410,229
Entertainment Software — 0.1%
Take-Two Interactive Software, Inc.†		9,526		336,935
Environmental Consulting & Engineering — 0.0%
TRC Cos., Inc.†		8,712		92,783
Environmental Monitoring & Detection — 0.2%
MSA Safety, Inc.		13,500		633,150
Filtration/Separation Products — 0.2%
CLARCOR, Inc.		9,500		501,885
Finance - Consumer Loans — 0.1%
Asta Funding, Inc.†		13,200		110,616
Regional Management Corp.†		8,200		128,740
				239,356
Finance - Investment Banker/Broker — 1.9%
E*TRADE Financial Corp.†		131,298		3,995,398
Evercore Partners, Inc., Class A		34,421		1,911,398
FBR & Co.		5,750		121,670
Houlihan Lokey, Inc.		3,100		75,795
JMP Group LLC		16,300		100,734
				6,204,995
Finance - Leasing Companies — 0.1%
California First National Bancorp		6,000		79,980
Marlin Business Services Corp.		7,500		131,100
				211,080
Finance - Mortgage Loan/Banker — 0.0%
PennyMac Financial Services, Inc., Class A†		7,000		113,610
Finance - Other Services — 0.0%
Higher One Holdings, Inc.†		20,300		64,351
Financial Guarantee Insurance — 0.4%
Assured Guaranty, Ltd.		24,177		639,240
MGIC Investment Corp.†		11,200		106,848
Radian Group, Inc.		28,500		406,125
				1,152,213
Food - Canned — 0.8%
TreeHouse Foods, Inc.†		30,700		2,654,322
Food - Flour & Grain — 0.2%
Post Holdings, Inc.†		8,600		597,872

Security Description	Shares		Value (Note 2)
Food - Misc./Diversified — 1.1%
Inventure Foods, Inc.†#		17,900	$	135,324
Pinnacle Foods, Inc.		76,600		3,335,164
Senomyx, Inc.†#		30,700		142,141
				3,612,629
Food - Retail — 0.1%
Fresh Market, Inc.†#		11,000		263,780
Food - Wholesale/Distribution — 0.1%
AMCON Distributing Co.#		500		40,125
Performance Food Group Co.†		6,700		154,971
				195,096
Footwear & Related Apparel — 0.1%
Wolverine World Wide, Inc.		13,600		247,384
Funeral Services & Related Items — 0.1%
Matthews International Corp., Class A		5,000		299,050
Gambling (Non-Hotel) — 0.1%
Dover Downs Gaming & Entertainment, Inc.†		43,334		45,934
Golden Entertainment, Inc.†		15,200		159,600
				205,534
Garden Products — 0.3%
Toro Co.		11,300		870,891
Gas - Distribution — 0.9%
Chesapeake Utilities Corp.		3,800		202,502
Delta Natural Gas Co., Inc.		3,800		78,964
Gas Natural, Inc.		13,000		113,620
ONE Gas, Inc.		17,300		843,375
Southwest Gas Corp.		9,900		555,192
UGI Corp.		30,564		1,059,654
				2,853,307
Gold Mining — 0.2%
Franco-Nevada Corp.		4,200		201,878
New Gold, Inc.†		97,500		214,647
Osisko Gold Royalties, Ltd.		14,000		148,444
				564,969
Health Care Cost Containment — 0.0%
HealthEquity, Inc.†		1,000		33,000
Healthcare Safety Devices — 0.0%
Alpha PRO Tech, Ltd.†#		30,000		51,600
Unilife Corp.†#		35,000		26,065
				77,665
Heart Monitors — 0.0%
HeartWare International, Inc.†		2,700		129,222
Home Furnishings — 0.6%
Hooker Furniture Corp.		9,100		249,340
La-Z-Boy, Inc.		65,708		1,761,631
				2,010,971
Hotels/Motels — 0.0%
Morgans Hotel Group Co.†		19,000		59,660
Housewares — 0.0%
Lifetime Brands, Inc.		8,000		111,280
Human Resources — 0.7%
RCM Technologies, Inc.#		20,000		101,200
Team Health Holdings, Inc.†		38,118		2,101,827
				2,203,027

198

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Independent Power Producers — 0.0%
Dynegy, Inc.†		2,600	$	41,912
NRG Yield, Inc., Class A#		3,300		44,847
NRG Yield, Inc., Class C#		3,200		45,248
				132,007
Industrial Audio & Video Products — 0.1%
Ballantyne Strong, Inc.†		14,000		63,280
Iteris, Inc.†		76,210		178,331
				241,611
Industrial Automated/Robotic — 0.0%
Hurco Cos., Inc.		5,000		133,250
Instruments - Controls — 0.7%
Allied Motion Technologies, Inc.		14,000		334,320
Frequency Electronics, Inc.†		10,000		105,400
Watts Water Technologies, Inc., Class A		33,647		1,867,745
Woodward, Inc.		1,250		63,037
				2,370,502
Insurance - Life/Health — 0.7%
CNO Financial Group, Inc.		105,571		2,135,701
Independence Holding Co.		10,460		158,260
Trupanion, Inc.†#		4,200		34,356
				2,328,317
Insurance - Multi-line — 1.1%
American Financial Group, Inc.		30,600		2,264,400
Horace Mann Educators Corp.		29,052		1,014,786
Kemper Corp.		6,100		250,771
				3,529,957
Insurance - Property/Casualty — 1.5%
Enstar Group, Ltd.†		2,000		308,220
Hallmark Financial Services, Inc.†		13,000		165,750
Hanover Insurance Group, Inc.		23,547		1,992,076
Infinity Property & Casualty Corp.		10,000		855,000
RLI Corp.		8,100		491,670
Safety Insurance Group, Inc.		4,000		224,040
Selective Insurance Group, Inc.		20,900		721,259
State Auto Financial Corp.		10,050		233,261
				4,991,276
Insurance - Reinsurance — 0.0%
Essent Group, Ltd.†		4,300		106,296
Internet Connectivity Services — 0.0%
PC-Tel, Inc.		21,200		112,996
Internet Content - Entertainment — 0.1%
Pandora Media, Inc.†		14,200		195,960
Internet Content - Information/News — 0.1%
Reis, Inc.		8,000		200,240
Internet Financial Services — 0.0%
TheStreet, Inc.		48,200		82,422
Internet Incubators — 0.0%
ModusLink Global Solutions, Inc.†#		5,000		13,650
Internet Infrastructure Software — 0.1%
Support.com, Inc.†		106,500		119,280
Unwired Planet, Inc.†#		65,400		63,438
				182,718
Internet Security — 0.1%
iPass, Inc.†#		49,900		51,397
Zix Corp.†		41,500		232,815
				284,212

Security Description	Shares		Value (Note 2)
Internet Telephone — 0.1%
RingCentral, Inc.†		10,200	$	233,682
Investment Companies — 0.0%
KCAP Financial, Inc.#		16,700		77,154
Investment Management/Advisor Services — 1.4%
Artisan Partners Asset Management, Inc., Class A		1,500		58,635
Calamos Asset Management, Inc., Class A		14,000		133,140
Cohen & Steers, Inc.		8,700		269,352
Financial Engines, Inc.#		15,200		547,656
Janus Capital Group, Inc.		175,116		2,765,082
Manning & Napier, Inc.		8,400		76,944
Pzena Investment Management, Inc., Class A		2,900		28,130
Silvercrest Asset Management Group, Inc., Class A		10,000		128,700
Waddell & Reed Financial, Inc., Class A		11,400		426,360
				4,433,999
Leisure Products — 0.1%
Escalade, Inc.		5,200		62,400
Johnson Outdoors, Inc., Class A		7,200		172,800
				235,200
Linen Supply & Related Items — 0.1%
G&K Services, Inc., Class A		4,000		266,680
Machine Tools & Related Products — 0.1%
Hardinge, Inc.		11,000		107,030
LS Starrett Co, Class A		8,000		88,480
				195,510
Machinery - Farming — 0.1%
Alamo Group, Inc.		3,200		182,976
Machinery - General Industrial — 1.0%
Albany International Corp., Class A		64,165		2,499,868
BWX Technologies, Inc.		3,600		109,620
Chart Industries, Inc.†		10,900		232,497
Tennant Co.		2,900		180,583
Xerium Technologies, Inc.†		15,000		174,600
				3,197,168
Machinery - Pumps — 0.2%
Graco, Inc.		8,300		626,318
Machinery - Thermal Process — 0.0%
Global Power Equipment Group, Inc.		9,800		45,276
Medical Imaging Systems — 0.7%
Analogic Corp.		26,805		2,239,558
Digirad Corp.		25,000		146,000
				2,385,558
Medical Instruments — 0.8%
Bio-Techne Corp.		20,821		1,899,083
Bruker Corp.†		17,300		391,672
Edwards Lifesciences Corp.†		900		146,700
Entellus Medical, Inc.†		2,100		36,624
Navidea Biopharmaceuticals, Inc.†#		85,500		128,250
TransEnterix, Inc.†#		20,000		52,600
				2,654,929
Medical Laser Systems — 0.0%
Cutera, Inc.†		9,000		127,980
Medical Products — 2.3%
Accuray, Inc.†#		18,337		129,092
Globus Medical, Inc., Class A†		77,936		2,114,404
Halyard Health, Inc.†		15,700		502,243
Hill-Rom Holdings, Inc.		42,284		2,152,678

199

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products (continued)
K2M Group Holdings, Inc.†		18,100	$	365,801
Medgenics, Inc.†#		19,000		131,480
NanoString Technologies, Inc.†		9,000		137,160
Span-America Medical Systems, Inc.		3,100		59,861
TriVascular Technologies, Inc.†#		17,500		114,275
Wright Medical Group NV†		86,344		1,849,489
				7,556,483
Medical - Biomedical/Gene — 1.7%
Acceleron Pharma, Inc.†		4,500		192,915
AMAG Pharmaceuticals, Inc.†#		31,318		833,685
ArQule, Inc.†		55,000		124,850
Asterias Biotherapeutics, Inc.†#		9,454		45,379
Biota Pharmaceuticals, Inc.†		34,600		64,356
Curis, Inc.†		48,225		132,136
Endocyte, Inc.†#		16,000		74,080
Enzo Biochem, Inc.†		33,500		152,425
Exelixis, Inc.†#		31,400		179,608
Five Prime Therapeutics, Inc.†		5,000		192,250
Harvard Bioscience, Inc.†		30,000		95,100
Incyte Corp.†		4,500		514,080
Insmed, Inc.†		9,500		154,945
Isis Pharmaceuticals, Inc.†		8,100		494,424
Medicines Co.†		9,200		386,492
Novavax, Inc.†#		30,100		257,656
Onconova Therapeutics, Inc.†#		12,000		16,800
PharmAthene, Inc.†#		68,300		120,208
Protalix BioTherapeutics, Inc.†#		22,016		22,897
pSivida Corp.†#		32,000		124,160
Retrophin, Inc.†		32,034		715,960
Rigel Pharmaceuticals, Inc.†		40,000		131,200
Seattle Genetics, Inc.†#		5,200		218,296
Theravance Biopharma, Inc.†#		400		7,508
Theravance, Inc.#		1,400		12,950
Ultragenyx Pharmaceutical, Inc.†		500		49,160
Verastem, Inc.†		63,300		143,691
				5,457,211
Medical - Drugs — 1.2%
Achaogen, Inc.†#		10,000		55,800
Agile Therapeutics, Inc.†#		7,700		68,684
Alimera Sciences, Inc.†#		25,025		77,077
Alkermes PLC†		13,000		953,680
BioSpecifics Technologies Corp.†		2,600		125,970
Chimerix, Inc.†		3,400		137,360
CoLucid Pharmaceuticals, Inc.†#		3,000		17,070
Conatus Pharmaceuticals, Inc.†		9,500		30,305
Cumberland Pharmaceuticals, Inc.†		12,800		72,064
Dicerna Pharmaceuticals, Inc.†#		8,300		110,888
MediciNova, Inc.†#		13,572		47,502
NanoViricides, Inc.†#		43,000		52,460
Ophthotech Corp.†		1,400		88,998
Pacira Pharmaceuticals, Inc.†#		11,600		751,100
Pain Therapeutics, Inc.†#		40,000		80,000
Pernix Therapeutics Holdings, Inc.†#		29,000		87,000
POZEN, Inc.†#		15,600		118,404
TESARO, Inc.†#		4,000		204,160
Trevena, Inc.†		20,000		251,800
VIVUS, Inc.†#		75,000		93,750
XenoPort, Inc.†		25,000		151,000
Zogenix, Inc.†#		11,712		180,716
				3,755,788
Medical - Generic Drugs — 0.7%
Impax Laboratories, Inc.†		47,662		2,099,988

Security Description	Shares		Value (Note 2)
Medical - HMO — 0.4%
Centene Corp.†		10,400	$	600,600
Universal American Corp.		6,600		49,368
WellCare Health Plans, Inc.†		8,800		725,824
				1,375,792
Medical - Hospitals — 1.3%
Acadia Healthcare Co., Inc.†		12,300		848,823
Adeptus Health, Inc., Class A†#		4,600		276,414
Community Health Systems, Inc.†		23,466		679,106
LifePoint Health, Inc.†		31,283		2,240,176
				4,044,519
Metal Processors & Fabrication — 1.0%
Ampco-Pittsburgh Corp.		6,500		75,465
Dynamic Materials Corp.#		8,100		62,532
Haynes International, Inc.		44,623		1,744,759
RBC Bearings, Inc.†		8,700		614,394
Rexnord Corp.†		18,800		384,084
Sun Hydraulics Corp.		8,400		276,612
				3,157,846
Metal Products - Distribution — 0.0%
Olympic Steel, Inc.		5,500		61,930
Metal - Aluminum — 0.1%
Constellium NV, Class A†		17,800		156,462
Metal - Diversified — 0.1%
Luxfer Holdings PLC ADR		15,400		157,542
Miscellaneous Manufacturing — 0.4%
Hillenbrand, Inc.		9,400		284,726
John Bean Technologies Corp.		16,300		797,070
TriMas Corp.†		14,300		309,309
				1,391,105
MRI/Medical Diagnostic Imaging — 0.1%
Alliance HealthCare Services, Inc.†		9,200		82,892
RadNet, Inc.†		18,000		111,600
				194,492
Multimedia — 0.0%
Demand Media, Inc.†#		25,000		151,000
Networking Products — 0.2%
Extreme Networks, Inc.†		55,000		243,100
Infoblox, Inc.†		4,800		72,192
Ixia†		13,700		178,922
				494,214
Non-Hazardous Waste Disposal — 1.0%
Casella Waste Systems, Inc., Class A†		32,900		223,062
Waste Connections, Inc.		52,719		2,873,186
				3,096,248
Office Automation & Equipment — 0.5%
Pitney Bowes, Inc.		78,626		1,698,322
Office Furnishings - Original — 0.1%
Knoll, Inc.		20,500		456,740
Oil & Gas Drilling — 0.3%
Precision Drilling Corp.#		222,169		957,548
Oil Companies - Exploration & Production — 1.3%
Approach Resources, Inc.†#		28,300		63,109
Diamondback Energy, Inc.†		7,700		600,754
Eclipse Resources Corp.†#		12,200		30,988
Evolution Petroleum Corp.		10,600		65,190

200

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Exploration & Production (continued)
FieldPoint Petroleum Corp.†		31,900	$	27,434
FX Energy, Inc.†#		15,000		17,100
Gastar Exploration, Inc.†#		60,000		66,000
Jones Energy, Inc., Class A†#		15,000		84,150
Matador Resources Co.†		21,900		562,830
Newfield Exploration Co.†		48,893		1,870,646
Panhandle Oil and Gas, Inc., Class A		5,000		94,650
Parsley Energy, Inc., Class A†		14,500		284,925
PetroQuest Energy, Inc.†#		41,000		30,242
Rex Energy Corp.†#		30,000		41,100
Rice Energy, Inc.†		2,700		36,396
Ring Energy, Inc.†#		17,400		173,478
Seventy Seven Energy, Inc.†#		33,900		37,629
Swift Energy Co.†#		35,000		13,300
Synergy Resources Corp.†		10,300		117,317
VAALCO Energy, Inc.†		30,000		61,500
Warren Resources, Inc.†#		34,500		8,556
Yuma Energy, Inc.†		5,411		1,611
				4,288,905
Oil Field Machinery & Equipment — 0.8%
Dril-Quip, Inc.†		1,600		100,976
Flotek Industries, Inc.†#		13,700		156,454
Forum Energy Technologies, Inc.†		104,448		1,635,656
Gulf Island Fabrication, Inc.		17,000		168,300
Mitcham Industries, Inc.†		22,400		85,344
Natural Gas Services Group, Inc.†		7,400		171,828
Thermon Group Holdings, Inc.†		6,100		111,081
				2,429,639
Oil Refining & Marketing — 0.0%
Adams Resources & Energy, Inc.		214		9,185
Oil - Field Services — 0.5%
Enservco Corp.†#		19,000		12,390
Forbes Energy Services, Ltd.†#		17,200		6,364
Helix Energy Solutions Group, Inc.†		69,454		450,062
Independence Contract Drilling, Inc.†		13,600		82,960
Key Energy Services, Inc.†#		111,000		59,074
Newpark Resources, Inc.†		21,800		141,700
RPC, Inc.#		19,800		262,350
SEACOR Holdings, Inc.†		7,900		448,562
Tesco Corp.		16,800		141,288
Willbros Group, Inc.†		50,900		151,173
				1,755,923
Paper & Related Products — 0.2%
Clearwater Paper Corp.†		5,600		273,336
Schweitzer-Mauduit International, Inc.		5,700		238,374
				511,710
Patient Monitoring Equipment — 0.0%
Insulet Corp.†		2,300		84,157
Masimo Corp.†		500		20,740
				104,897
Pharmacy Services — 0.1%
Diplomat Pharmacy, Inc.†#		5,300		186,189
Liberator Medical Holdings, Inc.		35,000		115,850
				302,039
Pipelines — 0.1%
SemGroup Corp., Class A		7,410		257,349
Power Converter/Supply Equipment — 0.1%
Advanced Energy Industries, Inc.†		6,300		183,771

Security Description	Shares		Value (Note 2)
Power Converter/Supply Equipment (continued)
PowerSecure International, Inc.†		15,000	$	209,700
				393,471
Printing - Commercial — 0.2%
ARC Document Solutions, Inc.†		9,300		47,058
Multi-Color Corp.		9,850		615,724
RR Donnelley & Sons Co.#		916		14,738
				677,520
Publishing - Books — 0.1%
Scholastic Corp.		6,549		279,773
Publishing - Newspapers — 0.1%
A.H. Belo Corp., Class A		18,221		100,944
Lee Enterprises, Inc.†#		34,500		61,065
				162,009
Quarrying — 0.1%
Compass Minerals International, Inc.		2,000		168,280
Radio — 0.0%
Emmis Communications Corp., Class A†		58,600		36,332
Saga Communications, Inc., Class A		123		5,301
Salem Media Group, Inc., Class A		10,000		56,600
				98,233
Real Estate Investment Trusts — 3.1%
Acadia Realty Trust		6,700		224,718
American Campus Communities, Inc.		11,500		464,600
CatchMark Timber Trust, Inc., Class A		15,000		170,250
Chesapeake Lodging Trust		10,600		287,896
Colony Capital, Inc.		5,800		118,668
Corporate Office Properties Trust		17,700		394,533
Cousins Properties, Inc.		188,900		1,856,887
CubeSmart		74,300		2,163,616
DiamondRock Hospitality Co.		28,908		321,746
EastGroup Properties, Inc.		9,600		558,816
Equity One, Inc.		12,700		345,821
First Potomac Realty Trust		11,500		133,630
GEO Group, Inc.		45,698		1,339,865
Outfront Media, Inc.		6,693		152,935
PS Business Parks, Inc.		8,600		760,412
Retail Opportunity Investments Corp.		12,100		221,309
Rouse Properties, Inc.#		13,600		218,960
Urstadt Biddle Properties, Inc., Class A		10,800		216,216
				9,950,878
Real Estate Management/Services — 1.3%
Jones Lang LaSalle, Inc.		11,708		1,944,933
Kennedy-Wilson Holdings, Inc.		74,349		1,940,509
RE/MAX Holdings, Inc., Class A		4,100		153,791
				4,039,233
Real Estate Operations & Development — 0.2%
Alexander & Baldwin, Inc.		9,300		352,563
Consolidated-Tomoka Land Co.		3,100		184,884
Forestar Group, Inc.†		13,000		176,670
				714,117
Recreational Vehicles — 0.2%
Arctic Cat, Inc.#		3,400		75,684
Brunswick Corp.		11,200		589,456
				665,140
Rental Auto/Equipment — 0.1%
Electro Rent Corp.		18,900		195,615

201

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Resort/Theme Parks — 0.8%
Vail Resorts, Inc.		20,011	$	2,413,327
Retail - Apparel/Shoe — 0.5%
American Eagle Outfitters, Inc.#		18,300		284,931
Burlington Stores, Inc.†		3,700		178,007
Chico’s FAS, Inc.		32,100		385,200
Christopher & Banks Corp.†#		42,900		60,060
Destination Maternity Corp.		7,800		43,290
Destination XL Group, Inc.†		30,000		150,000
Express, Inc.†		5,200		87,048
Francesca’s Holdings Corp.†		15,300		228,429
New York & Co., Inc.†		33,029		72,664
Pacific Sunwear of California, Inc.†#		37,200		13,023
Tilly’s, Inc., Class A†		14,458		89,206
				1,591,858
Retail - Appliances — 0.0%
hhgregg, Inc.†#		17,000		70,040
Retail - Arts & Crafts — 0.6%
Michaels Cos., Inc.†		91,652		2,035,591
Retail - Computer Equipment — 0.0%
PCM, Inc.†		13,544		124,605
Retail - Discount — 0.2%
HSN, Inc.		6,100		304,390
Tuesday Morning Corp.†		48,200		321,976
				626,366
Retail - Home Furnishings — 0.3%
Pier 1 Imports, Inc.#		64,200		433,992
Restoration Hardware Holdings, Inc.†		6,500		584,155
				1,018,147
Retail - Leisure Products — 0.1%
West Marine, Inc.†		17,232		158,362
Retail - Misc./Diversified — 0.1%
Five Below, Inc.†		5,200		145,652
Gaiam, Inc., Class A†#		17,400		117,450
				263,102
Retail - Restaurants — 3.4%
BJ’s Restaurants, Inc.†		1,300		59,540
Bloomin’ Brands, Inc.		24,300		420,633
Bojangles’, Inc.†#		1,700		30,056
Bravo Brio Restaurant Group, Inc.†		11,500		122,705
Brinker International, Inc.		8,600		392,332
Carrols Restaurant Group, Inc.†		7,500		90,300
Cheesecake Factory, Inc.		6,800		320,484
Cracker Barrel Old Country Store, Inc.#		14,163		1,783,405
Denny’s Corp.†		35,800		345,112
Famous Dave’s of America, Inc.†#		6,800		53,312
Jack in the Box, Inc.		5,100		378,114
Jamba, Inc.†#		520		7,264
Krispy Kreme Doughnuts, Inc.†		24,600		347,844
Luby’s, Inc.†		25,000		119,500
Papa John’s International, Inc.		28,598		1,643,813
Red Robin Gourmet Burgers, Inc.†		31,489		2,124,878
Shake Shack, Inc.†#		700		32,165
Sonic Corp.		87,801		2,551,497
Zoe’s Kitchen, Inc.†#		1,900		64,638
				10,887,592
Retail - Sporting Goods — 0.1%
Zumiez, Inc.†		13,400		202,206

Security Description	Shares		Value (Note 2)
Retail - Toy Stores — 0.0%
Build-A-Bear Workshop, Inc.†		8,000	$	102,880
Retail - Vitamins & Nutrition Supplements — 0.3%
GNC Holdings, Inc., Class A		33,039		984,893
Retirement/Aged Care — 0.0%
Five Star Quality Care, Inc.†		24,000		86,160
Rubber/Plastic Products — 0.0%
Proto Labs, Inc.†#		1,200		81,228
Satellite Telecom — 0.5%
Iridium Communications, Inc.†#		215,503		1,760,660
Savings & Loans/Thrifts — 1.0%
Beneficial Bancorp, Inc.†		26,200		365,752
Capitol Federal Financial, Inc.		40,740		528,398
Clifton Bancorp, Inc.		8,100		120,204
ESSA Bancorp, Inc.		9,000		120,510
First Defiance Financial Corp.		5,800		240,874
First Financial Northwest, Inc.		10,000		135,400
First Niagara Financial Group, Inc.		41,700		449,526
Fox Chase Bancorp, Inc.		5,000		91,200
Home Bancorp, Inc.		6,600		174,240
Lake Shore Bancorp, Inc.#		10,000		133,600
Meridian Bancorp, Inc.		14,200		208,172
Meta Financial Group, Inc.		2,500		112,500
Oneida Financial Corp.		6,000		120,780
Territorial Bancorp, Inc.		4,000		115,240
United Community Financial Corp.		26,500		155,820
Westfield Financial, Inc.		16,000		128,640
				3,200,856
Schools — 0.1%
American Public Education, Inc.†		9,000		209,430
Lincoln Educational Services Corp.#		20,000		42,600
Universal Technical Institute, Inc.		15,500		89,125
				341,155
Seismic Data Collection — 0.0%
Dawson Geophysical Co.†		33,264		147,360
Semiconductor Components - Integrated Circuits — 0.1%
Integrated Device Technology, Inc.†		4,300		120,572
M/A-COM Technology Solutions Holdings, Inc.†		4,700		173,665
				294,237
Semiconductor Equipment — 1.4%
Cascade Microtech, Inc.†		15,400		250,250
Entegris, Inc.†		142,063		1,934,898
Mattson Technology, Inc.†		34,500		102,810
Tessera Technologies, Inc.		59,480		1,894,438
Ultra Clean Holdings, Inc.†		14,700		74,529
Veeco Instruments, Inc.†		15,200		310,840
				4,567,765
Steel Pipe & Tube — 0.2%
Mueller Water Products, Inc., Class A		35,400		329,928
Valmont Industries, Inc.		2,800		328,300
				658,228
Steel - Producers — 0.1%
Friedman Industries, Inc.		10,000		59,400
Ryerson Holding Corp.†#		8,500		42,160
Worthington Industries, Inc.		8,500		261,545
				363,105

202

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Storage/Warehousing — 0.7%
Mobile Mini, Inc.		63,194	$	2,240,227
Telecom Equipment - Fiber Optics — 0.2%
Ciena Corp.†		4,400		110,176
Finisar Corp.†		29,374		354,544
KVH Industries, Inc.†		14,357		141,560
				606,280
Telecom Services — 0.1%
Allot Communications, Ltd.†		14,700		77,616
Consolidated Communications Holdings, Inc.		1		22
Hawaiian Telcom Holdco, Inc.†		5,000		118,650
Straight Path Communications, Inc., Class B†#		5,950		71,400
				267,688
Telecommunication Equipment — 0.7%
ADTRAN, Inc.		17,400		283,794
ARRIS Group, Inc.†		65,952		2,016,153
Aware, Inc.†		14,500		45,820
Westell Technologies, Inc., Class A† Class A		41,700		59,631
				2,405,398
Telephone - Integrated — 0.0%
Alaska Communications Systems Group, Inc.†		77,000		147,840
Textile - Apparel — 0.0%
Cherokee, Inc.†		6,400		122,304
Textile - Products — 0.1%
Culp, Inc.		5,000		140,900
Dixie Group, Inc.†#		10,000		56,400
				197,300
Theaters — 0.0%
National CineMedia, Inc.		3,500		55,545
Therapeutics — 0.2%
Akebia Therapeutics, Inc.†#		11,400		122,322
Cara Therapeutics, Inc.†		14,700		243,285
CorMedix, Inc.†#		40,000		96,000
Egalet Corp.†#		25,000		256,500
				718,107
Transactional Software — 0.7%
Bottomline Technologies de, Inc.†		75,140		2,322,577
Transport - Equipment & Leasing — 0.1%
General Finance Corp.†#		10,034		44,350
Willis Lease Finance Corp.†		10,000		174,900
				219,250
Transport - Marine — 0.6%
Horizon North Logistics, Inc.		18,100		32,393
Scorpio Tankers, Inc.		201,819		1,745,734
				1,778,127
Transport - Services — 0.1%
Matson, Inc.		4,700		243,037
Radiant Logistics, Inc.†		25,000		107,000
XPO Logistics, Inc.†#		1		31
				350,068
Transport - Truck — 3.0%
Celadon Group, Inc.		89,860		1,249,054
Forward Air Corp.		37,576		1,807,030
Heartland Express, Inc.#		81,645		1,564,318
Knight Transportation, Inc.		19,375		513,825
Landstar System, Inc.		33,929		2,117,848

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Truck (continued)
Old Dominion Freight Line, Inc.†		32,901		$	2,096,123
Saia, Inc.†		11,300			276,963
USA Truck, Inc.†		6,900			137,586
					9,762,747
Veterinary Diagnostics — 0.5%
Phibro Animal Health Corp., Class A		52,721			1,711,851
Vitamins & Nutrition Products — 0.1%
Nutraceutical International Corp.†		8,200			204,836
Omega Protein Corp.†		9,000			221,220
					426,056
Water — 0.1%
Artesian Resources Corp., Class A		7,400			193,954
Water Treatment Systems — 0.1%
Energy Recovery, Inc.†#		25,000			183,500
Web Hosting/Design — 0.1%
Endurance International Group Holdings, Inc.†#		12,300			171,832
Wire & Cable Products — 0.5%
Belden, Inc.		24,533			1,539,936
Wireless Equipment — 0.1%
CalAmp Corp.†		9,100			168,168
ID Systems, Inc.†#		22,000			82,940
TESSCO Technologies, Inc.		5,900			125,316
					376,424
Total Common Stocks
(cost $261,590,798)					316,934,417
CONVERTIBLE PREFERRED SECURITIES — 0.2%
Computers - Integrated Systems — 0.1%
Apptio, Inc. Series D†(1)(2)(4)		5,641			129,179
Data Processing/Management — 0.1%
Cloudera, Inc. Series F†(1)(2)(4)		6,715			195,306
E-Commerce/Services — 0.0%
CarGurus, Inc. Series D†(1)(2)(4)		2,567			104,331
Enterprise Software/Service — 0.0%
Plex Systems, Inc. Series B†(1)(2)(4)		50,422			115,683
Internet Infrastructure Software — 0.0%
MongoDB, Inc. Series F†(1)(2)(4)		4,475			74,840
Total Convertible Preferred Securities
(cost $493,694)					619,339
Total Long-Term Investment Securities
(cost $262,084,492)					317,553,756
SHORT-TERM INVESTMENT SECURITIES — 8.0%
Registered Investment Companies — 7.5%
State Street Navigator Securities Lending Prime Portfolio 0.24%(3)(5)		21,931,539			21,931,539
T. Rowe Price Reserve Investment Fund 0.12%(5)		2,157,870			2,157,870
					24,089,409
Time Deposits — 0.5%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015	$	1,687,000			1,687,000
Total Short-Term Investment Securities
(cost $25,776,409)					25,776,409
TOTAL INVESTMENTS
(cost $287,860,901)(6)		106.5	%		343,330,165
Liabilities in excess of other assets		(6.5	)		(20,866,822	)
NET ASSETS		100.0	%	$	322,463,343

203

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

† Non-income producing security

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

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

(2) Illiquid security. At November 30, 2015, the aggregate value of these securities was $701,596 representing 0.2% of net assets.

(3) At November 30, 2015, the Fund had loaned securities with a total value of $21,209,033. This was secured by collateral of $21,931,539, which was received in cash and subsequently invested in short-term investments currently value at $21,931,539 as reported in the Portfolio of Investments. The remaining collateral of $131,280 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s 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, 2015
United States Treasury Bills	0.00%	12/03/2015 to 10/13/2016	$	77,811
United States Treasury Notes/Bonds	zero coupon to 7.50%	01/15/2016 to 05/15/2045		53,469

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

a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2015, the Fund held the following restricted securities:

Description	Acquisition Date		Shares/ Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
SurveyMonkey.com LLC		11/25/2014		5,062	$	83,270	$	82,257	$	16.25		0.03	%
Convertible Preferred Securities
Apptio, Inc., Series D		03/09/2012		5,641		101,069		129,179		22.90		0.04
CarGurus, Inc., Series D		07/07/2015		2,567		104,331		104,331		40.64		0.03
Cloudera, Inc., Series F		02/05/2014		6,715		97,770		195,306		29.09		0.06
MongoDB, Inc., Series F		10/02/2013		4,475		74,840		74,840		16.72		0.02
Plex Systems, Inc., Series B		06/09/2014		50,422		115,683		115,683		2.29		0.04
							$	701,596				0.22	%

(5) The rate shown is the 7-day yield as of November 30, 2015.

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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:
E-Commerce/Services	$	549,368	$	—	$	82,257	$	631,625
Other Industries		316,302,792		—		—		316,302,792
Convertible Preferred Securities		—		—		619,339		619,339
Short-Term Investment Securities:
Registered Investment Companies		24,089,409		—		—		24,089,409
Time Deposits		—		1,687,000		—		1,687,000
	$	340,941,569	$	1,687,000	$	701,596	$	343,330,165

* 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

204

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Registered Investment Companies	11.3	%
Real Estate Investment Trusts	8.6
Banks — Commercial	8.6
Medical — Biomedical/Gene	3.7
Repurchase Agreements	2.5
Medical — Drugs	2.5
Electronic Components — Semiconductors	2.1
Computer Services	1.9
Retail — Restaurants	1.8
Savings & Loans/Thrifts	1.8
U.S. Government Treasuries	1.8
Medical Products	1.6
Enterprise Software/Service	1.5
Electric — Integrated	1.4
Retail — Apparel/Shoe	1.3
Insurance — Property/Casualty	1.2
Gas — Distribution	1.2
Oil Companies — Exploration & Production	1.0
Applications Software	1.0
Therapeutics	1.0
Chemicals — Specialty	1.0
Human Resources	0.9
Electronic Components — Misc.	0.8
Networking Products	0.8
Auto/Truck Parts & Equipment — Original	0.8
Aerospace/Defense — Equipment	0.8
Medical Instruments	0.8
Food — Misc./Diversified	0.8
Commercial Services — Finance	0.7
Diversified Manufacturing Operations	0.7
Building — Residential/Commercial	0.7
Insurance — Life/Health	0.7
Semiconductor Equipment	0.7
Distribution/Wholesale	0.6
Oil — Field Services	0.6
Medical — Outpatient/Home Medical	0.6
Building & Construction Products — Misc.	0.6
Finance — Investment Banker/Broker	0.6
Consulting Services	0.6
Transport — Truck	0.6
Semiconductor Components — Integrated Circuits	0.6
Investment Management/Advisor Services	0.5
Telecom Services	0.5
Computers — Integrated Systems	0.5
Schools	0.5
Data Processing/Management	0.5
Retail — Automobile	0.5
Transport — Marine	0.5
Metal Processors & Fabrication	0.5
Aerospace/Defense	0.5
Office Furnishings — Original	0.5
Commercial Services	0.5
Medical — HMO	0.4
Printing — Commercial	0.4
Wireless Equipment	0.4
Computer Software	0.4
Transport — Services	0.4
Drug Delivery Systems	0.4
Financial Guarantee Insurance	0.4
Disposable Medical Products	0.4
Finance — Other Services	0.4
Resorts/Theme Parks	0.4
Containers — Paper/Plastic	0.4
Footwear & Related Apparel	0.4
Consumer Products — Misc.	0.4
Chemicals — Diversified	0.4
Machinery — General Industrial	0.4
Internet Telephone	0.4
E-Commerce/Products	0.3

Airlines	0.3
Oil Refining & Marketing	0.3
Steel — Producers	0.3
Transactional Software	0.3
Finance — Mortgage Loan/Banker	0.3
Telecom Equipment — Fiber Optics	0.3
Food — Wholesale/Distribution	0.3
Engineering/R&D Services	0.3
Building & Construction — Misc.	0.3
Home Furnishings	0.3
Retail — Discount	0.3
Research & Development	0.3
Multimedia	0.3
Diagnostic Equipment	0.3
Instruments — Controls	0.3
Miscellaneous Manufacturing	0.3
Independent Power Producers	0.3
Finance — Consumer Loans	0.3
Water	0.3
Insurance — Reinsurance	0.3
Wire & Cable Products	0.3
Building — Heavy Construction	0.3
Food — Flour & Grain	0.3
Hotels/Motels	0.3
Apparel Manufacturers	0.3
Real Estate Management/Services	0.3
Building Products — Doors & Windows	0.3
Food — Retail	0.3
Chemicals — Plastics	0.3
Racetracks	0.2
Energy — Alternate Sources	0.2
Retail — Convenience Store	0.2
Insurance — Multi-line	0.2
Internet Content — Information/News	0.2
Telecommunication Equipment	0.2
Medical Information Systems	0.2
Paper & Related Products	0.2
Retail — Home Furnishings	0.2
Lasers — System/Components	0.2
Telephone — Integrated	0.2
Web Hosting/Design	0.2
Power Converter/Supply Equipment	0.2
Real Estate Operations & Development	0.2
E-Marketing/Info	0.2
Electronic Measurement Instruments	0.2
Physical Therapy/Rehabilitation Centers	0.2
E-Commerce/Services	0.2
Medical — Generic Drugs	0.2
Food — Canned	0.2
Patient Monitoring Equipment	0.2
Publishing — Books	0.2
Computer Aided Design	0.2
Instruments — Scientific	0.2
Satellite Telecom	0.2
Television	0.2
Retail — Misc./Diversified	0.2
Auto/Truck Parts & Equipment — Replacement	0.2
Tobacco	0.2
Entertainment Software	0.2
Steel Pipe & Tube	0.2
Internet Application Software	0.2
Medical — Nursing Homes	0.2
Security Services	0.2
Electric — Distribution	0.2
Oil Field Machinery & Equipment	0.2
Veterinary Diagnostics	0.2
Linen Supply & Related Items	0.2
Building Products — Cement	0.2
Building Products — Wood	0.2

205

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited) — (continued)

Industry Allocation* (continued)

Gambling (Non-Hotel)	0.2	%
Audio/Video Products	0.2
Broadcast Services/Program	0.1
Computers — Periphery Equipment	0.1
Filtration/Separation Products	0.1
Communications Software	0.1
Electric Products — Misc.	0.1
Health Care Cost Containment	0.1
Batteries/Battery Systems	0.1
Finance — Credit Card	0.1
Electronic Parts Distribution	0.1
Storage/Warehousing	0.1
Medical — Wholesale Drug Distribution	0.1
Publishing — Newspapers	0.1
Rubber — Tires	0.1
Funeral Services & Related Items	0.1
Auto Repair Centers	0.1
Retail — Pawn Shops	0.1
Vitamins & Nutrition Products	0.1
Theaters	0.1
Industrial Audio & Video Products	0.1
Rubber/Plastic Products	0.1
Casino Hotels	0.1
Travel Services	0.1
Internet Connectivity Services	0.1
Motion Pictures & Services	0.1
Lighting Products & Systems	0.1
Brewery	0.1
Firearms & Ammunition	0.1
Rental Auto/Equipment	0.1
Transport — Equipment & Leasing	0.1
Electronic Design Automation	0.1
Environmental Consulting & Engineering	0.1
Agricultural Operations	0.1
Publishing — Periodicals	0.1
Food — Dairy Products	0.1
Diagnostic Kits	0.1
Auction Houses/Art Dealers	0.1
Poultry	0.1
Building — Maintenance & Services	0.1
Metal — Aluminum	0.1
Medical — Hospitals	0.1
Identification Systems	0.1
Pharmacy Services	0.1
Recreational Centers	0.1
Non — Ferrous Metals	0.1
Machinery — Electrical	0.1
Transport — Air Freight	0.1
Retail — Sporting Goods	0.1
Pipelines	0.1
Finance — Leasing Companies	0.1
Building — Mobile Home/Manufactured Housing	0.1
Oil & Gas Drilling	0.1
Beverages — Non-alcoholic	0.1
Computers — Other	0.1
Machinery — Farming	0.1
Diversified Operations	0.1
Environmental Monitoring & Detection	0.1
Electronic Security Devices	0.1
Internet Content — Entertainment	0.1
Machinery — Construction & Mining	0.1
Athletic Equipment	0.1
Diversified Minerals	0.1
Retail — Video Rentals	0.1
Medical Laser Systems	0.1
Retail — Building Products	0.1
Platinum	0.1
Medical Imaging Systems	0.1
Computer Data Security	0.1

Retail — Bookstores	0.1
Containers — Metal/Glass	0.1
Computers — Memory Devices	0.1
MRI/Medical Diagnostic Imaging	0.1
Computer Graphics	0.1
Circuit Boards	0.1
Cosmetics & Toiletries	0.1
Retail — Bedding	0.1
Building Products — Air & Heating	0.1
Banks — Fiduciary	0.1
Appliances	0.1
Retail — Vitamins & Nutrition Supplements	0.1
Decision Support Software	0.1
Engines — Internal Combustion	0.1
Hazardous Waste Disposal	0.1
Retail — Leisure Products	0.1
Internet Security	0.1
Advertising Agencies	0.1
Diversified Operations/Commercial Services	0.1
Electric — Generation	0.1
Auto-Truck Trailers	0.1
Housewares	0.1
Textile — Apparel	0.1
	111.1	%

* Calculated as a percentage of net assets

206

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.5%
Advanced Materials — 0.0%
Core Molding Technologies, Inc.†		4,388	$	62,529
Advertising Agencies — 0.1%
MDC Partners, Inc., Class A#		24,871		535,970
Advertising Services — 0.0%
Journal Media Group, Inc.		13,955		168,297
Marchex, Inc., Class B		18,640		79,406
Marin Software, Inc.†#		17,123		66,609
Sizmek, Inc.†		12,319		57,037
				371,349
Aerospace/Defense — 0.5%
Aerovironment, Inc.†		11,287		288,721
Cubic Corp.		12,398		602,047
Esterline Technologies Corp.†		17,809		1,693,280
Kratos Defense & Security Solutions, Inc.†#		25,898		120,426
National Presto Industries, Inc.		2,777		241,432
Teledyne Technologies, Inc.†		20,227		1,871,200
				4,817,106
Aerospace/Defense - Equipment — 0.8%
AAR Corp.		20,307		498,740
Aerojet Rocketdyne Holdings, Inc.†#		35,834		628,528
Astronics Corp.†		10,966		424,275
Astronics Corp., Class B†		1,644		63,573
Curtiss-Wright Corp.		27,222		1,916,701
Ducommun, Inc.†		6,328		105,931
HEICO Corp.		11,011		566,846
HEICO Corp., Class A		22,849		991,647
Kaman Corp.		15,586		625,622
KLX, Inc.†		30,195		969,259
Moog, Inc., Class A†		22,165		1,464,442
				8,255,564
Agricultural Biotech — 0.0%
Arcadia Biosciences, Inc.†#		4,655		18,341
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†		32,149		115,415
Rentech, Inc.†		13,136		37,569
				152,984
Agricultural Operations — 0.1%
Alico, Inc.		2,205		94,109
Andersons, Inc.		16,257		560,379
Limoneira Co.#		6,583		112,108
MGP Ingredients, Inc.		6,125		128,135
Tejon Ranch Co.†		7,864		166,088
				1,060,819
Airlines — 0.3%
Allegiant Travel Co.		7,678		1,344,648
Hawaiian Holdings, Inc.†		27,307		988,513
Republic Airways Holdings, Inc.†		29,098		123,376
SkyWest, Inc.		29,581		609,664
Virgin America, Inc.†#		14,418		524,671
				3,590,872
Apparel Manufacturers — 0.3%
Columbia Sportswear Co.		16,425		769,183
G-III Apparel Group, Ltd.†		22,831		1,047,258
Oxford Industries, Inc.		8,384		569,609
Sequential Brands Group, Inc.†#		14,424		129,095
Superior Uniform Group, Inc.		4,254		78,656
Vince Holding Corp.†#		8,814		45,656
				2,639,457

Security Description	Shares		Value (Note 2)
Appliances — 0.1%
iRobot Corp.†#		17,015	$	563,026
Applications Software — 1.0%
Brightcove, Inc.†		18,619		129,961
Callidus Software, Inc.†		31,641		656,551
Constant Contact, Inc.†		18,408		575,986
Cvent, Inc.†		13,385		483,600
Demandware, Inc.†#		19,112		977,579
Ebix, Inc.#		15,346		575,628
Epiq Systems, Inc.		18,515		250,508
Five9, Inc.†		13,580		90,307
HubSpot, Inc.†		10,769		583,787
Imperva, Inc.†		15,193		1,133,854
inContact, Inc.†#		35,197		347,394
Jive Software, Inc.†#		26,714		134,104
New Relic, Inc.†#		3,303		124,226
Park City Group, Inc.†#		6,092		70,363
Paycom Software, Inc.†		18,063		787,547
PDF Solutions, Inc.†		15,453		172,301
Progress Software Corp.†		28,963		694,822
RealPage, Inc.†		30,209		670,942
SciQuest, Inc.†		15,793		203,888
Tangoe, Inc.†		22,325		191,995
Verint Systems, Inc.†		35,123		1,645,512
				10,500,855
Athletic Equipment — 0.1%
Black Diamond, Inc.†		13,027		63,441
Nautilus, Inc.†		17,965		345,108
Performance Sports Group Ltd†		25,953		307,803
				716,352
Auction Houses/Art Dealers — 0.1%
Sotheby’s#		35,609		1,008,091
Audio/Video Products — 0.2%
Daktronics, Inc.		22,004		190,775
DTS, Inc.†		10,126		260,542
Skullcandy, Inc.†		12,563		51,132
TiVo, Inc.†		55,578		499,646
Universal Electronics, Inc.†		9,082		481,255
VOXX International Corp.†		11,353		65,166
				1,548,516
Auto Repair Centers — 0.1%
Monro Muffler Brake, Inc.		18,220		1,349,009
Auto - Cars/Light Trucks — 0.0%
Blue Bird Corp.†#		2,912		31,683
Auto - Heavy Duty Trucks — 0.0%
Navistar International Corp.†#		29,201		423,707
Auto - Truck Trailers — 0.1%
Wabash National Corp.†		38,878		504,248
Auto/Truck Parts & Equipment - Original — 0.8%
Accuride Corp.†		22,259		57,428
American Axle & Manufacturing Holdings, Inc.†		43,399		987,761
Cooper-Standard Holding, Inc.†		7,774		574,810
Dana Holding Corp.		93,383		1,535,216
Federal-Mogul Holdings Corp.†		17,362		142,021
Gentherm, Inc.†		20,553		1,044,915
Horizon Global Corp.†		10,370		90,115
Meritor, Inc.†		55,891		600,269
Metaldyne Performance Group, Inc.		6,553		147,574
Miller Industries, Inc.		6,482		142,280
Modine Manufacturing Co.†		27,417		257,446
Strattec Security Corp.		2,053		128,025

207

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Auto/Truck Parts & Equipment - Original (continued)
Superior Industries International, Inc.		13,415	$	261,727
Tenneco, Inc.†		35,125		1,892,535
Titan International, Inc.		24,730		107,328
Tower International, Inc.		12,080		370,373
				8,339,823
Auto/Truck Parts & Equipment - Replacement — 0.2%
Commercial Vehicle Group, Inc.†		17,188		58,439
Dorman Products, Inc.†#		15,307		730,450
Douglas Dynamics, Inc.		12,800		297,728
Motorcar Parts of America, Inc.†		10,283		411,937
Standard Motor Products, Inc.		11,413		476,607
				1,975,161
B2B/E-Commerce — 0.0%
ePlus, Inc.†		3,213		283,354
TechTarget, Inc.†		11,207		96,941
				380,295
Banks - Commercial — 8.6%
1st Source Corp.		9,366		316,664
Access National Corp.		4,160		90,896
American National Bankshares, Inc.		4,996		129,896
Ameris Bancorp		18,424		629,917
Ames National Corp.#		5,330		135,062
Arrow Financial Corp.		6,413		182,578
BancFirst Corp.		4,170		268,840
Bancorp, Inc.†		19,297		148,201
BancorpSouth, Inc.		55,266		1,486,655
Bank of Marin Bancorp		3,419		187,806
Bank of the Ozarks, Inc.		44,643		2,423,222
Banner Corp.		12,007		630,368
Bar Harbor Bankshares		3,419		119,357
BBCN Bancorp, Inc.		45,537		861,105
Blue Hills Bancorp, Inc.		16,054		261,038
BNC Bancorp		13,934		355,317
Bridge Bancorp, Inc.		6,703		213,692
Bryn Mawr Bank Corp.		10,189		303,123
C1 Financial, Inc.†		3,405		82,503
Camden National Corp.		4,261		191,489
Capital Bank Financial Corp., Class A		12,868		433,909
Capital City Bank Group, Inc.		6,157		96,973
Cardinal Financial Corp.		18,410		452,886
Cascade Bancorp†		17,685		106,110
Cass Information Systems, Inc.		6,569		353,872
Cathay General Bancorp		45,745		1,569,968
CenterState Banks, Inc.		26,012		414,631
Central Pacific Financial Corp.		13,165		305,955
Century Bancorp, Inc., Class A		1,988		89,281
Chemical Financial Corp.		19,298		711,131
Citizens & Northern Corp.		6,983		143,361
City Holding Co.		8,709		434,753
CNB Financial Corp.		8,245		154,099
CoBiz Financial, Inc.		20,778		285,074
Columbia Banking System, Inc.		33,025		1,173,708
Community Bank System, Inc.		23,338		1,006,568
Community Trust Bancorp, Inc.		8,960		328,832
CommunityOne Bancorp†		7,038		99,236
ConnectOne Bancorp, Inc.		17,114		333,894
CU Bancorp†		9,617		258,890
Customers Bancorp, Inc.†		15,301		474,331
CVB Financial Corp.		60,825		1,125,263
Eagle Bancorp, Inc.†		17,124		935,484
Enterprise Bancorp, Inc.		4,366		106,923
Enterprise Financial Services Corp.		11,411		334,342

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Farmers Capital Bank Corp.†		4,289	$	115,846
FCB Financial Holdings, Inc.†		16,014		623,745
Fidelity Southern Corp.		9,555		216,134
Financial Institutions, Inc.		8,111		221,187
First BanCorp†		66,602		249,758
First Bancorp		11,300		220,237
First Bancorp, Inc.		6,147		136,402
First Busey Corp.		13,801		303,484
First Business Financial Services, Inc.		4,962		128,615
First Citizens BancShares, Inc., Class A		4,411		1,168,562
First Commonwealth Financial Corp.		50,923		501,082
First Community Bancshares, Inc.		9,652		196,901
First Connecticut Bancorp, Inc.		9,179		167,517
First Financial Bancorp		35,311		711,517
First Financial Bankshares, Inc.#		36,717		1,318,507
First Financial Corp.		6,326		231,279
First Interstate BancSystem, Inc.		11,254		342,234
First Merchants Corp.		21,628		588,282
First Midwest Bancorp, Inc.		44,630		872,070
First NBC Bank Holding Co.†		8,729		369,586
First of Long Island Corp.		7,004		219,786
FirstMerit Corp.		94,902		1,919,867
FNB Corp.		100,000		1,452,000
Franklin Financial Network, Inc.†		3,119		101,368
Fulton Financial Corp.		101,143		1,463,539
German American Bancorp, Inc.		7,587		261,600
Glacier Bancorp, Inc.		43,236		1,270,274
Great Southern Bancorp, Inc.		6,001		305,211
Great Western Bancorp, Inc.		23,656		714,884
Green Bancorp, Inc.†		5,827		79,014
Guaranty Bancorp		8,484		148,640
Hampton Roads Bankshares, Inc.†		19,619		36,688
Hancock Holding Co.		44,588		1,298,403
Hanmi Financial Corp.		18,281		477,134
Heartland Financial USA, Inc.		10,200		388,722
Heritage Commerce Corp.		12,035		129,978
Heritage Financial Corp.		17,312		338,969
Heritage Oaks Bancorp		13,429		111,864
Hilltop Holdings, Inc.†		43,591		972,515
Home BancShares, Inc.		32,679		1,474,476
Horizon Bancorp		5,285		145,496
IBERIABANK Corp.		21,857		1,385,078
Independent Bank Corp.		13,149		203,941
Independent Bank Corp.		14,968		774,444
International Bancshares Corp.		31,004		945,932
Kearny Financial Corp.		53,539		674,591
Lakeland Bancorp, Inc.		21,695		262,293
Lakeland Financial Corp.		9,509		457,763
LegacyTexas Financial Group, Inc.		27,251		831,428
MainSource Financial Group, Inc.		12,404		285,540
MB Financial, Inc.		43,003		1,536,927
Mercantile Bank Corp.		9,669		250,137
Merchants Bancshares, Inc.		2,848		93,101
Metro Bancorp, Inc.		6,786		230,588
MidWestOne Financial Group, Inc.		4,507		143,097
National Bankshares, Inc.#		3,978		142,890
National Commerce Corp.†#		3,456		90,685
National Penn Bancshares, Inc.		80,198		1,001,673
NBT Bancorp, Inc.		25,216		759,758
NewBridge Bancorp		20,535		263,669
OFG Bancorp		25,514		213,297
Old National Bancorp		66,965		987,734
Old Second Bancorp, Inc.†		16,870		130,743
Opus Bank		5,961		234,744
Pacific Continental Corp.		11,169		177,699

208

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
PacWest Bancorp		5,794	$	272,434
Park National Corp.#		7,469		724,568
Park Sterling Corp.		25,759		194,996
Peapack Gladstone Financial Corp.		8,865		201,945
Penns Woods Bancorp, Inc.		2,740		122,231
Peoples Bancorp, Inc.		10,520		216,922
Peoples Financial Services Corp.#		4,321		172,451
Pinnacle Financial Partners, Inc.		20,537		1,115,775
Preferred Bank		6,685		243,468
PrivateBancorp, Inc.		45,000		1,984,950
Prosperity Bancshares, Inc.		40,095		2,221,664
QCR Holdings, Inc.		6,684		161,753
Renasant Corp.		23,008		840,482
Republic Bancorp, Inc., Class A		5,687		152,525
S&T Bancorp, Inc.		19,918		675,619
Sandy Spring Bancorp, Inc.		14,123		414,934
Seacoast Banking Corp. of Florida†		13,626		218,697
ServisFirst Bancshares, Inc.		12,755		627,801
Sierra Bancorp		6,759		120,581
Simmons First National Corp., Class A		17,088		985,294
South State Corp.		13,844		1,088,277
Southside Bancshares, Inc.		14,500		409,480
Southwest Bancorp, Inc.		10,895		201,558
State Bank Financial Corp.		20,458		476,876
Stock Yards Bancorp, Inc.		8,475		341,288
Stonegate Bank		6,371		215,467
Suffolk Bancorp		6,713		198,973
Sun Bancorp, Inc.†		5,494		120,428
Talmer Bancorp, Inc., Class A		31,279		571,467
Texas Capital Bancshares, Inc.†		26,203		1,553,314
Tompkins Financial Corp.		8,571		536,202
Towne Bank		26,066		585,182
TriCo Bancshares		13,018		381,427
TriState Capital Holdings, Inc.†		12,178		161,115
Triumph Bancorp, Inc.†		8,506		148,260
TrustCo Bank Corp. NY		54,413		356,949
Trustmark Corp.		38,672		976,468
UMB Financial Corp.		22,537		1,187,700
Umpqua Holdings Corp.		126,254		2,262,472
Union Bankshares Corp.		25,824		693,374
United Bankshares, Inc.#		39,754		1,674,438
United Community Banks, Inc.		28,759		600,488
Univest Corp. of Pennsylvania		11,261		235,130
Valley National Bancorp		133,104		1,482,779
Washington Trust Bancorp, Inc.		8,486		346,738
Webster Financial Corp.		51,966		2,089,553
WesBanco, Inc.		22,010		746,579
West Bancorporation, Inc.		9,181		190,322
Westamerica Bancorporation#		14,626		716,674
Western Alliance Bancorp†		49,226		1,909,477
Wilshire Bancorp, Inc.		40,399		498,524
Wintrust Financial Corp.		27,145		1,428,641
Yadkin Financial Corp.		14,418		379,049
				91,252,087
Banks - Fiduciary — 0.1%
Boston Private Financial Holdings, Inc.		47,541		575,246
Banks - Mortgage — 0.0%
Walker & Dunlop, Inc.†		15,150		447,531
Banks - Super Regional — 0.0%
Independent Bank Group, Inc.		5,552		221,913
Batteries/Battery Systems — 0.1%
EnerSys		25,450		1,499,005

Security Description	Shares		Value (Note 2)
Beverages - Non-alcoholic — 0.1%
Coca-Cola Bottling Co. Consolidated		2,666	$	516,324
National Beverage Corp.†		6,537		284,033
				800,357
Bicycle Manufacturing — 0.0%
Fox Factory Holding Corp.†		9,706		172,476
Brewery — 0.1%
Boston Beer Co., Inc., Class A†		5,203		1,111,465
Craft Brew Alliance, Inc.†		5,860		56,959
				1,168,424
Broadcast Services/Program — 0.1%
Crown Media Holdings, Inc., Class A†		19,805		112,294
Hemisphere Media Group, Inc.†#		5,782		82,278
Nexstar Broadcasting Group, Inc., Class A		17,912		1,049,464
World Wrestling Entertainment, Inc., Class A#		17,227		292,687
				1,536,723
Building & Construction Products - Misc. — 0.6%
Builders FirstSource, Inc.†		26,532		357,121
Drew Industries, Inc.		13,813		834,719
Gibraltar Industries, Inc.†		17,725		473,080
Louisiana-Pacific Corp.†		81,543		1,500,391
NCI Building Systems, Inc.†		15,531		184,198
Nortek, Inc.†		5,526		266,022
Patrick Industries, Inc.†		7,290		302,025
Ply Gem Holdings, Inc.†		12,339		162,875
Quanex Building Products Corp.		19,388		360,811
Simpson Manufacturing Co., Inc.		24,108		895,130
Summit Materials, Inc., Class A†		14,628		333,079
Trex Co., Inc.†#		18,364		795,161
				6,464,612
Building & Construction - Misc. — 0.3%
Aegion Corp.†		20,990		462,620
Comfort Systems USA, Inc.		21,356		677,839
Dycom Industries, Inc.†		19,510		1,704,784
Hill International, Inc.†		20,941		72,246
MYR Group, Inc.†		11,968		253,722
				3,171,211
Building Products - Air & Heating — 0.1%
AAON, Inc.		23,430		578,955
Building Products - Cement — 0.2%
Continental Building Products, Inc.†		18,019		328,667
Headwaters, Inc.†		42,214		809,242
US Concrete, Inc.†		8,349		490,337
				1,628,246
Building Products - Doors & Windows — 0.3%
Apogee Enterprises, Inc.		16,712		839,276
Griffon Corp.		19,577		355,127
Masonite International Corp.†		17,279		1,139,723
PGT, Inc.†		27,332		303,932
				2,638,058
Building Products - Light Fixtures — 0.0%
LSI Industries, Inc.		12,390		146,450
Building Products - Wood — 0.2%
Boise Cascade Co.†		22,629		708,288
Universal Forest Products, Inc.		11,517		889,803
				1,598,091

209

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building - Heavy Construction — 0.3%
Granite Construction, Inc.		22,523	$	918,262
MasTec, Inc.†		38,217		780,773
Orion Marine Group, Inc.†		16,002		70,089
Primoris Services Corp.#		22,197		512,307
Tutor Perini Corp.†		21,482		404,721
				2,686,152
Building - Maintenance & Services — 0.1%
ABM Industries, Inc.		32,052		950,983
Building - Mobile Home/Manufactured Housing — 0.1%
Cavco Industries, Inc.†		5,073		470,267
Winnebago Industries, Inc.#		15,416		346,860
				817,127
Building - Residential/Commercial — 0.7%
AV Homes, Inc.†#		7,086		98,637
Beazer Homes USA, Inc.†		15,713		225,324
CalAtlantic Group, Inc.†		44,043		1,854,210
Century Communities, Inc.†		8,714		166,263
Green Brick Partners, Inc.†		8,224		62,091
Hovnanian Enterprises, Inc., Class A†#		68,304		124,996
Installed Building Products, Inc.†		11,391		285,458
KB Home#		46,719		658,271
LGI Homes, Inc.†#		8,008		266,346
M/I Homes, Inc.†		14,038		327,928
MDC Holdings, Inc.		22,364		586,608
Meritage Homes Corp.†		22,699		846,900
New Home Co., Inc.†		5,094		74,729
Taylor Morrison Home Corp., Class A†		18,610		325,675
TRI Pointe Group, Inc.†		92,530		1,290,794
WCI Communities, Inc.†		8,838		213,968
William Lyon Homes, Class A†		11,168		195,105
				7,603,303
Casino Hotels — 0.1%
Boyd Gaming Corp.†		45,674		894,754
Caesars Entertainment Corp.†#		31,722		268,685
Monarch Casino & Resort, Inc.†		5,814		130,350
				1,293,789
Casino Services — 0.0%
Eldorado Resorts, Inc.†		16,141		156,407
Scientific Games Corp., Class A†#		28,751		265,084
				421,491
Cellular Telecom — 0.0%
Leap Wireless CVR(1)(2)		35,827		0
NTELOS Holdings Corp.†		9,941		91,159
				91,159
Chemicals - Diversified — 0.4%
Aceto Corp.		16,667		470,176
Axiall Corp.		40,204		837,851
Innophos Holdings, Inc.		11,968		355,689
Innospec, Inc.		13,876		810,358
Koppers Holdings, Inc.		11,754		268,344
Olin Corp.		44,371		965,957
				3,708,375
Chemicals - Fibers — 0.0%
Rayonier Advanced Materials, Inc.#		23,277		260,935
Chemicals - Other — 0.0%
American Vanguard Corp.		16,669		262,703

Security Description	Shares		Value (Note 2)
Chemicals - Plastics — 0.3%
A. Schulman, Inc.		16,766	$	580,271
Landec Corp.†		15,425		197,594
PolyOne Corp.		51,055		1,836,959
				2,614,824
Chemicals - Specialty — 1.0%
Balchem Corp.		17,797		1,218,916
Calgon Carbon Corp.		30,171		510,192
Chemtura Corp.†		38,454		1,181,307
Ferro Corp.†		41,780		501,778
H.B. Fuller Co.		28,861		1,148,956
Hawkins, Inc.		6,077		249,157
KMG Chemicals, Inc.		5,535		109,206
Kraton Performance Polymers, Inc.†		17,934		399,031
Minerals Technologies, Inc.		19,881		1,223,477
Oil-Dri Corp. of America		2,808		87,666
OMNOVA Solutions, Inc.†		26,816		201,656
Quaker Chemical Corp.		7,632		650,475
Sensient Technologies Corp.		26,752		1,788,104
Stepan Co.		11,042		574,846
Tronox, Ltd., Class A#		36,408		211,895
Valhi, Inc.#		10,932		20,006
				10,076,668
Circuit Boards — 0.1%
Multi-Fineline Electronix, Inc.†		5,204		128,435
Park Electrochemical Corp.		11,670		204,342
TTM Technologies, Inc.†		33,791		264,921
				597,698
Coal — 0.0%
Cloud Peak Energy, Inc.†#		34,938		91,188
Hallador Energy Co.#		6,233		42,011
Peabody Energy Corp.#		10,600		120,840
SunCoke Energy, Inc.		37,340		141,145
Westmoreland Coal Co.†#		10,252		61,512
				456,696
Coatings/Paint — 0.0%
Kronos Worldwide, Inc.		11,994		77,601
Coffee — 0.0%
Farmer Bros. Co.†		4,432		129,547
Commercial Services — 0.5%
Care.com, Inc.†		10,970		75,693
Collectors Universe, Inc.		4,089		65,260
Healthcare Services Group, Inc.		40,920		1,511,585
HMS Holdings Corp.†		50,684		614,797
Medifast, Inc.†		6,219		188,560
National Research Corp., Class A		5,614		86,792
Nutrisystem, Inc.		16,557		379,818
PFSweb, Inc.†#		6,898		90,916
RPX Corp.†		31,068		430,913
ServiceSource International, Inc.†		33,709		182,029
SFX Entertainment, Inc.†#		26,200		7,339
SP Plus Corp.†		9,590		241,380
Team, Inc.†		11,900		454,342
Weight Watchers International, Inc.†#		15,801		416,830
				4,746,254
Commercial Services-Finance — 0.7%
Cardtronics, Inc.†		25,687		966,088
CBIZ, Inc.†		28,331		303,425
Euronet Worldwide, Inc.†		29,697		2,308,051
Everi Holdings, Inc.†		37,665		143,880
EVERTEC, Inc.		37,659		646,981

210

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Commercial Services - Finance (continued)
Green Dot Corp., Class A†		26,268	$	441,828
Heartland Payment Systems, Inc.		20,950		1,662,173
LendingTree, Inc.†		3,316		337,834
Liberty Tax, Inc.		3,405		75,387
MoneyGram International, Inc.†		16,747		147,039
Travelport Worldwide, Ltd.		60,423		804,230
				7,836,916
Communications Software — 0.1%
BroadSoft, Inc.†		16,681		667,741
Digi International, Inc.†		14,269		178,505
pdvWireless, Inc.†#		7,434		196,629
Seachange International, Inc.†		19,089		133,050
Xura, Inc.†		12,992		336,103
				1,512,028
Computer Aided Design — 0.2%
Aspen Technology, Inc.†		48,876		2,148,100
Computer Data Security — 0.1%
Qualys, Inc.†		14,226		547,132
Varonis Systems, Inc.†#		5,128		91,535
				638,667
Computer Graphics — 0.1%
Monotype Imaging Holdings, Inc.		22,917		605,696
Computer Services — 1.9%
Barracuda Networks, Inc.†		4,629		88,090
CACI International, Inc., Class A†		13,840		1,387,598
Carbonite, Inc.†		10,377		101,176
Ciber, Inc.†		45,128		159,302
Convergys Corp.		56,574		1,457,346
Engility Holdings, Inc.		10,266		355,204
EPAM Systems, Inc.†		27,995		2,204,046
ExlService Holdings, Inc.†		19,061		891,483
Fleetmatics Group PLC†		21,882		1,306,355
Globant SA†#		8,747		307,545
Insight Enterprises, Inc.†		22,189		594,221
KEYW Holding Corp.†#		19,178		122,547
LivePerson, Inc.†		32,658		254,732
Luxoft Holding, Inc.†		10,505		813,822
Manhattan Associates, Inc.†		42,236		3,235,278
MAXIMUS, Inc.		37,719		2,140,553
Science Applications International Corp.		26,354		1,324,025
Sykes Enterprises, Inc.†		22,314		710,032
Syntel, Inc.†		17,964		869,997
TeleTech Holdings, Inc.		9,310		270,176
Unisys Corp.†		28,575		367,475
Virtusa Corp.†		16,971		835,822
				19,796,825
Computer Software — 0.4%
Apigee Corp.†		2,928		20,847
AVG Technologies NV†		23,447		494,497
Avid Technology, Inc.†		18,496		140,385
Blackbaud, Inc.		26,832		1,657,681
Code Rebel Corp.†#		614		2,296
Cornerstone OnDemand, Inc.†		30,876		1,108,757
Envestnet, Inc.†		22,168		719,810
Guidance Software, Inc.†#		10,897		66,472
Workiva, Inc.†		4,191		78,581
				4,289,326
Computers — 0.0%
Silicon Graphics International Corp.†		19,927		116,772

Security Description	Shares		Value (Note 2)
Computers - Integrated Systems — 0.5%
Agilysys, Inc.†		8,781	$	97,469
Cray, Inc.†		23,367		810,134
Diebold, Inc.		37,120		1,286,950
Mercury Systems, Inc.†		19,576		383,298
MTS Systems Corp.		8,532		542,806
NetScout Systems, Inc.†		52,532		1,738,809
Silver Spring Networks, Inc.†		20,859		278,051
Super Micro Computer, Inc.†		21,103		518,290
				5,655,807
Computers - Memory Devices — 0.1%
Datalink Corp.†		11,776		86,554
Imation Corp.†		20,110		39,214
Nimble Storage, Inc.†#		28,999		303,620
Quantum Corp.†		123,308		108,622
Violin Memory, Inc.†#		52,011		68,134
				606,144
Computers - Other — 0.1%
ExOne Co.†#		5,998		59,500
Stratasys, Ltd.†#		29,150		728,750
				788,250
Computers - Periphery Equipment — 0.1%
Electronics For Imaging, Inc.†		26,837		1,317,160
Immersion Corp.†		16,037		215,056
				1,532,216
Computers - Voice Recognition — 0.0%
Vocera Communications, Inc.†		14,727		193,366
Consulting Services — 0.6%
Advisory Board Co.†		24,290		1,307,774
CEB, Inc.		19,154		1,480,030
CRA International, Inc.†		5,245		119,691
Forrester Research, Inc.		5,753		187,778
Franklin Covey Co.†		7,034		107,831
FTI Consulting, Inc.†		23,812		890,093
Hackett Group, Inc.		13,708		259,630
Huron Consulting Group, Inc.†		13,258		769,097
ICF International, Inc.†		11,177		398,236
Navigant Consulting, Inc.†		27,613		483,227
NV5 Holdings, Inc.†		2,927		67,994
Pendrell Corp.†		95,160		50,739
Vectrus, Inc.†		6,028		145,636
				6,267,756
Consumer Products - Misc. — 0.4%
Central Garden & Pet Co., Class A†		24,209		382,260
CSS Industries, Inc.		5,349		155,174
Helen of Troy, Ltd.†		16,312		1,686,824
Tumi Holdings, Inc.†		32,109		567,045
Wausau Paper Corp.		23,469		240,323
WD-40 Co.		8,339		823,643
				3,855,269
Containers - Metal/Glass — 0.1%
Greif, Inc., Class A		17,630		625,336
Containers - Paper/Plastic — 0.4%
AEP Industries, Inc.†		2,269		206,888
Berry Plastics Group, Inc.†		68,348		2,485,133
KapStone Paper and Packaging Corp.		48,748		1,183,114
				3,875,135

211

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cosmetics & Toiletries — 0.1%
Elizabeth Arden, Inc.†#		14,944	$	153,176
Inter Parfums, Inc.		9,717		259,055
Revlon, Inc., Class A†		6,585		180,298
				592,529
Data Processing/Management — 0.5%
Acxiom Corp.†		44,749		1,024,752
Amber Road, Inc.†#		10,114		48,648
CommVault Systems, Inc.†		25,892		1,061,054
CSG Systems International, Inc.		18,747		669,830
Fair Isaac Corp.		17,775		1,693,069
Pegasystems, Inc.		20,464		604,507
				5,101,860
Decision Support Software — 0.1%
Castlight Health, Inc., Class B†#		19,312		77,248
Interactive Intelligence Group, Inc.†		9,904		341,292
QAD, Inc., Class A		5,854		135,871
				554,411
Diagnostic Equipment — 0.3%
Accelerate Diagnostics, Inc.†#		12,315		210,956
Affymetrix, Inc.†		44,263		419,171
BioTelemetry, Inc.†		15,485		195,266
Cepheid†		41,092		1,476,846
GenMark Diagnostics, Inc.†#		24,122		192,252
Genomic Health, Inc.†		10,183		308,749
Oxford Immunotec Global PLC†#		11,530		152,772
				2,956,012
Diagnostic Kits — 0.1%
Meridian Bioscience, Inc.		23,878		467,293
OraSure Technologies, Inc.†		32,295		201,844
Quidel Corp.†		16,473		357,299
				1,026,436
Direct Marketing — 0.0%
EVINE Live, Inc.†		28,560		53,122
Harte-Hanks, Inc.		27,608		103,806
				156,928
Disposable Medical Products — 0.4%
ICU Medical, Inc.†		8,091		917,843
Merit Medical Systems, Inc.†		25,204		488,201
STERIS PLC#		34,188		2,611,279
Utah Medical Products, Inc.		2,148		121,341
				4,138,664
Distribution/Wholesale — 0.6%
Beacon Roofing Supply, Inc.†		28,406		1,214,925
Core-Mark Holding Co., Inc.		13,219		1,127,448
Essendant, Inc.		21,934		794,449
H&E Equipment Services, Inc.		17,868		357,539
Pool Corp.		24,917		2,044,191
Rentrak Corp.†#		7,264		351,505
ScanSource, Inc.†		16,383		629,435
Titan Machinery, Inc.†#		9,917		124,657
Veritiv Corp.†		4,662		184,009
				6,828,158
Diversified Financial Services — 0.0%
On Deck Capital, Inc.†#		6,629		65,959
Diversified Manufacturing Operations — 0.7%
Actuant Corp., Class A		34,093		844,143
AZZ, Inc.		14,749		878,155

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
Barnes Group, Inc.		31,361	$	1,208,026
Blount International, Inc.†		27,836		161,449
Chase Corp.		3,959		175,780
EnPro Industries, Inc.#		13,065		655,079
Fabrinet†		20,279		485,277
Federal Signal Corp.		35,791		603,436
GP Strategies Corp.†		7,471		212,251
Handy & Harman, Ltd.†		1,499		34,522
Harsco Corp.		45,844		478,611
LSB Industries, Inc.†		11,296		80,315
Lydall, Inc.†		9,740		354,731
NL Industries, Inc.†		3,899		13,880
Park-Ohio Holdings Corp.		5,024		211,008
Raven Industries, Inc.#		21,638		360,705
Standex International Corp.		7,314		653,652
Tredegar Corp.		14,343		226,046
				7,637,066
Diversified Minerals — 0.1%
United States Lime & Minerals, Inc.		1,139		59,012
US Silica Holdings, Inc.#		30,563		650,075
				709,087
Diversified Operations — 0.1%
HRG Group, Inc.†		45,017		616,283
Resource America, Inc., Class A		9,142		53,389
Tiptree Financial, Inc., Class A#		17,138		117,738
				787,410
Diversified Operations/Commercial Services — 0.1%
Civeo Corp.		61,434		119,182
Viad Corp.		11,481		354,418
Volt Information Sciences, Inc.†		5,462		45,881
				519,481
Drug Delivery Systems — 0.4%
Antares Pharma, Inc.†#		88,584		116,045
BioDelivery Sciences International, Inc.†#		26,490		162,384
Catalent, Inc.†		47,870		1,333,179
Depomed, Inc.†#		34,325		667,278
Heron Therapeutics, Inc.†#		14,108		422,535
Nektar Therapeutics†#		75,289		1,179,026
Revance Therapeutics, Inc.†#		8,956		347,582
				4,228,029
E-Commerce/Products — 0.3%
1-800-flowers.com, Inc., Class A†		14,308		110,601
Blue Nile, Inc.†		6,794		247,709
Chegg, Inc.†#		43,692		317,204
Etsy, Inc.†		11,442		106,525
FTD Cos., Inc.†		10,453		277,214
Lands’ End, Inc.†#		9,410		226,216
Overstock.com, Inc.†		6,867		90,370
Shutterfly, Inc.†		21,515		987,539
Stamps.com, Inc.†		8,162		827,300
Wayfair, Inc., Class A†#		11,484		435,358
				3,626,036
E-Commerce/Services — 0.2%
Angie’s List, Inc.†		25,076		271,072
ChannelAdvisor Corp.†		12,409		162,682
GrubHub, Inc.†#		43,039		1,103,520
Quotient Technology, Inc.†#		34,946		242,525
RetailMeNot, Inc.†		21,993		214,652
TrueCar, Inc.†#		28,012		224,936
United Online, Inc.†		8,402		96,623
				2,316,010

212

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
E-Marketing/Info — 0.2%
comScore, Inc.†		19,698	$	829,286
Liquidity Services, Inc.†		13,788		94,034
Marketo, Inc.†		19,917		602,887
New Media Investment Group, Inc.		25,572		465,666
QuinStreet, Inc.†		20,367		99,595
Rocket Fuel, Inc.†#		15,112		52,741
Rubicon Project, Inc.†		14,697		216,781
				2,360,990
E-Services/Consulting — 0.0%
Perficient, Inc.†		20,284		354,564
Educational Software — 0.0%
2U, Inc.†#		13,715		330,806
Electric Products - Misc. — 0.1%
Graham Corp.		5,797		104,114
Littelfuse, Inc.		12,923		1,402,921
				1,507,035
Electric - Distribution — 0.2%
EnerNOC, Inc.†#		15,498		66,021
Genie Energy, Ltd.#		7,169		81,942
Spark Energy, Inc., Class A#		1,722		31,099
UIL Holdings Corp.		32,409		1,647,998
				1,827,060
Electric - Generation — 0.1%
Atlantic Power Corp.#		69,776		139,552
Talen Energy Corp.†		47,767		372,105
				511,657
Electric - Integrated — 1.4%
ALLETE, Inc.		27,907		1,421,862
Ameresco, Inc., Class A†		11,484		78,436
Avista Corp.		35,648		1,233,777
Black Hills Corp.		25,657		1,101,199
Cleco Corp.		34,621		1,734,858
El Paso Electric Co.		23,122		893,665
Empire District Electric Co.		24,959		568,317
IDACORP, Inc.		28,820		1,960,913
MGE Energy, Inc.		19,845		862,662
NorthWestern Corp.		26,927		1,468,329
Otter Tail Corp.		21,457		571,400
PNM Resources, Inc.		45,596		1,322,284
Portland General Electric Co.		44,847		1,655,751
Unitil Corp.		7,995		280,864
				15,154,317
Electronic Components - Misc. — 0.8%
AVX Corp.		26,448		356,783
Bel Fuse, Inc., Class B		5,929		122,849
Benchmark Electronics, Inc.†		29,995		643,693
CTS Corp.		19,003		360,677
GSI Group, Inc.†		19,695		282,229
Kimball Electronics, Inc.†		16,699		191,371
Knowles Corp.†#		48,720		802,418
Methode Electronics, Inc.		21,952		792,028
NVE Corp.		2,781		165,636
OSI Systems, Inc.†		11,340		1,061,764
Plexus Corp.†		19,237		715,616
Rogers Corp.†		10,662		590,995
Sanmina Corp.†		47,298		1,072,246
Sparton Corp.†		5,673		120,381
Stoneridge, Inc.†		16,038		234,636
Vishay Intertechnology, Inc.		77,530		924,158
Vishay Precision Group, Inc.†		7,213		86,772

Security Description	Shares		Value (Note 2)
Electronic Components - Misc. (continued)
ZAGG, Inc.†		16,902	$	174,429
				8,698,681
Electronic Components - Semiconductors — 2.1%
Advanced Micro Devices, Inc.†#		364,120		859,323
Alpha & Omega Semiconductor, Ltd.†		12,541		122,149
Ambarella, Inc.†#		17,933		1,126,372
Amkor Technology, Inc.†		56,621		385,023
Applied Micro Circuits Corp.†		46,350		339,282
Cavium, Inc.†		31,659		2,124,635
CEVA, Inc.†		11,796		299,500
Diodes, Inc.†		21,462		499,850
DSP Group, Inc.†		12,799		133,494
EMCORE Corp.†		14,220		103,095
Fairchild Semiconductor International, Inc.†		66,650		1,302,341
Inphi Corp.†		21,921		704,760
Integrated Silicon Solution, Inc.		18,182		416,186
Intersil Corp., Class A		75,463		1,092,704
InvenSense, Inc.†#		44,346		513,970
IXYS Corp.		14,205		180,830
Kopin Corp.†		38,064		109,244
Lattice Semiconductor Corp.†		66,862		420,562
Microsemi Corp.†		54,482		1,961,897
Monolithic Power Systems, Inc.		22,628		1,546,171
OmniVision Technologies, Inc.†		33,262		971,250
PMC-Sierra, Inc.†		99,861		1,181,356
QLogic Corp.†		49,950		644,355
Rambus, Inc.†#		66,101		788,585
Rovi Corp.†		50,612		597,728
Semtech Corp.†		38,003		763,860
Silicon Laboratories, Inc.†		24,449		1,322,935
Synaptics, Inc.†		21,084		1,892,711
				22,404,168
Electronic Design Automation — 0.1%
Mentor Graphics Corp.		57,248		1,072,255
Electronic Measurement Instruments — 0.2%
Badger Meter, Inc.#		8,288		504,159
ESCO Technologies, Inc.		14,935		585,900
FARO Technologies, Inc.†		9,949		299,365
Itron, Inc.†		22,011		791,296
Mesa Laboratories, Inc.		1,653		178,855
				2,359,575
Electronic Parts Distribution — 0.1%
Tech Data Corp.†		20,977		1,419,094
Electronic Security Devices — 0.1%
American Science & Engineering, Inc.		4,229		184,977
TASER International, Inc.†#		30,596		572,145
				757,122
Energy - Alternate Sources — 0.2%
Clean Energy Fuels Corp.†#		40,762		191,989
Enphase Energy, Inc.†#		15,784		26,359
FuelCell Energy, Inc.†#		143,517		124,027
FutureFuel Corp.		13,971		200,065
Green Plains, Inc.		21,723		514,618
Pacific Ethanol, Inc.†#		14,115		70,434
Pattern Energy Group, Inc.#		29,596		530,064
Plug Power, Inc.†#		99,282		218,420
Renewable Energy Group, Inc.†		25,150		226,602
REX American Resources Corp.†		3,784		237,824
Solazyme, Inc.†#		45,833		151,249
Vivint Solar, Inc.†#		11,828		95,689
				2,587,340

213

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Engineering/R&D Services — 0.3%
Argan, Inc.		7,422	$	291,759
EMCOR Group, Inc.		35,885		1,808,604
Exponent, Inc.		14,873		767,893
Mistras Group, Inc.†		9,592		206,516
VSE Corp.		2,381		147,122
				3,221,894
Engines - Internal Combustion — 0.1%
Briggs & Stratton Corp.		25,530		486,091
Power Solutions International, Inc.†#		2,662		62,664
				548,755
Enterprise Software/Service — 1.5%
Actua Corp.†		23,237		269,317
American Software, Inc., Class A		14,263		147,622
Benefitfocus, Inc.†#		4,512		182,826
Guidewire Software, Inc.†		40,163		2,382,871
Hortonworks, Inc.†#		4,334		73,635
ManTech International Corp., Class A		13,872		464,573
MedAssets, Inc.†		34,555		1,041,142
MicroStrategy, Inc., Class A†		5,316		921,635
MobileIron, Inc.†#		22,260		96,608
Model N, Inc.†		11,979		139,436
Omnicell, Inc.†		20,749		625,790
OPOWER, Inc.†#		14,966		140,531
Proofpoint, Inc.†#		22,566		1,654,314
PROS Holdings, Inc.†		13,680		336,391
Qlik Technologies, Inc.†		52,282		1,663,090
Sapiens International Corp. NV		13,673		148,762
SPS Commerce, Inc.†		9,461		703,142
SYNNEX Corp.		16,457		1,551,401
TubeMogul, Inc.†#		7,995		98,978
Tyler Technologies, Inc.†		19,275		3,439,431
				16,081,495
Entertainment Software — 0.2%
Glu Mobile, Inc.†#		68,883		232,825
Take-Two Interactive Software, Inc.†		48,433		1,713,075
				1,945,900
Environmental Consulting & Engineering — 0.1%
Tetra Tech, Inc.		34,494		958,588
TRC Cos., Inc.†		9,789		104,253
				1,062,841
Environmental Monitoring & Detection — 0.1%
MSA Safety, Inc.		16,768		786,419
Extended Service Contracts — 0.0%
James River Group Holdings, Ltd.		6,297		202,134
Filtration/Separation Products — 0.1%
CLARCOR, Inc.		28,713		1,516,908
Finance - Commercial — 0.0%
NewStar Financial, Inc.†		13,828		133,164
Finance - Consumer Loans — 0.3%
Encore Capital Group, Inc.†#		14,899		491,220
Enova International, Inc.†		14,922		112,213
Nelnet, Inc., Class A		13,586		448,338
Ocwen Financial Corp.†		61,498		438,481
PRA Group, Inc.†#		27,660		1,142,634
Regional Management Corp.†		6,171		96,885
World Acceptance Corp.†#		4,312		186,020
				2,915,791

Security Description	Shares		Value (Note 2)
Finance - Credit Card — 0.1%
Blackhawk Network Holdings, Inc.†		31,081	$	1,471,685
Finance - Investment Banker/Broker — 0.6%
Cowen Group, Inc., Class A†#		63,770		302,907
Diamond Hill Investment Group, Inc.		1,712		376,965
Evercore Partners, Inc., Class A		19,815		1,100,327
GAIN Capital Holdings, Inc.		18,472		152,579
Greenhill & Co., Inc.		16,764		444,414
INTL. FCStone, Inc.†		8,609		306,308
Investment Technology Group, Inc.		19,593		393,231
KCG Holdings, Inc., Class A†		24,853		320,852
Ladenburg Thalmann Financial Services, Inc.†		60,298		189,939
Moelis & Co.		10,070		297,166
Oppenheimer Holdings, Inc., Class A		5,932		106,183
Piper Jaffray Cos.†		9,145		370,647
RCS Capital Corp., Class A†#		28,190		15,504
Stifel Financial Corp.†		38,858		1,762,599
Virtu Financial, Inc., Class A		10,883		242,147
				6,381,768
Finance - Leasing Companies — 0.1%
Aircastle, Ltd.		35,721		748,712
Marlin Business Services Corp.		4,967		86,823
				835,535
Finance - Mortgage Loan/Banker — 0.3%
Arlington Asset Investment Corp., Class A#		13,087		182,171
Ellie Mae, Inc.†		16,832		1,074,555
Federal Agricultural Mtg. Corp., Class C		5,994		179,640
FNFV Group†		45,807		512,580
Impac Mortgage Holdings, Inc.†#		4,934		92,216
Nationstar Mtg. Holdings, Inc.†#		22,489		306,300
PennyMac Financial Services, Inc., Class A†		7,578		122,991
PHH Corp.†		28,425		482,372
Stonegate Mtg. Corp.†#		8,335		43,759
Walter Investment Management Corp.†#		21,599		314,050
				3,310,634
Finance - Other Services — 0.4%
BGC Partners, Inc., Class A		104,888		952,908
JG Wentworth Co.†#		8,296		15,762
MarketAxess Holdings, Inc.		21,364		2,281,248
WageWorks, Inc.†		20,456		870,198
				4,120,116
Financial Guarantee Insurance — 0.4%
MBIA, Inc.†		89,360		587,095
MGIC Investment Corp.†		194,420		1,854,767
NMI Holdings, Inc., Class A†		28,525		210,800
Radian Group, Inc.		109,575		1,561,443
				4,214,105
Firearms & Ammunition — 0.1%
Smith & Wesson Holding Corp.†		30,776		564,432
Sturm Ruger & Co., Inc.		10,700		557,470
				1,121,902
Food - Canned — 0.2%
Seneca Foods Corp., Class A†		4,648		128,006
TreeHouse Foods, Inc.†		24,543		2,121,988
				2,249,994
Food - Confectionery — 0.0%
Tootsie Roll Industries, Inc.#		10,666		341,845

214

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Dairy Products — 0.1%
Dean Foods Co.		54,013	$	1,013,284
Lifeway Foods, Inc.†		2,719		29,909
				1,043,193
Food - Flour & Grain — 0.3%
Post Holdings, Inc.†		31,394		2,182,511
Seaboard Corp.†		150		495,000
				2,677,511
Food - Misc./Diversified — 0.8%
B&G Foods, Inc.		33,177		1,253,427
Boulder Brands, Inc.†#		31,298		342,087
Cal-Maine Foods, Inc.#		17,927		977,201
Darling Ingredients, Inc.†		94,577		1,035,618
Diamond Foods, Inc.†		15,080		610,438
Inventure Foods, Inc.†#		11,191		84,604
J&J Snack Foods Corp.		8,523		994,464
John B. Sanfilippo & Son, Inc.		4,760		273,938
Lancaster Colony Corp.		10,601		1,232,472
Senomyx, Inc.†#		25,079		116,116
Snyder’s-Lance, Inc.		27,959		1,036,440
				7,956,805
Food - Retail — 0.3%
Fairway Group Holdings Corp.†#		11,777		9,804
Fresh Market, Inc.†#		24,671		591,611
Ingles Markets, Inc., Class A		7,636		415,933
Smart & Final Stores, Inc.†		13,897		244,170
SUPERVALU, Inc.†		149,856		1,007,032
Village Super Market, Inc., Class A		4,099		106,164
Weis Markets, Inc.		6,306		261,258
				2,635,972
Food - Wholesale/Distribution — 0.3%
Calavo Growers, Inc.		8,432		477,083
Chefs’ Warehouse, Inc.†#		10,792		211,307
Fresh Del Monte Produce, Inc.		19,076		833,812
SpartanNash Co.		21,530		465,479
United Natural Foods, Inc.†		28,664		1,258,636
				3,246,317
Footwear & Related Apparel — 0.4%
Crocs, Inc.†		44,067		490,245
Deckers Outdoor Corp.†#		19,788		968,425
Iconix Brand Group, Inc.†#		27,325		192,368
Steven Madden, Ltd.†		32,216		1,027,690
Weyco Group, Inc.		3,762		103,117
Wolverine World Wide, Inc.		59,085		1,074,756
				3,856,601
Forestry — 0.0%
Deltic Timber Corp.		6,290		412,372
Funeral Services & Related Items — 0.1%
Carriage Services, Inc.		9,315		229,987
Matthews International Corp., Class A		18,869		1,128,555
				1,358,542
Gambling (Non-Hotel) — 0.2%
Caesars Acquisition Co., Class A†		26,464		209,065
Isle of Capri Casinos, Inc.†		12,656		233,377
Pinnacle Entertainment, Inc.†		34,644		1,135,977
				1,578,419
Gas - Distribution — 1.2%
Chesapeake Utilities Corp.		8,716		464,476
Laclede Group, Inc.		24,797		1,447,153

Security Description	Shares		Value (Note 2)
Gas - Distribution (continued)
New Jersey Resources Corp.		48,989	$	1,472,119
Northwest Natural Gas Co.		15,646		763,525
ONE Gas, Inc.		30,106		1,467,668
Piedmont Natural Gas Co., Inc.		45,096		2,622,332
South Jersey Industries, Inc.		39,168		899,297
Southwest Gas Corp.		26,814		1,503,729
WGL Holdings, Inc.		28,466		1,755,214
				12,395,513
Golf — 0.0%
Callaway Golf Co.		44,684		450,415
Hazardous Waste Disposal — 0.1%
Heritage-Crystal Clean, Inc.†		7,194		78,415
US Ecology, Inc.		12,398		469,140
				547,555
Health Care Cost Containment — 0.1%
CorVel Corp.†		4,924		190,805
ExamWorks Group, Inc.†		23,664		625,203
HealthEquity, Inc.†		20,763		685,179
				1,501,187
Healthcare Safety Devices — 0.0%
Tandem Diabetes Care, Inc.†#		10,113		104,265
Unilife Corp.†#		66,282		49,360
				153,625
Heart Monitors — 0.0%
HeartWare International, Inc.†#		9,878		472,761
Home Furnishings — 0.3%
American Woodmark Corp.†		7,347		602,527
Bassett Furniture Industries, Inc.		6,157		193,083
Ethan Allen Interiors, Inc.		14,558		412,865
Flexsteel Industries, Inc.		3,360		161,213
Hooker Furniture Corp.		6,189		169,579
La-Z-Boy, Inc.		29,302		785,587
Select Comfort Corp.†		29,938		707,135
				3,031,989
Hotels/Motels — 0.3%
Belmond, Ltd., Class A†		55,456		560,105
Diamond Resorts International, Inc.†#		23,842		670,199
Interval Leisure Group, Inc.		22,403		349,935
La Quinta Holdings, Inc.†		53,601		803,479
Marcus Corp.		10,510		209,149
Morgans Hotel Group Co.†		15,520		48,733
				2,641,600
Housewares — 0.1%
Libbey, Inc.		12,504		313,725
Lifetime Brands, Inc.		6,162		85,714
NACCO Industries, Inc., Class A		2,370		100,156
				499,595
Human Resources — 0.9%
AMN Healthcare Services, Inc.†		27,223		803,079
Barrett Business Services, Inc.		4,088		182,529
CDI Corp.		8,176		55,924
Cross Country Healthcare, Inc.†		18,413		336,037
Heidrick & Struggles International, Inc.		10,487		302,655
Insperity, Inc.		11,090		478,644
Kelly Services, Inc., Class A		17,033		286,665
Kforce, Inc.		14,117		380,312
Korn/Ferry International		28,858		1,061,974
Monster Worldwide, Inc.†		52,093		335,479

215

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Human Resources (continued)
On Assignment, Inc.†		29,610	$	1,382,195
Patriot National, Inc.†		4,760		69,401
Paylocity Holding Corp.†		8,864		389,484
Resources Connection, Inc.		21,508		392,521
Team Health Holdings, Inc.†		41,225		2,273,147
TriNet Group, Inc.†		23,560		465,310
TrueBlue, Inc.†		24,008		703,194
				9,898,550
Identification Systems — 0.1%
Brady Corp., Class A		27,347		721,687
Checkpoint Systems, Inc.		24,082		151,476
Imprivata, Inc.†		5,213		62,139
				935,302
Import/Export — 0.0%
Castle Brands, Inc.†#		38,115		50,312
Independent Power Producers — 0.3%
Abengoa Yield PLC#		28,079		406,584
Dynegy, Inc.†		73,356		1,182,499
NRG Yield, Inc., Class A#		19,753		268,443
NRG Yield, Inc., Class C#		19,798		279,944
Ormat Technologies, Inc.		21,292		782,481
				2,919,951
Industrial Audio & Video Products — 0.1%
IMAX Corp.†		34,574		1,309,663
Industrial Automated/Robotic — 0.0%
Hurco Cos., Inc.		3,743		99,751
Instruments - Controls — 0.3%
Allied Motion Technologies, Inc.		3,573		85,323
Control4 Corp.†#		11,923		86,799
Watts Water Technologies, Inc., Class A		16,125		895,099
Woodward, Inc.		37,392		1,885,679
				2,952,900
Instruments - Scientific — 0.2%
FEI Co.		23,790		1,903,438
Fluidigm Corp.†		16,477		187,343
				2,090,781
Insurance Brokers — 0.0%
Crawford & Co., Class B		16,276		97,331
eHealth, Inc.†		10,252		132,763
				230,094
Insurance - Life/Health — 0.7%
American Equity Investment Life Holding Co.		44,110		1,182,589
CNO Financial Group, Inc.		112,734		2,280,609
FBL Financial Group, Inc., Class A		5,504		376,033
Fidelity & Guaranty Life		6,444		165,482
Independence Holding Co.		4,037		61,080
Kansas City Life Insurance Co.		2,112		105,431
National Western Life Group, Inc., Class A		1,276		335,907
Primerica, Inc.		29,395		1,506,200
Symetra Financial Corp.		42,991		1,353,357
Trupanion, Inc.†#		9,351		76,491
				7,443,179
Insurance - Multi-line — 0.2%
Citizens, Inc.†#		28,095		260,721
Horace Mann Educators Corp.		23,550		822,601
Kemper Corp.		24,897		1,023,516
United Fire Group, Inc.		11,589		463,908
				2,570,746

Security Description	Shares		Value (Note 2)
Insurance - Property/Casualty — 1.2%
Ambac Financial Group, Inc.†		25,762	$	434,863
AMERISAFE, Inc.		10,864		584,918
Atlas Financial Holdings, Inc.†		5,942		124,604
Baldwin & Lyons, Inc., Class B		5,378		126,114
Donegal Group, Inc., Class A		4,876		67,874
EMC Insurance Group, Inc.		6,000		156,720
Employers Holdings, Inc.		18,256		500,397
Enstar Group, Ltd.†		5,202		801,680
Federated National Holding Co.		8,113		231,951
First American Financial Corp.		62,050		2,447,252
Global Indemnity PLC†		4,753		139,453
Hallmark Financial Services, Inc.†		8,092		103,173
HCI Group, Inc.#		4,907		192,011
Heritage Insurance Holdings, Inc.†		14,138		317,539
Infinity Property & Casualty Corp.		6,563		561,136
National General Holdings Corp.		20,415		447,293
National Interstate Corp.		4,081		106,677
Navigators Group, Inc.†		6,072		523,771
OneBeacon Insurance Group, Ltd., Class A		13,001		180,194
RLI Corp.		24,723		1,500,686
Safety Insurance Group, Inc.		8,639		483,870
Selective Insurance Group, Inc.		32,599		1,124,991
State Auto Financial Corp.		8,580		199,142
Stewart Information Services Corp.		13,137		569,358
Third Point Reinsurance, Ltd.†		48,316		686,570
United Insurance Holdings Corp.		9,811		185,820
Universal Insurance Holdings, Inc.#		18,334		362,097
				13,160,154
Insurance - Reinsurance — 0.3%
Argo Group International Holdings, Ltd.		15,990		1,015,845
Essent Group, Ltd.†		31,816		786,492
Greenlight Capital Re, Ltd., Class A†		16,556		341,219
Maiden Holdings, Ltd.		28,954		446,181
State National Cos., Inc.		17,882		180,787
				2,770,524
Internet Application Software — 0.2%
Bazaarvoice, Inc.†		34,925		161,703
Box, Inc., Class A†#		7,396		103,544
Connecture, Inc.†#		3,802		13,573
Intralinks Holdings, Inc.†		23,003		235,321
Lionbridge Technologies, Inc.†		36,828		195,188
RealNetworks, Inc.†		13,274		54,954
Textura Corp.†#		11,329		273,595
VirnetX Holding Corp.†#		25,913		67,374
Zendesk, Inc.†		30,763		787,841
				1,893,093
Internet Connectivity Services — 0.1%
Boingo Wireless, Inc.†		20,966		138,795
Cogent Communications Holdings, Inc.		26,360		884,641
Internap Corp.†		31,466		225,926
				1,249,362
Internet Content - Entertainment — 0.1%
Global Eagle Entertainment, Inc.†		26,534		287,363
Limelight Networks, Inc.†		34,838		58,876
Shutterstock, Inc.†#		11,238		407,603
				753,842
Internet Content - Information/News — 0.2%
Bankrate, Inc.†		38,198		556,927
DHI Group, Inc.†		25,449		237,185
HealthStream, Inc.†		14,452		347,137
MaxPoint Interactive, Inc.†		3,922		6,354

216

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Content - Information/News (continued)
Reis, Inc.		4,876	$	122,046
Travelzoo, Inc.†		3,985		33,872
WebMD Health Corp.†		21,632		984,040
XO Group, Inc.†		15,142		254,991
				2,542,552
Internet Incubators — 0.0%
ModusLink Global Solutions, Inc.†#		21,605		58,981
Safeguard Scientifics, Inc.†		11,854		193,102
				252,083
Internet Security — 0.1%
Corindus Vascular Robotics, Inc.†#		12,885		41,232
VASCO Data Security International, Inc.†#		16,801		313,843
Zix Corp.†		32,926		184,715
				539,790
Internet Telephone — 0.4%
8x8, Inc.†		50,461		595,440
j2 Global, Inc.		27,595		2,220,570
RingCentral, Inc.†		30,671		702,672
TeleCommunication Systems, Inc., Class A†		28,751		141,455
				3,660,137
Investment Companies — 0.0%
6D Global Technologies, Inc.†#(8)		11,326		32,959
Acacia Research Corp.		29,223		172,708
Real Industry, Inc.†		14,011		144,033
				349,700
Investment Management/Advisor Services — 0.5%
Altisource Asset Management Corp.†#		517		8,768
Ashford, Inc.†		615		38,025
Calamos Asset Management, Inc., Class A		10,199		96,993
CIFC Corp.#		3,467		24,269
Cohen & Steers, Inc.		11,606		359,322
Financial Engines, Inc.#		29,681		1,069,406
GAMCO Investors, Inc., Class A		3,614		236,681
Janus Capital Group, Inc.		84,046		1,327,086
Medley Management, Inc.#		3,432		20,420
OM Asset Management PLC		14,095		228,480
Pzena Investment Management, Inc., Class A		7,194		69,782
Virtus Investment Partners, Inc.		3,919		533,925
Westwood Holdings Group, Inc.		4,409		257,265
WisdomTree Investments, Inc.#		65,313		1,420,558
ZAIS Group Holdings, Inc.†		2,168		21,680
				5,712,660
Lasers - System/Components — 0.2%
Applied Optoelectronics, Inc.†#		8,553		160,369
Coherent, Inc.†		13,642		926,564
II-VI, Inc.†		30,019		558,954
Newport Corp.†		22,808		378,385
Rofin-Sinar Technologies, Inc.†		16,121		463,317
				2,487,589
Leisure Games — 0.0%
Intrawest Resorts Holdings, Inc.†		10,330		95,036
Leisure Products — 0.0%
Escalade, Inc.		5,708		68,496
Johnson Outdoors, Inc., Class A		2,894		69,456
Marine Products Corp.		6,116		42,934
				180,886

Security Description	Shares		Value (Note 2)
Lighting Products & Systems — 0.1%
Universal Display Corp.†		23,020	$	1,209,931
Linen Supply & Related Items — 0.2%
G&K Services, Inc., Class A		11,444		762,971
UniFirst Corp.		8,505		923,473
				1,686,444
Machinery - Construction & Mining — 0.1%
Astec Industries, Inc.		10,849		437,215
Hyster-Yale Materials Handling, Inc.		5,428		313,901
				751,116
Machinery - Electrical — 0.1%
Franklin Electric Co., Inc.		27,263		889,046
Machinery - Farming — 0.1%
Alamo Group, Inc.		5,539		316,720
Lindsay Corp.#		6,759		471,508
				788,228
Machinery - General Industrial — 0.4%
Albany International Corp., Class A		16,203		631,269
Altra Industrial Motion Corp.		15,115		423,522
Applied Industrial Technologies, Inc.		22,988		980,438
Chart Industries, Inc.†		17,484		372,934
DXP Enterprises, Inc.†		7,206		235,997
Kadant, Inc.		6,277		271,857
Tennant Co.		10,534		655,952
Twin Disc, Inc.		4,786		55,278
Xerium Technologies, Inc.†		6,302		73,355
				3,700,602
Machinery - Material Handling — 0.0%
Columbus McKinnon Corp.		11,488		237,112
Machinery - Pumps — 0.0%
Gorman-Rupp Co.		10,907		350,224
Marine Services — 0.0%
Great Lakes Dredge & Dock Corp.†		34,575		156,625
Medical Imaging Systems — 0.1%
Analogic Corp.		7,102		593,372
iRadimed Corp.†#		1,610		49,926
				643,298
Medical Information Systems — 0.2%
Computer Programs & Systems, Inc.#		6,478		315,608
Everyday Health, Inc.†		12,359		76,008
Medidata Solutions, Inc.†		31,642		1,450,153
Press Ganey Holdings, Inc.†		5,859		189,187
Quality Systems, Inc.		28,598		464,717
				2,495,673
Medical Instruments — 0.8%
Abaxis, Inc.		12,902		685,999
AngioDynamics, Inc.†		14,437		171,800
AtriCure, Inc.†		16,240		348,835
Cardiovascular Systems, Inc.†#		18,151		290,416
CONMED Corp.		15,798		671,415
CryoLife, Inc.		14,595		158,502
Endologix, Inc.†#		38,592		392,867
Entellus Medical, Inc.†		3,093		53,942
Integra LifeSciences Holdings Corp.†		14,661		919,391
LivaNova PLC†		14,902		891,885
Natus Medical, Inc.†		18,870		920,479
Navidea Biopharmaceuticals, Inc.†#		86,282		129,423
NuVasive, Inc.†		27,680		1,443,235

217

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Instruments (continued)
Spectranetics Corp.†#		24,265	$	335,585
SurModics, Inc.†		7,448		156,855
TransEnterix, Inc.†#		19,898		52,332
Vascular Solutions, Inc.†		9,882		351,206
				7,974,167
Medical Labs & Testing Services — 0.0%
Invitae Corp.†#		4,189		32,213
Medical Laser Systems — 0.1%
Cutera, Inc.†		8,289		117,870
Cynosure, Inc., Class A†		12,686		533,573
				651,443
Medical Products — 1.6%
ABIOMED, Inc.†		23,892		1,948,870
Accuray, Inc.†#		45,215		318,314
Atrion Corp.		813		342,192
Cantel Medical Corp.		19,664		1,274,817
Cerus Corp.†#		54,593		309,542
Exactech, Inc.†		5,835		102,288
Globus Medical, Inc., Class A†		39,288		1,065,883
Greatbatch, Inc.†		14,607		847,790
Haemonetics Corp.†		29,585		953,820
Halyard Health, Inc.†		26,639		852,182
Hanger, Inc.†		20,202		314,545
Intersect ENT, Inc.†#		8,025		158,173
Invacare Corp.		18,528		369,078
InVivo Therapeutics Holdings Corp.†#		15,205		146,728
K2M Group Holdings, Inc.†		10,084		203,798
LDR Holding Corp.†		13,294		359,204
LeMaitre Vascular, Inc.		6,801		104,939
Luminex Corp.†		24,628		529,995
Medgenics, Inc.†		9,633		66,660
MiMedx Group, Inc.†#		62,183		557,160
NanoString Technologies, Inc.†#		7,298		111,222
Nevro Corp.†#		8,680		524,098
NxStage Medical, Inc.†		36,199		706,243
Orthofix International NV†		10,742		424,954
Rockwell Medical, Inc.†#		28,776		349,053
SeaSpine Holdings Corp.†		4,887		80,538
Sientra, Inc.†		3,841		18,590
T2 Biosystems, Inc.†#		5,203		61,343
West Pharmaceutical Services, Inc.		41,185		2,596,714
Wright Medical Group NV†		51,086		1,094,262
Zeltiq Aesthetics, Inc.†#		18,443		560,298
				17,353,293
Medical - Biomedical/Gene — 3.7%
Abeona Therapeutics, Inc.†#		5,914		27,500
Acceleron Pharma, Inc.†		12,427		532,745
Achillion Pharmaceuticals, Inc.†#		67,294		685,053
Acorda Therapeutics, Inc.†#		24,495		935,464
Aduro Biotech, Inc.†#		4,779		148,101
Advaxis, Inc.†#		17,350		209,414
Aegerion Pharmaceuticals, Inc.†#		14,354		146,985
Affimed NV†#		8,756		65,320
Agenus, Inc.†#		43,730		223,460
Alder Biopharmaceuticals, Inc.†		11,780		438,923
AMAG Pharmaceuticals, Inc.†		17,478		465,264
ANI Pharmaceuticals, Inc.†#		4,511		197,672
Applied Genetic Technologies Corp.†		5,035		85,796
Aratana Therapeutics, Inc.†		16,967		99,427
Ardelyx, Inc.†		6,850		133,986
Arena Pharmaceuticals, Inc.†#		138,551		331,137
ARIAD Pharmaceuticals, Inc.†#		95,838		614,322

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Assembly Biosciences, Inc.†#		8,212	$	80,724
Asterias Biotherapeutics, Inc.†#		5,981		28,709
Atara Biotherapeutics, Inc.†#		8,295		325,993
Avalanche Biotechnologies, Inc.†#		11,190		117,271
Bellicum Pharmaceuticals, Inc.†#		4,735		109,047
BioCryst Pharmaceuticals, Inc.†		41,513		440,453
BioTime, Inc.†#		29,810		104,931
Blueprint Medicines Corp.†#		5,363		124,207
Cambrex Corp.†		17,923		961,210
Celldex Therapeutics, Inc.†#		56,374		1,015,296
Cellular Biomedicine Group, Inc.†		5,632		129,367
ChemoCentryx, Inc.†#		16,013		120,898
Coherus Biosciences, Inc.†#		13,499		409,965
Corium International, Inc.†#		4,974		40,787
CTI BioPharma Corp.†#		94,181		115,843
Curis, Inc.†		63,665		174,442
Cytokinetics, Inc.†		19,858		234,722
CytRx Corp.†#		31,898		99,841
Dermira, Inc.†		7,354		226,577
Dynavax Technologies Corp.†		16,774		467,827
Emergent BioSolutions, Inc.†		17,376		654,554
Endocyte, Inc.†#		21,488		99,489
Epizyme, Inc.†#		16,627		267,861
Esperion Therapeutics, Inc.†#		7,511		213,388
Exact Sciences Corp.†#		50,897		462,654
Exelixis, Inc.†#		112,212		641,853
Fibrocell Science, Inc.†#		14,059		82,948
Five Prime Therapeutics, Inc.†		12,312		473,396
Foundation Medicine, Inc.†#		6,823		116,059
Galena Biopharma, Inc.†#		92,571		138,856
Genocea Biosciences, Inc.†#		10,636		68,070
Geron Corp.†#		90,494		461,519
Halozyme Therapeutics, Inc.†		60,715		1,080,727
Harvard Bioscience, Inc.†		19,149		60,702
Idera Pharmaceuticals, Inc.†#		48,927		189,837
ImmunoGen, Inc.†		49,335		669,476
Immunomedics, Inc.†#		55,219		181,671
Infinity Pharmaceuticals, Inc.†#		28,073		247,604
Inovio Pharmaceuticals, Inc.†#		41,106		304,595
Insmed, Inc.†		35,206		574,210
Karyopharm Therapeutics, Inc.†#		13,220		247,214
Kite Pharma, Inc.†#		16,508		1,359,764
Lexicon Pharmaceuticals, Inc.†#		23,781		327,227
Ligand Pharmaceuticals, Inc.†		10,042		1,075,297
Lion Biotechnologies, Inc.†#		25,777		187,657
Loxo Oncology, Inc.†		4,455		146,703
MacroGenics, Inc.†		16,098		556,669
Medicines Co.†#		37,912		1,592,683
Merrimack Pharmaceuticals, Inc.†#		62,981		592,651
Momenta Pharmaceuticals, Inc.†		34,969		624,546
Myriad Genetics, Inc.†		39,756		1,729,386
NeoGenomics, Inc.†		30,646		244,249
NewLink Genetics Corp.†#		11,906		435,760
Novavax, Inc.†#		153,429		1,313,352
Ocata Therapeutics, Inc.†#		20,417		175,178
Omeros Corp.†#		21,656		343,248
OncoMed Pharmaceuticals, Inc.†#		9,682		221,234
Oncothyreon, Inc.†		58,560		207,888
Organovo Holdings, Inc.†#		46,646		158,130
Otonomy, Inc.†#		8,456		223,154
OvaScience, Inc.†#		13,436		126,701
Pacific Biosciences of California, Inc.†#		34,670		354,674
Paratek Pharmaceuticals, Inc.†#		6,980		144,277
PDL BioPharma, Inc.#		93,931		355,529
Peregrine Pharmaceuticals, Inc.†#		107,808		139,072

218

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Pfenex, Inc.†		9,339	$	144,007
Prothena Corp. PLC†		17,909		1,263,301
PTC Therapeutics, Inc.†#		19,376		582,055
Repligen Corp.†		18,805		534,626
Retrophin, Inc.†		20,013		447,291
Rigel Pharmaceuticals, Inc.†		50,456		165,496
RTI Surgical, Inc.†		32,835		128,713
Sage Therapeutics, Inc.†#		7,892		378,185
Sangamo BioSciences, Inc.†#		39,831		329,801
Second Sight Medical Products, Inc.†#		6,766		34,236
Sequenom, Inc.†#		67,602		120,332
Spark Therapeutics, Inc.†#		4,609		266,354
Spectrum Pharmaceuticals, Inc.†#		38,350		230,100
Stemline Therapeutics, Inc.†		8,943		73,690
Theravance Biopharma, Inc.†		14,598		274,004
Theravance, Inc.#		48,740		450,845
Tobira Therapeutics, Inc.†#		1,378		18,465
Tokai Pharmaceuticals, Inc.†#		5,428		62,422
Trius Therapeutics, Inc. CVR(1)(2)		24,953		0
Trovagene, Inc.†#		13,999		90,434
Ultragenyx Pharmaceutical, Inc.†		20,552		2,020,673
Veracyte, Inc.†#		7,718		55,492
Verastem, Inc.†#		18,493		41,979
Versartis, Inc.†		12,877		162,894
XBiotech, Inc.†		2,309		17,248
XOMA Corp.†#		52,182		69,402
Zeneca, Inc. CVR(1)(2)		3,950		2,429
ZIOPHARM Oncology, Inc.†#		65,653		858,741
				39,363,606
Medical - Drugs — 2.5%
ACADIA Pharmaceuticals, Inc.†		45,623		1,731,393
Adamas Pharmaceuticals, Inc.†		5,950		95,021
Aerie Pharmaceuticals, Inc.†#		11,743		322,228
Agile Therapeutics, Inc.†#		5,959		53,154
Alimera Sciences, Inc.†#		17,409		53,620
Amicus Therapeutics, Inc.†		55,194		592,232
Anacor Pharmaceuticals, Inc.†		23,459		2,738,369
Anthera Pharmaceuticals, Inc.†#		20,502		116,656
Array BioPharma, Inc.†#		80,748		319,762
BioSpecifics Technologies Corp.†		2,819		136,581
Carbylan Therapeutics, Inc.†		7,022		28,018
Catalyst Pharmaceuticals, Inc.†		43,121		117,074
Cempra, Inc.†#		18,215		581,241
Chimerix, Inc.†		23,651		955,500
Cidara Therapeutics, Inc.†#		2,757		42,513
Clovis Oncology, Inc.†#		14,236		447,722
Collegium Pharmaceutical, Inc.†		3,818		72,504
Corcept Therapeutics, Inc.†#		35,429		187,065
Dicerna Pharmaceuticals, Inc.†#		8,648		115,537
Durata Therapeutics CVR(1)(2)		9,546		0
Durect Corp.†		64,357		151,883
Eagle Pharmaceuticals, Inc.†#		4,911		450,044
Enanta Pharmaceuticals, Inc.†#		9,164		288,666
FibroGen, Inc.†		27,394		814,698
Foamix Pharmaceuticals, Ltd.†#		12,948		103,455
Furiex Pharmaceuticals CVR(1)(2)		4,550		0
Ignyta, Inc.†#		10,505		154,423
Immune Design Corp.†#		6,479		135,605
Insys Therapeutics, Inc.†#		13,468		429,090
Intra-Cellular Therapies, Inc.†		12,421		662,412
Ironwood Pharmaceuticals, Inc.†#		72,091		879,510
Keryx Biopharmaceuticals, Inc.†#		59,302		342,173
Lannett Co., Inc.†#		15,184		561,201
Ophthotech Corp.†		13,564		862,263

Security Description	Shares		Value (Note 2)
Medical - Drugs (continued)
Orexigen Therapeutics, Inc.†#		58,572	$	139,987
Pacira Pharmaceuticals, Inc.†#		20,861		1,350,750
Pernix Therapeutics Holdings, Inc.†#		24,924		74,772
PharMerica Corp.†		17,395		591,778
POZEN, Inc.†		16,595		125,956
PRA Health Sciences, Inc.†		11,388		515,649
Prestige Brands Holdings, Inc.†		29,936		1,523,443
Progenics Pharmaceuticals, Inc.†#		39,867		267,906
Radius Health, Inc.†		16,747		1,018,385
Raptor Pharmaceutical Corp.†#		46,069		291,156
Regulus Therapeutics, Inc.†#		16,193		163,064
Relypsa, Inc.†#		18,661		420,059
Sagent Pharmaceuticals, Inc.†		12,669		194,216
SciClone Pharmaceuticals, Inc.†		28,394		260,373
Sorrento Therapeutics, Inc.†#		16,238		130,066
Sucampo Pharmaceuticals, Inc., Class A†		14,232		244,079
Supernus Pharmaceuticals, Inc.†		19,662		317,738
Synergy Pharmaceuticals, Inc.†#		57,269		359,649
Synta Pharmaceuticals Corp.†#		52,018		22,258
TESARO, Inc.†#		13,320		679,853
Tetraphase Pharmaceuticals, Inc.†#		20,682		221,918
TG Therapeutics, Inc.†#		20,233		266,671
TherapeuticsMD, Inc.†#		72,756		546,398
Trevena, Inc.†		14,175		178,463
Vanda Pharmaceuticals, Inc.†#		23,927		235,920
VIVUS, Inc.†#		59,427		74,284
XenoPort, Inc.†#		33,626		203,101
Zogenix, Inc.†		10,973		169,313
ZS Pharma, Inc.†		10,397		935,314
				26,064,132
Medical - Generic Drugs — 0.2%
Amphastar Pharmaceuticals, Inc.†		18,186		279,155
Impax Laboratories, Inc.†		41,044		1,808,398
Teligent, Inc.†#		23,664		200,671
				2,288,224
Medical - HMO — 0.4%
Magellan Health, Inc.†		15,642		823,551
Molina Healthcare, Inc.†		20,166		1,215,203
Triple-S Management Corp., Class B†		13,826		365,560
Universal American Corp.		28,529		213,397
WellCare Health Plans, Inc.†		25,211		2,079,403
				4,697,114
Medical - Hospitals — 0.1%
Adeptus Health, Inc., Class A†#		3,546		213,079
Select Medical Holdings Corp.		60,110		725,528
				938,607
Medical - Nursing Homes — 0.2%
Ensign Group, Inc.		14,568		693,000
Genesis Healthcare, Inc.†		20,982		102,392
Kindred Healthcare, Inc.		47,772		637,756
National HealthCare Corp.		5,770		398,707
				1,831,855
Medical - Outpatient/Home Medical — 0.6%
Addus HomeCare Corp.†		3,686		84,004
Air Methods Corp.†		22,478		982,288
Almost Family, Inc.†		4,113		174,268
Amedisys, Inc.†		16,156		655,772
Amsurg Corp.†		27,713		2,329,555
Chemed Corp.		9,775		1,510,140
Civitas Solutions, Inc.†		6,697		175,528
LHC Group, Inc.†		7,447		346,658

219

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Outpatient/Home Medical (continued)
Nobilis Health Corp.†#		18,298	$	46,294
Providence Service Corp.†		7,828		379,032
				6,683,539
Medical - Wholesale Drug Distribution — 0.1%
Owens & Minor, Inc.		36,122		1,391,058
Metal Processors & Fabrication — 0.5%
CIRCOR International, Inc.		9,816		446,137
Global Brass & Copper Holdings, Inc.		12,301		286,121
Haynes International, Inc.		7,124		278,548
LB Foster Co., Class A		5,948		73,755
Mueller Industries, Inc.		32,611		1,026,920
NN, Inc.		10,956		186,800
RBC Bearings, Inc.†		13,391		945,673
Rexnord Corp.†		58,283		1,190,722
Sun Hydraulics Corp.		13,004		428,222
				4,862,898
Metal Products - Distribution — 0.0%
Lawson Products, Inc.†		3,314		92,726
Olympic Steel, Inc.		5,210		58,664
				151,390
Metal - Aluminum — 0.1%
Century Aluminum Co.†#		28,211		105,227
Kaiser Aluminum Corp.		9,819		841,685
				946,912
Metal - Iron — 0.0%
Cliffs Natural Resources, Inc.#		87,742		196,542
Miscellaneous Manufacturing — 0.3%
American Railcar Industries, Inc.#		5,413		305,997
FreightCar America, Inc.		7,052		171,011
Hillenbrand, Inc.		36,022		1,091,107
John Bean Technologies Corp.		16,730		818,097
TriMas Corp.†		25,926		560,779
				2,946,991
Motion Pictures & Services — 0.1%
DreamWorks Animation SKG, Inc., Class A†		43,476		1,071,249
Eros International PLC†#		16,192		157,386
				1,228,635
MRI/Medical Diagnostic Imaging — 0.1%
Alliance HealthCare Services, Inc.†		2,896		26,093
RadNet, Inc.†		19,682		122,029
Surgical Care Affiliates, Inc.†		12,319		457,897
				606,019
Multimedia — 0.3%
E.W. Scripps Co., Class A		33,852		742,713
Entravision Communications Corp., Class A		36,478		306,050
Martha Stewart Living Omnimedia, Inc., Class A†		17,650		107,136
Media General, Inc.†		54,853		851,867
Meredith Corp.		21,034		981,236
				2,989,002
Networking Products — 0.8%
A10 Networks, Inc.†		19,411		149,659
Anixter International, Inc.†		16,331		1,113,121
Black Box Corp.		8,795		99,471
Calix, Inc.†		25,429		201,398
Extreme Networks, Inc.†		57,273		253,147
Gigamon, Inc.†		15,657		424,148
Infinera Corp.†		74,201		1,671,007

Security Description	Shares		Value (Note 2)
Networking Products (continued)
Infoblox, Inc.†		32,434	$	487,807
Ixia†		34,706		453,260
LogMeIn, Inc.†		14,096		1,006,736
NeoPhotonics Corp.†		15,983		165,904
NETGEAR, Inc.†		19,843		875,275
Polycom, Inc.†		77,310		1,053,735
Ruckus Wireless, Inc.†		43,135		493,896
				8,448,564
Non-Ferrous Metals — 0.1%
Energy Fuels, Inc.†#		25,013		46,774
Globe Specialty Metals, Inc.		37,195		378,273
Horsehead Holding Corp.†#		32,433		79,785
Materion Corp.		11,535		334,746
Uranium Energy Corp.†#		52,660		56,873
				896,451
Non-Hazardous Waste Disposal — 0.0%
Casella Waste Systems, Inc., Class A†		22,661		153,642
Office Automation & Equipment — 0.0%
Eastman Kodak Co.†		10,046		131,000
Office Furnishings-Original — 0.5%
Herman Miller, Inc.		34,148		1,082,833
HNI Corp.		25,465		1,127,081
Interface, Inc.		37,824		751,941
Kimball International, Inc., Class B		19,658		243,169
Knoll, Inc.		27,941		622,526
Steelcase, Inc., Class A		47,675		953,500
				4,781,050
Office Supplies & Forms — 0.0%
ACCO Brands Corp.†		62,918		485,727
Oil & Gas Drilling — 0.1%
Atwood Oceanics, Inc.#		37,005		587,639
North Atlantic Drilling, Ltd.†#		40,917		22,464
Parker Drilling Co.†		70,000		192,500
				802,603
Oil Companies - Exploration & Production — 1.0%
Abraxas Petroleum Corp.†		53,751		70,951
Approach Resources, Inc.†#		20,683		46,123
Bill Barrett Corp.†#		28,643		179,878
Bonanza Creek Energy, Inc.†		28,451		241,549
Callon Petroleum Co.†		37,707		357,839
Carrizo Oil & Gas, Inc.†		29,452		1,189,272
Clayton Williams Energy, Inc.†#		3,376		190,440
Contango Oil & Gas Co.†		9,971		76,876
DLB Oil & Gas, Inc.(1)(2)		3,000		0
Earthstone Energy, Inc.†#		744		11,525
Eclipse Resources Corp.†#		27,501		69,852
Energy XXI, Ltd.#		54,057		84,869
Erin Energy Corp.†#		7,939		31,518
Evolution Petroleum Corp.		14,089		86,647
EXCO Resources, Inc.†#		90,378		114,780
Fairmount Santrol Holdings, Inc.†#		36,619		107,294
Gastar Exploration, Inc.†#		46,450		51,095
Halcon Resources Corp.†#		210,211		128,229
Isramco, Inc.†		511		47,012
Jones Energy, Inc., Class A†#		16,580		93,014
Matador Resources Co.†#		41,877		1,076,239
Northern Oil and Gas, Inc.†#		35,270		180,935
Oasis Petroleum, Inc.†#		79,682		915,546
Panhandle Oil and Gas, Inc., Class A		9,463		179,135
Parsley Energy, Inc., Class A†		47,775		938,779

220

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Exploration & Production (continued)
PDC Energy, Inc.†		22,926	$	1,295,090
Penn Virginia Corp.†#		41,019		18,397
Rex Energy Corp.†#		27,533		37,720
Ring Energy, Inc.†		11,866		118,304
RSP Permian, Inc.†		31,326		889,032
Sanchez Energy Corp.†#		30,185		150,925
SandRidge Energy, Inc.†#		247,848		74,478
Seventy Seven Energy, Inc.†#		32,175		35,714
Stone Energy Corp.†		32,737		238,653
Synergy Resources Corp.†#		59,571		678,514
TransAtlantic Petroleum, Ltd.†		14,781		22,910
Triangle Petroleum Corp.†#		26,693		20,447
Ultra Petroleum Corp.†#		87,693		351,649
Unit Corp.†		28,851		521,338
W&T Offshore, Inc.		20,032		75,120
				10,997,688
Oil Field Machinery & Equipment — 0.2%
Exterran Corp.†		19,866		325,206
Flotek Industries, Inc.†#		30,618		349,658
Forum Energy Technologies, Inc.†		33,955		531,735
Natural Gas Services Group, Inc.†		7,289		169,251
Thermon Group Holdings, Inc.†		18,359		334,317
				1,710,167
Oil Refining & Marketing — 0.3%
Adams Resources & Energy, Inc.		1,221		52,405
Alon USA Energy, Inc.		17,877		314,456
Delek US Holdings, Inc.		32,836		909,229
Par Pacific Holdings, Inc.†		9,169		229,684
Trecora Resources†		11,568		167,273
Western Refining, Inc.		40,718		1,842,897
				3,515,944
Oil - Field Services — 0.6%
Archrock, Inc.		39,733		419,978
Basic Energy Services, Inc.†#		24,406		97,380
Bristow Group, Inc.		19,943		609,259
C&J Energy Services, Ltd.†#		32,282		192,401
CARBO Ceramics, Inc.#		11,234		209,402
Era Group, Inc.†		11,782		138,910
Gulfmark Offshore, Inc., Class A#		14,675		94,947
Helix Energy Solutions Group, Inc.†		60,628		392,869
Independence Contract Drilling, Inc.†		9,482		57,840
Key Energy Services, Inc.†#		76,165		40,535
Matrix Service Co.†		15,295		351,632
McDermott International, Inc.†#		136,584		605,067
MRC Global, Inc.†		58,959		872,003
Newpark Resources, Inc.†		48,146		312,949
Oil States International, Inc.†		29,533		936,787
PHI, Inc.†		7,183		153,501
Pioneer Energy Services Corp.†		36,872		93,286
SEACOR Holdings, Inc.†		10,446		593,124
Tesco Corp.		22,304		187,576
TETRA Technologies, Inc.†		45,587		424,871
				6,784,317
Optical Recognition Equipment — 0.0%
Digimarc Corp.†#		4,379		155,805
Optical Supplies — 0.0%
Ocular Therapeutix, Inc.†#		7,460		70,721
STAAR Surgical Co.†#		22,240		186,593
				257,314

Security Description	Shares		Value (Note 2)
Paper & Related Products — 0.2%
Clearwater Paper Corp.†		10,908	$	532,419
Neenah Paper, Inc.		9,574		636,384
Orchids Paper Products Co.		5,254		155,886
P.H. Glatfelter Co.		24,754		440,374
Schweitzer-Mauduit International, Inc.		17,444		729,508
				2,494,571
Patient Monitoring Equipment — 0.2%
Insulet Corp.†		32,486		1,188,663
Masimo Corp.†		25,035		1,038,452
				2,227,115
Pharmacy Services — 0.1%
BioScrip, Inc.†#		39,297		83,310
Diplomat Pharmacy, Inc.†#		20,709		727,507
Vitae Pharmaceuticals, Inc.†#		7,593		109,035
				919,852
Physical Therapy/Rehabilitation Centers — 0.2%
AAC Holdings, Inc.†#		4,557		111,829
HealthSouth Corp.		52,375		1,843,076
U.S. Physical Therapy, Inc.		7,098		375,058
				2,329,963
Physicians Practice Management — 0.0%
Healthways, Inc.†		17,769		235,795
Pipelines — 0.1%
SemGroup Corp., Class A		25,130		872,765
Platinum — 0.1%
Stillwater Mining Co.†		69,089		646,673
Pollution Control — 0.0%
CECO Environmental Corp.#		12,285		106,757
Poultry — 0.1%
Sanderson Farms, Inc.#		12,829		959,737
Power Converter/Supply Equipment — 0.2%
Advanced Energy Industries, Inc.†		23,408		682,811
Generac Holdings, Inc.†#		39,584		1,270,647
Powell Industries, Inc.		5,212		182,993
PowerSecure International, Inc.†		12,849		179,629
Vicor Corp.†		9,424		87,266
				2,403,346
Precious Metals — 0.0%
Coeur Mining, Inc.†#		77,827		199,237
Printing - Commercial — 0.4%
ARC Document Solutions, Inc.†		23,358		118,191
Cimpress NV†#		18,778		1,732,083
Deluxe Corp.		28,581		1,676,276
Ennis, Inc.		14,775		295,352
Multi-Color Corp.		7,225		451,635
Quad/Graphics, Inc.		16,445		169,712
				4,443,249
Private Equity — 0.0%
Fifth Street Asset Management, Inc.		3,329		15,180
Protection/Safety — 0.0%
Landauer, Inc.#		5,483		223,432
Publishing - Books — 0.2%
Houghton Mifflin Harcourt Co.†		78,365		1,548,492
Scholastic Corp.		15,264		652,078
				2,200,570

221

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Publishing - Newspapers — 0.1%
Daily Journal Corp.†#		619	$	124,648
New York Times Co., Class A		78,714		1,108,293
Tribune Publishing Co.		15,060		153,311
				1,386,252
Publishing - Periodicals — 0.1%
Time, Inc.		62,694		1,043,228
Racetracks — 0.2%
Churchill Downs, Inc.		7,700		1,131,515
Empire Resorts, Inc.†#		8,868		38,930
International Speedway Corp., Class A		15,975		568,550
Penn National Gaming, Inc.†		45,687		728,708
Speedway Motorsports, Inc.		6,700		130,583
				2,598,286
Radio — 0.0%
Cumulus Media, Inc., Class A†		81,635		32,401
Entercom Communications Corp., Class A†		14,540		176,080
Saga Communications, Inc., Class A#		2,080		89,648
Townsquare Media, Inc.†		3,917		44,771
				342,900
Real Estate Investment Trusts — 8.6%
Acadia Realty Trust		39,375		1,320,637
AG Mtg. Investment Trust, Inc.		16,251		240,190
Agree Realty Corp.		10,076		337,949
Alexander’s, Inc.		1,200		480,864
Altisource Portfolio Solutions SA†#		8,116		233,497
Altisource Residential Corp.		32,745		433,544
American Assets Trust, Inc.		21,274		846,918
American Capital Mortgage Investment Corp.		29,291		439,072
American Residential Properties, Inc.#		18,429		322,323
Anworth Mtg. Asset Corp.		59,996		288,581
Apollo Commercial Real Estate Finance, Inc.		33,447		586,995
Apollo Residential Mortgage, Inc.		18,373		238,482
Ares Commercial Real Estate Corp.		15,521		199,755
Armada Hoffler Properties, Inc.		14,597		164,800
ARMOUR Residential REIT, Inc.		25,214		532,772
Ashford Hospitality Prime, Inc.		15,720		223,224
Ashford Hospitality Trust, Inc.		47,749		335,675
Bluerock Residential Growth REIT, Inc.#		10,789		123,426
Campus Crest Communities, Inc.		37,013		247,987
Capstead Mtg. Corp.		54,846		520,489
CareTrust REIT, Inc.		18,069		201,650
CatchMark Timber Trust, Inc., Class A		22,640		256,964
Cedar Realty Trust, Inc.		48,670		356,264
Chambers Street Properties		135,586		1,019,607
Chatham Lodging Trust		21,923		499,625
Chesapeake Lodging Trust		34,146		927,405
Colony Capital, Inc.		63,941		1,308,233
CorEnergy Infrastructure Trust, Inc.#		26,689		134,779
CoreSite Realty Corp.		13,927		815,704
Cousins Properties, Inc.		123,990		1,218,822
CubeSmart		95,221		2,772,836
CyrusOne, Inc.		30,509		1,103,205
CYS Investments, Inc.		90,522		686,157
DCT Industrial Trust, Inc.		50,861		1,941,364
DiamondRock Hospitality Co.		114,893		1,278,759
DuPont Fabros Technology, Inc.		36,144		1,194,198
Dynex Capital, Inc.#		31,371		215,519
Easterly Government Properties, Inc.		7,831		139,862
EastGroup Properties, Inc.		18,492		1,076,419
Education Realty Trust, Inc.		27,679		1,019,971
EPR Properties		32,735		1,834,469
Equity One, Inc.		42,029		1,144,450

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
FelCor Lodging Trust, Inc.		82,016	$	657,768
First Industrial Realty Trust, Inc.		63,384		1,448,324
First Potomac Realty Trust		33,617		390,630
Franklin Street Properties Corp.		51,481		539,006
GEO Group, Inc.		42,735		1,252,990
Getty Realty Corp.		14,627		255,241
Gladstone Commercial Corp.		11,867		173,140
Government Properties Income Trust#		40,279		681,923
Gramercy Property Trust, Inc.		32,789		783,329
Great Ajax Corp.		2,484		31,621
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		18,619		325,088
Hatteras Financial Corp.		55,406		780,116
Healthcare Realty Trust, Inc.		57,467		1,562,528
Hersha Hospitality Trust		28,094		663,299
Highwoods Properties, Inc.		53,838		2,345,183
Hudson Pacific Properties, Inc.		42,614		1,221,743
Independence Realty Trust, Inc.		18,446		144,248
InfraREIT, Inc.		12,539		252,912
Inland Real Estate Corp.		50,192		482,345
Invesco Mtg. Capital, Inc.		70,486		945,922
Investors Real Estate Trust		70,180		573,371
iStar, Inc.†		48,954		646,193
Kite Realty Group Trust		47,844		1,287,482
Ladder Capital Corp., Class A		22,764		322,111
LaSalle Hotel Properties		64,663		1,824,143
Lexington Realty Trust		117,610		1,010,270
LTC Properties, Inc.		20,345		867,307
Mack-Cali Realty Corp.		51,020		1,198,970
Medical Properties Trust, Inc.		119,590		1,436,276
Monmouth Real Estate Investment Corp.		33,913		353,373
Monogram Residential Trust, Inc.		95,319		951,284
National Health Investors, Inc.#		21,504		1,298,627
National Storage Affiliates Trust		13,110		217,102
New Residential Investment Corp.		113,876		1,448,503
New Senior Investment Group, Inc.		38,018		350,906
New York Mortgage Trust, Inc.#		62,604		363,103
New York REIT, Inc.		92,999		1,070,418
NexPoint Residential Trust, Inc.#		10,850		143,763
One Liberty Properties, Inc.		7,171		160,200
Orchid Island Capital, Inc.#		10,501		100,495
Parkway Properties, Inc.		48,448		827,492
Pebblebrook Hotel Trust		41,132		1,310,054
Pennsylvania Real Estate Investment Trust		39,565		853,021
PennyMac Mortgage Investment Trust		42,695		710,445
Physicians Realty Trust		40,250		644,402
Potlatch Corp.		23,285		778,185
Preferred Apartment Communities, Inc., Class A#		12,723		149,241
PS Business Parks, Inc.		11,159		986,679
QTS Realty Trust, Inc., Class A		13,739		580,061
RAIT Financial Trust		47,450		204,984
Ramco-Gershenson Properties Trust		45,307		764,329
Redwood Trust, Inc.		48,232		664,637
Resource Capital Corp.#		19,200		241,728
Retail Opportunity Investments Corp.		53,790		983,819
Rexford Industrial Realty, Inc.		31,685		510,445
RLJ Lodging Trust		75,665		1,846,226
Rouse Properties, Inc.#		20,948		337,263
Ryman Hospitality Properties, Inc.		24,890		1,352,523
Sabra Health Care REIT, Inc.		33,907		701,197
Saul Centers, Inc.		5,582		310,527
Select Income REIT		35,867		736,708
Silver Bay Realty Trust Corp.		20,813		327,388
Sovran Self Storage, Inc.		20,357		2,045,675
STAG Industrial, Inc.#		37,280		760,512
Starwood Waypoint Residential Trust		21,851		516,776

222

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
STORE Capital Corp.		18,970	$	431,757
Strategic Hotels & Resorts, Inc.†		157,598		2,231,588
Summit Hotel Properties, Inc.		49,955		665,900
Sun Communities, Inc.		26,676		1,783,291
Sunstone Hotel Investors, Inc.		119,458		1,753,643
Terreno Realty Corp.		24,621		557,666
UMH Properties, Inc.		12,774		125,185
United Development Funding IV#		17,540		313,440
Universal Health Realty Income Trust		7,160		377,260
Urban Edge Properties		50,819		1,219,148
Urstadt Biddle Properties, Inc., Class A		15,940		319,119
Washington Real Estate Investment Trust#		39,007		1,073,083
Western Asset Mortgage Capital Corp.#		23,996		282,433
Whitestone REIT		13,299		161,450
Xenia Hotels & Resorts, Inc.		63,924		1,070,727
				91,334,702
Real Estate Management/Services — 0.3%
HFF, Inc., Class A		21,657		744,351
Kennedy-Wilson Holdings, Inc.		53,123		1,386,510
Marcus & Millichap, Inc.†		7,778		255,196
RE/MAX Holdings, Inc., Class A		6,740		252,818
				2,638,875
Real Estate Operations & Development — 0.2%
Alexander & Baldwin, Inc.		27,965		1,060,153
BBX Capital Corp., Class A†		1,555		26,513
Consolidated-Tomoka Land Co.		2,497		148,921
Forestar Group, Inc.†		19,245		261,539
FRP Holdings, Inc.†		3,942		122,163
St. Joe Co.†#		38,479		747,262
				2,366,551
Recreational Centers — 0.1%
ClubCorp Holdings, Inc.		25,147		451,389
Steiner Leisure, Ltd.†		7,349		462,105
				913,494
Recreational Vehicles — 0.0%
Arctic Cat, Inc.#		7,415		165,058
Malibu Boats, Inc., Class A†		10,222		158,645
				323,703
Recycling — 0.0%
Fenix Parts, Inc.†#		7,900		50,165
Rental Auto/Equipment — 0.1%
Electro Rent Corp.		9,535		98,687
McGrath RentCorp		14,968		436,766
Neff Corp.†		5,997		49,835
Rent-A-Center, Inc.		30,355		520,892
				1,106,180
Research & Development — 0.3%
Albany Molecular Research, Inc.†		14,284		284,537
Arrowhead Research Corp.†#		34,058		215,247
INC Research Holdings, Inc.†		7,423		351,108
PAREXEL International Corp.†		31,580		2,142,703
				2,993,595
Resorts/Theme Parks — 0.4%
Marriott Vacations Worldwide Corp.		14,797		900,101
SeaWorld Entertainment, Inc.#		39,138		685,306
Vail Resorts, Inc.		20,806		2,509,204
				4,094,611

Security Description	Shares		Value (Note 2)
Respiratory Products — 0.0%
Inogen, Inc.†		9,005	$	344,441
Retail - Apparel/Shoe — 1.3%
Abercrombie & Fitch Co., Class A#		39,813		1,018,019
American Eagle Outfitters, Inc.#		111,865		1,741,738
Ascena Retail Group, Inc.†		98,247		1,113,139
bebe stores, Inc.#		16,299		7,501
Boot Barn Holdings, Inc.†		6,842		71,841
Buckle, Inc.#		16,208		514,604
Burlington Stores, Inc.†		43,165		2,076,668
Caleres, Inc.		25,072		704,523
Cato Corp., Class A		15,061		591,596
Chico’s FAS, Inc.		82,061		984,732
Children’s Place, Inc.		11,802		570,273
Christopher & Banks Corp.†#		21,297		29,816
Destination XL Group, Inc.†		20,561		102,805
Express, Inc.†		48,372		809,747
Finish Line, Inc., Class A		26,360		437,312
Francesca’s Holdings Corp.†		24,224		361,664
Genesco, Inc.†		13,764		745,458
Guess?, Inc.#		35,441		697,833
Men’s Wearhouse, Inc.		27,660		552,923
Shoe Carnival, Inc.		8,573		167,002
Stein Mart, Inc.		16,795		129,825
Tilly’s, Inc., Class A†		6,446		39,772
Vera Bradley, Inc.†		12,177		145,028
Winmark Corp.		1,271		121,381
				13,735,200
Retail - Appliances — 0.0%
Conn’s, Inc.†#		15,659		417,626
Retail - Auto Parts — 0.0%
Pep Boys-Manny Moe & Jack†		30,786		478,107
Retail - Automobile — 0.5%
America’s Car-Mart, Inc.†		4,882		129,275
Asbury Automotive Group, Inc.†		15,598		1,171,410
Group 1 Automotive, Inc.		13,359		1,085,018
Lithia Motors, Inc., Class A		13,035		1,619,469
Rush Enterprises, Inc., Class A†		20,264		493,023
Sonic Automotive, Inc., Class A		18,840		457,058
				4,955,253
Retail - Bedding — 0.1%
Mattress Firm Holding Corp.†#		11,734		579,190
Retail - Bookstores — 0.1%
Barnes & Noble Education, Inc.†		18,358		265,273
Barnes & Noble, Inc.		29,048		371,815
				637,088
Retail - Building Products — 0.1%
BMC Stock Holdings, Inc.†		8,451		145,273
Lumber Liquidators Holdings, Inc.†#		15,502		242,141
Tile Shop Holdings, Inc.†		15,520		262,909
				650,323
Retail - Catalog Shopping — 0.0%
Liberty Interactive Corp. QVC Group, Class A†		11,635		308,095
Retail - Computer Equipment — 0.0%
PC Connection, Inc.†		6,119		136,576
Systemax, Inc.†		6,471		62,575
				199,151
Retail - Convenience Store — 0.2%
Casey’s General Stores, Inc.		22,239		2,585,729

223

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Discount — 0.3%
Big Lots, Inc.		30,872	$	1,388,931
Citi Trends, Inc.		8,906		176,606
Fred’s, Inc., Class A		21,269		350,513
HSN, Inc.		18,609		928,589
Tuesday Morning Corp.†		25,220		168,470
				3,013,109
Retail - Hair Salons — 0.0%
Regis Corp.†		23,423		390,227
Retail - Home Furnishings — 0.2%
Haverty Furniture Cos., Inc.		11,665		281,593
Kirkland’s, Inc.		9,911		145,791
Pier 1 Imports, Inc.#		51,601		348,823
Restoration Hardware Holdings, Inc.†		19,113		1,717,685
				2,493,892
Retail - Jewelry — 0.0%
Movado Group, Inc.		9,182		245,619
Retail - Leisure Products — 0.1%
MarineMax, Inc.†		14,594		264,881
Party City Holdco, Inc.†		14,400		182,880
West Marine, Inc.†		10,293		94,593
				542,354
Retail - Misc./Diversified — 0.2%
Container Store Group, Inc.†		9,020		92,635
Five Below, Inc.†		31,184		873,464
PriceSmart, Inc.		11,141		1,038,341
				2,004,440
Retail - Pawn Shops — 0.1%
Cash America International, Inc.		15,729		530,854
EZCORP, Inc., Class A†		29,631		171,563
First Cash Financial Services, Inc.†		16,140		627,685
				1,330,102
Retail - Pet Food & Supplies — 0.0%
Freshpet, Inc.†#		11,895		102,416
PetMed Express, Inc.#		11,597		194,830
				297,246
Retail - Regional Department Stores — 0.0%
Stage Stores, Inc.#		18,273		141,433
Retail - Restaurants — 1.8%
Biglari Holdings, Inc.†		949		350,209
BJ’s Restaurants, Inc.†		12,298		563,248
Bloomin’ Brands, Inc.		70,964		1,228,387
Bob Evans Farms, Inc.#		13,535		539,370
Bojangles’, Inc.†#		4,745		83,892
Bravo Brio Restaurant Group, Inc.†		8,700		92,829
Buffalo Wild Wings, Inc.†		10,873		1,742,289
Carrols Restaurant Group, Inc.†		20,321		244,665
Cheesecake Factory, Inc.		27,913		1,315,540
Chuy’s Holdings, Inc.†#		9,426		313,414
Cracker Barrel Old Country Store, Inc.#		10,980		1,382,602
Dave & Buster’s Entertainment, Inc.†		13,043		500,069
Del Frisco’s Restaurant Group, Inc.†		13,511		202,530
Denny’s Corp.†		48,293		465,544
DineEquity, Inc.		9,708		823,627
El Pollo Loco Holdings, Inc.†#		7,701		94,568
Fiesta Restaurant Group, Inc.†		15,354		590,054
Habit Restaurants, Inc.†#		6,580		158,512
J Alexander’s Holdings, Inc.†		7,911		84,173
Jack in the Box, Inc.		21,398		1,586,448

Security Description	Shares		Value (Note 2)
Retail - Restaurants (continued)
Jamba, Inc.†#		7,935	$	110,852
Kona Grill, Inc.†#		4,836		67,269
Krispy Kreme Doughnuts, Inc.†		37,127		524,976
Noodles & Co.†#		7,238		80,342
Papa John’s International, Inc.#		16,572		952,559
Papa Murphy’s Holdings, Inc.†#		5,210		63,562
Popeyes Louisiana Kitchen, Inc.†		13,252		766,761
Potbelly Corp.†#		12,492		155,775
Red Robin Gourmet Burgers, Inc.†		8,085		545,576
Ruby Tuesday, Inc.†		35,534		196,503
Ruth’s Hospitality Group, Inc.		19,984		344,724
Shake Shack, Inc.†#		3,291		151,221
Sonic Corp.		29,766		865,000
Texas Roadhouse, Inc.		40,069		1,402,415
Zoe’s Kitchen, Inc.†#		11,056		376,125
				18,965,630
Retail - Sporting Goods — 0.1%
Big 5 Sporting Goods Corp.		10,466		101,102
Hibbett Sports, Inc.†#		14,252		467,608
Sportsman’s Warehouse Holdings, Inc.†#		10,289		117,809
Zumiez, Inc.†#		12,592		190,013
				876,532
Retail - Toy Stores — 0.0%
Build-A-Bear Workshop, Inc.†		8,134		104,603
Retail - Video Rentals — 0.1%
Outerwall, Inc.#		10,562		653,788
Retail - Vitamins & Nutrition Supplements — 0.1%
Flex Pharma, Inc.†#		3,113		37,667
Vitamin Shoppe, Inc.†		17,026		519,293
				556,960
Retirement/Aged Care — 0.0%
Capital Senior Living Corp.†		16,876		386,798
Five Star Quality Care, Inc.†		24,732		88,788
				475,586
Rubber - Tires — 0.1%
Cooper Tire & Rubber Co.		32,953		1,383,696
Rubber/Plastic Products — 0.1%
Myers Industries, Inc.		13,960		216,380
Proto Labs, Inc.†#		13,332		902,443
Trinseo SA†#		6,559		187,325
				1,306,148
Satellite Telecom — 0.2%
DigitalGlobe, Inc.†		41,506		701,451
Globalstar, Inc.†#		272,543		594,144
Intelsat SA†#		16,082		74,781
Iridium Communications, Inc.†#		47,022		384,170
Loral Space & Communications, Inc.†		7,502		331,889
				2,086,435
Savings & Loans/Thrifts — 1.8%
Anchor BanCorp Wisconsin, Inc.†		4,388		184,252
Astoria Financial Corp.		51,505		830,261
Banc of California, Inc.		20,725		311,290
Bank Mutual Corp.		26,693		206,070
BankFinancial Corp.		10,518		135,156
Bear State Financial, Inc.†#		7,629		81,249
Beneficial Bancorp, Inc.†		47,345		660,936
Berkshire Hills Bancorp, Inc.		16,897		510,965
BofI Holding, Inc.†#		35,148		704,014

224

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Savings & Loans/Thrifts (continued)
Brookline Bancorp, Inc.		40,099	$	470,762
BSB Bancorp, Inc.†		4,634		105,192
Capitol Federal Financial, Inc.		80,520		1,044,344
Charter Financial Corp.		9,493		126,637
Clifton Bancorp, Inc.		15,543		230,658
Dime Community Bancshares, Inc.		17,819		329,830
EverBank Financial Corp.		55,392		956,066
First Defiance Financial Corp.		5,302		220,192
Flagstar Bancorp, Inc.†		11,775		289,194
Flushing Financial Corp.		16,835		383,333
Fox Chase Bancorp, Inc.		6,683		121,898
Hingham Institution for Savings		753		98,033
HomeStreet, Inc.†		12,627		273,627
HomeTrust Bancshares, Inc.†		11,583		231,544
Investors Bancorp, Inc.		199,637		2,559,346
Meridian Bancorp, Inc.		31,453		461,101
Meta Financial Group, Inc.		3,974		178,830
Northfield Bancorp, Inc.		26,849		427,705
Northwest Bancshares, Inc.		54,073		753,778
OceanFirst Financial Corp.		7,612		150,413
Oritani Financial Corp.		25,188		436,760
Pacific Premier Bancorp, Inc.†		12,314		288,517
Provident Financial Services, Inc.		37,565		784,357
Sterling Bancorp		68,623		1,203,647
Territorial Bancorp, Inc.		4,878		140,535
United Community Financial Corp.		28,129		165,399
United Financial Bancorp, Inc.		28,312		393,820
Washington Federal, Inc.		54,285		1,402,724
Waterstone Financial, Inc.		17,281		239,342
WSFS Financial Corp.		16,180		552,709
				18,644,486
Schools — 0.5%
American Public Education, Inc.†		9,815		228,395
Apollo Education Group, Inc.†		54,004		381,268
Bridgepoint Education, Inc.†		9,662		76,426
Bright Horizons Family Solutions, Inc.†		21,398		1,419,329
Cambium Learning Group, Inc.†		7,438		38,603
Capella Education Co.		6,991		335,568
Career Education Corp.†		38,859		163,985
DeVry Education Group, Inc.#		36,475		866,281
Grand Canyon Education, Inc.†		26,947		1,067,640
K12, Inc.†		19,332		196,027
Strayer Education, Inc.†		6,282		371,832
Universal Technical Institute, Inc.		12,101		69,581
				5,214,935
Security Services — 0.2%
Ascent Capital Group, Inc., Class A†		7,618		152,284
Brink’s Co.		27,838		895,827
LifeLock, Inc.†#		54,020		780,048
				1,828,159
Seismic Data Collection — 0.0%
Geospace Technologies Corp.†#		7,526		95,806
ION Geophysical Corp.†#		80,767		45,036
				140,842
Semiconductor Components - Integrated Circuits — 0.6%
Cirrus Logic, Inc.†		36,298		1,200,012
Exar Corp.†		22,515		144,997
Integrated Device Technology, Inc.†		84,923		2,381,241
M/A-COM Technology Solutions Holdings, Inc.†		13,428		496,165
MaxLinear, Inc., Class A†		29,600		518,000
Power Integrations, Inc.		16,846		870,938

Security Description	Shares		Value (Note 2)
Semiconductor Components - Integrated Circuits (continued)
Sigma Designs, Inc.†		20,262	$	175,975
				5,787,328
Semiconductor Equipment — 0.7%
Axcelis Technologies, Inc.†		64,987		171,566
Brooks Automation, Inc.		38,628		430,702
Cabot Microelectronics Corp.†		14,150		593,734
Cascade Microtech, Inc.†		7,781		126,441
Cohu, Inc.		14,831		194,434
Entegris, Inc.†		80,275		1,093,346
FormFactor, Inc.†		32,962		287,099
Mattson Technology, Inc.†		42,856		127,711
MKS Instruments, Inc.		30,552		1,126,452
Nanometrics, Inc.†		13,729		216,369
Photronics, Inc.†		38,035		417,244
Rudolph Technologies, Inc.†		18,281		260,139
Tessera Technologies, Inc.		30,118		959,258
Ultra Clean Holdings, Inc.†		18,097		91,752
Ultratech, Inc.†		15,800		262,438
Veeco Instruments, Inc.†		23,117		472,743
Xcerra Corp.†		31,227		188,923
				7,020,351
Silver Mining — 0.0%
Hecla Mining Co.#		211,998		409,156
Software Tools — 0.0%
Digital Turbine, Inc.†#		27,875		42,928
Specified Purpose Acquisitions — 0.0%
National Bank Holdings Corp., Class A		21,211		481,490
Steel Pipe & Tube — 0.2%
Advanced Drainage Systems, Inc.#		19,260		516,361
Furmanite Corp.†		21,624		177,100
Mueller Water Products, Inc., Class A		92,091		858,288
Northwest Pipe Co.†		5,469		64,862
Omega Flex, Inc.		1,654		66,210
TimkenSteel Corp.		22,853		233,329
				1,916,150
Steel - Producers — 0.3%
AK Steel Holding Corp.†#		101,782		242,241
Carpenter Technology Corp.		28,853		1,036,977
Commercial Metals Co.		66,246		979,778
Ryerson Holding Corp.†#		6,268		31,089
Schnitzer Steel Industries, Inc., Class A		15,158		250,259
Worthington Industries, Inc.		27,485		845,714
				3,386,058
Storage/Warehousing — 0.1%
Mobile Mini, Inc.		26,236		930,066
Wesco Aircraft Holdings, Inc.†		35,329		472,702
				1,402,768
SupraNational Banks — 0.0%
Banco Latinoamericano de Comercio Exterior SA, Class E		17,206		477,639
Telecom Equipment - Fiber Optics — 0.3%
Alliance Fiber Optic Products, Inc.		8,315		131,876
Ciena Corp.†		70,649		1,769,051
Clearfield, Inc.†#		6,456		87,220
Finisar Corp.†		59,483		717,960
Harmonic, Inc.†		50,679		280,255
KVH Industries, Inc.†		9,200		90,712
Oclaro, Inc.†#		55,972		192,544
				3,269,618

225

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Telecom Services — 0.5%
Consolidated Communications Holdings, Inc.		28,913	$	630,014
EarthLink Holdings Corp.		59,011		542,311
FairPoint Communications, Inc.†		11,937		218,567
GTT Communications, Inc.†		13,996		296,575
Hawaiian Telcom Holdco, Inc.†		6,158		146,129
HC2 Holdings, Inc.†#		11,277		70,594
Inteliquent, Inc.		19,203		368,890
Lumos Networks Corp.		13,025		153,565
NeuStar, Inc., Class A†#		31,692		798,638
ORBCOMM, Inc.†		34,215		219,318
Premiere Global Services, Inc.†		26,600		368,942
RigNet, Inc.†#		6,910		152,642
Spok Holdings, Inc.		12,447		229,896
Straight Path Communications, Inc., Class B†#		5,353		64,236
Vonage Holdings Corp.†		106,275		685,474
West Corp.		29,875		761,813
				5,707,604
Telecommunication Equipment — 0.2%
ADTRAN, Inc.		30,521		497,798
Comtech Telecommunications Corp.		9,305		204,989
Plantronics, Inc.		22,419		1,186,189
Preformed Line Products Co.		1,527		63,935
ShoreTel, Inc.†		36,953		379,138
Sonus Networks, Inc.†		28,303		199,253
				2,531,302
Telephone - Integrated — 0.2%
Atlantic Tele-Network, Inc.		5,872		461,950
Cincinnati Bell, Inc.†		120,039		452,547
General Communication, Inc., Class A†		20,009		415,587
IDT Corp., Class B		9,577		119,617
Shenandoah Telecommunications Co.		13,841		668,244
Windstream Holdings, Inc.#		57,715		359,564
				2,477,509
Television — 0.2%
Central European Media Enterprises, Ltd., Class A†#		42,187		93,233
Gray Television, Inc.†		36,136		605,278
Sinclair Broadcast Group, Inc., Class A#		37,930		1,331,343
				2,029,854
Textile - Apparel — 0.1%
Cherokee, Inc.†		4,901		93,658
Perry Ellis International, Inc.†		7,000		145,180
Unifi, Inc.†		8,515		254,003
				492,841
Textile - Products — 0.0%
Culp, Inc.		5,911		166,572
Theaters — 0.1%
AMC Entertainment Holdings, Inc., Class A		12,140		308,477
Carmike Cinemas, Inc.†		14,017		306,271
National CineMedia, Inc.		35,185		558,386
Reading International, Inc., Class A†		9,469		136,638
				1,309,772
Therapeutics — 1.0%
Akebia Therapeutics, Inc.†#		13,956		149,748
Anika Therapeutics, Inc.†		8,373		351,331
aTyr Pharma, Inc.†#		3,458		29,428
Calithera Biosciences, Inc.†#		6,340		50,340
Cara Therapeutics, Inc.†		9,557		158,168
Concert Pharmaceuticals, Inc.†		8,804		201,876
CorMedix, Inc.†#		17,776		42,662

Security Description	Shares		Value (Note 2)
Therapeutics (continued)
Dyax Corp.†		83,388	$	2,806,840
Flexion Therapeutics, Inc.†#		7,963		154,801
La Jolla Pharmaceutical Co.†#		6,614		223,487
MannKind Corp.†#		141,242		282,484
Mirati Therapeutics, Inc.†		5,701		216,809
Neurocrine Biosciences, Inc.†		48,896		2,658,476
Northwest Biotherapeutics, Inc.†#		26,795		123,793
Osiris Therapeutics, Inc.#		10,917		112,008
Portola Pharmaceuticals, Inc.†		26,449		1,312,135
Proteon Therapeutics, Inc.†		4,413		70,343
Sarepta Therapeutics, Inc.†#		23,736		872,535
Threshold Pharmaceuticals, Inc.†#		36,566		127,615
Vital Therapies, Inc.†#		9,605		90,287
Xencor, Inc.†		16,281		261,798
Zafgen, Inc.†#		9,437		159,580
				10,456,544
Tobacco — 0.2%
Universal Corp.#		12,933		731,232
Vector Group, Ltd.#		49,106		1,242,873
				1,974,105
Toys — 0.0%
JAKKS Pacific, Inc.†#		10,849		89,287
Transactional Software — 0.3%
ACI Worldwide, Inc.†		66,831		1,571,865
Bottomline Technologies de, Inc.†		23,427		724,129
InnerWorkings, Inc.†		21,251		181,909
Synchronoss Technologies, Inc.†		22,190		873,620
				3,351,523
Transport - Air Freight — 0.1%
Air Transport Services Group, Inc.†		30,209		287,288
Atlas Air Worldwide Holdings, Inc.†		14,313		591,413
				878,701
Transport - Equipment & Leasing — 0.1%
Greenbrier Cos., Inc.#		15,108		511,859
TAL International Group, Inc.		19,036		384,147
Textainer Group Holdings, Ltd.#		12,668		195,467
				1,091,473
Transport - Marine — 0.5%
Ardmore Shipping Corp.		10,264		128,505
CAI International, Inc.†		9,871		110,358
DHT Holdings, Inc.		53,151		398,632
Dorian LPG, Ltd.†		14,331		189,312
Eagle Bulk Shipping, Inc.†		12,721		38,545
Frontline, Ltd.#		61,862		187,442
GasLog, Ltd.#		23,824		285,173
Golden Ocean Group, Ltd.#		38,256		64,653
Hornbeck Offshore Services, Inc.†#		18,311		224,310
Navios Maritime Acquisition Corp.		46,952		158,698
Navios Maritime Holdings, Inc.#		46,583		74,067
Nordic American Offshore, Ltd.#		10,838		60,259
Nordic American Tankers, Ltd.#		51,050		755,540
Safe Bulkers, Inc.		21,693		29,502
Scorpio Bulkers, Inc.†#		103,307		93,245
Scorpio Tankers, Inc.		102,367		885,475
Ship Finance International, Ltd.#		33,940		587,841
Teekay Tankers, Ltd., Class A		48,444		341,046
Tidewater, Inc.#		26,921		256,019
Ultrapetrol Bahamas, Ltd.†#		12,239		5,140
				4,873,762

226

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Transport - Services — 0.4%
Echo Global Logistics, Inc.†		16,958	$	400,209
Hub Group, Inc., Class A†		20,654		795,799
Matson, Inc.		24,874		1,286,234
Radiant Logistics, Inc.†		15,482		66,263
Universal Truckload Services, Inc.		4,780		77,627
UTi Worldwide, Inc.†		52,834		369,838
XPO Logistics, Inc.†#		40,942		1,248,731
				4,244,701
Transport - Truck — 0.6%
ArcBest Corp.		14,887		358,479
Celadon Group, Inc.		15,651		217,549
Covenant Transportation Group, Inc., Class A†		6,716		141,103
Forward Air Corp.		17,729		852,588
Heartland Express, Inc.#		28,834		552,459
Knight Transportation, Inc.		35,805		949,548
Marten Transport, Ltd.		13,696		247,624
P.A.M. Transportation Services, Inc.†		1,747		53,965
Roadrunner Transportation Systems, Inc.†		16,102		177,444
Saia, Inc.†		14,362		352,013
Swift Transportation Co.†#		50,412		805,080
USA Truck, Inc.†		5,615		111,963
Werner Enterprises, Inc.		25,395		684,649
YRC Worldwide, Inc.†		18,749		317,420
				5,821,884
Travel Services — 0.1%
Liberty TripAdvisor Holdings, Inc., Class A†		42,814		1,281,851
Veterinary Diagnostics — 0.2%
Heska Corp.†		3,259		113,381
Neogen Corp.†		21,204		1,252,308
Phibro Animal Health Corp., Class A		9,996		324,570
				1,690,259
Virtual Reality Products — 0.0%
RealD, Inc.†		23,095		242,498
Vitamins & Nutrition Products — 0.1%
Natural Grocers by Vitamin Cottage, Inc.†		5,143		107,026
Natural Health Trends Corp.#		4,511		218,287
Nature’s Sunshine Products, Inc.		6,057		71,291
Nutraceutical International Corp.†		4,801		119,929
Omega Protein Corp.†		12,432		305,579
Synutra International, Inc.†#		12,191		62,418
USANA Health Sciences, Inc.†		3,231		432,760
				1,317,290
Water — 0.3%
American States Water Co.		21,626		904,616
Artesian Resources Corp., Class A		4,486		117,578
California Water Service Group		27,408		617,502
Connecticut Water Service, Inc.		6,384		231,803
Consolidated Water Co., Ltd.#		8,434		102,557
Middlesex Water Co.		9,240		236,821
PICO Holdings, Inc.†		13,169		142,620
SJW Corp.		9,067		275,365
York Water Co.		7,360		175,610
				2,804,472
Web Hosting/Design — 0.2%
Endurance International Group Holdings, Inc.†#		33,554		468,749
NIC, Inc.		37,519		765,763
Q2 Holdings, Inc.†		11,149		306,374
Web.com Group, Inc.†		25,084		607,284
Wix.com, Ltd.†#		10,715		266,268
				2,414,438

Security Description	Shares/ Principal Amount			Value (Note 2)
Web Portals/ISP — 0.0%
Blucora, Inc.†		23,419		$	248,944
Wire & Cable Products — 0.3%
Belden, Inc.		24,414			1,532,467
Encore Wire Corp.		11,872			518,450
General Cable Corp.		27,985			426,492
Insteel Industries, Inc.		10,553			257,493
					2,734,902
Wireless Equipment — 0.4%
Aerohive Networks, Inc.†#		13,362			81,508
CalAmp Corp.†		20,736			383,201
Gogo, Inc.†#		32,159			577,254
InterDigital, Inc.		20,646			1,087,838
Novatel Wireless, Inc.†#		21,569			39,687
Telenav, Inc.†		16,175			115,004
Ubiquiti Networks, Inc.†#		17,530			611,622
ViaSat, Inc.†#		24,452			1,515,535
					4,411,649
Total Common Stocks
(cost $792,720,436)					1,010,664,933
WARRANTS — 0.0%
Oil Companies - Exploration & Production — 0.0%
Magnum Hunter Resources Corp.†#
Expires 04/15/2016
(strike price $8.50)		11,522			0
Real Estate Management/Services — 0.0%
Tejon Ranch Co.† Expires 08/31/2016 (strike price $40.00)		1,332			21
Total Warrants
(cost $9,583)					21
Total Long-Term Investment Securities
(cost $792,730,019)					1,010,664,954
SHORT-TERM INVESTMENT SECURITIES — 13.1%
Registered Investment Companies — 11.3%
State Street Navigator Securities Lending Prime Portfolio 0.24%(4)(7)		119,932,894			119,932,894
U.S. Government Treasuries — 1.8%
United States Treasury Bills
0.00% due 12/17/2015(3)	$	8,500,000			8,499,804
0.03% due 12/03/2015		10,000,000			9,999,970
					18,499,774
Total Short-Term Investment Securities
(cost $138,432,879)					138,432,668
REPURCHASE AGREEMENTS — 2.5%
State Street Bank and Trust Co. Joint Repurchase Agreement(5) (cost $26,188,000)		26,188,000			26,188,000
TOTAL INVESTMENTS
(cost $957,350,898)(6)		111.1	%		1,175,285,622
Liabilities in excess of other assets		(11.1	)		(117,285,223	)
NET ASSETS		100.0	%	$	1,058,000,399

† Non-income producing security

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

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

227

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

(2) Illiquid security. At November 30, 2015, the aggregate value of these securities was $10,033 representing 0.0% of net assets.

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

(4) At November 30, 2015, the Fund had loaned securities with a total value of $120,710,186. This was secured by collateral of $119,932,894, which was received in cash and subsequently invested in short-term investments currently valued at $119,932,894 as reported in the portfolio of investments. Additional collateral of $4,762,440 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s 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, 2015
Federal National Mtg. Assoc.	0.75%	04/20/2017	$	245,871
United States Treasury Bills	0.00%	12/03/2015 to 10/13/2016		325,292
United States Treasury Notes/Bonds	zero coupon to 8.88%	01/15/2016 to 05/15/2045		4,191,277

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

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

(7) The rate shown is the 7-day yield as of November 30, 2015.

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

CVR—Contingent Value Rights

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2015		Unrealized Appreciation (Depreciation)
	380	Long	Russelll 2000 Mini Index		December 2015	$	43,634,945	$	45,444,200	$	1,809,255

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	91,159	$	—	$	0	$	91,159
Investment Companies		316,741		32,959		—		349,700
Medical — Biomedical/Gene		39,361,177		—		2,429		39,363,606
Medical — Drugs		26,064,132		—		0		26,064,132
Oil Companies — Exploration & Production		10,997,688		—		0		10,997,688
Other Industries		933,798,648		—		—		933,798,648
Warrants:
Oil Companies — Exploration & Production		—		0		—		0
Other Industries		21		—		—		21
Short-Term Investment Securities:
Registered Investment Companies		119,932,894		—		—		119,932,894
U.S. Government Treasuries		—		18,499,774		—		18,499,774
Repurchase Agreements		—		26,188,000		—		26,188,000
Total Investments at Value	$	1,130,562,460	$	44,720,733	$	2,429	$	1,175,285,622
Other Financial Instruments:†
Futures Contracts	$	1,809,255	$	—	$	—	$	1,809,255

* 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

228

VALIC Company I Small Cap Special Values Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Banks — Commercial	10.3	%
Real Estate Investment Trusts	5.9
Retail — Restaurants	3.6
Time Deposits	3.6
Electronic Components — Misc.	3.6
Registered Investment Companies	3.1
Insurance — Reinsurance	2.9
Chemicals — Specialty	2.9
Computer Services	2.5
Consumer Products — Misc.	2.5
Electric — Integrated	2.2
Insurance — Property/Casualty	2.0
Machinery — Electrical	1.9
Investment Management/Advisor Services	1.7
Oil Companies — Exploration & Production	1.6
Savings & Loans/Thrifts	1.6
Paper & Related Products	1.6
Electronic Measurement Instruments	1.6
Electronic Components — Semiconductors	1.4
Building Products — Cement	1.4
Metal Processors & Fabrication	1.3
Medical — Biomedical/Gene	1.3
Medical Products	1.3
Insurance Brokers	1.2
Retail — Apparel/Shoe	1.1
Building & Construction Products — Misc.	1.1
Food — Canned	1.1
Diversified Manufacturing Operations	1.0
Engineering/R&D Services	1.0
Chemicals — Diversified	1.0
Auto/Truck Parts & Equipment — Replacement	1.0
Miscellaneous Manufacturing	0.9
Machinery — General Industrial	0.9
Medical — Wholesale Drug Distribution	0.9
Oil & Gas Drilling	0.9
Batteries/Battery Systems	0.8
Medical Imaging Systems	0.8
Human Resources	0.8
Investment Companies	0.7
Office Supplies & Forms	0.7
Networking Products	0.7
Diversified Operations/Commercial Services	0.7
Insurance — Life/Health	0.7
Aerospace/Defense — Equipment	0.7
Dental Supplies & Equipment	0.7
Oil — Field Services	0.7
Funeral Services & Related Items	0.7
Lasers — System/Components	0.6
Printing — Commercial	0.6
Containers — Metal/Glass	0.6
Garden Products	0.6
Beverages — Non-alcoholic	0.6
Auto/Truck Parts & Equipment — Original	0.6
Medical — HMO	0.6
Chemicals — Plastics	0.6
Identification Systems	0.6
Telecommunication Equipment	0.6
Transactional Software	0.5
Applications Software	0.5
Disposable Medical Products	0.5
Finance — Leasing Companies	0.5
Distribution/Wholesale	0.5
Housewares	0.5
Computers — Memory Devices	0.5
Publishing — Newspapers	0.4
Electronic Parts Distribution	0.4
Medical — Hospitals	0.4
Medical Instruments	0.4
Commercial Services	0.4

Data Processing/Management	0.4
Multimedia	0.4
E — Marketing/Info	0.4
Commercial Services — Finance	0.4
Building — Heavy Construction	0.4
Diagnostic Kits	0.4
Rubber — Tires	0.4
Apparel Manufacturers	0.4
Building Products — Wood	0.3
Computers — Periphery Equipment	0.3
Engines — Internal Combustion	0.3
Food — Retail	0.3
Electronic Design Automation	0.3
Gold Mining	0.3
Building — Residential/Commercial	0.3
Security Services	0.3
Rental Auto/Equipment	0.2
Building & Construction — Misc.	0.2
Steel Pipe & Tube	0.2
Semiconductor Components — Integrated Circuits	0.2
Textile — Products	0.2
Retail — Discount	0.2
Machinery — Construction & Mining	0.2
Publishing — Books	0.2
Semiconductor Equipment	0.2
Building — Maintenance & Services	0.2
Schools	0.1
Finance — Consumer Loans	0.1
Retail — Jewelry	0.1
Food — Wholesale/Distribution	0.1
Consulting Services	0.1
Silver Mining	0.1
Food — Misc./Diversified	0.1
Precious Metals	0.1
Telecom Services	0.1
Retail — Sporting Goods	0.1
Retail — Convenience Store	0.1
	102.8	%

* Calculated as a percentage of net assets

229

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.1%
Aerospace/Defense - Equipment — 0.7%
AAR Corp.		33,066	$	812,101
Orbital ATK, Inc.		1,855		159,363
Triumph Group, Inc.		16,230		650,012
				1,621,476
Apparel Manufacturers — 0.4%
Delta Apparel, Inc.†		52,991		804,403
Applications Software — 0.5%
Progress Software Corp.†		50,423		1,209,648
Auto/Truck Parts & Equipment - Original — 0.6%
American Axle & Manufacturing Holdings, Inc.†		57,798		1,315,482
Auto/Truck Parts & Equipment - Replacement — 1.0%
Douglas Dynamics, Inc.		94,284		2,193,046
Banks - Commercial — 10.3%
Associated Banc-Corp.		152,240		3,122,442
BBCN Bancorp, Inc.		38,016		718,883
Chemical Financial Corp.		8,924		328,849
First Citizens BancShares, Inc., Class A		14,411		3,817,762
First Midwest Bancorp, Inc.		32,340		631,924
FirstMerit Corp.		61,975		1,253,754
Fulton Financial Corp.		83,940		1,214,612
Hancock Holding Co.		80,458		2,342,937
International Bancshares Corp.		24,596		750,424
Old National Bancorp		73,870		1,089,583
Prosperity Bancshares, Inc.		14,117		782,223
TCF Financial Corp.		173,492		2,657,898
UMB Financial Corp.		47,432		2,499,666
Umpqua Holdings Corp.		25,170		451,046
WesBanco, Inc.		12,566		426,239
Wintrust Financial Corp.		26,234		1,380,695
				23,468,937
Batteries/Battery Systems — 0.8%
EnerSys		32,377		1,907,005
Beverages - Non-alcoholic — 0.6%
Cott Corp.		128,742		1,346,641
Building & Construction Products - Misc. — 1.1%
Simpson Manufacturing Co., Inc.		68,215		2,532,823
Building & Construction - Misc. — 0.2%
Aegion Corp.†		23,288		513,268
Building Products - Cement — 1.4%
Eagle Materials, Inc.		45,729		3,158,959
Building Products - Wood — 0.3%
Universal Forest Products, Inc.		10,010		773,373
Building - Heavy Construction — 0.4%
Tutor Perini Corp.†		45,528		857,748
Building - Maintenance & Services — 0.2%
ABM Industries, Inc.		13,645		404,847
Building - Residential/Commercial — 0.3%
KB Home		45,640		643,068
Chemicals - Diversified — 1.0%
Innophos Holdings, Inc.		5,354		159,121
Innospec, Inc.		25,783		1,505,727
Olin Corp.		24,425		531,732
				2,196,580
Chemicals - Plastics — 0.6%
A. Schulman, Inc.		37,284		1,290,399

Security Description	Shares		Value (Note 2)
Chemicals - Specialty — 2.9%
Cabot Corp.		25,389	$	1,105,437
H.B. Fuller Co.		33,970		1,352,346
Quaker Chemical Corp.		21,622		1,842,843
Sensient Technologies Corp.		25,728		1,719,660
Stepan Co.		13,290		691,877
				6,712,163
Commercial Services — 0.4%
HMS Holdings Corp.†		77,342		938,158
Commercial Services - Finance — 0.4%
Liberty Tax, Inc.		39,136		866,471
Computer Services — 2.5%
DST Systems, Inc.		16,820		2,056,750
Science Applications International Corp.		10,425		523,752
Sykes Enterprises, Inc.†		65,990		2,099,802
Teradata Corp.†		36,432		1,089,681
				5,769,985
Computers - Memory Devices — 0.5%
Brocade Communications Systems, Inc.		27,333		256,520
Imation Corp.†#		419,142		817,327
				1,073,847
Computers - Periphery Equipment — 0.3%
Lexmark International, Inc., Class A		22,370		768,186
Consulting Services — 0.1%
Navigant Consulting, Inc.†		14,170		247,975
Consumer Products - Misc. — 2.5%
Central Garden & Pet Co.†		62,143		917,852
Helen of Troy, Ltd.†		19,907		2,058,583
Spectrum Brands Holdings, Inc.		14,361		1,360,130
WD-40 Co.		14,257		1,408,164
				5,744,729
Containers - Metal/Glass — 0.6%
Owens-Illinois, Inc.†		21,000		405,090
Silgan Holdings, Inc.		18,637		1,012,548
				1,417,638
Data Processing/Management — 0.4%
Acxiom Corp.†		12,621		289,021
CSG Systems International, Inc.		17,610		629,205
				918,226
Dental Supplies & Equipment — 0.7%
Patterson Cos., Inc.		35,410		1,613,634
Diagnostic Kits — 0.4%
Meridian Bioscience, Inc.		43,387		849,084
Disposable Medical Products — 0.5%
STERIS PLC#		15,808		1,207,415
Distribution/Wholesale — 0.5%
Ingram Micro, Inc., Class A		37,444		1,158,143
Diversified Manufacturing Operations — 1.0%
Barnes Group, Inc.		34,082		1,312,839
Crane Co.		17,598		915,448
				2,228,287
Diversified Operations/Commercial Services — 0.7%
Viad Corp.		53,263		1,644,229
E-Marketing/Info — 0.4%
New Media Investment Group, Inc.#		48,447		882,220

230

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electric - Integrated — 2.2%
ALLETE, Inc.		19,339	$	985,322
Hawaiian Electric Industries, Inc.		56,824		1,624,030
IDACORP, Inc.		17,548		1,193,966
Portland General Electric Co.		31,961		1,180,000
				4,983,318
Electronic Components - Misc. — 3.6%
AVX Corp.		102,142		1,377,895
Celestica, Inc.†		32,905		371,168
GSI Group, Inc.†		173,631		2,488,132
Sanmina Corp.†		33,992		770,599
Vishay Intertechnology, Inc.		264,967		3,158,407
				8,166,201
Electronic Components - Semiconductors — 1.4%
ChipMOS TECHNOLOGIES Bermuda, Ltd.		10,949		211,425
Diodes, Inc.†		14,300		333,047
DSP Group, Inc.†		72,863		759,961
IXYS Corp.		18,995		241,806
Microsemi Corp.†		28,645		1,031,507
QLogic Corp.†		52,709		679,946
				3,257,692
Electronic Design Automation — 0.3%
Mentor Graphics Corp.		36,225		678,494
Electronic Measurement Instruments — 1.6%
ESCO Technologies, Inc.		43,090		1,690,421
Itron, Inc.†		16,410		589,939
Orbotech, Ltd.†		63,146		1,290,073
				3,570,433
Electronic Parts Distribution — 0.4%
Tech Data Corp.†		14,220		961,983
Engineering/R&D Services — 1.0%
EMCOR Group, Inc.		43,850		2,210,040
Engines - Internal Combustion — 0.3%
Briggs & Stratton Corp.		39,938		760,420
Finance - Consumer Loans — 0.1%
Nelnet, Inc., Class A		8,893		293,469
Finance - Leasing Companies — 0.5%
Aircastle, Ltd.		55,408		1,161,352
Food - Canned — 1.1%
TreeHouse Foods, Inc.†		29,193		2,524,027
Food - Misc./Diversified — 0.1%
SunOpta, Inc.†		34,110		243,204
Food - Retail — 0.3%
SUPERVALU, Inc.†		112,619		756,800
Food - Wholesale/Distribution — 0.1%
SpartanNash Co.		11,620		251,224
Funeral Services & Related Items — 0.7%
Matthews International Corp., Class A		24,879		1,488,013
Garden Products — 0.6%
Scotts Miracle-Gro Co., Class A		19,707		1,375,352
Gold Mining — 0.3%
Royal Gold, Inc.		18,418		662,127
Housewares — 0.5%
Tupperware Brands Corp.		19,889		1,129,099
Human Resources — 0.8%
Korn/Ferry International		47,126		1,734,237

Security Description	Shares		Value (Note 2)
Identification Systems — 0.6%
Brady Corp., Class A		47,516	$	1,253,947
Insurance Brokers — 1.2%
Brown & Brown, Inc.		82,818		2,688,272
Insurance - Life/Health — 0.7%
Fidelity & Guaranty Life		25,415		652,657
Symetra Financial Corp.		31,171		981,263
				1,633,920
Insurance - Property/Casualty — 2.0%
Hanover Insurance Group, Inc.		13,210		1,117,566
ProAssurance Corp.		41,998		2,222,114
Stewart Information Services Corp.		28,010		1,213,954
				4,553,634
Insurance - Reinsurance — 2.9%
Aspen Insurance Holdings, Ltd.		18,519		935,580
Endurance Specialty Holdings, Ltd.		37,287		2,459,450
RenaissanceRe Holdings, Ltd.		8,509		942,457
Validus Holdings, Ltd.		50,443		2,379,901
				6,717,388
Investment Companies — 0.7%
Apollo Investment Corp.#		121,493		771,481
New Mountain Finance Corp.#		46,978		665,678
Prospect Capital Corp.		31,398		235,485
				1,672,644
Investment Management/Advisor Services — 1.7%
CIFC Corp.		40,429		283,003
Janus Capital Group, Inc.		60,634		957,411
Waddell & Reed Financial, Inc., Class A		12,890		482,086
Westwood Holdings Group, Inc.		36,736		2,143,545
				3,866,045
Lasers - System/Components — 0.6%
Coherent, Inc.†		21,370		1,451,450
Machinery - Construction & Mining — 0.2%
Hyster-Yale Materials Handling, Inc.		7,442		430,371
Machinery - Electrical — 1.9%
Babcock & Wilcox Enterprises, Inc.†		12,047		230,700
Franklin Electric Co., Inc.		78,573		2,562,266
Regal Beloit Corp.		24,746		1,595,127
				4,388,093
Machinery - General Industrial — 0.9%
Kadant, Inc.		47,851		2,072,427
Medical Imaging Systems — 0.8%
Analogic Corp.		20,797		1,737,589
Medical Instruments — 0.4%
CryoLife, Inc.		45,251		491,426
Integra LifeSciences Holdings Corp.†		7,465		468,130
				959,556
Medical Products — 1.3%
Haemonetics Corp.†		35,725		1,151,774
Halyard Health, Inc.†		28,196		901,990
Hill-Rom Holdings, Inc.		17,606		896,321
				2,950,085
Medical - Biomedical/Gene — 1.3%
Bio-Rad Laboratories, Inc., Class A†		8,921		1,246,442
Charles River Laboratories International, Inc.†		5,915		452,912
Myriad Genetics, Inc.†		11,665		507,427
Theravance, Inc.#		83,324		770,747
				2,977,528

231

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - HMO — 0.6%
Triple-S Management Corp., Class B†		15,408	$	407,387
WellCare Health Plans, Inc.†		10,883		897,630
				1,305,017
Medical - Hospitals — 0.4%
Select Medical Holdings Corp.		79,530		959,927
Medical - Wholesale Drug Distribution — 0.9%
Owens & Minor, Inc.		51,131		1,969,055
Metal Processors & Fabrication — 1.3%
Global Brass & Copper Holdings, Inc.		19,318		449,337
Mueller Industries, Inc.		80,652		2,539,731
				2,989,068
Miscellaneous Manufacturing — 0.9%
Hillenbrand, Inc.		68,669		2,079,984
Multimedia — 0.4%
Meredith Corp.		19,045		888,449
Networking Products — 0.7%
NETGEAR, Inc.†		37,473		1,652,934
Office Supplies & Forms — 0.7%
ACCO Brands Corp.†		215,015		1,659,916
Oil & Gas Drilling — 0.9%
Atwood Oceanics, Inc.#		67,776		1,076,283
Patterson-UTI Energy, Inc.		54,603		885,661
				1,961,944
Oil Companies - Exploration & Production — 1.6%
Bellatrix Exploration, Ltd.†		100,480		161,773
Denbury Resources, Inc.		71,810		265,697
Energen Corp.		15,373		911,465
Gran Tierra Energy, Inc.†		116,720		291,800
Gulfport Energy Corp.†		28,626		727,673
PDC Energy, Inc.†		11,920		673,361
RSP Permian, Inc.†		17,224		488,817
Ultra Petroleum Corp.†		53,525		214,635
				3,735,221
Oil - Field Services — 0.7%
CARBO Ceramics, Inc.#		30,469		567,942
Steel Excel, Inc.†		63,655		930,636
				1,498,578
Paper & Related Products — 1.6%
Neenah Paper, Inc.		26,044		1,731,145
Schweitzer-Mauduit International, Inc.		44,824		1,874,539
				3,605,684
Precious Metals — 0.1%
Coeur Mining, Inc.†		69,733		178,516
Printing - Commercial — 0.6%
Quad/Graphics, Inc.		49,559		511,449
RR Donnelley & Sons Co.		57,927		932,045
				1,443,494
Publishing - Books — 0.2%
John Wiley & Sons, Inc., Class A		8,342		430,364
Publishing - Newspapers — 0.4%
A.H. Belo Corp., Class A		179,264		993,123
Real Estate Investment Trusts — 5.9%
Apollo Commercial Real Estate Finance, Inc.		40,142		704,492
Apollo Residential Mortgage, Inc.		35,042		454,845
Ashford Hospitality Prime, Inc.		22,450		318,790

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Ashford Hospitality Trust, Inc.		69,305	$	487,214
Brandywine Realty Trust		77,290		1,063,510
CBL & Associates Properties, Inc.		44,879		586,569
GEO Group, Inc.		25,049		734,437
Gramercy Property Trust, Inc.		48,236		1,152,358
Hatteras Financial Corp.		126,815		1,785,555
Hospitality Properties Trust		19,644		545,514
LaSalle Hotel Properties		39,492		1,114,069
Mack-Cali Realty Corp.		56,191		1,320,489
Medical Properties Trust, Inc.		75,275		904,053
New Residential Investment Corp.		57,210		727,711
Pennsylvania Real Estate Investment Trust		46,847		1,010,021
RAIT Financial Trust		131,168		566,646
				13,476,273
Rental Auto/Equipment — 0.2%
Aaron’s, Inc.		11,565		280,683
Rent-A-Center, Inc.		15,184		260,557
				541,240
Retail - Apparel/Shoe — 1.1%
Ascena Retail Group, Inc.†		26,975		305,627
Buckle, Inc.#		38,775		1,231,106
Christopher & Banks Corp.†#		122,467		171,454
Finish Line, Inc., Class A		12,630		209,531
Guess?, Inc.#		31,400		618,266
				2,535,984
Retail - Convenience Store — 0.1%
TravelCenters of America LLC†		11,900		118,286
Retail - Discount — 0.2%
Big Lots, Inc.		10,150		456,648
Retail - Jewelry — 0.1%
Movado Group, Inc.		9,500		254,125
Retail - Restaurants — 3.6%
Bloomin’ Brands, Inc.		12,450		215,509
Brinker International, Inc.		15,345		700,039
Denny’s Corp.†		89,318		861,025
DineEquity, Inc.		28,046		2,379,423
Krispy Kreme Doughnuts, Inc.†		125,042		1,768,094
Ruby Tuesday, Inc.†		112,596		622,656
Wendy’s Co.		167,733		1,762,874
				8,309,620
Retail - Sporting Goods — 0.1%
Big 5 Sporting Goods Corp.		17,108		165,263
Rubber - Tires — 0.4%
Cooper Tire & Rubber Co.		19,830		832,662
Savings & Loans/Thrifts — 1.6%
Clifton Bancorp, Inc.		48,178		714,962
First Niagara Financial Group, Inc.		167,867		1,809,606
Washington Federal, Inc.		46,500		1,201,560
				3,726,128
Schools — 0.1%
DeVry Education Group, Inc.		13,385		317,894
Security Services — 0.3%
Brink’s Co.		19,940		641,669
Semiconductor Components - Integrated Circuits — 0.2%
Exar Corp.†		71,623		461,252
Semiconductor Equipment — 0.2%
Kulicke & Soffa Industries, Inc.†		35,795		422,739

232

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Silver Mining — 0.1%
Pan American Silver Corp.		34,994	$	243,558
Steel Pipe & Tube — 0.2%
TimkenSteel Corp.		48,884		499,106
Telecom Services — 0.1%
Aviat Networks, Inc.†		180,935		168,270
Telecommunication Equipment — 0.6%
ARRIS Group, Inc.†		11,921		364,425
Plantronics, Inc.		16,690		883,068
				1,247,493
Textile - Products — 0.2%
Dixie Group, Inc.†#		81,342		458,769
Transactional Software — 0.5%
ACI Worldwide, Inc.†		51,750		1,217,160
Total Long-Term Investment Securities
(cost $201,501,174)				219,283,940

Security Description		Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 6.7%
Registered Investment Companies — 3.1%
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2)		7,067,134		$	7,067,134
Time Deposits — 3.6%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015	$	8,178,000			8,178,000
Total Short-Term Investment Securities
(cost $15,245,134)					15,245,134
TOTAL INVESTMENTS
(cost $216,746,308)(3)		102.8	%		234,529,074
Liabilities in excess of other assets		(2.8	)		(6,372,957	)
NET ASSETS		100.0	%	$	228,156,117

† Non-income producing security

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

(1) At November 30, 2015, the Fund had loaned securities with a total value of $6,887,301. This was secured by collateral of $7,067,134, which was received in cash and subsequently invested in short-term investments currently valued at $7,067,134 as reported in the Portfolio of Investments.

(2) The rate shown is the 7-day yield as of November 30, 2015.

(3) 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, 2015 (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	$	219,283,940	$	—	$	—	$	219,283,940
Short-Term Investment Securities:
Registered Investment Companies		7,067,134		—		—		7,067,134
Time Deposits		—		8,178,000		—		8,178,000
Total Investments at Value	$	226,351,074	$	8,178,000	$	—	$	234,529,074

* 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 Small-Mid Growth Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Registered Investment Companies	14.1	%
Applications Software	5.7
Retail — Restaurants	4.6
Commercial Services — Finance	4.4
Medical — Drugs	4.3
Banks — Commercial	4.0
Retail — Apparel/Shoe	3.4
Medical — Biomedical/Gene	3.0
Medical Products	2.9
Medical — Hospitals	2.9
Food — Misc./Diversified	2.5
Instruments — Controls	2.1
Transactional Software	2.1
Retail — Perfume & Cosmetics	2.0
Real Estate Investment Trusts	2.0
Machinery — General Industrial	2.0
Coatings/Paint	2.0
Machinery — Pumps	1.9
Enterprise Software/Service	1.8
Retail — Gardening Products	1.8
Electronic Components — Semiconductors	1.7
Building — Heavy Construction	1.7
Computers — Periphery Equipment	1.7
Building & Construction Products — Misc.	1.7
Internet Application Software	1.6
Food — Retail	1.6
Telecom Services	1.5
Commercial Services	1.5
Retail — Home Furnishings	1.5
Auto/Truck Parts & Equipment — Original	1.5
Distribution/Wholesale	1.4
Drug Delivery Systems	1.4
Retail — Auto Parts	1.4
Computer Software	1.4
Electronic Connectors	1.4
Apparel Manufacturers	1.3
Diagnostic Equipment	1.3
Hazardous Waste Disposal	1.3
Instruments — Scientific	1.3
Chemicals — Specialty	1.2
Consumer Products — Misc.	1.2
Food — Canned	1.2
Retail — Misc./Diversified	1.1
Power Converter/Supply Equipment	1.0
Transport — Rail	1.0
Transport — Truck	1.0
Oil Field Machinery & Equipment	0.9
Building — Residential/Commercial	0.7
Finance — Consumer Loans	0.7
Aerospace/Defense	0.6
Retail — Pet Food & Supplies	0.6
Office Supplies & Forms	0.6
Physicians Practice Management	0.6
Consulting Services	0.5
E-Commerce/Services	0.5
Web Hosting/Design	0.5
Financial Guarantee Insurance	0.5
Therapeutics	0.5
Television	0.4
Banks — Super Regional	0.3
Computers — Memory Devices	0.2
	113.5	%

* Calculated as a percentage of net assets

234

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.4%
Aerospace/Defense — 0.6%
Aerovironment, Inc.†		30,420	$	778,144
Apparel Manufacturers — 1.3%
Under Armour, Inc., Class A†#		18,756		1,617,142
Applications Software — 5.7%
Demandware, Inc.†#		29,791		1,523,810
NetSuite, Inc.†#		7,451		636,315
Red Hat, Inc.†		18,471		1,503,724
ServiceNow, Inc.†		23,433		2,038,905
Tableau Software, Inc., Class A†		13,666		1,326,012
				7,028,766
Auto/Truck Parts & Equipment - Original — 1.5%
BorgWarner, Inc.		42,777		1,826,150
Banks - Commercial — 4.0%
Eagle Bancorp, Inc.†		46,681		2,550,183
First Republic Bank		35,313		2,431,653
				4,981,836
Banks - Super Regional — 0.3%
Independent Bank Group, Inc.#		8,744		349,498
Building & Construction Products - Misc. — 1.7%
Fortune Brands Home & Security, Inc.		37,259		2,048,127
Building - Heavy Construction — 1.7%
SBA Communications Corp., Class A†		20,216		2,125,915
Building - Residential/Commercial — 0.7%
M/I Homes, Inc.†		38,333		895,459
Chemicals - Specialty — 1.2%
Ashland, Inc.#		13,477		1,518,184
Coatings/Paint — 2.0%
Axalta Coating Systems, Ltd.†		83,392		2,420,036
Commercial Services — 1.5%
Healthcare Services Group, Inc.		51,291		1,894,689
Commercial Services - Finance — 4.4%
EVERTEC, Inc.		38,457		660,691
FleetCor Technologies, Inc.†		9,997		1,536,639
Global Payments, Inc.		19,144		1,356,352
Sabre Corp.		66,595		1,948,570
				5,502,252
Computer Software — 1.4%
InterXion Holding NV†		55,288		1,698,447
Computers - Memory Devices — 0.2%
Pure Storage, Inc., Class A†#		17,850		230,443
Computers - Periphery Equipment — 1.7%
Electronics For Imaging, Inc.†		33,526		1,645,456
Kornit Digital, Ltd.†#		39,944		473,336
				2,118,792
Consulting Services — 0.5%
Advisory Board Co.†		12,583		677,469
Consumer Products - Misc. — 1.2%
Jarden Corp.†		31,410		1,466,219
Diagnostic Equipment — 1.3%
Cepheid†		43,921		1,578,521
Distribution/Wholesale — 1.4%
LKQ Corp.†		58,709		1,731,328

Security Description	Shares		Value (Note 2)
Drug Delivery Systems — 1.4%
DexCom, Inc.†		16,591	$	1,410,567
Revance Therapeutics, Inc.†#		7,978		309,626
				1,720,193
E-Commerce/Services — 0.5%
Match Group, Inc.†#		42,040		608,739
Electronic Components - Semiconductors — 1.7%
Qorvo, Inc.†		37,217		2,161,191
Electronic Connectors — 1.4%
Amphenol Corp., Class A		30,371		1,671,924
Enterprise Software/Service — 1.8%
Evolent Health, Inc.†#		35,860		583,801
Guidewire Software, Inc.†		18,268		1,083,840
OPOWER, Inc.†#		59,943		562,865
				2,230,506
Finance - Consumer Loans — 0.7%
SLM Corp.†		118,928		803,359
Financial Guarantee Insurance — 0.5%
MGIC Investment Corp.†		62,829		599,389
Food - Canned — 1.2%
TreeHouse Foods, Inc.†		16,861		1,457,802
Food - Misc./Diversified — 2.5%
Blue Buffalo Pet Products, Inc.†#		33,504		602,067
Hain Celestial Group, Inc.†		23,058		984,577
McCormick & Co., Inc.#		18,080		1,553,433
				3,140,077
Food - Retail — 1.6%
Sprouts Farmers Market, Inc.†		19,720		475,844
Whole Foods Market, Inc.		49,862		1,453,477
				1,929,321
Hazardous Waste Disposal — 1.3%
Stericycle, Inc.†#		13,062		1,576,845
Instruments - Controls — 2.1%
Mettler-Toledo International, Inc.†		2,201		754,459
Sensata Technologies Holding NV†		41,189		1,886,868
				2,641,327
Instruments - Scientific — 1.3%
PerkinElmer, Inc.		29,262		1,555,568
Internet Application Software — 1.6%
Splunk, Inc.†		33,213		1,976,173
Machinery - General Industrial — 2.0%
Middleby Corp.†		22,020		2,423,081
Machinery - Pumps — 1.9%
Graco, Inc.		23,676		1,786,591
Xylem, Inc.		16,652		621,453
				2,408,044
Medical Products — 2.9%
ABIOMED, Inc.†		8,321		678,744
Henry Schein, Inc.†		9,586		1,500,017
Teleflex, Inc.#		10,938		1,440,535
				3,619,296
Medical - Biomedical/Gene — 3.0%
Achillion Pharmaceuticals, Inc.†#		56,890		579,140
Alder Biopharmaceuticals, Inc.†		12,835		478,232

235

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Corium International, Inc.†#		53,356	$	437,519
Dynavax Technologies Corp.†		11,372		317,165
Medivation, Inc.†		11,629		491,674
Nivalis Therapeutics, Inc.†		15,024		124,699
Otonomy, Inc.†#		15,380		405,878
Ultragenyx Pharmaceutical, Inc.†		9,345		918,801
				3,753,108
Medical - Drugs — 4.3%
Alkermes PLC†		21,170		1,553,031
Amicus Therapeutics, Inc.†#		46,999		504,299
Cempra, Inc.†#		46,793		1,493,165
Cidara Therapeutics, Inc.†#		13,340		205,703
Galapagos NV ADR†		16,258		808,348
Ophthotech Corp.†		11,406		725,079
				5,289,625
Medical - Hospitals — 2.9%
Acadia Healthcare Co., Inc.†		27,454		1,894,601
Adeptus Health, Inc., Class A†#		28,634		1,720,617
				3,615,218
Office Supplies & Forms — 0.6%
Avery Dennison Corp.		10,403		686,182
Oil Field Machinery & Equipment — 0.9%
Dril-Quip, Inc.†		17,961		1,133,519
Physicians Practice Management — 0.6%
MEDNAX, Inc.†		9,591		684,510
Power Converter/Supply Equipment — 1.0%
Hubbell, Inc., Class B		12,812		1,272,103
Real Estate Investment Trusts — 2.0%
Equinix, Inc.		8,285		2,456,502
Retail - Apparel/Shoe — 3.4%
Burlington Stores, Inc.†		28,260		1,359,589
Kate Spade & Co.†		67,882		1,360,355
PVH Corp.		16,904		1,543,166
				4,263,110
Retail - Auto Parts — 1.4%
Advance Auto Parts, Inc.		10,442		1,699,227
Retail - Gardening Products — 1.8%
Tractor Supply Co.		24,489		2,188,092
Retail - Home Furnishings — 1.5%
Restoration Hardware Holdings, Inc.†#		20,832		1,872,172
Retail - Misc./Diversified — 1.1%
Five Below, Inc.†		49,095		1,375,151
Retail - Perfume & Cosmetics — 2.0%
Ulta Salon Cosmetics & Fragrance, Inc.†		15,165		2,532,555
Retail - Pet Food & Supplies — 0.6%
Freshpet, Inc.†#		88,213		759,514
Retail - Restaurants — 4.6%
Bloomin’ Brands, Inc.		47,340		819,455
Jack in the Box, Inc.		17,771		1,317,542
Panera Bread Co., Class A†		14,183		2,578,470
Zoe’s Kitchen, Inc.†#		30,460		1,036,249
				5,751,716
Telecom Services — 1.5%
Level 3 Communications, Inc.†		37,285		1,895,196

Security Description	Shares			Value (Note 2)
Television — 0.4%
AMC Networks, Inc., Class A†		6,277		$	510,383
Therapeutics — 0.5%
Voyager Therapeutics, Inc.†		22,224			559,823
Transactional Software — 2.1%
Black Knight Financial Services, Inc., Class A†		76,011			2,637,582
Transport - Rail — 1.0%
Kansas City Southern		13,792			1,253,969
Transport - Truck — 1.0%
Swift Transportation Co.†#		75,986			1,213,496
Web Hosting/Design — 0.5%
GoDaddy, Inc., Class A†		19,577			608,257
Total Long-Term Investment Securities
(cost $110,782,368)					123,021,262
SHORT-TERM INVESTMENT SECURITIES — 14.1%
Registered Investment Companies — 14.1%
SSgA U.S. Government Money Market Fund 0.00%(2)		1,235,667			1,235,667
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2)		16,300,374			16,300,374
Total Short-Term Investment Securities
(cost $17,536,041)					17,536,041
TOTAL INVESTMENTS
(cost $128,318,409)(3)		113.5	%		140,557,303
Liabilities in excess of other assets		(13.5	)		(16,750,865	)
NET ASSETS		100.0	%	$	123,806,438

† Non-income producing security

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

(1) At November 30, 2015, the Fund had loaned securities with a total value of $19,639,572. This was secured by collateral of $16,300,374, which was received in cash and subsequently invested in short-term investments currently valued at $16,300,374 as reported in the Portfolio of Investments. Additional collateral of $4,020,121 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
Federal Home Loan Mtg. Corp.	2.50% to 4.00%	08/01/2027 to 12/15/2044	$	160,810
Federal National Mtg. Assoc.	2.00% to 4.25%	12/01/2027 to 02/25/2044		356,803
Government National Mtg. Assoc.	0.40% to 4.00%	04/20/2039 to 12/16/2052		25,206
United States Treasury Bills	0.00%	12/10/2015 to 07/21/2016		361,570
United States Treasury Notes/Bonds	0.13% to 8.88%	01/15/2016 to 05/15/2045		3,115,732

(2) The rate shown is the 7-day yield as of November 30, 2015.

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

ADR—American Depositary Receipt

See Notes to Financial Statements

236

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	123,021,262	$	—	$	—	$	123,021,262
Short-Term Investment Securities		17,536,041		—		—		17,536,041
Total Investments at Value	$	140,557,303	$	—	$	—	$	140,557,303

* 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.

237

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Medical — Drugs	6.3	%
Diversified Banking Institutions	3.9
Computers	3.8
Medical — Biomedical/Gene	3.1
Applications Software	2.9
Oil Companies — Integrated	2.9
Diversified Manufacturing Operations	2.7
Banks — Super Regional	2.6
Real Estate Investment Trusts	2.6
Web Portals/ISP	2.5
Electric — Integrated	2.5
Telephone — Integrated	2.2
Electronic Components — Semiconductors	2.1
Beverages — Non-alcoholic	2.0
Finance — Credit Card	1.9
Oil Companies — Exploration & Production	1.8
Multimedia	1.6
E-Commerce/Products	1.6
Tobacco	1.6
Cosmetics & Toiletries	1.5
Aerospace/Defense	1.5
Computer Services	1.5
Insurance — Multi-line	1.4
Retail — Restaurants	1.4
Registered Investment Companies	1.4
Insurance — Reinsurance	1.4
Retail — Discount	1.3
Retail — Building Products	1.3
Medical — HMO	1.3
Internet Content — Entertainment	1.3
Cable/Satellite TV	1.1
Food — Misc./Diversified	1.1
Chemicals — Diversified	1.1
Medical Instruments	1.0
Retail — Drug Store	1.0
Commercial Services — Finance	0.9
Oil — Field Services	0.8
Transport — Rail	0.8
Networking Products	0.7
E-Commerce/Services	0.7
Transport — Services	0.7
Enterprise Software/Service	0.7
Investment Management/Advisor Services	0.7
Oil Refining & Marketing	0.7
Medical Products	0.7
Airlines	0.6
Insurance — Life/Health	0.6
Auto — Cars/Light Trucks	0.6
Semiconductor Components — Integrated Circuits	0.6
Computers — Memory Devices	0.5
Pipelines	0.5
Banks — Fiduciary	0.5
Medical — Wholesale Drug Distribution	0.5
Aerospace/Defense — Equipment	0.5
Athletic Footwear	0.5
Repurchase Agreements	0.5
Insurance — Property/Casualty	0.4
Instruments — Controls	0.4
Instruments — Scientific	0.4
Retail — Apparel/Shoe	0.4
Banks — Commercial	0.4
Finance — Other Services	0.4
Industrial Gases	0.4
Apparel Manufacturers	0.4
Auto/Truck Parts & Equipment — Original	0.3
Agricultural Chemicals	0.3
Retail — Auto Parts	0.3
Data Processing/Management	0.3
Consumer Products — Misc.	0.3

Pharmacy Services	0.3
Diagnostic Equipment	0.3
Insurance Brokers	0.3
Retail — Major Department Stores	0.3
Electronic Components — Misc.	0.3
Finance — Investment Banker/Broker	0.3
Food — Retail	0.3
Electric Products — Misc.	0.3
Electronic Forms	0.2
Semiconductor Equipment	0.2
Gas — Distribution	0.2
Machinery — Construction & Mining	0.2
Medical — Generic Drugs	0.2
Chemicals — Specialty	0.2
Entertainment Software	0.2
Distribution/Wholesale	0.2
Cruise Lines	0.2
Medical — Hospitals	0.2
Hotels/Motels	0.2
Oil Field Machinery & Equipment	0.2
Beverages — Wine/Spirits	0.2
Non — Hazardous Waste Disposal	0.2
Metal Processors & Fabrication	0.2
Television	0.2
U.S. Government Treasuries	0.1
Advertising Agencies	0.1
Food — Confectionery	0.1
Tools — Hand Held	0.1
Building — Residential/Commercial	0.1
Food — Meat Products	0.1
Machinery — Farming	0.1
Building Products — Cement	0.1
Electric — Distribution	0.1
Containers — Paper/Plastic	0.1
Internet Security	0.1
Retail — Regional Department Stores	0.1
Agricultural Operations	0.1
Medical Labs & Testing Services	0.1
Coatings/Paint	0.1
Food — Wholesale/Distribution	0.1
Electronic Security Devices	0.1
Machinery — General Industrial	0.1
Retail — Jewelry	0.1
Auto — Heavy Duty Trucks	0.1
Medical Information Systems	0.1
Finance — Consumer Loans	0.1
Electronic Measurement Instruments	0.1
Broadcast Services/Program	0.1
Paper & Related Products	0.1
Advertising Services	0.1
Electronic Connectors	0.1
Retail — Automobile	0.1
Oil & Gas Drilling	0.1
Engines — Internal Combustion	0.1
Toys	0.1
Vitamins & Nutrition Products	0.1
Telecom Services	0.1
Brewery	0.1
Office Automation & Equipment	0.1
Computer Aided Design	0.1
Industrial Automated/Robotic	0.1
Disposable Medical Products	0.1
Steel — Producers	0.1
Machinery — Pumps	0.1
Appliances	0.1
Containers — Metal/Glass	0.1
Engineering/R&D Services	0.1
Dental Supplies & Equipment	0.1
Dialysis Centers	0.1

238

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited) — (continued)

Industry Allocation* (continued)

Metal — Aluminum	0.1	%
Retail — Gardening Products	0.1
Textile — Home Furnishings	0.1
Home Decoration Products	0.1
Commercial Services	0.1
Consulting Services	0.1
Wireless Equipment	0.1
Real Estate Management/Services	0.1
Telecommunication Equipment	0.1
Computer Software	0.1
Building Products — Wood	0.1
Hazardous Waste Disposal	0.1
Motorcycle/Motor Scooter	0.1
Electronics — Military	0.1
Retail — Consumer Electronics	0.1
Gold Mining	0.1
Rubber — Tires	0.1
Metal — Copper	0.1
Retail — Bedding	0.1
	101.2	%

* Calculated as a percentage of net assets

239

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.2%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		93,106	$	2,141,438
Omnicom Group, Inc.#		55,117		4,074,249
				6,215,687
Advertising Services — 0.1%
Nielsen Holdings PLC		83,228		3,885,083
Aerospace/Defense — 1.5%
Boeing Co.		144,905		21,076,432
General Dynamics Corp.		68,823		10,079,816
Lockheed Martin Corp.#		60,587		13,278,247
Northrop Grumman Corp.		42,513		7,922,723
Raytheon Co.		68,865		8,541,326
Rockwell Collins, Inc.		29,894		2,770,576
				63,669,120
Aerospace/Defense - Equipment — 0.5%
Harris Corp.		28,147		2,339,860
United Technologies Corp.		187,903		18,048,083
				20,387,943
Agricultural Chemicals — 0.3%
CF Industries Holdings, Inc.		52,871		2,439,468
Monsanto Co.		99,736		9,490,878
Mosaic Co.		76,490		2,420,143
				14,350,489
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		138,148		5,041,021
Airlines — 0.6%
American Airlines Group, Inc.#		143,013		5,900,716
Delta Air Lines, Inc.		180,449		8,383,660
Southwest Airlines Co.		149,585		6,862,960
United Continental Holdings, Inc.†		85,701		4,776,117
				25,923,453
Apparel Manufacturers — 0.4%
Hanesbrands, Inc.		91,308		2,800,416
Michael Kors Holdings, Ltd.†		43,881		1,887,761
Ralph Lauren Corp.		13,559		1,684,163
Under Armour, Inc., Class A†#		40,827		3,520,104
VF Corp.		77,251		4,998,140
				14,890,584
Appliances — 0.1%
Whirlpool Corp.#		17,790		2,891,231
Applications Software — 2.9%
Citrix Systems, Inc.†		36,458		2,795,235
Intuit, Inc.		62,911		6,303,682
Microsoft Corp.		1,814,469		98,616,390
Red Hat, Inc.†		41,626		3,388,773
Salesforce.com, Inc.†		140,748		11,216,208
				122,320,288
Athletic Footwear — 0.5%
NIKE, Inc., Class B		153,791		20,343,473
Audio/Video Products — 0.0%
Harman International Industries, Inc.#		16,146		1,665,621
Auto - Cars/Light Trucks — 0.6%
Ford Motor Co.		884,093		12,669,053
General Motors Co.		327,013		11,837,870
				24,506,923

Security Description	Shares		Value (Note 2)
Auto-Heavy Duty Trucks — 0.1%
PACCAR, Inc.		80,530	$	4,184,339
Auto/Truck Parts & Equipment - Original — 0.3%
BorgWarner, Inc.		51,343		2,191,833
Delphi Automotive PLC		64,509		5,669,051
Johnson Controls, Inc.		148,386		6,825,756
				14,686,640
Banks - Commercial — 0.4%
BB&T Corp.		176,866		6,830,565
M&T Bank Corp.#		36,928		4,628,186
Regions Financial Corp.		300,576		3,047,841
Zions Bancorporation		46,319		1,387,717
				15,894,309
Banks - Fiduciary — 0.5%
Bank of New York Mellon Corp.		251,031		11,005,199
Northern Trust Corp.		49,657		3,721,296
State Street Corp.		92,587		6,719,964
				21,446,459
Banks - Super Regional — 2.6%
Capital One Financial Corp.		123,059		9,661,362
Comerica, Inc.		40,366		1,870,964
Fifth Third Bancorp		182,230		3,766,694
Huntington Bancshares, Inc.		182,188		2,129,778
KeyCorp		190,763		2,500,903
PNC Financial Services Group, Inc.#		116,518		11,128,634
SunTrust Banks, Inc.		117,527		5,103,022
US Bancorp		375,541		16,482,495
Wells Fargo & Co.#		1,059,771		58,393,382
				111,037,234
Beverages - Non-alcoholic — 2.0%
Coca-Cola Co.		888,181		37,854,274
Coca-Cola Enterprises, Inc.		47,814		2,405,044
Dr Pepper Snapple Group, Inc.		43,306		3,886,714
Monster Beverage Corp.†		34,499		5,333,891
PepsiCo, Inc.		333,264		33,379,722
				82,859,645
Beverages - Wine/Spirits — 0.2%
Brown-Forman Corp., Class B		24,072		2,468,343
Constellation Brands, Inc., Class A		39,018		5,472,665
				7,941,008
Brewery — 0.1%
Molson Coors Brewing Co., Class B		35,854		3,299,644
Broadcast Services/Program — 0.1%
Discovery Communications, Inc., Class A†#		33,872		1,054,774
Discovery Communications, Inc., Class C†		58,492		1,730,193
Scripps Networks Interactive, Inc., Class A#		21,371		1,213,873
				3,998,840
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc.		15,200		2,392,480
Vulcan Materials Co.		30,215		3,102,174
				5,494,654
Building Products - Wood — 0.1%
Masco Corp.		78,031		2,333,907
Building - Residential/Commercial — 0.1%
D.R. Horton, Inc.		74,056		2,392,749
Lennar Corp., Class A#		39,460		2,020,747
PulteGroup, Inc.		72,833		1,418,787
				5,832,283

240

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cable/Satellite TV — 1.1%
Cablevision Systems Corp., Class A		50,441	$	1,538,450
Comcast Corp., Class A		479,772		29,198,924
Comcast Corp., Special Class A#		78,832		4,811,905
Time Warner Cable, Inc.		64,197		11,861,680
				47,410,959
Casino Hotels — 0.0%
Wynn Resorts, Ltd.#		18,428		1,156,726
Chemicals - Diversified — 1.1%
Dow Chemical Co.		262,734		13,696,323
E.I. du Pont de Nemours & Co.		205,277		13,823,353
Eastman Chemical Co.		33,727		2,450,267
FMC Corp.		30,313		1,302,550
LyondellBasell Industries NV, Class A		84,553		8,101,868
PPG Industries, Inc.		61,417		6,494,234
				45,868,595
Chemicals - Specialty — 0.2%
Ecolab, Inc.		60,252		7,179,628
International Flavors & Fragrances, Inc.#		18,282		2,194,023
				9,373,651
Coal — 0.0%
CONSOL Energy, Inc.#		51,953		409,390
Coatings/Paint — 0.1%
Sherwin-Williams Co.		17,974		4,962,082
Coffee — 0.0%
Keurig Green Mountain, Inc.		27,261		1,428,476
Commercial Services — 0.1%
Cintas Corp.		20,253		1,854,972
Quanta Services, Inc.†		36,916		813,998
				2,668,970
Commercial Services - Finance — 0.9%
Automatic Data Processing, Inc.		105,676		9,115,612
Equifax, Inc.		26,826		2,991,099
H&R Block, Inc.		53,492		1,962,622
McGraw Hill Financial, Inc.		61,821		5,963,872
Moody’s Corp.		39,534		4,076,746
PayPal Holdings, Inc.†		251,605		8,871,592
Total System Services, Inc.		38,393		2,148,472
Western Union Co.#		116,026		2,188,250
				37,318,265
Computer Aided Design — 0.1%
Autodesk, Inc.†		51,317		3,257,090
Computer Services — 1.5%
Accenture PLC, Class A		141,595		15,181,816
Cognizant Technology Solutions Corp., Class A†		138,281		8,930,187
Computer Sciences Corp.		31,383		983,229
CSRA, Inc.†		31,383		988,878
Hewlett Packard Enterprise Co.		409,814		6,089,836
International Business Machines Corp.		204,444		28,503,583
Teradata Corp.†		32,124		960,829
				61,638,358
Computer Software — 0.1%
Akamai Technologies, Inc.†		40,517		2,334,184
Computers — 3.8%
Apple, Inc.		1,293,753		153,050,980
HP, Inc.		409,814		5,139,067
				158,190,047

Security Description	Shares		Value (Note 2)
Computers-Memory Devices — 0.5%
EMC Corp.		436,655	$	11,064,838
NetApp, Inc.		68,079		2,087,302
SanDisk Corp.		46,380		3,426,090
Seagate Technology PLC#		68,521		2,462,645
Western Digital Corp.		52,271		3,262,233
				22,303,108
Consulting Services — 0.1%
Verisk Analytics, Inc.†#		35,166		2,635,692
Consumer Products - Misc. — 0.3%
Clorox Co.#		29,185		3,627,696
Kimberly-Clark Corp.		82,642		9,846,794
				13,474,490
Containers - Metal/Glass — 0.1%
Ball Corp.		31,345		2,175,970
Owens-Illinois, Inc.†		36,473		703,564
				2,879,534
Containers - Paper/Plastic — 0.1%
Sealed Air Corp.		46,699		2,118,267
WestRock Co.		59,404		3,007,624
				5,125,891
Cosmetics & Toiletries — 1.5%
Colgate-Palmolive Co.		204,209		13,412,447
Estee Lauder Cos., Inc., Class A		51,240		4,310,309
Procter & Gamble Co.		615,388		46,055,638
				63,778,394
Cruise Lines — 0.2%
Carnival Corp.		105,015		5,306,408
Royal Caribbean Cruises, Ltd.#		38,920		3,604,381
				8,910,789
Data Processing/Management — 0.3%
Dun & Bradstreet Corp.		8,192		883,016
Fidelity National Information Services, Inc.		63,882		4,067,367
Fiserv, Inc.†		53,218		5,121,700
Paychex, Inc.		72,931		3,956,507
				14,028,590
Dental Supplies & Equipment — 0.1%
DENTSPLY International, Inc.		31,718		1,924,014
Patterson Cos., Inc.		19,700		897,729
				2,821,743
Diagnostic Equipment — 0.3%
Danaher Corp.		134,902		13,003,204
Dialysis Centers — 0.1%
DaVita HealthCare Partners, Inc.†		38,623		2,821,024
Disposable Medical Products — 0.1%
C.R. Bard, Inc.		16,833		3,144,741
Distribution/Wholesale — 0.2%
Fastenal Co.#		65,829		2,671,341
Fossil Group, Inc.†#		9,394		361,387
Genuine Parts Co.		34,392		3,116,947
WW Grainger, Inc.#		13,770		2,761,436
				8,911,111
Diversified Banking Institutions — 3.9%
Bank of America Corp.		2,374,955		41,395,466
Citigroup, Inc.		682,831		36,934,329
Goldman Sachs Group, Inc.		91,329		17,354,336

241

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co.		838,965	$	55,942,186
Morgan Stanley		345,662		11,856,207
				163,482,524
Diversified Manufacturing Operations — 2.7%
3M Co.		141,733		22,192,553
Dover Corp.		35,497		2,339,252
Eaton Corp. PLC		106,060		6,168,450
General Electric Co.		2,138,302		64,020,762
Illinois Tool Works, Inc.		74,748		7,024,817
Ingersoll-Rand PLC		60,200		3,531,934
Parker-Hannifin Corp.#		31,403		3,286,638
Pentair PLC		40,849		2,316,138
Textron, Inc.		62,711		2,675,879
				113,556,423
Diversified Operations — 0.0%
Leucadia National Corp.#		76,516		1,352,803
E-Commerce/Products — 1.6%
Amazon.com, Inc.†		87,008		57,842,918
eBay, Inc.†		254,264		7,523,672
				65,366,590
E-Commerce/Services — 0.7%
Expedia, Inc.		22,697		2,794,228
Netflix, Inc.†		96,646		11,919,351
Priceline Group, Inc.†		11,503		14,365,521
TripAdvisor, Inc.†		25,616		2,109,990
				31,189,090
Electric Products - Misc. — 0.3%
AMETEK, Inc.#		54,939		3,101,856
Emerson Electric Co.		149,083		7,454,150
				10,556,006
Electric - Distribution — 0.1%
PPL Corp.		151,993		5,173,842
Electric - Integrated — 2.5%
AES Corp.		154,910		1,547,551
Ameren Corp.		55,046		2,408,813
American Electric Power Co., Inc.		111,291		6,233,409
CMS Energy Corp.		62,767		2,198,100
Consolidated Edison, Inc.#		66,443		4,129,433
Dominion Resources, Inc.		134,831		9,083,565
DTE Energy Co.		40,717		3,277,311
Duke Energy Corp.		156,159		10,581,334
Edison International		73,915		4,387,594
Entergy Corp.		40,729		2,713,773
Eversource Energy		71,956		3,666,158
Exelon Corp.		208,572		5,696,101
FirstEnergy Corp.		95,840		3,008,418
NextEra Energy, Inc.		104,420		10,427,381
Pepco Holdings, Inc.		57,503		1,476,102
PG&E Corp.		110,975		5,851,712
Pinnacle West Capital Corp.		25,140		1,592,870
Public Service Enterprise Group, Inc.		114,763		4,487,233
SCANA Corp.		32,423		1,917,496
Southern Co.#		206,091		9,179,293
TECO Energy, Inc.		53,362		1,404,488
WEC Energy Group, Inc.		71,618		3,532,200
Xcel Energy, Inc.#		115,069		4,103,361
				102,903,696

Security Description	Shares		Value (Note 2)
Electronic Components - Misc. — 0.3%
Corning, Inc.		278,123	$	5,209,244
Garmin, Ltd.#		26,856		1,016,499
TE Connectivity, Ltd.		91,287		6,124,445
				12,350,188
Electronic Components - Semiconductors — 2.1%
Altera Corp.		68,621		3,623,189
Avago Technologies, Ltd.#		58,943		7,689,114
Broadcom Corp., Class A		126,818		6,928,067
Intel Corp.#		1,078,520		37,500,140
Microchip Technology, Inc.#		47,889		2,312,081
Micron Technology, Inc.†		244,207		3,890,218
NVIDIA Corp.#		116,167		3,684,817
Qorvo, Inc.†		33,923		1,969,909
Skyworks Solutions, Inc.#		43,272		3,592,442
Texas Instruments, Inc.		232,852		13,533,358
Xilinx, Inc.		58,681		2,915,859
				87,639,194
Electronic Connectors — 0.1%
Amphenol Corp., Class A		70,135		3,860,932
Electronic Forms — 0.2%
Adobe Systems, Inc.†		112,899		10,325,743
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		75,184		3,144,195
FLIR Systems, Inc.		31,817		972,327
				4,116,522
Electronic Security Devices — 0.1%
Allegion PLC		21,736		1,460,876
Tyco International PLC		95,628		3,376,625
				4,837,501
Electronics - Military — 0.1%
L-3 Communications Holdings, Inc.		18,225		2,230,922
Energy - Alternate Sources — 0.0%
First Solar, Inc.†		17,169		970,220
Engineering/R&D Services — 0.1%
Fluor Corp.		32,883		1,598,114
Jacobs Engineering Group, Inc.†		28,086		1,239,716
				2,837,830
Engines - Internal Combustion — 0.1%
Cummins, Inc.		37,693		3,783,246
Enterprise Software/Service — 0.7%
CA, Inc.#		71,083		1,998,143
Oracle Corp.		737,781		28,751,326
				30,749,469
Entertainment Software — 0.2%
Activision Blizzard, Inc.		114,119		4,297,721
Electronic Arts, Inc.†		70,725		4,794,448
				9,092,169
Finance - Consumer Loans — 0.1%
Navient Corp.		84,855		1,010,623
Synchrony Financial†		98,296		3,128,762
				4,139,385
Finance - Credit Card — 1.9%
Alliance Data Systems Corp.†#		13,937		3,997,828
American Express Co.		193,083		13,832,466
Discover Financial Services		98,756		5,605,391
MasterCard, Inc., Class A		226,411		22,170,165

242

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Credit Card (continued)
Visa, Inc., Class A		442,703	$	34,977,964
				80,583,814
Finance - Investment Banker/Broker — 0.3%
Charles Schwab Corp.		271,608		9,155,906
E*TRADE Financial Corp.†		65,831		2,003,237
				11,159,143
Finance - Other Services — 0.4%
CME Group, Inc.		76,625		7,482,431
Intercontinental Exchange, Inc.		25,066		6,513,149
Nasdaq, Inc.		26,827		1,572,599
				15,568,179
Food - Confectionery — 0.1%
Hershey Co.		33,137		2,860,054
J.M. Smucker Co.		27,147		3,289,945
				6,149,999
Food - Meat Products — 0.1%
Hormel Foods Corp.		30,577		2,290,829
Tyson Foods, Inc., Class A#		69,049		3,452,450
				5,743,279
Food - Misc./Diversified — 1.1%
Campbell Soup Co.		40,859		2,134,474
ConAgra Foods, Inc.		97,946		4,008,930
General Mills, Inc.		135,833		7,845,714
Kellogg Co.		57,755		3,971,811
Kraft Heinz Co.		134,824		9,935,181
McCormick & Co., Inc.#		26,308		2,260,383
Mondelez International, Inc., Class A		365,551		15,959,957
				46,116,450
Food - Retail — 0.3%
Kroger Co.		220,383		8,299,624
Whole Foods Market, Inc.		81,186		2,366,572
				10,666,196
Food - Wholesale/Distribution — 0.1%
Sysco Corp.		119,119		4,895,791
Gas - Distribution — 0.2%
AGL Resources, Inc.		27,244		1,704,657
CenterPoint Energy, Inc.		97,612		1,654,524
NiSource, Inc.		72,111		1,383,810
Sempra Energy		53,431		5,301,958
				10,044,949
Gold Mining — 0.1%
Newmont Mining Corp.		120,025		2,209,660
Hazardous Waste Disposal — 0.1%
Stericycle, Inc.†#		19,246		2,323,377
Home Decoration Products — 0.1%
Newell Rubbermaid, Inc.		60,755		2,713,318
Home Furnishings — 0.0%
Leggett & Platt, Inc.		31,042		1,446,557
Hotels/Motels — 0.2%
Marriott International, Inc., Class A#		45,241		3,208,039
Starwood Hotels & Resorts Worldwide, Inc.		38,653		2,776,832
Wyndham Worldwide Corp.		26,795		2,034,276
				8,019,147
Human Resources — 0.0%
Robert Half International, Inc.		30,513		1,561,655

Security Description	Shares		Value (Note 2)
Independent Power Producers — 0.0%
NRG Energy, Inc.		75,014	$	927,173
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		30,424		3,238,331
Industrial Gases — 0.4%
Air Products & Chemicals, Inc.		43,895		6,008,786
Airgas, Inc.		15,243		2,106,583
Praxair, Inc.		64,991		7,330,985
				15,446,354
Instruments - Controls — 0.4%
Honeywell International, Inc.		177,355		18,436,052
Instruments - Scientific — 0.4%
PerkinElmer, Inc.		25,723		1,367,435
Thermo Fisher Scientific, Inc.		90,403		12,511,775
Waters Corp.†		18,664		2,478,952
				16,358,162
Insurance Brokers — 0.3%
Aon PLC		63,532		6,019,022
Marsh & McLennan Cos., Inc.		120,237		6,649,106
				12,668,128
Insurance - Life/Health — 0.6%
Aflac, Inc.		97,710		6,374,600
Lincoln National Corp.		56,932		3,130,691
Principal Financial Group, Inc.		62,187		3,200,143
Prudential Financial, Inc.		102,316		8,855,450
Torchmark Corp.#		26,397		1,600,186
Unum Group#		55,963		2,052,723
				25,213,793
Insurance - Multi-line — 1.4%
ACE, Ltd.		73,460		8,436,881
Allstate Corp.#		90,835		5,700,805
American International Group, Inc.(1)		293,539		18,663,210
Assurant, Inc.		15,159		1,296,398
Cincinnati Financial Corp.		33,504		2,047,429
Hartford Financial Services Group, Inc.		94,114		4,295,363
Loews Corp.		65,073		2,465,616
MetLife, Inc.		253,382		12,945,286
XL Group PLC		68,585		2,618,575
				58,469,563
Insurance - Property/Casualty — 0.4%
Chubb Corp.		51,493		6,721,381
Progressive Corp.		132,928		4,096,841
Travelers Cos., Inc.#		70,602		8,088,871
				18,907,093
Insurance - Reinsurance — 1.4%
Berkshire Hathaway, Inc., Class B†#		425,010		56,989,591
Internet Content - Entertainment — 1.3%
Facebook, Inc., Class A†		512,657		53,439,366
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		16,108		1,659,124
Internet Security — 0.1%
Symantec Corp.		155,215		3,039,110
VeriSign, Inc.†#		22,658		2,026,531
				5,065,641
Investment Management/Advisor Services — 0.7%
Affiliated Managers Group, Inc.†		12,315		2,182,587
Ameriprise Financial, Inc.		40,432		4,566,794

243

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Management/Advisor Services (continued)
BlackRock, Inc.		29,064	$	10,571,158
Franklin Resources, Inc.		87,730		3,677,642
Invesco, Ltd.		97,262		3,276,757
Legg Mason, Inc.		24,889		1,104,574
T. Rowe Price Group, Inc.		58,126		4,426,295
				29,805,807
Machinery - Construction & Mining — 0.2%
Caterpillar, Inc.#		136,717		9,932,490
Machinery - Farming — 0.1%
Deere & Co.		70,727		5,627,747
Machinery - General Industrial — 0.1%
Roper Technologies, Inc.		22,838		4,418,925
Machinery - Pumps — 0.1%
Flowserve Corp.#		30,257		1,399,084
Xylem, Inc.		41,176		1,536,688
				2,935,772
Medical Information Systems — 0.1%
Cerner Corp.†		69,674		4,152,570
Medical Instruments — 1.0%
Boston Scientific Corp.†		304,898		5,573,535
Edwards Lifesciences Corp.†		24,392		3,975,896
Intuitive Surgical, Inc.†		8,398		4,367,128
Medtronic PLC		320,831		24,171,408
St. Jude Medical, Inc.		63,918		4,033,226
				42,121,193
Medical Labs & Testing Services — 0.1%
Laboratory Corp. of America Holdings†		22,823		2,773,907
Quest Diagnostics, Inc.		32,567		2,224,978
				4,998,885
Medical Products — 0.7%
Baxter International, Inc.		123,764		4,659,715
Becton Dickinson and Co.		47,699		7,166,775
Henry Schein, Inc.†		18,920		2,960,602
Stryker Corp.		71,760		6,921,969
Varian Medical Systems, Inc.†		22,396		1,809,149
Zimmer Biomet Holdings, Inc.		38,755		3,914,642
				27,432,852
Medical - Biomedical/Gene — 3.1%
Alexion Pharmaceuticals, Inc.†		51,307		9,155,221
Amgen, Inc.		172,021		27,712,583
Biogen, Inc.†		50,552		14,501,347
Celgene Corp.†		179,347		19,629,529
Gilead Sciences, Inc.		332,950		35,279,382
Illumina, Inc.†		32,827		6,036,885
Regeneron Pharmaceuticals, Inc.†		17,541		9,551,075
Vertex Pharmaceuticals, Inc.†		55,504		7,179,997
				129,046,019
Medical - Drugs — 6.3%
Abbott Laboratories		338,130		15,188,799
AbbVie, Inc.		375,526		21,836,837
Allergan PLC†		89,303		28,031,319
Baxalta, Inc.		122,865		4,224,099
Bristol-Myers Squibb Co.		378,299		25,349,816
Eli Lilly & Co.		221,311		18,156,354
Endo International PLC†		47,245		2,904,623
Johnson & Johnson		628,216		63,600,588
Mallinckrodt PLC†		26,621		1,807,832

Security Description	Shares		Value (Note 2)
Medical - Drugs (continued)
Merck & Co., Inc.		638,998	$	33,873,284
Pfizer, Inc.		1,399,161		45,850,506
Zoetis, Inc.		104,138		4,863,244
				265,687,301
Medical - Generic Drugs — 0.2%
Mylan NV†		93,674		4,805,476
Perrigo Co. PLC#		33,186		4,957,657
				9,763,133
Medical - HMO — 1.3%
Aetna, Inc.		79,085		8,125,984
Anthem, Inc.		59,345		7,737,401
Cigna Corp.		58,417		7,885,126
Humana, Inc.		33,609		5,668,494
UnitedHealth Group, Inc.		216,331		24,382,667
				53,799,672
Medical - Hospitals — 0.2%
HCA Holdings, Inc.†		72,529		4,936,324
Tenet Healthcare Corp.†#		22,588		749,696
Universal Health Services, Inc., Class B		20,812		2,529,074
				8,215,094
Medical - Wholesale Drug Distribution — 0.5%
AmerisourceBergen Corp.		46,596		4,596,230
Cardinal Health, Inc.		74,267		6,450,089
McKesson Corp.		52,724		9,983,289
				21,029,608
Metal Processors & Fabrication — 0.2%
Precision Castparts Corp.		31,194		7,222,659
Metal - Aluminum — 0.1%
Alcoa, Inc.#		297,149		2,781,315
Metal - Copper — 0.1%
Freeport-McMoRan, Inc.#		257,892		2,109,557
Motorcycle/Motor Scooter — 0.1%
Harley-Davidson, Inc.#		46,727		2,285,885
Multimedia — 1.6%
Time Warner, Inc.		185,027		12,948,189
Twenty-First Century Fox, Inc., Class A		276,990		8,173,975
Twenty-First Century Fox, Inc., Class B		97,825		2,929,859
Viacom, Inc., Class B		78,827		3,924,796
Walt Disney Co.		352,284		39,973,666
				67,950,485
Networking Products — 0.7%
Cisco Systems, Inc.		1,153,814		31,441,431
Non - Hazardous Waste Disposal — 0.2%
Republic Services, Inc.#		54,619		2,399,413
Waste Management, Inc.		95,418		5,130,626
				7,530,039
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.		45,809		989,474
Xerox Corp.		215,925		2,278,009
				3,267,483
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		20,744		1,368,274
Oil & Gas Drilling — 0.1%
Diamond Offshore Drilling, Inc.		14,625		330,964
Ensco PLC, Class A#		53,484		915,646

244

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil & Gas Drilling (continued)
Helmerich & Payne, Inc.#		24,445	$	1,423,921
Transocean, Ltd.#		77,529		1,113,317
				3,783,848
Oil Companies - Exploration & Production — 1.8%
Anadarko Petroleum Corp.		115,251		6,903,535
Apache Corp.		85,752		4,217,283
Cabot Oil & Gas Corp.		93,879		1,767,742
Chesapeake Energy Corp.#		117,319		618,271
Cimarex Energy Co.		21,429		2,550,480
ConocoPhillips		279,830		15,124,811
Devon Energy Corp.		87,647		4,032,638
EOG Resources, Inc.		124,588		10,394,377
EQT Corp.		34,575		1,978,382
Hess Corp.		54,704		3,227,536
Newfield Exploration Co.†		36,971		1,414,510
Noble Energy, Inc.		96,433		3,536,198
Occidental Petroleum Corp.		173,314		13,100,805
Pioneer Natural Resources Co.		33,873		4,903,117
Range Resources Corp.#		38,422		1,098,101
Southwestern Energy Co.†		87,217		785,825
				75,653,611
Oil Companies - Integrated — 2.9%
Chevron Corp.		426,901		38,984,600
Exxon Mobil Corp.		945,906		77,242,684
Marathon Oil Corp.		153,630		2,690,061
Murphy Oil Corp.#		36,840		1,052,887
				119,970,232
Oil Field Machinery & Equipment — 0.2%
Cameron International Corp.†		43,448		2,967,064
FMC Technologies, Inc.†		52,060		1,771,081
National Oilwell Varco, Inc.#		87,073		3,251,306
				7,989,451
Oil Refining & Marketing — 0.7%
Marathon Petroleum Corp.		121,636		7,104,759
Phillips 66		108,628		9,942,721
Tesoro Corp.		27,927		3,216,352
Valero Energy Corp.		112,778		8,104,227
				28,368,059
Oil - Field Services — 0.8%
Baker Hughes, Inc.		98,887		5,346,820
Halliburton Co.		193,913		7,727,433
Schlumberger, Ltd.		287,087		22,148,762
				35,223,015
Paper & Related Products — 0.1%
International Paper Co.		94,771		3,964,271
Pharmacy Services — 0.3%
Express Scripts Holding Co.†#		153,300		13,104,084
Pipelines — 0.5%
Columbia Pipeline Group, Inc.		72,056		1,381,313
Kinder Morgan, Inc.		407,766		9,611,045
ONEOK, Inc.		47,453		1,398,914
Spectra Energy Corp.#		152,309		3,990,496
Williams Cos., Inc.		154,776		5,658,611
				22,040,379
Publishing - Newspapers — 0.0%
News Corp., Class A		86,436		1,240,356
News Corp., Class B#		24,456		353,634
				1,593,990

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts — 2.6%
American Tower Corp.		96,028	$	9,543,263
Apartment Investment & Management Co., Class A		35,455		1,351,190
AvalonBay Communities, Inc.		30,151		5,481,150
Boston Properties, Inc.		34,841		4,354,777
Crown Castle International Corp.		75,719		6,505,019
Equinix, Inc.#		13,398		3,972,507
Equity Residential		82,598		6,592,972
Essex Property Trust, Inc.		14,915		3,442,233
General Growth Properties, Inc.		132,611		3,377,602
HCP, Inc.		104,945		3,728,696
Host Hotels & Resorts, Inc.#		170,404		2,828,706
Iron Mountain, Inc.#		43,525		1,209,125
Kimco Realty Corp.		93,726		2,445,311
Macerich Co.		30,530		2,385,920
Plum Creek Timber Co., Inc.		39,640		2,014,108
Prologis, Inc.#		118,907		5,083,274
Public Storage		33,354		8,006,961
Realty Income Corp.#		56,584		2,807,698
Simon Property Group, Inc.		70,195		13,073,117
SL Green Realty Corp.		22,599		2,668,490
Ventas, Inc.		75,433		4,023,596
Vornado Realty Trust		40,198		3,889,559
Welltower, Inc.		79,831		5,044,521
Weyerhaeuser Co.		116,653		3,752,727
				107,582,522
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		65,761		2,464,065
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		21,636		1,702,104
Retail - Apparel/Shoe — 0.4%
Coach, Inc.		62,757		1,993,790
Gap, Inc.#		53,970		1,442,618
L Brands, Inc.		58,288		5,561,258
PVH Corp.		18,726		1,709,497
Ross Stores, Inc.		93,875		4,882,439
Urban Outfitters, Inc.†		21,511		481,846
				16,071,448
Retail - Auto Parts — 0.3%
Advance Auto Parts, Inc.		16,610		2,702,945
AutoZone, Inc.†		7,004		5,489,525
O’Reilly Automotive, Inc.†		22,551		5,950,533
				14,143,003
Retail - Automobile — 0.1%
AutoNation, Inc.†		17,758		1,135,091
CarMax, Inc.†		47,198		2,704,446
				3,839,537
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.†#		38,476		2,097,712
Retail - Building Products — 1.3%
Home Depot, Inc.		291,319		39,001,788
Lowe’s Cos., Inc.		209,904		16,078,646
				55,080,434
Retail - Computer Equipment — 0.0%
GameStop Corp., Class A#		24,211		848,111
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		69,628		2,212,778

245

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Discount — 1.3%
Costco Wholesale Corp.		99,705	$	16,094,381
Dollar General Corp.		66,848		4,372,528
Dollar Tree, Inc.†		53,249		4,018,170
Target Corp.		142,569		10,336,252
Wal-Mart Stores, Inc.		358,010		21,065,308
				55,886,639
Retail - Drug Store — 1.0%
CVS Health Corp.		252,839		23,789,622
Walgreens Boots Alliance, Inc.		198,241		16,658,191
				40,447,813
Retail - Gardening Products — 0.1%
Tractor Supply Co.		30,813		2,753,142
Retail - Jewelry — 0.1%
Signet Jewelers, Ltd.		18,057		2,372,509
Tiffany & Co.		25,451		2,027,936
				4,400,445
Retail - Major Department Stores — 0.3%
Nordstrom, Inc.#		31,601		1,779,453
TJX Cos., Inc.		152,992		10,801,235
				12,580,688
Retail - Office Supplies — 0.0%
Staples, Inc.		146,003		1,762,256
Retail - Regional Department Stores — 0.1%
Kohl’s Corp.		44,891		2,115,713
Macy’s, Inc.		75,089		2,934,478
				5,050,191
Retail - Restaurants — 1.4%
Chipotle Mexican Grill, Inc.†		7,065		4,094,521
Darden Restaurants, Inc.		25,863		1,452,725
McDonald’s Corp.		213,665		24,391,996
Starbucks Corp.		336,714		20,670,873
Yum! Brands, Inc.		97,826		7,093,363
				57,703,478
Rubber - Tires — 0.1%
Goodyear Tire & Rubber Co.		61,117		2,131,761
Savings & Loans/Thrifts — 0.0%
People’s United Financial, Inc.#		70,327		1,177,977
Security Services — 0.0%
ADT Corp.#		38,552		1,367,439
Semiconductor Components - Integrated Circuits — 0.6%
Analog Devices, Inc.		71,162		4,385,714
Linear Technology Corp.		54,393		2,486,848
QUALCOMM, Inc.		356,452		17,391,293
				24,263,855
Semiconductor Equipment — 0.2%
Applied Materials, Inc.		272,379		5,112,554
KLA-Tencor Corp.		35,738		2,375,505
Lam Research Corp.		35,887		2,806,363
				10,294,422
Steel - Producers — 0.1%
Nucor Corp.		72,506		3,005,374
Telecom Services — 0.1%
Level 3 Communications, Inc.†		65,388		3,323,672

Security Description	Shares		Value (Note 2)
Telecommunication Equipment — 0.1%
Juniper Networks, Inc.		80,236	$	2,417,511
Telephone - Integrated — 2.2%
AT&T, Inc.		1,395,452		46,984,869
CenturyLink, Inc.		127,722		3,439,553
Frontier Communications Corp.		265,026		1,322,480
Verizon Communications, Inc.		922,366		41,921,535
				93,668,437
Television — 0.2%
CBS Corp., Class B		100,821		5,089,444
TEGNA, Inc.		51,379		1,451,457
				6,540,901
Textile - Home Furnishings — 0.1%
Mohawk Industries, Inc.†		14,421		2,750,373
Tobacco — 1.6%
Altria Group, Inc.		444,815		25,621,344
Philip Morris International, Inc.		351,457		30,713,827
Reynolds American, Inc.		188,044		8,697,035
				65,032,206
Tools - Hand Held — 0.1%
Snap-on, Inc.		13,197		2,271,996
Stanley Black & Decker, Inc.		34,765		3,794,947
				6,066,943
Toys — 0.1%
Hasbro, Inc.		25,503		1,864,014
Mattel, Inc.#		76,820		1,909,745
				3,773,759
Transport - Rail — 0.8%
CSX Corp.		223,176		6,344,894
Kansas City Southern		25,037		2,276,364
Norfolk Southern Corp.		68,374		6,499,632
Union Pacific Corp.		196,850		16,525,558
				31,646,448
Transport - Services — 0.7%
C.H. Robinson Worldwide, Inc.		32,170		2,169,223
Expeditors International of Washington, Inc.		42,914		2,083,046
FedEx Corp.		59,589		9,447,240
Ryder System, Inc.		12,109		798,710
United Parcel Service, Inc., Class B		158,454		16,322,346
				30,820,565
Transport - Truck — 0.0%
J.B. Hunt Transport Services, Inc.		20,835		1,630,130
Vitamins & Nutrition Products — 0.1%
Mead Johnson Nutrition Co.		45,995		3,706,737
Web Portals/ISP — 2.5%
Alphabet, Inc., Class A†		65,765		50,168,830
Alphabet, Inc., Class C†		67,102		49,829,945
Yahoo!, Inc.†		196,484		6,643,124
				106,641,899
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		36,475		2,618,176
Total Long-Term Investment Securities
(cost $2,311,789,011)				4,157,609,249

246

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.5%
Registered Investment Companies — 1.4%
State Street Navigator Securities Lending Prime Portfolio 0.24%(2)(3)		57,426,316		$	57,426,316
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.01% due 12/17/2015(4)	$	7,100,000			7,099,837
Total Short-Term Investment Securities
(cost $64,526,316)					64,526,153
REPURCHASE AGREEMENTS — 0.5%
State Street Bank and Trust Co. Joint Repurchase Agreement(5) (cost $19,664,000)		19,664,000			19,664,000
TOTAL INVESTMENTS
(cost $2,395,979,327)(6)		101.2	%		4,241,799,402
Liabilities in excess of other assets		(1.2	)		(49,380,941	)
NET ASSETS		100.0	%	$	4,192,418,461

# The security or a portion thereof is out on loan

† Non-income producing security

(1) Security represents an investment in an affiliated company; see Note 3

(2) At November 30, 2015, the Fund had loaned securities with a total value of $134,772,550. This was secured by collateral of $57,426,316, which was received in cash and subsequently invested in short-term investments currently valued at $57,426,316 as reported in the Portfolio of Investments. Additional collateral of $80,162,429 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2015
Federal Home Loan Mtg. Corp.	2.50% to 4.00%	08/01/2027 to 12/15/2044	$	1,805
Federal National Mtg. Assoc.	0.75% to 4.25%	04/20/2017 to 02/25/2044		2,988,031
Government National Mtg. Assoc.	0.40% to 4.00%	04/20/2039 to 12/16/2052		283
United States Treasury Bills	0.00%	12/10/2015 to 07/21/2016		4,282,370
United States Treasury Notes/Bonds	0.13% to 8.88%	01/15/2016 to 05/15/2045		72,889,940

(3) The rate shown is the 7-day yield as of November 30, 2015.

(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.

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2015		Unrealized Appreciation (Depreciation)
	359	Long	S&P 500 E-Mini Index		December 2015	$	34,934,815	$	37,332,410	$	2,397,595

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (see Note 1):

	Level 1- Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	4,157,609,249	$	—	$	—	$	4,157,609,249
Short-Term Investment Securities:
Registered Investment Companies		57,426,316		—		—		57,426,316
U.S. Government Treasuries		—		7,099,837		—		7,099,837
Repurchase Agreements		—		19,664,000		—		19,664,000
Total Investments at Value	$	4,215,035,565	$	26,763,837	$	—	$	4,241,799,402
Other Financial Instruments:†
Futures Contracts	$	2,397,595	$	—	$	—	$	2,397,595

* 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.

247

VALIC Company I Value Fund

PORTFOLIO PROFILE — November 30, 2015 (unaudited)

Industry Allocation*

Medical — Drugs	8.9	%
Diversified Banking Institutions	7.9
Diversified Manufacturing Operations	6.7
Banks — Super Regional	6.4
Oil Companies — Integrated	5.0
Oil Companies — Exploration & Production	4.3
Investment Management/Advisor Services	4.1
Electric — Integrated	3.2
Networking Products	3.2
Insurance — Multi-line	2.8
Applications Software	2.8
Retail — Building Products	2.6
Semiconductor Components — Integrated Circuits	2.4
Electronic Components — Semiconductors	2.3
Medical — Biomedical/Gene	1.9
Food — Misc./Diversified	1.9
Medical Instruments	1.7
Building & Construction Products — Misc	1.6
Telephone — Integrated	1.5
Aerospace/Defense — Equipment	1.4
Chemicals — Diversified	1.3
Medical — HMO	1.3
Cruise Lines	1.3
Finance — Other Services	1.3
Oil — Field Services	1.3
Banks — Commercial	1.2
Retail — Drug Store	1.2
Insurance — Life/Health	1.2
Advertising Services	1.1
Steel — Producers	1.1
Internet Security	1.1
Insurance Brokers	1.1
Tobacco	1.1
Multimedia	1.0
Cable/Satellite TV	1.0
Building — Residential/Commercial	1.0
Television	1.0
Hotels/Motels	0.9
Retail — Apparel/Shoe	0.9
Retail — Jewelry	0.8
Transport — Rail	0.8
Paper & Related Products	0.8
Repurchase Agreements	0.7
Retail — Discount	0.7
Retail — Major Department Stores	0.6
Agricultural Chemicals	0.5
Medical Products	0.5
Beverages — Wine/Spirits	0.5
	99.9	%

* Calculated as a percentage of net assets

248

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.2%
Advertising Services — 1.1%
Nielsen Holdings PLC		26,400	$	1,232,352
Aerospace/Defense - Equipment — 1.4%
United Technologies Corp.		15,970		1,533,919
Agricultural Chemicals — 0.5%
Agrium, Inc.		5,500		543,015
Applications Software — 2.8%
Microsoft Corp.		55,554		3,019,360
Banks - Commercial — 1.2%
M&T Bank Corp.		10,790		1,352,311
Banks - Super Regional — 6.4%
PNC Financial Services Group, Inc.		25,893		2,473,040
Wells Fargo & Co.		82,266		4,532,857
				7,005,897
Beverages - Wine/Spirits — 0.5%
Diageo PLC ADR		4,620		529,267
Building & Construction Products - Misc. — 1.6%
Fortune Brands Home & Security, Inc.		32,080		1,763,438
Building - Residential/Commercial — 1.0%
PulteGroup, Inc.		55,140		1,074,127
Cable/Satellite TV — 1.0%
Comcast Corp., Class A		18,414		1,120,676
Chemicals - Diversified — 1.3%
Dow Chemical Co.		27,813		1,449,892
Cruise Lines — 1.3%
Norwegian Cruise Line Holdings, Ltd.†		24,940		1,432,554
Diversified Banking Institutions — 7.9%
Citigroup, Inc.		51,580		2,789,962
Goldman Sachs Group, Inc.		6,632		1,260,213
JPMorgan Chase & Co.		67,407		4,494,699
				8,544,874
Diversified Manufacturing Operations — 6.7%
3M Co.		7,720		1,208,797
Eaton Corp. PLC		30,875		1,795,690
General Electric Co.		78,534		2,351,308
Illinois Tool Works, Inc.		10,062		945,627
Ingersoll-Rand PLC		16,494		967,703
				7,269,125
Electric - Integrated — 3.2%
Dominion Resources, Inc.		8,200		552,434
Edison International		16,324		968,993
Eversource Energy		27,024		1,376,873
NextEra Energy, Inc.		6,055		604,652
				3,502,952
Electronic Components - Semiconductors — 2.3%
Intel Corp.		71,122		2,472,912
Finance - Other Services — 1.3%
Intercontinental Exchange, Inc.		5,310		1,379,750
Food - Misc./Diversified — 1.9%
Ingredion, Inc.		8,900		877,273
Kraft Heinz Co.		15,721		1,158,480
				2,035,753
Hotels/Motels — 0.9%
Hilton Worldwide Holdings, Inc.		42,050		976,401

Security Description	Shares		Value (Note 2)
Insurance Brokers — 1.1%
Marsh & McLennan Cos., Inc.		21,625	$	1,195,863
Insurance - Life/Health — 1.2%
Principal Financial Group, Inc.		24,619		1,266,894
Insurance - Multi-line — 2.8%
ACE, Ltd.		14,574		1,673,824
MetLife, Inc.		27,620		1,411,106
				3,084,930
Internet Security — 1.1%
Symantec Corp.		61,745		1,208,967
Investment Management/Advisor Services — 4.1%
Ameriprise Financial, Inc.		11,951		1,349,865
BlackRock, Inc.		5,468		1,988,821
Invesco, Ltd.		33,200		1,118,508
				4,457,194
Medical Instruments — 1.7%
Medtronic PLC		23,975		1,806,276
Medical Products — 0.5%
Baxter International, Inc.		14,130		531,995
Medical - Biomedical/Gene — 1.9%
Amgen, Inc.		7,436		1,197,940
Gilead Sciences, Inc.		8,540		904,898
				2,102,838
Medical - Drugs — 8.9%
Allergan PLC†		3,400		1,067,226
AstraZeneca PLC ADR		35,800		1,218,990
Baxalta, Inc.		14,230		489,227
Bristol-Myers Squibb Co.		24,860		1,665,869
Merck & Co., Inc.		52,558		2,786,100
Pfizer, Inc.		28,124		921,623
Roche Holding AG		5,478		1,466,870
				9,615,905
Medical - HMO — 1.3%
UnitedHealth Group, Inc.		12,755		1,437,616
Multimedia — 1.0%
Thomson Reuters Corp.		27,880		1,124,679
Networking Products — 3.2%
Cisco Systems, Inc.		125,819		3,428,568
Oil Companies - Exploration & Production — 4.3%
Anadarko Petroleum Corp.		11,560		692,444
EOG Resources, Inc.		18,460		1,540,118
Occidental Petroleum Corp.		11,610		877,600
Pioneer Natural Resources Co.		7,840		1,134,840
Southwestern Energy Co.†		50,754		457,293
				4,702,295
Oil Companies - Integrated — 5.0%
Chevron Corp.		26,321		2,403,634
Exxon Mobil Corp.		21,007		1,715,431
Marathon Oil Corp.		76,847		1,345,591
				5,464,656
Oil - Field Services — 1.3%
Halliburton Co.		34,550		1,376,818
Paper & Related Products — 0.8%
International Paper Co.		20,445		855,214

249

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Apparel/Shoe — 0.9%
PVH Corp.		10,150	$	926,594
Retail - Building Products — 2.6%
Home Depot, Inc.		12,764		1,708,844
Lowe’s Cos., Inc.		15,110		1,157,426
				2,866,270
Retail - Discount — 0.7%
Dollar General Corp.		11,200		732,592
Retail - Drug Store — 1.2%
CVS Health Corp.		13,804		1,298,818
Retail - Jewelry — 0.8%
Signet Jewelers, Ltd.		7,000		919,730
Retail - Major Department Stores — 0.6%
Nordstrom, Inc.		11,510		648,128
Semiconductor Components - Integrated Circuits — 2.4%
Analog Devices, Inc.		10,169		626,715
Maxim Integrated Products, Inc.		50,605		1,961,956
				2,588,671
Steel - Producers — 1.1%
Nucor Corp.		11,665		483,514
Steel Dynamics, Inc.		42,426		737,788
				1,221,302
Telephone - Integrated — 1.5%
Verizon Communications, Inc.		35,695		1,622,338

Security Description	Shares/ Principal Amount			Value (Note 2)
Television — 1.0%
CBS Corp., Class B		20,475		$	1,033,578
Tobacco — 1.1%
British American Tobacco PLC		20,056			1,168,380
Transport - Rail — 0.8%
Union Pacific Corp.		10,600			889,870
Total Long-Term Investment Securities
(cost $84,610,097)					107,815,554
REPURCHASE AGREEMENTS — 0.7%
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 11/30/2015, to be repurchased 12/01/2015 in the amount $786,000 collateralized by $825,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $803,820 (cost $786,000)	$	786,000			786,000
TOTAL INVESTMENTS
(cost $85,396,097)(1)		99.9	%		108,601,554
Other assets less liabilities		0.1			64,826
NET ASSETS		100.0	%	$	108,666,380

† Non-income producing security

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (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	$	107,815,554	$	—	$	—	$	107,815,554
Repurchase Agreements		—		786,000		—		786,000
Total Investments at Value	$	107,815,554	$	786,000	$	—	$	108,601,554

* 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. Securities currently valued at $2,635,250 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

250

VALIC Company I

STATEMENT OF ASSETS AND LIABILITIES — November 30, 2015

	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)*†	$	191,163,481	$	672,129,787		$	58,446,067	$	254,184,057		$	245,396,641		$	601,981,296		$	45,281,135
Investment securities, at value (affiliated)*†		–		–			–		–			–			–			212,360,254
Repurchase agreements (cost approximates value)		–		–			–		–			2,484,000			736,000			–
Total Investments		191,163,481		672,129,787			58,446,067		254,184,057			247,880,641			602,717,296			257,641,389
Cash		69,302		–			608		78			452			678			–
Foreign cash*		1,515		–			–		–			–			–			–
Due from broker		5,831		–			–		–			32,200			–			2,415,357
Receivable for:
Fund shares sold		3,450		132,804			19,892		56,942			1,259			41,989			124,916
Dividends and interest		712,298		391,430			127,478		1,148,140			375,764			1,937,987			195,292
Investments sold		926,813		420,304			182,726		1,676,978			197,582			–			214,905
Securities lending income		8,191		2,442			1,195		372			1,562			30,314			–
Prepaid expenses and other assets		21,032		10,322			1,933		10,467			13,367			9,095			2,141
Due from investment adviser for expense reimbursements/fee waivers		–		–			3,350		–			24,889			6,778			–
Variation margin on futures contracts		295,639		–			–		–			–			–			–
Unrealized appreciation on forward foreign currency contracts		–		–			–		–			–			–			–
TOTAL ASSETS		193,207,552		673,087,089			58,783,249		257,077,034			248,527,716			604,744,137			260,594,000
LIABILITIES:
Payable for:
Fund shares reacquired		70,869		92,302			45,454		166,929			442,426			84,801			389,951
Investments purchased		11,711,452		1,835,245			60,653		18,507,803			491,171			–			–
Accrued foreign tax on capital gains		–		–			–		–			–			–			–
Investment advisory and management fees		69,888		395,109			32,763		97,219			160,565			342,521			53,317
Administrative service fee		9,435		36,618			3,159		13,124			13,548			31,824			2,624
Transfer agent fees and expenses		186		498			249		429			186			657			163
Directors’ fees and expenses		6,211		12,532			1,042		5,436			13,876			14,363			3,176
Other accrued expenses		67,320		57,694			31,942		50,141			50,607			64,531			51,180
Variation margin on futures contracts		56,119		–			–		–			3,535			–			297,950
Due to investment advisor for expense recoupment		–		–			–		–			–			–			601
Collateral upon return of securities loaned		10,480,222		4,682,825			1,259,296		900,968			4,433,852			38,858,357			–
Due to custodian		–		–			–		–			–			–			–
Due to broker		–		–			–		–			–			–			–
Call and put options written, at value@		–		–			–		–			–			–			496,698
Unrealized depreciation on forward foreign currency contracts		–		–			–		–			–			–			–
TOTAL LIABILITIES		22,471,702		7,112,823			1,434,558		19,742,049			5,609,766			39,397,054			1,295,660
NET ASSETS	$	170,735,850	$	665,974,266		$	57,348,691	$	237,334,985		$	242,917,950		$	565,347,083		$	259,298,340
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	140,130	$	356,245		$	37,328	$	239,944		$	122,655		$	429,490		$	224,620
Additional paid-in capital		144,314,012		319,214,424			41,513,662		230,342,302			195,945,961			384,786,939			247,417,774
Accumulated undistributed net investment income (loss)		5,121,821		(704,397	)		1,201,141		6,513,872			3,814,936			20,048,796			4,965,734
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		18,505,640		108,920,357			4,570,627		693,294			1,340,176			113,686,956			496,824
Unrealized appreciation (depreciation) on investments		1,919,815		238,187,721			10,025,933		(454,427	)		41,645,252			46,394,905			5,914,472
Unrealized appreciation (depreciation) on futures contracts and written options contracts		612,734		–			–		–			48,999			–			278,916
Unrealized foreign exchange gain (loss) on other assets and liabilities		121,698		(84	)		–		–			(29	)		(3	)		–
Accrued capital gains tax on unrealized appreciation (depreciation)		–		–			–		–			–			–			–
NET ASSETS	$	170,735,850	$	665,974,266		$	57,348,691	$	237,334,985		$	242,917,950		$	565,347,083		$	259,298,340
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		14,013,001		35,624,457			3,732,845		23,994,363			12,265,505			42,948,976			22,461,955
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	12.18	$	18.69		$	15.36	$	9.89		$	19.80		$	13.16		$	11.54
*   Cost
Investment securities (unaffiliated)	$	189,243,666	$	433,942,066		$	48,420,134	$	254,638,484		$	203,751,389		$	555,586,391		$	45,190,773
Investment securities (affiliated)	$	–	$	–		$	–	$	–		$	–		$	–		$	206,536,144
Foreign cash	$	1,617	$	–		$	–	$	–		$	–		$	–		$	–
@ Premiums received on options written	$	–	$	–		$	–	$	–		$	–		$	–		$	784,215
†   Including securities on loan	$	11,654,837	$	4,579,536		$	1,458,682	$	879,654		$	5,587,155		$	39,852,912		$	–

See Notes to Financial Statements

251

VALIC Company I

STATEMENT OF ASSETS AND LIABILITIES — November 30, 2015 — (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)*†	$	551,937,627		$	931,791,027		$	502,362,353		$	381,175,356		$	483,648,709	$	134,458,071		$	1,052,084,462
Investment securities, at value (affiliated)*†		–			–			–			–			–		–			–
Repurchase agreements (cost approximates value)		–			–			–			–			–		10,631,000			–
Total Investments		551,937,627			931,791,027			502,362,353			381,175,356			483,648,709		145,089,071			1,052,084,462
Cash		1,695,484			56,146			683			353			316,864		293			39,023
Foreign cash*		5,396,714			6,400,924			634,774			153,564			1,592,708		–			13,516
Due from broker		–			–			–			–			–		–			–
Receivable for:
Fund shares sold		418,598			438,425			27,161			70,718			44,977		32,365			13,840
Dividends and interest		242,644			2,048,761			698,788			899,489			2,175,275		571,762			1,225,461
Investments sold		1,154,493			432,372			7,492,654			–			661,400		–			2,162,235
Securities lending income		16,227			65,681			1,905			2,961			43,031		6			33,577
Prepaid expenses and other assets		9,035			19,142			6,038			13,869			9,296		7,660			20,528
Due from investment adviser for expense reimbursements/fee waivers		–			–			–			–			–		–			–
Variation margin on futures contracts		–			–			–			–			–		–			–
Unrealized appreciation on forward foreign currency contracts		–			–			–			–			5,449,865		–			–
TOTAL ASSETS		560,870,822			941,252,478			511,224,356			382,316,310			493,942,125		145,701,157			1,055,592,642
LIABILITIES:
Payable for:
Fund shares reacquired		54,057			85,246			49,682			48,905			61,804		708,598			126,648
Investments purchased		4,843,843			1,511,890			7,695,264			–			1,131,702		–			700,730
Accrued foreign tax on capital gains		230,090			49,798			–			–			–		–			–
Investment advisory and management fees		352,585			470,501			301,452			155,074			191,414		59,584			561,583
Administrative service fee		30,598			47,118			28,114			20,935			25,841		8,044			54,101
Transfer agent fees and expenses		697			536			437			217			186		561			312
Directors’ fees and expenses		14,168			24,723			7,694			14,617			12,883		5,727			27,454
Other accrued expenses		220,008			131,503			60,472			53,414			95,596		43,699			88,951
Variation margin on futures contracts		–			–			–			47,975			–		–			–
Due to investment advisor for expense recoupment		–			–			–			–			–		–			–
Collateral upon return of securities loaned		20,406,832			94,986,987			5,611,586			4,166,169			25,815,499		–			59,958,568
Due to custodian		–			–			–			–			–		–			–
Due to broker		–			–			–			–			–		–			–
Call and put options written, at value@		–			–			–			–			–		–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–			717,403		–			–
TOTAL LIABILITIES		26,152,878			97,308,302			13,754,701			4,507,306			28,052,328		826,213			61,518,347
NET ASSETS	$	534,717,944		$	843,944,176		$	497,469,655		$	377,809,004		$	465,889,797	$	144,874,944		$	994,074,295
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	815,569		$	915,612		$	590,410		$	177,094		$	365,897	$	133,914		$	603,418
Additional paid-in capital		730,830,628			923,154,972			437,426,653			396,739,881			397,919,392		138,994,119			707,860,556
Accumulated undistributed net investment income (loss)		21,910,459			22,006,181			17,099,510			9,037,984			19,543,209		5,263,724			8,241,498
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(181,915,054	)		(19,166,332	)		33,530,240			(39,149,615	)		34,592,266		(1,973,816	)		164,070,157
Unrealized appreciation (depreciation) on investments		(36,692,588	)		(82,719,903	)		8,850,708			10,380,962			8,793,609		2,457,003			113,309,200
Unrealized appreciation (depreciation) on futures contracts and written options contracts		–			–			–			664,715			–		–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		(980	)		(196,556	)		(27,866	)		(42,017	)		4,675,424		–			(10,534	)
Accrued capital gains tax on unrealized appreciation (depreciation)		(230,090	)		(49,798	)		–			–			–		–			–
NET ASSETS	$	534,717,944		$	843,944,176		$	497,469,655		$	377,809,004		$	465,889,797	$	144,874,944		$	994,074,295
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000		1,000,000,000			1,000,000,000
Outstanding		81,556,878			91,561,167			59,040,987			17,709,408			36,589,724		13,391,377			60,341,755
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	6.56		$	9.22		$	8.43		$	21.33		$	12.73	$	10.82		$	16.47
*   Cost
Investment securities (unaffiliated)	$	588,630,215		$	1,014,510,930		$	493,511,645		$	370,794,394		$	474,855,100	$	132,001,068		$	938,775,262
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–	$	–		$	–
Foreign cash	$	5,396,347		$	6,486,543		$	636,490		$	154,168		$	1,608,285	$	–		$	13,513
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–	$	–		$	–
†  Including securities on loan	$	20,093,494		$	91,374,767		$	5,378,285		$	7,017,290		$	24,832,396	$	–		$	86,930,370

See Notes to Financial Statements

252

VALIC Company I

STATEMENT OF ASSETS AND LIABILITIES — November 30, 2015 — (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)*†	$	117,343,772	$	929,006,892		$	455,472,282		$	1,172,402,974		$	148,734,111		$	581,160,299		$	164,786,892
Investment securities, at value (affiliated)*†		–		–			–			–			–			–			–
Repurchase agreements (cost approximates value)		–		–			–			41,903,000			–			–			3,321,000
Total Investments		117,343,772		929,006,892			455,472,282			1,214,305,974			148,734,111			581,160,299			168,107,892
Cash		975		–			15,028			260			5,218			116,700			635
Foreign cash*		–		1,934			44,267			949,710			235,239			416,386			–
Due from broker		115,000		–			–			–			–			–			–
Receivable for:
Fund shares sold		12,084		140,285			266,145			404,241			5,203			192,409			2,416
Dividends and interest		237,418		492,312			1,704,413			4,198,025			1,356,847			1,485,742			244,009
Investments sold		259,877		262,834			692,590			–			–			431,373			1,005,087
Securities lending income		673		53,038			702			63,038			324			19,683			244
Prepaid expenses and other assets		5,321		9,364			6,136			35,561			7,282			15,925			14,321
Due from investment adviser for expense reimbursements/fee waivers		8,048		27,737			–			–			–			2,521			–
Variation margin on futures contracts		–		–			–			–			–			–			–
Unrealized appreciation on forward foreign currency contracts		–		–			–			–			–			–			–
TOTAL ASSETS		117,983,168		929,994,396			458,201,563			1,219,956,809			150,344,224			583,841,038			169,374,604
LIABILITIES:
Payable for:
Fund shares reacquired		117,514		101,843			43,615			99,091			36,067			205,473			157,248
Investments purchased		265,206		3,101			–			–			1,934,208			550,806			2,242,773
Accrued foreign tax on capital gains		–		50,340			–			–			–			–			–
Investment advisory and management fees		72,130		708,823			176,341			269,345			60,217			414,237			95,576
Administrative service fee		6,492		48,908			24,914			61,921			8,129			30,455			9,216
Transfer agent fees and expenses		375		249			440			734			546			437			249
Directors’ fees and expenses		4,831		9,102			9,359			27,525			6,549			19,764			3,864
Other accrued expenses		42,042		71,333			63,781			176,211			55,592			108,711			33,006
Variation margin on futures contracts		4,040		–			–			61,380			–			–			–
Due to investment advisor for expense recoupment		–		–			–			–			–			–			–
Collateral upon return of securities loaned		732,105		39,533,699			1,762,313			127,446,033			1,433,100			31,851,666			572,861
Due to custodian		–		51,561			–			–			–			–			–
Due to broker		–		–			–			–			–			–			–
Call and put options written, at value@		–		3,961			–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–		–			–			–			–			–			–
TOTAL LIABILITIES		1,244,735		40,582,920			2,080,763			128,142,240			3,534,408			33,181,549			3,114,793
NET ASSETS	$	116,738,433	$	889,411,476		$	456,120,800		$	1,091,814,569		$	146,809,816		$	550,659,489		$	166,259,811
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	60,138	$	357,283		$	427,232		$	1,657,219		$	133,001		$	416,522		$	121,493
Additional paid-in capital		93,678,005		505,957,398			450,922,954			1,214,077,364			159,903,921			456,858,042			105,228,518
Accumulated undistributed net investment income (loss)		1,885,748		(4,240,442	)		6,773,754			34,254,611			4,925,416			6,351,285			2,159,760
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		7,192,417		169,498,789			(1,793,818	)		(147,931,861	)		(7,286,327	)		33,890,253			37,423,569
Unrealized appreciation (depreciation) on investments		13,915,721		217,746,351			(201,271	)		(12,427,096	)		(10,822,505	)		53,292,169			21,326,471
Unrealized appreciation (depreciation) on futures contracts and written options contracts		6,404		148,319			–			2,446,982			–			–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		–		(5,882	)		(8,051	)		(262,650	)		(43,690	)		(148,782	)		–
Accrued capital gains tax on unrealized appreciation (depreciation)		–		(50,340	)		–			–			–			–			–
NET ASSETS	$	116,738,433	$	889,411,476		$	456,120,800		$	1,091,814,569		$	146,809,816		$	550,659,489		$	166,259,811
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		6,013,752		35,728,259			42,723,246			165,721,882			13,300,075			41,652,164			12,149,316
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	19.41	$	24.89		$	10.68		$	6.59		$	11.04		$	13.22		$	13.68
*   Cost
Investment securities (unaffiliated)	$	103,428,051	$	711,260,541		$	455,673,553		$	1,184,830,070		$	159,556,616		$	527,868,130		$	143,460,421
Investment securities (affiliated)	$	–	$	–		$	–		$	–		$	–		$	–		$	–
Foreign cash	$	–	$	1,960		$	45,419		$	954,271		$	255,307		$	418,681		$	–
@ Premiums received on options written	$	–	$	152,280		$	–		$	–		$	–		$	–		$	–
†  Including securities on loan	$	708,540	$	41,456,678		$	1,718,885		$	129,371,195		$	1,366,316		$	31,384,383		$	1,475,118

See Notes To Financial Statements

253

VALIC Company I

STATEMENT OF ASSETS AND LIABILITIES — November 30, 2015 — (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)*†	$	414,819,380		$	3,261,101,799	$	262,647,945		$	337,943,711		$	328,797,486	$	1,037,134,723		$	140,704,406
Investment securities, at value (affiliated)*†		–			–		–			–			–		–			–
Repurchase agreements (cost approximates value)		–			19,465,000		–			7,202,000			12,378,000		886,000			2,323,000
Total Investments		414,819,380			3,280,566,799		262,647,945			345,145,711			341,175,486		1,038,020,723			143,027,406
Cash		1,830,922			319		881			387			579		62,617			39,259
Foreign cash*		235			–		–			–			–		1,788,277			–
Due from broker		–			–		–			–			–		–			–
Receivable for:
Fund shares sold		14,307			349,959		11,561			242,683			65,444		44,842			11,916
Dividends and interest		401,467			3,904,058		122,038			40,061			417,232		1,072,846			26,038
Investments sold		–			–		–			–			–		2,019,855			768,093
Securities lending income		5,030			105,366		32,174			–			3,339		98,868			58,685
Prepaid expenses and other assets		9,275			75,089		14,553			21,460			5,386		46,478			2,606
Due from investment adviser for expense reimbursements/fee waivers		–			–		–			91,856			82,036		–			7,297
Variation margin on futures contracts		–			–		–						–		–			–
Unrealized appreciation on forward foreign currency contracts		–			–		–			–			–		–			–
TOTAL ASSETS		417,080,616			3,285,001,590		262,829,152			345,542,158			341,749,502		1,043,154,506			143,941,300
LIABILITIES:
Payable for:
Fund shares reacquired		79,106			855,432		106,893			311,606			100,212		385,167			17,560
Investments purchased		–			2,003,489		–			–			–		49,113			429,257
Accrued foreign tax on capital gains		–			–		–			–			–		–			–
Investment advisory and management fees		211,446			668,261		147,118			113,657			107,709		705,155			83,255
Administrative service fee		22,301			170,212		14,213			19,180			18,405		54,370			6,611
Transfer agent fees and expenses		303			987		433			758			735		800			186
Directors’ fees and expenses		10,563			87,845		7,651			17,366			5,451		37,277			1,932
Other accrued expenses		56,274			221,752		44,605			78,871			109,014		126,894			39,076
Variation margin on futures contracts		–			213,640		–			–			37,950		–			–
Due to investment advisor for expense recoupment		–			–		–			–			–		–			–
Collateral upon return of securities loaned		14,650,082			213,862,443		3,293,226			–			6,501,921		53,723,108			21,824,502
Due to custodian		–			–		–			–			–		–			–
Due to broker		–			–		–			–			–		–			–
Call and put options written, at value@		–			–		–			–			–		–			–
Unrealized depreciation on forward foreign currency contracts		–			–		–			–			–		–			–
TOTAL LIABILITIES		15,030,075			218,084,061		3,614,139			541,438			6,881,397		55,081,884			22,402,379
NET ASSETS	$	402,050,541		$	3,066,917,529	$	259,215,013		$	345,000,720		$	334,868,105	$	988,072,622		$	121,538,921
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	317,671		$	1,114,122	$	178,046		$	3,450,082		$	311,087	$	363,949		$	86,602
Additional paid-in capital		320,493,928			1,886,433,369		195,324,764			341,556,946			154,646,105		664,574,003			90,408,822
Accumulated undistributed net investment income (loss)		4,632,677			57,519,469		(653,706	)		1,129			3,329,616		(1,091,661	)		(216,651	)
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		26,709,104			339,579,756		31,176,275			(7,437	)		24,920,701		196,633,617			18,824,037
Unrealized appreciation (depreciation) on investments		49,900,319			781,040,518		33,189,634			–			150,915,580		127,670,583			12,436,111
Unrealized appreciation (depreciation) on futures contracts and written options contracts		–			1,230,295		–			–			745,016		–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		(3,158	)		–		–			–			–		(77,869	)		–
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–		–			–			–		–			–
NET ASSETS	$	402,050,541		$	3,066,917,529	$	259,215,013		$	345,000,720		$	334,868,105	$	988,072,622		$	121,538,921
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		31,767,098			111,412,205		17,804,571			345,008,168			31,108,701		36,394,876			8,660,178
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	12.66		$	27.53	$	14.56		$	1.00		$	10.76	$	27.15		$	14.03
*   Cost
Investment securities (unaffiliated)	$	364,919,061		$	2,480,061,281	$	229,458,311		$	337,943,711		$	177,881,906	$	909,464,140		$	128,268,295
Investment securities (affiliated)	$	–		$	–	$	–		$	–		$	–	$	–		$	–
Foreign cash	$	237		$	–	$	–		$	–		$	–	$	1,863,217		$	–
@ Premiums received on options written	$	–		$	–	$	–		$	–		$	–	$	–		$	–
†  Including securities on loan	$	16,408,209		$	279,766,971	$	4,154,219		$	–		$	7,714,096	$	63,736,790		$	21,137,645

See Notes to Financial Statements

254

VALIC Company I

STATEMENT OF ASSETS AND LIABILITIES — November 30, 2015 — (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)*†	$	343,330,165		$	1,149,097,622		$	234,529,074	$	140,557,303		$	4,203,472,192	$	107,815,554
Investment securities, at value (affiliated)*†		–			–			–		–			18,663,210		–
Repurchase agreements (cost approximates value)		–			26,188,000								19,664,000		786,000
Total Investments		343,330,165			1,175,285,622			234,529,074		140,557,303			4,241,799,402		108,601,554
Cash		86,950			5,291			686		–			330,287		787
Foreign cash*		–			–			–		–			–		–
Due from broker		–			–			–		–			–		–
Receivable for:
Fund shares sold		1,669			641,065			4,981		1,648			1,080,823		8,424
Dividends and interest		287,675			935,984			293,472		50,020			9,259,052		284,758
Investments sold		1,600,281			1,606,930			803,552		26,787			–		–
Securities lending income		27,739			272,995			11,826		24,544			51,094		1,000
Prepaid expenses and other assets		18,083			24,356			11,427		4,761			191,700		4,050
Due from investment adviser for expense reimbursements/fee waivers		20,106			–			–		2,444			–		7,765
Variation margin on futures contracts		–			–			–		–			–		–
Unrealized appreciation on forward foreign currency contracts		–			–			–		–			–		–
TOTAL ASSETS		345,372,668			1,178,772,243			235,655,018		140,667,507			4,252,712,358		108,908,338
LIABILITIES:
Payable for:
Fund shares reacquired		153,999			179,228			120,286		67,989			1,100,947		126,860
Investments purchased		511,662			–			115,127		359,723			–		–
Accrued foreign tax on capital gains		–			–			–		–			–		–
Investment advisory and management fees		233,174			254,958			139,037		85,364			851,487		69,751
Administrative service fee		17,704			57,773			12,513		6,779			232,049		6,036
Transfer agent fees and expenses		186			900			375		186			1,171		437
Directors’ fees and expenses		16,196			30,903			6,248		2,855			154,323		3,893
Other accrued expenses		44,865			128,988			38,181		37,799			346,309		34,981
Variation margin on futures contracts		–			186,200			–		–			181,295		–
Due to investment advisor for expense recoupment		–			–			–		–			–		–
Collateral upon return of securities loaned		21,931,539			119,932,894			7,067,134		16,300,374			57,426,316		–
Due to custodian		–			–			–		–			–		–
Due to broker		–			–			–		–			–		–
Call and put options written, at value@		–			–			–		–			–		–
Unrealized depreciation on forward foreign currency contracts		–			–			–		–			–		–
TOTAL LIABILITIES		22,909,325			120,771,844			7,498,901		16,861,069			60,293,897		241,958
NET ASSETS	$	322,463,343		$	1,058,000,399		$	228,156,117	$	123,806,438		$	4,192,418,461	$	108,666,380
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	236,225		$	515,128		$	168,847	$	96,426		$	1,149,695	$	72,842
Additional paid-in capital		205,202,995			696,041,491			175,660,788		98,230,883			1,856,900,209		114,161,878
Accumulated undistributed net investment income (loss)		836,541			19,134,900			4,672,920		(530,618	)		114,556,494		2,451,370
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		60,718,499			122,564,906			29,870,796		13,770,853			371,594,393		(31,222,264	)
Unrealized appreciation (depreciation) on investments		55,469,264			217,934,724			17,782,766		12,238,894			1,845,820,075		23,205,457
Unrealized appreciation (depreciation) on futures contracts and written options contracts		–			1,809,255			–		–			2,397,595		–
Unrealized foreign exchange gain (loss) on other assets and liabilities		(181	)		(5	)		–		–			–		(2,903	)
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–		–			–		–
NET ASSETS	$	322,463,343		$	1,058,000,399		$	228,156,117	$	123,806,438		$	4,192,418,461	$	108,666,380
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		23,622,538			51,512,777			16,884,732		9,642,647			114,969,453		7,284,164
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	13.65		$	20.54		$	13.51	$	12.84		$	36.47	$	14.92
*   Cost
Investment securities (unaffiliated)	$	287,860,901		$	931,162,898		$	216,746,308	$	128,318,409		$	2,366,527,055	$	84,610,097
Investment securities (affiliated)	$	–		$	–		$	–	$	–		$	9,788,272	$	–
Foreign cash	$	–		$	–		$	–	$	–		$	–	$	–
@ Premiums received on options written	$	–		$	–		$	–	$	–		$	–	$	–
†  Including securities on loan	$	21,209,033		$	120,710,186		$	6,887,301	$	19,639,572		$	134,772,550	$	–

See Notes To Financial Statements

255

VALIC Company I

STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2015

	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)	$	1,265,984		$	2,255,057		$	648,032		$	14,699		$	2,288,113		$	8,825,058		$	–
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		75,803			14,586			8,303			2,874			10,324			161,054			–
Interest (unaffiliated)		1,094,970			1,380			38			2,851,191			–			500			486,003
Total investment income*		2,436,757			2,271,023			656,373			2,868,764			2,298,437			8,986,612			486,003
EXPENSES:
Investment advisory and management fees		430,768			2,362,751			201,218			618,475			998,029			2,132,418			327,786
Administrative service fee		58,154			218,796			19,403			83,542			84,314			198,462			16,695
Transfer agent fees and expenses		561			1,497			748			1,335			561			1,497			420
Custodian fees		41,997			16,167			10,194			20,314			15,357			12,062			10,676
Reports to shareholders		11,172			43,883			4,272			14,792			16,753			42,837			23,033
Audit and tax fees		29,268			15,128			18,415			20,746			15,142			15,092			15,555
Legal fees		5,965			10,347			1,772			6,422			9,666			10,093			9,318
Directors’ fees and expenses		4,888			17,500			1,661			6,518			7,363			18,124			7,433
Interest expense		–			–			30			–			–			1,307			–
Other expenses		28,697			12,397			6,568			8,011			7,810			11,806			5,704
Total expenses before fee waivers, expense reimbursements, expense recoupments, and fees paid indirectly		611,470			2,698,466			264,281			780,155			1,154,995			2,443,698			416,620
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			(19,945	)		–			(155,712	)		(32,754	)		2,946
Fees paid indirectly (Note 7)		(2,233	)		(2,789	)		(1,024	)		–			(850	)		–			–
Net expenses		609,237			2,695,677			243,312			780,155			998,433			2,410,944			419,566
Net investment income (loss)		1,827,520			(424,654	)		413,061			2,088,609			1,300,004			6,575,668			66,437
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		1,038,319			31,570,648			1,179,906			321,768			5,243,644			53,702,737			(552,966	)
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			552,805
Net realized gain (loss) on futures contracts and written options contracts		(734,897	)		–			–			–			(34,525	)		–			(5,607,530	)
Net realized foreign exchange gain (loss) on other assets and liabilities		(28,660	)		(163	)		–			–			92			(4,571	)		–
Net increase from payment by affiliates (Note 3)		–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		274,762			31,570,485			1,179,906			321,768			5,209,211			53,698,166			(5,607,691	)
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(5,803,616	)		(5,073,435	)		(4,086,674	)		(3,051,937	)		(14,136,896	)		(63,742,102	)		16,824
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			(5,740,097	)
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		763,235			–			–			–			31,658			–			22,947
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		122,009			(51	)		–			–			(29	)		40			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(4,918,372	)		(5,073,486	)		(4,086,674	)		(3,051,937	)		(14,105,267	)		(63,742,062	)		(5,700,326	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(4,643,610	)		26,496,999			(2,906,768	)		(2,730,169	)		(8,896,056	)		(10,043,896	)		(11,308,017	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,816,090	)	$	26,072,345		$	(2,493,707	)	$	(641,560	)	$	(7,596,052	)	$	(3,468,228	)	$	(11,241,580	)
*   Net of foreign withholding taxes on interest and dividends of	$	7,842		$	851		$	1,720		$	286		$	19,272		$	29,935		$	–
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes To Financial Statements

256

VALIC Company I

STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2015 — (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)	$	10,243,954		$	7,902,620		$	8,190,833		$	3,515,308		$	3,151,241		$	–		$	6,451,059
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		176,797			506,949			43,849			13,880			185,401			52			125,766
Interest (unaffiliated)		225			476			186			–			2,821,628			2,058,435			378
Total investment income*		10,420,976			8,410,045			8,234,868			3,529,188			6,158,270			2,058,487			6,577,203
EXPENSES:
Investment advisory and management fees		2,237,539			2,988,151			1,849,140			968,670			1,202,162			378,675			3,448,975
Administrative service fee		194,898			300,070			172,588			130,770			162,357			51,121			332,517
Transfer agent fees and expenses		1,961			1,543			1,311			936			561			1,685			936
Custodian fees		217,404			78,977			42,243			32,758			66,876			8,397			33,575
Reports to shareholders		42,064			60,848			37,735			30,766			32,981			10,821			67,421
Audit and tax fees		21,569			20,026			17,136			21,188			20,303			21,611			15,367
Legal fees		36,335			12,774			10,364			8,903			8,016			5,864			13,456
Directors’ fees and expenses		18,544			27,393			13,659			11,839			14,282			4,479			27,803
Interest expense		1,408			–			62			411			–			–			363
Other expenses		15,225			18,426			15,433			11,327			13,346			6,980			15,229
Total expenses before fee waivers, expense reimbursements, expense recoupments, and fees paid indirectly		2,786,947			3,508,208			2,159,671			1,217,568			1,520,884			489,633			3,955,642
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			–			–			–			–			–
Fees paid indirectly (Note 7)		(4,629	)		(2,597	)		(4,278	)		–			(45	)		–			–
Net expenses		2,782,318			3,505,611			2,155,393			1,217,568			1,520,839			489,633			3,955,642
Net investment income (loss)		7,638,658			4,904,434			6,079,475			2,311,620			4,637,431			1,568,854			2,621,561
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		(38,956,540	)		7,986,455			14,333,077			1,788,677			1,495,405			44,422			18,425,152
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		–			–			–			(1,016,327	)		–			–			(183,376	)
Net realized foreign exchange gain (loss) on other assets and liabilities		(510,474	)		(222,378	)		(18,089	)		(25,161	)		3,141,490			–			(1,372	)
Net increase from payment by affiliate (Note 3)		–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		(39,467,014	)		7,764,077			14,314,988			747,189			4,636,895			44,422			18,240,404
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(75,170,202	)		(126,071,633	)		(30,142,638	)		(17,750,123	)		(38,643,222	)		(1,729,132	)		(18,027,369	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		–			–			–			320,717			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		15,588			(93,122	)		(228	)		23,086			(2,776,955	)		–			(2,941	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		(70,568	)		(4,975	)		–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(75,225,182	)		(126,169,730	)		(30,142,866	)		(17,406,320	)		(41,420,177	)		(1,729,132	)		(18,030,310	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(114,692,196	)		(118,405,653	)		(15,827,878	)		(16,659,131	)		(36,783,282	)		(1,684,710	)		210,094
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(107,053,538	)	$	(113,501,219	)	$	(9,748,403	)	$	(14,347,511	)	$	(32,145,851	)	$	(115,856	)	$	2,831,655
*   Net of foreign withholding taxes on interest and dividends of	$	1,434,030		$	581,037		$	362,523		$	128,940		$	246,060		$	–		$	19,796
** Net of foreign withholding taxes on capital gains of	$	44,665		$	–		$	–		$	–		$	–		$	–		$	–

See Notes To Financial Statements

257

VALIC Company I

STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2015 — (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)	$	1,134,996		$	2,614,767		$	160,397		$	10,839,477		$	–		$	4,223,209		$	1,479,526
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		2,349			222,368			5,246			295,600			1,015			108,217			2,765
Interest (unaffiliated)		47			33,667			5,038,710			4,680			2,501,416			245			1
Total investment income*		1,137,392			2,870,802			5,204,353			11,139,757			2,502,431			4,331,671			1,482,292
EXPENSES:
Investment advisory and management fees		439,906			4,505,275			1,092,706			1,612,253			391,257			2,600,019			584,228
Administrative service fee		39,592			311,230			154,531			369,071			52,820			191,582			56,336
Transfer agent fees and expenses		1,124			748			1,313			2,467			1,352			1,311			748
Custodian fees		11,092			26,445			15,162			62,721			15,224			79,728			4,950
Reports to shareholders		8,103			96,254			31,920			61,973			11,630			36,658			11,559
Audit and tax fees		20,853			16,142			18,625			41,367			14,593			20,926			15,090
Legal fees		2,554			12,386			8,700			18,409			5,562			9,910			5,970
Directors’ fees and expenses		3,294			21,246			13,487			29,236			5,030			16,888			4,908
Interest expense		–			–			1,073			–			203			1,370			–
Other expenses		7,361			13,224			8,923			115,112			6,924			19,190			7,949
Total expenses before fee waivers, expense reimbursements, expense recoupments, and fees paid indirectly		533,879			5,002,950			1,346,440			2,312,609			504,595			2,977,582			691,738
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(35,319	)		(98,316	)		–			–			–			(110,946	)		–
Fees paid indirectly (Note 7)		(372	)		(2,063	)		–			–			–			(1,307	)		(8,302	)
Net expenses		498,188			4,902,571			1,346,440			2,312,609			504,595			2,865,329			683,436
Net investment income (loss)		639,204			(2,031,769	)		3,857,913			8,827,148			1,997,836			1,466,342			798,856
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		2,117,205			56,033,538			(1,942,240	)		(423,965	)		(4,413,663	)		7,844,732			7,665,637
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		(28,329	)		338,769			–			(4,803,672	)		–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(15	)		5,000			(486,570	)		(184,151	)		(92,393	)		(74,728	)		(228	)
Net increase from payment by affiliate (Note 3)		–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		2,088,861			56,377,307			(2,428,810	)		(5,411,788	)		(4,506,056	)		7,770,004			7,665,409
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(4,574,771	)		(130,991,270	)		(12,371,196	)		(88,497,838	)		(614,187	)		(49,907,598	)		(9,303,208	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		14,647			334,044			–			1,397,197			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			2,840			505,676			63,665			33,310			(52,759	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			(786	)		–			–			–			17,956			–
Net unrealized gain (loss) on investments and foreign currencies		(4,560,124	)		(130,655,172	)		(11,865,520	)		(87,036,976	)		(580,877	)		(49,942,401	)		(9,303,208	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(2,471,263	)		(74,277,865	)		(14,294,330	)		(92,448,764	)		(5,086,933	)		(42,172,397	)		(1,637,799	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,832,059	)	$	(76,309,634	)	$	(10,436,417	)	$	(83,621,616	)	$	(3,089,097	)	$	(40,706,055	)	$	(838,943	)
*   Net of foreign withholding taxes on interest and dividends of	$	838		$	31,969		$	(36	)	$	609,545		$	1,067		$	322,832		$	5,893
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	351		$	–

See Notes To Financial Statements

258

VALIC Company I

STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2015 — (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)	$	2,725,394		$	25,502,359		$	617,762		$	–		$	2,018,584		$	3,992,185		$	237,377
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		30,208			754,163			205,535			–			15,526			440,144			253,083
Interest (unaffiliated)		339			7,825			438			314,764			39			5,613			1
Total investment income*		2,755,941			26,264,347			823,735			314,764			2,034,149			4,437,942			490,461
EXPENSES:
Investment advisory and management fees		1,287,631			4,156,231			936,090			695,180			639,778			4,233,212			507,302
Administrative service fee		135,805			1,065,534			90,723			117,312			109,204			326,240			40,286
Transfer agent fees and expenses		969			3,219			1,307			2,225			2,319			2,454			561
Custodian fees		10,025			47,147			5,564			5,897			5,068			85,797			10,265
Reports to shareholders		26,107			203,193			18,199			19,395			22,917			67,205			6,433
Audit and tax fees		15,099			15,038			15,350			17,740			15,026			15,947			18,458
Legal fees		7,973			43,645			6,794			7,134			7,454			13,358			5,315
Directors’ fees and expenses		11,440			89,514			8,098			9,757			8,365			27,125			2,922
Interest expense		215			–			123			–			–			343			24
Other expenses		22,740			61,323			14,789			7,606			136,858			24,066			10,173
Total expenses before fee waivers, expense reimbursements, expense recoupments, and fees paid indirectly		1,518,004			5,684,844			1,097,037			882,246			946,989			4,795,747			601,739
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			–			(584,916	)		(89,535	)		–			(10,882	)
Fees paid indirectly (Note 7)		(2,115	)		–			(12,585	)		–			–			(30,372	)		–
Net expenses		1,515,889			5,684,844			1,084,452			297,330			857,454			4,765,375			590,857
Net investment income (loss)		1,240,052			20,579,503			(260,717	)		17,434			1,176,695			(327,433	)		(100,396	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		9,554,879			92,888,031			62,717			1,490			12,779,674			38,799,882			4,047,917
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		–			(7,958,326	)		–			–			(56,829	)		–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		2,218			–			27			–			–			(96,896	)		–
Net increase from payment by affiliate (Note 3)		–			–			–			509,189			–			–			–
Net realized gain (loss) on investments and foreign currencies		9,557,097			84,929,705			62,744			510,679			12,722,845			38,702,986			4,047,917
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(14,007,387	)		(222,942,769	)		(14,285,755	)		–			(2,285,874	)		(22,804,515	)		(8,664,267	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		–			453,956			–			–			464,177			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		2,205			–			–			–			–			(114,280	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(14,005,182	)		(222,488,813	)		(14,285,755	)		–			(1,821,697	)		(22,918,795	)		(8,664,267	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(4,448,085	)		(137,559,108	)		(14,223,011	)		510,679			10,901,148			15,784,191			(4,616,350	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,208,033	)	$	(116,979,605	)	$	(14,483,728	)	$	528,113		$	12,077,843		$	15,456,758		$	(4,716,746	)
*   Net of foreign withholding taxes on interest and dividends of	$	45,230		$	–		$	871		$	–		$	554		$	85,782		$	4,438
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

259

VALIC Company I

STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2015 — (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)	$	1,851,178		$	7,628,707		$	2,539,153		$	338,700		$	45,456,950		$	1,324,496
Dividends (affiliated)		–			–			–			–			126,897			–
Securities lending income		176,874			1,492,881			103,735			96,141			239,640			2,505
Interest (unaffiliated)		981			2,276			355			–			4,906			–
Total investment income*		2,029,033			9,123,864			2,643,243			434,841			45,828,393			1,327,001
EXPENSES:
Investment advisory and management fees		1,475,024			1,594,371			850,250			538,610			5,237,530			429,245
Administrative service fee		112,171			362,980			76,523			42,772			1,430,166			37,146
Transfer agent fees and expenses		561			2,859			1,124			561			3,778			1,311
Custodian fees		19,967			23,559			8,544			7,678			62,557			8,227
Reports to shareholders		20,237			66,673			14,507			7,425			293,635			7,380
Audit and tax fees		15,565			16,382			15,351			18,628			15,054			18,403
Legal fees		7,189			13,477			6,400			5,552			44,901			2,339
Directors’ fees and expenses		9,804			30,409			6,674			3,441			124,256			3,264
Interest expense		46			–			–			–			–			–
Other expenses		8,530			100,605			7,363			11,436			78,755			6,806
Total expenses before fee waivers, expense reimbursements, expense recoupments, and fees paid indirectly		1,669,094			2,211,315			986,736			636,103			7,290,632			514,121
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(123,627	)		–			–			(2,444	)		–			(46,355	)
Fees paid indirectly (Note 7)		(6,201	)		–			(5,774	)		(1,898	)		–			–
Net expenses		1,539,266			2,211,315			980,962			631,761			7,290,632			467,766
Net investment income (loss)		489,767			6,912,549			1,662,281			(196,920	)		38,537,761			859,235
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		13,826,289			56,320,675			9,973,600			2,389,958			118,153,473			4,412,012
Net realized gain (loss) on investments (affiliated)		–			–			–			–			920,916			–
Net realized gain (loss) on futures contracts and written options contracts		–			(3,812,945	)		–			–			(1,312,024	)		–
Net realized foreign exchange gain (loss) on other assets and liabilities		97			(23	)		–			–			–			(653	)
Net increase from payment by affiliate (Note 3)		–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		13,826,386			52,507,707			9,973,600			2,389,958			117,762,365			4,411,359
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(27,502,312	)		(98,016,867	)		(15,669,391	)		(9,032,370	)		(181,746,238	)		(9,414,369	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			575,376			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		–			1,707,455			–			–			2,745,246			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(291	)		(11	)		–			–			–			(2,584	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(27,502,603	)		(96,309,423	)		(15,669,391	)		(9,032,370	)		(178,425,616	)		(9,416,953	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(13,676,217	)		(43,801,716	)		(5,695,791	)		(6,642,412	)		(60,663,251	)		(5,005,594	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,186,450	)	$	(36,889,167	)	$	(4,033,510	)	$	(6,839,332	)	$	(22,125,490	)	$	(4,146,359	)
*   Net of foreign withholding taxes on interest and dividends of	$	5,902		$	2,908		$	4,118		$	(39	)	$	6,335		$	2,817
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

260

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, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,827,520		$	3,213,622		$	(424,654	)	$	(733,889	)	$	413,061		$	788,357		$	2,088,609		$	3,885,145
Net realized gain (loss) on investments and foreign currencies		274,762			18,672,650			31,570,485			79,081,661			1,179,906			3,622,686			321,768			2,583,098
Net unrealized gain (loss) on investments and foreign currencies		(4,918,372	)		(11,258,120	)		(5,073,486	)		13,747,091			(4,086,674	)		1,711,762			(3,051,937	)		(679,768	)
Net increase (decrease) in net assets resulting from operations		(2,816,090	)		10,628,152			26,072,345			92,094,863			(2,493,707	)		6,122,805			(641,560	)		5,788,475
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(3,618,858	)		–			–			–			(1,017,689	)		–			(4,829,813	)
Net realized gain on securities		–			(10,557,797	)		–			(58,560,819	)		–			(1,884,876	)		–			–
Total distributions to shareholders		–			(14,176,655	)		–			(58,560,819	)		–			(2,902,565	)		–			(4,829,813	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(5,574,180	)		6,331,045			(12,916,674	)		3,837,529			(2,776,625	)		5,723,984			(18,066,021	)		58,533,427
TOTAL INCREASE (DECREASE) IN NET ASSETS		(8,390,270	)		2,782,542			13,155,671			37,371,573			(5,270,332	)		8,944,224			(18,707,581	)		59,492,089
NET ASSETS:
Beginning of period		179,126,120			176,343,578			652,818,595			615,447,022			62,619,023			53,674,799			256,042,566			196,550,477
End of period†	$	170,735,850		$	179,126,120		$	665,974,266		$	652,818,595		$	57,348,691		$	62,619,023		$	237,334,985		$	256,042,566
†  Includes accumulated undistributed net investment income (loss)	$	5,121,821		$	3,294,301		$	(704,397	)	$	(279,743	)	$	1,201,141		$	788,080		$	6,513,872		$	4,425,263

See Notes to Financial Statements

261

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, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,300,004		$	2,532,160		$	6,575,668		$	13,521,930		$	66,437		$	3,566,690		$	7,638,658		$	15,137,565
Net realized gain (loss) on investments and foreign currencies		5,209,211			29,762,465			53,698,166			61,681,178			(5,607,691	)		11,018,598			(39,467,014	)		(17,115,476	)
Net unrealized gain (loss) on investments and foreign currencies		(14,105,267	)		(5,653,306	)		(63,742,062	)		(19,630,379	)		(5,700,326	)		(4,016,037	)		(75,225,182	)		(4,925,272	)
Net increase (decrease) in net assets resulting from operations		(7,596,052	)		26,641,319			(3,468,228	)		55,572,729			(11,241,580	)		10,569,251			(107,053,538	)		(6,903,183	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(2,463,039	)		–			(13,426,887	)		–			(3,684,811	)		–			(13,724,791	)
Net realized gain on securities		–			–			–			(40,820,403	)		–			(4,429,198	)		–			–
Total distributions to shareholders		–			(2,463,039	)		–			(54,247,290	)		–			(8,114,009	)		–			(13,724,791	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(15,440,699	)		(27,089,715	)		(72,903,952	)		19,360,662			(2,164,852	)		15,248,224			(6,567,949	)		(9,438,322	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(23,036,751	)		(2,911,435	)		(76,372,180	)		20,686,101			(13,406,432	)		17,703,466			(113,621,487	)		(30,066,296	)
NET ASSETS:
Beginning of period		265,954,701			268,866,136			641,719,263			621,033,162			272,704,772			255,001,306			648,339,431			678,405,727
End of period†	$	242,917,950		$	265,954,701		$	565,347,083		$	641,719,263		$	259,298,340		$	272,704,772		$	534,717,944		$	648,339,431
†  Includes accumulated undistributed net investment income (loss)	$	3,814,936		$	2,514,932		$	20,048,796		$	13,473,128		$	4,965,734		$	4,899,297		$	21,910,459		$	14,271,801

See Notes to Financial Statements

262

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, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	4,904,434		$	19,124,198		$	6,079,475		$	12,122,418		$	2,311,620		$	7,036,792		$	4,637,431		$	11,574,202
Net realized gain (loss) on investments and foreign currencies		7,764,077			36,447,580			14,314,988			29,617,664			747,189			49,643,597			4,636,895			40,111,592
Net unrealized gain (loss) on investments and foreign currencies		(126,169,730	)		(122,647,199	)		(30,142,866	)		(12,475,344	)		(17,406,320	)		(25,770,138	)		(41,420,177	)		(41,270,153	)
Net increase (decrease) in net assets resulting from operations		(113,501,219	)		(67,075,421	)		(9,748,403	)		29,264,738			(14,347,511	)		30,910,251			(32,145,851	)		10,415,641
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(25,076,265	)		–			(13,048,195	)		–			(8,510,951	)		–			(13,523,654	)
Net realized gain on securities		–			–			–			(13,155,063	)		–			–			–			(15,854,531	)
Total distributions to shareholders		–			(25,076,265	)		–			(26,203,258	)		–			(8,510,951	)		–			(29,378,185	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(33,518,356	)		5,923,567			(7,128,754	)		98,202,846			(31,085,715	)		(39,128,693	)		(16,527,907	)		(18,547,976	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(147,019,575	)		(86,228,119	)		(16,877,157	)		101,264,326			(45,433,226	)		(16,729,393	)		(48,673,758	)		(37,510,520	)
NET ASSETS:
Beginning of period		990,963,751			1,077,191,870			514,346,812			413,082,486			423,242,230			439,971,623			514,563,555			552,074,075
End of period†	$	843,944,176		$	990,963,751		$	497,469,655		$	514,346,812		$	377,809,004		$	423,242,230		$	465,889,797		$	514,563,555
†  Includes accumulated undistributed net investment income (loss)	$	22,006,181		$	17,101,747		$	17,099,510		$	11,020,035		$	9,037,984		$	6,726,364		$	19,543,209		$	14,905,778

See Notes to Financial Statements

263

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, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,568,854		$	3,274,482		$	2,621,561		$	5,998,863		$	639,204		$	1,252,717		$	(2,031,769	)	$	(4,330,574	)
Net realized gain (loss) on investments and foreign currencies		44,422			17,956			18,240,404			148,048,172			2,088,861			6,068,028			56,377,307			117,391,127
Net unrealized gain (loss) on investments and foreign currencies		(1,729,132	)		1,637,323			(18,030,310	)		(49,991,508	)		(4,560,124	)		6,132,095			(130,655,172	)		174,166,195
Net increase (decrease) in net assets resulting from operations		(115,856	)		4,929,761			2,831,655			104,055,527			(1,832,059	)		13,452,840			(76,309,634	)		287,226,748
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(3,617,730	)		–			(5,982,168	)		–			(1,149,106	)		–			–
Net realized gain on securities		–			–			–			(112,075,403	)		–			–			–			(105,579,102	)
Total distributions to shareholders		–			(3,617,730	)		–			(118,057,571	)		–			(1,149,106	)		–			(105,579,102	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(16,985,925	)		(1,456,780	)		(36,745,058	)		27,347,654			(3,171,557	)		(4,966,949	)		26,409,950			177,506,268
TOTAL INCREASE (DECREASE) IN NET ASSETS		(17,101,781	)		(144,749	)		(33,913,403	)		13,345,610			(5,003,616	)		7,336,785			(49,899,684	)		359,153,914
NET ASSETS:
Beginning of period		161,976,725			162,121,474			1,027,987,698			1,014,642,088			121,742,049			114,405,264			939,311,160			580,157,246
End of period†	$	144,874,944		$	161,976,725		$	994,074,295		$	1,027,987,698		$	116,738,433		$	121,742,049		$	889,411,476		$	939,311,160
†  Includes accumulated undistributed net investment income (loss)	$	5,263,724		$	3,694,870		$	8,241,498		$	5,619,937		$	1,885,748		$	1,246,544		$	(4,240,442	)	$	(2,208,673	)

See Notes to Financial Statements

264

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, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	3,857,913		$	5,410,272		$	8,827,148		$	28,107,503		$	1,997,836		$	4,973,876		$	1,466,342		$	7,117,962
Net realized gain (loss) on investments and foreign currencies		(2,428,810	)		(1,618,369	)		(5,411,788	)		47,676,640			(4,506,056	)		(2,389,351	)		7,770,004			32,331,649
Net unrealized gain (loss) on investments and foreign currencies		(11,865,520	)		(11,329,130	)		(87,036,976	)		(87,063,674	)		(580,877	)		(12,952,133	)		(49,942,401	)		(25,519,177	)
Net increase (decrease) in net assets resulting from operations		(10,436,417	)		(7,537,227	)		(83,621,616	)		(11,279,531	)		(3,089,097	)		(10,367,608	)		(40,706,055	)		13,930,434
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(9,511,833	)		–			(36,655,892	)		–			(4,426,307	)		–			(8,720,692	)
Net realized gain on securities		–			(946,808	)		–			–			–			(472,375	)		–			(3,866,978	)
Total distributions to shareholders		–			(10,458,641	)		–			(36,655,892	)		–			(4,898,682	)		–			(12,587,670	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(20,920,248	)		36,416,860			94,262,262			(45,730,797	)		(21,413,350	)		(2,662,164	)		(30,021,515	)		(25,987,741	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(31,356,665	)		18,420,992			10,640,646			(93,666,220	)		(24,502,447	)		(17,928,454	)		(70,727,570	)		(24,644,977	)
NET ASSETS:
Beginning of period		487,477,465			469,056,473			1,081,173,923			1,174,840,143			171,312,263			189,240,717			621,387,059			646,032,036
End of period†	$	456,120,800		$	487,477,465		$	1,091,814,569		$	1,081,173,923		$	146,809,816		$	171,312,263		$	550,659,489		$	621,387,059
†  Includes accumulated undistributed net investment income (loss)	$	6,773,754		$	2,915,841		$	34,254,611		$	25,427,463		$	4,925,416		$	2,927,580		$	6,351,285		$	4,884,943

See Notes to Financial Statements

265

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, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	798,856		$	1,360,723		$	1,240,052		$	3,400,577		$	20,579,503		$	36,974,236		$	(260,717	)	$	(588,908	)
Net realized gain (loss) on investments and foreign currencies		7,665,409			30,092,022			9,557,097			17,638,097			84,929,705			284,384,321			62,744			32,441,069
Net unrealized gain (loss) on investments and foreign currencies		(9,303,208	)		(7,214,329	)		(14,005,182	)		22,023,132			(222,488,813	)		41,267,162			(14,285,755	)		760,724
Net increase (decrease) in net assets resulting from operations		(838,943	)		24,238,416			(3,208,033	)		43,061,806			(116,979,605	)		362,625,719			(14,483,728	)		32,612,885
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(1,848,125	)		–			(2,254,711	)		–			(32,614,235	)		–			–
Net realized gain on securities		–			(26,028,354	)		–			(72,380,164	)		–			(177,800,174	)		–			(40,774,747	)
Total distributions to shareholders		–			(27,876,479	)		–			(74,634,875	)		–			(210,414,409	)		–			(40,774,747	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(13,102,457	)		4,190,074			(16,308,770	)		45,090,609			(151,746,632	)		4,401,581			(14,439,585	)		(767,379	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(13,941,400	)		552,011			(19,516,803	)		13,517,540			(268,726,237	)		156,612,891			(28,923,313	)		(8,929,241	)
NET ASSETS:
Beginning of period		180,201,211			179,649,200			421,567,344			408,049,804			3,335,643,766			3,179,030,875			288,138,326			297,067,567
End of period†	$	166,259,811		$	180,201,211		$	402,050,541		$	421,567,344		$	3,066,917,529		$	3,335,643,766		$	259,215,013		$	288,138,326
†  Includes accumulated undistributed net investment income (loss)	$	2,159,760		$	1,360,904		$	4,632,677		$	3,392,625		$	57,519,469		$	36,939,966		$	(653,706	)	$	(392,989	)

See Notes to Financial Statements

266

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, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	17,434		$	35,689		$	1,176,695		$	2,152,490		$	(327,433	)	$	(1,101,950	)	$	(100,396	)	$	(441,868	)
Net realized gain (loss) on investments and foreign currencies		510,679			116,175			12,722,845			13,478,489			38,702,986			165,809,413			4,047,917			15,743,785
Net unrealized gain (loss) on investments and foreign currencies		–			–			(1,821,697	)		41,014,188			(22,918,795	)		10,456,136			(8,664,267	)		12,467,445
Net increase (decrease) in net assets resulting from operations		528,113			151,864			12,077,843			56,645,167			15,456,758			175,163,599			(4,716,746	)		27,769,362
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(17,434	)		(35,689	)		–			(2,911,523	)		–			–			–			–
Net realized gain on securities		–			–			–			(3,499,947	)		–			(99,781,720	)		–			(22,156,109	)
Total distributions to shareholders		(17,434	)		(35,689	)		–			(6,411,470	)		–			(99,781,720	)		–			(22,156,109	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		1,127,206			(23,521,148	)		(7,286,824	)		24,723,396			(42,285,824	)		2,832,046			10,387,032			8,845,436
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,637,885			(23,404,973	)		4,791,019			74,957,093			(26,829,066	)		78,213,925			5,670,286			14,458,689
NET ASSETS:
Beginning of period		343,362,835			366,767,808			330,077,086			255,119,993			1,014,901,688			936,687,763			115,868,635			101,409,946
End of period†	$	345,000,720		$	343,362,835		$	334,868,105		$	330,077,086		$	988,072,622		$	1,014,901,688		$	121,538,921		$	115,868,635
†  Includes accumulated undistributed net investment income (loss)	$	1,129		$	1,129		$	3,329,616		$	2,152,921		$	(1,091,661	)	$	(764,228	)	$	(216,651	)	$	(116,255	)

See Notes to Financial Statements

267

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, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	489,767		$	563,404		$	6,912,549		$	12,683,299		$	1,662,281		$	3,039,935		$	(196,920	)	$	(499,503	)
Net realized gain (loss) on investments and foreign currencies		13,826,386			47,798,905			52,507,707			73,305,592			9,973,600			22,870,330			2,389,958			11,761,707
Net unrealized gain (loss) on investments and foreign currencies		(27,502,603	)		(10,872,132	)		(96,309,423	)		30,994,644			(15,669,391	)		(6,929,716	)		(9,032,370	)		11,077,235
Net increase (decrease) in net assets resulting from operations		(13,186,450	)		37,490,177			(36,889,167	)		116,983,535			(4,033,510	)		18,980,549			(6,839,332	)		22,339,439
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			–			–			(11,430,032	)		–			(2,248,647	)		–			–
Net realized gain on securities		–			(53,080,700	)		–			(58,884,246	)		–			(17,856,384	)		–			(27,393,016	)
Total distributions to shareholders		–			(53,080,700	)		–			(70,314,278	)		–			(20,105,031	)		–			(27,393,016	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(18,643,955	)		6,077,339			(24,573,590	)		(34,071,129	)		(6,796,304	)		(9,468,325	)		(1,124,732	)		11,985,271
TOTAL INCREASE (DECREASE) IN NET ASSETS		(31,830,405	)		(9,513,184	)		(61,462,757	)		12,598,128			(10,829,814	)		(10,592,807	)		(7,964,064	)		6,931,694
NET ASSETS:
Beginning of period		354,293,748			363,806,932			1,119,463,156			1,106,865,028			238,985,931			249,578,738			131,770,502			124,838,808
End of period†	$	322,463,343		$	354,293,748		$	1,058,000,399		$	1,119,463,156		$	228,156,117		$	238,985,931		$	123,806,438		$	131,770,502
†  Includes accumulated undistributed net investment income (loss)	$	836,541		$	346,774		$	19,134,900		$	12,222,351		$	4,672,920		$	3,010,639		$	(530,618	)	$	(333,698	)

See Notes to Financial Statements

268

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	STOCK INDEX FUND						VALUE FUND
	For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Year Ended May 31, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	38,537,761		$	76,077,595		$	859,235		$	1,594,689
Net realized gain (loss) on investments and foreign currencies		117,762,365			310,168,969			4,411,359			12,224,906
Net unrealized gain (loss) on investments and foreign currencies		(178,425,616	)		99,649,853			(9,416,953	)		(1,624,808	)
Net increase (decrease) in net assets resulting from operations		(22,125,490	)		485,896,417			(4,146,359	)		12,194,787
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(72,009,853	)		–			(1,711,405	)
Net realized gain on securities		–			(162,018,858	)		–			–
Total distributions to shareholders		–			(234,028,711	)		–			(1,711,405	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)	$	(305,081,626	)		(205,245,333	)	$	(4,062,267	)		(15,472,382	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(327,207,116	)		46,622,373			(8,208,626	)		(4,989,000	)
NET ASSETS:
Beginning of period		4,519,625,577			4,473,003,204			116,875,006			121,864,006
End of period†	$	4,192,418,461		$	4,519,625,577		$	108,666,380		$	116,875,006
†  Includes accumulated undistributed net investment income (loss)	$	114,556,494		$	76,018,733		$	2,451,370		$	1,592,135

See Notes to Financial Statements

269

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, fixed income securities and short-term investments (the “Overlay Component”).

Each Fund is diversified with the exception of International Government Bond Fund and Nasdaq-100^® Index Fund, which are non-diversified as defined by the 1940 Act.

Indemnifications. Under the Funds’ organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that may contain the obligation to indemnify others. The Funds’ maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.

Note 2 — Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The following is a summary of significant accounting policies consistently followed by the Series 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.

270

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 the Funds’ assets and liabilities classified in the fair value hierarchy as of November 30, 2015, 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 a Fund’s shares, and a Fund may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but a Fund is open. For foreign equity securities and foreign equity futures contracts, the Funds use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities and futures are generally categorized as Level 2.

Bonds, debentures, and other debt securities are valued at evaluated bid prices obtained for the day of valuation from a Board-approved pricing service, and are generally categorized as Level 2. The pricing service may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a Board-approved pricing service, the securities may be priced at the mean of two independent quotes obtained from brokers.

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 on which they are traded, and are generally categorized as Level 1. Option contracts traded in the over-the-counter (“OTC”) market are 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 p.m. Eastern Time forward rate and are generally categorized as Level 2.

Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or OTC market, and are generally categorized as Level 1 or Level 2.

The Board is responsible for the share valuation process and has adopted policies and procedures (the “PRC Procedures”) for valuing the securities and other assets held by the Funds, including procedures for the fair valuation of securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among other things, making certain determinations in connection with the Series’ fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

Derivative Instruments

Forward Foreign Currency Contracts: During the period, the Global Strategy Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates and to enhance return.

271

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Fund as unrealized appreciation or depreciation. On the settlement date, a Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks to a Fund of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the 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 portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Forward foreign currency contracts outstanding at the end of the period, if any, are reported on a schedule following each Fund’s Portfolio of Investments.

Futures: During the period, the Asset Allocation Fund, Core Equity Fund, Dynamic Allocation Fund, Global Social Awareness Fund, Growth 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.

A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the “broker”). Subsequent payments are made or received by a Fund as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. 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, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The primary risk to a Fund of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security(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 a Fund will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, the Fund may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty risk to a Fund since the futures contracts are generally exchange-traded.

Futures contracts outstanding at the end of the period, if any, are reported on a schedule following each Fund’s Portfolio of Investments.

Options: During the period, the Dynamic Allocation Fund and Health Sciences Fund used options contracts to facilitate trading, increase market exposure, generate income or seek protection against a decline in the value of the Funds’ securities or an increase in prices of securities that may be purchased.

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 OTC market.

Risks to a Fund of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

Written option contracts outstanding at the end of the period, if any, are reported on a schedule following each Fund’s Portfolio of Investments.

272

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Transactions in options written during the period ended November 30, 2015 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, 2015		156,000		$	968,230			226		$	130,794
Options Written		399,000			3,807,443			510			383,992
Options terminated in closing purchase transactions		(487,000	)		(3,991,458	)		(67	)		(102,263	)
Options exercised		—			—			(156	)		(86,880	)
Options expired		—			—			(194	)		(173,363	)
Options Outstanding as of November 30, 2015		68,000		$	784,215			319		$	152,280

Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when the Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements. The 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, 2015, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the period ended November 30, 2015. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of November 30, 2015, please refer to a schedule following each Fund’s Portfolio of Investments.

	Asset Derivatives
	Interest Rate Contracts		Equity Contracts				Foreign Exchange Contracts		Total
Fund	Futures Contracts(1)(6)		Futures Contracts(1)(6)		Options Purchased(2)		Foreign Exchange Contracts(3)
Asset Allocation	$	2,688	$	292,951	$	—	$	—	$	295,639
Core Equity		—		—		—		—		—
Dynamic Allocation		—		—		934,862		—		934,862
Global Social Awareness		—		—		—		—		—
Global Strategy		—		—		—		5,449,865		5,449,865
Growth		—		—		—		—		—
Growth & Income		—		—		—		—		—
Health Sciences		—		—		—		—		—
International Equities Index		—		—		—		—		—
Mid Cap Index		—		—		—		—		—
Nasdaq-100 Index		—		—		—		—		—
Small Cap Index		—		—		—		—		—
Stock Index		—		—		—		—		—

273

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Liability Derivatives
	Interest Rate Contracts		Equity Contracts				Foreign Exchange Contracts		Total
Fund	Futures Contracts(1)(6)		Futures Contracts(1)(6)		Options Written(4)		Foreign Exchange Contracts(5)
Asset Allocation	$	—	$	56,119	$	—	$	—	$	56,119
Core Equity		—		3,535		—		—		3,535
Dynamic Allocation		—		297,950		496,698		—		794,648
Global Social Awareness		—		47,975		—		—		47,975
Global Strategy		—		—		—		717,403		717,403
Growth		—		—		—		—		—
Growth & Income		—		4,040		—		—		4,040
Health Sciences		—		—		3,961		—		3,961
International Equities Index		—		61,380		—		—		61,380
Mid Cap Index		—		213,640		—		—		213,640
Nasdaq-100 Index		—		37,950		—		—		37,950
Small Cap Index		—		186,200		—		—		186,200
Stock Index		—		181,295		—		—		181,295

Statement of Assets and Liabilities Location:

(1) Variation margin on futures contracts

(2) Investments, at value

(3) Unrealized appreciation on forward foreign currency contracts

(4) Call and put options written, at value

(5) Unrealized depreciation on forward foreign currency contracts

(6) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) as reported on each Fund’s Portfolio of Investments in the following amounts:

Fund	Cumulative Appreciation (Depreciation)
Asset Allocation	$	612,734
Core Equity		48,999
Dynamic Allocation		(8,601	)
Global Social Awareness		664,715
Growth & Income		6,404
International Equities Index		2,446,982
Mid Cap Index		1,230,295
Nasdaq-100 Index		745,016
Small Cap Index		1,809,255
Stock Index		2,397,595

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts		Equity Contracts						Foreign Exchange Contracts		Total
Fund	Futures Contracts(1)		Futures Contracts(1)			Options*			Foreign Exchange Contracts(2)
Asset Allocation	$	13,510	$	(748,407	)	$	—		$	—	$	(734,897	)
Core Equity		—		(34,525	)		—			—		(34,525	)
Dynamic Allocation		—		(6,246,972	)		(223,365	)		—		(6,470,337	)
Global Social Awareness		—		(1,016,327	)		—			—		(1,016,327	)
Global Strategy		—		—			—			3,523,807		3,523,807
Growth		—		(183,376	)		—			—		(183,376	)
Growth & Income		—		(28,329	)		—			—		(28,329	)
Health Sciences		—		—			338,769			—		338,769
International Equities Index		—		(4,803,672	)		—			—		(4,803,672	)
Mid Cap Index		—		(7,958,326	)		—			—		(7,958,326	)
Nasdaq-100 Index		—		(56,829	)		—			—		(56,829	)
Small Cap Index		—		(3,812,945	)		—			—		(3,812,945	)
Stock Index		—		(1,312,024	)		—			—		(1,312,024	)

274

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts			Equity Contracts				Foreign Exchange Contracts			Total
Fund	Futures Contracts(3)			Futures Contracts(3)		Options*		Foreign Exchange Contracts(4)
Asset Allocation	$	(17,469	)	$	780,704	$	—	$	—		$	763,235
Core Equity		—			31,658		—		—			31,658
Dynamic Allocation		—			290,313		445,201		—			735,514
Global Social Awareness		—			320,717		—		—			320,717
Global Strategy		—			—		—		(2,794,137	)		(2,794,137	)
Growth & Income		—			14,647		—		—			14,647
Health Sciences		—			—		334,044		—			334,044
International Equities Index		—			1,397,197		—		—			1,397,197
Mid Cap Index		—			453,956		—		—			453,956
Nasdaq-100 Index		—			464,177		—		—			464,177
Small Cap Index		—			1,707,455		—		—			1,707,455
Stock Index					2,745,246							2,745,246

* Includes amounts relating to purchased and written options as follows:

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations					Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Equity Contracts					Equity Contracts
Fund	Options Purchased(6)			Options Written(1)		Options Purchased(5)		Options Written(3)
Dynamic Allocation	$	(862,807	)	$	639,442	$	712,567	$	(267,366	)
Health Sciences		—			338,769		—		334,044

Statement of Operations Location:

(1) Net realized gain (loss) on futures contracts and written options contracts

(2) Net realized foreign exchange gain (loss) on other assets and liabilities

(3) Change in unrealized appreciation (depreciation) on futures contracts and written options contracts

(4) Change in unrealized foreign exchange gain (loss) on other assets and liabilities

(5) Change in unrealized appreciation (depreciation) on investments (unaffiliated)

(6) Net realized gain (loss) on investments (unaffiliated)

The following table represents the average monthly balances of derivatives held during the year ended November 30, 2015.

	Average Amount Outstanding During the Period
Fund	Futures Contracts(1)		Foreign Exchange Contracts(2)		Purchased Put Options Contracts(1)		Written Call Options Contracts(1)		Written Put Options Contracts(1)
Asset Allocation	$	64,720,562	$	—	$	—	$	—	$	—
Core Equity		710,745		—		—		—		—
Dynamic Allocation		53,984,292		—		1,299,909		376,682		—
Global Social Awareness		13,819,294		—		—		—		—
Global Strategy		—		153,800,753		—		—		—
Growth		—		—		—		—		—
Growth & Income		1,236,478		—		—		—		—
Health Sciences		—		—		—		53,083		—
International Equities Index		93,405,931		—		—		—		—
Mid Cap Index		96,350,632		—		—		—		—
Nasdaq-100 Index		10,123,657		—		—		—		—
Small Cap Index		50,973,295		—		—		—		—
Stock Index		55,909,673		—		—		—		—

(1) Amounts represent values in US dollars.

(2) Amounts represent notional amounts in US dollars.

275

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of November 30, 2015. The repurchase agreements held by the Funds and the securities on loan as of November 30, 2015, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments and the Notes to the Financial Statements for more information about the Funds’ holdings in repurchase agreements and securities on loan.

	Dynamic Allocation Fund
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)			Net Amount(3)
Citigroup Global Markets, Inc.	$	—	$	—	$	82,488		82,488	$	—	$	—	$	43,826	$	43,826	$	38,662		$	—		$	38,662
Deutsche Bank AG		—		—		646,154		646,154		—		—		343,307		343,307		302,847			(280,000	)		22,847
UBS AG		—		—		206,220		206,220		—		—		109,565		109,565		96,655			(96,655	)		—
Total	$	—	$	—	$	934,862	$	934,862	$	—	$	—	$	496,698	$	496,698	$	438,164		$	(376,655	)	$	61,509
	Global Strategy Fund
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)			Net Amount(3)
Bank of America, N.A.	$	209,486	$	—	$	—	$	209,486	$	—	$	—	$	—	$	—	$	209,486		$	—		$	209,486
Barclays Investments, Inc.		887,906		—		—		887,906		8,439		—		—		8,439		879,467			—			879,467
Citibank N.A.		402,532		—		—		402,532		62,035		—		—		62,035		340,497			—			340,497
Deutsche Bank AG		1,012,547		—		—		1,012,547		173,287		—		—		173,287		839,260			—			839,260
Goldman Sachs International		108,215		—		—		108,215		—		—		—		—		108,215			—			108,215
HSBC Bank PLC		462,281		—		—		462,281		75,931		—		—		75,931		386,350			—			386,350
JPMorgan Chase Bank & Co.		1,565,157		—		—		1,565,157		381,198		—		—		381,198		1,183,959			—			1,183,959
Morgan Stanley and Co., Inc.		6,815		—		—		6,815		16,513		—		—		16,513		(9,698	)		—			(9,698	)
Standard Chartered Bank		786,577		—		—		786,577		—		—		—		—		786,577			—			786,577
UBS AG		8,349		—		—		8,349		—		—		—		—		8,349			—			8,349
Total	$	5,449,865	$	—	$	—	$	5,449,865	$	717,403	$	—	$	—	$	717,403	$	4,732,462		$	—		$	4,732,462

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the net amount of the derivative asset/liability in the above table.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

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 Funds’ 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.

276

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

As of November 30, 2015, 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		0.16	%	$	736,000
International Equities Index		9.36	%		41,903,000
Mid Cap Index		4.35	%		19,465,000
Money Market I		1.61	%		7,202,000
Nasdaq-100® Index		2.76	%		12,378,000
Small Cap Index		5.85	%		26,188,000
Stock Index		4.39	%		19,664,000

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 30, 2015, bearing interest at a rate of 0.00% per annum, with a principal amount of $447,878,000, a repurchase price of $447,878,000, and a maturity date of December 1, 2015. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		0.75	%		10/31/2017	$	111,790,000	$	111,492,303
U.S. Treasury Notes		2.38	%		06/30/2018		85,000,000		88,548,665
U.S. Treasury Notes		3.13	%		05/15/2021		150,000,000		160,529,100
U.S. Treasury Notes		3.50	%		02/15/2018		40,000,000		42,560,200
U.S. Treasury Notes		3.38	%		11/15/2019		50,000,000		53,710,150

Stripped Mortgage-Backed Securities: Stripped Mortgage-Backed Securities (“SMBS”) are 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, 2015, the Asset Allocation Fund and Capital Conservation Fund entered into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). TBA 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 and Capital Conservation Fund had TBA Rolls outstanding at period end, which are included in receivable for investments sold and payable for investments purchased in the Statements of Assets and Liabilities. TBA 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 TBA 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 TBA Roll transaction may not exceed the transaction costs.

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 Statements 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, each 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

277

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities.

Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as 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 Trust (“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 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 normally paid annually, except for the Money Market I Fund, which declares daily and pays monthly. Distributions from net realized capital gains, if any, are normally declared and paid annually.

The 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 it 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 2012 — 2014 or expected to be taken in each Fund’s 2015 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 2012.

New Accounting Pronouncement

In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-11, Transfers and Servicing (Topic 860), Repurchase-to- Maturity Transactions, Repurchase Financings, and Disclosures. The ASU changes the accounting for certain repurchase agreements and expands disclosure requirements related to repurchase agreements, securities lending, repurchase-to-maturity and similar transactions. The ASU is effective for interim and annual reporting periods beginning after December 15, 2014. All required changes to accounting policies have been made in accordance with ASU No. 2014-11.

Money Market Fund Regulatory Matters

Changes in the laws and regulations applicable to and governing money market funds, such as Rule 2a-7 under the Investment Company Act of 1940, as amended, can impact the Money Market I Fund. On July 23, 2014, the SEC voted to amend Rule 2a-7 and other rules and forms related to money market funds. These amendments will affect the manner in which the Fund and other money market funds are structured and operated, and may impact Fund expenses, returns and liquidity. The degree to which a money market

278

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

fund will be impacted by the rule amendments will depend upon the fund’s portfolio composition and/or the shareholders who qualify to invest in the fund. The amendments have staggered compliance dates. The remainder of the amendments take effect in 2016. As a result of these amendments, the Fund may be required to take certain steps that will impact and may adversely affect the Fund.

Note 3 — Advisory Fees and Other Transactions with Affiliates

VALIC 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
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

279

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Capital Conservation Fund	0.50% on the first $250 million
Government Securities Fund	0.45% on the next $250 million
International Government Bond Fund	0.40% on the next $500 million
	0.35% on assets over $1 billion
Money Market I Fund	0.40%
Nasdaq-100® Index Fund	0.40% on the first $250 million
	0.38% on the next $250 million
	0.36% on assets over $500 million
Dividend Value Fund	0.75% on the first $250 million
	0.72% on the next $250 million
	0.67% on the next $500 million
	0.62% on assets over $1 billion
Value Fund	0.78% on the first $250 million
	0.73% on the next $250 million
	0.68% on the next $500 million
	0.63% on assets over $1 billion
Broad Cap Value Income Fund	0.70% on the first $250 million
Large Cap Core Fund	0.65% on the next $250 million
	0.60% on the next $500 million
	0.55% on assets over $1 billion
Foreign Value Fund	0.73% on the first $250 million
	0.68% on the next $250 million
	0.63% on the next $500 million
	0.58% on assets over $1 billion
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

* Pursuant to an Advisory Fee Waiver Agreement effective August 17, 2015, VALIC has agreed to waive the Health Sciences Fund’s advisory fees in order that such fees equal: (a) 0.97% of the Fund’s average daily net assets when the Fund’s assets are between $700 million and $750 million; and (b) 0.94% of the Fund’s net average daily net assets when the Fund’s assets exceed $750 million.

For the six months ended November 30, 2015, the amount of investment advisory fees waived were $98,316 for the Health Sciences Fund.

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.

280

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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 (“Dreman”)@—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, Limited—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, Incorporated@—subadviser for a portion of the Small Cap Special Values Fund.

@ Effective December 7, 2015, Dreman was terminated as a subadviser and Wells Capital Management, Incorporated assumed responsibility of 100% of the Small Cap Special Values Fund.

† Effective December 7, 2015, Janus Capital Management LLC replaced Morgan Stanley Investment Management, Inc. as subadviser of the Mid Cap Strategic Growth Fund.

The subadvisers are compensated for their services by VALIC.

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, 2016. 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, taxes 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	%

281

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

For the six months ended November 30, 2015, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:

Fund	Amount
Broad Cap Value Income	$	19,945
Core Equity		155,712
Dividend Value		32,754
Growth & Income		35,319
International Growth		110,946
Nasdaq-100® Index		89,535
Small Cap Aggressive Growth		10,882
Small Cap		123,627
Small-Mid Growth		2,444
Value		46,355

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, 2015, VALIC voluntarily waived $584,916 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 period ended November 30, 2015, the amount recouped by VALIC for the Dynamic Allocation Fund was $2,946.

At November 30, 2015, 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, 2016		May 31, 2017		May 31, 2018
Dynamic Allocation	$	10,327	$	24,544		—

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 the generality of the foregoing, the Administrator (or its appointed service provider): assists with the preparation of prospectuses, statements of additional information, registration statements, and proxy materials; develops and prepares communications to shareholders, including the annual and semi-annual reports to shareholders; coordinates and supervises the preparation and filing of Fund tax returns; assists with the design, development, and operation of the Funds; prepares the Funds’ financial statements; determines the net asset value of the Funds’ shares; supervises the Funds’ transfer agent with respect to the payment of dividends and other distributions to shareholders; and calculates performance data of the Funds. During the period ended November 30, 2015, VALIC earned fees as reflected in the Statement of Operations based upon the aforementioned rates.

VC I, on behalf of each Fund, entered into a Transfer Agency and Services Agreement with VALIC Retirement Services Company (“VRSCO”), an affiliate of 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 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. For the six months ended November 30, 2015, VRSCO earned fees as reflected in the Statement of Operations based upon the aforementioned rate.

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 period ended November 30, 2015, certain Directors of VC I have deferred $14,438 of director compensation.

@ 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 the Administrator an Accounting Basis Point Fee solely with respect the Overlay Component and no fee with respect to the Fund-of-Funds Component.

282

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

At November 30, 2015, VALIC and American General Life Insurance Company (“AGL”), through their insurance company separate accounts, owned over five percent of the outstanding shares of the following Funds:

Fund	VALIC
Asset Allocation		100.00	%
Blue Chip Growth		99.98	%
Broad Cap Value Income		100.00	%
Capital Conservation		100.00	%
Core Equity		100.00	%
Dividend Value		99.98	%
Dynamic Allocation		99.85	%
Emerging Economies		100.00	%
Foreign Value		100.00	%
Global Real Estate		100.00	%
Global Social Awareness		100.00	%
Global Strategy		100.00	%
Government Securities		98.86	%
Growth		100.00	%
Growth & Income		97.36	%
Health Sciences		99.97	%
Inflation Protected		100.00	%
International Equities Index		99.26	%
International Government Bond		100.00	%
International Growth		100.00	%
Large Cap Core		100.00	%
Large Capital Growth		100.00	%
Mid Cap Index		99.40	%
Mid Cap Strategic Growth		100.00	%
Money Market I		94.49	%
Nasdaq-100® Index		97.68	%
Science & Technology		99.70	%
Small Cap Aggressive Growth		100.00	%
Small Cap		100.00	%
Small Cap Index		98.69	%
Small Cap Special Values		100.00	%
Small-Mid Growth		100.00	%
Stock Index		97.00	%
Value		100.00	%

As disclosed in the Portfolio of Investments, certain Funds owned shares of various VC I or VC II Funds and securities issued by AIG or an affiliate thereof. During the six months ended November 30, 2015, transactions in these securities were as follows:

Dynamic Allocation Fund

Security	Value at 05/31/2015		Income		Capital Gain Distribution Received		Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 11/30/2015
VALIC Co. I Blue Chip Growth Fund	$	11,055,863	$	—	$	—	$	225,506	$	928,213	$	219,112		$	178,002		$	10,750,270
VALIC Co. I Broad Cap Value Income Fund		11,187,528		—		—		225,506		328,213		74,001			(539,805	)		10,619,017
VALIC Co. I Capital Conservation Fund		15,110,877		—		—		315,709		459,499		(8,639	)		(22,150	)		14,936,298
VALIC Co. I Dividend Value Fund		6,603,063		—		—		135,303		196,928		32,444			(66,297	)		6,507,585
VALIC Co. I Emerging Economies Fund		6,366,533		—		—		830,869		983,496		(279,213	)		(739,104	)		5,195,589
VALIC Co. I Foreign Value Fund		10,827,865		—		—		825,506		328,213		(5,225	)		(1,232,210	)		10,087,723
VALIC Co. I Global Real Estate Fund		2,133,092		—		—		45,102		65,643		(3,819	)		(37,879	)		2,070,853
VALIC Co. I Government Securities Fund		8,651,523		—		—		180,405		262,571		(6,699	)		6,545			8,569,203
VALIC Co. I Growth & Income Fund		4,450,919		—		—		90,202		131,285		30,280			(95,117	)		4,344,999
VALIC Co. I Growth Fund		11,041,206		—		—		225,506		328,213		59,124			(17,209	)		10,980,414
VALIC Co. I Inflation Protected Fund		2,154,723		—		—		45,101		65,643		(1,829	)		(45,460	)		2,086,892
VALIC Co. I International Equities Index Fund		4,411,092		—		—		894,637		144,718		3,209			(290,943	)		4,873,277
VALIC Co. I International Government Bond Fund		2,150,548		—		—		45,102		65,643		(7,525	)		(34,404	)		2,088,078

283

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Security	Value at 05/31/2015		Income		Capital Gain Distribution Received		Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 11/30/2015
VALIC Co. I International Growth Fund	$	11,087,954	$	—	$	—	$	225,506	$	328,213	$	33,267		$	(780,686	)	$	10,237,828
VALIC Co. I Large Cap Core Fund		8,942,406		—		—		180,405		262,571		25,859			(63,770	)		8,822,329
VALIC Co. I Large Capital Growth Fund		8,884,446		—		—		180,405		262,571		(42,583	)		(18,664	)		8,741,033
VALIC Co. I Stock Index Fund		33,286,285		—		—		676,517		1,684,640		301,399			(476,379	)		32,103,182
VALIC Co. I Value Fund		11,001,993		—		—		225,505		328,213		70,606			(452,595	)		10,517,296
VALIC Co. II Capital Appreciation Fund		6,696,657		—		—		135,303		196,928		58,394			55,959			6,749,385
VALIC Co. II Core Bond Fund		17,296,081		—		—		360,811		525,142		(3,068	)		(153,469	)		16,975,213
VALIC Co. II High Yield Bond Fund		2,199,358		—		—		45,102		65,643		(1,330	)		(104,615	)		2,072,872
VALIC Co. II Mid Cap Growth Fund		4,394,225		—		—		90,203		131,285		(6,905	)		(254,685	)		4,091,553
VALIC Co. II Mid Cap Value Fund		4,426,907		—		—		90,202		131,285		10,158			(87,486	)		4,308,496
VALIC Co. II Small Cap Growth Fund		4,375,680		—		—		90,202		131,285		14,945			(181,832	)		4,167,710
VALIC Co. II Small Cap Value Fund		4,342,870		—		—		90,201		131,285		476			(109,415	)		4,192,847
VALIC Co. II Strategic Bond Fund		6,522,000		—		—		135,303		196,928		(13,634	)		(176,429	)		6,270,312
	$	219,601,694	$	—	$	—	$	6,610,119	$	8,664,267	$	552,805		$	(5,740,097	)	$	212,360,254

Stock Index Fund

Security	Value at 05/31/2015		Income		Capital Gain Distribution Received		Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)		Value at 11/30/2015
American International Group, Inc.
Common Stock	$	18,911,630	$	126,897	$	—	$	—	$	1,744,712	$	920,916	$	575,376	$	18,663,210

During the period, the following Funds incurred brokerage commissions with brokers which are affiliates of a sub-advisor:

Affiliated Broker	Emerging Economies Fund		Small-Mid Growth Fund
JP Morgan Securities, Inc.	$	5,233	$	—
Wells Fargo Securities, LLC		—		131

As a result of losses on medium-term notes issued by Cheyne Finance LLC, that were previously held in the Money Market I Fund, VALIC made capital contributions to the Money Market I Fund in the amount of $509,189 and $105,000 for the periods ended November 30, 2015 and May 31, 2015, respectively.

Note 4 — Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the period ended November 30, 2015 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	$	84,300,374	$	88,369,867	$	6,729,262	$	4,855,250
Blue Chip Growth		103,324,699		116,180,167		—		—
Broad Cap Value Income		6,527,157		8,179,097		—		—
Capital Conservation		34,905,283		29,900,793		52,051,280		57,912,389
Core Equity		45,594,722		55,142,968		—		—
Dividend Value		158,140,192		214,360,713		—		—
Dynamic Allocation		13,829,878		15,932,396		9,459,853		10,665,264
Emerging Economies		196,623,200		201,804,557		—		—
Foreign Value		60,098,113		74,262,220		26,199,985		26,200,000
Global Real Estate		208,976,028		212,649,020		—		—
Global Social Awareness		27,091		23,807,080		—		—
Global Strategy		35,231,636		43,506,168		4,057,307		3,800,000
Government Securities		1,980,691		10,326,008		1,995,642		15,787,166
Growth		368,211,542		405,457,794		—		—
Growth & Income		19,627,671		21,217,590		—		—
Health Sciences		203,291,326		140,662,613		—		—

284

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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
Inflation Protected	$	37,582,363	$	54,219,707	$	22,342,420	$	31,038,024
International Equities Index		36,897,815		10,681,741		—		—
International Government Bond		38,688,542		60,617,302		15,758,418		12,048,865
International Growth		94,157,103		122,323,911		—		—
Large Cap Core		45,184,363		56,724,615		—		—
Large Capital Growth		46,564,898		62,851,665		—		—
Mid Cap Index		228,600,525		181,109,732		—		—
Mid Cap Strategic Growth		67,805,982		77,094,025		—		—
Nasdaq-100® Index		14,634,931		22,131,901		—		—
Science & Technology		502,820,759		541,043,753		—		—
Small Cap Aggressive Growth		67,447,256		59,171,904		—		—
Small Cap		45,380,530		60,225,302		—		—
Small Cap Index		117,553,791		145,564,858		—		—
Small Cap Special Values		45,795,088		52,062,767		—		—
Small-Mid Growth		37,710,698		39,474,575		—		—
Stock Index		63,855,505		209,077,804		—		—
Value		9,746,069		11,836,881		—		—

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 losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddles, amortization or premium/discount, contingent payment debt instruments, investments in partnerships, treatment of defaulted securities and derivative transactions.

The information in the following table is presented on the basis of cost for federal income tax purposes at November 30, 2015.

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Asset Allocation	$	189,456,983	$	8,228,524	$	(6,522,026	)	$	1,706,498
Blue Chip Growth		434,458,164		244,922,841		(7,251,218	)		237,671,623
Broad Cap Value Income		48,641,527		13,451,995		(3,647,455	)		9,804,540
Capital Conservation		254,742,994		2,276,950		(2,835,887	)		(558,937	)
Core Equity		207,228,996		55,023,130		(14,371,485	)		40,651,645
Dividend Value		557,321,485		69,662,294		(24,266,483	)		45,395,811
Dynamic Allocation		250,882,377		11,670,361		(4,911,349	)		6,759,012
Emerging Economies		589,697,546		35,330,200		(73,090,119	)		(37,759,919	)
Foreign Value		1,015,276,874		81,688,569		(165,174,416	)		(83,485,847	)
Global Real Estate		499,078,089		35,131,390		(31,847,126	)		3,284,264
Global Social Awareness		371,421,903		45,500,150		(35,746,697	)		9,753,453
Global Strategy		476,993,430		59,556,534		(52,901,255	)		6,655,279
Government Securities		142,632,068		3,264,137		(807,134	)		2,457,003
Growth		940,226,225		136,127,114		(24,268,877	)		111,858,237
Growth & Income		103,667,110		18,430,186		(4,753,524	)		13,676,662
Health Sciences		711,643,477		235,439,826		(18,076,412	)		217,363,414
Inflation Protected		456,166,427		16,019,358		(16,713,503	)		(694,145	)
International Equities Index		1,246,038,202		110,407,001		(142,139,229	)		(31,732,228	)
International Government Bond*		159,577,454		1,883,276		(12,726,619	)		(10,843,343	)
International Growth		534,947,616		77,216,445		(31,003,762	)		46,212,683
Large Cap Core		146,993,483		24,897,731		(3,799,187	)		21,098,544
Large Capital Growth		365,322,308		65,029,827		(15,532,755	)		49,497,072
Mid Cap Index		2,526,260,649		968,128,759		(213,822,609	)		754,306,150
Mid Cap Strategic Growth		231,102,444		54,785,789		(23,240,288	)		31,545,501
Money Market I		345,145,711		—		—			—
Nasdaq-100® Index		191,047,221		155,622,851		(5,494,586	)		150,128,265

285

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)
Science & Technology	$	918,846,265	$	166,530,561	$	(47,356,103	)	$	119,174,458
Small Cap Aggressive Growth		130,965,391		17,135,667		(5,073,652	)		12,062,015
Small Cap		288,879,899		79,357,729		(24,907,463	)		54,450,266
Small Cap Index		961,784,132		337,831,391		(124,329,901	)		213,501,490
Small Cap Special Values		219,755,039		34,328,733		(19,554,698	)		14,774,035
Small-Mid Growth		128,732,727		18,317,879		(6,493,303	)		11,824,576
Stock Index		2,444,678,636		1,937,356,003		(140,235,237	)		1,797,120,766
Value		85,596,275		27,070,519		(4,065,240	)		23,005,279

* 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, 2015 and the tax character of distributions paid during the year ended May 31, 2015 were as follows:

	Distributable Earnings								Tax Distributions
	For the period ended May 31, 2015
Fund	Ordinary Income		Long- term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Asset Allocation	$	5,365,204	$	16,228,510		$	7,509,803		$	7,494,543	$	6,682,112
Blue Chip Growth		4,362,148		73,503,822			242,745,025			2,948,071		55,612,748
Broad Cap Value Income		885,359		3,515,188			13,891,214			1,017,689		1,884,876
Capital Conservation		4,914,381		—			2,493,000			4,829,813		—
Core Equity		2,550,301		(2,859,623	)		54,788,540			2,463,039		—
Dividend Value		13,504,973		60,987,882			109,137,870			13,426,887		40,820,403
Dynamic Allocation		5,109,861		9,569,463			12,482,286			4,139,395		3,974,614
Emerging Economies		14,639,003		(126,422,446	)		37,234,193			13,724,791		—
Foreign Value		18,119,304		(26,930,407	)		42,436,201			25,076,265		—
Global Real Estate		14,771,778		21,079,653			33,400,341			13,761,875		12,441,383
Global Social Awareness		7,310,854		(39,502,979	)		27,438,473			8,510,951		—
Global Strategy		27,958,543		28,433,024			44,815,106			13,523,654		15,854,531
Government Securities		3,707,716		(1,771,168	)		4,186,135			3,617,730		—
Growth		36,277,214		116,640,377			129,877,977			18,509,615		99,547,956
Growth & Income		2,586,295		4,000,944			18,251,433			1,149,106		—
Health Sciences		21,781,989		91,717,157			348,110,684			6,580,925		98,998,177
Inflation Protected		6,013,213		194,385			11,163,324			10,192,451		266,190
International Equities Index		28,310,531		(124,770,551	)		56,439,296			36,655,892		—
International Government Bond*		4,865,837		2,149			(10,824,240	)		4,707,653		191,029
International Growth		7,233,626		39,002,240			96,004,631			8,720,692		3,866,978
Large Cap Core		5,397,704		25,934,878			30,417,617			5,174,439		22,702,040
Large Capital Growth		4,596,243		16,356,235			63,499,096			44,123,126		30,511,749
Mid Cap Index		41,789,679		277,349,503			977,248,919			38,094,248		172,320,161
Mid Cap Strategic Growth		245,031		33,719,622			45,831,256			7,648,738		33,126,009
Money Market I		9,797		(518,114	)		—			35,689		—
Nasdaq-100® Index		2,781,422		12,643,005			152,414,139			3,665,912		2,745,558
Science & Technology		33,816,641		131,863,328			142,015,384			9,494,752		90,286,968
Small Cap Aggressive Growth		1,158,357		13,991,856			20,726,282			6,915,031		15,241,078
Small Cap		1,585,496		46,713,634			81,952,688			4,466,872		48,613,828
Small Cap Index		16,016,490		70,811,774			311,518,363			14,723,408		55,590,870
Small Cap Special Values		5,926,906		21,324,342			30,443,426			2,248,647		17,856,384
Small-Mid Growth		4,280,042		7,374,256			20,856,946			11,912,196		15,480,820
Stock Index		80,137,593		299,414,695			1,978,291,627			76,962,802		157,065,909
Value		1,593,878		(35,433,443	)		32,419,329			1,711,405		—

* The distributable earnings for International Government Bond Fund are for the tax period ended September 30, 2015.

@ Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

286

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

As of May 31, 2015, 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		ST		LT
Asset Allocation	$	—	$	—	$	—	$	—
Blue Chip Growth		—		—		—		—
Broad Cap Value Income		—		—		—		—
Capital Conservation		—		—		—		—
Core Equity		—		2,859,623		—		—
Dividend Value		—		—		—		—
Dynamic Allocation		—		—		—		—
Emerging Economies		26,872,567		71,874,688		27,675,191		—
Foreign Value		—		26,930,407		—		—
Global Real Estate		—		—		—		—
Global Social Awareness		—		39,502,979		—		—
Global Strategy		—		—		—		—
Government Securities		—		—		1,017,516		753,652
Growth		—		—		—		—
Growth & Income		—		—		—		—
Health Sciences		—		—		—		—
Inflation Protected		—		—		—		—
International Equities Index		—		124,770,551		—		—
International Government Bond		—		—		—		—
International Growth		—		—		—		—
Large Cap Core		—		—		—		—
Large Capital Growth		—		—		—		—
Mid Cap Index		—		—		—		—
Mid Cap Strategic Growth		—		—		—		—
Money Market I		518,114		—		—		—
Nasdaq-100® Index		—		—		—		—
Science & Technology		—		—		—		—
Small Cap Aggressive Growth		—		—		—		—
Small Cap		—		—		—		—
Small Cap Index		—		—		—		—
Small Cap Special Values		—		—		—		—
Small-Mid Growth		—		—		—		—
Stock Index		—		—		—		—
Value		—		35,433,443		—		—

† 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, 2015, 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		274,910		—		—
Broad Cap Value Income		—		—		—
Capital Conservation		—		—		—
Core Equity		—		—		—
Dividend Value		14,911		—		—
Dynamic Allocation		—		—		—

287

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term Capital Loss		Deferred Post-October Long-Term Capital Loss
Emerging Economies	$	168,928	$	14,958,263	$	—
Foreign Value		—		—		—
Global Real Estate		—		—		—
Global Social Awareness		—		—		—
Global Strategy		—		363,117		—
Government Securities		—		15,301		231,769
Growth		—		—		—
Growth & Income		13		—		—
Health Sciences		2,198,636		—		—
Inflation Protected		2,043,578		—		116,781
International Equities Index		—		—		—
International Government Bond*		5,640,629		—		515,399
International Growth		—		8,060,660		—
Large Cap Core		—		—		—
Large Capital Growth		—		—		—
Mid Cap Index		—		—		—
Mid Cap Strategic Growth		389,817		1,206,988		—
Money Market I		—		—		—
Nasdaq-100 Index®		—		—		—
Science & Technology		—		—		—
Small Cap Aggressive Growth		115,399		—		—
Small Cap		—		—		—
Small Cap Index		—		—		—
Small Cap Special Values		—		1,332,085		—
Small-Mid Growth		191,515		—		—
Stock Index		—		—		—
Value		—		—		—

* The deferred late ordinary losses and deferred post October capital losses are for the tax period ended September 30, 2015.

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, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		415,399		$	4,984,175			1,005,187		$	12,765,796			1,157,236		$	21,010,611			1,726,744		$	30,725,258
Reinvested dividends		—			—			1,180,404			14,176,655			—			—			3,396,799			58,560,819
Shares redeemed		(875,537	)		(10,558,355	)		(1,629,347	)		(20,611,406	)		(1,886,506	)		(33,927,285	)		(4,727,005	)		(85,448,548	)
Net increase (decrease)		(460,138	)	$	(5,574,180	)		556,244		$	6,331,045			(729,270	)	$	(12,916,674	)		396,538		$	3,837,529
	Broad Cap Value Income												Capital Conservation
	For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		248,011		$	3,761,745			712,531		$	11,133,762			873,791		$	8,614,275			8,296,539		$	82,863,706
Reinvested dividends		—			—			188,846			2,902,565			—			—			486,876			4,829,813
Shares redeemed		(420,886	)		(6,538,370	)		(528,497	)		(8,312,343	)		(2,700,995	)		(26,680,296	)		(2,926,524	)		(29,160,092	)
Net increase (decrease)		(172,875	)	$	(2,776,625	)		372,880		$	5,723,984			(1,827,204	)	$	(18,066,021	)		5,856,891		$	58,533,427

288

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Core Equity												Dividend Value
	For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		23,087		$	448,237			94,347		$	1,856,186			640,961		$	8,224,039			6,615,982		$	89,238,667
Reinvested dividends		—			—			124,711			2,463,039			—			—			4,172,868			54,247,290
Shares redeemed		(804,493	)		(15,888,936	)		(1,604,756	)		(31,408,940	)		(6,196,455	)		(81,127,991	)		(9,220,834	)		(124,125,295	)
Net increase (decrease)		(781,406	)	$	(15,440,699	)		(1,385,698	)	$	(27,089,715	)		(5,555,494	)	$	(72,903,952	)		1,568,016		$	19,360,662
	Dynamic Allocation												Emerging Economies
	For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		719,075		$	8,311,314			2,294,451		$	27,634,472			5,096,556		$	35,335,860			12,063,329		$	94,071,720
Reinvested dividends		—			—			684,726			8,114,009			—			—			1,837,321			13,724,791
Shares redeemed		(903,158	)		(10,476,166	)		(1,705,848	)		(20,500,257	)		(6,221,332	)		(41,903,809	)		(14,812,385	)		(117,234,833	)
Net increase (decrease)		(184,083	)	$	(2,164,852	)		1,273,329		$	15,248,224			(1,124,776	)	$	(6,567,949	)		(911,735	)	$	(9,438,322	)
	Foreign Value												Global Real Estate
	For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,431,841		$	13,179,788			7,042,747		$	73,899,532			4,955,661		$	40,892,051			15,425,938		$	132,638,526
Reinvested dividends		—			—			2,603,974			25,076,265			—			—			3,001,519			26,203,258
Shares redeemed		(4,802,350	)		(46,698,144	)		(8,845,962	)		(93,052,230	)		(5,709,447	)		(48,020,805	)		(6,800,584	)		(60,638,938	)
Net increase (decrease)		(3,370,509	)	$	(33,518,356	)		800,759		$	5,923,567			(753,786	)	$	(7,128,754	)		11,626,873		$	98,202,846
	Global Social Awareness												Global Strategy
	For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		195,927		$	4,135,550			775,485		$	16,519,157			475,046		$	6,243,378			764,123		$	10,574,022
Reinvested dividends		—			—			400,515			8,510,951			—			—			2,259,860			29,378,185
Shares redeemed		(1,625,919	)		(35,221,265	)		(2,985,796	)		(64,158,801	)		(1,776,698	)		(22,771,285	)		(4,240,483	)		(58,500,183	)
Net increase (decrease)		(1,429,992	)	$	(31,085,715	)		(1,809,796	)	$	(39,128,693	)		(1,301,652	)	$	(16,527,907	)		(1,216,500	)	$	(18,547,976	)
	Government Securities												Growth
	For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		674,951		$	7,306,489			3,012,850		$	32,852,788			1,914,492		$	31,505,003			2,434,588		$	40,358,966
Reinvested dividends		—			—			334,665			3,617,730			—			—			7,397,091			118,057,571
Shares redeemed		(2,250,721	)		(24,292,414	)		(3,495,111	)		(37,927,298	)		(4,237,204	)		(68,250,061	)		(7,710,195	)		(131,068,883	)
Net increase (decrease)		(1,575,770	)	$	(16,985,925	)		(147,596	)	$	(1,456,780	)		(2,322,712	)	$	(36,745,058	)		2,121,484		$	27,347,654
	Growth & Income												Health Sciences
	For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		458,204		$	8,670,119			754,517		$	14,222,517			2,144,362		$	56,585,130			4,161,559		$	103,722,079
Reinvested dividends		—			—			59,663			1,149,106			—			—			4,447,308			105,579,102
Shares redeemed		(624,633	)		(11,841,676	)		(1,082,664	)		(20,338,572	)		(1,191,649	)		(30,175,180	)		(1,325,437	)		(31,794,913	)
Net increase (decrease)		(166,429	)	$	(3,171,557	)		(268,484	)	$	(4,966,949	)		952,713		$	26,409,950			7,283,430		$	177,506,268

289

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Inflation Protected												International Equities Index
	For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,949,884		$	31,473,209			6,249,169		$	70,056,193			23,954,047		$	160,771,945			18,814,065		$	131,144,936
Reinvested dividends		—			—			960,389			10,458,641			—			—			5,495,636			36,655,892
Shares redeemed		(4,870,250	)		(52,393,457	)		(3,979,230	)		(44,097,974	)		(9,950,137	)		(66,509,683	)		(30,416,706	)		(213,531,625	)
Net increase (decrease)		(1,920,366	)	$	(20,920,248	)		3,230,328		$	36,416,860			14,003,910		$	94,262,262			(6,107,005	)	$	(45,730,797	)
	International Government Bond												International Growth
	For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		604,539		$	6,748,569			3,222,162		$	38,342,743			1,177,162		$	15,407,602			3,679,653		$	50,373,079
Reinvested dividends		—			—			433,896			4,898,682			—			—			949,296			12,587,670
Shares redeemed		(2,524,039	)		(28,161,919	)		(3,895,416	)		(45,903,589	)		(3,342,211	)		(45,429,117	)		(6,496,505	)		(88,948,490	)
Net increase (decrease)		(1,919,500	)	$	(21,413,350	)		(239,358	)	$	(2,662,164	)		(2,165,049	)	$	(30,021,515	)		(1,867,556	)	$	(25,987,741	)
	Large Cap Core												Large Capital Growth
	For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		214,351		$	2,856,336			1,061,546		$	15,477,448			275,173		$	3,369,753			916,273		$	12,937,493
Reinvested dividends		—			—			2,108,660			27,876,479			—			—			6,018,942			74,634,875
Shares redeemed		(1,175,611	)		(15,958,793	)		(2,665,981	)		(39,163,853	)		(1,578,912	)		(19,678,523	)		(3,078,765	)		(42,481,759	)
Net increase (decrease)		(961,260	)	$	(13,102,457	)		504,225		$	4,190,074			(1,303,739	)	$	(16,308,770	)		3,856,450		$	45,090,609
	Mid Cap Index												Mid Cap Strategic Growth
	For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,070,719		$	29,405,666			916,273		$	12,937,493			70,029		$	995,268			661,786		$	10,592,873
Reinvested dividends		—			—			6,018,942			74,634,875			—			—			2,711,087			40,774,747
Shares redeemed		(6,627,961	)		(181,152,298	)		(3,078,765	)		(42,481,759	)		(1,042,075	)		(15,434,853	)		(3,179,692	)		(52,134,999	)
Net increase (decrease)		(5,557,242	)	$	(151,746,632	)		3,856,450		$	45,090,609			(972,046	)	$	(14,439,585	)		193,181		$	(767,379	)
	Money Market I												Nasdaq-100®Index
	For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		43,861,047		$	43,861,047			88,396,025		$	88,396,025			1,445,843		$	14,961,938			4,889,469		$	47,302,021
Reinvested dividends		17,434			17,434			35,689			35,689			—			—			650,251			6,411,470
Shares redeemed		(42,751,275	)		(42,751,275	)		(111,952,862	)		(111,952,862	)		(2,191,414	)		(22,248,762	)		(2,960,797	)		(28,990,095	)
Net increase (decrease)		1,127,206		$	1,127,206			(23,521,148	)	$	(23,521,148	)		(745,571	)	$	(7,286,824	)		2,578,923		$	24,723,396
	Science & Technology												Small Cap Aggressive Growth
	For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		315,081		$	8,211,764			589,915		$	15,684,928			1,271,603		$	18,227,524			935,295		$	13,843,984
Reinvested dividends		—			—			3,975,367			99,781,720			—			—			1,658,391			22,156,109
Shares redeemed		(1,955,670	)		(50,497,588	)		(4,255,505	)		(112,634,602	)		(570,767	)		(7,840,492	)		(1,814,359	)		(27,154,657	)
Net increase (decrease)		(1,640,589	)	$	(42,285,824	)		309,777		$	2,832,046			700,836		$	10,387,032			779,327		$	8,845,436

290

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Small Cap												Small Cap Index
	For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		67,111		$	914,536			212,330		$	3,195,651			3,036,759		$	63,099,775			2,055,330		$	43,395,413
Reinvested dividends		—			—			3,891,547			53,080,700			—			—			3,448,469			70,314,278
Shares redeemed		(1,434,296	)		(19,558,491	)		(3,365,487	)		(50,199,012	)		(4,258,257	)		(87,673,365	)		(7,029,329	)		(147,780,820	)
Net increase (decrease)		(1,367,185	)	$	(18,643,955	)		738,390		$	6,077,339			(1,221,498	)	$	(24,573,590	)		(1,525,530	)	$	(34,071,129	)
	Small Cap Special Values												Small-Mid Growth
	For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		545,381		$	7,191,140			294,003		$	4,118,460			423,723		$	5,425,642			742,968		$	10,765,123
Reinvested dividends		—			—			1,502,618			20,105,031			—			—			2,138,409			27,393,016
Shares redeemed		(1,054,958	)		(13,987,444	)		(2,395,704	)		(33,691,816	)		(494,056	)		(6,550,374	)		(1,752,440	)		(26,172,868	)
Net increase (decrease)		(509,577	)	$	(6,796,304	)		(599,083	)	$	(9,468,325	)		(70,333	)	$	(1,124,732	)		1,128,937		$	11,985,271
	Stock Index												Value
	For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015						For the six months ended November 30, 2015 (unaudited)						For the year ended May 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,474,983		$	52,783,240			5,150,180		$	185,842,811			170,288		$	2,504,059			209,472		$	3,116,598
Reinvested dividends		—			—			6,549,922			234,028,711			—			—			114,170			1,711,405
Shares redeemed		(10,004,600	)		(357,864,866	)		(17,310,454	)		(625,116,855	)		(445,407	)		(6,566,326	)		(1,359,828	)		(20,300,385	)
Net increase (decrease)		(8,529,617	)	$	(305,081,626	)		(5,610,352	)	$	(205,245,333	)		(275,119	)	$	(4,062,267	)		(1,036,186	)	$	(15,472,382	)

Note 7 — Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of the Funds set forth below have been reduced. For the six months ended November 30, 2015, the amount of expense reductions received by each Fund used to offset non-affiliated expenses were as follows:

Fund	Expense Reductions
Asset Allocation	$	2,233
Blue Chip Growth		2,789
Broad Cap Value Income		1,024
Core Equity		850
Emerging Economies		4,629
Foreign Value		2,597
Global Real Estate		4,278
Global Strategy		45
Growth & Income		372
Health Sciences		2,063
International Growth		1,307
Large Cap Core		8,302
Large Capital Growth		2,115
Mid Cap Strategic Growth		12,585
Science & Technology		30,372
Small Cap		6,201
Small Cap Special Values		5,774
Small-Mid Growth		1,898

Note 8 — Investment Concentration

Certain Funds 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 countries. 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.

291

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Each Fund 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 Fund’s concentration in such investments, these funds may be subject to risks associated with the U.S. Government agencies or instrumentalities.

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 invest primarily in the technology sector. There are numerous risks and uncertainties involved in investing in the technology sector. Historically, the prices of securities in this sector have tended to be volatile. A fund that invests primarily in technology-related issuers bears an additional risk that economic events may affect a substantial portion of its investments. In addition, at times equity securities of technology-related issuers may underperform relative to other sectors. The technology sector includes companies from various industries, including computer hardware, software, semiconductors, telecommunications, electronics, aerospace and defense, health care equipment and biotechnology, among others.

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 and 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 a 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.

Note 9 — Line of Credit

The Series, along with certain other funds managed by the Adviser, has access to a $85 million committed unsecured line of credit and a $40 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company, the Series’ custodian. Prior to October 9, 2015, interest on the committed line of credit was payable at the higher of the Federal Funds Rate plus 125 basis points or the Overnight London Interbank Offered Rate plus 125 basis points. There was also a commitment fee of 15 basis points per annum on the daily unused portion of the committed line of credit and a one-time closing fee of 5 basis points on the uncommitted line of credit. Borrowings under the line of credit will commence when the respective Fund’s cash shortfall exceeds $100,000. Effective October 9, 2015, the interest payable under the committed line of credit is the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points. In addition, the commitment fee on the daily unused portion of the committed line of credit increased to 20 basis points per annum. For the six months ended November 30, 2015, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Broad Cap Value Income		5	$	30	$	157,775.17		1.38	%
Dividend Value		12		1,307		2,720,440.06		1.44
Emerging Economies		21		1,408		1,688,351.22		1.42
Global Real Estate		4		62		381,177.06		1.46
Global Social Awareness		9		411		1,183,933		1.39
Growth		24		363		388,341.63		1.40
Inflation Protected		7		1,073		3,971,382.71		1.39
International Government Bond		8		203		656,172.35		1.38
International Growth		50		1,370		712,858.86		1.38
Large Capital Growth		16		215		349,547.01		1.38
Mid Cap Strategic Growth		26		123		121,969.46		1.40
Science & Technology		8		343		1,045,077.48		1.44
Small Cap Aggressive Growth		4		24		153,145.65		1.39
Small Cap		12		46		98,268.40		1.40

As of November 30, 2015, there were no outstanding borrowings.

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, 2015, none of the Funds participated in this program.

292

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the six months ended November 30, 2015, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain(Loss)
Blue Chip Growth	$	—	$	127,932	$	13,171
Growth		1,239,651		3,364,288		(37,719	)
Health Sciences		—		3,294,161		369,140
International Growth		307,902		205,536		47,702
Large Capital Growth		20,203		249,967		75,606
Science & Technology		608,608		—		—
Small Cap		5,218		1,499,235		303,672

Note 12 — Subsequent Event Note

At an in-person meeting held on January 25-26, 2016 (the “Meeting”), the Board approved a proposal to convert the Money Market I Fund (the “Fund”) into a “government money market fund” as defined by Rule 2a-7 under the Investment Company Act of 1940, as amended. In connection with this approval, the Board also approved a change in the Fund’s name to the “Government Money Market I Fund.” The conversion and change in the Fund’s name will become effective on or about September 28, 2016. In order to qualify as a government money market fund, the Fund must invest at least 99.5% of its total assets in government securities, cash, or repurchase agreements collateralized by government securities or cash. As a government money market fund, the Fund will seek to maintain a stable $1.00 net asset value per share and will not be subject to liquidity fees and/or redemption gates.

In addition, at the Meeting, the Board also approved Advisory Fee Waiver Agreements, effective February 1, 2016, with respect to the Growth Fund (the “Growth Fund Fee Waiver Agreement”) and International Growth Fund (the “International Growth Fund Fee Waiver Agreement). Pursuant to the Growth Fund Fee Waiver Agreement, VALIC is contractually obligated to waive its advisory fee with respect to the Growth Fund so that the advisory fee rate payable by the Fund to VALIC is 0.68% of the Fund’s average daily net assets on the first $500 million, 0.62% on the next $500 million, 0.59% on the next $500 million and 0.56% thereafter. Pursuant to the International Growth Fund Fee Waiver Agreement, VALIC is contractually obligated to waive a portion of its advisory fee with respect to the International Growth Fund so that the advisory fee rate payable by the Fund to VALIC is 0.92% of the Fund’s average daily net assets on the first $250 million, 0.87% on the next $250 million, 0.82% on the next $500 million and 0.77% thereafter.

293

VALIC Company I

FINANCIAL HIGHLIGHTS

	Asset Allocation Fund																		Blue Chip Growth Fund
	Six Months Ended November 30, 2015#			Year Ended May 31,															Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014			2013			2012			2011						2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	12.38		$	12.67		$	12.20		$	10.89		$	11.05		$	9.38		$	17.96		$	17.12		$	14.19		$	11.63		$	11.18		$	8.77
Income (loss) from investment operations:
Net investment income (loss)(d)		0.13			0.23			0.25			0.21			0.23			0.25			(0.01	)		(0.02	)		(0.02	)		0.03			0.00			0.00
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.33	)		0.53			1.17			1.39			(0.12	)		1.63			0.74			2.62			3.66			2.54			0.45			2.41
Total income (loss) from investment operations		(0.20	)		0.76			1.42			1.60			0.11			1.88			0.73			2.60			3.64			2.57			0.45			2.41
Distributions from:
Net investment income		–			(0.27	)		(0.23	)		(0.24	)		(0.27	)		(0.21	)		–			–			(0.03	)		(0.01	)		(0.00	)		(0.00	)
Net realized gain on securities		–			(0.78	)		(0.72	)		(0.05	)		–			–			–			(1.76	)		(0.68	)		–			–			–
Total distributions		–			(1.05	)		(0.95	)		(0.29	)		(0.27	)		(0.21	)		–			(1.76	)		(0.71	)		(0.01	)		(0.00	)		(0.00	)
Net asset value at end of period	$	12.18		$	12.38		$	12.67		$	12.20		$	10.89		$	11.05		$	18.69		$	17.96		$	17.12		$	14.19		$	11.63		$	11.18
TOTAL RETURN(a)		(1.62	)%		6.24	%		12.04	%		14.93	%		1.10	%		20.16	%		4.06	%		15.61	%		25.69	%		22.08	%		4.04	%		27.53	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.71	%@		0.68	%		0.69	%		0.75	%		0.75	%		0.74	%		0.83	%@		0.83	%		0.84	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.71	%@		0.68	%		0.69	%		0.75	%		0.75	%		0.74	%		0.83	%@		0.83	%		0.84	%		0.86	%		0.86	%		0.87	%
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)		2.12	%@		1.81	%		1.96	%		1.79	%		2.16	%		2.43	%		(0.13	)%@		(0.12	)%		(0.10	)%		0.21	%		0.04	%		0.01	%
Ratio of net investment income (loss) to average net assets(c)		2.12	%@		1.81	%		1.96	%		1.79	%		2.16	%		2.43	%		(0.13	)%@		(0.12	)%		(0.10	)%		0.20	%		0.02	%		(0.01	)%
Portfolio turnover rate		55	%		131	%		99	%		119	%		115	%		133	%		16	%		30	%		34	%		32	%		25	%		38	%
Number of shares outstanding at end of period (000’s)		14,013			14,473			13,917			13,421			13,302			13,129			35,624			36,354			35,957			34,888			34,789			39,707
Net assets at end of period (000’s)	$	170,736		$	179,126		$	176,344		$	163,788		$	144,854		$	145,049		$	665,974		$	652,819		$	615,447		$	495,226		$	404,646		$	444,092

# 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

294

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Broad Cap Value Income Fund																		Capital Conservation Fund
	Six Months Ended November 30, 2015#			Year Ended May  31,															Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014			2013			2012			2011						2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	16.03		$	15.19		$	13.02		$	10.02		$	10.72		$	8.69		$	9.92		$	9.84		$	10.01		$	10.11		$	9.77		$	9.38
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.21			0.31			0.22			0.20			0.15			0.08			0.17			0.19			0.18			0.27			0.32
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.78	)		1.38			2.06			2.85			(0.73	)		2.04			(0.11	)		0.10			0.07			(0.05	)		0.38			0.38
Total income (loss) from investment operations		(0.67	)		1.59			2.37			3.07			(0.53	)		2.19			(0.03	)		0.27			0.26			0.13			0.65			0.70
Distributions from:
Net investment income		–			(0.26	)		(0.20	)		(0.07	)		(0.17	)		(0.16	)		–			(0.19	)		(0.29	)		(0.23	)		(0.31	)		(0.31	)
Net realized gain on securities		–			(0.49	)		–			–			–			–			–			–			(0.14	)		–			–			–
Total distributions		–			(0.75	)		(0.20	)		(0.07	)		(0.17	)		(0.16	)		–			(0.19	)		(0.43	)		(0.23	)		(0.31	)		(0.31	)
Net asset value at end of period	$	15.36		$	16.03		$	15.19		$	13.02		$	10.02		$	10.72		$	9.89		$	9.92		$	9.84		$	10.01		$	10.11		$	9.77
TOTAL RETURN(a)		(4.18	)%		10.70	%		18.24	%		30.82	%		(4.87	)%		25.42	%		(0.30	)%		2.76	%		2.73	%		1.28	%		6.81	%		7.56	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.63	%@		0.63	%		0.64	%		0.66	%		0.66	%		0.67	%
Ratio of expenses to average net assets(c)		0.92	%@		0.92	%		0.95	%		1.01	%		1.06	%		1.15	%		0.63	%@		0.63	%		0.64	%		0.66	%		0.66	%		0.67	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.43	%@		1.33	%		2.14	%		1.96	%		1.97	%		1.60	%		1.69	%@		1.72	%		1.95	%		1.73	%		2.79	%		3.37	%
Ratio of net investment income (loss) to average net assets(c)		1.36	%@		1.26	%		2.04	%		1.80	%		1.76	%		1.30	%		1.69	%@		1.72	%		1.95	%		1.73	%		2.79	%		3.37	%
Portfolio turnover rate		12	%		23	%		27	%		34	%		18	%		21	%		36	%		193	%		129	%		149	%		141	%		164	%
Number of shares outstanding at end of period (000’s)		3,733			3,906			3,533			3,217			2,841			2,708			23,994			25,822			19,965			22,968			23,049			14,599
Net assets at end of period (000’s)	$	57,349		$	62,619		$	53,675		$	41,901		$	28,476		$	29,023		$	237,335		$	256,043		$	196,550		$	230,018		$	232,990		$	142,652

# 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

295

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Core Equity Fund																		Dividend Value Fund
	Six Months Ended November 30, 2015#			Year Ended May 31,															Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014			2013			2012			2011						2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	20.38		$	18.63		$	15.61		$	12.27		$	13.44		$	10.77		$	13.23		$	13.23		$	11.62		$	9.33		$	9.31		$	7.45
Income (loss) from investment operations:
Net investment income (loss)(d)		0.10			0.19			0.16			0.19			0.18			0.13			0.15			0.28			0.28			0.27			0.23			0.21
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.68	)		1.74			3.07			3.36			(1.21	)		2.69			(0.22	)		0.85			1.59			2.17			(0.08	)		1.75
Total income (loss) from investment operations		(0.58	)		1.93			3.23			3.55			(1.03	)		2.82			(0.07	)		1.13			1.87			2.44			0.15			1.96
Distributions from:
Net investment income		–			(0.18	)		(0.21	)		(0.21	)		(0.14	)		(0.15	)		–			(0.28	)		(0.26	)		(0.15	)		(0.13	)		(0.10	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.85	)		–			–			–			–
Total distributions		–			(0.18	)		(0.21	)		(0.21	)		(0.14	)		(0.15	)		–			(1.13	)		(0.26	)		(0.15	)		(0.13	)		(0.10	)
Net asset value at end of period	$	19.80		$	20.38		$	18.63		$	15.61		$	12.27		$	13.44		$	13.16		$	13.23		$	13.23		$	11.62		$	9.33		$	9.31
TOTAL RETURN(a)		(2.85	)%		10.41	%		20.78	%		29.19	%		(7.63	)%		26.32	%		(0.53	)%		8.69	%		16.22	%		26.34	%		1.62	%		26.50	%
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	%		0.82	%
Ratio of expenses to average net assets(c)		0.92	%@		0.92	%		0.93	%		0.95	%		0.94	%		0.94	%		0.83	%@		0.82	%		0.83	%		0.86	%		0.89	%		0.96	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%		–			–			0.00	%		–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.04	%@		0.94	%		0.95	%		1.38	%		1.48	%		1.07	%		2.24	%@		2.06	%		2.20	%		2.62	%		2.58	%		2.58	%
Ratio of net investment income (loss) to average net assets(c)		0.92	%@		0.82	%		0.82	%		1.23	%		1.34	%		0.93	%		2.23	%@		2.05	%		2.19	%		2.58	%		2.52	%		2.44	%
Portfolio turnover rate		19	%		40	%		39	%		72	%		81	%		103	%		28	%		35	%		37	%		27	%		12	%		70	%
Number of shares outstanding at end of period (000’s)		12,266			13,047			14,433			15,531			17,200			18,743			42,949			48,504			46,936			48,835			37,111			20,559
Net assets at end of period (000’s)	$	242,918		$	265,955		$	268,866		$	242,367		$	210,989		$	251,962		$	565,347		$	641,719		$	621,033		$	567,499		$	346,432		$	191,319

# 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.

See Notes to Financial Statements

296

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Dynamic Allocation Fund												Emerging Economies Fund
	Six Months Ended November 30, 2015#			Year Ended May 31,						December 19, 2012* to May 31, 2013			Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014									2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	12.04		$	11.93		$	10.87		$	10.00		$	7.84		$	8.12		$	8.09		$	7.09		$	8.53		$	6.88
Income (loss) from investment operations:
Net investment income (loss)(d)		0.00			0.16			0.18			(0.00	)		0.09			0.18			0.17			0.13			0.11			0.09
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.50	)		0.32			0.92			0.87			(1.37	)		(0.30	)		(0.02	)		0.92			(1.47	)		1.70
Total income (loss) from investment operations		(0.50	)		0.48			1.10			0.87			(1.28	)		(0.12	)		0.15			1.05			(1.36	)		1.79
Distributions from:
Net investment income		–			(0.17	)		–			–			–			(0.16	)		(0.12	)		(0.05	)		(0.08	)		(0.14	)
Net realized gain on securities		–			(0.20	)		(0.04	)		–			–			–			–			–			–			–
Total distributions		–			(0.37	)		(0.04	)		–			–			(0.16	)		(0.12	)		(0.05	)		(0.08	)		(0.14	)
Net asset value at end of period	$	11.54		$	12.04		$	11.93		$	10.87		$	6.56		$	7.84		$	8.12		$	8.09		$	7.09		$	8.53
TOTAL RETURN(a)		(4.15	)%		4.04	%		10.11	%		8.70	%		(16.33	)%		(1.35	)%		1.97	%		14.79	%		(15.99	)%		26.09	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.32	%@		0.32	%		0.32	%		0.32	%@		0.97	%@		0.94	%		0.95	%		0.98	%		1.04	%		1.00	%
Ratio of expenses to average net assets(c)		0.32	%@		0.32	%		0.34	%		0.63	%@		0.97	%@		0.94	%		0.95	%		0.98	%		1.04	%		1.00	%
Ratio of expense reductions to average net assets		–			–			0.00	%		–			0.00	%@		0.00	%		–			0.00	%		–			–
Ratio of net investment income (loss) to average net assets(b)		0.05	%@		1.33	%		1.65	%		(0.04	)%@		2.64	%@		2.23	%		2.18	%		1.71	%		1.50	%		1.09	%
Ratio of net investment income (loss) to average net assets(c)		0.05	%@		1.33	%		1.63	%		(0.35	)%@		2.64	%@		2.23	%		2.18	%		1.71	%		1.50	%		1.09	%
Portfolio turnover rate		9	%		31	%		9	%		2	%		34	%		65	%		55	%		53	%		108	%		131	%
Number of shares outstanding at end of period (000’s)		22,462			22,646			21,373			7,996			81,557			82,682			83,593			86,346			70,660			30,187
Net assets at end of period (000’s)	$	259,298		$	272,705		$	255,001		$	86,904		$	534,718		$	648,339		$	678,406		$	698,480		$	501,317		$	257,560

# Unaudited

@ Annualized

* Commencement of operations.

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by less than 0.01% from a reimbursement for losses realized on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

297

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Foreign Value Fund																		Global Real Estate Fund
	Six Months Ended November 30, 2015#			Year Ended May 31,															Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014			2013			2012			2011						2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	10.44		$	11.44		$	9.61		$	7.30		$	10.18		$	7.74		$	8.60		$	8.58		$	8.95		$	7.46		$	9.00		$	7.44
Income (loss) from investment operations:
Net investment income (loss)(d)		0.05			0.20			0.27			0.20			0.25			0.24			0.10			0.21			0.22			0.15			0.17			0.16
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.27	)		(0.94	)		1.78			2.39			(2.89	)		2.35			(0.27	)		0.28			0.48			1.72			(0.95	)		2.04
Total income (loss) from investment operations		(1.22	)		(0.74	)		2.05			2.59			(2.64	)		2.59			(0.17	)		0.49			0.70			1.87			(0.78	)		2.20
Distributions from:
Net investment income		–			(0.26	)		(0.22	)		(0.28	)		(0.24	)		(0.15	)		–			(0.23	)		(0.49	)		(0.13	)		(0.29	)		(0.53	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.24	)		(0.58	)		(0.25	)		(0.47	)		(0.11	)
Total distributions		–			(0.26	)		(0.22	)		(0.28	)		(0.24	)		(0.15	)		–			(0.47	)		(1.07	)		(0.38	)		(0.76	)		(0.64	)
Net asset value at end of period	$	9.22		$	10.44		$	11.44		$	9.61		$	7.30		$	10.18		$	8.43		$	8.60		$	8.58		$	8.95		$	7.46		$	9.00
TOTAL RETURN(a)		(11.69	)%		(6.23	)%		21.39	%		35.97	%		(26.11	)%		33.69	%		(1.98	)%		5.61	%		8.76	%		25.49	%		(7.94	)%		30.56	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.79	%@		0.79	%		0.80	%		0.83	%		0.83	%		0.84	%		0.84	%@		0.85	%		0.86	%		0.89	%		0.92	%		0.92	%
Ratio of expenses to average net assets(c)		0.79	%@		0.79	%		0.80	%		0.83	%		0.83	%		0.84	%		0.84	%@		0.85	%		0.86	%		0.89	%		0.92	%		0.92	%
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)		1.10	%@		1.90	%		2.53	%		2.33	%		2.94	%		2.60	%		2.38	%@		2.46	%		2.51	%		1.79	%		2.25	%		1.88	%
Ratio of net investment income (loss) to average net assets(c)		1.10	%@		1.90	%		2.53	%		2.33	%		2.94	%		2.60	%		2.38	%@		2.46	%		2.51	%		1.79	%		2.25	%		1.88	%
Portfolio turnover rate		10	%		31	%		27	%		23	%		25	%		25	%		42	%		44	%		41	%		52	%		88	%		75	%
Number of shares outstanding at end of period (000’s)		91,561			94,932			94,131			94,998			103,881			104,883			59,041			59,795			48,168			42,969			37,728			34,869
Net assets at end of period (000’s)	$	843,944		$	990,964		$	1,077,192		$	913,025		$	758,094		$	1,067,577		$	497,470		$	514,347		$	413,082		$	384,543		$	281,639		$	313,781

# 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

298

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Social Awareness Fund																		Global Strategy Fund
	Six Months Ended November 30, 2015#			Year Ended May 31,															Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014			2013			2012			2011						2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	22.11		$	21.00		$	17.38		$	13.72		$	15.79		$	12.56		$	13.58		$	14.12		$	12.66		$	10.41		$	12.19		$	10.07
Income (loss) from investment operations:
Net investment income (loss)(d)		0.13			0.35			0.42			0.33			0.29			0.25			0.12			0.30			0.39			0.34			0.41			0.36
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.91	)		1.20			3.49			3.61			(2.06	)		3.21			(0.97	)		(0.03	)		1.53			2.65			(1.66	)		2.11
Total income (loss) from investment operations		(0.78	)		1.55			3.91			3.94			(1.77	)		3.46			(0.85	)		0.27			1.92			2.99			(1.25	)		2.47
Distributions from:
Net investment income		–			(0.44	)		(0.29	)		(0.28	)		(0.30	)		(0.23	)		–			(0.37	)		(0.46	)		(0.74	)		(0.53	)		(0.35	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.44	)		–			–			–			–
Total distributions		–			(0.44	)		(0.29	)		(0.28	)		(0.30	)		(0.23	)		–			(0.81	)		(0.46	)		(0.74	)		(0.53	)		(0.35	)
Net asset value at end of period	$	21.33		$	22.11		$	21.00		$	17.38		$	13.72		$	15.79		$	12.73		$	13.58		$	14.12		$	12.66		$	10.41		$	12.19
TOTAL RETURN(a)		(3.53	)%		7.45	%		22.60	%		28.99	%		(11.20	)%		27.71	%		(6.26	)%		2.14	%		15.32	%		29.44	%		(10.28	)%		24.85	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.63	%@		0.62	%		0.64	%		0.68	%		0.68	%		0.67	%		0.63	%@		0.64	%		0.64	%		0.67	%		0.67	%		0.68	%
Ratio of expenses to average net assets(c)		0.63	%@		0.62	%		0.64	%		0.68	%		0.68	%		0.67	%		0.63	%@		0.64	%		0.64	%		0.67	%		0.67	%		0.68	%
Ratio of expense reductions to average net assets		–			–			0.00	%		0.00	%		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)		1.19	%@		1.63	%		2.18	%		2.07	%		1.98	%		1.74	%		1.93	%@		2.20	%		2.90	%		2.84	%		3.65	%		3.26	%
Ratio of net investment income (loss) to average net assets(c)		1.19	%@		1.63	%		2.18	%		2.07	%		1.98	%		1.74	%		1.93	%@		2.20	%		2.90	%		2.84	%		3.65	%		3.26	%
Portfolio turnover rate		0	%		88	%		99	%		101	%		102	%		119	%		10	%		28	%		25	%		23	%		28	%		17	%
Number of shares outstanding at end of period (000’s)		17,709			19,139			20,949			17,295			17,590			18,506			36,590			37,891			39,108			36,722			42,243			44,818
Net assets at end of period (000’s)	$	377,809		$	423,242		$	439,972		$	300,545		$	241,281		$	292,234		$	465,890		$	514,564		$	552,074		$	465,060		$	439,884		$	546,500

# 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

299

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Government Securities Fund																		Growth Fund
	Six Months Ended November 30, 2015#			Year Ended May 31,															Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014			2013			2012			2011						2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	10.82		$	10.73		$	10.95		$	11.34		$	10.70		$	10.67		$	16.40		$	16.76		$	13.93		$	11.67		$	11.85		$	9.20
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.22			0.24			0.23			0.27			0.24			0.04			0.10			0.10			0.12			0.09			0.07
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.11	)		0.11			(0.17	)		(0.28	)		0.70			0.12			0.03			1.67			2.87			2.23			(0.19	)		2.65
Total income (loss) from investment operations		(0.00	)		0.33			0.07			(0.05	)		0.97			0.36			0.07			1.77			2.97			2.35			(0.10	)		2.72
Distributions from:
Net investment income		–			(0.24	)		(0.25	)		(0.28	)		(0.33	)		(0.33	)		–			(0.11	)		(0.14	)		(0.09	)		(0.08	)		(0.07	)
Net realized gain on securities		–			–			(0.04	)		(0.06	)		–			–			–			(2.02	)		–			–			–			–
Total distributions		–			(0.24	)		(0.29	)		(0.34	)		(0.33	)		(0.33	)		–			(2.13	)		(0.14	)		(0.09	)		(0.08	)		(0.07	)
Net asset value at end of period	$	10.82		$	10.82		$	10.73		$	10.95		$	11.34		$	10.70		$	16.47		$	16.40		$	16.76		$	13.93		$	11.67		$	11.85
TOTAL RETURN(a)		0.00	%		3.07	%		0.67	%		(0.49	)%		9.19	%(e)		3.45	%		0.43	%		10.89	%		21.34	%		20.22	%		(0.78	)%		29.60	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.65	%@		0.64	%		0.65	%		0.66	%		0.67	%		0.65	%		0.80	%@		0.80	%		0.81	%		0.81	%		0.81	%		0.81	%
Ratio of expenses to average net assets(c)		0.65	%@		0.64	%		0.65	%		0.66	%		0.69	%		0.65	%		0.80	%@		0.80	%		0.81	%		0.83	%		0.84	%		0.85	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.07	%@		2.01	%		2.19	%		2.04	%		2.51	%		2.22	%		0.53	%@		0.60	%		0.65	%		0.95	%		0.77	%		0.71	%
Ratio of net investment income (loss) to average net assets(c)		2.07	%@		2.01	%		2.19	%		2.04	%		2.49	%		2.22	%		0.53	%@		0.60	%		0.65	%		0.93	%		0.74	%		0.67	%
Portfolio turnover rate		3	%		7	%		28	%		64	%		230	%		353	%		38	%		99	%		90	%		81	%		87	%		95	%
Number of shares outstanding at end of period (000’s)		13,391			14,967			15,115			12,492			12,866			10,389			60,342			62,664			60,543			59,131			65,596			67,486
Net assets at end of period (000’s)	$	144,875		$	161,977		$	162,121		$	136,786		$	145,929		$	111,118		$	994,074		$	1,027,988		$	1,014,642		$	823,541		$	765,515		$	800,022

# 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 reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

300

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Growth & Income Fund																		Health Sciences Fund
	Six Months Ended November 30, 2015#			Year Ended May 31,															Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014			2013			2012			2011						2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	19.70		$	17.74		$	14.78		$	12.03		$	12.80		$	10.48		$	27.01		$	21.10		$	16.52		$	12.61		$	12.78		$	9.07
Income (loss) from investment operations:
Net investment income (loss)(d)		0.10			0.20			0.18			0.13			0.11			0.09			(0.06	)		(0.14	)		(0.12	)		(0.07	)		(0.07	)		0.00
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.39	)		1.94			2.91			2.74			(0.79	)		2.37			(2.06	)		9.66			5.43			4.82			0.68			3.71
Total income (loss) from investment operations		(0.29	)		2.14			3.09			2.87			(0.68	)		2.46			(2.12	)		9.52			5.31			4.75			0.61			3.71
Distributions from:
Net investment income		–			(0.18	)		(0.13	)		(0.12	)		(0.09	)		(0.14	)		–			–			–			–			(0.26	)		–
Net realized gain on securities		–			–			–			–			–			–			–			(3.61	)		(0.73	)		(0.84	)		(0.52	)		–
Total distributions		–			(0.18	)		(0.13	)		(0.12	)		(0.09	)		(0.14	)		–			(3.61	)		(0.73	)		(0.84	)		(0.78	)		–
Net asset value at end of period	$	19.41		$	19.70		$	17.74		$	14.78		$	12.03		$	12.80		$	24.89		$	27.01		$	21.10		$	16.52		$	12.61		$	12.78
TOTAL RETURN(a)		(1.47	)%		12.11	%		20.97	%		24.00	%		(5.23	)%		23.60	%		(7.85	)%		47.50	%		32.09	%		39.14	%		5.81	%		40.90	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		1.06	%@		1.09	%		1.11	%		1.15	%		1.16	%		1.17	%
Ratio of expenses to average net assets(c)		0.91	%@		0.90	%		0.93	%		0.96	%		0.98	%		0.96	%		1.09	%@		1.09	%		1.11	%		1.15	%		1.16	%		1.17	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		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)		1.09	%@		1.05	%		1.10	%		1.01	%		0.92	%		0.76	%		(0.44	)%@		(0.59	)%		(0.59	)%		(0.48	)%		(0.60	)%		0.01	%
Ratio of net investment income (loss) to average net assets(c)		1.03	%@		1.00	%		1.02	%		0.90	%		0.79	%		0.65	%		(0.46	)%@		(0.59	)%		(0.59	)%		(0.48	)%		(0.60	)%		0.01	%
Portfolio turnover rate		17	%		38	%		169	%		299	%		227	%		167	%		16	%		26	%		59	%		16	%		21	%		38	%
Number of shares outstanding at end of period (000’s)		6,014			6,180			6,449			6,471			6,737			7,119			35,728			34,776			27,492			24,949			20,668			17,920
Net assets at end of period (000’s)	$	116,738		$	121,742		$	114,405		$	95,667		$	81,057		$	91,114		$	889,411		$	939,311		$	580,157		$	412,098		$	260,654		$	229,069

# 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

301

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Inflation Protected Fund																		International Equities Index Fund
	Six Months Ended November 30, 2015#			Year Ended May 31,															Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014			2013			2012			2011						2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	10.92		$	11.33		$	11.53		$	11.79		$	10.89		$	10.17		$	7.13		$	7.44		$	6.47		$	5.22		$	6.84		$	5.38
Income (loss) from investment operations:
Net investment income (loss)(d)		0.09			0.12			0.24			0.23			0.37			0.34			0.05			0.19			0.23			0.17			0.16			0.16
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.33	)		(0.30	)		(0.17	)		(0.18	)		0.70			0.62			(0.59	)		(0.25	)		0.92			1.25			(1.60	)		1.45
Total income (loss) from investment operations		(0.24	)		(0.18	)		0.07			0.05			1.07			0.96			(0.54	)		(0.06	)		1.15			1.42			(1.44	)		1.61
Distributions from:
Net investment income		–			(0.21	)		(0.22	)		(0.31	)		(0.17	)		(0.24	)		–			(0.25	)		(0.18	)		(0.17	)		(0.18	)		(0.15	)
Net realized gain on securities		–			(0.02	)		(0.05	)		–			–			–			–			–			–			–			–			–
Total distributions		–			(0.23	)		(0.27	)		(0.31	)		(0.17	)		(0.24	)		–			(0.25	)		(0.18	)		(0.17	)		(0.18	)		(0.15	)
Net asset value at end of period	$	10.68		$	10.92		$	11.33		$	11.53		$	11.79		$	10.89		$	6.59		$	7.13		$	7.44		$	6.47		$	5.22		$	6.84
TOTAL RETURN(a)		(2.20	)%		(1.57	)%		0.73	%		0.32	%		9.93	%		9.57	%		(7.57	)%		(0.57	)%		17.90	%		27.39	%		(21.18	)%		30.18	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.59	%@		0.58	%		0.59	%		0.60	%		0.61	%		0.63	%		0.42	%@		0.44	%		0.46	%		0.53	%		0.52	%		0.47	%
Ratio of expenses to average net assets(c)		0.59	%@		0.58	%		0.59	%		0.60	%		0.61	%		0.63	%		0.42	%@		0.44	%		0.46	%		0.53	%		0.52	%		0.47	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.69	%@		1.12	%		2.16	%		1.94	%		3.22	%		3.30	%		1.61	%@		2.62	%		3.27	%		2.85	%		2.78	%		2.53	%
Ratio of net investment income (loss) to average net assets(c)		1.69	%@		1.12	%		2.16	%		1.94	%		3.22	%		3.30	%		1.61	%@		2.62	%		3.27	%		2.85	%		2.78	%		2.53	%
Portfolio turnover rate		13	%		33	%		45	%		60	%		52	%		49	%		1	%		40	%		60	%		51	%		99	%		56	%
Number of shares outstanding at end of period (000’s)		42,723			44,644			41,413			38,711			35,093			31,956			165,722			151,718			157,825			154,632			132,279			150,421
Net assets at end of period (000’s)	$	456,121		$	487,477		$	469,056		$	446,317		$	413,818		$	347,947		$	1,091,815		$	1,081,174		$	1,174,840		$	1,000,950		$	689,840		$	1,028,197

# 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

302

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Government Bond Fund																		International Growth Fund
	Six Months Ended November 30, 2015#			Year Ended May 31,															Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014			2013			2012			2011						2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	11.26		$	12.24		$	12.12		$	12.62		$	12.86		$	11.92		$	14.18		$	14.14		$	12.36		$	9.81		$	12.04		$	9.04
Income (loss) from investment operations:
Net investment income (loss)(d)		0.14			0.32			0.33			0.35			0.39			0.42			0.03			0.16			0.16			0.17			0.18			0.17
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.36	)		(0.98	)		0.15			(0.06	)		(0.03	)		1.12			(0.99	)		0.17			1.87			2.55			(2.22	)		2.98
Total income (loss) from investment operations		(0.22	)		(0.66	)		0.48			0.29			0.36			1.54			(0.96	)		0.33			2.03			2.72			(2.04	)		3.15
Distributions from:
Net investment income		–			(0.29	)		(0.22	)		(0.45	)		(0.46	)		(0.60	)		–			(0.20	)		(0.25	)		(0.17	)		(0.19	)		(0.15	)
Net realized gain on securities		–			(0.03	)		(0.14	)		(0.34	)		(0.14	)		–			–			(0.09	)		–			–			–			–
Total distributions		–			(0.32	)		(0.36	)		(0.79	)		(0.60	)		(0.60	)		–			(0.29	)		(0.25	)		(0.17	)		(0.19	)		(0.15	)
Net asset value at end of period	$	11.04		$	11.26		$	12.24		$	12.12		$	12.62		$	12.86		$	13.22		$	14.18		$	14.14		$	12.36		$	9.81		$	12.04
TOTAL RETURN(a)		(1.95	)%		(5.43	)%		4.12	%		2.03	%		2.86	%		13.16	%		(6.77	)%		2.48	%		16.48	%		27.92	%		(16.96	)%		35.00	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.64	%@		0.65	%		0.65	%		0.66	%		0.67	%		0.67	%		1.01	%@		1.01	%		1.01	%		1.01	%		1.01	%		1.01	%
Ratio of expenses to average net assets(c)		0.64	%@		0.65	%		0.65	%		0.66	%		0.67	%		0.67	%		1.05	%@		1.06	%		1.06	%		1.10	%		1.11	%		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)		2.55	%@		2.69	%		2.78	%		2.75	%		3.08	%		3.34	%		0.52	%@		1.15	%		1.22	%		1.51	%		1.72	%		1.53	%
Ratio of net investment income (loss) to average net assets(c)		2.55	%@		2.69	%		2.78	%		2.75	%		3.08	%		3.34	%		0.48	%@		1.11	%		1.17	%		1.42	%		1.62	%		1.42	%
Portfolio turnover rate		36	%		43	%		42	%		74	%		126	%		113	%		17	%		44	%		53	%		55	%		53	%		67	%
Number of shares outstanding at end of period (000’s)		13,300			15,220			15,459			15,235			15,494			14,721			41,652			43,817			45,685			48,797			49,532			51,294
Net assets at end of period (000’s)	$	146,810		$	171,312		$	189,241		$	184,590		$	195,494		$	189,309		$	550,659		$	621,387		$	646,032		$	603,086		$	485,839		$	617,720

# 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

303

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Large Cap Core Fund																		Large Capital Growth Fund
	Six Months Ended November 30, 2015#			Year Ended May 31,															Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014			2013			2012			2011						2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	13.74		$	14.25		$	12.85		$	11.22		$	12.33		$	9.37		$	12.75		$	13.97		$	12.46		$	11.48		$	12.31		$	9.73
Income (loss) from investment operations:
Net investment income (loss)(d)		0.06			0.11			0.15			0.14			0.12			0.09			0.04			0.11			0.08			0.07			0.02			0.03
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.12	)		1.84			2.40			3.10			(0.73	)		2.98			(0.13	)		1.35			2.58			1.94			(0.82	)		2.59
Total income (loss) from investment operations		(0.06	)		1.95			2.55			3.24			(0.61	)		3.07			(0.09	)		1.46			2.66			2.01			(0.80	)		2.62
Distributions from:
Net investment income		–			(0.16	)		(0.14	)		(0.12	)		(0.11	)		(0.11	)		–			(0.08	)		(0.07	)		(0.03	)		(0.03	)		(0.04	)
Net realized gain on securities		–			(2.30	)		(1.01	)		(1.49	)		(0.39	)		–			–			(2.60	)		(1.08	)		(1.00	)		–			–
Total distributions		–			(2.46	)		(1.15	)		(1.61	)		(0.50	)		(0.11	)		–			(2.68	)		(1.15	)		(1.03	)		(0.03	)		(0.04	)
Net asset value at end of period	$	13.68		$	13.74		$	14.25		$	12.85		$	11.22		$	12.33		$	12.66		$	12.75		$	13.97		$	12.46		$	11.48		$	12.31
TOTAL RETURN(a)		(0.44	)%		14.34	%		20.28	%		31.57	%		(4.78	)%		32.94	%		(0.71	)%		11.01	%		21.79	%		18.63	%		(6.45	)%		27.01	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.83	%@		0.83	%		0.84	%		0.85	%		0.85	%		0.85	%		0.75	%@		0.75	%		0.76	%		0.77	%		0.78	%		0.78	%
Ratio of expenses to average net assets(c)		0.83	%@		0.83	%		0.84	%		0.85	%		0.89	%		0.85	%		0.75	%@		0.75	%		0.76	%		0.77	%		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	%		0.00	%		0.01	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		0.95	%@		0.75	%		1.09	%		1.14	%		1.04	%		0.85	%		0.62	%@		0.83	%		0.57	%		0.58	%		0.19	%		0.25	%
Ratio of net investment income (loss) to average net assets(c)		0.95	%@		0.75	%		1.09	%		1.14	%		0.99	%		0.85	%		0.62	%@		0.83	%		0.57	%		0.58	%		0.19	%		0.25	%
Portfolio turnover rate		28	%		64	%		76	%		64	%		106	%		44	%		12	%		26	%		137	%		195	%		173	%		129	%
Number of shares outstanding at end of period (000’s)		12,149			13,111			12,606			12,501			11,170			11,843			31,767			33,071			29,214			29,489			29,965			32,735
Net assets at end of period (000’s)	$	166,260		$	180,201		$	179,649		$	160,617		$	125,281		$	145,975		$	402,051		$	421,567		$	408,050		$	367,527		$	343,971		$	402,977

# 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)

	Mid Cap Index Fund																		Mid Cap Strategic Growth Fund
	Six Months Ended November 30, 2015#			Year Ended May 31,															Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014			2013			2012			2011						2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	28.52		$	27.24		$	24.44		$	19.74		$	22.71		$	17.30		$	15.35		$	15.99		$	14.16		$	11.83		$	13.62		$	9.92
Income (loss) from investment operations:
Net investment income (loss)(d)		0.18			0.32			0.28			0.29			0.21			0.18			(0.01	)		(0.03	)		(0.01	)		0.08			0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.17	)		2.86			3.99			5.38			(1.74	)		5.43			(0.78	)		1.83			2.12			2.55			(1.74	)		3.70
Total income (loss) from investment operations		(0.99	)		3.18			4.27			5.67			(1.53	)		5.61			(0.79	)		1.80			2.11			2.63			(1.73	)		3.71
Distributions from:
Net investment income		–			(0.29	)		(0.31	)		(0.22	)		(0.26	)		(0.20	)		–			–			(0.08	)		–			(0.06	)		(0.01	)
Net realized gain on securities		–			(1.61	)		(1.16	)		(0.75	)		(1.18	)		–			–			(2.44	)		(0.20	)		(0.30	)		–			–
Total distributions		–			(1.90	)		(1.47	)		(0.97	)		(1.44	)		(0.20	)		–			(2.44	)		(0.28	)		(0.30	)		(0.06	)		(0.01	)
Net asset value at end of period	$	27.53		$	28.52		$	27.24		$	24.44		$	19.74		$	22.71		$	14.56		$	15.35		$	15.99		$	14.16		$	11.83		$	13.62
TOTAL RETURN(a)		(3.47	)%		11.92	%		17.69	%		29.61	%		(6.38	)%		32.54	%(e)		(5.15	)%		11.60	%		14.78	%		22.76	%		(12.67	)%		37.37	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.36	%@		0.36	%		0.36	%		0.38	%		0.38	%		0.39	%		0.82	%@		0.81	%		0.82	%		0.85	%		0.85	%		0.84	%
Ratio of expenses to average net assets(c)		0.36	%@		0.36	%		0.36	%		0.38	%		0.38	%		0.39	%		0.82	%@		0.81	%		0.82	%		0.86	%		0.86	%		0.84	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			0.01	%@		0.01	%		0.01	%		0.01	%		0.01	%		0.02	%
Ratio of net investment income (loss) to average net assets(b)		1.30	%@		1.15	%		1.06	%		1.33	%		1.02	%		0.93	%		(0.20	)%@		(0.21	)%		(0.06	)%		0.63	%		0.09	%		0.10	%
Ratio of net investment income (loss) to average net assets(c)		1.30	%@		1.15	%		1.06	%		1.33	%		1.02	%		0.93	%		(0.20	)%@		(0.21	)%		(0.06	)%		0.62	%		0.08	%		0.10	%
Portfolio turnover rate		6	%		13	%		11	%		8	%		11	%		18	%		26	%		47	%		65	%		61	%		62	%		134	%
Number of shares outstanding at end of period (000’s)		111,412			116,969			116,691			119,703			122,335			120,474			17,805			18,777			18,583			18,378			20,800			25,052
Net assets at end of period (000’s)	$	3,066,918		$	3,335,644		$	3,179,031		$	2,925,308		$	2,415,464		$	2,736,232		$	259,215		$	288,138		$	297,068		$	260,138		$	246,037		$	341,241

# 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

305

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Money Market I Fund																		Nasdaq-100® Index Fund
	Six Months Ended November 30, 2015#			Year Ended May 31,															Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014			2013			2012			2011						2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	10.36		$	8.71		$	6.98		$	6.03		$	6.45		$	5.03
Income (loss) from investment operations:
Net investment income (loss)(d)		0.00			0.00			0.00			0.00			0.00			0.00			0.04			0.07			0.10			0.07			0.04			0.02
Net realized and unrealized gain (loss) on investments and foreign currencies		0.00			0.00			–			0.00			0.00			(0.00	)		0.36			1.79			1.74			1.06			0.31			1.41
Total income (loss) from investment operations		0.00			0.00			0.00			0.00			0.00			0.00			0.40			1.86			1.84			1.13			0.35			1.43
Distributions from:
Net investment income		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		–			(0.09	)		(0.07	)		(0.03	)		(0.02	)		(0.01	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.12	)		(0.04	)		(0.15	)		(0.75	)		–
Total distributions		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		–			(0.21	)		(0.11	)		(0.18	)		(0.77	)		(0.01	)
Net asset value at end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	10.76		$	10.36		$	8.71		$	6.98		$	6.03		$	6.45
TOTAL RETURN(a)		0.01	%(f)		0.01	%(e)		0.01	%		0.01	%		0.01	%(e)		0.01	%		3.86	%		21.42	%		26.44	%		19.16	%		6.91	%		28.53	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.17	%@		0.14	%		0.16	%		0.21	%		0.17	%		0.24	%		0.53	%@		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Ratio of expenses to average net assets(c)		0.51	%@		0.51	%		0.51	%		0.52	%		0.52	%		0.52	%		0.59	%@		0.54	%		0.57	%		0.57	%		0.59	%		0.63	%
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	%		0.01	%		0.73	%@		0.72	%		1.28	%		1.06	%		0.59	%		0.43	%
Ratio of net investment income (loss) to average net assets(c)		(0.33	)%@		(0.36	)%		(0.34	)%		(0.30	)%		(0.33	)%		(0.27	)%		0.67	%@		0.71	%		1.25	%		1.02	%		0.52	%		0.33	%
Portfolio turnover rate		N/A			N/A			N/A			N/A			N/A			N/A			5	%		7	%		8	%		5	%		12	%		29	%
Number of shares outstanding at end of period (000’s)		345,008			343,881			367,402			378,729			409,147			474,285			31,109			31,854			29,275			29,011			27,028			19,713
Net assets at end of period (000’s)	$	345,001		$	343,363		$	366,768		$	378,086		$	408,487		$	473,443		$	334,868		$	330,077		$	255,120		$	202,595		$	162,983		$	127,160

# 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% from the effect of payments by an affiliate (See Note 3).

See Notes to Financial Statements

306

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Science & Technology Fund																		Small Cap Aggressive Growth Fund
	Six Months Ended November 30, 2015#			Year Ended May 31,															Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014			2013			2012			2011						2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	26.68		$	24.83		$	19.19		$	15.84		$	17.57		$	12.93		$	14.56		$	14.12		$	13.18		$	10.33		$	12.63		$	9.84
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.01	)		(0.03	)		(0.04	)		0.03			(0.01	)		(0.03	)		(0.01	)		(0.06	)		(0.11	)		(0.07	)		(0.06	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currencies		0.48			4.70			5.71			3.32			(1.72	)		4.67			(0.52	)		4.01			2.50			3.08			(1.46	)		2.85
Total income (loss) from investment operations		0.47			4.67			5.67			3.35			(1.73	)		4.64			(0.53	)		3.95			2.39			3.01			(1.52	)		2.79
Distributions from:
Net investment income		–			–			(0.03	)		–			–			(0.00	)		–			–			–			–			–			–
Net realized gain on securities		–			(2.82	)		–			–			–			–			–			(3.51	)		(1.45	)		(0.16	)		(0.78	)		–
Total distributions		–			(2.82	)		(0.03	)		–			–			(0.00	)		–			(3.51	)		(1.45	)		(0.16	)		(0.78	)		–
Net asset value at end of period	$	27.15		$	26.68		$	24.83		$	19.19		$	15.84		$	17.57		$	14.03		$	14.56		$	14.12		$	13.18		$	10.33		$	12.63
TOTAL RETURN(a)		1.76	%		19.52	%		29.55	%		21.15	%		(9.85	)%		35.89	%		(3.64	)%		30.24	%		17.46	%		29.43	%		(11.72	)%		28.35	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.99	%@		0.98	%		0.99	%		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)		0.99	%@		0.98	%		0.99	%		1.02	%		1.02	%		1.02	%		1.01	%@		1.01	%		1.02	%		1.05	%		1.10	%		1.05	%
Ratio of expense reductions to average net assets		0.01	%@		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		–			–			–			–			–			0.04	%
Ratio of net investment income (loss) to average net assets(b)		(0.07	)%@		(0.12	)%		(0.18	)%		0.15	%		(0.10	)%		(0.22	)%		(0.17	)%@		(0.42	)%		(0.70	)%		(0.61	)%		(0.59	)%		(0.62	)%
Ratio of net investment income (loss) to average net assets(c)		(0.07	)%@		(0.12	)%		(0.18	)%		0.15	%		(0.10	)%		(0.22	)%		(0.19	)%@		(0.44	)%		(0.72	)%		(0.67	)%		(0.70	)%		(0.68	)%
Portfolio turnover rate		54	%		101	%		102	%		99	%		113	%		111	%		51	%		94	%		111	%		97	%		169	%		42	%
Number of shares outstanding at end of period (000’s)		36,395			38,035			37,726			40,253			45,092			50,582			8,660			7,959			7,180			6,240			6,994			7,230
Net assets at end of period (000’s)	$	988,073		$	1,014,902		$	936,688		$	772,614		$	714,118		$	888,918		$	121,539		$	115,869		$	101,410		$	82,222		$	72,224		$	91,326

# 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

307

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Fund																		Small Cap Index Fund
	Six Months Ended November 30, 2015#			Year Ended May 31,															Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014			2013			2012			2011						2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	14.18		$	15.00		$	13.46		$	10.33		$	11.22		$	8.31		$	21.23		$	20.40		$	18.13		$	14.03		$	15.60		$	12.15
Income (loss) from investment operations:
Net investment income (loss)(d)		0.02			0.02			0.00			0.04			0.00			0.01			0.13			0.24			0.21			0.24			0.18			0.13
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.55	)		1.55			2.31			3.10			(0.88	)		2.92			(0.82	)		1.99			2.80			4.06			(1.61	)		3.44
Total income (loss) from investment operations		(0.53	)		1.57			2.31			3.14			(0.88	)		2.93			(0.69	)		2.23			3.01			4.30			(1.43	)		3.57
Distributions from:
Net investment income		–			–			(0.05	)		(0.01	)		(0.01	)		(0.02	)		–			(0.23	)		(0.26	)		(0.20	)		(0.14	)		(0.12	)
Net realized gain on securities		–			(2.39	)		(0.72	)		–			–			–			–			(1.17	)		(0.48	)		–			–			–
Total distributions		–			(2.39	)		(0.77	)		(0.01	)		(0.01	)		(0.02	)		–			(1.40	)		(0.74	)		(0.20	)		(0.14	)		(0.12	)
Net asset value at end of period	$	13.65		$	14.18		$	15.00		$	13.46		$	10.33		$	11.22		$	20.54		$	21.23		$	20.40		$	18.13		$	14.03		$	15.60
TOTAL RETURN(a)		(3.74	)%		11.10	%		17.13	%		30.40	%		(7.81	)%		35.24	%		(3.25	)%		11.23	%		16.64	%		30.91	%		(9.13	)%		29.44	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.93	%@		0.93	%		0.93	%		0.93	%		0.93	%		0.93	%		0.41	%@		0.40	%		0.40	%		0.44	%		0.44	%		0.44	%
Ratio of expenses to average net assets(c)		1.00	%@		1.00	%		1.01	%		1.04	%		1.05	%		1.05	%		0.41	%@		0.40	%		0.40	%		0.44	%		0.44	%		0.44	%
Ratio of expense reductions to average net assets		0.00	%@		0.01	%		0.00	%		0.01	%		0.01	%		0.01	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.29	%@		0.15	%		0.01	%		0.35	%		0.01	%		0.05	%		1.29	%@		1.15	%		1.03	%		1.51	%		1.26	%		0.95	%
Ratio of net investment income (loss) to average net assets(c)		0.22	%@		0.08	%		(0.07	)%		0.24	%		(0.11	)%		(0.07	)%		1.29	%@		1.15	%		1.03	%		1.51	%		1.26	%		0.95	%
Portfolio turnover rate		14	%		32	%		32	%		27	%		39	%		38	%		11	%		14	%		13	%		12	%		14	%		13	%
Number of shares outstanding at end of period (000’s)		23,623			24,990			24,251			26,071			28,964			31,857			51,513			52,734			54,260			54,297			57,427			62,750
Net assets at end of period (000’s)	$	322,463		$	354,294		$	363,807		$	350,845		$	299,145		$	357,571		$	1,058,000		$	1,119,463		$	1,106,865		$	984,357		$	805,784		$	978,592

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense 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

308

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Special Values Fund																		Small-Mid Growth Fund
	Six Months Ended November 30, 2015#			Year Ended May 31,															Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014			2013			2012			2011						2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	13.74		$	13.87		$	11.32		$	8.99		$	9.67		$	8.08		$	13.57		$	14.54		$	12.67		$	10.56		$	11.72		$	8.54
Income (loss) from investment operations:
Net investment income (loss)(d)		0.10			0.18			0.12			0.07			0.05			0.06			(0.02	)		(0.06	)		(0.07	)		0.00			(0.05	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.33	)		0.92			2.53			2.32			(0.66	)		1.59			(0.71	)		2.72			2.45			2.11			(1.11	)		3.24
Total income (loss) from investment operations		(0.23	)		1.10			2.65			2.39			(0.61	)		1.65			(0.73	)		2.66			2.38			2.11			(1.16	)		3.18
Distributions from:
Net investment income		–			(0.14	)		(0.10	)		(0.06	)		(0.07	)		(0.06	)		–			–			(0.01	)		–			–			(0.00	)
Net realized gain on securities		–			(1.09	)		–			–			–			–			–			(3.63	)		(0.50	)		–			–			–
Total distributions		–			(1.23	)		(0.10	)		(0.06	)		(0.07	)		(0.06	)		–			(3.63	)		(0.51	)		–			–			(0.00	)
Net asset value at end of period	$	13.51		$	13.74		$	13.87		$	11.32		$	8.99		$	9.67		$	12.84		$	13.57		$	14.54		$	12.67		$	10.56		$	11.72
TOTAL RETURN(a)		(1.67	)%		8.16	%		23.43	%		26.67	%		(6.27	)%		20.40	%		(5.38	)%		19.75	%		18.77	%		19.98	%		(9.90	)%		37.24	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.87	%@		0.87	%		0.88	%		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	%@		0.87	%		0.88	%		0.92	%		0.93	%		0.92	%		1.00	%@		1.00	%		1.03	%		1.05	%		1.06	%		1.15	%
Ratio of expense reductions to average net assets		0.01	%@		0.01	%		0.00	%		0.01	%		0.01	%		0.01	%		0.00	%@		0.01	%		0.00	%		0.01	%		0.02	%		0.02	%
Ratio of net investment income (loss) to average net assets(b)		1.46	%@		1.23	%		0.89	%		0.74	%		0.59	%		0.65	%		(0.31	)%@		(0.41	)%		(0.50	)%		0.03	%		(0.52	)%		(0.61	)%
Ratio of net investment income (loss) to average net assets(c)		1.46	%@		1.23	%		0.89	%		0.72	%		0.57	%		0.63	%		(0.32	)%@		(0.41	)%		(0.52	)%		(0.02	)%		(0.58	)%		(0.76	)%
Portfolio turnover rate		21	%		52	%		65	%		58	%		60	%		41	%		30	%		55	%		148	%		107	%		120	%		155	%
Number of shares outstanding at end of period (000’s)		16,885			17,394			17,993			19,976			20,167			23,569			9,643			9,713			8,584			8,625			9,581			10,329
Net assets at end of period (000’s)	$	228,156		$	238,986		$	249,579		$	226,140		$	181,376		$	227,951		$	123,806		$	131,771		$	124,839		$	109,283		$	101,132		$	121,033

# 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

309

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Stock Index Fund																		Value Fund
	Six Months Ended November 30, 2015#			Year Ended May 31,															Six Months Ended November 30, 2015#			Year Ended May 31,
				2015			2014			2013			2012			2011						2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	36.60		$	34.65		$	30.07		$	24.50		$	26.71		$	21.93		$	15.46		$	14.18		$	12.40		$	9.63		$	10.28		$	8.28
Income (loss) from investment operations:
Net investment income (loss)(d)		0.33			0.62			0.55			0.53			0.45			0.41			0.12			0.21			0.19			0.20			0.18			0.10
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.46	)		3.29			5.38			5.91			(0.76	)		5.12			(0.66	)		1.29			1.81			2.83			(0.70	)		1.97
Total income (loss) from investment operations		(0.13	)		3.91			5.93			6.44			(0.31	)		5.53			(0.54	)		1.50			2.00			3.03			(0.52	)		2.07
Distributions from:
Net investment income		–			(0.60	)		(0.56	)		(0.46	)		(0.46	)		(0.43	)		–			(0.22	)		(0.22	)		(0.26	)		(0.13	)		(0.07	)
Net realized gain on securities		–			(1.36	)		(0.79	)		(0.41	)		(1.44	)		(0.32	)		–			–			–			–			–			–
Total distributions		–			(1.96	)		(1.35	)		(0.87	)		(1.90	)		(0.75	)		–			(0.22	)		(0.22	)		(0.26	)		(0.13	)		(0.07	)
Net asset value at end of period	$	36.47		$	36.60		$	34.65		$	30.07		$	24.50		$	26.71		$	14.92		$	15.46		$	14.18		$	12.40		$	9.63		$	10.28
TOTAL RETURN(a)		(0.36	)%		11.41	%		20.01	%		26.86	%		(0.76	)%		25.55	%		(3.49	)%		10.65	%		16.26	%		31.97	%		(5.00	)%		25.03	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.34	%@		0.34	%		0.35	%		0.36	%		0.37	%		0.38	%		0.85	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.34	%@		0.34	%		0.35	%		0.36	%		0.37	%		0.38	%		0.93	%@		0.93	%		0.93	%		0.95	%		0.97	%		0.93	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		–
Ratio of net investment income (loss) to average net assets(b)		1.82	%@		1.68	%		1.71	%		1.94	%		1.83	%		1.70	%		1.56	%@		1.33	%		1.46	%		1.87	%		1.87	%		1.10	%
Ratio of net investment income (loss) to average net assets(c)		1.82	%@		1.68	%		1.71	%		1.94	%		1.83	%		1.70	%		1.48	%@		1.25	%		1.38	%		1.77	%		1.75	%		1.02	%
Portfolio turnover rate		2	%		3	%		4	%		3	%		3	%		11	%		9	%		16	%		16	%		23	%		13	%		157	%
Number of shares outstanding at end of period (000’s)		114,969			123,499			129,109			132,191			138,507			132,974			7,284			7,559			8,595			8,978			10,469			14,825
Net assets at end of period (000’s)	$	4,192,418		$	4,519,626		$	4,473,003		$	3,974,531		$	3,393,666		$	3,551,607		$	108,666		$	116,875		$	121,864		$	111,303		$	100,820		$	152,457

# 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

310

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited)

At an in-person meeting held on August 3-4, 2015, 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 series of VC I (each a “Fund,” and collectively, the “Funds”) 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 3-4, 2015 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 13, 2015.

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 Fund series of VC I, 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, including amounts retained by VALIC after payment of sub-advisory fees; (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 13, 2015, and executive sessions held during the August 2015 meeting during which such independent counsel provided guidance to the Independent Directors. Following the July 13, 2015 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto at the August 2015 meeting. The continuation of all Advisory Contracts were approved at the August 2015 meeting for a one-year term beginning September 1, 2015 and ending August 31, 2016.

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 from time-to-time 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 (“VC 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 the Sub-advisers were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Funds.

Fees and Expenses; Investment Performance. The Board received and reviewed information regarding each Fund’s total expenses, advisory and sub-advisory fees, and other expenses compared against the expenses and fees of the funds in its Expense Group, Expense Universe and Subadvisory Expense Universe and, in some cases as noted below,

311

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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, 2014.

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, 2015 and that benchmark information provided by management was through the period ended June 30, 2015. The Board noted that it regularly reviews the performance of the Funds throughout the year. 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 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 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 outperformed the median of the Performance Group for the one- and five-year periods and underperformed the median of the Performance Group for the three-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 underperformed its blended benchmark for the one- and three-year periods and outperformed its blended benchmark for the five-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, 2016.

The Board considered that the Fund outperformed its Lipper peer index and the median of its Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund’s performance was equal to the median of its Performance Group for the one-year period and above the median of its Performance Group for the three- and five-year period. 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, actual subadvisory fees, and total expenses were above the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. 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, 2016.

The Board considered that the Fund underperformed its Lipper peer index and the median of its Performance Group for the one- and three-year periods and outperformed its Lipper peer index and 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 outperformed its benchmark for the one- and three-year periods and underperformed its benchmark for the five-year period. The Board took into account management’s discussion of the Fund’s performance and continued monitoring of the Fund.

• Capital Conservation Fund (PineBridge). The Board considered that actual management fees were above the medians of the Expense Group/Universe. The Board 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 above the median of the Subadvisory Expense Universe and noted the limited size of the peer group. 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 underperformed its benchmark for the one- year period and outperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance and continued monitoring of the Fund.

• Core Equity Fund (BlackRock). 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, 2016.

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-, 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

312

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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 continued monitoring of the Fund.

• Dividend Value Fund (BlackRock/SAAMCo). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were above the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. 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, 2016.

The Board considered that the Fund underperformed its Lipper peer index and medians of its Performance Group/Universe for the one- and three-year periods and outperformed its Lipper peer index and the medians of its Performance Group/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 took into account management’s discussion of the Fund’s performance and continued monitoring of the Fund.

• Dynamic Allocation Fund (AllianceBernstein/SAAMCo). 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 considered that total net expenses were above the median of the Expense Group and below the median of the Expense Universe. The Board also considered that actual subadvisory fees were below the median of the Subadvisory Expense Universe and noted the limited size of the peer group. 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, 2016.

The Board considered that the Fund underperformed its Lipper peer index and the median of its Performance Universe for the one-year period. The Board considered that the Fund outperformed the median of its Performance Group for the one-year period. 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, including the impact of market conditions on the Fund’s investment strategy, and noted the Fund’s relatively limited performance history.

• Emerging Economies Fund (JPMIM). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were below the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable.

The Board considered that the Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one- and five-year periods and underperformed its Lipper peer index and the medians of its Performance Group/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.

• 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 slightly above the median of the Subadvisory Expense Universe and noted the limited size of the peer group.

The Board 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 underperformed the median of its Performance Universe for the one-year period, outperformed the median of its Performance Universe for the three-year period, and equaled the median of its Performance Universe for the five-year period. The Board also noted that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s recent performance and continued monitoring of the Fund.

• 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 also considered that actual subadvisory fees were above the median of the Subadvisory Expense Universe and noted the limited size of the peer group. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2016.

The Board considered that the Fund outperformed its Lipper peer index and the median of its Performance Universe 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 and outperformed the median of its Performance Group 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.

• 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 equal to the median of the Subadvisory Expense Group and below the median of the Subadvisory Expense Universe.

The Board 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.

• Global Strategy Fund (Franklin/Templeton Investment). 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 median of the Expense Group and below the median of the Expense 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-year period and outperformed its Lipper peer index and the medians of its Performance Group/Universe for the three- and five-year periods. The Board also considered that the Fund outperformed its blended benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s recent performance and continued monitoring of the Fund.

313

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

• Government Securities Fund (JPMIM). The Board considered that actual management fees were above the median of the Expense Group and equal to 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 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, 2016.

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 outperformed the median of its Performance Group for the one- and five-year periods and underperformed 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- 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.

• 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, 2016.

The Board considered that the Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-year period and underperformed its Lipper peer index and the medians of its Performance Group/Universe for the three- and five-year periods. The Board also considered that the Fund equaled 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 in part reflects that of the previous sub-adviser. The Board took into account management’s discussion of the Fund’s performance and continued monitoring of the Fund.

• 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 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 noted that the expense limitation on total expenses would be extended contractually through September 30, 2016.

The Board considered that the Fund underperformed its Lipper peer index and the median of its Performance Universe 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- and three- year periods and equaled the median of its Performance Group 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 management continued monitoring of the Fund.

• Health Sciences 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 above the median of the Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses and actions management was proposing to reduce 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-, 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 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 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, 2016.

The Board considered that the Fund underperformed its Lipper peer index for the one-, three- and five-year periods. The Board also considered that the Fund 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 underperformed its benchmark for the one- and five- year periods and outperformed its benchmark for the three-year period. The Board took into account management’s discussion of the Fund’s performance and continued monitoring of the Fund.

• International Equities Index Fund (SAAMCo). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were below the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable.

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 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 largely 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 took into management’s discussion of the Fund’s performance and continued monitoring of the Fund.

• International Government Bond Fund (PineBridge). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were below the medians of the Expense Group/Universe or Subadvisory Expense Universe, as applicable.

The Board considered that the Fund underperformed its Lipper peer index and the median of its Performance Universe 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 equaled the median of its Performance Group 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 performance and continued monitoring of the Fund.

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VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

• International Growth Fund (American Century/Invesco/MFS). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were above the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. 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, 2016.

The Board considered that the Fund underperformed its Lipper peer index and the median of its Performance Universe for the one-year period and outperformed its Lipper peer index and the median of its Performance Universe for the three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Group for the one- and three-year periods and equaled the median of its Performance Group for the five-year period. The Board also considered that the Fund outperformed its benchmark for the one-, 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 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, 2016.

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-, three- and five- year periods.

• Large Capital Growth Fund (MFS). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were below the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2016.

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 underperformed its benchmark for the one-, three- and five- year periods. The Board took into account management discussion of the Fund’s performance and continued monitoring of the Fund, and noted that MFS replaced the previous sub-advisers in September 2013, and as a result, the Fund’s medium and longer term in part performance reflects that of the previous sub-advisers.

• Mid Cap Index Fund (SAAMCo). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were below the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable.

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- and five-year periods and slightly underperformed 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- and five-year periods and slightly underperformed 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. 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 slightly above 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, 2016.

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 or Subadvisory Expense Group/Universe, as applicable. 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 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, 2016.

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-, 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 equaled 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.

• 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 or Subadvisory Expense Group/Universe, as applicable. 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, 2016.

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 and actual subadvisory fees were above the medians of the Expense Group/Universe or Subadvisory Expense Universe, as applicable. 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 took into account management’s discussion of the Fund’s expenses.

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VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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-, three- and five-year periods.

• Small Cap Fund (Invesco/Bridgeway/T. Rowe Price). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were above the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. 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, 2016.

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-, three- and five-year periods.

• Small Cap Index Fund (SAAMCo). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were below the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable.

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 equaled 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 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. 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 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 and actual subadvisory fees were above the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. 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, 2016.

The Board considered that the Fund outperformed its Lipper peer index and the median of its Performance Universe 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 three-year periods and underperformed the median of its Performance Group for the five-year period. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.

• Small Cap Special Values Fund (Wells Capital/Dreman). 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 median of the Subadvisory Expense Group and 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, 2016.

The Board considered that the Fund outperformed its Lipper peer index, the medians of its Performance Group/Universe, and its benchmark for the one-, three- and five- year periods.

• Small-Mid Growth Fund (GSAM). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were above the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. 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, 2016.

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 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-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 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 in part reflects that of the previous sub-advisers. The Board also noted the improvement in the Fund’s performance since GSAM began managing the Fund.

• 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 above the median of the Subadvisory Expense Group and 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 underperformed its Lipper peer index and the median of its Performance Group for the one-, three- and five-year periods. The Board also considered that the Fund equaled 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, actual subadvisory fees, and total net expenses were above the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. 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, 2016.

The Board considered that the Fund outperformed its Lipper peer index and the median of its Performance Universe for the one- and five-year periods and underperformed its Lipper peer index and the median of its Performance Universe for the three-year period. 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 its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods.

316

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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 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, an affiliated registered investment company advised by VALIC, 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 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 and its affiliates, as adviser, as transfer agent and/or as shareholder servicing agent, as applicable. In addition, the Board considered the profitability of SAAMCo in its role as the administrator of the Funds and as sub-adviser to certain Funds. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Funds were reasonable.

In considering the profitability to the Sub-advisers in connection with their relationship to the Funds, the Directors noted that the fees under the Sub-Advisory Agreements are paid by VALIC out of the advisory fees that VALIC receives under the Advisory Agreement. With respect to the unaffiliated Sub-advisers, the Board also relied on the ability of VALIC to negotiate the Sub-Advisory Agreements and the fees thereunder at arm’s length.

For each of the above reasons, the Directors determined that the profitability to the Sub-advisers from their relationship with the Funds was not a material factor in their deliberations with respect to consideration of approval of the Sub-Advisory Agreements.

Economies of Scale. The Board noted that the advisory fee rate and sub-advisory fee rates payable to VALIC and each of the Sub-advisers with respect to most of the Funds contain breakpoints, which allows the Funds to participate in any economies of scale. The Board also took into account management’s discussion of the Funds’ advisory fee and sub-advisory fee structure, including with respect to the Funds that do not currently have breakpoints. The Board also considered the effect of each Fund’s growth and size on its performance and fees, noting that if the Funds’ assets increase over time, the Funds may realize other economies of scale if assets increase proportionally more than expenses. The Board concluded that no changes to the advisory fee structure of the Funds were necessary.

For similar reasons as stated above with respect to the Sub-advisers’ profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the Sub-advisers’ management of the Funds are not a material factor to the approval of the Sub-advisory Agreements, although it was noted that most of the Funds have breakpoints at the sub-advisory fee level.

Terms of the Advisory Contracts. The Board reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken. The Board also reviewed the terms of payment for services rendered by VALIC and the Sub-advisers and noted that VALIC would compensate the Sub-advisers out of the advisory fees it receives from the Funds. The Board noted that the Sub-Advisory Agreements provide that each Sub-adviser will pay all of its own expenses in connection with the performance of their respective duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Advisory Contracts and other terms contained therein. The Board concluded that the terms of each of the Advisory Contracts were reasonable.

Compliance. The Board reviewed VALIC’s and the Sub-advisers’ compliance personnel and regulatory history, including information whether 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.

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VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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.

Approval of the Janus Sub-Advisory Agreement with respect to the VC I Mid Cap Strategic Growth Fund

At an in-person meeting held on October 26-27, 2015, the Board of Directors (the “Board”) of VALIC Company I (“VC I”), including the Directors who are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved the Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and Janus Capital Management, LLC (“Janus”) with respect to the VC I Mid Cap Strategic Growth Fund (the “Fund”). In connection with the approval of the Sub-Advisory Agreement with Janus, the Board approved the termination of the existing Investment Sub-Advisory Agreement with Morgan Stanley Investment Management Inc. (“Morgan Stanley”) with respect to the Fund.

In connection with the approval of the Sub-Advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by Janus; (2) the sub-advisory fees proposed to be charged in connection with Janus’s management of the Fund, compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Subadvisory Expense Group/Universe”); (3) the investment performance of the Fund compared to the performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group”), and against the Fund’s benchmark (“Benchmark”), and the performance of a comparable fund managed by Janus against the Fund’s Benchmark; (4) the costs of services and the benefits potentially to be derived by Janus; (5) whether the Fund will benefit from possible economies of scale from engaging Janus; (6) information regarding Janus’s brokerage and trading practices and compliance and regulatory history; and (7) the terms of the proposed Sub-Advisory Agreement.

In considering whether to approve the Sub-Advisory Agreement, the Board also took into account a presentation made at the in-person meeting held on October 26-27, 2015 (the “Meeting”) by members of management as well as presentations made by representatives from Janus who responded to questions posed by the Board and management. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Sub-Advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Fund by Janus. The Board reviewed information provided by Janus relating to its operations and personnel. The Board also took into account their knowledge of Janus’s management, operations and the quality of their performance based on the Board’s experiences with Janus, which also manages the VALIC Company II Large Cap Value Fund. The Board also noted that Janus’s management of the Fund will be subject to the oversight of the VALIC and the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information.

The Board considered information provided to them regarding the services to be provided by Janus. The Board noted that Janus will (i) determine the securities to be purchased or sold on behalf of the portion of the Fund’s assets assigned to Janus; (ii) provide VALIC with records concerning its activities, which VALIC or the Fund is required to maintain; and (iii) render regular reports to VALIC and to officers and Directors of the Fund concerning its discharge of the foregoing responsibilities. The Board reviewed Janus’s history and investment experience as well as information regarding the qualifications, background and responsibilities of Janus’s investment and compliance personnel who would provide services to the Fund. The Board also took into account the financial condition of Janus. The Board also reviewed Janus’s brokerage practices. The Board also considered Janus’s risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.

The Board concluded that the scope and quality of the advisory services to be provided by Janus were expected to be satisfactory and that there was a reasonable basis to conclude that Janus would provide a high quality of investment services to the Fund.

Fees and Expenses; Investment Performance. The Board received and reviewed information regarding the fees proposed to be charged by Janus for sub-advisory services compared against the sub-advisory fees of the funds in the Fund’s Subadvisory Expense Group/Universe. The Board noted that VALIC negotiated the sub-advisory fee with Janus at arm’s length. The Board also considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. Therefore, the Board considered that the appointment of Janus will not result in any change to the management fee paid by the Fund to VALIC. The Board also considered expense information of comparable funds or accounts managed by Janus that have comparable investment objectives and strategies to the Fund. The Board also considered that the sub-advisory fee rate payable to Janus contains breakpoints.

The Board considered that the proposed sub-advisory fees payable to Janus are below the medians of the Fund’s Subadvisory Expense Group/Universe. The Board noted that the subadvisory fee currently paid by Morgan Stanley is higher at current asset levels than the fee proposed to be paid to Janus, and that consequently, under the proposed sub-advisory fee schedule, VALIC would retain slightly more of its advisory fee. The Board also took account of management’s discussion of the Fund’s proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.

The Board also received and reviewed information prepared by management regarding the Fund’s investment performance compared against the Benchmark and Performance Group as of the period ended September 30, 2015. The Board considered that management has closely monitored the Fund’s performance since June 2014, and took into account management’s explanation of the reasons for the Fund’s underperformance. The Board also considered the performance of a fund managed by Janus with a similar investment strategy as the Fund (the “Comparable Fund”). The Board noted that the Comparable Fund outperformed the Fund’s Performance Group and Benchmark for the year-to-date, 1- and 3-year periods ended September 30, 2015.

318

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the Sub-Advisory Agreement. The Board was apprised that VALIC reviewed a number of factors in determining appropriate sub-advisory fee levels for the Fund. Such factors included a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) clone fund analysis; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.

The Board considered that VALIC will receive a benefit under the Sub-Advisory Agreement since the proposed sub-advisory fees payable to Janus are expected to be less than the sub-advisory fees VALIC currently pays to Morgan Stanley, and as a result, VALIC will retain slightly more of its advisory fee. The Board was considered that the sub-advisory fees were negotiated with Janus at arm’s length. In considering the anticipated profitability to Janus in connection with its relationship to the Fund, the Directors noted that the fees under the Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Fund.

In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of Janus from its relationship with the Fund was not material to their deliberations with respect to consideration of approval of the Sub-Advisory Agreement.

Economies of Scale. For similar reasons as stated above with respect to Janus’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in Janus’s management of the Fund are not a material factor to the approval of the Sub-Advisory Agreement, although the Board noted that the Fund has breakpoints at the sub-advisory fee level.

Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the Sub-Advisory Agreement including the duties and responsibilities to be undertaken. The Board also reviewed the terms of payment for services rendered by Janus and noted that VALIC would compensate Janus out of the advisory fees it receives from the Fund. The Board noted that the Sub-Advisory Agreement provides that Janus will pay all of its own expenses in connection with the performance of its duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Sub-Advisory Agreement and other terms contained therein. The Board concluded that the terms of the Sub-Advisory Agreement were reasonable.

Conclusions. In reaching its decision to approve the Sub-Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that Janus possesses the capability and resources to perform the duties required of it under the Sub-Advisory Agreement.

319

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS

Filed under Rule 497(e)

Registration No. 002-83631

VALIC COMPANY I (“VC I”)

MID CAP STRATEGIC GROWTH FUND

(the “Fund”)

Supplement dated November 13, 2015 to the Fund’s

Prospectus dated October 1, 2015, as amended

At the October 26-27, 2015 meeting of the Board of Directors (the “Board”) of VC I, the Board approved a new Investment Sub-Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and Janus Capital Management LLC (“Janus”) with respect to the Fund (the “Janus Sub-Advisory Agreement”) and an amendment to the existing Investment Sub-Advisory Agreement between VALIC and Allianz Global Investors U.S. LLC (“AllianzGI”) with respect to the Fund (the “AllianzGI Sub-Advisory Agreement”). In connection with the approval of the Janus Sub-Advisory Agreement, the Board terminated the Investment Sub-Advisory Agreement between VALIC and Morgan Stanley Investment Management Inc. (“MSIM”). Shareholders will receive a notice explaining how to access an Information Statement that will include more information about Janus and the Janus Sub- Advisory Agreement.

Under the AllianzGI Sub-Advisory Agreement, effective on or about December 7, 2015, VALIC will pay AllianzGI a sub-advisory fee equal to an annual rate of 0.45% on the first $40 million, 0.40% on the next $460 million and 0.30% thereafter. Prior to the amendment, VALIC paid AllianzGI a sub- advisory fee equal to an annual rate of 0.45% on the first $250 million, 0.40% on the next $250 million and 0.30% thereafter.

It is currently expected that Janus will replace MSIM as a sub-adviser to a portion of the Fund on or about December 7, 2015 (the “Transition Date”). Janus will manage approximately 60% of the Fund’s assets, and AllianzGI will manage approximately 40% of the Fund’s assets. The percentage of the Fund’s assets that each sub-adviser manages may change from time to time at VALIC’s discretion. Upon the Transition Date, all reference to MSIM will be deleted. In addition, the following changes will become effective:

The information in the section entitled “Fund Summary: Mid Cap Strategic Growth Fund – Investment Adviser” is deleted in its entirety and replaced with the following:

Investment Adviser

The Fund’s investment adviser is The Variable Annuity Life Insurance Company. The Fund is sub-advised by Janus Capital Management LLC (“Janus”) and Allianz Global Investors U.S. LLC (“AllianzGI”).

Portfolio Managers

Name	Portfolio Manager of the Fund Since		Title
Janus
Brian Demain, CFA		2015	Portfolio Manager
AllianzGI
Steven Klopukh, CFA		2011	Director, CIO Mid-Cap Equities and Senior Portfolio Manager
Tim M. McCarthy, CFA		2014	Vice President and Portfolio Manager

The information in the section entitled “Management – Investment Sub-Advisers” is supplemented as follows:

Mid Cap Strategic Growth Fund

Janus Capital Management LLC (“Janus”)

151 Detroit Street, Denver, CO 80206

Janus is a direct subsidiary of Janus Capital Group Inc. (“JCGI”), a publicly traded company with principal operations in financial asset management businesses that had approximately $189.5 billion in assets under management as of June 30, 2015.

A portion of the Mid Cap Strategic Growth Fund is managed by Brian Demain, CFA. Mr. Demain has been a portfolio manager of the firm’s mid-cap growth strategy since 2007. Mr. Demain joined Janus in 1999 as an equity research analyst. Mr. Demain holds the Chartered Financial Analyst designation and has 16 years of financial industry experience.

Please retain this supplement for future reference.

320

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS

Filed under Rule 497(e)

Registration No. 002-83631

VALIC COMPANY I (“VC I”) SMALL CAP

SPECIAL VALUES FUND (the “Fund”)

Supplement dated November 13, 2015 to the Fund’s

Prospectus dated October 1, 2015, as amended

At the October 26-27, 2015 meeting of the Board of Directors (the “Board”) of VC I, the Board approved the termination of the Investment Sub-Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and Dreman Value Management, LLC (“Dreman”) with respect to the Fund. It is currently expected that the portion of the Fund’s assets managed by Dreman will be transitioned to Wells Capital Management Incorporated (“Wells Capital”), an existing sub-adviser to the Fund, on or about December 7, 2015. Upon the termination of Dreman, Wells Capital will become the Fund’s sole sub-adviser and all reference to Dreman will be deleted.

Please retain this supplement for future reference.

321

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS

Filed under Rule 497(e)

Registration No. 002-83631

VALIC COMPANY I

GLOBAL SOCIAL AWARENESS FUND

INTERNATIONAL EQUITIES INDEX FUND

MID CAP INDEX FUND

NASDAQ-100^® INDEX FUND

SMALL CAP INDEX FUND

STOCK INDEX FUND

(each, a “Fund,” and collectively, the “Funds”)

Supplement dated December 30, 2015, to the Funds’

Prospectus dated October 1, 2015, as amended

The following changes are effective immediately:

In the section entitled “Fund Summary: Global Social Awareness Fund – Investment Adviser,” the portfolio manager disclosure with respect to SunAmerica Asset Management, LLC (“SAAMCo”) is deleted in its entirety and replaced with the following:

Portfolio Managers

Name	Portfolio Manager of the Portfolio Since		Title
Timothy Campion		2014	Senior Vice President and Portfolio Manager
Kara Murphy		2014	Senior Vice President, Chief Investment Officer and Portfolio Manager
Jane Bayar		2015	Portfolio Manager

In the section entitled “Fund Summary: International Equities Index Fund – Investment Adviser,” the portfolio manager disclosure with respect to SunAmerica Asset Management, LLC (“SAAMCo”) is deleted in its entirety and replaced with the following:

Portfolio Managers

Name	Portfolio Manager of the Portfolio Since		Title
Timothy Campion		2014	Senior Vice President and Portfolio Manager
Andrew Sheridan		2014	Senior Vice President and Portfolio Manager
Jane Bayar		2015	Portfolio Manager

In the section entitled “Fund Summary: Mid Cap Index Fund – Investment Adviser,” the portfolio manager disclosure with respect to SunAmerica Asset Management, LLC (“SAAMCo”) is deleted in its entirety and replaced with the following:

Portfolio Managers

Name	Portfolio Manager of the Portfolio Since		Title
Timothy Campion		2012	Lead Portfolio Manager
Andrew Sheridan		2013	Co-Portfolio Manager
Jane Bayar		2015	Co-Portfolio Manager

In the section entitled “Fund Summary: Nasdaq-100^® Index Fund – Investment Adviser,” the portfolio manager disclosure with respect to SunAmerica Asset Management, LLC (“SAAMCo”) is deleted in its entirety and replaced with the following:

Portfolio Managers

Name	Portfolio Manager of the Portfolio Since		Title
Timothy Campion		2012	Lead Portfolio Manager
Andrew Sheridan		2013	Co-Portfolio Manager
Jane Bayar		2015	Co-Portfolio Manager

322

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS

In the section entitled “Fund Summary: Small Cap Index Fund – Investment Adviser,” the portfolio manager disclosure with respect to SunAmerica Asset Management, LLC (“SAAMCo”) is deleted in its entirety and replaced with the following:

Portfolio Managers

Name	Portfolio Manager of the Portfolio Since		Title
Timothy Campion		2012	Lead Portfolio Manager
Andrew Sheridan		2013	Co-Portfolio Manager
Jane Bayar		2015	Co-Portfolio Manager

In the section entitled “Fund Summary: Stock Index Fund – Investment Adviser,” the portfolio manager disclosure with respect to SunAmerica Asset Management, LLC (“SAAMCo”) is deleted in its entirety and replaced with the following:

Portfolio Managers

Name	Portfolio Manager of the Portfolio Since		Title
Timothy Campion		2012	Lead Portfolio Manager
Andrew Sheridan		2013	Co-Portfolio Manager
Jane Bayar		2015	Co-Portfolio Manager

In the section entitled “Management –Investment Sub-Advisers,” the third paragraph under the heading “SunAmerica Asset Management, LLC” is hereby deleted in its entirety and replaced with the following:

The Global Social Awareness Fund is managed by a team consisting of Timothy Campion, Kara Murphy, CFA, and Jane Bayar, with Mr. Campion serving as team leader. Ms. Murphy is the Chief Investment Officer of SAAMCo. Previously, Ms. Murphy was the Director of Research and a senior research analyst covering the financial sector. Before joining SAAMCo, Ms. Murphy held research positions at Chilton Investment Company and Morgan Stanley Investment Management. Her investment experience dates from 2000. Ms. Bayar joined SAAMCo in 2004. She is a Portfolio Manager on index and social funds. Previously at SAAMCo, Ms. Bayar was an equity analyst and assistant portfolio manager on fixed income funds. Ms. Bayar received her B.A. from Baruch College and her M.B.A. from Rutgers School of Business. Please see above for the biography of Mr. Campion.

In addition, under this heading, the fifth paragraph is hereby deleted in its entirety and replaced with the following:

The International Equities Index Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund and Stock Index Fund are managed by a team consisting of Timothy Campion, Andrew Sheridan, and Jane Bayar. Mr. Sheridan, Vice President, Portfolio Manager and Senior Research Analyst, joined SAAMCo in 2003. In addition to his portfolio management responsibilities, Mr. Sheridan is a member of the SAAMCo research team, covering the technology industry. Please see above for the biographies of Mr. Campion and Ms. Bayar.

Capitalized terms used herein but not defined shall have the meanings assigned to them in the Prospectus.

Please retain this supplement for future reference.

323

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS

Filed under Rule 497(e)

Registration No. 002-83631

VALIC COMPANY I

MONEY MARKET I FUND

Supplement dated January 26, 2016 to the Prospectus

dated October 1, 2015, as supplemented and amended to date

VALIC COMPANY II

MONEY MARKET II FUND

Supplement dated January 26, 2016 to the Prospectus

dated January 1, 2016, as supplemented and amended to date

In July 2014, the U.S. Securities and Exchange Commission adopted amendments to the rules that govern money market funds that significantly changed the way certain money market funds will be required to operate. At an in-person meeting held on January 25-26, 2016, the Boards of Directors/Trustees of VALIC Company I and VALIC Company II considered the likely effects of the rule changes on the Money Market I Fund and the Money Market II Fund, respectively (the “Funds”), and approved a proposal by the Funds’ investment adviser, The Variable Annuity Life Insurance Company, to convert the Funds into government money market funds. The conversions, and the changes described in this supplement, will become effective on or about September 28, 2016.

In order to qualify as a government money market fund, each Fund must invest at least 99.5% of its total assets in government securities, cash, or repurchase agreements collateralized by government securities or cash. As a government money market fund, each Fund will seek to maintain a stable $1.00 net asset value per share and will not be subject to liquidity fees and/or redemption gates.

In connection with the conversions, the Money Market I Fund and the Money Market II Fund will also change their names to “Government Money Market I Fund” and “Government Money Market II Fund,” respectively. It is expected that the Funds will gradually allocate a larger percentage of their assets to government securities over time until each Fund reaches its new allocation on or about September 28, 2016. Because the yields on government securities generally may be expected to be lower than the yields on comparable non-government securities, it is anticipated that the Funds’ yield may decrease as more assets are invested in government securities.

Please retain this supplement for future reference.

324

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS

Filed Pursuant to Rule 497(e)

Registration No.: 002-83631

VALIC Company I (“VC I”)

Growth Fund

(the “Fund”)

Supplement dated January 27, 2016 to the Fund’s

Prospectus dated October 1, 2015, as supplemented and amended to date

At the January 25-26, 2016 meeting (the “Meeting”) of the Board of Directors (the “Board”) of VC I, the Board approved an amendment to the existing Investment Sub-Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and American Century Investment Management, Inc. (“ACIM”) with respect to the Fund (the “ACIM Sub-Advisory Agreement”).

Under the ACIM Sub-Advisory Agreement, effective on February 1, 2016, VALIC will pay ACIM a sub-advisory fee equal to an annual rate of 0.32% on the first $500 million, 0.30% on the next $500 million and 0.28% thereafter. Prior to the amendment, VALIC paid ACIM a sub-advisory fee equal to an annual rate of 0.44% on the first $500 million, 0.40% on the next $500 million, 0.36% on the next $500 million and 0.33% thereafter. Under the ACIM Sub-Advisory Agreement, VALIC is solely responsible for payment of fees to ACIM and thus the amendment does not impact any obligation of the Fund pursuant to such agreement. Furthermore, the amendment does not modify the services provided under the ACIM Sub-Advisory Agreement.

At the Meeting, the Board also approved an Advisory Fee Waiver Agreement (the “Fee Waiver Agreement”) with respect to the Fund. Pursuant to the Fee Waiver Agreement, VALIC is contractually obligated to waive a portion of its advisory fee with respect to the Fund so that the advisory fee rate payable by the Fund to VALIC under the Investment Advisory Agreement with VC I (the “Advisory Agreement”) is 0.68% of the Fund’s average daily net assets on the first $500 million, 0.62% on the next $500 million, 0.59% on the next $500 million and 0.56% thereafter. This Fee Waiver Agreement will become effective on February 1, 2016 and will continue in effect until September 30, 2017, unless earlier terminated by mutual agreement of the Board and VALIC. In addition, the Fee Waiver Agreement will automatically terminate upon the termination of the Advisory Agreement. VALIC may not recoup any advisory fees waived with respect to the Fund pursuant to the Fee Waiver Agreement.

Capitalized terms used herein but not defined have the meanings assigned to them in the Prospectus.

Please retain this supplement for future reference.

325

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS

Filed Pursuant to Rule 497(e)

Registration No.: 002-83631

VALIC Company I (“VC I”)

International Growth Fund

(the “Fund”)

Supplement dated January 27, 2016 to the Fund’s

Prospectus dated October 1, 2015, as supplemented and amended to date

At the January 25-26, 2016 meeting (the “Meeting”) of the Board of Directors (the “Board”) of VC I, the Board approved amendments to the existing Investment Sub-Advisory Agreements between The Variable Annuity Life Insurance Company (“VALIC”) and each of American Century Investment Management, Inc. (“ACIM”) (the “ACIM Sub-Advisory Agreement”) and Massachusetts Financial Services Company (“MFS”) (the “MFS Sub-Advisory Agreement,” and together with the ACIM Sub-Advisory Agreement, the “Sub-Advisory Agreements”) with respect to the Fund.

Under the ACIM Sub-Advisory Agreement, effective on February 1, 2016, VALIC will pay ACIM a sub-advisory fee equal to an annual rate of 0.48% on the first $250 million, 0.46% on the next $250 million and 0.44% thereafter. Prior to the amendment, VALIC paid ACIM a sub-advisory fee equal to an annual rate of 0.65% on the first $250 million, 0.55% on the next $250 million and 0.50% thereafter.

Under the MFS Sub-Advisory Agreement, effective on or about February 1, 2016, VALIC will pay MFS a sub-advisory fee equal to an annual rate of 0.475% on the first $500 million, 0.425% on the next $500 million, 0.400% on the next $1 billion and 0.375% thereafter. Prior to the amendment, VALIC paid MFS a sub-advisory fee equal to an annual rate of 0.525% on the first $250 million, 0.500% on the next $250 million and 0.475% thereafter.

Under the Sub-Advisory Agreements, VALIC is solely responsible for payment of fees to ACIM and MFS, respectively, and thus the amendments do not impact any obligation of the Fund pursuant to such agreements. Furthermore, the amendment does not modify the services provided under the Sub-Advisory Agreements.

At the Meeting, the Board also approved an Advisory Fee Waiver Agreement (the “Fee Waiver Agreement”) with respect to the Fund. Pursuant to the Fee Waiver Agreement, VALIC is contractually obligated to waive a portion of its advisory fee with respect to the Fund so that the advisory fee rate payable by the Fund to VALIC under the Investment Advisory Agreement with VC I (the “Advisory Agreement”) is 0.92% of the Fund’s average daily net assets on the first $250 million, 0.87% on the next $250 million, 0.82% on the next $500 million and 0.77% thereafter. This Fee Waiver Agreement will become effective on February 1, 2016 and will continue in effect until September 30, 2017, unless earlier terminated by mutual agreement of the Board and VALIC. In addition, the Fee Waiver Agreement will automatically terminate upon the termination of the Advisory Agreement. VALIC may not recoup any advisory fees waived with respect to the Fund pursuant to the Fee Waiver Agreement.

Capitalized terms used herein but not defined have the meanings assigned to them in the Prospectus.

Please retain this supplement for future reference.

326

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

1776 Heritage Drive

North Quincy, Massachusetts 02171

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, Limited

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, Incorporated

525 Market St.

10th Floor

San Francisco, CA 94105

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002

TRANSFER AND SHAREHOLDER SERVICE AGENT

VALIC Retirement

Services Company (VRSCO)

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

Kathleen Fuentes,

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,

Vice President and Assistant Treasurer

Donna McManus,

Vice President and Assistant Treasurer

Diedre L. Phipps,

Assistant Treasurer

John E. Smith, Jr.

Assistant Treasurer

Matthew J. Hackethal,

Anti-Money Laundering

Compliance Officer

Louis O. Ducote, II

Assistant Secretary

Shana L. Walker,

Assistant Secretary

327

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.

328

VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765

VC 4873 (11/2015) 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 5, 2016

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 5, 2016

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: February 5, 2016